Document:

Exhibit
10.2

 

SECURITIES
PURCHASE AGREEMENT 

 

This
SECURITIES PURCHASE AGREEMENT (this “Agreement”), dated as of August 16, 2020, is by and among OncoSec
Medical Incorporated, a Nevada corporation with headquarters located at 24 North Main Street, Pennington, NJ 08534-2218 (the “Company”),
and each of the investors listed on the Schedule of Buyers attached hereto (individually, a “Buyer” and collectively,
the “Buyers”).

 

RECITALS

 

A.
The Company and each Buyer desire to enter into this transaction to purchase the Common Shares (as defined below) pursuant to
a currently effective shelf registration statement on Form S-3, which originally registered $50,000,000 of unallocated securities,
including Common Stock (as defined below) registered thereunder (Registration Number 333-233447) (the “Registration Statement”),
which Registration Statement has been declared effective in accordance with the Securities Act of 1933, as amended (the “1933
Act”), by the United States Securities and Exchange Commission (the “SEC”). The Company has announced
a public offering (the “Offering” pursuant to the Registration Statement, which will include the securities
offered and sold to the Buyers and such other investors (the “Other Investors”) identified by the Placement
Agent (as defined below) or such selected dealers engaged by the Placement Agent in connection with the Offering.

 

B.
Each Buyer wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated in this Agreement, such aggregate
number of shares of Common Stock as set forth opposite such Buyer’s name in column (2) on the Schedule of Buyers (which
aggregate amount for all Buyers and the Other Investors shall be 4,608,589 shares of Common Stock and shall collectively be referred
to herein as the “Common Shares”).

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and each Buyer hereby agree as follows:

 

1.
PURCHASE AND SALE OF COMMON SHARES. 

 

(a)
Purchase of Common Shares. Subject to the satisfaction (or waiver) of the conditions set forth in Sections 6 and 7 below,
the Company shall issue and sell to each Buyer, and each Buyer severally, but not jointly, agrees to purchase from the Company
on the Closing Date (as defined below) such aggregate number of Common Shares as is set forth opposite such Buyer’s name
in column (2) on the Schedule of Buyers or as identified by each Buyer in the Purchaser Signature Page attached to this Agreement.

 

(b)
Closing. The closing (the “Closing”) of the purchase of the Common Shares by the Buyers shall occur
at the offices of Loeb & Loeb LLP, 345 Park Avenue, New York, NY 10154. The date and time of the Closing (the “Closing
Date”) shall be 10:00 a.m., New York time, on the first (1st) Business Day (as defined below) on which the conditions
to the Closing set forth in Sections 6 and 7 below are satisfied or waived (or such other date as is mutually agreed to by the
Company and each Buyer). As used herein “Business Day” means any day other than a Saturday, Sunday or other
day on which commercial banks in New York, New York are authorized or required by law to remain closed.

 

(c)
Purchase Price. The aggregate purchase price for the Common Shares to be purchased by each Buyer (the “Purchase
Price”) shall be the amount set forth opposite such Buyer’s name in column (3) on the Schedule of Buyers or as
identified by each Buyer in the Purchaser Signature Page attached to this Agreement.

 

    	 

     

    

 

(d)
Form of Payment; Deliveries. On the Closing Date, (i) the Purchase Price will be released to the Company either (a) by
ThinkEquity, a Division of Fordham Financial Management, Inc. and Torreya Capital, LLC (the “Placement Agents”)
on behalf of each Buyer for the Common Shares to be issued and sold to such Buyer at the Closing, by wire transfer of immediately
available funds in accordance with the flow of funds letter regarding the Closing, or (b) by the Buyer wiring the Purchase Price
to the Company by wire transfer to an account designated in writing by the Company, and (ii) the Company shall (A) cause Nevada
Agency and Transfer Company (together with any subsequent transfer agent, the “Transfer Agent”) through the
Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, to credit such aggregate number
of Common Shares that each Buyer is purchasing as is set forth opposite such Buyer’s name in column (2) of the Schedule
of Buyers and as identified by each Buyer in the Purchaser Signature Page attached to this Agreement to either(a) the Placement
Agent’s balance account with DTC through its Deposit/Withdrawal at Custodian system, or (b) directly to the account of each
Buyer, or its respective nominee(s), at the designated account with DTC as provided on the Purchaser Signature Page (if applicable).

 

2.
BUYER’S REPRESENTATIONS AND WARRANTIES. 

 

Each
Buyer, severally and not jointly, represents and warrants to the Company with respect to only itself that, as of the date hereof
and as of the Closing Date:

 

(a)
Organization; Authority. If such Buyer is an entity, it is an entity duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization with the requisite power and authority to enter into and to consummate
the transactions contemplated by the Transaction Documents (as defined below) to which it is a party and otherwise to carry out
its obligations hereunder and thereunder.

 

(b)
Validity; Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of such Buyer
and shall constitute the legal, valid and binding obligations of such Buyer enforceable against such Buyer in accordance with
its terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable
creditors’ rights and remedies.

 

(c)
No Conflicts. The execution, delivery and performance by such Buyer of this Agreement and the consummation by such Buyer
of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of such Buyer, (ii)
conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under,
or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which such Buyer is a party or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including
federal and state securities laws) applicable to such Buyer, except, in the case of clauses (ii) and (iii) above, for such conflicts,
defaults, rights or violations which could not, individually or in the aggregate, reasonably be expected to have a material adverse
effect on the ability of such Buyer to perform its obligations hereunder.

 

(d)
Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Buyer has
not, nor has any Person acting on behalf of or pursuant to any understanding with such Buyer, directly or indirectly executed
any purchases or sales, including “short sales” (as defined in Rule 200 of Regulation SHO under the 1934 Act) of the
securities of the Company during the period commencing as of the time that such Buyer first sent to, or received from, the Company
or any other Person representing the Company (including the Placement Agent) a term sheet (written or oral) setting forth the
material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Other than to
other Persons party to this Agreement or to such Buyer’s representatives and financing partners, including, without limitation,
their respective officers, directors, partners, legal and other advisors, employees, agents and affiliates, such Buyer has maintained
the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this
transaction). Notwithstanding the foregoing, for avoidance of doubt, nothing contained herein shall constitute a representation
or warranty, or preclude any actions, with respect to the identification of the availability of, or securing of, available shares
to borrow in order to effect short sales or similar transactions in the future.

 

(e)
Source of Funds. Such Buyer has or will have at the Closing Date sources of immediately available funds to enable it to
pay the Purchase Price.

 

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3.
REPRESENTATIONS AND WARRANTIES OF THE COMPANY. 

 

The
Company represents and warrants to each of the Buyers that, as of the date hereof and as of the Closing Date:

 

(a)
Organization and Qualification. Each of the Company and each of its Subsidiaries are entities duly organized and validly
existing and in good standing under the laws of the jurisdiction in which they are formed, and have the requisite power and authority
to own their properties and to carry on their business as now being conducted and as presently proposed to be conducted. Each
of the Company and each of its Subsidiaries is duly qualified as a foreign entity to do business and is in good standing in every
jurisdiction in which its ownership of property or the nature of the business conducted by it makes such qualification necessary,
except to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a Material
Adverse Effect (as defined below). As used in this Agreement, “Material Adverse Effect” means any material
adverse effect on (i) the business, properties, assets, liabilities, operations (including results thereof), condition (financial
or otherwise) or prospects of the Company, taken as a whole, (ii) the transactions contemplated hereby or in any of the other
Transaction Documents or any other agreements or instruments to be entered into in connection herewith or therewith or (iii) the
authority or ability of the Company or any of its Subsidiaries to perform any of their respective obligations under any of the
Transaction Documents (as defined below). Other than the persons set forth on Schedule 3.(a) attached hereto, the Company
has no Subsidiaries. “Subsidiaries” means any Person in which the Company, directly or indirectly, (A) owns
any of the outstanding capital stock or holds any equity or similar interest of such Person or (B) controls or operates all or
any part of the business, operations or administration of such Person, and each of the foregoing, is individually referred to
herein as a “Subsidiary”.

 

(b)
Authorization; Enforcement; Validity. The Company has the requisite power and authority to enter into and perform its obligations
under this Agreement and the other Transaction Documents and to issue the Common Shares in accordance with the terms hereof and
thereof. The execution and delivery of this Agreement and the other Transaction Documents by the Company and the consummation
by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Common
Shares) have been duly authorized by the Company’s board of directors and (other than the filing with the SEC of the prospectus
supplement required by the Registration Statement pursuant to Rule 424(b) under the 1933 Act (the “Prospectus Supplement”)
supplementing the base prospectus forming part of the Registration Statement (the “Prospectus”) and any other
filings as may be required by any state securities agencies) no further filing, consent or authorization is required by the Company,
its board of directors or its stockholders or other governing body. This Agreement has been, and the other Transaction Documents
will be prior to the Closing, duly executed and delivered by the Company, and each constitutes the legal, valid and binding obligations
of the Company, enforceable against the Company in accordance with its respective terms, except as such enforceability may be
limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar
laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies and except as rights
to indemnification and to contribution may be limited by federal or state securities law. “Transaction Documents”
means, collectively, this Agreement, the Common Shares, the Irrevocable Transfer Agent Instructions (as defined below), and each
of the other agreements and instruments entered into or delivered by any of the parties hereto in connection with the transactions
contemplated hereby and thereby, as may be amended from time to time.

 

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(c)
Issuance of Common Shares; Registration Statement. The issuance of the Common Shares is duly authorized and, upon issuance
and payment in accordance with the terms of the Transaction Documents such Common Shares shall be validly issued, fully paid and
non-assessable and free from all preemptive or similar rights, mortgages, defects, claims, liens, pledges, charges, taxes, rights
of first refusal, encumbrances, security interests and other encumbrances (collectively “Liens”) with respect
to the issuance thereof. The issuance by the Company of the Common Shares has been registered under the 1933 Act, the Common Shares
are being issued pursuant to the Registration Statement and all of the Common Shares are freely transferable and freely tradable
by each of the Buyers without restriction, whether by way of registration or some exemption therefrom. The Registration Statement
is effective and available for the issuance of the Common Shares thereunder and the Company has not received any notice that the
SEC has issued or intends to issue a stop-order with respect to the Registration Statement or that the SEC otherwise has suspended
or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, or intends or has threatened
in writing to do so. The “Plan of Distribution” section under the Registration Statement permits the issuance and
sale of the Common Shares hereunder and as contemplated by the other Transaction Documents. Upon receipt of the Common Shares,
each of the Buyers will have good and marketable title to the Common Shares. The Registration Statement and any prospectus included
therein, including the Prospectus and the Prospectus Supplement, complied in all material respects with the requirements of the
1933 Act and the Securities Exchange Act of 1934, as amended (the “1934 Act”) and the rules and regulations
of the SEC promulgated thereunder and all other applicable laws and regulations. At the time the Registration Statement and any
amendments thereto became effective, at the date of this Agreement and at each deemed effective date thereof pursuant to Rule
430B(f)(2) of the 1933 Act, the Registration Statement and any amendments thereto complied and will comply in all material respects
with the requirements of the 1933 Act and did not and will not contain any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus and
any amendments or supplements thereto (including, without limitation the Prospectus Supplement), at the time the Prospectus or
any amendment or supplement thereto was issued and at the Closing Date, complied, and will comply, in all material respects with
the requirements of the 1933 Act and did not, and will not, contain any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not
misleading. The Company meets all of the requirements for the use of Form S-3 under the 1933 Act for the offering and sale of
the Common Shares contemplated by this Agreement and the other Transaction Documents, and the SEC has not notified the Company
of any objection to the use of the form of the Registration Statement pursuant to Rule 401(g)(1) under the 1933 Act. The Registration
Statement meets the requirements set forth in Rule 415(a)(1)(x) under the 1933 Act. At the earliest time after the filing of the
Registration Statement that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2)
under the 1933 Act) relating to any of the Common Shares, the Company was not and is not an “Ineligible Issuer” (as
defined in Rule 405 under the 1933 Act). The Company (i) has not distributed any offering material in connection with the offer
or sale of any of the Common Shares and (ii) shall not distribute any offering material in connection with the offer or sale of
any of the Common Shares, in each case, other than the Registration Statement, the Prospectus, any Permitted Free Writing Prospectus
or the Prospectus Supplement.

 

(d)
No Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation
by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Common
Shares) will not (i) result in a violation of the Articles of Incorporation (as defined below) (including, without limitation,
any certificate of designation contained therein), Bylaws (as defined below), certificate of formation, memorandum of association,
articles of association, bylaws or other organizational documents of the Company or any of its Subsidiaries, or any capital stock
or other securities of the Company or any of its Subsidiaries, (ii) conflict with, or constitute a default (or an event which
with notice or lapse of time or both would become a default) in any respect under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any of its Subsidiaries
is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including, without limitation,
foreign, federal and state securities laws and regulations and the rules and regulations of The Nasdaq Capital Market (the “Principal
Market”) and including all applicable foreign, federal and state laws, rules and regulations) applicable to the Company
or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected; except
in the case of each of clauses (ii) and (iii), such as would not reasonably be expected to result in a Material Adverse Effect.

 

(e)
Consents. Neither the Company nor any Subsidiary is required to obtain any consent from, authorization or order of, or
make any filing or registration with (other than the filing with the SEC of the Prospectus Supplement and any other filings as
may be required by any state securities agencies), any Governmental Entity (as defined below) or any regulatory or self-regulatory
agency (other than filings required to be made with the Principal Market relating to the listing of additional shares) any other
Person in order for it to execute, deliver or perform any of its respective obligations under or contemplated by the Transaction
Documents, in each case, in accordance with the terms hereof or thereof. All consents, authorizations, orders, filings and registrations
which the Company or any Subsidiary is required to obtain pursuant to the preceding sentence have been or will be obtained or
effected on or prior to the Closing Date, and neither the Company nor any of its Subsidiaries are aware of any facts or circumstances
which might prevent the Company or any of its Subsidiaries from obtaining or effecting any of the registration, application or
filings contemplated by the Transaction Documents except as would not reasonably be expected to result in a Material Adverse Effect.
“Governmental Entity” means any nation, state, county, city, town, village, district, or other political jurisdiction
of any nature, federal, state, local, municipal, foreign, or other government, governmental or quasi-governmental authority of
any nature (including any governmental agency, branch, department, official, or entity and any court or other tribunal), multi-national
organization or body; or body exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police,
regulatory, or taxing authority or power of any nature or instrumentality of any of the foregoing, including any entity or enterprise
owned or controlled by a government or a public international organization or any of the foregoing.

 

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(f)
Acknowledgment Regarding Buyer’s Purchase of Common Shares. The Company acknowledges and agrees that each Buyer is
acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions
contemplated hereby and thereby and that no Buyer is (i) an officer or director of the Company or any of its Subsidiaries, (ii)
an “affiliate” (as defined in Rule 144 promulgated under the 1933 Act (or a successor rule thereto) (collectively,
“Rule 144”)) of the Company or any of its Subsidiaries or (iii) to its knowledge, a “beneficial owner”
of more than 10% of the shares of Common Stock (as defined for purposes of Rule 13d-3 of the 1934 Act). The Company further acknowledges
that no Buyer is acting as a financial advisor or fiduciary of the Company or any of its Subsidiaries (or in any similar capacity)
with respect to the Transaction Documents and the transactions contemplated hereby and thereby, and any advice given by a Buyer
or any of its representatives or agents in connection with the Transaction Documents and the transactions contemplated hereby
and thereby is merely incidental to such Buyer’s purchase of the Common Shares. The Company further represents to each Buyer
that the Company’s decision to enter into the Transaction Documents is based solely on the independent evaluation by the
Company and its representatives.

 

(g)
Placement Agent’s Fees. The Company shall be responsible for the payment of any placement agent’s fees, financial
advisory fees, or brokers’ commissions (other than for Persons engaged by any Buyer or its investment advisor) relating
to or arising out of the transactions contemplated hereby, including, without limitation, placement agent fees payable to the
Placement Agent in connection with the sale of the Common Shares. The fees and expenses of the Placement Agents to be paid by
the Company or any of its Subsidiaries are as set forth in the Prospectus. The Company shall pay, and hold each Buyer harmless
against, any liability, loss or expense (including, without limitation, attorney’s fees and out-of-pocket expenses) arising
in connection with any such claim. The Company acknowledges that it has engaged the Placement Agents in connection with the sale
of the Common Shares. Other than the Placement Agents and such agents’ advisors, neither the Company nor any of its Subsidiaries
has engaged any placement agent or other agent in connection with the offer or sale of the Common Shares.

 

(h)
No Integrated Offering. Assuming the accuracy of the Buyers’ representations and warranties set forth in Section
2, neither the Company, nor any of its affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made
any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering
of the Common Shares to be integrated with prior offerings by the Company for purposes of any applicable shareholder approval
provisions of any Principal Market on which any of the securities of the Company are listed or designated.

 

(i)
Application of Takeover Protections; Rights Agreement. The Company and its board of directors have taken all necessary
action, if any, in order to render inapplicable any control share acquisition, interested stockholder, business combination, poison
pill (including, without limitation, any distribution under a rights agreement), stockholder rights plan or other similar anti-takeover
provision under the Articles of Incorporation, Bylaws or other organizational documents or the laws of the jurisdiction of its
incorporation or otherwise which is or could become applicable to any Buyer as a result of the transactions contemplated by this
Agreement, including, without limitation, the Company’s issuance of the Common Shares and any Buyer’s ownership of
the Common Shares. The Company and its board of directors have taken all necessary action, if any, in order to render inapplicable
any stockholder rights plan or similar arrangement relating to accumulations of beneficial ownership of shares of Common Stock
or a change in control of the Company or any of its Subsidiaries.

 

(j)
SEC Documents; Financial Statements. During the two (2) years prior to the date hereof, the Company has timely filed all
reports, schedules, forms, proxy statements, statements and other documents required to be filed by it with the SEC pursuant to
the reporting requirements of the 1934 Act (all of the foregoing filed prior to the date hereof and all exhibits and appendices
included therein and financial statements, notes and schedules thereto and documents incorporated by reference therein being hereinafter
referred to as the “SEC Documents”). As of their respective dates, the SEC Documents complied in all material
respects with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the
SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading. As of their respective dates, the financial statements
of the Company included in the SEC Documents complied in all material respects with applicable accounting requirements and the
published rules and regulations of the SEC with respect thereto as in effect as of the time of filing. Such financial statements
have been prepared in accordance with generally accepted accounting principles (“GAAP”), consistently applied,
during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto, or (ii)
in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed or summary statements)
and fairly present in all material respects the financial position of the Company as of the dates thereof and the results of its
operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments
which will not be material, either individually or in the aggregate). The reserves, if any, established by the Company or the
lack of reserves, if applicable, are reasonable based upon facts and circumstances known by the Company on the date hereof and
there are no loss contingencies that are required to be accrued by the Statement of Financial Accounting Standard No. 5 of the
Financial Accounting Standards Board which are not provided for by the Company in its financial statements or otherwise. The Company
is not currently contemplating to amend or restate any of the financial statements (including, without limitation, any notes or
any letter of the independent accountants of the Company with respect thereto) included in the SEC Documents (the “Financial
Statements”), nor is the Company currently aware of facts or circumstances which would require the Company to amend
or restate any of the Financial Statements, in each case, in order for any of the Financials Statements to be in compliance with
GAAP and the rules and regulations of the SEC. The Company has not been informed by its independent accountants that they recommend
that the Company amend or restate any of the Financial Statements or that there is any need for the Company to amend or restate
any of the Financial Statements.

 

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(k)
Absence of Certain Changes. Since the date of the Company’s most recent audited financial statements contained in
a Form 10-K, there has been no event, occurrence or development that has had or that would reasonably be expected to result in
a Material Adverse Effect. Since the date of the Company’s most recent audited financial statements contained in a Form
10-K, neither the Company nor any of its Subsidiaries has (i) declared or paid any dividends, (ii) sold any assets, individually
or in the aggregate, outside of the ordinary course of business or (iii) made any capital expenditures, individually or in the
aggregate, outside of the ordinary course of business. Neither the Company nor any of its Subsidiaries has taken any steps to
seek protection pursuant to any law or statute relating to bankruptcy, insolvency, reorganization, receivership, liquidation or
winding up, nor does the Company or any Subsidiary have any knowledge or reason to believe that any of their respective creditors
intend to initiate involuntary bankruptcy proceedings or any actual knowledge of any fact which would reasonably lead a creditor
to do so. The Company and its Subsidiaries, on a consolidated basis, after giving effect to the transactions contemplated hereby
to occur at the Closing, will not be Insolvent (as defined below). For purposes of this Section 3.(k), “Insolvent”
means, (i) with respect to the Company and its Subsidiaries, on a consolidated basis, (A) the present fair saleable value of the
Company’s and its Subsidiaries’ assets is less than the amount required to pay the Company’s and its Subsidiaries’
total Indebtedness (as defined below), (B) the Company and its Subsidiaries are unable to pay their debts and liabilities, subordinated,
contingent or otherwise, as such debts and liabilities become absolute and matured or (C) the Company and its Subsidiaries intend
to incur or believe that they will incur debts that would be beyond their ability to pay as such debts mature; and (ii) with respect
to the Company and each Subsidiary, individually, (A) the present fair saleable value of the Company’s or such Subsidiary’s
(as the case may be) assets is less than the amount required to pay its respective total Indebtedness, (B) the Company or such
Subsidiary (as the case may be) is unable to pay its respective debts and liabilities, subordinated, contingent or otherwise,
as such debts and liabilities become absolute and matured or (C) the Company or such Subsidiary (as the case may be) intends to
incur or believes that it will incur debts that would be beyond its respective ability to pay as such debts mature. Neither the
Company nor any of its Subsidiaries has engaged in any business or in any transaction, and is not about to engage in any business
or in any transaction, for which the Company’s or such Subsidiary’s remaining assets constitute unreasonably small
capital with which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted.

 

(l)
No Undisclosed Events, Liabilities, Developments or Circumstances. No event, liability, development or circumstance has
occurred or exists, or is reasonably expected to exist or occur with respect to the Company, any of its Subsidiaries or any of
their respective businesses, properties, liabilities, prospects, operations (including results thereof) or condition (financial
or otherwise), that (i) would be required to be disclosed by the Company under applicable securities laws and (ii) would reasonably
be expected to result in a Material Adverse Effect.

 

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(m)
Conduct of Business; Regulatory Permits. Neither the Company nor any of its Subsidiaries is in violation of any term of
or in default under its Articles of Incorporation, any certificate of designation, preferences or rights of any other outstanding
series of preferred stock of the Company or any of its Subsidiaries or Bylaws or their organizational charter, certificate of
formation, memorandum of association, articles of association, Articles of Incorporation or certificate of incorporation or bylaws,
respectively. Neither the Company nor any of its Subsidiaries is in violation of any judgment, decree or order or any statute,
ordinance, rule or regulation applicable to the Company or any of its Subsidiaries, and neither the Company nor any of its Subsidiaries
will conduct its business in violation of any of the foregoing, except in all cases for possible violations which would not, individually
or in the aggregate, reasonably be expected to result in a Material Adverse Effect. During the two years prior to the date hereof,
(i) the Common Stock has been listed or designated for quotation on the Principal Market, (ii) trading in the Common Stock has
not been suspended by the SEC or the Principal Market and (iii) except as disclosed in the SEC Documents, the Company has received
no communication, written or oral, from the SEC or the Principal Market regarding the suspension or delisting of the Common Stock
from the Principal Market. The Company and each of its Subsidiaries possess all certificates, authorizations and permits issued
by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess
such certificates, authorizations or permits would not, individually or in the aggregate, reasonably be expected to result in
a Material Adverse Effect, and neither the Company nor any such Subsidiary has received any notice of proceedings relating to
the revocation or modification of any such certificate, authorization or permit. There is no agreement, commitment, judgment,
injunction, order or decree binding upon the Company or any of its Subsidiaries or to which the Company or any of its Subsidiaries
is a party which has or would reasonably be expected to have the effect of prohibiting or materially impairing any business practice
of the Company or any of its Subsidiaries, any acquisition of property by the Company or any of its Subsidiaries or the conduct
of business by the Company or any of its Subsidiaries as currently conducted other than such effects, individually or in the aggregate,
which would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect on the Company
or any of its Subsidiaries.

 

(n)
Foreign Corrupt Practices. None of the Company, its Subsidiaries or, to the knowledge of the Company, any director, officer,
agent, employee, nor any other person acting for or on behalf of the foregoing (individually and collectively, a “Company
Affiliate”) have violated the U.S. Foreign Corrupt Practices Act (the “FCPA”) or any other applicable
anti-bribery or anti-corruption laws, nor has any Company Affiliate offered, paid, promised to pay, or authorized the payment
of any money, or offered, given, promised to give, or authorized the giving of anything of value, to any officer, employee or
any other person acting in an official capacity for any Governmental Entity to any political party or official thereof or to any
candidate for political office (individually and collectively, a “Government Official”) or to any person under
circumstances where such Company Affiliate knew or was aware of a high probability that all or a portion of such money or thing
of value would be offered, given or promised, directly or indirectly, to any Government Official, for the purpose of:

 

(i)
(A) influencing any act or decision of such Government Official in his/her official capacity, (B) inducing such Government Official
to do or omit to do any act in violation of his/her lawful duty, (C) securing any improper advantage, or (D) inducing such Government
Official to influence or affect any act or decision of any Governmental Entity, or

 

(ii)
assisting the Company or its Subsidiaries in obtaining or retaining business for or with, or directing business to, the Company
or its Subsidiaries.

 

(o)
Sarbanes-Oxley Act. The Company is in material compliance with any and all applicable requirements of the Sarbanes-Oxley
Act of 2002, as amended, and any and all applicable rules and regulations promulgated by the SEC thereunder.

 

(p)
Transactions With Affiliates. Except as disclosed in the SEC Documents or set forth on Schedule 3(p), there are
no transactions between the Company or any Subsidiaries, on the one hand, and Affiliates of the Company or any Subsidiaries, on
the other hand.

 

(q)
Equity Capitalization.

 

(i)
Definitions:

 

(A)
“Common Stock” means (x) the Company’s shares of common stock, $0.0001 par value per share, and (y) any
capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification of such
common stock.

 

(B)
“Preferred Stock” means (x) the Company’s blank check preferred stock, $0.0001 par value per share, the
terms of which may be designated by the board of directors of the Company in a certificate of designations and (y) any capital
stock into which such preferred stock shall have been changed or any share capital resulting from a reclassification of such preferred
stock (other than a conversion of such preferred stock into Common Stock in accordance with the terms of such certificate of designations).

 

    	7

     

    

 

(ii)
Authorized and Outstanding Capital Stock. As of August 14, 2020, the authorized capital stock of the Company consists of
100,000,000 shares of Common Stock, of which, 23,054,474 are issued and outstanding and 4,592,058 shares are reserved for issuance
pursuant to Convertible Securities (as defined below exercisable or exchangeable for, or convertible into, shares of Common Stock.
No shares of Common Stock are held in the treasury of the Company.

 

(iii)
Valid Issuance; Available Shares; Affiliates. All of such outstanding shares are duly authorized and have been, or upon
issuance will be, validly issued and are fully paid and nonassessable. Schedule 3.(q)(iii) sets forth the number of shares
of Common Stock that are reserved for issuance pursuant to Convertible Securities (as defined below). To the Company’s knowledge,
except as set forth on Schedule 3.(q)(iii) no Person owns 10% or more of the Company’s issued and outstanding shares
of Common Stock (calculated based on the assumption that all Convertible Securities (as defined below), whether or not presently
exercisable or convertible, have been fully exercised or converted (as the case may be) taking account of any limitations on exercise
or conversion (including “blockers”) contained therein without conceding that such identified Person is a 10% stockholder
for purposes of federal securities laws).

 

(iv)
Existing Securities; Obligations. Except as set forth on Schedule 3(q)(iv): (A) none of the Company’s or any
Subsidiary’s shares, interests or capital stock is subject to preemptive rights or any other similar rights or Liens suffered
or permitted by the Company or any Subsidiary; (B) there are no outstanding options, warrants, scrip, rights to subscribe to,
calls or commitments of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable
for, any shares, interests or capital stock of the Company or any of its Subsidiaries (“Convertible Securities”),
or contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound
to issue additional shares, interests or capital stock of the Company or any of its Subsidiaries or options, warrants, scrip,
rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into,
or exercisable or exchangeable for, any shares, interests or capital stock of the Company or any of its Subsidiaries; (C) there
are no agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any
of their securities under the 1933 Act (except pursuant to this Agreement); (D) there are no outstanding securities or instruments
of the Company or any of its Subsidiaries which contain any redemption or similar provisions, and there are no contracts, commitments,
understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to redeem a security of
the Company or any of its Subsidiaries; (E) there are no securities or instruments containing anti-dilution or similar provisions;
and (F) neither the Company nor any Subsidiary has any stock appreciation rights or “phantom stock” plans or agreements
or any similar plan or agreement.

 

(v)
Organizational Documents. The Company has filed on EDGAR true, correct and complete copies of the Company’s Articles
of Incorporation, as amended and as in effect on the date hereof (the “Articles of Incorporation”), and the
Company’s bylaws, as amended and as in effect on the date hereof (the “Bylaws”), and the terms of all
Convertible Securities and the material rights of the holders thereof in respect thereto.

 

    	8

     

    

 

(r)
Indebtedness and Other Contracts. Neither the Company nor any of its Subsidiaries, (i) except as set forth in the SEC Documents
or on Schedule 3(r), has any outstanding debt securities, notes, credit agreements, credit facilities or other agreements,
documents or instruments evidencing Indebtedness of the Company or any of its Subsidiaries or by which the Company or any of its
Subsidiaries is or may become bound other than (A) trade payables and accrued expenses incurred in the ordinary course of business
consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant
to GAAP or disclosed in filings made with the SEC, (ii) is a party to any contract, agreement or instrument, the violation of
which, or default under which, by the other party(ies) to such contract, agreement or instrument would reasonably be expected
to result in a Material Adverse Effect, (iii) has any financing statements securing obligations in any amounts filed in connection
with the Company or any of its Subsidiaries; (iv) is in violation of any term of, or in default under, any contract, agreement
or instrument relating to any Indebtedness, except where such violations and defaults would not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect, or (v) is a party to any contract, agreement or instrument relating
to any Indebtedness, the performance of which, in the judgment of the Company’s officers, has or would reasonably be expected
to result in a Material Adverse Effect. For purposes of this Agreement: (x) “Indebtedness” of any Person means,
without duplication (A) all indebtedness for borrowed money, (B) all obligations issued, undertaken or assumed as the deferred
purchase price of property or services (including, without limitation, “capital leases” in accordance with GAAP) (other
than trade payables entered into in the ordinary course of business consistent with past practice), (C) all reimbursement or payment
obligations with respect to letters of credit, surety bonds and other similar instruments, (D) all obligations evidenced by notes,
bonds, debentures or similar instruments, including obligations so evidenced incurred in connection with the acquisition of property,
assets or businesses, (E) all indebtedness created or arising under any conditional sale or other title retention agreement, or
incurred as financing, in either case with respect to any property or assets acquired with the proceeds of such indebtedness (even
though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession
or sale of such property), (F) all monetary obligations under any leasing or similar arrangement which, in connection with GAAP,
consistently applied for the periods covered thereby, is classified as a capital lease, (G) all indebtedness referred to in clauses
(A) through (F) above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise,
to be secured by) any Lien upon or in any property or assets (including accounts and contract rights) owned by any Person, even
though the Person which owns such assets or property has not assumed or become liable for the payment of such indebtedness, and
(H) all Contingent Obligations in respect of indebtedness or obligations of others of the kinds referred to in clauses (A) through
(G) above; (y) “Contingent Obligation” means, as to any Person, any direct or indirect liability, contingent
or otherwise, of that Person with respect to any Indebtedness, lease, dividend or other obligation of another Person if the primary
purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee
of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with,
or that the holders of such liability will be protected (in whole or in part) against loss with respect thereto; and (z) “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity and any Governmental Entity or any department or agency thereof.

 

(s)
Litigation. Except as disclosed in the SEC Documents or the Prospectus Supplement, there is no action, suit, arbitration,
proceeding, inquiry or investigation before or by the Principal Market, any court, public board, other Governmental Entity, self-regulatory
organization or body pending or, to the knowledge of the Company, threatened in writing against or affecting the Company or any
of its Subsidiaries, the Common Stock or any of the Company’s or its Subsidiaries’ officers or directors, whether
of a civil or criminal nature or otherwise, in their capacities as such, which (i) adversely affects or challenges the legality,
validity or enforceability of any of the Transaction Documents or the Common Shares or (ii) would, if there were an unfavorable
decision, have or reasonably be expected to result in a Material Adverse Effect. To the Company’s knowledge, no director,
officer or employee of the Company or any of its Subsidiaries has willfully violated 18 U.S.C. §1519 or engaged in spoliation
in reasonable anticipation of litigation. Without limitation of the foregoing, there has not been, and to the knowledge of the
Company, there is not pending or contemplated, any investigation by the SEC involving the Company, any of its Subsidiaries or
any current or former director or officer of the Company or any of its Subsidiaries other than as disclosed in the SEC Documents
or the Prospectus Supplement. The SEC has not issued any stop order or other order suspending the effectiveness of any registration
statement filed by the Company under the 1933 Act or the 1934 Act, including, without limitation, the Registration Statement.
Neither the Company nor any of its Subsidiaries is subject to any order, writ, judgment, injunction, decree, determination or
award of any Governmental Entity that would be required to be disclosed in the SEC Documents.

 

(t)
Insurance. The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against
such losses and risks and in such amounts as management of the Company believes to be prudent and customary in the businesses
in which the Company and its Subsidiaries are engaged. Other than as has been disclosed in the SEC Documents, neither the Company
nor any such Subsidiary has been refused any insurance coverage sought or applied for, and neither the Company nor any such Subsidiary
has any reason to believe that it will be unable to renew its existing insurance coverage as and when such coverage expires or
to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not reasonably
be expected to have a Material Adverse Effect.

 

(u)
Employee Relations. Neither the Company nor any of its Subsidiaries is a party to any collective bargaining agreement or
employs any member of a union. The Company and its Subsidiaries believe that their relations with their employees are good. No
executive officer (as defined in Rule 501(f) promulgated under the 1933 Act) or other key employee of the Company or any of its
Subsidiaries has notified the Company or any such Subsidiary that such officer intends to leave the Company or any such Subsidiary
or otherwise terminate such officer’s employment with the Company or any such Subsidiary. The Company and its Subsidiaries
are in compliance with all federal, state, local and foreign laws and regulations respecting labor, employment and employment
practices and benefits, terms and conditions of employment and wages and hours, except where failure to be in compliance would
not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

    	9

     

    

 

(v)
Real Property. Each of the Company and its Subsidiaries holds good title to or has valid rights to lease or use, as the
case may be, all real property, facilities or other interests in real property owned or held by the Company or any of its Subsidiaries
(the “Real Property”). The Real Property is free and clear of all Liens and is not subject to any rights of
way, building use restrictions, exceptions, variances, reservations, or limitations of any nature except for (a) Liens for current
taxes not yet due and (b) Liens that do not impair the present or anticipated use of the property subject thereto. Any Real Property
held under lease by the Company or any of its Subsidiaries are held by them under valid, subsisting and enforceable leases with
such exceptions as are not material and do not interfere with the use made and proposed to be made of such property and buildings
by the Company or any of its Subsidiaries.

 

(w)
Potential Products; FDA; EMEA

 

(i)
Except as described in the SEC Documents, the Company possesses all certificates, authorizations and permits issued by the appropriate
federal, state or foreign regulatory authorities necessary to conduct its business as currently conducted, including without limitation
all such certificates, authorizations and permits required by the United States Food and Drug Administration (the “FDA”)
or any other federal, state or foreign agencies or bodies engaged in the regulation of pharmaceuticals or biohazardous materials,
except where the failure to so possess such certificates, authorizations and permits, individually or in the aggregate, would
not reasonably be expected to result in a Material Adverse Effect. Except as described in the SEC Documents, the Company has not
received any written notice of proceedings relating to the revocation or modification of any such certificate, authorization or
permit which, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably
be expected to have a Material Adverse Effect.

 

(ii)
Except to the extent disclosed in the SEC Documents, the Company has not received any written notices or statements from the FDA,
the European Medicines Agency (the “EMEA”) or any other governmental agency that (i) any drug candidate of
the Company described in the SEC Documents (each a “Potential Product”) may or will be rejected or determined
to be non-approvable; (ii) a delay in time for review and/or approval of a marketing authorization application or marketing approval
application in any jurisdiction for any Potential Product is or may be required, requested or being implemented; (iii) one or
more clinical studies for any Potential Product shall or may be requested or required in addition to the clinical studies submitted
to the FDA prior to the date hereof as a precondition to or condition of issuance or maintenance of a marketing approval for any
Potential Product; (iv) any license, approval, permit or authorization to conduct any clinical trial of or market any product
or Potential Product of the Company has been, will be or may be suspended, revoked, modified or limited, except in the cases of
clauses (i), (ii), (iii) and (iv) where such rejections, determinations, delays, requests, suspensions, revocations, modifications
or limitations would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(iii)
Except to the extent disclosed in the SEC Documents, to the Company’s knowledge, the preclinical and clinical testing, application
for marketing approval of, manufacture, distribution, promotion and sale of the products and Potential Products of the Company
is in compliance, in all material respects, with all laws, rules and regulations applicable to such activities, including without
limitation applicable good laboratory practices, good clinical practices and good manufacturing practices, except for such non-compliance
as would not reasonably be expected to have, individually or in the aggregate, have a Material Adverse Effect. The descriptions
of the results of such tests and trials contained in the SEC Documents are complete and accurate in all material respects such
that there would be no untrue statement of a material fact or omission of a material fact necessary to make the statements in
the SEC Documents, in light of the circumstances under which they are made, not misleading. The Company is not aware of any studies,
tests or trial the results of which reasonably call into question the results of the tests and trials conducted by or on behalf
of the Company that are described or referred to in the SEC Documents. Except to the extent disclosed in the SEC Documents, the
Company has not received written notice of adverse finding, warning letter or clinical hold notice from the FDA or any non-U.S.
counterpart of any of the foregoing, or any untitled letter or other correspondence or notice from the FDA or any other governmental
authority or agency or any institutional or ethical review board alleging or asserting noncompliance with any law, rule or regulation
applicable in any jurisdiction, except notices, letters, and correspondences and non-U.S. counterparts thereof alleging or asserting
such noncompliance as would not reasonably be expected to have, individually or in the aggregate, have a Material Adverse Effect.
Except to the extent disclosed in the SEC Documents, the Company has not, either voluntarily or involuntarily, initiated, conducted
or issued, or caused to be initiated, conducted or issued, any recall, field correction, market withdrawal or replacement, safety
alert, warning, “dear doctor” letter, investigator notice, or other notice or action relating to an alleged or potential
lack of safety or efficacy of any product or Potential Product of the Company, any alleged product defect of any product or Potential
Product of the Company, or any violation of any material applicable law, rule, regulation or any clinical trial or marketing license,
approval, permit or authorization for any product or potential product of the Company, and the Company is not aware of any facts
or information that would cause it to initiate any such notice or action and has no knowledge or reason to believe that the FDA,
the EMEA or any other governmental agency or authority or any institutional or ethical review board or other non-governmental
authority intends to impose, require, request or suggest such notice or action.

 

    	10

     

    

 

(x)
Intellectual Property Rights. The Company and its Subsidiaries own or possess, or can acquire on reasonable terms, adequate
rights or licenses to use all trademarks, trade names, service marks, service mark registrations, service names, original works
of authorship, patents, patent rights, copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets
and other intellectual property rights and all applications and registrations therefor (“Intellectual Property Rights”)
necessary to conduct their respective businesses as now conducted. The Company does not have any knowledge of any infringement
by the Company or its Subsidiaries of Intellectual Property Rights of others. Except as disclosed in the SEC Documents, there
is no claim, action or proceeding being made or brought, or to the knowledge of the Company or any of its Subsidiaries, being
threatened in writing, against the Company or any of its Subsidiaries regarding its Intellectual Property Rights. Neither the
Company nor any of its Subsidiaries is aware of any facts or circumstances which might give rise to any of the foregoing infringements
or claims, actions or proceedings. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy,
confidentiality and value of all of their Intellectual Property Rights.

 

(y)
Environmental Laws. (i) The Company and its Subsidiaries (A) are in compliance with any and all Environmental Laws (as
defined below) applicable to their business and operations, (B) have received all permits, licenses or other approvals required
of them under applicable Environmental Laws to conduct their respective businesses and (C) are in compliance with all terms and
conditions of any such permit, license or approval where, in each of the foregoing clauses (A), (B) and (C), the failure to so
comply would be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. The term “Environmental
Laws” means all federal, state, local or foreign laws relating to pollution or protection of human health or the environment
(including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata), including, without
limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or
toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise
relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials,
as well as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments, licenses, notices or notice
letters, orders, permits, plans or regulations issued, entered, promulgated or approved thereunder.

 

(ii)
No Hazardous Materials:

 

(A)
have been disposed of or otherwise released into any Real Property (as defined below) in violation of any Environmental Laws;
or

 

(B)
are present on, over, beneath, in or upon any Real Property or any portion thereof in quantities that would constitute a violation
of any Environmental Laws. No prior use by the Company or any of its Subsidiaries of any Real Property has occurred that violates
any Environmental Laws, which violation would have a Material Adverse Effect.

 

(iii)
Neither the Company nor any of its Subsidiaries knows of any other person who or entity which has stored, treated, recycled, disposed
of or otherwise located any Hazardous Materials on any Real Property, including, without limitation, such substances as asbestos
and polychlorinated biphenyls.

 

(iv)
None of the Real Properties are on any federal or state “Superfund” list or Liability Information System (“CERCLIS”)
list or any state environmental agency list of sites under consideration for CERCLIS, nor subject to any environmental related
Liens.

 

(z)
Subsidiary Rights. The Company or one of its Subsidiaries has the unrestricted right to vote, and (subject to limitations
imposed by applicable law) to receive dividends and distributions on, all capital securities of its Subsidiaries as owned by the
Company or such Subsidiary.

 

    	11

     

    

 

(aa)
Tax Status. The Company and each of its Subsidiaries (i) has timely made or filed all foreign, federal and state income
and all other tax returns, reports and declarations required by any jurisdiction to which it is subject or has requested extensions
thereof (except in any case in which the failure so to file would not have a Material Adverse Effect), (ii) has timely paid all
taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns,
reports and declarations, except those being contested in good faith and (iii) has set aside on its books provision reasonably
adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply.
The Company is not operated in such a manner as to qualify as a passive foreign investment company, as defined in Section 1297
of the U.S. Internal Revenue Code of 1986, as amended (the “Code”).

 

(bb)
Internal Accounting and Disclosure Controls. The Company and each of its Subsidiaries maintains “internal control
over financial reporting” (as such term is defined in Rule 13a-15(f) under the 1934 Act) that are designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with GAAP, including that (i) transactions are executed in accordance with management’s general or specific authorizations,
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain
asset accountability, (iii) access to assets or incurrence of liabilities is permitted only in accordance with management’s
general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets and liabilities
at reasonable intervals and appropriate action is taken with respect to any difference. The Company has developed and maintains
disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the 1934 Act) and, except as disclosed in
the SEC Documents, such controls and procedures are effective to ensure that information required to be disclosed by the Company
in the reports that it files or submits under the 1934 Act is recorded, processed, summarized and reported within the time periods
specified in the rules and forms of the SEC, including, without limitation, controls and procedures designed to ensure that information
required to be disclosed by the Company in the reports that it files or submits under the 1934 Act is accumulated and communicated
to the Company’s management, including its principal executive officer or officers and its principal financial officer or
officers, and legal counsel, as appropriate, to allow timely decisions regarding required disclosure. Except as disclosed in the
SEC Documents, neither the Company nor any of its Subsidiaries has received any written notice or correspondence from any accountant
or Governmental Entity relating to any potential material weakness or significant deficiency in any part of the internal controls
over financial reporting of the Company or any of its Subsidiaries.

 

(cc)
Off Balance Sheet Arrangements. There is no transaction, arrangement, or other relationship between the Company or any
of its Subsidiaries and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in
its SEC Documents and is not so disclosed or that otherwise could be reasonably likely to have a Material Adverse Effect.

 

(dd)
Investment Company Status. The Company is not, and upon consummation of the sale of the Common Shares will not be, an “investment
company,” as such term is defined in the Investment Company Act of 1940, as amended.

 

(ee)
Acknowledgement Regarding Buyers’ Trading Activity. It is understood and acknowledged by the Company that (i) following
the public disclosure of the transactions contemplated by the Transaction Documents, in accordance with the terms thereof, none
of the Buyers have been asked by the Company or any of its Subsidiaries to agree, nor has any Buyer agreed with the Company or
any of its Subsidiaries, to desist from effecting any transactions in or with respect to (including, without limitation, purchasing
or selling, long and/or short) any securities of the Company, or “derivative” securities based on securities issued
by the Company or to hold any of the Common Shares for any specified term; (ii) any Buyer, and counterparties in “derivative”
transactions to which any such Buyer is a party, directly or indirectly, presently may have a “short” position in
the Common Stock which was established prior to such Buyer’s knowledge of the transactions contemplated by the Transaction
Documents; and (iii) each Buyer shall not be deemed to have any affiliation with or control over any arm’s length counterparty
in any “derivative” transaction. The Company further understands and acknowledges that following the public disclosure
of the transactions contemplated by the Transaction Documents pursuant to the Press Release (as defined below), one or more Buyers
may engage in hedging and/or trading activities at various times during the period that the Common Shares are outstanding and
such hedging and/or trading activities, if any, can reduce the value of the existing stockholders’ equity interest in the
Company both at and after the time the hedging and/or trading activities are being conducted. The Company acknowledges that such
aforementioned hedging and/or trading activities do not constitute a breach of this Agreement or any other Transaction Document
or any of the documents executed in connection herewith or therewith.

 

    	12

     

    

 

(ff)
Manipulation of Price. Neither the Company nor any of its Subsidiaries has, and, to the knowledge of the Company, no Person
acting on their behalf has, directly or indirectly, (i) taken any action designed to cause or to result in the stabilization or
manipulation of the price of any security of the Company or any of its Subsidiaries to facilitate the sale or resale of any of
the Common Shares, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Common Shares
(other than the Placement Agent), (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase
any other securities of the Company or any of its Subsidiaries or (iv) paid or agreed to pay any Person for research services
with respect to any securities of the Company or any of its Subsidiaries.

 

(gg)
U.S. Real Property Holding Corporation. Neither the Company nor any of its Subsidiaries is, or has ever been, and so long
as any of the Common Shares are held by any of the Buyers, shall become, a U.S. real property holding corporation within the meaning
of Section 897 of the Code, and the Company and each Subsidiary shall so certify upon any Buyer’s request.

 

(hh)
Registration Eligibility. The Company is eligible to register the issuance of the Common Shares by the Company using Form
S-3 promulgated under the 1933 Act.

 

(ii)
Transfer Taxes. On the Closing Date, all stock transfer or other taxes (other than income or similar taxes) which are required
to be paid in connection with the issuance, sale and transfer of the Common Shares to be sold to each Buyer hereunder will be,
or will have been, fully paid or provided for by the Company, and all laws imposing such taxes will be or will have been complied
with.

 

(jj)
Bank Holding Company Act. Neither the Company nor any of its Subsidiaries is subject to the Bank Holding Company Act of
1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the
“Federal Reserve”). Neither the Company nor any of its Subsidiaries or affiliates owns or controls, directly
or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent (25%)
or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither
the Company nor any of its Subsidiaries or affiliates exercises a controlling influence over the management or policies of a bank
or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

(kk)
Shell Company Status. The Company is not, and has never been, an issuer identified in, or subject to, Rule 144(i) of the
1933 Act.

 

(ll)
Illegal or Unauthorized Payments; Political Contributions. Neither the Company nor any of its Subsidiaries nor, to the
Company’s knowledge, any of the officers, directors, employees, agents or other representatives of the Company or any of
its Subsidiaries, has, directly or indirectly, made or authorized any payment, contribution or gift of money, property, or services,
whether or not in contravention of applicable law, (i) as a kickback or bribe to any Person or (ii) to any political organization,
or the holder of or any aspirant to any elective or appointive public office except for personal political contributions not involving
the direct or indirect use of funds of the Company or any of its Subsidiaries.

 

(mm)
Money Laundering. The Company and its Subsidiaries are in compliance with, and have not previously violated, the USA Patriot
Act of 2001 and all other applicable U.S. and non-U.S. anti-money laundering laws and regulations, including, but not limited
to, the laws, regulations and Executive Orders and sanctions programs administered by the U.S. Office of Foreign Assets Control,
including, without limitation, (i) Executive Order 13224 of September 23, 2001 entitled, “Blocking Property and Prohibiting
Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism” (66 Fed. Reg. 49079 (2001)); and (ii) any
regulations contained in 31 CFR, Subtitle B, Chapter V.

 

(nn)
Management. Except as set forth in the SEC Documents or in Schedule 3(nn) hereto, during the past five year period,
no current or former officer or director or, to the knowledge of the Company, no current ten percent (10%) or greater stockholder
of the Company or any of its Subsidiaries has been the subject of:

 

(i)
a petition under bankruptcy laws or any other insolvency or moratorium law or the appointment by a court of a receiver, fiscal
agent or similar officer for such Person, or any partnership in which such person was a general partner at or within two years
before the filing of such petition or such appointment, or any corporation or business association of which such person was an
executive officer at or within two years before the time of the filing of such petition or such appointment;

 

    	13

     

    

 

(ii)
a conviction in a criminal proceeding or a named subject of a pending criminal proceeding (excluding traffic violations that do
not relate to driving while intoxicated or driving under the influence);

 

(iii)
any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently
or temporarily enjoining any such person from, or otherwise limiting, the following activities:

 

(1)
Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker,
leverage transaction merchant, any other person regulated by the United States Commodity Futures Trading Commission or an associated
person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated
person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in
or continuing any conduct or practice in connection with such activity;

 

(2)
Engaging in any particular type of business practice; or

 

(3)
Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation
of securities laws or commodities laws;

 

(iv)
any order, judgment or decree, not subsequently reversed, suspended or vacated, of any authority barring, suspending or otherwise
limiting for more than sixty (60) days the right of any such person to engage in any activity described in the preceding sub paragraph,
or to be associated with persons engaged in any such activity;

 

(v)
a finding by a court of competent jurisdiction in a civil action or by the SEC or other authority to have violated any securities
law, regulation or decree and the judgment in such civil action or finding by the SEC or any other authority has not been subsequently
reversed, suspended or vacated; or

 

(vi)
a finding by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated
any federal commodities law, and the judgment in such civil action or finding has not been subsequently reversed, suspended or
vacated.

 

(oo)
Stock Option Plans. Each stock option granted by the Company was granted (i) in accordance with the terms of the applicable
stock option plan of the Company and (ii) with an exercise price at least equal to the fair market value of the Common Stock on
the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under the Company’s
stock option plan has been backdated. The Company has not knowingly granted, and there is no and has been no policy or practice
of the Company to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with,
the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial
results or prospects.

 

(pp)
No Disagreements with Accountants and Lawyers. There are no material disagreements of any kind presently existing, or reasonably
anticipated by the Company to arise, between the Company and the accountants and lawyers presently employed by the Company and
the Company is current with respect to any fees owed to its accountants and lawyers which could affect the Company’s ability
to perform any of its obligations under any of the Transaction Documents.

 

(qq)
No Additional Agreements. The Company does not have any agreement or understanding with any Buyer with respect to the transactions
contemplated by the Transaction Documents other than as specified in the Transaction Documents.

 

(rr)
Public Utility Holding Act None of the Company nor any of its Subsidiaries is a “holding company,” or an “affiliate”
of a “holding company,” as such terms are defined in the Public Utility Holding Act of 2005.

 

(ss)
Federal Power Act. None of the Company nor any of its Subsidiaries is subject to regulation as a “public utility”
under the Federal Power Act, as amended.

 

    	14

     

    

 

(tt)
Disclosure. The Company confirms that neither it nor any other Person acting on its behalf has provided any of the Buyers
or their agents or counsel with any information that constitutes or could reasonably be expected to constitute material, non-public
information concerning the Company or any of its Subsidiaries, other than the existence of the transactions contemplated by this
Agreement and the other Transaction Documents. The Company understands and confirms that each of the Buyers will rely on the foregoing
representations in effecting transactions in securities of the Company. All disclosure provided to the Buyers regarding the Company
and its Subsidiaries, their businesses and the transactions contemplated hereby, including the schedules to this Agreement, furnished
by or on behalf of the Company or any of its Subsidiaries is true and correct and does not contain any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances
under which they were made, not misleading. All of the written information furnished after the date hereof by or on behalf of
the Company or any of its Subsidiaries to each Buyer pursuant to or in connection with this Agreement and the other Transaction
Documents, taken as a whole, will be true and correct in all material respects as of the date on which such information is so
provided and will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to
make the statements made therein, in the light of the circumstances under which they were made, not misleading. No event or circumstance
has occurred or information exists with respect to the Company or any of its Subsidiaries or its or their business, properties,
liabilities, prospects, operations (including results thereof) or conditions (financial or otherwise), which, under applicable
law, rule or regulation, requires public disclosure at or before the date hereof or announcement by the Company but which has
not been so publicly disclosed. The Company acknowledges and agrees that no Buyer makes or has made any representations or warranties
with respect to the transactions contemplated hereby other than those specifically set forth in Section 2.

 

4.
COVENANTS. 

 

(a)
Best Efforts. Each Buyer shall use its best efforts to timely satisfy each of the covenants hereunder and conditions to
be satisfied by it as provided in Section 6 of this Agreement. The Company shall use its best efforts to timely satisfy each of
the covenants hereunder and conditions to be satisfied by it as provided in Section 7 of this Agreement.

 

(b)
Amendments to the Registration Statement; Prospectus Supplements; Free Writing Prospectuses.

 

(i)
Reserved.

 

(ii)
The Company has not made, and agrees that unless it obtains the prior written consent of the Buyer it will not make, an offer
relating to the Securities that would constitute an “issuer free writing prospectus” as defined in Rule 433 promulgated
under the 1933 Act (an “Issuer Free Writing Prospectus”) or that would otherwise constitute a “free writing
prospectus” as defined in Rule 405 promulgated under the 1933 Act (a “Free Writing Prospectus”) required
to be filed by the Company or the Buyer with the SEC or retained by the Company or the Buyer under Rule 433 under the 1933 Act.
The Buyer has not made, and agrees that unless it obtains the prior written consent of the Company it will not make, an offer
relating to the Common Shares that would constitute a Free Writing Prospectus” required to be filed by the Company with
the SEC or retained by the Company under Rule 433 under the 1933 Act. Any such Issuer Free Writing Prospectus or other Free Writing
Prospectus consented to by the Buyer or the Company is referred to in this Agreement as a “Permitted Free Writing Prospectus.”
The Company agrees that (x) it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Free
Writing Prospectus of the Company under Rule 433 of the 1933 Act and (y) it has complied and will comply, as the case may be,
with the requirements of Rules 164 and 433 under the 1933 Act applicable to any Permitted Free Writing Prospectus, including in
respect of timely filing with the SEC, legending and record keeping.

 

    	15

     

    

 

(c)
Prospectus Delivery. As soon as practicable after execution of this Agreement the Company shall file a Prospectus Supplement
with respect to the Common Shares to be issued on the Closing Date, as required under, and in conformity with, the 1933 Act, including
Rule 424(b) thereunder. The Company, subject to the provisions of Section 4.(b) hereof, shall deliver or make available to the
Buyer, without charge, an electronic copy of each form of Prospectus Supplement, together with the Prospectus, and any Permitted
Free Writing Prospectus on the Closing Date. The Company consents to the use of the Prospectus (and of any Prospectus Supplements
thereto) in accordance with the provisions of the 1933 Act and with the securities or “blue sky” laws of the jurisdictions
in which the Common Shares may be sold by the Buyer, in connection with the offering and sale of the Common Shares and for such
period of time thereafter as the Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the 1933 Act) is
required by the 1933 Act to be delivered in connection with sales of the Common Shares. If during such period of time any event
shall occur that in the judgment of the Company and its counsel is required to be set forth in the Registration Statement or the
Prospectus or any Permitted Free Writing Prospectus or should be set forth therein in order to make the statements made therein
(in the case of the Prospectus, in light of the circumstances under which they were made) not misleading, or if it is necessary
to amend the Registration Statement or supplement or amend the Prospectus or any Permitted Free Writing Prospectus to comply with
the 1933 Act or any other applicable law or regulation, the Company shall forthwith prepare and, subject to Section 4.(b) above,
file with the SEC an appropriate amendment to the Registration Statement or Prospectus Supplement to the Prospectus (or supplement
to the Permitted Free Writing Prospectus) and shall expeditiously furnish or make available to the Buyer an electronic copy thereof.

 

(d)
Stop Orders. The Company shall advise the Buyer promptly (but in no event later than 24 hours) and shall confirm such advice
in writing: (i) of the Company’s receipt of notice of any request by the SEC for amendment of or a supplement to the Registration
Statement, the Prospectus, any Permitted Free Writing Prospectus or for any additional information; (ii) of the Company’s
receipt of notice of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or prohibiting
or suspending the use of the Prospectus or any Prospectus Supplement, or of the suspension of qualification of the Common Shares
for offering or sale in any jurisdiction, or the initiation or contemplated initiation of any proceeding for such purpose; (iii)
of the Company becoming aware of the happening of any event, which makes any statement of a material fact made in the Registration
Statement, the Prospectus or any Permitted Free Writing Prospectus untrue or which requires the making of any additions to or
changes to the statements then made in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus in
order to state a material fact required by the 1933 Act to be stated therein or necessary in order to make the statements then
made therein (in the case of the Prospectus, in light of the circumstances under which they were made) not misleading, or of the
necessity to amend the Registration Statement or supplement the Prospectus or any Permitted Free Writing Prospectus to comply
with the 1933 Act or any other law or (iv) if at any time following the date hereof the Registration Statement is not effective
or is not otherwise available for the issuance of the Common Shares or any Prospectus contained therein is not available for use
for any other reason. Thereafter, the Company shall promptly notify such holders when the Registration Statement, the Prospectus,
any Permitted Free Writing Prospectus and/or any amendment or supplement thereto, as applicable, is effective and available for
the issuance of the Common Shares. If at any time the SEC shall issue any stop order suspending the effectiveness of the Registration
Statement or prohibiting or suspending the use of the Prospectus or any Prospectus Supplement, the Company shall use best efforts
to obtain the withdrawal of such order at the earliest possible time.

 

(e)
Blue Sky. The Company shall, on or before the Closing Date, take such action as the Company shall reasonably determine
is necessary in order to obtain an exemption for, or to, qualify the Common Shares for sale to the Buyers at the Closing pursuant
to this Agreement under applicable securities or “Blue Sky” laws of the states of the United States (or to obtain
an exemption from such qualification), and shall provide evidence of any such action so taken to the Buyers on or prior to the
Closing Date. Without limiting any other obligation of the Company under this Agreement, the Company shall timely make all filings
and reports relating to the offer and sale of the Common Shares required under all applicable securities laws (including, without
limitation, all applicable federal securities laws and all applicable “Blue Sky” laws), and the Company shall comply
with all applicable foreign, federal, state and local laws, statutes, rules, regulations and the like relating to the offering
and sale of the Common Shares to the Buyers.

 

(f)
Listing. The Company shall promptly secure the listing or designation for quotation (as the case may be) of all of the
Underlying Securities (as defined below) upon each national securities exchange and automated quotation system, if any, upon which
the Common Stock is then listed or designated for quotation (as the case may be) (subject to official notice of issuance). The
Company shall use its best efforts to maintain the Common Stock’s (including the Underlying Shares) listing or authorization
for quotation (as the case may be) on the Principal Market, The New York Stock Exchange, the Nasdaq Capital Market, the Nasdaq
Global Market or the Nasdaq Global Select Market (each, an “Eligible Market”). The Company shall pay all fees
and expenses in connection with satisfying its obligations under this Section 4.(f). “Underlying Securities”
means the Common Shares and any capital stock of the Company issued or issuable with respect to the Common Shares, including,
without limitation, (1) as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise
and (2) shares of capital stock of the Company into which the shares of Common Stock are converted or exchanged and shares of
capital stock of a successor entity into which the shares of Common Stock are converted or exchanged.

 

    	16

     

    

 

(g)
Fees. The Company shall be responsible for the payment of any placement agent’s fees, financial advisory fees, transfer
agent fees, DTC fees or broker’s commissions (other than for Persons engaged by any Buyer) relating to or arising out of
the transactions contemplated hereby (including, without limitation, any fees or commissions payable to the Placement Agent, who
is the Company’s sole placement agent in connection with the transactions contemplated by this Agreement). The Company shall
pay, and hold each Buyer harmless against, any liability, loss or expense (including, without limitation, reasonable attorneys’
fees and out-of-pocket expenses) arising in connection with any claim relating to any such payment. Except as otherwise set forth
in the Transaction Documents, each party to this Agreement shall bear its own expenses in connection with the sale of the Common
Shares to the Buyers.

 

(h)
Pledge of Common Shares. Notwithstanding anything to the contrary contained in this Agreement, the Company acknowledges
and agrees that the Common Shares may be pledged by a Buyer in connection with a bona fide margin agreement or other loan or financing
arrangement that is secured by the Common Shares. The pledge of Common Shares shall not be deemed to be a transfer, sale or assignment
of the Common Shares hereunder, and no Buyer effecting a pledge of Common Shares shall be required to provide the Company with
any notice thereof or otherwise make any delivery to the Company pursuant to this Agreement or any other Transaction Document.
The Company hereby agrees to execute and deliver such documentation as a pledgee of the Common Shares may reasonably request in
connection with a pledge of the Common Shares to such pledgee by a Buyer.

 

(i)
Disclosure of Transactions and Other Material Information.

 

(i)
Disclosure of Transaction. The Company shall, on or before 9:30 a.m., New York time, on August 17, 2020, (i) issue a press
release (the “Press Release”) reasonably acceptable to the Buyers disclosing all the material terms of the
transactions contemplated by the Transaction Documents and (ii) file a Current Report on Form 8-K describing all the material
terms of the transactions contemplated by the Transaction Documents in the form required by the 1934 Act and attaching all the
material Transaction Documents (including, without limitation, this Agreement (and all schedules to this Agreement) (including
all attachments, the “8-K Filing”). From and after the earlier of the 8-K Filing and the issuance of the Press
Release, the Company shall have disclosed all material, non-public information (if any) provided to any of the Buyers by the Company
or any of its Subsidiaries or any of their respective officers, directors, employees or agents in connection with the transactions
contemplated by the Transaction Documents. In addition, effective upon the earlier of the 8-K Filing and the issuance of the Press
Release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether
written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees
or agents, on the one hand, and any of the Buyers or any of their affiliates, on the other hand, shall terminate.

 

    	17

     

    

 

(ii)
Limitations on Disclosure. The Company shall not, and the Company shall cause each of its Subsidiaries and each of its and
their respective officers, directors, employees and agents not to, provide any Buyer with any material, non-public information
regarding the Company or any of its Subsidiaries from and after the date hereof without the express prior written consent of such
Buyer (which may be granted or withheld in such Buyer’s sole discretion). In the event of a breach of the foregoing covenants
or any of the similar covenants or agreements contained in any other Transaction Document, by the Company, any of its Subsidiaries,
or any of its or their respective officers, directors, employees and agents (as determined in the reasonable good faith judgment
of such Buyer), in addition to any other remedy provided herein or in the Transaction Documents, the Buyer shall deliver written
notice to the Company of such material, non-public information or breach, as well as reasonable details relating thereto. To the
extent the Company has not disclosed such material, non-public information or breach on or prior to the second (2nd)
Business Day after receipt of such notice, then, in addition to any other remedy provided herein or in the Transaction Documents,
such Buyer shall have the right to make a public disclosure, in the form of a press release, public advertisement or otherwise,
of such material, non-public information, as applicable, without the prior approval by the Company, any of its Subsidiaries, or
any of its or their respective officers, directors, employees or agents. No Buyer shall have any liability to the Company, any
of its Subsidiaries, or any of its or their respective officers, directors, employees, affiliates, stockholders or agents, for
any such disclosure. To the extent that the Company delivers any material, non-public information to a Buyer without such Buyer’s
consent and Buyer complies with the notice process contained in this Section 4.(i).(ii), the Company hereby covenants and agrees
that such Buyer shall not have any duty of confidentiality with respect to, or a duty not to trade on the basis of, such material,
non-public information, except as such Buyer may be required to comply with applicable laws. Subject to the foregoing, neither
the Company, its Subsidiaries nor any Buyer shall issue any press releases or any other public statements with respect to the
transactions contemplated hereby; provided, however, the Company shall be entitled, without the prior approval of any Buyer, to
make the Press Release and any press release or other public disclosure with respect to such transactions (i) in substantial conformity
with the 8-K Filing and contemporaneously therewith and (ii) as is required by applicable law and regulations (provided that in
the case of clause (i) each Buyer shall be consulted by the Company in connection with any such press release or other public
disclosure prior to its release). Without the prior written consent of the applicable Buyer (which may be granted or withheld
in such Buyer’s sole discretion), the Company shall not (and shall cause each of its Subsidiaries and affiliates to not)
disclose the name of such Buyer in any filing, announcement, release or otherwise except (x) as is required by applicable law
in connection with the filing of this Agreement and the other Transaction Documents (including signature pages thereto) with the
SEC and (y) to the extent such disclosure is required by applicable law or Primary Market regulations, in which case each Buyer
shall be consulted by the Company in connection with any such disclosure under this subclause (y). Notwithstanding anything contained
in this Agreement to the contrary and without implication that the contrary would otherwise be true, the Company expressly acknowledges
and agrees that no Buyer shall have (unless expressly agreed to by a particular Buyer after the date hereof in a written definitive
and binding agreement executed by the Company and such particular Buyer (it being understood and agreed that no Buyer may bind
any other Buyer with respect thereto)), any duty of confidentiality or a duty not to trade Company securities after the earlier
of the 8-K Filing and the issuance of the Press Release.

 

(j)
Closing Documents. On or prior to fifteen (15) Business Days after the Closing Date, the Company agrees to deliver, or
cause to be delivered, to each Buyer a complete closing set of the executed Transaction Documents and any other document required
to be delivered to any party pursuant to Section 7 hereof or otherwise.

 

(k)
Company Lock-Up Agreements. The Company, on behalf of itself and any successor entity, agrees that, without the prior written
consent of the Buyers holding a majority in interest of the Common Shares, it will not for a period of thirty (30) days after
the date of this Agreement (the “Lock-Up Period”), (i) offer, pledge, sell, contract to sell, sell any option
or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise
transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into
or exercisable or exchangeable for shares of capital stock of the Company; (ii) file or cause to be filed any registration statement
with the Commission relating to the offering of any shares of capital stock of the Company or any securities convertible into
or exercisable or exchangeable for shares of capital stock of the Company; or (iii) complete any offering of debt securities of
the Company, other than entering into a line of credit with a traditional bank or (iv) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of capital stock of the Company,
whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled by delivery of shares of capital
stock of the Company or such other securities, in cash or otherwise.

 

The
restrictions contained in this Section 4(k) shall not apply to (i) the issuance of the Common Shares, (ii) the issuance by the
Company of shares of Common Stock upon the exercise of a stock option or warrant or the conversion of a security outstanding on
the date hereof, which is disclosed in the Registration Statement, Disclosure Package and Prospectus, and which shall not have
been amended during the Lock-Up Period, (iii) the issuance by the Company of stock options, shares of capital stock of the Company
or other awards under any equity compensation plan of the Company and (iv) securities issued pursuant to acquisitions or strategic
transactions approved by a majority of the disinterested directors of the Company, provided that any such issuance shall only
be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an
owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits
in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily
for the purpose of raising capital or to an entity whose primary business is investing in securities, provided that in each of
(ii), (iii) and (iv) above, the underlying shares shall be restricted from sale during the entire Lock-Up Period and, provided
further that, in the case of (iv) above, the underlying shares shall also not be entitled to the benefit of any rights regarding
the registration of such underlying shares under the 1933 Act unless such rights are not exercisable until after the Lock-Up Period
shall have expired.

 

    	18

     

    

 

5.
REGISTER; TRANSFER AGENT INSTRUCTIONS; LEGEND. 

 

(a)
Register. The Company shall maintain at its principal executive offices (or such other office or agency of the Company
as it may designate by notice to each holder of Common Shares), a register for the Common Shares in which the Company shall record
the name and address of the Person in whose name the Common Shares have been issued (including the name and address of each transferee),
the number of Common Shares held by such Person. The Company shall keep the register open and available at all times during business
hours for inspection of any Buyer or its legal representatives.

 

(b)
Transfer Agent Instructions. The Company shall issue irrevocable instructions to its Transfer Agent and any subsequent
transfer agent in a form acceptable to each of the Buyers (the “Irrevocable Transfer Agent Instructions”) to
issue certificates or credit shares to the applicable balance accounts at DTC, to either (a) Placement Agent’s balance account
with DTC through its Deposit/Withdrawal at Custodial system, or (b) directly to the account of each Buyer, or its respective nominee(s),
at the designated account with DTC as provided on the Purchaser Signature Page, for the Common Shares. The Company represents
and warrants that no instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section 5.(b) will
be given by the Company to its Transfer Agent with respect to the Common Shares, and that the Common Shares shall otherwise be
freely transferable on the books and records of the Company, as applicable, to the extent provided in this Agreement and the other
Transaction Documents. If a Buyer effects a sale, assignment or transfer of the Common Shares, the Company shall permit the transfer
and shall, to the extent required by the Transfer Agent, promptly instruct its Transfer Agent to issue one or more certificates
or credit shares to the applicable balance accounts at DTC in such name and in such denominations as specified by such Buyer to
effect such sale, transfer or assignment. The Company acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to a Buyer. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under
this Section 5.(b) will be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions
of this Section 5.(b), that a Buyer shall be entitled, in addition to all other available remedies, to an order and/or injunction
restraining any breach and requiring immediate issuance and transfer, without the necessity of showing economic loss and without
any bond or other security being required. The Company shall cause its counsel to issue each legal opinion referred to in the
Irrevocable Transfer Agent Instructions to the Transfer Agent at the Closing with respect to the Common Shares. Any fees (with
respect to the Transfer Agent, counsel to the Company or otherwise) associated with the issuance of such opinions or the removal
of any legends on any of the Common Shares shall be borne by the Company.

 

(c)
Legends. Certificates and any other instruments evidencing the Common Shares shall not bear any restrictive or other legend.

 

6.
CONDITIONS TO THE COMPANY’S OBLIGATION TO SELL. 

 

The
obligation of the Company hereunder to issue and sell the Common Shares to each Buyer at the Closing is subject to the satisfaction,
at or before the Closing Date, of each of the following conditions, provided that these conditions are for the Company’s
sole benefit and may be waived by the Company at any time in its sole discretion by providing each Buyer with prior written notice
thereof:

 

(a)
Such Buyer shall have executed each of the other Transaction Documents to which it is a party and delivered the same to the Company.

 

(b)
Such Buyer and each other Buyer shall have delivered to the account specified by the Company and the Placement Agent, the Purchase
Price for the Common Shares being purchased by such Buyer at the Closing by wire transfer of immediately available funds in accordance
with the Company’s instructions and the Placement Agent shall have delivered such aggregate amount to the account specified
by the Company at or prior to the Closing.

 

(c)
The representations and warranties of such Buyer shall be true and correct in all material respects as of the date when made and
as of the Closing Date as though originally made at that time (except for representations and warranties that speak as of a specific
date, which shall be true and correct as of such specific date), and such Buyer shall have performed, satisfied and complied in
all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied
with by such Buyer at or prior to the Closing Date.

 

    	19

     

    

 

7.
CONDITIONS TO EACH BUYER’S OBLIGATION TO PURCHASE. 

 

The
obligation of each Buyer hereunder to purchase its Common Shares at the Closing is subject to the satisfaction, at or before the
Closing Date, of each of the following conditions, provided that these conditions are for each Buyer’s sole benefit and
may be waived by such Buyer at any time in its sole discretion by providing the Company with prior written notice thereof:

 

(a)
The Company shall have duly executed and delivered to such Buyer each of the Transaction Documents and the Company shall have
duly executed and delivered to the Placement Agent for the account of such Buyer such aggregate number of Common Shares set forth
across from such Buyer’s name in column (2) of the Schedule of Buyers as being purchased by such Buyer at the Closing pursuant
to this Agreement.

 

(b)
Such Buyer shall have received the opinion of Alston & Bird LLP, the Company’s counsel, dated as of the Closing Date,
in the form reasonably acceptable to such Buyer.

 

(c)
The Company shall have delivered to such Buyer a copy of the Irrevocable Transfer Agent Instructions, in the form reasonably acceptable
to such Buyer, which instructions shall have been delivered to and acknowledged in writing by the Transfer Agent.

 

(d)
The Company shall have delivered to such Buyer a certificate evidencing the formation and good standing of the Company and each
of its Subsidiaries in each such entity’s jurisdiction of formation issued by the Secretary of State (or comparable office)
of such jurisdiction of formation as of a date within ten (10) days of the Closing Date.

 

(e)
The Company shall have delivered to such Buyer a certificate evidencing the Company’s qualification as a foreign corporation
and good standing issued by the Secretary of State (or comparable office) of each jurisdiction in which the Company conducts business
and is required to so qualify, as of a date within ten (10) days of the Closing Date.

 

(f)
The Company shall have delivered to such Buyer a certificate, in the form acceptable to such Buyer, executed by the Secretary
of the Company and dated as of the Closing Date, as to (i) the resolutions consistent with Section 3.(b) as adopted by the Company’s
board of directors in a form reasonably acceptable to such Buyer, (ii) the Articles of Incorporation of the Company and (iii)
the Bylaws of the Company, each as in effect at the Closing.

 

(g)
Each and every representation and warranty of the Company shall be true and correct as of the date when made and as of the Closing
Date as though originally made at that time (except for representations and warranties that speak as of a specific date, which
shall be true and correct as of such specific date) and the Company shall have performed, satisfied and complied in all respects
with the covenants, agreements and conditions required to be performed, satisfied or complied with by the Company at or prior
to the Closing Date. Such Buyer shall have received a certificate, duly executed by the Chief Executive Officer of the Company,
dated as of the Closing Date, to the foregoing effect and as to such other matters as may be reasonably requested by such Buyer
in the form acceptable to such Buyer.

 

(h)
The Company shall have delivered to such Buyer a letter from the Transfer Agent certifying the number of shares of Common Stock
outstanding on the Closing Date immediately prior to the Closing.

 

(i)
The Common Stock (A) shall be designated for quotation or listed (as applicable) on the Principal Market and (B) shall not have
been suspended, as of the Closing Date, by the SEC or the Principal Market from trading on the Principal Market nor shall suspension
by the SEC or the Principal Market have been threatened, as of the Closing Date, either (I) in writing by the SEC or the Principal
Market or (II) by falling below the minimum maintenance requirements of the Principal Market.

 

(j)
The Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the
sale of the Common Shares, including without limitation, those required by the Principal Market, if any.

 

(k)
No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by any court or Governmental Entity of competent jurisdiction that prohibits the consummation of any of the transactions contemplated
by the Transaction Documents.

 

    	20

     

    

 

(l)
Since the date of execution of this Agreement, no event or series of events shall have occurred that would reasonably be expected
to have or result in a Material Adverse Effect.

 

(m)
The Company shall have obtained approval of the Principal Market to list or designate for quotation (as the case may be) the Common
Shares.

 

(n)
From the date hereof to the Closing Date, (i) trading in the Common Stock shall not have been suspended by the SEC or the Principal
Market (except for any suspension of trading of limited duration agreed to by the Company, which suspension shall be terminated
prior to the Closing), and, (ii) at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg
L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are
reported by such service, or on the Principal Market, nor shall a banking moratorium have been declared either by the United States
or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national
or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in
each case, in the reasonable judgment of each Buyer, makes it impracticable or inadvisable to purchase the Common Shares at the
Closing.

 

(o)
The Registration Statement shall be effective and available for the issuance and sale of the Common Shares hereunder and the Company
shall have delivered to such Buyer the Prospectus and the Prospectus Supplement as required thereunder.

 

(p)
The Company and its Subsidiaries shall have delivered to such Buyer such other documents, instruments or certificates relating
to the transactions contemplated by this Agreement as such Buyer or its counsel may reasonably request.

 

8.
TERMINATION. 

 

In
the event that the Closing shall not have occurred with respect to a Buyer within five (5) days of the date hereof, then such
Buyer shall have the right to terminate its obligations under this Agreement with respect to itself at any time on or after the
close of business on such date without liability of such Buyer to any other party by providing written notice to the Company;
provided, however, (i) the right to terminate this Agreement under this Section 8 shall not be available to such Buyer if the
failure of the transactions contemplated by this Agreement to have been consummated by such date is the result of such Buyer’s
breach of this Agreement and (ii) the abandonment of the sale and purchase of the Common Shares shall be applicable only to such
Buyer providing such written notice. Nothing contained in this Section 8 shall be deemed to release any party from any liability
for any breach by such party of the terms and provisions of this Agreement or the other Transaction Documents or to impair the
right of any party to compel specific performance by any other party of its obligations under this Agreement or the other Transaction
Documents.

 

9.
MISCELLANEOUS. 

 

(a)
Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law
or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder
or in connection herewith or under any of the other Transaction Documents or with any transaction contemplated hereby or thereby,
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that
the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address
for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process
and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted
by law. Nothing contained herein shall be deemed or operate to preclude any Buyer from bringing suit or taking other legal action
against the Company in any other jurisdiction to collect on the Company’s obligations to such Buyer or to enforce a judgment
or other court ruling in favor of such Buyer. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT
TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT OR IN CONNECTION
WITH OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. 

 

    	21

     

    

 

(b)
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document
format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original
thereof.

 

(c)
Headings; Gender. The headings of this Agreement are for convenience of reference and shall not form part of, or affect
the interpretation of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to
include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,”
“include” and words of like import shall be construed broadly as if followed by the words “without limitation.”
The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement
instead of just the provision in which they are found.

 

(d)
Severability; Maximum Payment Amounts. If any provision of this Agreement is prohibited by law or otherwise determined
to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid
or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity
or unenforceability of such provision shall not affect the validity of the remaining provisions of this Agreement so long as this
Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject
matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially
impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that
would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited,
invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the
prohibited, invalid or unenforceable provision(s). Notwithstanding anything to the contrary contained in this Agreement or any
other Transaction Document (and without implication that the following is required or applicable), it is the intention of the
parties that in no event shall amounts and value paid by the Company and/or any of its Subsidiaries (as the case may be), or payable
to or received by any of the Buyers, under the Transaction Documents (including without limitation, any amounts that would be
characterized as “interest” under applicable law) exceed amounts permitted under any applicable law. Accordingly,
if any obligation to pay, payment made to any Buyer, or collection by any Buyer pursuant the Transaction Documents is finally
judicially determined to be contrary to any such applicable law, such obligation to pay, payment or collection shall be deemed
to have been made by mutual mistake of such Buyer, the Company and its Subsidiaries and such amount shall be deemed to have been
adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited
by the applicable law. Such adjustment shall be effected, to the extent necessary, by reducing or refunding, at the option of
such Buyer, the amount of interest or any other amounts which would constitute unlawful amounts required to be paid or actually
paid to such Buyer under the Transaction Documents. For greater certainty, to the extent that any interest, charges, fees, expenses
or other amounts required to be paid to or received by such Buyer under any of the Transaction Documents or related thereto are
held to be within the meaning of “interest” or another applicable term to otherwise be violative of applicable law,
such amounts shall be pro-rated over the period of time to which they relate.

 

    	22

     

    

 

(e)
Entire Agreement; Amendments. This Agreement, the other Transaction Documents and the schedules and exhibits attached hereto
and thereto and the instruments referenced herein and therein supersede all other prior oral or written agreements between the
Buyers, the Company, its Subsidiaries, their affiliates and Persons acting on their behalf, including, without limitation, any
transactions by any Buyer with respect to Common Stock or the Common Shares, and the other matters contained herein and therein,
and this Agreement, the other Transaction Documents, the schedules and exhibits attached hereto and thereto and the instruments
referenced herein and therein contain the entire understanding of the parties solely with respect to the matters covered herein
and therein; provided, however, nothing contained in this Agreement or any other Transaction Document shall (or shall be deemed
to) (i) have any effect on any agreements any Buyer has entered into with, or any instruments any Buyer has received from, the
Company or any of its Subsidiaries prior to the date hereof with respect to any prior investment made by such Buyer in the Company
or (ii) waive, alter, modify or amend in any respect any obligations of the Company or any of its Subsidiaries, or any rights
of or benefits to any Buyer or any other Person, in any separate and unrelated agreement entered into prior to the date hereof
between or among the Company and/or any of its Subsidiaries and any Buyer, or any instruments any Buyer received from the Company
and/or any of its Subsidiaries prior to the date hereof, and all such agreements and instruments shall continue in full force
and effect. Except as specifically set forth herein or therein, neither the Company nor any Buyer makes any representation, warranty,
covenant or undertaking with respect to such matters. For clarification purposes, the Recitals are part of this Agreement. No
provision of this Agreement may be amended other than by an instrument in writing signed by the Company and the Required Holders
(as defined below), and any amendment to any provision of this Agreement made in conformity with the provisions of this Section
9.(e) shall be binding on all Buyers, provided that no such amendment shall be effective to the extent that it (A) applies to
less than all of the holders of the Common Shares then outstanding or (B) imposes any obligation or liability on any Buyer without
such Buyer’s prior written consent (which may be granted or withheld in such Buyer’s sole discretion). No waiver shall
be effective unless it is in writing and signed by an authorized representative of the waiving party, provided that the Required
Holders may waive any provision of this Agreement, and any waiver of any provision of this Agreement made in conformity with the
provisions of this Section 9.(e) shall be binding on all Buyers, provided that no such waiver shall be effective to the extent
that it (1) applies to less than all of the holders of the Common Shares then outstanding (unless a party gives a waiver as to
itself only) or (2) imposes any obligation or liability on any Buyer without such Buyer’s prior written consent (which may
be granted or withheld in such Buyer’s sole discretion). The Company has not, directly or indirectly, made any agreements
with any Buyers relating to the terms or conditions of the transactions contemplated by the Transaction Documents except as set
forth in the Transaction Documents. Without limiting the foregoing, the Company confirms that, except as set forth in this Agreement,
no Buyer has made any commitment or promise or has any other obligation to provide any financing to the Company, any Subsidiary
or otherwise. As a material inducement for each Buyer to enter into this Agreement, the Company expressly acknowledges and agrees
that (x) no due diligence or other investigation or inquiry conducted by a Buyer, any of its advisors or any of its representatives
shall affect such Buyer’s right to rely on, or shall modify or qualify in any manner or be an exception to any of, the Company’s
representations and warranties contained in this Agreement or any other Transaction Document and (y) unless a provision of this
Agreement or any other Transaction Document is expressly preceded by the phrase “except as disclosed in the SEC Documents,”
nothing contained in any of the SEC Documents shall affect such Buyer’s right to rely on, or shall modify or qualify in
any manner or be an exception to any of, the Company’s representations and warranties contained in this Agreement or any
other Transaction Document. “Required Holders” means (I) prior to the Closing Date, Buyers entitled to purchase,
in the aggregate, at least a majority of the number of Common Shares at the Closing and (II) on or after the Closing Date, holders
of, in the aggregate, at least a majority of the Common Shares as of such time (excluding any Common Shares that may then be held
by the Company or any of its Subsidiaries as of such time).

 

(f)
Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this
Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon
delivery, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on
file by the sending party) or electronic mail (provided that no automated notice of rejection is delivered to the sender); or
(iii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly
addressed to the party to receive the same. The addresses, facsimile numbers and e-mail addresses for such communications shall
be:

 

If
to the Company:

 

OncoSec
Medical Incorporated

24
North Main Street

Pennington,
NJ 08534

Telephone:
(855) 662-6732

Facsimile:

Attention:
Chief Executive Officer

E-Mail:
doconnor@oncosec.com

 

With
a copy (for informational purposes only) to:

 

Alston
& Bird LLP

90
Park Avenue

New
York, NY 10016

Attention: Matthew Mamak, Esq.

Fax
No: (212) 922-3952

 

    	23

     

    

 

If
to the Transfer Agent:

 

Nevada
Agency and Transfer Company

50 West Liberty Street, Suite 880

Reno NV 89501

Telephone: (303) 282-4800

Facsimile: (303) 282-5800

Attention: Tiffany Baxter

E-Mail: tiffany@natco.com

 

If
to the Placement Agents (for informational purposes only) to:

 

Loeb
& Loeb LLP

345 Park Avenue

New York, NY 10154

Attn:
Mitchell S. Nussbaum, Esq.

Fax
No.: (212) 504-3013

 

If
to a Buyer, to its address, e-mail address and facsimile number set forth on the Schedule of Buyers, with copies to such Buyer’s
representatives as set forth on the Schedule of Buyers, or to such other address, e-mail address and/or facsimile number and/or
to the attention of such other Person as the recipient party has specified by written notice given to each other party five (5)
days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent,
waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine or e-mail
containing the time, date, recipient facsimile number and, with respect to each facsimile transmission, an image of the first
page of such transmission or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt
by facsimile or e-mail or receipt from an overnight courier service in accordance with clause (i), (ii) or (iii) above, respectively.
To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the SEC pursuant to a
Current Report on Form 8-K.

 

(g)
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns (but excluding any purchasers of Underlying Securities, unless pursuant to a written assignment by such
Buyer). The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of
the Required Holders. A Buyer may assign some or all of its rights hereunder in connection with any transfer of any of its Common
Shares with the prior written consent of the Company, in which event such assignee shall be deemed to be a Buyer hereunder with
respect to such assigned rights.

 

(h)
No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, other than
the Indemnitees referred to in Section 9(k).

 

(i)
Survival. The representations, warranties, agreements and covenants shall survive the Closing. Each Buyer shall be responsible
only for its own representations, warranties, agreements and covenants hereunder.

 

(j)
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

    	24

     

    

 

(k)
Indemnification.

 

(i)
In consideration of each Buyer’s execution and delivery of the Transaction Documents and acquiring the Common Shares thereunder
and in addition to all of the Company’s other obligations under the Transaction Documents, the Company shall defend, protect,
indemnify and hold harmless each Buyer and all of their stockholders, partners, members, officers, directors, employees and direct
or indirect investors and any of the foregoing Persons’ agents or other representatives (including, without limitation,
those retained in connection with the transactions contemplated by this Agreement) (collectively, the “Indemnitees”)
from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages,
and expenses in connection therewith (irrespective of whether any such Indemnitee is a party to the action for which indemnification
hereunder is sought), and including reasonable attorneys’ fees and disbursements (the “Indemnified Liabilities”),
incurred by any Indemnitee as a result of, or arising out of, or relating to (i) any material misrepresentation or material breach
of any representation or warranty made by the Company or any Subsidiary in any of the Transaction Documents, (ii) any material
breach of any covenant, agreement or obligation of the Company or any Subsidiary contained in any of the Transaction Documents
or (iii) any cause of action, suit, proceeding or claim brought or made against such Indemnitee by a third party (including for
these purposes a derivative action brought on behalf of the Company or any Subsidiary) or which otherwise involves such Indemnitee
that arises out of or results from (A) the execution, delivery, performance or enforcement of any of the Transaction Documents,
(B) any transaction financed or to be financed in whole or in part, directly or indirectly, with the proceeds of the issuance
of the Common Shares, (C) any disclosure properly made by such Buyer pursuant to Section 4.(i), or (D) the status of such Buyer
or holder of the Common Shares either as an investor in the Company pursuant to the transactions contemplated by the Transaction
Documents or as a party to this Agreement (including, without limitation, as a party in interest or otherwise in any action or
proceeding for injunctive or other equitable relief), unless such action is based upon a breach of Buyer’s representations,
warranties or covenants under the Transaction Documents or any agreements or understandings such Buyer may have with any such
stockholder or any violations by such Buyer of state or federal securities laws or any conduct by such Buyer which constitutes
fraud, gross negligence, willful misconduct or malfeasance. To the extent that the foregoing undertaking by the Company may be
unenforceable for any reason, the Company shall make the maximum contribution to the payment and satisfaction of each of the Indemnified
Liabilities which is permissible under applicable law.

 

(ii)
Promptly after receipt by an Indemnitee under this Section 9.(k) of notice of the commencement of any action or proceeding (including
any governmental action or proceeding) involving an Indemnified Liability, such Indemnitee shall, if a claim in respect thereof
is to be made against the Company under this Section 9.(k), deliver to the Company a written notice of the commencement thereof,
and the Company shall have the right to participate in, and, to the extent the Company so desires, to assume control of the defense
thereof with counsel selected by the Company and reasonably satisfactory to the Indemnitee; provided, however, that an Indemnitee
shall have the right to retain its own counsel with the fees and expenses of such counsel to be paid by the Indemnitee except
to the extent that: (A) the Company has agreed in writing to pay such fees and expenses; (B) the Company shall have failed promptly
to assume the defense of such Indemnified Liability and to employ counsel reasonably satisfactory to such Indemnitee in any such
Indemnified Liability; or (C) the named parties to any such Indemnified Liability (including any impleaded parties) include both
such Indemnitee and the Company, and such Indemnitee shall have been advised through the reasonable written opinion of its legal
counsel (a copy of which is furnished to the Company) that a conflict of interest is likely to exist if the same counsel were
to represent such Indemnitee and the Company (in which case, if such Indemnitee notifies the Company in writing that it elects
to employ separate counsel at the expense of the Company, then the Company shall not have the right to assume the defense thereof
and such counsel shall be at the expense of the Company), provided further, that in the case of clause (C) above the Company shall
not be responsible for the reasonable fees and expenses of more than one (1) separate legal counsel for the Indemnitees. The Indemnitee
shall reasonably cooperate with the Company in connection with any negotiation or defense of any such action or Indemnified Liability
by the Company and shall furnish to the Company all information reasonably available to the Indemnitee which relates to such action
or Indemnified Liability. The Company shall keep the Indemnitee reasonably apprised at all times as to the status of the defense
or any settlement negotiations with respect thereto. The Company shall not be liable for any settlement of any action, claim or
proceeding effected without its prior written consent, provided, however, that the Company shall not unreasonably withhold, delay
or condition its consent. The Company shall not, without the prior written consent of the Indemnitee, consent to entry of any
judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by
the claimant or plaintiff to such Indemnitee of a release from all liability in respect to such Indemnified Liability or litigation,
and such settlement shall not include any admission as to fault on the part of the Indemnitee. Following indemnification as provided
for hereunder, the Company shall be subrogated to all rights of the Indemnitee with respect to all third parties, firms or corporations
relating to the matter for which indemnification has been made. The failure to deliver written notice to the Company within a
reasonable time of the commencement of any such action shall not relieve the Company of any liability to the Indemnitee under
this Section 9.(k), except to the extent that the Company is materially and adversely prejudiced in its ability to defend such
action.

 

    	25

     

    

 

(iii)
The indemnification required by this Section 9.(k) shall be made by periodic payments of the amount thereof during the course
of the investigation or defense, within ten (10) days after the Company receives invoices and supporting documentation with respect
to Indemnified Liabilities that are actually incurred by the Indemnitee.

 

(iv)
The indemnity agreement contained herein shall be in addition to (A) any cause of action or similar right of the Indemnitee against
the Company or others, and (B) any liabilities the Company may be subject to pursuant to the law.

 

(l)
Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their
mutual intent, and no rules of strict construction will be applied against any party. No specific representation or warranty shall
limit the generality or applicability of a more general representation or warranty. Each and every reference to share prices,
shares of Common Stock and any other numbers in this Agreement that relate to the Common Stock shall be automatically adjusted
for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions that occur with respect
to the Common Stock after the date of this Agreement. It is expressly understood and agreed that for all purposes of this Agreement,
and without implication that the contrary would otherwise be true, neither transactions nor purchases nor sales shall include
the location and/or reservation of borrowable shares of Common Stock.

 

(m)
Remedies. Each Buyer and in the event of assignment by Buyer of its rights and obligations hereunder, each holder of Common
Shares, shall have all rights and remedies set forth in the Transaction Documents and all rights and remedies which such holders
have been granted at any time under any other agreement or contract and all of the rights which such holders have under any law.
Any Buyer or such assignee and holder of Common Shares shall be entitled to enforce such rights specifically (without posting
a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise all other
rights granted by law. Furthermore, the Company recognizes that in the event that it or any Subsidiary fails to perform, observe,
or discharge any or all of its or such Subsidiary’s (as the case may be) obligations under the Transaction Documents, any
remedy at law would inadequate relief to the Buyers. The Company therefore agrees that the Buyers shall be entitled to specific
performance and/or temporary, preliminary and permanent injunctive or other equitable relief from any court of competent jurisdiction
in any such case without the necessity of proving actual damages and without posting a bond or other security. The remedies provided
in this Agreement and the other Transaction Documents shall be cumulative and in addition to all other remedies available under
this Agreement and the other Transaction Documents, at law or in equity (including a decree of specific performance and/or other
injunctive relief).

 

(n)
Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of)
the Transaction Documents, whenever any Buyer exercises a right, election, demand or option under a Transaction Document and the
Company or any Subsidiary does not timely perform its related obligations within the periods therein provided, then such Buyer
may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company or such Subsidiary (as the
case may be), any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights.

 

    	26

     

    

 

(o)
Payment Set Aside; Currency. To the extent that the Company makes a payment or payments to any Buyer hereunder or pursuant
to any of the other Transaction Documents or any of the Buyers enforce or exercise their rights hereunder or thereunder, and such
payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared
to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise
restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy
law, foreign, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation
or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment
had not been made or such enforcement or setoff had not occurred. Unless otherwise expressly indicated, all dollar amounts referred
to in this Agreement and the other Transaction Documents are in United States Dollars (“U.S. Dollars”), and
all amounts owing under this Agreement and all other Transaction Documents shall be paid in U.S. Dollars. All amounts denominated
in other currencies (if any) shall be converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on
the date of calculation. “Exchange Rate” means, in relation to any amount of currency to be converted into
U.S. Dollars pursuant to this Agreement, the U.S. Dollar exchange rate as published in the Wall Street Journal on the relevant
date of calculation.

 

(p)
Judgment Currency.

 

(i)
If for the purpose of obtaining or enforcing judgment against the Company in connection with this Agreement or any other Transaction
Document in any court in any jurisdiction it becomes necessary to convert into any other currency (such other currency being hereinafter
in this Section 9.(p) referred to as the “Judgment Currency”) an amount due in US Dollars under this Agreement,
the conversion shall be made at the Exchange Rate prevailing on the Business Day immediately preceding:

 

(1)
the date actual payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any other
jurisdiction that will give effect to such conversion being made on such date: or

 

(2)
the date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the date
as of which such conversion is made pursuant to this Section 9.(p)(i)(1) being hereinafter referred to as the “Judgment
Conversion Date”).

 

(ii)
If in the case of any proceeding in the court of any jurisdiction referred to in Section 9.(p)(i)(1) above, there is a change
in the Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable
party shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted
at the Exchange Rate prevailing on the date of payment, will produce the amount of US Dollars which could have been purchased
with the amount of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment
Conversion Date.

 

(iii)
Any amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment being
obtained for any other amounts due under or in respect of this Agreement or any other Transaction Document.

 

(q)
Independent Nature of Buyers’ Obligations and Rights. The obligations of each Buyer under the Transaction Documents
are several and not joint with the obligations of any other Buyer or any Other Investor, and no Buyer shall be responsible in
any way for the performance of the obligations of any other Buyer or any Other Investor under any Transaction Document. Nothing
contained herein or in any other Transaction Document, and no action taken by any Buyer pursuant hereto or thereto, shall be deemed
to constitute the Buyers and the Other Investors as, and the Company acknowledges that the Buyers and the Other Investors do not
so constitute, a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that
the Buyers are in any way acting in concert or as a group or entity, and the Company shall not assert any such claim with respect
to such obligations or the transactions contemplated by the Transaction Documents or any matters, and the Company acknowledges
that the Buyers and the Other Investors are not acting in concert or as a group, and the Company shall not assert any such claim,
with respect to such obligations or the transactions contemplated by the Transaction Documents. The decision of each Buyer and
the Other Investors to purchase Common Shares pursuant to the Transaction Documents has been made by such Buyer or Other Investor,
as the case may be, independently of any other Buyer. Each Buyer acknowledges that no other Buyer or any Other Investor has acted
as agent for such Buyer in connection with such Buyer making its investment hereunder and that no other Buyer or Other Investor
will be acting as agent of such Buyer in connection with monitoring such Buyer’s investment in the Common Shares or enforcing
its rights under the Transaction Documents. Each Buyer confirms that it has independently participated with the Company and its
Subsidiaries in the negotiation of the transaction contemplated hereby with the advice of its own counsel and advisors. Each Buyer
shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this
Agreement or out of any other Transaction Documents, and it shall not be necessary for any other Buyer or Other Investor to be
joined as an additional party in any proceeding for such purpose. The use of a single agreement to effectuate the purchase and
sale of the Common Shares contemplated hereby was solely in the control of the Company, not the action or decision of any Buyer,
and was done solely for the convenience of the Company and its Subsidiaries and not because it was required or requested to do
so by any Buyer. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction
Document is between the Company and a Buyer, solely, and not between the Company and the Buyers or Other Investors collectively
and not between and among the Buyers and Other Investors. No consideration (including any modification of any Transaction Document)
shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of this Agreement unless
the same consideration is also offered to all of the parties to this Agreement. For clarification purposes, this provision constitutes
a separate right granted to each Buyer by the Company and negotiated separately by each Buyer, and is intended for the Company
to treat the Buyers as a class and shall not in any way be construed as the Buyers acting in concert or as a group with respect
to the purchase, disposition or voting of Common Shares or otherwise.

 

[signature
pages follow]

 

    	27

     

    

 

IN
WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this Agreement to be duly executed
as of the date first written above.

 

	 	COMPANY:
	 	 
	 	ONCOSEC
    MEDICAL INCORPORATED
	 	 	 
	 	By:	 
	 	Name:	 Dan O’Connor
	 	Title:	 Chief Executive Officer

 

    	28

     

    

 

[PURCHASER
SIGNATURE PAGES TO ONCOSEC MEDICAL INCORPORATED SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: ________________________________________________________________________________

_____________________________________

 

Signature
of Authorized Signatory of Purchaser: _________________________________________________________

_________________________________

 

Name
of Authorized Signatory: _______________________________________________________________________

_________________________________

 

Title
of Authorized Signatory: ________________________________________________________________________

_________________________________

 

Email
Address of Authorized Signatory: ________________________________________________________________

_________________________________

 

Facsimile
Number of Authorized Signatory: ______________________________________________________________

_______________________________

 

Address
for Notice to Purchaser:

 

	 	 
	 	 
	 	 
	 	 
	 	 

 

	Delivery
of Common Shares:	DVP through ThinkEquity	DTC delivery and payment by wire

 

DTC
Delivery Instructions for Common Shares to Purchaser (if applicable):

 

	 	 
	 	 
	 	 
	 	 
	 	 

 

Subscription
Amount: $________________

 

Shares:

 

EIN
Number:

 

    	29EX-10.1

 Exhibit 10.1 

Execution Version 

OMNIBUS 
 AMENDMENT NO.
16 TO 
 RECEIVABLES LOAN AGREEMENT 

AMENDMENT NO. 8 TO 
 SALE
AND CONTRIBUTION AGREEMENT 
 AND 

AMENDMENT NO. 1 TO 

SERVICING AGREEMENT 
 This
OMNIBUS AMENDMENT NO. 16 TO RECEIVABLES LOAN AGREEMENT, AMENDMENT NO. 8 TO SALE AND CONTRIBUTION AGREEMENT AND AMENDMENT NO. 1 TO SERVICING AGREEMENT (this “Amendment”), effective as of August 14, 2020 (the “Effective
Date”), 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”), GRAND VACATIONS SERVICES LLC, a Delaware limited liability company (the “Servicer”), the financial institutions signatory hereto as Managing Agents, the financial institutions signatory hereto as Conduit
Lenders, the financial institutions signatory hereto as Committed Lenders, BANK OF AMERICA, N.A., as Administrative Agent (the “Administrative Agent”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Securities Intermediary, Paying
Agent and Backup Servicer. 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 the 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”); 
 WHEREAS, the
Borrower, the Seller, the Servicer, Wells Fargo Bank, National Association, as Backup Servicer and the Administrative Agent are party to that certain Servicing Agreement, dated as of May 9, 2013 (as amended, restated, supplemented or otherwise
modified from time to time, the “Servicing Agreement”); 
 WHEREAS, as provided herein, the parties hereto have agreed to
amend certain provisions of the Receivables Loan Agreement, the Sale and Contribution Agreement and the Servicing 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. 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 5 hereof, the Receivables Loan Agreement is hereby amended as set forth in Exhibit A to this Amendment, with text marked in underline indicating additions to the Receivables Loan Agreement and
with text marked in strikethrough indicating deletions to the Receivables Loan Agreement. 

SECTION 2. 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 5 hereof, the Sale and Contribution Agreement is hereby amended as follows: 

2.1 Section 2.1(a) to the Sale and Contribution Agreement is hereby amended and restated in its entirety as follows: 

“(a) On the Initial Transfer Date, subject to the terms and conditions hereinafter set forth, the Seller hereby sells,
transfers, assigns, sets over and otherwise conveys to the Purchaser without recourse except as expressly provided herein, and the Purchaser hereby purchases, all of the Seller’s right, title and interest in and to (i) all Timeshare Loans
identified in Part 1 of the Timeshare Loan Schedule attached hereto as Schedule I, (ii) all Related Security with respect to such Timeshare Loans, (iii) all Collections with respect to such Timeshare Loans received after the Initial Cutoff
Date and (iv) all other proceeds of the foregoing, other than proceeds of a Timeshare Loan that has been foreclosed upon and remarketed and for which the applicable Timeshare Interest relates to the “Hilton Grand Vacations at the
Crane” Resort. On the Initial Transfer Date, subject to the terms and conditions hereinafter set forth, the Seller hereby contributes to the Purchaser, and the Purchaser hereby accepts, all of the Seller’s right, title and interest in and
to (i) all Timeshare Loans identified in Part 2 of the Timeshare Loan Schedule attached hereto as Schedule I, (ii) all Related Security with respect to such Timeshare Loans, (iii) all Collections with respect to such Timeshare Loans
received after the Initial Cutoff Date and (iv) all other proceeds of the foregoing, other than proceeds of a Timeshare Loan that has been foreclosed upon and remarketed and for which the applicable Timeshare Interest relates to the
“Hilton Grand Vacations at the Crane” Resort, and the Purchaser agrees to accept such contribution. On the Initial Transfer Date, the Seller shall transfer, or cause to be transferred, all Collections relating to the Timeshare Loans
identified on the Timeshare Loan Schedule attached hereto as Schedule I received by or on behalf of the Seller during the period after the Initial Cutoff Date to but excluding the second Business Day prior to the Initial Transfer Date to the
Collection Account.” 

  
 2 

 2.2 Section 2.1(b) to the Sale and Contribution Agreement is hereby amended and restated in
its entirety as follows: 
 “(b) On each Transfer Date after the Initial Transfer Date, subject to the satisfaction of
the conditions set forth in this Section 2.1(b), the Seller may in its sole discretion sell, transfer, assign, set over and otherwise convey to the Purchaser without recourse except as expressly provided herein, and the Purchaser may in its
sole discretion purchase from the Seller, (i) the Timeshare Loans identified in Part 1 of the Timeshare Loan Schedule attached to the Assignment delivered by the Seller to the Purchaser on such Transfer Date, (ii) all Related Security with
respect to such Timeshare Loans, (iii) all Collections with respect to such Timeshare Loans received after the Cutoff Date for such Timeshare Loans and (iv) all other proceeds of the foregoing, other than proceeds of a Timeshare Loan that
has been foreclosed upon and remarketed and for which the applicable Timeshare Interest relates to the “Hilton Grand Vacations at the Crane” Resort. On any Transfer Date, the Seller may elect to contribute (i) any Timeshare Loans
identified in Part 2 of the Timeshare Loan Schedule attached to the Assignment delivered by the Seller to the Purchaser on such Transfer Date, (ii) all Related Security with respect to such Timeshare Loans, (iii) all Collections with
respect to such Timeshare Loans received after the Cutoff Date for such Timeshare Loans and (iv) all other proceeds of the foregoing, other than proceeds of a Timeshare Loan that has been foreclosed upon and remarketed and for which the
applicable Timeshare Interest relates to the “Hilton Grand Vacations at the Crane” Resort., and the Purchaser agrees to accept any such contribution. On each such Transfer Date, the Seller shall transfer, or cause to be transferred, all
Collections relating to the Timeshare Loans identified on the Timeshare Loan Schedule attached to the related Assignment received by or on behalf of the Seller during the period after the Cutoff Date for such Timeshare Loans to but excluding the
second Business Day prior to such Transfer Date to the Collection Account. Each sale, contribution, transfer and assignment by the Seller of any Timeshare Loans pursuant to this Section 2.1(b) on any Transfer Date shall be subject to the
satisfaction of the following conditions precedent: 
 (i) the Seller shall have delivered to the Purchaser, the
Administrative Agent and the Servicer, an Assignment, duly executed by the Seller, together with the related Timeshare Loan Schedule attached thereto; 

(ii) the Servicer has the Timeshare Loan Servicing File relating to each Timeshare Loan to be transferred on such Transfer
Date; 
 (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); 
 (iv) the Commitment Termination Date
shall not have occurred; and 
 (v) all representations and warranties of the Seller contained in Article III hereof shall be
true and correct on such Transfer Date as if made on such date.” 

  
 3 

 2.3 Section 2.1(d) to the Sale and Contribution Agreement is hereby amended and restated in
its entirety as follows: 
 “(d) It is the intention of the parties hereto that each Transfer of Transferred Property to
be made hereunder shall be absolute and irrevocable and will provide the Purchaser with the full risks and benefits of ownership of the Transferred Property so purchased (such that the Transferred Property would not constitute property of the
Seller’s estate in the event of the Seller’s bankruptcy), and shall not be a loan secured by such Transferred Property. If, notwithstanding such intention, any sale or contribution by the Seller to the Purchaser of the Transferred Property
hereunder shall be characterized as a secured loan and not a sale or such sale shall for any reason be ineffective or unenforceable (any of the foregoing being a “Recharacterization”), then this Agreement shall be deemed to
constitute a security agreement under the UCC and other applicable law. For this purpose and without being in derogation of the parties’ intention that each Transfer of Transferred Property hereunder shall constitute a true sale thereof, the
Seller hereby grants to the Purchaser a security interest in all of the Seller’s right, title and interest in, to and under all Timeshare Loans Transferred or purported to be Transferred by the Seller to the Purchaser hereunder and all other
Transferred Property, including all Collections received, collected or otherwise recovered on such Timeshare Loans or the other Transferred Property, now existing and hereafter arising and all proceeds of the foregoing, other than proceeds of a
Timeshare Loan that has been foreclosed upon and remarketed and for which the applicable Timeshare Interest relates to the “Hilton Grand Vacations at the Crane” Resort, which security interest shall be perfected and prior to all Adverse
Claims thereto. After the occurrence of an Event of Default, the Purchaser and its assigns shall have in addition to the rights and remedies which they may have under this Agreement, all other rights and remedies provided to a secured creditor after
default under the UCC and other applicable law, which rights and remedies shall be cumulative.” 
 2.4 Exhibit A to the Sale and
Contribution Agreement is hereby deleted and replaced in its entirety by Exhibit A attached hereto as Schedule I. 
 SECTION 3.
Amendment to the Servicing Agreement. Effective as of the Effective Date, and subject to the satisfaction of the conditions precedent set forth in Section 5 hereof, the Servicing Agreement is hereby amended as
follows: 
 3.1 Section 2.2(a)(viii) to the Servicing Agreement is hereby amended and restated in its entirety as follows: 

“(viii) remarketing and disposing of Timeshare Properties following the Liquidation of Defaulted Timeshare Loans (other
than with respect to Defaulted Timeshare Loans that have been foreclosed upon and remarketed and for which the applicable Timeshare Interests relate to the “Hilton Grand Vacations at the Crane” Resort);” 

  
 4 

 3.2 Section 2.3(c) to the Servicing Agreement is hereby amended and restated in its entirety
as follows: 
 “(c) The Servicer shall be entitled to receive reimbursement of any Liquidation Expenses that it pays
directly from the proceeds of the related Liquidation. To the extent that the Servicer shall subsequently recover any portion of Liquidation Expenses which have been previously reimbursed (from the related Obligor or otherwise), the Servicer shall
deposit such amounts into the Clearing Account in accordance with Section 2.3(b).” 
 3.3 Section 2.3(g) to the Servicing
Agreement is hereby amended and restated in its entirety as follows: 
 “(g) Not less frequently than once each
Collection Period, the Servicer, or if the Backup Servicer is then the Successor Servicer, the Borrower, will notify the Administrative Agent, the Backup Servicer or the Servicer, as applicable, and the Paying Agent in writing of any amounts on
deposit in the Collection Account that constitute (a) Processing Fees, non-sufficient funds fees and late fees, or (b) Miscellaneous Payments and, upon receipt of such amounts in clauses (a) and
(b) from the Paying Agent pursuant to Section 2.16(h) of the Receivables Loan Agreement, shall remit such Miscellaneous Payments to the Persons entitled thereto in accordance with the terms of the related Purchase Contracts and Obligor
Notes.” 
 SECTION 4. Hilton Grand Vacations Entity. Each reference in any Facility Document to “Hilton Entity” or
“Hilton Entities” shall hereinafter be references to “Hilton Grand Vacations Entity” or “Hilton Grand Vacations Entities”, respectively. 

SECTION 5. Conditions Precedent. This Amendment shall become effective on the Effective Date upon the satisfaction of the
Administrative Agent having received (i) counterparts of this Amendment executed by each of the parties hereto and (ii) in immediately available funds, the applicable fees set forth in that certain Sixth Amended and Restated Fee Letter and
that certain Administrative Agent Fee Letter, each dated as of the date hereof, executed by each of the parties thereto. 
 SECTION 6.
Representations, Warranties and Confirmations. Each of the Borrower, the Seller and the Servicer hereby represents and warrants that: 

6.1 It has the power and is duly authorized, including by all limited liability company action or corporate action, as applicable, on its
part, to execute and deliver this Amendment. 
 6.2 This Amendment has been duly and validly executed and delivered by it. 

6.3 This Amendment, the Receivables Loan Agreement, the Sale and Contribution Agreement and the Servicing Agreement, as amended hereby,
constitute legal, valid and binding obligations of the Borrower, the Seller and the Servicer, as applicable, and are enforceable against such entity in accordance with their terms. 

6.4 With respect to the Borrower, 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 

 6.5 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 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
Servicing Agreement, the Sale and Contribution Agreement, the Receivables Loan Agreement and the other Facility Documents, 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 Servicing Agreement, the Sale and Contribution Agreement, the Receivables Loan Agreement and the other Facility Documents or any right, power or
remedy of the Administrative Agent or any Managing Agent or Lender under the Servicing Agreement, the Sale and Contribution Agreement, the Receivables Loan Agreement and the other Facility Documents, except as expressly modified hereby. Upon the
effectiveness of this Amendment, each reference in the Servicing Agreement, the Sale and Contribution Agreement or the Receivables Loan Agreement to “this Agreement”, “this Sale and Contribution Agreement”, “this Servicing
Agreement” or “this Receivables Loan Agreement” or words of like import shall mean and be references to the Servicing Agreement, 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 Servicing Agreement, the Sale and Contribution Agreement or the Receivables Loan Agreement or to any terms defined in the Servicing Agreement, the Sale and Contribution Agreement or the
Receivables Loan Agreement which are modified hereby shall mean and be references to the Servicing Agreement, the Sale and Contribution Agreement or the 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, the Servicing Agreement or any Facility Document and all obligations thereunder are in all respects continuing with only the terms thereof being modified as provided herein. 

  
 6 

 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 Morgan, Lewis & Bockius 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. 
 SECTION 15. Electronic Signatures. This Amendment shall be
valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or
(iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including
any relevant provisions of the UCC (collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same
validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature,
or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For the avoidance of doubt, original manual signatures shall be used for execution or
indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings. 

[Signature Pages Follow] 

  
 7 

 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/ Ben Loper
	Name: Ben Loper, CFA
	Title: Vice President and Treasurer

  

			
	HILTON RESORTS CORPORATION,
	as Seller
		
	By:	 	/s/ Ben Loper
	Name: Ben Loper, CFA
	Title: Vice President and Treasurer

  

			
	GRAND VACATIONS SERVICES LLC,
	as Servicer
		
	By:	 	/s/ Mark Laurent
	Name: Mark Laurent
	Title: Vice President, Portfolio Services

  
 [Signature Page to
Omnibus Amendment No. 16 to Receivables Loan Agreement, Amendment No. 8 to Sale and Contribution Agreement and Amendment No. 1 to Servicing Agreement] 

 
			
	BANK OF AMERICA, N.A.
	as Administrative Agent
		
	By:	 	/s/ Carl W. Anderson
	Name: Carl W. Anderson
	Title: Managing Director

  

			
	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. 16 to Receivables Loan Agreement, Amendment No. 8 to Sale and Contribution Agreement and Amendment No. 1 to Servicing Agreement] 

 
			
	 DEUTSCHE BANK AG, NEW YORK BRANCH

	as a Committed Lender and a Managing Agent
		
	By:	 	/s/ Shawn Rose
	Name: Shawn Rose
	Title: Director

  

			
		
	By:	 	/s/ Kai Ang
	Name: Kai Ang
	Title: Director

  
 [Signature Page to
Omnibus Amendment No. 16 to Receivables Loan Agreement, Amendment No. 8 to Sale and Contribution Agreement and Amendment No. 1 to Servicing 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. 16 to Receivables Loan Agreement, Amendment No. 8 to Sale and Contribution Agreement and Amendment No. 1 to Servicing Agreement] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Committed Lender and a Managing Agent
		
	By:	 	/s/ Leigh Poltrack
	Name: Leigh Poltrack
	Title: Director

  
 [Signature Page to
Omnibus Amendment No. 16 to Receivables Loan Agreement, Amendment No. 8 to Sale and Contribution Agreement and Amendment No. 1 to Servicing Agreement] 

 
			
	 TRUIST BANK,
 as a Committed Lender
and a Managing Agent

		
	By:	 	/s/ John Malone
	Name: John Malone
	Title: Senior VP

  
 [Signature Page to
Omnibus Amendment No. 16 to Receivables Loan Agreement, Amendment No. 8 to Sale and Contribution Agreement and Amendment No. 1 to Servicing Agreement] 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION

as Paying Agent, Securities Intermediary and Backup Servicer

		
	By:	 	/s Jennifer C. Westberg
	Name: Jennifer C. Westberg
	Title: Vice President

  

			
	Acknowledged and Agreed:
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION

as Custodian

		
	By:	 	/s/ Jennifer C. Westberg
	Name: Jennifer C. Westberg
	Title: Vice President

  
 [Signature Page to
Omnibus Amendment No. 16 to Receivables Loan Agreement, Amendment No. 8 to Sale and Contribution Agreement and Amendment No. 1 to Servicing Agreement] 

 Exhibit A 

CONFORMED COPY 
 Amendment
No. 1 dated as of July 25, 2013 
 Omnibus Amendment No. 2 dated as of October 25, 2013 

Amendment No. 3 dated as of December 5, 2014 

Omnibus Amendment No. 4 dated as of August 18, 2016 

Amendment No. 5 dated as of October 4, 2016 

Amendment No. 6 dated as of December 14, 2016 

Amendment No. 7 dated as of April 19, 2017 

Amendment No. 8 dated as of March 9, 2018 

Amendment No. 9 dated as of May 14, 2018 

Amendment No. 10 dated as of February 14, 2019 

Amendment No. 11 dated as of April 25, 2019 

Amendment No. 12 dated as of September 19, 2019 

Amendment No. 13 dated as of January 17, 2020 

Amendment No. 14 dated as of April 22, 2020 

Amendment No. 15 dated as of May 8, 2020 

Amendment No. 16 dated
as of August 14, 2020 
  
  

RECEIVABLES LOAN AGREEMENT 
 Dated
as of May 9, 2013 
 among 

HILTON GRAND VACATIONS TRUST I LLC, 

as Borrower 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION, 
 as Paying Agent and Securities Intermediary 

THE PERSONS FROM TIME TO TIME 

PARTY HERETO AS CONDUIT LENDERS, 

THE FINANCIAL INSTITUTIONS FROM TIME TO TIME 

PARTY HERETO AS COMMITTED LENDERS, 

THE FINANCIAL INSTITUTIONS FROM TIME TO TIME 

PARTY HERETO AS MANAGING AGENTS, 

and 
 BANK OF AMERICA, N.A., 

as Administrative Agent and as Structuring Agent 
  

 
  

					
	TABLE OF CONTENTS	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	 
		
	 SECTION 1.01. Certain Defined Terms
	  	 	1	 
	 SECTION 1.02. Other Terms and Constructions
	  	 	37	 
	 SECTION 1.03. Computation of Time Periods
	  	 	3738	 
	 SECTION 1.04. Acknowledgement and Consent to Bail-In of EEA Affected Financial Institutions
	  	 	3738	 
		
	 ARTICLE II AMOUNTS AND TERMS OF THE LOANS
	  	 	38	 
		
	 SECTION 2.01. The Loans
	  	 	38	 
	 SECTION 2.02. Borrowing Procedures
	  	 	39	 
	 SECTION 2.03. Reductions and Increases to the Facility Limit.
	  	 	42	 
	 SECTION 2.04. Interest and Unused Fees
	  	 	42	 
	 SECTION 2.05. Principal Payments—Generally.
	  	 	43	 
	 SECTION 2.06. Application of Collections
	  	 	4344	 
	 SECTION 2.07. Extension of Commitment Termination Date
	  	 	45	 
	 SECTION 2.08. Payments and Computations, Etc
	  	 	45	 
	 SECTION 2.09. Interest Protection
	  	 	4546	 
	 SECTION 2.10. Increased Capital
	  	 	46	 
	 SECTION 2.11. Funding Losses
	  	 	4748	 
	 SECTION 2.12. Taxes
	  	 	4748	 
	 SECTION 2.13. Security Interest
	  	 	50	 
	 SECTION 2.14. Refinancings
	  	 	51	 
	 SECTION 2.15. Release of Lien
	  	 	5253	 
	 SECTION 2.16. The Collection Account and Hedge Reserve Account.
	  	 	5253	 
	 SECTION 2.17. The Paying Agent
	  	 	56	 
	 SECTION 2.18. Defaulting Committed Lenders
	  	 	60	 
	 SECTION 2.19. Replacement of Lender Group
	  	 	6061	 
	 SECTION 2.20. LIBOR Replacement
	  	 	61	 
		
	 ARTICLE III CONDITIONS PRECEDENT
	  	 	6263	 
		
	 SECTION 3.01. Conditions Precedent to Effectiveness
	  	 	6263	 
	 SECTION 3.02. Conditions Precedent to All Borrowings
	  	 	6263	 
	 SECTION 3.03. Conditions to Funding a Delayed Funding Amount
	  	 	6364	 
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	 	64	 
		
	 SECTION 4.01. Representations and Warranties of the Borrower
	  	 	64	 
		
	 ARTICLE V COVENANTS
	  	 	6869	 
		
	 SECTION 5.01. Affirmative Covenants of the Borrower
	  	 	6869	 
	 SECTION 5.02. Reporting Requirements of the Borrower
	  	 	7273	 
	 SECTION 5.03. Covenants of the Borrower Relating to Hedging
	  	 	7475	 
	 SECTION 5.04. Negative Covenants of the Borrower
	  	 	7677	 
	 SECTION 5.05. Special Covenants Regarding Retention
	  	 	7879	 
		
	 ARTICLE VI SERVICING
	  	 	7980	 
		
	 SECTION 6.01. Servicing Agreement
	  	 	7980	 

  
 i 

					
	 ARTICLE VII EVENTS OF DEFAULT
	  	 	7981	 
		
	 SECTION 7.01. Events of Default
	  	 	7981	 
	 SECTION 7.02. Right to Cure.
	  	 	8183	 
	 SECTION 7.03. Remedies
	  	 	8284	 
	 SECTION 7.04. Appointment as Attorney in Fact
	  	 	8385	 
	 SECTION 7.05. Performance of Borrower’s Obligations
	  	 	8486	 
	 SECTION 7.06. Powers Coupled with an Interest
	  	 	8486	 
		
	 ARTICLE VIII INDEMNIFICATION
	  	 	8486	 
		
	 SECTION 8.01. Indemnities by the Borrower
	  	 	8586	 
	 SECTION 8.02. Limited Liability of Parties
	  	 	8688	 
		
	 ARTICLE IX THE AGENTS
	  	 	8688	 
		
	 SECTION 9.01. Authorization and Action
	  	 	8688	 
	 SECTION 9.02. Agents’ Reliance, Etc
	  	 	8688	 
	 SECTION 9.03. Agents and Affiliates
	  	 	8788	 
	 SECTION 9.04. Lender’s Loan Decision
	  	 	8789	 
	 SECTION 9.05. Delegation of Duties
	  	 	8789	 
	 SECTION 9.06. Indemnification
	  	 	8789	 
	 SECTION 9.07. Successor Agents
	  	 	8889	 
		
	 ARTICLE X MISCELLANEOUS
	  	 	8890	 
		
	 SECTION 10.01. Amendments, Etc
	  	 	8890	 
	 SECTION 10.02. Notices,
Etc
	  	 	8991	 
	 SECTION 10.03. Assignability
	  	 	8991	 
	 SECTION 10.04. Additional Lender Groups
	  	 	9193	 
	 SECTION 10.05. Consent to Jurisdiction
	  	 	9293	 
	 SECTION 10.06. WAIVER OF JURY TRIAL
	  	 	9294	 
	 SECTION 10.07. Right of Setoff
	  	 	9294	 
	 SECTION 10.08. Ratable Payments
	  	 	9294	 
	 SECTION 10.09. Limitation of Liability
	  	 	9294	 
	 SECTION 10.10. Costs, Expenses and Taxes
	  	 	9395	 
	 SECTION 10.11. No Proceedings
	  	 	9495	 
	 SECTION 10.12. Confidentiality
	  	 	9495	 
	 SECTION 10.13. No Waiver; Remedies
	  	 	9596	 
	 SECTION 10.14. GOVERNING LAW
	  	 	9597	 
	 SECTION 10.15. Execution in Counterparts
	  	 	9597	 
	 SECTION 10.16. Integration; Binding Effect; Survival of Termination
	  	 	9597	 
	 SECTION 10.17.
Electronic Signatures..
	  	 	97	 
	 SECTION 10.18.
Recognition of the U.S. Special Resolution Regimes.
	  	 	97	 

  
 ii 

 EXHIBITS AND SCHEDULES 
  

			
	EXHIBIT A-1	  	Form of Credit Policy
	EXHIBIT A-2	  	Form of Collection Policy
	EXHIBIT B	  	Form of Borrowing Request
	EXHIBIT C	  	Form of Monthly Report
	EXHIBIT D	  	List of Offices of Borrower where Records are Kept
	EXHIBIT E	  	List of Accounts and Account Banks
	EXHIBIT F	  	Form of Assignment and Acceptance
	EXHIBIT G	  	Form of Joinder Agreement
	EXHIBIT H	  	Form of Prepayment Notice
	EXHIBIT I	  	Form of Refinancing Release
	EXHIBIT J	  	Form of Global Assignment of Mortgages and Timeshare Loan Files and Power of Attorney (Seller)
	EXHIBIT K	  	Form of Global Assignment of Mortgages and Timeshare Loan Files and Power of Attorney (Borrower)
	EXHIBIT L	  	Form of Notice of Exclusive Control
	EXHIBIT M	  	Certain Borrower Information
		
	SCHEDULE I	  	Representations and Warranties with respect to the Timeshare Loans
	SCHEDULE II	  	Lender Groups
	SCHEDULE III	  	Notice Addresses and Wiring Instructions
	SCHEDULE IV	  	List of Closing Documents and Deliveries
	SCHEDULE V	  	Resorts and Resort Associations

  
 iii 

 RECEIVABLES LOAN AGREEMENT 

This RECEIVABLES LOAN AGREEMENT dated as of May 9, 2013, is by and among HILTON GRAND VACATIONS TRUST I LLC, a Delaware limited liability
company, as Borrower, WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Paying Agent and Securities Intermediary, THE COMMERCIAL PAPER CONDUITS FROM TIME TO TIME PARTY HERETO, as Conduit Lenders, THE FINANCIAL INSTITUTIONS
FROM TIME TO TIME PARTY HERETO, as Committed Lenders, THE FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY HERETO, as Managing Agents, and BANK OF AMERICA, N.A., as Administrative Agent for the Conduit Lenders and the Committed Lenders. Capitalized
terms used herein shall have the meanings specified in Section 1.01. 
 PRELIMINARY STATEMENTS 

WHEREAS, the Borrower may from time to time purchase Timeshare Loans and related assets from the Seller pursuant to the Sale and Contribution
Agreement; 
 WHEREAS, to fund its purchases under the Sale and Contribution Agreement, the Borrower may from time to time request Loans
from the Lenders on the terms and conditions of this Agreement; 
 WHEREAS, the Conduit Lenders may, in their sole discretion, make Loans so
requested from time to time, and if a Conduit Lender in any Lender Group elects not to make any such Loan or if there is not a Conduit Lender in any Lender Group, the Committed Lenders in such Lender Group have agreed that they shall make such Loan,
in each case subject to the terms and conditions of this Agreement; 
 NOW THEREFORE, in consideration of the premises, the mutual covenants
and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each party agrees as follows: 

ARTICLE I 
 DEFINITIONS 

SECTION 1.01. Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings (and capitalized
terms used but not defined herein which are defined in any other Facility Document shall have the respective meanings given to such terms in such other Facility Document): 

“Absence of Recorded Mortgage” means, with respect to a Timeshare Loan, that the related Timeshare Loan File contains
evidence of the type specified in clause (b)(ii), but not clause (b)(i), of the definition of Timeshare Loan File. 
 “Account
Banks” means, collectively, the Clearing Account Bank, the Collection Account Bank and the Hedge Reserve Account Bank. 

“Account Collateral” means the Collection Account, the Hedge Reserve Account and the Clearing Account, including,
(i) all certificates and instruments, if any, from time to time representing or evidencing any of such accounts or any funds held therein, (ii) all investment property and other financial assets or proceeds thereof held in, or acquired
with funds from, such accounts and all certificates and instruments from time to time representing or evidencing such investment property and financial assets, (iii) all notes, certificates of deposit and other instruments from time to time
hereafter delivered or transferred to, or otherwise possessed by, the Administrative Agent in substitution for any of the then existing accounts and (iv) all interest, dividends, cash, instruments, financial assets, investment property and
other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing. 

 “Account Number” means, with respect to a Timeshare Loan, an alphanumeric
designation of such Timeshare Loan that, among all timeshare loans serviced by the Servicer, is unique to such Timeshare Loan. 

“Accounts” means, collectively, the Clearing Account, the Collection Account, the Hedge Reserve Account and the Unidentified
Receipts Account. 
 “Additional Timeshare Loan” means any Eligible Timeshare Loan (including any Qualified Substitute
Timeshare Loan) Transferred by the Seller to the Borrower on a Transfer Date. 
 “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. 

“Administrative Agent” means BANA, in its capacity as agent for the Lenders, together with its successors and permitted
assigns. 
 “Adverse Claim” means a Lien other than any Permitted Lien. 

“Affected
 Financial Institutions” means (a) any EEA Financial Institution or (b) any UK Financial Institution.  

“Affected Party” means any Lender, BANA, individually and in its capacity as Administrative Agent, any Managing Agent, any
Liquidity Provider and, with respect to each of the foregoing, the parent company or holding company that controls such Person. 

“Affiliate” means, with respect to any Person, any other Person which, directly or indirectly, controls, is controlled by, or
is under common control with, such Person. For purposes of this definition, “control” (together with the correlative meanings of “controlled by” and “under common control with”) means possession, directly or indirectly,
of the power (a) to vote 10% or more of the securities (on a fully diluted basis) having ordinary voting power for the directors or managing general partners (or their equivalent) of such Person, or (b) to direct or cause the direction of
the management or policies of such Person, whether through the ownership of voting securities, by contract, or otherwise. 

“Aggregate Commitment” means, on any date of determination, the sum of the Commitments then in effect. 

“Aggregate Loan Principal Balance” means, at any time, the aggregate outstanding Principal Amount of all Loans. 

“Agreement” means this Receivables Loan Agreement. 

“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. 

  
 2 

 “Amendment No. 4 Effective Date” means August 18,
2016. 
 “Amendment No. 15 Effective Date” means May 8, 2020. 

“Amortization Date” means the earliest to occur of (i) the Commitment Termination Date, (ii) the declaration or
automatic occurrence of the Amortization Date pursuant to Section 7.03 and (iii) that Business Day which the Borrower designates as the Amortization Date by notice to the Administrative Agent at least five (5) Business Days prior to
such Business Day. 
 “Applicable Cross Default Amount” means, on any date of determination, $50,000,000; provided,
however, that if the Seller enters into the Seller Credit Agreement, on and after the Seller Credit Agreement Effective Date, the Applicable Cross Default Amount shall be the dollar threshold set forth in the Seller Credit Agreement above which
a failure on the part of the Seller to pay Indebtedness or the acceleration of Indebtedness of the Seller would constitute an event of default thereunder. 

“Applicable Judgment Default Amount” means, on any date of determination, $25,000,000; provided, however, that if the
Seller enters into the Seller Credit Agreement, on and after the Seller Credit Agreement Effective Date, the Applicable Judgment Default Amount shall be the dollar threshold set forth in the Seller Credit Agreement above which a failure to pay,
discharge or stay a judgment against the Seller would constitute an event of default thereunder. 
 “Applicable Measurement
Date” means, with respect to a date of determination during an Interest Period, the close of business on the last day of the Collection Period immediately preceding the first day of such Interest Period. 

“Approved
 Originator” means each of HRC and HRC Islander.  

“Assignment” means, with respect to any Additional Timeshare Loans, an Assignment, substantially in the form of Exhibit A to
the Sale and Contribution Agreement. 
 “Assignment and Acceptance” means an agreement substantially in the form set forth
as Exhibit F hereto pursuant to which a new Conduit Lender or Committed Lender becomes party to this Agreement. 
 “Authorized
Representatives” has the meaning ascribed to such term in Section 19 of the Custody Agreement. 
 “Authorized
Signatory” means, as to any Person and any agreement or other document to be executed by such Person, a Responsible Officer of such Person or any other individual who has been authorized by such Person by a power or attorney or other
effective means to execute any such agreement or document on behalf of such Person. 
 “Available Funds” means, for any
Distribution Date and the related Collection Period, (x) the sum of (i) all Collections received during such Collection Period, (ii) the amount deposited in the Collection Account in respect of cash proceeds of Timeshare Loans, if
any, whether released from the Lien of this Agreement in connection with a Refinancing or otherwise pursuant to Section 2.15, (iii) any Repurchase Price or Substitution Shortfall Amount paid by the Seller to the Borrower in
connection with repurchases or substitutions of Pledged Timeshare Loans with respect to such Collection Period on or before such Distribution Date pursuant to the terms of the Sale and Contribution Agreement, (iv) all Hedge Receipts with
respect to such Distribution Date and (v) the amount deposited in the Collection Account from the Hedge Reserve Account, if any, pursuant to Section 2.16(k), minus (y) all amounts in respect of such Collection
Period withdrawn from the Collection Account and applied to the prepayment of the Loans pursuant to Section 2.05
and minus (z) all amounts in respect of Processing Fees, non-sufficient
funds fees, or late fees. 

  
 3 

 “Average Default Ratio” means, for any Distribution Date, the average of
the Default Ratios determined for each of the three Collection Periods immediately preceding such Distribution Date. 
 “Average
Delinquency Ratio” means, for any Distribution Date, the average of the Delinquency Ratios determined for each of the three Collection Periods immediately preceding such Distribution Date. 

“Backup Servicer” means Wells Fargo, in its capacity as Backup Servicer pursuant hereto, or such other Person as may be
proposed by the Borrower and approved by the Majority Managing Agents. 
 “Backup Servicing Fee” means, for any Collection
Period, the backup servicing fees set forth in the Wells Fargo Fee Letter for such Collection Period. 
 “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEAAffected Financial Institution. 

“Bail-In Legislation” means, (a) with respect to any EEA Member Country implementing Article 55
of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing
law, regulation rule or requirement for such EEA Member
Country from time to time which is described in the EU Bail-In Legislation Schedule
and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from
time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation,
administration or other insolvency proceedings). 
 “BANA”
means Bank of America, N.A., its successors and permitted assigns. 
 “Bankruptcy Code” means Title 11 of the United States
Code, 11 U.S.C. Section 101 et seq. or any successor thereto. 
 “Barbados Activation Date” shall mean the date upon which, (i) the
Administrative Agent shall have received written notice from the Borrower of its intent to include Timeshare Loans originated with respect to the “Hilton Grand Vacations at the Crane” Resort in the Collateral, (ii) the Borrower shall have delivered to the Administrative Agent an opinion of local counsel in form and substance acceptable to the Administrative Agent with respect to the
inclusion of Timeshare Loans originated with respect to the “Hilton Grand Vacations at the Crane” Resort, (iii) the Borrower shall have delivered to the Administrative Agent an opinion of counsel in form and substance acceptable to the
Administrative Agent with respect the Investment Company Act and (iv) the Administrative Agent shall have received any additional information, documents, records
or reports with respect to the inclusion of Timeshare Loans originated with respect to the “Hilton Grand Vacations at the Crane” Resort as the Administrative Agent may reasonably request. 
 “Basel II” means the “International Convergence of Capital
Measurement and Capital Standards: a Revised Framework” developed by the Basel Committee on Banking Supervision, initially published in June 2004. 

“Basel III Regulations” means (a) any of the following documents prepared by the Basel Committee on Banking Supervision
of the Bank of International Settlements: (i) Basel III: International 

  
 4 

 
Framework for Liquidity Risk Measurement, Standards and Monitoring (December 2010), (ii) Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems (June 2011) and
(iii) Basel III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools (January 2013). Without limiting the generality of the foregoing, “Basel III Regulations” shall include Part 6 of the European Union regulation on
prudential requirements for credit institutions and investment firms (“Part 6”) and any law, regulation, standard, guideline, directive or other publication supplementing or otherwise modifying Part 6. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial
Ownership Regulation, which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading
Association and Securities Industry and Financial Markets Association. 
 “Beneficial Ownership Regulation” means 31 C.F.R.
§ 1010.230. 
 “Borrower” means Hilton Grand Vacations Trust I LLC, a Delaware limited liability company, in its
capacity as Borrower hereunder, together with its successors and permitted assigns. 
 “Borrower Information” has the
meaning specified in Section 10.12(b) hereof. 
 “Borrower Obligations” means all present and future Indebtedness and
other liabilities and obligations (howsoever created or evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of the Borrower to the Secured Parties arising under this Agreement or any other Facility Document,
including the repayment of the Aggregate Loan Principal Balance and the payment of Interest, Unused Fees and all other amounts due or to become due from the Borrower under this Agreement and the other Facility Documents (whether in respect of fees,
expenses, indemnifications, breakage costs, increased costs or otherwise), interest, fees and other obligations that accrue after the commencement of any bankruptcy, insolvency or similar proceeding with respect to any Transaction Party (in each
case whether or not allowed as a claim in such proceeding). 
 “Borrower Redesignation” means a request, appropriately
completed, substantially in the form of Exhibit H to the Custody Agreement. 
 “Borrower Representatives” has the meaning
specified in Section 10.12(a) hereof. 
 “Borrowing” means a borrowing of Loans under this Agreement. 

“Borrowing Base” means, on any date of determination, (a) the lesser of (i) the product of 87.50%the Maximum Advance
Rate and the aggregate Timeshare Loan Balances of all Eligible Timeshare Loans on such date and (ii) the sum of the Collateral Values of all Eligible Timeshare Loans on such date,
minus (b) the Excess Concentration Amount on such date. For purposes of calculating the Borrowing Base on any date of determination, the Timeshare Loan Balance on such date of any Eligible Timeshare Loan that was an Over Sixty-Day Delinquent Timeshare Loan or a Defaulted Timeshare Loan on the Applicable Measurement Date will be zero. 

“Borrowing Base Deficiency” means, as of any date of determination, including but not limited to each Distribution Date, each
Borrowing Date, and each Refinancing Date, the excess, if any, of (i) the Aggregate Loan Principal Balance on such date (after giving effect to any payments or distributions to be made on such date in reduction of the Aggregate Loan Principal
Balance) over (ii) the Borrowing Base on such date. 

  
 5 

 “Borrowing Date” has the meaning specified in Section 2.02(a)(i). 

“Borrowing Request” has the meaning specified in Section 2.02(a)(i). 

“Business Day” means any day other than a Saturday, Sunday or public holiday or the equivalent for banks in New York City,
New York or Minneapolis, Minnesota, and, if the term “Business Day” is used in connection with the LIBO Rate, any day on which dealings are carried on in the London interbank market. 

“Capital Lease Obligations” means, for any Person, all obligations of such Person to pay rent or other amounts under a lease
of (or other agreement conveying the right to use) property to the extent such obligations are required to be classified and accounted for as a capital lease on a balance sheet of such Person under GAAP, and, for purposes of this Agreement, the
amount of such obligations shall be the capitalized amount thereof, determined in accordance with GAAP. 
 “Change of
Control” means: 
 (a) on any date prior to the Spin-Off Effective Date, (i) Holdings, Inc. shall cease to own, directly or indirectly, at least 66 2/3% of the issued and outstanding Equity
Interests of the Seller or the Servicer, (ii) the Seller shall cease to own directly 100% of the issued and outstanding Equity Interests of the Borrower,
(iii) any sale, transfer, conveyance or assignment (in one or a series of related transactions) of all or substantially all of the Hilton Hotel Business, other
than to Holdings or one or more of its Subsidiaries, or (iv) the occurrence of any merger, reorganization, consolidation or other transaction after which Holdings
no longer possesses, directly or indirectly, the power to direct or cause the direction of the management and or policies, or the dismissal or appointment of the management, of substantially all of the Persons engaged in the Hilton Hotel Business;
or 
 (b) on the Spin-Off Effective Date or any date thereafter, the occurrence of any of the following: (i) any Person or
“group” (within the meaning of Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934 as amended), other than any combination of the Investors and/or any “group” including any Permitted Holders, shall have acquired beneficial ownership of
more than 35% on a fully diluted basis of the voting rights represented by the Equity Interests of HGVI and the Permitted Holders shall own, directly or indirectly, less than such Person or “group” on a fully diluted basis of the voting
rights represented by the Equity Interests of HGVI, (ii) HGVI shall cease to own, directly or indirectly, 100% of the issued and outstanding Equity Interests of the Seller, or (c) the Seller shall cease to own directly 100% of the issued
and outstanding Equity Interests of the Borrower. 

“Chicago Activation Date” shall mean the date upon which,
(i) the Administrative Agent shall have received written notice from the Borrower of its intent to include Timeshare Loans originated with respect to the
“Hilton Grand Vacations Chicago Downtown / Magnificent Mile” Resort in the Collateral, (ii) Hilton Resorts Corporation has acquired full legal and
equitable title to the “Hilton Grand Vacations Chicago Downtown / Magnificent Mile” Resort, (iii) the Borrower shall have delivered to the Administrative Agent an opinion of local counsel in form and substance acceptable to the
Administrative Agent with respect to the inclusion of Timeshare Loans originated with respect to the “Hilton Grand Vacations Chicago Downtown / Magnificent Mile” Resort and (iv) the Administrative Agent shall have received any additional information, documents, records or reports with respect to the inclusion of Timeshare Loans originated with respect
to the “Hilton Grand Vacations Chicago Downtown / Magnificent Mile” Resort as the Administrative Agent may reasonably request. 

“Clearing Account” means the depositary account identified as such on Exhibit E into which Collections are collected or
deposited. 

  
 6 

 “Clearing Account Bank” means the financial institution at which each of
the Clearing Account, the Lockbox and the Unidentified Receipts Account is maintained. On the Closing Date, the Clearing Account Bank is Bank of America, N.A. 

“Clearing Account Control Agreement” means the Clearing Account Control Agreement, dated as of the Closing Date, among the
Borrower, the Clearing Account Bank and the Administrative Agent. 
 “Closing Date” means May 9, 2013. 

“Code” means the Internal Revenue Code of 1986. 

“Collateral” has the meaning set forth in Section 2.13. 

“Collateral Value” means, for any Eligible Timeshare Loan, on any date of determination, the product of (i) the
Timeshare Loan Balance of such Eligible Timeshare Loan on such date and (ii) the “Advance Rate” set forth in the table below applicable to the “Type” of such Eligible Timeshare Loan set forth in the table below (it being
understood that the applicable FICO® score shall be the highest FICO® score obtained by the Seller in conjunction with the origination
of the Timeshare Loan): 
  

			
	 Type
	  	Advance Rate
	 FICO® score of 700 or higher:

FICO® score of
675-699:
 FICO®
score of 650-674:

FICO® score of
625-649:
 FICO®
score of 600-624:
 Domestic Obligor—no
FICO® score:

Eligible Foreign Obligor (Japan):

Eligible Foreign Obligor (Non-Japan):

Domestic Obligor—no FICO® score:
	  	97.5%

83.0%

59.0%

52.0%

30.0%

83.0%

97.5%

97.5%

95.00%

80.50%

56.50%

49.50%

27.50%

95.00%

95.00%

80.50%

 For purposes of calculating the Collateral Value on any date of determination, the Timeshare Loan Balance on
such date of any Eligible Timeshare Loan that was an Over Sixty-Day Delinquent Timeshare Loan or a Defaulted Timeshare Loan on the Applicable Measurement Date will be zero. 

“Collection Account” has the meaning set forth in Section 2.16(a). 

“Collection Account Bank” means the financial institution at which the Collection Account is maintained. 

“Collection Period” means each calendar month, and the Collection Period for any Distribution Date means the prior calendar
month. 

  
 7 

 “Collection Policy” means (i) the collection policies and practices of
the Servicer as in effect on the Amendment No. 4 Effective Date, a copy of which is attached as Exhibit A-2 hereto, as modified from time to time in accordance with the terms of the Servicing Agreement or
(ii) if GVS is not the Servicer, the collection policies and practices of the successor Servicer. 
 “Collections”
means any and all cash collections and other cash proceeds of each Pledged Timeshare Loan received after the Cutoff Date for such Pledged Timeshare Loan, all payments or distributions of principal, interest, finance charges, fees, late charges,
Liquidation Proceeds, Processing Fees or other amounts collected in respect of each Pledged Timeshare Loans after the Cutoff Date for such Pledged Timeshare Loan and any other amounts received by or on behalf of the Borrower (or, as used in the
definition of Transferred Property, the Seller) or the Servicer in respect of the Pledged Timeshare Loans; provided, that Miscellaneous Payments shall not constitute Collections. 

“Commercial Paper” means the short term promissory notes issued by a Conduit Lender in the commercial paper market. 

“Commitment” of any Committed Lender means the Dollar amount set forth on Schedule II hereto or, in the case of a Committed
Lender that becomes a party to this Agreement pursuant to an Assignment and Acceptance or a Joinder Agreement the amount set forth therein as such Committed Lender’s “Commitment”, in each case as such amount may be (i) reduced or
increased by any Assignment and Acceptance entered into by such Committed Lender and the other parties thereto in accordance with the terms hereof and (ii) reduced or increased pursuant to Section 2.03. 

“Commitment Termination Date” means April
23August 12, 20212022, as such date may be extended from time to time pursuant to Section 2.07. 

“Committed Lender” means, as to any Lender Group, each of the financial institutions listed on Schedule II as a
“Committed Lender” for such Lender Group, together with its respective successors and permitted assigns. 
 “Conduit
Lender” means, collectively, the Persons identified as “Conduit Lenders” on Schedule II and their respective successors and permitted assigns. 

“Conduit Lending Limit” means, for any Conduit Lender, the maximum principal amount of the Loans which may be advanced by
such Conduit Lender as set forth on Schedule II (or on the signature pages to the Assignment and Acceptance or Joinder Agreement pursuant to which such Conduit Lender became a party hereto), subject to assignment pursuant to Section 10.03, as
such amount may be modified from time to time by notice from the related Managing Agent to the Borrower and the Administrative Agent. 

“Connection Taxes” means, with respect to any Affected Party, Taxes imposed as a result of a present or former connection
between such Affected Party and the jurisdiction imposing such Tax (other than connections arising from such Affected Party having executed, delivered, become a party to, performed its obligations under, received payments under, received or
perfected a security interest under, engaged in any other transaction pursuant to, or enforced, any Facility Document, or sold or assigned an interest in any Facility Document). 

“Consolidated EBITDA” means, for any Person
and with reference to any period, Consolidated Net Income plus, to the extent deducted in determining Consolidated Net Income, the sum of, without duplication,
(i) Consolidated Interest Expense, (ii) expense for income taxes paid or accrued,
(iii) 

  
 8 

 
depreciation, (iv) amortization,
(v) fees and expenses incurred in connection with the Transaction, (vi) extraordinary or non-recurring expenses or losses,
and (vii) non-cash expenses or losses minus, to the extent included in Consolidated Net Income, (1) interest income, (2) income tax credits and refunds (to the extent not netted from tax
expense), (3) any cash payments made during such period in respect of items described in clause (vii) above subsequent to the fiscal quarter in which the relevant non-cash expenses or losses were incurred and (4) extraordinary, unusual or non-recurring
income or gains, all calculated for such Person and its Subsidiaries in accordance with GAAP on a consolidated basis. 

“Consolidated Interest Expense” means, for any
Person and with reference to any period, the interest expense (including interest expense under Capital Lease Obligations that is treated as interest in accordance with GAAP) of such Person and its Subsidiaries for such period determined in
accordance with GAAP on a consolidated basis (including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers acceptance financing and net costs under interest rate Hedging Agreements to the extent
such net costs are allocable to such period in accordance with GAAP); provided that there shall be excluded from Consolidated Interest Expense (i) any fees paid to the
Administrative Agent and any one time financing fees (to the extent included in such Person’s Consolidated Interest Expense for such period) and (ii) any one-time upfront payments made to obtain any Hedging Agreements. 

“Consolidated Net Income” means, for any Person
and with reference to any period, the net income (or loss) of such Person and its Subsidiaries calculated in accordance with GAAP on a consolidated basis (without duplication) for such period; provided that there shall be excluded any income (or
loss) of any Person other than such Person or a Subsidiary, but any such income so excluded may be included in such period or any later period to the extent of any cash dividends or distributions actually paid in the relevant period to such Person
or any wholly-owned Subsidiary of such Personshall have the meaning assigned to it in the Seller Credit
Agreement. 
 “Consolidated Tangible Net Worth” means, for any
Person as of any date of determination, the excess of total assets (net of goodwill and intangible assets) over total liabilities on such date, as the same would appear on a consolidated balance sheet of such Person and its Subsidiaries at the date
of said calculation prepared in accordance with GAAP. 
 “Contract Rate” means, with respect to a Timeshare Loan, the
annual rate at which interest accrues under the related Obligor Note. 
 “CP Rate” means, with respect to any Conduit
Lender on any day, the per annum rate equivalent to the sum of (a) the Used Fee Rate plus (b) the weighted average cost (as reasonably determined by the related Managing Agent, and which shall include (without duplication), the fees
and commissions of placement agents and dealers, incremental carrying costs incurred with respect to Commercial Paper maturing on dates other than those on which corresponding funds are received by such Conduit Lender, other borrowings by such
Conduit Lender and any other costs associated with the issuance of Commercial Paper) to the extent related to the issuance of Commercial Paper that is allocated, in whole or in part, by such Conduit Lender or its related Managing Agent to fund or
maintain a Loan (or portion thereof) on such day; provided, however, that if the amount calculated pursuant to this clause (b) shall be less than 0.15%, such amount shall be deemed to be 0.15% for the purposes of this Agreement;
provided, further, that if any component of any such rate is a discount rate, in calculating the “CP Rate” for such day, the related Managing Agent shall for such component use the rate resulting from converting such discount rate
to an interest bearing equivalent rate per annum. 
 “Credit Policy” means the credit policies and practices of the Seller
as in effect on the Amendment No. 4 Effective Date, a copy of which is attached as Exhibit A-2 hereto, as modified from time to time in accordance with the terms of the Sale and Contribution Agreement.

  
 9 

 “Credit Card Account” means an arrangement whereby an Obligor makes
payments under a Pledged Timeshare Loan via pre-authorized debit to a Major Credit Card. 

“Cure Amount” has the meaning set forth in Section 7.02(a). 

“Cure Right” has the meaning set forth in Section 7.02(a). 

“Custody Agreement” means the Custody Agreement, dated as of the Closing Date, among the Borrower, the Servicer, the
Custodian and the Administrative Agent. 
 “Custodial Fees” means, for any Collection Period, the custodial fees and
expenses set forth in the Wells Fargo Fee Letter and the expenses for which it is entitled to receive, but has not received, reimbursement under the Custody Agreement. 

“Custodial Receipt” has the meaning ascribed to such term in Section 4 of the Custody Agreement. 

“Custodian” means Wells Fargo, and its successors and permitted assigns under the Custody Agreement. 

“Cutoff Date” means, for any Timeshare Loan, the Applicable Measurement Date related to the Transfer Date for such Timeshare
Loan. 
 “Cutoff Date Loan Balance” means, with respect to any Transferred Timeshare Loan, the Timeshare Loan Balance of
such Timeshare Loan on the Cutoff Date for such Timeshare Loan 
 “Default” means any event which, with the giving of
notice or lapse of time or both, would constitute an Event of Default. 
 “Default Ratio” means, for any Collection Period,
the ratio, expressed as a percentage, computed by dividing (i) the aggregate Timeshare Loan Balances of all Pledged Timeshare Loans that became Defaulted Timeshare Loans during such Collection Period and were not substituted for or repurchased
prior to the related Distribution Date (with the outstanding principal balance of each such Pledged Timeshare Loan determined as of the last day of the Collection Period on which such Pledged Timeshare Loan became a Defaulted Timeshare Loan) by
(ii) the aggregate Timeshare Loan Balances of all Pledged Timeshare Loans on the last day of such Collection Period. 

“Defaulted Timeshare Loan” means a Timeshare Loan: (i) for which, on the last day of any Collection Period, any payment
then due and payable in respect thereof has remained unpaid for more than one-hundred twenty (120) days from the original due date for such payment, (ii) which the Servicer has deemed uncollectible,
(iii) which has been written off in the normal course of the Servicer’s business prior to becoming the number of days past due under clause (i) hereof, or which otherwise should be written off pursuant to the requirements of the
Collection Policy, (iv) as to which foreclosure or similar proceedings with respect to the related Timeshare Interest have been initiated by the Servicer or as to which the Servicer has received a deed-in-lieu of foreclosure or (v) as to which the Servicer has received notice that the Obligor thereof is subject to an Event of Bankruptcy. 

“Defaulting Committed Lender” means any Committed Lender that, as determined by the Administrative Agent: (a) has failed
to fund any of its obligations to make Loans within three (3) Business Days of the date required to be funded by it hereunder, (b) has notified the Administrative Agent or the Borrower that it does not intend to comply with such funding
obligations or has made a public statement to 

  
 10 

 
that effect with respect to such funding obligations hereunder or under other agreements in which it commits to extend credit or (c) has, or has a direct or indirect parent company that has,
become subject to an Event of Bankruptcy; provided, that a Committed Lender shall not be deemed to be a Defaulting Committed Lender hereunder solely by virtue of any control of or ownership interest in, or the acquisition of any ownership
interest in, such Committed Lender (or its direct or indirect parent company) or the exercise of control over such Committed Lender (or its direct or indirect parent company) by a Governmental Authority thereof if and for so long as such ownership
interest does not result in or provide such Committed Lender (or its direct or indirect parent company) with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets
or permit such Committed Lender (or its direct or indirect parent company) or such Governmental Authority to reject, repudiate, disavow or disaffirm obligations such as those under this Agreement. 

“Deficiency” means, with respect to any Timeshare Loan File, (i) the failure of one or more Specified Documents
contained therein to be fully executed, (ii) the failure of the information contained in one or more of the Specified Documents to match the information on the related Timeshare Loan Schedule, (iii) one or more Specified Documents
contained therein are mutilated, damaged, torn or otherwise physically altered, (iv) the absence from a Timeshare Loan File of any Specified Document required to be contained in such Timeshare Loan File or (v) any discrepancies described
in Section 4(a) of the Custody Agreement. An Absence of Recorded Mortgage shall not constitute a Deficiency. 
 “Delayed Funding
Amount” has the meaning specified in Section 2.02(e). 
 “Delayed Funding Date” has the meaning specified in
Section 2.02(e). 
 “Delayed Funding Representation” has the meaning specified in Section 2.02(e). 

“Delinquency Ratio” means, for any Collection Period, the ratio, expressed as a percentage, computed by dividing (i) the
aggregate Timeshare Loan Balances of all Pledged Timeshare Loans that were Over Sixty-Day Delinquent Timeshare Loans as of the last day of such Collection Period and were not substituted for or repurchased
prior to the related Distribution Date (with the outstanding principal balance of each such Pledged Timeshare Loan determined as of the last day of the Collection Period in which such Pledged Timeshare Loan became an Over Sixty-Day Delinquent Timeshare Loan) by (ii) the aggregate Timeshare Loan Balances of all Pledged Timeshare Loans as of the last day of such Collection Period. 

“Delinquent Timeshare Loan” means a Timeshare Loan which is not a Defaulted Timeshare Loan and (x) as to which, on the
last day of any Collection Period, any payment then due and payable has remained unpaid for more than thirty (30) days from the original due date for such payment or (y) which, consistent with the Collection Policy, has been or should be
classified as delinquent. 
 “Designated Delayed Funding Amount” has the meaning set forth in Section 2.02(e). 

“Designated Delay Funding Lender” has the meaning specified in Section 2.02(e). 

“Determination Date” means the third (3rd) Business Day prior to each
Distribution Date. 
 “Distribution Date” means, with respect to a Collection Period, the 25th day of the calendar month immediately following such Collection Period (or, if such day is not a Business Day, the next succeeding Business Day). 

“Dodd-Frank Act” means the Dodd-Frank Wall Street Reform and Consumer Protection Act and any successor statute. 

  
 11 

 “Dollars” and “$” each mean the lawful currency of the
United States of America. 
 “Domestic Obligor” means an individual Obligor whose primary residence is in, or an Obligor
(other than an individual) formed under the laws of or having its chief executive office or principal place of business located in, the United States (including each State, Puerto Rico and the United States Virgin Islands) or Canada. 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution
established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Eligible Foreign Obligor” means a Foreign Obligor in respect of an Eligible Timeshare Loan. 

“Eligible Hedge Counterparty” means any entity that (a) on the date of entering into any Hedge Transaction (i) is
an interest rate swap provider that is either a Lender or an Affiliate of a Lender, or has been approved in writing by the Administrative Agent (which approval shall not be unreasonably withheld), or (ii) has a short-term debt rating of “A-1” from S&P or “P-1” from Moody’s and a long-term debt rating of “A” or higher from S&P or “A2” or higher from
Moody’s or whose obligations are unconditionally guaranteed by an Affiliate which has the foregoing debt ratings in a manner reasonably acceptable to the Administrative Agent, (b) at all times after the date of the Hedging Agreement, so
long as it is a party thereto, has a long-term debt rating of “BBB+” or higher from S&P or “Baa1” or higher from Moody’s or whose obligations are unconditionally guaranteed by an Affiliate which has the foregoing debt
ratings in a manner reasonably acceptable to the Administrative Agent, and (c) in the applicable Hedging Agreement consents to the assignment of the Borrower’s rights under such Hedging Agreement to the Administrative Agent pursuant to
Section 5.03(b). 

“Eligible
 Refinancing” means a Securitization sponsored by HGVI, for which (i) the aggregate principal amount of the notes issued thereunder is equal to or greater than the greater of (A) $250,000,000 and (B) 70.00% of the Aggregate Loan Principal
Balance as of the date immediately preceding such Securitization and (ii) if the Aggregate Loan Principal Balance as of the date immediately preceding such Securitization is greater than zero, the aggregate Timeshare Loan Balances of all
Timeshare Loans which are part of the Collateral and are being transferred by the Borrower to be included in such Securitization shall be equal to or greater than 70.00% of the Aggregate Loan Principal Balance as of the date immediately preceding
such Securitization.  
 “Eligible Timeshare Loan” means a
Pledged Timeshare Loan as to which each of the representations and warranties set forth on Schedule I hereto was true and correct as of the Cutoff Date for such Pledged Timeshare Loan. 

  
 12 

 “Eligible Servicer” means (i) GVS, (ii) the Backup Servicer or
(iii) an entity which, at the time of its appointment as Servicer, (a) is legally qualified and has the capacity to service the Pledged Timeshare Loans, (b) has a net worth of not less than $50,000,000 and whose regular business
includes servicing portfolios of similar timeshare loans in accordance with high standards of skill and care and (c) has software that is adequate to perform its duties under the Servicing Agreement. 

“Enforceability Exceptions” means exceptions to the enforceability of an obligation arising under (i) bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or affecting creditors’ rights generally, and (ii) general principles of equity, including concepts of materiality, reasonableness, good faith and fair dealing and the
possible unavailability of specific performance, regardless of whether considered in a proceeding at equity or at law. 

“Entitlement Order” has the meaning set forth in Section 2.16(f). 

“Environmental Laws” means all federal, state or local laws, rules, regulations or orders governing, imposing standards of
conduct with respect to, or regulating in any way the discharge, generation, removal, transportation, storage or handling of toxic or hazardous substances, materials or waste. 

“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest. 

“ERISA” means the Employee Retirement Income Security Act of 1974, or any successor statute. 

“ERISA Affiliate” means any corporation or trade or business that is a member of any group of organizations
(i) described in Section 414(b) or (c) of the Code of which Borrower is a member and (ii) solely for purposes of potential liability under Section 302(c)(11) of ERISA and Section 412(c)(11) of the Code and the lien
created under Section 302(f) of ERISA and Section 412(n) of the Code, described in Section 414(m) or (o) of the Code, of which Borrower is a member. 

“Errors” has the meaning given such term in Section 5.1(g) of the Servicing Agreement. 

“EU Bail-In Legislation Schedule” means the ER
Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“EU Securitization Regulation” means Regulation (EU) 2017/2402 of the European Parliament and of the Council of
12 December 2017. 
 “EU Securitization Rules” means (i) the EU Securitization Regulation as supplemented by any
applicable regulatory technical standards or implementing technical standards from time to time and (ii) to the extent informing the interpretation thereof, any official guidance published in relation thereto by the European Banking Authority,
the European Central Bank, the European Securities and Markets Authority, the European Commission or the European Council, the German Federal Financial Supervisory Authority (BaFin) or any other relevant competent authority in the European Union
(or, in each case, any predecessor or successor entity thereof) and (iii) in relation to the foregoing, (x) any implementing or equivalent laws or regulations in force in any member state (or former member state) of the European Union or
the European Economic Area, and (y) any successor or replacements provisions for Article 6 included in any European Union directive or regulation. 

  
 13 

 “Eurocurrency Liabilities” has the meaning assigned to that term in
Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time. 
 “Event of
Bankruptcy” means, with respect to any Person: 
 (i) such Person shall fail generally to pay its debts as they come
due, or shall make a general assignment for the benefit of creditors; or any case or other proceeding shall be instituted by such Person seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation, reorganization, debt arrangement,
dissolution, winding up, or composition or readjustment of debts of it or its debts under the Bankruptcy Code or any other law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, or seeking the entry
of an order for relief or the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all or substantially all of its assets; or such Person shall take any corporate or limited liability
company action to authorize any of such actions; or 
 (ii) a case or other proceeding shall be commenced, without the
application or consent of such Person in any court seeking the liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian,
liquidator, assignee, sequestrator or the like for such Person or all or substantially all of its assets, or any similar action with respect to such Person under the Bankruptcy Code or any other law relating to bankruptcy, insolvency,
reorganization, winding up or composition or adjustment of debts, and (A) such case or proceeding shall continue undismissed, or unstayed and in effect, for a period of sixty (60) consecutive days or (B) an order for relief in respect
of such Person shall be entered in such case or proceeding or a decree or order granting such other requested relief shall be entered. 

“Event of Default” has the meaning assigned to that term in Section 7.01. 

“Excess Concentration Amount” means, on any date of determination, the sum (without duplication) of the following amounts:

 (a) the amount by which the aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans owing from
Obligors that had their primary residence addresses at origination in any single state (other than California) or country on the Applicable Measurement Date exceeds 12.50% of the aggregate Timeshare Loan Balances on such date of all Eligible
Timeshare Loans on the Applicable Measurement Date; 
 (b) the amount by which the aggregate Timeshare Loan Balances on such
date of all Eligible Timeshare Loans owing from Obligors that had their primary residence addresses at origination in California on the Applicable Measurement Date exceeds 25.00% of the aggregate Timeshare Loan Balances on such date of all Eligible
Timeshare Loans on the Applicable Measurement Date; 
 (c) the amount by which the aggregate Timeshare Loan Balances on such
date of all Eligible Timeshare Loans owing from Obligors that had their primary residence addresses at origination in countries other than the United States (including Puerto Rico and the United States Virgin Islands), Canada or Japan on the
Applicable Measurement Date exceeds 5.0% of the aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans on the Applicable Measurement Date; 

  
 14 

 (d) the amount by which the aggregate Timeshare Loan Balances on such date
of all Eligible Timeshare Loans owing from Eligible Foreign Obligors on the Applicable Measurement Date exceeds 35.0% of the aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans on the Applicable Measurement Date; 

(e) the amount by which the aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans owing from Obligors
that had their primary residence addresses at origination in the states having the five (5) largest Obligor concentrations (based on Timeshare Loan Balances) on the Applicable Measurement Date exceeds 60.0% of the aggregate Timeshare Loan
Balances on such date of all Eligible Timeshare Loans on the Applicable Measurement Date; 
 (f) the amount by which the
aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans owing from Obligors (excluding Foreign Obligors) with no FICO® scores at the time of origination on the
Applicable Measurement Date exceeds 7.50% of the aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans on the Applicable Measurement Date; 

(g) the amount by which the aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans having original
terms greater than 120 months on the Applicable Measurement Date exceeds 12.50% of the aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans on the Applicable Measurement Date; 

(h) the amount by which the aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans having Timeshare
Loan Balances greater than or equal to $125,000 on the Applicable Measurement Date exceeds 12.50% of the aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans on the Applicable Measurement Date; and 

(i) the amount by which the aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans which are Right-to-Use Loans exceeds 20.00% of the aggregate Timeshare Loan Balances on such date of all Eligible Timeshare Loans on the Applicable Measurement Date; and 

(j)
 solely during the period beginning on December 1, 2020 and ending on the date upon which the Administrative Agent shall have received an opinion of local counsel in form and substance acceptable to the Administrative Agent with respect to HRC
Islander, the aggregate amount of Timeshare Loan Balances on such date of all Eligible Timeshare Loans originated by HRC Islander as of the Applicable Measurement Date. 

“Excess Spread Percentage “ means, on any Distribution Date, a percentage (which may be a negative percentage) computed as
follows: (a) the weighted average Contract Rates of all Eligible Timeshare Loans on the Applicable Measurement Date (weighted based on Timeshare Loan Balances on such date), minus (b) the then applicable Servicing Fee Rate,
minus (c) the Used Fee Rate, minus (d) (i) prior to a Hedging Period, the LIBO Rate for the Interest Period for such Distribution Date or (ii) during a Hedging Period, the weighted average Hedge Rate for such Interest
Period. 
 “Excluded Taxes” means (a) Taxes imposed on or measured by net income (however denominated), franchise or
gross revenue Taxes in lieu of net income Taxes, imposed by the United States (or any political subdivision thereof), or any other jurisdiction (or any political subdivision thereof), as a result of the recipient being organized in or having its
principal office or applicable lending office located in such jurisdiction or that are Connection Taxes; (b) any branch profits Taxes imposed by the United States or any similar Taxes imposed by any other jurisdiction described in clause
(a) above or in which the 

  
 15 

 
Borrower is located; (c) in the case of a Lender, United States withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a
Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.19) or (ii) such Lender
changes its lending office, except in each case to the extent that, pursuant to Section 2.12, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such
Lender immediately before it changed its lending office; (d) Taxes attributable to such Affected Party’s failure to comply with Section 2.12(c); and (e) any Taxes imposed pursuant to or as a result of FATCA. 

“Extending Lenders” has the meaning specified in Section 2.07. 

“Face Amount” means in relation to any Commercial Paper (a) if issued on a discount basis, the face amount stated
therein and (b) if issued on an interest-bearing basis, the principal amount stated therein plus the amount of all interest accrued or to accrue thereon on or prior to its stated maturity date. 

“Facility Documents” means collectively, this Agreement, the Sale and Contribution Agreement, the HRC Islander Purchase Agreement, the Servicing Agreement, the
Performance Guaranty, the Fee Letter, the Custody Agreement, the Global Assignment (Seller), the Global Assignment (Borrower),
the Global Assignment (HRC Islander), the Clearing Account
Control Agreement, each Assignment delivered by Seller to Borrower under the Sale and Contribution Agreement and all other agreements, documents and instruments delivered pursuant thereto or in connection therewith. 

“Facility Limit” means at any time, the Aggregate Commitment, adjusted as necessary to give effect to the addition of any
Lender Group that becomes party to this Agreement pursuant to a Joinder Agreement under Section 10.04, any increase or reduction by the Borrower pursuant to Section 2.03 or any assignment pursuant to Section 10.03. 

“FAS 166/167 Capital Guidelines” means the final rule, titled “Risk-Based Capital Guidelines; Capital Adequacy
Guidelines; Capital Maintenance: Regulatory Capital; Impact of Modifications to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial Paper Programs; and Other Related Issues”, adopted December 15, 2009, by the
United States bank regulatory agencies. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this
Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to
Section 1471(b)(1) of the Code and any fiscal or regulatory legislation or rules adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code. 

“Federal Funds Rate” means, with respect to any Lender for any period, a fluctuating interest rate per annum equal (for each
day during such period) to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for
the immediately preceding Business Day) by the Federal Reserve Bank of New York; or if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the applicable
Managing Agent from three federal funds brokers of recognized standing selected by it. 

  
 16 

 “Fee Letter” means the FifthSixth Amended and Restated Fee Letter dated as of May 8August 14, 2020, by and among the Administrative Agent, the
Managing Agents, the Committed Lenders and the Borrower. 
 “Final Collection Date” means the date on or following
the Amortization Date on which the Aggregate Loan Principal Balance has been reduced to zero and all other Borrower Obligations have been paid in full. 

“Fiscal Quarter” means a fiscal quarter of any Fiscal Year. 

“Fiscal Year” means the fiscal year of the Seller and its Subsidiaries ending on December 31 of each calendar year. 

“Foreign Obligor” means an Obligor that is not a Domestic Obligor. 

“Funding Delay Notice” has the meaning specified in Section 2.02(e). 

“GAAP” means generally accepted accounting principles as in effect in the United States of America from time to time,
consistently applied. 
 “Global Assignment” means each of the Global Assignment (Borrower), Global Assignment (HRC Islander) and Global Assignment (Seller).

 “Global Assignment (Borrower)” means a Global Assignment of Mortgages and Timeshare Loan Files and Power of
Attorney, in the form attached hereto as Exhibit K, made by the Borrower in favor of the Administrative Agent. 
 “Global Assignment (HRC Islander)” means a Global Assignment of Mortgages and Timeshare Loan Files and Power of
Attorney, made by HRC Islander in favor of the Administrative Agent. 

“Global Assignment (Seller)” means a Global Assignment of Mortgages and Timeshare Loan Files and Power of Attorney, in the
form attached hereto as Exhibit J, made by the Seller in favor of the Administrative Agent. 
 “Governmental Authority”
means, with respect to any Person, any nation or government, any state or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any
court or arbitrator having jurisdiction over such Person, any of its Subsidiaries or any of its properties. 
 “Governmental
Rule” means any law, rule, regulation, ordinance, order, code interpretation, treaty, judgment, decree, directive, guidelines, policy or similar form of decision of any Governmental Authority. 

“Guarantee” means, as to any Person, any obligation of such person directly or indirectly guaranteeing any Indebtedness of
any other Person in any manner providing for the payment of any Indebtedness of any other Person or otherwise protecting the holder of such Indebtedness against loss (whether by virtue of partnership arrangements, by agreement to keep well, to
purchase assets, goods, securities or services, or take or pay or otherwise). The amount of any Guarantee of a Person shall be deemed to be an amount equal to the stated or determinable about of the primary obligation in respect of which such
Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith. The terms “Guarantee” and “Guaranteed” used as verbs shall have
correlative meanings. 

  
 17 

 “GVS” means Grand Vacations Services LLC, a Delaware limited liability
company and its successors and permitted assigns. 
 “Hedge Amortization Schedule” means the amortization schedule prepared
from time to time by the Administrative Agent in accordance with Section 5.03(b) based on (i) the timeshare loan data file prepared by the Servicer for the Administrative Agent pursuant to Section 5.03(b) and (ii) assumptions
regarding the payments, prepayments and defaults on the Pledged Timeshare Loans determined by the Administrative Agent in a commercially reasonable and industry accepted manner. 

“Hedge Breakage Costs” means, with respect to any Hedge Transaction, any amount payable by the Borrower to the related Hedge
Counterparty with respect to any early termination of such Hedge Transaction or any portion thereof. 
 “Hedge Collateral”
means all of the rights of the Borrower, whether now existing and hereafter acquired, in and to all Hedging Agreements, Hedge Transactions and all present and future amounts payable by all Hedge Counterparties to the Borrower under or in connection
with such Hedging Agreements and Hedge Transactions with such Hedge Counterparties. 
 “Hedge Counterparty” means any
Person that has entered into a Hedge Transaction. 
 “Hedge Rate” means, on any date of determination, the weighted average
fixed rate or strike rate under the Hedging Agreements on such date, based on the notional amounts of such Hedging Agreements. 

“Hedge Purchase Event” has the meaning given to such term in Section 5.03(a). 

“Hedge Receipts” means all amounts received by the Borrower pursuant to a Hedging Agreement. 

“Hedge Reserve Account” has the meaning given to such term in Section 2.16(k). 

“Hedge Reserve Account Bank” means the financial institution at which the Hedge Reserve Account is maintained. 

“Hedge Reserve Account Required Balance” means, (i) for any Determination Date or Borrowing Date, when the Hedge Reserve
Option has been exercised and not revoked, and as long as a Hedge Transaction has not yet been purchased, the higher of two bids obtained by the Borrower (or the Servicer on its behalf) from broker/dealers approved by the Administrative Agent (at
least one of which shall be a Lender or an Affiliate thereof) regarding the purchase price of a Hedge Transaction in the form of an interest rate cap that satisfies the Hedging Requirements for a notional amount equal to 100% of the of the Unhedged
Aggregate Loan Principal Balance and based on the Hedge Amortization Schedule and (ii) for all other dates, $0. 
 “Hedge
Reserve Amounts” shall mean the amounts deposited in the Hedge Reserve Account. 

  
 18 

 “Hedge Reserve Option” shall mean the Borrower’s revocable election to
deposit Hedge Reserve Amounts to fund the Hedge Reserve Account in lieu of providing Hedging Agreements pursuant to Section 5.03(c) hereof. 

“Hedge Transaction” means each transaction between the Borrower and a Person entered into pursuant to Section 5.03(b)
and governed by a Hedging Agreement. 
 “Hedging Agreement” means each agreement between the Borrower and Hedge
Counterparty which governs one or more Hedge Transactions entered into pursuant to Section 5.03(b), which agreement shall be an interest rate cap or interest rate swap and shall consist of a “Master Agreement” in a form published by
the International Swaps and Derivatives Association, Inc., together with a “Schedule” thereto and each “Confirmation” thereunder confirming the specific terms of each such Hedge Transaction. 

“Hedging Period” means each period (i) commencing on a Distribution Date on which the Excess Spread Percentage on such
Distribution Date is less than
6.757.50%, and ending on the next Distribution Date on which the Excess Spread Percentage is greater than or equal to
6.757.50%, (ii) during the occurrence and
continuance of an Event of Default and (iii) commencing upon the occurrence of the Commitment Termination Date. 

“Hedging Requirements” has the meaning set forth in Section 5.03. 

“HGVClub” means Hilton Grand Vacations Club, the service name given to the variety of exchange and reservation services and
vacation and travel benefits offered by Hilton Grand Vacations Club, Inc. from time to time. 
 “HGVI” means Hilton Grand
Vacations Inc., a Delaware corporation. 
 “Hilton
Grand Vacations Entity” has the meaning set forth
in Section 5.01(g). 
 “Holdings” means Hilton Worldwide Holdings Inc., a Delaware corporation. 

“HRC
Islander” means HRC Islander LLC, a Delaware limited liability company. 
 “HRC Islander Purchase Agreement” means that Purchase and Distribution Agreement dated as of August 14, 2020, by
and among HRC Islander, as seller, and the Seller, as purchaser, as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with its terms.

 “Indebtedness” means, for any Person: (a) obligations created, issued or incurred by such Person for
borrowed money (whether by loan, the issuance and sale of debt securities or the sale of property to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such property from such Person); (b) obligations of
such Person to pay the deferred purchase or acquisition price of property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the ordinary course of business so long as such trade
accounts payable are payable within 90 days of the date the respective goods are delivered or the respective services are rendered; (c) Indebtedness of others secured by a Lien on the Property of such Person, whether or not the respective
Indebtedness so secured has been assumed by such Person; (d) accrued obligations of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other financial institutions for account of such Person;
(e) Capital Lease Obligations of such Person; (f) obligations of such Person under repurchase agreements or like arrangements; (g) Indebtedness of others Guaranteed by such Person; and (h) any other obligation of such Person evidenced
by a note, bond, debenture or similar instrument that would be classified as indebtedness on a balance sheet prepared in accordance with GAAP. 

  
 19 

 “Indemnified Amount” has the meaning set forth in Section 8.01. 

“Indemnified Party” has the meaning set forth in Section 8.01. 

“Indemnified Taxes” means any and all Taxes imposed on or with respect to any payment made by the Borrower under any Facility
Document other than Excluded Taxes. 
 “Independent Director” means, with respect to a subject Person, a natural person who
has been approved and is serving as a member of the board of directors or other governing body of such Person and(a) for the five-year period prior to his or her appointment as Independent Director has not been, and during the continuation of his or
her service as Independent Director is not: (i) a direct, indirect or beneficial stockholder, employee, director, member, manager, partner, officer or associate of the Seller, the Borrower, the Servicer or any of their respective Affiliates
(other than his or her service as an Independent Director of such subject Person); (ii) a customer, supplier or creditor of the Seller, the Borrower, the Servicer or any of their respective Affiliates (other than his or her service as an Independent
Director of such subject Person); or (iii) any member of the immediate family of a person described in (i) or (ii), (b) has prior experience as an independent director for a corporation or limited liability company whose charter documents
required the unanimous consent of all independent directors thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief
under any applicable federal or state law relating to bankruptcy and (c) has at least three years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or
placement services to issuers of securitization or structured finance instruments, agreements or securities. 
 “Individual Domestic
Obligor” means a Domestic Obligor that is an individual. 
 “Initial Borrowing” means the first Borrowing made
pursuant to this Agreement. 
 “Initial Cutoff Date” means April 30, 2013. 

“Initial Transfer Date” means the date on which the Initial Transfer occurs. 

“Initial Transfer” means the first Transfer made pursuant to the Sale and Contribution Agreement. 

“Insurance Proceeds” means (i) proceeds of any insurance policy, including property insurance policies, casualty
insurance policies and title insurance policies and (ii) any condemnation proceeds, in each case which relate to the Timeshare Loans or the Units and are paid or required to be paid to, and may be retained by, the Borrower, any of its
Affiliates or to any holder of record of any Mortgage. 
 “Interest” means, for any Loan and any Interest Period, the sum
for each day during such Interest Period of the following: 
 IR x PA/CB 

where: 
  

					
	IR	  	=	  	the Interest Rate for such Loan for such day.

  
 20 

					
	PA	  	=	  	the Principal Amount of such Loan on such day.
	CB	  	=	  	(i) in the case of a Loan, the Interest Rate for which is based on the Prime Rate, 365 and (ii) in the case of any other Loan, 360.

 “Interest Coverage
Ratio” means, with respect to a Person, the ratio as of the last day of any Fiscal Quarter of (i) Consolidated EBITDA of such Person for the period of four
(4) consecutive Fiscal Quarters ending on or immediately prior to such date to
(ii) Consolidated Interest Expense of such Person for the period of four
(4) consecutive Fiscal Quarters ending on or immediately prior to such date. 

“Interest Period” means, for any Distribution Date, the period from and including the Distribution Date preceding such
Distribution Date to, but excluding, such Distribution Date (or in the case of the initial Interest Period, the period from and including the Closing Date to, but excluding, the Distribution Date in June 2013). 

“Interest Rate” means, with respect to any Loan on any day (i) to the extent such Loan is funded or maintained on such
day by a Conduit Lender through the issuance of Commercial Paper, the CP Rate and (ii) otherwise, the Alternative Rate; provided, that for both clause (i) and (ii), that at all times following the occurrence and during the continuation of
an Event of Default, the Interest Rate for each Loan on each day shall be an interest rate per annum equal to 2.00% plus the Interest Rate then in effect from time to time. 

“Invested Percentage” means, for a Lender on any day, the percentage equivalent of (i) the sum of (a) the portion
of the Aggregate Loan Principal Balance (if any) funded by such Lender on or prior to such day, plus (b) any portion of the Aggregate Loan Principal Balance acquired by such Lender on or prior to such day as an assignee from another Lender
(whether pursuant to an Assignment and Acceptance or otherwise), minus (c) any portion of the Aggregate Loan Principal Balance assigned by such Lender to an assignee on or prior to such day (whether pursuant to an Assignment and Acceptance or
otherwise), divided by (ii) the Aggregate Loan Principal Balance on such day. With respect to a Lender Group, “Invested Percentage” shall mean the foregoing amount computed with respect to the portion of the Aggregate Loan Principal
Balance funded and acquired by all the Lenders in such Lender Group. 
 “Investment Company Act” means the Investment
Company Act of 1940, as amended. 
 “Investors”
means one or more investment funds, investment partnerships or managed accounts controlled or managed by The Blackstone Group L.P. or one of its Affiliates (other than any portfolio operating companies). 
 “IRS” means the Internal Revenue Service of the United States of America.

 “Joinder Agreement” means a joinder agreement substantially in the form set forth as Exhibit G hereto pursuant to which
a new Lender Group becomes party to this Agreement. 
 “Law” means any law (including common law), constitution, statute,
treaty, regulation, rule, ordinance, order, injunction, writ, decree or award of any Governmental Authority. 
 “Lender”
means any Conduit Lender or Committed Lender, as applicable, and “Lenders” means, collectively, the Conduit Lenders and the Committed Lenders. 

“Lender Group” means any Managing Agent and its related Conduit Lenders, if any, and Committed Lenders. 

  
 21 

 “Lender Group Limit” means, for any Lender Group, the amount set forth on
Schedule II (or in the Joinder Agreement pursuant to which such Lender Group became party hereto) subject to assignment pursuant to Section 10.03, as such amount may be reduced in accordance with Section 2.03(a) or increased in accordance
with Section 2.03(b), except that, for a Non-Extending Lender Group, the Lender Group Limit shall be reduced to zero on the Commitment Termination Date of such Lender Group. 

“Lender Group Percentage” means, for any Lender Group, the percentage equivalent of a fraction (expressed out to five decimal
places), the numerator of which is the aggregate of the Commitments of all Committed Lenders in such Lender Group and the denominator of which is the Aggregate Commitment. 

“Lender Representatives” has the meaning specified in Section 10.12(b). 

“Leverage Ratio” means, with respect to a Person, the ratio as of the last day of any Fiscal Quarter of (i) Indebtedness
of such Person as of such day to (ii) Consolidated Tangible Net Worth of such Person as of 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 the LIBOR Screen Rate, 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 the LIBOR Screen
Rate, 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, (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 at which BANA 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
and (z) in the event that the rate appearing on such page or as so determined by the Administrative Agent shall be less than 0.25%, such rate shall be deemed to be 0.25% for the purposes of this Agreement. 

“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.. 
 “LIBOR Disruption Event” means, with respect to any Interest Period, any of the following:
(a) a determination by any Lender or any Liquidity Provider that it would be contrary to law or 

  
 22 

 
to the directive of any central bank or other governmental authority (whether or not having the force of law) to obtain dollars in the London interbank market to make, fund or maintain Loans
during such Interest Period, (b) the failure of the source listed in the definition of “LIBO Rate” to publish a London interbank offered rate as of 11:00 a.m. on the second Business Day prior to the first day of such Interest Period,
together with the failure of the Administrative Agent to find another comparable available service, (c) a determination by any Lender or Liquidity Provider that the rate at which deposits of United States dollars are being offered in the London
interbank market does not accurately reflect the cost to such Person of making, funding or maintaining its Loans for such Interest Period or (d) the inability of such Lender or Liquidity Provider, because of market events not under the control
of such Person, to obtain United States dollars in the London interbank market to make, fund or maintain its Loans for such Interest Period. 

“LIBOR Screen Rate” means the LIBO Rate quote on the applicable screen page the Administrative Agent designates to determine
the LIBO Rate (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time). 

“LIBOR Successor Rate” has the meaning specified in Section 2.20. 

“LIBOR Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to
the definition of Interest Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other
technical, administrative or operational matters as may be appropriate, in the discretion of the
Administrative Agent in consultation with the Borrower, to
reflect the adoption and implementation of such LIBOR
Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not
administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner of administration as the Administrative Agent determines, in consultation with the Borrower, is reasonably necessary in connection with the administration of this Agreement in its reasonable discretion). 
 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or otherwise), or preference, priority, charge or other security agreement or preferential arrangement of any kind or nature whatsoever that is intended as security. 

“Liquidation” means, with respect to a Pledged Timeshare Loan that is a Defaulted Timeshare Loan, the foreclosure, other
enforcement action or the taking of a deed-in-lieu of foreclosure and the recording of a deed of conveyance with respect thereto. 

“Liquidation Expenses” means, with respect to a Defaulted Timeshare Loan, other than a Defaulted Timeshare Loan related to the “Hilton Grand Vacations at the Crane” Resort, the out-of-pocket expenses (exclusive of overhead expenses) incurred by the Servicer in connection with the Liquidation of such
Defaulted Timeshare Loan, including the remarketing fee and expenses of the Seller, any Affiliate of the Seller or of any other Person engaged by the Servicer pursuant to Section 2.2(c) of the Servicing Agreement to remarket and dispose of the
related Timeshare Interest, reasonable out-of-pocket fees of external legal counsel and any foreclosure and other repossession expenses incurred by the Servicer with
respect to such Defaulted Timeshare Loan and any other fees and expenses reasonably applied or allocated in the ordinary course of business with respect to the Liquidation of such Defaulted Timeshare Loan (including any assessed timeshare
association fees); provided, however, that in each case, any fees and expenses included in the “Liquidation Expenses” must be commercially reasonable and incurred in accordance with the Servicing Standard. 

  
 23 

 “Liquidation Fee” means, in the event of any prepayment of a Loan owing to
a Lender which did not comply with the advance notice requirements set forth in Section 2.05(a), and for the Interest Period during which such Loan was prepaid, the amount, if any, by which (i) the additional Interest which would have
accrued during such Interest Period on the reduction of the Principal Amount of such Loan during such Interest Period had such reduction not occurred, exceeds (ii) the income, if any, received by such Lender from the investment of the proceeds
of such reduction. A certificate as to the amount of any Liquidation Fee (including the computation of such amount) shall be submitted by the affected Lender to the Borrower and shall be conclusive and binding for all purposes, absent manifest
error. 
 “Liquidation Proceeds” means with respect to the Liquidation of any Defaulted Timeshare Loan, other than a Defaulted Timeshare Loan related to the “Hilton Grand Vacations at the Crane” Resort, the amounts actually received by the Servicer, if any, in connection with such
Liquidation net of any Liquidation Expenses associated with the Liquidation of such Defaulted Timeshare
Loan. 
 “Liquidity Agreement” means a liquidity loan
agreement, asset purchase agreement or similar agreement entered into by a Conduit Lender with a group of financial institutions in connection with this Agreement. 

“Liquidity Provider” means any of the financial institutions from time to time party to any Liquidity Agreement with a
Conduit Lender. 
 “Loan” means a loan made to the Borrower pursuant to Article II. 

“Lockbox” means any post office box maintained by the Clearing Account Bank for the purpose of receiving payments on
Timeshare Loans, including Collections. 
 “Major Credit Card” means a credit card issued by any of VISA USA, Inc.,
MasterCard International Incorporated, American Express Company, Discover Bank, JCB International Credit Card Co., Ltd. or Diners Club International Ltd. or any credit card affiliate or member entity or any other comparable issuer of credit cards.

 “Majority Managing Agents” means (i) at any time prior to the Amortization Date, Managing Agents whose Lender Group
Limits together equal or exceed 66 2/3 percent (66 2/3%) of the Facility Limit at such time or (ii) at any other time, Managing Agents for Lender Groups whose Invested Percentages together equal or exceed 66 2/3% of the Aggregate Loan
Principal Balance at such time. 
 “Management Stockholders” means the members of management of HGVI or any of its
Subsidiaries who are investors in HGVI. 
 “Managing Agent” means, as to any Conduit Lender or Committed Lender, the Person
listed on Schedule II as the “Managing Agent” for such Lenders, together with its respective successors and permitted assigns. 

“Material Adverse Effect” means, with respect to a Person and any event or circumstance, a material adverse effect on
(a) the property, business or financial condition of such Person, (b) the ability of such Person to perform in all material respects its obligations under any of the Facility Documents to which it is a party, (c) the validity or
enforceability in all material respects of any of the Facility Documents to which it is a party, (d) the material rights and remedies of the Lenders under any of the Facility Documents, (e) the existence or perfection or priority of any
Lien granted by such Person under any Facility Document to which it is a party or (f) the collectibility of the Pledged Timeshare Loans generally or of any material portion of the Pledged Timeshare Loans. 

  
 24 

 “Maturity Date” means the earlier of (a) the Distribution Date
occurring in the twelfth (12th) month after the occurrence of the Amortization Date under clause (i) or (iii) of the definition thereof and (b) the date of the declaration or automatic
occurrence of the Amortization Date pursuant to Section 7.03. 
 “Maximum Advance Rate” means 87.50%; provided, that, if an Eligible Refinancing has not taken place on or prior to
October 31, 2021, the “Maximum Advance Rate” shall mean 82.50% until the date on which an Eligible Refinancing occurs, upon which date the “Maximum Advance Rate” shall revert to 87.50%. 
 “Miscellaneous Payments” means, with respect to the Pledged Timeshare Loans,
any amounts received from or on behalf of the related Obligors representing assessments, payments relating to real property taxes, insurance premiums, maintenance fees and charges and association fees and any other payments not owed under the
related Obligor Notes. 
 “Monthly Loan Tape” means a data tape which shall include such information with respect to the
Pledged Timeshare Loans as the Administrative Agent may reasonably request from time to time. 
 “Monthly Principal Payment
Amount” means on any Distribution Date (i) prior to the Amortization Date, the amount, if any, necessary to reduce the Aggregate Loan Principal Balance such that no Borrowing Base Deficiency exists after giving effect to such payment
or (ii) from and after the Amortization Date, the Aggregate Loan Principal Balance. 
 “Monthly Report” means a
report, in substantially the form of Exhibit C, furnished by the Servicer to the Borrower, the Administrative Agent (who shall make such Monthly Report available to the Lenders), the Paying Agent and the Backup Servicer pursuant to Section 3.3
of the Servicing Agreement. 
 “Moody’s” means Moody’s Investors Service, Inc., and its successors.

 “Mortgage” means the mortgage, deed of trust or other act or instrument creating a first priority lien on the Timeshare
Property securing a Mortgage Loan, or a copy thereof certified by the applicable recording office. 
 “Mortgage Loan” means
a loan financing the purchase of a Timeshare Property secured by a Mortgage on such Timeshare Property. 
 “Multiemployer
Plan” means a multiemployer plan defined as such in Section 3(37) of ERISA to which contributions have been or are required to be made by Borrower or to which the Borrower has any liability (including on behalf of an ERISA Affiliate)
and that is covered by Title IV of ERISA. 
 “Non-Extending Lender” means each
Lender that is not an Extending Lender. 
 “Non-Extending Lender Group” means each
Lender Group as to which at least one member is a Non-Extending Lender. 
 “Notice of
Exclusive Control” has the meaning specified in Section 2.16. 
 “Notice of Purchase” means a fully executed
Notice of Purchase in the form of Exhibit F to the Custody Agreement. 
 “Obligor” means a Person obligated to make
payments under a Timeshare Loan, including any guarantor thereof. 

  
 25 

 “Obligor Information” has the meaning specified in Section 10.12(c).

 “Obligor Note” means an executed promissory note or other instrument of indebtedness evidencing the indebtedness of an
Obligor under a Timeshare Loan, together with any rider, addendum or amendment thereto. 
 “OFAC” means the U.S. Department
of the Treasury’s Office of Foreign Assets Control. 
 “Officer’s Certificate” means a certificate
executed by a Servicing Officer, certifying the accuracy of the information specified therein. 
 “Official Body” means any
Governmental Authority or any accounting board or authority (whether or not part of a government) which is responsible for the establishment or interpretation of national or international accounting principles, in each case whether foreign or
domestic. 
 “Opinion of Counsel” means a written opinion of external counsel, in each case, reasonably acceptable to the
addressees thereof. 
 “Original Borrowing Date” has the meaning specified in Section 2.02(e). 

“Other Fees” means amounts owed by the Borrower hereunder pursuant to Sections 2.09, 2.10, 2.11, 2.12, 8.01 and 10.10. 

“Over Sixty-Day Delinquent Timeshare Loan” means a Timeshare Loan which is not a
Defaulted Timeshare Loan and as to which, on the last day of any Collection Period, any payment then due and payable has remained unpaid for more than sixty (60) days from the original due date for such payment. 

“Over Sixty-Day Delinquent Timeshare Loan/Defaulted Timeshare Loan” means an Over Sixty-Day Delinquent Timeshare Loan or a Defaulted Timeshare Loan. 
 “PAC” means an
arrangement whereby an Obligor makes payments under a Pledged Timeshare Loan via pre-authorized debit. 

“Parent” means, (a) prior to the Spin-Off Effective Date, Holdings and (b) on or after the Spin-Off Effective Date, HGVI. 

“Participant” has the meaning specified in Section 10.03(f). 

“Participant Register” has the meaning specified in Section 10.03(f). 

“Paying Agent” means Wells Fargo or any other Person acceptable to the Majority Managing Agents. 

“Paying Agent Fee” means, for any Collection Period, the paying agent fees as set forth in the Wells Fargo Fee Letter. 

“PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA.

 “Performance Guaranty” means that certain Performance Guaranty dated as of the Closing Date, by the Performance
Guarantor in favor of the Administrative Agent. 

  
 26 

 “Performance Guarantor” means the Seller. 

“Permitted Holders” means each of
(x) the Investors and (y) the Management Stockholders. 

“Permitted Investments” means: 

(a) direct obligations of, or guaranteed as to the full and timely payment of principal and interest by, the United States or
obligations of any agency or instrumentality thereof, if such obligations are backed by the full faith and credit of the United States; 

(b) federal funds, certificates of deposit, time deposits, bankers’ acceptances (which shall each have an original
maturity of not more than ninety (90) days and, in the case of bankers’ acceptances, shall in no event have an original maturity of more than 365 days) or demand deposits of any United States depository institution or trust company
organized under the laws of the United States or any state and subject to supervision and examination by federal and or state banking authorities; provided, that the short-term obligations of such depository institution or trust company are
rated in one of the two highest available rating categories by the Rating Agencies on the date of acquisition thereof; 
 (c)
commercial paper (having original maturities of not more than thirty (30) days) of any corporation incorporated under the laws of the United States or any state thereof which is rated A-1 or better by
S&P and P-1 by Moody’s on the date of acquisition thereof; 
 (d) securities
of money market funds rated AA or better by S&P and Aa or better by Moody’s on the date of acquisition thereof; or 

(e) repurchase obligations secured by an investment described in clause (a) above with a market value greater than the
repurchase obligation, provided that such security is held by a third party custodian which has a rating for its short-term, unsecured debt or commercial paper (other than such obligations the rating of which is based on the credit of a Person other
than such custodian) of P-1 by Moody’s and at least A-1 by S&P on the date of acquisition thereof. 

Each of the Permitted Investments may be purchased by the Paying Agent or through an Affiliate of the Paying Agent. 

“Permitted Liens” means any of the following: (a) Liens for taxes and assessments (i) which are not yet due and
payable or (ii) the validity of which are being contested in good faith by appropriate proceedings and with respect to which the Seller is maintaining adequate reserves in accordance with GAAP; (b) Liens in favor of the Administrative
Agent or any Secured Party, including any Liquidity Providers (but only in connection with this Agreement); (c) any other Liens created pursuant to any Facility Document; and (d) in respect of any Timeshare Property or Right-to-Use Interest, (i) the Lien of a Mortgage or a Right-to-Use Loan, (ii) the lien of current real property taxes, maintenance fees, ground rents, water charges, sewer rents and assessments not yet
due and payable, (iii) covenants, conditions and restrictions, rights of way, easements and other matters of public record, none of which, individually or in the aggregate, materially interferes with the current use of such Timeshare Property
or Right-to-Use Interest
or the security intended to be provided by the related Mortgage or
security interest granted under the related
Right-to-Use Loan, as applicable, or with the related Obligor’s ability to pay his or her obligations when they
become due or materially and adversely affects the value of such Timeshare Property or Right-to-Use Interest and (iv) the exceptions (general and specific) set forth in the related title insurance policy,
none of which, individually or in the aggregate, materially interferes with the security intended to be provided by such Mortgage or
security interest granted under the related
Right-to-Use Loan, as applicable, or with such Obligor’s ability to pay his or her obligations when they become
due or materially and adversely affects the value of such Timeshare Property or
Right-to-Use Interest. 

  
 27 

 “Permitted Release” means, with respect to a Pledged Timeshare Loan, a
release of such Pledged Timeshare Loan from the Lien of this Agreement as contemplated by Section 2.15. 
 “Person”
means an individual, partnership, corporation (including a business trust), joint stock company, limited liability company, trust, unincorporated association, joint venture, Governmental Authority or other entity. 

“Plan” means an employee benefit or other plan established or maintained by the Borrower to which Borrower has any liability
(including on behalf of an ERISA Affiliate) and that is covered by Title IV of ERISA, other than a Multiemployer Plan. 
 “Pledged
Timeshare Loan” means, on any date, each Timeshare Loan owned by the Borrower on such date, whether or not such Timeshare Loan is an Eligible Timeshare Loan, and excluding any Timeshare Loan released from the Lien of this Agreement pursuant
to the terms hereof. 
 “Points” means points or a similar form of currency, the redemption of which entitles the holder
thereof to reserve the use and occupancy of a residential accommodation at a Resort. 
 “Points Based Timeshare Interest”
means a Right-to-Use Interest (including a club membership) that is denominated in Points. 

“Predecessor Servicer Work Product” has the meaning given such term in Section 5.1(g) of the Servicing Agreement. 

“Prime Rate” means, for any day, a fluctuating rate of interest per annum equal to the higher of: (i) a fluctuating rate
of interest per annum equal to the “Prime Rate” most recently published in the Wall Street Journal and described as “the base rate on corporate loans posted by at least 75% of the nation’s 30 largest banks”, and (ii) 0.50%
above the rate per annum at which BANA, in its reasonable discretion, can acquire federal funds in the interbank overnight federal funds market, through brokers of recognized standing or otherwise, as most recently determined by BANA. 

“Principal Amount” means, with respect to any Loan, the original principal amount of such Loan, as such principal amount may
be reduced from time to time by (i) payments made in accordance with Section 2.05 and (ii) Collections received by the applicable Lender holding such Loan from distributions made pursuant to Section 2.06 that have been applied to
reduce the Principal Amount of such Loan; provided, that if such Principal Amount shall have been reduced by any distribution and thereafter all or a portion of such distribution is rescinded or must otherwise be returned for any reason, such
Principal Amount shall be increased by the amount of such rescinded or returned distribution, as though it had not been received by such Lender. 

“Pro Rata Share” means, at any time for any Committed Lender in any Lender Group, (a) the Commitment of such Committed
Lender at such time, divided by the sum of the Commitments of all Committed Lenders in such Lender Group at such time and (b) after the Commitments of all the Committed Lenders in such Lender Group have been terminated, the Principal Amount of
the Loans funded or maintained by such Committed Lender at such time, divided by the Principal Amount of the Loans funded or maintained by all the Committed Lenders in such Lender Group at such time. 

  
 28 

 “Processing Fees” means any amounts due under an Obligor Note in respect of
processing fees, service fees or late fees. 
 “Product Information” has the meaning specified in Section 10.12(a).

 “Purchase Contract” means the purchase contract pursuant to which an Obligor purchased a Timeshare Interest. 

“Purchase Price” has the meaning set forth in Section 2.2(a) of the Sale and Contribution Agreement. 

“Qualified Institution” means any depository institution or trust company organized under the laws of the United States or
any State (or any domestic branch of a foreign bank), (i) (a) that has or the parent of which has, either (1) a long-term unsecured debt rating of “A” or higher by S&P and “A2” or higher by Moody’s, or
(2) a short-term unsecured debt rating of not less than “A-1” by S&P and not less than “P-1” by Moody’s or (b) is otherwise
acceptable to the Administrative Agent and (ii) whose deposits are insured by the Federal Deposit Insurance Corporation. 

“Qualified Substitute Timeshare Loan” means, with respect to any Timeshare Loan to be included as a Transferred Timeshare
Loan in connection with a substitution pursuant to Section 2.7(b) or (c) of the Sale and Contribution Agreement, a Timeshare Loan that was an Eligible Timeshare Loan as of the last day of the Collection Period immediately preceding the
related Transfer Date. 
 “Rating Agency” means any nationally recognized statistical rating organization and any successor
thereto. 
 “Rating Request” means a written request by an Affected Party or Lender to the Borrower and the Servicer,
stating that such Affected Party or Lender intends to request that a Rating Agency issue a public rating to the transactions contemplated by this Agreement. 

“Reasonably Request” means a request for information or actions that is reasonably made by the requesting party and that can
reasonably be provided or performed by the furnishing party without significant effort or expense; provided, that in the event that the furnishing party believes that the requested information or actions cannot be provided or performed without
significant effort or expense, the furnishing party and the requesting party shall confer in good faith to agree upon appropriate consideration for the furnishing party to provide such information or perform such actions. 

“Records” means, with respect to a Timeshare Loan, all agreements, documents, instruments, books, records and other
information, other than the Timeshare Loan File with respect to such Timeshare Loan, including all accounting records, credit files, electronic data and other computer materials, tapes, discs and punch cards with respect to such Timeshare Loan, the
related Obligor or the Related Security with respect thereto. 
 “Refinancing” means any Securitization or other financing
by the Borrower or any Affiliate of the Borrower that is secured, directly or indirectly, by, or involving, all or a portion of the Collateral transferred by the Borrower in connection with such financing transaction. 

“Refinancing Date” means the date upon which a Refinancing is consummated. 

“Refinancing Date Certificate” means either a certificate, substantially in the form attached as Annex 1-A to Exhibit I hereto, delivered by a Responsible Officer of the Borrower on a Refinancing Date indicating that the requirements set forth in this Agreement for a Refinancing have been satisfied or a certificate,
substantially in the form attached as Annex 1-B to Exhibit I hereto, delivered by a Responsible Officer of the Servicer on a Refinancing Date indicating that the requirements set forth in this Agreement for a
Refinancing have been satisfied. 

  
 29 

 “Refinancing Release” means a release executed pursuant to
Section 2.14, substantially in the form of Exhibit I hereto. 
 “Register” has the meaning specified in
Section 10.03(d). 
 “Related Security” means, with respect to a Timeshare Loan, (i) all property and assets
(whether real or personal and whether tangible or intangible) from time to time securing or purporting to secure such Timeshare Loan, whether pursuant to the related Purchase Contract, the related Mortgage or Right-to-Use Agreement or otherwise, (ii) Liens on any property described in the preceding clause (i), together with all UCC financing statements, Mortgages and any other filings covering any collateral
securing payment of such Timeshare Loan, (iii) all guaranties, prepayment penalties, indemnities, warranties, letters of credit, insurance proceeds and premium refunds thereof and other agreements or arrangements of whatever character from time
to time supporting or securing payment of such Timeshare Loan, (iv) the Purchase Contract, the Timeshare Loan File and any other agreements, documents and instruments relating to such Timeshare Loan, (v) any Timeshare Interest repossessed
by the Servicer on behalf of the Borrower pursuant to the Servicing Agreement, (vi) all Records and (vii) all proceeds of the
foregoing, other than proceeds of a Timeshare Loan that has been foreclosed upon and remarketed and for which the
applicable Timeshare Interest relates to the “Hilton Grand Vacations at the Crane” Resort. 

“Relevant
 Governmental Body” means the Board of Governors of the Federal Reserve System and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System and/or the
Federal Reserve Bank of New York for the purpose of recommending a benchmark rate to replace the LIBO Rate in loan agreements similar to this Agreement. 

“Remaining Percentage” means, with respect to any Refinancing Date, the percentage equivalent of a fraction, the numerator of
which is the Aggregate Timeshare Loan Balances of all Eligible Timeshare Loans on such Refinancing Date, after giving effect to the release of all Pledged Timeshare Loans in connection with the Refinancing on such Refinancing Date, and the
denominator of which is the Aggregate Timeshare Loan Balance of all Eligible Timeshare Loans on such Refinancing Date, before giving effect to the release of Pledged Timeshare Loans in connection with such Refinancing. 

“Reportable Event” has the meaning set forth in Section 4043 of ERISA. 

“Repurchase Price” means, with respect to a Transferred Timeshare Loan to be repurchased by the Seller on any date pursuant
to Section 2.7 of the Sale and Contribution Agreement, the Timeshare Loan Balance of such Transferred Timeshare Loan as of the Applicable Measurement Date. 

“Request for Release of Documents (Administrative Agent)” means a request for release, appropriately completed, substantially
in the form of Exhibit B to the Custody Agreement. 
 “Request for Release of Documents (Servicer)” means a request for
release, appropriately completed, substantially in the form of Exhibit A to the Custody Agreement. 
 “Required Data” means
ongoing information regarding the characteristics and performance of the Timeshare Loans and pool and vintage origination data with respect to timeshare loans originated or serviced by the Seller and its Affiliates required to be provided by the
Borrower or the Servicer to the Administrative Agent at the request of the Administrative Agent or any Managing Agent in connection with any Lender’s or Affected Party’s regulatory capital requirements. 

  
 30 

 “Required Non-Delayed Funding
Amount” means, with respect to a Designated Delay Funding Lender and an Original Borrowing Date, an amount equal to the excess, if any, of (a) an amount equal to 20% of such Designated Delay Funding Lender’s Commitment as of such
Original Borrowing Date over (b) the sum, with respect to such Designated Delay Funding Lender, of all Designated Delayed Funding Amounts funded by such Designated Delay Funding Lender on the Original Borrowing Dates for such Designated Delayed
Funding Amounts during the 35 days preceding such Original Borrowing Date and with respect to which the related Delayed Funding Dates shall not have occurred on or prior to such Original Borrowing Date. 

“Required Rate” means, on any date of determination, the Hedge Rate that would cause the Excess Spread Percentage to be equal
to
6.507.25% on such date. 
 “Requisite Office” means, for any Timeshare Loan, the office
where the related Mortgage would be required to be recorded. 

“Resolution
 Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. 

“Resort” means any of the resorts listed on Schedule V to this Agreement. 

“Resort Association” means any of the resort associations listed on Schedule V to this Agreement. 

“Resort Association Instruments” means, with respect to any Resort Association, the “Declaration”, “Articles
of Incorporation”, “By-Laws”, “Trust Agreements”, “Regulations”, “Register of Members” and any other document or instrument which defines or governs the Resort
Association. 
 “Responsible Officer” means, as to any Person, the chief executive officer or president or, with respect to
financial matters, the chief financial officer, the chief accounting officer, the treasurer or the controller of such Person, or any vice president, assistant vice president, secretary, assistant secretary, or any other officer thereof customarily
performing functions similar to those performed by the individuals who at the time shall be such officers who is in each case authorized or responsible for taking action on behalf of such Person in connection with the transactions contemplated by
the Facility Documents; provided, that in the event any such officer is unavailable at any time he or she is required to take any action hereunder, Responsible Officer means any officer authorized to act on such officer’s behalf as
demonstrated by a certified resolution. 
 “Restricted Junior Payment” means, with respect to any Person, (i) any
dividend or other distribution of any nature (cash, securities, assets, Indebtedness or otherwise) and any payment, by virtue of redemption, retirement or otherwise, on any class of Equity Interests or subordinate Indebtedness issued by such Person,
whether such Equity Interests are now or may hereafter be authorized or outstanding and any distribution in respect of any of the foregoing, whether directly or indirectly, (ii) any redemption, retirement, sinking fund or similar payment,
purchase or other acquisition for value, direct or indirect, of any Equity Securities or subordinate Indebtedness of such Person now or hereafter outstanding, or (iii) any payment of management or similar fees by such Person. 

  
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 “Retained Interest” means a material net economic interest of not less than
the percentage thereof required under the EU Securitization Rules as measured at the relevant time against the aggregate Timeshare Loan Balances of all Pledged Timeshare Loans. 

“Right-to-Use Agreement” shall mean with
respect to a Right-to-Use Loan, collectively (A) the various instruments, including a Resort’s articles of association, a Resort’s timeshare plan, a
Resort’s disclosure statement used in selling Units, any share purchase agreement with an Obligor associated with such Right-to-Use Loan, that among other things:
(i) in consideration of the payment of a purchase price, including payment of the related Obligor Note, grants and conveys to the Obligor shares in the related Resort Association, which in turn grants the Obligor the license or right-to-use and occupy one or more Units in a Resort, (ii) imposes certain obligations on the Obligor regarding payment of the related Obligor Note, the Obligor’s
use or occupancy of one or more Units and the payment of a maintenance fee to the management company, and (iii) grants the holder thereof certain rights, including the rights to payment of the related Obligor Note, and, in the circumstances
provided therein, to foreclose on the related Right-to-Use Interest, to reacquire any shares of the Resort’s association, and thereafter to resell the Right-to-Use Interest to another Person, (B) the related Vacation Interest, and (C) the related Purchase Contract. 

“Right-to-Use Interest” means a timeshare
interest, other than a timeshare fee simple interest in real estate, regarding one or more Units in one or more Resorts, however denominated or defined in the applicable
Right-to-Use Agreement or other relevant document or instrument pursuant to which such timeshare interest is created, together with all rights, benefits, privileges and
interests appurtenant thereto, including the right to use and occupy one or more Units within one or more Resorts and the common areas and common furnishings appurtenant to such Unit or Units for a specified period of time, on an annual or a
biennial basis, as more specifically described in the related Right-to-Use Agreement. A
Right-to-Use Interest shall include any Points Based Timeshare Interest. 

“Right-to-Use Loan” shall mean a Timeshare
Loan that is secured by a Right-to-Use Interest. 

“S&P” means S&P Global Ratings, a Standard & Poor’s Financial Services LLC business, and its
successors. 
 “Sale and Contribution Agreement” means that certain Sale and Contribution Agreement dated as of the Closing
Date, by and between the Seller and the Borrower. 
 “Sanctioned Country” means a country subject to a sanctions program
identified on the list maintained by OFAC and available at http://www.treas.gov/offices/enforcement/ofac/programs, or as otherwise published from time to time. 

“Sanctioned Person” means (i) a Person named on the list of Specially Designated Nationals or Blocked Persons maintained
by OFAC available at http://www.treas.gov/offices/enforcement/ofac/sdn, or as otherwise published from time to time, or (ii)(a) an agency of the government of a Sanctioned Country, (b) an organization controlled by a Sanctioned Country
or (c) a Person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by OFAC. 

“Secured Parties” means, collectively, the Lenders, each Managing Agent, the Administrative Agent, the Custodian, the Backup
Servicer, each Hedge Counterparty, the Paying Agent and each other Indemnified Party. 
 “Securities Intermediary” has the
meaning set forth in Section 2.16(b). 

  
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 “Securitization” means any asset securitization, secured loan or similar
financing transaction undertaken by the Borrower or a Special Purpose Affiliate that is secured, directly or indirectly, by, or involving, all or a portion of the Collateral transferred by Borrower in connection with such financing transaction. 

“Securitized Portfolio” shall mean, as of any date (including as of any prior Distribution Dates on or after April 25,
2019), all timeshare loans included in the Collateral or financed by any special purpose entity that is wholly-owned by HRC or for which HRC is acting as the sponsor (within the meaning of Regulation AB) thereof, and which satisfy each of the
following three clauses: (A) originated by the Servicer or an Affiliate thereof, (B) which are serviced by the Servicer and (C) the related property for which is managed by HRC or an affiliate thereof (including the timeshare loans in
all term issuances, all warehouse facilities and other term securitization facilities that are outstanding as of such date). 

“Securitized Portfolio Default Level” shall mean, for any Collection Period, the quotient (expressed as a percentage) of
(i)(A) the sum of the Timeshare Loan Balances of all Timeshare Loans in the Securitized Portfolio that became Defaulted Timeshare Loans during such Collection Period (other than Defaulted Timeshare Loans for which the related seller has exercised
its option, if any, to repurchase or substitute pursuant to the related transaction documents) minus (B) any remarketing proceeds received during such Collection Period in respect of any Defaulted Timeshare Loans for which the related seller
did not exercise its option to repurchase or substitute, divided by (ii) the aggregate Timeshare Loan Balance of all Timeshare Loans in the Securitized Portfolio on the last day of such Collection Period. 

“Securitized Portfolio Delinquency Level” shall mean, for any Collection Period, the quotient (expressed as a percentage),
computed by dividing (i) the sum of all Timeshare Loan Balances of all Timeshare Loans included in the Securitized Portfolio that were Over-Sixty Day Delinquent Timeshare Loans as of the last day of such Collection Period (exclusive of
Timeshare Loans that became Defaulted Timeshare Loans on or before the last day of such Collection Period) (with the outstanding principal balance of each such Timeshare Loan determined as of the last day of the Collection Period in which such
Timeshare Loan became an Over-Sixty Day Delinquent Timeshare Loan) by (ii) the aggregate Timeshare Loan Balance of all Timeshare Loans in the Securitized Portfolio on the last day of such Collection Period; provided, that for the April
2020, May 2020, June 2020, July 2020, August 2020 and September 2020 Collection Periods, clause (i) above shall not include the Timeshare Loan Balances of any Timeshare Loans for which the related seller has exercised its option, if any, to
repurchase or substitute such Timeshare Loan in accordance with the related transaction documents. 
 “Securitized Portfolio Three
Month Rolling Average Default Percentage” shall mean for any Distribution Date, the average of the Securitized Portfolio Default Levels for the immediately preceding three Collection Periods. 

“Securitized Portfolio Three Month Rolling Average Delinquency Percentage” shall mean for any Distribution Date, the average
of the Securitized Portfolio Delinquency Levels for the immediately preceding three Collection Periods. 
 “Seller” means
Hilton Resorts Corporation, a Delaware corporation and its successors and permitted assigns. 
 “Seller Affiliated Manager”
means any wholly-owned Subsidiary of the Seller that manages a Resort or Resort Association. 
 “Seller Credit Agreement”
means the revolving credit agreement entered into by a Subsidiary of HGVI and a syndicate of lenders, including one or more Committed Lenders, and guaranteed by HGVI and/or the Seller, in connection with the Spin-Off Transaction, pursuant to which the lenders
party thereto commit to make revolving loans to such Subsidiary, as in effect on May 8, 2020 and without giving effect to any amendment, restatement, supplement or other modification thereto or any replacement thereof after such date.

  
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 “Seller Credit Agreement Effective Date” means the date on which the Seller
Credit Agreement becomes effective in accordance with its terms. 
 “Seller Financial Covenants” means the requirement that the Seller maintain, as of the last day of each Fiscal Quarter: 

(a) prior to the
Spin-Off Effective Date, at any time that the Seller is not providing a Guarantee of all or any portion of the Indebtedness of Holdings or its Subsidiaries, a Leverage Ratio not to exceed 5.0 to
1.00; 
 (b) an Interest Coverage Ratio of at least 3.0 to 1.00; and 

(c) Consolidated Tangible Net Worth of at least
$400,000,000; 
 provided, however that, on and after the Amendment No. 15 Effective Date, the Seller Financial Covenants shall mean the requirement that the Seller comply,
as of the last day of each Fiscal Quarter,
with each financial maintenance covenant contained in Section 7.11 of the Seller Credit Agreement as of May 8, 2020 that is expressed in terms of (i) a minimum or maximum amount in or derived from HGVI’s or the Seller’s financial statements, (ii) a minimum or maximum ratio between any such amounts described in clause (i) above or
(iii) any other financial or finance related test as the same may relate to the assets, liabilities, revenue or expenses of HGVI and/or the Seller. 
 “Servicer” means, at any time, the Person then authorized pursuant to
the Servicing Agreement in such capacity. As of the date hereof, GVS is the Servicer. 
 “Servicer Termination Event” has
the meaning set forth in Section 6.1 of the Servicing Agreement. 
 “Servicing Agreement” means that certain Servicing
Agreement, dated as of the Closing Date, among the Borrower, the Servicer, the Backup Servicer and the Administrative Agent. 

“Servicing Fee” means a fee with respect to each Collection Period, payable in arrears on the Distribution Date immediately
following the end of such Collection Period for the account of the Servicer, in an amount equal to the product of (i) the aggregate Timeshare Loan Balance of the Pledged Timeshare Loans as of the last day of such Collection Period, (ii) one-twelfth and (iii) the applicable Servicing Fee Rate. 
 “Servicing Fee
Rate” means (i) at all times that GVS is the Servicer,
1.001.10% or (ii) at any other time, the percentage agreed to by the applicable successor Servicer, the Borrower and the Administrative Agent. 

“Servicing Officer” means those officers of the Servicer involved in, or responsible for, the administration and servicing of
the Pledged Timeshare Loans, as identified on the list of servicing officers furnished by the Servicer to the Administrative Agent, the Backup Servicer and the Borrower from time to time. 

  
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 “Servicing Standard” has the meaning set forth in Section 2.1 of the
Servicing Agreement. 
 “Servicing Transfer” has the meaning specified in Section 6.1 of the Servicing Agreement. 

“Servicing Transfer Date” the date servicing will transfer to the Backup Servicer, which shall be a date no more than
forty-five (45) calendar days after the date a Termination Notice is delivered in accordance with the terms of the Servicing Agreement. 

“SOFR”
 means, with respect to any day, the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s
website (or any successor source) and, in each case, that has been selected or recommended by the Relevant Governmental Body. 

“SOFR-Based
 Rate” means SOFR or Term SOFR. 
 “Special Purpose
Affiliate” means any entity that is a Subsidiary of the Seller, that was created for the purpose of one or more Securitizations, the purposes of which are limited to acquisition and ownership of timeshare loans and related activities and
that is intended to be treated as a separate and distinct entity from the Seller. 
 “Specified Documents” means, with
respect to any Timeshare Loan File, each document listed in the definition of “Timeshare Loan File”. 
 “Spin-Off Effective Date” means the date on which the Spin-Off Transaction is
consummated. 
 “Spin-Off Transaction” means, collectively, the transactions which upon consummation thereof will result in (a) HGVI holding, directly or indirectly, all or substantially all of Holdings’ timeshare business, (b) the Seller being a wholly-owned Subsidiary of HGVI and (c) the stockholders of Holdings
holding all of the shares of common stock of HGVI. 

“Subsidiary” means, with respect to any Person, any corporation, partnership or other entity of which at least a majority of
the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of such corporation, partnership or other entity (irrespective
of whether or not at the time securities or other ownership interests of any other class or classes of such corporation, partnership or other entity shall have or might have voting power by reason of the happening of any contingency) is at the time
directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person. 

“Substitution Shortfall Amount” means, for any Pledged Timeshare Loan being substituted for by a Qualified Substitute
Timeshare Loan being transferred to the Borrower by the Seller in accordance with Section 2.7(b) or Section 2.7(c) of the Sale and Contribution Agreement, an amount equal to the excess of (i) the Timeshare Loan Balance of such Pledged
Timeshare Loan over (ii) the Timeshare Loan Balance of such Qualified Substitute Timeshare Loan, in each case, on the related Transfer Date; provided, however, that, if one or more Pledged Timeshare Loans are being substituted for one or
more Qualified Substitute Timeshare Loans being transferred to the Borrower by the Seller pursuant to Section 2.7 of the Sale and Contribution Agreement on a Substitution Date, the Substitution Shortfall Amount for such Timeshare Loans shall be
the amount, if any, by which (i) the aggregate Timeshare Loan Balances of such Pledged Timeshare Loans exceeds (ii) the aggregate Timeshare Loan Balances of such Qualified Substitute Timeshare Loans, in each case, as of the last day of the
Collection Period immediately preceding such Substitution Date. 

  
 35 

 “Successor Servicer” has the meaning set forth in Section 5.1(e) of
the Servicing Agreement. 
 “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings
(including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term
SOFR” means the forward-looking term rate for any period that is approximately (as determined by the Administrative Agent) as long as one Interest Period and that is based on SOFR and that has been selected or recommended by the Relevant
Governmental Body, in each case as published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion. 

“Termination Notice” has the meaning set forth in Section 6.1 of the Servicing Agreement. 

“Timeshare Interest” means a Timeshare Property or a
Right-to-Use Interest, and Timeshare Interest or “Timeshare Interests,” when used in the Facility Documents, means, as applicable, any Timeshare Interest that
is subject to a Timeshare Loan, or all Timeshare Properties and Right-to-Use Interests that are subject to the Timeshare Loans, listed on Timeshare Loan Schedule, as the
same may be amended from time to time. 
 “Timeshare Loan” means a Mortgage Loan or a Right-to-Use Loan financing the purchase of a Timeshare Interest. 
 “Timeshare Loan
Assets” means, collectively, (i) the Pledged Timeshare Loans, (ii) all Related Security with respect to the Pledged Timeshare Loans, (iii) all Collections and (iv) all proceeds of the foregoing, other than proceeds of a Timeshare Loan that has been foreclosed upon and remarketed and for which the applicable Timeshare
Interest relates to the “Hilton Grand Vacations at the Crane” Resort. 

“Timeshare Loan Balance” means, with respect to a Timeshare Loan as of any date of determination, the outstanding principal
balance of such Timeshare Loan on the Applicable Measurement Date. 
 “Timeshare Loan File” means with respect to each
Timeshare Loan and each Obligor: 
 (a) an original Obligor Note executed by such Obligor (or an original lost note affidavit
and indemnity from the Seller), endorsed in the form “Pay to the order of                     , without recourse” (either directly
on the Obligor Note or on an allonge thereto), by an Authorized Officer of the Seller; 
 (b) if such Timeshare Loan is a
Mortgage Loan, (i) an original Mortgage (or a copy thereof) with evidence that such Mortgage has been recorded in the appropriate recording office or (ii) until the original Mortgage has been returned by such recording office, a photocopy
of an unrecorded Mortgage that has been delivered to such recording office, and the delivery of such photocopy of an unrecorded Mortgage to the Custodian by the Seller shall be deemed to be a certification by the Seller that such photocopy is a true
and correct copy of the original Mortgage; 
 (c) if such Timeshare Loan is a Mortgage Loan, an original lender’s title
insurance policy or master policy (or a copy thereof) referencing such Timeshare Loan, when available, and if a copy, the delivery thereof to the Custodian by the Seller shall be deemed to be a certification by the Seller that such copy is a true
and correct copy of such lender’s title insurance policy or master policy; 

  
 36 

 (d) an original or a copy of each modification agreement, if any, which
relates to the Obligor Note, the Mortgage, or the Right-to-Use Agreement, as applicable, with respect to such Timeshare Loan, and if a copy, the delivery thereof to the
Custodian by the Seller shall be deemed to be a certification by the Seller that such copy is a true and correct copy of such modification agreement; 

(e) if such Timeshare Loan is a Right-to Use Loan, the original related Right-to-Use Agreement and any related pledge and security agreements (or copies thereof), and if copies, the delivery thereof to the Custodian by the Seller shall be deemed
to be a certification by the Seller that such copies are true and correct copies of such Right-to-Use Agreement and related pledge and security agreements, provided,
however, that each Timeshare Loan File shall not include any documents attached to or delivered to an Obligor with a Right-to-Use Agreement that are not signed by
the parties to the Right-to-Use Agreement (such as articles of association, a timeshare plan and a public disclosure statement) if copies of such documents have been
delivered to the Custodian by the Seller, and such delivery to the Custodian shall be deemed to be a certification by the Seller that such copies are true and complete copies of such documents; and 

(f) if such Timeshare Loan is a Right-to-Use
Loan, a copy of the related Vacation Interest representing the membership in the related timeshare association of the related Resort. 

“Timeshare Loan Servicing Files” means, with respect to each Timeshare Loan and each Obligor a copy of the Timeshare Loan
Files and all other papers and computerized records customarily maintained by the Servicer in servicing timeshare loans comparable to the Timeshare Loans. 

“Timeshare Loan Schedule” means Schedule I to the Sale and Contribution Agreement and any list of Timeshare Loans attached to
an Assignment in electronic format, as amended from time to time to reflect repurchases and substitutions pursuant to the terms of the Sale and Contribution Agreement and the Servicing Agreement, which list shall set forth the following information
with respect to each Timeshare Loan as of the related Cutoff Date, in numbered columns: 
  

	 	•	 	 Loan/Contract Number 

  

	 	•	 	 Name of Obligor 

  

	 	•	 	 Interest Rate Per Annum 

 

	 	•	 	 Contract Date 

  

	 	•	 	 Original Loan Balance 

  

	 	•	 	 Original Term (in months) 

 

	 	•	 	 Mortgage Loan or Right-to-Use
Loan 

 “Timeshare Loan Upgrade” has the meaning specified in Section 2.7(c)(i) of the Sale and
Contribution Agreement. 
 “Timeshare Property” means (i) in the case of a Resort located in the State of New York, a
real property interest in a Unit at such Resort or (ii) in the case of any other Resort, a fee simple interest in real estate regarding a Unit, in each case, however denominated or defined in the applicable condominium or timeshare declaration
pursuant to which such interest is created, together with all rights, benefits, privileges and interests appurtenant thereto, including the common areas and common furnishings appurtenant to such Unit and the rights granted to the Borrower (as
assignee) which secure the related Timeshare Loan. 

  
 37 

 “Transaction” has the meaning specified in Section 10.12. 

“Transaction Parties” means, collectively, the Borrower, the Seller, the Performance Guarantor, and, so long as it is GVS or
an Affiliate of GVS, the Servicer. 
 “Transfer” means a purchase of Eligible Timeshare Loans by the Borrower from the
Seller pursuant to Section 2.1 of the Sale and Contribution Agreement, including a transfer of Eligible Timeshare Loans by the Seller to the Borrower as a capital contribution or a transfer of Qualified Substitute Timeshare Loan. 

“Transfer Date” means, for the Initial Transfer, the Initial Transfer Date, and for any additional Transfer, the Business Day
on which such Transfer occurs. 
 “Transferred Property” means, collectively, the Transferred Timeshare Loans, the Related
Security and Collections with respect thereto and all proceeds of the foregoing, other than proceeds of a Timeshare
Loan that has been foreclosed upon and remarketed and for which the applicable Timeshare Interest relates to the “Hilton Grand Vacations at the Crane” Resort. 

“Transferred Timeshare Loan” means any Timeshare Loan transferred or purported to be transferred by the Seller to the
Borrower pursuant to the Sale and Contribution Agreement. 
 “Transition Expenses” means any documented expenses and
allocated cost of personnel reasonably incurred by the Backup Servicer in connection with a Servicing Transfer. 
 “UCC”
means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction. 
 “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended
form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which
includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

“UK
Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. 

“Unhedged Aggregate Loan Principal Balance” means, for any date of determination, an amount equal to the greater of (a) $0
and (b) (i) the Aggregate Loan Principal Balance minus (ii) the notional amount of the Hedging Agreements divided by 100%. 

“Unidentified Receipts Account” means the account maintained by Servicer for the purpose of collecting and depositing all
payments received from Obligors the related Timeshare Loan for which cannot be determined by the Clearing Account Bank upon receipt. 

“Unit” means a residential unit or dwelling at a Resort. 

“Unmatured Servicer Termination Event” means any event which, with the giving of notice or lapse of time or both, would
constitute a Servicer Termination Event. 

  
 38 

 “USAP” has the meaning set forth in Section 3.5 of the Servicing
Agreement. 
 “Unused Fees” has the meaning set forth in the Fee Letter. 

“Used Fee Rate” has the meaning set forth in the Fee Letter. 

“Vacation Interest” shall mean the vacation certificate or stock certificate issued by and evidencing membership in a
homeowner’s association of a Resort pursuant to which the owner thereof has a license or right-to-use one or more Units at a Resort. 

“Volcker Rule” means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the regulations thereunder
(12 C.F.R. Part 248), as issued by the Board of Governors of the Federal Reserve System. 
 “Voting Interests” means, with
respect to any Person, outstanding Equity Interests in such Person which entitle the holder thereof to vote in the election of members of the board of directors, board of managers or other similar governing body of such Person. 

“Wells Fargo” means Wells Fargo Bank, National Association, a national banking association, and its successors and assigns.

 “Wells Fargo Fee Letter” means that certain schedule of fees dated April 16, 2013, executed by the Borrower in
favor of Wells Fargo. 
 “Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down
and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,
any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under
which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under
it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers. 
 SECTION 1.02. Other Terms and Constructions. Under this Agreement, all accounting
terms not specifically defined herein shall be construed in accordance with GAAP, and all accounting determinations made and all financial statements prepared hereunder shall be made and prepared in accordance with GAAP. All terms used in Article 9
of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. The words “herein,” “hereof,” and “hereunder” and other words of similar import refer to this
Agreement as a whole, including the exhibits and schedules hereto, as the same may from time to time be amended or supplemented and not to any particular section, subsection, or clause contained in this Agreement, and all references to Sections,
Exhibits and Schedules shall mean, unless the context clearly indicates otherwise, the Sections hereof and the Exhibits and Schedules attached hereto, the terms of which Exhibits and Schedules are hereby incorporated into this Agreement. The
captions and section numbers appearing in this Agreement are inserted only as a matter of convenience and do not define, limit, construe or describe the scope or intent of the provisions of this Agreement. Each of the definitions set forth in
Section 1.01 hereof shall be equally applicable to both the singular and plural forms of the defined terms. Unless specifically stated otherwise, all references herein to any statute, rule, regulation or any agreement, document or instrument
shall, in each case, be a reference to the same as amended, restated, supplemented or otherwise modified from time to time. The term “including” means “including without limitation.” 

  
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 SECTION 1.03. Computation of Time Periods. Unless otherwise stated in this Agreement,
in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding.” 

SECTION 1.04. Acknowledgement and Consent to Bail-In of
EEAAffected Financial Institutions.
Notwithstanding anything to the contrary in any Facility Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEAAffected Financial Institution arising under any Facility Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEAthe
applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by
an EEAthe
applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEAAffected Financial Institution; and 
 (b) the effects of any
Bail-in Action on any such liability, including, if applicable; 
 (i) a reduction in
full or in part or cancellation of any such liability; 
 (ii) a conversion of all, or a portion of, such liability into
shares or other instruments of ownership in such
EEAAffected
 Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in
lieu of any rights with respect to any such liability under this Agreement or any other Facility Document; or 
 (iii)
the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEAthe applicable Resolution Authority. 

ARTICLE II 
 AMOUNTS AND TERMS OF
THE LOANS 
 SECTION 2.01. The Loans. 

(a) On the terms and subject to the conditions hereof, from time to time during the period commencing on the Closing Date and ending at the
close of business on the Business Day immediately preceding the Amortization Date, each Conduit Lender may in its sole discretion, and each Committed Lender shall, if the Conduit Lender in its related Lender Group elects not to (or if there is no
Conduit Lender in its related Lender Group), make Loans to the Borrower in an amount, for each Lender Group, equal to its Lender Group Percentage of the amount requested by the Borrower pursuant to Section 2.02; provided, that no Lender shall
make any such Loan or portion thereof to the extent that, after giving effect to such Loan: 
 (i) the aggregate outstanding
Principal Amount of the Loans funded by such Lender hereunder shall exceed its Conduit Lending Limit (in the case of a Conduit Lender) or Commitment (in the case of a Committed Lender); 

(ii) the Aggregate Loan Principal Balance shall exceed the lesser of the Facility Limit and the Borrowing Base; or 

(iii) the sum of (A) the aggregate Face Amount of Commercial Paper issued by the Conduit Lender(s) in such Lender Group to
fund or maintain the Loans hereunder and (B) the aggregate outstanding Principal Amount of the Loans funded hereunder by the Lenders in such Lender Group other than through the issuance of Commercial Paper, shall exceed the Lender Group Limit
for such Lender Group. 

  
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 If there is more than one Committed Lender in a Lender Group, each such Committed Lender shall lend its Pro
Rata Share of such Lender Group’s Lender Group Percentage of each requested Loan, to the extent such Loan is not made by the related Conduit Lender. Each Borrowing shall be in a minimum principal amount equal to $1,000,000 and in integral
multiples of $100,000 in excess thereof. Subject to the foregoing and to the limitations set forth in Section 2.05, the Borrower may borrow, prepay and reborrow the Loans hereunder. 

(b) Each Borrowing shall consist of Loans made on the same day by each of the Lender Groups ratably according to their respective Lender Group
Percentages. No Lender shall fund any portion of any Loan with the “plan assets” of any “benefit plan investor” within the meaning of Section 3(42) of ERISA. 

(c) Each Lender (or its related Managing Agent) shall maintain an account or accounts evidencing the indebtedness of the Borrower to such
Lender resulting from each Loan made by such Lender from time to time, including the outstanding principal balance of such Loans and the amount of Interest payable and paid to such Lender from time to time hereunder. The entries made in such
accounts of the Lenders shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided, however, that the failure of any Lender to maintain such accounts or any error therein shall not in any manner affect
the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 
 (d) On the Amortization Date, the
Commitments of the Committed Lenders will terminate automatically without any action required on the part of any Person. The Aggregate Loan Principal Balance, together with all other Borrower Obligations, shall mature and be due and payable in full
in cash on the Maturity Date. 
 SECTION 2.02. Borrowing Procedures. 

(a) Borrowing Requests. 

(i) The Borrower may request a Borrowing hereunder by submitting to the Administrative Agent (with a copy to each of the Paying
Agent, the Servicer, the Backup Servicer and the Custodian) a written notice, substantially in the form of Exhibit B (each, a “Borrowing Request”) not later than 10:00 a.m. (New York City time) on the second (2nd) Business Day prior to the date of the proposed Borrowing (each, a “Borrowing Date”); provided, that there shall not be more than one (1) Borrowing Date during any
calendar week (except as set forth in Section 2.02(e) following delivery of a Funding Delay Notice). Promptly after its receipt thereof, the Administrative Agent shall submit a copy of each Borrowing Request to each Managing Agent who shall
promptly forward a copy thereof to the Lenders in its Lender Group. 
 (ii) Each Borrowing Request shall: (A) specify
(1) the amount of the requested Borrowing which amount shall be allocated among the Lender Groups based on the respective Conduit Lending Limits of the Conduit Lenders (or Commitments, if there are no Conduit Lenders in a Lender Group) in each
Lender Group, (2) the Aggregate Loan Principal Balance after giving effect to such Borrowing, (3) the desired Borrowing Date, and (4) the account of the Borrower to which the proceeds of such Borrowing are to be remitted,
(B) certify that, after giving effect to the proposed Borrowing, no Borrowing Base Deficiency would exist and (C) if any Eligible Timeshare Loans are being added to the Collateral in connection with such Borrowing, be accompanied by a duly
completed Schedule I to such Borrowing Request which sets forth the required information regarding such Eligible Timeshare Loans. 

  
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 (b) Conduit Lender Acceptance or Rejection. If a Conduit Lender shall receive a
Borrowing Request, such Conduit Lender shall instruct the related Managing Agent to accept or reject such request by no later than the close of business on the Business Day of the applicable Borrowing Request. If a Conduit Lender rejects a Borrowing
Request, the related Managing Agent shall promptly notify the Borrower and the related Committed Lenders of such rejection. If a Conduit Lender declines to fund any portion of a Borrowing Request, the Borrower may cancel and rescind such Borrowing
Request in its entirety upon notice thereof received by the Administrative Agent and each Managing Agent prior to the close of business on the Business Day immediately prior to the proposed Borrowing Date. At no time will a Conduit Lender be
obligated to make Loans hereunder regardless of any notice given or not given pursuant to this Section. 
 (c) Committed
Lender’s Commitment. 
 (i) If a Conduit Lender rejects a Borrowing Request and the Borrower has not
cancelled such Borrowing Request in accordance with clause (b) above, or if there is no Conduit Lender in a Lender Group, any Loan requested by the Borrower in such Borrowing Request (except as set forth in Section 2.02(e) following
delivery of a Funding Delay Notice) shall be made by the related Committed Lenders in such Lender Group on a pro rata basis in accordance with their respective Pro Rata Shares of such Loan. 

(ii) The obligations of any Committed Lender to make Loans hereunder are several from the obligations of any other Committed
Lenders (whether or not in the same Lender Group). The failure of any Committed Lender to make Loans hereunder shall not release the obligations of any other Committed Lender (whether or not in the same Lender Group) to make Loans hereunder, but no
Committed Lender shall be responsible for the failure of any other Committed Lender to make any Loan hereunder. 
 (iii)
Notwithstanding anything herein to the contrary, a Committed Lender shall not be obligated to fund any Loan at any time on or after the Amortization Date (except as set forth in Section 2.02(e) following delivery of a Funding Delay Notice) or
if, after giving effect to such Loan, the aggregate outstanding Loans funded by such Committed Lender hereunder would exceed an amount equal to (i) such Committed Lender’s Commitment, minus (ii) such Committed Lender’s ratable
share of the aggregate outstanding principal balance of the Loans held by the Conduit Lender(s) in such Committed Lender’s Lender Group. 

(d) Disbursement of Funds. On each Borrowing Date, subject to the satisfaction of the conditions precedent specified in this Agreement
(except as set forth in Section 2.02(e) following delivery of a Funding Delay Notice), each applicable Lender shall remit its share of the aggregate amount of the Loans requested by the Borrower to the account of its related Managing Agent
specified therefor to such Lender by 1:30 p.m. (New York City time) by wire transfer of same day funds. Upon receipt of such funds, each Managing Agent shall remit such funds by wire transfer of same day funds to the account of the Borrower
specified in the related Borrowing Request by 3:00 p.m. (New York City time) to the extent it has received such funds from the Lenders in its Lender Group no later than 1:30 p.m. (New York City time). 

  
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 (e) Funding Delay Option. 

(i) Any Committed Lender shall have the right to deliver to the Borrower a written representation and warranty (a
“Delayed Funding Representation”) to the effect that (x) it has incurred and is incurring charges relating to the “liquidity coverage ratio” under Basel III Regulations on such Committed Lender’s Loans or
Commitment and (y) it is seeking or has obtained a delayed funding option in transactions similar to the transactions contemplated hereby. After delivery of a Delayed Funding Representation to the Borrower, a Committed Lender shall be a
“Designated Delay Funding Lender.” 
 (ii) A Designated Delay Funding Lender may, after the Borrower
delivers a Borrowing Request requesting a proposed Borrowing pursuant to Section 2.02(a)(i), prior to (x) if such Borrowing Request is delivered more than two Business Days prior to the proposed Borrowing Date, 5:00 p.m. (New York City
time) on the second Business Day prior to the proposed Borrowing Date, or (y) if such Borrowing Request is delivered on the second Business Day prior to the proposed Borrowing Date, (A) 5:00 p.m. (New York City time) on the same day as the
Borrower’s delivery of such Borrowing Request, if such Borrowing Request is delivered by the Administrative Agent to the Managing Agents prior to 2:00 p.m. (New York City time) on such day or (B) otherwise 10:00 a.m. (New York City time)
on the Business Day following the Borrower’s delivery of such Borrowing Request, deliver to the Borrower and the Administrative Agent a notice (a “Funding Delay Notice”) designating all or a portion of its Pro Rata Share of the
Loan requested in such Borrowing Request as being subject to delayed funding (such amount, the “Designated Delayed Funding Amount”) and, if such Designated Delayed Funding Amount is greater than the Required Non-Delayed Funding Amount with respect to such Designated Delay Funding Lender and the proposed Borrowing Date, specifying the portion thereof, which may not be greater than the amount by which such Designated
Delayed Funding Amount exceeds such Required Non-Delayed Funding Amount (the “Delayed Funding Amount”), that it is electing to fund on a date (the date of such funding, the “Delayed
Funding Date”) that is on or before the thirty-fifth (35th) day following the proposed Borrowing Date (the “Original Borrowing Date”) (or if such day is not a Business Day, then on the next succeeding Business Day) rather
than on the Original Borrowing Date. By delivery of a Funding Delay Notice, a Designated Delay Funding Lender shall be deemed to represent and warrant that the certifications previously provided to the Borrower by such Designated Delay Funding
Lender are true as of the date of the delivery of such Funding Delay Notice. 
 (iii) If a Designated Delay Funding Lender
timely delivers a Funding Delay Notice with respect to a Delayed Funding Amount, the Committed Lender shall not be required to fund, on the Original Borrowing Date therefor, such Delayed Funding Amount, but shall be required to advance to the
Borrower the Delayed Funding Amount on or before the Delayed Funding Date in accordance with Section 2.02(e)(iv). Such Designated Delay Funding Lender shall provide the Borrower with at least three Business Days’ prior written notice of
the Business Day on which it will fund such Delayed Funding Amount. The Borrower may (x) cancel and rescind the Borrowing Request in its entirety upon delivery of such Funding Delay Notice by delivering notice thereof to the Administrative
Agent prior to the close of business on the Business Day immediately prior to the Original Borrowing Date or (y) reduce the amount of additional Loans and/or additional Timeshare Loans to be added to the Borrowing Base on the Original Borrowing
Date by delivering to the Administrative Agent on or prior to the Original Borrowing Date an updated Borrowing Request, and the actual funding of the Non-Delayed Funding Amount shall take place on the Business
Day following the delivery of such updated Borrowing Request. 
 (iv) Each Designated Delay Funding Lender agrees by
delivering a Funding Delay Notice specifying a Delayed Funding Amount that, notwithstanding any statement to the contrary in Section 2.01, if the conditions to any Borrowing described in Sections 3.02(a) through 3.02(d)

  
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are satisfied on the Original Borrowing Date in respect of such Delayed Funding Amount and the conditions described in Section 3.03 in respect of such Delayed Funding Amount are satisfied on
the related Delayed Funding Date, there shall be no other conditions whatsoever to its obligation to fund such Delayed Funding Amount on the related Delayed Funding Date irrespective of whether the Amortization Date shall have occurred prior to such
Delayed Funding Date. If the Borrower is required to add additional Timeshare Loans to the Borrowing Base on the related Delayed Funding Date in order to satisfy such conditions, it shall deliver to the Administrative Agent an updated Borrowing
Request at least one Business Day prior to such Delayed Funding Date. A Designated Delay Funding Lender (or the Conduit Lender in its Lender Group) funding a Delayed Funding Amount on a Delayed Funding Date shall remit such Delayed Funding Amount to
the account of its Managing Agent specified therefor to such Lender by 1:30 p.m. (New York City time) by wire transfer of same day funds. Upon receipt of such funds, such Managing Agent shall remit such funds by wire transfer of same day funds to
the account of the Borrower specified in the related Borrowing Request by 3:00 p.m. (New York City time) to the extent it has received such funds from such Designated Delay Funding Lender (or the Conduit Lender in its Lender Group) no later than
1:30 p.m. (New York City time). 
 (v) For the avoidance of doubt, a Delayed Funding Amount when extended shall be a Loan for
all purposes of this Agreement. As between the Conduit Lender and the Committed Lender, the Conduit Lender reserves the right in its sole discretion to fund any Loan on any Original Borrowing Date or any Delayed Funding Date. 

SECTION 2.03. Reductions and Increases to the Facility Limit. Reductions of the Facility Limit. The Borrower may, from
time to time upon at least ten (10) days’ prior written notice to each Managing Agent (with a copy to the Paying Agent), elect to reduce the Facility Limit in whole or in part, provided that after giving effect to any such reduction and
any principal payments on such date, the Aggregate Loan Principal Balance shall not exceed the Facility Limit. Any such reduction shall be in a minimum amount of $5,000,000 and in integral multiples of $1,000,000 in excess thereof; and provided
further that any such reduction shall effect a ratable reduction of the Commitments of each Committed Lender and of each Lender Group’s Lender Group Limit. Once the Facility Limit is reduced pursuant to this Section 2.03(a) it may not
subsequently be reinstated without the consent of each Committed Lender. 
 (a) Increases to the Facility Limit. The Borrower may,
from time to time upon at least thirty (30) days (or such lesser number of days agreed to by the Managing Agents) prior written notice request an increase to the Facility Limit. Each such notice shall specify (i) the proposed date such
increase shall become effective and (ii) the proposed amount of such increase (which amount shall be at least $25,000,000 or an integral multiple of $5,000,000 in excess thereof), and shall otherwise be in form and substance satisfactory to the
Managing Agents. Such increase to the Facility Limit shall become effective, if, and only if, (x) the Administrative Agent and the Managing Agent (on behalf of the Committed Lenders in the related Lender Group) of each Lender Group whose Lender
Group Limit is being increased has approved such increase, by delivering a written confirmation of such approval to the Administrative Agents, the Managing Agents and the Borrower (with a copy to the Paying Agent) or (y) to the extent that the
Committed Lenders in one or more Lender Groups have, in their sole discretion, agreed to increase the Facility Limit in an amount which is less than the Borrower’s requested increase to the Facility Limit, the Borrower shall reduce its
requested increase to the Facility Limit to an amount equal to such lower amount. Nothing contained herein shall constitute a commitment on the part of any Committed Lender hereunder to agree to any such increase. 

SECTION 2.04. Interest and Unused Fees. 

(a) The Borrower shall pay Interest on the unpaid Principal Amount of each Loan for each Interest Period during the period from the related
Borrowing Date until the date that such Loan shall be paid in full. Interest shall accrue on the Loans funded or maintained by each 

  
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Lender at the applicable Interest Rate on each day during each Interest Period and shall be due and payable on the Aggregate Loan Principal Balance for the preceding Interest Period on each
Distribution Date and on the Final Collection Date in accordance with Section 2.06, unless earlier paid pursuant to Section 2.05 or Section 2.14. If applicable, each
Managing Agent shall deliver to the Borrower, two (2) Business Days prior to each Determination Date an invoice, setting forth (i) an estimate of the Interest payable to the related Conduit Lenders based on the CP Rate for each day during
the Interest Period to which such Determination Date relates and (ii) the amount of any variation between Interest payable to such Conduit Lenders for the preceding Interest Period based on such notices and estimates and accrued but unpaid
Interest payable to such Conduit Lenders for such Interest Period based on its final determination of the CP Rate for each day during such Interest Period. The amount of any shortfall in Interest based on such variation shall be included in the
portion of the Interest payable to such Conduit Lenders on the next succeeding Distribution Date, and the amount of any overpayment of interest to such Conduit Lenders based on such variation shall be credited against the portion of the Interest
otherwise payable to such Conduit Lenders on the next succeeding Distribution Date. 
 (b) The Borrower shall pay to each Managing Agent the
Unused Fee in the amounts set forth in the Fee Letter on the dates set forth therein. 
 (c) All payments of Interest for each Interest
Period shall be made out of Available Collections in accordance with Section 2.06(b). 
 SECTION 2.05. Principal
Payments—Generally. The Aggregate Loan Principal Balance shall be payable in installments equal to the Monthly Principal Payment Amount on each Distribution Date, to the extent of available funds therefor, in accordance with
Section 2.06. Notwithstanding the foregoing, the Aggregate Loan Principal Balance shall be due and payable on the Maturity Date. 
 (a)
Optional Prepayments. The Borrower may, at its option, prepay on any Business Day all or any portion of any Loan upon prior written notice delivered to each Managing Agent (with a copy to the Paying Agent) not later than 12:00 p.m. (New York
City time) three (3) Business Days prior to the date of such payment. Each such notice shall be in the form attached as Exhibit H and shall specify (i) the aggregate amount of the prepayment to be made on the Loans and (ii) the
Business Day on which the Borrower will make such prepayment. Each such prepayment shall be in a minimum principal amount equal to $1,000,000 and in integral multiples of $100,000 in excess thereof and shall be made ratably among the Lenders based
on the aggregate Principal Amount of the Loans held by each. Each such prepayment of the Loans to the Lenders in such Managing Agent’s Lender Group must be accompanied by a payment of all accrued and unpaid Interest on the amount prepaid, all
Liquidation Fees with respect to such prepayment and all Hedge Breakage Costs and any other amounts payable by the Borrower under or with respect to any Hedging Agreement arising from any related release of Pledged Timeshare Loans pursuant to
Section 2.15 in connection with such prepayment. Any notice of a prepayment shall be irrevocable. Any such prepayment shall be made out of Collections by transfer by the Paying Agent of funds from the Collection Account to the Lenders at the
written direction of the Borrower or out of other funds of the Borrower. 
 (b) Mandatory Prepayments. If a Borrowing Base Deficiency
exists on any Distribution Date, the Borrower shall no later than the close of business on the third Business Day following such Distribution Date, prepay the Aggregate Loan Principal Balance in part or in whole, such that after giving effect to
such prepayment the Aggregate Loan Principal Balance does not exceed the Borrowing Base. 

  
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 SECTION 2.06. Application of Collections. 

(a) Subject to Section 2.16, funds on deposit in the Collection Account from time to time may be invested in Permitted Investments at the
direction of the Borrower. Each such Permitted Investment shall mature not later than the Business Day preceding the next Distribution Date and shall be held to maturity. Each investment instruction by the Borrower, which may be a standing
instruction, shall designate specific types of Permitted Investments (and the terms thereof) and shall certify that such investments constitute Permitted Investments that will mature at the time specified in the preceding sentence. Absent the
written instruction of the Borrower, the funds on deposit in the Collection Account shall remain uninvested. None of the Administrative Agent, the Paying Agent or Securities Intermediary shall be liable for any loss incurred in connection with an
investment in the Collection Account, except for losses due to such Person’s failure to make payments on such Permitted Investments issued by such Person in its commercial capacity as principal obligor (and not as Administrative Agent, Paying
Agent or Securities Intermediary). 
 (b) On each Distribution Date, the Paying Agent shall, based solely on the information set forth in
the related Monthly Report, apply all Available Funds for such Distribution Date in the following order and priority: 
 (i)
first, to the Servicer, the Servicing Fee for the immediately preceding Collection Period, together with any accrued and unpaid Servicing Fees and reimbursement of any amounts owing under Section 2.3(c) of the Servicing Agreement and, if
the Servicer is a Successor Servicer, to the extent not previously paid by the predecessor Servicer, reasonable Transition Expenses (up to a maximum of $100,000 in the aggregate over the term of this Agreement) incurred in becoming the Successor
Servicer; 
 (ii) second, pro rata, (i) to the Backup Servicer, any accrued and unpaid Backup Servicing Fees, out-of-pocket expenses and indemnification amounts then due and payable by the Borrower to the Backup Servicer, provided that such out-of-pocket expenses and indemnification amounts shall not exceed $10,000 in the aggregate in any calendar year, (ii) to the Custodian, any accrued and unpaid Custodial Fees, out-of-pocket expenses and indemnification amounts then due and payable by the Borrower to the Custodian; provided that such out-of-pocket expenses and indemnification amounts shall not exceed $10,000 in the aggregate in any calendar year, and (iii) to the Paying Agent, any accrued and unpaid Paying Agent Fees, out-of-pocket expenses and indemnification amounts then due and payable by the Borrower to the Paying Agent pursuant to this Agreement; provided that such out-of-pocket expenses and indemnification amounts shall not exceed $20,000 in the aggregate in any calendar year; 

(iii) third, pro rata (A) to the Lenders in accordance with Section 2.06(c), the Interest and Unused Fees due
to the Lenders for the related Interest Period and any accrued Interest and Unused Fees with respect to any prior Interest Period to the extent not paid on a prior Distribution Date and (B) (1) to the Hedge Counterparties, pro rata, net
payments, if any, (excluding Hedge Breakage Costs) then due and payable to them by the Borrower under the Hedging Agreements and (2) to the Hedge Reserve Account, the amount necessary, if any, to cause the Hedge Reserve Amounts to equal the
Hedge Reserve Account Required Balance for such Distribution Date; 
 (iv) fourth, pro rata (A) to the Lenders in
accordance with Section 2.06(c), the Monthly Principal Payment Amount on such Distribution Date and (B) to the Hedge Counterparties, pro rata, Hedge Breakage Costs, if any, then due and payable to them by the Borrower under the Hedging
Agreements; 

  
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 (v) fifth, to the Lenders in accordance with Section 2.06(c),
any other fees, costs, expenses or indemnities then due or payable by the Borrower under this Agreement or any other Facility Document; 

(vi) sixth, to the extent not previously paid pursuant to clause (ii) above, pro rata, to the Backup Servicer, the
Custodian and the Paying Agent any fees, costs, expenses or indemnities due from the Borrower to such Person under this Agreement or any other Facility Document; 

(vii) seventh, pro rata to each Lender in accordance with Section 2.06(c), the amount of any voluntary reduction of
the Aggregate Loan Principal Balance that the Borrower has elected to effect on such Distribution Date; and 
 (viii)
eighth, any remaining amounts to or at the direction of the Borrower. 
 (c) The Paying Agent shall remit each installment of
Interest, Unused Fees or principal in respect of the Loans pursuant to Section 2.06(b) to the Lenders (or the related Managing Agent) by wire transfer in immediately available funds to the account designated by such Lender or its related
Managing Agent in writing to the Paying Agent. Each Managing Agent shall allocate all payments received by the Paying Agent under this Section 2.06(c) to the Lenders in the related Lender Group. Amounts in respect of (i) Interest and
Unused Fees shall be allocated and paid to the Lenders based on the amounts accrued at their applicable rates on their respective Invested Percentages, (ii) the principal of the Loans shall be allocated and paid by the Paying Agent to the
Lenders based on their respective Invested Percentages and (iii) fees, costs, expenses or indemnities shall be allocated and paid by the Paying Agent to the Lenders to whom such amounts are due and payable. 

SECTION 2.07. Extension of Commitment Termination Date. The Borrower may, no more frequently than once every six months by
delivering written notice to the Managing Agents (with a copy to the Administrative Agent and the Conduit Lenders), request the Lenders to extend the Commitment Termination Date for an additional number of days past the then applicable Commitment
Termination Date, with such extension to become effective with respect to any Lender Group, as of the date one or more Committed Lenders having Commitments equal to 100% of such Lender Group’s Lender Group Limit shall in their sole discretion
consent to such extension (the Lenders in such a Lender Group, “Extending Lenders”). Any such request shall be subject to the following conditions: (i) none of the Lenders will have any obligation to extend any Commitment and
(ii) any such extension of the Commitment Termination Date will be effective only upon the written agreement of at least one Committed Lender and the Borrower. The Managing Agent for each applicable Committed Lender will respond to any such
request within thirty (30) days (with a copy to the Paying Agent), provided, that any Managing Agent’s failure to respond within such period shall be deemed to be a rejection of the requested extension. 

SECTION 2.08. Payments and Computations, Etc All amounts to be paid to the Administrative Agent, the Managing Agents or the Lenders by
the Borrower hereunder shall be paid or deposited in accordance with the terms hereof no later than 2:00 p.m. (New York City time) on the day when due in lawful money of the United States of America in immediately available funds to the Collection
Account or such account as the Administrative Agent or the relevant Managing Agents may designate prior to such payment from time to time in writing. The Borrower shall, to the extent permitted by law, pay to the Affected Party interest on any
amounts not paid by the Borrower when due hereunder at 2.00% per annum above the Prime Rate from time to time in effect, payable on demand. All computations of Interest, Unused Fees and Servicing Fees hereunder shall be made on the basis of a year
of 360 days for the actual number of days (including the first but excluding the last day) elapsed; provided, that all computations of Interest calculated at the Prime Rate shall be made on the basis of a year of 365 days for the actual number of
days 

  
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(including the first but excluding the last day) elapsed. In no event shall any provision of this Agreement require the payment or permit the collection of Interest in excess of the maximum
permitted by applicable law. In the event that any payment hereunder (whether constituting a repayment of Loans or a payment of Interest or any other amount) is rescinded or must otherwise be returned for any reason, the amount of such payment shall
be restored and such payment shall be considered not to have been made. 
 SECTION 2.09. Interest Protection. 

(a) If due to either: (i) the introduction of or any change (including any change by way of imposition or increase of reserve
requirements) in or in the interpretation by any Governmental Authority of any law or regulation after the Amendment No. 4 Effective Date, or (ii) the compliance by any Affected Party with any directive or request from any central bank or
other Governmental Authority (whether or not having the force of law) imposed after the Amendment No. 4 Effective Date, (1) there shall be an increase in the cost (other than Taxes) to such Affected Party of funding or maintaining any Loan
which accrues Interest at the Adjusted LIBO Rate hereunder or of extending a commitment in respect thereof, (2) such Affected Party shall be required to make a payment calculated by reference to any Loan which accrues Interest at the Adjusted
LIBO Rate funded by it or Interest received by it or (3) any Affected Party shall be subjected to any Taxes (other than Indemnified Taxes or Excluded Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or
its deposits, reserves, other liabilities or capital attributable thereto, then the Borrower shall, from time to time, within thirty (30) days after demand by the related Managing Agent, pay such Managing Agent for the account of such Affected
Party (as a third party beneficiary, in the case of any Affected Party other than one of the Lenders), that portion of such increased costs incurred, amounts not received or required payment made or to be made, which, subject to the requirements of
Section 2.09, such Managing Agent reasonably determines is attributable to funding and maintaining, or extending a commitment to fund, any Loan which accrues Interest at the Adjusted LIBO Rate hereunder or pursuant to any Liquidity Agreement or
similar liquidity facility. 
 (b) Each Managing Agent will promptly notify the Borrower and the Administrative Agent of any event of which
it has knowledge, occurring after the Amendment No. 4 Effective Date, which will entitle any Affected Party in its Lender Group to compensation pursuant to Section 2.09(a). Each Affected Party will designate a different lending office if
such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the judgment of such Affected Party, be otherwise disadvantageous to it or inconsistent with its internal policies and procedures. In determining
the amount of such compensation, such Lender may use any reasonable averaging and attribution methods. The applicable Affected Party (or such party’s related Managing Agent) shall submit to the Borrower a certificate in reasonable detail
describing such increased costs incurred, amounts not received or receivable or required payment made or to be made, which certificate shall be conclusive in the absence of manifest error. 

(c) Failure or delay on the part of any Managing Agent to demand compensation pursuant to Section 2.09(a) shall not constitute a waiver
of such Managing Agent’s right to demand such compensation; provided that the Borrower shall not be required to compensate any Lender or related Liquidity Provider pursuant to this Section for any increased capital unless such Managing Agent
gives notice to the Borrower and the Administrative Agent to compensate such Lender or Liquidity Provider pursuant to this Section within 120 days after the date such Managing Agent knows an event has occurred pursuant to which such Lender or
Liquidity Provider will seek such compensation. 
 SECTION 2.10. Increased Capital. 

(a) If either (i) the introduction of or any change in or in the interpretation by any Official Body of any law, rule or regulation
(including any law, rule or regulation regarding capital adequacy or liquidity coverage) or (ii) compliance by any Affected Party with (x) any directive or request from any central bank or other Official Body (whether or not having the
force of law) imposed after the Amendment No. 4 Effective Date or (y) the requirements of, whether such compliance is 

  
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commenced prior to or after the Amendment No. 4 Effective Date, any of (a) the FAS 166/167 Capital Guidelines, (b) Basel II or Basel III Regulations or (c) the Dodd-Frank Act,
or any existing or future rules, regulations, guidance, interpretations or directives from the U.S. bank regulatory agencies relating to the FAS 166/167 Capital Guidelines, Basel II, Basel III Regulations or the Dodd-Frank Act (whether or not having
the force of law) affects or would affect the amount of capital or assets required or expected to be maintained by such Affected Party or such Affected Party reasonably determines that the amount of such capital is increased by or based upon the
existence of any Lender’s agreement to make or maintain Loans hereunder and other similar agreements or facilities and such event would have the effect of reducing the rate of return on the assets or capital of such Affected Party by an amount
deemed by such Affected Party to be material, then, within thirty (30) days after demand by such Affected Party or the related Managing Agent, the Borrower shall pay to such Affected Party (as a third party beneficiary, in the case of any
Affected Party other than one of the Lenders) or the related Managing Agent for the account of such Affected Party from time to time, as specified by such Affected Party or such Managing Agent, additional amounts sufficient to compensate such
Affected Party in light of such circumstances, to the extent that such Affected Party or such Managing Agent on behalf of such Affected Party reasonably determines such increase in capital to be attributable to the existence of the applicable
Lender’s agreements hereunder. 
 (b) Each Managing Agent will promptly notify the Borrower and the Administrative Agent of any event
of which it has knowledge, occurring after the Amendment No. 4 Effective Date, which will entitle any Lender or Affected Party in its Lender Group to compensation pursuant to Section 2.10(a). Each Lender or Affected Party will designate a
different lending office if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the judgment of such Lender or Affected Party, be otherwise disadvantageous to it or inconsistent with its internal
policies. In determining the amount of such compensation, such Lender or Affected Party may use any reasonable averaging and attribution methods. The applicable Lender or Affected Party (or such party’s related Managing Agent) shall submit to
the Borrower a certificate describing such compensation, which certificate shall be conclusive in the absence of manifest error. 
 (c)
Failure or delay on the part of any Managing Agent to demand compensation pursuant to Section 2.10(a) shall not constitute a waiver of such Managing Agent’s right to demand such compensation; provided that the Borrower shall not be
required to compensate any Lender or Affected Party in its Lender Group pursuant to this Section for any increased capital unless such Managing Agent gives notice to the Borrower and the Administrative Agent to compensate such Lender or Affected
Party in its Lender Group pursuant to this Section within 120 days after the date such Managing Agent knows an event has occurred pursuant to which such Lender or Affected Party in its Lender Group will seek such compensation. 

(d) If any Lender or Affected Party has, or anticipates having, any claim for compensation under Section 2.10(a) against the Borrower,
and such Affected Party or Lender believes that having the transactions contemplated by this Agreement publicly rated by a Rating Agency or qualifying under the supervisory formula approach under Basel II would reduce the amount of such compensation
by an amount deemed by such Affected Party or Lender to be material, such Affected Party or Lender shall provide a request for Required Data or a Rating Request to the Borrower and the Servicer. Any Affected Party or Lender may also provide a
request for Required Data or a Rating Request to the Borrower and the Servicer at any other time prior to the Commitment Termination Date. The Borrower shall cooperate with such Affected Party or Lender’s efforts to obtain Required Data and/or
a credit rating from the Rating Agency specified in the Rating Request at the level that reasonably reflects the economics and credit of the Loans at the time of such request, and shall provide directly or through distribution to such Affected Party
or Lender any information such Rating Agency may require for purposes of providing and monitoring the credit rating. The Affected Party or Lender making the Rating Request shall bear the costs and expenses of providing the Required Data and pay the
initial and any subsequent and ongoing fees payable to the Rating Agency in connection with a Rating Request pursuant to this Section 2.10(d). 

  
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 SECTION 2.11. Funding Losses. In the event that any Liquidity Provider or any Lender
shall incur (i) any Liquidation Fees as a result of any reduction of the Principal Amount of any Loan at any time other than in accordance with this Agreement or (ii) any loss or expense (including any loss or expense incurred by reason of
the liquidation or reemployment of deposits or other funds acquired by such Liquidity Provider or Lender in order to fund or maintain any Loan or interest therein) as a result of the failure of the Borrower to accept the proceeds of any Loan in
accordance with a request therefor under Section 2.02, then, upon demand from the related Managing Agent to the Borrower, the Borrower shall pay to such Managing Agent for the account of such Liquidity Provider or Lender, the amount of such
loss, expense or Liquidation Fees. Such written notice shall, in the absence of manifest error, be conclusive and binding upon Borrower. 

SECTION 2.12. Taxes. 

(a) Except to the extent required by applicable law, any and all payments and deposits required to be made hereunder or under any instrument
delivered hereunder by the Borrower (or the Servicer on its behalf) or the Paying Agent shall be made free and clear of and without deduction for Taxes. If the Paying Agent, the Borrower or the Servicer shall be required by law to make any deduction
for Indemnified Taxes, (i) the Borrower shall make an additional payment to such Affected Party, in an amount sufficient so that, after making all required deductions (including deductions applicable to additional sums payable under this
Section 2.12), such Affected Party receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Paying Agent or the Borrower (or the Servicer, on its behalf) shall make such deductions and
(iii) the Paying Agent or the Borrower (or the Servicer, on its behalf) shall pay the full amount deducted to the relevant taxing authority or other authority in accordance with applicable law. If the Paying Agent, the Borrower or the Servicer
is required by law to deduct any Excluded Taxes, then (A) the Paying Agent, the Borrower or the Servicer, as applicable, shall make such deductions, (B) the Paying Agent, the Borrower or the Servicer, as applicable, shall pay the amount
deducted to the relevant taxing authority or other authority in accordance with applicable law, and (C) the amounts so deducted and paid to the relevant taxing authority shall be treated under this Agreement as made to the Affected Party. 

(b) In addition, the Borrower agrees to pay any present or future stamp or other documentary Taxes or any other similar excise or property
taxes or levies which arise from any payment made hereunder or under any instrument delivered hereunder or from the execution, delivery or registration of, or otherwise with respect to, this Agreement or any instrument delivered hereunder, other
than Connection Taxes resulting from an assignment. 
 (c) Each Affected Party: 

(i) that is a “United States person” within the meaning of Section 7701(a)(30) of the Code agrees to complete
and to deliver to the Borrower and the Paying Agent on or before the Closing Date (or, if later, on or prior to the date it becomes a party to this Agreement) a duly completed and executed copy of IRS Form W-9
or successor form establishing that the Affected Party is a United States person that is not subject to U.S. backup withholding Tax; 

(ii) that is not organized under the laws of the United States or any State thereof shall timely deliver to the Borrower and
the Paying Agent such properly completed and executed documentation prescribed by applicable laws or by the taxing authorities of any jurisdiction and such other reasonably requested information as will permit the Paying Agent, the Borrower or the
Servicer, as the case may be, to determine (A) whether or not payments made hereunder are subject to Taxes, (B) if applicable, the required rate of withholding or deduction, and (C) such Affected Party’s entitlement to any
available exemption from, or reduction of, applicable Taxes in respect of all payments to be made to such Affected Party by the Borrower or the Paying Agent pursuant to this Agreement or otherwise to establish such Affected Party’s status for

  
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withholding tax purposes in the applicable jurisdiction. Without limiting the generality of the foregoing, each Affected Party which is not organized under the laws of the United States or any
State thereof shall, on or prior to the date that such Affected Party becomes a party to or obtains rights under this Agreement, deliver to the Borrower and the Paying Agent as applicable: (1) two duly completed and executed copies of the IRS
Form W-8BEN or W-8ECI (or any successor form) as applicable; (2) in the case of an Affected Party claiming the benefits of the exemption for portfolio interest
under Section 881(c) of the Code, two duly completed and executed copies of Form W-8BEN along with a certificate to the effect that such Affected Party is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code,
and conducting a trade or business in the United States with which the relevant interest payments are effectively connected; (3) in the case of an Affected Party that is not a beneficial owner of payments made under any Facility Document, two
duly completed and executed copies of the IRS Form W-8IMY on behalf of itself and the relevant forms prescribed in this clause (ii) on behalf of each beneficial owner, provided, however, that if the
Affected Party is a partnership and one or more partners are claiming the exemption for portfolio interest under Section 881(c) of the Code, such Affected Party may provide the certificate described in (2) above; and (4) to the extent
it may lawfully do so, such other forms or certificates as may be required under the laws of any applicable jurisdiction (on or before the date that any such form expires or becomes obsolete), in order to permit the Borrower and the Paying Agent to
make payments to, and deposit funds to or for the account of, such Affected Party hereunder and under the other Facility Documents without any deduction or withholding for or on account of any Tax or to determine the correct amount of Tax to deduct
and withhold from payments to the Affected Party. Each such Affected Party, to the extent it may lawfully do so, shall submit to the Borrower and the Paying Agent (with copies to the Administrative Agent) two updated, completed, and duly executed
versions of: (x) all forms referred to in the previous sentence upon the expiry of, or the occurrence of any event requiring a change in, the most recent form previously delivered by it to the Borrower and the Paying Agent or the substitution
of such form; and (y) such extensions or renewals thereof as may reasonably be requested by the Borrower or the Paying Agent; and 

(iii) shall deliver to the Borrower and the Paying Agent such other tax forms or other documents as shall be prescribed by
applicable law, to the extent applicable, (x) to demonstrate that payments to such Affected Party under this Agreement and the Loans are exempt from any United States withholding tax imposed pursuant to FATCA or (y) to allow the Borrower
and the Paying Agent to determine the amount to deduct or withhold under FATCA from a payment hereunder, and further agrees to complete and to deliver to the Borrower and the Paying Agent from time to time, so long as it is eligible to do so, any
successor or additional form required by the IRS or reasonably requested by the Borrower or the Paying Agent in order to secure an exemption from, or reduction in the rate of, United States withholding tax imposed pursuant to FATCA. Solely for
purposes of this clause (iii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 (d) If the
Borrower is required to pay additional amounts to or for the benefit of any Affected Party pursuant to this Section as a result of a change of law or treaty occurring after such Affected Party first became a party to this Agreement, such Affected
Party will, at the Borrower’s request, change the jurisdiction of its applicable lending office if, in the sole judgment of such Affected Party, such change (i) will eliminate or reduce any such additional payment which may thereafter
accrue and (ii) is not otherwise disadvantageous to such Affected Party. 
 (e) If the IRS or any other Governmental Authority of the
United States or other jurisdiction asserts a claim that the Paying Agent, the Borrower or the Servicer did not properly withhold 

  
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Tax from amounts paid to or for the account of any Affected Person due to a failure on the part of the Affected Person (because the appropriate form was not delivered, was not properly executed,
or because such Affected Person failed to notify the Paying Agent, the Borrower or the Servicer of a change in circumstances which rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason) such Affected
Person shall indemnify and hold the Paying Agent, the Borrower and the Servicer harmless for all amounts paid, directly or indirectly, by the Paying Agent, the Borrower or the Servicer, as Tax or otherwise, including penalties and interest, and
including any Taxes imposed by any jurisdiction on the amounts payable to the Paying Agent, the Borrower or the Servicer under this Section 2.12, together with all costs and expenses (including attorneys fees and expenses). The obligation of
the Affected Persons under this subsection shall survive the payment of all obligations under this Agreement. 
 (f) If any Affected Party
reasonably determines that it has received a refund of any Taxes as to which it has been indemnified by the Borrower or the Servicer or with respect to which the Borrower or the Servicer has paid additional amounts pursuant to this Section 2.12
it shall promptly pay over such refund to the Borrower or the Servicer, as applicable, (but only to the extent of payments made, or additional amounts paid, by the Borrower under this Section 2.12 with respect to Taxes giving rise to such a
refund), net of all reasonable out-of-pocket expenses of such Affected Party and without interest (other than any interest paid by the relevant governmental authority
with respect to such a refund). 
 (g) The Borrower shall indemnify each Affected Party, within 10 days after demand therefor, for the full
amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Affected Party or required to be withheld or deducted from a payment to such Affected
Party and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to the Borrower by an Affected Party shall be conclusive absent manifest error. 
 SECTION 2.13. Security
Interest 
 (a) As security for the performance by the Borrower of all the terms, covenants and agreements on the part of the Borrower to
be performed under this Agreement or any other Facility Document, including the payment when due of all Borrower Obligations, the Borrower hereby grants to the Administrative Agent, for the benefit of the Secured Parties, a security interest in all
of the Borrower’s right, title and interest in, to and under the following, whether now owned or hereafter acquired, now existing or hereafter created, and wherever located (collectively, the “Collateral”): 

(i) the Pledged Timeshare Loans, together with all Collections and all monies due (including any payments made under any
guarantee or similar credit enhancement with respect to any such Timeshare Loans) to become due or received by any Person in payment of any of the Pledged Timeshare Loans on or after the respective Cutoff Dates for the Pledged Timeshare Loans; 

(ii) the Related Security with respect to the Pledged Timeshare Loans; 

(iii) the Account Collateral; 

(iv) all Hedge Collateral; 

(v) the Sale and Contribution Agreement, the Servicing Agreement, the Custody Agreement and any other Facility Document to
which the Borrower is a party and all remedies thereunder and the assignment to the Administrative Agent of all UCC financing statements filed by the Borrower against Seller under or in connection with the Sale and Contribution Agreement; 

  
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 (vi) all present and future claims, demands, causes of action and choses in
action in respect of any or all of the foregoing and all payments on or under of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or
other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of
obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of the foregoing; 

(vii) all accounts, general intangibles, payment intangibles, instruments, investment property, documents, chattel paper,
goods, moneys, letters of credit, letter of credit rights, certificates of deposit, deposit accounts and all other property and interests in property of the Borrower, whether tangible or intangible; and 

(viii) all income and proceeds of the
foregoing, other than proceeds of a Timeshare Loan that has been foreclosed upon and remarketed and for which the
applicable Timeshare Interest relates to the “Hilton Grand Vacations at the Crane”
Resort. 
 (b) The Borrower hereby authorizes the filing of financing
statements, and continuation statements and amendments thereto and assignments thereof, describing the collateral covered thereby as “all of debtor’s personal property or assets” or words to that effect, notwithstanding that such
wording may be broader in scope than the collateral described in this Section 2.13. The Borrower authorizes the Administrative Agent to file financing or continuation statements, and amendments thereto and assignments thereof, relating to the
Pledged Timeshare Loans and the other Collateral without the signature of the Borrower. A photocopy or other reproduction of this Agreement shall be sufficient as a financing statement where permitted by law. This Agreement shall constitute a
security agreement under applicable law. 
 (c) The Borrower represents and warrants that each remittance of Collections by it to the
Administrative Agent, the Managing Agents or the Lenders hereunder will have been (i) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Borrower and (ii) made in the ordinary
course of business or financial affairs. 
 SECTION 2.14. Refinancings. 

(a) On any Business Day, the Borrower shall have the right to prepay all or a portion of the Aggregate Loan Principal Balance and request the
Administrative Agent to release its security interest and Lien on some or all of the Pledged Timeshare Loans in connection with a Refinancing, subject to the following terms and conditions: 

(i) The Borrower shall have given the Administrative Agent, the Paying Agent, the Custodian and the Servicer at least ten
(10) Business Days’ prior written notice of its intent to effect a Refinancing and, at least three (3) Business Days prior to the closing of the Refinancing, shall provide the Administrative Agent, the Custodian and the Servicer with
the related Refinancing Release together with a funds flow memorandum indicating sources and uses to the reasonable satisfaction of the Administrative Agent with respect to such Refinancing; 

(ii) Unless such Refinancing is to be effected on a Distribution Date (in which case the relevant calculations with respect to
such Refinancing shall be reflected on the applicable Monthly Report), the Servicer shall deliver to the Administrative Agent a Refinancing Date Certificate and an updated Monthly Loan Tape together with evidence reasonably satisfactory to the
Administrative Agent that the conditions precedent set forth in clauses (iii)(D) and (E) below will be satisfied. 

  
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 (iii) On the related Refinancing Date, the following shall be true and
correct and the Borrower shall be deemed to have certified that, after giving effect to the Refinancing, the related prepayment of the Aggregate Loan Principal Balance pursuant to Section 2.05(b) and the release to the Borrower of the related
Pledged Timeshare Loans on the related Refinancing Date: 
 (A) no adverse selection procedure shall have been used by the
Borrower with respect to the Pledged Timeshare Loans that will remain subject to this Agreement after giving effect to the Refinancing (except as is necessary to comply with normal and customary eligibility criteria for asset-backed securities
transactions involving timeshare loans); 
 (B) the representations and warranties contained in Section 4.01 are true
and correct in all material respects, except to the extent relating to an earlier date; 
 (C) no Default or Event of
Default has occurred and is continuing; and 
 (D) no Borrowing Base Deficiency exists. 

(iv) On the related Refinancing Date, the Paying Agent shall have received, for the benefit of the Secured Parties, in
immediately available funds, (A) the portion of the Aggregate Loan Principal Balance to be prepaid pursuant to Section 2.05(b), (B) an amount equal to all accrued and unpaid Interest to the extent reasonably determined by the
Administrative Agent to be attributable to that portion of the Aggregate Loan Principal Balance to be paid in connection with the Refinancing and (C) all Liquidation Fees with respect to such prepayment and all Hedge Breakage Costs and any
other amounts payable by the Borrower under or with respect to any Hedging Agreement arising from the release of Pledged Timeshare Loans pursuant to Section 2.15 in connection with such Refinancing payable to any Indemnified Party under this
Agreement through the date of such prepayment. The amount paid pursuant to (1) clause (A) shall be applied on such Refinancing Date to the payment of principal on the Aggregate Loan Principal Balance, (2) clause (B) shall be deposited in
the Collection Account to be included in Available Funds for the next Distribution Date (or for such Distribution Date, if the Refinancing Date is also a Distribution Date) pursuant to Section 2.06 and (3) clause (C) shall be paid to the
Persons to whom such amounts are owed on such Refinancing Date, in each case in accordance with the written directions from the Borrower to the Paying Agent. 

(b) The Borrower hereby agrees to pay the reasonable legal fees and expenses of the Administrative Agent, the Managing Agents, the Custodian,
the Backup Servicer, the Paying Agent and the Lenders in connection with any Refinancing (including expenses incurred in connection with the release of the Lien of the Administrative Agent, the Lenders and any other party having such an interest in
the Timeshare Loans in connection with such Refinancing). 
 SECTION 2.15. Release of Lien. In connection with any repurchase or
substitution of Timeshare Loans by the Seller from the Borrower (a) pursuant to the Sale and Contribution Agreement or (b) effected pursuant to, and in compliance with, Section 2.14, and promptly following the Final Collection Date,
the Administrative Agent agrees, at the Borrower’s expense, and without recourse, representation or warranty, and, in the case of a Refinancing, subject to the conditions specified in Section 2.14, to execute, deliver, file and record any
release, document or other instrument and take such action that may be necessary or that the Borrower may reasonably request, to evidence the release by the Administrative Agent of its security interest in the applicable Pledged Timeshare Loans and
related Collateral. 

  
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 SECTION 2.16. The Collection Account and Hedge Reserve Account. 

(a) On or prior to the Closing Date, the Borrower shall establish and shall thereafter maintain a segregated account in the name of the
Borrower for the purpose of receiving Collections (the “Collection Account”). The taxpayer identification number associated with the Collection Account shall be that of the Borrower and the Borrower will report for Federal, state
and local income taxes, the income, if any, represented by the Collection Account. 
 (b) The Collection Account shall be established and at
all times maintained with the Paying Agent which shall act as a “securities intermediary” (as defined in Section 8-102 of the UCC) and a “bank” (as defined in Section 9-102 of the UCC) hereunder (in such capacities, the “Securities Intermediary”) with respect to the Collection Account. Wells Fargo, as initial Paying Agent, hereby confirms that the
account number of the Collection Account is
46424100the number
identified as such on Exhibit M hereto. In the event that the Paying Agent ceases to be a Qualified Institution, the Borrower shall, within thirty (30) days thereof, appoint a Qualified
Institution to be the successor Paying Agent and establish a new Collection Account at such Qualified Institution. 
 (c) The
Collection Account shall be a “securities account” as defined in Section 8-501 of the UCC and shall be maintained by the Securities Intermediary as a securities intermediary in the name of the
Borrower, subject to the lien of the Administrative Agent, for the benefit of the Secured Parties. The Securities Intermediary shall treat the Administrative Agent as the “entitlement holder” (within the meaning of Section 8-102(a)(7) of the UCC) in respect of all “financial assets” (within the meaning of Section 8-102(a)(9) of the UCC) credited to the Collection
Account; 
 (d) The Securities Intermediary hereby confirms and agrees that: 

(i) the Securities Intermediary shall not change the name or account number of the Collection Account without the prior written
consent of the Administrative Agent; 
 (ii) all securities or other property underlying any financial assets (as hereinafter
defined) credited to the Collection Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or indorsed in blank or credited to another securities account maintained in the name of the
Securities Intermediary, and in no case will any financial asset credited to the Collection Account be registered in the name of the Borrower or any other Person, payable to the order of the Borrower or specially indorsed to the Borrower or any
other Person, except to the extent the foregoing have been specially indorsed to the Administrative Agent, for the benefit of the Secured Parties, or in blank; 

(iii) all property transferred or delivered to the Securities Intermediary pursuant to this Agreement will be promptly credited
to the Collection Account; 
 (iv) the Collection Account is an account to which financial assets are or may be credited, and
the Securities Intermediary shall, subject to the terms of this Agreement, treat each of the Borrower and the Servicer as entitled to exercise the rights that comprise any financial asset credited to such account; 

(v) the Securities Intermediary shall promptly deliver copies of all statements, confirmations and other correspondence
concerning the Collection Account and/or any financial assets credited thereto simultaneously to each of the Servicer (on behalf of the Borrower) and the Administrative Agent at the address for each set forth on Schedule III to this Agreement; and

  
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 (vi) notwithstanding the intent of the parties hereto, to the extent that
Collection Account shall be determined to constitute a “deposit account” within the meaning of Section 9-102(a)(29) of the UCC, the Collection Account shall be subject to the exclusive control
of the Administrative Agent, for the benefit of the Secured Parties, and the Securities Intermediary will comply with instructions originated by the Administrative Agent directing disposition of the funds in the Collection Account without further
consent by the Borrower or the Servicer. 
 (e) The Securities Intermediary hereby agrees that each item of property (including any
investment property, financial asset, security, instrument or cash) credited to the Collection Account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the
UCC. 
 (f) Except as otherwise set forth in Section 2.16(g) and (h), the Securities Intermediary will comply with “entitlement
orders” (as defined in Section 8-102(a)(8) of the UCC) (“Entitlement Orders”) originated by the Borrower or by the Servicer. The Borrower shall not directly make any withdrawals from
the Collection Account. 
 (g) If at any time the Securities Intermediary shall receive any Entitlement Order from the Administrative Agent
(i.e., an order directing a transfer or redemption of any financial asset in the Collection Account), or any “instruction” (within the meaning of Section 9-104 of the UCC), originated by the
Administrative Agent, the Securities Intermediary shall comply with such Entitlement Order or instruction without further consent by the Borrower, the Servicer or any other Person. Notwithstanding the foregoing, the parties hereto agree that the
Securities Intermediary will comply with the following with respect to any Entitlement Order or instruction: (i) until its receipt of a Notice of Exclusive Control (as defined below) with respect to the financial assets in the Collection
Account, any cash received into the Collection Account may be invested in Permitted Investments selected by the Borrower or by the Servicer; and (ii) from and after its receipt of a Notice of Exclusive Control (as defined below), with respect
to the financial assets in the Collection Account and without further consent of the Borrower, the Servicer or any other Person, any cash received into the Collection Account, may be invested in Permitted Investments selected by the Administrative
Agent, for the benefit of the Secured Parties. 
 (h) Upon receipt by the Securities Intermediary of a written notice substantially in the
form of Exhibit
ML hereto (a “Notice of Exclusive Control”), the Securities Intermediary will take all Entitlement Orders, instructions or other directions it receives from the Administrative Agent, on behalf of
the Secured Parties, with respect to the Collection Account and the disposition of funds in the Collection Account, without further consent by the Borrower, the Servicer or any other Person, and shall cease complying with Entitlement Orders,
instructions or other directions concerning the Collection Account originated by the Borrower, the Servicer or any other Person. Notwithstanding the foregoing, promptly following receipt by the Administrative Agent of a written notice from the
Servicer identifying amounts on deposit in the Collection Account as constituting (a) 
Processing Fees, non-sufficient funds fees and late fees, or
(b) Miscellaneous Payments, the Administrative Agent will issue an Entitlement Order to the Securities Intermediary to release such Miscellaneous
Paymentsamounts under clauses (a) 
and (b) to the Servicer. 

(i) In the event that the Securities Intermediary has or subsequently obtains by agreement, by operation of law or otherwise a security
interest in the Collection Account or any financial assets, funds, cash or other property credited thereto or any security entitlement with respect thereto, the Securities Intermediary hereby agrees that such security interest shall be subordinate
to the security interest of the Administrative Agent, for the benefit of the Secured Parties. Notwithstanding the preceding sentence, 

  
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the financial assets, funds, cash or other property credited to the Collection Account will not be subject to deduction, set-off, banker’s lien, or
any other right in favor of any Person other than the Administrative Agent, for the benefit of the Secured Parties (except that the Securities Intermediary may set-off (i) all amounts due to the
Securities Intermediary in respect of customary fees and expenses for the routine maintenance and operation of the Collection Account, and (ii) the face amount of any checks that have been credited to the Collection Account but are subsequently
returned unpaid because of uncollected or insufficient funds). 
 (j) Regardless of any provision in any other agreement, for purposes of
the UCC, New York shall be deemed to be the “bank’s jurisdiction” (within the meaning of Section 9-304 of the UCC) and the “security intermediary’s jurisdiction” (within the
meaning of Section 8-110 of the UCC). 
 (k) Whenever the Borrower initially elects to exercise
the Hedge Reserve Option in accordance with Section 5.03(c), the Borrower shall cause to be established and shall cause to be maintained an account in the name of the Administrative Agent (the “Hedge Reserve
Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit and security of the Secured Parties. The Hedge Reserve Account shall be a segregated bank account initially established with the
Administrative Agent. The Administrative Agent for the benefit of the Secured Parties shall possess all right, title and interest in all funds on deposit from time to time in the Hedge Reserve Account and in all proceeds thereof. The Hedge Reserve
Account shall be under the sole dominion and control of the Administrative Agent for the benefit of the Secured Parties. Subject to this Section 2.16, amounts on deposit in the Hedge Reserve Account may be invested in
Permitted Investments selected by the Borrower or by the Servicer. Funding, withdrawals and payments from the Hedge Reserve Account shall be made in the following manner: 

(i) Funding. On each Determination Date or Borrowing Date occurring in a Hedging Period, if the Borrower has exercised
and not revoked the Hedge Reserve Option, the Borrower shall deposit or shall cause to be deposited into the Hedge Reserve Account the amount necessary to cause the amount on deposit in the Hedge Reserve Account to be equal to the Hedge Reserve
Account Required Balance (after giving effect to a Borrowing (if any) on such Determination Date or Borrowing Date, existing Hedging Agreements and Hedging Agreements entered into in respect of such Determination Date or Borrowing Date) and
thereafter, on each Distribution Date, if the amount on deposit in the Hedge Reserve Account (after giving effect to any deposit of the applicable portion of the proceeds on such Determination Date) is less than the Hedge Reserve Account Required
Balance, a deposit shall be made to the Hedge Reserve Account, to the extent of Available Funds as provided in Section 2.06 hereof. 

(ii) Hedging Agreement Trigger Event. If the Borrower is required to purchase Hedging Agreements in accordance with
Section 5.03 at any time after the Borrower has deposited amounts in the Hedge Reserve Account, the Administrative Agent shall, as directed by the Borrower or the Servicer, to the extent of funds available in the Hedge
Reserve Account, either (i) pay the applicable Hedging Agreement premium to the related Hedge Counterparty, or (ii) in the event the Borrower provides the Administrative Agent with evidence that it has already paid such premium, reimburse
the Borrower. To the extent there are funds remaining in the Hedge Reserve Account following the payment of such Hedging Agreement premium, the Administrative Agent shall withdraw such funds from the Hedge Reserve Account and deposit such funds into
the Collection Account as Available Funds for the immediately following Distribution Date. To the extent that the Issuer fails to purchase or cause to be purchased Hedging Agreements in the timeframe required by the Hedging Requirements, the
Administrative Agent is authorized to obtain such Hedging Agreement on behalf of the Borrower and to withdraw from the Hedge Reserve Account, to the extent of funds available therein, the applicable Hedging Agreement premium and to pay such amount
to the related Hedge Counterparty. 

  
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 (iii) Payment in Full. To the extent that on the Distribution Date on
which the Aggregate Loan Principal Balance will be reduced to zero, there are amounts on deposit in the Hedge Reserve Account, the Administrative Agent shall withdraw all amounts on deposit in the Hedge Reserve Account and shall deposit such amounts
into the Collection Account as Available Funds. 
 (iv) Amounts in Excess of Hedge Reserve Account Required Balance.
If, on any Distribution Date, amounts on deposit in the Hedge Reserve Account are greater than the Hedge Reserve Account Required Balance (after giving effect to all other distributions and disbursements on such Distribution Date), the
Administrative Agent shall, based on the Monthly Report, withdraw funds in excess of the Hedge Reserve Account Required Balance from the Hedge Reserve Account and deposit such funds into the Collection Account as Available Funds on such Distribution
Date for application in accordance with Section 2.06 hereof. If on any Determination Date, Borrowing Date or Distribution Date, the Borrower has revoked its election, in whole or in part, to fund the Hedge Reserve Account,
provided that the Borrower has otherwise complied with the Hedging Requirements, amounts on deposit in the Hedge Reserve Account shall be deposited in the Collection Account as Available Funds. 

SECTION 2.17. The Paying Agent. 

(a) The Borrower hereby appoints Wells Fargo as the initial Paying Agent. All payments of amounts due and payable in respect of the Borrower
Obligations that are to be made from amounts withdrawn from the Collection Account pursuant to Section 2.06 shall be made on behalf of the Borrower by the Paying Agent. On the Final Collection Date, all funds then held by any Paying Agent other
than the Administrative Agent under this Agreement shall, upon demand of the Borrower, be paid to the Administrative Agent to be held and applied according to Section 2.06, and thereupon such Paying Agent shall be released from all further
liability with respect to such funds. 
 (b) On each Distribution Date, the Borrower shall pay to the Paying Agent the Paying Agent Fee
pursuant to Section 2.06(b)(ii). 
 (c) The Paying Agent hereby agrees that subject to the provisions of this Section, it shall: 

(i) hold any sums held by it for the payment of amounts due with respect to the Borrower Obligations in trust for the benefit
of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

(ii) give the Administrative Agent notice of any default by the Borrower of which it has actual knowledge in the making of any
payment required to be made with respect to the Borrower Obligations; 
 (iii) at any time during the continuance of any such
default, upon the written request of the Administrative Agent (a copy of which shall be provided by the Administrative Agent to the Borrower and the Servicer), forthwith pay to the Administrative Agent any sums so held in trust by such Paying Agent;

  
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 (iv) immediately resign as a Paying Agent and forthwith pay to the
Administrative Agent any sums held by it in trust for the payment of the Borrower Obligations if at any time it ceases to be a Qualified Institution; 

(v) comply with all requirements of the Code and any applicable State law with respect to the withholding from any payments
made by it in respect of any Borrower Obligations of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith; and 

(vi) provide to the Managing Agents such information as is required to be delivered under the Code or any State law applicable
to the particular Paying Agent, relating to payments made by the Paying Agent under this Agreement. 
 (d) Each Paying Agent (other than the
initial Paying Agent) shall be appointed by the Borrower with the prior written consent of the Administrative Agent and the Majority Managing Agents. The Borrower shall not appoint any Paying Agent which is not, at the time of such appointment, a
Qualified Institution. 
 (e) The Borrower shall indemnify the Paying Agent and its officers, directors, employees and agents for, and hold
them harmless against any loss, liability or expense incurred, other than in connection with the willful misconduct, gross negligence or bad faith on the part of the Paying Agent, arising out of or in connection with (i) the performance of its
obligations under and in accordance with this Agreement, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties under this Agreement and
(ii) the negligence, willful misconduct or bad faith of the Borrower in the performance of its duties hereunder. All such amounts shall be payable in accordance with Section 2.06. 

(f) The Paying Agent shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Paying Agent
in such capacity herein. No implied covenants or obligations shall be read into this Agreement against the Paying Agent and, in the absence of gross negligence, willful misconduct or bad faith on the part of the Paying Agent, the Paying Agent may
conclusively rely on the truth of the statements and the correctness of the opinions expressed in any certificates or opinions furnished to the Paying Agent pursuant to and conforming to the requirements of this Agreement. 

(g) The Paying Agent shall not be liable for (i) an error of judgment made in good faith by one of its officers; or (ii) any action
taken, suffered or omitted to be taken in good faith in accordance with or believed by it to be authorized or within the discretion or rights or powers conferred, by this Agreement or at the direction of a Lender, Managing Agent or the
Administrative Agent relating to the exercise of any power conferred upon the Paying Agent under this Agreement, in each case, unless it shall be proved that the Paying Agent shall have been grossly negligent or acted in bad faith or with willful
misconduct in ascertaining the pertinent facts. 
 (h) The Paying Agent shall not be charged with knowledge of any Default or Event of
Default unless a Responsible Officer of the Paying Agent obtains actual knowledge of such event or the Paying Agent receives written notice of such event from the Borrower, the Servicer, any Secured Party or the Administrative Agent, as the case may
be. 
 (i) Without limiting the generality of this Section, the Paying Agent shall have no duty (i) to see to any recording, filing or
depositing of this Agreement or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest in the Collateral, or to see to 

  
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the maintenance of any such recording or filing or depositing or to any recording, refiling or redepositing of any thereof, (ii) to see to the payment or discharge of any Tax, assessment or
other governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Pledged Timeshare Loans, (iii) to confirm or verify the contents of any reports or certificates of the Servicer
or the Borrower delivered to the Paying Agent pursuant to this Agreement believed by the Paying Agent to be genuine and to have been signed or presented by the proper party or parties or (iv) to ascertain or inquire as to the performance or
observance of any of the Borrower’s or the Servicer’s representations, warranties or covenants under this Agreement or any other Facility Document. 

(j) The Paying Agent shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of any of
its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable grounds for believing that the repayment of such funds or adequate indemnity against such risk or liability shall not be reasonably assured to it,
and none of the provisions contained in this Agreement shall in any event require the Paying Agent to perform, or be responsible for the manner of performance of, any of the obligations of the Borrower under this Agreement. 

(k) The Paying Agent may rely and shall be protected in acting or refraining from acting upon any resolution, certificate of a Responsible
Officer, any Monthly Report, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and to have
been signed or presented by the proper party or parties. 
 (l) The Paying Agent may consult with counsel of its choice with regard to legal
questions arising out of or in connection with this Agreement and the advice or opinion of such counsel, selected with due care, shall be full and complete authorization and protection in respect of any action taken, omitted or suffered by the
Paying Agent in good faith and in accordance therewith. 
 (m) The Paying Agent shall be under no obligation to exercise any of the rights,
powers or remedies vested in it by this Agreement (except to comply with its obligations under this Agreement and any other Facility Document to which it is a party) or to institute, conduct or defend any litigation under this Agreement or in
relation to this Agreement, at the request, order or direction of the Administrative Agent or any Managing Agent pursuant to the provisions of this Agreement, unless the Administrative Agent, on behalf of the Secured Parties, or such Managing Agent
shall have offered to the Paying Agent reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby. 

(n) The Paying Agent shall not be bound to make any investigation into the facts of matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing so to do by a Lender, a Managing Agent or the Administrative Agent; provided, that if the payment within a
reasonable time to the Paying Agent of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation shall be, in the opinion of the Paying Agent, not reasonably assured by the Borrower, the Paying Agent may
require reasonable indemnity against such cost, expense or liability as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Borrower or, if paid by the Paying Agent, shall be reimbursed by the Borrower
to the extent of funds available therefor pursuant to Section 2.06. 
 (o) The Paying Agent shall not be responsible for the acts or
omissions of the Administrative Agent, the Borrower, the Servicer, any Managing Agents, any Lender, any Hedge Counterparty or any other Person. 

  
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 (p) Any Person into which the Paying Agent may be merged or converted or with which it may
be consolidated, or any Person resulting from any merger, conversion or consolidation to which to Paying Agent shall be a party, or any Person succeeding to the business of the Paying Agent, shall be the successor of the Paying Agent under this
Agreement, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 

(q) The Paying Agent does not assume and shall have no responsibility for, and makes no representation as to, monitoring the value of the
Timeshare Loans and other Collateral. 
 (r) If the Paying Agent shall at any time receive conflicting instructions from the Administrative
Agent and the Borrower or the Servicer or any other party to this Agreement and the conflict between such instructions cannot be resolved by reference to the terms of this Agreement, the Paying Agent shall be entitled to rely on the instructions of
the Administrative Agent. In the absence of bad faith, gross negligence or willful misconduct on the part of the Paying Agent, the Paying Agent may rely and shall be protected in acting or refraining from acting upon any resolution, officer’s
certificate, any Monthly Report, certificate of auditors, or any other certificate, statement, instrument, opinion, report, notice request, consent, order, appraisal, bond or other paper or document believed by it to be genuine and to have been
signed or presented by the proper party or parties. The Paying Agent may rely upon the validity of documents delivered to it, without investigation as to their authenticity or legal effectiveness, and the parties to this Agreement will hold the
Paying Agent harmless from any claims that may arise or be asserted against the Paying Agent because of the invalidity of any such documents or their failure to fulfill their intended purpose. 

(s) The Paying Agent is authorized, in its sole discretion, to disregard any and all notices or instructions given by any other party hereto
or by any other person, firm or corporation, except only such notices or instructions as are herein provided for and orders or process of any court entered or issued with or without jurisdiction. If any property subject hereto is at any time
attached, garnished or levied upon under any court order or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in case any order, judgment or decree shall be made
or entered by any court affecting such property or any part hereof, then and in any of such events the Paying Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ, judgment or decree with which it is advised
by legal counsel of its own choosing is binding upon it, and if it complies with any such order, writ, judgment or decree it shall not be liable to any other party hereto or to any other person, firm or corporation by reason of such compliance even
though such order, writ, judgment or decree maybe subsequently reversed, modified, annulled, set aside or vacated. 
 (t) The Paying Agent
may: (i) terminate its obligations as Paying Agent under this Agreement (subject to the terms set forth herein) upon at least 30 days’ prior written notice to the Borrower, the Servicer, the Managing Agents and the Administrative Agent;
provided, however, that, without the consent of the Administrative Agent and the Majority Managing Agents, such resignation shall not be effective until a successor Paying Agent reasonably acceptable to the Administrative Agent and the
Majority Managing Agents shall have accepted appointment by the Borrower as Paying Agent, pursuant hereto and shall have agreed to be bound by the terms of this Agreement; or (ii) be removed at any time by written demand, of the Administrative
Agent and the Majority Managing Agents, delivered to the Paying Agent, the Borrower and the Servicer. In the event of such termination or removal, the Borrower with the consent of the Administrative Agent and the Majority Managing Agents shall
appoint a successor paying. If, however, a successor paying agent is not appointed by the Borrower within ninety (90) days after the giving of notice of resignation, the Paying Agent may petition a court of competent jurisdiction for the
appointment of a successor paying agent. 

  
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 (u) Any successor Paying Agent appointed pursuant hereto shall (i) execute,
acknowledge, and deliver to the Borrower, the Servicer, the Administrative Agent, and to the predecessor Paying Agent an instrument accepting such appointment under this Agreement. Thereupon, the resignation or removal of the predecessor Paying
Agent shall become effective and such successor Paying Agent, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties, and obligations of its predecessor as Paying Agent under this Agreement, with
like effect as if originally named as Paying Agent. The predecessor Paying Agent shall upon payment of its fees and expenses deliver to the successor Paying Agent all documents and statements and monies held by it under this Agreement; and the
Borrower and the predecessor Paying Agent shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Paying Agent all such rights, powers, duties,
and obligations. 
 (v) In the event the Paying Agent’s appointment hereunder is terminated without cause, the Borrower shall reimburse
the Paying Agent for the reasonable out-of-pocket expenses of the Paying Agent incurred in transferring any funds in its possession to the successor Paying Agent. 

(w) The parties hereto acknowledge and agree that the Paying Agent shall not be required to act as a “commodity pool operator” (as
defined in the Commodity Exchange Act, as amended) or be required to undertake regulatory filings related to this Agreement or any Facility Document in connection therewith. 

SECTION 2.18. Defaulting Committed Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Committed Lender
becomes a Defaulting Committed Lender, then the following provisions shall apply for so long as such Committed Lender is a Defaulting Committed Lender: 

(a) Unused Fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Committed Lender pursuant to
Section 2.04; 
 (b) notwithstanding anything to the contrary contained in Section 2.03 hereof, the unused portion
of the Commitment of such Defaulting Committed Lender may be reduced to zero without any contemporaneous ratable reduction of the Commitments of the other Committed Lenders; 

(c) neither the Commitment nor the Loans of such Defaulting Committed Lender shall be included in determining whether all
Lenders, a majority of the Lenders or the Majority Managing Agents have taken or may take any action hereunder and the Managing Agent of the Lender Group which includes such Defaulting Committed Lender shall not be included in determining whether
all Managing Agents have taken or may have taken any action hereunder (including, in each case, any consent to any amendment or waiver pursuant to Section 10.01); provided, that any waiver, amendment or modification
requiring the consent of all Lenders or Managing Agents or each affected Lender or Managing Agent, as applicable, which affects such Defaulting Committed Lender or the related Managing Agent differently than other affected Lenders or Managing Agents
shall require the consent of such Defaulting Committed Lender or the related Managing Agent, as applicable; and 
 (d) the
Borrower may replace such Defaulting Committed Lender in accordance with Section 2.19 of this Agreement. 
 In the event that the Administrative Agent
determines that a Defaulting Committed Lender has adequately remedied all matters that caused such Committed Lender to be a Defaulting Committed Lender, then (x) the Pro Rata Shares, the Lender Group Limits and Lender Group Percentages shall be
readjusted to reflect the inclusion of such Committed Lender’s Commitment and on such date such Committed Lender shall 

  
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purchase at par such of the Loans of the other Lenders as the Administrative Agent and the Managing Agents shall determine may be necessary in order for such Committed Lender to hold such Loans
in accordance with its Pro Rata Share and for such Committed Lender’s Lender Group to hold such Loans in accordance with its Lender Group Percentage and (y) the provisions of clauses (a) through (d) above shall, from and after such
determination, cease to be of further force or effect with respect to such Committed Lender. 
 SECTION 2.19. Replacement of Lender
Group. If (i) any Affected Party requests compensation under Section 2.09(a) or 2.10(a), (ii) any Conduit Lender ceases to fund or maintain its Loans through the issuance of Commercial Paper, (iii) any Managing Agent fails
to give consent to any amendment or waiver to the Facility Documents requiring the consent of 100% of the Managing Agents or 100% of the Managing Agents for all affected Lenders and Managing Agents whose Lender Group Limits together equal or exceed
66 2/3 percent of the Lender Group Limits required for such vote have consented, (iv) any Committed Lender becomes a Defaulting Committed Lender or becomes the subject of a Bail-In Action or
(v) any Designated Delay Funding Lender delivers a Funding Delay Notice,, then Borrower may, at its sole expense and effort, upon notice to the related Managing Agent and the Administrative Agent, require each Lender in such Managing
Agent’s Lender Group to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 10.03), all of its respective interests, rights and obligations under this Agreement to an assignee that
shall assume such obligations (which assignee may be another Conduit Lender or Committed Lender, as applicable, if a Conduit Lender or Committed Lender accepts such assignment); provided, that (x) the Borrower shall have received the prior
written consent of the Administrative Agent with respect to any assignee that is not already a member of a Lender Group hereunder, which consent shall not unreasonably be withheld, conditioned or delayed, (y) each member of such assigning
Lender Group shall have received payment of an amount equal to all outstanding Loans funded or maintained by such Lender Group, together with all accrued Interest thereon and all accrued Unused Fees and other Borrower Obligations payable to them
hereunder and under the other Facility Documents, from the assignee (to the extent of such outstanding Loans) and (z) in the case of any such assignment resulting from a claim for compensation under Section 2.09(a) or Section 2.10(a),
such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances
entitling the Borrower to require such assignment and delegation cease to exist. 
 SECTION 2.20. LIBOR Replacement.
Notwithstanding anything to the contrary in this Agreement or any other Facility Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrower or the Managing Agents notify the
Administrative Agent (with, in the case of the Managing Agents, a copy to Borrower) that the Borrower or the Managing Agents (as applicable) have determined, that: 

(a) adequate and reasonable means do not exist for ascertaining the LIBO Rate for any requested Interest Period, including,
without limitation, because the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; 

(b) the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent
has made a public statement identifying a specific date after which the LIBO Rate or the LIBOR Screen Rate shall no longer be made available, or used for determining the interest rate of loans, provided that, at the time of such statement, there is no successor administrator that is satisfactory to the
Administrative Agent, that will continue to provide the LIBO Rate after such specific date (such specific date, the “Scheduled Unavailability Date”); or 

(c) syndicated loans currently being executed, or that include language similar to that contained in this Section, are being
executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace the LIBO Rate, 

  
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 then, reasonably promptly after such determination by the Administrative Agent or receipt by the
Administrative Agent of such notice, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace the LIBO Rate with an(x) one or more SOFR-Based Rates or
(y) another alternate benchmark rate (and, in each
case, including any mathematical or other adjustments to the such benchmark (if any) incorporated therein), giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks
(,
which adjustment or method for calculating such adjustment shall be published on an information service as
selected by the Administrative Agent from time to time in its reasonable discretion and may be periodically updated (the “Adjustment;” and any such proposed rate, a “LIBOR
Successor Rate”), together with any proposed LIBOR Successor Rate Conforming Changes and any
such amendment shall become effective at 5:00 p.m. (New York time) on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, the Lenders comprising
the Managing Agents have delivered to the Administrative Agent written notice that such Managing Agents do not accept(A) in the case of an amendment to replace the LIBO Rate with a rate described in clause (x), object to the Adjustment; or
(B) in the case of an amendment to replace the LIBO Rate with a rate described in clause (y), object to such amendment;
provided that for the avoidance of doubt, in the case of clause (A), the Managing Agents shall not be entitled to object to any
SOFR-Based Rate contained in any such amendment. Such LIBOR
Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent such market
practice is not administratively feasible for the Administrative Agent, such LIBOR Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent, in consultation with the Borrower. 
 If no LIBOR Successor Rate has been determined and the circumstances under clause
(a) above exist or the Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Loans the
Interest Rates for which are calculated using the LIBO Rate shall be suspended, (to the extent of the affected Loans or Interest Periods), and (y) the Alternative Rate for any day should be an interest rate per annum equal to the Prime Rate in
effect on such day. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar loans (to the extent of the affected Eurodollar loans or Interest Periods) or, failing that,
will be deemed to have converted such request into a request for a Borrowing of Loans (subject to the foregoing clause (y)) in the amount specified therein. 

Notwithstanding anything else herein, in no event shall the LIBOR Successor Rate be less than zero for purposes of this Agreement. If the
LIBOR Successor Rate is calculated to be less than zero hereunder, it shall be deemed zero for the purposes of this Agreement. 
 In connection with the implementation of a LIBOR Successor Rate, the Administrative Agent will have the right to make LIBOR
Successor Rate Conforming Changes from time to time in its reasonable discretion and, notwithstanding anything to the contrary herein or in any other Facility Document, any amendments implementing such LIBOR Successor Rate Conforming Changes in the
discretion of the Administrative Agent and in consultation with the Borrower will become effective without any further action or consent of any other party to this Agreement. 

ARTICLE III 
 CONDITIONS PRECEDENT

 SECTION 3.01. Conditions Precedent to Effectiveness. As conditions precedent to the effectiveness of this Agreement, and the
initial Borrowing hereunder the Managing Agents shall have received each of the documents, instruments, legal opinions and other agreements listed on Schedule IV that are required to be delivered on or prior to the date hereof, together with all
fees due and payable on the date hereof. 

  
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 SECTION 3.02. Conditions Precedent to All Borrowings. Each Borrowing (including the
Initial Borrowing) made by the Lenders to the Borrower (except as set forth in Section 2.02(e)(iv)), shall be subject to the further conditions precedent that on the date of each Borrowing, each of the following shall be true and correct both
before and immediately after giving effect to such Borrowing: 
 (a) the Administrative Agent shall have received from the Servicer the
Monthly Report most recently required to be delivered pursuant to the Servicing Agreement; 
 (b) the representations and warranties
contained in Article IV shall be true and correct in all material respects on and as of such date as though made on and as of such date unless such representations and warranties by their terms refer to an earlier date, in which case they shall be
true and correct in all material respects on and as of such earlier date; 
 (c) no event has occurred and is continuing, or would result
from such Borrowing which constitutes a Default, an Event of Default, a Servicer Termination Event or an Unmatured Servicer Termination Event; 

(d) the Amortization Date has not occurred; 

(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; 

(f) no Borrowing Base Deficiency shall exist before such Borrowing and, after giving pro forma effect to such Borrowing, any concurrent
Transfer of Timeshare Loans to the Borrower with the proceeds of such Borrowing and/or any concurrent release of Pledged Timeshare Loans on such date pursuant to Section 2.15, no Borrowing Base Deficiency shall exist; 

(g) if any Timeshare Loans are being Transferred to the Borrower with the proceeds of such Borrowing, after giving effect to such Transfer,
the weighted average FICO® score of all Obligors of Eligible Timeshare Loans on the Applicable Measurement Date with FICO® scores
(weighted based on the Timeshare Loan Balances on such date) shall be at least 700715; 

(h) if such date occurs during a Hedging Period, the Borrower shall be in compliance with Section 5.03; 

(i) upon the reasonable request of any Lender, the Borrower shall have provided to such Lender the documentation and other information so
requested in connection with applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act, in each case at least five days prior to any Borrowing; 

(j) if any Timeshare Loans for which the applicable
Timeshare Interest relates to the “Hilton Grand Vacations at the Crane” Resort are being transferred to the Borrower with the proceeds of such Borrowing, the Barbados Activation Date has occurred; 
 (k) if any
Timeshare Loans for which the applicable Timeshare Interest relates to the “Hilton Grand Vacations Chicago Downtown / Magnificent Mile” Resort are being transferred to the Borrower with the proceeds of such Borrowing, the Chicago
Activation Date has occurred; and 
 (j) (l) at least five days prior to any Borrowing, any Borrower that qualifies as a “legal entity customer”
under the Beneficial Ownership Regulation shall have delivered a Beneficial Ownership Certification in relation to such Borrower. 

  
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 Each delivery of a Borrowing Request to the Administrative Agent, and the acceptance by the Borrower of the
proceeds of any Borrowing, shall constitute a representation and warranty by the Borrower that, as of the date of such Borrowing, both before and after giving effect thereto and the application of the proceeds thereof, each of the applicable
statements set forth in clauses (a) through (j) above are true and correct to the extent set forth in such clauses. 
 SECTION 3.03.
Conditions to Funding a Delayed Funding Amount. The funding of any Delayed Funding Amount is subject to the conditions (and each funding shall evidence the Borrower’s representation and warranty that clauses (a) through (e) of this
Section 3.03 have been satisfied as of the related Delayed Funding Date) that: 
 (a) the Amortization Date has not occurred by reason
of any action taken by the Borrower under clause (iii) of the definition thereof; 
 (b) 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 the funding of such Delayed
Funding Amount; 
 (c) no Borrowing Base Deficiency shall exist before the funding of such Delayed Funding Amount and, after giving pro
forma effect to the funding of such Delayed Funding Amount, any concurrent Transfer of Timeshare Loans to the Borrower with the proceeds of the funding of such Delayed Funding Amount and/or any concurrent release of Pledged Timeshare Loans on such
date pursuant to Section 2.15, no Borrowing Base Deficiency shall exist; 
 (d) if any Timeshare Loans are being Transferred to the
Borrower on such Delayed Funding Date, after giving effect to such Transfer, the weighted average FICO® score of all Obligors of Eligible Timeshare Loans on the Applicable Measurement Date
with FICO® scores (weighted based on the Timeshare Loan Balances on such date) shall be at least
700715; and 
 (e) if such date occurs during a Hedging Period, the Borrower shall be in compliance
with Section 5.03. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

SECTION 4.01. Representations and Warranties of the Borrower. The Borrower represents and warrants as of the Closing Date and on each
date a Loan is made as follows: 
 (a) Due Formation and Good Standing. The Borrower is a limited liability company, duly organized,
validly existing and in good standing under the laws of the State of Delaware and is duly qualified to do business, and is in good standing, in every jurisdiction where the nature of its business requires it to be so qualified. 

(b) Due Authorization and No Conflict. The execution, delivery and performance by the Borrower of this Agreement, the Sale and
Contribution Agreement and all other Facility Documents to which it is a party, and the transactions contemplated hereby and thereby, are within the Borrower’s limited liability company powers, have been duly authorized by all necessary limited
liability company action and do not contravene or constitute a default under, any provision of applicable law or of the Borrower’s certificate of formation or of the limited liability company agreement or of any agreement, judgment, injunction,
decree or other instrument binding upon the Borrower or result in the creation or imposition of any Adverse Claim on any asset of the Borrower. This Agreement, the Sale and Contribution Agreement and the other Facility Documents to which the
Borrower is a party have been duly executed and delivered on behalf of the Borrower. 

  
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 (c) Governmental Consent. No authorization or approval or other action by, and no
notice to or filing with, any Governmental Authority is required for the due execution, delivery and performance by the Borrower of this Agreement, the Sale and Contribution Agreement or any other agreement, document or instrument to be delivered by
it hereunder that has not already been given or obtained, except for filings under the UCC required under Article III. 
 (d)
Enforceability of Facility Documents. Each of this Agreement, the Sale and Contribution Agreement and each other Facility Document to be delivered by the Borrower in connection herewith, constitutes the legal, valid and binding obligation of
the Borrower enforceable against the Borrower in accordance with its terms, subject to the Enforceability Exceptions. 
 (e) No
Litigation. (i) There is no action, suit, proceeding or investigation pending or, to the best knowledge of the Borrower, threatened, against the Borrower or the property of the Borrower in any court, or before any arbitrator of any kind, or
before or by any Governmental Authority and (ii) the Borrower is not subject to any order, judgment, decree, injunction, stipulation or consent order of or with any Governmental Authority that, in the case of either of the foregoing clauses
(i) and (ii), (A) asserts the invalidity of this Agreement or any other Facility Document, (B) seeks to prevent the grant of any Collateral by the Borrower to the Administrative Agent, the ownership or acquisition by the Borrower of the
Timeshare Loans or the consummation of any of the transactions contemplated by this Agreement or any other Facility Document, (C) seeks any determination or ruling that, in the reasonable judgment of the Borrower, would materially and adversely
affect the performance by the Borrower of its obligations under this Agreement or any other Facility Document or the validity or enforceability of this Agreement or any other Facility Document or (D) individually or in the aggregate for all
such actions, suits, proceedings and investigations could reasonably be expected to have a Material Adverse Effect. The Borrower is not in default with respect to any order of any court, arbitrator or Governmental Authority. 

(f) Perfection Representations. 

(i) This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral in
favor of the Administrative Agent, which security interest is prior to all other Adverse Claims arising under the UCC, and is enforceable as such against creditors of the Borrower, subject to applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity); 

(ii) The Pledged Timeshare Loans and the documents evidencing such Pledged Timeshare Loans constitute “accounts”,
“chattel paper”, “instruments” or “general intangibles” within the meaning of the applicable UCC; 

(iii) The Borrower owns and has good and marketable title to the Collateral free and clear of any Adverse Claims; 

(iv) The Borrower has caused or will have caused, within ten days of the Closing Date, the filing of all appropriate financing
statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral granted to the Administrative Agent hereunder; 

  
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 (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. 
 (vi)
Other than the security interest granted to the Administrative Agent pursuant to this Agreement, the Borrower has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral. The Borrower has not
authorized the filing of and is not aware of any financing statements against the Borrower that include a description of the Collateral other than any financing statement relating to the security interest granted to the Administrative Agent
hereunder or that has been terminated. 
 (vii) All financing statements filed or to be filed against the Borrower in favor
of the Administrative Agent in connection herewith describing the Collateral contain a statement to the following effect: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the
Secured Party.” 
 (viii) None of the Obligor Notes that constitute or evidence the Pledged Timeshare Loans has any
marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Borrower and the Administrative Agent. 

(g) Compliance with Laws. The Borrower has complied with all applicable laws, rules, regulations, orders, writs, judgments,
injunctions, decrees or awards to which it may be subject, the violation of which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

(h) Accuracy of Information. The information, reports, financial statements, exhibits and schedules furnished in writing by or on
behalf of the Borrower to the Administrative Agent, any Managing Agent or any Lender in connection with the negotiation, preparation or delivery of this Agreement and the other Facility Documents or included herein or therein or delivered pursuant
hereto or thereto (but excluding any projections, forward looking statements, budgets, estimates and general market data as to which the Borrower only represents and warrants that such information was prepared in good faith based upon assumptions
believed by it to be reasonable at the time), when taken as a whole, do not contain any untrue statement of material fact or omit to state any material fact necessary to make the statements herein or therein, in light of the circumstances under
which they were made, not misleading. All written information furnished after the date hereof by or on behalf of the Borrower to the Administrative Agent, any Managing Agent or any Lender in connection with this Agreement and the other Facility
Documents and the transactions contemplated hereby and thereby will be true, complete and accurate in every material respect, or (in the case of projections) based on reasonable estimates, on the date as of which such information is stated or
certified. Each document or instrument included in a Timeshare Loan File delivered to the Custodian by or on behalf of the Borrower with respect to a Pledged Timeshare Loan that is not the originally executed document or instrument is a true and
correct copy of such document or instrument. 
 (i) Location of Records; Organizational Identification Number. The locations of the
offices where the Borrower keeps all the Records are listed on Exhibit D. The Borrower’s federal employer identification number is
95-4349751 and its organizational identification number is
5313725are as set forth on Exhibit M. The Borrower
is organized solely under the laws of the State of Delaware. 

  
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 (j) Collection Information. The names and addresses of all Account Banks, together
with the address of the Lockbox and the account numbers of the Accounts are as specified in Exhibit E. The Lockbox set forth on Exhibit E is the only address to which Obligors are directed to make payment. The Clearing Account set forth on Exhibit E
is the only account to which Collections received from Obligors by means of pre-authorized debits from a deposit of such Obligor pursuant to a PAC or from a credit card of such Obligor pursuant to a Credit
Card Account will be deposited. Except as provided in the Clearing Account Control Agreement, none of the Seller, the Borrower or the Servicer has granted any Person, other than the Administrative Agent, “control” (within the meaning of Section 9-102 of any applicable enactment of the UCC) of the Unidentified Receipts Account or the Clearing Account or the right to take control of the Unidentified Receipts Account or the Clearing Account at a
future time or upon the occurrence of a future event. 
 (k) No Trade Names. The Borrower has no, and has not used any, trade names,
fictitious names, assumed names or “doing business as” names. 
 (l) Investments. The Borrower does not own or hold,
directly or indirectly (i) any capital stock or equity security of, or any equity interest in, any Person or (ii) any debt security or other evidence of Indebtedness of any Person, except for Permitted Investments and as otherwise
contemplated by the Facility Documents. The Borrower has no Subsidiaries. 
 (m) Facility Documents. The Sale and Contribution
Agreement delivered to the Administrative Agent is the only agreement pursuant to which the Borrower directly or indirectly purchases and receives capital contributions of Timeshare Loans from the Seller. 

(n) Business. Since its formation, the Borrower has conducted no business other than entering into and performing it obligations under
the Facility Documents to which it is a party, and such other activities as are incidental to the foregoing. The Facility Documents to which it is a party, and any agreements entered into in connection with the transactions that are permitted by
Section 5.03(b), are the only agreements to which the Borrower is a party. 
 (o) Taxes. The Borrower has (i) filed or has
received an extension of time for filing of, all United States Federal income Tax returns (if any) and all other material Tax returns which are required to be filed by it and (ii) paid all material Taxes that are due and payable by it, except
to the extent that any such Tax is being contested in good faith by appropriate proceedings. The charges, accruals and reserves on the books of the Borrower in respect of Taxes and other governmental charges are, in the Borrower’s opinion,
adequate. 
 (p) Solvency. The Borrower: (i) is not “insolvent” (as such term is defined in §101(32)(A) of the
Bankruptcy Code), (ii) is able to pay its debts as they come due; and (iii) does not have unreasonably small capital for the business in which it is engaged or for any business or transaction in which it is about to engage. 

(q) Use of Proceeds. No proceeds of any Loan will be used by the Borrower to acquire any security in any transaction which is subject
to Section 13 or 14 of the Securities Exchange Act of 1934. 
 (r) Ownership. As of the date hereof, all of the Equity Interests
(other than the special membership interest of the Independent Directors) in the Borrower are validly issued and directly owned of record by the Seller; the Seller has no obligation to make further payments for the purchase of such Equity Interests
or contributions to the Borrower solely by reason of its ownership of such Equity Interests, and there are no options, warrants or other rights to acquire any Equity Interests in the Borrower. 

  
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 (s) Eligibility. Each Pledged Timeshare Loan represented by the Borrower to be an
“Eligible Timeshare Loan” in any Borrowing Request or included in the calculation of the Borrowing Base on any Distribution Date, Refinancing Date or Borrowing Date satisfied the requirements of eligibility contained in the definition of
“Eligible Timeshare Loan” as of the Cutoff Date for such Pledged Timeshare Loan. 
 (t) Payments to Seller. With respect to
each Pledged Timeshare Loan, the Borrower shall have (i) received such Pledged Timeshare Loan as a contribution to the capital of the Borrower by the Seller or (ii) purchased such Pledged Timeshare Loan from the Seller in exchange for
payment (made by the Seller in accordance with the provisions of the Sale and Contribution Agreement) in an amount which constitutes fair consideration and reasonably equivalent value. No such sale shall have been made for or on account of an
antecedent debt owed by the Seller to the Borrower and no such sale is or may be voidable or subject to avoidance under any section of the Bankruptcy Code. 

(u) Event of Default. No Default or Event of Default has occurred or is continuing. 

(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. 
 (w) Investment Company Act; Volcker
Rule. The Borrower (i) is not a “covered fund” under the Volcker Rule and (ii) is not an “investment company” within the meaning of the Investment Company Act and the Borrower has not relied exclusively on either or
both of Sections 3(c)(1) or 3(c)(7) of the Investment Company Act for an exception from registration. 
 (x) Certain LCR Matters. The
Borrower has not issued (i) any obligations that constitute asset-backed commercial paper, (ii) securities required to be registered under the Securities Act of 1933, as amended or that may be offered for sale under Rule 144A of the
Securities and Exchange Commission thereunder, or (iii) any other debt obligations or equity interests other than (A) debt obligations substantially similar to the obligations of the Borrower under this Agreement that are (1) issued
to banks or asset-backed commercial paper conduits in privately negotiated transactions, and (2) subject to transfer restrictions substantially similar to the transfer restrictions set forth in Section 10.03 of this Agreement and
(B) Equity Interests of the Borrower issued to the Seller. The Borrower’s assets and liabilities are consolidated with the assets and liabilities of the Seller for purposes of GAAP. 

(y) Beneficial Ownership Certification. As of April 25, 2019, the information included in the Beneficial Ownership Certification
delivered by the Borrower to the Administrative Agent is true and correct in all respects. 
 ARTICLE V 

COVENANTS 
 SECTION 5.01.
Affirmative Covenants of the Borrower. Except as otherwise provided herein, from the Closing Date until the later of the Amortization Date and the Final Collection Date, the Borrower will, unless the Administrative Agent and the Majority
Managing Agents shall otherwise consent in writing: 
 (a) Compliance with Laws, Etc. Comply in all material respects with all
applicable laws, ordinances, orders, rules, regulations and requirements of Governmental Authorities, the violation of which either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

  
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 (b) Preservation of Existence. (i) Observe all procedures required by its
certificate of formation and the limited liability company agreement and preserve and maintain its limited liability company existence, rights, franchises and privileges in the jurisdiction of its organization, and (ii) qualify and remain
qualified in good standing as a foreign limited liability company in each other jurisdiction where the nature of its business requires such qualification and where, in the case of clause (ii), the failure to be so qualified could reasonably be
expected to have a Material Adverse Effect. 
 (c) Audits. At any time and from time to time during regular business hours and upon
reasonable prior notice, permit the Administrative Agent, on behalf of the Lenders and Managing Agents, or its agents or representatives: (i) to conduct periodic audits of the Pledged Timeshare Loans and the other Collateral and collection
systems of the Borrower; (ii) to examine and make copies of and abstracts from the Records in its possession or control relating to the Pledged Timeshare Loans and other Collateral, including, the related Pledged Timeshare Loans; (iii) to
visit the offices and properties of the Borrower for the purpose of examining the materials described in clause (ii) above; and (iv) to discuss matters relating to the Pledged Timeshare Loans, the other Collateral or the Borrower’s
performance hereunder with any of the officers or employees of the Borrower having knowledge of such matters; provided, that if no Event of Default shall have occurred and be continuing, the Administrative Agent or its agents or
representatives shall only be entitled to conduct one (1) audit of the Borrower at the expense of the Borrower during any twelve (12) month period, beginning on the date hereof and on each anniversary of the date hereof; and provided,
further, that if an Event of Default shall have occurred and be continuing, there shall be no limit on the number of such audits the Administrative Agent or its agents or representatives shall be entitled to conduct at the expense of the
Borrower. The rights granted to the Administrative Agent in this Section 5.01(c) shall be exercised in conjunction with the rights granted to it under Section 3.2(f) of the Servicing Agreement. 

(d) Keeping of Records and Books of Account. Maintain and implement administrative and operating procedures (including an ability to
recreate records evidencing the Pledged Timeshare Loans in the event of the destruction of the originals thereof) and keep and maintain (or cause the Servicer to keep and maintain) all documents, books, records and other information reasonably
necessary for the collection of all Pledged Timeshare Loans, and in which timely entries are made in accordance with GAAP. Such books and records shall include, without limitation, records adequate to permit the daily identification of each new
Pledged Timeshare Loan and all Collections of and adjustments to each existing Pledged Timeshare Loan. 
 (e) Collections. 

(i) Instruct or cause all Obligors to be instructed to (A) send all scheduled payments of principal or interest under the
Pledged Timeshare Loans directly to the Lockbox; (B) make scheduled payments of principal or interest under the Pledged Timeshare Loans by way of pre-authorized debits from a deposit account of such
Obligor pursuant to a PAC or from a credit card of such Obligor pursuant to a Credit Card Account from which payments under the Pledged Timeshare Loans shall be electronically transferred to the Clearing Account; or (C) make payment by
electronic transfer of funds to the Clearing Account. 
 (ii) In the case of funds transfers pursuant to a PAC or Credit Card
Account, or other electronic means, take, or instruct the Clearing Account Bank to take, all necessary and appropriate action to ensure that each such pre-authorized debit or credit card payment or transfer is
credited directly to the Clearing Account. 
 (iii) Cause the Clearing Account to at all times be subject to the Clearing
Account Control Agreement. 

  
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 (f) Recordation of Assignments of Mortgage. At the direction of the Administrative
Agent, the Borrower shall, upon the occurrence of an Event of Default or a Servicer Termination Event cause the recordation of each unrecorded Global Assignment or one or more assignments with respect to the Mortgages relating to the Pledged
Timeshare Loans (together, the “Assignments”) with each Requisite Office. Each such submission for recordation shall occur within thirty (30) calendar days of the occurrence of such Event of Default or Servicer Termination
Event. The Borrower shall deliver all documents necessary to effect such recordations and pay all costs, fees and expenses related to each such recordation, including all recordation taxes with respect to such Assignments, any costs and/or expenses
related to the assembly of such Assignments and the delivery thereof to the proper Governmental Authority for recordation, and any attorneys’ fees or fees for other professionals incurred in connection with the recordation of such Assignments.

 (g) Separate Existence. Maintain the Borrower’s identity as a separate legal entity from each of the Seller and all other
Subsidiaries of the Seller (each a “Hilton Grand Vacations Entity” and collectively, the “Hilton Grand
Vacations Entities”) and to make it manifest to third parties that the Borrower is an entity with assets and liabilities distinct from those of the Hilton Grand Vacations Entities. The Borrower shall operate in such a manner
and be constituted so that each of the following statements will be true and correct at all relevant times: 
 (i) the
Borrower maintains and shall maintain separate records, books of account and financial statements from those of the Hilton
Grand Vacations Entities; 

(ii) the Borrower shall at all times maintain all of its liabilities and tangible and intangible assets, separate and readily
identifiable, from those of each Hilton Grand Vacations Entity
and, except to the extent permitted pursuant to the Facility Documents, the Borrower does not and shall not commingle any of its assets or funds with those of any Hilton
Grand Vacations Entity; 

(iii) the Borrower maintains and shall maintain an office separate from that of any other entity and a separate board of
directors and observes all separate limited liability company formalities, and all decisions with respect to the Borrower’s business and daily operations have been and shall be independently made by the officers of the Borrower pursuant to
authority granted by its limited liability company agreement and by resolutions of its board of directors; 
 (iv) other than
contributions of capital, distributions of funds and return of capital, no transactions have been or will be entered into between the Borrower and the Seller or between the Borrower and any Hilton Grand Vacations Entity except such transactions as are contemplated by
this Agreement and the other Facility Documents, or as permitted by the Borrower’s organizational documents, and the Borrower shall not enter into or permit to exist any transaction (including any purchase, lease or exchange of property or the
rendering of any service) with any Hilton Grand Vacations
Entity other than those described in Section 5.04(j); 
 (v) the Borrower acts solely in its own name and through
its own authorized officers and agents and the Borrower does not and will not act as agent of any Hilton Grand
Vacations Entity or any other Person in any capacity; 
 (vi)
except for any funds received from the Seller as a capital contribution or as otherwise permitted in this Agreement or any other Facility Document, the Borrower shall not accept for its own account funds from any Hilton Grand Vacations Entity; and the Borrower shall not allow any Hilton
Grand Vacations Entity otherwise to supply funds to, or
guarantee any obligation of, the Borrower; 

  
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 (vii) the Borrower shall not guarantee, or otherwise become liable with
respect to, any obligation of any Hilton Grand Vacations Entity;

 (viii) the Borrower shall at all times hold itself out to the public under the Borrower’s own name as a legal
entity separate and distinct from the Seller and the other Hilton Grand Vacations Entities, and not hold itself out as a “division” of the Seller or any other Hilton
Grand Vacations Entity; 

(ix) the Borrower is a company with limited purposes (as specified in its limited liability company agreement) and has not
engaged, and does not presently engage and shall not engage, in any activity other than the activities undertaken pursuant to this Agreement and the Facility Documents and activities ancillary or incidental thereto and transactions permitted
pursuant to its organizational documents, and has no Indebtedness other than as created by, or set forth in, this Agreement or the other Facility Documents; 

(x) all of the issued and outstanding membership interests of the Borrower are owned by the Seller, and all distributions by
the Borrower to the Seller shall be properly reflected as distributions on the books and records of the Seller; 
 (xi) the
execution and delivery of this Agreement and the Facility Documents and the consummation of the transactions contemplated hereby and thereby were not made in contemplation of the insolvency of the Borrower or after the commission of any act of
insolvency by the Borrower. The Borrower does not believe, nor does it have any reasonable cause to believe, that it cannot perform its covenants contained in this Agreement and the other Facility Documents to which it is a party. The transactions
contemplated by this Agreement and the Facility Documents are being consummated by the Borrower in furtherance of its ordinary business purposes, with no intent to hinder, delay or defraud any of its present or future creditors and with no view to
preferring one creditor over another or to preventing the application of the Borrower’s assets in the manner required by applicable law or regulations; and 

(xii) both immediately before and after the transactions contemplated by this Agreement and the other Facility Documents
(y) the present fair salable value of the Borrower’s assets in the normal course of its business operations was or will be in excess of the amount that will be required to pay its probable liabilities as they then exist and as they become
absolute and matured; and (z) the sum of the Borrower’s assets was and will be greater than the sum of its debts, valuing its assets at a fair salable value. This Agreement and the Facility Documents reflect bona fide transactions for
legitimate business purposes; 
 (h) Beneficial Ownership Certification. The Borrower will notify the Administrative Agent and the
Lenders of any change in the information provided in the Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified on such certification. 

(i) Location of Records. Keep its chief place of business and chief executive office and the offices where it keeps the Records at
(i) the address(es) of the Borrower referred to on Exhibit D or (ii) upon 30 days’ prior written notice to the Administrative Agent, at any other location in the United States where all actions reasonably requested by the
Administrative Agent or any Managing Agent to protect and perfect the interests of the Administrative Agent and the Lenders in the Collateral have been taken and completed. 

(j) Taxes. File, cause to be filed or obtain an extension of the time to file, all material Tax returns and reports required by law to
be filed by it and will promptly pay or cause to be paid all Taxes 

  
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and governmental charges at any time owing, provided that the Borrower may contest in good faith any such Taxes, assessments and other charges and, in such event, may permit the Taxes,
assessments or other charges so contested to remain unpaid during any period, including appeals, when the Borrower is in good faith contesting the same so long as (i) adequate reserves have been established in accordance with GAAP,
(ii) enforcement of the contested Tax, assessment or other charge is effectively stayed for the entire duration of such contest if such enforcement could reasonably be expected to have a Material Adverse Effect, and (iii) any Tax,
assessment or other charge determined to be due, together with any interest or penalties thereon, is promptly paid as required after final resolution of such contest, and pay when due any Taxes payable in connection with the Pledged Timeshare Loans,
exclusive of Taxes on or measured by income or gross receipts of the Administrative Agent, the Managing Agents or the Lenders. 
 (k)
Performance and Enforcement of Sale and Contribution Agreement. (i) Perform and require the Seller to, perform each of their respective obligations and undertakings under and pursuant to the Sale and Contribution Agreement; purchase
Timeshare Loans thereunder in compliance with the terms thereof; (ii) enforce the rights and remedies accorded to the Borrower under the Sale and Contribution Agreement and (iii) take all actions to perfect and enforce its rights and
interests (and the rights and interests of the Administrative Agent and the Lenders as assignees of the Borrower) under the Sale and Contribution Agreement as the Administrative Agent may from time to time reasonably request, including making claims
to which it may be entitled under any indemnity, reimbursement or similar provision contained in the Sale and Contribution Agreement. 
 (l)
Ownership. Take all necessary action to (i) vest legal and equitable title to the Pledged Timeshare Loans and the other Collateral purchased under the Sale and Contribution Agreement irrevocably in the Borrower, free and clear of any
Adverse Claims (including the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect the Borrower’s interest in the Pledged
Timeshare Loans and the other Collateral and such other action to perfect, protect or more fully evidence the interest of the Borrower therein as the Administrative Agent or any Managing Agent may reasonably request), and (ii) establish and
maintain, in favor of the Administrative Agent, for the benefit of the Secured Parties, a valid and perfected first priority perfected security interest in all Pledged Timeshare Loans and the other Collateral to the full extent contemplated herein,
free and clear of any Adverse Claims (including the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect the Administrative
Agent’s (for the benefit of the Secured Parties) security interest in such Pledged Timeshare Loans and the other Collateral and such other action to perfect, protect or more fully evidence the interest of the Administrative Agent for the
benefit of the Secured Parties as the Administrative Agent or any Managing Agent may reasonably request). 
 (m) Independent
Directors. The Borrower will at all times have two (2) Independent Directors and ensure that all actions relating to (x) the selection, maintenance or replacement of the Independent Directors, (y) the dissolution or liquidation of
the Borrower or (z) the initiation of, participation in, acquiescence in or consent to any bankruptcy, insolvency, reorganization or similar proceeding involving the Borrower, are duly authorized by unanimous consent of the Borrower’s
directors, including the Independent Directors; and none of the Borrower or the Seller or any of the Borrower’s members or directors shall remove and replace any Independent Director without giving the Administrative Agent ten days’ prior
written notice and a certification of a Responsible Officer of the Borrower that such Person satisfies the criteria set forth in the definition herein of “Independent Director.” The Borrower shall compensate each Independent Director in
accordance with its agreement with such Independent Director (or the company employing such Independent Director as a part of its business of supplying director services to special purpose entities). No Independent Director shall at any time serve
as a trustee in bankruptcy for the Borrower or the Seller or any of their respective Affiliates. Without limiting the foregoing, the Borrower will promptly notify the Administrative Agent in writing of the resignation or removal of any Independent
Director or its receipt of any notice of intended resignation by any Independent Director. 

  
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 SECTION 5.02. Reporting Requirements of the Borrower. From the Closing Date until the
later of the Amortization Date and the Final Collection Date, the Borrower will, unless the Administrative Agent and the Majority Managing Agents shall otherwise consent in writing, furnish or cause to be furnished to the Administrative Agent (and
to the Paying Agent and Backup Servicer, with respect to (a) and (f) below): 
 (a) Notice of Certain Events. As soon as
reasonably practicable and in any event within three (3) Business Days after any Responsible Officer of the Borrower obtains knowledge of the occurrence of each Event of Default, Servicer Termination Event, Default (if such Default is
continuing on such date) or Unmatured Servicer Termination Event, the statement of a Responsible Officer of the Borrower setting forth the details of such event and the action which the Borrower is taking or proposes to take with respect thereto.

 (b) Financial Statements. Promptly upon its receipt thereof, the financial statements and compliance certificates of the Seller
provided by the Seller to the Borrower pursuant to Section 4.2(a) of the Sale and Contribution Agreement. 
 (c) Copies of
Notices. Promptly upon its receipt of any written notice, request for consent, financial statements, certification, report or other communication under or in connection with any Facility Document from the Seller, the Custodian, the Servicer, the
Backup Servicer, any Account Bank or any other Person other than the Administrative Agent that is a party thereto copies of the same. 
 (d)
ERISA Events. As soon as reasonably possible, and in any event within thirty (30) days after a Responsible Officer knows, or with respect to any Plan or Multiemployer Plan to which any Hilton Grand Vacations Entity or any of its Subsidiaries makes direct
contributions, has reason to believe, that any of the events or conditions specified below with respect to any Plan or Multiemployer Plan has occurred or exists, a statement signed by a senior financial officer of such Hilton Grand Vacations Entity setting forth details respecting such event or
condition and the action, if any, that such Hilton Grand Vacations Entity or any ERISA Affiliate proposes to take with respect thereto (and a copy of any report or notice required to be filed with or given the PBGC by such Hilton Grand Vacations Entity or such ERISA Affiliate with respect to such
event or condition): 
 (i) any Reportable Event with respect to a Plan, as to which PBGC has not by regulation or
otherwise waived the requirement of Section 4043(a) of ERISA that it be notified within thirty (30) days of the occurrence of such event (provided that a failure to meet the minimum funding standard of Section 412 of the Code or
Section 302 of ERISA, including the failure to make on or before its due date a required installment under Section 412(m) of the Code or Section 302(e) of ERISA, shall be a Reportable Event regardless of the issuance of any waivers in
accordance with Section 412(d) of the Code); and any request for a waiver under Section 412(d) of the Code for any Plan; 

(ii) the distribution under Section 4041(c) of ERISA of a notice of intent to terminate any Plan or any action taken by
such Hilton Grand Vacations Entity or such ERISA Affiliate to
terminate any Plan; 
 (iii) the institution by PBGC of proceedings under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Plan, or the receipt by such Hilton Grand
Vacations Entity or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by PBGC with respect to such Multiemployer Plan; 

  
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 (iv) the complete or partial withdrawal from a Multiemployer Plan by such
Hilton Grand Vacations Entity or any ERISA Affiliate that results
in liability under Section 4201 or 4204 of ERISA (including the obligation to satisfy secondary liability as a result of a purchaser default) or the receipt by such Hilton Grand Vacations Entity or any ERISA Affiliate of notice from a
Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA or that it intends to terminate or has terminated under Section 4041A of ERISA; 

(v) the institution of a proceeding by a fiduciary of any Multiemployer Plan against such Hilton Grand Vacations Entity or any ERISA Affiliate to enforce
Section 515 of ERISA, which proceeding is not dismissed within 30 days; and 
 (vi) the adoption of an amendment
to any Plan that, pursuant to Section 401(a)(29) of the Code or Section 307 of ERISA, would result in the loss of tax exempt status of the trust of which such Plan is a part if such Hilton Grand Vacations Entity or an ERISA Affiliate fails to timely provide
security to such Plan in accordance with the provisions of said Sections. 
 (e) Reporting on Adverse Effects. Promptly and in
no event more than three (3) Business Days after any Responsible Officer of the Borrower obtains knowledge of any matter or the occurrence of any event concerning the Borrower, the Servicer, the Seller or the Performance Guarantor which would
reasonably be expected to have a Material Adverse Effect, notice thereof. 
 (f) Other Information. As soon as reasonably
practicable, from time to time, such other information, documents, records or reports respecting the Pledged Timeshare Loans or the conditions or operations, financial or otherwise, of the Borrower as the Administrative Agent or any Managing Agent
may from time to time reasonably request. 
 (g) KYC Information. Promptly, following any request therefor, provide information and
documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” requirements under the PATRIOT Act, the Beneficial Ownership Regulation or other applicable
anti-money laundering laws. 
 (h) Securitized Portfolio. On a quarterly basis, promptly, but in no event more than forty-five
(45) days after the end of each fiscal quarter, a report reflecting the various Securitized Portfolio delinquency ratios, calculated as follows: 

(i) the percentage equivalent of a fraction (A) the numerator of which is equal to the sum of all Timeshare Loan Balances
of all Timeshare Loans included in the Securitized Portfolio that were more than 30 days but less than 91 days delinquent on the last day of the related fiscal quarter and (B) the denominator of which is equal to the aggregate Timeshare Loan
Balance of all Timeshare Loans in the Securitized Portfolio on the last day of such fiscal quarter. 
 (ii) the percentage
equivalent of a fraction (A) the numerator of which is equal to the sum of all Timeshare Loan Balances of all Timeshare Loans included in the Securitized Portfolio that were 91 days or more but less than 121 days delinquent on the last day of
the related fiscal quarter and (B) the denominator of which is equal to the aggregate Timeshare Loan Balance of all Timeshare Loans in the Securitized Portfolio on the last day of such fiscal quarter. 

(iii) the percentage equivalent of a fraction (A) the numerator of which is equal to the sum of all Timeshare Loan
Balances of all Timeshare Loans included in the Securitized Portfolio that were 121 or more days delinquent on the last day of the related fiscal quarter and (B) the denominator of which is equal to the aggregate Timeshare Loan Balance of all
Timeshare Loans in the Securitized Portfolio on the last day of such fiscal quarter. 

  
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 (provided, that the requirements of this Section 5.02(h) with respect to the delivery of the
delinquency ratios shall be deemed satisfied by publicly filing HGVI’s Form 10-Q for such fiscal quarter with the Securities and Exchange Commission, and such delinquency ratios shall be deemed to have
been delivered to the Administrative Agent under this Section 5.02(h) on the date such Form 10-Q has been posted on the SEC website accessible through http://www.sec.gov/edgar/searchedgar/webusers.htm or
such successor webpage of the SEC thereto). 
 SECTION 5.03. Covenants of the Borrower Relating to Hedging. Upon the
commencement of any Hedging Period and at all times thereafter during such Hedging Period, the Borrower shall be party to one or more Hedge Transactions which collectively satisfy the Hedge Requirements or shall provide Hedge Reserve Amounts as set
forth in this Section 5.03. 
 (a) During a Hedging Period as a result of clauses (ii) or (iii) of the definition thereof or if a
Securitization has not occurred within one year of the first day of such Hedging Period (“Hedge Purchase Event”), the Borrower shall no later than 15 calendar days after the commencement of such Hedging Period, be party to one or
more Hedge Transactions, each with an Eligible Hedge Counterparty, pursuant to one or more Hedging Agreements that (x) are in form and substance reasonably acceptable to the Majority Managing Agents, (y) copies of which have been delivered
to the Administrative Agent and (z) which satisfy the requirements of Section 5.03(b) (the “Hedge Requirements”). During a Hedging Period which occurs solely as a result of clause (i) of the definition thereof, the
Borrower may enter into one or more Hedge Transactions each with an Eligible Hedge Counterparty which satisfy the Hedge Requirements or exercise the Hedge Reserve Option as set forth in Section 5.03(c) hereof. 

(b) For purposes of Hedge Transactions entered into on the date specified in Section 5.03(a) (A) the aggregate scheduled notional
amounts under the Hedge Transactions shall amortize on a monthly basis in accordance with the Hedge Amortization Schedule provided to the Borrower immediately prior to such date pursuant to Section 5.03(b)(vi), (B) in the case of Hedge
Transactions that are in the form of interest rate caps, the weighted average cap rate thereunder to be no greater than the Required Rate on such date and (C) in the case of Hedge Transactions that are in the form of interest rate swaps, the
weighted average fixed rate swap rate thereunder to be no greater than the Required Rate on such date. Thereafter, such Hedge Transactions shall be subject to the requirements set forth in the immediately succeeding sentence and Sections 5.03(b)(ii)
and 5.03(b)(iii). On each Distribution Date thereafter, the Borrower shall enter into one or more additional Hedge Transactions, if and to the extent that the aggregate notional amount of the existing Hedge Transactions on such Distribution Date is
less than 90% of the Aggregate Loan Principal Balance on such Distribution Date, and terminate one or more existing Hedge Transactions or portions thereof on such Distribution Date, if and to the extent that the aggregate notional amount of all
existing Hedge Transactions that are in the form of interest rate swaps are greater than 110% of the Aggregate Loan Principal Balance on such Distribution Date. 

(i) On each Borrowing Date during a Hedging Period, the Borrower shall enter into one or more additional Hedge Transactions or
terminate one or more existing Hedge Transactions or portions thereof such that the aggregate notional amount of the Hedging Transactions on the date of such Borrowing are not less than 90% nor more than 110% of the Aggregate Loan Principal Balance
on such date after giving effect to such Borrowing and the aggregate scheduled notional amounts under the Hedge Transactions shall amortize on a monthly basis in accordance with the Hedge Amortization Schedule most recently provided to the Borrower
pursuant to Section 5.03(b)(vi). The Borrower shall pay any additional premium due for the adjustments to the Hedging Agreements on any Borrowing Date from the proceeds of the related Borrowing. 

  
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 (ii) On each Transfer Date during a Hedging Period, the Borrower shall enter
into one or more additional Hedge Transactions, terminate one or more existing Hedge Transactions or portions thereof or amend or otherwise modify existing Hedge Transactions, (i) such that the aggregate scheduled notional amounts under the
Hedge Transactions shall amortize on a monthly basis in accordance with the Hedge Amortization Schedule reflecting the addition of Pledged Timeshare Loans on such Transfer Date and provided to the Borrower, (ii) in the case of Hedge
Transactions that are in the form of interest rate caps, such that the weighted average cap rate thereunder is no greater than the revised Required Rate reflecting the addition of Pledged Timeshare Loans on such Transfer Date and (iii) in the
case of Hedge Transactions that are in the form of interest rate swaps, such that the weighted average fixed rate swap rate thereunder is no greater than the revised Required Rate reflecting the addition of Pledged Timeshare Loans on such Transfer
Date. 
 (iii) Each Hedge Transaction that is in the form of an interest rate swap shall provide for the payment on each
Distribution Date to the related Hedge Counterparty of interest on the notional amount thereof at a fixed rate per annum and the payment to the Borrower for deposit into the Collection Account of a floating rate per annum equal to the LIBOR Rate for
the Interest Period for such Distribution Date; provided that the Borrower and the Hedge Counterparty may, subject to the related Hedging Agreement, make payments on a net basis. 

(iv) Each Hedge Transaction that is in the form of an interest rate cap shall provide for the payment on each Distribution Date
by the related Hedge Counterparty to the Borrower for deposit into the Collection Account on the notional amount thereof to the extent that the LIBOR Rate for the Interest Period for such Distribution Date exceeds a fixed rate per annum. 

(v) Each Hedge Transaction shall terminate on the last day that the Aggregate Loan Principal Balance is assumed to be
outstanding based on the then-current Hedge Amortization Schedule. 
 (vi) During the Hedging Period, the Borrower shall
cause the Servicer, at least three (3) Business Days prior to each Borrowing Date and Distribution Date, to provide to the Administrative Agent a timeshare loan data file with sufficient information so that the Administrative Agent may prepare
the Hedge Amortization Schedule. The Administrative Agent shall provide the Borrower and the Servicer with the Hedge Amortization Schedule within two (2) Business Days of its receipt of the data file from the Servicer. 

(vii) During the Hedging Period, within thirty (30) days after (i) the occurrence of any event defined as an
“Event of Default” or “Termination Event” in a Hedging Agreement with respect to the Hedge Counterparty or (ii) a Hedge Counterparty (other than BANA or any of its Affiliates) ceasing to satisfy the minimum rating
requirements set forth in the definition of “Eligible Hedge Counterparty,” the Borrower shall cause such Hedge Counterparty to assign its obligations under the Hedging Agreement to a new Hedge Counterparty which satisfies the requirements
set forth in the definition of “Eligible Hedge Counterparty.” 
 (viii) As additional security hereunder, the
Borrower has granted to the Administrative Agent a security interest in all right, title and interest of Borrower in the Hedge Collateral. The Borrower acknowledges that, as a result of that assignment, the Borrower may not, without the prior
written consent of the Administrative Agent, exercise any rights under any Hedging Agreement or Hedge Transaction, except for the Borrower’s right under any Hedging Agreement to enter into, terminate, amend or otherwise modify Hedge
Transactions in order to meet the Borrower’s obligations hereunder. Nothing herein shall have the effect of releasing the Borrower from any of its obligations under any Hedging Agreement or any Hedge Transaction, nor be construed as requiring
the consent of the Administrative Agent or any Secured Party for the performance by the Borrower of any such obligations. 

  
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 (c) Upon the commencement of any Hedging Period occurring solely pursuant to clause
(i) of the definition thereof, the Borrower may elect to, upon prior written notice to the Servicer, the Lenders and the Administrative Agent, deposit Hedge Reserve Amounts equal to the Hedge Reserve Account Required Balance in the Hedge
Reserve Account; provided, that if a Hedge Purchase Event has occurred, the Borrower shall be required to satisfy the Hedge Requirements pursuant to Section 5.03(b) hereof. The Borrower may also on any Distribution Date or Borrowing
Date, revoke its option to fund the Hedge Reserve Account at any time by sending written notice to the Servicer, the Administrative Agent and the Lenders; provided that at the time of such full or partial revocation, the Hedging Requirements have
been satisfied. The Borrower may elect multiple exercises and multiple revocations of its option to fund the Hedge Reserve Account. 
 During the Hedging
Period, all reasonably documented costs and expenses (including reasonable legal fees and disbursements) incurred by the Administrative Agent and the Lenders in connection with this Section 5.03 shall be paid by the
Borrower. 
 SECTION 5.04. Negative Covenants of the Borrower. From the Closing Date until the Final Collection Date, the Borrower
will not, without the written consent of the Administrative Agent and the Majority Managing Agents:  
 (a) Sales, Liens, Etc.
Against Collateral. Sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon or with respect to, any Collateral or assign any right to receive income in respect thereof except
in each case as contemplated or provided hereunder. 
 (b) Extension or Amendment of Pledged Timeshare Loans. Consent to or permit
any extension, amendment, waiver or modification of, the terms of any Pledged Timeshare Loan, except (i) in accordance with the Collection Policy or (ii) as otherwise permitted under the Servicing Agreement. 

(c) Change in Business. Make any change in the character of its business. 

(d) Changes to Accounts. Not add or terminate any bank as the Clearing Account Bank from those listed on Exhibit E, unless the
Administrative Agent shall have received (i) thirty (30) Business Days’ prior notice of such addition, termination or change and (ii) prior to the effective date of such addition, termination or change, (x) an executed copy of an
amendment or supplement to the Clearing Account Control Agreement pursuant to which such Clearing Account Bank becomes a party to the Clearing Account Control Agreement and the Clearing Account becomes subject to the Clearing Account Control
Agreement and (y) a revised Exhibit E hereto giving effect to any such addition or termination. 
 (e) Merger, Consolidation,
Etc. Sell any equity interest to any Person (other than the Seller) or consolidate with or merge into or with any Person, or purchase or otherwise acquire all or substantially all of the assets or capital stock, or other ownership interest of,
any Person, or sell, transfer, lease or otherwise dispose of all or substantially all of its assets to any Person, except as expressly provided or permitted under the terms of this Agreement or as consented to by the Administrative Agent. 

(f) Change in Name; Jurisdiction of Organization. (i) Make any change to its name (within the meaning of Section 9-507(c) of any applicable enactment of the UCC) indicated on its certificate of organization (or equivalent organizational document), or (ii) change its form of organization or its jurisdiction of
organization, unless, in either case, prior to the effective date of such change, it delivers to the Administrative Agent such financing statements or amendments to financing statements (Form UCC-1

  
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or Form UCC-3, respectively) authorized by it which the Administrative Agent may request to reflect such name change or change in form or jurisdiction of
organization, together with such other documents, legal opinions and instruments that the Administrative Agent may reasonably request in connection with the transaction giving rise thereto. 

(g) ERISA Matters. Establish or be a party to any Plan or Multiemployer Plan other than any such plan established by an Affiliate of
the Borrower. 
 (h) Indebtedness. Create, incur, assume or suffer to exist any Indebtedness except for (i) Indebtedness to the
Administrative Agent, any Lender, any Affected Party or the Servicer expressly contemplated hereunder or (ii) Indebtedness to the Seller pursuant to the Sale and Contribution Agreement. 

(i) Guarantees. Guarantee, endorse or otherwise be or become contingently liable (including by agreement to maintain balance sheet
tests) in connection with the obligations of any other Person, except endorsements of negotiable instruments for collection in the ordinary course of business and reimbursement and indemnification obligations in favor of the Administrative Agent,
any Managing Agent, any Lender or any Affected Party as provided for under this Agreement. 
 (j) Limitation on Transactions with
Affiliates. Enter into, or be a party to any transaction with any Hilton Grand Vacations Entity, except for: (i) the transactions contemplated hereby, by the Sale and Contribution Agreement and by the other Facility Documents; (ii) capital contributions by the Seller to the Borrower which
are in compliance with Section 5.01(g); (iii) Restricted Junior Payments which are in compliance with Section 5.04(n); and (iv) to the extent not otherwise prohibited under this Agreement, other transactions in the nature of leases,
service agreements, employment contracts and directors’ or manager’s fees, upon fair and reasonable terms materially no less favorable to the Borrower than would be obtained in a comparable
arm’s-length transaction with a Person not an Affiliate. 
 (k) Facility
Documents. Terminate, amend or otherwise modify any Facility Document, or grant or consent to any such termination, amendment, waiver or consent, except in accordance with the terms thereof. 

(l) Limitation on Investments. Make or suffer to exist any loans or advances to, or extend any credit to, or make any investments (by
way of transfer of property, contributions to capital, purchase of stock or securities or evidences of Indebtedness, acquisition of the business or assets, or otherwise) in, any Hilton Grand Vacations Entity or any other Person except for Permitted
Investments and the purchase and receipt of capital contributions of Timeshare Loans and related assets pursuant to the terms of the Sale and Contribution Agreement. 

(m) Organizational Documents. (i) Change, amend, alter or otherwise modify its limited liability company agreement in any fashion
that could reasonably be expected to have a Material Adverse Effect or (ii) change, amend, alter or otherwise modify its certificate of formation in any fashion. 

(n) Restricted Junior Payments. Make any Restricted Junior Payment; provided, that prior to the Amortization Date, the Borrower
may make Restricted Junior Payments so long as (i) no Default or Event of Default shall then exist or would result therefrom and (ii) such Restricted Junior Payments have been approved by all necessary action on the part of the Borrower
and in compliance with all applicable laws. 
 (o) Treatment as Sales. Other than for Tax and accounting purposes under GAAP, not
account for or treat (whether in financial statements or otherwise) the transactions contemplated by the Sale and Contribution Agreement in any manner other than as the sale and/or absolute conveyance of Timeshare Loans and related assets by the
Seller to the Borrower. 

  
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 (p) Acquisition of Timeshare Loans. Acquire any Timeshare Loans directly or
indirectly from any Person other than the Seller pursuant to the terms of the Sale and Contribution Agreement. 
 (q) Certain LCR
Matters. Issue (i) any obligations that constitute asset-backed commercial paper, (ii) securities required to be registered under the Securities Act of 1933, as amended or that may be offered for sale under Rule 144A of the Securities
and Exchange Commission thereunder, or (iii) any other debt obligations or equity interests other than (A) debt obligations substantially similar to the obligations of the Borrower under this Agreement that are (1) issued to banks or
asset-backed commercial paper conduits in privately negotiated transactions, and (2) subject to transfer restrictions substantially similar to the transfer restrictions set forth in Section 10.03 of this Agreement and (B) Equity
Interests of the Borrower issued to the Seller. 

(r) Barbados Right-to-Use Interests. Obtain title through foreclosing on a Right-to-Use Interest related to the
“Hilton Grand Vacations at the Crane” Resort. 

SECTION 5.05. Special Covenants Regarding Retention(a) . The Seller, represents and undertakes as an “originator” for
the purposes of the EU Securitization Rules, to the Administrative Agent and each Lender that is required to comply with the EU Securitization Rules, that, until the Borrower Obligations have been paid in full: 

(a) it is an entity which itself or through related entities, directly or indirectly, was involved in the original agreement which created the
obligations or potential obligations of the debtor or potential debtor giving rise to the Pledged Timeshare Loans; 
 (b) it is not an
entity that has been established or that operates for the sole purpose of securitizing exposures and (A) it has a business strategy and the capacity to meet payment obligations consistent with a broad business enterprise and has material
support from capital, assets, fees or other income available to it other than that derived from the Pledged Timeshare Loans or the Retained Interest and (B) its responsible decision makers have the required experience to enable it to pursue its
established business strategy and are subject to a documented corporate governance arrangement; 
 (c) it granted all the credits giving
rise to the Pledged Timeshare Loans (or will procure that all such credits are granted) on the basis of sound and well-defined criteria and clearly established processes for approving, amending, renewing and financing those credits and that it has
effective systems in place to apply those criteria and processes to ensure that credit-granting is based on a thorough assessment of the obligor’s creditworthiness; 

(d) it shall hold and will retain ownership of 100% of the Equity Interests in the Borrower directly or indirectly through one or more
consolidated wholly-owned Subsidiaries; 
 (e) it shall, on an ongoing basis, hold and maintain the Retained Interest directly or indirectly
through its ownership of 100% of the Equity Interests in the Borrower; 
 (f) that the Retained Interest takes the form of a first loss
tranche in accordance with paragraph (d) of Article 6(3) of the EU Securitization Regulation, as represented by the Seller’s Equity Interests in the Borrower and the associated indirect rights to residual cash flow under
Section 2.06(b)(viii); 

  
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 (g) it will not, and will procure that the Borrower will not, sell, transfer or otherwise
surrender all or part of the rights, benefits or obligations arising from the Retained Interest or subject it to any credit risk mitigation or hedging, except to the extent permitted under the EU Securitization Rules; 

(h) it shall confirm to the Servicer that it continues to comply with subsections (a) through (g) above: 

(i) in each Monthly Report as of the date of such Monthly Report; 

(ii) in the event of a material change in the anticipated value of the Pledged Timeshare Loans or the risk characteristics of
the Pledged Timeshare Loans, if reasonably requested by the Administrative Agent; and 
 (iii) upon the occurrence of any
Event of Default at the request of the Administrative Agent; 
 (i) it shall provide notice promptly to each such Lender in the event it has
breached subsections (a) through (g) above; 
 (j) it will not change the form of retention of the Retained Interest except as
permitted by the EU Securitization Rules and will notify each such Lender of any change to the form of retention of the Retained Interest; and 

(k) it will provide all information which any such Lender reasonably requests in such form as such Lender may reasonably request in order for
such Lender to comply with its obligations under the EU Securitization Rules. 
 ARTICLE VI 

SERVICING 
 SECTION 6.01.
Servicing Agreement. The parties hereto agree that the servicing, administering and collection of the Pledged Timeshare Loans shall be conducted by the Servicer from time to time in accordance with the Servicing Agreement. 

ARTICLE VII 
 EVENTS OF DEFAULT

 SECTION 7.01. Events of Default. Each of the following events shall constitute an “Event of Default” hereunder:

 (a) default in the payment of any Interest on the Loans or Unused Fees when the same becomes due and payable, and, in any such case, such
default shall continue for a period of two (2) Business Days after the earlier of actual knowledge of a Responsible Officer of the Borrower or written notice to the Borrower thereof; 

(b) default in the payment of, or any installment of the principal amount of the Loans when the same becomes due and payable, and such default
shall continue for a period of two (2) Business Days after the earlier of actual knowledge of a Responsible Officer of the Borrower or written notice to the Borrower thereof; 

(c) default in the payment of any amount (except Interest, Unused Fees or principal) due and payable by the Seller, the Borrower, the Servicer
or the Performance Guarantor under this Agreement or any other Facility Document when the same becomes due and payable, and such default shall continue for a period of thirty (30) days after the earlier of actual knowledge of a Responsible
Officer of the Seller, the Borrower, the Servicer or the Performance Guarantor, as the case may be, or written notice to the Seller, the Borrower, the Servicer or the Performance Guarantor, as the case may be; 

  
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 (d) a Borrowing Base Deficiency shall exist and such condition shall continue unremedied for
three (3) Business Days after the earlier of actual knowledge of the Borrower or written notice to the Borrower thereof; 
 (e) an
Event of Bankruptcy shall occur with respect to the Performance Guarantor, the Seller, the Servicer or the Borrower; 
 (f) any failure on
the part of the Seller, the Borrower, the Servicer or the Performance Guarantor to duly observe or perform any of its covenants or agreements set forth in this Agreement or any other Facility Document (other than as otherwise described in this
Section 7.01) that continues unremedied for a period of thirty (30) days after the earlier of actual knowledge of a Responsible Officer of the Seller, the Borrower, the Servicer or the Performance Guarantor, as the case may be or written
notice to the Seller, the Borrower, the Servicer or the Performance Guarantor, as the case may be; 
 (g) any representation, warranty or
statement of the Seller, the Borrower, the Servicer or the Performance Guarantor made in this Agreement or any Facility Document, or any certificate, report or other writing delivered pursuant thereto, shall prove to be incorrect in any material
respect as of the time when the same shall have been made, and, if capable of being cured, is not cured within thirty (30) days after the earlier of actual knowledge of a Responsible Officer of the Seller, the Borrower, the Servicer or the
Performance Guarantor, as the case may be or written notice to the Seller, the Borrower, the Servicer or the Performance Guarantor, as the case may be; 

(h) the IRS shall file notice of a Lien pursuant to Section 6323 of the Code with regard to any assets of the Performance Guarantor, the
Seller or the Borrower and such Lien shall not have been released within ten (10) Business Days, or the PBGC shall file notice of a Lien pursuant to Section 4068 of ERISA with regard to any of the assets of the Performance Guarantor, the
Seller or the Borrower and such Lien shall not have been released within ten (10) Business Days; 
 (i) (x) any Facility Document
shall, in whole or in material part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of any
Hilton Grand Vacations Entity party thereto or (y) the
Performance Guarantor, the Borrower, the Seller, the Servicer or any other Hilton Grand Vacations Entity shall, directly or indirectly, disaffirm or contest in any manner such effectiveness, validity, binding nature or enforceability; 

(j) any Lien securing any obligation of the Seller or the Borrower under the Facility Documents shall, in whole or in part, cease to be a
perfected first priority Lien (subject to Permitted Liens); 
 (k) a Servicer Termination Event shall have occurred; 

(l) the Seller or any of its material subsidiaries (other than the Borrower) shall fail to pay any principal of or premium or interest on any
Indebtedness having a principal amount of the Applicable Cross Default Amount or greater, when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and such failure shall continue
after the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness and shall not be waived by the requisite holders of such Indebtedness; or any other default under any agreement or instrument relating
to any such Indebtedness of the Seller or any of its material subsidiaries (other than the Borrower), as applicable, or any other event shall occur and shall continue after the applicable grace period, if any, specified in such agreement or
instrument if the effect of such default or event is to accelerate, or to 

  
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permit the acceleration of, the maturity of such Indebtedness; or any such Indebtedness shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled
required prepayment), redeemed, purchased or defeased, or an offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case, prior to the stated maturity thereof; 

(m) any failure on the part of the Custodian to duly observe or perform any of its covenants or agreements set forth in the Custody Agreement
or under any other Facility Document which failure would reasonably be expected to have a Material Adverse Effect, and shall continue for a period of sixty (60) days after the earlier of actual knowledge of a Responsible Officer of the
Custodian or written notice to the Custodian; 
 (n) a notice of termination with respect to the Clearing Account Control Agreement shall
have been delivered, or a termination of the Clearing Account Control Agreement shall have otherwise occurred, and a replacement Clearing Account Control Agreement in form and substance reasonably satisfactory to the Majority Managing Agents shall
not have been executed within forty-five (45) days; 
 (o) a Change of Control shall occur; 

(p) the Borrower shall fail to comply with its obligations under Section 5.03 and such failure shall continue for a period of thirty
(30) days after the earlier of actual knowledge of a Responsible Officer of the Borrower or written notice to the Borrower of such failure; 

(q) one or more final judgments for the payment of the Applicable Judgment Default Amount or more rendered against the Performance Guarantor,
the Seller or any of their respective material Subsidiaries (other than the Borrower) or one or more final judgments for the payment of $25,000 or more rendered against the Borrower, and such amount is not covered by insurance or indemnity or not
discharged, paid or stayed within thirty days after (i) the date on which the right to appeal thereof has expired if no such appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished; 

(r) the Borrower shall become subject to registration as an “investment company” under the Investment Company Act of 1940; 

(s) for any Distribution Date: 
  

	 	(i)	 occurring in August 2019 or prior thereto, the Average Delinquency Ratio exceeds 3.50%; or

  

	 	(ii)	 occurring in January 2020, the Average Delinquency Ratio exceeds 4.75%; or 

 

	 	(iii)	 occurring in February 2020, the Average Delinquency Ratio exceeds 4.00%; or 

 

	 	(iv)	 occurring in March 2020 or thereafter, the Average Delinquency Ratio exceeds 3.50%; or 

 

	 	(v)	 the Securitized Portfolio Three Month Rolling Average Delinquency Percentage exceeds 3.50%; or

  

	 	(vi)	 the Average Default Ratio or the Securitized Portfolio Three Month Rolling Average Default Percentage exceeds
1.0%; or 

  
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	 	(vii)	 (i) occurring in September 2019, October 2019, November 2019, December 2019,
January 2020 and February 2020, the Default Ratio exceeds 0.00%; or 

 (t) as of the last day of each Fiscal Quarter, the Seller shall fail to
maintaincomply
with any of the Seller Financial Covenants. 
 SECTION 7.02. Right to
Cure. 
 (a) Notwithstanding anything to the contrary contained in Section 7.01, but subject to the requirements in
Section 7.02(b) below, in the event the Seller is not in compliance with the covenant described in clause (b)any of the definition of Seller Financial Covenants as of any day of determination, no Event of Default shall be deemed to
exist as a result of such non-compliance if the Seller receives a capital contribution, the proceeds of which shall be used to cause an increase in Consolidated EBITDA in an amount (such amount, the
“Cure Amount”) necessary such that, if such proceeds had been received on the day of determination that gave rise to any noncompliance, the Consolidated EBITDA, as calculated as of such date, would have been sufficient to cause the
Seller to be in compliance with such clause
(b)Seller Financial Covenants for such period (the
“Cure Right”); provided, that, such proceeds (i) are actually received by Seller and (ii) do not exceed the aggregate amount necessary to cure such non-compliance underin respect of the
Seller Financial Covenants for such clause (b)period. The parties hereby acknowledge that this Section 7.02 may
not be relied on for any purposes other than to demonstrate compliance with clause (b) of the definition of Seller Financial Covenants for purposes of determining whether an Event of Default exists.

 (b) The Cure Right is subject to the following conditions: (i) in each period of four consecutive Fiscal
Quarters, there shall be at least two Fiscal Quarters in which no Cure Right has been exercised;
(ii) the Seller may not effect a cure for (x) consecutive Fiscal Quarters or (y)Cure Right more than twofive times during the period commencing on the Closing Date and ending on the AmortizationFinal Collection Date; and (iiiii) any capital contribution made under Section 7.02(a) shall not be included for purposes of any calculation other than for determining compliance (for the Fiscal Quarter with respect to which such
contribution is made and for the following three Fiscal Quarters) with clause (b) of the definition of Seller Financial Covenants. To the extent the calculation of Consolidated EBITDA under clause (b) of the definition of Seller
Financial Covenants is annualized as described in clauses (A) through (C) thereof, no Cure Amounts received by the Seller for any applicable Fiscal Quarters shall
be so annualized, but shall only be added to Consolidated EBITDA for purposes of determining compliance with such clause (b) after Consolidated EBITDA has been
annualized thereunder. 
 SECTION 7.03. Remedies. 

(a) If an Event of Default shall occur and be continuing, the Administrative Agent shall, at the request, or may with the consent, of the
Majority Managing Agents by notice to the Borrower, declare the Amortization Date to have occurred; provided, however, that, in the case of any event described in Section 7.01(e) above, the Amortization Date shall be deemed to have
occurred automatically upon the occurrence of such event. Upon any such declaration or automatic occurrence, the Administrative Agent and the Secured Parties shall have, in addition to all other rights and remedies under this Agreement or otherwise,
but subject to the following sentence, the limitations set forth in this Article VII and Section 10.09 hereof, all other rights and remedies provided under the UCC of the applicable jurisdiction and other applicable laws, which rights shall be
cumulative. Upon the declaration or automatic occurrence of the Amortization Date in accordance with this Section 7.03, all obligations hereunder shall be immediately due and payable and all Loans shall be immediately due and payable. 

(b) Without limiting the generality of the foregoing, during the continuation of an Event of Default, the Administrative Agent on behalf of
the Secured Parties without demand of performance 

  
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or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon the Borrower, the Servicer or any other Person (all and
each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith, deliver a Notice of Exclusive Control or an activation or control notice under the Clearing Account Control Agreement, collect,
receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of
the foregoing), at public or private sale or sales, at any exchange, auction or office of the Administrative Agent or elsewhere upon such terms and conditions and at prices that are consistent with the prevailing market for similar collateral as it
may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. The Administrative Agent shall have the right upon any such public sale or sales, and, to the extent
permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in the Borrower, which right or equity is hereby waived or released. The Administrative
Agent shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale, after deducting all reasonable costs and expenses of every kind incurred therein or incidental to the care or safekeeping of any of the
Collateral or in any way relating to the Collateral or the rights of the Administrative Agent hereunder, including reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Borrower Obligations, in such order as
the Administrative Agent may elect, and only after such application and after the payment by the Administrative Agent of any other amount required or permitted by any provision of law, including Section 9 504(1)(c) of the UCC, need the
Administrative Agent account for the surplus, if any, to the Borrower. 
 (c) During the continuation of an Event of Default, the Borrower
further agrees, at the Administrative Agent’s request, to instruct the Custodian to assemble the Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably select, whether at the
Borrower’s premises or elsewhere. 
 (d) To the extent permitted by applicable law, the Borrower waives all claims, damages and demands
it may acquire against the Secured Parties arising out of the exercise by any of the Secured Parties of any of its rights hereunder, other than those claims, damages and demands arising from the gross negligence or willful misconduct of such Secured
Party. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least ten (10) Business Days before such sale or other disposition. The Borrower
shall remain liable for any deficiency (plus accrued interest thereon) if the proceeds of any sale or other disposition of the Collateral are insufficient to pay the Borrower Obligations and the reasonable fees and disbursements of any attorneys
employed by any of the Secured Parties to collect such deficiency. 
 SECTION 7.04. Appointment as Attorney in Fact. 

(a) The Borrower hereby irrevocably constitutes and appoints the Administrative Agent and any officer or agent thereof, with full power of
substitution, effective during the continuation of any Event of Default, as its true and lawful attorney in fact with full irrevocable power and authority in the place and stead of the Borrower and in the name of the Borrower or in its own name,
from time to time in the Administrative Agent’s discretion, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or
desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, the Borrower hereby gives the Administrative Agent the power and right, on behalf of the Borrower, without assent by, but with notice to,
the Borrower, if an Event of Default shall have occurred and be continuing, to do the following: 
 (i) in the name of the
Borrower or its own name, or otherwise, to take possession of and endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under or with respect to any other Collateral and to file any claim or to
take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Administrative Agent for the purpose of collecting any and all such moneys with respect to any other Collateral whenever payable; 

  
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 (ii) to pay or discharge Taxes and Liens levied or placed on or threatened
against the Collateral; and 
 (iii) (A) to direct any party liable for any payment under any Collateral to make payment of
any and all moneys due or to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; (B) to ask or demand for, collect, receive payment of and receipt for, any and all moneys, claims and other
amounts due or to become due at any time in respect of or arising out of any Collateral; (C) to sign and endorse any invoices, assignments, verifications, notices and other documents in connection with any of the Collateral; (D) to
commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any thereof and to enforce any other right in respect of any Collateral; (E) to defend any suit,
action or proceeding brought against the Borrower with respect to any Collateral; (F) to settle, compromise or adjust any suit, action or proceeding described in clause (E) above and, in connection therewith, to give such discharges or
releases as the Administrative Agent may deem appropriate; and (G) generally, to sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though the Administrative
Agent were the absolute owner thereof for all purposes, and to do, at the Administrative Agent’s option and the Borrower’s expense, at any time, or from time to time, all acts and things which the Administrative Agent deems necessary to
protect, preserve or realize upon the Collateral and the Lien of the Administrative Agent for the benefit of the Secured Parties thereon and to effect the intent of this Agreement, all as fully and effectively as the Borrower might do. 

The Borrower hereby ratifies all that such attorneys shall lawfully do or cause to be done by virtue hereof. This power of attorney is a power coupled with an
interest and shall be irrevocable until payment in full of all Borrower Obligations. 
 (b) The Borrower also authorizes the Administrative
Agent, at any time and from time to time, to execute, in connection with the sale provided for in Section 7.03 hereof, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral. 

(c) The powers conferred on the Administrative Agent are solely to protect the Administrative Agent’s (for the benefit of the Secured
Parties) interests in the Collateral and shall not impose any duty upon the Administrative Agent to exercise any such powers. The Administrative Agent shall be accountable only for amounts that it actually receives as a result of the exercise of
such powers, and neither the Administrative Agent nor any of its officers, directors, or employees shall be responsible to the Borrower for any act or failure to act hereunder, except for its own gross negligence or willful misconduct. 

SECTION 7.05. Performance of Borrower’s Obligations. If the Borrower fails to perform or comply with any of its
material agreements contained in the Facility Documents and the Administrative Agent, any Managing Agent or any Lender may itself perform or comply, or otherwise cause performance or compliance, with such agreement, the reasonable out of pocket
expenses of the Administrative Agent, such Managing Agent or such Lender incurred in connection with such performance or compliance, together with interest thereon at a rate per annum equal to the Alternative Rate, shall be payable by the Borrower
to the Administrative Agent, such Managing Agent or such Lender on demand and shall constitute Borrower Obligations. 
 SECTION 7.06.
Powers Coupled with an Interest. All authorizations and agencies herein contained with respect to the Collateral are irrevocable and powers coupled with an interest. 

  
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 ARTICLE VIII 

INDEMNIFICATION 
 SECTION 8.01.
Indemnities by the Borrower. Without limiting any other rights which any Affected Party may have hereunder or under applicable law (including the right to recover damages for breach of contract), the Borrower hereby agrees to indemnify each
Lender, the Administrative Agent, each Managing Agent, the Paying Agent, the Backup Servicer, the Custodian and each Liquidity Provider, and their respective directors, officers and employees (the “Indemnified Parties”), from and against
any and all damages, losses, claims, liabilities and related costs and expenses, including reasonable external attorneys’ fees and disbursements (all of the foregoing being collectively referred to as “Indemnified Amounts”), awarded
against or incurred by such Indemnified Party to the extent relating to or arising from or as a result of this Agreement or the funding or maintenance of Loans made by a Lender hereunder subject to the proviso set forth below. Without
limiting the generality of the foregoing indemnification, the Borrower shall indemnify the Indemnified Parties for Indemnified Amounts to the extent relating to or resulting from any of the following: 

(i) the failure of any Pledged Timeshare Loan represented by the Borrower to be an Eligible Timeshare Loan hereunder to be an
“Eligible Timeshare Loan” at the time of such representation; 
 (ii) reliance on any representation or warranty
made or deemed made by the Borrower under this Agreement or any other Facility Document to which it is a party which shall have been false or incorrect when made or deemed made; 

(iii) the failure by the Borrower to comply with any term, provision or covenant contained in this Agreement, the Sale and
Contribution Agreement or any other Facility Document to which it is party or with any applicable law, rule or regulation with respect to any Pledged Timeshare Loan or other Collateral, or the nonconformity of any Pledged Timeshare Loan or other
Collateral with any such applicable law, rule or regulation; 
 (iv) the failure to pay when due any Taxes, including sales,
excise or personal property Taxes payable by the Borrower in connection with the Collateral; 
 (v) the payment by such
Indemnified Party of Indemnified Taxes, including any Indemnified Taxes imposed by any jurisdiction on amounts payable and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto, to the extent caused by
the Borrower’s actions or failure to act in breach of this Agreement; 
 (vi) the failure to vest and maintain vested in
the Administrative Agent, on behalf of the Secured Parties, a first priority perfected security interest in the Collateral, free and clear of any Adverse Claim, whether existing at the time such Collateral arose or at any time thereafter; 

(vii) the failure to file, or any delay in filing, financing statements or other similar instruments or documents under the
applicable UCC or other applicable laws naming the Borrower as “Debtor” with respect to any Collateral; 
 (viii)
any dispute, claim, offset or defense (other than as a result of the bankruptcy or insolvency of the related Obligor) of a Obligor to the payment of any Pledged Timeshare Loan (including a defense based on such Pledged Timeshare Loan not being a
legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms); 
 (ix) the
commingling of Collections with any other funds; 

  
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 (x) any failure by the Borrower to give reasonably equivalent value to the
Seller in consideration for the transfer by the Seller to the Borrower of any Pledged Timeshare Loan, or any attempt by any Person to void any such transfer under any statutory provision or common law or equitable action, including any provision of
the Bankruptcy Code; 
 (xi) (A) the failure of the Clearing Account Bank to remit any Collections held in the Clearing
Account to the Collection Account as provided in the Clearing Account Control Agreement or any Collections held in the Unidentified Receipts Account to the Clearing Account, whether by reason of the exercise of setoff rights or otherwise, or
(B) any claim by the Clearing Account Bank for indemnification by the Administrative Agent pursuant to the terms of the Clearing Account Control Agreement; 

(xii) any investigation, litigation or proceeding related to this Agreement or the use of proceeds of Loans made pursuant to
this Agreement or any other Facility Document delivered hereunder or in respect of any of the Collateral; 
 (xiii) the grant
by the Borrower of a security interest in any Pledged Timeshare Loan in violation of any applicable law, rule or regulation; 
 provided, however,
that the Borrower shall not be required to indemnify any Indemnified Party to the extent of any amounts (x) resulting from the gross negligence or willful misconduct of such Indemnified Party, or (y) constituting credit recourse for the
failure of a Obligor to pay a Pledged Timeshare Loan, or (z) constituting Excluded Taxes. Any amounts subject to the indemnification provisions of this Section 8.01 shall be paid by the Borrower to the related Indemnified Party within ten
(10) Business Days following written demand therefor. 
 SECTION 8.02. Limited Liability of Parties. No Indemnified Party shall
have any liability (whether in contract, tort or otherwise) to the Borrower, the Seller or the Servicer or any of their security holders or creditors for or in connection with the transactions contemplated hereby, except to the extent such liability
is determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct or breach of its obligations
under this Agreement or any Facility Document. 
 ARTICLE IX 

THE AGENTS 
 SECTION 9.01.
Authorization and Action. Each Lender hereby appoints and authorizes its related Managing Agent and the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such
Managing Agent or the Administrative Agent by the terms hereof, together with such powers as are reasonably incidental thereto. The provisions of this Article IX are solely for the benefit of the Managing Agents, the Administrative Agent and the
Lenders. The Borrower shall not have any rights as a third-party beneficiary or otherwise under any of the provisions hereof. In performing their functions and duties hereunder, the Managing Agents shall act solely as the agent for the respective
Conduit Lenders and the Committed Lenders in the related Lender Group and do not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for the other Lenders, the Borrower, the Servicer, the Seller, any
Affiliate thereof or any of their respective successors and assigns. 
 SECTION 9.02. Agents’ Reliance, Etc.
Neither the Administrative Agent nor any Managing Agent nor any of their respective directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or such Managing Agent or the Administrative Agent under
or in connection with this Agreement, except for its or their own gross negligence or willful misconduct. Without limiting the generality of the foregoing, each of the Administrative Agent and the Managing Agents: (i) may consult with legal
counsel (including counsel for the Borrower, the Servicer or the Seller), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be

  
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taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (ii) makes no warranty or representation to any Lender and shall not be responsible to any
Lender for any statements, warranties or representations made in or in connection with this Agreement; (iii) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of
this Agreement on the part of the Borrower or to inspect the property (including the books and records) of the Borrower; (iv) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness,
sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; and (v) shall incur no liability under or in respect of this Agreement by acting upon any notice (including notice by telephone), consent,
certificate or other instrument or writing (which may be by facsimile) believed by it to be genuine and signed or sent by the proper party or parties. 

SECTION 9.03. Agents and Affiliates. Each Managing Agent and the Administrative Agent and their respective Affiliates may engage in any
kind of business with the Borrower, any Hilton Grand Vacations
Entity or any Obligor, any of their respective Affiliates and any Person who may do business with or own securities of Borrower, any Hilton
Grand Vacations Entity or any Obligor or any of their
respective Affiliates, all as if such Persons were not Managing Agents and/or Administrative Agent and without any duty to account therefor to any Lender. 

SECTION 9.04. Lender’s Loan Decision. Each Lender acknowledges that it has, independently and without reliance upon
the Administrative Agent, any Managing Agent, any of their respective Affiliates or any other Lender, and based on such documents and information as it has deemed appropriate, made its own evaluation and decision to enter into this Agreement and, if
it so determines, to make Loans hereunder. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Managing Agent, any of their respective Affiliates, or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under this Agreement. 

SECTION 9.05. Delegation of Duties. The Administrative Agent and each Managing Agent may each execute any of its duties under this
Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Neither the
Administrative Agent nor any Managing Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

 SECTION 9.06. Indemnification. Each Managing Agent severally agrees to indemnify the Administrative Agent (to the extent not
reimbursed by the Borrower, the Seller or the Performance Guarantor), ratably according to its related Lender Group Percentage, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or any action taken or omitted by the
Administrative Agent under this Agreement; provided, that (i) no Managing Agent shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
resulting or arising from the Administrative Agent’s gross negligence or willful misconduct and (ii) no Managing Agent shall be liable for any amount in respect of any compromise or settlement of any of the foregoing unless such compromise
or settlement is approved by the Majority Managing Agents. Without limitation of the generality of the foregoing, each Managing Agent agrees to reimburse the Administrative Agent, ratably according to its related Lender Group Percentage, promptly
upon demand, for any reasonable out-of-pocket expenses (including reasonable fees of a single counsel) incurred by the Administrative Agent in connection with the
administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement; provided, that no Managing Agent shall
be responsible for the costs and expenses of the Administrative Agent in defending itself against any claim alleging the gross negligence or willful misconduct of the Administrative Agent to the extent such gross negligence or willful misconduct is
determined by a court of competent jurisdiction in a final and non-appealable decision. 

  
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 SECTION 9.07. Successor Agents. The Administrative Agent and each Managing Agent may,
upon thirty (30) days’ notice to the Borrower, each Lender and each other party hereto, resign as Administrative Agent or Managing Agent, as applicable. If any such party shall resign as Administrative Agent or Managing Agent under this
Agreement, then, in the case of the Administrative Agent, the Majority Committed Lenders and the Borrower, and in the case of any Managing Agent, its related Conduit Lenders, during such thirty-day period
shall appoint a successor agent, whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent or applicable Managing Agent and references herein to the Administrative Agent or such Managing Agent shall
mean such successor agent, effective upon its appointment; and such former Administrative Agent’s or Managing Agent’s rights, powers and duties in such capacity shall be terminated, without any other or further act or deed on the part of
such former Administrative Agent or Managing Agent or any of the parties to this Agreement. After any retiring Administrative Agent’s or Managing Agent’s resignation hereunder as such agent, the provisions of Article VIII, this Article IX
and Section 10.09 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent or a Managing Agent under this Agreement. 

ARTICLE X 
 MISCELLANEOUS 

SECTION 10.01. Amendments, Etc. 

(a) No waiver of any provision of this Agreement nor consent to any departure by the Borrower therefrom shall in any event be effective unless
the same shall be in writing and signed by the Administrative Agent and the Majority Managing Agents (on behalf of the Lenders in the related Lender Group) and then such waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given. 
 (b) No amendment to this Agreement shall be effective unless the same shall be in writing and signed by
each of the Borrower, the Administrative Agent and the Majority Managing Agents (on behalf of the Lenders in the related Lender Group), provided, however, that, without the written consent of all the Managing Agents (on behalf of the Lenders
in the related Lender Group)(or, solely in the case of clauses (iv) and (v) below, the Managing Agents for each affected Lender Group), no such amendment shall: 

(i) extend the Commitment Termination Date; 

(ii) extend the date of any payment or deposit of Collections by the Borrower or the time of payment of the principal amount
of, or accrued interest on, the Loans; 
 (iii) release the security interest in or transfer all or any material portion of
the Collateral; 
 (iv) change the outstanding principal amount of any of the Loans made by any Lender hereunder other than
as provided herein; 
 (v) change the amount of any Lender Group Limit other than as provided herein or increase the Facility
Limit hereunder; 
 (vi) amend, modify or waive any provision of the definitions of, “Majority Managing Agents”,
“Borrowing Base”, “Collateral Value” or any of the defined terms used in such definitions or this Section 10.01; 

  
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 (vii) consent to or permit the assignment or transfer by the Borrower or any
of its rights and obligations under this Agreement or of any of its right, title or interest in or to the Pledged Timeshare Loans; 

(viii) amend or modify any provision of Section 7.01 or Section 10.03, or 

(ix) amend or modify any defined term (or any defined term used directly or indirectly in such defined term) used in clauses
(i) through (viii) above in a manner which would circumvent the intention of the restrictions set forth in such clauses; 

(x) provided, that without the written consent of the Servicer, the Paying Agent, the Backup Servicer and/or the
Custodian, as applicable, no such amendment shall adversely affect the Servicer, the Paying Agent, the Backup Servicer or the Custodian; provided, further, that if this Agreement is amended without the consent of the Servicer,
the Paying Agent, the Backup Servicer or the Custodian, the Borrower shall provide the Servicer, the Paying Agent, the Backup Servicer and the Custodian with a copy of the related amendment promptly following execution thereof. 

SECTION 10.02. Notices, Etc. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in
writing (including communication by electronic mail or facsimile copy) and shall be personally delivered or sent by registered mail, return receipt requested, or by courier or by electronic mail or facsimile, to each party hereto, at its address set
forth on Schedule III hereof or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective, upon receipt, or in the case of overnight courier,
two (2) days after being deposited with such courier, or, in the case of notice by electronic mail or facsimile, when electronic confirmation of receipt is obtained, in each case addressed as aforesaid. 

SECTION 10.03. Assignability. 

(a) Any Conduit Lender may (i) with notice to the Borrower and the Servicer, and with the consent of the Managing Agent for the Lender
Group of which it is a member, assign at any time all or any portion of its rights and obligations hereunder and interests herein to (A) any other Lender, (B) any commercial paper conduit managed by such Conduit Lender’s sponsor or
administrator bank if the Commercial Paper of such commercial paper conduit have short-term ratings from S&P and Moody’s that are equivalent to or higher than the short-term ratings by S&P and Moody’s of the Commercial Paper of
such Conduit Lender, (C) any Affiliate of such Conduit Lender’s sponsor bank or (D) any Liquidity Provider with respect to such Conduit Lender and (ii) with the consent of the Borrower (such consent not to be unreasonably
withheld or delayed) and the Managing Agent for the Lender Group of which it is a member, assign at any time all or any portion of its rights and obligations hereunder and interests herein to any other Person not listed in clause (i) above. Any
Managing Agent may, with notice to the Borrower, and with the consent of the Lenders in its Lender Group, assign at any time all or any portion of its rights and obligations hereunder and interests herein to any Affiliate of such Managing Agent.

 (b) Any Committed Lender may, with the consent of the Administrative Agent and, if no Event of Default is continuing, the Borrower (such
consent not to be unreasonably withheld or delayed) assign at any time all or any portion of its rights and obligations hereunder and interests herein to any Person; provided, however, that notwithstanding the foregoing, no consent of the
Borrower shall be required for any assignment is to a Lender or an Affiliate of a Lender other than a Conduit Lender. 
 (c) With respect to
any assignment hereunder 
 (i) each such assignment shall be of a constant, and not a varying, percentage of all rights and
obligations under this Agreement, 

  
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 (ii) the amount being assigned pursuant to each such assignment (determined
as of the date of the Assignment and Acceptance with respect to such assignment) shall in no event be less than $10,000,000, and 

(iii) the parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance and
recording in the Register (as defined below), an Assignment and Acceptance, together with a processing and recordation fee of $2,500. 
 (d)
Upon such execution, delivery, acceptance and recording from and after the effective date specified in such Assignment and Acceptance, (x) the assignee thereunder shall be a party to this Agreement and, to the extent that rights and obligations
under this Agreement have been assigned to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Lender thereunder and (y) the assigning Lender shall, to the extent that rights and obligations have been assigned by
it pursuant to such Assignment and Acceptance, relinquish such rights and be released from such obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto). At all times during which any Loan is outstanding, the Administrative Agent shall maintain at its address referred to in Section 10.02 of this Agreement
(or such other address of the Administrative Agent notified by the Administrative Agent to the other parties hereto) a register as provided herein (the “Register”). The Aggregate Loan Principal Balance (including stated interest)
and any interests therein, and any Assignments and Acceptances of the Aggregate Loan Principal Balance or any interest therein delivered to and accepted by the Administrative Agent, shall be registered in the Register, and the Register shall serve
as a record of ownership that identifies the owner of the Aggregate Loan Principal Balances and any interest therein. Notwithstanding any other provision of this Agreement, no transfer of the Aggregate Loan Principal Balances or any interest therein
shall be effective unless and until such transfer has been recorded in the Register. The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Servicer, the Administrative Agent, the
Managing Agents and the Lenders may treat each Person whose name is recorded in the Register as a Lender, as the case may be, under this Agreement for all purposes of this Agreement. This Section 10.03(d) shall be construed so that the
Aggregate Loan Principal Balance and any interest therein is maintained at all times in “registered form” within the meaning of Sections 163(f), 871(h) and 881(c) of the Code, solely for the purposes of this Section 10.03, the
Administrative Agent will act as an agent of the Borrower. The Register shall be available for inspection by the Borrower or any Managing Agent at any reasonable time and from time to time upon reasonable prior notice. 

(e) Upon its receipt of an Assignment and Acceptance, the Administrative Agent shall, if such Assignment and Acceptance has been duly
completed, (i) accept such Assignment and Acceptance, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Borrower. 

(f) Any Lender may, without the consent of the Borrower, sell participations to one or more banks or other entities (each, a
“Participant”) in all or a portion of its rights and obligations hereunder (including the outstanding Loan); provided that following the sale of a participation under this Agreement (i) the obligations of such Lender
shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Servicer and the other Lenders shall
continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which such Lender sells such a participation shall provide that the
Participant shall not have any right to direct the enforcement of this Agreement or the other Facility Documents or to approve any amendment, modification or waiver of any provision of this Agreement or the other Facility Documents; provided
that such agreement or instrument may provide that such Lender will not, without 

  
 93 

 
the consent of the Participant, agree to any amendment, modification or waiver that (i) reduces the amount of principal or Interest that is payable on account of any Loan or delays any
scheduled date for payment thereof or (ii) reduces any fees payable by the Borrower to the Administrative Agent (to the extent relating to payments to the Participant) or delays any scheduled date for payment of such fees. The Borrower
acknowledges and agrees that any Lender’s source of funds may derive in part from its Participants. Accordingly, references in Sections 2.09 or 2.10 and the other terms and provisions of this Agreement and the other Facility Documents to
determinations, reserve and capital adequacy requirements, expenses, increased costs, reduced receipts and the like as they pertain to the Lenders shall be deemed also to include those of its Participants; provided, however, that in no event
shall the Borrower be liable to any Participant under Sections 2.09 or 2.10 for an amount in excess of that which would be payable to the applicable Lender under such sections. Each Lender that sells a participation shall, acting solely for this
purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the aggregate principal balance (including stated interest) of each Participant’s interest in the Loans or other
obligations under the Facility Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any
Participant or other information relating to the Participant’s interest in any Commitments or Loans) except to the extent that such disclosure is necessary to establish that such Commitment or Loan is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive and binding for all purposes, absent manifest error, and such Lender shall treat each
Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as
Administrative Agent) shall have no responsibility for maintaining a Participant Register. 
 (g) The Borrower may not assign any of its
rights or obligations hereunder or any interest herein without the prior written consent of the Administrative Agent and the Majority Managing Agents. 

(h) Notwithstanding any other provision of this Agreement to the contrary, any Lender may at any time pledge or grant a security interest in
all or any portion of its rights (including rights to payment of the principal balance of the Loans and Interest with respect thereto) hereunder to secure obligations of such Lender to a Federal Reserve Bank, without notice to or consent of the
Borrower or the Administrative Agent; provided, that no such pledge or grant of a security interest shall (x) release a Lender from any of its obligations hereunder or substitute any such pledgee or grantee for such Lender as a party
hereto or (y) create any additional, or modify any existing, obligations of the Seller, the Borrower or the Servicer under this Agreement or any other Facility Document. 

SECTION 10.04. Additional Lender Groups. Upon the Borrower’s request and with the prior written consent of the Administrative
Agent (such consent not to be unreasonably withheld or delayed), one or more additional Lender Group may be added to this Agreement at any time by the execution and delivery of a Joinder Agreement by the members of such proposed additional Lender
Group, the Borrower and the Administrative Agent. Upon the effective date of such Joinder Agreement, (i) each Person specified therein as a “Conduit Lender” shall become a party hereto as a Conduit Lender, entitled to the rights and
subject to the obligations of a Conduit Lender hereunder, (ii) each Person specified therein as a “Committed Lender” shall become a party hereto as a Committed Lender, entitled to the rights and subject to the obligations of a
Committed Lender hereunder, (iii) each Person specified therein as a “Managing Agent” shall become a party hereto as a Managing Agent, entitled to the rights and subject to the obligations of a Managing Agent hereunder and
(iv) the Facility Limit shall be increased by an amount equal to the aggregate Commitments of the Committed Lenders party to such Joinder Agreement. 

SECTION 10.05. Consent to Jurisdiction. 

(a) Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction of any New York
State or Federal court sitting in New York City in any action or proceeding arising out of or relating 

  
 94 

 
to this Agreement, and each party hereto hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State court or, to the
extent permitted by law, in such Federal court. The parties hereto hereby irrevocably waive, to the fullest extent they may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The parties hereto
agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

(b) The Borrower consents to the service of any and all process in any such action or proceeding by the mailing of copies of such process to
it at its address specified in Section 10.02. Nothing in this Section 10.05 shall affect the right of any Lender or the Administrative Agent to serve legal process in any other manner permitted by law. 

SECTION 10.06. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW,
TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY OTHER FACILITY DOCUMENT. 

SECTION 10.07. Right of Setoff. Each Lender is hereby authorized (in addition to any other rights it may have) at any time after the
occurrence of the Amortization Date due to the occurrence of an Event of Default, or at any time that any Borrower Obligation hereunder is due and payable, to set off, appropriate and apply (without presentment, demand, protest or other notice which
are hereby expressly waived) any deposits and any other indebtedness held or owing by such Lender to, or for the account of, the Borrower against the amount of the Borrower Obligations owing by the Borrower to such Person. 

SECTION 10.08. Ratable Payments. If any Lender, whether by setoff or otherwise, has payment made to it with respect to any
Borrower Obligations or obligation of the Servicer in a greater proportion than that received by any other Lender entitled to receive a ratable share of such amount, such Lender agrees, promptly upon demand, to purchase for cash without recourse or
warranty a portion of such Borrower Obligations or Servicer obligation held by the other Lenders so that after such purchase each Lender will hold its ratable proportion of such Borrower Obligations or Servicer obligations, as applicable;
provided that if all or any portion of such excess amount is thereafter recovered from such Lender, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest. 

SECTION 10.09. Limitation of Liability. 

(a) No claim may be made by any Transaction Party or any other party hereto against any other party hereto or their respective Affiliates,
directors, officers, employees, attorneys or agents for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions
contemplated by this Agreement or any other Facility Document, or any act, omission or event occurring in connection herewith or therewith; and each party hereto hereby waives, releases, and agrees not to sue upon any claim for any such damages,
whether or not accrued and whether or not known or suspected to exist in its favor. 
 (b) Notwithstanding anything to the contrary
contained herein, the obligations of the Conduit Lenders under this Agreement are solely the corporate obligations of each such Conduit Lender and shall be payable only at such time as funds are actually received by, or are available to, such
Conduit Lender in excess of funds necessary to pay in full all outstanding Commercial Paper issued by such Conduit Lender and, to the extent funds are not available to pay such obligations, the claims relating thereto shall not constitute a claim
against such Conduit Lender. Each party hereto agrees that the payment of any claim (as defined in Section 101 of Title 11 of the Bankruptcy Code) of any such party shall be subordinated to the payment in full of all Commercial Paper. 

(c) No recourse under any obligation, covenant or agreement of any Conduit Lender contained in this Agreement shall be had against any
incorporator, stockholder, officer, director, member, manager, employee or agent of such Conduit Lender or any of its Affiliates (solely by virtue of such 

  
 95 

 
capacity) by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is
solely a corporate obligation of such Conduit Lender, and that no personal liability whatever shall attach to or be incurred by any incorporator, stockholder, officer, director, member, manager, employee or agent of any Conduit Lender or any of its
Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the obligations, covenants or agreements of such Conduit Lender contained in this Agreement, or implied therefrom, and that any and all personal liability for
breaches by any Conduit Lender of any of such obligations, covenants or agreements, either at common law or at equity, or by statute, rule or regulation, of every such incorporator, stockholder, officer, director, member, manager, employee or agent
is hereby expressly waived as a condition of and in consideration for the execution of this Agreement; provided that the foregoing shall not relieve any such Person from any liability it might otherwise have as a result of fraudulent actions
taken or fraudulent omissions made by them. 
 SECTION 10.10. Costs, Expenses and Taxes. 

(a) In addition to the rights of indemnification under Article VIII hereof, the Borrower agrees to pay to the Administrative Agent and each
Managing Agent promptly after written demand thereof (i) all reasonable costs and expenses of the Administrative Agent and each Managing Agent in connection with the preparation, execution and delivery (including any requested amendments,
waivers or consents) of this Agreement and the other documents to be delivered hereunder, including all pre-closing due diligence expenses and the reasonable fees and out-of-pocket expenses of a single law firm as special counsel for the Administrative Agent with respect thereto and with respect to advising the Administrative Agent and each Managing Agent and the related
Lenders as to their respective rights and remedies under this Agreement, and the other agreements executed pursuant hereto, (ii) all reasonable costs and
out-of-pocket expenses (including fees and expenses of a single outside counsel), incurred by the Administrative Agent and each Managing Agent in connection with any
amendment to any of the Facility Documents after the Closing Date and (iii) all reasonable costs and out-of-pocket expenses incurred by the Administrative Agent and
each Managing Agent in connection with the enforcement of this Agreement and the other agreements and documents to be delivered hereunder after the occurrence of an Event of Default. 

(b) In addition, the Borrower shall pay any and all stamp, sales, transfer and other taxes and fees (including UCC filing fees and any
penalties associated with the late payment of any UCC filing fees) payable or determined to be payable in connection with the execution, delivery, filing and recording of this Agreement or the other agreements and documents to be delivered hereunder
(including any UCC financing statements) and agrees to indemnify the Administrative Agent, the Managing Agents, the Lenders and the Liquidity Providers against any liabilities with respect to or resulting from any delay by the Borrower in paying or
omission to pay such taxes and fees. 
 SECTION 10.11. No Proceedings. The Borrower, each Lender, each Managing Agent and the
Administrative Agent each hereby agrees that it will not institute against any Conduit Lender any proceeding of the type referred to in the definition of Event of Bankruptcy so long as any Commercial Paper issued by such Conduit Lender shall be
outstanding or there shall not have elapsed one year plus one day since the last day on which any such Commercial Paper shall have been outstanding. 

SECTION 10.12. Confidentiality. 

(a) By accepting delivery of this Agreement, the Borrower agrees not to disclose to any Person the material economic or commercial terms of
this Agreement, the Servicing Agreement or the Fee Letter (including any specific pricing information provided by the Administrative Agent, the Managing Agents or the Lenders or the amount or terms of any fees payable to the Administrative Agent,
the Managing Agents or the Lenders (collectively, the “Product Information”) in connection with the transaction contemplated by this Agreement (the “Transaction”), except (i) to its and its affiliates’
officers, directors, employees, agents, accountants, legal counsel and other representatives (collectively, the “Borrower Representatives”) who have a need to know the Product Information for the purpose of assisting in the
negotiation and completion of the Transaction and who agree to be bound by the provisions of this section applicable to the Borrower, 

  
 96 

 
(ii) in connection with any legal or regulatory action or proceeding relating to this Agreement or the transactions contemplated hereby or the exercise of any remedies hereunder, (iii) to
extent determined by the Seller to be required by applicable law (including filing a copy of this Agreement and the other Facility Documents (other than the Fee Letter) as exhibits to filings required to be made with the Securities and Exchange
Commission), regulation, subpoena or other legal process, (iv) to the extent requested by any Governmental Authority having jurisdiction over the Borrower, the Seller or any Borrower Representative, (v) to the extent required to perform
their respective obligations under the Facility Documents, to the Custodian or the Servicer or (vi) to existing or prospective lenders to, or investors in, any
Hilton Grand Vacations Entity or any Affiliate thereof, or to any
Rating Agency in connection with a Securitization; provided, in each case in this clause (vi), such recipients agree to be bound by the provisions of this section applicable to the Borrower. The Borrower will be responsible for any failure of
any Borrower Representative to comply with the provisions of this clause (a). 
 (b) The Administrative Agent, the Managing
Agents and the Lenders will not disclose to any Person the confidential or proprietary information of the Borrower, the Seller, the Servicer or the Performance Guarantor furnished to the Administrative Agent, the Managing Agents and the Lenders in
connection with the Transaction (the “Borrower Information”), except (i) to their respective and their Affiliates’ officers, directors, employees, agents, accountants, legal counsel and other representatives (collectively,
the “Lender Representatives”) who have a need to know the Borrower Information for the purpose of assisting in the negotiation and completion of the Transaction and who agree to be bound by the provisions in this section applicable
to the Administrative Agent, the Managing Agents and the Lenders, (ii) to the extent required by applicable law, regulation, subpoena or other legal process, (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, (iv) to any Rating Agency, including in compliance with Rule 17g-5 under the
Securities Exchange Act of 1934 or any similar rule or regulation in any relevant jurisdiction, (v) to any actual or potential subordinated investor in any Conduit Lender or Liquidity Provider that has signed a confidentiality agreement
containing restrictions on disclosure substantially similar to this Section or (vi) to credit enhancers and dealers and investors in respect of Commercial Paper of any Conduit Lender in accordance with the customary practices of such Lender for
disclosures to credit enhancers, dealers or investors, as the case may be, it being understood that any such disclosure to dealers or investors will not identify the Borrower, the Seller or the Servicer or any of their respective Affiliates by name.
The Administrative Agent, the Managing Agents and each Lender, as the case may be, will be responsible for any failure of any related Lender Representative to comply with the provisions of this clause (b). 

(c) The Administrative Agent, the Managing Agents and the Lenders will (i) not disclose to any person or entity the confidential or
proprietary information of Obligors relating to the Pledged Timeshare Loans (if any) obtained pursuant to this Agreement (the “Obligor Information”), and (ii) comply with all applicable laws (including Graham-Leach-Bliley Act)
with respect to Obligor Information. 
 SECTION 10.13. No Waiver; Remedies. No failure on the part of the Administrative Agent, any
Managing Agent, any Lender or any Liquidity Provider to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further
exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

SECTION 10.14. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 
 SECTION 10.15. Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of
which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by electronic mail
in a “.pdf” file shall be effective as delivery of a manually executed counterpart of this Agreement. 

  
 97 

 SECTION 10.16. Integration; Binding Effect; Survival of Termination. This Agreement
and the other Facility Documents executed by the parties hereto on the date hereof contain the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire
agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and permitted assigns (including any trustee in bankruptcy). Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement shall
create and constitute the continuing obligations of the parties hereto in accordance with its terms and shall remain in full force and effect until the Final Collection Date; provided, however, that the provisions of 2.09, 2.10, 2.11, 2.12,
2.17 and Article VIII, and the provisions of Sections 10.06, 10.09, 10.10, 10.11 and 10.12 shall survive any termination of this Agreement. 

SECTION
10.17. Electronic Signatures. This Agreement shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a
faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any
other relevant electronic signatures law, including any relevant provisions of the UCC (collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic
signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any
faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For the avoidance of doubt, original manual
signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings. 

SECTION
10.18. Recognition of the U.S. Special Resolution Regimes. 
 (a) In the event that any Lender that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution
Regime, the transfer from such Lender of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement,
and any such interest and obligation, were governed by the laws of the United States of America or a state of the United States of America. 

(b) In the
event that any Lender that is a Covered Entity or a BHC Act Affiliate of such Lender becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Lender are permitted
to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States of America or a state of the United States of
America. 
 (c) As used in this section, the following terms shall have the meaning set forth below:  

(i)
 “BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C.
§1841(k). 

  
 98 

(ii)
 “Covered Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §252.82(b); (ii) a “covered bank” as that term is defined in, and
interpreted in accordance with, 12 C.F.R. §47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §382.2(b).

(iii)
 “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§252.81, 47.2 or 382.1, as applicable. 

(iv)
 “U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the
regulations promulgated thereunder. 

  
 99 

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

			
	HILTON GRAND VACATIONS TRUST I LLC,
	as Borrower
		
	By:	 	 
	Name:
	Title:
	
	Solely as to Section 5.05:
	
	HILTON RESORTS CORPORATION
		
	By:	 	 
	Name:
	Title:

  
 Signature Page to
Receivables Loan Agreement 

 
			
	BANK OF AMERICA, N.A.,
	as Administrative Agent
		
	By:	 	 
	Name:
	Title:
	
	BANK OF AMERICA, N.A.,
	as a Managing Agent and a Committed Lender
		
	By:	 	 
	Name:
	Title:

  
 Signature Page to
Receivables Loan Agreement 

 
			
	DEUTSCHE BANK AG, NEW YORK BRANCH,
	as a Managing Agent and a Committed Lender
		
	By:	 	 
	Name:
	Title:
		
	By:	 	 
	Name:
	Title:

  
 Signature Page to
Receivables Loan Agreement 

 
			
	BARCLAYS BANK PLC.
	as a Committed Lender and a Managing Agent
		
	By:	 	 
	Name:
	Title:
	
	SHEFFIELD RECEIVABLES COMPANY LLC,
	as a Conduit Lender
		
	By:	 	Barclays Bank PLC,
	 	 	as attorney-in-fact
		
	By:	 	 
	Name:
	Title:

  
 Signature Page to
Receivables Loan Agreement 

 
			
	WELLS FARGO BANK, NATIONAL
ASSOCIATION,
	as a Committed Lender and a Managing Agent
		
	By:	 	 
	Name:
	Title:

  
 Signature Page to
Receivables Loan Agreement 

 
			
	SUNTRUSTTRUIST BANK,
	as a Committed Lender and a Managing Agent
		
	By:	 	 
	Name:
	Title:

  
 Signature Page to
Receivables Loan Agreement 

 
			
	WELLS FARGO BANK, NATIONAL
ASSOCIATION
	as Paying Agent and Securities Intermediary
		
	By:	 	 
	Name:
	Title:

  
 Signature Page to
Receivables Loan Agreement 

 EXHIBIT A-1 

FORM OF CREDIT POLICY 
 (On
file with the Administrative Agent) 

 EXHIBIT A-2 

FORM OF COLLECTION POLICY 

(On file with the Administrative Agent) 

 EXHIBIT B 

FORM OF BORROWING REQUEST 

[DATE] 
  

	To:	 Bank of America, N.A. (“BANA”), as Administrative Agent 

Grand Vacations Services LLC, as Servicer 

Wells Fargo Bank, National Association, as Paying Agent, Backup Servicer and Custodian 

 

	From:	 Hilton Grand Vacations Trust I LLC (the “Borrower”) 

 

	Re:	 Receivables Loan Agreement, dated as of May 9, 2013 among the Borrower, Wells Fargo Bank, National
Association, as Paying Agent and Securities Intermediary, the Persons from time to time party thereto as Conduit Lenders, the financial institutions from time to time party thereto as Committed Lenders, the Persons from time to time party thereto as
Managing Agents, and BANA, as Administrative Agent for the Conduit Lenders and the Committed Lenders (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”). Capitalized terms used but not
defined herein shall have the meanings given to them in the Agreement. 

  

							
	A.	  	(i)	  	Pursuant to Sections 2.01 and 2.02(a) of the Agreement, the undersigned hereby requests a Borrowing from each Lender Group in an aggregate amount equal to the following:	  	$            
		  		  		  	  

  

			
	 Lender Group
(identified by related Managing
Agent)
	  	Dollar Amount of Borrowing
		
	[Name]	  	$[•]
		
	[Name]	  	$[•]
		
	[Name]	  	$[•]
		
	[Name]	  	$[•]
		
	[Name]	  	$[•]
	Total  	  	$[•]

  

							
	 	  	(ii)	  	The requested Borrowing Date is:	  	 
		  		  		  	  

				
	 	  	(iii)	  	The Aggregate Loan Principal Balance under the Agreement after giving effect to the requested Borrowing
under (i) above will equal:	  	$            
				
		  		  		  	  

				
	 	  	(iv)	  	The proceeds of the requested Borrowing are requested to be remitted to the following account of the
Borrower:	  	 
				
		  		  		  	  

		
	B.	  	As of the date hereof and the Borrowing Date of such Borrowing:
				
	 	  	(i)	  	The representations and warranties contained in Article IV of the Agreement are true and correct in all
material respects on and as of such Borrowing Date unless such representation and warranties by their terms
refer to an
earlier date, in which case they were true and correct in all material respects on and as of such
earlier date;	  	 

							
				
		  	(ii)	  	No event has occurred and is continuing, or would result from the Borrowing requested hereunder, that constitutes an Event of Default or an Default; and	  	
				
		  	(iii)	  	After giving effect to the requested Borrowing, no Borrowing Base Deficiency shall exist.	  	
				
		  	(iv)	  	All other conditions precedent set forth in Section 3.02 of the Agreement have been satisfied.	  	

 In accordance with Section 2.02(a) of the Agreement, the Borrower hereby certifies that, if any Timeshare Loans are being
added to the Collateral in connection with the requested Borrowing, such Timeshare Loans are set forth on Schedule I attached hereto and such Timeshare Loans are Eligible Timeshare Loans. The undersigned further represents and warrants that
(1) the documents constituting the Timeshare Loan File with respect to such Timeshare Loans have been delivered to Custodian and such Timeshare Loan Files are to be held by the Custodian in accordance with the Custody Agreement, and
(2) all other documents related to such Timeshare Loans (including, but not limited to, insurance policies, loan applications and appraisals) have been or will be created and held by the Borrower in trust for the Secured Parties. 

The undersigned certifies that this Borrowing Request is correct in all material respects as of the date furnished. 

 

			
	Hilton Grand Vacations Trust I LLC, as Borrower
		
	By:	 	 
	Name:
	Title:

 SCHEDULE I 

LIST OF TIMESHARE LOANS 

 EXHIBIT C 

FORM OF MONTHLY REPORT 

(On file with the Administrative Agent) 

 EXHIBIT D 

LIST OF OFFICES OF BORROWER WHERE RECORDS ARE KEPT 

6355 Metro West Blvd, Suite 180 
 Orlando, FL 32835 

 EXHIBIT E 

LIST OF ACCOUNTS 
 AND
ACCOUNT BANKS 
 (On file with the Administrative Agent) 

 EXHIBIT F 

FORM OF ASSIGNMENT AND ACCEPTANCE 

Dated as of [Date] 

Reference is made to the Receivables Loan Agreement, dated as of May 9, 2013 among Hilton Grand Vacations Trust I LLC, as the Borrower,
Wells Fargo Bank, National Association, as Paying Agent and Securities Intermediary, the Persons from time to time party thereto as Conduit Lenders, the financial institutions from time to time party thereto as Committed Lenders, the Persons from
time to time party thereto as Managing Agents, and Bank of America, N.A., as Administrative Agent for the Conduit Lenders and the Committed Lenders (as amended, restated, supplemented or otherwise modified from time to time, the
“Agreement”). Terms defined in the Agreement are used herein with the same meaning. 
 [Assigning Lender] (the
“Assignor”), [Assignee] (the “Assignee”) and [Assignor’s Managing Agent], in its capacity as Managing Agent for the Lender Group which includes the Assignor [and the Assignee] (in
such capacity, the “Managing Agent”), hereby agree as follows: 
 1. Purchase and Sale of Interest. The Assignor
hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor, an interest in and to all of the Assignor’s rights and obligations under the Agreement as of the date hereof (including its [Commitment]
[Conduit Lending Limit] and all Loans, if any, or interests therein held by it) equal to the percentage (the “Percentage”) interest specified on the signature page hereto. After giving effect to such sale and assignment, [the
Assignee will be a [Committed] [Conduit] Lender in the Lender Group that includes [__________] as the Managing Agent and] the Assignee’s [Commitment] [Conduit Lending Limit] will be as set forth in Section 2 of the signature page hereto.
[As consideration for the sale and assignment contemplated in this Section 1, the Assignee shall pay to the Assignor on the Effective Date (as hereinafter defined) in immediately available funds an amount equal to $[__________], representing
the purchase price payable by the Assignee for the interests in the transferred interest sold and assigned to the Assignee under this Section 1.]1 * 

2. Representations and Disclaimers of Assignor. The Assignor: 

(a) represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that
such interest is free and clear of any adverse claim; 
 (b) 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 

(c) 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. 

 

	1 	 Include bracketed text if Assignor holds a portion of the Loans on the Effective Date. 

 3. Representations and Agreements of Assignee. The Assignee: 

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

(b) 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 Agreement; 

(c) [appoints and authorizes the Administrative Agent and [__________], as its Managing Agent, to take such action as agent on
its behalf and to exercise such powers under the Agreement and the other Facility Documents as are delegated to the Administrative Agent and such Managing Agent, respectively, by the terms thereof, together with such powers as are reasonably
incidental thereto;] 
 (d) agrees that it will perform in accordance with their terms all of the obligations which by the
terms of the Agreement and this Assignment and Acceptance are required to be performed by it as a [Committed] [Conduit] Lender; 

(e) specifies as its address for notices the office set forth beneath its name on the signature pages hereof; and 

(f) represents that this Assignment and Acceptance has been duly authorized, executed and delivered by the Assignee pursuant to
its [corporate] powers and constitutes the legal, valid and binding obligation of the Assignee. 
 4. Effectiveness of Assignment.
Following the execution of this Assignment and Acceptance by the Assignor, the Managing Agent, [and] the Assignee, [the Borrower and the Servicer,] it will be delivered to the Administrative Agent for acceptance and recording by the Administrative
Agent. The effective date of this Assignment and Acceptance shall be the date of acceptance thereof by the Administrative Agent, unless otherwise specified in Section 3 of the signature page hereto (the “Effective Date”). 

5. Rights of the Assignee. Upon such acceptance and recording by the Administrative Agent, as of the Effective Date, [(i) the Assignee
shall be a party to the Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a [Committed] [Conduit] Lender thereunder and hereunder and (ii)] the Assignor shall, to the extent provided in this
Assignment and Acceptance, relinquish its rights and be released from its obligations under the Agreement. 
 6. Payments. Upon such
acceptance and recording by the Administrative Agent, from and after the Effective Date, all payments under the Agreement in respect of the interest assigned hereby (including all payments of fees with respect thereto) shall be made to the Assignee
or the Assignee’s Managing Agent, for the benefit of the Assignee, in accordance with the Agreement. The Assignor and Assignee shall make all appropriate adjustments in payments under the Agreement for periods prior to the Effective Date
directly between themselves. 

 7. GOVERNING LAW. THIS ASSIGNMENT AND ACCEPTANCE AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 IN WITNESS WHEREOF, the parties hereto have caused this Assignment and
Acceptance to be executed by their respective officers thereunto duly authorized, as of the date first above written. 

 Signature Page to 

Assignment and Acceptance 
 Dated
as of [Date] 
  

					
	 Section 1.
	  

		
	  
 Percentage:
	  	 	________%	 
	
	 Section 2.
	  

		
	  
 Assignee’s [Commitment]
[Conduit Lending Limit] as of the Effective Date:
	  	$	_____________	 
		
	 Principal Amount of Loans held by Assignee as of the Effective Date:
	  	$	_____________	 
	
	 Section 3.
	  

		
	  
 Effective Date:2**
	  	 	__________, 20__	 

  

			
	[NAME OF ASSIGNOR]
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	[NAME OF ASSIGNEE]
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 Address for Notices:

[Insert]

	
	 Accepted this [day] of [month], [year]

 
 BANK OF AMERICA, N.A., as Administrative Agent

		
	By:	 	 
	Name:	 	
	Title:	 	
		
	By:	 	 
	Name:	 	
	Title:	 	

  

	2 	 This date should be no earlier than the date of acceptance by the Administrative Agent. 

			
	AGREED TO THIS ____ DAY OF ___________, 20___:
	
	[NAME OF MANAGING AGENT], 
as Managing Agent
		
	By:	 	  

	 	 	Name:
	 	 	Title:
	
	 HILTON GRAND VACATIONS TRUST I LLC,

as Borrower

		
	By:	 	  

	 	 	Name:
	 	 	Title:

 EXHIBIT G 

FORM OF JOINDER AGREEMENT 

Reference is made to the Receivables Loan Agreement, dated as of May 9, 2013 among Hilton Grand Vacations Trust I LLC, as the Borrower,
Wells Fargo Bank, National Association, as Paying Agent and Securities Intermediary, the Persons from time to time party thereto as Conduit Lenders, the financial institutions from time to time party thereto as Committed Lenders, the Persons from
time to time party thereto as Managing Agents, and Bank of America, N.A., as Administrative Agent for the Conduit Lenders and the Committed Lenders (as amended, restated, supplemented or otherwise modified from time to time, the
“Agreement”). To the extent not defined herein, capitalized terms used herein have the meanings assigned to such terms in the Agreement. 

[New Managing Agent] (the “New Managing Agent”), [New Conduit Lender(s)] (the “New Conduit
Lender(s)”) and [New Committed Lender(s)] (the “New Committed Lender(s)”; and together with the New Managing Agent and New Conduit Lender(s), the “New Lender Group”) agree as follows: 

1. By execution and delivery of this Joinder Agreement and pursuant to Section 10.04 of the Agreement, the New
Lender Group elects to become a “Lender Group” under the Agreement. 
 2. The effective date (the “Effective
Date”) of this Joinder Agreement shall be the later of (i) the date on which a fully executed copy of this Joinder Agreement is delivered to the Administrative Agent, (ii) the date of this Joinder Agreement [and (iii) the
effective date of that certain assignment agreement of even date herewith between the [New Committed Lender] [New Conduit Lender] and [Name of [Committed] [Conduit] Lender Assignor]. 

3. By executing and delivering this Joinder Agreement, each of the New Managing Agent, the New Conduit Lender(s) and the New Committed
Lender(s) confirms to and agrees with each other party to the Agreement that (i) it has received a copy of the Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter
into this Joinder Agreement; (ii) it will, independently and without reliance upon the Administrative Agent, any other Managing Agent, any other Lender or any of their respective Affiliates, 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 Agreement or any documents or agreements to be delivered thereunder; (iii) it appoints and authorizes the Administrative
Agent to take such action as agent on its behalf and to exercise such powers pursuant to Article IX of the Agreement; (iv) it will perform in accordance with their terms all of the obligations which by the terms of the Agreement and the
documents or agreements to be delivered thereunder are required to be performed by it as a Managing Agent, a Conduit Lender, or a Committed Lender, respectively; (v) its address for notices shall be the office set forth beneath its name on the
signature pages of this Joinder Agreement; (vi) the Lender Group Limit for the New Lender Group shall be as set forth on the signature page hereto; and (vii) it is duly authorized to enter into this Joinder Agreement. 

4. On the Effective Date of this Joinder Agreement, each of the New Managing Agent, the New Conduit Lender(s) and the New Committed Lender(s)
shall join in and be a party to the Agreement and, to the extent provided in this Joinder Agreement, shall have the rights and obligations of a Managing Agent, a Conduit Lender and a Committed Lender, respectively, under the Agreement. Schedule
II to the Agreement shall be amended to incorporate the information set forth on Schedule I to this Joinder Agreement and Schedule III shall be amended to incorporate the notice addresses set forth on the signature pages to this
Joinder Agreement. [In addition, the New Conduit Lender hereby specifies that it is a “Pre-Review Conduit Lender”.] 

 5. This Joinder Agreement may be executed by one or more of the parties on any number of
separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 
 6. THIS
JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 7. Each of the parties
hereto hereby waives any right to have a jury participate in resolving any dispute, whether sounding in contract, tort, or otherwise between or among the parties hereto, or any of them, arising out of, connected with, related to, or incidental to
the relationship between them in connection with this Joinder Agreement. Instead, any dispute resolved in court will be resolved in a bench trial without a jury. 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 

 IN WITNESS WHEREOF, the parties hereto have caused this Joinder Agreement to be executed by
their respective officers thereunto duly authorized, as of this [__] day of [________], [20__]. 
 The “Lender Group Limit” for
the New Lender Group is $[__________]. 
  

			
	NEW CONDUIT LENDER(S):
	
	NAME(S)]
		
	By:	 	 
	Name:
	Title:
	
	Address for notices:
	[Address]
	
	NEW COMMITTED LENDER(S):
	
	[NAME(S)]
		
	By:	 	  

	Name:
	Title:
	
	Address for notices:
	[Address]
	
	NEW MANAGING AGENT:
	
	[NAME]
		
	By:	 	  

	Name:
	Title:
	
	Address for notices:
	[Address]

			
	AGREED TO THIS ____ DAY OF ___________, 20___:
	
	BANK OF AMERICA, N.A., 
as Administrative Agent
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	[EACH MANAGING AGENT], 
as a Managing Agent
		
	By:	 	  

		 	Name:
		 	Title:
	
	 HILTON GRAND VACATIONS TRUST I LLC,

as Borrower

		
	By:	 	  

		 	Name:
		 	Title:

 SCHEDULE I 

Conduit Lending Limit(s) for New Conduit Lender(s):    _______________________ 

                          
                                         
                        _______________________ 

Commitment(s) of New Committed Lender(s):                _______________________ 

                          
                                         
                        _______________________ 

 EXHIBIT H 

FORM OF PREPAYMENT NOTICE 

[Date] 
  

			
	 To:
	 	Bank of America, N.A. (“BANA”), as Administrative Agent,
[Managing Agent], as a Managing Agent
Wells Fargo Bank, National Association, as Paying Agent
		
	 From:
	 	Hilton Grand Vacations Trust I LLC (the “Borrower”)
		
	 Re:
	 	Receivables Loan Agreement, dated as of May 9, 2013, among the Borrower, Wells Fargo Bank, National Association, as Paying Agent and Securities Intermediary, the Persons from time to time party thereto as Conduit Lenders, the
financial institutions from time to time party thereto as Committed Lenders, the Persons from time to time party thereto as Managing Agents and BANA, as Administrative Agent for the Conduit Lenders and the Committed Lenders (as amended, restated,
supplemented or otherwise modified from time to time, the “Agreement”). Terms defined in the Agreement are used herein with the same meaning.

 Pursuant to Section 2.05 of the Agreement, the undersigned hereby notifies each Managing Agent of its
intent to make certain prepayments (which shall be made ratably among the Lenders based on the aggregate outstanding Principal Amount of the Loans held by each) as outlined below. This notice must be received no later than 12:00 p.m. (New York City
time) two (2) Business Days prior to the date of such payment. 
  

	1.	 The aggregate amount (which shall be at least $1,000,000, or integral multiples of $100,000 in excess thereof)
of the prepayment is: $_____________ 

  

	2.	 The Business Day upon which the undersigned shall make such prepayment is: ______________.

 The undersigned hereby certifies that this prepayment notice is correct in all material respects as of the date so
furnished. 
  

			
	 HILTON GRAND VACATIONS TRUST I LLC,

as Borrower

		
	By:	 	 
		 	Name:
		 	Title:

 EXHIBIT I 

FORM OF REFINANCING RELEASE 

Reference is hereby made to the Receivables Loan Agreement, dated as of May 9, 2013 (as amended, restated, supplemented or otherwise
modified from time to time, the “Agreement”), among [Name of Borrower], a Delaware limited liability company, as borrower (the “Borrower”), the Conduit Lenders from time to time party thereto, the Committed Lenders
from time to time party thereto, the Managing Agents from time to time party thereto, Wells Fargo Bank, National Association, as paying agent and as securities intermediary and Bank of America, N.A., as administrative agent (in such capacity, the
“Administrative Agent”). Capitalized terms not defined herein shall have the meaning given such terms in the Agreement. 

The Borrower hereby delivers, in connection with the consummation of the Refinancing to which this Refinancing Release relates, (i) an
executed Refinancing Date Certificate of the Borrower, in substantially the form attached hereto as Annex 1-A and an executed Refinancing Date Certificate of the Servicer, in substantially the forms attached
hereto as Annex 1-B and (ii) an executed notice, in substantially the form attached hereto as Annex 2. 

Upon deposit in the Collection Account of $[•] in accordance with Section 2.14(a)(iv) in immediately available funds, the
Administrative Agent hereby releases all of its right, title and interest, including its Lien, in and to the following: 

(a) the Timeshare Loans to be transferred by the Borrower in the related Refinancing and described in Schedule I hereto (the
“Refinanced Assets” and such Schedule, the “Schedule of Refinanced Assets”), all Collections related thereto, and all monies due (including any payments made under any guarantee or similar credit enhancement with
respect to any such Refinanced Assets) or to become due or received by any Person in payment of any of the foregoing after the last day of the Collection Period immediately preceding the related Refinancing Date; 

(b) all Timeshare Loan Files and the Schedule of Refinanced Assets, relating to the Refinanced Assets, whether now existing or
hereafter acquired, and all right, title and interest of the Borrower in and to the documents, agreements and instruments included in such Timeshare Loan Files; 

(c) all of the Borrower’s interest in all Records, documents and writings evidencing or related to the Refinanced Assets;

 (d) all of the Borrower’s interest in all guaranties, indemnities and other agreements or arrangements of whatever
character from time to time supporting or securing payment of the Refinanced Assets, whether pursuant to the related Timeshare Loans or otherwise; 

(e) all deposit accounts, monies, deposits, funds, accounts and instruments relating to the foregoing; 

(f) all of the Borrower’s right, title and interest in and to the Sale and Contribution Agreement relating to the
Refinanced Assets and remedies thereunder and the assignment to the Administrative Agent of all UCC financing statements filed by the Borrower against the Seller under or in connection with the Sale and Contribution Agreement and relating to such
Refinanced Assets; and 
 (g) all income and proceeds of the foregoing. 

							
	 Executed as of __________, 201_.
	 		 	
		 		 	 HILTON GRAND VACATIONS TRUST I LLC,

as Borrower

				
		 		 	By:	 	 
		 		 		 	Name:
		 		 		 	Title:
			
		 		 	 BANK OF AMERICA, N.A., as Administrative Agent

				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 ANNEX 1-A 

HILTON GRAND VACATIONS TRUST I LLC 

REFINANCING DATE CERTIFICATE 

Hilton Grand Vacations Trust I LLC (the “Borrower”), delivers this certificate pursuant to Section 2.14(a) of the
Receivables Loan Agreement, dated as of May 9, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”), among the Borrower, the Conduit Lenders from time to time party thereto, the
Committed Lenders from time to time party thereto, the Managing Agents from time to time party thereto, Wells Fargo Bank, National Association, as paying agent and as securities intermediary and Bank of America, N.A., as administrative agent (in
such capacity, the “Administrative Agent”), and hereby certifies, as of the date hereof, the following: 

(a) no adverse selection procedure shall have been used by the Borrower with respect to the Pledged Timeshare Loans that will
remain subject to this Agreement after giving effect to the Refinancing (except as is necessary to comply with normal and customary eligibility criteria for asset-backed securities transactions involving timeshare loans); 

(b) the representations and warranties contained in Section 4.01 are true and correct in all material respects, except to
the extent relating to an earlier date; and 
 (c) no Default or Event of Default has occurred and is continuing. 

Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Agreement. 

IN WITNESS WHEREOF, the Borrower has caused this certificate to be executed on its behalf this ___ day of _________, 201_. 

 

			
	HILTON GRAND VACATIONS TRUST I LLC
		
	 By:
	 	  

		 	 Name:

		 	 Title:

 ANNEX 1-B 

GRAND VACATIONS SERVICES LLC 

REFINANCING DATE CERTIFICATE 

Grand Vacations Services LLC, as servicer (the “Servicer”), delivers this certificate pursuant to Section 2.14(a) of the
Receivables Loan Agreement, dated as of May 9, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”), among Hilton Grand Vacations Trust I LLC, a Delaware limited liability company,
as borrower (the “Borrower”), the Conduit Lenders from time to time party thereto, the Committed Lenders from time to time party thereto, the Managing Agents from time to time party thereto, Wells Fargo Bank, National Association,
as paying agent and as securities intermediary and Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”), and hereby certifies, as of the date hereof, that no Borrowing Base Deficiency exists.

 Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Agreement. 

IN WITNESS WHEREOF, the Servicer has caused this certificate to be executed on its behalf this ___ day of _________, 201_. 

 

			
	GRAND VACATIONS SERVICES LLC, as Servicer
		
	 By:
	 	  

		 	 Name:

		 	 Title:

 ANNEX 2 

FORM OF NOTICE 
 HILTON GRAND
VACATIONS TRUST I LLC 
 6355 Metro West Blvd, Suite 180 

Orlando, FL 32835 
 Attn:
VP & Treasurer 
 ______________, 201__ 

Bank of America, N.A., 
 as Administrative Agent 

One Bryant Park, Floor 11 
 New York, NY 10036 

Wells Fargo Bank, National Association 
 MAC N9300-061 
 600 S. 4th Street 

Minneapolis, Minnesota 55479 
 Attention: Corporate Trust Services
- Asset-Backed Administration 
 Grand Vacations Services LLC 

5323 Millenia Lakes Blvd 
 Suite 400 

Orlando, FL 32839 
 Attn: General Counsel 

 

	 	Re:	 Hilton Grand Vacations Trust I LLC – Receivables Loan Agreement 

Ladies and Gentlemen: 
 Reference is made to the Receivables
Loan Agreement, dated as of May 9, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”), among Hilton Grand Vacations Trust I LLC, a Delaware limited liability company, as borrower
(the “Borrower”), the Conduit Lenders from time to time party thereto, the Committed Lenders from time to time party thereto, the Managing Agents from time to time party thereto, Wells Fargo Bank, National Association, as paying
agent and as securities intermediary and Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”). 

Pursuant to Section 2.14(a)(i) of the Agreement, the Borrower gives notice of its intent to effect a Refinancing on or about __________, 201_ (which date
is no fewer than 10 Business Days after the date of delivery of this notice to the Administrative Agent). 
 Capitalized terms used herein that are not
otherwise defined shall have the meanings ascribed thereto in the Agreement. 

 
			
	Very truly yours,
	
	HILTON GRAND VACATIONS TRUST I LLC
		
	 By:
	 	 
		 	 Name:

		 	 Title:

 Schedule I to Refinancing Release 

Schedule of Refinanced Assets 

[to be attached] 

 EXHIBIT J 

FORM OF GLOBAL ASSIGNMENT OF MORTGAGE AND TIMESHARE LOAN FILES 

AND POWER OF ATTORNEY 

(Seller) 
 This GLOBAL
ASSIGNMENT OF MORTGAGE AND TIMESHARE LOAN FILES AND POWER OF ATTORNEY (this “Assignment and Power of Attorney”) is made as of [Date] by each of HILTON RESORTS CORPORATION (the
“Seller”) and HILTON GRAND VACATIONS TRUST I LLC (the “Borrower”) in favor of BANK OF AMERICA, N.A. (the “Administrative Agent”). 

The Seller, the Borrower, and certain other institutions, including the Administrative Agent, have entered into certain transactions involving
timeshare loans (the “Transactions”). Pursuant to the terms of the Sale and Contribution Agreement, dated as of May 9, 2013 (as amended, restated, supplemented or otherwise modified in writing from time to time, the
“Sale and Contribution Agreement”), by and between the Seller and the Borrower, the Seller sells and/or contributes certain timeshare loans and related assets to the Borrower. Such timeshare assets, which from time to time
may include, without limitation, timeshare loans and the agreements, documents and instruments related thereto (such as purchase contracts, promissory notes, mortgages, deeds of trust and all other agreements, documents and interests evidencing
interests in, liens upon and security interests in such timeshare loans and the properties the sales of which gave rise to such timeshare loans) are referred to herein as the “Transferred Timeshare Loans”. The Borrower,
pursuant to the terms of the Receivables Loan Agreement, dated as of May 9, 2013 (as amended, restated, supplemented or otherwise modified in writing from time to time, the “Loan Agreement”), by and among the Borrower,
certain institutions and the Administrative Agent, has pledged and collaterally assigned the Transferred Timeshare Loans to the Administrative Agent to secure the Borrower’s obligations under the Loan Agreement and the agreements, documents and
instruments related thereto. To further evidence the Administrative Agent’s interests in the Transferred Timeshare Loans, the Borrower, in its capacity as assignee of the Transferred Timeshare Loans, has requested that the Seller deliver this
Assignment and Power of Attorney. The Seller, in order to further evidence its sale and/or contribution of the Transferred Timeshare Loans to the Borrower, has agreed to make such delivery as evidenced by its execution hereof. 

The Seller does hereby convey and transfer to the Borrower all of its right, title and interest whether now or hereafter existing or in which
the Seller now or hereafter acquires an interest and wherever the same may be located, in and to or arising under each of the Transferred Timeshare Loans, together with the Seller’s right to receive and collect all interest, principal, and
other amounts or proceeds under or in connection with such Transferred Timeshare Loans. The Borrower does hereby collaterally assign to the Administrative Agent all of its right, title and interest, whether now or hereafter existing or in which the
Borrower now or hereafter acquires an interest and wherever the same may be located, in and to or arising under each of the Transferred Timeshare Loans, together with the Borrower’s right to receive and collect all interest, principal, and
other amounts or proceeds under or in connection with such Transferred Timeshare Loans. 
 The Administrative Agent shall be entitled to
attach hereto at any time and from time to time a list of Transferred Timeshare Loans (which list may not contain the names of Obligors or any personal identifying information) and record a copy of this Assignment and Power of Attorney, together
with such list of Transferred Timeshare Loans, with such jurisdictions as the Administrative Agent may deem necessary, in its sole discretion, to further evidence and perfect its interests in the Transferred Timeshare Loans. 

 In order to give further effect to the Administrative Agent’s rights under the Loan
Agreement, the Sale and Contribution Agreement (as collateral assignee thereof) and this Assignment and Power of Attorney, the Seller by these presents does make, constitute and appoint the Administrative Agent as the Seller’s true and lawful attorney-in-fact and in the Seller’s name, place and stead to act and take all such actions required to further evidence and perfect the Administrative Agent’s
interests in the Transferred Timeshare Loans. Such actions shall include, but shall not be limited to, (i) preparing, executing and recording in the Seller’s name, place and stead agreements, documents and instruments with federal, state,
county and other jurisdictions to evidence the Administrative Agent’s interests in the Transferred Timeshare Loans, and (ii) endorsing Transferred Timeshare Loans in favor of the Administrative Agent. This power of attorney shall be
irrevocable and coupled with an interest. 
 To induce any third party to act hereunder, each of the Borrower and the Seller hereby agrees
that any third party receiving a duly executed copy or facsimile of this instrument may act hereunder, and that any notice of revocation or termination hereof or other revocation or termination hereof by operation of law shall be ineffective as to
any actions by such third party prior to such third party’s receipt of notice of such revocation or termination. 
 This Assignment and
Power of Attorney may not be amended or modified without the Administrative Agent’s prior written consent. 
 Upon the payment in full
of all obligations outstanding and otherwise owing under or in connection with the Loan Agreement and the agreements, documents and instruments delivered in connection therewith, and the termination of all commitments to extend credit thereunder by
the Administrative Agent and the other parties thereto as lenders, this Assignment and Power of Attorney shall terminate without further action by the Administrative Agent or any other person. 

 IN WITNESS WHEREOF, this Assignment and Power of Attorney has been executed and delivered by
an officer of each of the undersigned thereunto duly authorized as of the date first written above. 
  

			
	HILTON RESORTS CORPORATION
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	
	
	HILTON GRAND VACATIONS TRUST I LLC
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

					
	State of ________________	 	 )
	 	
		 	 )
	 	
	County of ______________	 	 )
	 	

 This instrument was acknowledged before me on __________, 2012 by ______________________ as
______________________________ of ___________________ and , in a representative capacity. 

........................................................... 

      (Signature of notarial officer) 

(Seal, if any) 

 EXHIBIT K 

FORM OF GLOBAL ASSIGNMENT OF MORTGAGES AND TIMESHARE LOAN FILES AND POWER OF ATTORNEY 

(Borrower) 
 This GLOBAL
ASSIGNMENT OF MORTGAGES AND TIMESHARE LOAN FILES AND POWER OF ATTORNEY (this “Assignment and Power of Attorney”) is made as of [Date] by HILTON GRAND VACATIONS TRUST I LLC (the
“Borrower”) in favor of BANK OF AMERICA, N.A. (the “Administrative Agent”). 
 The Borrower,
certain institutions, and the Administrative Agent are parties to a Receivables Loan Agreement, dated as of May 9, 2013 (as amended, restated, supplemented or otherwise modified in writing from time to time, the “Loan
Agreement”). The Borrower has pledged certain of its assets to the Administrative Agent for the benefit of the Secured Parties under and as defined in the Loan Agreement. Such assets secure the Borrower’s payment and performance of
its obligations under the Loan Agreement and the agreements, documents and instruments delivered in connection therewith. The pledged assets from time to time may include interests in timeshare loans and the agreements, documents and instruments
related thereto, including, without limitation, purchase contracts, promissory notes, mortgages, deeds of trust and all other agreements, documents and interests evidencing interests in, liens upon and security interests in such timeshare loans and
the properties the sales of which gave rise to such timeshare loans (collectively, the “Timeshare Loan Files”). 

To further evidence the Administrative Agent’s interests in the Timeshare Loan Files, Borrower does hereby convey, transfer and
collaterally assign to the Administrative Agent all of its right, title and interest, whether now or hereafter existing or in which the Borrower now or hereafter acquires an interest and wherever the same may be located, in and to or arising under
each of the Timeshare Loan Files, together with the Borrower’s right to receive and collect all interest, principal, and other amounts or proceeds under or in connection with such Timeshare Loan Files. 

The Administrative Agent shall be entitled to attach hereto at any time and from time to time a list of Timeshare Loan Files and record a copy
of this Assignment and Power of Attorney, together with such list of Timeshare Loan Files, with such jurisdictions as the Administrative Agent may deem necessary, in its sole discretion, to further evidence and perfect its interests in the Timeshare
Loan Files. 
 In order to give further effect to the Administrative Agent’s rights under the Loan Agreement and this Assignment and
Power of Attorney, the Borrower by these presents does make, constitute and appoint the Administrative Agent as the Borrower’s true and lawful attorney-in-fact and
in the Borrower’s name, place and stead to act and take all such actions required to further evidence and perfect the Administrative Agent’s interests in the Timeshare Loan Files. Such actions shall include, but shall not be limited to,
(i) preparing, executing and recording in the Borrower’s name, place and stead agreements, documents and instruments with federal, state, county and other jurisdictions to evidence the Administrative Agent’s interests in the Timeshare
Loan Files, and (ii) endorsing Timeshare Loan Files in favor of the Administrative Agent. This power of attorney shall be irrevocable and coupled with an interest. 

To induce any third party to act hereunder, the Borrower hereby agrees that any third party receiving a duly executed copy or facsimile of
this instrument may act hereunder, and that any notice of revocation or termination hereof or other revocation or termination hereof by operation of law shall be ineffective as to any actions by such third party prior to such third party’s
receipt of notice of such revocation or termination. 

 This Assignment and Power of Attorney may not be amended or modified without the
Administrative Agent’s prior written consent. 
 Upon the payment in full of all obligations outstanding and otherwise owing under or
in connection with the Loan Agreement and the agreements, documents and instruments delivered in connection therewith, and the termination of all commitments to extend credit thereunder by the Administrative Agent and the other parties thereto as
lenders, this Assignment and Power of Attorney shall terminate without further action by the Administrative Agent or any other person. 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 

 IN WITNESS WHEREOF, this Assignment and Power of Attorney has been executed and delivered by an officer of
the undersigned thereunto duly authorized as of the date first written above. 
  

			
	HILTON GRAND VACATIONS TRUST I LLC
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

					
	State of ________________	 	 )
	 	
		 	 )
	 	
	County of ______________	 	 )
	 	

 This instrument was acknowledged before me on __________, 2012 by ______________________ as
______________________________ of ___________________ and , in a representative capacity. 

........................................................... 

      (Signature of notarial officer) 

(Seal, if any) 

 EXHIBIT L 

FORM OF NOTICE OF EXCLUSIVE CONTROL 

[to be placed on Administrative Agent letterhead] 

NOTICE OF EXCLUSIVE CONTROL 

[Date] 
 Wells Fargo Bank, National
Association 
 MAC N9300-061 

600 S. 4th Street 
 Minneapolis, Minnesota 55479 

Attention: Corporate Trust Services – 

Asset-Backed Administration 
  

	 	Re:	 Receivables Loan Agreement dated as of May 9, 2013 (as amended, the “Agreement”) by and among
Hilton Grand Vacations Trust I LLC, as borrower, Wells Fargo Bank, National Association, as paying agent and securities intermediary, the persons from time to time parties thereto as conduit lenders, the financial institutions from time to time
party thereto as committed lenders, the financial institutions from time to time party thereto as managing agents and Bank of America, N.A., as administrative agent 

Ladies and Gentlemen: 
 This constitutes a Notice of Exclusive
Control as referred to in paragraph 2.16(h) of the Agreement, a copy of which is attached hereto. Pursuant to such paragraph 2.16(h), we hereby notify you that we are exercising our rights to assume and exercise exclusive control of account numbers
[•] and [•] maintained with you. [Available funds deposited in such accounts should be sent at the end of each day to [__________]]. 
  

			
	BANK OF AMERICA, N.A.,
	as Administrative Agent
		
	By:	 	 
	 Name:
	 	
	 Title:
	 	
		
	By:	 	 
	 Name:
	 	
	 Title:
	 	

 EXHIBIT M 

CERTAIN BORROWER INFORMATION 

Collection Account Number: (On file with the Administrative Agent) 

Borrower’s federal employer identification number: (On file with the Administrative Agent) 

Borrower’s organizational identification number: (On file with the Administrative Agent) 

 SCHEDULE I 

REPRESENTATIONS AND WARRANTIES WITH RESPECT 

TO THE TIMESHARE LOANS 

(a) All federal, state or local laws, rules or regulations, including, without limitation, those relating to usury, truth-in-lending, real estate settlement procedure, land sales, the offer and sale of securities, consumer credit protection and equal credit opportunity or disclosure,
applicable to such Timeshare Loan or the sale of the Timeshare Interest securing the related Obligor Note were complied with in all material respects at the time the originator made such Timeshare Loan. The applicable rescission period with respect
to such Timeshare Loan has expired, and such Timeshare Loan was not originated in, or is not subject to the laws of, any jurisdiction under which the transfer, conveyance or assignment of such Timeshare Loan would be unlawful, void or voidable. 

(b) If the Timeshare Loan is a Mortgage Loan, the Timeshare Property securing such Timeshare Loan constitutes an interest in real property at
one of the Resorts and the related Mortgage has been duly filed and recorded (or is in the process of being recorded) with all appropriate governmental authorities in all jurisdictions in which such Mortgage is required to be filed and recorded to
create a valid, binding and enforceable first priority perfected security interest in such Timeshare Interest subject only to Permitted Liens. If the Timeshare Loan is a
Right-to-Use Loan, (i) the related Timeshare Interest is related to Units at a Resort, (ii) all Resorts and other fee or leasehold real estate interests
supporting the Points available to be sold are (a) held in trust by a third party trustee for the benefit of the Obligors owning Timeshare Interests related to such Resorts, either free and clear of any lien or ownership interest in favor of
any other person, or subject to a subordination and nondisturbance agreement, and (b) related to a Resort Association; (iii) upon purchasing a Right-to-Use
Interest related to a Resort, the Obligor related thereto receives a Vacation Interest in such Resort representing the ownership of use rights related to Units at such Resort; and (iv) at the time of the sale of the related Right-to-Use Interest, the “seller” of such Right-to-Use Interest under the related
Purchase Contract owned the exclusive right to reserve the occupancy of Units in connection with such Right-to-Use Interest and the right to sell and transfer Vacation
Interests therein to the related Obligor, free and clear of any lien or ownership interest in favor of any other person. 
 (c) Immediately
prior to the transfer pursuant to the Sale and Contribution Agreement of such Timeshare Loan from the Seller to the Borrower, the Seller owned full legal and equitable title to such Timeshare Loan, free and clear of any lien, charge, encumbrance or
participation or ownership interest in favor of any other Person, other than Permitted Liens. All of the Seller’s right, title and interest in and to such Timeshare Loan has been validly and effectively transferred to the Borrower or a valid
first priority security interest in such Timeshare Loan has been created or assigned in favor of the Borrower. 
 (d) Each of the related
Mortgage with respect to Mortgage Loans, or the related Right-to-Use Agreement with respect to
Right-to-Use Loans, and the related Obligor Note is genuine and the legal, valid and binding obligation of the maker thereof, enforceable in accordance with its terms,
subject to the Enforceability Exceptions, and is not subject to any dispute, right of setoff, recoupment, counterclaim, or defense of any kind, whether arising out of transactions concerning such Timeshare Loan or otherwise, and no such right has
been asserted with respect thereto. 
 (e) All parties to the related Mortgage or the Related Right-to-Use Agreement and the related Obligor Note had legal capacity to enter into such Mortgage or Right-to-Use Agreement and
such Obligor Note and to execute and deliver such Mortgage or Right-to-Use Agreement and such Obligor Note, and such Mortgage or Right-to-Use Agreement and such Obligor Note have been duly and properly executed by such parties. The related Obligor has not been released, in whole or in part, from any of its obligations in respect of
such Timeshare Loan. The related Obligor Note has not been satisfied, canceled, rescinded or subordinated, in whole or in part, and no instrument has been executed that would affect any such satisfaction, release, cancellation, subordination or
rescission. 

 (f) At the time the originator made such Timeshare Loan, the related Obligor acquired good
and marketable title to the related Timeshare Interest securing such Timeshare Loan, free and clear of all Liens, except for Permitted Liens. 

(g) The related Mortgage or Right-to-Use Agreement, as
applicable, contains customary and enforceable provisions so as to render the rights and remedies of the holder thereof adequate for the practical realization against the related Timeshare Interest of the benefits of the security interests or other
remedies intended to be provided thereby, including by judicial foreclosure or other applicable remedies. There is no exemption available to the related Obligor which would interfere with the mortgagee (in the case of a Mortgage) or the
“seller’s” (under and as defined in the related Purchase Contract in the case of a Right-to-Use Agreement) right to foreclose such related Mortgage or Right-to-Use Interest, as applicable, other than that which may be available under applicable bankruptcy, debt relief, homestead statutes or the Servicemembers Civil Relief
Act of 2003, or a similar, applicable law of the country in which the related Obligor is located, if other than the United States. 
 (h)
The related Obligor Note is not and has not been secured by any collateral except the Lien of the related Timeshare Interest. 
 (i) All
entries with respect to such Timeshare Loan (including if it is a Qualified Substitute Timeshare Loan) as set forth on the related Timeshare Loan Schedule are true and correct in all material respects. 

(j) The related Timeshare Loan Files are in the possession of the Custodian and no Deficiencies exist with respect thereto. 

(k) With respect to Timeshare Loans which are Mortgage Loans, the related Mortgage is covered by a form of lender’s title insurance
policy issued by a title insurer qualified to do business in the jurisdiction where the related Timeshare Property is located, insuring the Seller and its successors and assigns, as to the first priority perfected Lien of the Mortgage, subject only
to Permitted Liens, in an amount equal to or greater than the Loan Balance of the related Obligor Note. Such lender’s title insurance policy is in full force and effect. No claims have been made under such lender’s title insurance policy,
and no prior holder of such Mortgage, including the Seller, has done or omitted to do anything which would impair the coverage of such lender’s title insurance policy. 

(l) None of the related Resort Association, or any other party to the related Resort Association Instruments (other than the Obligor) is in
default under the related Resort Association Instruments or has caused the ratio of Points to available intervals or units to fall below required levels. 

(m) The related Obligor Note evidences a fully amortizing debt obligation which bears a fixed rate of interest, provides for substantially
level monthly payments of principal and interest (other than the final payment thereon), and is payable in United States dollars. 
 (n) The
related Obligor Note has an original term to stated maturity of one hundred eighty (180) months or less. 
 (o) A minimum of one
payment due under such Timeshare Loan has been made on the related Obligor Note. 

 (p) Such Timeshare Loan is not a Delinquent Timeshare Loan or a Defaulted Timeshare Loan.

 (q) All applicable intangible taxes, documentary stamp taxes and state and local taxes were paid in respect of such Timeshare Loan. 

(r) Interest is calculated on the related Obligor Note on a simple interest basis. 

(s) The proceeds of such Timeshare Loan have been fully disbursed and no additional performance by the Seller is required. 

(t) Except for changes to the name of the Obligor thereunder, the terms of the related Purchase Contract, Mortgage (if applicable), Right-to-Use Agreement (if applicable), and the related Obligor Note have not been modified in any material respect (unless by a writing contained in the related Timeshare
Loan Files) and in no event to avoid delinquency or default. 
 (u) The related Obligor Note was originated by the Seller
an Approved Originator, in the ordinary course of its
business in connection with the initial sale or resale of the related Timeshare Interest, all in accordance with the underwriting guidelines in effect at such time of origination. 

(v) The related Obligor automatically became a member of HGVClub with full access to the HGVClub upon its purchase of the related
Timeshare Interest. 
 (w) The related Timeshare Interest is assignable upon liquidation of the related Obligor Note without the
consent of the related Resort Association or any other Person and there are no other restrictions on resale thereof, except that as to a Resort Association that is a cooperative association, such right of assignment may be exercisable by the Seller
or any Affiliate of the Seller as agent of the Resort Association. 
 (x) The related Obligor is not (i) a Person (other than an
individual) that is the Parent or any of its Subsidiaries or (ii) a Governmental Authority. 
 (y) (i) The related Resort Association
was duly organized and, to the best of the Seller’s knowledge, is validly existing and in good standing in the state of its organization, (ii) a Seller Affiliated Manager manages the related Resort and, if there is a related Resort
Association, performs services for such Resort Association, pursuant to agreements between such Seller Affiliated Manager and such Resort Association, each of such agreements being in full force and effect, (iii) any agreements mentioned in the
preceding clause (ii) include services that are substantially similar to the services described in the true and correct copy of a management agreement between such Seller Affiliated Manager and one of the Resort Associations, which has been
furnished to the Purchaser, and (iv) such Seller Affiliated Manager and the related Resort Association have performed in all material respects all obligations under any such agreements and are not in material default thereunder. 

(z) (i) The related Resort procures casualty and property insurance through the related Resort Association, if any, or through the Seller or
an Affiliate of the Seller, which property insurance is required by the applicable governing instruments of the related Resort Association to include coverage due to covered damage or loss for the full replacement value thereof, (ii) in the
event that the related Unit should suffer any loss covered by property damage insurance, upon receipt of any Insurance Proceeds, such Resort Association is required, during the time such Unit is covered by such insurance, under the applicable
governing instruments of the Resort Association or otherwise, either to repair or rebuild the portions of the applicable Resort or, if such Resort Association decides not to repair or rebuild such portions of the applicable Resort, to pay such
proceeds to the holders of any Mortgages secured by a timeshare estate in such portions of the applicable Resort, and (iii) if the related Resort is located in the United States and is located in a high hazard flood plain, the applicable
governing instruments of the Resort Association requires the related Resort Association to maintain flood insurance in an amount not less than the maximum level available under the National Flood Insurance Program. 

 (aa) If such Timeshare Loan is a Mortgage Loan, the declaration or other document recorded
in the real estate records where the related Resort is located for purposes of creating and governing the rights of owners of Timeshare Properties related thereto (as it may be in effect from time to time, each, a “Declaration”) and
any rules and regulations promulgated in connection therewith requires the related Obligor to pay assessments which the related Resort Association is required to apply to pay taxes, insurance premiums and maintenance costs with respect to the
related Timeshare Property. If such Timeshare Loan is a Right-to-Use Loan, it requires the related Obligor to pay all maintenance costs with respect to the related
Timeshare Interest. 
 (bb) The related Resorts are, in the aggregate, free of material damage and waste and there is no proceeding
pending or, to the best knowledge of the Seller threatened for the total or partial condemnation or taking of the related Resort by eminent domain. 

(cc) No consent, approval, order or authorization of, and no filing with or notice to, any court or Governmental Authority in respect of the
related Obligor is required which has not been obtained in connection with the transfer of such Timeshare Loan to the Borrower. 
 (dd) Such
Timeshare Loan was not selected using selection procedures reasonably believed by the Seller to be adverse to the Borrower. 
 (ee) (i) The
Unit related to the Timeshare Loan has been completed in all material respects as required by applicable federal, state and local laws, free of all defects that could give rise to any claims thereunder; (ii) to the extent required by applicable
law, valid certificates of occupancy for such Unit has been issued and are currently outstanding; and (iii) the Seller and its commonly controlled Affiliates have complied in all material respects with all obligations and duties incumbent upon
the developers of the related Resort including the related Declarations and similar applicable documents for the related Resort. 
 (ff) (i)
No practice, procedure or policy employed by the related Resort Association in the conduct of its business violates any law, regulation, judgment or agreement, including, without limitation, those relating to zoning, building, use and occupancy,
fire, health, sanitation, air pollution, ecological, environmental and toxic wastes, applicable to such Resort Association or Seller Affiliated Manager which, if enforced, would reasonably be expected to (A) have a material adverse impact on
such Resort Association or the ability of such Resort Association or Seller Affiliated Manager to conduct the business of such Resort Association, (B) have a material adverse impact on the financial condition of such Resort Association, or
(C) constitute grounds for the revocation of any license, charter, permit or registration which is material to the conduct of the business of such Resort Association, (ii) the related Resort and the present use thereof does not violate any
applicable environmental, zoning or building laws, ordinances, rules or regulations of any governmental authority, or any covenants or restrictions of record, the violation of which would reasonably be expected to materially adversely affect the
value or use of such Resort or the performance by the related Resort Association of its obligations pursuant to and as contemplated by the terms and provisions of the related Declaration, (iii) there is no condition presently existing and no
event has occurred or failed to occur prior to the date hereof, concerning the related Resort relating to any hazardous or toxic materials or condition, asbestos or other environmental or similar matters which would reasonably be expected to(x)
materially and adversely affect the present use of such Resort or the financial condition or business operations of the related Resort Association, or the value of such Timeshare Loan or (y) result in environmental liability for the Seller or
the Borrower under any Environmental Law. 

 (gg) The related Resort has made all filings and holds all material licenses, permits and
registrations which are required by the present use of such Resort the failure to have of which would reasonably be expected to materially and adversely affect the value or use of such Resort. 

(hh) The related Obligor has equity in the related Timeshare Interest of at least 10% of the purchase price for the related Timeshare
Interest. 
 (ii) The Timeshare Loan was made in respect of a Unit as to which (i) construction has been completed and (ii) a
valid certificate of occupancy has been issued from all necessary Governmental Authorities. 
 (jj) If the related Obligor is a Domestic
Obligor who had a FICO® score at the time of origination of such Timeshare Loan, such Obligor had a FICO® score of at least 600 at the
time of origination of such Timeshare Loan. 
 (kk) The Timeshare Loan Balance of such Timeshare Loan does not exceed $250,000. 

(ll) No broker is, or will be, entitled to any commission or compensation in connection with the transfer of such Timeshare Loan. 

(mm) No payment due under such Timeshare Loan has been made, directly or indirectly, by the Seller, the Servicer or any other Subsidiary of
the Parent. 

 SCHEDULE II 

LENDER GROUPS 
  

																	
	 Lender Group
	  	 Managing Agent
	  	 Conduit Lender
	  	Conduit Lending
Limit	  	 Committed Lender
	  	Commitment	 	  	Lender Group
Limit	 
							
	 Deutsche Bank
	  	Deutsche Bank AG, New York Branch	  	N/A	  	N/A	  	 Deutsche Bank
 AG, New York
Branch
	  	$	142,500,000	 	  	$	142,500,000	 
							
	 Bank of America
	  	 Bank of

America, N.A.
	  	N/A	  	N/A	  	 Bank of
 America, N.A.
	  	$	142,500,000	 	  	$	142,500,000	 
							
	 Barclays
	  	Barclays Bank PLC	  	 Sheffield Receivables

Company LLC
	  	$65,000,000	  	Barclays Bank PLC	  	$	65,000,000	 	  	$	65,000,000	 
							
	 Wells Fargo
	  	Wells Fargo Bank, National Association	  	N/A	  	N/A	  	 Wells Fargo
 Bank, National
Association
	  	$	65,000,000	 	  	$	65,000,000	 
							
	 Truist
	  	Truist Bank	  	N/A	  	N/A	  	Truist Bank	  	$	35,000,000	 	  	$	35,000,000	 
		  		  		  		  		  	  
	  
	 	  	  
	  
	 
			
	 TOTAL
	  	$	450,000,000	 	  	$	450,000,000	 
		  		  		  		  		  	  
	  
	 	  	  
	  
	 

 SCHEDULE III 

NOTICE ADDRESSES AND WIRING INSTRUCTIONS 

(On file with the Administrative Agent) 

 SCHEDULE IV 

LIST OF CLOSING DOCUMENTS AND DELIVERIES 

Attached 

 SCHEDULE V 

RESORTS AND RESORT ASSOCIATIONS 

(On file with the Administrative Agent) 

 Schedule I 

EXHIBIT A 
 FORM OF
ASSIGNMENT 
 For value received, in accordance with the Sale and Contribution Agreement dated as of May 9, 2013, between Hilton
Resorts Corporation, a Delaware corporation (the “Seller”), and Hilton Grand Vacations Trust I LLC, a Delaware limited liability company (the “Purchaser”), as the same may be amended, restated, modified or
supplemented from time to time pursuant thereto (the “Sale Agreement”), the Seller does hereby sell, assign, transfer and otherwise convey unto the Purchaser, without recourse (subject to and without limitation of the obligations
provided in the Sale Agreement), all right, title and interest of the Seller, in and to the following: (i) the Timeshare Loans listed in listed in Part 1 of the Timeshare Loan Schedule attached hereto as Schedule I, (ii) the Related
Security with respect thereto, (iii) all Collections with respect thereto received after [    ] (the “Cutoff Date”) and (iv) all proceedsof the foregoing, other than proceeds of a
Timeshare Loan that has been foreclosed upon and remarketed and for which the applicable Timeshare Interest relates to the “Hilton Grand Vacations at the Crane” Resort (collectively the “[Sold] Transferred Property”).
Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in or pursuant to the Sale Agreement. 

[In addition, as a capital contribution, the Seller does hereby assign unto the Purchaser, without recourse, all right, title and interest of
the Seller in, to and under the following: (i) the Timeshare Loans listed in listed in Part 2 of the Timeshare Loan Schedule attached hereto as Schedule I, (ii) the Related Security with respect thereto, (iii) all Collections with
respect thereto received after the Cutoff Date and (iv) all proceeds of the foregoing, other than proceeds of a Timeshare Loan that has been foreclosed upon and remarketed and for which the applicable Timeshare Interest relates to the
“Hilton Grand Vacations at the Crane” Resort (collectively the “Contributed Transferred Property” and, together with the Sold Transferred Property, the “Transferred Property”)] 

The foregoing sale [and contribution] does not constitute and is not intended to result in any assumption by Purchaser of any obligation of
the Seller to the Obligors or any other Person in connection with the Timeshare Loans or the related Timeshare Loan Files, or any insurance policies or any agreement or instrument relating to any of them. 

This Assignment is made pursuant to and upon the representations, warranties, and agreements on the part of the Seller contained in the Sale
Agreement and is to be governed by, and subject to the Sale Agreement. 
 As of the date hereof: (i) the representations and warranties
contained in Article III of the Agreement are true and correct unless such representation and warranties by their terms refer to an earlier date, in which case they shall be correct on and as of such earlier date, and (ii) all other conditions
precedent set forth in Section 2.1(b) of the Sale Agreement have been satisfied. 
 The Timeshare Loan Schedule attached hereto as
Schedule I and referred to herein shall constitute a part of this Assignment and the Agreement, and is incorporated into this Assignment and the Agreement for all purposes. 

The parties hereto intend that the Transfer contemplated hereby shall constitute an absolute sale, conveying good title to the Transferred
Property from the Seller to the Purchaser and that such Transferred Property shall not be part of the Seller’s estate in the event of the insolvency of the Seller or a conservatorship, receivership or similar event with respect to the Seller.
In the event that, notwithstanding 

 
such intention, the Transfer contemplated hereby is characterized by a court of competent jurisdiction as a pledge or a financing rather than a sale or such Transfer shall for any reason be
ineffective or unenforceable, the Seller shall be deemed to have granted to the Purchaser, and the Seller hereby does grant to the Purchaser, a security interest in all of the Seller’s right, title and interest in, to and under the Transferred
Property identified herein in order to secure all of the Seller’s obligations hereunder and under the Sale Agreement. For purposes of the foregoing, this Assignment shall constitute a security agreement under applicable law. 

The Seller certifies that the Timeshare Loans that are subject to this Assignment were “Eligible Timeshare Loans” as such term is
defined in the Loan Agreement as of the Cutoff Date. The Seller further represents and warrants that the documents constituting the Timeshare Loans File with respect to the Timeshare Loans that are the subject of this Assignment have been delivered
to Custodian and such documents are to be held by the Custodian pursuant to the Custody Agreement. 
 This Assignment shall be governed by
and construed in accordance with the laws of the State of New York. 
 IN WITNESS WHEREOF, the Seller has caused this Assignment to be duly
executed as of [Date]. 
  

			
	HILTON RESORTS CORPORATION
		
	By:	 	 
	Name:	 	
	Title:	 	

 SCHEDULE I TO FORM OF ASSIGNMENT TIMESHARE LOAN SCHEDULE 

Part 1 
 Attached 

 Part 2 

Attached

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