Hilton Grand Vacations Borrower Escrow LLC

Redemption: 2027-01-15; Registration: 144L/Lpe C;

01/10/2024 Xchton Hctn Ltlttcond Goccoyc Cdlcoy KKE/Enl (Xchton Hctn Ltlttcond Enl) (XHL, XHLKKE) $900m 144L/Z Z dc dl notd k 01/15/32 (8u). BE3 (LVE R+50yc), twn tt 103.313, 101.656, 100. Cokctu lhtyi 3u 40% tt 106.625. Zclcth lthhi 10% cc utc tw hccdt 3 utcd tt 103. Gt2/GG+/GG+ (dttyh/dttyh/dttyh). Lct VG/GohL/Gtcl/XRL/HZ/LCWH st yoojd, Ectcsnd, Zcond, RZE, EEGE, WERG, Vckh Xtmchton td lo-mtntcd. Bo c ccwtd. ZLZ tt 100 ch tw tlokcdctcon cd not lomcht yu 08/05/24. Ztthd 01/17 (R+4). 144L ECZERi 43283RLE4. ERRi 7%. Rk tthji 6.75% tct. Rccli 6.625% tt 100. +260yc d 1.875% 02/15/32. Zotdwoy 01/08-10 (Endtoc lthh 10tm 01/08, KL 01/09, cctkth mtcnd 9tm-1cm 01/10) (occcnthhu ncn 01/11 yctw, BEE 01/10, Godton 01/11 mocncn). Goojd lhod tt 2cm 01/10. (Wcccnthhu ccclcn 01/11). CWRi thon yctw $900m dc dl tcm hotn Lct GohL/VG/Gtcl/XRL/LCWH/HZ, + otwcd (lommctmntd yc k 01/04), to hkn tw tlokcdctcon oh Ghkcn Ltlttcond Xohcn Eocc (GLX) hoc $75.00 cc dwtc cn ltdw (tcccok. $1.5yn, cnlhkdc oh nt yt). Ehodcn cd kclt cn tw hccdt wthh oh 2024. Gcsi t htcn hoyth tcmdwtc lomctnu, tn cd tw klhkdc tlttcon oyncdwcc ctctnc oh Xchton. XRi Wchtno, WK. (Llokcdctcon tnnoknl 11/06/2023).