Exhibit 10.25


 


[*]: THE CONFIDENTIAL PORTION HAS BEEN OMITTED PURSUANT TO A
REQUEST FOR CONFIDENTIAL TREATMENT AND THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION.


 


EXECUTION VERSION


 





 






 


FOURTH AMENDED AND RESTATED CREDIT AGREEMENT



dated as of January 2, 2019,



among



NCL CORPORATION LTD.,

as Company,


 


VOYAGER VESSEL COMPANY, LLC,

as Co-Borrower,



THE LENDERS PARTY HERETO,



JPMORGAN CHASE BANK, N.A.,

as Administrative Agent and as Collateral Agent



JPMORGAN CHASE BANK, N.A.,


MIZUHO
BANK, LTD.,


BRANCH
BANKING & TRUST COMPANY


DNB
Markets, INC.,


FIFTH
THIRD BANK, 


HSBC
BANK PLC,


MERRILL
LYNCH, PIERCE, FENNER & SMITH INCORPORATED,


NORDEA
BANK ABP, NEW YORK BRANCH,


and


skandinaviska
enskilda banken ab (publ)


as Joint Bookrunners and Arrangers


 


and


 


bnp
paribas,


CITIBANK,
n.a.,


citizens
bank, N.A.,


commerzbank
AG, NEW YORK BRANCH,


credit
agricole CORPORATE AND INVESTMENT BANK,


MufG
BANK, ltd.,


PNC BANK, NATIONAL ASSOCIATION,


and


SUNTRUST BANK

as Co-Documentation Agents


 





 






 




     


     


    

  


TABLE OF CONTENTS





 


	 	 	Page
	 	 	 
	Article I
	 
	Definitions
	 	 	 
	Section 1.01.	Defined Terms	1
	Section 1.02.	Terms Generally	59
	Section 1.03.	Exchange Rates; Currency Equivalents	60
	Section 1.04.	Effect of this Agreement on the Original Credit Agreement and the Other Existing Loan Documents	60
	 	 	 
	Article II
	 	 	 
	The Credits
	 	 	 
	Section 2.01.	Commitments	61
	Section 2.02.	Loans and Borrowings	62
	Section 2.03.	Requests for Borrowings	63
	Section 2.04.	[Reserved]	63
	Section 2.05.	Letters of Credit	63
	Section 2.06.	Funding of Borrowings	69
	Section 2.07.	Interest Elections	70
	Section 2.08.	Termination and Reduction of Commitments	71
	Section 2.09.	Repayment of Loans; Evidence of Debt	72
	Section 2.10.	Repayment of Term Loans and Revolving Facility Loans	73
	Section 2.11.	Prepayment of Loans	75
	Section 2.12.	Fees	75
	Section 2.13.	Interest	77
	Section 2.14.	Alternate Rate of Interest	77
	Section 2.15.	Increased Costs	79
	Section 2.16.	Break Funding Payments	80
	Section 2.17.	Taxes	81
	Section 2.18.	Payments Generally; Pro Rata Treatment; Sharing of Set offs	84
	Section 2.19.	Mitigation Obligations; Replacement of Lenders	86
	Section 2.20.	Illegality	87
	Section 2.21.	Incremental Commitments	88
	Section 2.22.	Defaulting Lender	95
	 	 	 
	Article III
	 	 	 
	Representations and Warranties
	 	 	 
	Section 3.01.	Organization; Powers	97
	Section 3.02.	Authorization	97


 




    - i -


     


    

 


	 	 	Page
	 	 	 
	Section 3.03.	Enforceability	98
	Section 3.04.	Governmental Approvals	98
	Section 3.05.	Financial Statements	98
	Section 3.06.	No Material Adverse Effect	98
	Section 3.07.	Title to Properties; Possession Under Leases	98
	Section 3.08.	Subsidiaries	99
	Section 3.09.	Litigation; Compliance with Laws	99
	Section 3.10.	Federal Reserve Regulations	100
	Section 3.11.	Investment Company Act	100
	Section 3.12.	Use of Proceeds	100
	Section 3.13.	Tax Returns	101
	Section 3.14.	No Material Misstatements	101
	Section 3.15.	Employee Benefit Plans	102
	Section 3.16.	Environmental Matters	102
	Section 3.17.	Security Documents	103
	Section 3.18.	Solvency	104
	Section 3.19.	Labor Matters	104
	Section 3.20.	Insurance	104
	Section 3.21.	No Default	105
	Section 3.22.	No Event of Loss	105
	Section 3.23.	The Mortgaged Vessels	105
	Section 3.24.	Anti-Corruption Laws and Sanctions.	105
	Section 3.25.	EEA Financial Institutions	106
	 	 	 
	Article IV
	 	 	 
	Conditions of Lending
	 	 	 
	Section 4.01.	All Credit Events	106
	Section 4.02.	Restatement Effective Date	106
	 	 	 
	Article V
	 	 	 
	Affirmative Covenants
	 	 	 
	Section 5.01.	Existence; Business and Properties	109
	Section 5.02.	Insurance	110
	Section 5.03.	Taxes	111
	Section 5.04.	Financial Statements, Reports, etc.	112
	Section 5.05.	Litigation and Other Notices	114
	Section 5.06.	Compliance with Laws	114
	Section 5.07.	Maintaining Records; Access to Properties and Inspections	114
	Section 5.08.	Use of Proceeds	115
	Section 5.09.	Environmental Matters	115
	Section 5.10.	Further Assurances; Additional Security and Guarantees	116


 




    - ii -


     


    

 


	 	 	Page
	 	 	 
	Section 5.11.	Rating	119
	Section 5.12.	Annual Insurance Report	119
	Section 5.13.	Approval and Authorization	119
	Section 5.14.	Concerning the Mortgaged Vessels	120
	Section 5.15.	Compliance with Maritime Conventions	120
	Section 5.16.	Valuations	121
	 	 	 
	Article VI
	 	 	 
	Negative Covenants
	 	 	 
	Section 6.01.	Indebtedness	121
	Section 6.02.	Liens	127
	Section 6.03.	Sale and Lease-Back Transactions	128
	Section 6.04.	Investments, Loans and Advances	128
	Section 6.05.	Mergers, Consolidations, Sales of Assets and Acquisitions	133
	Section 6.06.	Dividends and Distributions	135
	Section 6.07.	Transactions with Affiliates	137
	Section 6.08.	Business of the Loan Parties and the Subsidiaries	140
	Section 6.09.	Limitation on Modifications of Indebtedness; Modifications of Certificate of Incorporation, By-Laws and Certain Other Agreements; etc.	140
	Section 6.10.	Swap Agreements	143
	Section 6.11.	Fiscal Year; Accounting	143
	Section 6.12.	Loan-to-Value Ratio	143
	Section 6.13.	Free Liquidity	143
	Section 6.14.	Total Net Funded Debt to Total Capitalization	143
	Section 6.15.	EBITDA to Consolidated Debt Service	143
	 	 	 
	Article VII
	 	 	 
	[RESERVED]
	 	 	 
	Article VIII
	 	 	 
	Events of Default
	 	 	 
	Section 8.01.	Events of Default	143
	Section 8.02.	Right to Cure	147
	Section 8.03.	Application of Proceeds	148


 




    - iii -


     


    

 


	 	 	Page
	 	 	 
	Article IX
	 	 	 
	The Agents
	 	 	 
	Section 9.01.	Appointment	148
	Section 9.02.	Delegation of Duties	150
	Section 9.03.	Exculpatory Provisions	151
	Section 9.04.	Reliance by Administrative Agent	151
	Section 9.05.	Notice of Default	152
	Section 9.06.	Non-Reliance on Agents and Other Lenders	152
	Section 9.07.	Indemnification	153
	Section 9.08.	Agent in Its Individual Capacity	153
	Section 9.09.	Successor Administrative Agent	154
	Section 9.10.	Withholding Tax	154
	Section 9.11.	Agent and Arrangers	154
	Section 9.12.	Ship Mortgage Trust	155
	 	 	 
	Article X
	 	 	 
	Miscellaneous
	 	 	 
	Section 10.01.	Notices; Communications	155
	Section 10.02.	Survival of Agreement	156
	Section 10.03.	Binding Effect	157
	Section 10.04.	Successors and Assigns	157
	Section 10.05.	Expenses; Indemnity	163
	Section 10.06.	Right of Set-off	165
	Section 10.07.	Applicable Law	165
	Section 10.08.	Waivers; Amendment	165
	Section 10.09.	Entire Agreement	168
	Section 10.10.	No Liability of the Issuing Bank	168
	Section 10.11.	WAIVER OF JURY TRIAL.	168
	Section 10.12.	Severability	169
	Section 10.13.	Counterparts	169
	Section 10.14.	Headings	169
	Section 10.15.	Jurisdiction; Consent to Service of Process	169
	Section 10.16.	Confidentiality	170
	Section 10.17.	Platform; Borrower Materials	171
	Section 10.18.	Release of Liens and Guarantees	171
	Section 10.19.	Judgment Currency	172
	Section 10.20.	USA PATRIOT Act Notice	172
	Section 10.21.	Affiliate Lenders	173
	Section 10.22.	No Advisory or Fiduciary Responsibility	174
	Section 10.23.	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	174
	Section 10.24.	Borrower Representative	175
	Section 10.25.	Joint and Several Liability	175


 




    - iv -


     


    

 


	Exhibits and Schedules	 
	 	 
	Exhibit A	Form of Assignment and Acceptance
	Exhibit B	Form of Administrative Questionnaire
	Exhibit C	Form of Solvency Certificate
	Exhibit D-1	Form of Borrowing Request
	Exhibit E	Form of Interest Election Request
	Exhibit F	[reserved]
	Exhibit G-1	Form of Deed of Covenants for Bahamian-Flagged Vessels
	Exhibit G-2	Form of Ship Mortgage for Marshall Islands-Flagged Vessels
	Exhibit H	Form of Earnings Assignment
	Exhibit I	Form of Insurance Assignment
	Exhibit J	[reserved]
	Exhibit K-1	Form of First Lien Intercreditor Agreement
	Exhibit K-2	Form of Second Lien Intercreditor Agreement
	Exhibit L	Forms of Note
	Exhibit M	Form of Perfection Certificate
	Exhibit N	Form of Permitted Loan Purchase Assignment and Acceptance
	Exhibits O-1 to O-4	Forms of Tax Certificates
	 	 
	Schedule 1.01(a)	Immaterial Subsidiaries
	Schedule 1.01(b)	Specified Target Subsidiaries
	Schedule 1.01(c)	Specified Target Mortgaged Vessels
	Schedule 1.01(d)	Issuing Bank Sublimits
	Schedule 2.01	Commitments
	Schedule 3.01	Organization and Good Standing
	Schedule 3.04	Governmental Approvals
	Schedule 3.07(b)	Possession under Leases
	Schedule 3.07(c)	Intellectual Property
	Schedule 3.08(a)	Subsidiaries
	Schedule 3.08(b)	Subscriptions
	Schedule 3.17	UCC Filing Jurisdictions
	Schedule 3.20	Insurance
	Schedule 6.01	Indebtedness
	Schedule 6.02(b)	Liens
	Schedule 6.04	Investments
	Schedule 6.07	Transactions with Affiliates
	Schedule 6.09	Contractual Encumbrances
	Schedule 10.01	Notice Information


 




    - v -


     


    









 


FOURTH AMENDED AND RESTATED CREDIT AGREEMENT
dated as of January 2, 2019 (this “Agreement”), among NCL CORPORATION LTD., a Bermuda company (“NCL”
or the “Company”), Voyager Vessel Company, LLC, a Delaware limited liability company (the “Co-Borrower”
and, together with the Company, the “Borrowers”), the Subsidiary Guarantors party hereto (with respect to Section
1.04 only), the LENDERS party hereto from time to time, and JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity,
together with its successors and assigns in such capacity, the “Administrative Agent”) and as collateral agent
(in such capacity, together with its successors and assigns in such capacity, the “Collateral Agent”).


 


WHEREAS, the Company, the Lenders and
the Administrative Agent are party to a credit agreement dated as of May 24, 2013, as amended and restated by the Amended and Restated
Credit Agreement dated as of October 31, 2014, as further amended and restated by the Second Amended and Restated Credit Agreement
dated as of June 6, 2016, and as further amended and restated by the Third Amended and Restated Credit Agreement dated as of October
10, 2017 (as further amended, restated, supplemented or otherwise modified prior to the date hereof, the “Original Credit
Agreement”). The parties hereto have agreed to amend and restate in its entirety the Original Credit Agreement and replace
it in its entirety with this Agreement;


 


NOW, THEREFORE, the Lenders are
willing to extend such credit to the Borrowers on the terms and subject to the conditions set forth herein.


 


Accordingly, the parties hereto agree as follows:


 


Article I



Definitions


 


Section 1.01.     Defined Terms.
As used in this Agreement, the following terms shall have the meanings specified below:


 


“ABR” shall mean, for any
day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in
effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such
day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, the Adjusted LIBO Rate for any
day shall be based on the LIBO Rate (after giving effect to any minimum rate set forth therein) at approximately 11:00 a.m. London
time on such day. Any change in the ABR due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective
from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively.
If the ABR is being used as an alternate rate of interest pursuant to Section 2.14 hereof, then the ABR shall be the greater of
clause (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the ABR
shall be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement.


 


“ABR Borrowing” shall mean
a Borrowing comprised of ABR Loans.


 


“ABR Loan” shall mean any
ABR Term Loan or ABR Revolving Loan.


 




     


     


    

 


“ABR Revolving Facility Borrowing”
shall mean a Borrowing comprised of ABR Revolving Loans.


 


“ABR Revolving Loan” shall
mean any Revolving Facility Loan bearing interest at a rate determined by reference to the ABR in accordance with the provisions
of Article II.


 


“ABR Term Loan” shall mean
any Term Loan bearing interest at a rate determined by reference to the ABR in accordance with the provisions of Article II.


 


“Acquired Company” shall
mean the Target, together with its Subsidiaries.


 


“Acquisition” means the acquisition
of the Target by Holdings pursuant to the Acquisition Agreement.


 


“Acquisition Agreement” shall
mean the Agreement and Plan of Merger, dated as of September 2, 2014 (as amended, restated, supplemented or otherwise modified
from time to time), by and among Prestige Cruises International, Inc., Holdings, Portland Merger Sub, Inc. and Apollo Management,
L.P.


 


“Acquisition Closing Date”
means November 19, 2014.


 


“Acquisition Loans” shall
mean the Term Loans borrowed on the Acquisition Closing Date.


 


“Acquisition Transactions”
shall mean the Acquisition, the Refinancing, the issuance of NCL’s 5.25% senior notes due 2019, the borrowing of the Acquisition
Loans, the rollover (or borrowing) of the Prestige Newbuild Debt and the payment of fees and expenses in connection therewith.


 


“Additional Subsidiary Guarantor”
shall mean any Material Subsidiary that the Company has elected to have become a Subsidiary Guarantor; provided that if such Material
Subsidiary is organized in any jurisdiction where no existing Subsidiary Guarantor is organized, then such Material Subsidiary
shall be reasonably satisfactory to the Administrative Agent (it being understood that the Specified Target Subsidiaries are reasonably
satisfactory to the Administrative Agent).


 


“Additional Subsidiary Guarantor Accession
Supplement” shall mean a supplement to the Collateral Agreement substantially in the form attached thereto.


 


“Adjusted LIBO Rate” shall
mean, with respect to any Eurocurrency Borrowing for any Interest Period, an interest rate per annum equal to (a) the LIBO Rate
for the applicable Class of Loans in effect for such Interest Period divided by (b) one minus the Statutory Reserves applicable
to such Eurocurrency Borrowing, if any.


 


“Adjustment Date” shall have
the meaning assigned to such term in the definition of “Pricing Grid.”


 




    	 	2	 



     


    

 


“Administrative Agent” shall
have the meaning assigned to such term in the introductory paragraph of this Agreement; provided that, with respect to periods
prior to the First Restatement Effective Date (and the activities of the Former Agent prior to such date), such term shall refer
to the Former Agent.


 


“Administrative Agent Fees”
shall have the meaning assigned to such term in Section 2.12(c).


 


“Administrative Questionnaire”
shall mean an Administrative Questionnaire in the form of Exhibit B or such other form supplied by the Administrative
Agent.


 


“Affiliate” shall mean, when
used with respect to a specified person, another person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the person specified.


 


“Affiliate Lender” shall
have the meaning assigned to such term in Section 10.21(a).


 


“Agents” shall mean the Administrative
Agent, the Collateral Agent and the Mortgage Trustee.


 


“Agreement” shall have the
meaning assigned to such term in the introductory paragraph of this Agreement.


 


“Agreement Currency” shall
have the meaning assigned to such term in Section 10.19.


 


“All-in Yield” shall mean,
as to any Indebtedness, the yield thereon as reasonably determined by the Administrative Agent, whether in the form of interest
rate, margin, original issue discount, up-front fees, rate floors or otherwise; provided that original issue discount and
up-front fees shall be equated to interest rate assuming a 4-year life to maturity (or, if less, the life of such Indebtedness);
and provided further that “All-in Yield” shall not include arrangement, underwriting, structuring or similar
fees paid to arrangers for such Indebtedness and customary consent fees for an amendment paid generally to consenting Lenders.


 


“Amended Tax Agreements”
shall have the meaning assigned to such term in Section 6.06(b).


 


“AML Laws” means all laws,
rules, and regulations of any jurisdiction applicable to any Lender, the Company or the Company’s Subsidiaries from time
to time concerning or relating to anti-money laundering.


 


“Anti-Corruption Laws” means
all laws, rules, and regulations of any jurisdiction applicable to the Company or its Subsidiaries from time to time concerning
or relating to bribery or corruption.


 


“Applicable Commitment Fee”
shall mean the Applicable Commitment Fee as determined pursuant to the Pricing Grid or, with respect to the Other Revolving Facility
Commitments, Replacement Revolving Facility Commitment, or Incremental Revolving Facility Commitments, the “Applicable Commitment
Fee” set forth in the applicable Incremental Assumption Agreement.


 




    	 	3	 



     


    

 


“Applicable Margin” shall
mean for any day (i) with respect to any Term A Loan or any Revolving Facility Loan the applicable rate determined pursuant to
the Pricing Grid, (ii) with respect to any Other Incremental Term Loan or Other Incremental Revolving Loan, the “Applicable
Margin” set forth in the Incremental Assumption Agreement relating thereto and (iii) with respect to any Refinancing Term
Loan or Other Revolving Loan, the “Applicable Margin” set forth in the Incremental Assumption Agreement relating thereto.


 


“Applicable Ship Percentage”
shall mean the fair market value of the applicable Mortgaged Vessel divided by the fair market value of all the Mortgaged Vessels
(in each case based on the most recent Valuation).


 


“Approved Broker” shall mean
Brax Shipping AS; Barry Rogliano Salles S.A., Paris; Clarksons, London; Rocca & Partners S.R.L., Genova; Fearnsale, a division
of Astrup Fearnley AS, Oslo; any affiliate of the foregoing; or any other independent sale and purchase ship brokerage firm nominated
by the Company and approved by the Administrative Agent (such approval not to be withheld unreasonably).


 


“Approved Fund” shall have
the meaning assigned to such term in Section 10.04(b)(ii).


 


“Approved Insurance Evaluator”
shall mean (a) BankAssure, a division of Aon Corporation, or (b) any other firm of established and reputable independent marine
insurance brokers or other professional advisors on insurance matters appointed by the Company and approved by the Administrative
Agent (such approval not to be withheld unreasonably), which other firm has not placed or otherwise acted on behalf of any of the
Loan Parties in connection with any of the insurances to be covered within any insurance report required under Section 5.12.


 


“Approved Manager” shall
mean NCL (Bahamas) Ltd. d/b/a NCL, a company incorporated in and existing under the laws of Bermuda, or one or more affiliates
of the Company, or any other company approved by the Administrative Agent (such approval not to be withheld unreasonably) from
time to time as the technical manager of one or more of the Mortgaged Vessels.


 


“Arranger” shall mean, collectively,
(i) with respect to Original Credit Agreement, each entity listed as such on the cover of the Original Credit Agreement and (ii)
with respect to this Agreement, each entity listed as such on the cover of this Agreement, in each case in its capacity as such.


 


“ASC” shall mean the Accounting
Standards Codification of the Financial Accounting Standards Board.


 


“Asset Sale” shall mean any
loss, damage, destruction or condemnation of, or any sale, transfer or other disposition (including any sale and lease-back of
assets and any mortgage or lease of Real Property) to any person of any asset or assets of the Borrowers or any Subsidiary Guarantor.


 




    	 	4	 



     


    

 


“Assignee” shall have the
meaning assigned to such term in Section 10.04(b)(i).


 


“Assignment and Acceptance”
shall mean an assignment and acceptance entered into by a Lender and an Assignee, and accepted by the Administrative Agent and
the Company (if required by Section 10.04), in the form of Exhibit A or such other form as shall be approved by
the Administrative Agent.


 


“Assignment Taxes” shall
have the meaning given such term in the definition of the term “Other Taxes.”


 


“Assignor” shall have the
meaning assigned to such term in Section 10.04(b)(i).


 


“Availability Period” shall
mean, with respect to any Class of Revolving Facility Commitments, the period from and including the Restatement Effective Date
(or, if later, the effective date for such Class of Revolving Facility Commitments) to but excluding the earlier of the Revolving
Facility Maturity Date for such Class and, in the case of each of the Revolving Facility Loans, Revolving Facility Borrowings and
Letters of Credit, the date of termination of the Revolving Facility Commitments of such Class.


 


“Available Unused Commitment”
shall mean, with respect to a Revolving Facility Lender under any Class of Revolving Facility Commitments at any time, an amount
equal to the amount by which (a) the applicable Revolving Facility Commitment of such Revolving Facility Lender at such time exceeds
(b) the applicable Revolving Facility Credit Exposure of such Revolving Facility Lender at such time.


 


“Bahamas” shall mean the
Commonwealth of The Bahamas.


 


“Bail-In Action” shall mean
the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of
an EEA Financial Institution.


 


“Bail-In Legislation” shall
mean, 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 for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule.


 


“Below Threshold Asset Sale Proceeds”
shall have the meaning assigned to such term in the definition of the term “Cumulative Credit.”


 


“Beneficial Ownership Certification”
shall mean a certification regarding beneficial ownership of a Borrower as required by the Beneficial Ownership Regulation.


 


“Beneficial Ownership Regulation”
shall mean 31 C.F.R. § 1010.230.


 


“Benefit Plan” means any
of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise
for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.


 




    	 	5	 



     


    

 


“Board” shall mean the Board
of Governors of the Federal Reserve System of the United States of America.


 


“Borrower Materials” shall
have the meaning assigned to such term in Section 10.17.


 


“Borrowers” shall have the
meaning assigned to such term in the introductory paragraph of this Agreement.


 


“Borrowing” shall mean a
group of Loans of a single Type under a single Facility, and made on a single date and, in the case of Eurocurrency Loans, as to
which a single Interest Period is in effect.


 


“Borrowing Minimum” shall
mean $3,000,000.


 


“Borrowing Multiple” shall
mean $1,000,000.


 


“Borrowing Request” shall
mean a request by the Company, in accordance with the terms of Section 2.03 and substantially in the form of Exhibit D-1.


 


“Budget” shall have the meaning
assigned to such term in Section 5.04(e).


 


“Business Day” shall mean
any day that is not a Saturday, Sunday or other day on which commercial banks in New York City, Oslo and Frankfurt are authorized
or required by law to remain closed; provided, that when used in connection with a Eurocurrency Loan, the term “Business
Day” shall also exclude any day on which banks are not open for dealings in deposits in Dollars in the London interbank market.


 


“Capital Lease Obligations”
of any person shall mean the obligations of such person to pay rent or other amounts under any lease of (or other arrangement conveying
the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted
for as capital leases on a balance sheet of such person under GAAP and, for purposes of this Agreement, the amount of such obligations
at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP; provided that obligations
of the Company or its Subsidiaries, or of a special purpose or other entity not consolidated with the Company and its Subsidiaries,
either existing on December 31, 2018 or created thereafter that (a) initially were not included on the consolidated balance sheet
of the Company as capital or finance lease obligations and were subsequently recharacterized as capital or finance lease obligations
or, in the case of such a special purpose or other entity becoming consolidated with the Company and its Subsidiaries were required
to be characterized as capital or finance lease obligations upon such consolidation, in either case, due to a change in accounting
treatment or otherwise, or (b) did not exist on December 31, 2018 and were required to be characterized as finance lease obligations
but would not have been required to be treated as finance lease obligations on December 31, 2018 had they existed at that time,
shall for all purposes not be treated as Capital Lease Obligations or Indebtedness; provided further, for clarification
purposes, operating leases recorded as liabilities on the balance sheet due to a change in accounting treatment, or otherwise,
shall for all purposes not be treated as Indebtedness or Capital Lease Obligations.


 




    	 	6	 



     


    

 


“Cash Collateralize” shall
mean to pledge and deposit with or deliver to the Collateral Agent, for the benefit of one or more of the Issuing Banks or Lenders,
as collateral for Revolving L/C Exposure or obligations of the Lenders to fund participations in respect of Revolving L/C Exposure,
cash or deposit account balances or, if the Collateral Agent and each Issuing Bank shall agree in their sole discretion, other
credit support, in each case pursuant to documentation in form and substance satisfactory to the Collateral Agent and each applicable
Issuing Bank. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of
such cash collateral and other credit support.


 


“Cash Interest Expense” shall
mean, with respect to the Company and the Subsidiaries on a consolidated basis for any period, Interest Expense for such period,
less the sum of, without duplication, (a) pay in kind Interest Expense or other non-cash Interest Expense (including as a result
of the effects of purchase accounting), (b) to the extent included in Interest Expense, the amortization of any financing fees
paid by, or on behalf of, the Company or any Subsidiary, including such fees paid in connection with the Transactions, (c) the
amortization of debt discounts, if any, or fees in respect of Swap Agreements and (d) cash interest income of the Company and the
Subsidiaries for such period; provided, that Cash Interest Expense shall exclude any one time financing fees, including
those paid in connection with the Transactions, or any amendment of this Agreement.


 


A “Change in Control” shall
be deemed to occur if:


 


(a)       (i)
a majority of the seats (other than vacant seats) on the board of directors of the Company shall at any time be occupied by persons
who were neither (A) nominated by the board of directors of the Company or a Permitted Holder, (B) appointed or approved by directors
so nominated nor (C) appointed by a Permitted Holder or (ii) a “change of control” (or similar event) shall occur under
any Permitted Ratio Debt, a Senior Unsecured Notes Indenture or any Permitted Refinancing Indebtedness in respect of any of the
foregoing or any Disqualified Stock;


 


(b)       any
person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing Date),
other than any combination of the Permitted Holders or any “group” including any Permitted Holders, shall have acquired
beneficial ownership of 35% or more on a fully diluted basis of the voting interest in the Company’s Equity Interests and
the Permitted Holders shall own, directly or indirectly, less than such person or “group” on a fully diluted basis
of the voting interest in the Company’s Equity Interests; or


 


(c)       a
“Change of Control” occurs, as such term is defined under the Senior Unsecured Notes Indentures.


 


“Change in Law” shall mean
(a) the adoption of any law, rule or regulation after the Closing Date, (b) any change in law, rule or regulation or in the interpretation
or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender or Issuing Bank (or,
for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s or Issuing Bank’s holding
company, if any) with any written request, guideline or directive (whether or not having the force of law) of any Governmental
Authority made or issued after the Closing Date; provided that notwithstanding anything herein to the contrary, (x) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued
in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements,
the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law,” regardless of the date
enacted, adopted or issued.


 




    	 	7	 



     


    

 


“Charges” shall have the
meaning assigned to such term in Section 10.08.


 


“Class” shall mean (a) when
used in respect of any Loan or Borrowing, whether such Loan or the Loans comprising such Borrowing are Term A Loans, Refinancing
Term Loans, Other Incremental Term Loans, Revolving Facility Loans, Other Revolving Loans or Other Incremental Revolving Loans
and (b) when used in respect of any Commitment, whether such Commitment is a Term A Loan Commitment, a Revolving Facility
Commitment, a Replacement Revolving Facility Commitment, an Other Revolving Facility Commitment, an Other Incremental Revolving
Loan Commitment, or an Incremental Term Loan Commitment.


 


“Classification Society”
shall mean, in respect of any Mortgaged Vessel, Bureau Veritas, the American Bureau of Shipping, Lloyd’s Register of Shipping,
Det norske Veritas, or such other classification society that is a member of the International Association of Classification Societies
(IACS) as selected by the Company that is reasonably acceptable to the Administrative Agent.


 


“Closing Date” shall mean
May 24, 2013.


 


“Co-Borrower” shall have
the meaning assigned to such term in the introductory paragraph of this Agreement.


 


“Co-Documentation Agents”
shall mean, collectively, (i) with respect to Original Credit Agreement, each entity listed as such on the cover of the Original
Credit Agreement and (ii) with respect to this Agreement, each entity listed as such on the cover of this Agreement, in each case
in its capacity as such.


 


“Code” shall mean the Internal
Revenue Code of 1986, as amended.


 


“Collateral” shall mean all
the “Collateral” as defined in any Security Document and shall also include the Mortgaged Vessels and all other property
that is subject or purported to be subject to any Lien in favor of the Administrative Agent, the Collateral Agent or any Subagent
for the benefit of the Secured Parties pursuant to any Security Documents.


 


“Collateral Agent” shall
mean the Administrative Agent acting as collateral agent for the Secured Parties.


 


“Collateral Agent Fees” shall
have the meaning assigned to such term in Section 2.12(c).


 


“Collateral Agreement” shall
mean the Guarantee and Collateral Agreement, dated as of the Closing Date, as amended, restated, supplemented or otherwise modified
from time to time, among the Subsidiary Guarantors and the Collateral Agent.


 




    	 	8	 



     


    

 


“Collateral and Guarantee Requirement”
shall mean the requirement that:


 


(a)       (i)
on the Closing Date, the Collateral Agent shall have received a counterpart of the Collateral Agreement duly executed and delivered
on behalf of each of the Subsidiary Guarantors and the Perfection Certificate duly executed and delivered on behalf of each Loan
Party, (ii) on the Acquisition Closing Date, the Collateral Agent shall have received a counterpart of an Additional Subsidiary
Guarantor Accession Supplement duly executed and delivered on behalf of each of the Specified Target Subsidiaries and a Perfection
Certificate duly executed and delivered on behalf of each Specified Target Subsidiary and (iii) on the Third Restatement Effective
Date, the Collateral Agent shall have received a counterpart of an Additional Subsidiary Guarantor Accession Supplement duly executed
and delivered on behalf of the Specified Additional Subsidiary Guarantor and a Perfection Certificate duly executed and delivered
on behalf of the Specified Additional Subsidiary Guarantor;


 


(b)       (i)
on the Closing Date, the Collateral Agent shall have received (x) each Subsidiary Guarantor Pledge Agreement duly executed and
delivered by each holder of Equity Interests of the applicable Subsidiary Guarantor(s) (and, if required under the applicable governing
law, the applicable Subsidiary Guarantor(s)), effecting pledges of all the issued and outstanding Equity Interests of the Subsidiary
Guarantors, together with (y) all certificates or other instruments (if any) representing such Equity Interests, together with
stock powers or other instruments of transfer (if applicable under the applicable governing law) with respect thereto endorsed
in blank, (ii) on the Acquisition Closing Date, the Collateral Agent shall have received (x) each Subsidiary Guarantor Pledge Agreement
duly executed and delivered by each holder of Equity Interests of the applicable Specified Target Subsidiary (and, if required
under the applicable governing law, the applicable Specified Target Subsidiary), effecting pledges of all the issued and outstanding
Equity Interests of the Specified Target Subsidiaries, together with (y) all certificates or other instruments (if any) representing
such Equity Interests, together with stock powers or other instruments of transfer (if applicable under the applicable governing
law) with respect thereto endorsed in blank and (iii) on the Third Restatement Effective Date, the Collateral Agent shall have
received (x) the Subsidiary Guarantor Pledge Agreement duly executed and delivered by the holder of Equity Interests of the Specified
Additional Subsidiary Guarantor (and, if required under the applicable governing law, the Specified Additional Subsidiary Guarantor),
effecting pledges of all the issued and outstanding Equity Interests of the Specified Additional Subsidiary Guarantor, together
with (y) all certificates or other instruments (if any) representing such Equity Interests, together with stock powers or other
instruments of transfer (if applicable under the applicable governing law) with respect thereto endorsed in blank;


 


(c)       (i)
on the Closing Date, the Collateral Agent shall have received all Instruments (as defined in the Collateral Agreement) that are
held by a Loan Party and required to be pledged pursuant to the applicable Security Document, together with instruments of transfer
with respect thereto endorsed in blank, and (ii) on the Third Restatement Effective Date, the Collateral Agent shall have received
all Instruments (as defined in the Collateral Agreement) that are held by the Specified Additional Subsidiary Guarantor and required
to be pledged pursuant to the applicable Security Document, together with instruments of transfer with respect thereto endorsed
in blank;


 




    	 	9	 



     


    

 


(d)       on
the Closing Date, except as otherwise contemplated by any Security Document, all documents and instruments, including Uniform Commercial
Code financing statements, filings with the United States Patent and Trademark Office and United States Copyright Office and similar
filings, instruments and registrations in any applicable jurisdiction, and all other actions required by law or reasonably requested
by the Collateral Agent to be taken, filed, registered or recorded to create the Liens intended to be created by the Security Documents
(in each case, including any supplements thereto) and perfect such Liens to the extent required by, and with the priority required
by, the Security Documents, shall have been taken, filed, registered or recorded or delivered to the Collateral Agent for filing,
registration or the recording concurrently with, or promptly following, the execution and delivery of each such Security Document;


 


(e)       except
as otherwise contemplated by any Security Document, each Loan Party shall have obtained all consents and approvals required to
be obtained by it in connection with (i) the execution and delivery of all Security Documents (or supplements thereto) to which
it is a party and the granting by it of the Liens thereunder and (ii) the performance of its obligations thereunder;


 


(f)       (i)
on the Closing Date, the Collateral Agent shall have received (x) counterparts of each Vessel Mortgage and Deed of Covenants to
be entered into with respect to each Mortgaged Vessel duly executed and delivered by the registered owner of such Mortgaged Vessel
and suitable for registration, recording or filing and (y) such other documents, including any consents, agreements and confirmations
of third parties, as may be required under such Vessel Mortgage, Deed of Covenants or otherwise as the Collateral Agent may reasonably
request with respect to any such Vessel Mortgage, Deed of Covenants or Mortgaged Vessel, (ii) on the Acquisition Closing Date,
the Collateral Agent shall have received (x) counterparts of each Vessel Mortgage and Deed of Covenants to be entered into with
respect to each Specified Target Mortgaged Vessel duly executed and delivered by the registered owner of such Specified Target
Mortgaged Vessel and suitable for registration, recording or filing and (y) such other documents, including any consents, agreements
and confirmations of third parties, as may be required under such Vessel Mortgage, Deed of Covenants or otherwise as the Collateral
Agent may reasonably request with respect to any such Vessel Mortgage, Deed of Covenants or Specified Target Mortgaged Vessel and
(iii) on the Third Restatement Effective Date (or, to the extent the Collateral Agent shall be reasonably satisfied that it will
receive such documents promptly after the funding of Loans on the Third Restatement Effective Date, promptly after the Third Restatement
Effective Date), the Collateral Agent shall have received (x) counterparts of each Vessel Mortgage and Deed of Covenants to be
entered into with respect to the Specified Additional Vessel duly executed and delivered by the registered owner of such Specified
Additional Vessel and suitable for registration, recording or filing and (y) such other documents, including any consents, agreements
and confirmations of third parties, as may be required under such Vessel Mortgage, Deed of Covenants or otherwise as the Collateral
Agent may reasonably request with respect to any such Vessel Mortgage, Deed of Covenants or Specified Additional Vessel;


 




    	 	10	 



     


    

 


(g)       (i)
on the Closing Date, the Collateral Agent shall have received (x) counterparts of each Earnings Assignment to be entered into with
respect to each Mortgaged Vessel duly executed and delivered by the applicable Subsidiary Guarantor and (y) such other documents,
including any consents, agreements and confirmations of third parties, as may be required under such Earnings Assignment or otherwise
as the Collateral Agent may reasonably request with respect to any such Earnings Assignment, (ii) on the Acquisition Closing Date,
the Collateral Agent shall have received (x) counterparts of each Earnings Assignment to be entered into with respect to each Specified
Target Mortgaged Vessel duly executed and delivered by the applicable Specified Target Subsidiary and (y) such other documents,
including any consents, agreements and confirmations of third parties, as may be required under such Earnings Assignment or otherwise
as the Collateral Agent may reasonably request with respect to any such Earnings Assignment and (iii) on the Third Restatement
Effective Date (or, to the extent the Collateral Agent shall be reasonably satisfied that it will receive such documents promptly
after the funding of Loans on the Third Restatement Effective Date, promptly after the Third Restatement Effective Date), the Collateral
Agent shall have received (x) counterparts of the Earnings Assignment to be entered into with respect to the Specified Additional
Vessel duly executed and delivered by the Specified Additional Subsidiary Guarantor and (y) such other documents, including any
consents, agreements and confirmations of third parties, as may be required under such Earnings Assignment or otherwise as the
Collateral Agent may reasonably request with respect to such Earnings Assignment;


 


(h)       (i)
on the Closing Date, the Collateral Agent shall have received (x) counterparts of (A) each Insurance Assignment to be entered into
with respect to each Mortgaged Vessel duly executed and delivered by the applicable Subsidiary Guarantor and (B) the Insurance
Assignment to be entered into with respect to all of the Mortgaged Vessels duly executed and delivered by the Company and (y) such
other documents, including any consents, agreements and confirmations of third parties, as may be required under such Insurance
Assignment or otherwise as the Collateral Agent may reasonably request with respect to any such Insurance Assignment, (ii) on the
Acquisition Closing Date, the Collateral Agent shall have received (x) counterparts of (A) each Insurance Assignment to be entered
into with respect to each Specified Target Mortgaged Vessel duly executed and delivered by the applicable Specified Target Subsidiary
and (B) each Insurance Assignment to be entered into with respect to all of the Specified Target Mortgaged Vessels duly executed
and delivered by the policy holder thereof and (y) such other documents, including any consents, agreements and confirmations of
third parties, as may be required under such Insurance Assignment or otherwise as the Collateral Agent may reasonably request with
respect to any such Insurance Assignment and (iii) on the Third Restatement Effective Date (or, to the extent the Collateral Agent
shall be reasonably satisfied that it will receive such documents promptly after the funding of Loans on the Third Restatement
Effective Date, promptly after the Third Restatement Effective Date), the Collateral Agent shall have received (x) counterparts
of (A) the Insurance Assignment to be entered into with respect to the Specified Additional Vessel duly executed and delivered
by the Specified Additional Subsidiary Guarantor and (B) the Insurance Assignment to be entered into with respect to the Specified
Additional Vessel duly executed and delivered by the policy holder thereof and (y) such other documents, including any consents,
agreements and confirmations of third parties, as may be required under such Insurance Assignment or otherwise as the Collateral
Agent may reasonably request with respect to such Insurance Assignment;


 




    	 	11	 



     


    

 


(i)       in
the case of any person that becomes an Additional Subsidiary Guarantor after the Closing Date (other than the Specified Target
Subsidiaries and the Specified Additional Subsidiary Guarantor, which are addressed in clauses (a) and (b) above), (i) the Administrative
Agent and the Collateral Agent shall have received an Additional Subsidiary Guarantor Accession Supplement duly executed on behalf
of such Additional Subsidiary Guarantor and the Company and the other documents required by Section 5.10(c), and (ii) all the issued
and outstanding Equity Interests of such Additional Subsidiary Guarantor shall have been pledged pursuant to the Collateral Agreement,
an existing Subsidiary Guarantor Pledge Agreement or an additional Subsidiary Guarantor Pledge Agreement, as applicable, and the
Collateral Agent shall have received all certificates or other instruments (if any) representing such Equity Interests, together
with stock powers or other instruments of transfer (if applicable under the applicable governing law) with respect thereto endorsed
in blank;


 


(j)       after
the Closing Date (or the Acquisition Closing Date in the case of the Specified Target Subsidiaries or the Third Restatement Effective
Date in the case of the Specified Additional Subsidiary Guarantor), (i) all the Equity Interests of each Subsidiary Guarantor issued
after the Closing Date (or the Acquisition Closing Date in the case of the Specified Target Subsidiaries or the Third Restatement
Effective Date in the case of the Specified Additional Subsidiary Guarantor) shall have been pledged pursuant to the applicable
Subsidiary Guarantor Pledge Agreement, and (ii) all other Equity Interests of any other Subsidiary that are acquired by a Subsidiary
Guarantor after the Closing Date (or the Acquisition Closing Date in the case of the Specified Target Subsidiaries or the Third
Restatement Effective Date in the case of the Specified Additional Subsidiary Guarantor) shall have been pledged pursuant to the
Collateral Agreement, and the Collateral Agent shall have received all certificates or other instruments (if any) representing
such Equity Interests, together with stock powers or other instruments of transfer (if applicable under the applicable governing
law) with respect thereto endorsed in blank; and


 


(k)       after
the Closing Date (or the Acquisition Closing Date in the case of the Specified Target Subsidiaries or the Third Restatement Effective
Date in the case of the Specified Additional Subsidiary Guarantor), the Administrative Agent or the Collateral Agent (as applicable)
shall have received (i) such other Security Documents as may be required to be delivered pursuant to Section 5.10, and (ii) upon
reasonable request by the Administrative Agent or the Collateral Agent (as applicable), evidence of compliance with any other requirements
of Section 5.10.


 


“Commitment Fee” shall have
the meaning assigned to such term in Section 2.12(a).


 


“Commitments” shall mean
with respect to any Lender, such Lender’s Revolving Facility Commitment (including any Incremental Revolving Facility Commitment,
Replacement Revolving Facility Commitment, and Other Revolving Facility Commitment), Term A Loan Commitment or Incremental Term
Loan Commitment.


 


“Company” shall have the
meaning assigned to such term in the introductory paragraph of this Agreement.


 




    	 	12	 



     


    

 


“Conduit Lender” shall mean
any special purpose corporation organized and administered by any Lender for the purpose of making Loans otherwise required to
be made by such Lender and designated by such Lender in a written instrument; provided, that the designation by any Lender
of a Conduit Lender shall not relieve the designating Lender of any of its obligations to fund a Loan under this Agreement if,
for any reason, its Conduit Lender fails to fund any such Loan, and the designating Lender (and not the Conduit Lender) shall have
the sole right and responsibility to deliver all consents and waivers required or requested under this Agreement with respect to
its Conduit Lender; provided, further, that no Conduit Lender shall (a) be entitled to receive any greater amount
pursuant to Sections 2.15, 2.16, 2.17 or 10.05 than the designating Lender would have been entitled to receive in respect
of the extensions of credit made by such Conduit Lender, unless the grant of the Loan to such Conduit Lender is made with the Company’s
prior written consent (not to be unreasonably withheld or delayed) or (b) be deemed to have any Commitment.


 


“Consolidated Debt” at any
date shall mean the sum of (without duplication) all Indebtedness (other than letters of credit, to the extent undrawn) consisting
of Capital Lease Obligations, Indebtedness for borrowed money and Disqualified Stock of the Company and the Subsidiaries determined
on a consolidated basis on such date in accordance with GAAP.


 


“Consolidated Debt Service”
shall mean, with respect to the Company and the Subsidiaries on a consolidated basis for any period, Cash Interest Expense for
such period plus scheduled principal amortization of Consolidated Debt for such period (it being understood that scheduled principal
amortization does not include balloon payments (for purposes of this definition, “balloon payments” shall not include
any scheduled repayment installment of such Indebtedness for borrowed money which forms part of the balloon) or any prepayments).


 


“Consolidated Net Income”
shall mean, with respect to any person for any period, the aggregate of the Net Income of such person and its subsidiaries for
such period, on a consolidated basis; provided, however, that, without duplication:


 


(a)       any
net after tax extraordinary, nonrecurring or unusual gains or losses or income or expense or charge (less all fees and expenses
relating thereto) including, without limitation, any severance, relocation or other restructuring expenses, and fees, expenses
or charges related to any offering of Equity Interests, any Investment, acquisition (including the Acquisition) or Indebtedness
permitted to be incurred hereunder (in each case, whether or not successful), including any such fees, expenses or charges related
to the Transactions, in each case, shall be excluded,


 


(b)       any
net after-tax income or loss from discontinued operations and any net after-tax gain or loss on disposal of discontinued operations
shall be excluded,


 


(c)       any
net after-tax gain or loss (less all fees and expenses or charges relating thereto) attributable to business dispositions or asset
dispositions other than in the ordinary course of business (as determined in good faith by the board of directors of the Company)
shall be excluded,


 


(d)       any
net after-tax income or loss (less all fees and expenses or charges relating thereto) attributable to the early extinguishment
of indebtedness shall be excluded,


 


(e)       (i)
the Net Income for such period of any person that is not a subsidiary of such person, or is an Unrestricted Subsidiary or that
is accounted for by the equity method of accounting, shall be included only to the extent of the amount of dividends or distributions
or other payments paid in cash (or to the extent converted into cash) to the referent person or a subsidiary thereof in respect
of such period and (ii) the Net Income for such period shall include any ordinary course dividend, distribution or other payment
in cash received from any person in excess of the amounts included in clause (i),


 




    	 	13	 



     


    

 


(f)       Consolidated
Net Income for such period shall not include the cumulative effect of a change in accounting principles during such period,


 


(g)      any
increase in amortization or depreciation or any non-cash charges or increases or reductions in Net Income resulting from purchase
accounting in connection with the Transactions or any acquisition (including the Acquisition) that is consummated on or after the
Closing Date shall be excluded,


 


(h)      any
non-cash impairment charges resulting from the application of ASC 350 and ASC 360, and the amortization of intangibles and other
fair value adjustments arising pursuant to ASC 805, shall be excluded,


 


(i)       any
non-cash expenses realized or resulting from employee benefit plans or post-employment benefit plans, grants of stock appreciation
or similar rights, stock options, restricted stock grants or other rights to officers, directors and employees of such person or
any of its subsidiaries shall be excluded,


 


(j)       accruals
and reserves that are established within twelve months after the Closing Date and that are so required to be established in accordance
with GAAP shall be excluded; provided that to the extent (i) any such accrual or reserve is later reduced or eliminated
or (ii) any cash expenditure is later incurred with respect to such accrual or reserve, then in each case a corresponding amount
shall be included in Consolidated Net Income in the same period,


 


(k)       non-cash
gains, losses, income and expenses resulting from fair value accounting required by ASC 815 shall be excluded,


 


(l)       any
gain, loss, income, expense or charge resulting from the application of last in first out accounting shall be excluded,


 


(m)     currency
translation gains and losses related to currency re-measurements of Indebtedness, and any net loss or gain resulting from Swap
Agreements for currency exchange risk, shall be excluded,


 


(n)       to
the extent covered by insurance and actually reimbursed, or, so long as such person has made a determination that there exists
reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (i) not
denied by the applicable carrier in writing within 180 days and (ii) in fact reimbursed within 365 days of the date of
such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with
respect to liability or casualty events or business interruption shall be excluded; provided that any proceeds of such reimbursement
when received shall be excluded from the calculation of Consolidated Net Income to the extent the expense reimbursed was previously
excluded pursuant to this clause (n), and


 




    	 	14	 



     


    

 


(o)       non-cash
charges for deferred tax asset valuation allowances shall be excluded.


 


“Consolidated Total Assets”
shall mean, as of any date, the total assets of the Company and the Subsidiaries, determined on a consolidated basis in accordance
with GAAP, as set forth on the consolidated balance sheet of the Company as of such date.


 


“Control” shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person, whether
through the ownership of voting securities, by contract or otherwise, and “Controlling” and “Controlled”
shall have meanings correlative thereto.


 


“Control Agreement” shall
have the meaning assigned to such term in the Collateral Agreement.


 


“Credit Event” shall have
the meaning assigned to such term in Article IV.


 


“Cumulative Credit” shall
mean, at any date, an amount, not less than zero in the aggregate, determined on a cumulative basis equal to, without duplication:


 


(a)       $[*],
plus:


 


(b)       an
amount (which amount shall not be less than zero) equal to [*]% of the Consolidated Net Income of the Company for the period (taken
as one accounting period) from June 30, 2009 to the end of the Company’s most recently ended fiscal quarter for which internal
financial statements are available at such date, plus


 


(c)       the
aggregate amount of proceeds received after the Closing Date and prior to such time that would have constituted Net Proceeds pursuant
to clause (a) of the definition thereof except for the operation of clause (x) or (y) of the second proviso thereof (the “Below
Threshold Asset Sale Proceeds”), plus


 


(d)       the
cumulative amount of proceeds (including cash and the fair market value of property other than cash) from the sale of Equity Interests
of a Parent Entity after the Closing Date and on or prior to such time (including upon exercise of warrants or options) which proceeds
have been contributed as common equity to the capital of the Company and common Equity Interests of the Company issued upon conversion
of Indebtedness (other than Indebtedness that is contractually subordinated to the Obligations) of the Company or any Subsidiary
owed to a person other than the Company or a Subsidiary not previously applied for a purpose other than use in the Cumulative Credit;
provided, that this clause (d) shall exclude Permitted Cure Securities and the proceeds thereof, sales of Equity Interests
financed as contemplated by Section 6.04(d) and any amounts used to finance the payments or distributions in respect of any
Junior Financing pursuant to Section 6.09(b), plus


 


(e)       [*]%
of the aggregate amount of contributions to the common capital of the Company received in cash (and the fair market value of property
other than cash) after the Closing Date (subject to the same exclusions as are applicable to clause (d) above); plus


 




    	 	15	 



     


    

 


(f)       the
principal amount of any Indebtedness (including the liquidation preference or maximum fixed repurchase price, as the case may be,
of any Disqualified Stock) of the Company or any Subsidiary thereof issued after the Closing Date (other than Indebtedness issued
to a Subsidiary), which has been converted into or exchanged for Equity Interests (other than Disqualified Stock) in any Parent
Entity, plus


 


(g)       [*]%
of the aggregate amount received by the Company or any Subsidiary in cash (and the fair market value of property other than cash
received by the Company or any Subsidiary) after the Closing Date from:


 


(A)      the
sale (other than to the Company or any Subsidiary) of the Equity Interests of an Unrestricted Subsidiary, or


 


(B)      any
dividend or other distribution by an Unrestricted Subsidiary, plus


 


(h)       in
the event any Unrestricted Subsidiary has been redesignated as a Subsidiary or has been merged, consolidated or amalgamated with
or into, or transfers or conveys its assets to, or is liquidated into, the Company or any Subsidiary, the fair market value of
the Investments of the Company or any Subsidiary in such Unrestricted Subsidiary at the time of such redesignation, combination
or transfer (or of the assets transferred or conveyed, as applicable), plus


 


(i)        an
amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income
and similar amounts) actually received by the Company or any Subsidiary in respect of any Investments made pursuant to Section 6.04(i),
minus


 


(j)        any
amounts thereof used to make Investments pursuant to Section 6.04(a)(y) after the Closing Date prior to such time, minus


 


(k)       any
amounts thereof used to make Investments pursuant to Section 6.04(i)(2) after the Closing Date prior to such time, minus


 


(l)        the
cumulative amount of dividends paid and distributions made pursuant to Section 6.06(e) after the Closing Date prior to such
time, minus


 


(m)      payments
or distributions in respect of Junior Financings pursuant to Section 6.09(b)(i) (other than payments made with proceeds from
the issuance of Equity Interests that were excluded from the calculation of the Cumulative Credit pursuant to clause (d) above);


 


provided, however, for purposes of Section 6.06(e),
the calculation of the Cumulative Credit shall not include any Below Threshold Asset Sale Proceeds except to the extent they are
used as contemplated in clauses (j) and (k) above.


 


“Cure Amount” shall have
the meaning assigned to such term in Section 8.02(c).


 




    	 	16	 



     


    

 


“Cure Collateral Fair Market Value”
shall mean, when determining the value to be ascribed to any property added as Collateral pursuant to Section 8.02(a), (a) for
any cash or Permitted Investments added as Collateral pursuant to Section 8.02(a), the Dollar Equivalent thereof as of any date
of determination or (b) for any other property added as Collateral pursuant to Section 8.02(a), the Administrative Agent’s
determination (in its reasonable judgment) of the price at which a willing buyer would purchase, were it to purchase, such other
property in an arm’s-length transaction for all cash consideration on the date such property is added as Collateral pursuant
to Section 8.02(a).


 


“Cure Right” shall have the
meaning assigned to such term in Section 8.02(c).


 


“Debtor Relief Laws” shall
mean the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship, bankruptcy, assignment for
the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of
the United States or other applicable jurisdictions from time to time in effect.


 


“Declined Proceeds” shall
have the meaning assigned to such term in Section 2.10(c)(ii).


 


“Declining Lender” shall
have the meaning assigned to such term in Section 2.10(c)(ii).


 


“Deed of Covenants” shall
mean each deed of covenants collateral to a Vessel Mortgage, each substantially in the form of Exhibit G-1 or Exhibit
G-2 or otherwise reasonably satisfactory to the Administrative Agent.


 


“Default” shall mean any
event or condition that upon notice, lapse of time or both would constitute an Event of Default.


 


“Defaulting Lender” shall
mean, subject to Section 2.22, any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business
Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Company
in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding
(each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has
not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Bank or any other Lender any other amount required to
be paid by it hereunder (including in respect of its participation in Letters of Credit) within two Business Days of the date when
due, (b) has notified the Company, the Administrative Agent or any Issuing Bank in writing that it does not intend to comply with
its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates
to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination
that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified
in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by
the Administrative Agent or the Company, to confirm in writing to the Administrative Agent and the Company that it will comply
with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant
to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Company) or (d) has, or has a
direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed
for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar person charged
with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other
state or federal regulatory authority acting in such a capacity or (iii) becomes the subject of a Bail-In Action; provided
that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that
Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not
result in or provide such Lender 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 Lender (or such Governmental Authority) to reject, repudiate,
disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender
is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error,
and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.22) as of the date established therefor by
the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the
Company, each Issuing Bank, and each Lender promptly following such determination.


 




    	 	17	 



     


    

 


“Delaware Divided LLC” shall
mean any limited liability company which has been formed upon the consummation of a Delaware LLC Division.


 


“Delaware LLC Division” shall
mean the statutory division of any limited liability company into two or more limited liability companies pursuant to Section 18-217
of the Delaware Limited Liability Company Act or a comparable provision of any other Requirement of Law.


 


“Designated Non-Cash Consideration”
shall mean the fair market value (as determined in good faith by the Company) of non-cash consideration received by the Company
or one of its Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant
to a certificate of a Responsible Officer of the Company, setting forth such valuation, less the amount of cash or cash equivalents
received in connection with a subsequent disposition of such Designated Non-Cash Consideration.


 


“Disqualified Stock” shall
mean, with respect to any person, any Equity Interest of such person that, by its terms (or by the terms of any security or other
Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition,
(a) matures or is mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation
or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence
of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations
that are accrued and payable and the termination of the Commitments), (b) is redeemable at the option of the holder thereof (other
than solely for Qualified Equity Interests), in whole or in part, (c) provides for the scheduled payments of dividends in cash
or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified
Stock, in each case, prior to the date that is ninety-one (91) days after the Latest Maturity Date; provided, however,
that only the portion of the Equity Interests that so mature or are mandatorily redeemable, are so convertible or exchangeable
or are so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock; provided,
further, however, that if such Equity Interest is issued to any employee or to any plan for the benefit of employees
of the Company or the Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified
Stock solely because they may be required to be repurchased by the Company or any Subsidiary in order to satisfy applicable statutory
or regulatory obligations or as a result of such employee’s termination, death or disability; provided further, however,
that, with respect to clause (d) above, Equity Interests constituting Qualified Equity Interests when issued shall not cease to
constitute Qualified Equity Interests as a result of the subsequent extension of the Latest Maturity Date.


 




    	 	18	 



     


    

 


“Dollar Equivalent” shall
mean, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated
in any currency other than Dollars, the equivalent amount thereof in Dollars as determined by the Administrative Agent at such
time on the basis of the Spot Rate (determined in respect of the applicable date of determination) for the purchase of Dollars
with such currency.


 


“Dollars” or “$”
shall mean the lawful currency of the United States of America.


 


“Earnings Assignments” shall
mean, collectively, each of the first priority collateral assignments of earnings entered into by each Subsidiary Guarantor in
favor of the Collateral Agent in respect of a Mortgaged Vessel, each in substantially the form of Exhibit H or otherwise
reasonably satisfactory to the Administrative Agent.


 


“EBITDA” shall mean, with
respect to Company and the Subsidiaries on a consolidated basis for any period, the Consolidated Net Income of the Company and
the Subsidiaries for such period plus (a) the sum of (in each case without duplication and to the extent the respective
amounts described in subclauses (i) through (vi) of this clause (a) reduced such Consolidated Net Income (and were not excluded
therefrom) for the respective period for which EBITDA is being determined):


 


(i)        provision
for Taxes (including without duplication, Tax distributions) based on income, profits or capital of the Company and the Subsidiaries
for such period, including, without limitation, state, franchise and similar taxes,


 


(ii)       Interest
Expense (and to the extent not included in Interest Expense, (x) all cash dividend payments (excluding items eliminated in consolidation)
on any series of preferred stock or Disqualified Stock and (y) costs of surety bonds in connection with financing activities) of
the Company and the Subsidiaries for such period (net of interest income of the Company and the Subsidiaries for such period),


 


(iii)      depreciation
and amortization expenses of the Company and the Subsidiaries for such period,


 


(iv)     business
optimization expenses and other restructuring charges (which, for the avoidance of doubt, shall include, without limitation, the
effect of optimization programs, facility closures, retention, severance, systems establishment costs and excess pension charges);
provided that with respect to each business optimization expense or other restructuring charge, the Company shall have delivered
to the Administrative Agent an officers’ certificate specifying and quantifying such expense or charge,


 




    	 	19	 



     


    

 


(v)       any other
non-cash charges; provided that, for purposes of this subclause (v) of this clause (a), any non-cash charges or
losses shall be treated as cash charges or losses in any subsequent period during which cash disbursements attributable thereto
are made,


 


(vi)     the amount
of management, consulting, monitoring, transaction and advisory fees and related expenses paid to any Affiliate (or any accruals
related to such fees and related expenses) during such period not in contravention of this Agreement, and


 


minus (b) the sum of (without duplication and to the extent
the amounts described in this clause (b) increased such Consolidated Net Income for the respective period for which EBITDA is being
determined) non-cash items increasing Consolidated Net Income of the Company and the Subsidiaries for such period (but excluding
any such items (i) in respect of which cash was received in a prior period or will be received in a future period or (ii) which
represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period).


 


“EEA Financial Institution”
shall mean (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” shall
mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway.


 


“EEA Resolution Authority”
shall mean 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.


 


“environment” shall mean
ambient and indoor air, surface water and groundwater (including potable water, navigable water and wetlands), the land surface
or subsurface strata, natural resources such as flora and fauna, the workplace or as otherwise defined in any Environmental Law.


 


“Environmental Claim” shall
mean any and all actions, suits, orders, demands, directives, claims, liens, request for information, investigations, proceedings
or notices of noncompliance or violation by or from any person alleging liability of whatever kind or nature arising out of, based
on or resulting from (i) the presence or Release of, or exposure to, any Hazardous Materials at any location; or (ii) circumstances
forming the basis of any violation, or alleged violation, of any Environmental Law (including any matters related to compliance
with OPA 90).


 


“Environmental Law” shall
mean any applicable law, regulation, rule or ordinance, order, decree, judgment, injunction, or other legally binding requirement
or agreement issued, promulgated or entered into by any Governmental Authority, relating to pollution or protection of the environment,
or health and safety, including laws relating to Releases or threatened Releases of Hazardous Materials into the environment or
otherwise relating to Hazardous Materials.


 




    	 	20	 



     


    

 


“Environmental Liability”
shall mean any loss or liability (including any liability for damages, costs of remediation, fines, penalties or indemnities),
of any Loan Party directly or indirectly resulting from or based on: (a) any actual or alleged violation of any Environmental Law;
(b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Material; (c) exposure to any
Hazardous Material; (d) any actual or alleged Release or threatened Release of any Hazardous Material; or (e) any Environmental
Claim that relates to or is based upon the operation of any Mortgaged Vessel, including Environmental Claims based on indemnities
or other contractual undertakings.


 


“Environmental Permits” shall
have the meaning assigned to such term in Section 3.16.


 


“Equity Interests” of any
person shall mean any and all shares, interests, rights to purchase or otherwise acquire, warrants, options, participations or
other equivalents of or interests in (however designated) equity or ownership of such person, including any preferred stock, any
limited or general partnership interest and any limited liability company membership interest, and any securities or other rights
or interests convertible into or exchangeable for any of the foregoing.


 


“ERISA” shall mean the Employee
Retirement Income Security Act of 1974, as the same may be amended from time to time, and any final regulations promulgated and
the rulings issued thereunder.


 


“ERISA Affiliate” shall mean
any trade or business (whether or not incorporated) that, together with any Loan Party or a Subsidiary, is treated as a single
employer under Section 414(b) or (c) of the Code, or, solely for purposes of Section 302 of ERISA and Section 412
of the Code, is treated as a single employer under Section 414 of the Code.


 


“ERISA Event” shall mean
(a) any Reportable Event or the requirements of Section 4043(b) of ERISA apply with respect to a Plan; (b) with respect to
any Plan, the failure to satisfy the minimum funding standard under Section 412 of the Code or Section 302 of ERISA,
whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application
for a waiver of the minimum funding standard with respect to any Plan, the failure to make by its due date a required installment
under Section 430(j) of the Code with respect to any Plan or the failure to make any required contribution to a Multiemployer
Plan; (d) the incurrence by the Company, any Subsidiary or any ERISA Affiliate of any liability under Title IV of ERISA with
respect to the termination of any Plan or Multiemployer Plan; (e) the receipt by the Company, a Subsidiary or any ERISA Affiliate
from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or to appoint a trustee to administer
any Plan under Section 4042 of ERISA; (f) the incurrence by the Company, a Subsidiary or any ERISA Affiliate of any liability
with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; (g) the receipt by the Company, a Subsidiary
or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Company, a Subsidiary or any ERISA Affiliate
of any notice, concerning the impending imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or
is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA, or in “endangered”
or “critical” status, within the meaning of Section 432 of the Code or Section 305 of ERISA; (h) the conditions for
imposition of a lien under ERISA shall have been met with respect to any Plan; (i) with respect to a Plan, the provision of security
pursuant to Section 206(g) of ERISA; (j) a determination that any Plan is, or is expected to be, in “at-risk”
status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code); or (k) the withdrawal of the Company, any Subsidiary
or any ERISA Affiliate from a Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial
employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under
Section 4062(e) of ERISA.


 




    	 	21	 



     


    

 


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


 


“Eurocurrency Borrowing”
shall mean a Borrowing comprised of Eurocurrency Loans.


 


“Eurocurrency Loan” shall
mean any Eurocurrency Term Loan or Eurocurrency Revolving Loan.


 


“Eurocurrency Revolving Facility Borrowing”
shall mean a Borrowing comprised of Eurocurrency Revolving Loans.


 


“Eurocurrency Revolving Loan”
shall mean any Revolving Facility Loan bearing interest at a rate determined by reference to the Adjusted LIBO Rate in accordance
with the provisions of Article II.


 


“Eurocurrency Term Loan”
shall mean any Term Loan bearing interest at a rate determined by reference to the Adjusted LIBO Rate in accordance with the provisions
of Article II.


 


“European Union” shall mean
the political and economic community of twenty-seven member states as of January 1, 2007 (and all additional member states
that accede thereto thereafter in accordance with applicable laws of the European Union) with supranational and intergovernmental
features, located in Europe.


 


“Event of Default” shall
have the meaning assigned to such term in Section 8.01.


 


“Event of Loss” shall mean
any of the following events: (a) the actual or constructive total loss or the arranged or compromised total loss of a Mortgaged
Vessel or (b) the capture, condemnation, confiscation, requisition, purchase, sale, seizure or forfeiture of, or any taking of
title to, a Mortgaged Vessel. An Event of Loss shall be deemed to have occurred (i) in the event of an actual loss of a Mortgaged
Vessel, at noon Greenwich Mean Time on the date of such loss, or if that is not known, on the date which such Mortgaged Vessel
was last heard from, (ii) in the event of damage which results in a constructive or compromised or arranged total loss of a Mortgaged
Vessel, at noon Greenwich Mean Time on the date of the event giving rise to such damage, or (iii) in the case of an event referred
to in clause (b) above, at noon Greenwich Mean Time on the date on which such event is expressed to take effect by the person making
the same.


 


“Exchange Act” shall mean
the Securities Exchange Act of 1934.


 




    	 	22	 



     


    

 


“Excluded Indebtedness” shall
mean all Indebtedness permitted to be incurred under Section 6.01 (other than Section 6.01(z)).


 


“Excluded Taxes” shall mean,
with respect to the Administrative Agent, any Lender, any Issuing Bank or any other recipient of any payment to be made by or on
account of any obligation of any Loan Party hereunder or under any other Loan Document, (a) Taxes imposed on or measured by its
overall net income or branch profits (however denominated, and including (for the avoidance of doubt) any backup withholding in
respect thereof under Section 3406 of the Code or any similar provision of state, local or foreign law), and franchise (and
similar) Taxes imposed on it (in lieu of net income Taxes), in each case by a jurisdiction (including any political subdivision
thereof) as a result of such recipient being organized in, having its principal office in, or in the case of any Lender, having
its applicable lending office in, such jurisdiction, or as a result of any other present or former connection with such jurisdiction
(other than any such connection arising solely from this Agreement or any other Loan Documents or any transactions contemplated
thereunder), (b) U.S. federal withholding Tax imposed on any payment by or on account of any obligation of any Loan Party hereunder
or under any other Loan Document that is required to be imposed on amounts payable to a Lender (other than to the extent such Lender
is an assignee pursuant to a request by the Company under Section 2.19) pursuant to laws in force at the time such Lender
becomes a party hereto (or designates a new lending office), except to the extent that such Lender (or its assignor, if any) was
entitled, immediately prior to the designation of a new lending office (or assignment), to receive additional amounts or indemnification
payments from any Loan Party with respect to such withholding Tax pursuant to Section 2.17, (c) any withholding Tax imposed
on any payment by or on account of any obligation of any Loan Party hereunder or under any other Loan Document that is attributable
to the Administrative Agent’s, any Lender’s or any other recipient’s failure to comply with Section 2.17(e),
or (d) any U.S. federal withholding Tax imposed under FATCA.


 


“Existing Commitments” means
all outstanding “Revolving Facility Commitments” under the Original Credit Agreement immediately prior to the Restatement
Effective Date.


 


“Existing Letters of Credit”
means the Letters of Credit outstanding under the Original Credit Agreement immediately prior to the Restatement Effective Date.


 


“Existing Loans” means all
outstanding “Term A Loans”, “Term B Loans” and “Revolving Facility Loans” under and as defined
in the Original Credit Agreement immediately prior to the Restatement Effective Date.


 


“Extended Revolving Facility Commitment”
shall have the meaning assigned to such term in Section 2.21(e).


 


“Extended Term Loan” shall
have the meaning assigned to such term in Section 2.21(e).


 


“Extending Lender” shall
have the meaning assigned to such term in Section 2.21(e).


 


“Extension” shall have the
meaning assigned to such term in Section 2.21(e).


 


“Facility” shall mean the
respective facility and commitments utilized in making any Class of Loans and Extensions thereunder.


 




    	 	23	 



     


    

 


“FATCA” shall mean 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 Treasury regulations promulgated thereunder or official administrative interpretations
thereof and any agreements entered into pursuant to current Section 1471(b)(1) of the Code (or any amended or successor version
described above) or any intergovernmental agreement (and any related laws or legislation) implementing the foregoing.


 


“Federal Funds Effective Rate”
shall mean, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions,
as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding
Business Day by the NYFRB as the federal funds effective rate.


 


“Fees” shall mean the Commitment
Fees, the L/C Participation Fees, the Issuing Bank Fees, the Administrative Agent Fees and the Collateral Agent Fees.


 


“Financial Officer” of any
person shall mean the Chief Financial Officer, principal accounting officer, Treasurer, Assistant Treasurer or Controller of such
person.


 


“First Lien Intercreditor Agreement”
shall mean an Intercreditor Agreement between the Administrative Agent, the Collateral Agent and the authorized representative
named therein for the Senior Secured Notes, substantially in the form of Exhibit K-2, with such changes that are reasonably
satisfactory to the Administrative Agent.


 


“First Restatement Effective Date”
shall mean November 6, 2014.


 


“First Valuation” shall have
the meaning assigned to such term in Section 5.16.


 


“Fiscal Year” shall mean
the fiscal year of the Company and the Subsidiaries ending on December 31st of each calendar year or such other
calendar date as notified by the Company to the Administrative Agent.


 


“Fixed Charge Coverage Ratio”
shall mean, with respect to any person for any period, the ratio of EBITDA of such person for such period to the Fixed Charges
(other than Fixed Charges in respect of Indebtedness that is non-recourse to the Loan Parties) of such person for such period.


 


“Fixed Charges” shall mean,
with respect to any person for any period, the sum, without duplication, of:


 


(a)       Interest
Expense of such person for such period, and


 


(b)       all
cash dividend payments (excluding items eliminated in consolidation) on any series of Disqualified Stock of such person and its
Subsidiaries.


 


“Foreign Lender” shall mean
any Lender (a) that is not disregarded as separate from its owner for U.S. federal income tax purposes and that is not a “United
States person” as defined by Section 7701(a)(30) of the Code or (b) that is disregarded as separate from its owner for
U.S. federal income tax purposes and whose regarded owner is not a “United States person” as defined in Section 7701(a)(30)
of the Code.


 




    	 	24	 



     


    

 


“Foreign Subsidiary” shall
mean any Subsidiary that is incorporated or organized under the laws of any jurisdiction other than the United States of America,
any state thereof or the District of Columbia.


 


“Former Agent” shall mean
Deutsche Bank Trust Company Americas, in its capacity as administrative agent and collateral agent under the Original Credit Agreement
prior to the First Restatement Effective Date.


 


“Free Liquidity” shall mean,
at any date of determination, the aggregate amount of Unrestricted Cash and any Available Unused Commitments or other amounts available
for drawing under other revolving or other credit facilities of the Company, which remain undrawn, could be drawn for general working
capital purposes or other general corporate purposes and would not, if drawn, be mandatorily repayable within six months.


 


“Fronting Exposure” shall
mean, at any time there is a Defaulting Lender, with respect to any Issuing Bank, such Defaulting Lender’s Revolving Facility
Percentage of Revolving L/C Exposure with respect to Letters of Credit issued by such Issuing Bank other than such Revolving L/C
Exposure as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized
in accordance with the terms hereof.


 


“GAAP” shall mean generally
accepted accounting principles in effect from time to time in the United States, applied on a consistent basis, subject to the
provisions of Section 1.02; provided that any reference to the application of GAAP in Sections 3.13(b), 3.19,
5.03, 5.04, 5.07 and 6.02(e) to any Subsidiary that is incorporated or organized under the laws of any jurisdiction other than
the United States, any state thereof or the District of Columbia (but not as a consolidated Subsidiary of the Company) shall mean
generally accepted accounting principles in effect from time to time in the jurisdiction of organization of such non-U.S. Subsidiary.


 


“Governmental Authority”
shall mean the government of the United States of America, or any other nation, or of any political subdivision thereof, whether
state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting
or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for
International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing).


 




    	 	25	 



     


    

 


“Guarantee” of or by any
person (the “guarantor”) shall mean (a) any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (i) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation (whether arising by virtue
of partnership arrangements, by agreement to keep well, to purchase assets, goods, securities or services, to take-or-pay or otherwise)
or to purchase (or to advance or supply funds for the purchase of) any security for the payment of such Indebtedness or other obligation,
(ii) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other
obligation of the payment thereof, (iii) to maintain working capital, equity capital or any other financial statement condition
or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, (iv) entered
into for the purpose of assuring in any other manner the holders of such Indebtedness or other obligation of the payment thereof
or to protect such holders against loss in respect thereof (in whole or in part) or (v) as an account party in respect of any letter
of credit or letter of guaranty issued to support such Indebtedness or other obligation, or (b) any Lien on any assets of the guarantor
securing any Indebtedness or other obligation (or any existing right, contingent or otherwise, of the holder of Indebtedness or
other obligation to be secured by such a Lien) of any other person, whether or not such Indebtedness or other obligation is assumed
by the guarantor; provided, however, the term “Guarantee” shall not include endorsements of instruments
for deposit or collection in the ordinary course of business or customary and reasonable indemnity obligations in effect on the
Closing Date or entered into in connection with any acquisition or disposition of assets permitted by this Agreement (other than
such obligations with respect to Indebtedness). The amount of any Guarantee shall be deemed to be an amount equal to the stated
or determinable amount of the Indebtedness in respect of which such Guarantee is made or, if not stated or determinable, the maximum
reasonably anticipated liability in respect thereof (assuming such person is required to perform thereunder) as determined by such
person in good faith.


 


“guarantor” shall have the
meaning assigned to such term in the definition of the term “Guarantee.”


 


“Hazardous Materials” shall
mean all pollutants, contaminants, wastes, chemicals, materials, substances and constituents, including explosive or radioactive
substances or petroleum by-products or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls
or radon gas, biological waste, toxic mold, infectious materials, potentially infectious materials or disinfecting agents, of any
nature subject to regulation or which can give rise to liability under any Environmental Law.


 


“Holdings” shall mean Norwegian
Cruise Line Holdings Ltd., an exempted company incorporated in Bermuda.


 


“Immaterial Subsidiary” shall
mean any Subsidiary that (a) did not, as of the last day of the fiscal quarter of the Company most recently ended, have assets
with a value in excess of 5% of the Consolidated Total Assets or revenues representing in excess of 5% of total revenues of the
Company and the Subsidiaries on a consolidated basis as of such date, and (b) taken together with all Immaterial Subsidiaries as
of the last day of the fiscal quarter of the Company most recently ended, did not have assets with a value in excess of 10% of
Consolidated Total Assets or revenues representing in excess of 10% of total revenues of the Company and the Subsidiaries on a
consolidated basis as of such date. Each Immaterial Subsidiary shall be set forth in Schedule 1.01(a), and the Company
shall update such Schedule from time to time after the Closing Date as necessary to reflect all Immaterial Subsidiaries at such
time (the selection of Subsidiaries to be added to or removed from such Schedule to be made as the Company may determine). Notwithstanding
the foregoing, no New Vessel Subsidiary, Subsidiary Guarantor or the Co-Borrower shall be an Immaterial Subsidiary.


 




    	 	26	 



     


    

 


“Impacted Interest Period”
shall have the meaning assigned to it in the definition of “LIBO Rate.”


 


“Increased Amount” of any
Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual of interest, the accretion
of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness
with the same terms, the accretion of original issue discount or liquidation preference and increases in the amount of Indebtedness
outstanding solely as a result of fluctuations in the exchange rate of currencies.


 


“Increased Amount Date” shall
have the meaning assigned to such term in Section 2.21(a)(ii).


 


“Incremental Amount” shall
mean, at any time, (i) the excess, if any, of (a) $[*], over (b) the sum of (x) the aggregate amount of all Incremental Term
Loan Commitments and Incremental Revolving Facility Commitments, in each case, established after the Restatement Effective Date
and prior to such time pursuant to Section 2.21 (other than any Incremental Term Loan Commitments and Incremental Revolving
Facility Commitments in respect of Refinancing Term Loans, Extended Term Loans, Extended Revolving Facility Commitments or Replacement
Revolving Facility Commitments) and (y) the aggregate principal amount of Indebtedness incurred pursuant to Section 6.01(aa); plus
(ii) any additional amounts so long as after giving effect to the issuance or incurrence of such Indebtedness the Loan-to-Value
Ratio (assuming, when being tested in connection with any Incremental Revolving Facility Commitments, that such Incremental Revolving
Facility Commitments are fully drawn as of such test date) on a Pro Forma Basis is equal to or less than [*] to 1.0.


 


“Incremental Assumption Agreement”
shall mean an Incremental Assumption Agreement in form and substance reasonably satisfactory to the Administrative Agent, among
the Borrowers, the Administrative Agent and one or more Incremental Term Lenders and/or Incremental Revolving Facility Lenders.


 


“Incremental Revolving Facility Commitment”
shall mean any increased or incremental Revolving Facility Commitment provided pursuant to Section 2.21.


 


“Incremental Revolving Facility Lender”
shall mean a Lender (including an Incremental Revolving Facility Lender) with a Revolving Facility Commitment or an outstanding
Revolving Facility Loan as a result of an Incremental Revolving Facility Commitment.


 


“Incremental Term Borrowing”
shall mean a Borrowing comprised of Incremental Term Loans.


 


“Incremental Term Facility”
shall mean the Incremental Term Loan Commitments of any Class and the Incremental Term Loans made thereunder.


 




    	 	27	 



     


    

 


“Incremental Term Lender”
shall mean a Lender with an Incremental Term Loan Commitment or an outstanding Incremental Term Loan.


 


“Incremental Term Loan Commitment”
shall mean the commitment of any Lender, established pursuant to Section 2.21, to make Incremental Term Loans to the Borrowers.


 


“Incremental Term Loan Installment
Date” shall have, with respect to any tranche of Incremental Term Loans established pursuant to an Incremental Assumption
Agreement, the meaning assigned to such term in Section 2.10(a)(iii).


 


“Incremental Term Loans”
shall mean Term Loans made by one or more Lenders to the Borrowers pursuant to Section 2.01(d). Incremental Term Loans may
be made in the form of additional Term A Loans or, to the extent permitted by Section 2.21 and provided for in the relevant
Incremental Assumption Agreement, Other Incremental Term Loans.


 


“Indebtedness” of any person
shall mean, without duplication, (a) all obligations of such person for borrowed money, (b) all obligations of such person evidenced
by bonds, debentures, notes or similar instruments, (c) all obligations of such person under conditional sale or other title retention
agreements relating to property or assets purchased by such person, (d) all obligations of such person issued or assumed as the
deferred purchase price of property or services, to the extent that the same would be required to be shown as a long term liability
on a balance sheet prepared in accordance with GAAP, (e) all Capital Lease Obligations of such person, (f) all payments that such
person would have to make in the event of an early termination, on the date Indebtedness of such person is being determined, in
respect of outstanding Swap Agreements, (g) the principal component of all obligations, contingent or otherwise, of such person
as an account party in respect of letters of credit, (h) the principal component of all obligations of such person in respect of
bankers’ acceptances, (i) all Guarantees by such person of Indebtedness described in clauses (a) to (h) above) and (j) the
amount of all obligations of such person with respect to the redemption, repayment or other repurchase of any Disqualified Stock
(excluding accrued dividends that have not increased the liquidation preference of such Disqualified Stock); provided that
Indebtedness shall not include (A) trade payables, accrued expenses and intercompany liabilities arising in the ordinary course
of business, (B) prepaid or deferred revenue arising in the ordinary course of business, (C) purchase price holdbacks arising in
the ordinary course of business in respect of a portion of the purchase prices of an asset to satisfy unperformed obligations of
the seller of such asset or (D) earn-out obligations until such obligations become a liability on the balance sheet of such person
in accordance with GAAP. The Indebtedness of any person shall include the Indebtedness of any partnership in which such person
is a general partner, other than to the extent that the instrument or agreement evidencing such Indebtedness expressly limits the
liability of such person in respect thereof.


 


“Indemnified Taxes” shall
mean all Taxes imposed on or with respect to or measured by any payment by or on account of any obligation of any Loan Party hereunder
or under any other Loan Document other than (a) Excluded Taxes and (b) Other Taxes.


 


“Indemnitee” shall have the
meaning assigned to such term in Section 10.05(b).


 




    	 	28	 



     


    

 


“Information” shall have
the meaning assigned to such term in Section 3.14(a).


 


“Information Memorandum”
shall mean the Confidential Information Memorandum dated April 18, 2013, as modified or supplemented prior to the Closing Date.


 


“INSIGNIA” shall mean the
Vessel Insignia, IMO number 9156462, currently registered in the name of Insignia Vessel Acquisition, LLC under the laws of the
Republic of the Marshall Islands with the official number 1663.


 


“Insurance Assignments” shall
mean each of the first priority assignments of insurance made or to be made by (a) a Subsidiary Guarantor in favor of the Collateral
Agent in respect of a Mortgaged Vessel and (b) the Company in favor of the Collateral Agent in respect of all of the Mortgaged
Vessels, in each case substantially in the form of Exhibit I or otherwise reasonably satisfactory to the Administrative
Agent.


 


“Interest Election Request”
shall mean a request by the Company to convert or continue a Term Borrowing or Revolving Facility Borrowing in accordance with
Section 2.07.


 


“Interest Expense” shall
mean, with respect to any person for any period, the sum of (a) gross interest expense (including any commitment or utilization
fees in respect of available or undrawn amounts under loan, letter of credit or similar facilities) of such person for such period
on a consolidated basis, including (i) the amortization of debt discounts, (ii) the amortization of all fees (including fees with
respect to Swap Agreements) payable in connection with the incurrence of Indebtedness to the extent included in interest expense
and (iii) the portion of any payments or accruals with respect to Capital Lease Obligations allocable to interest expense and (b)
capitalized interest of such person. For purposes of the foregoing, gross interest expense shall be determined after giving effect
to any net payments made or received and costs incurred by the Company and the Subsidiaries with respect to Swap Agreements.


 


“Interest Payment Date” shall
mean, (a) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to the Borrowing of which such
Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three months’ duration,
each day that would have been an Interest Payment Date had successive Interest Periods of three months’ duration been applicable
to such Borrowing and, in addition, the date of any refinancing or conversion of such Borrowing with or to a Borrowing of a different
Type and (b) with respect to any ABR Loan, the last day of each calendar quarter, or if any such day is not a Business Day, on
the next succeeding Business Day.


 


“Interest Period” shall mean,
as to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing or on the last day of the immediately preceding
Interest Period applicable to such Borrowing, as applicable, and ending on the numerically corresponding day (or, if there is no
numerically corresponding day, on the last day) in the calendar month that is 1, 2, 3 or 6 months thereafter (or 12 months or a
period shorter than one month, if at the time of the relevant Borrowing, all Lenders make interest periods of such length available),
as the Company may elect, or the date any Eurocurrency Borrowing is converted to an ABR Borrowing in accordance with Section 2.07
or repaid or prepaid in accordance with Sections 2.09, 2.10 or 2.11; provided, however, that if any Interest
Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day
unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on
the next preceding Business Day. Interest shall accrue from and including the first day of an Interest Period to but excluding
the last day of such Interest Period. Notwithstanding the foregoing, the Interest Period for the Term A Loans on the Restatement
Effective Date shall be equal to the unexpired portion of the Interest Period for the “Term A Loans” under the Original
Credit Agreement immediately prior to the Restatement Effective Date and the LIBO Rate for such Interest Period for the Term A
Loans shall be the LIBO Rate in effect for such Interest Period for the “Term A Loans” under the Original Credit Agreement
for such Interest Period.


 




    	 	29	 



     


    

 


“Interpolated Rate” shall
mean, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places as the LIBO Screen
Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be
equal to the rate that results from interpolating on a linear basis between: (a) the LIBO Screen Rate for the longest period for
which the LIBO Screen Rate is available that is shorter than the Impacted Interest Period; and (b) the LIBO Screen Rate for the
shortest period for which that LIBO Screen Rate is available that exceeds the Impacted Interest Period, in each case, at such time.


 


“Investment” shall have the
meaning assigned to such term in Section 6.04.


 


“ISM Code” shall mean the
International Management Code for the Safe Operation of Ships and for Pollution Prevention adopted pursuant to Resolution A.741(18)
of the International Maritime Organization and incorporated into the International Convention for the Safety of Life at Sea 1974
(SOLAS), and shall include any amendments or extensions thereto and any regulation issued pursuant thereto.


 


“ISM Code Documentation”
in relation to any Mortgaged Vessel includes: (a) the document of compliance (“DOC”) and safety management certificate
(“SMC”) issued pursuant to the ISM Code in relation to such Mortgaged Vessel within the periods specified by
the ISM Code, (b) all other documents and data which are relevant to the ISM Safety Management Systems and its implementation and
verification which the Administrative Agent may reasonably require and (c) any other documents which are prepared or which are
otherwise relevant to establish and maintain such Mortgaged Vessel’s or the relevant Subsidiary Guarantor’s compliance
with the ISM Code which the Administrative Agent may reasonably require.


 


“ISM Safety Management Systems”
shall mean the Safety Management System referred to in Clause 1.4 (or any other relevant provision) of the ISM Code.


 


“ISP” shall mean, with respect
to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International Banking
Law & Practice (or such later version thereof as may be in effect at the time of issuance).


 


“ISPS Code” shall mean the
International Ship and Port Facility Security Code incorporated into the International Convention for the Safety of Life at Sea
1974 (SOLAS), and shall include any amendments or extensions thereto and any regulation issued pursuant thereto.


 




    	 	30	 



     


    

 


“Issuing Bank” shall mean
each of JPMCB, Bank of America, N.A., Fifth Third Bank, Mizuho Bank, Ltd., Nordea Bank Abp, New York Branch, HSBC Bank USA, National
Association, Barclays Bank PLC and Branch Banking & Trust Company and each other Issuing Bank designated pursuant to Section 2.05(k)
that agrees in writing to act as an Issuing Bank, in each case in its capacity as an issuer of Letters of Credit hereunder, and
its successors in such capacity as provided in Section 2.05(i); provided that Barclays Bank PLC shall have no obligation
to issue a Trade Letter of Credit. An Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued
by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect
to Letters of Credit issued by such Affiliate.


 


“Issuing Bank Fees” shall
have the meaning assigned to such term in Section 2.12(b).


 


“Issuing Bank Sublimit” shall
mean (i) with respect to any Issuing Bank on the Restatement Effective Date, the amounts set forth beside such Issuing Bank’s
name on Schedule 1.01(d) hereto and (ii) with respect to any Issuing Bank that becomes an Issuing Bank following the Restatement
Effective Date, such amount as may be agreed among the Company and such additional Issuing Bank (and notified to the Administrative
Agent) at the time such additional Issuing Bank becomes an Issuing Bank. The Issuing Bank Sublimit of any Issuing Bank may be increased
or decreased as agreed by such Issuing Bank and the Company (each acting in their sole discretion) and notified in a writing executed
by such Issuing Bank and the Company.


 


“Joint Bookrunners” shall
mean, collectively, (i) with respect to Original Credit Agreement, each entity listed as such on the cover of the Original Credit
Agreement and (ii) with respect to this Agreement, each entity listed as such on the cover of this Agreement, in each case in its
capacity as such.


 


“JPMCB” shall mean JPMorgan
Chase Bank, N.A.


 


“Judgment Currency” shall
have the meaning assigned to such term in Section 10.19.


 


“Junior Financing” shall
have the meaning assigned to such term in Section 6.09(b).


 


“Junior Indebtedness” shall
mean Indebtedness of the Company or any of the Subsidiaries that (a) is expressly subordinated to the prior payment in full in
cash of the Obligations (and any related Guarantees) on terms reasonably satisfactory to the Administrative Agent, (b) provides
that interest in respect of such Indebtedness shall not be payable in cash, (c) has a final maturity date that is not earlier than
the Latest Maturity Date and has no scheduled payments of principal thereon (including pursuant to a sinking fund obligation or
mandatory redemption obligations (other than pursuant to customary provisions relating to redemption or repurchase upon change
of control or sale of assets)) prior to such final maturity date and (d) is not subject to covenants, events of default and remedies
that, in the aggregate, are more onerous to the Borrowers, than the terms of this Agreement; provided that such Indebtedness
shall not be subject to any financial maintenance covenants; provided, further that Indebtedness constituting Junior Indebtedness
when incurred shall not cease to constitute Junior Indebtedness as a result of the subsequent extension of the Latest Maturity
Date.


 




    	 	31	 



     


    

 


“L/C Disbursement” shall
mean a payment or disbursement made by an Issuing Bank pursuant to a Letter of Credit.


 


“L/C Participation Fee” shall
have the meaning assigned such term in Section 2.12(b).


 


“Latest Maturity Date” shall
mean, at any date of determination, the latest of the latest Revolving Facility Maturity Date and the latest Term Facility Maturity
Date in each case as extended in accordance with the Agreement from time to time.


 


“Lender” shall mean each
Lender under the Original Credit Agreement immediately prior to the Restatement Effective Date, each financial institution listed
on Schedule 2.01, as well as any person that becomes a “Lender” hereunder pursuant to Section 10.04
or Section 2.21 (in each case, other than any such person that has ceased to be a party hereto pursuant to an Assignment and
Acceptance in accordance with Section 10.04).


 


“Lending Office” shall mean,
as to any Lender, the applicable branch(es), office(s) or Affiliate(s) of such Lender designated by such Lender in its Administrative
Questionnaire or otherwise to make Loans.


 


“Letter of Credit” shall
mean any letter of credit issued pursuant to Section 2.05, including any Trade Letter of Credit or Standby Letter of Credit.


 


“Letter of Credit Sublimit”
shall mean $200,000,000.


 


“LIBO Rate” shall mean, with
respect to any Eurocurrency Borrowing for any Interest Period, the London interbank offered rate as administered by ICE Benchmark
Administration (or any other person that takes over the administration of such rate) for Dollars for a period equal in length to
such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such
rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or
on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative
Agent in its reasonable discretion; in each case the “LIBO Screen Rate”) at approximately 11:00 a.m., London
time, two Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall be
less than zero, such rate shall be deemed to be zero for the purposes of this Agreement; provided further that if the LIBO
Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) then
the LIBO Rate shall be the Interpolated Rate; provided that if any Interpolated Rate shall be less than zero, such rate
shall be deemed to be zero for purposes of this Agreement.


 


“LIBO Screen Rate” shall
have the meaning assigned to it in the definition of “LIBO Rate.”


 


“Lien” shall mean, with respect
to any asset, (a) any mortgage, deed of trust, lien, hypothecation, pledge, charge, assignment, security interest or encumbrance
of any kind in or on such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease
or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating
to such asset.


 




    	 	32	 



     


    

 


“Loan Component” shall have
the meaning assigned to such term in the definition of Loan-to-Value Ratio in this Section 1.01.


 


“Loan Documents” shall mean
this Agreement, any Letter of Credit, the Security Documents, each Incremental Assumption Agreement, any First Lien Intercreditor
Agreement, any Second Lien Intercreditor Agreement, any Note issued under Section 2.09(e) and, solely for the purposes
of Section 8.01 of this Agreement, any fee letters entered into between the Agents, the Arrangers, the Joint Bookrunners and the
Borrowers (including the fee letter relating to the financing commitments for the Acquisition).


 


“Loan Parties” shall mean
the Borrowers and the Subsidiary Guarantors.


 


“Loans” shall mean the Term
Loans, the Incremental Term Loans (if any) and the Revolving Facility Loans.


 


“Loan-to-Value Ratio” shall
mean, as of any date, the ratio of (a) the aggregate principal amount (the “Loan Component”) of all Term Loans
outstanding on such day, all Pari Passu Senior Secured Notes outstanding on such date and the aggregate Revolving Facility Credit
Exposure on such date to (b) the sum (the “Value Component”) of (i) the aggregate amount of the most
recent Valuations (determined in accordance with Section 5.16) for each of the Mortgaged Vessels plus (ii) the Cure
Collateral Fair Market Value of all property added as Collateral pursuant to Section 8.02(a) through such date. Each determination
of the Loan-to-Value Ratio on any day shall be made (A) first, without giving effect to any cure transaction permitted by Section
8.02(a) or (b) made (or to be made) on such day and (B) then, to determine compliance, with giving effect to any such cure transaction
made on such day.


 


“Local Time” shall mean New
York City time.


 


“Market Capitalization” shall
mean an amount equal to (i) the total number of issued and outstanding shares of common (or common equivalent) Equity Interests
of Holdings on the date of the declaration of the relevant Restricted Payment multiplied by (ii) the arithmetic mean of the closing
prices per share of the common (or common equivalent) Equity Interests for the 30 consecutive trading days immediately preceding
the date of declaration of such Restricted Payment.


 


“Majority Lenders” of any
Facility shall mean, at any time, Lenders under such Facility having Loans and unused Commitments representing more than 50% of
the sum of all Loans outstanding under such Facility and unused Commitments under such Facility at such time.


 


“Management Group” shall
mean the group consisting of the directors, executive officers and other management personnel of the Company and any subsidiary
of the Company, as the case may be, on the Closing Date together with (a) any new directors whose election by such boards of directors
or whose nomination for election by the shareholders of Company and its subsidiary, as the case may be, was approved by a vote
of a majority of the directors of the Company and the relevant subsidiary, as the case may be, then still in office who were either
directors on the Closing Date or whose election or nomination was previously so approved and (b) executive officers and other management
personnel of the Company and any subsidiary of the Company, as the case may be, hired at a time when the directors on the Closing
Date together with the directors so approved constituted a majority of the directors of the Company and any subsidiary of the Company,
as the case may be.


 




    	 	33	 



     


    

 


“Margin Stock” shall have
the meaning assigned to such term in Regulation U.


 


“MARINER” shall mean the
Vessel Seven Seas Mariner, IMO number 9210139, currently registered in the name of Mariner, LLC under the laws of the Commonwealth
of Bahamas with the official number 8001280.


 


“Material Adverse Effect”
shall mean a material adverse effect on (i) the business, property, operations or condition of the Company and the Subsidiaries
(taken as a whole), (ii) the validity or enforceability of any of the Loan Documents or the rights and remedies of the Administrative
Agent and the Lenders thereunder or (iii) the value of the Collateral.


 


“Material Indebtedness” shall
mean Indebtedness (other than Loans and Letters of Credit) of any one or more of the Company or any Subsidiary in an aggregate
principal amount exceeding $75,000,000.


 


“Material Subsidiary” shall
mean any Subsidiary other than an Immaterial Subsidiary or an Unrestricted Subsidiary.


 


“Maximum Rate” shall have
the meaning assigned to such term in Section 10.08.


 


“Minimum Collateral Amount”
shall mean, at any time, (i) with respect to Cash Collateral consisting of cash or deposit account balances, an amount equal to
[*]% of the Fronting Exposure of all Issuing Banks with respect to Letters of Credit issued and outstanding at such time and (ii)
otherwise, an amount determined by the Administrative Agent and the Issuing Banks in their sole discretion.


 


“Moody’s” shall mean
Moody’s Investors Service, Inc.


 


“Mortgage Trustee” shall
mean JPMCB acting as mortgage trustee for the Secured Parties.


 


“Mortgaged Vessel” shall
mean (i) each of the NORWEGIAN DAWN, the NORWEGIAN GEM, the NORWEGIAN PEARL, the NORWEGIAN SPIRIT, the NORWEGIAN STAR, the NORWEGIAN
SUN, and, in each case, all appurtenances thereto, (ii) the Specified Target Mortgaged Vessels, (iii) the Specified Additional
Vessel and (iv) any other vessel constituting Collateral.


 


“Mortgaged Vessel Operations Agreements”
shall mean the Assigned Contracts (as such term is defined in the Collateral Agreement).


 


“Multiemployer Plan” shall
mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which the Company, any Subsidiary or any ERISA Affiliate
(other than one considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Code Section 414) is making or
accruing an obligation to make contributions, or has within any of the preceding six plan years made or accrued an obligation to
make contributions.


 




    	 	34	 



     


    

 


“NAUTICA” shall mean the
Vessel Nautica, IMO number 9200938, currently registered in the name of Nautica Acquisition, LLC under the laws of the Republic
of the Marshall Islands with the official number 1665.


 


“NAVIGATOR” shall mean the
Vessel Seven Seas Navigator, IMO number 9064126, currently registered in the name of Navigator Vessel Company, LLC under the laws
of the Commonwealth of Bahamas with the official number 9000380.


 


“Net Income” shall mean,
with respect to any person, the net income (loss) of such person, determined in accordance with GAAP and before any reduction in
respect of preferred stock dividends.


 


“Net Proceeds” shall mean


 


(a)       (x)
If the Loan-to-Value Ratio on a Pro Forma Basis will be greater than [*] to 1.0 or if the relevant Asset Sale does not involve
a Vessel, [*]% or (y) otherwise, the Applicable Ship Percentage, in each case, of the cash proceeds actually received by any Borrower
or any Subsidiary Guarantor (including any cash payments received by way of deferred payment of principal pursuant to a note or
installment receivable or purchase price adjustment receivable or otherwise and including casualty insurance settlements and condemnation
awards, but only as and when received) from any Asset Sale or Event of Loss (other than those pursuant to Section 6.05(a), (b),
(c), (d), (e), (f) or (i), excluding any such Asset Sale or Event of Loss of, or related to, a Mortgaged Vessel), net of, without
duplication, (i) attorneys’ fees, accountants’ fees, investment banking fees, survey costs, title insurance premiums,
and related search and recording charges, transfer taxes, deed or mortgage recording taxes, required debt payments and required
payments of other obligations relating to the applicable asset to the extent such debt or obligations are secured by a Lien permitted
hereunder (other than pursuant to the Loan Documents and other than debt or obligations secured by Liens ranking pari passu or
junior to the Liens securing the Obligations) on such asset, other customary expenses and brokerage, consultant and other customary
fees actually incurred in connection therewith, (ii) Taxes paid or payable as a result thereof and (iii) the amount of any reasonable
reserve established in accordance with applicable law or GAAP against any adjustment to the sale price or any liabilities (other
than any Taxes deducted pursuant to clause (i) or (ii) above) (x) related to any of the applicable assets and (y) retained
by the Company or any Subsidiary including, without limitation, pension and other post-employment benefit liabilities and liabilities
related to environmental matters or against any indemnification obligations (however, the amount of any subsequent reduction of
such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Proceeds of such
Asset Sale occurring on the date of such reduction)); provided that, if no Default or Event of Default exists and the Company
shall deliver a certificate of a Responsible Officer of the Company to the Administrative Agent promptly following receipt of any
such proceeds setting forth the Company’s intention to use any portion of such proceeds, to acquire, maintain, develop, construct,
improve, upgrade or repair assets useful in the business of the Company and the Subsidiaries or to make investments in Permitted
Business Acquisitions, in each case within 18 months of such receipt, such portion of such proceeds shall not constitute Net Proceeds
except to the extent not, within 18 months of such receipt, so used or contractually committed to be so used (it being understood
that if any portion of such proceeds are not so used within such 18-month period but within such 18-month period are contractually
committed to be used, then upon the termination or expiration of such contract, such remaining portion shall constitute Net Proceeds
as of the date of such termination or expiration without giving effect to this proviso); provided, further, that
(x) no proceeds realized in a single transaction or series of related transactions shall constitute Net Proceeds unless such proceeds
shall exceed $30,000,000 and (y) no proceeds shall constitute Net Proceeds in any fiscal year until the aggregate amount of all
such proceeds in such fiscal year shall exceed $60,000,000; and


 




    	 	35	 



     


    

 


(b)       [*]%
(or, to the extent contemplated by the definition of the term “Senior Secured Notes,” [*]%) of the cash proceeds from
the incurrence, issuance or sale by any Borrower or any Subsidiary Guarantor of any Indebtedness (other than Excluded Indebtedness),
net of all taxes and fees (including investment banking fees), commissions, costs and other expenses, in each case incurred in
connection with such issuance or sale.


 


For purposes of calculating the amount of Net
Proceeds, fees, commissions and other costs and expenses payable to the Company or any Affiliate of the Company shall be disregarded,
except for financial advisory fees customary in type and amount paid to any Affiliate not prohibited from being paid hereunder.


 


“New Vessel Financing” shall
mean any financing arrangement entered into by any New Vessel Subsidiary in connection with any acquisition of one or more Vessels.


 


“New Vessel Subsidiary” shall
mean any Wholly Owned Subsidiary of the Company that is formed for the purpose of acquiring one or more Vessels.


 


“New York Courts” shall have
the meaning assigned to such term in Section 10.15(a).


 


“Non-Bank Tax Certificate”
shall have the meaning assigned to such term in Section 2.17(e).


 


“Non-Consenting Lender” shall
have the meaning assigned to such term in Section 2.19(c).


 


“Non-Defaulting Lender” shall
mean, at any time, each Lender that is not a Defaulting Lender at such time.


 


“NORWEGIAN DAWN” shall mean
the Vessel Norwegian Dawn, IMO number 9195169, currently registered in the name of Norwegian Dawn Limited under the laws of the
Commonwealth of The Bahamas with the official number 9000046.


 


“NORWEGIAN GEM” shall mean
the Vessel Norwegian Gem, IMO number 9355733, currently registered in the name of Norwegian Gem, Ltd. under the laws of the Commonwealth
of The Bahamas with the official number 8001151.


 


“NORWEGIAN PEARL” shall mean
the Vessel Norwegian Pearl, IMO number 9342281, currently registered in the name of Norwegian Pearl, Ltd. under the laws of the
Commonwealth of The Bahamas with the official number 8001150.


 




    	 	36	 



     


    

 


“NORWEGIAN SKY” shall mean
the Vessel Norwegian Sky, IMO number 9128532, currently registered in the name of Norwegian Sky, Ltd. under the laws of the Commonwealth
of The Bahamas with the official number 731038.


 


“NORWEGIAN SPIRIT” shall
mean the Vessel Norwegian Spirit, IMO number 9141065, currently registered in the name of Norwegian Spirit, Ltd. under the laws
of the Commonwealth of The Bahamas with the official number 8000814.


 


“NORWEGIAN STAR” shall mean
the Vessel Norwegian Star, IMO number 9195157, currently registered in the name of Norwegian Star Limited under the laws of the
Commonwealth of The Bahamas with the official number 8000359.


 


“NORWEGIAN SUN” shall mean
the Vessel Norwegian Sun, IMO number 9218131, currently registered in the name of Norwegian Sun Limited under the laws of the Commonwealth
of The Bahamas with the official number 8000245.


 


“Note” shall have the meaning
assigned to such term in Section 2.09(e).


 


“NYFRB” shall mean the Federal
Reserve Bank of New York.


 


“NYFRB Rate” shall mean,
for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate
in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if
none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal
funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a Federal funds broker of recognized
standing selected by it; provided, further, that if any of the aforesaid rates shall be less than zero, such rate shall
be deemed to be zero for purposes of this Agreement.


 


“Obligations” shall have
the meaning assigned to such term in the Collateral Agreement and shall include, for the avoidance of doubt, the “Obligations”
and “Loan Document Obligations” (each as defined therein) of each Borrower under the Collateral Agreement as supplemented
by Section 1.04.


 


“Offering Memorandum” shall
mean the confidential Offering Memorandum, dated February 1, 2013, amended or modified from time to time, in respect of the 5.0%
Notes.


 


“OPA 90” shall mean the Oil
Pollution Act of 1990, 33 U.S.C. §2701 et seq.


 


“Original Credit Agreement”
shall have the meaning assigned to such term in the introductory paragraph of this Agreement.


 


“Other Incremental Revolving Loans”
shall have the meaning assigned to such term in Section 2.21(a).


 


“Other Incremental Term Loans”
shall have the meaning assigned to such term in Section 2.21(a).


 




    	 	37	 



     


    

 


“Other Revolving Facility Commitments”
shall mean one or more Classes of revolving credit commitments that result from a modification of the Revolving Facility Commitments
pursuant to an Incremental Assumption Agreement.


 


“Other Revolving Loans” shall
mean the revolving loans made pursuant to an Other Revolving Facility Commitment.


 


“Other Taxes” shall mean
any and all present or future stamp, registration, documentary, intangible, recording, filing or any other excise, property or
similar Taxes (including related reasonable out-of-pocket expenses with regard thereto) arising from any payment made hereunder
or made under any other Loan Document or from the execution or delivery of, registration or enforcement of, consummation or administration
of, or otherwise with respect to, this Agreement or any other Loan Document; provided that such term shall not include any
of the foregoing Taxes (i) that result from an assignment, grant of a participation pursuant to Section 10.04(d) or transfer
or assignment to or designation of a new lending office or other office for receiving payments under any Loan Document (“Assignment
Taxes”) to the extent such Assignment Taxes are imposed as a result of a connection between the assignor/participating
Lender and/or the assignee/Participant and the taxing jurisdiction (other than a connection arising solely from any Loan Documents
or any transactions contemplated thereunder), except to the extent that any such action described in this proviso is requested
or required by the Company, or (ii) Excluded Taxes.


 


“Other Term Loan Installment Date”
shall have the meaning assigned to such term in Section 2.10(a)(iv).


 


“Overdraft Line” shall have
the meaning assigned to such term in Section 6.01(x).


 


“Overnight Bank Funding Rate”
shall mean, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S.-managed
banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public
website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from
and after such date as the NYFRB shall commence to publish such composite rate).


 


“parent” shall have the meaning
given such term in the definition of the term “subsidiary.”


 


“Parent Entity” shall mean
any direct or indirect parent of the Company.


 


“Pari Passu Senior Secured Notes”
shall mean Senior Secured Notes that are intended to be secured by the Collateral pari passu with the Obligations under the Loan
Documents.


 


“Participant” shall have
the meaning assigned to such term in Section 10.04(d)(i).


 


“Participant Register” shall
have the meaning assigned to such term in Section 10.04(d)(i).


 




    	 	38	 



     


    

 


“PBGC” shall mean the Pension
Benefit Guaranty Corporation referred to and defined in ERISA.


 


“Perfection Certificate”
shall mean a certificate in the form of Exhibit M or any other form approved by the Collateral Agent, as the same shall
be supplemented from time to time.


 


“Permitted Additional Debt”
shall mean any Indebtedness for borrowed money (a) for which the average life to maturity of such Permitted Additional Debt is
greater than or equal to the remaining weighted average life to maturity of the Class of Term Loans then outstanding with the greatest
remaining weighted average life to maturity and (b) that does not have a stated maturity prior to the date that is 91 days after
the Latest Maturity Date; provided that Indebtedness constituting Permitted Additional Debt when incurred shall not cease
to constitute Permitted Additional Debt as a result of the subsequent extension of the Latest Maturity Date.


 


“Permitted Business Acquisition”
shall mean any acquisition of all or substantially all of the assets of, or all or a majority of the common Equity Interests in,
a person or division or line of business of a person (or any subsequent investment made in a person, division or line of business
previously acquired in a Permitted Business Acquisition), if immediately after giving effect thereto: (i) no Event of Default shall
have occurred and be continuing or would result therefrom; (ii) all transactions related thereto shall be consummated in accordance
with applicable laws; (iii) with respect to any such acquisition or investment with cash consideration in excess of $[*], the Company
and the Subsidiaries shall be in Pro Forma Compliance after giving effect to such acquisition or investment and any related transactions;
(iv) any acquired or newly formed Subsidiary shall not be liable for any Indebtedness except for Indebtedness permitted by Section 6.01;
(v) to the extent required by Section 5.10, any person acquired in such acquisition, if acquired by a Borrower or a Subsidiary
Guarantor, shall be merged into a Borrower or a Subsidiary Guarantor or become upon consummation of such acquisition a Subsidiary
Guarantor; and (vi) unless immediately after giving effect to such acquisition the Company is in Ratio Compliance, the aggregate
cash consideration in respect of such acquisitions and investments in assets that are not owned by the Borrowers or a Restricted
Subsidiary or in Equity Interests in persons that do not become Restricted Subsidiaries upon consummation of such acquisition shall
not exceed the greater of (x) [*]% of Consolidated Total Assets and (y) $[*]. For the avoidance of doubt, the Acquisition shall
constitute a “Permitted Business Acquisition” for all purposes hereunder and shall not be subject to the foregoing
criteria.


 


“Permitted Cure Securities”
shall mean any Equity Interests of the Company other than Disqualified Stock, and upon which all dividends or distributions (if
any) shall, prior to 91 days after the Latest Maturity Date, be payable solely in additional shares of such Equity Interests; provided
that Equity Interests constituting Permitted Cure Securities when issued shall not cease to constitute Permitted Cure Securities
as a result of the subsequent extension of the Latest Maturity Date.


 


“Permitted Flag Jurisdiction”
shall mean the Republic of the Marshall Islands, the Bahamas, Panama, Bermuda, the Republic of Cyprus, Isle of Man, Liberia, the
United Kingdom, the United States of America, or any other jurisdiction approved by the Administrative Agent (such approval not
to be withheld unreasonably).


 




    	 	39	 



     


    

 


“Permitted Holder” shall
mean, at any time, each of (i) the Sponsors, (ii) the Management Group, (iii) any person that has no material assets other than
the Equity Interests of the Company and, directly or indirectly, holds or acquires 100% of the total voting power of the Equity
Interests of the Company, and of which no other person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of
the Exchange Act, or any successor provision), other than any of the other Permitted Holders specified in clauses (i) and (ii)
above and (iv) below, holds more than 50% of the total voting power of the Equity Interests thereof and (iv) any group (within
the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision) the members of which include
any of the Permitted Holders specified in clauses (i) and (ii) above and that, directly or indirectly, hold or acquire beneficial
ownership of the Equity Interests of the Company (a “Permitted Holder Group”), so long as (1) each member of
the Permitted Holder Group has voting rights proportional to the percentage of ownership interests held or acquired by such member
and (2) no person or other “group” (other than the Permitted Holders specified in clauses (i) and (ii) above) beneficially
owns more than 50% on a fully diluted basis of the Equity Interests held by the Permitted Holder Group.


 


“Permitted Investments” shall
mean:


 


(a)       direct
obligations of the United States of America or any member of the European Union or any agency thereof or obligations guaranteed
by the United States of America or any member of the European Union or any agency thereof, in each case with maturities not exceeding
two years;


 


(b)       time
deposit accounts, certificates of deposit and money market deposits maturing within 180 days of the date of acquisition thereof
issued by a bank or trust company that is organized under the laws of the United States of America, any state thereof or any foreign
country recognized by the United States of America having capital, surplus and undivided profits in excess of $500,000,000 and
whose long-term debt, or whose parent holding company’s long-term debt, is rated A (or such similar equivalent rating or
higher by at least one nationally recognized statistical rating organization (registered under Section 15E of the Exchange Act);


 


(c)       repurchase
obligations with a term of not more than 180 days for underlying securities of the types described in clause (a) above entered
into with a bank meeting the qualifications described in clause (b) above;


 


(d)       commercial
paper, maturing not more than one year after the date of acquisition, issued by a corporation (other than the Company or an Affiliate
of the Company) organized and in existence under the laws of the United States of America or any foreign country recognized by
the United States of America with a rating at the time as of which any investment therein is made of P-1 (or higher) according
to Moody’s, or A-1 (or higher) according to S&P;


 


(e)       securities
with maturities of two years or less from the date of acquisition issued or fully guaranteed by any State, commonwealth or territory
of the United States of America, or by any political subdivision or taxing authority thereof, and rated at least A by S&P or
A by Moody’s;


 




    	 	40	 



     


    

 


(f)       shares
of mutual funds whose investment guidelines restrict 95% of such funds’ investments to those satisfying the provisions of
clauses (a) through (e) above;


 


(g)       money
market funds that (i) comply with the criteria set forth in Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated
AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $500,000,000;


 


(h)       time
deposit accounts, certificates of deposit and money market deposits in an aggregate face amount not in excess of 0.5% of the total
assets of the Company and the Subsidiaries, on a consolidated basis, as of the end of the Company’s most recently completed
fiscal year; and


 


(i)        instruments
equivalent to those referred to in clauses (a) through (h) above denominated in any foreign currency comparable in credit quality
and tenor to those referred to above and commonly used by corporations for cash management purposes in any jurisdiction outside
the United States to the extent reasonably required in connection with any business conducted by the Company or any Subsidiary
organized in such jurisdiction.


 


“Permitted Liens” shall have
the meaning assigned to such term in Section 6.02.


 


“Permitted Loan Purchase Assignment
and Acceptance” shall mean an assignment and acceptance entered into by a Lender as an Assignor and the Company as an
Assignee, and accepted by the Administrative Agent, in the form of Exhibit N or such other form as shall be approved
by the Administrative Agent and the Company (such approval not to be unreasonably withheld or delayed).


 


“Permitted Loan Purchases”
shall have the meaning assigned to such term in Section 10.04(i).


 


“Permitted Loan Purchases Amount”
shall mean [*]% of the sum of (x) the aggregate principal amount of the Term Loans on the Restatement Effective Date plus (y) the
aggregate principal amount of any Incremental Term Loans incurred since the Restatement Effective Date.


 


“Permitted Ratio Debt” shall
mean secured or unsecured debt issued by the Company or its Subsidiaries, (i) if secured by the Collateral, the Liens with respect
to which are subordinated to the Liens securing the Obligations pursuant to an intercreditor agreement in form and substance reasonably
satisfactory to the Administrative Agent, (ii) the terms of which do not provide for a stated maturity date prior to the date that
is 91 days after the Latest Maturity Date and (iii) the covenants, events of default, Subsidiary guarantees and other terms of
which (other than interest rate and redemption premiums), taken as a whole, either (x) are not more restrictive to the Company
and its Subsidiaries than the terms of the Senior Unsecured Notes Documents, or (y) if more restrictive, the Loan Documents are
amended to contain such more restrictive terms (which amendments shall automatically occur); provided that Indebtedness
constituting Permitted Ratio Debt when incurred shall not cease to constitute Permitted Ratio Debt as a result of the subsequent
extension of the Latest Maturity Date.


 




    	 	41	 



     


    

 


“Permitted Refinancing Indebtedness”
shall mean any Indebtedness issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace,
defease or refund (collectively, to “Refinance”), the Indebtedness being Refinanced (or previous refinancings
thereof constituting Permitted Refinancing Indebtedness); provided, that (a) the principal amount (or accreted value, if
applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable)
of the Indebtedness so Refinanced (plus unpaid accrued interest and premium thereon and underwriting discounts, fees, commissions
and expenses), (b)(i) the final maturity date of such Permitted Refinancing Indebtedness is on or after the earlier of (x) the
final maturity date of the Indebtedness being Refinanced and (y) 91 days after the Latest Maturity Date and (ii) the average life
to maturity of such Permitted Refinancing Indebtedness is greater than or equal to the lesser of (i) the weighted average life
to maturity of the Indebtedness being Refinanced and (ii) the weighted average life to maturity of the Class of Term Loans then
outstanding with the greatest remaining weighted average life to maturity, (c) if the Indebtedness being Refinanced is subordinated
in right of payment to the Obligations under this Agreement, such Permitted Refinancing Indebtedness shall be subordinated in right
of payment to such Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing
the Indebtedness being Refinanced, (d) no Permitted Refinancing Indebtedness shall have obligors that are not obligated with respect
to the Indebtedness so Refinanced, or greater guarantees or security, than the Indebtedness being Refinanced and (e) if the Indebtedness
being Refinanced is secured by any collateral (whether equally and ratably with, or junior to, the Secured Parties or otherwise),
such Permitted Refinancing Indebtedness may be secured by such collateral (including in respect of working capital facilities of
Subsidiaries that are not Subsidiary Guarantors otherwise permitted under this Agreement only, any collateral pursuant to after-acquired
property clauses to the extent any such collateral secured the Indebtedness being Refinanced) on terms no less favorable to the
Secured Parties than those contained in the documentation governing the Indebtedness being Refinanced; provided further,
that with respect to a Refinancing of (x) Permitted Additional Debt that is subordinated, such Permitted Refinancing Indebtedness
shall (i) be subordinated to the guarantee by the Subsidiary Guarantors of the Facilities, and (ii) be otherwise on terms (other
than interest rate and redemption premiums), taken as a whole, not materially less favorable to the Lenders than those contained
in the documentation governing the Indebtedness being refinanced, and (y) Permitted Additional Debt, such Permitted Refinancing
Indebtedness shall meet the requirements of the definition of “Permitted Additional Debt”; provided further,
that Indebtedness constituting Permitted Refinancing Indebtedness shall not cease to constitute Permitted Refinancing Indebtedness
as a result of the subsequent extension of the Latest Maturity Date.


 


“Permitted Vessel Transfer”
shall have the meaning assigned to such term in Section 5.10(g).


 


“person” shall mean any natural
person, corporation, business trust, joint venture, association, company, partnership, limited liability company or government,
individual or family trusts, or any agency or political subdivision thereof.


 


“Plan” shall mean any employee
pension benefit plan (other than a Multiemployer Plan) that is (i) subject to the provisions of Title IV of ERISA or Section 412
of the Code or Section 302 of ERISA, (ii) sponsored or maintained or contributed to (at the time of determination or at any
time within the five years prior thereto) by any Loan Party or ERISA Affiliate, and (iii) in respect of which the Loan Party or
ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer”
as defined in Section 3(5) of ERISA.


 




    	 	42	 



     


    

 


“Platform” shall have the
meaning assigned to such term in Section 10.17.


 


“Pledged Collateral” shall
have the meaning assigned to such term or any equivalent term in any Subsidiary Guarantor Pledge Agreement or in the Collateral
Agreement.


 


“Prestige Newbuild Debt”
shall mean Indebtedness under each of (A) that certain Loan Agreement, dated as of July 31, 2013, by and among inter alios
Explorer New Build, LLC, a Delaware limited liability company, and Credit Agricole Corporate and Investment Bank as agent, (B)
that certain Loan Agreement, dated as of July 18, 2008, by and among inter alios Marina New Build, LLC, a limited liability
company formed in the Marshall Islands, and Credit Agricole Corporate and Investment Bank (formerly known as Calyon) as agent and
(C) that certain Loan Agreement, dated as of July 18, 2008, by and among inter alios Riviera New Build, LLC, a limited liability
company formed in the Marshall Islands, and Credit Agricole Corporate and Investment Bank (formerly known as Calyon) as agent,
in each case as amended, restated, amended and restated, extended, refinanced, replaced, supplemented or otherwise modified from
time to time.


 


“Pricing Grid” shall mean:


 


(a)       for
purposes of the definition of “Applicable Margin” the table set forth below:


 





	Pricing
 Level	 	Total Leverage Ratio	 	Applicable
 Margin for
 ABR Term A
 Loans, and
 Revolving
 Facility Loans	 	 	Applicable
 Margin for
 Eurocurrency
 Term A Loans
 and Revolving
 Facility Loans	 
	I	 	Greater than or equal to [*] to 1.00	 	0.75	%	 	 	1.75	%
	II	 	Greater than or equal to [*] to 1.00, but less than [*] to 1.00	 	0.50	%	 	 	1.50	%
	III	 	Greater than or equal to [*] to 1.00, but less than [*] to 1.00	 	0.25	%	 	 	1.25	%
	IV	 	Less than [*] to 1.00	 	0.00	%	 	 	1.00	%






 


and


 




    	 	43	 



     


    

 


(b)       for
purposes of the definition of “Applicable Commitment Fee” the table set forth below:


 





	Pricing
 Level	 	Total Leverage Ratio	 	Applicable Commitment Fee	 
	I	 	Greater than or equal to [*] to 1.00	 	 	0.30	%
	II	 	Greater than or equal to [*] to 1.00, but less than [*] to 1.00	 	 	0.25	%
	III	 	Greater than or equal to [*] to 1.00, but less than [*] to 1.00	 	 	0.20	%
	IV	 	Less than [*] to 1.00	 	 	0.15	%









 


For the purposes of the foregoing, changes in
the Applicable Margin and Applicable Commitment Fee resulting from changes in the Total Leverage Ratio shall become effective on
the date (the “Adjustment Date”) that is three Business Days after the date on which financial statements are
delivered to the Lenders pursuant to Section 5.04 and shall remain in effect until the next change to be effected pursuant
to this paragraph; provided that, notwithstanding the foregoing, Pricing Level II shall, in the case of the Applicable Margin
and the Applicable Commitment Fee, apply until the financial statements are delivered for the fiscal quarter ended June 30, 2019.
If any financial statements referred to above are not delivered within the time periods specified in Section 5.04, then, at
the option of the Administrative Agent or the Required Lenders, until the date that is three Business Days after the date on which
such financial statements are delivered, the pricing level that is one pricing level higher than the pricing level theretofore
in effect shall apply as of the first Business Day after the date on which such financial statements were to have been delivered
but were not delivered.


 


“primary obligor” shall have
the meaning given such term in the definition of the term “Guarantee.”


 


“Prime Rate” shall mean the
rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal
ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical
Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein,
any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board
(as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such
change is publicly announced or quoted as being effective.


 




    	 	44	 



     


    

 


“Pro Forma Basis” shall mean,
as to any person, for any events as described below that occur subsequent to the commencement of a period for which the financial
effect of such events is being calculated, and giving effect to the events for which such calculation is being made, such calculation
as will give pro forma effect to such events as if such events occurred on the first day of the four consecutive fiscal quarter
period ended on or before the occurrence of such event (the “Reference Period”): (i) in making any determination
of EBITDA, (x) effect shall be given to any Asset Sale, any acquisition, Investment, improvement (or any similar transaction or
transactions not otherwise permitted under Section 6.04 or 6.05 that require a waiver or consent of the Required Lenders and
such waiver or consent has been obtained), any dividend, distribution or other similar payment, any designation of any Subsidiary
as an Unrestricted Subsidiary and any Subsidiary Redesignation and any restructurings of the business of the Company or any Subsidiary
that are expected to have a continuing impact and are factually supportable, which would include cost savings resulting from head
count reduction, closure of facilities and similar operational and other cost savings, which adjustments the Company determines
are reasonable as set forth in a certificate of a Financial Officer of the Company (the foregoing, together with any transactions
related thereto or in connection therewith, the “relevant transactions”), in each case that occurred during
the Reference Period or, in the case of determinations made pursuant to the definition of the term “Permitted Business Acquisition”
or pursuant to Article VI, occurring during the Reference Period or thereafter and through and including the date upon which
the respective Permitted Business Acquisition or relevant transaction is consummated, and (y) on or following the delivery date
of any new Vessel and for so long as such Reference Period includes such delivery date, in the event that the Company or any Subsidiary
took delivery of any new Vessel during such Reference Period, EBITDA shall include the projected EBITDA (based on reasonable assumptions)
for such Vessel as if such Vessel had been in operation on the first day of such Reference Period (as set forth in reasonable detail
on an officer’s certificate prepared in good faith by a Responsible Officer of the Company), and (ii) in making any determination
on a Pro Forma Basis, all Indebtedness (including Indebtedness issued, incurred or assumed as a result of, or to finance, any relevant
transactions and for which the financial effect is being calculated, whether incurred under this Agreement or otherwise, but excluding
normal fluctuations in revolving Indebtedness incurred for working capital purposes, in each case not to finance any acquisition)
issued, incurred, assumed or permanently repaid during the Reference Period (or, in the case of determinations made pursuant to
the definition of the term, “Permitted Business Acquisition” or pursuant to Article VI, occurring during the Reference
Period or thereafter and through and including the date upon which the respective Permitted Business Acquisition or relevant transaction
is consummated) shall be deemed to have been issued, incurred, assumed or permanently repaid at the beginning of such period except
that any Indebtedness incurred in connection with the financing of a new Vessel shall be deemed to have not been incurred until
the relevant delivery date for such Vessel, and (iii) (A) any Subsidiary Redesignation then being designated, effect shall be given
to such Subsidiary Redesignation and all other Subsidiary Redesignations after the first day of the relevant Reference Period and
on or prior to the date of the respective Subsidiary Redesignation then being designated, collectively, and (B) any designation
of a Subsidiary as an Unrestricted Subsidiary, effect shall be given to such designation and all other designations of Subsidiaries
as Unrestricted Subsidiaries after the first day of the relevant Reference Period and on or prior to the date of the then applicable
designation of a Subsidiary as an Unrestricted Subsidiary, collectively. Pro forma calculations made pursuant to the definition
of the term “Pro Forma Basis” shall be determined in good faith by a Responsible Officer of the Company and may include
adjustments to reflect (1) operating expense reductions and other operating improvements or synergies reasonably expected to result
from any relevant pro forma event and (2) all adjustments of the nature used in connection with the calculation of Adjusted EBITDA
as set forth in footnote 4 to the “Summary Consolidated Financial Data” in the Offering Memorandum to the extent such
adjustments, without duplication, continue to be applicable to such Reference Period. The Company shall deliver to the Administrative
Agent a certificate of a Financial Officer of the Company setting forth such demonstrable or additional operating expense reductions,
other operating improvements or synergies and adjustments pursuant to clause (2), and information and calculations supporting them
in reasonable detail.


 




    	 	45	 



     


    

 


“Pro Forma Compliance” shall
mean, at any date of determination, that, on a Pro Forma Basis after giving effect to the relevant transactions (including the
assumption, the issuance, incurrence and permanent repayment of Indebtedness), the Company would not violate the financial covenants
set forth in Sections 6.12, 6.13, 6.14 and 6.15, after recomputing the ratios and amounts measured thereunder as of the last day
of the most recently ended fiscal quarter of the Company for which the financial statements and certificates required pursuant
to Section 5.04 have been delivered, and the Company shall have delivered to the Administrative Agent a certificate of a Responsible
Officer of the Company to such effect, together with all relevant financial information.


 


“Pro Rata Extension Offer”
shall have the meaning assigned to such term in Section 2.21(e).


 


“Process Agent” shall have
the meaning assigned to such term in Section 10.15(c).


 


“Projections” shall mean
the projections of the Company and the Subsidiaries included in the Information Memorandum and any other projections and any forward-looking
statements (including statements with respect to booked business) of such entities furnished to the Lenders or the Administrative
Agent by or on behalf of the Company or any Subsidiary prior to the Closing Date.


 


“PTE” means a prohibited
transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.


 


“Public Lender” shall have
the meaning assigned to such term in Section 10.17.


 


“Qualified Equity Interests”
shall mean any Equity Interest other than Disqualified Stock.


 


“Rate” shall have the meaning
assigned to such term in the definition of the term “Type.”


 


“Ratio Compliance” shall
mean, at any date of determination, that (A) the Loan-to-Value Ratio on a Pro Forma Basis is equal to or less than [*] to 1.0,
or (B) the Fixed Charge Coverage Ratio on a Pro Forma Basis is at least [*] to 1.0.


 


“Real Property” shall mean,
collectively, all right, title and interest (including any leasehold estate) in and to any and all parcels of or interests in real
property owned in fee or leased by any Loan Party, whether by lease, license, or other means, together with, in each case, all
easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and equipment, incidental
to the ownership, lease or operation thereof.


 


“Reference Period” shall
have the meaning assigned to such term in the definition of the term “Pro Forma Basis.”


 




    	 	46	 



     


    

 


“Refinance” shall have the
meaning assigned to such term in the definition of the term “Permitted Refinancing Indebtedness,” “Refinancing”
and “Refinanced” shall have a meaning correlative thereto.


 


“Refinancing” shall mean
the payment in full, satisfaction or discharge, as applicable, of all Indebtedness (and termination of all related commitments)
under each of (i) that certain Credit Agreement, dated as of July 2, 2013, by and among, inter alios Oceania Cruises, Inc.,
a corporation organized under the Laws of the Republic of Panama, and OCI Finance Corp., a Delaware corporation, as borrowers,
the lenders from time to time party thereto and Deutsche Bank AG New York Branch, as administrative agent and mortgage trustee
(as amended, restated, amended and restated, extended, refinanced, replaced, supplemented or otherwise modified from time to time),
(ii) that certain Credit Agreement, dated as of August 21, 2012, by and among, inter alios Classic Cruises, LLC, a Delaware
limited liability company and Classic Cruises II, LLC, a Delaware limited liability company, collectively as Holdings, Regent and
SSC Finance Corp., a Delaware corporation, as borrowers, the lenders from time to time party thereto and Deutsche Bank AG New York
Branch, as administrative agent and collateral agent (as amended, restated, amended and restated, extended, refinanced, replaced,
supplemented or otherwise modified from time to time) and (iii) the outstanding aggregate principal amount of 9.125% Second-Priority
Senior Secured Notes due 2019 issued by Seven Seas Cruises S. DE R.L., as issuer, pursuant to an indenture, dated as of May 19,
2011, among Seven Seas Cruises S. DE R.L., the guarantors party thereto and Wilmington Trust FSB, as trustee and collateral agent.


 


“Refinancing Effective Date”
shall have the meaning assigned to such term in Section 2.21(j).


 


“Refinancing Term Loans”
shall have the meaning assigned to such term in Section 2.21(j).


 


“REGATTA” shall mean the
Vessel Regatta, IMO number 9156474, currently registered in the name of Regatta Acquisition, LLC under the laws of the Republic
of the Marshall Islands with the official number 1664.


 


“Register” shall have the
meaning assigned to such term in Section 10.04(b)(iv).


 


“Regulation U” shall mean
Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.


 


“Regulation X” shall mean
Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.


 


“Related Parties” shall mean,
with respect to any specified person, such person’s Affiliates and the respective directors, trustees, officers, employees,
agents and advisors of such person and such person’s Affiliates.


 


“Release” shall mean any
spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing,
depositing, emanating or migrating in, into, onto or through the environment or into or out of any property of Hazardous Materials.


 




    	 	47	 



     


    

 


“Remaining Present Value”
shall mean, as of any date with respect to any lease, the present value as of such date of the scheduled future lease payments
with respect to such lease, determined with a discount rate equal to a market rate of interest for such lease reasonably determined
at the time such lease was entered into.


 


“Replacement Revolving Facility Commitments”
shall have the meaning assigned to such term in Section 2.21(l).


 


“Replacement Revolving Facility Effective
Date” shall have the meaning assigned to such term in Section 2.21(l).


 


“Replacement Revolving Loans”
shall have the meaning assigned to such term in Section 2.21(l).


 


“Reportable Event” shall
mean any reportable event as defined in Section 4043(c) of ERISA or the regulations issued thereunder, other than those events
as to which the 30 day notice period referred to in Section 4043(c) of ERISA has been waived, with respect to a Plan (other
than a Plan maintained by an ERISA Affiliate that is considered an ERISA Affiliate only pursuant to subsection (m) or (o)
of Section 414 of the Code).


 


“Required Lenders” shall
mean, at any time, Lenders having (a) Loans outstanding, (b) Revolving L/C Exposure and (c) Term A Loan Commitments and Available
Unused Commitments, that taken together, represent more than 50% of the sum of (i) all Loans outstanding, (ii) Revolving L/C Exposure
and (iii) the total Term A Loan Commitments and Available Unused Commitments at such time. The Loans, Revolving L/C Exposure, Term
A Loan Commitments and Available Unused Commitment of any Defaulting Lender shall be disregarded in determining Required Lenders
at any time.


 


“Required Revolving Facility Lenders”
shall mean, at any date, Revolving Facility Lenders having Revolving Facility Exposure that, taken together, represents more than
50% of the aggregate Revolving Facility Exposure at such time. The Revolving Facility Exposure of any Defaulting Lender shall be
disregarded in determining Required Revolving Facility Lenders at any time.


 


“Responsible Officer” of
any person shall mean any executive officer or Financial Officer of such person and any other officer or similar official thereof
responsible for the administration of the obligations of such person in respect of this Agreement.


 


“Restatement” shall mean
the amendment and restatement of the Original Credit Agreement pursuant to this Agreement.


 


“Restatement Effective Date”
shall mean the date on which each of the conditions set forth in Section 4.02 has been satisfied.


 


“Restricted Subsidiary” means
any Subsidiary that is not an Unrestricted Subsidiary.


 


“Revolving Facility” shall
mean the Revolving Facility Commitments of any Class and the extensions of credit made hereunder by the Revolving Facility Lenders
of such Class and, for purposes of Section 10.08(b), shall refer to all such Revolving Facility Commitments as a single Class.


 




    	 	48	 



     


    

 


“Revolving Facility Borrowing”
shall mean a Borrowing comprised of Revolving Facility Loans of the same Class.


 


“Revolving Facility Commitment”
shall mean, with respect to each Revolving Facility Lender, the commitment of such Revolving Facility Lender to make Revolving
Facility Loans pursuant to Section 2.01, expressed as an amount representing the maximum aggregate permitted amount of such
Revolving Facility Lender’s Revolving Facility Credit Exposure hereunder, as such commitment may be (a) reduced from time
to time pursuant to Section 2.08, (b) reduced or increased from time to time pursuant to assignments by or to such Lender
under Section 10.04, and (c) increased as provided under Section 2.21. The amount of each Lender’s Revolving Facility
Commitment on the Restatement Effective Date is set forth on Schedule 2.01, or in the Assignment and Acceptance or
Incremental Assumption Agreement pursuant to which such Lender shall have assumed its Revolving Facility Commitment (or Incremental
Revolving Facility Commitment), as applicable. The aggregate amount of the Lenders’ Revolving Facility Commitments is $875,000,000
on the Restatement Effective Date. After the Restatement Effective Date additional Classes of Revolving Facility Commitments may
be added or created pursuant to Incremental Assumption Agreements.


 


“Revolving Facility Credit Exposure”
shall mean, at any time with respect to any Class of Revolving Facility Commitments, the sum of (a) the aggregate principal amount
of the Revolving Facility Loans of such Class outstanding at such time and (b) the Revolving L/C Exposure applicable to such Class
at such time minus, for the purpose of Sections 6.12, 6.13, 6.15 and 8.02, the amount of Letters of Credit that have been Cash
Collateralized in an amount equal to the Minimum Collateral Amount at such time. The Revolving Facility Credit Exposure of any
Revolving Facility Lender at any time shall be the product of (x) such Revolving Facility Lender’s Revolving Facility Percentage
of the applicable Class and (y) the aggregate Revolving Facility Credit Exposure of such Class of all Revolving Facility Lenders,
collectively, at such time.


 


“Revolving Facility Lender”
shall mean a Lender with a Revolving Facility Commitment or with outstanding Revolving Facility Credit Exposure.


 


“Revolving Facility Loan”
shall mean a Loan made by a Revolving Facility Lender pursuant to Section 2.01. Unless the context otherwise requires, the
term “Revolving Facility Loans” shall include the Other Revolving Loans.


 


“Revolving Facility Maturity Date”
shall mean, as the context may require, (a) with respect to the Revolving Facility in effect on the Restatement Effective Date,
January 2, 2024; provided that the Revolving Facility Maturity Date shall be the earlier date that is 91 days prior to the
final maturity date of the 4.75% Notes if on such date (x) the 4.75% Notes have not been repaid (or refinanced with Indebtedness
maturing after the Revolving Facility Maturity Date) by such date and (y) Free Liquidity does not exceed the aggregate principal
amount of outstanding 4.75% Notes by at least $50,000,000 and (b) with respect to any other Classes of Revolving Facility Commitments,
the maturity dates specified therefor in the applicable Incremental Assumption Agreement.


 




    	 	49	 



     


    

 


“Revolving Facility Percentage”
shall mean, with respect to any Revolving Facility Lender of any Class, the percentage of the total Revolving Facility Commitments
of such Class represented by such Lender’s Revolving Facility Commitment of such Class. If the Revolving Facility Commitments
of such Class have terminated or expired, the Revolving Facility Percentages of such Class shall be determined based upon the Revolving
Facility Commitments of such Class most recently in effect, giving effect to any assignments pursuant to Section 10.04.


 


“Revolving L/C Exposure”
of any Class shall mean at any time the sum of (a) the aggregate undrawn amount of all Letters of Credit applicable to such Class
outstanding at such time and (b) the aggregate principal amount of all L/C Disbursements applicable to such Class that have not
yet been reimbursed at such time. The Revolving L/C Exposure of any Class of any Revolving Facility Lender at any time shall mean
its applicable Revolving Facility Percentage of the aggregate Revolving L/C Exposure applicable to such Class at such time. For
all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may
still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding”
in the amount so remaining available to be drawn. Unless otherwise specified herein, the amount of a Letter of Credit at any time
shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, that with respect to
any Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or more automatic increases
in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter
of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.


 


“S&P” shall mean Standard
& Poor’s Ratings Group, Inc.


 


“Sale and Lease-Back Transaction”
shall have the meaning assigned to such term in Section 6.03.


 


“Sanctioned Country”
means, at any time, a country, region or territory which is itself the subject or target of comprehensive Sanctions (at the time
of this Agreement, Cuba, Iran, North Korea, Sudan, Syria and Crimea).


 


“Sanctioned Person”
means, at any time, any person with whom dealings are prohibited under Sanctions, including (a) any person listed in any Sanctions-related
list of designated persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S.
Department of State, or by the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s
Treasury of the United Kingdom or Norway, (b) any person organized or resident in a Sanctioned Country or (c) any person owned
or controlled by any such person or persons described in the foregoing clauses (a) or (b).


 


“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government,
including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department
of State or (b) the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury
of the United Kingdom or Norway.


 




    	 	50	 



     


    

 


“SEC” shall mean the United
States Securities and Exchange Commission or any successor thereto.


 


“Second Lien Intercreditor Agreement”
shall mean an Intercreditor Agreement between the Administrative Agent and the authorized representative named therein for the
Senior Secured Notes, substantially in the form of Exhibit K-3, with such changes that are reasonably satisfactory to the
Administrative Agent.


 


“Second Valuation” shall
have the meaning assigned to such term in Section 5.16.


 


“Secured Parties” shall mean
the “Secured Parties” as defined in the Collateral Agreement.


 


“Securities Act” shall mean
the Securities Act of 1933, as amended.


 


“Security Documents” shall
mean the Vessel Mortgages, the Deeds of Covenants, the Collateral Agreement, the Subsidiary Guarantor Pledge Agreements, the Earnings
Assignments, the Insurance Assignments and each of the security agreements and other instruments and documents executed and delivered
pursuant to any of the foregoing or pursuant to Section 5.10.


 


“Senior Secured Note Obligations”
shall mean all obligations defined as “Senior Secured Note Obligations” in the Collateral Agreement and the other Security
Documents.


 


“Senior Secured Notes” shall
mean secured or unsecured notes or other debt of the Company issued after the Closing Date, and the Indebtedness represented thereby;
provided that (a) the terms of which do not provide for any scheduled repayment, mandatory redemption or sinking fund obligations
prior to the Latest Maturity Date (other than customary offers to repurchase upon a change of control, asset sale or event of loss
and customary acceleration right after an event of default), (b) (i) [*]% of the Net Proceeds of all Pari Passu Senior Secured
Notes and (ii) [*]% of the Net Proceeds of all other Senior Secured Notes shall be applied, on the date of the incurrence thereof,
to prepay Term Loans and accrued but unpaid interest, premiums and fees and expenses associated with such prepayment, (c) in respect
of any Senior Secured Notes secured by Collateral, no Affiliate of the Company (other than a Loan Party or a temporary escrow issuer)
shall be an obligor (including pursuant to a Guarantee) in respect thereof, (d) the covenants, events of default, guarantees, collateral
and other terms of which (other than interest rate and redemption premiums), taken as a whole, are not more restrictive to the
Company and its Subsidiaries than those in this Agreement (or, if more restrictive, the Loan Documents are amended to contain such
more restrictive terms (which amendments shall automatically occur)), (e) in respect of any Senior Secured Notes secured by Collateral,
the obligations in respect thereof shall not be secured by any Lien on any asset of the Company, any Subsidiary or any other Affiliate
(other than a transitory escrow issuer) of the Company, other than any asset constituting Collateral, (f) if such Senior Secured
Notes are intended to be secured by the Collateral on a pari passu basis with the Obligations, then all security therefor shall
be granted pursuant to the Security Documents, and the secured parties thereunder, or a trustee or collateral agent on their behalf,
shall have become a party to a First Lien Intercreditor Agreement and shall have executed and delivered to the Collateral Agent
a joinder agreement to the applicable Security Documents in substantially the form attached thereto or otherwise in form and substance
reasonably acceptable to the Collateral Agent, and (g) if such Senior Secured Notes are intended to be secured by the Collateral
on a junior basis to the Obligations, then all security therefor shall be granted pursuant to separate security documents in substantially
the same form and substance as the Security Documents, and the secured parties thereunder, or a trustee or collateral agent on
their behalf, shall have become a party to a Second Lien Intercreditor Agreement; provided further that, with respect to
clause (a) above, Indebtedness constituting Senior Secured Notes when issued shall not cease to constitute Senior Secured Notes
as a result of the subsequent extension of the Latest Maturity Date.


 




    	 	51	 



     


    

 


“Senior Secured Notes Indenture”
shall mean any indenture under which any Senior Secured Notes are issued, as the same may be amended, restated, supplemented, substituted,
replaced, refinanced, supplemented or otherwise modified from time to time in accordance with ‎Section 6.01(z).


 


“Senior Unsecured Notes”
shall mean NCL’s 4.750% senior notes due 2021 (the “4.75% Notes”), pursuant to an indenture, dated as
of December 14, 2016, between NCL and U.S. Bank National Association, as trustee (the “4.75% Notes Indenture”),
and/or any notes issued by NCL in exchange for, and as contemplated by, the 4.75% Notes and the related registration rights agreement
with substantially identical terms as the 4.75% Notes, in each case as in effect on the Restatement Effective Date and as amended,
restated, supplemented or otherwise modified from time to time in accordance with the requirements thereof and of this Agreement.


 


“Senior Unsecured Notes Documents”
shall mean the Senior Unsecured Notes and the Senior Unsecured Notes Indentures.


 


“Senior Unsecured Notes Indentures”
shall mean the 4.75% Notes Indenture, as in effect on the Restatement Effective Date and as amended, restated, supplemented or
otherwise modified from time to time in accordance with the requirements thereof and of this Agreement.


 


“Similar Business” shall
mean a business, the majority of whose revenues are derived from the activities of the Company and its Subsidiaries as of the Restatement
Effective Date or any business or activity that is reasonably similar or complementary thereto or a reasonable extension, development
or expansion thereof or ancillary thereto.


 


“Specified Additional Subsidiary Guarantor”
shall mean Norwegian Sky, Ltd.


 


“Specified Additional Vessel”
shall mean “NORWEGIAN SKY”.


 


“Specified Target Mortgaged Vessels”
shall mean each of the Vessels identified on Schedule 1.01(c).


 


“Specified Target Subsidiaries”
shall mean each of the persons identified on Schedule 1.01(b).


 




    	 	52	 



     


    

 


“Sponsors” shall mean (i)
Apollo Management, L.P. and any of its respective Affiliates other than any portfolio companies not primarily engaged in the cruise
business (collectively, the “Apollo Sponsors”), (ii) TPG Global, LLC, TPG Capital and any of their respective
Affiliates other than any portfolio companies (collectively, the “TPG Sponsors”), (iii) Genting Hong Kong Limited,
and any of its respective Affiliates (collectively, the “Genting Sponsors”), and (iv) any person that forms
a group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision) with any Apollo
Sponsors, TPG Sponsors and/or Genting Sponsors; provided that the Apollo Sponsors, TPG Sponsors and/or Genting Sponsors
(x) owns a majority of the voting power and (y) controls a majority of the board of directors of such group.


 


“Spot Rate” for a currency
means the rate determined by the Administrative Agent or an Issuing Bank, as applicable, to be the rate quoted by the person acting
in such capacity as the spot rate for the purchase by such person of such currency with another currency through its principal
foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the
foreign exchange computation is made; provided that the Administrative Agent or such Issuing Bank may obtain such spot rate
from another financial institution designated by the Administrative Agent or such Issuing Bank if the person acting in such capacity
does not have as of the date of determination a spot buying rate for any such currency.


 


“Standby Letter of Credit”
shall have the meaning provided in Section 2.05(a).


 


“Statutory Reserves” shall
mean, with respect to any currency, any reserve, liquid asset or similar requirements established by any Governmental Authority
of the United States, the United Kingdom or the European Union or of the jurisdiction of such currency or any jurisdiction in which
Loans in such currency are made to which banks in such jurisdiction are subject for any category of deposits or liabilities customarily
used to fund loans in such currency or by reference to which interest rates applicable to Loans in such currency are determined.


 


“Subagent” shall have the
meaning assigned to such term in Section 9.02.


 


“subsidiary” shall mean,
with respect to any person (herein referred to as the “parent”), any corporation, partnership, association or
other business entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than
50% of the ordinary voting power or more than 50% of the general partnership interests are, at the time any determination is being
made, directly or indirectly, owned, Controlled or held, or (b) that is, at the time any determination is made, otherwise Controlled,
by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.


 


“Subsidiary” shall mean,
unless the context otherwise requires, a subsidiary of the Company. Notwithstanding the foregoing (and except for purposes of Sections
3.08, ‎3.09, ‎3.13, ‎3.15, ‎3.16, ‎5.03, ‎5.09 and ‎8.01(k), and the definition of “Unrestricted
Subsidiary” contained herein), an Unrestricted Subsidiary shall be deemed not to be a Subsidiary of the Company or any of
its Subsidiaries for purposes of this Agreement.


 




    	 	53	 



     


    

 


“Subsidiary Guarantor” shall
mean (i) each direct and indirect Subsidiary of the Company which directly owns a Mortgaged Vessel (other than the Co-Borrower)
and (ii) each Additional Subsidiary Guarantor.


 


“Subsidiary Guarantor Pledge Agreement”
shall mean each of (a) the Bermuda law Share Charge Agreement dated as of the Closing Date between NCL International, Ltd. and
the Collateral Agent in respect of the equity of each Subsidiary Guarantor named therein and incorporated in and existing under
the laws of Bermuda, (b) the Isle of Man law Pledge Agreement dated as of the Closing Date between NCL International, Ltd. and
the Collateral Agent in respect of the equity of each Subsidiary Guarantor incorporated in and existing under the laws of the Isle
of Man, (c) the New York law Pledge Agreement dated as of the Acquisition Closing Date between the Oceania Cruises, Inc. and the
Collateral Agent in respect of the equity of each Subsidiary Guarantor named therein, (d) the New York law Pledge Agreement dated
as of the Acquisition Closing Date between Seven Seas Cruises s. de r.l. and the Collateral Agent in respect of the equity of each
Subsidiary Guarantor named therein, (e) the Bermuda law Share Charge Agreement dated as of the Third Restatement Effective Date
between NCL International, Ltd. and the Collateral Agent in respect of the equity of the Specified Additional Subsidiary Guarantor
incorporated in and existing under the laws of Bermuda and (f) any additional pledge agreement relating to the Equity Interests
of any Subsidiary Guarantor.


 


“Subsidiary Redesignation”
shall have the meaning provided in the definition of “Unrestricted Subsidiary.”


 


“Swap Agreement” shall mean
any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or
settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial
or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of
these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided
by current or former directors, officers, employees or consultants of the Company or any of the Subsidiaries shall be a Swap Agreement.


 


“Target” shall mean Prestige
Cruises International, Inc., a corporation organized under the Laws of the Republic of Panama.


 


“Tax Agreements” shall have
the meaning assigned to such term in Section 6.06(b).


 


“Taxes” shall mean any and
all present or future taxes, duties, levies, imposts, assessments, deductions, withholdings or other similar charges imposed by
any Governmental Authority whether computed on a separate, consolidated, unitary, combined or other basis and any interest, fines,
penalties or additions to tax with respect to the foregoing.


 


“Term A Borrowing” shall
mean a Borrowing comprised of Term A Loans.


 


“Term A Facility” shall mean
the Term A Loan Commitments and any Term A Loans made hereunder.


 




    	 	54	 



     


    

 


“Term A Lender” shall mean
a Lender with a Term A Loan Commitment and/or an outstanding Term A Loan.


 


“Term A Loan Commitment”
shall mean with respect to each Term A Lender, the commitment of such Term A Lender to make Term A Loans in Dollars on the Restatement
Effective Date as set forth in Section 2.01(a). The initial amount of each Lender’s Term A Loan Commitment is set forth on
Schedule 2.01 or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Term A Loan
Commitment, as applicable. The aggregate amount of the Term A Loan Commitments on the Restatement Effective Date is $1,633,000,000.


 


“Term A Loan Installment Date”
shall have the meaning assigned to such term in Section 2.10(a)(i).


 


“Term A Loan Maturity Date”
shall mean January 2, 2024; provided that the Term A Loan Maturity Date shall be the earlier date that is 91 days prior
to the final maturity date of the 4.75% Notes if on such date (x) the 4.75% Notes have not been repaid (or refinanced with Indebtedness
maturing after the Term A Loan Maturity Date) by such date and (y) Free Liquidity does not exceed the aggregate principal amount
of outstanding 4.75% Notes by at least $50,000,000.


 


“Term A Loans” shall mean
(a) any term loans made by the Lenders to the Borrowers on the Restatement Effective Date pursuant to Section 2.01(a) and
(b) any Incremental Term Loans in the form of Term A Loans made by the Incremental Term Lenders to the Borrowers pursuant to Section 2.01(d).


 


“Term Borrowing” shall mean
any Term A Borrowing, any Incremental Term Borrowing or any other Term Borrowing.


 


“Term Facility” shall mean
the Term A Facility and/or any or all of the Incremental Term Facilities and/or any or all of the Refinancing Term Loans.


 


“Term Facility Maturity Date”
shall mean, as the context may require, (a) with respect to the Term A Facility in effect on the Restatement Effective Date, the
Term A Loan Maturity Date and (b) with respect to any other Class of Term Loans, the maturity dates specified therefor in the applicable
Incremental Assumption Agreement.


 


“Term Loan Installment Date”
shall mean any Term A Loan Installment Date, any Incremental Term Loan Installment Date or any Other Term Loan Installment Date.


 


“Term Loans” shall mean the
Term A Loans and/or the Incremental Term Loans and/or the Refinancing Term Loans.


 


“Test Period” shall mean,
on any date of determination, the period of four consecutive fiscal quarters of the Company then most recently ended (taken as
one accounting period).


 


“Third Restatement Effective Date”
shall mean October 10, 2017.


 




    	 	55	 



     


    

 


“Third Valuation” shall have
the meaning assigned to such term in Section 5.16.


 


“Total Capitalization” shall
mean, at any date of determination, the Total Net Funded Debt plus the consolidated stockholders’ equity of the Company and
its Subsidiaries at such date determined in accordance with GAAP and derived from the then latest unaudited and consolidated financial
statements of the Company and its Subsidiaries delivered to the Administrative Agent in the case of the first three quarters of
each fiscal year and the then latest audited and consolidated financial statements delivered to the Administrative Agent in the
case of each fiscal year; provided it is understood that the effect of any impairment of intangible assets shall be added
back to stockholders’ equity and provided further, that Total Capitalization shall be determined on a Pro Forma Basis.


 


“Total Leverage Ratio” shall
mean, on any date, the ratio of (a) (i) the aggregate principal amount of Consolidated Debt of the Company and its Subsidiaries
outstanding as of the last day of the Test Period most recently ended as of such date less (ii) without duplication, the Unrestricted
Cash and Permitted Investments of the Company and its Subsidiaries as of the last day of such Test Period, to (b) EBITDA for such
Test Period, all determined on a consolidated basis in accordance with GAAP; provided, that the Total Leverage Ratio shall
be determined for the relevant Test Period on a Pro Forma Basis.


 


“Total Net Funded Debt” shall
mean, as at any relevant date:


 


(i)       Indebtedness
for borrowed money of the Company and its Subsidiaries; and


 


(ii)      the
amount of any Indebtedness for borrowed money of any person other than the Company or its Subsidiaries but which is guaranteed
by the Company or any of its Subsidiaries as at such date:


 


less an amount equal to any Unrestricted Cash
as at such date; provided that any unused Commitments and other amounts available for drawing under other revolving or other
credit facilities of the Company and its Subsidiaries which remain undrawn shall not be counted as cash or indebtedness for the
purposes of Total Net Funded Debt and provided further, that Total Net Funded Debt shall be determined on a Pro Forma Basis.


 


“Trade Letter of Credit”
shall have the meaning provided in Section 2.05(a)(i).


 


“Transactions” shall mean,
collectively, (a) the execution, delivery and performance by the Loan Parties of the Loan Documents to which they are a party and,
in the case of the Borrowers, the making of the Borrowings hereunder, and (b) the payment of related fees and expenses.


 


“Trust Property” shall mean
(a) the security, powers, rights, titles, benefits and interests (both present and future) constituted by and conferred on the
Mortgage Trustee under or pursuant to the Vessel Mortgages (including the benefits of all covenants, undertakings, representations,
warranties and obligations given, made or undertaken to the Mortgage Trustee in the Vessel Mortgages), (b) all moneys, property
and other assets paid or transferred to or vested in the Mortgage Trustee, or any agent of the Mortgage Trustee whether from any
Loan Party or any other person, and (c) all money, investments, property and other assets at any time representing or deriving
from any of the foregoing, including all interest, income and other sums at any time received or receivable by the Mortgage Trustee
or any agent of the Mortgage Trustee in respect of the same (or any part thereof).


 




    	 	56	 



     


    

 


“Type” shall mean, when used
in respect of any Loan or Borrowing, the Rate by reference to which interest on such Loan or on the Loans comprising such Borrowing
is determined. For purposes hereof, the term “Rate” shall include the Adjusted LIBO Rate and the ABR.


 


“Unfunded Pension Liability”
shall mean the excess of a Plan’s “accumulated benefit obligations” as defined under Statement of Financial Accounting
Standards No. 87, over the current fair market value of that Plan’s assets.


 


“Uniform Commercial Code”
shall mean the Uniform Commercial Code as the same may from time to time be in effect in the State of New York or the Uniform
Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required to apply to any item or
items of Collateral.


 


“United Kingdom” and “U.K.”
shall mean the United Kingdom of Great Britain and Northern Ireland.


 


“United States” and “U.S.”
shall mean the United States of America.


 


“Unrestricted Cash” shall
mean cash or cash equivalents of the Company or any of its Subsidiaries that would not appear as “restricted” on a
consolidated balance sheet of the Company or any of its Subsidiaries.


 


“Unrestricted Subsidiary”
shall mean any Subsidiary of the Company that is acquired or created after the Restatement Effective Date and designated by the
Company as an Unrestricted Subsidiary hereunder by written notice to the Administrative Agent; provided, that the Company
shall only be permitted to so designate a new Unrestricted Subsidiary after the Restatement Effective Date so long as (a) no Default
or Event of Default has occurred and is continuing or would result therefrom, (b) immediately after giving effect to such designation
(as well as all other such designations theretofore consummated after the first day of such Reference Period), the Company shall
be in Pro Forma Compliance, (c) such Unrestricted Subsidiary shall be capitalized (to the extent capitalized by the Company or
any of its Subsidiaries) through Investments as permitted by, and in compliance with, ‎Section 6.04, (d) [reserved]; (e) such
Subsidiary shall have been designated an “unrestricted subsidiary” (or otherwise not be subject to the covenants and
defaults) under the Senior Unsecured Notes Indentures, all Permitted Additional Debt and all Permitted Refinancing Indebtedness
in respect of any of the foregoing and all Disqualified Stock; provided, further, that at the time of the initial
Investment by the Company or any of its Subsidiaries in such Subsidiary, the Company shall designate such entity as an Unrestricted
Subsidiary in a written notice to the Administrative Agent. The Company may designate any Unrestricted Subsidiary to be a Subsidiary
for purposes of this Agreement (each, a “Subsidiary Redesignation”); provided, that (i) such Unrestricted
Subsidiary, both before and after giving effect to such designation, shall be a Wholly Owned Subsidiary of the Company, (ii) no
Default or Event of Default has occurred and is continuing or would result therefrom, (iii) immediately after giving effect to
such Subsidiary Redesignation (as well as all other Subsidiary Redesignations theretofore consummated after the first day of such
Reference Period), the Company shall be in Pro Forma Compliance, (iv) all representations and warranties contained herein and in
the other Loan Documents shall be true and correct in all material respects with the same effect as though such representations
and warranties had been made on and as of the date of such Subsidiary Redesignation (both before and after giving effect thereto),
unless stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct
in all material respects as of such earlier date, and (v) the Company shall have delivered to the Administrative Agent an officer’s
certificate executed by a Responsible Officer of the Company, certifying to the best of such officer’s knowledge, compliance
with the requirements of preceding clauses (i) through (iv), inclusive, and containing the calculations and information required
by the preceding clause (ii).


 




    	 	57	 



     


    

 


“USA PATRIOT Act” shall mean
the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III
of Pub. L. No. 107 56 (signed into law October 26, 2001)).


 


“Valuation” shall mean, in
relation to any Mortgaged Vessel, a valuation of such Mortgaged Vessel made at any relevant time by an Approved Broker with or
without physical inspection of such Mortgaged Vessel, on the basis of a sale for prompt delivery for cash at arms’ length
on customary commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contracts
of employment. If any Approved Broker shall deliver a Valuation indicating a range of values for a Mortgaged Vessel, the Valuation
for such Mortgaged Vessel shall be the arithmetic mean of the two endpoints of such range. Further, if any Approved Broker shall
deliver a Valuation indicating a value for a Mortgaged Vessel in any currency other than Dollars, the Valuation for such Mortgaged
Vessel shall be the Dollar Equivalent thereof. It is agreed that as of the Restatement Effective Date and until a Valuation shall
have been obtained pursuant to Section 5.16 for any Mortgaged Vessel, the Valuation for such Mortgaged Vessel shall be as follows:
(i) $[*] for the NORWEGIAN SUN, (ii) $[*] for the NORWEGIAN DAWN, (iii) $[*] for the NORWEGIAN STAR, (iv) $[*] for the NORWEGIAN
SPIRIT, (v) $[*] for the NORWEGIAN PEARL, (vi) $[*] for the NORWEGIAN GEM, (vii) $[*] for the INSIGNIA, (viii) $[*] for the NAUTICA,
(ix) $[*] for the REGATTA, (x) $[*] for the MARINER, (xi) $[*] for the NAVIGATOR, (xii) $[*] for the VOYAGER and (xiii) $[*] for
the NORWEGIAN SKY.


 


“Value Component” shall have
the meaning assigned to such term in the definition of Loan-to-Value Ratio in this Section 1.01.


 


“Vessel” shall mean a passenger
cruise vessel.


 


“Vessel Mortgages” shall
mean each first priority statutory ship mortgage or first preferred ship mortgage (or equivalent) granting a Lien on a Mortgaged
Vessel.


 


“VOYAGER” shall mean the
Vessel Seven Seas Voyager, IMO number 9247144, currently registered in the name of Voyager Vessel Company, LLC under the laws of
the Commonwealth of Bahamas with the official number 8000610.


 




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“Wholly Owned Subsidiary”
of any person shall mean a subsidiary of such person, all of the Equity Interests of which (other than directors’ qualifying
shares or nominee or other similar shares required pursuant to applicable law) are owned by such person or another Wholly Owned
Subsidiary of such person.


 


“Withdrawal Liability” shall
mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms
are defined in Part I of Subtitle E of Title IV of ERISA.


 


“Withholding Agent” shall
mean the Loan Parties, the Administrative Agent or any other applicable withholding agent.


 


“Write-Down and Conversion Powers”
means, 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.


 


Section 1.02.     Terms Generally.
With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:


 


(a)       The
definitions set forth or referred to in Section 1.01 shall apply equally to both the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The
words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and
Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require. Except as otherwise
expressly provided herein, any reference in this Agreement to any Loan Document shall mean such document as amended, restated,
supplemented, replaced or otherwise modified from time to time. All references to a person shall include that person’s permitted
successors and assigns (subject to any restrictions on assignment set forth herein). With respect to any Default or Event of Default,
the words “exist,” “existence,” “occurred” or “continuing” shall be deemed to refer
to a Default or Event of Default that has not been waived in accordance with Section 10.08 or, to the extent applicable, cured
in accordance with Section 8.02 or otherwise. Except as otherwise expressly provided herein, all terms of an accounting or financial
nature shall be construed in accordance with GAAP, as in effect from time to time; provided, that, if the Company notifies
the Administrative Agent that the Company requests an amendment to any provision hereof to eliminate the effect of any change occurring
after the Closing Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent
notifies the Company that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether
any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted
on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall
have been withdrawn or such provision amended in accordance herewith.


 




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(b)       In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including,” the words “to” and “until” each mean “to but excluding,” and the word
“through” means “to and including.”


 


Section 1.03.     Exchange Rates; Currency
Equivalents. Except for purposes of financial statements delivered by Loan Parties hereunder or calculating financial covenants
hereunder or except as otherwise provided herein, the applicable amount of any currency (other than Dollars) for purposes of the
Loan Documents shall be such Dollar Equivalent amount as so determined by the Administrative Agent or Issuing Bank, as applicable.
No Default or Event of Default shall arise as a result of any limitation or threshold set forth in Dollars in Article VI or
paragraph (f) or (j) of Section 8.01 being exceeded solely as a result of changes in currency exchange rates from those rates
applicable on the first day of the fiscal quarter in which such determination occurs or in respect of which such determination
is being made.


 


Section 1.04.     Effect of this Agreement
on the Original Credit Agreement and the Other Existing Loan Documents. On the Restatement Effective Date, the Loans (as defined
in the Original Credit Agreement) shall be repaid with proceeds of the Term A Loans borrowed on the Restatement Effective Date
and the Revolving Facility Commitments (as defined in the Original Credit Agreement) shall be amended and restated in their entirety
as Revolving Facility Commitments hereunder as set forth on Schedule 2.01. Upon satisfaction of the conditions precedent to the
effectiveness of this Agreement set forth in Section 4.02, this Agreement shall be binding on the Borrowers, the Administrative
Agent, the Collateral Agent, the Lenders and the other parties hereto and the Original Credit Agreement and the provisions thereof
shall be replaced in their entirety by this Agreement and the provisions hereof; provided that for the avoidance of doubt,
each Borrower and each other Loan Party hereby reaffirms that (a) the Obligations (as defined in the Original Credit Agreement)
of the Borrowers and the other Loan Parties under the Original Credit Agreement and the other Loan Documents that remain unpaid
and outstanding as of the date of this Agreement shall continue to exist under and be evidenced by this Agreement and the other
Loan Documents, (b) all Letters of Credit under and as defined in the Original Credit Agreement shall continue as Letters of Credit
under this Agreement and (c) the Collateral and the Loan Documents shall continue to secure, guarantee, support and otherwise benefit
the Obligations on the same terms as prior to the effectiveness hereof. Upon the effectiveness of this Agreement, each Loan Document
(other than the Original Credit Agreement) that was in effect immediately prior to the date of this Agreement shall continue to
be effective on its terms unless otherwise expressly stated herein. The parties hereto acknowledge and agree that neither the execution
and delivery of this Agreement nor the consummation of any other transaction contemplated hereunder is intended to constitute a
novation of the Original Credit Agreement or any other Loan Document.


 




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Section 1.05.     Interest Rates; LIBOR
Notification. The interest rate on Eurocurrency Loans is determined by reference to the LIBO Rate, which is derived from the
London interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing banks
may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority
announced that, after the end of 2021,it would no longer persuade or compel contributing banks to make rate submissions to the
ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”)
for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London
interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine
the interest rate on Eurocurrency Loans. In light of this eventuality, public and private sector industry initiatives are currently
underway to identify new or alternative reference rates to be used in place of the London interbank offered rate. In the event
that the London interbank offered rate is no longer available or in certain other circumstances as set forth in Section 2.14(b)
of this Agreement, such Section 2.14(b) provides a mechanism for determining an alternative rate of interest. The Administrative
Agent will notify the Company, pursuant to Section 2.14, in advance of any change to the reference rate upon which the interest
rate on Eurocurrency Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall
not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered
rate or other rates in the definition of “LIBO Rate” or with respect to any alternative or successor rate thereto,
or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative,
successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 2.14(b), will be similar to, or produce
the same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did the London interbank offered
rate prior to its discontinuance or unavailability.


 


Article II



The Credits


 


Section 2.01.     Commitments. Subject
to the terms and conditions set forth herein:


 


(a)       each
Lender with a Term A Loan Commitment on the Restatement Effective Date agrees to make a Term A Loan denominated in Dollars to the
Borrowers on the Restatement Effective Date in a principal amount equal to its Term A Loan Commitment;


 


(b)       [reserved];


 


(c)       each
Lender agrees to make Revolving Facility Loans denominated in Dollars of a Class to the Borrowers from time to time during the
Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Facility Credit
Exposure of such Class exceeding such Lender’s Revolving Facility Commitment of such Class or (ii) the Revolving Facility
Credit Exposure of such Class exceeding the total Revolving Facility Commitments of such Class. Within the foregoing limits and
subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow amounts under the Revolving
Facility Loans; and


 


(d)       each
Lender having an Incremental Term Loan Commitment agrees, subject to the terms and conditions set forth in the applicable Incremental
Assumption Agreement, to make Incremental Term Loans denominated in Dollars to the Borrowers, in an aggregate principal amount
not to exceed its Incremental Term Loan Commitment.


 




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Section 2.02.     Loans and Borrowings.


 


(a)       Each
Loan shall be made as part of a Borrowing consisting of Loans under the same Facility and of the same Type made by the Lenders
ratably in accordance with their respective Commitments under the applicable Facility; provided, however, that Revolving
Facility Loans of any Class shall be made by the Revolving Facility Lenders of such Class ratably in accordance with their respective
Revolving Facility Percentages on the date such Loans are made hereunder. The failure of any Lender to make any Loan required to
be made by it shall not relieve any other Lender of its obligations hereunder; provided that unless otherwise agreed by
all the Lenders, (i) the obligations of a Lender under the Loan Documents are several, (ii) failure by a Lender to perform its
obligations does not affect the obligations of any other party under the Loan Documents, (iii) no Lender is responsible for the
obligations of any other Lender under the Loan Documents, (iv) the rights of a Lender under the Loan Documents are separate and
independent rights, (v) a Lender may, except as otherwise stated in the Loan Documents, separately enforce those rights and (vi)
a debt arising under the Loan Documents to a Lender is a separate and independent debt.


 


(b)       Subject
to Section 2.02(c) and Section 2.14, each Borrowing shall be comprised entirely of ABR Loans or Eurocurrency Loans as the
Borrowers may request in accordance herewith. Each Lender at its option may make any ABR Loan or Eurocurrency Loan by causing any
domestic or foreign branch or Affiliate of such Lender to make such Loan; provided, that any exercise of such option shall
not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of this Agreement and such Lender shall
not be entitled to any amounts payable under Section 2.15 or 2.17 solely in respect of increased costs resulting from such
exercise and existing at the time of such exercise.


 


(c)       At
the commencement of each Interest Period for any Eurocurrency Revolving Facility Borrowing, such Borrowing shall be in an aggregate
amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum. At the time that each ABR
Revolving Facility Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of the Borrowing
Multiple and not less than the Borrowing Minimum; provided, that an ABR Revolving Facility Borrowing may be in an aggregate
amount that is equal to the entire unused balance of the Revolving Facility Commitments or that is required to finance the reimbursement
of an L/C Disbursement as contemplated by Section 2.05(e). Borrowings of more than one Type and under more than one Facility
may be outstanding at the same time; provided, that there shall not at any time be more than a total of (1) 10 Eurocurrency
Borrowings outstanding under the Term Facilities and (2) 10 Eurocurrency Borrowings outstanding under the Revolving Facility.


 


(d)       Notwithstanding
any other provision of this Agreement, the Borrowers shall not be entitled to request, or to elect to convert or continue, any
Borrowing of any Class if the Interest Period requested with respect thereto would end after the Revolving Facility Maturity Date
or the Term Facility Maturity Date for such Class, as applicable.


 




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Section 2.03.     Requests for Borrowings.
To request a Revolving Facility Borrowing and/or a Term Borrowing, the applicable Borrower shall notify the Administrative Agent
of such request by telephone (a) in the case of a Eurocurrency Borrowing, not later than 2:00 p.m., Local Time, three Business
Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing not later than 12:00 noon, Local Time, on
the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly
by hand delivery or electronic means to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative
Agent and signed by the applicable Borrower. Each such telephonic and written Borrowing Request shall specify the following information
in compliance with Section 2.02:


 


(i)       whether
such Borrowing is to be a Borrowing of Term A Loans, Revolving Facility Loans, Other Incremental Revolving Loans, Other Revolving
Loans, Replacement Revolving Loans, Refinancing Term Loans or Other Incremental Term Loans;


 


(ii)      the
aggregate amount of the requested Borrowing;


 


(iii)     the
date of such Borrowing, which shall be a Business Day;


 


(iv)     subject
to Section 2.02(c), whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;


 


(v)      in
the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated
by the definition of the term “Interest Period”; and


 


(vi)     the
location and number of the applicable Borrower’s account to which funds are to be disbursed.


 


If no election as to the Type of Borrowing is specified, then the
requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurocurrency Borrowing,
then the Borrowers shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt
of a Borrowing Request in accordance with this Section 2.03, the Administrative Agent shall advise each Lender of the details
thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.


 


Section 2.04.     [Reserved].


 


Section 2.05.     Letters of Credit.


 


(a)       General.


 


(i)       Subject
to the terms and conditions set forth herein, the Company may request the issuance of (w) trade letters of credit in support of
trade obligations of the Loan Parties and their Affiliates incurred in the ordinary course of business (such letters of credit
issued for such purposes, “Trade Letters of Credit”) and (x) standby letters of credit issued for any other
lawful purposes of the Loan Parties and their Affiliates (such letters of credit issued for such purposes, “Standby Letters
of Credit”), in each case, for its own account in Dollars and in a form reasonably acceptable to the applicable Issuing
Bank, at any time and from time to time during the applicable Availability Period and prior to the date that is five Business Days
prior to the applicable Revolving Facility Maturity Date. In the event of any inconsistency between the terms and conditions of
this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrowers
to, or entered into by the Borrowers with, an Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement
shall control. Notwithstanding anything herein to the contrary, no Issuing Bank shall have any obligation hereunder to issue any
Letter of Credit the proceeds of which would be made available to any person (i) to fund any activity or business of or with any
Sanctioned Person or in any Sanctioned Country, in violation of any Sanctions or (ii) in any manner that would result in a violation
of any Sanctions by any party to this Agreement. All Existing Letters of Credit shall be deemed to be “Letters of Credit”
issued pursuant to this Agreement on the Restatement Effective Date and from and after the Restatement Effective Date shall be
subject to and governed by the terms and conditions hereof and shall no longer be deemed to be outstanding under the Original Credit
Agreement.


 




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(ii)       No
Issuing Bank shall be under any obligation to issue any Letter of Credit if any order, judgment or decree of any Governmental Authority
or arbitrator shall by its terms purport to enjoin or restrain such Issuing Bank from issuing such Letter of Credit or any requirement
of law applicable to such Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental
Authority with jurisdiction over such Issuing Bank shall prohibit, or request that such Issuing Bank refrain from, the issuance
of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuing Bank with respect to such
Letter of Credit any restriction or reserve or capital requirement (for which such Issuing Bank is not otherwise compensated hereunder)
not in effect with respect to such Issuing Bank on the Restatement Effective Date, or any unreimbursed loss, cost or expense (including
as a result of Basel III) which was not applicable or in effect with respect to such Issuing Bank as of the Restatement Effective
Date and which such Issuing Bank reasonably and in good faith deems material to it or if the amount of such Letter of credit, when
aggregated with the amount of all other Letters of Credit (and L/C Disbursements in respect thereof) issued by such Issuing Bank
would exceed such Issuing Bank’s Issuing Bank Sublimit.


 


(b)       Notice
of Issuance, Amendment, Renewal, Extension: Certain Conditions. To request the issuance of a Letter of Credit (or the amendment,
renewal (other than an automatic extension in accordance with paragraph (c) of this Section) or extension of an outstanding Letter
of Credit), the Company shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have
been approved by the applicable Issuing Bank) to the applicable Issuing Bank and the Administrative Agent (three Business Days
in advance of the requested date of issuance, amendment or extension or such shorter period as the Administrative Agent and the
applicable Issuing Bank in their sole discretion may agree) a notice requesting the issuance of a Letter of Credit, or identifying
the Letter of Credit to be amended or extended, and specifying the date of issuance, amendment or extension (which shall be a Business
Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount
and currency of such Letter of Credit, the name and address of the beneficiary thereof, whether such Letter of Credit constitutes
a Standby Letter of Credit or a Trade Letter of Credit, and such other information as shall be necessary to issue, amend or extend
such Letter of Credit. If requested by the applicable Issuing Bank, the Company also shall submit a letter of credit application
on such Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued,
amended or extended only if (and upon issuance, amendment or extension of each Letter of Credit the Company shall be deemed to
represent and warrant that), after giving effect to such issuance, amendment or extension (i) the Revolving L/C Exposure shall
not exceed the Letter of Credit Sublimit, (ii) the applicable Revolving Facility Credit Exposure shall not exceed the applicable
Revolving Facility Commitments.


 




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(c)       Expiration
Date. Each Standby Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date one year
(unless otherwise agreed upon by the Administrative Agent and the applicable Issuing Bank in their sole discretion) after the date
of the issuance of such Standby Letter of Credit (or, in the case of any extension thereof, one year (unless otherwise agreed upon
by the Administrative Agent and the applicable Issuing Bank in their sole discretion) after such renewal or extension) and (ii)
the date that is five Business Days prior to the applicable Revolving Facility Maturity Date; provided, that any Standby
Letter of Credit with a one year tenor may provide for automatic extension thereof for additional one year periods (which, in no
event, shall extend beyond the date referred to in clause (ii) of this paragraph (c)) so long as such Standby Letter of Credit
permits the applicable Issuing Bank to prevent any such extension at least once in each twelve-month period (commencing with the
date of issuance of such Standby Letter of Credit) by giving prior notice to the beneficiary thereof within a time period during
such twelve-month period to be agreed upon at the time such Standby Letter of Credit is issued; provided, further,
that if the applicable Issuing Bank and the Administrative Agent each consent in their sole discretion, the expiration date on
any Standby Letter of Credit may extend beyond the date referred to in clause (ii) above, provided, that if any such Standby
Letter of Credit is outstanding or is issued under the Revolving Facility Commitments of any Class after the date that is 30 days
prior to such Revolving Facility Maturity Date for such Class the Borrowers shall provide cash collateral pursuant to documentation
reasonably satisfactory to the Administrative Agent and the relevant Issuing Bank in an amount equal to [*]% of the face amount
of each such Standby Letter of Credit on such date of issuance. Each Trade Letter of Credit shall expire on the earlier of (x)
180 days after such Trade Letter of Credit’s date of issuance or (y) the date five Business Days prior to the applicable
Revolving Facility Maturity Date.


 


(d)       Participations.
By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) under the Revolving
Facility Commitments of any Class and without any further action on the part of the applicable Issuing Bank or the Revolving Facility
Lenders, such Issuing Bank hereby grants to each Revolving Facility Lender under such Class, and each such Revolving Facility Lender
hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Revolving Facility Lender’s
applicable Revolving Facility Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration
and in furtherance of the foregoing, each Revolving Facility Lender hereby absolutely and unconditionally agrees to pay to the
Administrative Agent, for the account of the applicable Issuing Bank, such Revolving Facility Lender’s Revolving Facility
Percentage of each L/C Disbursement made by such Issuing Bank and not reimbursed by the Borrowers on the date due as provided in
paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrowers for any reason, in each
case, in Dollars. Each Revolving Facility Lender acknowledges and agrees that its obligation to acquire participations pursuant
to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever,
including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or Event of
Default or reduction or termination of the Commitments or the fact that, as a result of changes in currency exchange rates, such
Revolving Facility Lender’s Revolving Facility Credit Exposure at any time might exceed its Revolving Facility Commitment
at such time (in which case Section 2.11(f) would apply), and that each such payment shall be made without any offset, abatement,
withholding or reduction whatsoever. The obligation of the Revolving Facility Lenders to participate in Letters of Credit shall
terminate on the Revolving Facility Maturity Date.


 




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(e)       Reimbursement.
If the applicable Issuing Bank shall make any L/C Disbursement in respect of a Letter of Credit, the Borrowers shall reimburse
(or cause the applicable Loan Party or Subsidiary to reimburse) such L/C Disbursement by paying to the Administrative Agent an
amount in Dollars equal to such L/C Disbursement not later than 2:00 p.m., Local Time, on the same day (or if such day is not a
Business Day, the next following Business Day) the Company receives notice under paragraph (g) of this Section of such L/C
Disbursement, together with accrued interest thereon from the date of such L/C Disbursement at the rate applicable to ABR Revolving
Facility Loans of the applicable Class; provided, that the Borrowers may, subject to the conditions to borrowing set forth
herein, request in accordance with Section 2.03 that such payment be financed with an ABR Revolving Facility Borrowing of
the applicable Class, as applicable, in an equivalent amount and currency and, to the extent so financed, the Borrowers’
obligations to make such payment shall be discharged and replaced by the resulting ABR Revolving Facility Borrowing. If the Borrowers
fail to reimburse any L/C Disbursement when due, then the Administrative Agent shall promptly notify the applicable Issuing Bank
and each other applicable Revolving Facility Lender of the applicable L/C Disbursement, the payment then due from the Borrowers
in respect thereof and, in the case of a Revolving Facility Lender, such Lender’s Revolving Facility Percentage thereof.
Promptly following receipt of such notice, each Revolving Facility Lender with a Revolving Facility Commitment of the applicable
Class shall pay to the Administrative Agent in Dollars, its Revolving Facility Percentage (as specified by the Administrative Agent
to such Revolving Facility Lender at the time) of the payment then due from the Borrowers in the same manner as provided in Section 2.06
with respect to Loans made by such Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations
of the Revolving Facility Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts
so received by it from the Revolving Facility Lenders. Promptly following receipt by the Administrative Agent of any payment from
the Borrowers pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Bank
or, to the extent that Revolving Facility Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank,
then to such Lenders in Dollars and such Issuing Bank as their interests may appear. Any payment made by a Revolving Facility Lender
pursuant to this paragraph to reimburse an Issuing Bank for any L/C Disbursement (other than the funding of an ABR Revolving Loan
as contemplated above) shall not constitute a Loan and shall not relieve the Borrowers of their obligation to reimburse such L/C
Disbursement.


 




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(f)       Obligations
Absolute. The obligation of the Borrowers to reimburse L/C Disbursements as provided in paragraph (e) of this Section shall
be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under
any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or
this Agreement, or any term or provision therein or herein, (ii) any draft or other document presented under a Letter of Credit
proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect,
(iii) payment by the applicable Issuing Bank under a Letter of Credit against presentation of a draft or other document that does
not comply with the terms of such Letter of Credit or (iv) any other event or circumstance whatsoever, whether or not similar to
any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide
a right of setoff against, the Borrowers’ obligations hereunder. Neither the Administrative Agent, the Lenders nor any Issuing
Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance
or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances
referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any
draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing
thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of such Issuing
Bank, or any of the circumstances referred to in clauses (i), (ii) or (iii) of the first sentence; provided, that the foregoing
shall not be construed to excuse the applicable Issuing Bank from liability to the Borrowers to the extent of any direct damages
(as opposed to consequential damages, claims in respect of which are hereby waived by the Borrowers to the extent permitted by
applicable law) suffered by the Borrowers that are determined by a court of competent jurisdiction to have been caused by such
Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit
comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct
on the part of the applicable Issuing Bank (as finally determined by a court of competent jurisdiction), such Issuing Bank shall
be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality
thereof, the parties agree that, with respect to documents presented that appear on their face to be in substantial compliance
with the terms of a Letter of Credit, the applicable Issuing Bank may, in its sole discretion, either accept and make payment upon
such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse
to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of
Credit.


 


(g)       Disbursement
Procedures. The applicable Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to
represent a demand for payment under a Letter of Credit. Such Issuing Bank shall promptly notify the Administrative Agent and the
Company by telephone (confirmed by electronic means) of any such demand for payment under a Letter of Credit and whether such Issuing
Bank has made or will make a L/C Disbursement thereunder; provided, that any failure to give or delay in giving such notice
shall not relieve the Borrowers of their obligations to reimburse such Issuing Bank and the Revolving Facility Lenders with respect
to any such L/C Disbursement.


 


(h)       Interim
Interest. If an Issuing Bank shall make any L/C Disbursement, then, unless the Borrowers shall reimburse such L/C Disbursement
in full on the date such L/C Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including
the date such L/C Disbursement is made to but excluding the date that the Borrowers reimburse such L/C Disbursement, at the rate
per annum then applicable to ABR Revolving Loans of the applicable Class; provided, that, if such L/C Disbursement is not
reimbursed by the Borrowers when due pursuant to paragraph (e) of this Section, then Section 2.13(c) shall apply. Interest
accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and
after the date of payment by any Revolving Facility Lender pursuant to paragraph (e) of this Section to reimburse such Issuing
Bank shall be for the account of such Revolving Facility Lender to the extent of such payment.


 




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(i)       Replacement
of an Issuing Bank. An Issuing Bank may be replaced at any time by written agreement among the Company, the Administrative
Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such
replacement of an Issuing Bank. At the time any such replacement shall become effective, the Borrowers shall pay all unpaid fees
accrued for the account of the replaced Issuing Bank pursuant to Section 2.12. From and after the effective date of any such
replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the replaced Issuing Bank under this Agreement
with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall
be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the
context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto
and shall continue to have all the rights and obligations of such Issuing Bank under this Agreement with respect to Letters of
Credit issued by it prior to such replacement but shall not be required to issue additional Letters of Credit.


 


(j)       Cash
Collateralization. If any Event of Default shall occur and be continuing, (i) in the case of an Event of Default described
in Section 8.01(h) or (i), on the Business Day or (ii) in the case of any other Event of Default, on the third Business Day,
in each case, following the date on which the Company receives notice from the Administrative Agent (or, if the maturity of the
Loans has been accelerated, Revolving Facility Lenders with Revolving L/C Exposure representing greater than 50% of the total Revolving
L/C Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Borrowers shall deposit in an account with
or at the direction of the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an
amount in cash in Dollars equal to the Revolving L/C Exposure as of such date plus any accrued and unpaid interest thereon; provided,
that upon the occurrence of any Event of Default with respect to a Borrower described in clause (h) or (i) of Section 8.01,
the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due
and payable, without demand or other notice of any kind. Each such deposit pursuant to this paragraph shall be held by the Administrative
Agent as collateral for the payment and performance of the obligations of the Borrowers under this Agreement. At any time that
there shall exist a Defaulting Lender, within one Business Day following the written request of the Administrative Agent or any
Issuing Bank (with a copy to the Administrative Agent) the Borrowers shall Cash Collateralize the Issuing Banks’ Fronting
Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.22(a)(iv) and any Cash Collateral
provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount. The Administrative Agent shall have
exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned
on the investment of such deposits, which investments shall be made at the option and sole discretion of (i) for so long as an
Event of Default shall be continuing, the Administrative Agent and (ii) at any other time, the Company, in each case, in Permitted
Investments and at the risk and expense of the Borrowers, such deposits shall not bear interest. Interest or profits, if any, on
such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse
each Issuing Bank for L/C Disbursements for which such Issuing Bank has not been reimbursed and, to the extent not so applied,
shall be held for the satisfaction of the reimbursement obligations of the Borrowers for the Revolving L/C Exposure at such time
or, if the maturity of the Loans has been accelerated (but subject to the consent of Revolving Facility Lenders with Revolving
L/C Exposure representing greater than 50% of the total Revolving L/C Exposure), be applied to satisfy other obligations of the
Borrowers under this Agreement. If the Borrowers are required to provide an amount of cash collateral hereunder as a result of
the occurrence of an Event of Default or the existence of a Defaulting Lender, such amount (to the extent not applied as aforesaid)
shall be returned to the Borrowers within three Business Days after all Events of Default have been cured or waived or the termination
of the Defaulting Lender status, as applicable.


 




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(k)       Additional
Issuing Banks. From time to time, the Company may by notice to the Administrative Agent designate up to six Lenders (in addition
to the Issuing Banks as of the Restatement Effective Date) each of which agrees (in its sole discretion) to act in such capacity
and is reasonably satisfactory to the Administrative Agent as an Issuing Bank. Each such additional Issuing Bank shall execute
a counterpart of this Agreement upon the approval of the Administrative Agent (which approval shall not be unreasonably withheld)
and shall thereafter be an Issuing Bank hereunder for all purposes.


 


(l)       Reporting.
Unless otherwise requested by the Administrative Agent, each Issuing Bank shall (i) provide to the Administrative Agent copies
of any notice received from the Borrowers pursuant to Section 2.05(b) no later than the next Business Day after receipt thereof
and (ii) report in writing to the Administrative Agent (A) on or prior to each Business Day on which such Issuing Bank expects
to issue, amend or extend any Letter of Credit, the date of such issuance, amendment or extension, and the aggregate face amount
of the Letters of Credit to be issued, amended or extended by it and outstanding after giving effect to such issuance, amendment
or extension occurred (and whether the amount thereof changed), and such Issuing Bank shall be permitted to issue, amend or extend
such Letter of Credit if the Administrative Agent shall not have advised such Issuing Bank that such issuance, amendment or extension
would not be in conformity with the requirements of this Agreement, (B) on each Business Day on which such Issuing Bank makes any
L/C Disbursement, the date of such L/C Disbursement and the amount and currency of such L/C Disbursement and (C) on any other Business
Day, such other information with respect to the outstanding Letters of Credit issued by such Issuing Bank as the Administrative
Agent shall reasonably request.


 


Section 2.06.     Funding of Borrowings.


 


(a)       Each
Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds
by 12:00 noon, Local Time (or, if later, two hours after the Borrowing Request has been delivered pursuant to Section 2.03) on
the Business Day specified in the applicable Borrowing Request, to the account of the Administrative Agent most recently designated
by it for such purpose by notice to the Lenders; provided that each Lender with a Term A Loan Commitment shall, prior to
making any proceeds of its Term A Loans available to the Administrative Agent as provided above, apply an amount of proceeds from
the Term A Loans funded by such Lender that is equal to the principal amount, if any, of the “Term A Loans” of such
Lender under the Original Credit Agreement immediately prior to the Restatement Effective Date (or, if less, the entire amount
of the proceeds of such Lender’s Term A Loans to be funded on the Restatement Effective Date) to repay a like principal amount
of such Lender’s “Term A Loans” that are Existing Loans on the Restatement Effective Date and shall only remit
any positive excess proceeds from such Lender’s Term A Loans to the Administrative Agent as provided above. The Administrative
Agent will make such Loans available to the Borrowers by promptly crediting the amounts so received, in like funds, to an account
of the Borrowers designated by the Company in the applicable Borrowing Request; provided, that (i) ABR Revolving Loans made
to finance the reimbursement of a L/C Disbursement and reimbursements as provided in Section 2.05(e) shall be remitted by
the Administrative Agent to the applicable Issuing Bank and (ii) any proceeds of Term A Loans received by the Administrative Agent
on the Restatement Effective Date shall be applied by the Administrative Agent to prepay the “Term A Loans” or “Term
B Loans” that are Existing Loans that are not otherwise repaid pursuant to the preceding sentence.


 




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(b)       Unless
the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender
will not make available to the Administrative Agent such Lender’s share of the Borrowing, the Administrative Agent may assume
that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance
upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Lender has not in fact made its
share of the Borrowing available to the Administrative Agent, then the applicable Lender and the Borrowers severally agree to pay
to the Administrative Agent forthwith on demand (without duplication) such corresponding amount with interest thereon, for each
day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative
Agent, at (i) in the case of such Lender, the greater of (A) the NYFRB Rate and (B) a rate as reasonably determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrowers, the interest rate
applicable to ABR Loans at such time. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute
such Lender’s Loan included in the Borrowing.


 


Section 2.07.     Interest Elections.


 


(a)       Each
Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing,
shall have an initial Interest Period as specified in the Borrowing Request. Thereafter, the Company may elect to convert the Borrowing
to a different Type or to continue the Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods therefor,
all as provided in this Section. The Company may elect different options with respect to different portions of the affected Borrowing,
in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising the Borrowing, and the
Loans comprising each such portion shall be considered a separate Borrowing.


 


(b)       To
make an election pursuant to this Section, the Company shall notify the Administrative Agent of such election by telephone by the
time that a Borrowing Request would be required under Section 2.03 if the Company were requesting a Borrowing of the Type
and in the applicable currency resulting from such election to be made on the effective date of such election. Each such telephonic
Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or electronic means to the Administrative
Agent of a written Interest Election Request in the form of Exhibit E and signed by the Company.


 




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(c)       Each
telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02:


 


(i)       the
Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different
portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified
pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);


 


(ii)      the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;


 


(iii)     whether
the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; and


 


(iv)     if
the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period to be applicable thereto after giving effect to such election,
which shall be a period contemplated by the definition of the term “Interest Period.”


 


If any such Interest Election Request requests a Eurocurrency Borrowing
but does not specify an Interest Period, then the Company shall be deemed to have selected an Interest Period of one month’s
duration.


 


(d)       Promptly
following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender to which such Interest Election
Request relates of the details thereof and of such Lender’s portion of each resulting Borrowing.


 


(e)       If
the Company fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing prior to the end of the
Interest Period applicable thereto, then, unless the Borrowing is repaid as provided herein, at the end of such Interest Period
the Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has
occurred and is continuing and the Administrative Agent, at the written request (including a request through electronic means)
of the Required Lenders, so notifies the Company, then, so long as an Event of Default is continuing (i) no outstanding Borrowing
may be converted to or continued as a Eurocurrency Borrowing and (ii) unless repaid, each Eurocurrency Borrowing shall be converted
to an ABR Borrowing at the end of the Interest Period applicable thereto.


 


Section 2.08.     Termination and Reduction
of Commitments.


 


(a)       Unless
previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving Facility Maturity
Date for such Class. Unless previously terminated, the Term A Loan Commitments shall terminate on the earliest of (i) the funding
of the Term A Loans pursuant to such Term A Loan Commitments on the Restatement Effective Date and (ii) 11:59 p.m., Local
Time, on the Restatement Effective Date. All Existing Commitments shall terminate on the Restatement Effective Date.


 




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(b)       The
Company may at any time terminate, or from time to time reduce, the Commitments of any Class; provided, that (i) each reduction
of the Commitments of any Class shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 (or,
if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Company shall not terminate or
reduce the Revolving Facility Commitments of any Class if, after giving effect to any concurrent prepayment of the Revolving Facility
Loans in accordance with Section 2.11, the Revolving Facility Credit Exposure of such Class would exceed the total Revolving
Facility Commitments of such Class.


 


(c)       The
Company shall notify the Administrative Agent of any election to terminate or reduce the Commitments of any Class under paragraph
(b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying
such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the
applicable Lenders of the contents thereof. Each notice delivered by the Company pursuant to this Section shall be irrevocable;
provided, that a notice of termination of the Revolving Facility Commitments delivered by the Company may state that such
notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Company
(by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination
or reduction of the Commitments shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among
the Lenders in accordance with their respective Commitments of such Class.


 


(d)       The
Borrowers shall repay (including as contemplated by Section 2.06(a)) all outstanding Existing Loans and all accrued interest and
fees under the Original Credit Agreement to but excluding the Restatement Effective Date on the Restatement Effective Date.


 


Section 2.09.     Repayment of Loans;
Evidence of Debt.


 


(a)       Each
Borrower hereby jointly and severally unconditionally promises to pay (i) to the Administrative Agent for the account of each Revolving
Facility Lender the then unpaid principal amount of each Revolving Facility Loan on the Revolving Facility Maturity Date applicable
to such Revolving Facility Loans and (ii) to the Administrative Agent for the account of each Lender the then unpaid principal
amount of each Term Loan of such Lender as provided in Section 2.10.


 


(b)       Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrowers
to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to
such Lender from time to time hereunder.


 


(c)       The
Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Facility
and Type thereof and the Interest Period (if any) applicable thereto, (ii) the amount of any principal or interest due and payable
or to become due and payable from the Borrowers to each Lender hereunder and (iii) any amount received by the Administrative Agent
hereunder for the account of the Lenders and each Lender’s share thereof.


 




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(d)       The
entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence
and amounts of the obligations recorded therein; provided, that the failure of any Lender or the Administrative Agent to
maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrowers to repay the Loans in
accordance with the terms of this Agreement.


 


(e)       Any
Lender may request that Loans made by it be evidenced by a promissory note (a “Note”) in the applicable form
set out in Exhibit L. In such event, the Borrowers shall prepare, execute and deliver to such Lender a promissory note payable
to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved
by the Administrative Agent and reasonably acceptable to the Borrowers. Thereafter, the Loans evidenced by such promissory note
and interest thereon shall at all times (including after assignment pursuant to Section 10.04) be represented by one or more
promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note,
to such payee and its registered assigns).


 


Section 2.10.     Repayment of Term Loans
and Revolving Facility Loans.


 


(a)       Subject
to the other paragraphs of this Section:


 


(i)       the
Borrowers shall repay Term A Borrowings on the last day of each March, June, September and December of each year (commencing
June 30, 2019) and on the Term A Loan Maturity Date or, if any such date is not a Business Day, on the next succeeding Business
Day (each such date being referred to as a “Term A Loan Installment Date”), in an aggregate principal amount
of the Term A Loans equal to (A) 1.25% of the aggregate principal amount of Term A Loans outstanding immediately after the Restatement
Effective Date, and (B) in the case of such payment due on the Term A Loan Maturity Date, an amount equal to the then unpaid principal
amount of the Term A Loans outstanding;


 


(ii)      [reserved];


 


(iii)     in
the event that any Incremental Term Loans are made on an Increased Amount Date, the Borrowers shall repay such Incremental Term
Loans on the dates and in the amounts set forth in the Incremental Assumption Agreement (each such date being referred to as an
“Incremental Term Loan Installment Date”);


 


(iv)     in
the event that any Refinancing Term Loans are made pursuant to Section 2.21(j), the applicable Borrower (or the relevant obligor)
shall repay such Refinancing Term Loans on the dates and in the amounts set forth in the related Incremental Assumption Agreement
(each such date being referred to as an “Other Term Loan Installment Date”); and


 




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(v)      to
the extent not previously paid, outstanding Term Loans shall be due and payable on the applicable Term Facility Maturity Date.


 


(b)       To
the extent not previously paid, outstanding Revolving Facility Loans of each Class shall be due and payable on the applicable Revolving
Facility Maturity Date.


 


(c)       Prepayment
of the Loans from:


 


(i)       any
optional prepayments of the Term Loans pursuant to Section 2.11(a) shall be applied to the remaining installments of the Term
Loans under the applicable Class or Classes as the Company may direct; and


 


(ii)       all
Net Proceeds pursuant to Section 2.11(b) shall be allocated among the Term Facilities, with the application thereof (A) to
reduce in direct order amounts due on the next twelve succeeding Term Loan Installment Dates under the applicable Term Facilities
as provided in paragraph (d) below, and (B) thereafter, to reduce on a pro rata basis (based on the amount of such amortization
payments) the remaining scheduled amortization payments under the applicable Term Facilities; provided, that any Lender,
at its option, may elect to decline any such prepayment (such declined amounts, the “Declined Proceeds”) of
any Term Loan held by it if it shall give written notice to the Administrative Agent thereof by 11:00 A.M. Local Time at least
three Business Days prior to the date of such prepayment (any such Lender, a “Declining Lender”). Any Declined
Proceeds shall be offered to the Lenders not so declining such repayment on a pro rata basis; provided, that any such non-Declining
Lender, at its option, may elect to decline any such prepayment with Declined Proceeds at the time and in the manner specified
by the Administrative Agent. To the extent such non-declining Lenders elect to decline their pro rata share of such Declined Proceeds,
any Declined Proceeds remaining thereafter on the date of any such prepayment shall instead be retained by the Borrowers for application
for any purpose not prohibited by this Agreement.


 


(d)       Any
mandatory prepayment of Term Loans pursuant to Section 2.11(b) shall be applied so that the aggregate amount of such prepayment
is allocated among the Term A Loans, the Other Incremental Term Loans and the Refinancing Term Loans, if any, pro rata based on
the aggregate principal amount of outstanding Term A Loans, Other Incremental Term Loans and Refinancing Term Loans, if any (unless,
with respect to Other Incremental Term Loans or Refinancing Term Loans or the Incremental Assumption Agreement relating thereto
does not so require). Prior to any repayment of any Loan under any Facility hereunder, the Company shall select the Borrowing or
Borrowings under the applicable Facility to be repaid and shall notify the Administrative Agent by telephone (confirmed by electronic
means) of such selection not later than 2:00 p.m., Local Time, (i) in the case of an ABR Borrowing, one Business Day before the
scheduled date of such repayment and (ii) in the case of a Eurocurrency Borrowing, three Business Days before the scheduled date
of such repayment, which notice shall be irrevocable except to the extent conditioned on a refinancing or other event. Each repayment
of a Borrowing (x) in the case of the Revolving Facility of any Class, shall be applied to the Revolving Facility Loans included
in the repaid Borrowing such that each Revolving Facility Lender receives its ratable share of such repayment (based upon the respective
Revolving Facility Credit Exposure of the Revolving Facility Lenders of such Class at the time of such repayment) and (y) in all
other cases, shall be applied ratably to the Loans included in the repaid Borrowing. Repayments of Loans (other than repayments
of ABR Revolving Facility Borrowings that are not made in connection with the termination or permanent reduction of the applicable
Revolving Facility Commitment) shall be accompanied by accrued interest on the amount repaid.


 




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Section 2.11.     Prepayment of Loans.


 


(a)       Except
as otherwise provided in any Incremental Assumption Agreement with respect to Incremental Term Loans, the Borrowers shall have
the right at any time and from time to time to prepay any Loan in whole or in part, without premium or penalty (but subject to
Section 2.16), in an aggregate principal amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing
Minimum or, if less, the amount outstanding, subject to prior notice in accordance with Section 2.10(d).


 


(b)       The
Borrowers shall apply all Net Proceeds promptly upon receipt thereof to prepay Term Loans in accordance with paragraphs (c) and
(d) of Section 2.10. Notwithstanding the foregoing, the Borrowers may use a portion of such Net Proceeds pursuant to clause
‎(a) of the definition thereof to prepay or repurchase Pari Passu Senior Secured Notes to the extent any applicable Senior
Secured Notes Indenture requires the Borrowers to prepay or make an offer to purchase such Pari Passu Senior Secured Notes with
the proceeds of such Asset Sale, in each case in an amount not to exceed the product of (x) the amount of such Net Proceeds multiplied
by (y) a fraction, the numerator of which is the outstanding principal amount of the Pari Passu Senior Secured Notes and with respect
to which such a requirement to prepay or make an offer to purchase exists and the denominator of which is the sum of the outstanding
principal amount of such Pari Passu Senior Secured Notes and the outstanding principal amount of Term Loans.


 


(c)       [Reserved].


 


(d)       In
the event and on such occasion that the total Revolving Facility Credit Exposure of any Class exceeds the total Revolving Facility
Commitments of such Class, the Borrowers shall prepay Revolving Facility Borrowings of such Class (or, if no such Borrowings are
outstanding, deposit cash collateral in an account with the Administrative Agent pursuant to Section 2.05(j)) in an aggregate
amount equal to such excess.


 


(e)       In
the event and on such occasion as the Revolving L/C Exposure exceeds the Letter of Credit Sublimit, the Borrowers shall deposit
cash collateral in an account with the Administrative Agent pursuant to ‎Section 2.05(j) in an amount equal to such excess.


 


Section 2.12.     Fees.


 


(a)       The
Borrowers jointly and severally agree to pay to each Lender (other than any Defaulting Lender), through the Administrative Agent,
on the date that is 10 Business Days after the last day of March, June, September and December in each year (commencing
June 2013), and on the date on which the Revolving Facility Commitments of all the Lenders shall be terminated as provided herein,
a commitment fee (a “Commitment Fee”) on the daily amount of the applicable Available Unused Commitment of such
Lender during the preceding quarter (or other period commencing with the Closing Date or ending with the date on which the last
of the Commitments of such Lender shall be terminated) at a rate equal to the Applicable Commitment Fee. All Commitment Fees shall
be computed on the basis of the actual number of days elapsed in a year of 360 days. The Commitment Fee due to each Lender shall
commence to accrue on the Closing Date and shall cease to accrue on the date on which the last of the Commitments of such Lender
shall be terminated as provided herein.


 




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(b)       The
Borrowers jointly and severally from time to time agree to pay (i) to each Revolving Facility Lender of each Class (other than
any Defaulting Lender), through the Administrative Agent, on the last Business Day of March, June, September and December of
each year (commencing June 2013) and on the Revolving Facility Maturity Date (or such other date on which the Revolving Facility
Commitments of all the Lenders shall be terminated as provided herein), a fee (an “L/C Participation Fee”) on
such Lender’s Revolving Facility Percentage of the daily aggregate Revolving L/C Exposure (excluding the portion thereof
attributable to unreimbursed L/C Disbursements) of such Class, during the preceding quarter (or shorter period commencing with
the Closing Date or ending with the applicable Revolving Facility Maturity Date or the date on which the Revolving Facility Commitments
of such Class shall be terminated) at the rate per annum equal to the Applicable Margin for Eurocurrency Revolving Facility Borrowings
of such Class effective for each day in such period, and (ii) to each Issuing Bank, for its own account (x) on the last Business
Day of March, June, September and December of each year (commencing June 2013) and on the Revolving Facility Maturity
Date (or such other date on which the Revolving Facility Commitments of all the Lenders shall be terminated), a fronting fee in
respect of each Letter of Credit issued by such Issuing Bank for the period from and including the date of issuance of such Letter
of Credit to and including the termination of such Letter of Credit, computed at a rate equal to 0.125% per annum of the daily
average stated amount of such Letter of Credit), plus (y) in connection with the issuance, amendment or transfer of any such Letter
of Credit or any L/C Disbursement thereunder, such Issuing Bank’s customary documentary and processing fees and charges (collectively,
“Issuing Bank Fees”). All L/C Participation Fees and Issuing Bank Fees that are payable on a per annum basis
shall be computed on the basis of the actual number of days elapsed in a year of 360 days.


 


(c)       The
Borrowers jointly and severally agree to pay to the Administrative Agent, for the accounts of the Administrative Agent and the
Collateral Agent, the agency fees set forth in any fee letters entered into between the Agents and any Borrower relating to such
fees as such letters may be amended, restated, supplemented or otherwise modified from time to time, at the times specified therein
(the fees payable to the Administrative Agent being the “Administrative Agent Fees,” and the fees payable to
the Collateral Agent being the “Collateral Agent Fees”) (it being understood that this Agreement shall constitute
the “Credit Agreement” for purposes of the Administrative Agent Fee Letter dated as of November 6, 2014, by and between
the Company and the Administrative Agent, notwithstanding the occurrence of the transactions occurring on the Restatement Effective
Date).


 


(d)       [Reserved].


 


(e)       [Reserved].


 


(f)       All
Fees shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, if and as appropriate,
among the Lenders, except that Issuing Bank Fees shall be paid directly to the applicable Issuing Banks. Once paid, none of the
Fees shall be refundable under any circumstances.


 




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Section 2.13.     Interest.


 


(a)       The
Loans comprising each ABR Borrowing shall bear interest at the ABR plus the Applicable Margin.


 


(b)       The
Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for
such Borrowing plus the Applicable Margin.


 


(c)       Notwithstanding
the foregoing, if any principal of or interest on any Loan or any Fees or other amount payable by the Borrowers hereunder is not
paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well
as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable
to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the
rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided, that this paragraph (c) shall not apply
to any Event of Default that has been waived by the Lenders pursuant to Section 10.08.


 


(d)       Accrued
interest on each Loan shall be payable in arrears (i) on each Interest Payment Date for such Loan, (ii) in the case of Revolving
Facility Loans, upon termination of the applicable Revolving Facility Commitments and (iii) in the case of the Term Loans, on the
applicable Term Facility Maturity Date; provided, that (A) interest accrued pursuant to paragraph (c) of this Section shall
be payable on demand, (B) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving
Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable
on the date of such repayment or prepayment and (C) in the event of any conversion of any Eurocurrency Loan prior to the end of
the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.


 


(e)       All
interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the ABR
at times when the ABR is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year),
and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The
applicable ABR or Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive
absent manifest error.


 


Section 2.14.     Alternate Rate of Interest.


 


(a)       If
prior to the commencement of any Interest Period for a Eurocurrency Borrowing:


 


(i)       the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means
do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable (including, without limitation, because the
LIBO Screen Rate is not available or published on a current basis), for such Interest Period; or


 




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(ii)       the
Administrative Agent is advised by the Required Lenders or the Majority Lenders under the Revolving Facility of any Class that
the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost
to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period;


 


then the Administrative Agent shall give notice thereof to the Borrowers
and the Lenders by telephone or electronic means as promptly as practicable thereafter and, until the Administrative Agent notifies
the Borrowers and the Lenders that the circumstances giving rise to such notice no longer exist, (A) any Interest Election
Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing shall be
ineffective and such Borrowing shall be converted to or continued as on the last day of the Interest Period applicable thereto
an ABR Borrowing and (B) if any Borrowing Request requests a Eurocurrency Borrowing, such Borrowing shall be made as an ABR Borrowing.


 


(b)       If
at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances
set forth in clause (a)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth
in clause (a)(i) have not arisen but either (w) the supervisor for the administrator of the LIBO Screen Rate has made a public
statement that the administrator of the LIBO Screen Rate is insolvent (and there is no successor administrator that will continue
publication of the LIBO Screen Rate), (x) the administrator of the LIBO Screen Rate has made a public statement identifying a specific
date after which the LIBO Screen Rate will permanently or indefinitely cease to be published by it (and there is no successor administrator
that will continue publication of the LIBO Screen Rate), (y) the supervisor for the administrator of the LIBO Screen Rate has made
a public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published
or (z) the supervisor for the administrator of the LIBO 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 Screen Rate shall no longer be published or
used for determining interest rates for loans, then (A) if the Administrative Agent and the Borrowers reasonably determine that
there exists a then prevailing market convention for determining a reference rate of interest for syndicated loans in the United
States as the successor to interest rates based on the LIBO Screen Rate, the Administrative Agent and the Borrowers shall enter
into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement
as may be applicable (but for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Margin),
or (B) if the Administrative Agent and the Borrowers are unable to reasonably determine that a then prevailing market convention
for determining a rate of interest for syndicated loans in the United States as the successor to interest rates based on the LIBO
Rate does exist, the Administrative Agent and the Borrowers shall enter into an amendment to this Agreement to reflect an alternate
rate of interest and such other related changes to this Agreement as may be applicable, in each case that are acceptable to the
Borrowers and the Administrative Agent (but for the avoidance of doubt, such related changes shall not include a reduction of the
Applicable Margin); provided that, if such alternate rate of interest as so determined would be less than zero, such rate
shall be deemed to be zero for the purposes of this Agreement. Notwithstanding anything to the contrary in Section 10.08, such
amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative
Agent shall not have received, within five Business Days of the date such amendment is provided to the Lenders, a written notice
from the Required Lenders stating that such Required Lenders (acting reasonably) object to such amendment. Until an alternate rate
of interest shall be determined in accordance with this clause (b) (but, in the case of the circumstances described in clause (ii)(w),
clause (ii)(x) or clause (ii)(y) of the first sentence of this Section 2.14(b), only to the extent the LIBO Screen Rate for such
Interest Period is not available or published at such time on a current basis), (x) any Interest Election Request that requests
the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing shall be ineffective and (y) if
any Borrowing Request requests a Eurocurrency Borrowing, such Borrowing shall be made as an ABR Borrowing.


 




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Section 2.15.     Increased Costs.


 


(a)       If
any Change in Law shall:


 


(i)       impose,
modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account
of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or Issuing Bank;
or


 


(ii)      impose
on any Lender or Issuing Bank or the London interbank market any other condition affecting this Agreement or Eurocurrency Loans
made by such Lender or any Letter of Credit or participation therein; or


 


(iii)     subject
any Lender or Issuing Bank to any Tax with respect to any Loan Document or any Eurocurrency Loan or Letter of Credit thereunder
(other than (i) Taxes indemnifiable under Section 2.17, or (ii) Excluded Taxes),


 


and the result of any of the foregoing shall be to increase the
cost to such Lender of making or maintaining any Eurocurrency Loan (or of maintaining its obligation to make any such Loan) or
to increase the cost to such Lender or Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce
the amount of any sum received or receivable by such Lender or Issuing Bank hereunder (whether of principal, interest or otherwise),
then the Borrowers will pay to such Lender or Issuing Bank, as applicable, such additional amount or amounts as will compensate
such Lender or Issuing Bank, as applicable, for such additional costs incurred or reduction suffered.


 


(b)       If
any Lender or Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the
effect of reducing the rate of return on such Lender’s or Issuing Bank’s capital or on the capital of such Lender’s
or Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in
Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such
Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but for such
Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s
or such Issuing Bank’s holding company with respect to capital adequacy or liquidity), then from time to time the Borrowers
shall pay to such Lender or such Issuing Bank, as applicable, such additional amount or amounts as will compensate such Lender
or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction suffered.


 




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(c)       A
certificate of a Lender or an Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or Issuing Bank
or its holding company, as applicable, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrowers
and shall be conclusive absent manifest error. The Borrowers shall pay such Lender or Issuing Bank, as applicable, the amount shown
as due on any such certificate within 10 days after receipt thereof.


 


(d)       Promptly
after any Lender or any Issuing Bank has determined that it will make a request for increased compensation pursuant to this Section 2.15,
such Lender or Issuing Bank shall notify the Borrowers thereof. Failure or delay on the part of any Lender or Issuing Bank to demand
compensation pursuant to this Section 2.15 shall not constitute a waiver of such Lender’s or Issuing Bank’s right
to demand such compensation; provided, that the Borrowers shall not be required to compensate a Lender or an Issuing Bank
pursuant to this Section 2.15 for any increased costs or reductions incurred more than 180 days prior to the date that such
Lender or Issuing Bank, as applicable, notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions
and of such Lender’s or Issuing Bank’s intention to claim compensation therefor; provided, further, that,
if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180 day period referred to above
shall be extended to include the period of retroactive effect thereof.


 


Section 2.16.     Break Funding Payments.
In the event of (a) the payment of any principal of any Eurocurrency Loan other than on the last day of an Interest Period applicable
thereto (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan other than on the last day
of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurocurrency Loan on the
date specified in any notice delivered pursuant hereto or (d) the assignment of any Eurocurrency Loan other than on the last day
of the Interest Period applicable thereto as a result of a request by the Borrowers pursuant to Section 2.19, then, in any such
event, the Borrowers shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurocurrency
Loan, such loss, cost or expense to any Lender shall be deemed to be the amount determined by such Lender to be the excess, if
any, of (i) the amount of interest that would have accrued on the principal amount of such Loan had such event not occurred, at
the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day
of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue a Eurocurrency Loan,
for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest that would accrue on such
principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period,
for deposits in Dollars of a comparable amount and period from other banks in the Eurocurrency market. A certificate of any Lender
setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section 2.16 shall be delivered to
the Borrowers and shall be conclusive absent manifest error. The Borrowers shall pay such Lender the amount shown as due on any
such certificate within 10 days after receipt thereof.


 




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Section 2.17.     Taxes.


 


(a)       Any
and all payments made by or on behalf of any Loan Party hereunder or under any other Loan Document shall be made free and clear
of, and without deduction or withholding for or on account of, any Taxes; provided that if an applicable Withholding Agent
shall be required by law to deduct or withhold any Taxes from such payments, then (i) the applicable Withholding Agent shall make
such deductions or withholdings as are reasonably determined by the applicable Withholding Agent to be required by any applicable
law, (ii) the applicable Withholding Agent shall timely pay the full amount deducted or withheld to the relevant Governmental Authority
within the time allowed and in accordance with applicable law, and (iii) to the extent withholding or deduction is required to
be made on account of Indemnified Taxes or Other Taxes, the sum payable by the Loan Party shall be increased as necessary so that
after all required deductions and withholdings have been made (including deductions or withholdings applicable to additional sums
payable under this Section 2.17) the applicable Lender (or, in the case of a payment made to the Administrative Agent for
its own account, the Administrative Agent) receives an amount equal to the sum it would have received had no such deductions or
withholdings been made.


 


(b)       In
addition, the Loan Parties shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable
law.


 


(c)       Each
Loan Party shall indemnify and hold harmless the Administrative Agent and each Lender, within 15 days after written demand therefor,
for the full amount of any Indemnified Taxes or Other Taxes imposed on the Administrative Agent or such Lender, as the case may
be (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.17),
and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate setting forth in reasonable detail
the basis and calculation of the amount of such payment or liability delivered to the Borrowers by a Lender or the Administrative
Agent (as applicable) on its own behalf or on behalf of a Lender shall be conclusive absent manifest error.


 


(d)       As
soon as practicable after any payment of Taxes by a Loan Party to a Governmental Authority, such Loan Party shall deliver to the
Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment,
a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.


 


(e)       Each
Lender shall deliver to the Borrowers and the Administrative Agent, at such time or times reasonably requested by the Borrowers
or the Administrative Agent, such properly completed and executed documentation prescribed by applicable law and such other reasonably
requested information as will permit the Borrowers or the Administrative Agent, as the case may be, to determine (i) whether or
not any payments made hereunder or under any other Loan Document are subject to Taxes, (ii) if applicable, the required rate of
withholding or deduction, and (iii) such Lender’s entitlement to any available exemption from, or reduction of, applicable
Taxes in respect of any payments to be made to such Lender by any Loan Party pursuant to any Loan Document or otherwise to establish
such Lender’s status for withholding tax purposes in the applicable jurisdiction. In addition, any Lender, if requested by
the Borrowers or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested
by the Borrowers or the Administrative Agent as will enable the Borrowers or the Administrative Agent to determine whether or not
such Lender is subject to backup withholding or information reporting requirements.


 




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Without limiting the generality of Section 2.17(e),
each Foreign Lender with respect to any Loan made to the Borrowers shall, to the extent it is legally eligible to do so:


 


(1)       deliver
to the Borrowers and the Administrative Agent, prior to the date on which the first payment to the Foreign Lender is due hereunder,
two copies of (A) in the case of a Foreign Lender claiming exemption from U.S. federal withholding tax under Section 871(h)
or 881(c) of the Code with respect to payments of “portfolio interest,” United States Internal Revenue Service Form
W-8BEN or W-8BEN-E (or any applicable successor form) (together with a certificate substantially in the form of Exhibit O-1
- Exhibit O-4 as appropriate (a “Non-Bank Tax Certificate”)), (B) Internal Revenue Service Form W-8BEN, W-8BEN-E,
or Form W-8ECI (or any applicable successor form), in each case properly completed and duly executed by such Foreign Lender claiming
complete exemption from, or reduced rate of, U.S. federal withholding tax on payments by the Borrowers under this Agreement, (C)
Internal Revenue Service Form W-8IMY (or any applicable successor form) and all necessary attachments (including the forms described
in clauses (A) and (B) above; provided that if the Foreign Lender is a partnership and not a participating Lender, and one
or more of the partners is claiming portfolio interest treatment, the Non-Bank Tax Certificate may be provided by such Foreign
Lender on behalf of such partners) or (D) any other form prescribed by applicable law as a basis for claiming exemption from or
a reduction in United States federal withholding tax duly completed together with such supplementary documentation as may be prescribed
by applicable law to permit the Borrowers or Withholding Agent to determine the withholding or deduction required to be made; and


 


(2)       deliver
to the Borrowers and the Administrative Agent two further copies of any such form or certification (or any applicable successor
form) on or before the date that any such form or certification expires or becomes obsolete or invalid, after the occurrence of
any event requiring a change in the most recent form previously delivered by it to the Borrowers and the Administrative Agent,
and from time to time thereafter if reasonably requested by the Borrowers or the Administrative Agent.


 


Any Foreign Lender that becomes legally ineligible to update any
form or certification previously delivered shall promptly notify the Borrowers and the Administrative Agent in writing of such
Foreign Lender’s inability to do so.


 


If a payment made to a Lender under any Loan Document would be subject
to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements
of FATCA (including those contained in Sections 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the
Borrowers and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by
the Borrowers or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i)
of the Code) and such additional documentation reasonably requested by the Borrowers or the Administrative Agent as may be necessary
for the Borrowers and the Administrative Agent to comply with their FATCA obligations, to determine whether such Lender has or
has not complied with such Lender’s FATCA obligations and, if necessary, to determine the amount to deduct and withhold from
such payment.


 




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Each person that shall become a Participant pursuant to Section 10.04
or a Lender pursuant to Section 10.04 shall, upon the effectiveness of the related transfer, be required to provide all the
forms and statements required pursuant to this Section 2.17(e); provided that in the case of a Participant such Participant
shall furnish all such required forms and statements to the person from which the related participation shall have been purchased.


 


In addition, to the extent it is legally eligible to do so, each
Administrative Agent shall deliver to the Borrowers (x)(I) prior to the date on which the first payment by the Borrowers is due
hereunder or (II) prior to the first date on or after the date on which such Agent becomes a successor Agent pursuant to Section 9.09
on which payment by the Borrowers is due hereunder, as applicable, two copies of a properly completed and executed an IRS Form
W-9 certifying its exemption from U.S. Federal backup withholding or a properly completed and executed applicable IRS Form W-8
certifying its non-U.S. status and its entitlement to any applicable treaty benefits, and (y) on or before the date on which any
such previously delivered documentation expires or becomes obsolete or invalid, after the occurrence of any event requiring a change
in the most recent documentation previously delivered by it to the Borrowers, and from time to time if reasonably requested by
the Borrowers, two further copies of such documentation.


 


(f)       If
the Administrative Agent or a Lender determines, in its sole discretion, that it has received a refund of any Indemnified Taxes
or Other Taxes as to which it has been indemnified by a Loan Party or with respect to which such Loan Party has paid additional
amounts pursuant to this Section 2.17, it shall pay over such refund to such Loan Party (but only to the extent of indemnity
payments made, or additional amounts paid, by such Loan Party under this Section 2.17 with respect to the Indemnified Taxes
or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender (including
any Taxes imposed with respect to such refund) as is determined by the Administrative Agent or Lender in good faith and in its
sole discretion, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such
refund); provided, that such Loan Party, upon the request of the Administrative Agent or such Lender, agrees to repay as
soon as reasonably practicable the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by
the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender
is required to repay such refund to such Governmental Authority. In such event, such Lender or Administrative Agent, as the case
may be, shall, at the Loan Party’s request, provide the Loan Party with a copy of any notice of assessment or other evidence
of the requirement to repay such refund received from the relevant Governmental Authority (provided that such Lender or
Administrative Agent may delete any information therein that it deems confidential). A Lender or Administrative Agent shall claim
any refund that it determines is available to it, unless it concludes in its sole discretion that it would be adversely affected
by making such a claim. This Section 2.17(f) shall not be construed to require the Administrative Agent or any Lender to make
available its Tax returns (or any other information relating to its Taxes which it deems, in good faith and in its sole discretion,
to be confidential) to the Loan Parties or any other person.


 




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(g)       If
the Borrowers determine that a reasonable basis exists for contesting an Indemnified Tax or Other Tax for which a Loan Party has
paid additional amounts as indemnification payments, each affected Lender or Administrative Agent, as the case may be, shall use
reasonable efforts to cooperate with the Borrowers as the Borrowers may reasonably request in challenging such Tax. The Borrowers
shall jointly and severally indemnify and hold each Lender and Administrative Agent harmless against any out-of-pocket expenses
incurred by such person in connection with any request made by the Borrowers pursuant to this Section 2.17(g). Nothing in
this Section 2.17(g) shall obligate any Lender or Administrative Agent to take any action that such person, in its sole judgment,
determines may result in a material detriment to such person.


 


(h)       For
purposes of this Section 2.17, the term “Lender” includes any Issuing Bank.


 


(i)       Solely
for purposes of determining withholding Tax imposed under FATCA, from and after the Restatement Effective Date, the Borrowers and
the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Loans (including
any Loans already outstanding) as not qualifying as “grandfathered obligations” within the meaning of Treasury Regulation
Section 1.1471-2(b)(2)(i).


 


Section 2.18.     Payments Generally;
Pro Rata Treatment; Sharing of Set offs.


 


(a)       Unless
otherwise specified, each Borrower shall make each payment required to be made by it hereunder (whether of principal, interest
or, fees or reimbursement of L/C Disbursements, or of amounts payable under Sections 2.15, 2.16 or 2.17, or otherwise) prior
to 2:00 p.m., Local Time, on the date when due, in immediately available funds, without condition or deduction for any defense,
recoupment, set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative
Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such
payments shall be made to the Administrative Agent to the applicable account designated to the Borrowers by the Administrative
Agent, except payments to be made directly to the applicable Issuing Bank as expressly provided herein and except that payments
pursuant to Sections 2.15, 2.16 or 2.17 and 10.05 shall be made directly to the persons entitled thereto. The Administrative
Agent shall distribute any such payments received by it for the account of any other person to the appropriate recipient promptly
following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall
be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable
for the period of such extension. All payments made under the Loan Documents shall be made in Dollars. Any payment required to
be made by the Administrative Agent hereunder shall be deemed to have been made by the time required if the Administrative Agent
shall, at or before such time, have taken the necessary steps to make such payment in accordance with the regulations or operating
procedures of the clearing or settlement system used by the Administrative Agent to make such payment.


 




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(b)       If
at any time insufficient funds are received by and available to the Administrative Agent from the Borrowers to pay fully all amounts
of principal, unreimbursed L/C Disbursements, interest and fees then due from the Borrowers hereunder, such funds shall be applied
(i) first, towards payment of interest and fees then due from the Borrowers hereunder, ratably among the parties entitled
thereto in accordance with the amounts of interest and fees then due to such parties, (ii) second, towards payment of unreimbursed
L/C Disbursements then due from the Borrowers hereunder, ratably among the parties entitled thereto in accordance with the amounts
of principal and unreimbursed L/C Disbursements then due to such parties, and (iii) third, towards payment of principal
then due from the Borrowers hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then
due to such parties.


 


(c)       If
any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of
or interest on any of its Term Loans, Revolving Facility Loans or participations in L/C Disbursements resulting in such Lender
receiving payment of a greater proportion of the aggregate amount of its Term Loans, Revolving Facility Loans and participations
in L/C Disbursements and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such
greater proportion shall purchase (for cash at face value) participations in the Term Loans, Revolving Facility Loans and participations
in L/C Disbursements of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders
ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Term Loans, Revolving
Facility Loans and participations in L/C Disbursements; provided, that (i) if any such participations are purchased and
all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price
restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph (c) shall not be construed
to apply to any payment made by the Borrowers pursuant to and in accordance with the express terms of this Agreement or any payment
obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in
L/C Disbursements to any assignee or participant, other than to the Company or any Subsidiary thereof (as to which the provisions
of this paragraph (c) shall apply unless the assignment is pursuant to a Permitted Loan Purchase). Each Borrower consents to the
foregoing and agrees, to the extent they may effectively do so under applicable law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against such Borrower rights of set-off and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation.


 


(d)       Unless
the Administrative Agent shall have received notice from the Borrowers prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders or the applicable Issuing Bank hereunder that the Borrowers will not make such payment, the
Administrative Agent may assume that the Borrowers have made such payment on such date in accordance herewith and may, in reliance
upon such assumption, distribute to the Lenders or the applicable Issuing Bank, as applicable, the amount due. In such event, if
the Borrowers have not in fact made such payment, then each of the Lenders or the applicable Issuing Bank, as applicable, severally
agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the
Administrative Agent, at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation.


 




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(e)       If
any Lender shall fail to make any payment required to be made by it pursuant to 2.05(d) or (e), 2.06(b) or 2.18(d), then the Administrative
Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative
Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied
obligations are fully paid.


 


Section 2.19.     Mitigation Obligations;
Replacement of Lenders.


 


(a)       If
any Lender requests compensation under Section 2.15, or if the Borrowers are required to pay any additional amount to any
Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable
efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or Affiliates, if, in the reasonable judgment of such Lender, such designation or
assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as applicable, in the future and
(ii) would not subject such Lender to any material unreimbursed cost or expense and would not otherwise be disadvantageous to such
Lender in any material respect. The Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender in connection
with any such designation or assignment.


 


(b)       If
any Lender requests compensation under Section 2.15, or if the Borrowers are required to pay any additional amount to any
Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender is a Defaulting
Lender, then the Borrowers may, at their sole expense and effort, upon notice from the Borrowers to such Lender and the Administrative
Agent, require any such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained
in Section 10.04), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations
(which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrowers shall have
received the prior written consent of the Administrative Agent (and, if in respect of any Revolving Facility Commitment or Revolving
Facility Loan and the Issuing Banks), which consent, in each case, shall not unreasonably be withheld, (ii) such Lender shall have
received payment of an amount equal to the outstanding principal of its Loans and participations in L/C Disbursements, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or the Borrowers (in the case of all other amounts) and (iii) in the case of any such
assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17,
such assignment will result in a reduction in such compensation or payments. Nothing in this Section 2.19 shall be deemed
to prejudice any rights that the Borrowers may have against any Lender that is a Defaulting Lender.


 




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(c)       If
any Lender (such Lender, a “Non-Consenting Lender”) has failed to consent to a proposed amendment, waiver, discharge
or termination which pursuant to the terms of Section 10.08 requires the consent of all of the Lenders affected and with respect
to which the Required Lenders shall have granted their consent, then the Borrowers shall have the right (unless such Non-Consenting
Lender grants such consent) at its sole expense (including with respect to the processing and recordation fee referred to in Section 10.04(b)(ii)(B)),
to replace such Non-Consenting Lender by requiring such Non-Consenting Lender to (and any such Non-Consenting Lender agrees that
it shall, upon the Borrowers’ request) assign its Loans and its Commitments (or, at the Borrowers’ option, the Loans
and Commitments under the Facility that is the subject of the proposed amendment, waiver, discharge or termination) hereunder to
one or more assignees (except as expressly set forth in the proviso below, in accordance with and subject to the restrictions contained
in Section 10.04) reasonably acceptable to (i) the Administrative Agent (unless, in the case of an assignment of Term Loans, such
assignee is a Lender, an Affiliate of a Lender or an Approved Fund) and (ii) if in respect of any Revolving Facility Commitment
or Revolving Facility Loan, the Issuing Banks; provided that: (a) all Obligations of the Borrowers owing to such Non-Consenting
Lender being replaced shall be paid in full to such Non-Consenting Lender concurrently with such assignment, (b) the replacement
Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus
accrued and unpaid interest thereon and (c) the replacement Lender shall grant its consent with respect to the applicable proposed
amendment, waiver, discharge or termination. In connection with any such assignment the Borrowers, Administrative Agent, such Non-Consenting
Lender and the replacement Lender shall otherwise comply with Section 10.04; provided, that if such Non−Consenting
Lender does not comply with Section 10.04 within three Business Days after Borrowers’ request, compliance with Section 10.04
shall not be required to effect such assignment.


 


Section 2.20.     Illegality. If
any Lender reasonably determines that any Change in Law has made it unlawful, or that any Governmental Authority has asserted after
the Closing Date that it is unlawful, for any Lender or its applicable lending office to make or maintain any Eurocurrency Loans,
then, on notice thereof by such Lender to the Borrowers through the Administrative Agent, any obligations of such Lender to make
or continue Eurocurrency Loans or to convert ABR Borrowings to Eurocurrency Borrowings shall be suspended until such Lender notifies
the Administrative Agent and the Borrowers that the circumstances giving rise to such determination no longer exist. Upon receipt
of such notice, the Borrowers shall upon demand from such Lender (with a copy to the Administrative Agent), either prepay or convert
all Eurocurrency Borrowings of such Lender to ABR Borrowings, either on the last day of the Interest Period therefor, if such Lender
may lawfully continue to maintain such Eurocurrency Borrowings to such day, or immediately, if such Lender may not lawfully continue
to maintain such Loans. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so
prepaid or converted.


 




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Section 2.21.     Incremental Commitments.


 


(a)       The
Borrowers may, by written notice to the Administrative Agent from time to time after the Restatement Effective Date, request Incremental
Term Loan Commitments and/or Incremental Revolving Facility Commitments, as applicable, in an amount not to exceed the Incremental
Amount from one or more Incremental Term Lenders and/or Incremental Revolving Facility Lenders (which may include any existing
Lender) willing to provide such Incremental Term Loans and/or Incremental Revolving Facility Commitments, as the case may be, in
their own discretion; provided, that each Incremental Revolving Facility Lender shall be subject to the approval of the
Administrative Agent (which approval shall not be unreasonably withheld) unless such Incremental Revolving Facility Lender is a
Lender, an Affiliate of a Lender or an Approved Fund. Such notice shall set forth (i) the amount of the Incremental Term Loan Commitments
and/or Incremental Revolving Facility Commitments being requested (which shall be in minimum increments of $5,000,000 and a minimum
amount of $25,000,000 or equal to the remaining Incremental Amount), (ii) the date on which such Incremental Term Loan Commitments
and/or Incremental Revolving Facility Commitments are requested to become effective (the “Increased Amount Date”),
(iii) in the case of Incremental Revolving Facility Commitments, whether such Incremental Revolving Facility Commitments are to
be commitments to make revolving loans with pricing and amortization terms identical to an existing Class of Revolving Facility
Loans (which may be part of such existing Class) or commitments to make revolving loans with pricing and/or amortization terms
different from all existing Classes of Revolving Facility Loans (“Other Incremental Revolving Loans”), and (iv)
in the case of Incremental Term Loan Commitments, whether such Incremental Term Loan Commitments are to be commitments to make
term loans with pricing (other than upfront fees or original issue discount) and amortization terms identical to the Term A Loans
(which may be part of the applicable existing Class) or commitments to make term loans with pricing and amortization terms different
from the Term A Loans (“Other Incremental Term Loans”).


 


(b)       The
Borrowers and each Incremental Term Lender and/or Incremental Revolving Facility Lender shall execute and deliver to the Administrative
Agent an Incremental Assumption Agreement and such other documentation as the Administrative Agent shall reasonably specify to
evidence the Incremental Term Loan Commitment of such Incremental Term Lender and/or Incremental Revolving Facility Commitment
of such Incremental Revolving Facility Lender. Each Incremental Assumption Agreement shall specify the terms of the applicable
Incremental Term Loans and/or Incremental Revolving Facility Commitments; provided, that (i) the Other Incremental
Term Loans shall rank pari passu or junior in right of payment and of security with each existing Class of Loans, (ii) the final
maturity date of any Other Incremental Term Loans shall be no earlier than the date specified in clause (a) of the definition of
Term Facility Maturity Date and, except as to pricing, amortization, call premiums, call protection and final maturity date, shall
have (x) the same terms as the applicable Class of then outstanding Term Loans; provided that, with the consent of the Borrowers,
the Incremental Assumption Agreement with respect to any Other Incremental Term Loans constituting Acquisition Loans may provide
for additional mandatory prepayment requirements so long as any such additional mandatory prepayment requirement applies on at
least a pro rata basis to all then outstanding Classes of Term Loans or (y) such other terms (including as to guarantees and collateral)
as shall be reasonably satisfactory to the Administrative Agent, (iii) the weighted average life to maturity of any Other Incremental
Term Loans shall be no shorter than the remaining weighted average life to maturity of the Term A Loans, (iv) the Other Incremental
Revolving Loans shall rank pari passu in right of payment and of security with the Revolving Facility Loans, (v) the final maturity
date of any Other Incremental Revolving Loans shall be no earlier than the Revolving Facility Maturity Date and, except as to pricing,
amortization and final maturity date and the matters addressed by clause (iv) above, shall have (x) the same terms as the Revolving
Facility Loans or (y) such other terms (including as to guarantees and collateral) as shall be reasonably satisfactory to the Administrative
Agent, (vi) the weighted average life to maturity of any Other Incremental Revolving Loans shall be no shorter than the remaining
weighted average life to maturity of any other Class of Revolving Facility Loans and (vii) the Other Incremental Revolving Loans
and the Other Incremental Term Loans shall be denominated in Dollars and borrowed by the Borrowers. Each of the parties hereto
hereby agrees that, (i) upon the effectiveness of any Incremental Assumption Agreement, this Agreement shall be amended to the
extent (but only to the extent) necessary to reflect the existence and terms of the Incremental Term Loan Commitments and/or Incremental
Revolving Facility Commitments evidenced thereby as provided for Section 10.08(e). Any amendment to this Agreement or any
other Loan Document that is necessary to effect the provisions of this Section 2.21 and any such collateral and other documentation
shall be deemed “Loan Documents” hereunder and may be memorialized in writing by the Administrative Agent with the
Borrowers’ consent (not to be unreasonably withheld) and furnished to the other parties hereto.


 




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(c)       Notwithstanding
the foregoing, no Incremental Term Loan Commitment or Incremental Revolving Facility Commitment shall become effective under this
Section 2.21 unless (i) on the date of such effectiveness, the conditions set forth in paragraphs (b) and (c) of Section 4.01
shall be satisfied and the Administrative Agent shall have received a certificate to that effect dated such date and executed by
a Responsible Officer of the Company, (ii) the Administrative Agent shall have received customary legal opinions, board resolutions
and other customary closing certificates and documentation as required by the relevant Incremental Assumption Agreement and, to
the extent required by the Administrative Agent, consistent with those delivered on the Closing Date and such additional customary
documents and filings (including amendments to the Vessel Mortgages and other Security Documents) as the Administrative Agent may
reasonably require to assure that the Incremental Term Loans and/or Revolving Facility Loans in respect of Incremental Revolving
Facility Commitments are secured by the Collateral ratably with (or, to the extent agreed by the applicable Incremental Term Lenders
and/or the applicable Incremental Revolving Facility Lenders in the applicable Incremental Assumption Agreement, junior to) one
or more Classes of then-existing Term Loans and Revolving Facility Loans and (iii) the Company shall be in Pro Forma Compliance
after giving effect to such Incremental Term Loan Commitment and/or Incremental Revolving Facility Commitments and the Loans to
be made thereunder and the application of the proceeds therefrom as if made and applied on such date (provided that, to the extent
such Incremental Term Loan Commitment or Incremental Revolving Facility Commitment is established to finance any Permitted Business
Acquisition or any other acquisition that is permitted by this Agreement, at the Company's election, the date of determination
of Pro Forma Compliance shall be deemed to be the date the definitive agreements for such Permitted Business Acquisition or such
other acquisition that is permitted by this Agreement are entered into).


 


(d)       Each
of the parties hereto hereby agrees that the Administrative Agent may take any and all action as may be reasonably necessary to
ensure that (i) all Incremental Term Loans (other than Other Incremental Term Loans), when originally made, are included in each
outstanding Borrowing of the applicable Class of Term Loans on a pro rata basis, and (ii) all Revolving Facility Loans in respect
of Incremental Revolving Facility Commitments (other than Other Incremental Revolving Loans), when originally made, are included
in each outstanding Borrowing of the applicable Class of Revolving Facility Loans on a pro rata basis. The Borrowers agree that
Section 2.16 shall apply to any conversion of Eurocurrency Loans to ABR Loans reasonably required by the Administrative Agent
to effect the foregoing.


 




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(e)       Notwithstanding
anything to the contrary in Section 2.18(c) (which provisions shall not be applicable to clauses (e) through (i) of this Section 2.21),
pursuant to one or more offers made from time to time by the Borrowers to all Lenders of any Class of Term Loans and/or Revolving
Facility Commitments, on a pro rata basis (based, in the case of an offer to the Lenders under any Class of Term Loans, on the
aggregate outstanding Term Loans of such Class and, in the case of an offer to the Lenders under any Revolving Facility, on the
aggregate outstanding Revolving Facility Commitments under such Revolving Facility, as applicable) and on the same terms (“Pro
Rata Extension Offers”), the Borrowers are hereby permitted to consummate transactions with individual Lenders from time
to time to extend the maturity date of such Lender’s Loans and/or Commitments of such Class and to otherwise modify the terms
of such Lender’s Loans and/or Commitments of such Class pursuant to the terms of the relevant Pro Rata Extension Offer (including
without limitation increasing the interest rate or fees payable in respect of such Lender’s Loans and/or Commitments and/or
modifying the amortization schedule in respect of such Lender’s Loans). Any such extension (an “Extension”)
agreed to between the Borrowers and any such Lender (an “Extending Lender”) will be established under this Agreement
by implementing an Incremental Term Loan for such Lender (if such Lender is extending an existing Term Loan (such extended Term
Loan, an “Extended Term Loan”)) or an Incremental Revolving Facility Commitment for such Lender (if such Lender
is extending an existing Revolving Facility Commitment (such extended Revolving Facility Commitment, an “Extended Revolving
Facility Commitment”)).


 


(f)       The
Borrowers and each Extending Lender shall execute and deliver to the Administrative Agent an Incremental Assumption Agreement and
such other documentation as the Administrative Agent shall reasonably specify to evidence the Extended Term Loans and/or Extended
Revolving Facility Commitments of such Extending Lender. Each Incremental Assumption Agreement shall specify the terms of the applicable
Extended Term Loans and/or Extended Revolving Facility Commitments; provided that (i) except as to interest rates, fees,
amortization, call premiums, call protection, final maturity date and participation in prepayments (which shall, subject to clauses
(ii) through (v) of this proviso, be determined by the Borrowers and set forth in the Pro Rata Extension Offer), the Extended Term
Loans shall have (x) the same terms as the Term A Loans, or (y) such other terms as shall be reasonably satisfactory to the Administrative
Agent, (ii) the final maturity date of any Extended Term Loans shall be no earlier than the latest Term Facility Maturity Date
in effect on the date of incurrence, (iii) the weighted average life to maturity of any Extended Term Loans shall be no shorter
than the remaining weighted average life to maturity of the Class of Term Loans to which such offer relates, (iv) except as to
interest rates, fees and final maturity and the matters addressed by Section 2.21(b)(iv) (which shall be determined by the
Borrowers and set forth in the Pro Rata Extension Offer), any Extended Revolving Facility Commitment shall have (x) the same terms
as the existing Revolving Facility Commitments or (y) have such other terms as shall be reasonably satisfactory to the Administrative
Agent, and (v) any Extended Term Loans and/or Extended Revolving Facility Commitments may participate on a pro rata basis or a
less than pro rata basis (but not greater than a pro rata basis) in any voluntary or mandatory repayments or prepayments hereunder.
Upon the effectiveness of any Incremental Assumption Agreement, this Agreement shall be amended to the extent (but only to the
extent) necessary to reflect the existence and terms of the Extended Term Loans and/or Extended Revolving Facility Commitments
evidenced thereby as provided for in Section 10.08(e). Any such deemed amendment may be memorialized in writing by the Administrative
Agent with the Borrowers’ consent (not to be unreasonably withheld) and furnished to the other parties hereto. If provided
in any Incremental Assumption Agreement with respect to any Extended Revolving Facility Commitments, and with the consent of each
Issuing Bank, participations in Letters of Credit shall be reallocated to lenders holding such Extended Revolving Facility Commitments
in the manner specified in such Incremental Assumption Agreement, including upon effectiveness of such Extended Revolving Facility
Commitment or upon or prior to the maturity date for any Class of Revolving Facility Commitment.


 




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(g)       Upon
the effectiveness of any such Extension, the applicable Extending Lender’s Term Loan will be automatically designated an
Extended Term Loan and/or such Extending Lender’s Revolving Facility Commitment will be automatically designated an Extended
Revolving Facility Commitment. For purposes of this Agreement and the other Loan Documents, (i) if such Extending Lender is extending
a Term Loan, such Extending Lender will be deemed to have an Incremental Term Loan having the terms of such Extended Term Loan
and (ii) if such Extending Lender is extending a Revolving Facility Commitment, such Extending Lender will be deemed to have an
Incremental Revolving Facility Commitment having the terms of such Extended Revolving Facility Commitment.


 


(h)       Notwithstanding
anything to the contrary set forth in this Agreement or any other Loan Document (including without limitation this Section 2.21),
(i) the aggregate amount of Extended Term Loans and Extended Revolving Facility Commitments will not be included in the calculation
of the Incremental Amount, (ii) no Extended Term Loan or Extended Revolving Facility Commitment is required to be in any minimum
amount or any minimum increment, (iii) any Extending Lender may extend all or any portion of its Term Loans and/or Revolving Facility
Commitments pursuant to one or more Pro Rata Extension Offers (subject to applicable proration in the case of over participation)
(including the extension of any Extended Term Loan and/or Extended Revolving Facility Commitment), (iv) there shall be no condition
to any Extension of any Loan or Commitment at any time or from time to time other than compliance with Section 2.21(e) through
(i) and notice to the Administrative Agent of such Extension and the terms of the Extended Term Loan or Extended Revolving Facility
Commitment implemented thereby, (v) all Extended Term Loans, Extended Revolving Facility Commitments and all obligations in respect
thereof shall be Obligations of the relevant Loan Parties under this Agreement and the other Loan Documents that are secured by
the Collateral on a pari passu basis with all other Obligations of the relevant Loan Parties under this Agreement and the other
Loan Documents and (vi) no Issuing Bank shall be obligated to issue Letters of Credit under such Extended Revolving Facility Commitments
unless it shall have consented thereto.


 


(i)       Each
Extension shall be consummated pursuant to procedures set forth in the associated Pro Rata Extension Offer; provided that
the Borrowers shall cooperate with the Administrative Agent prior to making any Pro Rata Extension Offer to establish reasonable
procedures with respect to mechanical provisions relating to such Extension, including, without limitation, timing, rounding and
other adjustments.


 




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(j)       Notwithstanding
anything to the contrary in Section 2.18(c) (which provisions shall not be applicable to clause (j) through (o) of this Section 2.21),
the Borrowers may by written notice to the Administrative Agent establish one or more additional tranches of term loans under this
Agreement (“Refinancing Term Loans”), the Net Proceeds of which are used to repay Term Loans of the same Class.
Each such notice shall specify the date (each, a “Refinancing Effective Date”) on which the Borrowers propose
that the Refinancing Term Loans shall be made, which shall be a date not less than five Business Days after the date on which such
notice is delivered to the Administrative Agent; provided that: (i) before and after giving effect to the borrowing of such
Refinancing Term Loans on the Refinancing Effective Date each of the conditions set forth in Section 4.01 shall be satisfied;
(ii) the weighted average life to maturity of such Refinancing Term Loans shall be no shorter than the then-remaining weighted
average life to maturity of the refinanced Term Loans; (iii) the aggregate principal amount of the Refinancing Term Loans shall
not exceed the outstanding principal amount of the refinanced Term Loans plus amounts used to pay fees and expenses; and (iv) all
other terms applicable to such Refinancing Term Loans (other than provisions relating to original issue discount, upfront fees,
interest rates and final maturity which shall be as agreed between the Borrowers and the Lenders providing such Refinancing Term
Loans) shall be substantially similar to, or less favorable to the Lenders providing such Refinancing Term Loans than, those applicable
to the refinanced Term Loans except to the extent such covenants and other terms apply solely to any period after the date specified
in clause (a) of the definition of the Term Facility Maturity Date. In addition, notwithstanding the foregoing, the Borrowers may
establish Refinancing Term Loans to refinance and/or replace all or any portion of a Revolving Facility Commitment (regardless
of whether Revolving Facility Loans are outstanding under such Revolving Facility Commitments at the time of incurrence of such
Refinancing Term Loans), so long as (i) the aggregate amount of such Refinancing Term Loans does not exceed the aggregate amount
of Revolving Facility Commitments terminated at the time of incurrence thereof, (ii) if the Revolving Facility Credit Exposure
outstanding on the Refinancing Effective Date would exceed the aggregate amount of Revolving Facility Commitments outstanding in
each case after giving effect to the termination of such Revolving Facility Commitments, the Borrowers shall take one or more actions
such that such Revolving Facility Credit Exposure does not exceed such aggregate amount of Revolving Facility Commitments in effect
on the Refinancing Effective Date after giving effect to the termination of such Revolving Facility Commitments (it being understood
that such (x) Refinancing Term Loans may be provided by the Lenders holding the Revolving Facility Commitments being terminated
and/or by any other person that would be a permitted Assignee hereunder and (y) the proceeds of such Refinancing Term Loans shall
not constitute Net Proceeds hereunder), (iii) before and after giving effect to the borrowing of such Refinancing Term Loans on
the Refinancing Effective Date, each of the conditions set forth in Section 4.01 shall be satisfied, (iv) the weighted average
life to maturity of the Refinancing Term Loans shall be no shorter than the remaining life to termination of the terminated Revolving
Facility Commitments, (v) the final maturity of the Refinancing Term Loans shall be no earlier than the termination date of the
terminated Revolving Facility Commitments and (vi) the other terms applicable to such Refinancing Term Loans (other than provisions
relating to upfront fees and interest rates, which shall be as agreed between the Borrowers and the Lenders providing such Refinancing
Term Loans), shall be substantially similar to, or less favorable to the Lenders providing such Refinancing Term Loans than, those
applicable to the terminated Revolving Facility Commitments except to the extent such covenants and other terms apply solely to
any period after the date specified in clause (a) of the definition of Term Facility Maturity Date.


 


(k)       The
Borrowers may approach any Lender or any other person that would be a permitted Assignee pursuant to Section 10.04 to provide
all or a portion of the Refinancing Term Loans; provided that any Lender offered or approached to provide all or a portion
of the Refinancing Term Loans may elect or decline, in its sole discretion, to provide a Refinancing Term Loan. Any Refinancing
Term Loans made on any Refinancing Effective Date shall be designated an additional Class of Term Loans for all purposes of this
Agreement; provided that any Refinancing Term Loans may, to the extent provided in the applicable Incremental Assumption
Agreement, be designated as an increase in any previously established Class of Term Loans made to the Borrowers.


 




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(l)       Notwithstanding
anything to the contrary in Section 2.18(c) (which provisions shall not be applicable to clause (l) through (o) of this Section 2.21),
the Borrowers may by written notice to the Administrative Agent establish one or more additional Facilities providing for revolving
commitments (“Replacement Revolving Facility Commitments” and the revolving loans thereunder, “Replacement
Revolving Loans”), which replace in whole or in part any Revolving Facility Commitments under this Agreement. Each such
notice shall specify the date (each, a “Replacement Revolving Facility Effective Date”) on which the Borrowers
propose that the Replacement Revolving Facility Commitments shall become effective, which shall be a date not less than five Business
Days after the date on which such notice is delivered to the Administrative Agent; provided that: (i) before and after giving
effect to the establishment of such Replacement Revolving Facility Commitments on the Replacement Revolving Facility Effective
Date each of the conditions set forth in Section 4.01 shall be satisfied; (ii) after giving effect to the establishment of
any Replacement Revolving Facility Commitments and any concurrent reduction in the aggregate amount of any other Revolving Facility
Commitments, the aggregate amount of Revolving Facility Commitments shall not exceed the aggregate amount of the Revolving Facility
Commitments outstanding immediately prior to the applicable Replacement Revolving Facility Effective Date; (iii) no Replacement
Revolving Facility Commitments shall have a final maturity date prior to the latest Revolving Facility Maturity Date in effect
at the time of incurrence; (iv) all other terms applicable to such Replacement Revolving Facility Commitments (other than provisions
relating to (x) fees and interest rates which shall be as agreed between the Borrowers and the Lenders providing such Replacement
Revolving Facility Commitments and (y) the amount of any Letter of Credit Sublimit under such Replacement Revolving Facility Commitments
which shall be as agreed between the Borrowers, the Lenders providing such Replacement Revolving Facility Commitments, the Administrative
Agent and the replacement Issuing Bank, if any, under such Replacement Revolving Facility Commitments) shall be substantially similar
to, or less favorable to the Lenders providing such Replacement Revolving Facility Commitments than, those applicable to the then-outstanding
Revolving Facility, except to the extent such covenants and other terms apply solely to any period after the date specified in
clause (a) of the definition of the Term Facility Maturity Date. In addition, the Borrowers may establish Replacement Revolving
Facility Commitments to refinance and/or replace all or any portion of a Term Loan hereunder (regardless of whether such Term Loan
is repaid with the proceeds of Replacement Revolving Loans or otherwise), so long as the aggregate amount of such Revolving Facility
Commitments does not exceed the aggregate amount of Term Loans repaid at the time of establishment thereof (it being understood
that such Replacement Revolving Facility Commitment may be provided by the Lenders holding the Term Loans being repaid and/or by
any other person that would be a permitted Assignee hereunder) so long as (i) before and after giving effect to the establishment
such Replacement Revolving Facility Commitments on the Replacement Revolving Facility Effective Date each of the conditions set
forth in Section 4.01 shall be satisfied, (ii) the weighted average life to termination of such Replacement Revolving Facility
Commitments shall be not shorter than the weighted average life to maturity then applicable to the refinanced Term Loans, (iii)
the final termination date of the Replacement Revolving Facility Commitments shall be no earlier than the refinanced Term Loans
and (iv) the condition in clause (iv) of the preceding sentence has been satisfied.


 




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(m)       The
Borrowers may approach any Lender or any other person that would be a permitted Assignee of a Revolving Facility Commitment pursuant
to Section 10.04 to provide all or a portion of the Replacement Revolving Facility Commitments; provided that any Lender
offered or approached to provide all or a portion of the Replacement Revolving Facility Commitments may elect or decline, in its
sole discretion, to provide a Replacement Revolving Facility Commitment. Any Replacement Revolving Facility Commitment made on
any Replacement Revolving Facility Effective Date shall be designated an additional Class of Revolving Facility Commitments for
all purposes of this Agreement; provided that any Replacement Revolving Facility Commitments may, to the extent provided
in the applicable Incremental Assumption Agreement, be designated as an increase in any previously established Class of Revolving
Facility Commitments.


 


(n)       On
any Replacement Revolving Facility Effective Date, subject to the satisfaction of the foregoing terms and conditions, each of the
Lenders with Replacement Revolving Facility Commitments of such Class shall purchase from each of the other Lenders with Replacement
Revolving Facility Commitments of such Class, at the principal amount thereof and in the applicable currencies, such interests
in the Replacement Revolving Loans and participations in Letters of Credit under such Replacement Revolving Facility Commitments
of such Class then outstanding on such Replacement Revolving Facility Effective Date as shall be necessary in order that, after
giving effect to all such assignments and purchases, the Replacement Revolving Loans and participations of such Replacement Revolving
Facility Commitments of such Class will be held by the Lenders thereunder ratably in accordance with their Replacement Revolving
Facility Commitments.


 


(o)       For
purposes of this Agreement and the other Loan Documents, (i) if a Lender is providing a Refinancing Term Loan, such Lender will
be deemed to have an Incremental Term Loan having the terms of such Refinancing Term Loan and (ii) if a Lender is providing a Replacement
Revolving Facility Commitment, such Lender will be deemed to have an Incremental Revolving Facility Commitment having the terms
of such Replacement Revolving Facility Commitment. Notwithstanding anything to the contrary set forth in this Agreement or any
other Loan Document (including without limitation this Section 2.21), (i) the aggregate amount of Refinancing Term Loans and
Replacement Revolving Facility Commitments will not be included in the calculation of the Incremental Amount, (ii) no Refinancing
Term Loan or Replacement Revolving Facility Commitment is required to be in any minimum amount or any minimum increment, (iii)
there shall be no condition to any incurrence of any Refinancing Term Loan or Replacement Revolving Facility Commitment at any
time or from time to time other than those set forth in clauses (j) or (l) above, as applicable, and (iv) all Refinancing Term
Loans, Replacement Revolving Facility Commitments and all obligations in respect thereof shall be Obligations under this Agreement
and the other Loan Documents that are secured by the Collateral on a pari passu basis with all other Obligations under this Agreement
and the other Loan Documents.


 




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Section 2.22.     Defaulting Lender.


 


(a)       Defaulting
Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting
Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:


 


(i)       Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in the definition of Required Lenders.


 


(ii)      Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent hereunder
for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, following an Event of Default or otherwise)
or received by the Administrative Agent from a Defaulting Lender pursuant to Section 10.06 shall be applied at such time or
times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting
Lender to the Administrative Agent hereunder, second, to the payment on a pro rata basis of any amounts owing by such Defaulting
Lender to any Issuing Bank hereunder, third, to cash collateralize the Issuing Banks’ Fronting Exposure with respect
to such Defaulting Lender in accordance with Section 2.05(j), fourth, as the Company may request (so long as no Default
or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion
thereof as required by this Agreement, as determined by the Administrative Agent, fifth, if so determined by the Administrative
Agent and the Company, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s
potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Banks’
future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement,
in accordance with Section 2.05(j), sixth, to the payment of any amounts owing to the Lenders, the Issuing Banks as
a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing Banks against such Defaulting
Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement, seventh, so long as
no Default or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court
of competent jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting Lender’s
breach of its obligations under this Agreement, and eighth, to such Defaulting Lender or as otherwise directed by a court
of competent jurisdiction. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or
held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.22 shall be deemed
paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.


 


(iii)      Certain
Fees.


 


(A)       No
Defaulting Lender shall be entitled to receive any Commitment Fee for any period during which that Lender is a Defaulting Lender.


 




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(B)       Each
Defaulting Lender shall be entitled to receive L/C Participation Fees for any period during which that Lender is a Defaulting Lender
only to the extent allocable to its pro rata share of the stated amount of Letters of Credit for which it has provided Cash Collateral.


 


(C)       With
respect to any Commitment Fee or L/C Participation Fee not required to be paid to any Defaulting Lender pursuant to clause (A)
or (B) above, the Borrowers shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such
Defaulting Lender with respect to such Defaulting Lender’s participation in Letters of Credit that has been reallocated to
such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to each Issuing Bank the amount of any such fee otherwise payable
to such Defaulting Lender to the extent allocable to such Issuing Bank’s Fronting Exposure to such Defaulting Lender, and
(z) not be required to pay the remaining amount of any such fee.


 


(iv)       Reallocation
of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in Letters of
Credit shall be reallocated among the Non-Defaulting Lenders in accordance with their respective pro rata Commitments (calculated
without regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the conditions set forth in Section 4.01
are satisfied at the time of such reallocation (and, unless the Borrowers shall have otherwise notified the Administrative Agent
at such time, the Borrowers shall be deemed to have represented and warranted that such conditions are satisfied at such time)
and (y) such reallocation does not cause the aggregate Revolving Facility Credit Exposure of any Non-Defaulting Lender to exceed
such Non-Defaulting Lender’s Revolving Facility Commitment. Subject to Section 10.23, no reallocation hereunder shall constitute
a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting
Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following
such reallocation.


 


(v)       Cash
Collateral. If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrowers shall,
without prejudice to any right or remedy available to it hereunder or under law, Cash Collateralize the Issuing Banks’ Fronting
Exposure in accordance with the procedures set forth in Section 2.05(j).


 


(b)       Defaulting
Lender Cure. If the Company, the Administrative Agent and each Issuing Bank agree in writing that a Lender is no longer a Defaulting
Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice
and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender
will, to the extent applicable, purchase at par that portion of outstanding Revolving Facility Loans of the other Lenders or take
such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations
in Letters of Credit to be held pro rata by the Lenders in accordance with their Revolving Facility Commitments (without giving
effect to Section 2.22(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that, no adjustments
will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while that Lender was
a Defaulting Lender; provided, further, that except to the extent otherwise expressly agreed by the affected parties,
no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising
from that Lender’s having been a Defaulting Lender.


 




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(c)       New
Letters of Credit. So long as any Lender is a Defaulting Lender, the Issuing Banks shall not be required to issue, extend,
renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.


 


Article III



Representations and Warranties


 


On the date of each Credit Event as provided
in Section 4.01, each Borrower represents and warrants to each of the Lenders that:


 


Section 3.01.     Organization; Powers.
Except as set forth on Schedule 3.01, the Company and each Material Subsidiary (a) is a partnership, limited liability
company or corporation duly organized (or incorporated), validly existing and in good standing (or, if applicable in a foreign
jurisdiction, enjoys the equivalent status under the laws of any jurisdiction of organization outside the United States) under
the laws of the jurisdiction of its organization or incorporation, (b) has all requisite power and authority to own its property
and assets and to carry on its business as now conducted, (c) is qualified to do business in each jurisdiction where such qualification
is required, except where the failure so to qualify would not reasonably be expected to have a Material Adverse Effect, and (d)
has the power and authority to execute, deliver and perform its obligations under each of the Loan Documents and each other agreement
or instrument contemplated thereby to which it is or will be a party and, in the case of the Borrowers, to borrow and otherwise
obtain credit hereunder.


 


Section 3.02.     Authorization.
The execution, delivery and performance by the Borrowers and each of the Subsidiary Guarantors of each of the Loan Documents to
which they are a party, and the borrowings hereunder and the transactions forming a part of the Transactions (and the borrowing
of the Acquisition Loans) (a) have been duly authorized by all corporate, stockholder, partnership or limited liability company
action required to be obtained by such Loan Party and (b) will not (i) violate (A) any provision of law, statute, rule or regulation,
or of the certificate or articles of incorporation or other constitutive documents (including any partnership, limited liability
company or operating agreements) or by-laws of such Loan Party, (B) any applicable order of any court or any rule, regulation or
order of any Governmental Authority or (C) any provision of any indenture, certificate of designation for preferred stock, agreement
or other instrument to which such Loan Party is a party or by which any of them or any of their property is or may be bound, (ii)
be in conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under, give
rise to a right of or result in any cancellation or acceleration of any right or obligation (including any payment) or to a loss
of a material benefit under any such indenture, certificate of designation for preferred stock, agreement or other instrument,
where any such conflict, violation, breach or default referred to in clauses (i)(A), (i)(B), (i)(C) or (ii) of this Section 3.02(b),
would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, or (iii) result in the creation
or imposition of any Lien upon or with respect to any property or assets now owned or hereafter acquired by the Borrowers or any
such Subsidiary Guarantor, other than the Liens created by the Loan Documents and Permitted Liens.


 




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Section 3.03.     Enforceability.
This Agreement has been duly executed and delivered by the Borrowers and constitutes, and each other Loan Document when executed
and delivered by each Loan Party that is party thereto will constitute, a legal, valid and binding obligation of such Loan Party
enforceable against each such Loan Party in accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, moratorium,
reorganization, fraudulent conveyance or other similar laws affecting creditors’ rights generally, (ii) general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (iii) implied covenants
of good faith and fair dealing.


 


Section 3.04.     Governmental Approvals.
No action, consent or approval of, registration or filing with or any other action by any Governmental Authority is or will be
required in connection with the Transactions (or the borrowing of the Acquisition Loans), the creation, perfection or maintenance
of the Liens created under the Security Documents or the exercise by any Agent or any Lender of its rights under the Loan Documents
or the remedies in respect of the Collateral, except for (a) the filing of Uniform Commercial Code financing statements or other
similar filing or instruments under the laws of any applicable jurisdiction, (b) registration of the Vessel Mortgages, (c) such
as have been made or obtained and are in full force and effect, (d) such actions, consents and approvals the failure of which to
be obtained or made would not reasonably be expected to have a Material Adverse Effect and (e) filings or other actions listed
on Schedule 3.04.


 


Section 3.05.     Financial Statements.
The audited consolidated balance sheets of the Company and its consolidated subsidiaries as of December 31, 2010, 2011 and
2012, and the audited consolidated statements of income, stockholders’ or other equity holders’ equity and cash flows
for such fiscal years, reported on by and accompanied by a report from PricewaterhouseCoopers LLP, copies of which have heretofore
been made available to each Lender, present fairly in all material respects the consolidated financial position of the Company
as of such date and the consolidated results of operations, shareholders’ or other equity holders’ equity and cash
flows of the Company for the years then ended.


 


Section 3.06.     No Material Adverse
Effect. Since December 31, 2012, there has been no event or circumstance that, individually or in the aggregate with other
events or circumstances, has or would reasonably be expected to have a Material Adverse Effect.


 


Section 3.07.     Title to Properties;
Possession Under Leases.


 


(a)       Each
of the Borrowers, each other Loan Party and each other Material Subsidiary has good record and insurable title in fee simple to,
or valid leasehold interests in, or easements or other limited property interests in, all its Real Properties and has good and
marketable title to its personal property and assets (including any Mortgaged Vessel owned by such person), in each case, except
for Permitted Liens and except for defects in title that do not materially interfere with its ability to conduct its business as
currently conducted or to utilize such properties and assets for their intended purposes and except where the failure to have such
title would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. All such properties
and assets are free and clear of Liens, other than Permitted Liens.


 




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(b)       Each
Loan Party and each other Material Subsidiary has complied with all material obligations under all leases to which it is a party,
except where the failure to comply would not reasonably be expected to have Material Adverse Effect, and all such leases are in
full force and effect, except leases in respect of which the failure to be in full force and effect would not reasonably be expected
to have a Material Adverse Effect. Except as set forth on Schedule 3.07(b), each Loan Party and Material Subsidiary
enjoys peaceful and undisturbed possession under all such leases, other than leases in respect of which the failure to enjoy peaceful
and undisturbed possession would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.


 


(c)       Each
Loan Party and each other Material Subsidiary owns or possesses, or is licensed to use, all patents, trademarks, service marks,
trade names and copyrights, all applications for any of the foregoing and all licenses and rights with respect to the foregoing
necessary for the present conduct of its business, without any conflict (of which the Company has been notified in writing) with
the rights of others, and free from any burdensome restrictions on the present conduct of the Company and each Material Subsidiary,
as the case may be, except where such conflicts and restrictions would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect or except as set forth on Schedule 3.07(c).


 


Section 3.08.     Subsidiaries.


 


(a)       Schedule 3.08(a)
sets forth as of the Restatement Effective Date, the name and jurisdiction of incorporation, formation or organization of the Company
and each direct and indirect Subsidiary and, in each case, the percentage of each class of Equity Interests owned by the Company
or by any such Subsidiary.


 


(b)       As
of the Restatement Effective Date, after giving effect to the Transactions, there are no outstanding subscriptions, options, warrants,
calls, rights or other agreements or commitments (other than stock options granted to employees or directors (or entities controlled
by directors) and shares held by directors (or entities controlled by directors)) relating to any Equity Interests of any Loan
Party or Material Subsidiary, except as set forth on Schedule 3.08(b).


 


Section 3.09.     Litigation; Compliance
with Laws.


 


(a)       There
are no actions, suits or proceedings at law or in equity or in admiralty by or on behalf of any Governmental Authority or third
party now pending or in arbitration now pending, or, to the knowledge of any Loan Party, threatened in writing against or affecting
such Loan Party or any Material Subsidiary or any business, property or rights of any such person (i) that involve any Loan Document
or the Transactions or (ii) that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.


 


(b)       No
Loan Party, Material Subsidiary or their respective properties or assets is in violation of (nor will the continued operation of
their material properties and assets as currently conducted violate) any law, rule or regulation (including the USA PATRIOT Act
and any zoning, building, ordinance, code or approval or any building permit, including, as to the Mortgaged Vessels, the ISM Code,
the ISPS Code and ICPPS Annex VI and any rule or order of the United States Coast Guard, the Bahamas, the Marshall Islands
or any port state control authority, but excluding any Environmental Laws, which are the subject of Section 3.16) or any restriction
of record or agreement affecting any Mortgaged Vessel, or is in default with respect to any judgment, writ, injunction or decree
of any Governmental Authority, where such violation or default would reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect.


 




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(c)       No
part of the proceeds of the Loans or any Letter of Credit will be used, directly or indirectly, for any payments to any governmental
official or employee, political party, official of a political party, candidate for political office, or anyone else acting in
an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United
States Foreign Corrupt Practices Act of 1977, as amended.


 


Section 3.10.     Federal Reserve Regulations.


 


(a)       Neither
the Company nor any Material Subsidiary is engaged principally, or as one of its important activities, in the business of extending
credit for the purpose of purchasing or carrying Margin Stock.


 


(b)       No
part of the proceeds of any Loan will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately,
(i) to purchase or carry Margin Stock or to extend credit to others for the purpose of purchasing or carrying Margin Stock or to
refund indebtedness originally incurred for such purpose, or (ii) for any purpose that entails a violation of, or that is inconsistent
with, the provisions of the Regulations of the Board, including Regulation U or Regulation X.


 


Section 3.11.     Investment Company
Act. None of the Company or any Material Subsidiary is an “investment company” as defined in, or subject to regulation
under, the Investment Company Act of 1940, as amended.


 


Section 3.12.     Use of Proceeds.


 


(a)       The
Borrowers will use the proceeds of the Acquisition Loans to finance a portion of the Acquisition and the Refinancing and to pay
fees and expenses related to any of the foregoing.


 


(b)       The
Borrowers will use the proceeds of Revolving Facility Loans borrowed from time to time after the occurrence of the Restatement
Effective Date and the Letters of Credit issued from time to time for general corporate or other entity purposes (including without
limitation, (i) permitted acquisitions, (ii) refinance the Existing Loans and (iii) to pay fees and expenses related to the transactions
to occur on the Restatement Effective Date).


 


(c)       The
Borrowers will use the proceeds of the Term A Loans borrowed on the Restatement Effective Date to refinance the Existing Loans
and to pay fees and expenses related to the transactions to occur on the Restatement Effective Date.


 




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Section 3.13.     Tax Returns. Except
where the failure of which would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect,
(a) each Loan Party and each Material Subsidiary has filed all federal income Tax returns and all other Tax returns, domestic and
foreign, required to be filed by it (including in its capacity as a withholding agent) and has paid all Taxes payable by it that
have become due, other than those (i) not yet delinquent or (ii) being contested in good faith by appropriate proceedings and as
to which adequate reserves have been provided to the extent required by and in accordance with GAAP (or in the case of a Foreign
Subsidiary, the comparable accounting principles in the relevant jurisdiction) and (b) each Loan Party and each Material Subsidiary
have provided adequate reserves in accordance with GAAP (or in the case of a Foreign Subsidiary, the comparable accounting principles
in the relevant jurisdiction) for all Taxes of each Loan Party and each Material Subsidiary not yet due and payable.


 


Section 3.14.     No Material Misstatements.


 


(a)       All
written information (other than the Projections, estimates and information of a general economic nature) (the “Information”)
concerning the Loan Parties, the Material Subsidiaries, the Transactions and the Acquisition Transactions and any other transactions
contemplated hereby included in the Information Memorandum or otherwise prepared by or on behalf of the foregoing or their representatives
and made available to any Lenders or the Administrative Agent in connection with the Transactions and the Acquisition Transactions
or the other transactions contemplated hereby, when taken as a whole, was true and correct in all material respects, as of the
date such Information was furnished to the Lenders and/or the Administrative Agent and as of the Closing Date (or, with respect
to the Acquisition Transactions, solely as of the date such Information was furnished to the Lenders and/or the Administrative
Agent) and did not, taken as a whole, contain any untrue statement of a material fact as of any such date or omit to state a material
fact necessary in order to make the statements contained therein, taken as a whole, not materially misleading in light of the circumstances
under which such statements were made.


 


(b)       The
Projections, estimates and information of a general economic nature prepared by or on behalf of the Company or any of its representatives
and that have been made available to any Lenders or the Administrative Agent in connection with the Transactions and the Acquisition
Transactions or the other transactions contemplated hereby have been prepared in good faith based upon assumptions believed by
the Company to be reasonable as of the date thereof (it being understood that actual results may vary materially from the Projections),
as of the date such Projections and estimates were furnished to the Lenders and/or the Administrative Agent and as of the Closing
Date (or, with respect to the Acquisition Transactions, solely as of the date such Projections and estimates were furnished to
the Lenders and/or the Administrative Agent).


 


(c)       As
of the Restatement Effective Date, to the best knowledge of the Borrowers, the information included in the Beneficial Ownership
Certification provided on or prior to the Restatement Effective Date to any Lender in connection with this Agreement is true and
correct in all respects.


 




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Section 3.15.     Employee Benefit Plans.


 


(a)       Except
as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: (i) each Plan is in compliance
with the applicable provisions of ERISA and the Code; (ii) no Reportable Event has occurred during the past five years as to which
any Loan Party, Material Subsidiary or any ERISA Affiliate was required to file a report with the PBGC, other than reports that
have been filed; (iii) no Plan has any Unfunded Pension Liability in excess of $[*]; (iv) no ERISA Event has occurred or is reasonably
expected to occur; and (v) no Loan Party, Material Subsidiary or ERISA Affiliate (A) has received any written notification that
any Multiemployer Plan is in reorganization or has been terminated within the meaning of Title IV of ERISA, or has knowledge
that any Multiemployer Plan is reasonably expected to be in reorganization or to be terminated or (B) has incurred or is reasonably
expected to incur any withdrawal liability to any Multiemployer Plan.


 


(b)       Each
Loan Party and Subsidiary is in compliance (i) with all applicable provisions of law and all applicable regulations and published
interpretations thereunder with respect to any employee pension benefit plan or other employee benefit plan governed by the laws
of a jurisdiction other than the United States and (ii) with the terms of any such plan, except, in each case, for such noncompliance
that would not reasonably be expected to have a Material Adverse Effect.


 


Section 3.16.     Environmental Matters.
Except as to matters that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect:
(a) no Environmental Claim has been received by any Loan Party or Material Subsidiary, and there are no Environmental Claims pending
or, to any Loan Party’s knowledge, threatened, in each case relating to any Loan Party or Material Subsidiary or their respective
properties or the Mortgaged Vessels, (b) each Loan Party and Material Subsidiary is in compliance with Environmental Laws, (c)
each Loan Party and Material Subsidiary has all permits, licenses and other approvals required under Environmental Laws for its
operations as currently conducted (“Environmental Permits”) and is in compliance with the terms of such Environmental
Permits, (d) no Hazardous Material is located at, on or under any property currently or, to any Loan Party’s knowledge, formerly
owned, operated or leased by any Loan Party or Material Subsidiary or their predecessors that would reasonably be expected to give
rise to any Environmental Liability, and no Hazardous Material has been generated, used, treated, stored, handled, controlled,
transported to or Released at, on, from, to or under any location or any Mortgaged Vessel in a manner that would reasonably be
expected to give rise to any Environmental Liability, (e) there are no agreements in which any Loan Party or Material Subsidiary
has expressly assumed or undertaken responsibility for any known or reasonably likely Environmental Liability of any other person,
and (f) there has been no written environmental assessment or audit conducted since January 1, 2013 (other than customary assessments
not revealing anything that would reasonably be expected to result in a Material Adverse Effect), by or on behalf of any Loan Party
or Material Subsidiary of any of the Mortgaged Vessels or properties currently or, to any Loan Party’s knowledge, formerly
owned or leased by any Loan Party or Material Subsidiary that has not been made available to the Administrative Agent prior to
the Restatement Effective Date.


 




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Section 3.17.     Security Documents.


 


(a)       Each
Vessel Mortgage in favor of the Collateral Agent executed and delivered on the Closing Date, the Acquisition Closing Date or the
Third Restatement Effective Date, as applicable, for the benefit of the Secured Parties, is effective to create a legal, valid
and enforceable Lien on all the applicable Loan Party’s right, title and interest in and to the whole of the Mortgaged Vessel
covered thereby and the proceeds thereof, and when the Vessel Mortgages are registered in accordance with (i) the laws of the Bahamas,
each Vessel Mortgage shall constitute (x) a first priority “statutory mortgage” on the Mortgaged Vessels covered thereby
in favor of the Collateral Agent for the benefit of the Secured Parties in accordance with the Merchant Shipping Act, Chapter 268
of the Statute Laws of The Bahamas and (y) a “preferred mortgage” within the meaning of Title 46 United States Code,
Section 31301(6)(B) or (ii) the laws of the Republic of the Marshall Islands, each Vessel Mortgage shall constitute (x) a
first “preferred mortgage” on the Mortgaged Vessels covered thereby in favor of Collateral Agent for the ratable benefit
of the Secured Parties in accordance with the Chapter 3 of the Marshall Islands Maritime Act, 1990, as amended, and (y) a “preferred
mortgage” within the meaning of Title 46 of the United States Code, Section 31301(6)(B).


 


(b)       The
Collateral Agreement, each Subsidiary Guarantor Pledge Agreement and each other Security Document specifically listed in the definition
of such term is effective to create in favor of the Collateral Agent (for the benefit of the Secured Parties) a legal, valid and
enforceable security interest in the Collateral described therein. In the case of any Pledged Collateral, when certificates or
instruments, as applicable, representing such Pledged Collateral are delivered to the Collateral Agent (together with stock powers
or other instruments of transfer duly executed in blank), and, in the case of the other Collateral described in such Security Documents
(other than registered copyright and copyright applications), when Uniform Commercial Code financing statements, other filings
or instruments, notices and consents required under the laws of any applicable jurisdiction and described in Schedule 3.17
(as amended from time to time) are filed, delivered or otherwise registered or recorded in the proper offices specified in Schedule
3.17, registries or government agencies (and, specifically (i) in the case of Collateral consisting of rights under insurances,
when the applicable underwriters shall have provided consent to the security interests therein created under the Security Documents,
and (ii) in the case of Collateral consisting of rights under any management agreement or charter, when the applicable parties
thereto (other than any Loan Parties) have provided consent to the Liens thereon created under the applicable Security Documents),
the Collateral Agent (for the benefit of the Secured Parties) shall have a fully perfected Lien on, and security interest in, all
right, title and interest of the Loan Parties in such Collateral and the proceeds thereof, as security for the Obligations to the
extent security interests in such Collateral can be perfected by delivery of such certificates or notes, as applicable, representing
the Pledged Collateral, or the filing of the Uniform Commercial Code financing statements and other filings and instruments required
under the laws of the applicable jurisdiction, in each case prior and superior in right to any other person (except, in the case
of Collateral other than Pledged Collateral, Permitted Liens and Liens having priority by operation of law).


 




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(c)       When
the Collateral Agreement or a short form thereof is filed in the United States Patent and Trademark Office and the United States
Copyright Office, the Liens created by the Collateral Agreement shall constitute fully perfected Liens on, and security interests
in, all right, title and interest of the grantors thereunder in Patents (as defined in the Collateral Agreement) registered or
applied for with the United States Patent and Trademark Office or Copyrights (as defined in such Collateral Agreement) registered
or applied for with the United States Copyright Office, as the case may be, in each case subject to no Liens other than Permitted
Liens.


 


Section 3.18.     Solvency.


 


(a)       Immediately
after giving effect to the transactions to occur on the Restatement Effective Date, (i) the fair value of the assets of the Company
and the Subsidiaries on a consolidated basis, at a fair valuation, will exceed the debts and liabilities, direct, subordinated,
contingent or otherwise, of the Company and its Subsidiaries on a consolidated basis, respectively; (ii) the present fair saleable
value of the property of the Company and its Subsidiaries on a consolidated basis will be greater than the amount that will be
required to pay the probable liability of the Company and its Subsidiaries on a consolidated basis, respectively, on their debts
and other liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured;
(iii) the Company and its Subsidiaries on a consolidated basis will be able to pay their debts and liabilities, direct, subordinated,
contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) the Company and its Subsidiaries on
a consolidated basis will not have unreasonably small capital with which to conduct the businesses in which they are engaged as
such businesses are now conducted and are proposed to be conducted following the Restatement Effective Date.


 


(b)       the
Company does not intend to, and does not believe that it or any of its Material Subsidiaries will, incur debts beyond its ability
to pay such debts as they mature, taking into account the timing and amounts of cash to be received by it or any such subsidiary
and the timing and amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness of any such subsidiary.


 


Section 3.19.     Labor Matters.
Except as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect: (a) there are
no strikes or other labor disputes pending or threatened against the Company or any Material Subsidiary and (b) all payments due
from the Company or any Material Subsidiary or for which any claim may be made against the Company or any Material Subsidiary,
on account of wages and employee health and welfare insurance and other benefits have been paid or accrued as a liability on the
books of the Company or such Material Subsidiary to the extent required by GAAP. Except as, individually or in the aggregate, would
not reasonably be expected to have a Material Adverse Effect, the consummation of the Transactions will not give rise to a right
of termination or right of renegotiation on the part of any union under any material collective bargaining agreement to which the
Company or any Material Subsidiary (or any predecessor) is a party or by which the Company or any Material Subsidiary (or any predecessor)
is bound.


 


Section 3.20.      Insurance. Schedule 3.20
sets forth a true, complete and correct description of all material insurance maintained by or on behalf of each Loan Party and
the Material Subsidiaries or otherwise in respect of any Mortgaged Vessel as of the Restatement Effective Date. As of such date,
such insurance is in full force and effect in all material respects.


 




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Section 3.21.     No Default. No
Default or Event of Default has occurred and is continuing or would result from the consummation of the transactions contemplated
by this Agreement or any other Loan Document.


 


Section 3.22.     No Event of Loss.
No Loan Party has received any notice of, nor has any knowledge of, the occurrence or pendency or contemplation of any Event of
Loss except as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.


 


Section 3.23.     The Mortgaged Vessels.


 


(a)       Except
as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, each Mortgaged Vessel,
on the Restatement Effective Date, is in such condition as is required by the applicable Vessel Mortgage and Deed of Covenants
and complies with all of the requirements of both such Security Documents.


 


(b)       Except
as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, the Co-Borrower and each
Subsidiary Guarantor will comply with and satisfy all of the provisions of the Merchant Shipping Act, Chapter 268 of the Statute
Laws of The Bahamas or Chapter 3 of the Maritime Act, 1990, of the Republic of the Marshall Islands, being Title 47 of the Marshall
Islands Revised Code, as at any time amended, as applicable, in order to establish and maintain the Vessel Mortgages as first priority
statutory ship mortgages or first preferred ship mortgages, as applicable, thereunder on each of the Mortgaged Vessels and on all
renewals, improvements and replacements made in or to the same.


 


Section 3.24.     Anti-Corruption Laws
and Sanctions.


 


The Company has implemented and maintains in effect policies and procedures designed to ensure compliance by
the Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws, applicable
AML Laws and applicable Sanctions, and the Company, its Subsidiaries and their respective directors and officers and, to the knowledge
of the Company or such Subsidiary, any or their respective employees, agents and Affiliates, are in compliance with Anti-Corruption
Laws, AML Laws and applicable Sanctions in all material respects and are not knowingly engaged in any activity that would reasonably
be expected to result in either of the Borrowers being designated as a Sanctioned Person. No Borrowing or Letter of Credit, use
of proceeds or other transaction contemplated by this Agreement will violate any Anti-Corruption Laws, AML Laws or will result
in a violation of any applicable Sanctions by any party hereto. The representations and warranties in this Section shall not be
made by the Borrowers to any Lender which is incorporated in the Federal Republic of Germany (and which has so notified the Administrative
Agent) to the extent that the enforcement of such provision by a Lender would (a) violate, conflict with or incur liability under
EU Regulation (EC) 2271/96 or (b) violate or conflict with section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung)
in connection with section 4 paragraph (1)(a)(3) of the Foreign Trade Law (Außenwirtschaftsgesetz) or any similar anti-boycott
statute in force in the Federal Republic of Germany.


 




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Section 3.25.     EEA Financial Institutions.
No Loan Party is an EEA Financial Institution.


 


Article IV



Conditions of Lending


 


Section 4.01.     All Credit Events.
The obligations of (a) the Lenders to make Loans and (b) any Issuing Bank to issue Letters of Credit or increase the stated amounts
of Letters of Credit hereunder (each, a “Credit Event”) are subject to the satisfaction of the following conditions:


 


(a)       The
Administrative Agent shall have received, in the case of a Borrowing, a Borrowing Request as required by Section 2.03 (or
a Borrowing Request shall have been deemed given in accordance with the last paragraph of Section 2.03) or, in the case of
the issuance of a Letter of Credit, the applicable Issuing Bank and the Administrative Agent shall have received a notice requesting
the issuance of such Letter of Credit as required by Section 2.05(b).


 


(b)       The
representations and warranties set forth in the Loan Documents shall be true and correct in all material respects as of such date
(other than an automatic extension of a Letter of Credit as permitted under Section 2.05(c)), as applicable, with the same
effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier
date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date.


 


(c)       At
the time of and immediately after the Borrowing or issuance, amendment, extension or renewal of a Letter of Credit (other than
an amendment, extension or renewal of a Letter of Credit without any increase in the stated amount of such Letter of Credit), as
applicable, no Event of Default or Default shall have occurred and be continuing.


 


(d)       Each
Borrowing and each issuance, amendment, extension or renewal of a Letter of Credit shall be deemed to constitute a representation
and warranty by the Borrowers on the date of the Borrowing, issuance, amendment, extension or renewal as applicable, as to the
matters specified in paragraphs (b) and (c) of this Section 4.01.


 


Section 4.02.     Restatement Effective
Date. The effectiveness of this Agreement is subject to the satisfaction of the following conditions:


 


(a)       The
Administrative Agent (or its counsel) shall have received from Lenders constituting the Required Lenders (under and as defined
in the Original Credit Agreement), the Administrative Agent, the Borrowers, each Term A Lender, each Revolving Facility Lender
and each Issuing Bank either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory
to the Administrative Agent (which may include by electronic means transmission of a signed signature page of this Agreement) that
such party has signed a counterpart of this Agreement.


 




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(b)       The
Administrative Agent shall have received such copies of amendments to the Loan Documents as may be requested by the Administrative
Agent in connection with the transactions contemplated by the Restatement to ensure the continued validity, enforceability and
priority of the Loan Documents after giving effect to the Restatement as may have been reasonably requested by the Administrative
Agent together with such opinions of counsel, certificates, and other documents as the Administrative Agent may have reasonably
requested in connection therewith.


 


(c)       All
accrued interest and fees payable hereunder through the Restatement Effective Date shall have been paid.


 


(d)       The
Administrative Agent shall have received from the Company an upfront fee payable for the account of each Lender party to this Agreement
on the Restatement Effective Date equal to (i) 0.125% of the aggregate principal amount of such Lender’s Term A Loan Commitment
and Revolving Facility Commitment on the Restatement Effective Date up to the aggregate principal amount of “Term A Loans”
and “Revolving Facility Commitments” if any, held by such Lender immediately prior to the Restatement Effective Date
and (ii) 0.25% of the aggregate principal amount of such Lender’s Term A Loan Commitment and Revolving Facility Commitment
on the Restatement Effective Date in excess of the amount described in subclause (i) above.


 


(e)       The
Administrative Agent shall have received (or be reasonably satisfied that it will receive promptly after the funding of Loans on
the Restatement Effective Date), on behalf of itself, the Lenders and each Issuing Bank, a favorable written opinion of (i) Paul,
Weiss, Rifkind, Wharton & Garrison LLP, special counsel for the Loan Parties, (ii) Taylors in association with Walkers, Bermuda
counsel for the Loan Parties, (iii) Mayer Brown JSM, Marshall Islands counsel for the Loan Parties, (iv) Graham Thompson, Bahamas
counsel for the Loan Parties, and (v) Clyde & Co, maritime counsel for the Loan Parties, in each case (A) dated the Restatement
Effective Date, (B) addressed to each Issuing Bank, the Administrative Agent, the Collateral Agent and the Lenders and (C) in form
and substance reasonably satisfactory to the Administrative Agent and covering such other matters relating to the Loan Documents
as the Administrative Agent shall reasonably request.


 


(f)       The
Administrative Agent shall have received a certificate of the Secretary or Assistant Secretary or similar officer of each Loan
Party dated the Restatement Effective Date and certifying:


 


(i)       a
copy of the certificate or articles of incorporation, certificate of limited partnership, certificate of formation or other equivalent
constituent and governing documents, including all amendments thereto, of such Loan Party, (1) if available from an official in
such jurisdiction, certified as of a recent date by the Secretary of State (or other similar official) of the jurisdiction of its
organization, or (2) otherwise certified by the Secretary or Assistant Secretary of such Loan Party or other person duly authorized
by the constituent documents of such Loan Party,


 




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(ii)       a
certificate as to the good standing (to the extent such concept or a similar concept exists under the laws of such jurisdiction)
of such Loan Party as of a recent date from such Secretary of State (or other similar official),


 


(iii)       that
attached thereto is a true and complete copy of the by-laws (or partnership agreement, limited liability company agreement or other
equivalent constituent and governing documents) of such Loan Party as in effect on the Restatement Effective Date and at all times
since a date prior to the date of the resolutions described in clause (iv) below,


 


(iv)       that
attached thereto is a true and complete copy of resolutions duly adopted by the board of directors (or equivalent governing body)
of such Loan Party (or its managing general partner or managing member) authorizing the execution, delivery and performance of
the Loan Documents dated as of the Restatement Effective Date to which such person is a party and, in the case of the Borrowers,
the borrowings hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect
on the Restatement Effective Date,


 


(v)       as
to the incumbency and specimen signature of each officer executing any Loan Document or any other document delivered in connection
herewith on behalf of such Loan Party, and


 


(vi)       as
to the absence of any pending proceeding for the dissolution or liquidation of such Loan Party or, to the knowledge of such person,
threatening the existence of such Loan Party;


 


(g)       The
Lenders shall have received a solvency certificate substantially in the form of Exhibit C and signed by a Financial
Officer of the Company.


 


(h)       JPMorgan
Chase Bank, N.A. shall have received all fees payable thereto or to any Lender on or prior to the Restatement Effective Date and,
to the extent invoiced at least three Business Days prior to the Restatement Effective Date, all other amounts due and payable
pursuant to the Loan Documents on or prior to the Restatement Effective Date, including, to the extent invoiced at least three
Business Days prior to the Restatement Effective Date, reimbursement or payment of all reasonable and documented out-of-pocket
expenses (including reasonable and documented fees, charges and disbursements of Cahill Gordon & Reindel LLP, Appleby (Bermuda)
Limited, Higgs & Johnson and Watson, Farley & Williams LLP) required to be reimbursed or paid by the Loan Parties hereunder
or under any Loan Document.


 


(i)       (i)
The Lenders shall have received, at least three Business Days prior to the Restatement Effective Date, all documentation and other
information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules
and regulations, including the USA PATRIOT Act that has been requested by the Administrative Agent in writing at least ten Business
Days prior to the Restatement Effective Date and (ii) to the extent a Borrower qualifies as a “legal entity customer”
under the Beneficial Ownership Regulation, at least five days prior to the Restatement Effective Date, any Lender that has requested,
in a written notice to the Company at least 10 Business Days prior to the Restatement Effective Date, a Beneficial Ownership Certification
in relation to each Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution
and delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause (ii) shall be deemed
to be satisfied).


 




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For purposes of determining compliance with the conditions specified
in this Section 4.02, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each
document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders unless
an officer of the Administrative Agent responsible for the transactions contemplated by the Loan Documents shall have received
notice from such Lender prior to the Restatement Effective Date specifying its objection thereto and such Lender shall not have
made available to the Administrative Agent such Lender’s ratable portion of the initial Borrowing.


 


Article V



Affirmative Covenants


 


The Company covenants and agrees with each Lender
that, so long as this Agreement shall remain in effect (other than in respect of contingent indemnification and expense reimbursement
obligations for which no claim has been made) and until the Commitments have been terminated and the principal of and interest
on each Loan, all Fees and all other expenses or amounts payable under any Loan Document shall have been paid in full and all Letters
of Credit have been canceled or have expired and all amounts drawn or paid thereunder have been reimbursed in full, unless the
Required Lenders shall otherwise consent in writing, the Company will, and will cause each of the Material Subsidiaries to:


 


Section 5.01.     Existence; Business
and Properties.


 


(a)       Do
or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence, except, in the
case of a Subsidiary, where the failure to do so would not reasonably be expected to have a Material Adverse Effect, and except
as otherwise expressly permitted under Section 6.05, and except for the liquidation or dissolution of Subsidiaries if the
assets of such Subsidiaries to the extent they exceed estimated liabilities are acquired by the Company or a Wholly Owned Subsidiary
of the Company in such liquidation or dissolution; provided, that Loan Parties may not be liquidated into Subsidiaries that
are not Loan Parties.


 


(b)       Except
where the failure to do so would not reasonably be expected to have a Material Adverse Effect, do or cause to be done all things
necessary to (i) lawfully obtain, preserve, renew, extend and keep in full force and effect the permits, franchises, authorizations,
patents, trademarks, service marks, trade names, copyrights, licenses and rights with respect thereto necessary to the normal conduct
of its business, and (ii) at all times maintain, protect and preserve all property necessary to the normal conduct of its business
and keep such property in good repair, working order and condition (ordinary wear and tear excepted), from time to time make, or
cause to be made, all needful and proper repairs, renewals, additions, improvements and replacements thereto necessary in order
that the business carried on in connection therewith, if any, may be properly conducted at all times (in each case except as expressly
permitted by this Agreement), and use the standard of care typical in the industry in the operation and maintenance of its properties.


 




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Section 5.02.     Insurance.


 


(a)       With
respect to the Mortgaged Vessels, and without limiting the requirements for insurance required thereon by the Vessel Mortgages
or Deeds of Covenants (which Vessel Mortgage and Deed of Covenants provisions shall be controlling in the event of a conflict),
maintain, with financially sound and reputable insurance companies, as of any day, customary marine insurances (including hull,
machinery, hull interest/increased value, freight interest/anticipated earnings, war risk, protection and indemnity, war risk protection
and indemnity and mortgagee’s interest (and such mortgagee’s interest insurance shall be procured by the Administrative
Agent, and any expenses in connection therewith shall be reimbursed by the Company)) for the higher of the aggregate amount of
the Valuations of all Mortgaged Vessels and [*]% of the aggregate amount of all Term Loans outstanding on such day and Revolving
Facility Credit Exposure on such day, and maintenance of required surety bonds (if any).


 


(b)       Except
as the Administrative Agent on behalf of the Lenders may agree in writing, cause all such property and casualty insurance policies
with respect to each Loan Party’s assets located in the United States to be endorsed or otherwise amended to (i) name the
Collateral Agent, on behalf of the Secured Parties, as an additional insured thereunder as its interests may appear and (ii) in
the case of each casualty insurance policy, include a “standard” or “New York” lender’s loss payable
endorsement, in form and substance reasonably satisfactory to the Administrative Agent, which endorsement shall provide that, from
and after the Closing Date, if the insurance carrier shall have received written notice from the Administrative Agent of the occurrence
of an Event of Default, the insurance carrier shall pay all proceeds otherwise payable to the Loan Parties under such policies
directly to Administrative Agent and/or Collateral Agent; cause all such policies to provide that neither the Loan Parties, the
Administrative Agent, the Collateral Agent nor any other party shall be a coinsurer thereunder and to contain a “Replacement
Cost Endorsement,” without any deduction for depreciation, and such other provisions as the Administrative Agent may reasonably
require from time to time to protect their interests; deliver copies of all such policies or certificates of an insurance broker
with respect to such policies, in each case together with the endorsements provided for herein; cause each such policy to provide
that it shall not be cancelled or not renewed upon less than 30 days’ prior written notice thereof by the insurer to the
Collateral Agent; deliver to the Administrative Agent and the Collateral Agent, prior to or concurrently with the cancellation
or nonrenewal of any such policy of insurance, a copy of a renewal or replacement policy (or other evidence of renewal of a policy
previously delivered to the Administrative Agent), or insurance certificate with respect thereto, together with evidence satisfactory
to the Administrative Agent of payment of the premium therefor, in each case of the foregoing, to the extent customarily maintained,
purchased or provided to, or at the request of, lenders by similarly situated companies in connection with credit facilities of
this nature.


 




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(c)       In
connection with the covenants set forth in this Section 5.02, it is understood and agreed that:


 


(i)       none
of the Administrative Agent, the Collateral Agent the Lenders, the Issuing Banks, the other Secured Parties and their respective
agents or employees shall be liable for any loss or damage insured by the insurance policies required to be maintained under this
Section 5.02, it being understood that (A) the Loan Parties shall look solely to their insurance companies or any other parties
other than the aforesaid parties for the recovery of such loss or damage and (B) such insurance companies shall have no rights
of subrogation against the Administrative Agent, the Collateral Agent, the Lenders, any Issuing Bank, any other Secured Party or
their agents or employees. If, however, the insurance policies, as a matter of the internal policy of such insurer, do not provide
waiver of subrogation rights against such parties, as required above, then each Loan Party, on behalf of itself and behalf of each
of its Subsidiaries, hereby agrees, to the extent permitted by law, to waive, and further agrees to cause each of their Subsidiaries
to waive, its right of recovery, if any, against the Administrative Agent, the Collateral Agent, the Lenders, the Issuing Banks,
the other Secured Parties and their agents and employees;


 


(ii)       the
designation of any form, type or amount of insurance coverage by the Administrative Agent under this Section 5.02 shall in
no event be deemed a representation, warranty or advice by the Administrative Agent, Collateral Agent or the Lenders that such
insurance is adequate for the purposes of the business of the Loan Parties and the Subsidiaries or the protection of their properties;
and


 


(iii)       the
insurance policies and coverages thereunder maintained as of the Restatement Effective Date by the Loan Parties and the Material
Subsidiaries and listed on Schedule 3.20 satisfy the requirements of paragraph (a) of this Section 5.02 as of
the Restatement Effective Date.


 


Section 5.03.     Taxes. Pay its
obligations in respect of all Tax liabilities, assessments and governmental charges, before the same shall become delinquent or
in default, except where (i) the amount or validity thereof is being contested in good faith by appropriate proceedings and the
Company or a Subsidiary thereof has set aside on its books adequate reserves therefor in accordance with GAAP (or in the case of
a Foreign Subsidiary, the comparable accounting principles in the relevant jurisdiction) or (ii) the failure to make payment could
not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.


 




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Section 5.04.     Financial Statements,
Reports, etc. Furnish to the Administrative Agent (which will promptly furnish such information to the Lenders):


 


(a)       within
90 days (or, if applicable, such shorter period as the SEC shall specify for the filing of annual reports on Form 10-K or
on any applicable equivalent form) after the end of each fiscal year a consolidated balance sheet and related statements of operations,
cash flows and owners’ equity showing the financial position of the Company and its Subsidiaries as of the close of such
fiscal year and the consolidated results of their operations during such fiscal year and setting forth in comparative form the
corresponding figures for the prior fiscal year, which consolidated balance sheets and related statements of operations, cash flows
and owners’ equity shall be audited by PricewaterhouseCoopers, LLP or other independent public accountants of recognized
national standing and accompanied by an opinion of such accountants (which opinion shall not be qualified as to scope of audit
or as to the status of the Company or any Material Subsidiary as a going concern) to the effect that such consolidated financial
statements fairly present, in all material respects, the financial position and results of operations of the Company and its Subsidiaries
on a consolidated basis in accordance with GAAP (it being understood that the delivery by the Company of annual reports on Form 10-K
or the equivalent of the Company and its consolidated Subsidiaries shall satisfy the requirements of this (a) to the extent such
annual reports include the information specified herein);


 


(b)       within
45 days (or, if applicable, such shorter period as the SEC shall specify for the filing of quarterly reports on Form 10-Q
or on any applicable equivalent form) after the end of each of the first three fiscal quarters of each fiscal year, a consolidated
balance sheet and related statements of operations and cash flows showing the financial position of the Company and its Subsidiaries
as of the close of such fiscal quarter and the consolidated results of their operations during such fiscal quarter and the then-elapsed
portion of the fiscal year and setting forth in comparative form the corresponding figures for the corresponding periods of the
prior fiscal year, all of which shall be in reasonable detail and which consolidated balance sheet and related statements of operations
and cash flows shall be certified by a Financial Officer of the Company on behalf of the Company, as fairly presenting, in all
material respects, the financial position and results of operations of the Company and its Subsidiaries, on a consolidated basis
in accordance with GAAP (subject to normal year-end audit adjustments and the absence of footnotes) (it being understood that the
delivery by the Company of quarterly reports on Form 10-Q of the Company and its consolidated Subsidiaries shall satisfy the requirements
of this (b) to the extent such quarterly reports include the information specified herein);


 


(c)       (x)
concurrently with any delivery of financial statements under paragraphs (a) or (b) above, a certificate of a Financial Officer
of the Company (i) certifying that no Event of Default or Default has occurred or, if such an Event of Default or Default has occurred,
specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto, (ii) setting
forth computations in reasonable detail demonstrating compliance with the covenants set forth in Sections 6.12, 6.13, 6.14, and
6.15, (iii) setting forth the calculation and uses of the Cumulative Credit for the fiscal period then ended if the Company shall
have used the Cumulative Credit for any purpose during such fiscal period, and (iv) certifying a list of names of all Immaterial
Subsidiaries, that each Subsidiary set forth on such list individually qualifies as an Immaterial Subsidiary and that all such
Subsidiaries in the aggregate do not exceed the limitation set forth in clause (b) of the definition of the term “Immaterial
Subsidiary,” and (y) concurrently with any delivery of financial statements under paragraph (a) above, if the accounting
firm is not restricted from providing such a certificate by the policies of its applicable office, a certificate of the accounting
firm opining on or certifying such statements stating whether they obtained knowledge during the course of their examination of
such statements of any Default or Event of Default (which certificate may be limited to accounting matters and disclaim responsibility
for legal interpretations);


 




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(d)       promptly
after the same become publicly available, copies of all periodic and other publicly available reports, proxy statements and, to
the extent requested by the Administrative Agent, other materials filed by the Company or any Subsidiary with the SEC, or after
an initial public offering, distributed to its stockholders generally, as applicable; provided, however, that such
reports, proxy statements, filings and other materials required to be delivered pursuant to this clause (d) or any other clause
of this Section 5.04 shall be deemed delivered for purposes of this Agreement when posted to the website of the Company or the
SEC;


 


(e)       within
90 days after the beginning of each fiscal year, a reasonably detailed consolidated quarterly budget for such fiscal year
(including a projected consolidated balance sheet of the Company and its Subsidiaries as of the end of the following fiscal year,
and the related consolidated statements of projected cash flow and projected income), including a description of underlying assumptions
with respect thereto (collectively, the “Budget”), which Budget shall in each case be accompanied by the statement
of a Financial Officer of the Company to the effect that the Budget is based on assumptions believed by such Financial Officer
to be reasonable as of the date of delivery thereof;


 


(f)       promptly,
from time to time, such other information (i) regarding the operations, business affairs and financial condition of the Company
or any of the Subsidiaries, (ii) regarding compliance with the terms of any Loan Document, (iii) regarding such consolidating financial
statements or (iv) required under the USA PATRIOT Act or the Beneficial Ownership Regulation, as in each case the Administrative
Agent may reasonably request (for itself or on behalf of any Lender);


 


(g)       in
the event that (x) any Parent Entity reports on a consolidated basis then, such consolidated reporting at such Parent Entity’s
level in a manner consistent with that described in paragraphs (a) and (b) of this Section 5.04 for the Company (together with
a reconciliation showing the adjustments necessary to determine compliance by the Company and its Subsidiaries with the covenants
set forth in Sections 6.12, 6.13, 6.14, and 6.15 and consolidating information that explains in reasonable detail the differences
between the information relating to such direct or indirect parent and its Subsidiaries, on the one hand, and the information relating
to the Company and its Subsidiaries, on the other hand) will satisfy the requirements of such paragraphs.


 




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Section 5.05.     Litigation and Other
Notices. Furnish to the Administrative Agent (which will promptly thereafter furnish to the Lenders) written notice of the
following promptly after any Responsible Officer of the Company obtains actual knowledge thereof:


 


(a)       any
Event of Default or Default, specifying the nature and extent thereof and the corrective action (if any) proposed to be taken with
respect thereto;


 


(b)       the
filing or commencement of, or any written threat or notice of intention of any person to file or commence, any action, suit or
proceeding, whether at law or in equity or by or before any Governmental Authority or in arbitration, against any Loan Party or
any Subsidiary as to which an adverse determination is reasonably probable and which, if adversely determined, would reasonably
be expected to have a Material Adverse Effect;


 


(c)       any
other development specific to any Loan Party or any Subsidiary that is not a matter of general public knowledge and that has had,
or would reasonably be expected to have, a Material Adverse Effect;


 


(d)       the
development of any ERISA Event that, together with all other ERISA Events that have developed or occurred, would reasonably be
expected to have a Material Adverse Effect; and


 


(e)       any
change in the information provided in the Beneficial Ownership Certification delivered to such Lender that would result in a change
to the list of beneficial owners identified in such certification.


 


Section 5.06.     Compliance with Laws.


 


(a)       Comply
with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure
to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect;


 


(b)       This
Section 5.06 shall not apply to Environmental Laws, which are the subject of Section 5.09, or to laws related to Taxes,
which are the subject of Section 5.03.


 


Section 5.07.     Maintaining Records;
Access to Properties and Inspections. Maintain all financial records in accordance with GAAP and permit any persons designated
by the Administrative Agent or, upon the occurrence and during the continuance of an Event of Default, any Lender to visit and
inspect the financial records and the properties of the Company or any Material Subsidiary at reasonable times, upon reasonable
prior notice to the Company, and as often as reasonably requested and to make extracts from and copies of such financial records,
and permit any persons designated by the Administrative Agent or, upon the occurrence and during the continuance of an Event of
Default, any Lender upon reasonable prior notice to the Company to discuss the affairs, finances and condition of the Company or
any Material Subsidiary with the officers thereof and independent accountants therefor (subject to reasonable requirements of confidentiality,
including requirements imposed by law or by contract).


 




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Section 5.08.     Use of Proceeds.
Use the proceeds of the Loans and the Letters of Credit only as contemplated by Section 3.12. The Borrowers will not request
any Borrowing or Letter of Credit, and the Borrowers shall not use, and shall procure that their Subsidiaries and their or their
Subsidiaries’ respective directors, officers, employees, Affiliates and agents shall not use, directly or indirectly, the
proceeds of any Borrowing or Letter of Credit, or lend, contribute or otherwise make available such proceeds to any Subsidiary,
other Affiliate, joint venture partner or other person, (A) in furtherance of an offer, payment, promise to pay, or authorization
of the payment or giving of money, or anything else of value, to any person in violation of any Anti-Corruption Laws or AML Laws,
(B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person,
or in any Sanctioned Country, or involving any goods originating in or with a Sanctioned Person or Sanctioned Country, in each
case except to the extent permissible for a Person required to comply with Sanctions, or (C) in any manner that would result in
the violation of any Sanctions by any person (including any person participating in the transactions contemplated hereunder, whether
as underwriter, advisor lender, investor or otherwise). The covenants in this Section 5.08 shall not be given by the Borrowers
to any Lender which is incorporated in the Federal Republic of Germany (and which has so notified the Administrative Agent) to
the extent that the enforcement of such provision by a Lender would (a) violate, conflict with or incur liability under EU Regulation
(EC) 2271/96 or (b) violate or conflict with section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung)
in connection with section 4 paragraph (1)(a)(3) of the Foreign Trade Law (Außenwirtschaftsgesetz) or any similar anti-boycott
statute in force in the Federal Republic of Germany.


 


Section 5.09.     Environmental Matters.


 


(a)       Comply,
and make reasonable efforts to cause any Approved Manager and all persons employed on board any Mortgaged Vessel or other property
owned or leased by it (and all other persons under contract with any Loan Party or any Approved Manager) to comply, with all Environmental
Laws applicable to its operations and properties; and obtain and renew all material Environmental Permits required for its operations
and properties, in each case in accordance with Environmental Laws, except, in each case with respect to this Section 5.09,
to the extent the failure to do so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect;


 


(b)       Implement
any and all investigation, remediation, removal and response actions that are appropriate or necessary to maintain the value and
marketability of any Mortgaged Vessels or any other property owned or leased by it or to otherwise comply with Environmental Laws
and Environmental Permits pertaining to the presence, generation, treatment, storage, use, disposal, transportation, scrapping
or Release of any Hazardous Material on, at, in, under, above, to, from or about any Mortgaged Vessel or other property owned,
leased or occupied by it, except where the failure to do so, individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect;


 


(c)       Notify
the Administrative Agent promptly after it becomes aware that any violation of Environmental Laws or Environmental Permits or any
Release on, at, in, under, above, to or from any Mortgaged Vessel or any other property owned, leased or occupied by it, or any
other Environmental Claim could reasonably be expected to result in Environmental Liabilities in excess of $[*] per instance or
$[*] in the aggregate (for all such instances) in any one fiscal year (for any and all such violations, Releases and Environmental
Claims and for any and all of the Loan Parties and Material Subsidiaries), in each case whether or not any Governmental Authority
has taken or threatened any action in connection with any such violation, Release, Environmental Claim or other matter; and


 




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(d)       Promptly
forward to the Administrative Agent a copy of any order, notice, request for information or any written communication or report
received by it in connection with any such violation or Release or any other matter relating to any Environmental Laws or Environmental
Permits described in paragraph (c) of this Section 5.09.


 


Section 5.10.     Further Assurances;
Additional Security and Guarantees.


 


(a)       Promptly
execute, and use commercially reasonable efforts to cause the execution of, any and all further documents, financing statements,
agreements and instruments, and take, or use commercially reasonable efforts to cause the taking of, all such further actions (including
the filing and recording of financing statements, fixture filings, mortgages, vessel mortgages, deeds of covenants and other documents
and recordings of Liens in stock, or any other, registries), that may be required under any applicable law, or that the Collateral
Agent may reasonably request, to satisfy the Collateral and Guarantee Requirement and to cause the Collateral and Guarantee Requirement
to be and remain satisfied, all at the expense of the Borrowers, and provide to the Collateral Agent from time to time upon reasonable
request of the Collateral Agent, evidence reasonably satisfactory to the Collateral Agent as to the perfection and priority of
the Liens created or intended to be created by the Security Documents.


 


(b)       [Reserved].


 


(c)       Within
20 Business Days of the date on which any person becomes an Additional Subsidiary Guarantor (or such later date as the Administrative
Agent may agree in its sole discretion as a result of delays despite commercially reasonable efforts), (i) the Company shall, and
shall cause such Additional Subsidiary Guarantor to, execute and deliver an Additional Subsidiary Guarantor Accession Supplement
to the Administrative Agent and the Collateral Agent together with the documents that such Additional Subsidiary Guarantor would
have been required to deliver pursuant to Section 4.02(f), (h) (without giving effect to the proviso therein) and (j), mutatis
mutandis, had it been a Loan Party on the Closing Date, in each case certified or otherwise in the form required thereunder, (ii)
cause the Collateral and Guarantee Requirement to be satisfied with respect to such Subsidiary and with respect to the Equity Interests
in or Indebtedness of such Subsidiary owned by a Loan Party and (iii) the Administrative Agent and the Collateral Agent shall have
received favorable written opinions from New York counsel and counsel in the jurisdiction in which such Additional Subsidiary Guarantor
is formed, in each case reasonably satisfactory to the Administrative Agent and covering such matters relating to (x) such Additional
Subsidiary Guarantor, its Additional Subsidiary Guarantor Accession Supplement and its accession to the Loan Documents and (y)
the pledge of the Equity Interests in or Indebtedness of such Subsidiary owned by a Loan Party, as the Administrative Agent shall
reasonably request.


 


(d)       [Reserved].


 




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(e)       As
a condition precedent to the occurrence of any transaction permitted under this Agreement effecting a change in the holder of any
Equity Interests in a Subsidiary Guarantor, ensure that each resulting new holder of any Equity Interests in such Subsidiary Guarantor
shall have executed and delivered to the Administrative Agent and the Collateral Agent a replacement Subsidiary Guarantor Pledge
Agreement (or other documentation satisfactory to the Administrative Agent evidencing such new holder’s pledge of all Equity
Interests in such Subsidiary Guarantor on substantially the same terms as the existing Subsidiary Guarantor Pledge Agreement with
respect to such Subsidiary Guarantor) prior to or not later than simultaneously with the occurrence of the relevant transaction,
together with (i) to the extent requested by the Administrative Agent, favorable written opinions of counsel covering such matters
relating to such replacement Subsidiary Guarantor Pledge Agreement as the Administrative Agent shall reasonably request or other
documentation and such other matters as the Administrative Agent may reasonably request and (ii) delivery to the Collateral Agent
of the certificates or other instruments, if any, representing all of the Equity Interests of such Subsidiary, together with stock
powers or instruments of transfer executed and delivered in blank.


 


(f)       Provide
not less than 10 days prior written notice of any Subsidiary Guarantor’s or the Co-Borrower’s intent to re-register
any Mortgaged Vessel under the laws of a Permitted Flag Jurisdiction other than the jurisdiction in which such Mortgaged Vessel
was registered on the Closing Date, Acquisition Closing Date or the Third Restatement Effective Date, as applicable (or any subsequent
re-registration permitted by this Agreement); and, as conditions precedent to any such re-registration, the Subsidiary Guarantor
or the Co-Borrower shall promptly grant to the Collateral Agent a security interest in and deliver an acceptable vessel mortgage
governed by the laws of the new Permitted Flag Jurisdiction together with any deed of covenants, mortgage supplement or other customary
related supplementary documentation, which vessel mortgage together with any such supplementary documentation shall constitute
a valid and enforceable perfected first priority Lien subject only to Permitted Liens. Such vessel mortgage and supplementary documentation
shall be duly registered, filed or recorded, as appropriate, in such manner and in such places as are required by law to establish,
perfect, preserve and protect the Liens in favor of the Collateral Agent required to be granted pursuant to such vessel mortgage
and supplementary documentation and all taxes, fees and other charges payable in connection therewith shall be paid by the Subsidiary
Guarantor or Co-Borrower in full. Such Subsidiary Guarantor or the Co-Borrower shall otherwise take such other actions and execute
and/or deliver to the Collateral Agent such other documents as the Collateral Agent shall require in its reasonable discretion
to confirm the validity, perfection and priority of the Lien of any new vessel mortgage and any related supplementary documentation
(including an opinion from local counsel acceptable to the Collateral Agent, which opinion is in form and substance reasonably
satisfactory to the Collateral Agent in respect of such vessel mortgage and any related supplementary documentation).


 


(g)       Provide
not less than 10 days prior written notice of any Subsidiary Guarantor’s or the Co-Borrower’s intent to transfer any
Mortgaged Vessel to any other Subsidiary Guarantor (a “Permitted Vessel Transfer”); and, as conditions precedent
to any Permitted Vessel Transfer, the Subsidiary Guarantor or the Co-Borrower shall promptly grant to the Collateral Agent a security
interest in and deliver an acceptable vessel mortgage together with any deed of covenants, vessel mortgage, earnings assignments,
insurance assignments, and other customary related supplementary documentation, which vessel mortgage together with any such supplementary
documentation shall constitute a valid and enforceable perfected first priority Lien subject only to Permitted Liens. Such vessel
mortgage and supplementary documentation shall be duly registered, filed or recorded, as appropriate, in such manner and in such
places as are required by law to establish, perfect, preserve and protect the Liens in favor of the Collateral Agent required to
be granted pursuant to such vessel mortgage and supplementary documentation and all taxes, fees and other charges payable in connection
therewith shall be paid by the Subsidiary Guarantor or the Co-Borrower in full. Such Subsidiary Guarantor or the Co-Borrower shall
otherwise take such other actions and execute and/or deliver to the Collateral Agent such other documents as the Collateral Agent
shall require in its reasonable discretion to confirm the validity, perfection and priority of the Lien of any new vessel mortgage
and any related supplementary documentation (including an opinion from local counsel reasonably acceptable to the Collateral Agent,
which opinion is in form and substance reasonably satisfactory to the Collateral Agent in respect of such vessel mortgage and any
related supplementary documentation).


 




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(h)       (i)
Furnish to the Collateral Agent prompt written notice of any change (A) in any Loan Party’s or Material Subsidiary’s
legal name, (B) in any Loan Party’s or Material Subsidiary’s identity or organizational structure, (C) in any Loan
Party’s or Material Subsidiary’s organizational identification number or (D) in any Loan Party’s “location”
within the meaning of Section 9-307 of the Uniform Commercial Code; provided that no Loan Party shall effect or permit any
such change unless all filings have been made, or will have been made within any statutory period, under the Uniform Commercial
Code or other applicable law that are required in order for the Collateral Agent to continue at all times following such change
to have a valid, legal and perfected security interest in all the Collateral for the benefit of the Secured Parties with the priority
intended under the Collateral and Guarantee Requirement and (ii) promptly notify the Collateral Agent if any material portion of
the Collateral is damaged or destroyed.


 


(i)       Subject
to this Section 5.10, with respect to any property acquired after the Closing Date by any Loan Party that is intended to be
subject to the Lien created by any of the Security Documents but is not so subject, promptly (and in any event within 30 days
after the acquisition thereof or such longer period as the Administrative Agent shall agree in its reasonable discretion) (i) execute
and deliver to the Administrative Agent and the Collateral Agent such amendments or supplements to the relevant Security Documents
or such other documents as the Administrative Agent or the Collateral Agent shall reasonably deem necessary or advisable to grant
to the Collateral Agent, for its benefit and for the benefit of the other Secured Parties, a Lien on such property subject to no
Liens other than Permitted Liens, and (ii) use commercially reasonable efforts to cause such Lien to be duly perfected to the extent
required by such Security Document in accordance with requirements of applicable law, including the filing of financing statements
in such jurisdictions as may be reasonably requested by the Administrative Agent. The Borrowers shall otherwise take such actions
and execute and/or deliver to the Collateral Agent such documents as the Administrative Agent or the Collateral Agent shall reasonably
require to confirm the validity, perfection and priority of the Lien of the Security Documents on such after-acquired properties.


 




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(j)       The
Collateral and Guarantee Requirement and the other provisions of this Section 5.10 need not be satisfied with respect to (i) any
Equity Interests owned or acquired after the Closing Date (other than, in the case of any person which is a Subsidiary of a Subsidiary
Guarantor or the Co-Borrower, Equity Interests in such person issued or acquired after such person became a Subsidiary) in accordance
with this Agreement if, and to the extent that, and for so long as (A) doing so would violate applicable law or a contractual obligation
binding on such Equity Interests and (B) with respect to contractual obligations, such obligation existed at the time of the acquisition
thereof and was not created or made binding on such Equity Interests in contemplation of or in connection with the acquisition
of such Subsidiary, (ii) any assets acquired after the Closing Date, to the extent that, and for so long as, taking such actions
would violate an enforceable contractual obligation binding on such assets that existed at the time of the acquisition thereof
and was not created or made binding on such assets in contemplation or in connection with the acquisition of such assets (except
in the case of assets acquired with Indebtedness permitted pursuant to Section 6.01(i) or 6.01(r) (if of the type permitted by
Section 6.01(i)) that is secured by a Permitted Lien); provided, that, upon the reasonable request of the Collateral Agent,
the Company shall, and shall cause any applicable Subsidiary to, use commercially reasonable efforts to have waived or eliminated
any contractual obligation of the types described in clauses (i) and (ii) above, or (iii) any Subsidiary or asset with respect
to which the Administrative Agent determines in writing in its reasonable discretion that the cost of the satisfaction of the Collateral
and Guarantee Requirement or the provisions of this Section 5.10 or of any Security Document with respect thereto is excessive
in relation to the value of the security afforded thereby.


 


(k)       Notwithstanding
anything to the contrary in this Agreement or any other Loan Document, neither the Borrowers nor any of their Subsidiaries shall
be required to enter into any Control Agreement.


 


Section 5.11.     Rating. Exercise
commercially reasonable efforts to maintain ratings on the Term Facilities and public corporate ratings for the Company or Holdings
from each of Moody’s and S&P.


 


Section 5.12.     Annual Insurance Report.
On or as of the Acquisition Closing Date and thereafter on such other dates as the Collateral Agent may require (but not more than
once per fiscal year of the Company), a written report addressed to the Collateral Agent and the Secured Parties with respect to
the insurances carried and maintained on the Mortgaged Vessels signed by an Approved Insurance Evaluator; provided that
only the reasonable expenses of such Approved Insurance Evaluator are required to be reimbursed by the Borrowers hereunder.


 


Section 5.13.     Approval and Authorization.


 


(a)       The
Lenders hereby approve the forms of the First Lien Intercreditor Agreement, the Second Lien Intercreditor Agreement, each Subsidiary
Guarantor Pledge Agreement and the Collateral Agreement and authorize the Administrative Agent and the Collateral Agent (i) to
enter into the same on their behalf (in the case of the First Lien Intercreditor Agreement and the Second Lien Intercreditor Agreement,
with such changes thereto as may be reasonably acceptable to the Collateral Agent) and (ii) to perform their duties and obligations
and to exercise their rights and remedies thereunder. The Lenders acknowledge that the Collateral Agent will be acting as collateral
agent for the holders of the Obligations and the Senior Secured Notes Obligations under the Security Documents, on the terms provided
for therein and in the First Lien Intercreditor Agreement and/or the Second Lien Intercreditor Agreement.


 




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(b)       No
later than 90 days following each incurrence of Pari Passu Senior Secured Notes, the Company shall deliver, or cause to be delivered,
amendments to each Vessel Mortgage to which a Loan Party is then party (except to the extent the Administrative Agent determines
in its sole discretion such amendment is not required) for purposes of providing the benefit of such security interest of such
Vessel Mortgage for the benefit of the holders of such Pari Passu Senior Secured Notes on substantially the same basis as is provided
under the applicable Vessel Mortgage (and with such other changes as are reasonably acceptable to the Collateral Agent and the
Company).


 


Section 5.14.     Concerning the Mortgaged
Vessels.


 


(a)       At
all times operate each Mortgaged Vessel in compliance in all respects with all applicable governmental rules, regulations and requirements
pertaining to such Mortgaged Vessel and in compliance in all respects with all rules, regulations and requirements of the applicable
Classification Society and in compliance with all requirements of any applicable Vessel Mortgage and, if applicable, Deed of Covenants,
except, in each case with respect to this Section 5.14(a), to the extent the failure to do so would not reasonably be expected
to have a Material Adverse Effect. The Company shall cause each Subsidiary Guarantor and the Co-Borrower to keep each Mortgaged
Vessel registered under the laws of a Permitted Flag Jurisdiction and furnish to the Administrative Agent copies of all renewals
and extensions of such registration.


 


(b)       Maintain
each Mortgaged Vessel classed in the highest available class with a Classification Society, free of any overdue recommendations
or exceptions of any kind that affect such Mortgaged Vessel’s classification and rating by such Classification Society, except,
in each case with respect to this ‎Section 5.14(b), to the extent the failure to do so would not reasonably be expected to
have a Material Adverse Effect. Upon request (it being understood that the Administrative Agent shall not make more than one such
request during any fiscal year of the Company), the Company shall furnish to the Administrative Agent and the Lenders a confirmation
of class certificate issued by the respective Classification Society for each of the Mortgaged Vessels.


 


(c)       Maintain
a true copy of the relevant Vessel Mortgage, together with a notice thereof, aboard each of the Mortgaged Vessels.


 


Section 5.15.     Compliance with Maritime
Conventions. Obtain and maintain all necessary ISM Code Documentation in connection with the Mortgaged Vessels, and be in compliance
in all material respects with the ISM Code, except, in each case with respect to this Section 5.15, to the extent the failure to
do so would not reasonably be expected to have a Material Adverse Effect.


 




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Section 5.16.     Valuations. Ensure
that, for each fiscal year beginning with the fiscal year commencing January 1, 2015, the Company shall obtain one or (at the request
of the Administrative Agent) more Valuations of each Mortgaged Vessel, in each case at the Company’s sole cost and expense
(except that, with respect to each Mortgaged Vessel, any Valuation in a calendar year requested by the Administrative Agent, shall
be at the Lenders’ expense, unless an Event of Default has occurred and is continuing) and from one of the Approved Brokers,
as selected by the Company; provided that unless an Event of Default has occurred and is continuing, no more than two Valuations
of any Mortgaged Vessel shall be so required to be obtained during any fiscal year of the Company. The Company shall deliver (or
cause to be delivered) a copy of any such Valuation (a “First Valuation”) to the Administrative Agent (for distribution
to the Lenders). Notwithstanding anything to the contrary, the Company, at its own option and without any instruction from the
Administrative Agent may obtain a First Valuation from time to time and deliver same to the Administrative Agent (for distribution
to the Lenders). In the event the Company is not satisfied with the results of any First Valuation, then the Company will have
30 days after the Company’s receipt of such First Valuation during which to obtain, at its option and at its sole cost
and expense, an additional Valuation (a “Second Valuation”) from one of the Approved Brokers, as selected by
the Company. The Company shall deliver (or cause to be delivered) a copy of any such Second Valuation to the Administrative Agent
(for distribution to the Lenders) promptly after the Company’s receipt thereof. If any such Second Valuation is obtained
and the results thereof indicate a value for the subject Mortgaged Vessel of at least 110% of the value indicated in the First
Valuation, then the Company will have 30 days after the receipt of such Second Valuation from the relevant Approved Broker
during which to obtain, at its option and at its sole cost and expense, a further additional Valuation (a “Third Valuation”)
from one of the Approved Brokers, as selected by the Company. The average value of any First Valuation, Second Valuation (to the
extent obtained as provided above) and Third Valuation (to the extent obtained as provided above) of any Mortgaged Vessel shall
constitute the Valuation of such Mortgaged Vessel for all purposes under the Loan Documents until any subsequent Valuation of such
Mortgaged Vessel is obtained in accordance with this Section 5.16.


 


Article VI



Negative Covenants


 


The Company covenants and agrees with each Lender
that, so long as this Agreement shall remain in effect (other than in respect of contingent indemnification and expense reimbursement
obligations for which no claim has been made) and until the Commitments have been terminated and the principal of and interest
on each Loan, all Fees and all other expenses or amounts payable under any Loan Document have been paid in full and all Letters
of Credit have been canceled or have expired and all amounts drawn thereunder have been reimbursed in full, unless the Required
Lenders shall otherwise consent in writing, the Company will not, and will not permit any of the Material Subsidiaries to:


 


Section 6.01.     Indebtedness. Incur,
create, assume or permit to exist any Indebtedness, except:


 


(a)       Indebtedness
of the Company or any Subsidiary existing on the Closing Date (provided that any such Indebtedness in excess of $10,000,000
shall be set forth on Schedule 6.01) and any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness
(other than intercompany indebtedness Refinanced with Indebtedness owed to a person not affiliated with the Company or any Subsidiary);


 


(b)       Indebtedness
created hereunder and under the other Loan Documents and any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness;


 




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(c)       Indebtedness
of the Company or any Subsidiary pursuant to Swap Agreements permitted by Section 6.10;


 


(d)       Indebtedness
owed to (including obligations in respect of letters of credit or bank guarantees or similar instruments for the benefit of) any
person providing workers’ compensation, health, disability or other employee benefits or property, casualty or liability
insurance to the Company or any Subsidiary, pursuant to reimbursement or indemnification obligations to such person, in each case
in the ordinary course of business; provided that upon the incurrence of Indebtedness with respect to reimbursement obligations
regarding workers’ compensation claims, such obligations are reimbursed not later than 30 days following such incurrence;


 


(e)       Indebtedness
of the Company to any Subsidiary and of any Subsidiary to the Company or any other Subsidiary; provided that (i) Indebtedness
of any Subsidiary that is not a Subsidiary Guarantor or the Co-Borrower owing to the Loan Parties shall be subject to Section 6.04(a)
and (ii) Indebtedness of the Company to any Subsidiary and Indebtedness of any Subsidiary Guarantor or the Co-Borrower to any Subsidiary
that is not a Subsidiary Guarantor or the Co-Borrower shall be made expressly subject to a note containing subordination provisions
reasonably satisfactory to the Company and the Administrative Agent;


 


(f)       (i)
Indebtedness in respect of performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar obligations,
in each case provided in the ordinary course of business, including those incurred to secure health, safety and environmental obligations
in the ordinary course of business and (ii) ordinary course Guarantees and any related credit support or suretyship arrangements
so long as the same do not constitute Indebtedness for borrowed money or a Guarantee thereof;


 


(g)       Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient
funds in the ordinary course of business or other cash management services in the ordinary course of business; provided
that (i) such Indebtedness (other than credit or purchase cards) is extinguished within ten Business Days of notification to the
obligor by such bank or other financial institution of its incurrence and (ii) such Indebtedness in respect of credit or purchase
cards is extinguished within 60 days from its incurrence;


 


(h)       (i)
Indebtedness of a Subsidiary acquired after the Closing Date or a person merged into or consolidated with the Company or any Subsidiary
after the Closing Date and Indebtedness assumed or incurred in connection with such acquisition, merger or consolidation and where
such acquisition, merger or consolidation is permitted by this Agreement provided that the aggregate amount of such Indebtedness
(together with the aggregate amount of Indebtedness outstanding pursuant to this paragraph (h) and paragraph (i) of this Section 6.01
and the Remaining Present Value of outstanding leases permitted under ‎Section 6.03 would not exceed (x) the greater of $[*]
and [*]% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such acquisition, merger
or consolidation, such assumption or such incurrence, as applicable for which financial statements have been delivered pursuant
to Section 5.04 plus (y) an amount of Indebtedness for which, after giving effect to such issuance, incurrence or assumption,
the Company would be in Ratio Compliance; provided, further (A) no Default or Event of Default shall have occurred
and be continuing or would result therefrom, (B) immediately after giving effect to such acquisition, merger or consolidation,
the assumption and incurrence of any Indebtedness and any related transactions, the Company shall be in Pro Forma Compliance and
(C) to the extent such Indebtedness is incurred in contemplation of such acquisition, merger or consolidation, it shall constitute
Permitted Additional Debt; and (ii) any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness.


 




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(i)       Capital
Lease Obligations, mortgage financings and purchase money Indebtedness incurred by the Company or any Subsidiary prior to or within
[*] days after the acquisition, lease or improvement of the respective asset permitted under this Agreement in order to finance
such acquisition or improvement, and any Permitted Refinancing Indebtedness in respect thereof, in an aggregate principal amount
that at the time of, and after giving effect to, the incurrence thereof, of such Indebtedness (together with the aggregate principal
amount of Indebtedness outstanding pursuant to this paragraph (i) and paragraph (h) of this Section 6.01 and the Remaining
Present Value of outstanding leases permitted under Section 6.03 would not exceed (x) the greater of $[*] and [*]% of Consolidated
Total Assets as of the end of the fiscal quarter immediately prior to the date of such incurrence for which financial statements
have been delivered pursuant to ‎Section 5.04 plus (y) any additional amounts, so long as after giving effect to the issuance
or incurrence of such Indebtedness the Company is in Ratio Compliance;


 


(j)       Capital
Lease Obligations incurred by the Company or any Subsidiary in respect of any Sale and Lease-Back Transaction that is permitted
under Section 6.03;


 


(k)       other
Indebtedness of the Company or any Subsidiary, in an aggregate principal amount that at the time of, and after giving effect to,
the incurrence thereof, would not exceed the greater of $[*] and [*]% of Consolidated Total Assets as of the end of the fiscal
quarter immediately prior to the date of such incurrence for which financial statements have been delivered pursuant to Section 5.04;


 


(l)       Indebtedness
of the Company pursuant to (i) the Senior Unsecured Notes Documents in an aggregate principal amount not in excess of $[*], and
(ii) any Permitted Refinancing Indebtedness incurred to Refinance any such Indebtedness;


 


(m)       Guarantees
(i) by any Subsidiary Guarantor or the Co-Borrower of the Indebtedness of the Company described in paragraph (l) of this Section 6.01,
(ii) by any Borrower or any Subsidiary Guarantor of any Indebtedness of any Subsidiary Guarantor or the Co-Borrower permitted to
be incurred under this Agreement, (iii) by any Borrower or any Subsidiary Guarantor of Indebtedness otherwise permitted hereunder
of any Subsidiary that is not a Subsidiary Guarantor or the Co-Borrower to the extent such Guarantees are permitted by ‎Section
6.04 (other than ‎Section 6.04(v)), (iv) by any Subsidiary that is not a Subsidiary Guarantor or the Co-Borrower of any Indebtedness
of any other Subsidiary or any Loan Party permitted to be incurred under this Agreement; provided that Guarantees by any
Loan Party or Subsidiary under this Section 6.01(m) of any other Indebtedness of a person that is subordinated to other Indebtedness
of such person shall be expressly subordinated to the Obligations to the same extent as such underlying Indebtedness is subordinated;


 




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(n)       Indebtedness
arising from agreements of the Company or any Subsidiary providing for indemnification, adjustment of purchase or acquisition price
or similar obligations, in each case, incurred or assumed in connection with any Permitted Business Acquisition or the disposition
of any business, assets or a Subsidiary not prohibited by this Agreement, other than Guarantees of Indebtedness incurred by any
person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition;


 


(o)       Indebtedness
in respect of letters of credit, bank guarantees, warehouse receipts or similar instruments issued to support performance obligations
(other than obligations in respect of other Indebtedness) in the ordinary course of business;


 


(p)       Indebtedness
supported by a Letter of Credit, in a principal amount not in excess of the stated amount of such Letter of Credit;


 


(q)       Indebtedness
consisting of (i) the financing of insurance premiums, or (ii) take-or-pay obligations contained in supply arrangements, in each
case, in the ordinary course of business;


 


(r)       Indebtedness
consisting of Permitted Ratio Debt and Permitted Refinancing Indebtedness in respect thereof so long as (i) no Default or Event
of Default shall have occurred and be continuing or would result therefrom, and (ii) (A) immediately after giving effect to the
issuance, incurrence or assumption of such Indebtedness, the Loan-to-Value Ratio on a Pro Forma Basis is equal to or less than
[*] to 1.0, or (B) immediately after giving effect to the issuance, incurrence or assumption of such Indebtedness, the Fixed Charge
Coverage Ratio on a Pro Forma Basis at least [*] to 1.0;


 


(s)       Indebtedness
of Subsidiaries that are not Subsidiary Guarantors or the Co-Borrower in an aggregate amount not to exceed the greater of $[*]
and [*]% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such incurrence for
which financial statements have been delivered pursuant to Section 5.04;


 


(t)       unsecured
Indebtedness in respect of obligations of the Company or any Subsidiary to pay the deferred purchase price of goods or services
or progress payments in connection with such goods and services; provided that such obligations are incurred in connection
with open accounts extended by suppliers on customary trade terms (which require that all such payments be made within 60 days
after the incurrence of the related obligations) in the ordinary course of business and not in connection with the borrowing of
money or any Swap Agreements;


 


(u)       Indebtedness
representing deferred compensation to employees of the Company or any Subsidiary incurred in the ordinary course of business;


 




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(v)       Indebtedness
consisting of Prestige Newbuild Debt;


 


(w)       Indebtedness
of any New Vessel Subsidiary under a New Vessel Financing (in an initial aggregate principal amount not to exceed [*]% of the purchase
price (as adjusted from time to time to give effect to any change orders or other modifications) of the purchased Vessel and [*]%
of any related export credit insurance premium) and Guarantees thereof by the Company;


 


(x)       Indebtedness
of the Company and the Subsidiaries incurred under lines of credit or overdraft facilities (including, but not limited to, intraday,
ACH and purchasing card/T&E services) extended by one or more financial institutions reasonably acceptable to the Administrative
Agent or one or more of the Lenders and (in each case) established for the Company’s and the Subsidiaries’ ordinary
course of operations (such Indebtedness, the “Overdraft Line”), which Indebtedness may be secured as, but only
to the extent, provided in Section 6.02(a) and in the Security Documents (it being understood, however, that for a period of 30
consecutive days during each fiscal year of the Company the outstanding principal amount of Indebtedness under the Overdraft Line
shall not exceed the greater of $[*] and [*]% of Consolidated Total Assets);


 


(y)       intercompany
Indebtedness in connection with any Permitted Vessel Transfer;


 


(z)       the
Senior Secured Notes and Permitted Refinancing Indebtedness in respect thereof (in the case of such Permitted Refinancing Indebtedness,
so long as all the requirements of the definition of the term “Senior Secured Notes” other than the requirement in
clause (b) thereof are met);


 


(aa)    Indebtedness in the form of
notes meeting all the requirements of the definition of the term “Senior Secured Notes,” other than clause (b) of the
definition of such term, in an aggregate principal amount not to exceed the Incremental Amount, and any Permitted Refinancing Indebtedness
in respect thereof;


 


(bb)    Indebtedness incurred on behalf
of, or representing Guarantees of Indebtedness of, joint ventures not in excess of the greater of $[*] and [*]% of Consolidated
Total Assets as of the fiscal quarter immediately prior to the date of such Investment for which financial statements have been
delivered pursuant to Section 5.04;


 


(cc)    all premium (if any), interest
(including post-petition interest), fees, expenses, charges and additional or contingent interest on obligations described in paragraphs
(a) through (bb) above.


 




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For purposes of determining compliance with
this Section 6.01, (x) the amount of any Indebtedness denominated in any currency other than Dollars shall be calculated based
on customary currency exchange rates in effect, in the case of such Indebtedness incurred (in respect of term Indebtedness) or
committed (in respect of revolving Indebtedness) on or prior to the Closing Date, on the Closing Date and, in the case of such
Indebtedness incurred (in respect of term Indebtedness) or committed (in respect of revolving Indebtedness) after the Closing Date,
on the date that such Indebtedness was incurred (in respect of term Indebtedness) or committed (in respect of revolving Indebtedness);
provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a currency other than Dollars
(or in a different currency from the Indebtedness being refinanced), and such refinancing would cause the applicable Dollar-denominated
restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such
Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness
does not exceed (i) the outstanding or committed principal amount, as applicable, of such Indebtedness being refinanced plus (ii)
the aggregate amount of fees, underwriting discounts, premiums (including tender premiums), defeasance costs and other costs and
expenses incurred in connection with such refinancing and (y) (A) Indebtedness need not be permitted solely by reference to one
category of permitted Indebtedness (or any portion thereof) described in Sections 6.01(a) through (cc) (including, for the avoidance
of doubt, with respect to the clauses set forth in the definition of “Incremental Amount”) but may be permitted in
part under any combination thereof, (B) in the event that an item of Indebtedness (or any portion thereof) meets the criteria of
one or more of the categories of permitted Indebtedness (or any portion thereof) described in Sections 6.01(a) through (cc)
(including, for the avoidance of doubt, with respect to the clauses set forth in the definition of “Incremental Amount”),
the Company may, in its sole discretion, divide, classify or reclassify, or later divide, classify or reclassify (as if incurred
at such later time), such item of Indebtedness (or any portion thereof) in any manner that complies with this Section 6.01
and at the time of incurrence, division, classification or reclassification will be entitled to only include the amount and type
of such item of Indebtedness (or any portion thereof) in one of the above clauses (or any portion thereof) and such item of Indebtedness
(or any portion thereof) shall be treated as having been incurred or existing pursuant to only such clause or clauses (or any portion
thereof); provided, that all Indebtedness under this Agreement that is outstanding on the Restatement Effective Date shall
at all times be deemed to have been incurred pursuant to clause (b) of this Section 6.01 and (C) in connection with (1) the incurrence
of revolving loan Indebtedness under this Section 6.01 or (2) any commitment relating to the incurrence of Indebtedness under this
Section 6.01 and the granting of any Lien to secure such Indebtedness, the Company or applicable Subsidiary may designate the incurrence
of such Indebtedness and the granting of such Lien therefor as having occurred on the date of first incurrence of such revolving
loan Indebtedness or commitment (such date, the “Deemed Date”), and from and after the Deemed Date such Indebtedness
shall be deemed to be outstanding for purposes of this Section 6.01 and 6.02 so long as the commitments with respect to such Indebtedness
remain in effect and any related subsequent actual incurrence and the granting of such Lien therefor will be deemed for purposes
of this Section 6.01 and Section 6.02 of this Agreement to have been incurred or granted on such Deemed Date.


 


With respect to any Indebtedness that was permitted
to be incurred hereunder on the date of such incurrence, any Increased Amount of such Indebtedness shall also be permitted hereunder
after the date of such incurrence.


 




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Section 6.02.     Liens. Create,
incur, assume or permit to exist any Lien upon any Collateral (other than Liens in favor of a Borrower or a Subsidiary Guarantor),
whether now owned or hereafter acquired, except the following (collectively, “Permitted Liens”):


 


(a)       any
Lien created under the Loan Documents or permitted in respect of any Mortgaged Vessel by the terms of the applicable Vessel Mortgage;


 


(b)       Liens
on Collateral existing on the Closing Date and set forth on Schedule 6.02(b) and any modifications, replacements, renewals
or extensions thereof;


 


(c)       Liens
ranking junior to the Liens on the Collateral securing the Obligations; provided that (i) the Loan-to-Value Ratio on a Pro
Forma Basis will be equal to or less than [*] to 1.0 and (ii) at the time of the incurrence of such Lien and after giving effect
thereto, no Default or Event of Default shall have occurred and be continuing or would result therefrom;


 


(d)       (1)
Liens imposed by law, such as landlord’s, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s,
construction or other like Liens and Liens in favor of customs and revenue authorities to secure payment of customs duties in connection
with the importation of goods; in each case arising in the ordinary course of business and securing obligations which do not in
the aggregate materially detract from the value of the Collateral and do not materially impact the use thereof in the operation
of the business of the Company or the applicable Material Subsidiary or that are being contested in good faith by appropriate proceedings;
and with respect to the Mortgaged Vessels: (i) Liens fully covered (in excess of deductibles required or permitted by Section 5.02)
by valid policies of insurance meeting the requirements of the Deeds of Covenant, (ii) Liens for master’s and crew’s
wages on, if not yet due and payable, and (iii) other maritime liens arising in the ordinary course of business in an amount not
to exceed the greater of (x) $[*] and [*]% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to
the date of such incurrence for which financial statements have been delivered pursuant to Section 5.04 and (2) Liens arising
solely by virtue of any statutory or common law provision relating to banker’s liens, rights of set-off or similar rights;


 


(e)       (1)
Liens for Taxes, assessments or other governmental charges or levies not yet delinquent or that are being contested in compliance
with Section 5.03; (2) Liens in respect of Indebtedness permitted by (a) Section 6.01(f) (to the extent such obligations are in
respect of trade-related letters of credit and bankers’ acceptances and cover the goods (or the documents of title in respect
of such goods) financed by such letters of credit and the proceeds and products thereof), (b) Section 6.01(i) (provided,
that in the case of any Lien in respect of Section 6.01(i), (x) that such Liens do not apply to any property or assets other than
the property or assets being acquired or improved or (y) that immediately after giving effect to any such Lien and the incurrence
of any Indebtedness incurred at the time such Lien is created, incurred or permitted to exist, the Company is in Ratio Compliance
and at the time of the incurrence of such Lien and after giving effect thereto, no Default or Event of Default shall have occurred
and be continuing or would result therefrom) and (c) Section 6.01(z) (provided, for the avoidance of doubt that the Net
Proceeds of such Indebtedness (other than Permitted Refinancing Indebtedness), shall be applied to prepay Term Loans as provided
in clause (b) of the definition of “Senior Secured Notes”) and/or Section 6.01‎(aa); (3) Liens on not more than
the greater of (x) $[*] and (y) [*]% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the
date of such incurrence for which financial statements have been delivered pursuant to Section 5.04 of deposits securing Swap
Agreements permitted to be incurred under Section 6.10; and (4) Liens securing judgments that do not constitute an Event of Default
under Section 8.01(j); and


 




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(f)       (1)
deposits and other Liens to secure the performance of bids, trade contracts (other than for Indebtedness), leases (other than Capital
Lease Obligations), statutory obligations (other than obligations under ERISA), credit card processing arrangements, surety and
appeal bonds, performance and return of money bonds, bids, leases, government contracts, trade contracts, agreements with utilities,
and other obligations of a like nature (including letters of credit in lieu of any such bonds or to support the issuance thereof)
incurred in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in
the ordinary course of business; and (2) leases or subleases, licenses or sublicenses, granted to others in the ordinary course
of business not interfering in any material respect with the business of the Company and its Subsidiaries, taken as a whole.


 


Section 6.03.     Sale and Lease-Back
Transactions. Enter into any arrangement, directly or indirectly, with any person whereby it shall sell or transfer any property,
real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property
or other property that it intends to use for substantially the same purpose or purposes as the property being sold or transferred
(a “Sale and Lease-Back Transaction”); provided, that a Sale and Lease-Back Transaction shall be permitted
if at the time the lease in connection therewith is entered into, and after giving effect to the entering into of such lease, the
Remaining Present Value of such lease, together with Indebtedness outstanding pursuant to ‎Section 6.01(h) and ‎(i) and
the Remaining Present Value of outstanding leases previously entered into under this ‎Section 6.03, would not exceed the greater
of $[*] and [*]% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date the lease was entered
into for which financial statements have been delivered pursuant to ‎Section 5.04.


 


Section 6.04.     Investments, Loans
and Advances. Purchase, hold or acquire (including pursuant to any merger with a person that is not a Wholly Owned Subsidiary
immediately prior to such merger) any Equity Interests, evidences of Indebtedness or other securities of, make or permit to exist
any loans or advances to or Guarantees of the obligations of, or make or permit to exist any investment or any other interest in
(each, an “Investment”), any other person, except:


 


(a)       (i)
Investments by the Company or any Subsidiary in the Equity Interests of the Company or any Subsidiary; (ii) intercompany loans
from the Company or any Subsidiary to the Company or any Subsidiary; and (iii) Guarantees by any Borrower or any Subsidiary Guarantor
of Indebtedness otherwise expressly permitted hereunder of the Company or any Subsidiary; provided, that the sum of (A)
Investments (valued at the time of the making thereof and without giving effect to any write-downs or write-offs thereof) made
after the Closing Date by the Loan Parties pursuant to clause (i) in Subsidiaries that are not Loan Parties, plus (B) net
intercompany loans made after the Closing Date to Subsidiaries that are not Loan Parties pursuant to clause (ii), plus (C)
Guarantees of Indebtedness after the Closing Date of Subsidiaries that are not Loan Parties pursuant to clause (iii), shall
not exceed an aggregate net amount equal to (x) the greater of (1) $[*] and (2) [*]% of Consolidated Total Assets (plus any return
of capital actually received by the respective investors in respect of Investments theretofore made by them pursuant to this paragraph (a);
plus (y) the portion, if any, of the Cumulative Credit on the date of such election that the Company elects to apply to this Section
6.04(a)(y), such election to be specified in a written notice of a Responsible Officer of the Company calculating in reasonable
detail the amount of Cumulative Credit immediately prior to such election and the amount thereof elected to be so applied; provided
further, that the limitations in this paragraph shall not apply to any Investment entered into at a time when the Company is
in Ratio Compliance; provided, still further, that intercompany current liabilities incurred in the ordinary course
of business in connection with the cash management operations of the Company and the Subsidiaries shall not be included in calculating
the limitation in this paragraph at any time;


 




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(b)       Permitted
Investments and Investments that were Permitted Investments when made;


 


(c)       Investments
arising out of the receipt by the Company or any Subsidiary of non-cash consideration for the sale of assets permitted under Section 6.05;


 


(d)       loans
and advances to current and former officers, directors, employees or consultants of the Company or any Subsidiary (i) in the ordinary
course of business not to exceed the greater of (x) $[*] and (y) [*]% of Consolidated Total Assets as of the end of the fiscal
quarter immediately prior to the date of such Investment for which financial statements have been delivered pursuant to Section 5.04
in the aggregate at any time outstanding (calculated without regard to write-downs or write-offs thereof), (ii) in respect of payroll
payments and expenses in the ordinary course of business and (iii) in connection with such person’s purchase of Equity Interests
of a Parent Entity solely to the extent that the amount of such loans and advances shall be contributed to the Company in cash
as common equity;


 


(e)       accounts
receivable, security deposits and prepayments arising and trade credit granted in the ordinary course of business and any assets
or securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent
reasonably necessary in order to prevent or limit loss and any prepayments and other credits to suppliers made in the ordinary
course of business;


 


(f)       Swap
Agreements permitted pursuant to Section 6.10;


 


(g)       Investments
existing on, or contractually committed as of, the Closing Date and set forth on Schedule 6.04 and any extensions,
renewals or reinvestments thereof, so long as the aggregate amount of all Investments pursuant to this clause (g) is not increased
at any time above the amount of such Investment existing on the Closing Date;


 


(h)       Investments
resulting from pledges and deposits under Section 6.02(f);


 




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(i)       other
Investments by the Company or any Subsidiary in an aggregate amount (valued at the time of the making thereof, and without giving
effect to any write-downs or write-offs thereof) not to exceed (1) the greater of $[*] and [*]% of Consolidated Total Assets as
of the end of the fiscal quarter immediately prior to the date of such Investment for which financial statements have been delivered
pursuant to Section 5.04 plus (2) the portion, if any, of the Cumulative Credit on the date of such election that the Company
elects to apply to this Section 6.04(i)(2), such election to be specified in a written notice of a Responsible Officer of
the Company calculating in reasonable detail the amount of Cumulative Credit immediately prior to such election and the amount
thereof elected to be so applied; provided further, that the limitations in this paragraph shall not apply to any Investment
entered into if, immediately after giving effect thereto, on a Pro Forma Basis, (i) either (A) the Loan-to-Value Ratio is equal
to or less than [*] to 1.0 or (B) the Fixed Charge Coverage Ratio is at least [*] to 1.0 and (ii) the Company is in Pro Forma Compliance;


 


(j)       Investments
constituting Permitted Business Acquisitions;


 


(k)       intercompany
loans permitted by Section 6.01(e);


 


(l)       Investments
received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with or judgments
against, customers and suppliers, in each case in the ordinary course of business or Investments acquired by the Company as a result
of a foreclosure by the Company or any of the Subsidiaries with respect to any secured Investments or other transfer of title with
respect to any secured Investment in default;


 


(m)       Investments
of a Subsidiary acquired after the Closing Date or of a person merged into any Loan Party or merged into or consolidated with a
Subsidiary after the Closing Date, in each case, (i) to the extent permitted under this Section 6.04, (ii) in the case of
any acquisition, merger or consolidation, in accordance with Section 6.05, and (iii) to the extent that such Investments were
not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the date
of such acquisition, merger or consolidation;


 


(n)       acquisitions
by the Company or any Subsidiary of obligations of one or more officers or other employees of any Loan Party or any Subsidiary
in connection with such officer’s or employee’s acquisition of Equity Interests of the Company or any Parent Entity,
so long as no cash is actually advanced by any Loan Party or any Subsidiary to such officers or employees in connection with the
acquisition of any such obligations;


 


(o)       Guarantees
by the Company or any Subsidiary of operating leases (other than Capital Lease Obligations) or of other obligations that do not
constitute Indebtedness, in each case entered into by the Company or any Subsidiary in the ordinary course of business;


 


(p)       Investments
to the extent that payment for such Investments is made with Equity Interests of any Parent Entity;


 




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(q)       Investments
in the Equity Interests of one or more newly formed persons that are received in consideration of the contribution by the Company
or the applicable Subsidiary of assets (including Equity Interests and cash) to such person or persons; provided, that (i)
the fair market value of such assets, determined on an arm’s-length basis, so contributed pursuant to this paragraph (q)
shall not in the aggregate exceed the greater of (x) $[*] and (y) and [*]% of Consolidated Total Assets as of the end of the fiscal
quarter immediately prior to the date of such Investment for which financial statements have been delivered pursuant to Section 5.04
and (ii) in respect of each such contribution, a Responsible Officer of the Company shall certify, in a form to be agreed upon
by the Company and the Administrative Agent (x) after giving effect to such contribution, no Default or Event of Default shall
have occurred and be continuing or would result therefrom, (y) the fair market value of the assets so contributed and (z) that
the requirements of clause (i) of this proviso remain satisfied;


 


(r)       Investments
consisting of the redemption, purchase, repurchase or retirement of any Equity Interests permitted under Section 6.06;


 


(s)       Investments
in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection or deposit
and Uniform Commercial Code Article 4 customary trade arrangements with customers consistent with past practices;


 


(t)       Investments
in Subsidiaries that are not Loan Parties not to exceed the greater of (x) $[*] and (y) [*]% of Consolidated Total Assets as of
the end of the fiscal quarter immediately prior to the date of such Investment for which financial statements have been delivered
pursuant to Section 5.04 in the aggregate, as valued at the fair market value of such Investment at the time such Investment
is made;


 


(u)       Guarantees
permitted under Section 6.01 (except to the extent such Guarantee is expressly subject to this Section 6.04);


 


(v)       advances
in the form of a prepayment of expenses, so long as such expenses are being paid in accordance with customary trade terms of the
Company or such Subsidiary;


 


(w)       Investments
by Company and its Subsidiaries, including loans to any direct or indirect parent of the Company, if the Company or any other Subsidiary
would otherwise be permitted to make a dividend or distribution in such amount (provided that the amount of any such Investment
shall also be deemed to be a distribution under the appropriate clause of Section 6.06 for all purposes of this Agreement);


 


(x)       Investments
if after giving effect to such Investments, the Total Leverage Ratio is equal to or less than 3.30 to 1.00;


 


(y)       Investments
consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other persons;


 




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(z)       Investments
consisting of purchases and acquisitions of inventory, supplies, materials and equipment or purchases of contract rights or licenses
or leases of intellectual property in each case in the ordinary course of business;


 


(aa)    Investments received substantially
contemporaneously in exchange for Equity Interests of the Company; provided that such Investments are not included in any
determination of the Cumulative Credit;


 


(bb)    Investments in joint ventures
in an aggregate amount not to exceed the greater of $[*] and [*]% of Consolidated Total Assets as of the end of the fiscal quarter
immediately prior to the date of such Investment for which financial statements have been delivered pursuant to Section 5.04;


 


(cc)    Permitted Vessel Transfers;


 


(dd)    Investments in New Vessel
Subsidiaries; and


 


(ee)    Investments in a Similar Business
in an aggregate amount (valued at the time of making thereof, and without giving effect to any write downs or any write offs thereof)
not to exceed (x) the greater of $[*] and [*]% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior
to the date of such Investment for which financial statements have been delivered pursuant to Section 5.04 (plus any returns of
capital actually received by the respective investor in respect of investments theretofore made by it pursuant to this paragraph
(ee) plus (y) the Cumulative Credit; provided that if any Investment pursuant to this paragraph (ee) is made in any person
that is not a Subsidiary of the Company at the date of the making of such Investment and such person becomes a Subsidiary of the
Company after such date, such Investment shall thereafter be deemed to have been made pursuant to paragraph (a) above and shall
cease to have been made pursuant to this paragraph (ee) for so long as such person continues to be a Subsidiary of the Company;


 


The amount of Investments that may be made at any time pursuant
to Section 6.04(a) or (j) (such Sections, the “Related Sections”) may, at the election of the Company,
be increased by the amount of Investments that could be made at such time under the other Related Section; provided that
the amount of each such increase in respect of one Related Section shall be treated as having been used under the other Related
Section.


 




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Section 6.05.     Mergers, Consolidations,
Sales of Assets and Acquisitions. Merge into or consolidate with any other person, or permit any other person to merge into
or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions,
including effected pursuant to a Delaware LLC Division) all or any part of its assets (whether now owned or hereafter acquired),
or issue, sell, transfer or otherwise dispose of any Equity Interests of the Company or any Subsidiary, or purchase, lease or otherwise
acquire (in one transaction or a series of transactions) all or any substantial part of the assets of any other person, except
that this Section shall not prohibit:


 


(a)       (i)
any disposal by the Company or any Subsidiary of an asset or other property in the ordinary course of the Company’s or Subsidiary’s
business, (ii) any acquisition (in one or a series of transactions) by any Loan Party or Subsidiary of all or any substantial part
of the assets or other property of any other person, so long as such acquisition is in the ordinary course of such Loan Party’s
or Subsidiary’s business, or (iii) the sale of Permitted Investments by any Loan Party or Subsidiary, so long as such sale
is in the ordinary course of such Loan Party’s or Subsidiary’s business;


 


(b)       if
at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing or would
result therefrom, (i) the merger of any Subsidiary (other than the Co-Borrower) into a Borrower in a transaction in which such
Borrower is the survivor, (ii) the merger or consolidation of any Subsidiary (other than the Co-Borrower) into or with any Subsidiary
Guarantor in a transaction in which the surviving or resulting entity is a Subsidiary Guarantor, and, in the case of each of clauses (i)
and (ii), no person other than a Borrower or a Subsidiary Guarantor receives any consideration, (iii) the merger or consolidation
of any Subsidiary (other than the Co-Borrower) that is not a Subsidiary Guarantor into or with any other Subsidiary that is not
a Subsidiary Guarantor, (iv) the liquidation or dissolution or change in form of entity of any Subsidiary (other than a Borrower)
if the Company determines in good faith that such liquidation, dissolution or change in form is in the best interests of the Company
and is not materially disadvantageous to Lenders, (v) any disposition to effect the formation
of any Subsidiary that is a Delaware Divided LLC and would otherwise not be prohibited hereunder; provided that any disposition
or other allocation of any assets (including any equity interests of such Delaware Divided LLC) in connection therewith is otherwise
permitted hereunder or (vi) any Subsidiary (other than the Co-Borrower) may merge with any other person in order to effect
an Investment permitted pursuant to Section 6.04 so long as the continuing or surviving person shall be a Subsidiary, which
shall be a Loan Party if the merging Subsidiary was a Loan Party and which together with each of their Subsidiaries shall have
complied with the requirements of Section 5.10;


 


(c)       sales,
transfers, leases or other dispositions to any Loan Party or by any Subsidiary that is not a Subsidiary Guarantor or the Co-Borrower
to any other Subsidiary, including without limitation, a Permitted Vessel Transfer;


 


(d)       Sale
and Lease-Back Transactions permitted by Section 6.03;


 


(e)       Investments
permitted by Section 6.04, Permitted Liens, and dividends, distributions and other payments permitted by Section 6.06;


 


(f)       the
sale of defaulted receivables in the ordinary course of business and not as part of an accounts receivables financing transaction;


 


(g)       sales,
transfers, leases or other dispositions of assets not otherwise permitted by this Section 6.05 (or required to be included
in this clause (g) pursuant to Section 6.05(c)); provided, that the Net Proceeds thereof are applied in accordance
with Section 2.11(b);


 




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(h)       Permitted
Business Acquisitions (including any merger or consolidation in order to effect a Permitted Business Acquisition); provided,
that following any such merger or consolidation involving a Borrower, such Borrower is the surviving corporation;


 


(i)        leases,
charters or licenses (on a non-exclusive basis with respect to intellectual property), or subleases or sublicenses (on a non-exclusive
basis with respect to intellectual property), of any property in the ordinary course of business;


 


(j)        sales,
leases or other dispositions of inventory of the Company or any Subsidiary determined by the management of the Company to be no
longer useful or necessary in the operation of the business of any Loan Party or Subsidiary; provided that the Net Proceeds
thereof are applied in accordance with Section 2.11(b);


 


(k)       acquisitions
and purchases made with the proceeds of any Asset Sale pursuant to the first proviso of paragraph (a) of the definition of “Net
Proceeds”;


 


(l)        [reserved];


 


(m)      any
exchange of assets for services and/or other assets of comparable or greater value; provided that (i) at least [*]% of the
consideration received by the transferor consists of assets that will be used in a business or business activity permitted hereunder,
(ii) in the event of an exchange with a fair market value in excess of the greater of (x) $[*] and (y) [*]% of Consolidated Total
Assets as of the end of the fiscal quarter immediately prior to the date of such exchange for which financial statements have been
delivered pursuant to Section 5.04, the Administrative Agent shall have received a certificate from a Responsible Officer of the
Company with respect to such fair market value and (iii) in the event of an exchange with a fair market value in excess of the
greater of (x) $[*] and (y) [*]% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date
of such exchange for which financial statements have been delivered pursuant to Section 5.04, such exchange shall have been approved
by at least a majority of the board of directors of the Company; provided, further, that (A) the aggregate gross
consideration (including exchange assets, other non-cash consideration and cash proceeds) of any or all assets exchanged in reliance
upon this paragraph (m) shall not exceed, in any fiscal year of the Company, the greater of $[*] and [*]% of Consolidated
Total Assets as of the end of the fiscal quarter immediately prior to the date of such incurrence for which financial statements
have been delivered pursuant to Section 5.04, (B) no Default or Event of Default exists or would result therefrom, (C) with
respect to any such exchange with aggregate gross consideration in excess of the greater of (x) $[*] and (y) [*]% of Consolidated
Total Assets as of the end of the fiscal quarter immediately prior to the date of such exchange for which financial statements
have been delivered pursuant to Section 5.04, immediately after giving effect thereto, the Company shall be in Pro Forma Compliance,
and (D) the Net Proceeds, if any, thereof are applied in accordance with Section 2.11(b);


 


(n)       any
disposition of any assets owned by any New Vessel Subsidiary or of any Vessel that is not a Mortgaged Vessel; and


 




    	 	134	 



     


    

  


(o)       disposals
of cash raised or borrowed for the purposes for which such cash was raised or borrowed.


 


Notwithstanding anything to the contrary contained in ‎Section
6.05 above, (i) no sale, transfer or other disposition of assets shall be permitted by this ‎Section 6.05 (other than sales,
transfers, leases or other dispositions to Loan Parties pursuant to paragraph ‎(c) hereof) unless such disposition is for fair
market value, (ii) no sale, transfer or other disposition of assets shall be permitted by paragraph ‎(a) or ‎(d) of this
‎Section 6.05 unless such disposition is for at least 75% cash consideration and (iii) no sale, transfer or other disposition
of assets shall be permitted by paragraph ‎(g) of this ‎Section 6.05 unless such disposition is for at least 75% cash consideration;
provided that the provisions of clause (ii) or (iii) shall not apply to any individual transaction or series of related
transactions involving assets with a fair market value of less than $[*] or to other transactions involving assets with a fair
market value of not more than the greater of $[*] and [*]% of Consolidated Total Assets in the aggregate for all such transactions
during the term of this Agreement; provided, further, that for purposes of clause (iii), (a) the amount of any secured
Indebtedness of the Company or any Subsidiary or other Indebtedness of a Subsidiary that is not a Loan Party (as shown on the Company’s
or such Subsidiary’s most recent balance sheet or in the notes thereto) that is assumed by the transferee of any such assets
shall be deemed to be cash, (b) any notes or other obligations or other securities or assets received by the Company or such Subsidiary
from the transferee that are converted by the Company or such Subsidiary into cash within 180 days after receipt thereof (to the
extent of the cash received) shall be deemed to be cash and (c) any Designated Non-Cash Consideration received by the Company or
any of its Subsidiaries having an aggregate fair market value (as determined in good faith by the Company), taken together with
all other Designated Non-Cash Consideration received pursuant to this clause (c) that is at that time outstanding, not to
exceed the greater of $[*] million and [*]% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior
to the date of receipt of such Designated Non-Cash Consideration for which financial statements have been delivered pursuant to
Section 5.04 (with the fair market value of each item of Designated Non-Cash Consideration being measured at the time received
and without giving effect to subsequent changes in value) shall be deemed to be cash.


 


Section 6.06.     Dividends and Distributions.
Declare or pay any dividend or make any other distribution (by reduction of capital or otherwise), whether in cash, property, securities
or a combination thereof, with respect to any of its Equity Interests (other than dividends and distributions on Equity Interests
payable solely by the issuance of additional Equity Interests (other than Disqualified Stock) of the person paying such dividends
or distributions) or directly or indirectly redeem, purchase, retire or otherwise acquire for value (or permit any Subsidiary to
purchase or acquire) any of its Equity Interests or set aside any amount for any such purpose (other than through the issuance
of additional Equity Interests (other than Disqualified Stock) of the person redeeming, purchasing, retiring or acquiring such
equity); provided, however, that:


 


(a)       any
Subsidiary of the Company may declare and pay dividends to, repurchase its Equity Interests from or make other distributions to
the Company or to any Wholly Owned Subsidiary of the Company (or, in the case of non-Wholly Owned Subsidiaries, to the Company
or any Subsidiary that is a direct or indirect parent of such Subsidiary and to each other owner of Equity Interests of such Subsidiary
on a pro rata basis (or more favorable basis from the perspective of the Company or such Subsidiary) based on their relative ownership
interests so long as any repurchase of its Equity Interests from a person that is not the Company or a Subsidiary is permitted
under ‎Section 6.04);


 




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(b)       the
Company may declare and pay dividends or make other distributions (directly or indirectly) (i) to any Parent Entity in respect
of (A) overhead, legal, accounting, consulting and other professional fees and expenses of any Parent Entity, (B) fees and expenses
related to any public offering or private placement of Equity Interests of any Parent Entity whether or not consummated, (C) franchise
or similar Taxes and other fees and expenses in connection with the maintenance of its existence and its direct or indirect (or
any Parent Entity’s direct or indirect) ownership of the Company, (D) payments permitted by Section 6.07(b) (except to the
extent expressly subject to this Section 6.06), and (E) customary salary, bonus and other benefits payable to, and indemnities
provided on behalf of, officers and employees of any Parent Entity, in each case in order to permit any Parent Entity to make such
payments; provided that in the case of clauses (A) and (B), the amount of such dividends and distributions shall not exceed
the portion of any amounts referred to in such clauses (A) and (B) that are allocable to the Company and its Subsidiaries (which
shall be 100% for so long as such Parent Entity, as the case may be, beneficially owns no assets other than the Equity Interests
in the Company); (ii) with respect to any taxable period for which the Company is or has been a partnership or disregarded entity
for U.S. federal income tax purposes, to any person that (directly or indirectly) held Equity Interests of the Company during such
taxable period (a) to the extent such tax distributions are permitted under (I) the Amended and Restated United States Tax Agreement
for NCL Corporation Ltd., dated January 24, 2013 or the Amended and Restated Profits Sharing Agreement for NCL Corporation Ltd.,
dated January 22, 2013, each as in effect on the Closing Date, (collectively, the “Tax Agreements”) or (II)
any amended version of the Tax Agreements to the extent such amendments are not materially adverse to the Lenders (collectively,
the “Amended Tax Agreements”) and (b) to the extent not otherwise permitted under clause (a), tax distributions
in respect of audit adjustments resulting from audits of the Company and/or its Subsidiaries commencing after the Closing Date,
determined in a manner consistent with and subject to the limitations set forth in the Tax Agreements and the Amended Tax Agreements;
and (iii) with respect to any taxable period for which the Company and any Parent Entity files an affiliated, consolidated, combined
or unitary tax return in any relevant jurisdiction, distributions to such Parent Entity in amount not to exceed the amount of any
Taxes in such jurisdiction that the Company and/or its Subsidiaries, as applicable, would have paid for such taxable period had
the Company and/or its Subsidiaries, as applicable, been stand-alone taxpayers in such jurisdiction (less any portion of such amounts
directly payable by the Company and/or its Subsidiaries); provided, that distributions in respect of an Unrestricted Subsidiary
shall be permitted only to the extent that cash distributions were made by such Unrestricted Subsidiary to Company or any of its
Restricted Subsidiaries for such purpose.


 


(c)       the
Company may declare and pay dividends or make other distributions (directly or indirectly) the proceeds of which are used to purchase
or redeem the Equity Interests of any Parent Entity (including related stock appreciation rights or similar securities) held by
then present or former directors, consultants, officers or employees of the Company or any of the Subsidiaries or by any Plan upon
such person’s death, disability, retirement or termination of employment or under the terms of any such Plan or any other
agreement under which such shares of stock or related rights were issued; provided, that the aggregate amount of such purchases
or redemptions under this paragraph (c) shall not exceed in any fiscal year the greater of $[*] and [*]% of Consolidated Total
Assets (plus the amount of net proceeds contributed to the Company that were (x) received by any Parent Entity during such calendar
year from sales of Equity Interests of any Parent Entity to directors, consultants, officers or employees of any Parent Entity,
the Company or any Subsidiary in connection with permitted employee compensation and incentive arrangements and (y) of any key
man life insurance policies received during such calendar year), which, if not used in any year, may be carried forward to any
subsequent calendar year;


 




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(d)       any
person may make non-cash repurchases of Equity Interests deemed to occur upon exercise of stock options if such Equity Interests
represent a portion of the exercise price of such options; and


 


(e)       the
Company may pay dividends (directly or indirectly) to its equity holders in an aggregate amount equal to the portion, if any, of
the Cumulative Credit on such date that the Company elects to apply to this (e), such election to be specified in a written notice
of a Responsible Officer of the Company calculating in reasonable detail the amount of Cumulative Credit immediately prior to such
election and the amount thereof elected to be so applied; provided, that no Default or Event of Default has occurred and
is continuing or would result therefrom and, after giving effect thereto, that the Company shall be in Pro Forma Compliance;


 


(f)       the
Company may pay dividends or distributions to allow any Parent Entity to make payments in cash, in lieu of the issuance of fractional
shares, upon the exercise of warrants or upon the conversion or exchange of Equity Interests of any such person;


 


(g)       the
Company may pay dividends and make distributions to, or repurchase or redeem shares from, its equity holders in an amount no greater
than [*]% per annum of Market Capitalization;


 


(h)       the
Company may declare and pay dividends or make other distributions (directly or indirectly) to its equity holders if after giving
effect to such dividend or distribution, the Total Leverage Ratio is equal to or less than 3.30 to 1.00; and


 


(i)       the
Company may declare and pay dividends or make other distributions (directly or indirectly) to its equity holders in an aggregate
amount not to exceed the greater of $[*] and [*]% of Consolidated Total Assets.


 


Section 6.07.     Transactions with Affiliates.


 


(a)       Sell
or transfer any property or assets to, or purchase or acquire any property or assets from, or otherwise engage in any other transaction
with, any of its Affiliates, unless such transaction is (i) otherwise permitted (or required) under this Agreement or (ii) upon
terms no less favorable to the Company or such Subsidiary, as applicable, than would be obtained in a comparable arm’s-length
transaction with a person that is not an Affiliate.


 




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(b)       The
foregoing paragraph (a) shall not prohibit, to the extent otherwise permitted under this Agreement:


 


(i)       any
issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment
arrangements, equity purchase agreements, stock options and stock ownership plans approved by the board of directors of the Company,


 


(ii)      loans
or advances to employees or consultants of the Company, any Parent Entity or any of the Subsidiaries in accordance with Section
6.04(d),


 


(iii)     transactions
among the Company or any Subsidiary or any entity that becomes a Subsidiary as a result of such transaction,


 


(iv)     the
payment of fees, reasonable out-of-pocket costs and indemnities to directors, officers, consultants and employees of the Company,
any Parent Entity and the Subsidiaries in the ordinary course of business (limited, in the case of any Parent Entity, to the portion
of such fees and expenses that are allocable to the Company and its Subsidiaries (which shall be 100% for so long as such Parent
Entity beneficially owns no assets other than the Equity Interests in the Company and assets incidental to the ownership of the
Company and its Subsidiaries)),


 


(v)      subject
to the limitations set forth in (xiv), if applicable, transactions pursuant to the Loan Documents and permitted agreements in existence
on the Closing Date and set forth on Schedule 6.07 or any amendment or replacement thereto to the extent such amendment
or replacement is not adverse to the Lenders in any material respect,


 


(vi)     (A)
any employment agreements entered into by the Company or any of the Subsidiaries in the ordinary course of business, (B) any subscription
agreement or similar agreement pertaining to the repurchase of Equity Interests pursuant to put/call rights or similar rights with
employees, officers or directors, and (C) any employee compensation, benefit plan or arrangement, any health, disability or similar
insurance plan which covers employees, and any reasonable employment contract and transactions pursuant thereto,


 


(vii)     dividends,
redemptions and repurchases permitted under Section 6.06,


 


(viii)    [reserved],


 


(ix)      [reserved],


 


(x)       payments
by the Company or any of the Subsidiaries to any Affiliate made for any financial advisory, financing, underwriting or placement
services or in respect of other investment banking activities, including in connection with acquisitions or divestitures, which
payments are approved by the majority of the board of directors of the Company, or a majority of disinterested members of the board
of directors of the Company, in good faith,


 




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(xi)      transactions
with Wholly Owned Subsidiaries for the purchase or sale of goods, products, parts and services entered into in the ordinary course
of business in a manner consistent with past practice,


 


(xii)     any
transaction in respect of which the Company delivers to the Administrative Agent (for delivery to the Lenders) a letter addressed
to the board of directors of the Company from an accounting, appraisal or investment banking firm, in each case of nationally recognized
standing that is (A) in the good faith determination of the Company qualified to render such letter and (B) reasonably satisfactory
to the Administrative Agent, which letter states that such transaction is on terms that are no less favorable to the Company or
such Subsidiary, as applicable, than would be obtained in a comparable arm’s-length transaction with a person that is not
an Affiliate,


 


(xiii)    transactions
with joint ventures for the purchase or sale of goods, equipment and services entered into in the ordinary course of business,


 


(xiv)    any
agreement to pay, and the payment of, monitoring, management, transaction, advisory or similar fees: (A) in an aggregate amount
in any fiscal year of the Company not to exceed the sum of (1) the greater of $[*] and [*]% of EBITDA, plus reasonable out
of pocket costs and expenses in connection therewith and unpaid amounts accrued for prior periods; plus (2) any deferred
fees (to the extent such fees were within such amount in clause (A)(1) above originally); and (B) [*]% of the value of transactions
with respect to which any Affiliate provides any transaction, advisory or other services,


 


(xv)     the
issuance, sale, transfer of Equity Interests of the Company and capital contributions to the Company,


 


(xvi)    [reserved];


 


(xvii)   [reserved];


 


(xviii)   [reserved];


 


(xix)     payments
or loans (or cancellation of loans) to employees or consultants that are (i) approved by a majority of the board of directors of
the Company in good faith, (ii) made in compliance with applicable law and (iii) otherwise permitted under this Agreement;


 


(xx)      transactions
with customers, clients, suppliers, or purchasers or sellers of goods or services, in each case in the ordinary course of business
and otherwise in compliance with the terms of this Agreement that are fair to the Company or the Subsidiaries;


 




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(xxi)      transactions
between the Company or any of the Subsidiaries and any person, a director of which is also a director of the Company, provided,
however, that (A) such director abstains from voting as a director of the Company, on any matter involving such other person
and (B) such person is not an Affiliate of the Company for any reason other than such director’s acting in such capacity;


 


(xxii)     transactions
permitted by, and complying with, the provisions of Section 6.05;


 


(xxiii)    intercompany
transactions undertaken in good faith (as certified by a Responsible Officer of the Company) for the purpose of improving the consolidated
tax efficiency of the Loan Parties and not for the purpose of circumventing any covenant set forth herein.


 


Section 6.08.     Business of the Loan
Parties and the Subsidiaries. Notwithstanding any other provisions of this Agreement, engage at any time in any business or
business activity other than any business or business activity conducted by any of them on the Closing Date and any business or
business activities incidental or related thereto, or any business or activity that is reasonably similar thereto or a reasonable
extension, development or expansion thereof or ancillary thereto.


 


Section 6.09.     Limitation on Modifications
of Indebtedness; Modifications of Certificate of Incorporation, By-Laws and Certain Other Agreements; etc.


 


(a)       Amend
or modify in any manner materially adverse to the Lenders, or grant any waiver or release under or terminate in any manner (if
such granting or termination shall be materially adverse to the Lenders), the articles or certificate of formation or incorporation,
by-laws, limited liability company operating agreement, partnership agreement or other organizational documents of the Company
or any Subsidiary.


 


(b)       (i)
Make, or agree or offer to pay or make, directly or indirectly, any payment or other distribution (whether in cash, securities
or other property) of or in respect of principal of or interest on any Indebtedness subordinated to the Loans permitted hereunder
to be incurred or any Permitted Refinancing Indebtedness in respect of any of the foregoing or any preferred Equity Interests or
any Disqualified Stock (collectively, “Junior Financing”), or any payment or other distribution (whether in
cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination in respect of any Junior Financing except for (A) Refinancings permitted by Section 6.01
(l) or (r), (B) payments of regularly scheduled interest, and, to the extent this Agreement is then in effect, principal on the
scheduled maturity date for any Junior Financing, (C) payments or distributions in respect of all or any portion of the Junior
Financing with the proceeds contributed to the Company (directly or indirectly) by any Parent Entity from the issuance, sale or
exchange by any Parent Entity of Equity Interests made within eighteen months prior thereto, (D) the conversion of any Junior Financing
to Equity Interests of any Parent Entity or (E) so long as no Default or Event of Default has occurred and is continuing or would
result therefrom and after giving effect to such payment or distribution, the Company would be in Pro Forma Compliance, payments
or distributions in respect of Junior Financings prior to their scheduled maturity made, in an aggregate amount, not to exceed
the sum of (x) the greater of (1) $[*] and (2) [*]% of Consolidated Total Assets as of the end of the fiscal quarter immediately
prior to the date of such payment or distribution for which financial statements have been delivered pursuant to Section 5.04
and (y) the portion, if any, of the Cumulative Credit on the date of such payment or distribution that the Company elects to apply
to this Section 6.09(b)(i), such election to be specified in a written notice of a Responsible Officer of the Company calculating
in reasonable detail the amount of Cumulative Credit immediately prior to such election and the amount thereof elected to be so
applied; or


 




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(ii)         Amend
or modify, or permit the amendment or modification of, any provision of Junior Financing, or any agreement, document or instrument
evidencing or relating thereto, other than amendments or modifications that (A) are not in any manner materially adverse to the
Lenders and that do not affect the subordination or payment provisions thereof (if any) in a manner adverse to the Lenders or (B)
otherwise comply with the definition of “Permitted Refinancing Indebtedness.”


 


(c)         Permit
any Restricted Subsidiary to enter into any agreement or instrument that by its terms restricts (i) the payment of dividends or
distributions or the making of cash advances to the Company or any Subsidiary that is a direct or indirect parent of such Subsidiary
or (ii) the granting of Liens by the Company or such Material Subsidiary pursuant to the Security Documents, in each case other
than those arising under any Loan Document, except, in each case, restrictions existing by reason of:


 


(A)       restrictions
imposed by applicable law;


 


(B)       contractual
encumbrances or restrictions in effect on the Closing Date under Indebtedness existing on the Closing Date and set forth on Schedule 6.09,
the Senior Secured Notes (so long as such restrictions are no more restrictive than the analogous provisions of this Agreement),
Senior Unsecured Notes Documents, any New Vessel Financings or any agreements related to any Permitted Refinancing Indebtedness
in respect of any such Indebtedness that does not expand the scope of any such encumbrance or restriction;


 


(C)       any
restriction on a Subsidiary imposed pursuant to an agreement entered into for the sale or disposition of the Equity Interests or
assets of such Subsidiary pending the closing of such sale or disposition;


 


(D)       customary
provisions in joint venture agreements and other similar agreements applicable to joint ventures entered into in the ordinary course
of business;


 


(E)       any
restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent that such restrictions
apply only to the property or assets securing such Indebtedness;


 


(F)       any
restrictions imposed by any agreement relating to Indebtedness incurred pursuant to Section 6.01(aa) or Permitted Refinancing Indebtedness
in respect thereof, to the extent such restrictions are not more restrictive, taken as a whole, than the restrictions contained
in the Senior Unsecured Notes Documents;


 




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(G)      customary
provisions contained in leases or licenses of intellectual property and other similar agreements entered into in the ordinary course
of business;


 


(H)      customary
provisions restricting subletting or assignment of any lease governing a leasehold interest;


 


(I)       customary
provisions restricting assignment of any agreement entered into in the ordinary course of business;


 


(J)       customary
restrictions and conditions contained in any agreement relating to the sale, transfer, lease or other disposition of any asset
permitted under Section 6.05 pending the consummation of such sale, transfer, lease or other disposition;


 


(K)       customary
net worth provisions contained in Real Property leases entered into by Subsidiaries, so long as the Company has determined in good
faith that such net worth provisions would not reasonably be expected to impair the ability of the Company and its Subsidiaries
to meet their ongoing obligations;


 


(L)       customary
restrictions and conditions contained in the document relating to any Lien, so long as (1) such Lien is a Permitted Lien and such
restrictions or conditions relate only to the specific asset subject to such Lien, and (2) such restrictions and conditions are
not created for the purpose of avoiding the restrictions imposed by this Section 6.09;


 


(M)       any
agreement in effect at the time an entity becomes a Subsidiary, so long as such agreement was not entered into in contemplation
of such person becoming a Subsidiary, and any agreements of the Acquired Company in effect at the time of the Acquisition;


 


(N)       restrictions
in agreements representing Indebtedness permitted under Section 6.01 of a Subsidiary of the Company that is not a Loan Party;


 


(O)       customary
restrictions contained in leases, subleases, licenses or Equity Interests or asset sale agreements otherwise permitted hereby as
long as such restrictions relate to the Equity Interests and assets subject thereto;


 


(P)       restrictions
on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business; or


 


(Q)       any
encumbrances or restrictions of the type referred to in Sections 6.09(c)(i) and 6.09(c)(ii) above imposed by any amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments
or obligations referred to in clauses (A) through (O) above; provided that such amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Company, no more
restrictive with respect to such dividend and other payment restrictions than those contained in the dividend or other payment
restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing.


 




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Section 6.10.     Swap Agreements.
Enter into any Swap Agreement, other than (a) Swap Agreements entered into in the ordinary course of business to hedge or mitigate
risks to which the Company or any Subsidiary is exposed in the conduct of its business or the management of its liabilities (including
raw material, supply costs and currency risks), (b) any Swap Agreement entered into in order to effectively cap, collar or exchange
interest rates (from floating to fixed rates, from one floating rate to another floating rate or otherwise) with respect to any
interest bearing liability or investment of the Company or any Subsidiary and (c) any Swap Agreement entered into in order to swap
currency in connection with funding the business of the Company or any Subsidiary in the ordinary course of business.


 


Section 6.11.     Fiscal Year; Accounting.
In the case of the Company, permit its fiscal year to end on any date other than December 31 without prior notice to the
Administrative Agent given concurrently with any required notice to the SEC.


 


Section 6.12.     Loan-to-Value Ratio.
Permit the Loan-to-Value Ratio to be greater than or equal to 0.70 to 1.0 at any time.


 


Section 6.13.     Free Liquidity.
Permit Free Liquidity to be less than $50,000,000 at any time.


 


Section 6.14.      Total Net Funded Debt
to Total Capitalization. Permit the ratio of Total Net Funded Debt to Total Capitalization to be greater than or equal to 0.70
to 1.00 on the last day of any fiscal quarter.


 


Section 6.15.     EBITDA to Consolidated
Debt Service. Permit the ratio of EBITDA to Consolidated Debt Service for the Company and its Subsidiaries on a consolidated
basis at the end of any fiscal quarter, computed for the period of the four consecutive fiscal quarters ending as at the end of
the relevant fiscal quarter, to be less than 1.25 to 1.0, unless Free Liquidity of the Company and its Subsidiaries on a consolidated
basis at all times during the period of four consecutive fiscal quarters ending as at the end of the relevant fiscal quarter was
equal to or greater than $100,000,000.


 


Article VII



[RESERVED]


 


Article VIII



Events of Default


 


Section 8.01.     Events of Default.
In case of the happening of any of the following events (each, an “Event of Default”):


 


(a)       any
representation or warranty made or deemed made by any Borrower or any other Loan Party herein or in any other Loan Document or
any certificate or document delivered pursuant hereto or thereto shall prove to have been false or misleading in any material respect
when so made or deemed made;


 




    	 	143	 



     


    

  


(b)       default
shall be made in the payment of any principal of any Loan or the reimbursement with respect to any L/C Disbursement when and as
the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or by acceleration
thereof or otherwise;


 


(c)       default
shall be made in the payment of any interest on any Loan or in the payment of any Fee or any other amount (other than an amount
referred to in paragraph (b) above) due under any Loan Document, when and as the same shall become due and payable; provided,
however, that no Event of Default shall occur for purposes of this Section 8.01 until the expiry of three Business Days
following the date on which such payment is due;


 


(d)       default
shall be made in the due observance or performance by any Borrower of any covenant, condition or agreement contained in Sections
‎2.05(c), ‎5.01(a), ‎5.05(a) or ‎5.08 or in Article ‎VI;


 


(e)       default
shall be made in the due observance or performance by any Borrower or any other Loan Party of any covenant, condition or agreement
contained in any Loan Document (other than those specified in paragraphs ‎(b), ‎(c) and ‎(d) above) and such default
shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to the Company;


 


(f)       (i)
any event or condition occurs that (A) results in any Material Indebtedness becoming due prior to its scheduled maturity or (B)
enables or permits (with all applicable grace periods having expired) the holder or holders of any Material Indebtedness or any
trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase,
redemption or defeasance thereof, prior to its scheduled maturity; or (ii) the Company or any of the Subsidiaries shall fail to
pay the principal of any Material Indebtedness at the stated final maturity thereof; provided, that this clause (f) shall
not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing
such Indebtedness if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness;


 


(g)       there
shall have occurred a Change in Control;


 


(h)       an
involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking
(i) relief in respect of the Company or any of the Material Subsidiaries, or of a substantial part of the property or assets of
the Company or any Material Subsidiary, under Title 11 of the United States Code, as now constituted or hereafter amended, or any
other federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for the Company or any of the Material Subsidiaries or for a substantial
part of the property or assets of the Company or any of the Material Subsidiaries or (iii) the winding-up or liquidation of the
Company or any Material Subsidiary (except, in the case of any Material Subsidiary, in a transaction permitted by ‎Section
6.05); and such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of
the foregoing shall be entered;


 




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(i)       the
Company or any Material Subsidiary shall (1) voluntarily commence any proceeding or file any petition seeking relief under Title
11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency,
receivership or similar law, (2) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding
or the filing of any petition described in paragraph ‎(h) above, (3) apply for or consent to the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for the Company or any of the Material Subsidiaries or for a
substantial part of the property or assets of the Company or any Material Subsidiary, (4) file an answer admitting the material
allegations of a petition filed against it in any such proceeding, (5) make a general assignment for the benefit of creditors or
(6) become unable or admit in writing its inability or fail generally to pay its debts as they become due;


 


(j)       the
failure by the Company or any Material Subsidiary to pay one or more final judgments aggregating in excess of $[*] (to the extent
not covered by insurance), which judgments are not discharged or effectively waived or stayed for a period of 45 consecutive days,
or any action shall be legally taken by a judgment creditor to levy upon assets or properties of the Company or any Material Subsidiary
to enforce any such judgment;


 


(k)       (i)
a Reportable Event or Reportable Events shall have occurred with respect to any Plan or a trustee shall be appointed by a United
States district court to administer any Plan, (ii) an ERISA Event or ERISA Events shall have occurred with respect to any Plan
or Multiemployer Plan, (iii) the PBGC shall institute proceedings (including giving notice of intent thereof) to terminate any
Plan or Plans, (iv) the Company or any Subsidiary or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer
Plan that such Multiemployer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA, (v) the
Company or any Subsidiary shall engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section
4975 of the Code) involving any Plan or (vi) any other similar event or condition shall occur or exist with respect to a Plan;
and in each case in clauses (i) through (vi) above, such event or condition, together with all other such events or conditions,
if any, would reasonably be expected to have a Material Adverse Effect;


 




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(l)       (i)
any Loan Document shall for any reason be asserted in writing by any Borrower or any Subsidiary Guarantor not to be a legal, valid
and binding obligation of any party thereto, (ii) any security interest purported to be created by any Security Document and which
extends to assets that are not immaterial to the Company and the Subsidiaries on a consolidated basis shall cease to be, or shall
be asserted in writing by any Borrower or any other Loan Party not to be, a valid and perfected security interest (perfected as
or having the priority required by this Agreement or the relevant Security Document and subject to such limitations and restrictions
as are set forth herein and therein) in the securities, assets or properties covered thereby, except to the extent that any such
loss of perfection or priority results from the limitations of foreign laws, rules and regulations as they apply to pledges of
Equity Interests in Foreign Subsidiaries or the application thereof, or from the failure of the Collateral Agent to maintain possession
of certificates actually delivered to it representing securities pledged under the Collateral Agreement or to file Uniform Commercial
Code continuation statements or take the actions required to be taken by the Collateral Agent as described on Schedule ‎3.04
and except to the extent that such loss is covered by a lender’s title insurance policy and the Collateral Agent shall be
reasonably satisfied with the credit of such insurer, or (iii) the Guarantees pursuant to the Security Documents by any Borrower
or any other Loan Party of any of the Obligations shall cease to be in full force and effect (other than in accordance with the
terms thereof), or shall be asserted in writing by any Borrower or any other Loan Party not to be in effect or not to be legal,
valid and binding obligations;


 


(m)       (i)
so long as any Pari Passu Senior Secured Notes are outstanding, the First Lien Intercreditor Agreement, and (ii) so long as any
other Senior Secured Notes secured on a junior basis to the Liens on the Collateral securing the Obligations are outstanding and
are subject to the Second Lien Intercreditor Agreement, the Second Lien Intercreditor Agreement shall, in whole or in part, cease
to be effective or cease to be legally valid, binding and enforceable against any party thereto (or against any person on whose
behalf any such party makes any covenants or agreements therein), or otherwise not be effective to create the rights and obligations
purported to be created thereunder, unless the same results directly from the action or inaction of the Administrative Agent;


 


then, and in every such event (other than an event with respect
to the Borrowers described in paragraph (h) or (i) above), and at any time thereafter during the continuance of such event, the
Administrative Agent, at the request of the Required Lenders, shall, by notice to the Company, take any or all of the following
actions, at the same or different times: (i) terminate forthwith the Commitments, (ii) declare the Loans then outstanding to be
forthwith due and payable in whole or in part, whereupon the principal of the Loans so declared to be due and payable, together
with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrowers accrued hereunder and under
any other Loan Document, shall become forthwith due and payable, without presentment, demand, protest or any other notice of any
kind, all of which are hereby expressly waived by the Borrowers, anything contained herein or in any other Loan Document to the
contrary notwithstanding and (iii) if the Loans have been declared due and payable pursuant to clause (ii) above, demand cash collateral
pursuant to Section 2.05(j); and in any event with respect to the Borrowers described in paragraph (h) or (i) above, the Commitments
shall automatically terminate, the principal of the Loans then outstanding, together with accrued interest thereon and any unpaid
accrued Fees and all other liabilities of the Borrowers accrued hereunder and under any other Loan Document, shall automatically
become due and payable and the Administrative Agent shall be deemed to have made a demand for cash collateral to the full extent
permitted under Section 2.05(j), without presentment, demand, protest or any other notice of any kind, all of which are hereby
expressly waived by the Borrowers, anything contained herein or in any other Loan Document to the contrary notwithstanding.


 




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Section 8.02.     Right to Cure.
Notwithstanding anything to the contrary contained in Section 8.01, in the event that the Company fails (or, but for the operation
of this Section 8.02, would fail) to comply with the requirements of Section 6.12, 6.13, 6.14 or 6.15 then, until the
expiration of the tenth Business Day subsequent to the date of the certificate calculating such covenant is required to be delivered
pursuant to Section 5.04(c), the Company may, at its option, cure such non-compliance by:


 


(a)       In
the case of a failure to comply with Section 6.12, delivering additional property over which the Collateral Agent has a perfected,
first priority Lien for the benefit of the Lenders and the other Secured Parties, which additional property shall be acceptable
to the Required Lenders (it being understood that, in all events, cash shall be acceptable, and separate approval thereof from
any Agent or Lender shall not be required) and following such delivery the Cure Collateral Fair Market Value of such additional
property shall be added to the Value Component as of the date of measurement; and/or


 


(b)       In
the case of a failure to comply with Section 6.12, ratably prepaying (x) outstanding Term Loans (but only to the extent permitted
as a voluntary prepayment under Section 2.10(a)) and (y) Revolving Facility Credit Exposure, (which, with respect to any issued
but undrawn Letters of Credit, shall mean cash collateralizing such Letters of Credit in the manner provided in Section 2.05(j)),
and following such prepayments, the total amount of such prepayments shall be subtracted from the Loan Component, as of the date
of measurement; and/or


 


(c)       In
the case of a failure to comply with Section 6.13, 6.14 or 6.15, issuing Permitted Cure Securities for cash or otherwise receiving
cash contributions to the capital of the Company (the “Cure Right”), and upon the receipt by the Company of
such cash (the “Cure Amount”) pursuant to the exercise of such Cure Right, (A) in the case of Section 6.13,
Free Liquidity shall be increased by the Cure Amount, as of the date of measurement, (B) in the case of Section 6.14, the Total
Net Funded Debt shall be decreased by the Cure Amount, as of the date of measurement and (C) in the case of Section 6.15, the ratio
of EBITDA to Consolidated Debt, as applicable, shall be recalculated giving effect to a pro forma adjustment by which EBITDA shall
be increased with respect to such applicable quarter and any four quarter period that includes such quarter by the Cure Amount;
provided, that, for purposes of complying with Section 6.15, (i) in each four-fiscal-quarter period there shall be
at least one fiscal quarter in which the Cure Right is not exercised and (ii) the Cure Amount shall be no greater than the amount
required for purposes of complying with Section 6.15.


 


If,


 


(i)       in
case of a failure to comply with Section 6.12, after giving effect to the transactions in paragraphs (a) and/or (b) of this Section
8.02, the Company shall then be in compliance with the requirements of Section 6.12; and/or


 




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(ii)       in
case of a failure to comply with Section 6.13, after giving effect to the transactions in paragraph (c) of this Section 8.02, the
Company shall then be in compliance with the requirements of Section 6.13; and/or


 


(iii)       
in case of a failure to comply with Section 6.14, after giving effect to the transactions in paragraph (c) of this Section 8.02,
the Company shall then be in compliance with the requirements of Section 6.14; and/or


 


(iv)       in
case of a failure to comply with Section 6.15, after giving effect to the transactions in paragraph (c) of this Section 8.02, the
Company shall then be in compliance with the requirements of Section 6.15,


 


then in each case, the Company shall be deemed to have satisfied
the requirements of the relevant Section(s) as of the relevant date of determination with the same effect as though there had been
no failure to comply therewith at such date, and the applicable breach or default of such Section(s) that had occurred shall be
deemed cured for all purposes of this Agreement.


 


Section 8.03.     Application of Proceeds.
The proceeds received by the Administrative Agent or the Collateral Agent in respect of any sale of, collection from or other realization
upon all or any part of the Collateral pursuant to the exercise by the Administrative Agent and/or the Collateral Agent of the
remedies provided for herein or in any other Loan Document shall be applied, in full or in part, together with any other sums then
held by the Administrative Agent or the Collateral Agent pursuant to this Agreement or any other Loan Document, as provided in
Section 4.02 of the Collateral Agreement.


 


Article IX



The Agents


 


Section 9.01.     Appointment.


 


(a)       Each
Lender (in its capacities as a Lender and on behalf of itself and its Affiliates as potential counterparties to Swap Agreements)
and each Issuing Bank (in such capacities and on behalf of itself and its Affiliates as potential counterparties to Swap Agreements)
hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other
Loan Documents, including as the Collateral Agent and as the Mortgage Trustee for such Lender and the other Secured Parties under
the Security Documents, including the Vessel Mortgages, and each such Lender irrevocably authorizes the Administrative Agent, in
such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise
such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the
other Loan Documents to which it is a party, together with such other powers as are reasonably incidental thereto. Notwithstanding
any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities,
except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities,
duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the
Administrative Agent.


 




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(b)       In
furtherance of the foregoing, each Lender (in its capacities as a Lender and on behalf of itself and its Affiliates as potential
counterparties to Swap Agreements) and each Issuing Bank (in such capacities and on behalf of itself and its Affiliates as potential
counterparties to Swap Agreements) hereby appoints and authorizes the Collateral Agent and the Mortgage Trustee to act as the agent
of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties
to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection,
the Collateral Agent and the Mortgage Trustee (and any Subagents appointed by the Collateral Agent or the Mortgage Trustee pursuant
to Section 9.02 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the
Security Documents, or for exercising any rights or remedies thereunder at the direction of the Collateral Agent or the Mortgage
Trustee) shall be entitled to the benefits of this Article IX (including Section 9.07) as though the Collateral Agent
and the Mortgage Trustee (and any of their respective Subagents) were an “Agent” under the Loan Documents, as if set
forth in full herein with respect thereto.


 


(c)       Each
Lender (in its capacities as a Lender and each Issuing Bank (in such capacities and on behalf of itself and its Affiliates as potential
counterparties to Swap Agreements)) irrevocably authorizes the Administrative Agent, the Collateral Agent or the Mortgage Trustee,
as applicable, at its option and in its discretion, (i) to release any Lien on any property granted to or held by the Administrative
Agent, the Collateral Agent or the Mortgage Trustee under any Loan Document (A) upon termination of the Commitments and payment
in full of all Obligations (other than contingent indemnification obligations and expense reimbursement claims to the extent no
claim therefor has been made) and the termination of all Letters of Credit, (B) that is sold or to be sold as part of or in connection
with any sale permitted hereunder or under any other Loan Document to a person that is not (and is not required to become) a Loan
Party, (C) if approved, authorized or ratified in writing in accordance with Section 10.08 of this Agreement or (D) to the
extent excluded from the security interest granted under the Collateral Agreement pursuant to Section 3.01 thereof, (ii) to release
any Subsidiary Guarantor from its obligations under the Loan Documents if such person ceases to be a Subsidiary as a result of
a transaction permitted hereunder, (iii) to subordinate any Lien on any property granted to or held by the Collateral Agent or
Mortgage Trustee under any Loan Document to the holder of any Lien on such property that is permitted by Section 6.02(e)(2)(b)
and (iv) enter into any First Lien Intercreditor Agreement and any Second Lien Intercreditor Agreement, to the extent contemplated
by the terms hereof, and acknowledge that any such First Lien Intercreditor Agreement and Second Lien Intercreditor Agreement will
be binding upon them. Upon request by an Agent, at any time, the Required Lenders will confirm in writing the Administrative Agent’s,
the Collateral Agent’s or the Mortgage Trustee’s, as applicable, authority to release its interest in particular types
or items of property, or to release any Subsidiary Guarantor from its obligations under the Loan Documents.


 




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(d)       In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition
or other judicial proceeding relative to any Loan Party, (i) the Administrative Agent (irrespective of whether the principal of
any Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the
Administrative Agent shall have made any demand on any Loan Party) shall be entitled and empowered, by intervention in such proceeding
or otherwise (A) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of any
or all of the Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of the Lenders, the Issuing Banks and the Administrative Agent and any Subagents allowed in such judicial proceeding,
and (B) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same,
and (ii) any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Lender and Issuing Bank to make such payments to the Administrative Agent and, if the Administrative
Agent shall consent to the making of such payments directly to the Lenders and the Issuing Banks, to pay to the Administrative
Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its
agents and counsel, and any other amounts due the Administrative Agent under the Loan Documents. Nothing contained herein shall
be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or Issuing
Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or
Issuing Bank or to authorize the Administrative Agent to vote in respect of the claim of any Lender or Issuing Bank in any such
proceeding.


 


Section 9.02.     Delegation of Duties.
The Administrative Agent may execute any of its duties under this Agreement and the other Loan Documents (including for purposes
of holding or enforcing any Lien on the Collateral (or any portion thereof) by or through agents, employees or attorneys in fact
and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such duties. The
Administrative Agent may also from time to time, when the Administrative Agent deems it to be necessary or desirable, appoint one
or more trustees, co trustees, collateral co agents, collateral subagents or attorneys in fact (each, a “Subagent”)
with respect to all or any part of the Collateral; provided that no such Subagent shall be authorized to take any action
with respect to any Collateral unless and except to the extent expressly authorized in writing by the Administrative Agent. Should
any instrument in writing from any Loan Party be required by any Subagent so appointed by the Administrative Agent to more fully
or certainly vest in and confirm to such Subagent such rights, powers, privileges and duties, the Borrowers shall, or shall cause
such Loan Party to, execute, acknowledge and deliver any and all such instruments promptly upon request by the Administrative Agent.
If any Subagent, or successor thereto, shall die, become incapable of acting, resign or be removed, all rights, powers, privileges
and duties of such Subagent, to the extent permitted by law, shall automatically vest in and be exercised by the Administrative
Agent until the appointment of a new Subagent. The Administrative Agent shall not be responsible for the negligence or misconduct
of any agent, attorney in fact or Subagent that it selects in accordance with the foregoing provisions of this Section 9.02
in the absence of the Administrative Agent’s gross negligence or willful misconduct.


 




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Section 9.03.     Exculpatory Provisions.
Neither any Agent or its Affiliates nor any of their respective officers, directors, employees, agents, attorneys in fact or affiliates
shall be (a) liable for any action lawfully taken or omitted to be taken by it or such person under or in connection with this
Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision
of a court of competent jurisdiction to have resulted from its or such person’s own gross negligence or willful misconduct)
or (b) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any
Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement
or other document referred to or provided for in, or received by the Agents under or in connection with, this Agreement or any
other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or
any other Loan Document or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder.
The Agents shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any
of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books
or records of any Loan Party. The Administrative Agent shall not have any duties or obligations except those expressly set forth
herein and in the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not
be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing,
and (b) the Administrative Agent shall not, except as expressly set forth herein and in the other Loan Documents, have any duty
to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrowers or any of their Affiliates
that is communicated to or obtained by the person serving as the Administrative Agent or any of its Affiliates in any capacity.
The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until written notice
describing such Default or Event of Default is given to such Agent by a Borrower, a Lender or an Issuing Bank. Neither Agent shall
be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection
with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder
or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or
other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document,
or the creation, perfection or priority of any Lien purported to be created by the Security Documents, (v) the value or the sufficiency
of any Collateral, or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm
receipt of items expressly required to be delivered to the Administrative Agent.


 


Section 9.04.     Reliance by Administrative
Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice,
request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or
intranet website posting or other distribution) or conversation believed by it to be genuine and to have been signed, sent or otherwise
authenticated by the proper person. The Administrative Agent also may rely upon any statement made to it orally or by telephone
and believed by it to have been made by the proper person, and shall not incur any liability for relying thereon. The Administrative
Agent may conclusively rely on information provided to it by the Former Agent with respect to the Original Credit Agreement. In
determining compliance with any condition hereunder to any Credit Event, that by its terms must be fulfilled to the satisfaction
of a Lender or any Issuing Bank, the Administrative Agent may presume that such condition is satisfactory to such Lender or Issuing
Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or Issuing Bank prior to such
Credit Event. The Administrative Agent may consult with legal counsel (including counsel to the Loan Parties), independent accountants
and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice
of any such counsel, accountants or experts. The Administrative Agent may deem and treat the payee of any Note as the owner thereof
for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative
Agent. Each Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document
(including with respect to any matter hereunder or under any other Loan Document that is subject to such Agent’s consent
or approval) unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement,
all or other Lenders) as it (or, in the case of the Collateral Agent, the Administrative Agent) deems appropriate or it shall first
be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason
of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in
refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders
(or, if so specified by this Agreement, all of the Lenders), and such request and any action taken or failure to act pursuant thereto
shall be binding upon all the Lenders and all future holders of the Loans.


 




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Section 9.05.      Notice of Default.
The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless
the Administrative Agent has received notice from a Lender, or a Borrower referring to this Agreement, describing such Default
or Event of Default and stating that such notice is a “notice of default.” In the event that the Administrative Agent
receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take
such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so
specified by this Agreement, all or any other portion of the Lenders); provided that unless and until the Administrative
Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain
from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the
Lenders.


 


Section 9.06.     Non-Reliance on Agents
and Other Lenders. Each Lender expressly acknowledges that neither the Agents nor any of their respective officers, directors,
employees, agents, attorneys-in-fact or affiliates have made any representations or warranties to it and that no act by any Agent
hereafter taken, including any review of the affairs of a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute
any representation or warranty by any Agent to any Lender. Each Lender represents to the Agents that it has, independently and
without reliance upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate,
made its own appraisal of an investigation into the business, operations, property, financial and other condition and creditworthiness
of the Loan Parties and their affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each
Lender also represents that it will, independently and without reliance upon any Agent 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 analysis, appraisals and decisions in
taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary
to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties
and their affiliates. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the
Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any
credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness
of any Loan Party or any affiliate of a Loan Party that may come into the possession of the Administrative Agent or any of its
officers, directors, employees, agents, attorneys-in-fact or affiliates.


 




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Section 9.07.     Indemnification.
The Lenders severally agree to indemnify each Agent and each Issuing Bank in its capacity as such (to the extent not reimbursed
by the Borrowers and without limiting the obligation of the Borrowers to do so), in the amount of its pro rata share (based on
its aggregate Revolving Facility Credit Exposure, outstanding Term Loans and unused Commitments hereunder; provided, that
the aggregate principal amount of L/C Disbursements owing to any Issuing Bank shall be considered to be owed to the Revolving Facility
Lenders ratably in accordance with their respective Revolving Facility Credit Exposure), from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that
may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against such Agent or
such Issuing Bank in any way relating to or arising out of the Commitments, this Agreement, any of the other Loan Documents or
any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action
taken or omitted by such Agent or such Issuing Bank under or in connection with any of the foregoing; provided, that no
Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction
to have resulted from such Agent’s or such Issuing Bank’s gross negligence or willful misconduct. The failure of any
Lender to reimburse any Agent or any Issuing Bank, as the case may be, promptly upon demand for its ratable share of any amount
required to be paid by the Lenders to such Agent or such Issuing Bank, as the case may be, as provided herein shall not relieve
any other Lender of its obligation hereunder to reimburse such Agent or such Issuing Bank, as the case may be, for its ratable
share of such amount, but no Lender shall be responsible for the failure of any other Lender to reimburse such Agent or such Issuing
Bank, as the case may be, for such other Lender’s ratable share of such amount. The agreements in this Section shall survive
the payment of the Loans and all other amounts payable hereunder, and the resignation or removal of any Agent or any Issuing Bank.


 


Section 9.08.     Agent in Its Individual
Capacity. Each Agent and its affiliates may make loans to, accept deposits from, and generally engage in any kind of business
with any Loan Party as though such Agent were not an Agent. With respect to its Loans made or renewed by it and with respect to
any Letter of Credit issued, or Letter of Credit participated in, by it, each Agent shall have the same rights and powers under
this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms
“Lender” and “Lenders” shall include each Agent in its individual capacity.


 




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Section 9.09.     Successor Administrative
Agent. The Administrative Agent may resign as Administrative Agent upon 10 days’ notice to the Lenders and the Borrowers.
If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Required
Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of
Default under Section 8.01(b), (c), (h) or (i) shall have occurred and be continuing) be subject to approval by the Company
(which approval shall not be withheld or delayed unreasonably), whereupon such successor agent shall succeed to the rights, powers
and duties of the Administrative Agent, and the term “Administrative Agent” means such successor agent effective upon
such appointment and approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall
be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to
this Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date
that is 10 days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s
resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Administrative
Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. After any retiring
Administrative Agent’s resignation as Administrative Agent, the provisions of this Article and Section 10.05 shall
inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement
and the other Loan Documents. The provisions of this Section 9.09 shall apply mutatis mutandis to the Collateral Agent, provided
that the Administrative Agent and the Collateral Agent shall at all times be the same person.


 


Section 9.10.     Withholding Tax.
To the extent required by any applicable laws, the Administrative Agent may withhold from any payment to any Lender an amount equivalent
to any applicable withholding tax. If the Internal Revenue Service or any authority of the United States or other jurisdiction
asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender
for any reason (including because the appropriate form was not delivered, was not properly executed, or because such Lender failed
to notify the Administrative Agent of a change in circumstances that rendered the exemption from, or reduction of, withholding
tax ineffective), such Lender shall indemnify the Administrative Agent (to the extent that the Administrative Agent has not already
been reimbursed by any applicable Loan Party and without limiting the obligation of any applicable Loan Party to do so) fully for
all amounts paid, directly or indirectly, by the Administrative Agent as Tax or otherwise, including penalties, additions to Tax
and interest, together with all expenses incurred, including legal expenses, allocated staff costs and any out of pocket expenses.
Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender
under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this Section 9.10. For
the avoidance of doubt, the term “Lender” shall include any Issuing Bank.


 


Section 9.11.     Agent and Arrangers.
Neither the Joint Bookrunners, the Co-Documentation Agents nor any of the Arrangers shall have any duties or responsibilities hereunder
in its capacity as such. Without limiting any other provision of this Article, neither the Joint Bookrunners, the Co-Documentation
Agents nor any of the Arrangers in their respective capacities as such shall have or be deemed to have any fiduciary relationship
with any Lender (including any Issuing Bank) or any other person by reason of this Agreement or any other Loan Document.


 




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Section 9.12.     Ship Mortgage Trust.
The Mortgage Trustee agrees and declares, and each of the other Secured Parties acknowledges, that, subject to the terms and conditions
of this Section 9.12, the Mortgage Trustee holds the Trust Property in trust for the Secured Parties absolutely.  Each of
the other Secured Parties agrees that the obligations, rights and benefits vested in the Mortgage Trustee shall be performed and
exercised in accordance with this Section 9.12.  For the avoidance of doubt, the Mortgage Trustee shall have the benefit of
all of the provisions of this Agreement (including exculpatory and indemnification provisions) benefiting it in its capacity as
Collateral Agent for the Secured Parties.  In addition, the Mortgage Trustee and any attorney, agent or delegate of the Mortgage
Trustee may indemnify itself or himself out of the Trust Property against all liabilities, costs, fees, damages, charges, losses
and expenses sustained or incurred by it or him in relation to the taking or holding of any of the Trust Property or in connection
with the exercise or purported exercise of the rights, trusts, powers and discretions vested in the Mortgage Trustee or any other
such person by or pursuant to the Vessel Mortgages or in respect of anything else done or omitted to be done in any way relating
to the Vessel Mortgages (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court
of competent jurisdiction to have resulted from the Mortgage Trustee’s gross negligence or willful misconduct).


 


Article X



Miscellaneous


 


Section 10.01.   Notices; Communications.


 


(a)       Except
in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in Section 10.01(b)
below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopier or other electronic means as follows, and all notices
and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number,
as follows:


 


(i)       if
to any Loan Party, the Administrative Agent, the Collateral Agent or an Issuing Bank to the address, telecopier number, electronic
mail address or telephone number specified for such person on Schedule 10.01; and


 


(ii)      if
to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its Administrative
Questionnaire.


 


(b)       Notices
and other communications to the Lenders and the Issuing Banks hereunder may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided
that the foregoing shall not apply to notices to any Lender or any Issuing Bank pursuant to Article II if such Lender or Issuing
Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by
electronic communication. The Administrative Agent or the Borrowers may, in their discretion, agree to accept notices and other
communications to it hereunder by electronic communications pursuant to procedures approved by them, provided that approval
of such procedures may be limited to particular notices or communications.


 




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(c)       Notices
sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received.
Notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours
for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices
delivered through electronic communications to the extent provided in Section 10.01(b) above shall be effective as provided
in such Section 10.01(b).


 


(d)       Any
party hereto may change its address or telecopier number for notices and other communications hereunder by notice to the other
parties hereto.


 


(e)       Documents
required to be delivered pursuant to Section 5.04 (to the extent any such documents are included in materials otherwise filed
with the SEC) may be delivered electronically (including as set forth in Section 10.17) and if so delivered, shall be deemed
to have been delivered on the date (i) on which the Loan Parties post such documents, or provides a link thereto on the Loan Parties’
website on the Internet at the website address listed on Schedule 10.01, or (ii) on which such documents are posted
on the Loan Parties’ behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent
have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that
(A) the Loan Parties shall deliver paper copies of such documents to the Administrative Agent or any Lender that requests the Borrowers
to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such
Lender, and (B) the Loan Parties shall notify the Administrative Agent and each Lender (by telecopier or electronic mail) of the
posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft
copies) of such documents. Notwithstanding anything contained herein, in every instance the Borrowers shall be required to provide
paper copies of the certificates required by Section 5.04(c) to the Administrative Agent. Except for such certificates required
by Section 5.04(c), the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the
documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrowers with any such
request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such
documents.


 


Section 10.02.   Survival of Agreement.
All covenants, agreements, representations and warranties made by the Loan Parties herein, in the other Loan Documents and in the
certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document
shall be considered to have been relied upon by the Lenders and each Issuing Bank and shall survive the making by the Lenders of
the Loans, the execution and delivery of the Loan Documents and the issuance of the Letters of Credit, regardless of any investigation
made by such persons or on their behalf, and shall continue in full force and effect as long as the principal of or any accrued
interest on any Loan or L/C Disbursement or any Fee or any other amount payable under this Agreement or any other Loan Document
is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not been terminated. Without
prejudice to the survival of any other agreements contained herein, indemnification and reimbursement obligations contained herein
(including pursuant to Sections 2.15, 2.17 and 10.05) shall survive the payment in full of the principal and interest hereunder,
the expiration of the Letters of Credit and the termination of the Commitments or this Agreement.


 




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Section 10.03.   Binding Effect.
This Agreement shall become effective when it shall have been executed by the Borrowers and the Administrative Agent and when the
Administrative Agent shall have received copies of this Agreement which, when taken together, bear the signatures of each of the
other parties hereto, and thereafter shall be binding upon and inure to the benefit of the Borrowers, each Issuing Bank, the Administrative
Agent and each Lender and their respective permitted successors and assigns.


 


Section 10.04.   Successors and Assigns.


 


(a)       The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit), except that (i) a
Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each
Lender (and any attempted assignment or transfer by such Borrower without such consent shall be null and void) and (ii) no Lender
may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 10.04. Nothing
in this Agreement, expressed or implied, shall be construed to confer upon any person (other than the parties hereto, their respective
successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit), Participants
(to the extent provided in paragraph (c) of this Section 10.04), and, to the extent expressly contemplated hereby, the Related
Parties of each of the Agents, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason
of this Agreement.


 


(b)       (i)
Subject to the conditions set forth in paragraph (b)(ii) below, any Lender (such Lender, an “Assignor”) may
assign to one or more assignees (each, an “Assignee”) all or a portion of its rights and obligations under this
Agreement (including all or a portion of its Commitments and the Loans at the time owing to it) with the prior written consent
(such consent not to be unreasonably withheld or delayed) of:


 


(A)       the
Company; provided that no consent of the Company shall be required for an assignment to a Lender, an Affiliate of a Lender,
an Approved Fund (as defined below), or, if an Event of Default under Sections 8.01(b), (c), (h) or (i) has occurred and is
continuing, any other person;


 


(B)       the
Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment of all or
any portion of a Term Loan to a Lender, an Affiliate of a Lender, an Approved Fund or an Affiliate of the Borrowers made in accordance
with this Section 10.04(b)(i) or Section 10.21; and


 


(C)       the
Issuing Banks; provided that no consent of the Issuing Banks shall be required for an assignment of all or any portion of
a Term Loan.


 




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(ii)       Assignments
shall be subject to the following additional conditions:


 


(A)       except
in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining
amount of the assigning Lender’s Commitments or Loans under any Facility, the amount of the Commitments or Loans of the assigning
Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment
is delivered to the Administrative Agent) shall not be less than (x) $1,000,000 in the case of Term Loans and (y) $1,000,000 in
the case of Revolving Facility Loans or Revolving Facility Commitments, unless each of the Company and the Administrative Agent
otherwise consent; provided that (1) no such consent of the Company shall be required if an Event of Default under Sections 8.01(b),
(c), (h) or (i) has occurred and is continuing and (2) such amounts shall be aggregated in respect of each Lender and its Affiliates
or Approved Funds (with simultaneous assignments to or by two or more Approved Funds shall be treated as one assignment), if any;


 


(B)       the
parties to each assignment shall (1) execute and deliver to the Administrative Agent an Assignment and Acceptance via an electronic
settlement system acceptable to the Administrative Agent or (2) if previously agreed with the Administrative Agent, manually execute
and deliver to the Administrative Agent an Assignment and Acceptance, in each case, together with a processing and recordation
fee of $3,500 (which fee may be waived or reduced in the discretion of the Administrative Agent);


 


(C)       the
Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire and any tax forms;
and


 


(D)       the
Assignee shall not be a natural person or the Borrowers or any of the Borrowers’ Affiliates or Subsidiaries; except in accordance
with Section 10.04(b)(i) or Section 10.21.


 


For the purposes of this Section 10.04,
“Approved Fund” means any person (other than a natural person) that is engaged in making, purchasing, holding
or investing in bank loans and similar extensions of credit in the ordinary course and that is administered or managed by (a) a
Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.


 


(iii)       Subject
to acceptance and recording thereof pursuant to paragraph (b)(v) below, from and after the effective date specified in each
Assignment and Acceptance the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment
and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to
the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and,
in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement,
such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17
and 10.05). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this
Section 10.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with paragraph (c) of this Section 10.04.


 




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(iv)       The
Administrative Agent, acting for this purpose as an agent of the Borrowers, shall maintain at one of its offices a copy of each
Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the
Commitments of, and principal and interest amounts of the Loans and Revolving L/C Exposure owing to, each Lender pursuant to the
terms of this Agreement from time to time (the “Register”). The entries in the Register shall be conclusive
absent manifest error, and the Borrowers, the Administrative Agent, the Issuing Banks and the Lenders shall treat each person whose
name is recorded in the Register pursuant to the terms of this Agreement as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers, the Issuing Banks and
any Lender, at any reasonable time and from time to time upon reasonable prior notice.


 


(v)       Upon
its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an Assignee, the Assignee’s
completed Administrative Questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in paragraph (b) of this Section, if applicable, and any written consent to such assignment required by paragraph
(b) of this Section and any applicable tax forms, the Administrative Agent shall accept such Assignment and Acceptance and
promptly record the information contained therein in the Register. No assignment, whether or not evidenced by a promissory note,
shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph (b)(v).


 


(vi)       If
the consent of the Company to an assignment or to an Approved Fund is required hereunder (including a consent to an assignment
which does not meet the minimum assignment thresholds specified in Section 10.04(b)(ii)(A)), the Company shall be deemed to have
given its consent ten Business Days after the date written notice thereof has been delivered by the Assignor (through the Administrative
Agent or the electronic settlement system used in connection with any such assignment) unless such consent is expressly refused
by the Company prior to such tenth Business Day.


 


(c)       By
executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the Assignee thereunder shall be deemed
to confirm to and agree with each other and the other parties hereto as follows: (i) such assigning Lender warrants that it is
the legal and beneficial owner of the interest being assigned thereby free and clear of any adverse claim and that its applicable
Commitment, and the outstanding balances of its Term Loans and Revolving Facility Loans, in each case without giving effect to
assignments thereof which have not become effective, are as set forth in such Assignment and Acceptance, (ii) except as set forth
in clause (i) above, such assigning Lender makes no representation or warranty and assumes no responsibility with respect
to any statements, warranties or representations made in or in connection with this Agreement, or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of this Agreement, any other Loan Document or any other instrument or document
furnished pursuant hereto, or the financial condition of the Company or any Subsidiary or the performance or observance by the
Company or any Subsidiary of any of its obligations under this Agreement, any other Loan Document or any other instrument or document
furnished pursuant hereto; (iii) the Assignee represents and warrants that it is legally authorized to enter into such Assignment
and Acceptance; (iv) the Assignee confirms that it has received a copy of this Agreement, together with copies of the most recent
financial statements referred to in Section 3.05 (or delivered pursuant to Section 5.04), and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance;
(v) the Assignee will independently and without reliance upon the Administrative Agent, the Collateral Agent, such assigning Lender
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 this Agreement; (vi) the Assignee appoints and authorizes each the Administrative
Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are
delegated to the Administrative Agent and the Collateral Agent, as applicable, by the terms of this Agreement, together with such
powers as are reasonably incidental thereto; and (vii) the Assignee agrees that it will perform in accordance with their terms
all the obligations which by the terms of this Agreement are required to be performed by it as a Lender.


 




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(d)       (i)
Any Lender may, without the consent of the Borrowers or the Administrative Agent, sell participations to one or more banks or other
entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement
(including all or a portion of its Commitments and the Loans owing to it); provided that (A) such Lender’s obligations
under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations and (C) the Borrowers, the Administrative Agent, the Issuing Banks 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 pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the
sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision
of this Agreement and the other Loan Documents; provided that (x) such agreement may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender
directly affected thereby pursuant to Section 10.04(a)(i) or clauses (i), (ii), (iii), (iv), (v) or (vi) of the first
proviso to Section 10.08(b) and (2) directly affects such Participant and (y) no other agreement with respect to amendment,
modification or waiver may exist between such Lender and such Participant. Subject to paragraph (c)(ii) of this Section 10.04,
the Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.14, 2.15, 2.16 and 2.17 (subject
to the limitations and requirements of those Sections and Section 2.19 and it being understood that the documentation required
under Section 2.17(e) shall be delivered solely to the participating Lender) to the same extent as if it were a Lender and had
acquired its interest by assignment pursuant to paragraph (b) of this Section 10.04. To the extent permitted by law, each
Participant also shall be entitled to the benefits of Section 10.06 as though it were a Lender, provided that such
Participant shall be subject to Section 2.18(c) as though it were a Lender. Each Lender that sells a participation shall,
acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address
of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other
obligations under the Loan 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 any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations
under any Loan Document) except to the extent that such disclosure is necessary in connection with a Tax audit or other Tax proceeding
to establish that such commitment, loan, letter of credit or other obligation 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 absent manifest error, and
each party hereto 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.


 




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(ii)       A
Participant shall not be entitled to receive any greater payment under 2.14, 2.15, 2.16 or 2.17 than the applicable Lender would
have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation
to such Participant is made with the Company’s prior written consent (which consent shall not be unreasonably withheld or
delayed), which consent shall state that it is being given pursuant to this Section 10.04(d)(ii); provided that each potential
Participant shall provide such information as is reasonably requested by the Company in order for the Company to determine whether
to provide its consent.


 


(e)       Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central
banking authority and in the case of any Lender that is an Approved Fund, any pledge or assignment to any holders of obligations
owed, or securities issued, by such Lender, including to any trustee for, or any other representative of, such holders, and this
Section 10.04 shall not apply to any such pledge or assignment of a security interest; provided that no such pledge
or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee
or Assignee for such Lender as a party hereto.


 


(f)       The
Borrowers, upon receipt of written notice from any relevant Lender, agree to issue Notes to such Lender requiring Notes to facilitate
transactions of the type described in paragraph (e) above.


 


(g)       Notwithstanding
the foregoing, any Conduit Lender may assign any or all of the Loans it may have funded hereunder to its designating Lender without
the consent of the Borrowers or the Administrative Agent. Each Borrower, each Lender and the Administrative Agent hereby confirms
that it will not institute against a Conduit Lender or join any other person in instituting against a Conduit Lender any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one
day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however,
that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto and
each Loan Party for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such
Conduit Lender during such period of forbearance.


 


(h)       If
the Borrowers wish to replace the Loans or Commitments under any Facility with ones having different terms, they shall have the
option, with the consent of the Administrative Agent and subject to at least three Business Days’ advance notice to the Lenders
under such Facility, instead of prepaying the Loans or reducing or terminating the Commitments to be replaced, to (1) require the
Lenders under such Facility to assign such Loans or Commitments to the Administrative Agent or its designees and (2) amend the
terms thereof in accordance with Section 10.08 (with such replacement, if applicable, being deemed to have been made pursuant
to Section 10.08(d)). Pursuant to any such assignment, all Loans and Commitments to be replaced shall be purchased at par
(allocated among the Lenders under such Facility in the same manner as would be required if such Loans were being optionally prepaid
or such Commitments were being optionally reduced or terminated by the Borrowers), accompanied by payment of any accrued interest
and fees thereon and any amounts owing pursuant to Section 10.05(b). By receiving such purchase price, the Lenders under such
Facility shall automatically be deemed to have assigned the Loans or Commitments under such Facility pursuant to the terms of the
form of Assignment and Acceptance attached hereto as Exhibit A, and accordingly no other action by such Lenders shall
be required in connection therewith. The provisions of this paragraph (h) are intended to facilitate the maintenance of the perfection
and priority of existing security interests in the Collateral during any such replacement.


 




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(i)       Notwithstanding
anything to the contrary in Section 2.18(c) (which provisions shall not be applicable to clauses (i) or (j) of this Section 10.04),
the Borrowers may purchase by way of assignment and become Assignees with respect to Term Loans at any time and from time to time
from Lenders in accordance with Section 10.04(b) hereof (“Permitted Loan Purchases”); provided that
(A) any such purchase occurs pursuant to Dutch auction procedures open to all applicable Lenders on a pro rata basis in accordance
with customary procedures to be agreed between the applicable Borrower and the Administrative Agent; provided that the Borrowers
shall be entitled to make open market purchases of the Term Loans without complying with such Dutch auction procedures so long
as the aggregate principal amount (calculated on the par amount thereof) of all Term Loans purchased in open market purchases from
the Closing Date does not exceed the Permitted Loan Purchases Amount, (B) for the avoidance of doubt, no Revolving Facility Commitments
or Revolving Facility Loans may be purchased by the Borrowers, (C) no Permitted Loan Purchases shall be made from the proceeds
of any Revolving Facility Loans, (D) no Default or Event of Default has occurred and is continuing or would result from the Permitted
Loan Purchase, (E) upon consummation of any such Permitted Loan Purchase, the Loans purchased pursuant thereto shall be deemed
to be automatically and immediately cancelled and extinguished in accordance with Section 10.04(j) and (F) in connection with any
such Permitted Loan Purchase, the applicable Borrower and such Lender that is the Assignor shall execute and deliver to the Administrative
Agent a Permitted Loan Purchase Assignment and Acceptance (and for the avoidance of doubt, shall not be required to execute and
deliver an Assignment and Acceptance pursuant to Section 10.04(b)(ii)(B)) and shall otherwise comply with the conditions to
assignments under this Section 10.04.


 


(j)       Each
Permitted Loan Purchase shall, for purposes of this Agreement (including without limitation, Section 2.08(b)) be deemed to be an
automatic and immediate cancellation and extinguishment of such Term Loans and the applicable Borrower shall, upon consummation
of any Permitted Loan Purchase, notify the Administrative Agent that the Register be updated to record such event as if it were
a prepayment of such Loans.


 




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Section 10.05.   Expenses; Indemnity.


 


(a)       Costs
and Expenses. The Borrowers jointly and severally agree to pay (i) all reasonable and documented out-of-pocket expenses (including
Other Taxes) incurred by the Administrative Agent in connection with the preparation of this Agreement and the other Loan Documents,
or by the Administrative Agent in connection with the syndication of the Commitments or in the administration of this Agreement
(including expenses incurred in connection with due diligence and initial and ongoing Collateral examination to the extent incurred
with the reasonable prior approval of the Company and the reasonable fees, disbursements and charges for no more than one counsel
in each jurisdiction where Collateral is located) or in connection with the administration of this Agreement and any amendments,
modifications or waivers of the provisions of this Agreement or thereof (whether or not the Transactions hereby contemplated shall
be consummated), including the reasonable fees, charges and disbursements of Cahill Gordon & Reindel llp,
counsel for the Administrative Agent and the Arrangers, and, if necessary, the reasonable fees, charges and documented out-of-pocket
expenses and disbursements of one local counsel per jurisdiction, and (ii) all out-of-pocket expenses (including Other Taxes) incurred
by the Agents and any Lender in connection with the enforcement or protection of their rights in connection with this Agreement
and the other Loan Documents, in connection with the Loans made or the Letters of Credit issued hereunder, including the fees,
charges and disbursements of counsel for the Agents or, after any Event of Default under Section 8.01(b), (c), (h) (with respect
to the Borrowers) or (i) (with respect to the Borrowers), counsel for the Lenders (in each case including any special and local
counsel).


 


(b)       Indemnification
by the Borrowers. The Borrowers jointly and severally agree to indemnify the Administrative Agent, the Agents, the Arrangers,
the Joint Bookrunners, each Issuing Bank, each Lender, each of their respective Affiliates and each of their respective directors,
trustees, officers, employees, agents, trustees and advisors (each such person being called an “Indemnitee”)
against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including
reasonable counsel fees, charges and disbursements (except the allocated costs of in house counsel), incurred by or asserted against
any Indemnitee arising out of, in any way connected with, or as a result of (i) the execution or delivery of this Agreement or
any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto and
thereto of their respective obligations thereunder or the consummation of the Transactions and the other transactions contemplated
hereby (including the Acquisition Transactions), (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including
any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection
with such demand do not strictly comply with the terms of such Letter of Credit) or (iii) any claim, litigation, investigation
or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party thereto and regardless of whether such
matter is initiated by a third party or by the Company or any of its subsidiaries or Affiliates; provided, that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses
are determined by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence
or willful misconduct of such Indemnitee (for purposes of this proviso only, each of the Administrative Agent, any Arranger, any
Joint Bookrunner, any Issuing Bank or any Lender shall be treated as several and separate Indemnitees, but each of them together
with its respective Related Parties, shall be treated as a single Indemnitee). Subject to and without limiting the generality of
the foregoing sentence, the Borrowers jointly and severally agree to indemnify each Indemnitee against, and hold each Indemnitee
harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel or consultant
fees, charges and disbursements (limited to not more than one counsel, plus, if necessary, one local counsel per jurisdiction)
(except the allocated costs of in house counsel), incurred by or asserted against any Indemnitee arising out of, in any way connected
with, or as a result of any Environmental Claim or Environmental Liability related in any way to the Company or any of the Subsidiaries
or its predecessors; provided, that such indemnity shall not, as to any Indemnitee, be available to the extent that such
losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or any of its Related Parties. None
of the Indemnitees (or any of their respective affiliates) shall be responsible or liable to the Company or any of the subsidiaries,
Affiliates or stockholders or any other person or entity for any special, indirect, consequential or punitive damages, which may
be alleged as a result of the Facilities, the Transactions or the Acquisition Transactions. The provisions of this Section 10.05
shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation
of the transactions contemplated hereby, the repayment of any of the Obligations, the invalidity or unenforceability of any term
or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent,
any Issuing Bank or any Lender. All amounts due under this Section 10.05 shall be payable on written demand therefor accompanied
by reasonable documentation with respect to any reimbursement, indemnification or other amount requested.


 




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(c)       Taxes.
Except as expressly provided in Section 10.05(a) with respect to Other Taxes, which shall not be duplicative with any amounts
paid pursuant to Section 2.17, this Section 10.05 shall not apply to any Taxes (other than Taxes that represent losses, claims,
damages, liabilities and related expenses resulting from a non-Tax claim), which shall be governed exclusively by Section 2.17
and, to the extent set forth therein, Section 2.15.


 


(d)       Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable law, the Borrowers shall not assert, and hereby
waive, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as
opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document
or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit
or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by unintended recipients
of any information or other materials distributed by it through telecommunications, electronic or other information transmission
systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.


 


(e)       Survival.
The agreements in this Section 10.05 shall survive the resignation or removal of either Agent or any Issuing Bank, the replacement
of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all the other Obligations and
the termination of this Agreement.


 




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Section 10.06.   Right of Set-off.
If an Event of Default shall have occurred and be continuing, each Lender and each Issuing Bank is hereby authorized at any time
and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time
or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender or such Issuing Bank
to or for the credit or the account of the Borrowers or any Subsidiary against any of and all the obligations of the Borrowers
now or hereafter existing under this Agreement or any other Loan Document held by such Lender or such Issuing Bank, irrespective
of whether or not such Lender or such Issuing Bank shall have made any demand under this Agreement or such other Loan Document
and although the obligations may be unmatured. The rights of each Lender and each Issuing Bank under this Section 10.06 are
in addition to other rights and remedies (including other rights of set-off) that such Lender or such Issuing Bank may have. Each
Lender and Issuing Bank agrees to notify the Administrative Agent promptly after any such set off and application; provided
that the failure to give such notice shall not affect the validity of such set off and application.


 


Section 10.07.   Applicable Law.
THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN LETTERS OF CREDIT AND AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) SHALL
BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES
THEREOF.


 


Section 10.08.   Waivers; Amendment.


 


(a)       No
failure or delay of either Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under any Loan Document
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance
of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of each Agent, each Issuing Bank and the Lenders hereunder and under the other Loan Documents are
cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement
or any other Loan Document or consent to any departure by any Borrower or any other Loan Party therefrom shall in any event be
effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in
the specific instance and for the purpose for which given. No notice or demand on any Borrower or any other Loan Party in any case
shall entitle such person to any other or further notice or demand in similar or other circumstances.


 


(b)       Subject
to Section 2.14, neither this Agreement nor any other Loan Document nor any provision of this Agreement or thereof may be waived,
amended or modified except (x) as provided in Section 2.21, (y) in the case of this Agreement, pursuant to an agreement or
agreements in writing entered into by the Borrowers and the Required Lenders and (z) in the case of any other Loan Document, pursuant
to an agreement or agreements in writing entered into by each party thereto and the Agent party thereto and consented to by the
Required Lenders; provided, however, that no such agreement shall


 


(i)       decrease
or forgive the principal amount of, or extend the final maturity of, or decrease the rate of interest on, any Loan or any L/C Disbursement,
or extend the stated expiration of any Letter of Credit beyond the applicable Revolving Facility Maturity Date, without the prior
written consent of each Lender directly affected thereby, except as provided in Section 2.05(c); provided that any amendment
to the financial covenant definitions in this Agreement shall not constitute a reduction in the rate of interest for purposes of
this clause (i),


 




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(ii)       increase
or extend the Commitment of any Lender or decrease the Commitment Fees or L/C Participation Fees or other fees of any Lender without
the prior written consent of such Lender (it being understood that waivers or modifications of conditions precedent, covenants,
Defaults or Events of Default or of a mandatory reduction in the aggregate Commitments shall not constitute an increase of the
Commitments of any Lender),


 


(iii)      extend
or waive any Term Loan Installment Date or reduce the amount due on any Term Loan Installment Date or extend any date on which
payment of interest on any Loan or any L/C Disbursement or any Fees is due, without the prior written consent of each Lender adversely
affected thereby,


 


(iv)      amend
the provisions of Section 4.02 of the Collateral Agreement, or any analogous provision of any other Security Document, in a manner
that would by its terms alter the pro rata sharing of payments required thereby, without the prior written consent of each
Lender adversely affected thereby,


 


(v)       amend
or modify the provisions of this Section 10.08 or the definition of the terms “Required Lenders,” “Majority
Lenders,” or any other provision of this Agreement specifying the number or percentage of Lenders required to waive, amend
or modify any rights hereunder or make any determination or grant any consent hereunder, without the prior written consent of each
Lender adversely affected thereby (it being understood that, with the consent of the Required Lenders, additional extensions of
credit pursuant to this Agreement may be included in the determination of the Required Lenders on substantially the same basis
as the Loans and Commitments are included on the Closing Date),


 


(vi)      release
all or substantially all the Collateral or all or substantially all of the Subsidiary Guarantors from their respective Guarantees
under the Collateral Agreement, unless, in the case of a Subsidiary Guarantor, all or substantially all the Equity Interests of
such Subsidiary Guarantor is sold or otherwise disposed of in a transaction permitted by this Agreement, without the prior written
consent of each Lender, or


 


(vii)     effect
any waiver, amendment or modification that by its terms adversely affects the rights in respect of payments or collateral of Lenders
participating in any Facility differently from those of Lender participating in another Facility, without the consent of the Majority
Lenders participating in the adversely affected Facility (it being agreed that the Required Lenders may waive, in whole or in part,
any prepayment or Commitment reduction required by ‎Section 2.11 so long as the application of any prepayment or Commitment
reduction still required to be made is not changed);


 




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provided, further, that no such agreement shall amend,
modify or otherwise affect the rights or duties of either Agent or an Issuing Bank hereunder without the prior written consent
of such Agent or such Issuing Bank acting as such at the effective date of such agreement, as applicable. Each Lender shall be
bound by any waiver, amendment or modification authorized by this Section 10.08 and any consent by any Lender pursuant to
this Section 10.08 shall bind any Assignee of such Lender.


 


Notwithstanding the foregoing, only the consent
of the Required Revolving Facility Lenders shall be required to (and only the Required Revolving Facility Lenders shall have the
ability to) waive, amend or modify the conditions set forth in Section 4.01.


 


(c)       Without
the consent of any Arranger or Lender or Issuing Bank, the Loan Parties and the Administrative Agent and/or Collateral Agent, as
applicable, may (in their respective sole discretion, or shall, to the extent required by any Loan Document) enter into any amendment,
modification or waiver of any Loan Document, or enter into any new agreement or instrument, to effect the granting, perfection,
protection, expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for
the benefit of the Secured Parties, or as required by local law to give effect to, or protect any security interest for the benefit
of the Secured Parties, in any property or so that the security interests therein comply with applicable law.


 


(d)       Notwithstanding
the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative
Agent and the Borrowers (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit
from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits
of this Agreement and the other Loan Documents with the Term Loans and the Revolving Facility Loans and the accrued interest and
fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the
Required Lenders.


 


(e)       Notwithstanding
the foregoing, technical and conforming modifications to the Loan Documents may be made with the consent of the Borrowers and the
Administrative Agent to the extent necessary to integrate any Incremental Term Loan Commitments or Incremental Revolving Facility
Commitments in a manner consistent with Section 2.21, including, with respect to Other Incremental Revolving Loans or Other
Incremental Term Loans, as may be necessary to establish such Incremental Term Loan Commitments or Revolving Facility Loans as
a separate Class or tranche from the existing Term Loan Commitments or Incremental Revolving Facility Commitments.


 


Notwithstanding anything herein to the contrary,
if at any time the applicable interest rate, together with all fees and charges that are treated as interest under applicable law
(collectively, the “Charges”), as provided for herein or in any other document executed in connection herewith,
or otherwise contracted for, charged, received, taken or reserved by any Lender or any Issuing Bank, shall exceed the maximum lawful
rate (the “Maximum Rate”) that may be contracted for, charged, taken, received or reserved by such Lender in
accordance with applicable law, the rate of interest payable hereunder, together with all Charges payable to such Lender or such
Issuing Bank, shall be limited to the Maximum Rate; provided that such excess amount shall be paid to such Lender or such
Issuing Bank on subsequent payment dates to the extent not exceeding the legal limitation.


 




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Section 10.09.   Entire Agreement.
This Agreement, the other Loan Documents and the agreements regarding certain Fees referred to herein constitute the entire contract
between the parties relative to the subject matter of this Agreement. Any previous agreement among or representations from the
parties or their Affiliates with respect to the subject matter of this Agreement is superseded by this Agreement and the other
Loan Documents. Notwithstanding the foregoing, any fee letters previously entered into between the Agents, the Arrangers and the
Joint Bookrunners shall survive the execution and delivery of this Agreement and remain in full force and effect. Nothing in this
Agreement or in the other Loan Documents, expressed or implied, is intended to confer upon any party other than the parties hereto
and thereto any rights, remedies, obligations or liabilities under or by reason of this Agreement or the other Loan Documents.


 


Section 10.10.   No Liability of the
Issuing Bank. The Borrowers assume all risks of the acts or omissions of any beneficiary or transferee of any Letter of Credit
with respect to its use of such Letter of Credit. Neither any Issuing Bank nor any of its officers or directors shall be liable
or responsible for: (a) the use that may be made of any Letter of Credit or any acts or omissions of any beneficiary or transferee
in connection therewith; (b) the validity, sufficiency or genuineness of documents, or of any endorsement thereon, even if such
documents should prove to be in any or all respects invalid, insufficient, fraudulent or forged; (c) payment by such Issuing Bank
against presentation of documents that do not comply with the terms of a Letter of Credit, including failure of any documents to
bear any reference or adequate reference to the Letter of Credit; or (d) any other circumstances whatsoever in making or failing
to make payment under any Letter of Credit, except that the Borrowers shall have a claim against such Issuing Bank, and such Issuing
Bank shall be liable to the Borrowers, to the extent of any direct, but not consequential, damages suffered by the Borrowers that
the Borrowers prove were caused by (i) such Issuing Bank’s willful misconduct or gross negligence as determined in a final,
non-appealable judgment by a court of competent jurisdiction in determining whether documents presented under any Letter of Credit
comply with the terms of the Letter of Credit or (ii) such Issuing Bank’s willful failure to make lawful payment under a
Letter of Credit after the presentation to it of a draft and certificates strictly complying with the terms and conditions of the
Letter of Credit. In furtherance and not in limitation of the foregoing, such Issuing Bank may accept documents that appear on
their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary.


 


Section 10.11.   WAIVER OF JURY TRIAL.
EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER
LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE,
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 10.11.


 




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Section 10.12.   Severability.
In the event any one or more of the provisions contained in this Agreement or in any other Loan Document should be held invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein
and therein shall not in any way be affected or impaired thereby. The parties shall endeavor in good-faith negotiations to replace
the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible
to that of the invalid, illegal or unenforceable provisions.


 


Section 10.13.   Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which, when taken
together, shall constitute but one contract, and shall become effective as provided in Section 10.03. Delivery of an executed
counterpart to this Agreement by facsimile transmission (or other electronic transmission pursuant to procedures approved by the
Administrative Agent) shall be as effective as delivery of a manually signed original.


 


Section 10.14.   Headings. Article and
Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement
and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.


 


Section 10.15.   Jurisdiction; Consent
to Service of Process.


 


(a)       Submission
to Jurisdiction. Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to
the exclusive jurisdiction of any New York State court or federal court of the United States of America sitting in New York
City in the borough of Manhattan, and any appellate court from any thereof (collectively, “New York Courts”),
in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement
of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any
such action or proceeding shall be heard and determined in such New York State or, to the extent permitted by law, in such
federal court. Each of the parties hereto agrees 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. Nothing in this Agreement
shall affect any right that any party may otherwise have to bring any action or proceeding relating to this Agreement or any of
the other Loan Documents in the courts of any jurisdiction, except that each of the Loan Parties agrees that (a) it will not bring
any such action or proceeding in any court other than New York Courts (it being acknowledged and agreed by the parties hereto
that any other forum would be inconvenient and inappropriate in view of the fact that more of the Lenders who would be affected
by any such action or proceeding have contacts with the State of New York than any other jurisdiction), and (b) in any such
action or proceeding brought against any Loan Party in any other court, it will not assert any cross-claim, counterclaim or setoff,
or seek any other affirmative relief, except to the extent that the failure to assert the same will preclude such Loan Party from
asserting or seeking the same in the New York Courts.


 




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(b)       Waiver
of Venue. Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and
effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising
out of or relating to this Agreement or the other Loan Documents in any New York Court. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action
or proceeding in any such court.


 


(c)       Service
of Process. Each Loan Party irrevocably appoints National Registered Agents, Inc. at 875 Avenue of the Americas, Suite 501,
New York, New York 10001 as its authorized agent (the “Process Agent”) on which any and all legal
process may be served in any action, suit or proceeding brought in any New York Court. Each Loan Party agrees that service
of process in respect of it upon the Process Agent, together with written notice of such service given to it in the manner provided
for notices in Section 10.01, shall be deemed to be effective service of process upon it in any such action, suit or proceeding.
Each Loan Party agrees that the failure of the Process Agent to give notice to it of any such service shall not impair or affect
the validity of such service or any judgment rendered in any such action, suit or proceeding based thereon. If for any reason the
Process Agent named above shall cease to be available to act as such, each Loan Party agrees to irrevocably appoint a replacement
process agent in New York City, as its authorized agent for service of process, on the terms and for the purposes specified
in this paragraph (c). Nothing in this Agreement or any other Loan Document will affect the right of any party hereto to serve
process in any other manner permitted by applicable law or to obtain jurisdiction over any party or bring actions, suits or proceedings
against any party in such other jurisdictions, and in such matter, as may be permitted by applicable law.


 


Section 10.16.   Confidentiality.
Each of the Lenders, each Issuing Bank and each of the Agents agrees that it shall maintain in confidence any information relating
to any Loan Party and any Subsidiary furnished to it by or on behalf of such Loan Party or any Subsidiary (other than information
that (a) has become generally available to the public other than as a result of a disclosure by such party, (b) has been independently
developed by such Lender, such Issuing Bank or such Agent without violating this Section 10.16 or (c) was available to such
Lender, such Issuing Bank or such Agent from a third party having, to such person’s knowledge, no obligations of confidentiality
to such Loan Party or any other Subsidiary) and shall not reveal the same other than to its Related Parties with a need to know
and any numbering, administration or settlement service providers or to any person that approves or administers the Loans on behalf
of such Lender (so long as each such person shall have been instructed to keep the same confidential in accordance with this Section 10.16),
except: (A) to the extent necessary to comply with law or any legal process or the requirements of any Governmental Authority,
the National Association of Insurance Commissioners or of any securities exchange on which securities of the disclosing party or
any Affiliate of the disclosing party are listed or traded, (B) as part of normal reporting or review procedures to, or examinations
by, Governmental Authorities or self-regulatory authorities, including the National Association of Insurance Commissioners or the
Financial Industry Regulatory Authority, (C) to its parent companies, Affiliates or auditors (so long as each such person shall
have been instructed to keep the same confidential in accordance with this Section 10.16), (D) in order to enforce its rights
under any Loan Document in a legal proceeding, (E) to any pledgee under Section 10.04(e) or any other prospective assignee
of, or prospective Participant in, any of its rights under this Agreement (or any of its Related Parties) (so long as such person
shall have been instructed to keep the same confidential in accordance with this Section 10.16), (F) to any direct or indirect
contractual counterparty in Swap Agreements or such contractual counterparty’s professional advisor (so long as such contractual
counterparty or professional advisor to such contractual counterparty agrees to be bound by the provisions of this Section 10.16)
and (G) to any credit insurance provider relating to the Borrowers and their obligations (so long as such person shall have been
instructed to keep the same confidential in accordance with this Section 10.16). In addition, each Agent, each Issuing Bank
and each Lender may disclose the existence of this Agreement and customary information about this Agreement to market data collectors,
similar services providers to the lending industry, and service providers to the Agents, the Issuing Banks and the Lenders in connection
with the administration and management of this Agreement and the other Loan Documents.


 




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Section 10.17.   Platform; Borrower
Materials. The Borrowers hereby acknowledge that (a) the Administrative Agent and/or the Arrangers will make available to the
Lenders and the Issuing Banks materials and/or information provided by or on behalf of the Borrowers hereunder (collectively, “Borrower
Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”),
and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public
information with respect to the Borrowers or their securities) (each, a “Public Lender”). Each Borrower hereby
agrees that it will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed
to the Public Lenders and that (i) all the Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which,
at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof, (ii) by marking
Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have authorized the Administrative Agent, the Arranger,
the Issuing Banks and the Lenders to treat the Borrower Materials as either publicly available information or not material information
(although it may be sensitive and proprietary) with respect to the Borrowers or their securities for purposes of United States
Federal and state securities laws, (iii) all Borrower Materials marked “PUBLIC” are permitted to be made available
through a portion of the Platform designated “Public Investor”; and (iv) the Administrative Agent and the Arrangers
shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on
a portion of the Platform not designated “Public Investor.”


 


Section 10.18.    Release of Liens and
Guarantees. In the event that any equity holder conveys, sells, assigns, transfers or otherwise disposes of all or any portion
of any of the Equity Interests or assets of any Subsidiary Guarantor to a person that is not thereby required to enter into a Subsidiary
Guarantor Pledge Agreement in a transaction not prohibited by Section 6.05 the Collateral Agent, without any recourse to or
representation by it, shall promptly (and the Lenders hereby authorize the Collateral Agent to) take such action and execute any
such documents as may be reasonably requested by the Borrowers and at the Borrowers’ expense to release any Liens created
by any Loan Document in respect of such Equity Interests or assets, and, in the case of a disposition of the Equity Interests of
any Subsidiary Guarantor in a transaction permitted by Section 6.05 and as a result of which such Subsidiary Guarantor would cease
to be a Subsidiary, terminate such Subsidiary Guarantor’s obligations under its Guarantee (and, in each case, the Administrative
Agent and the Collateral Agent may rely conclusively on a certificate to that effect provided to it by any Loan Party upon its
reasonable request without further inquiry). Any such release shall not in any manner discharge, affect, or impair the Obligations
or any Liens (other than those being released) upon (or obligations (other than those being released) of the Loan Parties in respect
of) all interests retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to constitute part
of the Collateral except to the extent otherwise released in accordance with the provisions of the Loan Documents. In addition,
the Collateral Agent agrees, without any recourse to or representation by it, to take such actions as are reasonably requested
by the Borrowers and at the Borrowers’ expense to terminate the Liens and security interests created by the Loan Documents
when all the Obligations (other than contingent indemnification obligations and expense reimbursement claims to the extent no claim
therefore has been made) are paid in full and all Letters of Credit and Commitments are terminated. Any such release of Obligations
shall be deemed subject to the provision that such Obligations shall be reinstated if after such release any portion of any payment
in respect of the Obligations guaranteed thereby shall be rescinded or must otherwise be restored or returned upon the insolvency,
bankruptcy, dissolution, liquidation or reorganization of any Borrower or any Subsidiary Guarantor, or upon or as a result of the
appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, any Borrower or any Subsidiary Guarantor
or any substantial part of its property, or otherwise, all as though such payment had not been made. Any representation, warranty
or covenant contained in any Loan Document relating to any such Equity Interests, asset or subsidiary of a Borrower shall no longer
be deemed to be made once such Equity Interests or asset is so conveyed, sold, leased, assigned, transferred or disposed of.


 




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Section 10.19.   Judgment Currency.
If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document
in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures
the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which
final judgment is given. The obligation of any Loan Party in respect of any such sum due from it to any Agent or Lender hereunder
or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”)
other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement
Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent of
any sum adjudged to be so due in the Judgment Currency, the Administrative Agent may in accordance with normal banking procedures
purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the
sum originally due to the Administrative Agent from the Borrowers in the Agreement Currency, the Borrowers agree, as a separate
obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or the person to whom such obligation was
owing against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative
Agent in such currency, the Administrative Agent agrees to return the amount of any excess to the Borrowers (or to any other person
who may be entitled thereto under applicable law).


 


Section 10.20.   USA PATRIOT Act Notice.
Each Lender that is subject to the USA PATRIOT Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby
notifies the Borrowers that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information
that identifies each Loan Party, which information includes the name and address of each Loan Party and other information that
will allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the USA PATRIOT
Act.


 




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Section 10.21.   Affiliate Lenders.


 


(a)       Each
Lender who is an Affiliate of the Borrowers (each, an “Affiliate Lender”; it being understood that neither the
Borrowers, nor any of the Subsidiaries may be Affiliate Lenders), in connection with any (i) consent (or decision not to consent)
to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document, (ii) other
action on any matter related to any Loan Document or (iii) direction to the Administrative Agent, Collateral Agent or any Lender
to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, agrees that, except with
respect to any amendment, modification, waiver, consent or other action described in clauses (i), (ii) or (iii) of the first proviso
of Section 10.08(b), such Affiliate Lender shall be deemed to have voted its interest as a Lender without discretion in such
proportion as the allocation of voting with respect to such matter by Lenders who are not Affiliate Lenders. Subject to clause
(c) below, the Borrowers and each Affiliate Lender hereby agree that if a case under Title 11 of the United States Code is commenced
against a Borrower, such Borrower shall seek (and each Affiliate Lender shall consent) to designate the vote of any Affiliate Lender
and the vote of any Affiliate Lender with respect to any plan of reorganization of such Borrower or any Affiliate of such Borrower
shall not be counted. Each Affiliate Lender hereby irrevocably appoints the Administrative Agent (such appointment being coupled
with an interest) as such Affiliate Lender’s attorney-in-fact, with full authority in the place and stead of such Affiliate
Lender and in the name of such Affiliate Lender, from time to time in the Administrative Agent’s discretion to take any action
and to execute any instrument that the Administrative Agent may deem reasonably necessary to carry out the provisions of this clause
(a).


 


(b)       Notwithstanding
anything to the contrary in this Agreement, no Affiliate Lender shall have any right to (a) attend (including by telephone) any
meeting or discussions (or portion thereof) among the Administrative Agent or any Lender to which representatives of the Borrowers
are not then present, (b) receive any information or material prepared by Administrative Agent or any Lender or any communication
by or among Administrative Agent and/or one or more Lenders, except to the extent such information or materials have been made
available to the Borrowers or their representatives, or (c) make or bring (or participate in, other than as a passive participant
in or recipient of its pro rata benefits of) any claim, in its capacity as a Lender, against Administrative Agent, the Collateral
Agent or any other Lender with respect to any duties or obligations or alleged duties or obligations of such Agent or any other
such Lender under the Loan Documents, (d) own more than 25% of the aggregate principal amount of outstanding Term Loans or (e)
purchase Revolving Facility Loans or Revolving Facility Commitments. It shall be a condition precedent to each assignment to an
Affiliate Lender that such Lender shall have represented in the applicable Assignment and Acceptance, and notified the Administrative
Agent (i) that it is (or will be, following the consummation of such assignment) an Affiliate Lender, (ii) that the aggregate amount
of Term Loans held by it giving effect to such assignments shall not exceed the amount permitted by clause (d) of the preceding
sentence, and (iii) that, as of the date of such purchase and assignment, it is not in possession of material non-public information
with respect to the Borrowers, their subsidiaries or their respective securities that (A) has not been disclosed to the assigning
Lender prior to such date and (B) could reasonably be expected to have a material effect upon, or otherwise be material to, a Lender’s
decision to assign Terms Loans to such Affiliate Lender.


 




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Section 10.22.   No Advisory or Fiduciary
Responsibility. In connection with all aspects of the Transactions contemplated hereby, the Borrowers acknowledge and agree
that: (i) the credit facilities provided for hereunder and any related arranging or other services in connection therewith (including
in connection with any amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length
commercial transaction between the Borrowers, the other Loan Parties and their respective Affiliates, on the one hand, and the
Agents, the Arrangers and the Lenders, on the other hand, and the Borrowers and the other Loan Parties are capable of evaluating
and understanding and understand and accept the terms, risks and conditions of the transactions contemplated hereby and by the
other Loan Documents (including any amendment, waiver or other modification hereof or thereof); (ii) in connection with the process
leading to such transaction, each Agent, each Arranger and each Lender is and has been acting solely as a principal and is not
the financial advisor, agent or fiduciary, for the Borrowers, any Loan Party or any of their respective Affiliates, stockholders,
creditors or employees or any other person; (iii) none of the Agents, any Arranger or any Lender has assumed or will assume an
advisory, agency or fiduciary responsibility in favor of the Borrowers or any other Loan Party with respect to any of the transactions
contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof
or of any other Loan Document (irrespective of whether any Agent, any Arranger or any Lender has advised or is currently advising
the Borrowers or any other Loan Party or their respective Affiliates on other matters) and none of the Agents, any Arranger or
any Lender has any obligation to any of the Borrowers, the other Loan Parties or their respective Affiliates with respect to the
transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; (iv) the
Agents, the Arrangers, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve
interests that differ from those of the Borrowers and the other Loan Parties and their respective Affiliates, and none of the Agents,
any Arranger or any Lender has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary
relationship; and (v) the Agents, the Arrangers and the Lenders have not provided and will not provide any legal, accounting, regulatory
or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification
hereof or of any other Loan Document) and the Borrowers and the other Loan Parties have consulted their own legal, accounting,
regulatory and tax advisors to the extent they deemed appropriate. Each Borrower hereby agrees that it will not claim that any
of the Agents, the Arrangers, the Lenders or their respective affiliates has rendered advisory services of any nature or respect
or owes any fiduciary duty to it in connection with any aspect of any transaction contemplated hereby.


 


Section 10.23.   Acknowledgement and
Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other
agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial
Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion
Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:


 




    	 	174	 



     


    

  


(a)       the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA 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 EEA Financial Institution,
its parent entity, 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 Loan 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 EEA Resolution
Authority.


 


Section 10.24.   Borrower Representative.
Each Borrower hereby designates and appoints the Company as its representative and agent on its behalf (the “Borrower
Representative”) for the purposes of issuing Borrowing Requests, Interest Election Requests, and requests for Letters
of Credit, delivering certificates, giving instructions with respect to the disbursement of the proceeds of the Loans, selecting
interest rate options, giving and receiving all other notices and consents hereunder or under any of the other Loan Documents and
taking all other actions (including in respect of compliance with covenants) on behalf of any Borrower or the Borrowers under the
Loan Documents. The Borrower Representative hereby accepts such appointment. Each Agent and each Lender may regard any notice or
other communication pursuant to any Loan Document from the Borrower Representative as a notice or communication from both Borrowers.
Each warranty, covenant, agreement and undertaking made on behalf of a Borrower by the Borrower Representative shall be deemed
for all purposes to have been made by such Borrower and shall be binding upon and enforceable against such Borrower to the same
extent as if the same had been made directly by such Borrower.


 


Section 10.25.   Joint and Several
Liability. The obligations of each Borrower hereunder are absolute and unconditional irrespective of the value, genuineness,
validity, regularity or enforceability of the obligations of the other Borrower under this Agreement or any other Loan Document,
or any substitution, release or exchange of any other guarantee of or security for any of the Obligations, and, to the fullest
extent permitted by applicable law, irrespective of any other circumstance whatsoever which might otherwise constitute a legal
or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 10.25 that the joint and several
obligations of the Company and the Co-Borrower hereunder shall be absolute and unconditional under any and all circumstances.


 


Section 10.26.   Certain ERISA Matters.


 


(a)       Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent, the Arrangers, the Joint Bookrunners and each Co-Documentation Agent and their respective Affiliates, and not, for the avoidance
of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:


 




    	 	175	 



     


    

  


(i)       such
Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of
ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments,


 


(ii)       the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by
independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company
general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,


 


(iii)       (A)
such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI
of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into,
participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies
the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements
of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or


 


(iv)       such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion,
and such Lender.


 


(b)       In
addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has not
provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a),
such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent, the Arrangers, the Joint Bookrunners and the Co-Documentation Agents and their respective Affiliates,
and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that none of the Administrative
Agent, any Arranger, any Joint Bookrunner or any Co-Documentation Agent or any of their respective Affiliates is a fiduciary with
respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative
Agent under this Agreement, any Loan Document or any documents related to hereto or thereto).


 




    	 	176	 



     


    

  


(c)       The
Administrative Agent, each Arranger, each Joint Bookrunner and each Co-Documentation Agent hereby informs the Lenders that each
such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection
with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby
in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of
Credit, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments
for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender
or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise,
including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency
fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees,
deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage
or other early termination fees or fees similar to the foregoing.


 


[Remainder of page left blank intentionally;
signature pages follow.]


 




    	 	177	 



     


    

  


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


 


	 	NCL CORPORATION LTD.,
	 	as the Company
	 	 	 
	 	By:	/s/Mark Kempa
	 	 	Name: Mark Kempa
	 	 	Title: Chief Financial Officer
	 	 	 
	 	VOYAGER VESSEL COMPANY, LLC,
	 	as the Co-Borrower
	 	 	 
	 	By:	/s/Frank J. Del Rio  
	 	 	Name: Frank J. Del Rio
	 	 	Title: Manager
	 	 	 
	 	With respect to Section 1.04 only:
	 	 	 
	 	NORWEGIAN DAWN LIMITED
	 	NORWEGIAN STAR LIMITED,
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/Frank J. Del Rio
	 	 	Name: Frank J. Del Rio
	 	 	Title: Director
	 	 	 
	 	NORWEGIAN GEM, LTD.
	 	NORWEGIAN PEARL, LTD.
	 	NORWEGIAN SPIRIT, LTD.
	 	NORWEGIAN SUN LIMITED,
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/Mark Kempa
	 	 	Name: Mark Kempa
	 	 	Title: Chief Financial Officer


 




    	 	1	 



     


    

  


	 	MARINER, LLC
	 	NAVIGATOR VESSEL COMPANY, LLC, as Subsidiary Guarantors
	 	 	 
	 	By:	/s/Frank J. Del Rio
	 	 	Name: Frank J. Del Rio
	 	 	Title: Manager
	 	 	 
	 	INSIGNIA VESSEL ACQUISITION, LLC
	 	NAUTICA ACQUISITION, LLC
	 	REGATTA ACQUISITION, LLC
	 	NAVIGATOR VESSEL COMPANY, LLC,
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/Frank J. Del Rio
	 	 	Name: Frank J. Del Rio
	 	 	Title: Manager
	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,
	 	as Administrative Agent, Collateral Agent and Issuing Bank
	 	 	 
	 	By:	/s/Chiara Carter
	 	 	Name: Chiara Carter
	 	 	Title: Executive Director
	 	 	 
	 	FIFTH THIRD BANK,
	 	as an Issuing Bank
	 	 	 
	 	By:	/s/Brook Miller
	 	 	Name: Brook Miller
	 	 	Title: Vice President


 




    	 	2	 



     


    

 


	
          
	NORDEA BANK Abp, New York Branch
	 	as Issuing Bank
	 	 	 
	 	By:	/s/Henrik M. Steffensen
	 	 	Name: Henrik M. Steffensen
	 	 	Title: Executive Vice President
	 	 	 
	 	By:	/s/Lynn H. Sauro
	 	 	Name: Lynn Sauro
	 	 	Title: Director
	 	 	 
	 	MIZUHO BANK, LTD.,
	 	as Issuing Bank
	 	 	 
	 	By:	/s/Donna DeMagistris
	 	 	Name: Donna DeMagistris
	 	 	Title: Authorized Signatory
	 	 	 
	 	If a second signature block is necessary:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	BANK OF AMERICA,
	 	as Issuing Bank
	 	 	 
	 	By:	/s/Greg Miller
	 	 	Name: Greg Miller
	 	 	Title: SVP
	 	 	 
	 	If a second signature block is necessary:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 




    	 	3	 



     


    

 


	
          
	HSBC BANK USA, NATIONAL ASSOCIATION,
	 	as Issuing Bank
	 	 	 
	 	By:	/s/Rafael De Paoli
	 	 	Name: Rafael De Paoli
	 	 	Title: Director
	 	 	 
	 	BARCLAYS BANK PLC,
	 	as Issuing Bank
	 	 	 
	 	By:	/s/Ritam Bhalla
	 	 	Name: Ritam Bhalla
	 	 	Title: Director
	 	 	 
	 	BRANCH BANKING & TRUST COMPANY,
	 	as Issuing Bank
	 	 	 
	 	By:	/s/Kelly Attayek
	 	 	Name: Kelly Attayek
	 	 	Title: Assistant Vice President
	 	 	 
	 	BRANCH BANKING & TRUST COMPANY,
	 	as a Lender
	 	 	 
	 	By:	/s/Kelly Attayek
	 	 	Name: Kelly Attayek
	 	 	Title: Assistant Vice President
	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,
	 	as a Lender
	 	 	 
	 	By:	/s/Donald Shokrian
	 	 	Name: Donald Shokrian
	 	 	Title: Managing Director


 




    	 	4	 



     


    

 


	
          
	MIZUHO BANK, LTD.,
	 	as a Lender
	 	 	 
	 	By:	/s/Donna DeMagistris
	 	 	Name: Donna DeMagistris
	 	 	Title: Authorized Signatory
	 	 	 
	 	If a second signature block is necessary:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	DNB Capital, LLC.,
	 	as a Lender
	 	 	 
	 	By:	/s/Sybille Andaur
	 	 	Name: Sybille Andaur
	 	 	Title: First Vice President
	 	 	 
	 	If a second signature block is necessary:
	 	 	 
	 	By:	/s/Jessika Larsson
	 	 	Name: Jessika Larsson
	 	 	Title: Vice President
	 	 	 
	 	FIFTH THIRD BANK,
	 	as a Lender
	 	 	 
	 	By:	/s/Brook Miller
	 	 	Name: Brook Miller
	 	 	Title: Vice President


 




    	 	5	 



     


    

 


	
         

        
	NORDEA BANK Abp,
	 	as Issuing Bank
	 	 	 
	 	By:	/s/Henrik M. Steffensen
	 	 	Name: Henrik M. Steffensen
	 	 	Title: Executive Vice President
	 	 	 
	 	By:	/s/Lynn H. Sauro
	 	 	Name: Lynn Sauro
	 	 	Title: Director
	 	 	 
	 	BANK OF AMERICA,
	 	as a Lender
	 	 	 
	 	By:	/s/Greg Miller
	 	 	Name: Greg Miller
	 	 	Title: SVP
	 	 	 
	 	If a second signature block is necessary:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	HSBC BANK PLC,
	 	as a Lender
	 	 	 
	 	By:	/s/James Steele
	 	 	Name: James Steele
	 	 	Title: Senior Associate
	 	 	 
	 	HSBC BANK USA, NATIONAL ASSOCIATION,
	 	as a Lender
	 	 	 
	 	By:	/s/Rafael De Paoli
	 	 	Name: Rafael De Paoli
	 	 	Title: Director


 




    	 	6	 



     


    

 


	
          
	Skandinaviska Enskilda Banken AB (publ),
	 	as a Lender
	 	 	 
	 	By:	/s/Peder Garmefelt
	 	 	Name: Peder Garmefelt
	 	 	Title: Head of Shipping Finance, London
	 	 	 
	 	If a second signature block is necessary:
	 	 	 
	 	By:	/s/Malcolm Stonehouse
	 	 	Name: Malcolm Stonehouse
	 	 	Title: Client Executive
	 	 	 
	 	BNP Paribas,
	 	as a Lender
	 	 	 
	 	By:	/s/Melissa Dyki
	 	 	Name: Melissa Dyki
	 	 	Title: Director
	 	 	 
	 	If a second signature block is necessary:
	 	 	 
	 	By:	/s/Marie Mulie
	 	 	Name: Marie Mulie
	 	 	Title: Director
	 	 	 
	 	CITIZENS BANK, N.A.,
	 	as a Lender
	 	 	 
	 	By:	/s/Karmyn Paul
	 	 	Name: Karmyn Paul
	 	 	Title: Vice President


 




    	 	7	 



     


    

 


	
          
	Commerzbank AG, New York Branch,
	 	as a Lender
	 	 	 
	 	By:	/s/Pedro Bell
	 	 	Name: Pedro Bell
	 	 	Title: Managing Director
	 	 	 
	 	By:	/s/Veli-Matti Ahonen
	 	 	Name: Veli-Matti Ahonen
	 	 	Title: Vice President
	 	 	 
	 	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
	 	as a Lender
	 	 	 
	 	By:	/s/Jérôme Leblond
	 	 	Name: Jérôme Leblond
	 	 	Title: Managing Director
	 	 	 
	 	By:	/s/Anne-Laure Orange
	 	 	Name: Anne-Laure Orange
	 	 	Title: Transaction Manager
	 	 	 
	 	MUFG BANK, LTD.
	 	as a Lender
	 	 	 
	 	By:	/s/George Stoecklein
	 	 	Name: George Stoecklein
	 	 	Title: Managing Director
	 	 	 
	 	PNC BANK, National Association.
	 	as a Lender
	 	 	 
	 	By:	/s/Ryan Garr
	 	 	Name: Ryan Garr
	 	 	Title: Vice President


 




    	 	8	 



     


    

 


	
        

         
	If a second signature block is necessary:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	SUNTRUST BANK,
	 	as a Lender
	 	 	 
	 	By:	/s/Jonathan Hart
	 	 	Name: Jonathan Hart
	 	 	Title: Vice President
	 	 	 
	 	CITIBANK, N.A.,
	 	as a Lender
	 	 	 
	 	By:	/s/Simon Taylor
	 	 	Name: Simon Taylor
	 	 	Title: Vice President
	 	 	 
	 	Deutsche Bank AG New York Branch,
	 	as a Lender
	 	 	 
	 	By:	/s/Marguerite Sutton
	 	 	Name: Marguerite Sutton
	 	 	Title: Vice President
	 	 	 
	 	By:	/s/Alicia Schug
	 	 	Name: Alicia Schug
	 	 	Title: Vice President
	 	 	 
	 	Barclays Bank PLC,
	 	as a Lender
	 	 	 
	 	By:	/s/Ritam Bhalla
	 	 	Name: Ritam Bhalla
	 	 	Title: Director


 




    	 	9	 



     


    

 


	
          
	SUMITOMO MITSUI BANKING CORPORATION,
	 	as a Lender
	 	 	 
	 	By:	/s/Katsuyuki Kubo
	 	 	Name: Katsuyuki Kubo
	 	 	Title: Managing Director
	 	 	 
	 	UBS AG, Stamford Branch, as a Lender,
	 	as a Lender
	 	 	 
	 	By:	/s/Darlene Arias
	 	 	Name: Darlene Arias
	 	 	Title: Director
	 	 	 
	 	By:	/s/ Craig Pearson
	 	 	Name: Craig Pearson
	 	 	Title: Associate Director
	 	 	 
	 	SOCIETE GENERALE,
	 	as a Lender
	 	 	 
	 	By:	/s/Shelley Yu
	 	 	Name: Shelley Yu
	 	 	Title: Director
	 	 	 
	 	GOLDMAN SACHS BANK USA,
	 	as a Lender
	 	 	 
	 	By:	/s/Ryan Durkin
	 	 	Name: Ryan Durkin
	 	 	Title: Authorized Signatory


 




    	 	10	 



     


    

 


	
          
	CAPITAL BANK-a division of FIRST TENNESSEE BANK NATIONAL ASSOCIATION,
	 	as a Lender
	 	 	 
	 	By:	/s/Dilian Schulz
	 	 	Name: Dilian Schulz
	 	 	Title: Senior Vice President
	 	 	 
	 	TD BANK, N.A.,
	 	as a Lender
	 	 	 
	 	By:	/s/Craig Welch
	 	 	Name: Craig Welch
	 	 	Title: Senior Vice President
	 	 	 
	 	TD BANK USA, N.A.,
	 	as a Lender
	 	 	 
	 	By:	/s/Anna O’Connor
	 	 	Name: Anna O’Connor
	 	 	Title: Chief Administrative Officer, TD Bank USA, N.A.
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as a Lender
	 	 	 
	 	By:	/s/Rodney J Winters
	 	 	Name: Rodney J Winters
	 	 	Title: Vice President
	 	 	 
	 	Banco Santander, S.A., New York Branch
	 	as a Lender
	 	 	 
	 	By:	/s/Rita Walz-Cuccioli
	 	 	Name: Rita Walz-Cuccioli
	 	 	Title: Executive Director


 




    	 	11	 



     


    

 


	
         

        
	If a second signature block is necessary:
	 	 	 
	 	By:	/s/Terence Corcoran
	 	 	Name: Terence Corcoran
	 	 	Title: Executive Director
	 	 	 
	 	BANKUNITED, NA
	 	as a Lender
	 	 	 
	 	By:	/s/Charles J. Klenk
	 	 	Name: Charles J. Klenk
	 	 	Title: Senior Vice President
	 	 	 
	 	If a second signature block is necessary:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Florida Community Bank, N.A.
	 	as a Lender
	 	 	 
	 	By:	/s/Irene Marshall
	 	 	Name: Irene Marshall
	 	 	Title: SVP/C&I Regional Credit Director
	 	 	 
	 	If a second signature block is necessary:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	FirstBank Puerto Rico d/b/a FirstBank Florida,
	 	as a Lender
	 	 	 
	 	By:	/s/Jose M. Lacasa
	 	 	Name: Jose M. Lacasa
	 	 	Title: SVP, Corporate Banking


 




    	 	12	 



     


    

 


	
          
	By:	/s/Kevin P. Flynn
	 	 	Name: Kevin Flynn
	 	 	Title: VP, Corporate Banking
	 	 	 
	 	Mega International Commercial Bank Co. Ltd.
	 	New York Branch,
	 	as a Lender
	 	 	 
	 	By:	/s/Pi Kai Liu
	 	 	Name: Pi Kai Liu
	 	 	Title: AVP
	 	 	 
	 	ASSOCIATED BANK NATIONAL ASSOCIATION,.
	 	as a Lender
	 	 	 
	 	By:	/s/Jamie Boney
	 	 	Name: Jamie Boney
	 	 	Title:  Vice President
	 	 	 
	 	If a second signature block is necessary:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	United Bank,
	 	as a Lender
	 	 	 
	 	By:	/s/Tom Wolcott
	 	 	Name: Tom Wolcott
	 	 	Title: SVP Commercial Banking
	 	 	 
	 	Comerica Bank,
	 	as a Lender
	 	 	 
	 	By:	/s/Gerald R. Finney Jr.
	 	 	Name: Gerald R. Finney Jr.
	 	 	Title: Vice President


 




    	 	13	 



     


    

 


	
          
	Taiwan Business Bank, Los Angeles Branch
	 	as a Lender
	 	 	 
	 	By:	/s/Shenn Bao Jenn
	 	 	Name: Shenn Bao Jenn
	 	 	Title: General Manager
	 	 	 
	 	TAIWAN COOPERATIVE BANK,
	 	Los Angeles Branch
	 	as a Lender
	 	 	 
	 	By:	/s/Tao-Lun, Lin
	 	 	Name: Tao-Lun, Lin
	 	 	Title: V.P. & G.M.
	 	 	 
	 	Hua Nan Commercial Bank Los Angeles Branch,
	 	as a Lender
	 	 	 
	 	By:	/s/Gary Hsu
	 	 	Name: Gary Hsu
	 	 	Title: VP & General Manager
	 	 	 
	 	Chang Hwa Commercial Bank, Ltd.,
	 	New York  Branch
	 	as a Lender
	 	 	 
	 	By:	/s/Jerry C.S. Liu
	 	 	Name: Jerry C.S. Liu
	 	 	Title: VP & General Manager
	 	 	 
	 	International Finance Bank,
	 	as a Lender
	 	 	 
	 	By:	/s/Andrew Yanez
	 	 	Name: Andrew Yanez
	 	 	Title: Chief Lending Officer
	 	 	 
	 	If a second signature block is necessary:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 




    	 	14	 



     


    

 


Exhibit A


 


[FORM OF]

ASSIGNMENT AND ACCEPTANCE


 


Reference is made to the Amended and Restated
Credit Agreement dated as of October 31, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among NCL Corporation, Ltd., a Bermuda company (“NCL” or the “Borrower”),
the Lenders party thereto from time to time, JPMorgan Chase Bank, N.A., as administrative agent (together with its successors and
assigns in such capacity, the “Administrative Agent”) and as collateral agent and certain other parties thereto.
Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.


 


1. The Assignor hereby sells and assigns, without
recourse, to the Assignee, and the Assignee hereby purchases and assumes, without recourse, from the Assignor, effective as of
the Effective Date set forth below (the “Effective Date”) (but not prior to the registration of the information
contained herein in the Register pursuant to Section 10.04(b)(iv) of the Credit Agreement), the interests set forth below (the
“Assigned Interest”) in the Assignor’s rights and obligations under the Credit Agreement and the other
Loan Documents, including, without limitation, the amounts and percentages set forth below of (i) the Commitments of the Assignor
on the Effective Date set forth below and (ii) the Loans owing to the Assignor which are outstanding on the Effective Date. Each
of the Assignor and the Assignee hereby makes and agrees to be bound by all the representations, warranties and agreements set
forth in Section 10.04(c) of the Credit Agreement, a copy of which has been received by each such party. From and after the Effective
Date (i) the Assignee shall be a party to and be bound by the provisions of the Credit Agreement and, to the extent of the interests
assigned by this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and under the other Loan Documents
and (ii) the Assignor shall, to the extent of the interests assigned by this Assignment and Acceptance, relinquish its rights and
be released from its obligations under the Credit Agreement.


 


2. Pursuant to Section 10.04(b)(ii)(B) of the
Credit Agreement, this Assignment and Acceptance is being delivered to the Administrative Agent together with (i) if required by
Section 10.04(b)(ii)(B) of the Credit Agreement, a processing and recordation fee of $3,500, (ii) if the Assignee is organized
under the laws of a jurisdiction outside the United States, any forms referred to in Section 2.17 of the Credit Agreement, duly
completed and executed by such Assignee and (iii) if the Assignee is not already a Lender under the Credit Agreement, a completed
Administrative Questionnaire.


 




     


     


    

 


3. This Assignment and Acceptance shall be governed
by and construed in accordance with the laws of the State of New York.


 





	Date of Assignment: 	 
	 	 
	Legal Name of Assignor (“Assignor”): 	 
	 	 
	Legal Name of Assignee (“Assignee”): 	 
	 	 
	Assignee’s Address for Notices: 	 
	 	 
	 	 
	 	 
	Effective Date of Assignment: 	 




 


	Facility/Commitment	 	Principal Amount
 Assigned1
	 	 	Percentage Assigned of
 Commitment (set forth,
 to at least 8 decimals,
 as a percentage of the
 Facility and the
 aggregate
 Commitments of all
 Lenders thereunder)	 
	Revolving Facility Loans/Commitments	 	$		 	 	 	 	%
	 	 	 	 	 	 	 	 	 
	Term A Loans/Commitments	 	$		 	 	 	 	%
	 	 	 	 	 	 	 	 	 
	Term B Loans/Commitments	 	$		 	 	 	 	%



 


[Signature page follows]


 





 









1 Amount of Commitments and/or Loans
assigned is governed by Section 10.04 of the Credit Agreement.







 






     


     


    

 


	The terms set forth above are hereby agreed to:	 	Accepted
	 	 	 	 	 
	_______________, as Assignor	 	JPMORGAN CHASE BANK, N.A.,
	 	 	 	as Administrative Agent
	By: 	 	 	 	 
	 	Name:	 	By:	 
	 	Title:	 	 	Name:
	 	 	 	 	Title:
	_______________, as Assignee	 	 	 
	 	 	 	By: 	 
	By: 	 	 	 	Name:
	 	Name:	 	 	Title:
	 	Title:	 	 	 
	 	 	 	[Name of Swingline Lender], as Swingline Lender2
	 	 	 	 	 
	 	 	 	By: 	 
	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	 	[Name of Issuing Bank], as Issuing Bank3
	 	 	 	 	 
	 	 	 	By: 	 
	 	 	 	 	Name:
	 	 	 	 	Title: 4
	 	 	 	 	 
	 	 	 	NCL CORPORATION LTD., as Borrower5
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:


 





 












2 Add additional signature blocks
as needed.


 


3 Add additional signature blocks
as needed.


 


4 To be completed to the extent consents
are required under Section 10.04(b)(i) of the Credit Agreement. Consent of the Administrative Agent shall not be required for an
assignment of all or any portion of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund and consent of the Issuing
Banks and the Swingline Lender shall not be required for an assignment of all or any portion of a Term Loan.


 


5 Consent of the Borrower shall not
be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default under Sections
8.01(b), (c), (h) or (i) has occurred and is continuing.







  




     


     


    

 


Exhibit B


 


[FORM OF]

ADMINISTRATIVE QUESTIONNAIRE



NCL CORPORATION LTD.


 


	Agent Address:	JPMorgan Chase Bank, N.A.	 	Return form to:  	Nathan Parmenter
	 	500 Stanton-Christiana Road	 	Telephone:	302-634-5585
	 	OPS 2, 3rd Floor	 	Facsimile:	(302) 634-4712
	 	Newark, DE 19713	 	E-mail:  	nathan.t.parmenter@jpmorgan.com


 





	It is very important that all of the requested information be completed accurately and that this questionnaire be returned promptly. If your institution is sub-allocating its allocation, please fill out an administrative questionnaire for each legal entity.







 


Legal Name of Lender to appear in Documentation:


 


 



 





	Signature Block Information:	 



 


	·	Signing Credit Agreement	 ̈	Yes	 ̈	No
	 	 	 	 	 	 
	·	Coming in via Assignment	 ̈	Yes	 ̈	No


 


Type of Lender:
____________________________


 


(Bank, Asset Manager, Broker/Dealer, CLO/CDO;
Finance Company, Hedge Fund, Insurance, Mutual Fund, Pension Fund, Other Regulated Investment Fund, Special Purpose Vehicle, Other-
please specify)


 





	Lender Parent: 	 



  


	Domestic Address	 	Eurodollar Address
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 


 




     


     


    

 


Contacts/Notification Methods: Borrowings,
Paydowns, Interest, Fees, etc.


 


	 	Primary Credit
    Contact	 	Secondary Credit
    Contact
	 	 	 	 
	Name:	 	 	 
	 	 	 	 
	Company:	 	 	 
	 	 	 	 
	Title:	 	 	 
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Telephone:	 	 	 
	 	 	 	 
	Facsimile:	 	 	 
	 	 	 	 
	E-Mail Address:	 	 	 


 


	 	Primary Operations
    Contact	 	Secondary Operations
    Contact
	 	 	 	 
	Name:	 	 	 
	 	 	 	 
	Company:	 	 	 
	 	 	 	 
	Title:	 	 	 
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Telephone:	 	 	 
	 	 	 	 
	Facsimile:	 	 	 
	 	 	 	 
	E-Mail Address:	 	 	 


 


	 	Primary LC Contact	 	Secondary LC Contact
	 	 	 	 
	Name:	 	 	 
	 	 	 	 
	Company:	 	 	 
	 	 	 	 
	Title:	 	 	 
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Telephone:	 	 	 
	 	 	 	 
	Facsimile:	 	 	 
	 	 	 	 
	E-Mail Address:	 	 	 


 




     


     


    

 


	Lender’s Domestic Wire Instructions
	 	 
	Bank Name:	 
	 	 
	ABA/Routing No.:	 
	 	 
	Account Name:	 
	 	 
	Account No.:	 
	 	 
	FFC Account Name:	 
	 	 
	FFC Account No.:	 
	 	 
	Attention:	 
	 	 
	Reference:	 
	 	 
	Lender’s Foreign Wire Instructions
	 	 
	Currency:	 
	 	 
	Bank Name:	 
	 	 
	Swift/Routing No.:	 
	 	 
	Account Name:	 
	 	 
	Account No.:	 
	 	 
	FFC Account Name:	 
	 	 
	FFC Account No.:	 
	 	 
	Attention:	 
	 	 
	Reference:	 
	 	 
	Agent’s Wire Instructions
	 	 
	[The Agent’s wire instructions will be disclosed at the time of closing.]
	 	 
	Bank Name:	 
	 	 
	ABA/Routing No.:	 
	 	 
	Account Name:	 
	 	 
	Account No.:	 
	 	 
	FFC Account Name:	 
	 	 
	FFC Account No.:	 
	 	 
	Attention:	 
	 	 
	Reference:	 


 




     


     


    

 


Tax Documents


 


NON-U.S. LENDER INSTITUTIONS:


 


I.       Corporations:


 


If your institution is incorporated outside of the United States
for U.S. federal income tax purposes, and is the beneficial owner of the interest and other income it receives, you must complete
one of the following tax forms, as applicable to your institution: a.) Form W-8BEN (Certificate of Foreign Status
of Beneficial Owner) or b.) Form W-8ECI (Income Effectively Connected to a U.S. Trade or Business)


 


A U.S. taxpayer identification number is required for any institution
submitting Form W-8ECI. It is also required on Form W-8BEN for certain institutions claiming the benefits of a tax treaty with
the U.S. Please refer to the instructions when completing the form applicable to your institution. In addition, please be advised
that U.S. tax regulations do not permit the acceptance of faxed forms. An original tax form must be submitted.


 


II.       Flow-Through
Entities:


 


If your institution is organized outside the U.S., and is classified
for U.S. federal income tax purposes as either a Partnership, Trust, Qualified or Non-Qualified Intermediary, or other non- U.S.
flow-through entity, an original Form W-8IMY (Certificate of Foreign Intermediary, Foreign Flow-Through Entity,
or Certain U.S. Branches for United States Tax Withholding) must be completed by the intermediary together with a withholding
statement. Flow-through entities other than Qualified Intermediaries are required to include tax forms for each of the underlying
beneficial owners.


 


Please refer to the instructions when completing this form. In addition,
please be advised that U.S. tax regulations do not permit the acceptance of faxed forms. Original tax form(s) must be submitted.


 


U.S. LENDER INSTITUTIONS:


 


If your institution is incorporated or organized within the United
States, you must complete and return Form W-9 (Request for Taxpayer Identification Number and Certification).
Please be advised that we request that you submit an original Form W-9.


 


Pursuant to the language contained in the tax section of the
Credit Agreement, the applicable tax form for your institution must be completed and returned prior to the first payment of income.
Failure to provide the proper tax form when requested may subject your institution to U.S. tax withholding.


 




     


     


    

 


Exhibit C


 


[FORM OF]

NCL CORPORATION LTD.

SOLVENCY CERTIFICATE


 


Date: [__], 2014


 


This Solvency Certificate is delivered pursuant
to Section 4.03(h) of the Amended and Restated Credit Agreement dated as October 31, 2014 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among NCL Corporation Ltd., a
Bermuda company (“NCL” or the “Borrower”), the Lenders party thereto from time to time, JPMorgan
Chase Bank, N.A., as Administrative Agent and as Collateral Agent and certain other parties thereto. Capitalized terms used herein
and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.


 


The undersigned hereby certifies, solely in his
capacity as an officer, as follows:


 


1.       I
am the Chief Financial Officer of the Borrower.


 


2.       As
of the date hereof, immediately after giving effect to the Acquisition Transactions, on and as of such date, (i) the fair value
of the assets of the Borrower and its Subsidiaries on a consolidated basis, at a fair valuation, will exceed the debts and liabilities,
subordinated, contingent or otherwise, of the Borrower and its Subsidiaries on a consolidated basis; (ii) the present fair saleable
value of the property of the Borrower and its Subsidiaries on a consolidated basis will be greater than the amount that will be
required to pay the probable liability of the Borrower and its Subsidiaries on a consolidated basis, of their debts and other liabilities,
subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) the Borrower and
its Subsidiaries on a consolidated basis will be able to pay their debts and liabilities, subordinated, contingent or otherwise,
as such debts and liabilities become absolute and matured; and (iv) the Borrower and its Subsidiaries on a consolidated basis will
not have unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted
and are proposed to be conducted following the Acquisition Closing Date.


 


3.       As
of the date hereof, the Borrower does not intend to, and the Borrower does not believe that it or any of its Material Subsidiaries
will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing and amounts of cash to be
received by it or any such subsidiary and the timing and amounts of cash to be payable on or in respect of its Indebtedness or
the Indebtedness of any such subsidiary.


 


[Remainder of this page left intentionally blank]


 




     


     


    

 


IN WITNESS WHEREOF, the undersigned has executed
this Solvency Certificate on the date first written above.


 


	 	NCL CORPORATION LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:   


 




     


     


    

 


Exhibit D-l


 


[FORM OF]

BORROWING REQUEST


 


Date:6
________________, __________


 


		To:	JPMorgan Chase Bank, N.A., as administrative agent (together with its successors and assigns in
such capacity, the “Administrative Agent”) under that certain Amended and Restated Credit Agreement dated as
of October 31, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among NCL Corporation Ltd., a Bermuda company (“NCL” or the “Borrower”), the Lenders party
thereto from time to time, the Administrative Agent, JPMorgan Chase Bank, N.A., as collateral agent, and certain other parties
thereto.



 


Ladies and Gentlemen:


 


Reference is made to the
above-described Credit Agreement. Terms defined in the Credit Agreement, wherever used herein, unless otherwise defined herein,
shall have the same meanings herein as are prescribed by the Credit Agreement. The undersigned hereby [irrevocably]7
notifies you of the Borrowing specified below:


 


		1.	The Borrowing will be a Borrowing of _________ Loans.8



 


		2.	The Business Day of the requested Borrowing is: _____________.



 


		3.	The aggregate amount of the requested Borrowing is: _________.



 





 









6 Notification must be received by
the Administrative Agent by telephone (confirmed promptly by hand delivery or electronic means) (a) in the case of a Eurocurrency
Borrowing, not later than 12:00 noon, Local Time, three Business Days before the date of the proposed Borrowing or (b) in
the case of an ABR Borrowing, not later than 12:00 noon, Local Time, three Business Days before the date of the proposed Borrowing;
provided, that any such notice of (i) an ABR Revolving Facility Borrowing to finance the reimbursement of an L/C Disbursement
as contemplated by Section 2.05(e) of the Credit Agreement or (ii) a Borrowing of Acquisition Loans that are ABR Loans may
be given not later than 10:00 a.m., Local Time, on the date of the proposed Borrowing.


 


7 Except in the case of Acquisition
Loans.


 


8 Term A Loans, Term B Loans, Revolving
Facility Loans, Other Incremental Revolving Loans, Other Revolving Loans, Replacement Revolving Loans, Refinancing Term Loans or
Other Incremental Term Loans.







  




     


     


    

 


		4.	The Borrowing is comprised of ___________ of ABR Loans and ____________ of the Eurocurrency Loans.



 


		5.	The duration of the Interest Period for the Eurocurrency Loans, if any, included in the Borrowing
shall be ____________ month(s).



 


		6.	The location and number of the account to which the proceeds of such Borrowing are to be deposited
is _________________.



 


The undersigned hereby
certifies that the following statements are true on the date hereof, and will be true on the date of the requested Borrowing, before
and after giving effect thereto and to the application of the proceeds thereof:


 


(A)       [The
representations and warranties set forth in the Loan Documents are true and correct in all material respects as of each such date
with the same effect as though made on and as of each such date, except to the extent such representations and warranties expressly
relate to an earlier date (in which case such representations and warranties were true and correct in all material respects as
of such earlier date)]; and9


 


(B)       [No
event has occurred and is continuing or would result from such extension of credit which constitutes a Default or an Event of Default.]10


 





 









9 Limited to the Specified Acquisition
Agreement Representations and the Specified Representations in the case of a Borrowing of Acquisition Loans.


 


10 To be omitted in the case of a
Borrowing of Acquisition Loans.




 




     


     


    

 


This Borrowing Request is issued pursuant to
and is subject to the Credit Agreement, executed as of the date set forth above.


  


	 	NCL CORPORATION LTD.
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 


 




     


     


    

 


Exhibit E


 


[FORM OF]

INTEREST ELECTION REQUEST


 


Date:11
________________, __________


 


		To:	JPMorgan Chase Bank, N.A., as administrative agent (together with its successors and assigns in
such capacity, the “Administrative Agent”) under that certain Amended and Restated Credit Agreement dated as
of October 31, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among NCL Corporation Ltd., a Bermuda company (“NCL” or the “Borrower”), the Lenders party
thereto from time to time, the Administrative Agent, JPMorgan Chase Bank, N.A., as collateral agent, and certain other parties
thereto.



 


Ladies and Gentlemen:


 


Reference is made to the
above-described Credit Agreement. Terms defined in the Credit Agreement, wherever used herein, unless otherwise defined herein,
shall have the same meanings herein as are prescribed by the Credit Agreement. This notice constitutes an Interest Election Request
and the Borrower hereby makes an election with respect to Loans under the Credit Agreement, and in that connection the Borrower
specifies the following information with respect to such election:


 


		1.	Borrowing to which this request applies: _________________.12



 


		2.	Date of election (which shall be a Business Day): _____________.



 


		3.	Principal amount and Type of Loans subject to election: $____________.



 


		4.	The Loans are to be [converted into] [continued as] [ABR] [Eurocurrency] Loans.



 


		5.	The duration of the Interest Period for the Eurocurrency Loans, if any, included in the election
shall be ______________ months.



 


[Signature page follows]


 





 









11 The Borrower must notify the Administrative
Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were
requesting a Borrowing of the Type and in the applicable currency resulting from such election to be made on the effective date
of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery
or electronic means of this form to the Administrative Agent.


 


12 If different options are being
elected with respect to different portions of the Borrowing, the portions thereof must be allocated to each resulting Borrowing
(in which case the information to be specified pursuant to Paragraphs 4 and 5 shall be specified for each resulting Borrowing).







 




     


     


    

 


This Interest Election Request is issued pursuant
to and is subject to the Credit Agreement, executed as of the date set forth above.


 


	 	NCL CORPORATION LTD.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 




     


     


    

 


Exhibit G-1


 


_____________________________________


 


[FORM OF] FIRST LIEN DEED OF COVENANTS


 


relating to the “ [________]”


 


between


 


[__________]


 


as Owner


 


and


 


JPMORGAN CHASE BANK, N.A.


 


as Collateral Agent





_____________________________________


 




     


     


    

 


TABLE OF CONTENTS


 


	 	 	Page
	 	 	 
	ARTICLE I.	DEFINITIONS	1
	 	 	 
	ARTICLE II.	MORTGAGE, ASSIGNMENT AND COVENANT TO PAY	3
	 	 	 
	ARTICLE III.	REPRESENTATIONS AND WARRANTIES	4
	 	 	 
	ARTICLE IV.	CONTINUING SECURITY AND OTHER MATTERS	5
	 	 	 
	ARTICLE V.	COVENANTS	6
	 	 	 
	ARTICLE VI.	DEFAULT	11
	 	 	 
	ARTICLE VII.	POWERS OF COLLATERAL AGENT ON EVENT OF DEFAULT	12
	 	 	 
	ARTICLE VIII.	APPLICATION OF MONEYS	14
	 	 	 
	ARTICLE IX.	REMEDIES CUMULATIVE AND OTHER PROVISIONS	16
	 	 	 
	ARTICLE X.	ATTORNEY	17
	 	 	 
	ARTICLE XI.	MISCELLANEOUS	18


 




    - i -


     


    

 


THIS DEED OF COVENANTS
is dated and effective as of [_______], (this “Deed”), and is made between [________], [________________] (the
“Owner”), and JPMORGAN CHASE BANK, N.A., as collateral agent (together with its successors and assigns in such
capacity, the “Collateral Agent”) for the Secured Parties.


 


WHEREAS, the parties hereto
have entered into an Amended and Restated Credit Agreement dated as of October 31, 2014 (as amended, restated, supplemented, waived
or otherwise modified from time to time, the “Credit Agreement”), among NCL CORPORATION LTD., a Bermuda company
(“NCL” or the “Borrower”), the LENDERS party thereto from time to time, JPMORGAN CHASE BANK,
N.A., as administrative agent for the Lenders and certain other parties thereto and the Collateral Agent.


 


WHEREAS, the Collateral
Agent (as successor in interest to Deutsche Bank Trust Company Americas) and each Subsidiary Guarantor have also entered into a
Guarantee and Collateral Agreement, dated as of May 24, 2013 (as amended, restated, supplemented, waived or otherwise modified
from time to time, the “Collateral Agreement”).


 


WHEREAS, the Owner is the
sole, absolute and unencumbered, legal and beneficial owner of the Vessel (as defined herein) (save and except the Permitted Liens).


 


WHEREAS, in order to secure
the repayment of the Obligations, the Owner has duly executed in favor of the Collateral Agent a statutory Bahamian mortgage of
even date herewith in account current form constituting a first priority mortgage of sixty four sixty fourth (64/64th)
shares in the Vessel (the “Mortgage”).


 


WHEREAS, this Deed is supplemental
to the Credit Agreement, the Collateral Agreement and the Mortgage over the Vessel and the security thereby created.


 


NOW, THEREFORE, IT IS HEREBY
AGREED as follows:


 


ARTICLE I.



DEFINITIONS


 


Section 1.1       In this
Deed (including the introductory paragraph and the recitals) unless the context otherwise requires or unless otherwise defined
herein, words and expressions defined in the Collateral Agreement or the Credit Agreement shall have the same meanings when used
in this Deed and the following terms shall have the following meanings:


 


“Approved Manager”
means any company designated by the Owner from time to time, as the technical manager of the Vessel.


 


“Collateral Agreement”
has the meaning assigned to such term in the recitals.


 




     


     


    

 


“Compulsory Acquisition”
means requisition for title or other compulsory acquisition, requisition, appropriation, expropriation, deprivation, forfeiture
or confiscation for any reason of the Vessel by any government entity or other competent authority, whether de jure or de facto,
but shall exclude requisition for use or hire not involving requisition of title.


 


“Earnings Assignment”
means the First Lien Earnings Assignment, dated as of the date hereof, made by the Owner in favor of the Collateral Agent in respect
of the Vessel.


 


“Insurance Assignment”
means the First Lien Insurance Assignment, dated as of the date hereof, made by the Owner in favor of the Collateral Agent in respect
of the Vessel.


 


“Insurances”
has the meaning assigned to such term in Section 5.2(a).


 


“Loss Payable
Clause” means the provisions regulating the manner of payment of sums receivable under the Insurances which are to be
incorporated in the relevant insurance documents, such Loss Payable Clauses to be in the forms set out in Appendix A and Appendix
B of Schedule 1 to the Insurance Assignment, or in such other forms as may from time to time be agreed in writing by the Collateral
Agent.


 


“Mortgaged Property”
means:


 


(a)       the
Vessel (including, but not limited to the right of registration in relation thereto);


 


(b)       the
Insurances; and


 


(c)       any
Requisition Compensation.


 


“Owner”
includes the successors in title and assignees of the Owner.


 


“Receiver”
means any receiver and/or manager appointed pursuant to Section 7.2.


 


“Requisition Compensation”
means all sums of money or other compensation from time to time payable during the Security Period by reason of the Compulsory
Acquisition of the Vessel.


 


“Security Period”
means the period commencing on the date hereof and terminating on the date on which all the Obligations (other than contingent
indemnity or expense reimbursement obligations in respect of which no claim has been made) have been paid in full in cash in immediately
available funds.


 


“Vessel”
means the vessel “[_________]” registered as a Bahamian ship at the Port of Nassau under Official Number [_________]
and includes, but is not limited to, any share or interest therein and her engines, machinery, boats, tackle, outfit, equipment,
spare gear, fuel, consumables or other stores, belongings and appurtenances whether on board or ashore and whether now owned or
hereafter acquired and also any and all additions, improvements and replacements hereafter made in or to such vessel or any part
thereof or in or to her equipment and appurtenances aforesaid.


 




    	 	2	 



     


    

 


Section 1.2       Capitalized
terms used in this Agreement and not otherwise defined herein have the respective meanings assigned thereto in the Credit Agreement
or the Collateral Agreement, as applicable; provided that “Event of Default” shall have the meaning assigned to that
term in the Collateral Agreement. This Deed shall be read together with the Collateral Agreement, the Mortgage and the Credit Agreement
but in case of any conflict between this Deed and the Collateral Agreement, the Mortgage or the Credit Agreement, the provisions
of the Collateral Agreement, the Mortgage or the Credit Agreement, as applicable, shall prevail.


 


ARTICLE II.



MORTGAGE, ASSIGNMENT AND COVENANT TO PAY


 


Section 2.1        The Owner
hereby grants a security interest in and mortgage on and pledges and assigns absolutely to and in favor of the Collateral Agent,
its successors and permitted assigns, for the benefit of the Secured Parties, all its right, title and interest present and future
in and to the Mortgaged Property, in each case whether now owned or hereafter acquired and whether now existing or hereafter coming
into existence, for the duration of the Security Period.


 


Section 2.2        The Owner
hereby covenants and undertakes with the Collateral Agent and the Secured Parties that (i) promptly after the date hereof it will
give written notice (in such form as the Collateral Agent shall reasonably require including but not limited to the notice of assignment
of insurances attached as Schedule 1 to the Insurance Assignment) of the assignment herein contained and all remedies hereunder
and the assignment under the Earnings Assignment and Insurance Assignment, to, and use commercially reasonable efforts to obtain
consents or acknowledgements from, the persons from whom any part of the Mortgaged Property is or may be due, (ii) where the consent
or acknowledgement of any underwriter is required pursuant to any of the Insurances assigned hereby or assigned under the Insurance
Assignment, it shall use commercially reasonable efforts to obtain such consent and evidence thereof shall be provided to the Collateral
Agent or, in the case of protection and indemnity coverage, use commercially reasonable efforts to cause the Collateral Agent to
be provided with a letter of undertaking by the club, association or broker, as applicable, (iii) there shall be duly endorsed
upon all slips, cover notes, policies, certificates of entry or other instruments issued or to be issued in connection with the
insurances assigned hereby such Loss Payable Clause and other clauses (in such form as the Collateral Agent shall reasonably require).


 


Section 2.3        The Owner
covenants and undertakes with the Collateral Agent and the Secured Parties to do or permit to be done each and every act or thing
which the Collateral Agent may from time to time require to be done for the purpose of enforcing the Collateral Agent’s and
the Secured Parties’ rights under this Deed and to allow its name to be used as and when required by the Collateral Agent
for that purpose.


 




    	 	3	 



     


    

 


Section 2.4        The Owner
covenants and undertakes with the Collateral Agent and the Secured Parties to pay, on demand, to the Collateral Agent all monies
and discharge all Guaranteed Obligations now or hereafter due, owing or incurred to the Collateral Agent and the Secured Parties
under, or in connection with the Credit Agreement, any Senior Secured Note Indenture, any other Loan Document, and/or this Deed
when the same become due for payment in accordance with their terms whether by acceleration or otherwise.


 


Section 2.5        The Owner
shall cause to be filed, registered or recorded, and hereby irrevocably authorizes the Collateral Agent, at the Owner’s expense,
at any time and from time to time to file, register or record this Deed and any amendments hereto and/or any other notices, filing
or recording documents or instruments with respect to the Mortgaged Property without the signature of the Owner, in such form and
with the appropriate authorities in any jurisdiction as is necessary or advisable to perfect or maintain the perfection of, or
to protect, the security interest created hereby. The Owner ratifies its authorization for the Collateral Agent to have filed,
recorded or registered in each jurisdiction as is necessary or advisable, this Deed and/or any other notice, filing or recording
documents or instruments with respect to the Mortgaged Property if filed prior to the date hereof.


 


ARTICLE III.



REPRESENTATIONS AND WARRANTIES


 


Section 3.1        The Owner
hereby represents and warrants to the Collateral Agent and the Secured Parties that it is the legal and beneficial owner of and
has good right and title, free from any Liens (other than the Liens created pursuant to the Loan Documents and Permitted Liens
and Liens not prohibited by any Senior Secured Note Indenture), to the Mortgaged Property which is, or which may at any time after
the date of this Deed become, subject to the security constituted by this Deed. The Vessel is duly and validly registered in the
name of the Owner under the laws and flag of The Bahamas and shall so remain during the Security Period, except as otherwise not
prohibited by the Credit Agreement and any Senior Secured Note Indenture.


 


Section 3.2        The representation
and warranty in Section 3.1 shall be deemed to be repeated by the Owner on and as of each day from the date of this Deed until
the end of the Security Period as if made with reference to the facts and circumstances existing on each such date.


 


Section 3.3        The Owner
also hereby represents and warrants to the Collateral Agent and the Secured Parties on the date hereof that each of the Mortgage
and this Deed has been validly created and, together, constitutes a valid, legally binding and enforceable mortgage, assignment
and first priority Lien on the Mortgaged Property, other than Permitted Liens and Liens not prohibited by any Senior Secured Note
Indenture.


 




    	 	4	 



     


    

 


ARTICLE IV.



CONTINUING SECURITY AND OTHER MATTERS


 


Section 4.1       The security
created by the Mortgage and this Deed shall:


 


(a)       be
held by the Collateral Agent (for the benefit of the Secured Parties) as a continuing security for the payment of the Obligations
and the performance and observance of and compliance with all of the covenants, terms and conditions contained in the Credit Agreement
and the other Loan Documents and any Senior Secured Note Indenture, express or implied;


 


(b)       not
be satisfied by any intermediate payment or satisfaction of any part of the amount hereby and thereby secured (or by any settlement
of accounts between the Owner or any other person who may be liable to the Collateral Agent, the Secured Parties or their permitted
successors and assigns in respect of the Obligations or any part thereof);


 


(c)       be
in addition to, and shall not in any way prejudice or affect, and may be enforced by the Collateral Agent without prior recourse
to, the security created by any other Loan Document and any guarantee or indemnity now or hereafter held by the Collateral Agent
or the Secured Parties in respect of the Obligations; and


 


(d)       not
be in any way prejudiced or affected by the existence of any of the other Loan Documents or any other rights or remedies or by
the same becoming wholly or in part void, voidable or unenforceable on any ground whatsoever or by the Collateral Agent or any
Secured Party dealing with, exchanging, varying or failing to perfect or enforce any of the same, or giving time for payment or
performance or indulgence or compounding with any other person liable.


 


Section 4.2       All the
rights, remedies and powers vested in the Collateral Agent (for the ratable benefit of the Secured Parties) hereunder shall be
in addition to and not a limitation of any and every other right, power or remedy vested in the Collateral Agent or the Secured
Parties under the Loan Documents or under any other guarantees or indemnity now or hereafter held by the Collateral Agent or the
Secured Parties in respect of the Obligations and all the powers so vested in the Collateral Agent or the Secured Parties may be
exercised from time to time and as often as the Collateral Agent or the Secured Parties may deem expedient.


 


Section 4.3       Neither
the Collateral Agent nor any Receiver shall be obligated to make any inquiry as to the nature or sufficiency of any payment received
by it under the Mortgage and/or this Deed or to make any claim or take any action to collect any moneys hereby assigned or to enforce
any rights or benefits hereby assigned to the Collateral Agent or to which the Collateral Agent or any Secured Party may at any
time be entitled under the Mortgage and/or this Deed.


 


Section 4.4       The Owner
shall remain liable to perform all the obligations assumed by it in relation to the Mortgaged Property and the Collateral Agent
shall be under no obligation of any kind whatsoever in respect thereof or be under any liability whatsoever in the event of any
failure by the Owner to perform its obligations in respect thereof.


 




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Section 4.5       Notwithstanding
that this Deed is expressed to be supplemental to the Collateral Agreement, any Senior Secured Notes Indenture, the Credit Agreement
and the Mortgage it shall continue in full force and effect after any discharge of the Collateral Agreement, any Senior Secured
Notes Indenture, the Credit Agreement and the Mortgage until the Security Period has terminated.


 


ARTICLE V.



COVENANTS


 


Section 5.1      The Owner
hereby covenants with the Collateral Agent and the Secured Parties and undertakes throughout the Security Period as follows (at
its own cost):


 


(a)       No
Sale. The Owner will not sell or otherwise dispose of the Vessel, the Insurances, any other Mortgaged Property or any part
thereof or interest therein, except as otherwise not prohibited by the Credit Agreement and any Senior Secured Note Indenture.


 


(b)       Negative
Pledge. The Owner will not create any Lien over the Vessel or its Insurances or any other Mortgaged Property or suffer the
creation or existence of any such Lien to or in favor of any person, except for Permitted Liens and Liens not prohibited by any
Senior Secured Note Indenture.


 


(c)       Maritime
Liens. The Owner will pay and discharge or cause to be paid and discharged all debts, damages and liabilities whatsoever which
have given or may give rise to maritime or possessory Liens on or claims enforceable against the Vessel, except such debts, damages
and liabilities which give rise to maritime or possessory Liens to the extent not otherwise prohibited under Section 6.02 of the
Credit Agreement and such corresponding provision under any Senior Secured Note Indenture, and in the event of arrest of the Vessel
pursuant to legal process or in the event of her detention in exercise or purported exercise of any such Liens on or claims enforceable
against the Vessel as aforesaid, to procure the release of the Vessel from such arrest or detention within twenty one (21) days
of receiving notice thereof providing bail or otherwise as the circumstances may require.


 


(d)       Flag
or Registration. The Owner shall ensure that the Vessel remains registered as a Bahamian ship in the Bahamas Registry of Shipping
and retains the right to fly its flag and the Owner will not make any changes in the registration or the flag of the Vessel, except
as otherwise not prohibited by the Credit Agreement and any Senior Secured Note Indenture.


 


(e)       Bareboat
Charterparties. The Owner will not permit the Vessel to be engaged on any bareboat charterparty or any sub-bareboat charterparty,
unless otherwise approved by the collateral agent under the Collateral Agreement or the administrative agent under the Credit Agreement,
or would not reasonably be expected to have a material adverse effect on the rights of the Secured Parties.


 




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(f)       Time
Charterparties. The Owner will not permit the Vessel to be engaged on any time charterparties or sub-time charterparties other
than the Charter Agreements, unless otherwise approved by the collateral agent under the Collateral Agreement or the administrative
agent under the Credit Agreement, or would not reasonably be expected to have a materially adverse effect on the rights of the
Secured Parties.


 


(g)       Copies
of Charterparties. Upon request of the Collateral Agent, the Owner will send to the Collateral Agent a copy of any charterparty
for the Vessel and any addenda thereto.


 


(h)       Managers.
The Owner will ensure that the Vessel will at all times only be managed by an Approved Manager pursuant to customary technical
management agreements assigned to the Collateral Agent (for the ratable benefit of the Secured Parties) under the Collateral Agreement;
provided that this clause shall not prohibit an Approved Manager from entering into commercial or technical management agreements
with other persons for the provision of services to the Vessel. The Owner will not agree to termination of or any material amendments
that are adverse to the Secured Parties’ interest in, or waive or fail to enforce, any material provisions of such management
agreements unless the termination, amendment, waiver or failure to enforce such provisions (1) cannot reasonably be expected to
have a material adverse effect on the rights of the Secured Parties or (2) is approved by the Collateral Agent. If any manager
or the Owner terminates any of the approved management agreements or any manager commits a default thereunder which entitles the
Owner to terminate the relevant approved management agreement, then the Owner shall enter into a new management agreement with
an Approved Manager.


 


(i)       Inspection.
The Owner will permit the Collateral Agent or its representatives to inspect the Vessel at reasonable times, upon reasonable prior
notice to the Owner, and as often as may be reasonably requested by the Collateral Agent and the Owner will not in any way restrict
the Collateral Agent’s or its representatives’ access to the Vessel and to all class and insurance certificates and
records whether or not being kept by third parties. As long as no Event of Default has occurred, the inspections shall be conducted
without any unreasonable interference with the operation of the Vessel. The Collateral Agent or its representative shall be entitled
to perform one inspection of the Vessel per year at the expense of the Owner; provided that the Owner shall pay the costs
of such additional inspections as the Collateral Agent or its representative or any Secured Party may carry out at any time after
an Event of Default has occurred and is continuing.


 


(j)       Class.
The Owner will ensure that the Vessel shall maintain the class set out in a confirmation of class certificate issued by a classification
society, free of any overdue recommendations, exceptions, qualifications and notations of such classification society, and the
Owner will forward a certified copy of the classification certificates to the Collateral Agent upon request.


 




    	 	7	 



     


    

 


(k)       Surveys.
The Owner will submit or procure the Vessel to be submitted regularly to such periodical or other surveys as may be required by
applicable law, by insurers or for classification purposes.


 


(l)        ISM
Code and ISPS Code. The Owner will arrange for and procure the punctual approval and certification of the management organization
on shore and on board the Vessel and ensure that the Vessel is operated in accordance with the ISM Code and ISPS Code in force
from time to time. The Owner shall have a valid and current International Ship Security Certificate issued in respect of the Vessel
pursuant to the ISPS Code and any other certification that may be required.


 


(m)      Compliance.
Except as to matters that would not reasonably be expected to have, individually or in the aggregate, a material adverse effect
on the rights of the Secured Parties, the Owner will ensure that the Vessel will comply with all relevant laws, regulations and
requirements (statutory or otherwise) as are applicable to ships (i) registered under the same flag as the Vessel and (ii) engaged
in the same or similar service as the Vessel is engaged, including without limitation environmental laws.


 


(n)       No
Illegal Trade or Trade Outside Insurance Cover. The Owner will not operate the Vessel or permit it to be operated in any manner,
trade or business which is forbidden by international law, or which is unlawful or illicit under the laws of any relevant jurisdiction,
or in carrying illicit or prohibited goods, or in any manner whatsoever if the foregoing may render the Vessel liable to condemnation
in a prize court, or to destruction, seizure, confiscation, penalty or sanction or, except as otherwise not prohibited under the
Credit Agreement and any Senior Secured Note Indenture, in a geographical area outside the scope of any of its insurances or in
any way which may jeopardize its insurance coverage, wholly or in part.


 


(o)       Maintenance.
Except as to matters that would not reasonably be expected to have, individually or in the aggregate, a material adverse effect
on the rights of the Secured Parties, the Owner will ensure that the Vessel will be maintained and be in a good and efficient state
of repair consistent with first class ship-ownership and management practice.


 


(p)       Change
of Structure, Type or Speed. The Owner will not change the structure, type or speed of the Vessel in any way which would reasonably
be expected to have a material adverse effect on the rights of the Secured Parties, unless otherwise consented to by the Collateral
Agent.


 


(q)       Notification
of Damage and Claims. The Owners will promptly notify the Collateral Agent of:


 


(i)       any
damage to or alteration of the Vessel involving costs in excess of US$[*] regardless of whether the costs are paid by insurers;


 




    	 	8	 



     


    

 


(ii)       any
material environmental claims or incidents, to the extent notice thereof has not been publicly filed;


 


(iii)       any
Event of Loss with respect to the Vessel;


 


(iv)       any
requisition of the Vessel;


 


(v)       any
requirement or recommendation made by any insurer or classification society or by any competent authority which is not complied
with in accordance with its terms; and


 


(vi)       any
arrest, detention or seizure of the Vessel or any exercise or purported exercise of a Lien on the Vessel or any part thereof which
is not lifted forthwith.


 


(r)       Further
Information. The Owner will furnish the Collateral Agent without undue delay with all such information as it may from time
to time reasonably require regarding the Vessel, its employment, position and engagements, including any particulars of all towages
and salvages and documents relating to all charters and other contracts for its employment, or otherwise howsoever concerning the
Vessel.


 


(s)       Notice.
The Owner undertakes to place and at all times and places to retain a true copy of the Mortgage relating to the Vessel and this
Deed (which shall form part of the Vessel’s documents) on board the Vessel with her papers and cause such true copy of the
Mortgage relating to the Vessel and this Deed to be exhibited to any and all persons having business with the Vessel which might
create or imply any commitment or encumbrance whatsoever on or in respect of the Vessel (other than Liens created by this Deed
or the other Loan Documents or Permitted Liens and Liens not prohibited by any Senior Secured Note Indenture) and to any representative
of the Collateral Agent and to place and keep prominently displayed in the bridge and in the master’s cabin of the Vessel
a framed printed notice in plain type reading as follows:


 


NOTICE OF MORTGAGE


 


This Vessel is subject to a first priority
mortgage and deed of covenants in favor of JPMORGAN CHASE BANK, N.A. acting through its office at [_____________] as collateral
agent for itself and others. Under the said mortgage and deed of covenants, neither the Owner nor any manager nor any charterer
nor the master of this Vessel nor any other person has any right, power or authority to create, incur or permit to be imposed upon
this Vessel any commitments, encumbrances or liens, whatsoever other than for certain Permitted Liens that are described in the
Amended and Restated Credit Agreement, dated October 31, 2014, among JPMORGAN CHASE BANK, N.A., NCL CORPORATION LTD. and certain
other parties thereto, all as more fully set forth therein.


 




    	 	9	 



     


    

 


(t)       Further
Assurances. Where the Vessel is (or is to be) sold in exercise of any power contained in this Deed or otherwise conferred on
the Collateral Agent, the Owner undertakes to execute, forthwith upon request by the Collateral Agent, such form of conveyance
of the Vessel as the Collateral Agent may require.


 


(u)       Environmental
Laws. Except to the extent the failure to do so would not reasonably be expected to have, individually or in the aggregate,
a material adverse effect on the rights of the Secured Parties, the Owner shall comply with, and procure that all employees of
the Owner in the course of their employment comply with, all environmental laws including, without limitation, requirements relating
to manning and establishment of financial responsibility and to obtain and comply with, and procure that all employees of the Owner
in the course of their employment obtain and comply with, all environmental permits.


 


Section 5.2      Until the
Security Period has terminated, the Owner undertakes as follows (at its own cost) unless otherwise consented to by the Collateral
Agent:


 


(a)       Insurances.
The Owner will take out and maintain in its name or procure to be taken out and maintained in its name during the Security Period
customary insurances on the Vessel with financially sound and reputable insurers or underwriters, including without limitation,
as follows (jointly the “Insurances”):


 


(i)       hull,
machinery and equipment insurance (including hull interest/increased value insurance) (covering all fire and usual marine risks
including excess risks), freight interest/anticipated earnings insurance and freight demurrage and defense (FD&D) insurance;


 


(ii)       war
risk insurance (covering damage to hull and deprivations and blocking and trapping and protection and indemnity risks with a single
and separate limit for the same amounts insured under war hull);


 


(iii)       protection
and indemnity insurance (including pollution risks); and


 


(iv)       such
additional insurances as a prudent shipowner would take out or as the Collateral Agent may reasonably require.


 


(b)       Renewal.
The Owner will renew the Insurances before the relevant policies, contracts or entries expire.


 


(c)       Premiums.
The Owner will punctually pay all premiums, calls, contributions or other sums in respect of the Insurances and produce all relevant
receipts when so required by the Collateral Agent.


 


(d)       Guarantees.
The Owner will arrange for the execution of such guarantees as may from time to time be required by any protection and indemnity
or war risk association for or for the continuance of the Vessel’s entry into such association.


 




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(e)       Collection
of Claims. The Owner will do all things necessary and provide all documents, evidence and information to enable the Collateral
Agent to collect or recover any moneys which shall at any time become payable to the Collateral Agent according to the applicable
Loss Payable Clause in respect of the Insurances.


 


(f)       Application
of Recoveries. The Owner will apply all sums receivable under the Insurances which are to be paid to the Owner in accordance
with the applicable Loss Payable Clause in repairing all damage and/or in discharging the liability in respect of which such sums
shall have been received.


 


(g)       Policies
and Other Information. Upon request of the Collateral Agent, the Owner will use commercially reasonable efforts to procure
that the brokers, underwriters, protection and indemnity and war risks associations shall promptly furnish the Collateral Agent
with copies of the policies, insurances certificates, certificates of entry, rule books, cover notes and any changes thereto which
may from time to time be issued in respect of the Insurances and the Owner shall promptly furnish the Collateral Agent with all
such other information as it may from time to time reasonably require regarding the Insurances.


 


ARTICLE VI.



DEFAULT


 


Section 6.1      The Collateral
Agent may in its discretion by notice to the Owner declare all or any part of the Obligations to be immediately due and payable
on the happening of any of the events set out in this Article VI (each an “Event of Default”). Following such
declaration the Obligations, or that part of it to which the declaration relates, shall immediately become due and payable and
the security constituted by the Mortgage and this Deed shall immediately become enforceable without any further notice, demand,
protest or other requirement, all of which the Owner expressly waives:


 


(a)       if
there shall occur an Event of Default which is continuing (as defined in the Collateral Agreement); or


 


(b)       if
the registration of the Vessel or the registration, validity or priority of this Deed or the Mortgage shall be contested by any
Loan Party or become void or voidable or liable to cancellation or termination; or


 


(c)       if
any act or omission of the Owner or any managers or agents of the Vessel shall materially prejudice the security conferred on the
Collateral Agent by the Mortgage and this Deed; or


 


(d)       if
the Bahamas becomes involved in war (whether or not declared) or civil war or is occupied by any other power and the Collateral
Agent in its discretion considers that, as a result, the security conferred on it by the Mortgage and this Deed is materially prejudiced
and the Owner does not when required by the Collateral Agent to do so procure that the Vessel is registered under the laws and
flag of another country acceptable to the Collateral Agent in its sole and absolute discretion and does not procure that there
is executed, delivered and registered in favor of the Collateral Agent (for the ratable benefit of the Secured Parties) a further
mortgage on the Vessel (together, if required by the Collateral Agent, with a collateral supplement to mortgage) on materially
the same terms as the Mortgage and this Deed.


 




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ARTICLE VII.



POWERS OF COLLATERAL AGENT ON EVENT OF DEFAULT


 


Section 7.1      Upon the
occurrence of any default described in Article VI which is continuing and the Collateral Agent (for the benefit of the Secured
Parties) shall make demand for all or any part of the Obligations, the amount of the Obligations to which the demand relates shall
from the date of such demand bear interest at the default rate specified in Section 2.13 of the Credit Agreement and the Collateral
Agent shall be entitled to exercise all or any of the rights, powers, discretions and remedies (including all rights and remedies
in foreclosure) vested in it (whether at law, by virtue of the Mortgage and this Deed or otherwise) and in particular (without
limiting the generality of the foregoing) and for the avoidance of any doubt, the power of sale and other powers specified in section
23 of the Conveyancing and Law of Property Act Chapter 138 (applied in respect of personal as well as real property) as varied
or amended by this Deed shall be immediately exercisable upon and at any time thereafter and, without prejudice to the generality
of the foregoing, the Collateral Agent shall have power:


 


(a)       to
take possession of the Vessel;


 


(b)       to
require that all policies, contracts, certificates of entry and other records relating to the Insurances (including details of
and correspondence concerning outstanding claims) be delivered forthwith to such adjusters and/or brokers and/or other insurers
as the Collateral Agent may nominate;


 


(c)       to
collect, recover, compromise and give a good discharge for, all claims then outstanding or thereafter arising under the Insurances
or any of them or in respect of any other part of the Mortgaged Property and to take over or institute (if necessary using the
name of the Owner) all such proceedings in connection therewith as the Collateral Agent in its absolute discretion thinks fit,
and, in the case of the Insurances, to permit the brokers through whom collection or recovery is effected to charge the usual brokerage
therefor;


 


(d)       to
discharge, compound, release or compromise claims in respect of the Vessel or any other part of the Mortgaged Property which have
given or may give rise to any charge or Lien or other claim on the Vessel or any other part of the Mortgaged Property or which
are or may be enforceable by proceedings against the Vessel or any other part of the Mortgaged Property;


 


(e)       to
sell the Vessel or any share or interest therein with or without prior notice to the Owner, and with or without the benefit of
any charterparty, and free from any claim by the Owner (whether in admiralty, in equity, at law or by statute) by public auction
or private contract, at such place and upon such terms as the Collateral Agent in its absolute discretion may determine, with power
to postpone any such sale, and without being answerable for any loss occasioned by such sale or resulting from postponement thereof
and with power, where the Collateral Agent purchases the Vessel, to make payment of the sale price by making an equivalent reduction
in the amount of the Obligations;


 




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(f)       to
manage, insure, maintain and repair the Vessel, and to employ, sail or lay up the Vessel in such manner and for such period as
the Collateral Agent, in its absolute discretion, deems expedient accounting only for net profits arising from any such employment;


 


(g)       to
order the Vessel to proceed forthwith at the Owner’s risk and expense to a port or place nominated by the Collateral Agent
and if the Owner fails to give the necessary instructions to the master of the Vessel for any reason whatsoever, the Collateral
Agent shall have the right to give such instructions directly to the master;


 


(h)       to
administer, amend or terminate any existing charter, management, services or similar agreement or instrument relating to the Vessel
and/or enter into any such agreement or instrument; and


 


(i)       to
recover from the Owner on demand all fees, costs and expenses incurred or paid by the Collateral Agent in connection with the exercise
of the powers (or any of them) referred to in this Section 7.1.


 


Section 22 of the Conveyancing and Law
of Property Act Chapter 138 shall not apply to this Deed and the statutory power of sale shall be exercisable at any time after
the moneys secured by this Deed have become payable. For the purpose of all powers conferred by statute, the Obligations shall
be deemed to have become due and payable on the date hereof.


 


Section 7.2      Upon the
occurrence of any Event of Default described in Article VI which is continuing, the Collateral Agent shall be entitled (but
not bound) by writing executed by any director or officer of the Collateral Agent to appoint any person or persons to be a receiver
and/or manager of the Mortgaged Property or any part thereof (a “Receiver”) (with power to authorize any joint
Receiver to exercise any power independently of any other joint Receiver) and may from time to time fix his remuneration, and may
remove any Receiver so appointed and appoint another in his place. Any Receiver shall be the agent of the Owner and the Owner shall
be solely responsible for his acts or defaults and for his remuneration, and such Receiver shall have power on behalf of and at
the cost of the Owner (notwithstanding any liquidation of the Owner) to do or omit to do anything which the Owner could do or omit
to do in relation to the Mortgaged Property or any part thereof and in particular (but without prejudice to the generality of the
foregoing) any such Receiver may exercise all the powers and discretions conferred on the Collateral Agent by the Mortgage and
this Deed.


 




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Section 7.3       Subject
to Section 7.2, any Receiver shall be entitled to remuneration appropriate to the work and responsibilities involved, upon the
basis of charging from time to time adopted by the Receiver in accordance with the current practice of his firm.


 


Section 7.4        Neither
the Collateral Agent nor any Receiver shall be liable as mortgagee in possession in respect of all or any of the Mortgaged Property
to account or be liable for any loss upon realization or for any neglect or default of any nature whatsoever in connection therewith
for which a mortgagee in possession may be liable as such.


 


Section 7.5       Upon any
sale of the Vessel or any share or interest therein by the Collateral Agent pursuant to Section 7.1(e), or by any Receiver, the
purchaser shall not be bound to see or inquire whether the Collateral Agent’s power of sale has arisen in the manner provided
in this Deed and such sale shall be deemed to be within the power of the Collateral Agent (or the Receiver, as the case may be)
and the receipt of the Collateral Agent (or the Receiver, as the case may be) of the purchase money shall effectively discharge
the purchaser who shall not be concerned with the manner of application of the proceeds of such sale or be in any way answerable
therefor and such sale shall operate to divest the Owner of all rights, title and interest of any nature whatsoever in the Vessel
and to bar any such interest of the Owner and all persons claiming through or under the Owner.


 


ARTICLE VIII.



APPLICATION OF MONEYS


 


Subject to the terms of
the Credit Agreement and any Senior Secured Notes Indenture and Section 4.02 of the Collateral Agreement, all sums received by
the Collateral Agent or any Receiver pursuant to the Mortgage, this Deed, any Senior Secured Notes Indenture or any of the Loan
Documents and all sums received in connection with the taking possession and/or sale of the Vessel or any chartering or other use
of the Vessel by the Collateral Agent or Receiver (including, without limitation, the proceeds of any claims for damages or claims
on any insurance received by the Collateral Agent or Receiver while in possession of or while chartering or using the Vessel) shall,
unless otherwise agreed by the Collateral Agent or Receiver or otherwise expressly provided in the Loan Documents or any Senior
Secured Notes Indenture, be applied by it in the following order:


 


FIRST, in or towards payment
of all expenses and charges incurred by the Collateral Agent or Receiver in the protection and exercise of its rights, powers,
discretions and remedies under or pursuant to the Mortgage and/or this Deed (including, without limitation, any damages or losses
incurred by reason of the Collateral Agent’s or Receiver’s possession, chartering or use of the Vessel) and in or towards
supplying indemnity in such amount and in such form as the Collateral Agent or Receiver shall consider appropriate against any
encumbrances having priority over or equality with the Mortgage and/or this Deed; then


 




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SECOND, in or towards payment
to the Administrative Agent, any other Authorized Representative (as defined in the Collateral Agreement) the Collateral Agent
or Receiver of any other costs, charges and expenses incurred by it or them and recoverable from the Owner or any other Loan Party
under or pursuant to the Credit Agreement, the Loan Documents or any Senior Secured Notes Indenture together with interest at the
rate or rates specified in the Credit Agreement, the Loan Documents or any Senior Secured Notes Indenture; then


 


THIRD, to the payment in full of Unfunded Advances/Participations
(the amounts so applied to be distributed between or among the Administrative Agent, the Collateral Agent, the Swingline Lender
and any Issuing Bank pro rata in accordance with the amounts of Unfunded Advances/Participations owed to them on the date
of any such distribution); then


 


FOURTH, to the payment in full of all other
Obligations (other than Obligations under clauses (b) and (c) of the definition thereof) (the amounts so applied to be distributed,
as provided in the Credit Agreement or the applicable Senior Secured Note Indenture, as the case may be, among the Secured Parties
pro rata in accordance with the respective amounts of the Obligations (other than Obligations under clauses (b) and (c)
of the definition thereof) owed to them on the date of any such distribution, which in the case of Letters of Credit, shall be
paid by deposit in an account with the Collateral Agent, in the name of the Collateral Agent and for the benefit of the Issuing
Bank and the Lenders, an amount in cash in U.S. Dollars equal to the aggregate L/C Exposure as of such date plus any accrued and
unpaid interest thereon); then


 


FIFTH, to the payment in full of all Obligations
under clauses (b) and (c) of the definition thereof (the amounts so applied to be distributed among the Secured Parties pro
rata in accordance with the respective amounts of the Obligations under clauses (b) and (c) of the definition thereof owed
to them on the date of any such distribution); then


 


SIXTH, to the Owner (or
any other Loan Party as provided in the applicable Loan Documents and any Senior Secured Notes Indenture), its successors or assigns,
or as a court of competent jurisdiction may otherwise direct;


 


provided, that on
and after the Intercreditor Effective Date, such proceeds will be applied as between the holders of the Senior Secured Note Obligations,
on the one hand, and the Credit Agreement Secured Parties, on the other hand, in the order specified in the First Lien Intercreditor
Agreement, with the portion thereof allocable to the Credit Agreement Secured Parties then being applied in the manner set forth
above in this Article VIII.


 


The Collateral Agent shall
have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Deed.


 


In the event that the amounts
received by the Collateral Agent or any Receiver and referred to in this Article VIII is insufficient to pay in full the whole
of the Obligations, the Collateral Agent or the Receiver, as the case may be, shall be entitled to collect the shortfall from the
Owner or any other person liable for the time being therefor.


 




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ARTICLE IX.



REMEDIES CUMULATIVE AND OTHER PROVISIONS


 


Section 9.1       No failure
or delay on the part of the Collateral Agent and/or a Receiver to exercise any right, power or remedy vested in it or them under
any of the Loan Documents or any Senior Secured Notes Indenture shall operate as a waiver thereof, nor shall any single or partial
exercise by the Collateral Agent and/or a Receiver of any right, power or remedy nor the discontinuance, abandonment or adverse
determination of any proceedings taken by the Collateral Agent and/or a Receiver to enforce any right, power or remedy preclude
any other or further exercise thereof or proceedings to enforce the same or the exercise of any other right, power or remedy nor
shall the giving by the Collateral Agent of any consent to any act which by the terms of this Deed requires such consent prejudice
the right of the Collateral Agent to withhold or give consent to the doing of any other similar act. The remedies provided in the
Loan Documents or any Senior Secured Notes Indenture are cumulative and are not exclusive of any remedies provided by law.


 


Section 9.2        The Collateral
Agent shall be entitled, at any time and as often as may be expedient, to delegate all or any of the powers and discretions vested
in it by the Mortgage and this Deed (including the power vested in it by virtue of Article X) or any of the other Loan Documents
or any Senior Secured Notes Indenture in such manner, upon such terms, and to such persons as the Collateral Agent in its absolute
discretion may think fit.


 


Section 9.3        The Collateral
Agent shall be entitled to do all acts and things incidental or conducive to the exercise of any of the rights, powers or remedies
possessed by it as mortgagee of the Vessel (whether at law, under the Mortgage and/or this Deed or otherwise) and in particular
(but without prejudice to the generality of the foregoing), upon becoming entitled to exercise any of its powers under Article
X, the Collateral Agent shall be entitled to discharge any cargo on board the Vessel (whether the same shall belong to the Owner
or any other person) and to enter into such other arrangements in respect of the Vessel, her insurances, management, maintenance,
repair, classification and employment in all respects as if the Collateral Agent was the owner of the Vessel, but without being
responsible in the absence of gross negligence or willful misconduct for any loss incurred as a result of the Collateral Agent
doing or omitting to do any such acts or things as aforesaid.


 




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ARTICLE X.



ATTORNEY


 


Section 10.1     By way
of security, the Owner hereby irrevocably appoints the Collateral Agent (and all officers, employees or agents designated by the
Collateral Agent) and any Receiver, jointly and also severally, to be its attorney generally for and in the name and on behalf
of the Owner, and as the act and deed or otherwise of the Owner to (i) execute, seal and deliver and otherwise perfect and do all
such deeds, assurances, agreements, instruments, acts and things which may be required for the full exercise of all or any of the
rights, powers or remedies conferred by the Mortgage, this Deed, the Credit Agreement, any Senior Secured Notes Indenture or any
of the other Loan Documents, or which may be deemed proper in or in connection with all or any of the purposes aforesaid (including,
without prejudice to the generality of the foregoing, the execution and delivery of a bill of sale of the Vessel), and (ii) make,
settle and adjust claims in respect of the Mortgaged Property under policies of insurance, endorsing the name of the Owner on any
check, draft, instrument or other item of payment for the proceeds of such policies of insurance and for making all determinations
and decisions with respect thereto. In the event that the Owner at any time or times shall fail to obtain or maintain any of the
policies of insurances required hereby or under the Credit Agreement or any Senior Secured Notes Indenture or to pay any premium
in whole or part relating thereto, the Collateral Agent and the Receiver may, without waiving or releasing any obligation or liability
of the Owner hereunder or any Event of Default, in its sole discretion, obtain and maintain such policies of insurance and pay
such premium and take any other actions with respect thereto as the Collateral Agent or the Receiver reasonably deems advisable.
All sums disbursed by the Collateral Agent or the Receiver in connection with this Section 10.1, including reasonable documented
attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable, upon demand, by the Owner to
the Collateral Agent or the Receiver and shall be additional Obligations secured hereby. The Owner ratifies and confirms, and agrees
to ratify and confirm, any lawful deed, assurance, agreement, instrument, act or thing which the Collateral Agent or the Receiver
may execute or do pursuant hereto, provided always that such power shall not be exercisable by or on behalf of the Collateral
Agent until the occurrence of an Event of Default which is continuing.


 


Section 10.2      The exercise
of such power by or on behalf of the Collateral Agent or any Receiver shall not put any person dealing with the Collateral Agent
or the Receiver upon any inquiry as to whether any Event of Default has happened, nor shall such person be in any way affected
by notice that no such Event of Default has happened, and the exercise by the Collateral Agent or the Receiver of such power shall
be conclusive evidence of the Collateral Agent’s or such Receiver’s right to exercise the same.


 


Section 10.3     The Owner
hereby irrevocably appoints the Collateral Agent and any Receiver jointly and also severally to be its attorney in its name and
on its behalf and as its act and deed or otherwise of it, to agree the form of and to execute and do all deeds, instruments, acts
and things in order to file, record, register or enroll the Mortgage and/or this Deed in any court, public office or elsewhere
which the Collateral Agent may in its discretion consider necessary or advisable, now or in the future, to ensure the legality,
validity, enforceability or admissibility in evidence thereof and any other assurance, document, act or thing required to be executed
by the Owner pursuant to Section 11.2.


 




    	 	17	 



     


    

 


Section 10.4     The provisions
of Section 6.21 and Section 6.08 of the Collateral Agreement shall apply mutatis mutandis.


 


ARTICLE XI.



MISCELLANEOUS


 


Section 11.1     Costs
and Indemnities. (a) Subject to the terms of the Credit Agreement or any Senior Secured Notes Indenture, the Owner shall pay
to the Collateral Agent on demand all documented reasonable expenses (including legal fees, fees of insurance advisers, printing,
out-of-pocket expenses, stamp duties, registration fees and other duties or charges) together with any value added tax or similar
tax payable in respect thereof incurred by the Collateral Agent and/or Receiver in connection with (i) the exercise or enforcement
of, or preservation of any rights under, the Mortgage, this Deed, or otherwise in respect of the Obligations and the security therefor
or (ii) the preparation, completion, execution or registration of the Mortgage and this Deed.


 


(b)       Subject
to the terms of the Credit Agreement or any Senior Secured Notes Indenture, the Owner hereby agrees and undertakes to indemnify
the Collateral Agent and any Receiver against all losses, actions, claims, expenses (including, but not limited to, reasonable
legal fees and expenses on a full indemnity basis), demands, obligations and liabilities whatever and whenever arising which may
now or hereafter be incurred by the Collateral Agent and/or Receiver; or by any manager, agent, officer or employee for whose liability,
act or omission it or he may be answerable, in respect of, in relation to, or in connection with anything done or omitted in the
exercise or purported exercise of the powers contained in the Mortgage, this Deed, or otherwise in connection therewith and herewith
or with any part of the Mortgaged Property or otherwise howsoever in relation to, or in connection with, any of the matters dealt
with in the Mortgage and this Deed.


 


Section 11.2     Further
Assurances. The Owner hereby further undertakes at its own expense from time to time to execute, sign, perfect, do and (if
required) register every such further assurance, document, act or thing as in the opinion of the Collateral Agent may be reasonably
necessary or desirable for the purpose of more effectually mortgaging and charging the Mortgaged Property or perfecting the security
constituted or intended to be constituted by the Mortgage and this Deed.


 


Section 11.3      Notices.
The provisions of Section 6.01 of the Collateral Agreement shall apply mutatis mutandis in respect of any certificate, notice,
demand or other communication given or made under this Deed.


 


Section 11.4     Benefit
of this Deed. This Deed shall be binding on the Owner and its permitted successors and assigns and shall inure to the benefit
of the Collateral Agent, the Secured Parties and their respective permitted successors and assigns. The Owner expressly acknowledges
and accepts the provisions of Section 9.09 of the Credit Agreement and agrees that any person in favor of whom an assignment or
transfer is made in accordance with such section shall be entitled to the benefit of this Deed.


 




    	 	18	 



     


    

 


Section 11.5      Counterparts.
This Deed may be entered into in the form of two counterparts, each executed by one of the parties, and, provided both the parties
shall so execute this Deed, each of the executed counterparts, when duly exchanged or delivered, shall be deemed to be an original
but, taken together, they shall constitute one instrument.


 


Section 11.6     Severability
of Provisions. Each of the provisions in this Deed are severable and distinct from the others, and if at any time one or more
such provisions is or becomes invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
of this Deed shall not in any way be affected or impaired thereby.


 


Section 11.7     GOVERNING
LAW. THIS DEED AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS DEED SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAWS OF THE BAHAMAS.


 


Section 11.8      Jurisdiction.


 


(a)       Each
party to this Deed hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction
of any court of The Bahamas, in any action or proceeding arising out of or relating to the Mortgage and/or this Deed, or for recognition
or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may be heard and determined in such Bahamian court. Each of the parties hereto agrees
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)       Each
party to this Deed hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to the Mortgage and/or this Deed in any court of The Bahamas. Each of the parties hereto hereby irrevocably waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.


 


(c)       The
submission to such jurisdiction shall not (and shall not be construed so as to) limit the right of the Collateral Agent or any
Secured Party to take proceedings against the Owner in any other court of competent jurisdiction nor shall the taking of proceedings
in any one or more jurisdictions preclude the taking of proceedings in any other jurisdiction, whether concurrently or not. The
parties further agree that only the courts of The Bahamas and not those of any other state shall have jurisdiction to determine
any claim which the Owner may have against the Collateral Agent or any Secured Party arising out of or in connection with the Mortgage
and/or this Deed.


 


Section 11.9      Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Deed and are not to affect the construction of, or to be taken into consideration in interpreting, this Deed.


 




    	 	19	 



     


    

 


Section 11.10   Subject
to First Lien Intercreditor Agreement. Notwithstanding anything herein to the contrary, on and after the Intercreditor Effective
Date (i) the liens and security interests granted to the Collateral Agent pursuant to this Deed are expressly subject to the First
Lien Intercreditor Agreement and (ii) the exercise of any right or remedy by the Collateral Agent hereunder is subject to the limitations
and provisions of the First Lien Intercreditor Agreement. In the event of any conflict between the terms of the First Lien Intercreditor
Agreement and the terms of this Deed, the terms of the First Lien Intercreditor Agreement shall govern. Nothing herein is intended,
or shall be construed, to give any Loan Party any additional right, remedy or claim under, to or in respect of this Deed or Vessel.


 




    	 	20	 



     


    

 


IN WITNESS whereof this
Deed has been duly executed as the day and year first above written.


 


	 	[_________________],
	 	as Owner
	 	 	 
	 	By:	       
	 	 	Name:  
	 	 	Title:


 




     


     


    

 


	 	JPMORGAN CHASE BANK, N.A., as Collateral Agent
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:


 




    	 	2	 



     


    

  


Exhibit G-2


 


Date: [●]


 __________________________


 


[FORM OF] FIRST PREFERRED MARSHALL ISLANDS MORTGAGE


 


executed by


 


[__________]


 


as Owner


 


in favor of


 


JPMORGAN CHASE BANK, N.A.,


 


not in its individual capacity, but solely as
Mortgage Trustee,


 


as Mortgagee





_____________________________________


 


“[VESSEL NAME]”


 




     


     


    

 


TABLE OF CONTENTS


 


	 	 	Page
	 	 	 
	ARTICLE I.	DEFINITIONS	2
	 	 	 
	ARTICLE II.	MORTGAGE, ASSIGNMENT AND COVENANT TO PAY	3
	 	 	 
	ARTICLE III.	REPRESENTATIONS AND WARRANTIES	4
	 	 	 
	ARTICLE IV.	CONTINUING SECURITY AND OTHER MATTERS	5
	 	 	 
	ARTICLE V.	COVENANTS	6
	 	 	 
	ARTICLE VI.	DEFAULT	11
	 	 	 
	ARTICLE VII.	POWERS OF MORTGAGEE ON EVENT OF DEFAULT	12
	 	 	 
	ARTICLE VIII.	APPLICATION OF MONEYS	14
	 	 	 
	ARTICLE IX.	REMEDIES CUMULATIVE AND OTHER PROVISIONS	15
	 	 	 
	ARTICLE X.	ATTORNEY	15
	 	 	 
	ARTICLE XI.	MISCELLANEOUS	16


 




    - i -


     


    

 


THIS FIRST PREFERRED MORTGAGE
is dated and effective as of [_______], (this “Mortgage”), and is made by [________], a [________________] organized
under the laws of [●], having an address at [●] [,and qualified as a foreign maritime entity under the laws of the
Republic of the Marshall Islands] (the “Owner”), in favor of JPMORGAN CHASE BANK, N.A., not in its individual
capacity but solely as mortgage trustee under the Credit Agreement as defined below (together with its successors and assigns in
such capacity, the “Mortgagee”) for the Guaranteed Parties.


 


WHEREAS, the parties hereto
have entered into an Amended and Restated Credit Agreement dated as of October [__], 2014 (a copy of said Amended and Restated
Credit Agreement (without exhibits other than the Notes) is attached hereto as Exhibit A and constitutes an integral part of this
Mortgage; said Amended and Restated Credit Agreement, as the same may be amended, restated, supplemented, waived or otherwise modified
from time to time, the “Credit Agreement”), among NCL CORPORATION LTD., a Bermuda company (“NCL”
or the “Borrower”), the LENDERS party thereto from time to time, JPMORGAN CHASE BANK, N.A., as administrative
agent for the Lenders and certain other parties thereto and the Mortgagee.


 


WHEREAS, the Borrower may
from time to time enter into one or more Swap Agreements that (i) were in effect on the date of this Mortgage with a counterparty
that was a Lender, an Agent, an Arranger or an Affiliate of a Lender, Agent or Arranger as of the date of this Mortgage or (ii)
are entered into after the date of this Mortgage with any counterparty that was or is a Lender, an Agent, an Arranger or an Affiliate
of a Lender, an Arranger or an Agent at the time such Swap Agreement is entered into; provided that such Lender is not a Defaulting
Lender at the time such Swap Agreement is entered into (any and all of said Swap Agreements collectively, the “Relevant
Swap Agreements”), pursuant to which the Borrower and any such swap counterparty may enter into Transactions (as such
term is defined in each of said Relevant Swap Agreements), each as evidenced by a Confirmation (as such term is defined in each
of said Relevant Swap Agreements), providing for, among other things, the payment of certain amounts by the Borrower to such swap
counterparty. The Borrower and such swap counterparties estimate that the aggregate amount which may become due and payable by
the Borrower to such swap counterparties under the Relevant Swap Agreements shall not exceed U.S.$[●] (the “Swap
Exposure”).


 


WHEREAS, the Mortgagee
and each Subsidiary Guarantor, including the Owner, have also entered into a Guarantee and Collateral Agreement, dated as of May
24, 2013 (a copy of said Guarantee and Collateral Agreement (without exhibits), including a supplement thereto entered into as
of the date hereof, is attached hereto as Exhibit B and constitutes an integral part of this Mortgage; said Guarantee and Collateral
Agreement, as the same may be amended, restated, supplemented, waived or otherwise modified from time to time, the “Collateral
Agreement”).


 


WHEREAS, the Owner is the
sole, absolute and unencumbered, legal and beneficial owner of the whole of the Vessel (as defined herein) (save and except the
Permitted Liens).


 




     


     


    

 


WHEREAS, in order to secure
the repayment of the Guaranteed Obligations, the Owner has duly executed in favor of the Mortgagee this First Preferred Mortgage
under and pursuant to Chapter 3 of the Republic of the Marshall Islands Maritime Act of 1990, (as amended, the “Maritime
Act”).


 


[WHEREAS, this First Preferred
Mortgage is made 'pursuant to agreement' in accordance with section 309(2)(a) of the Maritime Act.]


 


NOW, THEREFORE, IT IS HEREBY
AGREED as follows:


 


ARTICLE I.



DEFINITIONS


 


Section 1.1       In this
Mortgage (including the introductory paragraph and the recitals) unless the context otherwise requires or unless otherwise defined
herein, words and expressions defined in the Collateral Agreement or the Credit Agreement shall have the same meanings when used
in this Mortgage and the following terms shall have the following meanings:


 


“Approved Manager”
means any company designated by the Owner from time to time, as the technical manager of the Vessel.


 


“Collateral Agreement”
has the meaning assigned to such term in the recitals.


 


“Compulsory Acquisition”
means requisition for title or other compulsory acquisition, requisition, appropriation, expropriation, deprivation, forfeiture
or confiscation for any reason of the Vessel by any government entity or other competent authority, whether de jure or de facto,
but shall exclude requisition for use or hire not involving requisition of title.


 


“Event of Default”
has the meaning assigned to such term in Section 6.1.


 


“Insurances”
has the meaning assigned to such term in Section 5.2(a).


 


“Loss Payable
Clause” means the provisions regulating the manner of payment of sums receivable under the Insurances which are to be
incorporated in the relevant insurance documents, such Loss Payable Clauses to be in the forms set out in Appendix A and Appendix
B of Schedule 1 to the First Lien Insurance Assignment, dated as of the date hereof, made by the Owner in favor of the Mortgagee
in respect of the Vessel, or in such other forms as may from time to time be agreed in writing by the Mortgagee.


 


“Owner”
includes the successors in title and assignees of the Owner.


 


“Secured Obligations”
has the meaning assigned to such term in Section 2.1.


 


“Security Period”
means the period commencing on the date hereof and terminating on the date on which all the Secured Obligations (other than contingent
indemnity or expense reimbursement obligations in respect of which no claim has been made) have been paid in full in cash in immediately
available funds.


 




    	 	2	 



     


    

 


“Vessel”
means the vessel “[_________]” registered as a Marshall Islands ship at the Port of Majuro under Official Number [_________]
and includes, but is not limited to, any interest therein and her engines, machinery, boats, tackle, outfit, equipment, spare gear,
fuel, consumables or other stores, belongings and appurtenances whether on board or ashore and whether now owned or hereafter acquired
and also any and all additions, improvements and replacements hereafter made in or to such vessel or any part thereof or in or
to her equipment and appurtenances aforesaid.


 


Section 1.2       This Mortgage
shall be read together with the Collateral Agreement and the Credit Agreement but in case of any conflict between this Mortgage
and the Collateral Agreement or the Credit Agreement, the provisions of the Collateral Agreement or the Credit Agreement, as applicable,
shall prevail to the extent permitted under Marshall Islands law.


 


ARTICLE II.



MORTGAGE AND COVENANT TO PAY


 


Section 2.1       In order
to secure the payment of the Guaranteed Obligations, and the payment of all other sums that may hereinafter be secured by the Mortgage
in accordance with the terms hereof, and to secure the performance and observance of and compliance with all the agreements, covenants
and conditions of the Mortgage, the Collateral Agreement, the Credit Agreement, the other Loan Documents and any Relevant Swap
Agreement (all of the foregoing being referred to herein as the “Secured Obligations”), the Owner has duly authorized
the execution and delivery of this Mortgage under and pursuant to the laws of the Republic of the Marshall Islands.


 


NOW, THEREFORE, in
consideration of the premises and other good and valuable consideration, and in order to secure the payment of the Secured Obligations,
the Owner has granted, conveyed, mortgaged, pledged, confirmed, assigned, transferred and set over and by these presents does grant,
convey, mortgage, pledge, confirm, assign, transfer and set over, unto the Mortgagee, and its successors and assigns, the whole
of the Vessel;


 


TO HAVE AND TO HOLD all and
singular the above mortgaged and described property unto the Mortgagee and its successors and assigns, to its and to its successors’
and assigns’ own use, benefit and behoof forever;


 


PROVIDED, and these presents
are upon the condition that, if the Owner or its successors or assigns shall pay or cause to be paid the Secured Obligations as
and when the same shall become due and payable in accordance with the respective terms of the Collateral Agreement and this Mortgage,
and all other such sums as may hereafter become secured by this Mortgage in accordance with the terms hereof, and the Owner shall
duly perform, observe and comply with or cause to be performed, observed, or complied with all the covenants, terms and conditions
of this Mortgage, the Collateral Agreement, the Credit Agreement, the other Loan Documents and any Relevant Swap Agreement expressed
or implied, to be performed, then this Mortgage and the estate and rights hereunder shall cease, determine and be void, otherwise
to remain in full force and effect.


 




    	 	3	 



     


    

 


The Owner, for itself, its
successors and assigns, hereby covenants, declares and agrees with the Mortgagee and its successors and assigns that the Vessel
is to be held subject to the further covenants, conditions, terms and uses hereinafter set forth.


 


Section 2.2      The Owner
covenants and undertakes with the Mortgagee and the Guaranteed Parties to do or permit to be done each and every act or thing which
the Mortgagee may from time to time require to be done for the purpose of enforcing the Mortgagee’s and the Guaranteed Parties’
rights under this Mortgage and to allow its name to be used as and when required by the Mortgagee for that purpose.


 


Section 2.3      The Owner
covenants and undertakes with the Mortgagee and the Guaranteed Parties to pay, on demand, to the Mortgagee all monies and discharge
all Secured Obligations now or hereafter due, owing or incurred to the Mortgagee and the Guaranteed Parties under, or in connection
with the Credit Agreement, any other Loan Document, any Relevant Swap Agreement and/or this Mortgage when the same become due for
payment in accordance with their terms whether by acceleration or otherwise.


 


Section 2.4      The Owner
shall cause to be filed, registered or recorded, and hereby irrevocably authorizes the Mortgagee, at the Owner’s expense,
at any time and from time to time to file, register or record this Mortgage and any amendments hereto in the Maritime Administrator
of the Marshall Islands, in accordance with the provisions of Chapter 3 of the Maritime Act.


 


ARTICLE III.



REPRESENTATIONS AND WARRANTIES


 


Section 3.1      The Owner
hereby represents and warrants to the Mortgagee and the Guaranteed Parties that it is the legal and beneficial owner of and has
good right and title, free from any Liens (other than the Liens created pursuant to the Loan Documents and Permitted Liens), to
the Vessel. The Vessel is duly and validly registered in the name of the Owner under the laws and flag of the Republic of the Marshall
Islands and shall so remain during the Security Period, except as otherwise not prohibited by the Credit Agreement.


 


Section 3.2      The representation
and warranty in Section 3.1 shall be deemed to be repeated by the Owner on and as of each day from the date of this Mortgage until
the end of the Security Period as if made with reference to the facts and circumstances existing on each such date.


 




    	 	4	 



     


    

 


Section 3.3      The Owner
also hereby represents and warrants to the Mortgagee and the Guaranteed Parties on the date hereof that this Mortgage has been
validly created and constitutes a valid, legally binding and enforceable first preferred ship mortgage on the Vessel.


 


ARTICLE IV.



CONTINUING SECURITY AND OTHER MATTERS


 


Section 4.1      The security
created by this Mortgage shall:


 


(a)       be
held by the Mortgagee (for the benefit of the Guaranteed Parties) as a continuing security for the payment of the Secured Obligations
and the performance and observance of and compliance with all of the covenants, terms and conditions contained in the Credit Agreement
and the other Loan Documents and any Relevant Swap Agreement, express or implied;


 


(b)       not
be satisfied by any intermediate payment or satisfaction of any part of the amount hereby and thereby secured (or by any settlement
of accounts between the Owner or any other person who may be liable to the Mortgagee, the Guaranteed Parties or their permitted
successors and assigns in respect of the Secured Obligations or any part thereof);


 


(c)       be
in addition to, and shall not in any way prejudice or affect, and may be enforced by the Mortgagee without prior recourse to, the
security created by any other Loan Document, any Relevant Swap Agreement and any guarantee or indemnity now or hereafter held by
the Mortgagee or the Guaranteed Parties in respect of the Secured Obligations; and


 


(d)       not
be in any way prejudiced or affected by the existence of any of the other Loan Documents, any Relevant Swap Agreement or any other
rights or remedies or by the same becoming wholly or in part void, voidable or unenforceable on any ground whatsoever or by the
Mortgagee or any Guaranteed Party dealing with, exchanging, varying or failing to perfect or enforce any of the same, or giving
time for payment or performance or indulgence or compounding with any other person liable.


 


Section 4.2      All the
rights, remedies and powers vested in the Mortgagee (for the ratable benefit of the Guaranteed Parties) hereunder shall be in addition
to and not a limitation of any and every other right, power or remedy vested in the Mortgagee or the Guaranteed Parties under the
Loan Documents, any Relevant Swap Agreement or under any other guarantees or indemnity now or hereafter held by the Mortgagee or
the Guaranteed Parties in respect of the Secured Obligations and all the powers so vested in the Mortgagee or the Guaranteed Parties
may be exercised from time to time and as often as the Mortgagee or the Guaranteed Parties may deem expedient.


 


Section 4.3      The Mortgagee
shall not be obligated to make any inquiry as to the nature or sufficiency of any payment received by it under this Mortgage or
to make any claim or take any action to collect any moneys hereby owed or to enforce any rights or benefits hereby granted to the
Mortgagee or to which the Mortgagee or any Guaranteed Party may at any time be entitled under this Mortgage.


 




    	 	5	 



     


    

 


Section 4.4      The Owner
shall remain liable to perform all the obligations assumed by it in relation to the Vessel and the Mortgagee shall be under no
obligation of any kind whatsoever in respect thereof or be under any liability whatsoever in the event of any failure by the Owner
to perform its obligations in respect thereof.


 


ARTICLE V.



COVENANTS


 


Section 5.1      The Owner
hereby covenants with the Mortgagee and the Guaranteed Parties and undertakes throughout the Security Period as follows (at its
own cost):


 


(a)       No
Sale. The Owner will not sell or otherwise dispose of the Vessel or any part thereof or interest therein, except as otherwise
not prohibited by the Credit Agreement.


 


(b)       Negative
Pledge. The Owner will not create any Lien over the Vessel or suffer the creation or existence of any such Lien to or in favor
of any person, except for Permitted Liens.


 


(c)       Maritime
Liens. The Owner will pay and discharge or cause to be paid and discharged all debts, damages and liabilities whatsoever which
have given or may give rise to maritime or possessory Liens on or claims enforceable against the Vessel, except such debts, damages
and liabilities which give rise to maritime or possessory Liens to the extent not otherwise prohibited under Section 6.02 of the
Credit Agreement, and in the event of arrest of the Vessel pursuant to legal process or in the event of her detention in exercise
or purported exercise of any such Liens on or claims enforceable against the Vessel as aforesaid, to procure the release of the
Vessel from such arrest or detention within twenty one (21) days of receiving notice thereof providing bail or otherwise as the
circumstances may require.


 


(d)       Flag
or Registration. The Owner shall ensure that the Vessel remains registered as a Marshall Islands ship in the Republic of the
Marshall Islands and retains the right to fly its flag and the Owner will not make any changes in the registration or the flag
of the Vessel, except as otherwise not prohibited by the Credit Agreement.


 


(e)       Bareboat
Charterparties. The Owner will not permit the Vessel to be engaged on any bareboat charterparty or any sub-bareboat charterparty,
unless otherwise approved by the Collateral Agent under the Collateral Agreement or the Administrative Agent under the Credit Agreement,
or would not reasonably be expected to have a material adverse effect on the rights of the Guaranteed Parties.


 




    	 	6	 



     


    

 


(f)       Time
Charterparties. The Owner will not permit the Vessel to be engaged on any time charterparties or sub-time charterparties other
than the Charter Agreements, unless otherwise approved by the Collateral Agent under the Collateral Agreement or the Administrative
Agent under the Credit Agreement, or would not reasonably be expected to have a materially adverse effect on the rights of the
Guaranteed Parties.


 


(g)       Copies
of Charterparties. Upon request of the Mortgagee, the Owner will send to the Mortgagee a copy of any charterparty for the Vessel
and any addenda thereto.


 


(h)       Managers.
The Owner will ensure that the Vessel will at all times only be managed by an Approved Manager pursuant to customary technical
management agreements assigned to the Mortgagee (for the ratable benefit of the Guaranteed Parties) under the Collateral Agreement;
provided that this clause shall not prohibit an Approved Manager from entering into commercial or technical management agreements
with other persons for the provision of services to the Vessel. The Owner will not agree to termination of or any material amendments
that are adverse to the Guaranteed Parties’ interest in, or waive or fail to enforce, any material provisions of such management
agreements unless the termination, amendment, waiver or failure to enforce such provisions (1) cannot reasonably be expected to
have a material adverse effect on the rights of the Guaranteed Parties or (2) is approved by the Mortgagee. If any manager or the
Owner terminates any of the approved management agreements or any manager commits a default thereunder which entitles the Owner
to terminate the relevant approved management agreement, then the Owner shall enter into a new management agreement with an Approved
Manager.


 


(i)       Inspection.
The Owner will permit the Mortgagee or its representatives to inspect the Vessel at reasonable times, upon reasonable prior notice
to the Owner, and as often as may be reasonably requested by the Mortgagee and the Owner will not in any way restrict the Mortgagee’s
or its representatives’ access to the Vessel and to all class and insurance certificates and records whether or not being
kept by third parties. As long as no Event of Default has occurred, the inspections shall be conducted without any unreasonable
interference with the operation of the Vessel. The Mortgagee or its representative shall be entitled to perform one inspection
of the Vessel per year at the expense of the Owner; provided that the Owner shall pay the costs of such additional inspections
as the Mortgagee or its representative or any Guaranteed Party may carry out at any time after an Event of Default has occurred
and is continuing.


 


(j)       Class.
The Owner will ensure that the Vessel shall maintain the class set out in the classification certificates issued by a classification
society, free of any overdue recommendations, exceptions, qualifications and notations of such classification society, and the
Owner will forward a certified copy of the classification certificates to the Mortgagee upon request.


 




    	 	7	 



     


    

 


(k)       Surveys.
The Owner will submit or procure the Vessel to be submitted regularly to such periodical or other surveys as may be required by
applicable law, by insurers or for classification purposes.


 


(l)       ISM
Code and ISPS Code. The Owner will arrange for and procure the punctual approval and certification of the management organization
on shore and on board the Vessel and ensure that the Vessel is operated in accordance with the ISM Code and ISPS Code in force
from time to time. The Owner shall have a valid and current International Ship Security Certificate issued in respect of the Vessel
pursuant to the ISPS Code and any other certification that may be required.


 


(m)       Compliance.
Except as to matters that would not reasonably be expected to have, individually or in the aggregate, a material adverse effect
on the rights of the Guaranteed Parties, the Owner will ensure that the Vessel will comply with all relevant laws, regulations
and requirements (statutory or otherwise) as are applicable to ships (i) registered under the same flag as the Vessel and (ii)
engaged in the same or similar service as the Vessel is engaged, including without limitation environmental laws.


 


(n)       No
Illegal Trade or Trade Outside Insurance Cover. The Owner will not operate the Vessel or permit it to be operated in any manner,
trade or business which is forbidden by international law, or which is unlawful or illicit under the laws of any relevant jurisdiction,
or in carrying illicit or prohibited goods, or in any manner whatsoever if the foregoing may render the Vessel liable to condemnation
in a prize court, or to destruction, seizure, confiscation, penalty or sanction or, except as otherwise not prohibited under the
Credit Agreement, in a geographical area outside the scope of any of its insurances or in any way which may jeopardize its insurance
coverage, wholly or in part.


 


(o)       Maintenance.
Except as to matters that would not reasonably be expected to have, individually or in the aggregate, a material adverse effect
on the rights of the Guaranteed Parties, the Owner will ensure that the Vessel will be maintained and be in a good and efficient
state of repair consistent with first class ship-ownership and management practice.


 


(p)       Change
of Structure, Type or Speed. The Owner will not change the structure, type or speed of the Vessel in any way which would reasonably
be expected to have a material adverse effect on the rights of the Guaranteed Parties, unless otherwise consented to by the Mortgagee.


 


(q)       Notification
of Damage and Claims. The Owners will promptly notify the Mortgagee of:


 


(i)       any
damage to or alteration of the Vessel involving costs in excess of US$[*] regardless of whether the costs are paid by insurers;


 


(ii)       any
material environmental claims or incidents, to the extent notice thereof has not been publicly filed;


 




    	 	8	 



     


    

 


(iii)       any
Event of Loss with respect to the Vessel;


 


(iv)       any
requisition of the Vessel;


 


(v)       any
requirement or recommendation made by any insurer or classification society or by any competent authority which is not complied
with in accordance with its terms; and


 


(vi)       any
arrest, detention or seizure of the Vessel or any exercise or purported exercise of a Lien on the Vessel or any part thereof which
is not lifted forthwith.


 


(r)       Further
Information. The Owner will furnish the Mortgagee without undue delay with all such information as it may from time to time
reasonably require regarding the Vessel, its employment, position and engagements, including any particulars of all towages and
salvages and documents relating to all charters and other contracts for its employment, or otherwise howsoever concerning the Vessel.


 


(s)       Notice.
The Owner undertakes to place and at all times and places to retain a certified copy of this Mortgage on board the Vessel with
her papers and cause such certified copy of this Mortgage to be exhibited to any and all persons having business with the Vessel
which might create or imply any commitment or encumbrance whatsoever on or in respect of the Vessel (other than Liens created by
this Mortgage) and to any representative of the Mortgagee and to place and keep prominently displayed in the bridge and in the
master’s cabin of the Vessel a framed printed notice in plain type reading as follows:


 


NOTICE OF MORTGAGE


 


This Vessel is subject to a first preferred
mortgage in favor of JPMORGAN CHASE BANK, N.A. acting through its office at [_____________], not in its individual capacity, but
solely as mortgage trustee under authority of Chapter 3 of the Republic of the Marshall Islands Maritime Act of 1990, as amended.
Under the said mortgage, neither the Owner nor any manager nor any charterer nor the master of this Vessel nor any other
person has any right, power or authority to create, incur or permit to be imposed upon this Vessel any commitments, encumbrances
or liens, whatsoever other than for certain Permitted Liens that are described in the Amended and Restated Credit Agreement, dated
October [__], 2014, among JPMORGAN CHASE BANK, N.A., NCL CORPORATION LTD. and certain other parties thereto, all as more fully
set forth therein.


 


(t)       Further
Assurances. Where the Vessel is (or is to be) sold in exercise of any power contained in this Mortgage or otherwise conferred
on the Mortgagee , the Owner undertakes to execute, forthwith upon request by the Mortgagee, such form of conveyance of the Vessel
as the Mortgagee may require.


 




    	 	9	 



     


    

 


(u)       Environmental
Laws. Except to the extent the failure to do so would not reasonably be expected to have, individually or in the aggregate,
a material adverse effect on the rights of the Guaranteed Parties, the Owner shall comply with, and procure that all employees
of the Owner in the course of their employment comply with, all environmental laws including, without limitation, requirements
relating to manning and establishment of financial responsibility and to obtain and comply with, and procure that all employees
of the Owner in the course of their employment obtain and comply with, all environmental permits.


 


Section 5.2      Until the
Security Period has terminated, the Owner undertakes as follows (at its own cost) unless otherwise consented to by the Mortgagee:


 


(a)       Insurances.
The Owner will take out and maintain in its name or procure to be taken out and maintained in its name during the Security Period
customary insurances on the Vessel with financially sound and reputable insurers or underwriters, including without limitation,
as follows (jointly the “Insurances”):


 


(i)       hull,
machinery and equipment insurance (including hull interest/increased value insurance) (covering all fire and usual marine risks
including excess risks), freight interest/anticipated earnings insurance and freight demurrage and defense (FD&D) insurance;


 


(ii)       war
risk insurance (covering damage to hull and deprivations and blocking and trapping and protection and indemnity risks with a single
and separate limit for the same amounts insured under war hull);


 


(iii)       protection
and indemnity insurance (including pollution risks); and


 


(iv)       such
additional insurances as a prudent shipowner would take out or as the Mortgagee may reasonably require.


 


(b)       Renewal.
The Owner will renew the Insurances before the relevant policies, contracts or entries expire.


 


(c)       Premiums.
The Owner will punctually pay all premiums, calls, contributions or other sums in respect of the Insurances and produce all relevant
receipts when so required by the Mortgagee.


 


(d)       Guarantees.
The Owner will arrange for the execution of such guarantees as may from time to time be required by any protection and indemnity
or war risk association for or for the continuance of the Vessel’s entry into such association.


 


(e)       Collection
of Claims. The Owner will do all things necessary and provide all documents, evidence and information to enable the Mortgagee
to collect or recover any moneys which shall at any time become payable to the Mortgagee according to the applicable Loss Payable
Clause in respect of the Insurances.


 




    	 	10	 



     


    

 


(f)       Application
of Recoveries. The Owner will apply all sums receivable under the Insurances which are to be paid to the Owner in accordance
with the applicable Loss Payable Clause in repairing all damage and/or in discharging the liability in respect of which such sums
shall have been received.


 


(g)       Policies
and Other Information. Upon request of the Mortgagee, the Owner will use commercially reasonable efforts to procure that the
brokers, underwriters, protection and indemnity and war risks associations shall promptly furnish the Mortgagee with copies of
the policies, insurances certificates, certificates of entry, rule books, cover notes and any changes thereto which may from time
to time be issued in respect of the Insurances and the Owner shall promptly furnish the Mortgagee with all such other information
as it may from time to time reasonably require regarding the Insurances.


 


ARTICLE VI.



DEFAULT


 


Section 6.1       The Mortgagee
may in its discretion by notice to the Owner declare all or any part of the Secured Obligations to be immediately due and payable
on the happening of any of the events set out in this Article VI (each an “Event of Default”). Following such
declaration the Secured Obligations, or that part of it to which the declaration relates, shall immediately become due and payable
and the security constituted by this Mortgage shall immediately become enforceable without any further notice, demand, protest
or other requirement, all of which the Owner expressly waives:


 


(a)       if
there shall occur an Event of Default (as defined in the Collateral Agreement) which is continuing; or


 


(b)       if
the registration of the Vessel or the recordation, validity or priority of this Mortgage shall be contested by any Loan Party or
become void or voidable or liable to cancellation or termination; or


 


(c)       if
any act or omission of the Owner or any managers or agents of the Vessel shall materially prejudice the security conferred on the
Mortgagee by this Mortgage; or


 


(d)       if
the Marshall Islands becomes involved in war (whether or not declared) or civil war or is occupied by any other power and the Mortgagee
in its discretion considers that, as a result, the security conferred on it by this Mortgage is materially prejudiced and the Owner
does not when required by the Mortgagee to do so procure that the Vessel is registered under the laws and flag of another country
acceptable to the Mortgagee in its sole and absolute discretion and does not procure that there is executed, delivered and registered
in favor of the Mortgagee (for the ratable benefit of the Guaranteed Parties) a further mortgage on the Vessel (together, if required
by the Mortgagee, with a deed of covenant supplement to such mortgage) on materially the same terms as this Mortgage.


 




    	 	11	 



     


    

 


ARTICLE VII.



POWERS OF MORTGAGEE ON EVENT OF DEFAULT


 


Section 7.1      Upon the
occurrence of any Event of Default which is continuing and the Mortgagee (for the benefit of the Guaranteed Parties) shall make
demand for all or any part of the Secured Obligations, the amount of the Secured Obligations to which the demand relates shall
from the date of such demand bear interest at the default rate specified in Section 2.13 of the Credit Agreement and the Mortgagee
shall be entitled to exercise all or any of the rights, powers, discretions and remedies (including all rights and remedies in
foreclosure) vested in it (whether at law, by virtue of this Mortgage or otherwise) and, without prejudice to the generality of
the foregoing, the Mortgagee shall have power:


 


(a)       exercise
all of the rights and remedies in foreclosure and otherwise given to a mortgagee by the provisions of the laws of the Republic
of the Marshall Islands or of any other jurisdiction where the Vessel may be found;


 


(b)       bring
suit at law, in equity or in admiralty, as it may be advised, to recover judgment for the Secured Liabilities, and collect the
same out of any and all property of the Owner whether covered by this Mortgage or otherwise;


 


(c)       to
take possession of the Vessel;


 


(d)       to
require that all policies, contracts, certificates of entry and other records relating to the Insurances (including details of
and correspondence concerning outstanding claims) be delivered forthwith to such adjusters and/or brokers and/or other insurers
as the Mortgagee may nominate;


 


(e)       to
collect, recover, compromise and give a good discharge for, all claims then outstanding or thereafter arising under the Insurances
or any of them or in respect of any other part of the Vessel and to take over or institute (if necessary using the name of the
Owner) all such proceedings in connection therewith as the Mortgagee in its absolute discretion thinks fit, and, in the case of
the Insurances, to permit the brokers through whom collection or recovery is effected to charge the usual brokerage therefor;


 


(f)       to
discharge, compound, release or compromise claims in respect of the Vessel or any other part of the Vessel which have given or
may give rise to any charge or Lien or other claim on the Vessel or any other part of the Vessel or which are or may be enforceable
by proceedings against the Vessel or any other part of the Vessel;


 


(g)       to
sell the Vessel or any interest therein with or without prior notice to the Owner, and with or without the benefit of any charterparty,
and free from any claim by the Owner (whether in admiralty, in equity, at law or by statute) by public auction or private contract,
at such place and upon such terms as the Mortgagee in its absolute discretion may determine, with power to postpone any such sale,
and without being answerable for any loss occasioned by such sale or resulting from postponement thereof and with power, where
the Mortgagee purchases the Vessel, to make payment of the sale price by making an equivalent reduction in the amount of the Secured
Obligations;


 




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(h)       to
manage, insure, maintain and repair the Vessel, and to employ, sail or lay up the Vessel in such manner and for such period as
the Mortgagee, in its absolute discretion, deems expedient accounting only for net profits arising from any such employment;


 


(i)       to
order the Vessel to proceed forthwith at the Owner’s risk and expense to a port or place nominated by the Mortgagee and if
the Owner fails to give the necessary instructions to the master of the Vessel for any reason whatsoever, the Mortgagee shall have
the right to give such instructions directly to the master;


 


(j)       to
administer, amend or terminate any existing charter, management, services or similar agreement or instrument relating to the Vessel
and/or enter into any such agreement or instrument; and


 


(k)       to
recover from the Owner on demand all fees, costs and expenses incurred or paid by the Mortgagee in connection with the exercise
of the powers (or any of them) referred to in this Section 7.1.


 


Section 7.2      The Owner
covenants and agrees that in addition to any and all other rights, powers and remedies elsewhere in this Mortgage granted to and
conferred upon the Mortgagee, the Mortgagee in any suit to enforce any of its rights, powers or remedies, if an Event of Default
shall have occurred and is continuing, shall be entitled as a matter of right and not as a matter of discretion (a) to the
appointment of a receiver or receivers of the Vessel and any receiver so appointed shall have full rights and powers to use and
operate the Vessel or such other powers as the Court appointing such receiver may prescribe, including but not limited to the power
to pay off the crew of the Vessel and repatriate the crew, if need be, and (b) to a decree ordering and directing the sale
and disposal of the Vessel, and the Mortgagee may become the purchaser at any such sale and shall have the right to credit on the
purchase price any and all sums of money due under the Collateral Agreement, or otherwise hereunder.


 


Section 7.3      The Mortgagee
shall not be liable as mortgagee in possession in respect of all or any part of the Vessel to account or be liable for any loss
upon realization or for any neglect or default of any nature whatsoever in connection therewith for which a mortgagee in possession
may be liable as such.


 


Section 7.4      Upon any
sale of the Vessel or any interest therein by the Mortgagee pursuant to Section 7.1(e), the purchaser shall not be bound to see
or inquire whether the Mortgagee’s power of sale has arisen in the manner provided in this Mortgage and such sale shall be
deemed to be within the power of the Mortgagee and the receipt of the Mortgagee of the purchase money shall effectively discharge
the purchaser who shall not be concerned with the manner of application of the proceeds of such sale or be in any way answerable
therefor and such sale shall operate to divest the Owner of all rights, title and interest of any nature whatsoever in the Vessel
and to bar any such interest of the Owner and all persons claiming through or under the Owner.


 




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ARTICLE VIII.



APPLICATION OF MONEYS


 


Subject to the terms of
the Credit Agreement and Section 4.02 of the Collateral Agreement, all sums received by the Mortgagee pursuant to this Mortgage,
any of the Loan Documents or any Relevant Swap Agreement and all sums received in connection with the taking possession and/or
sale of the Vessel or any chartering or other use of the Vessel by the Mortgagee (including, without limitation, the proceeds of
any claims for damages or claims on any insurance received by the Mortgagee while in possession of or while chartering or using
the Vessel) shall, unless otherwise agreed by the Mortgagee or otherwise expressly provided in the Loan Documents or any Relevant
Swap Agreement, be applied by it in the following order:


 


FIRST, in or towards payment
of all expenses and charges incurred by the Mortgagee in the protection and exercise of its rights, powers, discretions and remedies
under or pursuant to this Mortgage (including, without limitation, any damages or losses incurred by reason of the Mortgagee’s
possession, chartering or use of the Vessel) and in or towards supplying indemnity in such amount and in such form as the Mortgagee
shall consider appropriate against any encumbrances having priority over or equality with this Mortgage; then


 


SECOND, in or towards payment
to the Administrative Agent or the Mortgagee of any other costs, charges and expenses incurred by it or them and recoverable from
the Owner or any other Loan Party under or pursuant to the Credit Agreement, the Loan Documents or any Relevant Swap Agreement,
together with interest at the rate or rates specified in the Credit Agreement, the Loan Documents or any Relevant Swap Agreement;
then


 


THIRD, to the payment in full of all other Secured
Obligations, the amounts so applied to be distributed as set forth in Section 4.02 of the Collateral Agreement; then


 


FOURTH, to the Owner (or
any other Loan Party as provided in the applicable Loan Documents), its successors or assigns, or as a court of competent jurisdiction
may otherwise direct.


 


The Mortgagee shall have
absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Mortgage.


 


In the event that the amounts
received by the Mortgagee and referred to in this Article VIII are insufficient to pay in full the whole of the Secured Obligations,
the Mortgagee shall be entitled to collect the shortfall from the Owner or any other person liable for the time being therefor.


 




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ARTICLE IX.



REMEDIES CUMULATIVE AND OTHER PROVISIONS


 


Section 9.1      No failure
or delay on the part of the Mortgagee to exercise any right, power or remedy vested in it under any of the Loan Documents or any
Relevant Swap Agreement shall operate as a waiver thereof, nor shall any single or partial exercise by the Mortgagee of any right,
power or remedy nor the discontinuance, abandonment or adverse determination of any proceedings taken by the Mortgagee to enforce
any right, power or remedy preclude any other or further exercise thereof or proceedings to enforce the same or the exercise of
any other right, power or remedy nor shall the giving by the Mortgagee of any consent to any act which by the terms of this Mortgage
requires such consent prejudice the right of the Mortgagee to withhold or give consent to the doing of any other similar act. The
remedies provided in the Loan Documents or any Relevant Swap Agreement are cumulative and are not exclusive of any remedies provided
by law.


 


Section 9.2      The Mortgagee
shall be entitled, at any time and as often as may be expedient, to delegate all or any of the powers and discretions vested in
it by this Mortgage (including the power vested in it by virtue of Article X) or any of the other Loan Documents or any Relevant
Swap Agreement in such manner, upon such terms, and to such persons as the Mortgagee in its absolute discretion may think fit.


 


Section 9.3      The Mortgagee
shall be entitled to do all acts and things incidental or conducive to the exercise of any of the rights, powers or remedies possessed
by it as mortgagee of the Vessel (whether at law, under this Mortgage or otherwise) and in particular (but without prejudice to
the generality of the foregoing), upon becoming entitled to exercise any of its powers under Article X, the Mortgagee shall be
entitled to discharge any cargo on board the Vessel (whether the same shall belong to the Owner or any other person) and to enter
into such other arrangements in respect of the Vessel, her insurances, management, maintenance, repair, classification and employment
in all respects as if the Mortgagee was the owner of the Vessel, but without being responsible in the absence of gross negligence
or willful misconduct for any loss incurred as a result of the Mortgagee doing or omitting to do any such acts or things as aforesaid.


 


ARTICLE X.



ATTORNEY


 


Section 10.1    By way
of security, the Owner hereby irrevocably appoints the Mortgagee (and all officers, employees or agents designated by the Mortgagee),
to be its attorney generally for and in the name and on behalf of the Owner, and as the act and deed or otherwise of the Owner
to (i) execute, seal and deliver and otherwise perfect and do all such deeds, assurances, agreements, instruments, acts and things
which may be required for the full exercise of all or any of the rights, powers or remedies conferred by this Mortgage, the Credit
Agreement, any of the other Loan Documents or any Relevant Swap Agreement, or which may be deemed proper in or in connection with
all or any of the purposes aforesaid (including, without prejudice to the generality of the foregoing, the execution and delivery
of a bill of sale of the Vessel), and (ii) make, settle and adjust claims in respect of the Vessel under policies of insurance,
endorsing the name of the Owner on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance
and for making all determinations and decisions with respect thereto. In the event that the Owner at any time or times shall fail
to obtain or maintain any of the policies of insurances required hereby or under the Credit Agreement or to pay any premium in
whole or part relating thereto, the Mortgagee may, without waiving or releasing any obligation or liability of the Owner hereunder
or any Event of Default, in its sole discretion, obtain and maintain such policies of insurance and pay such premium and take any
other actions with respect thereto as the Mortgagee reasonably deems advisable. All sums disbursed by the Mortgagee in connection
with this Section 10.1, including reasonable documented attorneys’ fees, court costs, expenses and other charges relating
thereto, shall be payable, upon demand, by the Owner to the Mortgagee and shall be additional Secured Obligations secured hereby.
The Owner ratifies and confirms, and agrees to ratify and confirm, any lawful deed, assurance, agreement, instrument, act or thing
which the Mortgagee may execute or do pursuant hereto, provided always that such power shall not be exercisable by or on
behalf of the Mortgagee until the occurrence of an Event of Default which is continuing.


 




    	 	15	 



     


    

 


Section 10.2     The exercise
of such power by or on behalf of the Mortgagee shall not put any person dealing with the Mortgagee upon any inquiry as to whether
any Event of Default has happened, nor shall such person be in any way affected by notice that no such Event of Default has happened,
and the exercise by the Mortgagee of such power shall be conclusive evidence of the Mortgagee’s right to exercise the same.


 


Section 10.3     The Owner
hereby irrevocably appoints the Mortgagee to be its attorney in its name and on its behalf and as its act and deed or otherwise
of it, to agree the form of and to execute and do all deeds, instruments, acts and things in order to file, record, register or
enroll this Mortgage in any court, public office or elsewhere which the Mortgagee may in its discretion consider necessary or advisable,
now or in the future, to ensure the legality, validity, enforceability or admissibility in evidence thereof and any other assurance,
document, act or thing required to be executed by the Owner pursuant to Section 11.2.


 


Section 10.4     The provisions
of Section 6.08 of the Collateral Agreement shall apply mutatis mutandis.


 


ARTICLE XI.



MISCELLANEOUS


 


Section 11.1     Costs
and Indemnities. (a) Subject to the terms of the Credit Agreement, the Owner shall pay to the Mortgagee on demand all documented
reasonable expenses (including legal fees, fees of insurance advisers, printing, out-of-pocket expenses, stamp duties, registration
fees and other duties or charges) together with any value added tax or similar tax payable in respect thereof incurred by the Mortgagee
in connection with (i) the exercise or enforcement of, or preservation of any rights under, this Mortgage, or otherwise in respect
of the Secured Obligations and the security therefor or (ii) the preparation, completion, execution or registration of this
Mortgage.


 




    	 	16	 



     


    

 


(b)       Subject
to the terms of the Credit Agreement, the Owner hereby agrees and undertakes to indemnify the Mortgagee against all losses, actions,
claims, expenses (including, but not limited to, reasonable legal fees and expenses on a full indemnity basis), demands, obligations
and liabilities whatever and whenever arising which may now or hereafter be incurred by the Mortgagee; or by any manager, agent,
officer or employee for whose liability, act or omission it or he may be answerable, in respect of, in relation to, or in connection
with anything done or omitted in the exercise or purported exercise of the powers contained in this Mortgage, or otherwise in connection
therewith and herewith or with any part of the Vessel or otherwise howsoever in relation to, or in connection with, any of the
matters dealt with in this Mortgage.


 


Section 11.2     Further
Assurances. The Owner hereby further undertakes at its own expense from time to time to execute, sign, perfect, do and (if
required) register or record every such further assurance, document, act or thing as in the opinion of the Mortgagee may be reasonably
necessary or desirable for the purpose of more effectually mortgaging and charging the Vessel or perfecting the security constituted
or intended to be constituted by this Mortgage.


 


Section 11.3      Notices.
The provisions of Section 6.01 of the Collateral Agreement shall apply mutatis mutandis in respect of any certificate, notice,
demand or other communication given or made under this Mortgage.


 


Section 11.4     Benefit
of this Mortgage. This Mortgage shall be binding on the Owner and its permitted successors and assigns and shall inure to the
benefit of the Mortgagee, and its permitted successors and assigns for the benefit of the Guaranteed Parties. The Owner expressly
acknowledges and accepts the provisions of Section 9.09 of the Credit Agreement and agrees that any person in favor of whom an
assignment or transfer is made in accordance with such section shall be entitled to the benefit of this Mortgage.


 


Section 11.5      Severability
of Provisions. Each of the provisions in this Mortgage are severable and distinct from the others, and if at any time one or
more such provisions is or becomes invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions of this Mortgage shall not in any way be affected or impaired thereby.


 


Section 11.6     Governing
Law. The provisions of this Mortgage shall, with respect to its validity, effect, recordation and enforcement, be governed
by and construed in accordance with the applicable laws of the Republic of the Marshall Islands.


 


Section 11.7     Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Mortgage and are not to affect the construction of, or to be taken into consideration in interpreting, this Mortgage.


 


Section 11.8     Recording:
Clause. For the purpose of recording this Mortgage as required by Chapter 3 of the Maritime Act, the total amount of the direct
and contingent obligations secured by this Mortgage is $[●] (of which (a) U.S.$[●] is attributable to the Facilities
and (b) U.S.$[●] is attributable to the Swap Exposure) together with interest, fees, commissions and performance of mortgage
covenants. [The date of maturity of this Mortgage is [●] and there is no separate discharge amount.]


 




    	 	17	 



     


    

 


IN WITNESS whereof this
Mortgage has been executed by the duly authorized Attorney-in-Fact of the Owner on the date stated at the beginning of this Mortgage.


 


	 	[_________________],
	 	as Owner
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:


 




     


     


    

 


ACKNOWLEDGMENT OF MORTGAGE


 


STATE OF [●]     )


               ) S.S.


 


COUNTY OF [●] )


 


On this [●] day of [●] before me
personally appeared [●] me known who being by me duly sworn did depose and say that he resides at [●] he is an Attorney-in-Fact
for [●] described in and which executed the foregoing instrument; and that he signed his name thereto by order of the Board
of Directors of said corporation.


 




    	 	2	 



     


    

 


Exhibit H


 


[FORM OF]

FIRST LIEN EARNINGS ASSIGNMENT


 


THIS ASSIGNMENT made as
of [__________], 2014 (this “Assignment”), by [__________] a [__________] [company][limited liability corporation]
having an address at [__________] (the “Assignor”), to JPMORGAN CHASE BANK, N.A., with its office at [______]
(together with each of its successors and assigns, the “Assignee”), as Collateral Agent for the Secured Parties,
including but not limited to (i) the financial institutions party to the Amended and Restated Credit Agreement dated as of October
31, 2014 (as amended, restated, supplemented, waived or otherwise modified from time to time, the “Credit Agreement”)
among NCL Corporation Ltd., the Assignee and others, (ii) any hedging counterparties to the extent that they are Secured Parties
as defined in the Credit Agreement, and (iii) the other Secured Parties. Capitalized terms used in this Assignment and not otherwise
defined herein have the respective meanings assigned thereto in the Credit Agreement.


 


1.       THE
ASSIGNOR, in consideration of One Dollar ($1.00) and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, DOES HEREBY ASSIGN, transfer and set over unto the Assignee for itself and for the benefit of the
Secured Parties, and, as collateral security for the Obligations now or hereafter existing, does hereby grant to the Assignee for
the benefit of the Secured Parties a security interest in all right, title and interest of the Assignor in and to all monies or
claims for monies due and to become due to the Assignor (the “Earnings”), and all liens therefor, under or arising
out of, any present or future passenger ticket, bill of lading, bareboat, time or voyage charter party, contract of affreightment,
towing or salvage contract or service, or other contract or arrangement whatsoever, whether expressed or implied, made or issued
for or in connection with the service, use, management or operation of the passenger vessel [__________], documented under the
laws of [___] with Official Number [__________] and IMO Number [__________] (the “Vessel”), for the carriage
of goods, mail, or passengers or the performance of towing or salvage services, or for any other purpose whatsoever (such contracts
or arrangement being hereinafter collectively called the “Contracts”), or any amendment thereof or addition
thereto, for or as carriage, passage, charter hire, fees, freight, demurrage, requisition or otherwise thereunder, or as compensation
for the modification, termination or breach thereof, or for or as contributions in general average arising out of any such carriage
or under any such Contracts or pursuant to any bond or other security for general average, and all claims for damages in respect
of the actual, constructive or compromised total loss or requisition or other compulsory acquisition or other loss of use of the
Vessel, and all proceeds of any of the foregoing.


 


2.       The
Assignor warrants and covenants that (a) it has not heretofore assigned, hypothecated or pledged, nor will it hereafter assign,
hypothecate or pledge, any of the right, title or interest assigned hereby, whether now due or hereafter becoming due, to any person,
firm or corporation other than to the Assignor for the benefit of the Secured Parties, and (b) it will not take or omit to take
any action, the taking or omission of which might result in the impairment of any right, title or interest assigned hereby.


 




     


     


    

 


3.       The
Assignor hereby authorizes and directs each person, firm or corporation liable therefor, upon the occurrence and during the continuation
of an Event of Default (as defined in the Collateral Agreement), to pay the Assignee, for the benefit of the Secured Parties, upon
notice by the Assignee of this Assignment, all monies as and when due the Assignor pursuant to or arising out of any of the Contracts,
and to draw to the order of the Assignee or as it may direct any and all checks and other instruments for the payment of the monies
and claims assigned hereby, and to accept the receipts of the Assignee therefor.


 


4.       It
is expressly agreed that, anything herein contained to the contrary notwithstanding, the Assignor shall remain liable under the
Contracts to perform all the obligations assumed by it thereunder, and neither the Assignee nor the Secured Parties shall have
any obligations or liabilities under the Contracts, by reason of or arising out of this Assignment, nor shall the Assignee or the
Secured Parties be required or obligated in any manner to perform any obligations of the Assignor under or pursuant to the Contracts.


 


5.       The
Assignor hereby irrevocably appoints (which appointment is coupled with an interest) the Assignee, its successors and assigns,
as the Assignor’s true and lawful attorney-in-fact, with full power, in the name of the Assignor, or otherwise, upon the
occurrence and during the continuation of an Event of Default (as defined in the Collateral Agreement), to demand, receive and
collect, and to give acquittance for the payment of any and all monies or claims for monies or rights which are assigned hereby;
to file any claims and to commence, maintain or discontinue any actions, suits or other proceedings which the Assignee deems reasonably
advisable in order to collect or enforce payment of any such monies, to settle, adjust and compromise any and all disputes or claims
in respect of such monies, and to endorse any and all checks, drafts or other orders or instruments for the payment of monies payable
to the Assignor which shall be issued in respect of such monies, but the Assignee is not obligated in any manner to make any inquiry
as to the nature or sufficiency of any payment received by it or to take any of the actions hereinabove authorized.


 


6.       The
Assignor agrees that it will promptly execute and deliver such further documents and do such other acts and things as the Assignee
may from time to time reasonably request in order further to effect the purpose of this Assignment.


 


7.       The
Assignor hereby irrevocably authorizes the Assignee, at the Assignor’s expense, to file such financing statements or give
such notices relating to this Assignment, without the Assignor’s signature, as the Assignee at its option may deem appropriate,
and irrevocably appoints (which appointment is coupled with an interest) the Assignee, its successors and assigns, as the Assignor’s
attorney-in-fact with full power to execute any such financing statements or notices in the Assignor’s name and to perform
all other acts which the Assignee deems reasonably necessary or appropriate to perfect and continue the security interest conferred
hereby.


 




    	 	2	 



     


    

 


8.       The
Assignor covenants and agrees with the Assignee that the Assignor will (a) duly perform and observe all of the terms and provisions
of the Contracts on the part of the Assignor to be performed or observed; (b) clearly record on the books and records of the Assignor
notations of this Assignment; and (c) in the event that the Assignor shall receive payment of any monies hereby assigned, after
an Event of Default (as defined in the Collateral Agreement) shall have occurred and be continuing, forthwith turn over the same
to the Assignee in the identical form in which received (except for such endorsements as may be required thereon) and, until so
turned over, hold the same in trust for the Assignee.


 


9.       The
powers and authority granted to the Assignee herein have been given for a valuable consideration and are hereby declared to be
irrevocable and coupled with an interest.


 


10.       This
Assignment shall be binding upon the Assignor and upon the Assignor’s successors and assigns and shall inure to the benefit
of the Assignee, its successors and assigns.


 


11.       All
notices or other communications required or permitted to be made or given hereunder shall be made by postage prepaid letter, or
by electronic means, as follows:


 


	If to the Assignee:	
        JPMorgan Chase Bank, N.A.

        [__]

         

	With Copy to:	
        JPMorgan Chase Bank, N.A.

        [__]

         

	If to the Assignor:	
        7665 Corporate Center Drive

        Miami, Florida 33126

        United States of America

        Attn: Wendy Beck

        Tel. No.: (305) 436-4098

        Fax No.: (305) 436-4140

        Email: wbeck@ncl.com

         

        and

         

        Attn: Daniel Farkas

        Tel. No.: (305) 436-4690

        Fax No.: (305) 436-4117

        Email: dfarkas@ncl.com



 




    	 	3	 



     


    

 


	 	
        With copies to:

        Apollo Management, L.P.

        9 West 57th Street

        New York, NY 10019

        Attn: Steve Martinez

        Tel. No.: (212) 515-3200

        Fax No.: (212) 515-3288

         

        and

         

        Paul, Weiss, Rifkind, Wharton & Garrison LLP

        1285 Avenue of the Americas

        New York

        NY 10019-6064

        Attn: Brad Finkelstein

        Tel No: (212) 373-3074

        Fax No: (212) 492-0074

        Email: bfinkelstein@paulweiss.com






 


12.       This
Assignment shall be governed and controlled by the internal laws of the State of New York (but without reference to any provision
thereof which might permit or require the application of the law of another jurisdiction).


 


13.       Notwithstanding
anything herein to the contrary, on and after the Intercreditor Effective Date (as defined in the Collateral Agreement) (i) the
liens and security interests granted to the Assignee pursuant to this Assignment are expressly subject to the First Lien Intercreditor
Agreement and (ii) the exercise of any right or remedy by the Assignee hereunder is subject to the limitations and provisions of
the First Lien Intercreditor Agreement. In the event of any conflict between the terms of the First Lien Intercreditor Agreement
and the terms of this Assignment, the terms of the First Lien Intercreditor Agreement shall govern. Nothing herein is intended,
or shall be construed, to give any Loan Party any additional right, remedy or claim under, to or in respect of this Assignment.


 




    	 	4	 



     


    

 


IN WITNESS WHEREOF, the
Assignor has caused this Assignment to be executed by each of the undersigned directors on the date first above written.


 


	 	[__________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 




     


     


    

 


Exhibit I


 


FIRST LIEN INSURANCE ASSIGNMENT


 


THIS ASSIGNMENT made as
of [__________], 2014 (this “Assignment”), by [__________], a [__________] company having an address at [__________]
(the “Assignor”), to JPMORGAN CHASE BANK, N.A., with its office at [_____] (together with each of its successors
and assigns, the “Assignee”), as Collateral Agent for the Secured Parties, including but not limited to (i)
the financial institutions party to the Amended and Restated Credit Agreement dated as of October 31, 2014 (as amended, restated,
supplemented, waived or otherwise modified from time to time, the “Credit Agreement”) among NCL Corporation
Ltd., the Assignee and others, (ii) any hedging counterparties to the extent that they are Secured Parties as defined in the Credit
Agreement, and (iii) the other Secured Parties. Capitalized terms used in this Assignment and not otherwise defined herein have
the respective meanings assigned thereto in the Credit Agreement.


 


1.       THE
ASSIGNOR, in consideration of One Dollar ($1.00) and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, DOES HEREBY ASSIGN, transfer and set over unto the Assignee for itself and for the benefit of the
Secured Parties, and, as collateral security for the Obligations now or hereafter existing, does hereby grant to the Assignee for
the benefit of the Secured Parties a security interest in all right, title and interest of the Assignor in and to all proceeds
of insurance and all monies or claims for monies due and to become due to the Assignor, and all other rights of the Assignor, under
or arising out of any present or future insurance, including loss of earnings insurance and return of premiums (the “Insurance”),
on or for the benefit of or relating to the passenger vessel [__________] documented under the laws of [_____] with Official Number
[__________] and IMO Number [__________] (the “Vessel”), which insurance shall be in accordance with the provisions
of the Credit Agreement, any Senior Secured Notes Indenture, and the Vessel Mortgage for the Vessel.


 


2.       Payment
of the proceeds of the Insurance on the Vessel shall be made as provided in the loss payable clauses in the forms set out in Appendix
A and Appendix B of Schedule 1 hereto, or in such other forms as may from time to time be agreed in writing by the Assignee.


 


3.       The
Assignor warrants and covenants that (a) it has not heretofore assigned, hypothecated or pledged, nor will it hereafter assign,
hypothecate or pledge, any of the right, title or interest assigned hereby, whether now due or hereafter becoming due, to any person,
firm or corporation other than to the Assignee for the benefit of the Secured Parties, and (b) it will not take or omit to take
any action, the taking or omission of which might result in the impairment of any right, title or interest assigned hereby.


 


4.       The
Assignor hereby authorizes and directs each person, firm or corporation liable therefor, upon the occurrence and during the continuation
of an Event of Default (as defined in the Collateral Agreement), to pay the Assignee, for the benefit of the Secured Parties, all
monies as and when due the Assignor pursuant to or arising out of any of the Insurance, and to draw to the order of the Assignee
any and all checks and other instruments for the payment of the monies and claims assigned hereby, and to accept the receipts of
the Assignee therefor.


 




     


     


    

 


5.       It
is expressly agreed that, anything herein contained to the contrary notwithstanding, the Assignor shall remain liable under the
Insurance to perform all the obligations assumed by it thereunder, and neither the Assignee nor the Secured Parties shall have
any obligations or liabilities under the Insurance, by reason of or arising out of this Assignment, nor shall the Assignee or the
Secured Parties be required or obligated in any manner to perform any obligations of the Assignor under or pursuant to the Insurance.


 


6.       In
the event that the Assignor at any time or times shall fail to obtain or maintain any of the policies of insurance required under
the Credit Agreement, any Senior Secured Notes Indenture or Deed of Covenants related to the Vessel or to pay any premium in whole
or part relating thereto, the Assignee may, without waiving or releasing any obligation or liability of the Assignor hereunder
or any Event of Default (as defined in the Collateral Agreement), in its sole discretion, obtain and maintain such policies of
insurance in the name of the Assignor and pay such premium and take any other actions with respect thereto as the Assignee reasonably
deems advisable.


 


7.       The
Assignor hereby irrevocably appoints (which appointment is coupled with an interest) the Assignee, its successors and assigns,
as the Assignor’s true and lawful attorney-in-fact, with full power, in the name of the Assignor, or otherwise, upon the
occurrence and during the continuation of an Event of Default (as defined in the Collateral Agreement), to demand, receive and
collect, and to give acquittance for the payment of any and all monies or claims for monies which are assigned hereby; to file
any claims and to commence, maintain or discontinue any actions, suits or other proceedings which the Assignee deems reasonably
advisable in order to collect or enforce payment of any such monies; to settle, adjust and compromise any and all disputes or claims
in respect of such monies, and to endorse any and all checks, drafts or other orders or instruments for the payment of monies payable
to the Assignor which shall be issued in respect of such monies, but the Assignee is not obligated in any manner to make any inquiry
as to the nature or sufficiency of any payment received by it or to take any of the actions hereinabove authorized.


 


8.       The
Assignor agrees that it will promptly execute and deliver such further documents and do such other acts and things as the Assignee
may from time to time reasonably request in order further to effect the purpose of this Assignment, including giving such notices
(in such form as the Assignee shall reasonably require, including the Notice of Assignment of Insurances attached hereto as Schedule
1) and obtaining such consents as required by the Vessel Mortgage and Section 10 hereof.


 


9.       The
Assignor hereby irrevocably authorizes the Assignee, at the Assignor’s expense, to file such financing statements and give
such notices relating to this Assignment, without the Assignor’s signature, as the Assignee at its option may deem appropriate,
and irrevocably appoints (which appointment is coupled with an interest) the Assignee, its successors and assigns, as the Assignor’s
attorney-in-fact with full power to execute any such financing statements or notices in the Assignor’s name and to perform
all other acts which the Assignee deems reasonably necessary or appropriate to perfect and continue the security interest conferred
hereby.


 




    	 	2	 



     


    

 


10.       The
Assignor covenants and agrees with the Assignee that the Assignor will (a) duly perform and observe all of the terms and provisions
of the Insurance on the part of the Assignor to be performed or observed; (b) clearly record on the books and records of the Assignor
notations of this Assignment; and (c) in the event that the Assignor shall receive payment of any monies hereby assigned, after
an Event of Default (as defined in the Collateral Agreement) shall have occurred and be continuing, forthwith turn over the same
to the Assignee in the identical form in which received (except for such endorsements as may be required thereon) and, until so
turned over, hold the same in trust for the Assignee.


 


11.       The
Assignor hereby covenants and agrees that it will forthwith give notice of this Assignment to all underwriters or shall instruct
its brokers to give such notice, and that where the consent of any underwriter is required pursuant to any of the Insurance assigned
hereby that it shall be obtained and evidence thereof shall be provided to the Assignee or, in the case of protection and indemnity
coverage, that the Assignor shall use commercially reasonable efforts to procure that the Assignee be provided with a letter of
undertaking by the underwriters; and that there shall be duly endorsed upon all slips, cover notes, policies, certificates of entry
or other instruments issued or to be issued in connection with the insurances assigned hereby such loss payable, notice of cancellation,
and other clauses as may be required by Section 2 hereof.


 


12.       The
powers and authority granted to the Assignee herein have been given for a valuable consideration and are hereby declared to be
irrevocable and coupled with an interest.


 


13.       This
Assignment shall be binding upon the Assignor and upon the Assignor’s successors and assigns and shall inure to the benefit
of the Assignee, its successors and assigns.


 


14.       All
notices or other communications required or permitted to be made or given hereunder shall be made by postage prepaid letter, or
by electronic means, as follows:


 


	If to the Assignee:	
        JPMorgan Chase Bank, N.A.

        [__]

         

	With Copy to:	
        JPMorgan Chase Bank, N.A.

        [__] 



 




    	 	3	 



     


    

 


	If to the Assignor:	
        7665 Corporate Center Drive

        Miami, Florida 33126

        United States of America

        Attn: Wendy Beck

        Tel. No.: (305) 436-4098

        Fax No.: (305) 436-4140

        Email: wbeck@ncl.com

         

        and

         

        Attn: Daniel Farkas

        Tel. No.: (305) 436-4690

        Fax No.: (305) 436-4117

        Email: dfarkas@ncl.com

         

        With copies to:

        Apollo Management, L.P.

        9 West 57th Street

        New York, NY 10019

        Attn: Steve Martinez

        Tel. No.: (212) 515-3200

        Fax No.: (212) 515-3288

         

        and

         

        Paul, Weiss, Rifkind, Wharton & Garrison LLP

        1285 Avenue of the Americas

        New York

        NY 10019-6064

        Attn: Brad Finkelstein

        Tel No: (212) 373-3074

        Fax No: (212) 492-0074

        Email: bfinkelstein@paulweiss.com



 


15.       This
Assignment shall be governed and controlled by the internal laws of the State of New York (but without reference to any provision
thereof which might permit or require the application of the law of another jurisdiction) as to interpretation, enforcement, validity,
construction, effect, and in all other respects, including, without limitation, the legality of any interest rate and other charges,
but excluding perfection of the security interests in the rights, title and interest assigned hereby, which shall be governed and
controlled by the laws of the relevant jurisdiction.


 


16.       Notwithstanding
anything herein to the contrary, on and after the Intercreditor Effective Date (as defined in the Collateral Agreement) (i) the
liens and security interests granted to the Assignee pursuant to this Assignment are expressly subject to the First Lien Intercreditor
Agreement and (ii) the exercise of any right or remedy by the Assignee hereunder is subject to the limitations and provisions of
the First Lien Intercreditor Agreement. In the event of any conflict between the terms of the First Lien Intercreditor Agreement
and the terms of this Assignment, the terms of the First Lien Intercreditor Agreement shall govern. Nothing herein is intended,
or shall be construed, to give any Loan Party any additional right, remedy or claim under, to or in respect of this Assignment.


 


[Remainder of page intentionally left blank]


 




    	 	4	 



     


    

 


IN WITNESS WHEREOF, the
Assignor has caused this Assignment to be executed by each of the undersigned directors on the date first above written.


 


	 	[__________________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:   


 


Signature Page to Insurance Assignment [__________]


 




     


     


    

 


SCHEDULE 1


 


NOTICE OF ASSIGNMENT OF INSURANCES


 


[__________] (the “Owner”),
the owner of the passenger vessel [__________], registered under the laws of [_____] with Official Number [__________] and IMO
Number [__________] (the “Vessel”), HEREBY GIVES NOTICE that by an Assignment in writing dated as of [__________],
2014, made by the Owner to JPMORGAN CHASE BANK, N.A., as administrative agent and collateral agent (the “First Mortgagee”)
under an amended and restated credit agreement dated as of October 31, 2014 (the “Credit Agreement”), the Owner
assigned to the First Mortgagee all its right, title and interest in all insurances in respect of the Vessel including the insurances
constituted by the policy whereon this Notice is endorsed.


Dated as of [__________], 2014


 


	 	[__________________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:   


 


Signature Page to Insurance Assignment [__________]


 




     


     


    

 


APPENDIX A


 


LOSS PAYABLE CLAUSE


 


HULL AND MACHINERY, HULL INTEREST AND WAR (FIRST
MORTGAGE)


 


BY ASSIGNMENTS IN WRITING dated as of [__________],
NCL CORPORATION LTD. (the “Parent”) and the respective owners of the vessels described below assigned absolutely
to JPMORGAN CHASE BANK, N.A. (together with its successors and assigns, the “First Mortgagee”) acting through
its office, [___], as collateral agent and administrative agent under an amended and restated credit agreement dated as of October
31, 2014 (the “Credit Agreement”), first mortgagee of: the passenger vessel NORWEGIAN DAWN, registered under
the laws of the Commonwealth of The Bahamas with Official Number 9000046 and IMO Number 9195169; the passenger vessel NORWEGIAN
GEM, registered under the laws of the Commonwealth of The Bahamas with Official Number 8001151 and IMO Number 9355733; the passenger
vessel NORWEGIAN PEARL, registered under the laws of the Commonwealth of The Bahamas with Official Number 8001150 and IMO Number
9342281; the passenger vessel NORWEGIAN SPIRIT, registered under the laws of the Commonwealth of The Bahamas with Official Number
8000814 and IMO Number 9141065; the passenger vessel NORWEGIAN STAR, registered under the laws of the Commonwealth of The Bahamas
with Official Number 8000359 and IMO Number 9195157; and the passenger vessel NORWEGIAN SUN, registered under the laws of the Commonwealth
of The Bahamas with Official Number 8000245 and IMO Number 9218131 [the passenger vessel MARINER, registered under the laws of
the Commonwealth of The Bahamas with Official Number 8001280 and IMO Number 9210139; the passenger vessel NAVIGATOR, registered
under the laws of the Commonwealth of The Bahamas with Official Number 9000380 and IMO Number 9064126; the passenger vessel VOYAGER,
registered under the laws of the Commonwealth of The Bahamas with Official Number 8000610 and IMO Number 9247144; the passenger
vessel INSIGNIA, registered under the laws of the Republic of the Marshall Islands with Official Number 1663 and IMO Number 9156462;
the passenger vessel NAUTICA, registered under the laws of the Republic of the Marshall Islands with Official Number 1665 and IMO
Number 9200938; and the passenger vessel REGATTA, registered under the laws of the Republic of the Marshall Islands with Official
Number 1664 and IMO Number 9156474] (each, a “Vessel”) this policy and all benefits thereof including all claims
of whatsoever nature hereunder.


 




     


     


    

 


Claims hereunder for an actual total loss,
arranged, agreed or compromised or constructive total loss shall be payable to the First Mortgagee for distribution first to itself
and thereafter to others as their respective interests may appear.


 


Subject thereto, all other claims shall be
payable as provided in subsections (a) and (b) below; PROVIDED HOWEVER that upon notice from the First Mortgagee to the underwriters
of a default under the Credit Agreement, all claims under this policy of insurance shall be payable to the First Mortgagee for
distribution first to itself and thereafter to others as their respective interests may appear.


 


(a)       A
claim in respect of any one casualty or occurrence where the aggregate claim against all insurers does not exceed [*] UNITED STATES
DOLLARS (US$[*]) or the equivalent in any other currency, prior to adjustment for any franchise or deductible under the terms of
the policy, shall be paid directly to the Parent for the repair, salvage or other charges involved or as reimbursement if the Parent
has fully repaired all damage sustained to the applicable Vessel and paid all the salvage or other charges.


 




    	 	2	 



     


    

 


(b)       A
claim in respect of any one casualty or occurrence where the aggregate claim against all insurers exceeds [*] UNITED STATES DOLLARS
(US$[*]) or the equivalent in any other currency prior to adjustment for any franchise or deductible under the terms of the policy,
shall, subject to the prior written consent of the First Mortgagee, be paid to the Parent as and when the applicable Vessel is
restored to her former state and condition and the liability in respect of which the insurance loss is payable is discharged, and
provided that the insurers may with such consent as aforesaid make payment on account of repairs in the course of being effected,
but, in the absence of such prior written consent shall be payable directly to the First Mortgagee for distribution first to itself
and thereafter to others as their respective interests may appear.


 




    	 	3	 



     


    

 


APPENDIX B


 


LOSS PAYABLE CLAUSE


 


PROTECTION AND INDEMNITY


 


	Vessel	 	IMO No.	 	Owner
	NORWEGIAN DAWN	 	9195169	 	Norwegian Dawn Limited
	NORWEGIAN GEM	 	9355733	 	Norwegian Gem, Ltd.
	NORWEGIAN PEARL	 	9342281	 	Norwegian Pearl, Ltd.
	NORWEGIAN SPIRIT	 	9141065	 	Norwegian Spirit, Ltd.
	NORWEGIAN STAR	 	9195157	 	Norwegian Star Limited
	NORWEGIAN SUN	 	9218131	 	Norwegian Sun Limited
	[INSIGNIA	 	9156462	 	Insignia Vessel Acquisition, LLC
	NAUTICA	 	9200938	 	Nautica Acquisition, LLC
	REGATTA	 	9156474	 	Regatta Acquisition, LLC
	MARINER	 	9210139	 	Mariner, LLC
	NAVIGATOR	 	9000380	 	Navigator Vessel Company, LLC
	VOYAGER	 	9247144	 	Voyager Vessel Company, LLC]


 


Payment of any recovery to which NCL Corporation
Ltd. (the “Parent”) and the Joint Members under Rule 9i listed in the Certificate of Entry and Acceptance are
entitled to receive out of the funds of the Association in respect of any liability, costs or expenses incurred by it shall be
made to the Parent or to its order unless and until the Association receives notice from JPMORGAN CHASE BANK, N.A., acting through
its office at [__], as collateral agent for itself and others (together with its successors and assigns, the “Collateral
Agent”), that the Parent is in default under an amended and restated credit agreement dated as of October 31, 2014 (the
“Credit Agreement”) or is otherwise obligated to deliver such recovery to the Collateral Agent, in which event
all recoveries shall thereafter be paid to the Collateral Agent or its order, provided always that no liability whatsoever shall
attach to the Association, its managers or their agents for failure to comply with the latter obligation until after the expiry
of two clear business days from the receipt of such notice. The Association shall, unless it receives from the Collateral Agent
notice to the contrary, be at liberty at the request of the Parent to provide bail or other security to prevent the arrest or obtain
the release of the applicable Vessel, without liability to the Collateral Agent.


 




     


     


    

 


Exhibit J


 


[Reserved]


 




     


     


    

 


Exhibit K-1


 


[FORM OF]

FIRST LIEN INTERCREDITOR AGREEMENT


 


FIRST LIEN INTERCREDITOR AGREEMENT


 


Among


 


JPMORGAN CHASE BANK, N.A.


 


as the Authorized Representative under the Credit
Agreement,


 


[__________]


 


as the Initial Additional Authorized Representative,
and


 


each additional Authorized Representative from
time to time party hereto


 


Dated as of [__________]


 




     


     


    

 


FIRST LIEN INTERCREDITOR AGREEMENT (as amended,
amended and restated, supplemented or otherwise modified from time to time, this “Agreement”) dated as of [__________],
among JPMORGAN CHASE BANK, N.A., as the Authorized Representative for the Credit Agreement Secured Parties (in such capacity and
together with its successors in such capacity, the “Collateral Agent”), [__________], as the Authorized Representative
for the Initial Additional Secured Parties (in such capacity and together with its successors in such capacity, the “Initial
Additional Authorized Representative”), and each additional Authorized Representative from time to time party hereto
for the Additional Secured Parties of the Series with respect to which it is acting in such capacity.


 


In consideration of the mutual agreements herein
contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Collateral
Agent (for itself and on behalf of the Credit Agreement Secured Parties), the Initial Additional Authorized Representative (for
itself and on behalf of the Initial Additional Secured Parties) and each additional Authorized Representative (for itself and on
behalf of the Additional Secured Parties of the applicable Series) agree as follows:


 


ARTICLE I



Definitions


 


SECTION 1.01      Construction; Certain Defined
Terms. (a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”.
The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise, (i) any definition of or reference to any agreement, instrument, other document, statute or regulation
herein shall be construed as referring to such agreement, instrument, other document, statute or regulation as from time to time
amended, amended and restated, supplemented or otherwise modified, (ii) any reference herein to any Person shall be construed to
include such Person’s successors and assigns, but shall not be deemed to include the subsidiaries of such Person unless express
reference is made to such subsidiaries, (iii) the words “herein”, “hereof and “hereunder”, and words
of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (iv)
all references herein to Articles, Sections and Annexes shall be construed to refer to Articles, Sections and Annexes of this Agreement,
(v) unless otherwise expressly qualified herein, the words “asset” and “property” shall be construed to
have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities,
accounts and contract rights and (vi) the term “or” is not exclusive.


 




     


     


    

 


(b)       It
is the intention of the Secured Parties of each Series that the holders of Obligations of such Series (and not the Secured Parties
of any other Series) bear the risk of (i) any determination by a court of competent jurisdiction that (x) any of the Obligations of such Series are unenforceable under
applicable law or are subordinated to any other obligations (other than another Series of Obligations), (y) any of the Obligations
of such Series do not have an enforceable security interest in any of the Collateral securing any other Series of Obligations and/or
(z) any intervening security interest exists securing any other obligations (other than another Series of Obligations) on a basis
ranking prior to the security interest of such Series of Obligations but junior to the security interest of any other Series of
Obligations and (ii) the existence of any Collateral for any other Series of Obligations that is not Shared Collateral (any such
condition referred to in the foregoing clauses (i) or (ii) with respect to any Series of Obligations, an “Impairment”
of such Series); provided that the existence of a maximum claim with respect to any real property subject to a mortgage
which applies to all Obligations shall not be deemed to be an Impairment of any Series of Obligations. In the event of any Impairment
with respect to any Series of Obligations, the results of such Impairment shall be borne solely by the holders of such Series of
Obligations, and the rights of the holders of such Series of Obligations (including the right to receive distributions in respect
of such Series of Obligations pursuant to Section 2.01) set forth herein shall be modified to the extent necessary so that the
effects of such Impairment are borne solely by the holders of the Series of such Obligations subject to such Impairment. Additionally,
in the event the Obligations of any Series are modified pursuant to applicable law (including pursuant to Section 1129 of the Bankruptcy
Code), any reference to such Obligations or the Secured Credit Documents governing such Obligations shall refer to such Obligations
or such documents as so modified.


 


(c)       Capitalized
terms used and not otherwise defined herein shall have the meanings set forth in the Credit Agreement. As used in this Agreement,
the following terms have the meanings specified below:


 


“Additional Authorized Representative”
means the Authorized Representative of any Series of Additional Obligations acting on behalf of the holders of such Series of Additional
Obligations and shall include the Initial Additional Authorized Representative.


 


“Additional Agreement” shall
have the meaning given the term “Senior Secured Note Indenture” in the Guarantee and Collateral Agreement and shall
include the Initial Additional Agreement.


 


“Additional Secured Parties”
means the holders of any Additional Obligations and any Additional Authorized Representative and shall include the Initial Additional
Secured Parties and the Initial Additional Authorized Representative.


 


“Additional Obligations” shall
have the meaning given the term “Senior Secured Note Obligations” in the Guarantee and Collateral Agreement and shall
include the Initial Additional Obligations.


 


“Agreement” has the meaning
assigned to such term in the introductory paragraph of this Agreement.


 


“Applicable Authorized Representative”
means, with respect to any Shared Collateral, (i) until the earlier of (x) the Discharge of Credit Agreement Obligations and (y)
the Non-Controlling Authorized Representative Enforcement Date, the Collateral Agent and (ii) from and after the earlier of (x)
the Discharge of Credit Agreement Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date, the Major
Non-Controlling Authorized Representative; provided, in each case, that if there shall occur one or more Non-Controlling
Authorized Representative Enforcement Dates, the Applicable Authorized Representative shall be the Authorized Representative that
is the Major Non-Controlling Authorized Representative in respect of the most recent Non-Controlling Authorized Representative
Enforcement Date.


 




    	 	2	 



     


    

 


“Authorized Representative”
means (i) in the case of any Credit Agreement Obligations or the Credit Agreement Secured Parties, the Collateral Agent, (ii) in
the case of the Initial Additional Obligations or the Initial Additional Secured Parties, the Initial Additional Authorized Representative,
and (iii) in the case of any Series of Additional Obligations or Additional Secured Parties that become subject to this Agreement
after the date hereof, the Authorized Representative named for such Series in the applicable Joinder Agreement.


 


“Bankruptcy Case” has the meaning
assigned to such term in Section 2.05(b).


 


“Bankruptcy Code” means Title
11 of the United States Code, as amended.


 


“Bankruptcy Law” means the
Bankruptcy Code and any similar Federal, state or foreign law for the relief of debtors.


 


“Collateral” means all assets
and properties subject to Liens created pursuant to any Security Document to secure one or more Series of the Obligations.


 


“Collateral Agent” has the
meaning assigned to such term in the introductory paragraph of this Agreement.


 


“Controlling Secured Parties”
means, with respect to any Shared Collateral, (i) at any time when the Collateral Agent is the Applicable Authorized Representative,
the Credit Agreement Secured Parties and (ii) at any other time, the Series of Secured Parties whose Authorized Representative
is the Applicable Authorized Representative for such Shared Collateral.


 


“Credit Agreement” means the
Amended and Restated Credit Agreement dated as of October 31, 2014 (as amended, amended and restated, replaced, refinanced, supplemented
or otherwise modified from time to time) among NCL Corporation Ltd., a Bermuda Company, the lenders party thereto from time to
time and JPMorgan Chase Bank, N.A., as administrative agent for the Credit Agreement Secured Parties (in such capacity and together
with its successors in such capacity, the “Administrative Agent”).


 


“Credit Agreement Obligations”
means (a) the Loan Document Obligations, (b) the due and punctual payment and performance of all obligations of each Loan Party
under each Swap Agreement that (i) was in effect on the Closing Date with a counterparty that is a Lender, an Agent, an Arranger
or an Affiliate of a Lender, an Agent or an Arranger as of the Closing Date or (ii) is entered into after the Closing Date with
any counterparty that is a Lender, an Agent, an Arranger or an Affiliate of a Lender, an Agent or an Arranger at the time such
Swap Agreement is entered into; provided that such Lender is not a Defaulting Lender at the time such Swap Agreement is
entered into, and (c) the due and punctual payment and performance of all obligations of the Borrower and any of its Subsidiaries
in respect of overdrafts and related liabilities owed to a Lender, an Agent, an Arranger or any of its Affiliates (or any other
person designated by the Borrower as a provider of cash management services and entitled to the benefit of this Agreement) and
arising from cash management services (including treasury, depository, overdraft, credit or debit card, electronic funds transfer,
ACH services and other cash management arrangements).


 




    	 	3	 



     


    

 


“Credit Agreement Secured Parties”
has the meaning assigned to such term in the Guarantee and Collateral Agreement.


 


“DIP Financing” has the meaning
assigned to such term in Section 2.05(b).


 


“DIP Financing Liens” has the
meaning assigned to such term in Section 2.05(b).


 


“DIP Lenders” has the meaning
assigned to such term in Section 2.05(b).


 


“Discharge” means, with respect
to any Shared Collateral and any Series of Obligations, the date on which such Series of Obligations is no longer secured by such
Shared Collateral. The term “Discharged” has a corresponding meaning.


 


“Discharge of Credit Agreement Obligations”
means, with respect to any Shared Collateral, the Discharge of the Credit Agreement Obligations with respect to such Shared Collateral;
provided that the Discharge of Credit Agreement Obligations shall not be deemed to have occurred in connection with a Refinancing
of such Credit Agreement Obligations with additional Obligations secured by such Shared Collateral under an additional agreement
which has been designated in writing by the Administrative Agent (under the Credit Agreement so Refinanced) to the Applicable Authorized
Representative and each other Authorized Representative as the “Credit Agreement” for purposes of this Agreement.


 


“Event of Default” has the
meaning set forth in the Guarantee and Collateral Agreement.


 


“Guarantee and Collateral Agreement”
means the Guarantee and Collateral Agreement dated as of May 24, 2013, by and among the Pledgors party thereto from time to time,
the Collateral Agent (as successor in interest to Deutsche Bank Trust Company Americas) and any Additional Authorized Representatives
from time to time party thereto.


 


“Impairment” has the meaning
assigned to such term in Section 1.01(b).


 


“Initial Additional Agreement”
means that certain Senior Secured Note Indenture dated as of [__________], among the Borrower [,__________].


 


“Initial Additional Authorized Representative”
shall have the meaning assigned to such term in the introductory paragraph to this Agreement.


 


“Initial Additional Obligations”
means the Additional Obligations pursuant to the Initial Additional Agreement.


 


“Initial Additional Secured Parties”
means the holders of any Initial Additional Obligations and the Initial Additional Authorized Representative.


 




    	 	4	 



     


    

 


“Insolvency or Liquidation Proceeding”
means:


 


(1)       any
case commenced by or against a Borrower or any Pledgor under any Bankruptcy Law, any other proceeding for the reorganization, recapitalization
or adjustment or marshalling of the assets or liabilities of a Borrower or any Pledgor, any receivership or assignment for the
benefit of creditors relating to a Borrower or any Pledgor or any similar case or proceeding relative to a Borrower or any Pledgor
or its creditors, as such, in each case whether or not voluntary;


 


(2)       any
liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to a Borrower or any Pledgor,
in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or


 


(3) any other proceeding of any type
or nature in which substantially all claims of creditors of a Borrower or any Pledgor are determined and any payment or distribution
is or may be made on account of such claims.


 


“Intervening Creditor” has
the meaning assigned to such term in Section 2.01(a).


 


“Joinder Agreement” means the
documents required to be delivered by an Authorized Representative to the Applicable Authorized Representative and each other Authorized
Representative pursuant to Section 6.20 of the Guarantee and Collateral Agreement in order to create an additional Series of Additional
Obligations and add Additional Secured Parties hereunder.


 


“Lien” shall mean, with respect
to any asset, (a) any mortgage, deed of trust, lien, hypothecation, pledge, charge, assignment, security interest or encumbrance
of any kind in or on such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease
or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating
to such asset.


 


“Loan Document Obligations”
has the meaning assigned to such term in the Guarantee and Collateral Agreement.


 


“Major Non-Controlling Authorized Representative”
means, with respect to any Shared Collateral, the Authorized Representative of the Series of Additional Obligations that constitutes
the largest outstanding principal amount of any then outstanding Series of Obligations with respect to such Shared Collateral;
provided, however, that if there are two outstanding Series of Additional Obligations which have an equal outstanding
principal amount, the Series of Additional Obligations with the earlier maturity date shall be considered to have the larger outstanding
principal amount for purposes of this definition.


 


“New York UCC” means the Uniform
Commercial Code as from time to time in effect in the State of New York.


 


“Non-Controlling Authorized Representative”
means, at any time with respect to any Shared Collateral, any Authorized Representative that is not the Applicable Authorized Representative
at such time with respect to such Shared Collateral.


 




    	 	5	 



     


    

 


“Non-Controlling Authorized Representative
Enforcement Date” means, with respect to any Non-Controlling Authorized Representative, the date which is 90 days (throughout
which 90 day period such Non-Controlling Authorized Representative was the Major Non-Controlling Authorized Representative) after
the occurrence of both (i) an Event of Default (under and as defined in the Additional Agreement under which such Non-Controlling
Authorized Representative is the Authorized Representative) and (ii) the Applicable Authorized Representative’s and each
other Authorized Representative’s receipt of written notice from such Non-Controlling Authorized Representative certifying
that (x) such Non-Controlling Authorized Representative is the Major Non-Controlling Authorized Representative and that an Event
of Default (under and as defined in the Additional Agreement under which such Non-Controlling Authorized Representative is the
Authorized Representative) has occurred and is continuing and (y) the Obligations of the Series with respect to which such Non-Controlling
Authorized Representative is the Authorized Representative are currently due and payable in full (whether as a result of acceleration
thereof or otherwise) in accordance with the terms of the applicable Additional Agreement; provided that the Non-Controlling
Authorized Representative Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred with respect
to any Shared Collateral (1) at any time the Collateral Agent or the Applicable Authorized Representative has commenced and is
diligently pursuing any enforcement action with respect to such Shared Collateral or (2) at any time the Pledgor which has granted
a security interest in such Shared Collateral is then a debtor under or with respect to (or otherwise subject to) any Insolvency
or Liquidation Proceeding.


 


“Non-Controlling Secured Parties”
means, with respect to any Shared Collateral, the Secured Parties which are not Controlling Secured Parties with respect to such
Shared Collateral.


 


“Obligations” has the meaning
assigned to such term in the Guarantee and Collateral Agreement.


 


“Pledgors” means the Borrower
and each subsidiary or direct or indirect parent company of the Borrower, in each case, which has granted a security interest pursuant
to any Security Document to secure any Series of Obligations.


 


“Possessory Collateral” means
any Shared Collateral in the possession of the Applicable Authorized Representative (or its agents or bailees), to the extent that
possession thereof perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction. Possessory Collateral includes,
without limitation, any Certificated Securities, Promissory Notes, Instruments, and Chattel Paper, in each case, delivered to or
in the possession of the Applicable Authorized Representative under the terms of the Security Documents. All capitalized terms
used in this definition and not defined elsewhere in this Agreement have the meanings assigned to them in the New York UCC.


 


“Proceeds” has the meaning
assigned to such term in Section 2.01 hereof


 




    	 	6	 



     


    

 


“Refinance” means, in respect
of any indebtedness, to refinance, extend, renew, defease, amend, increase, modify, supplement, restructure, refund, replace or
repay, or to issue other indebtedness or enter alternative financing arrangements, in exchange or replacement for such indebtedness
(in whole or in part), including by adding or replacing lenders, creditors, agents, borrowers and/or guarantors, and including
in each case, but not limited to, after the original instrument giving rise to such indebtedness has been terminated and including,
in each case, through any credit agreement, indenture or other agreement. “Refinanced” and “Refinancing”
have correlative meanings.


 


“Secured Credit Documents”
means (i) the Credit Agreement and the other Loan Documents (as defined in the Credit Agreement), (ii) the Initial Additional Agreement
and (iii) each Additional Agreement.


 


“Secured Parties” means (a)
the Credit Agreement Secured Parties and (ii) the Additional Secured Parties.


 


“Security Documents” means
the Guarantee and Collateral Agreement, each other Security Document (as defined in the Credit Agreement) and each other agreement
entered into in favor of the Applicable Authorized Representative for purposes of securing any Series of Obligations.


 


“Series” means (a) with respect
to the Secured Parties, each of (i) the Secured Parties (in their capacities as such), (ii) the Initial Additional Secured Parties
(in their capacity as such) and (iii) the Additional Secured Parties that become subject to this Agreement after the date hereof
that are represented by a common Authorized Representative (in its capacity as such for such Additional Secured Parties) and (b)
with respect to any Obligations, each of (i) the Credit Agreement Obligations, (ii) the Initial Additional Obligations and (iii)
the other Additional Obligations incurred pursuant to any Additional Agreement, which pursuant to any Joinder Agreement, are to
be represented hereunder by a common Authorized Representative (in its capacity as such for such Additional Obligations).


 


“Shared Collateral” means,
at any time, Collateral in which the holders of two or more Series of Obligations (or their respective Authorized Representatives
or the Collateral Agent on behalf of such holders) hold a valid and perfected security interest or Lien at such time. If more than
two Series of Obligations are outstanding at any time and the holders of less than all Series of Obligations hold a valid and perfected
security interest or Lien in any Collateral at such time, then such Collateral shall constitute Shared Collateral for those Series
of Obligations that hold a valid security interest or Lien in such Collateral at such time and shall not constitute Shared Collateral
for any Series which does not have a valid and perfected security interest or Lien in such Collateral at such time.


 




    	 	7	 



     


    

 


ARTICLE II



Priorities and Agreements with Respect to Shared Collateral


 


SECTION 2.01      Priority of Claims. (a)
Anything contained herein or in any of the Secured Credit Documents to the contrary notwithstanding (but subject to Section 1.01(b)),
if an Event of Default has occurred and is continuing, and the Applicable Authorized Representative or any Secured Party is taking
action to enforce rights in respect of any Shared Collateral, or any distribution is made in respect of any Shared Collateral in
any Bankruptcy Case of any Pledgor or any Secured Party receives any payment pursuant to any intercreditor agreement (other than
this Agreement) with respect to any Shared Collateral, the proceeds of any sale, collection or other liquidation of any such Shared
Collateral by any Secured Party or received by the Applicable Authorized Representative or any Secured Party pursuant to any such
intercreditor agreement with respect to such Shared Collateral and proceeds of any such distribution (subject, in the case of any
such distribution, to the sentence immediately following) to which the Obligations are entitled under any intercreditor agreement
(other than this Agreement) (all proceeds of any sale, collection or other liquidation of any Collateral and all proceeds of any
such distribution being collectively referred to as “Proceeds”), shall be applied by the Applicable Authorized
Representatives (i) FIRST, to the payment of all amounts incurred by the Applicable Authorized Representative (in its capacity
as such) in connection with such sale or collection or otherwise owing to it pursuant to the terms of any Secured Credit Document
and (ii) SECOND, subject to Section 1.01(b), to the extent any Proceeds remain after payment pursuant to clause (i), to the payment
in full of the Obligations of each Series on a ratable basis in accordance with the terms of the applicable Secured Credit Documents.
Notwithstanding the foregoing, with respect to any Shared Collateral for which a third party (other than a Secured Party) has a
lien or security interest that is junior in priority to the security interest of any Series of Obligations but senior (as determined
by appropriate legal proceedings in the case of any dispute) to the security interest of any other Series of Obligations (such
third party an “Intervening Creditor”), the value of any Shared Collateral or Proceeds which are allocated to
such Intervening Creditor shall be deducted on a ratable basis solely from the Shared Collateral or Proceeds to be distributed
in respect of the Series of Obligations with respect to which such Impairment exists. If, despite the provisions of Section 2.01(a)(ii),
any Secured Party shall receive any payment or other recovery in excess of its portion of payments on account of the Obligations
to which it is then entitled in accordance with this Section 2.01(a), such Secured Party shall hold such payment or recovery in
trust for the benefit of all Secured Parties for distribution in accordance with this Section 2.01(a).


 


(b)       It
is acknowledged that the Obligations of any Series may, subject to the limitations set forth in the then extant Secured Credit
Documents, be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, Refinanced or otherwise
amended or modified from time to time, all without affecting the priorities set forth in Section 2.01(a) or the provisions of this
Agreement defining the relative rights of the Secured Parties of any Series.


 


(c)       Notwithstanding
the date, time, method, manner or order of grant, attachment or perfection of any Liens securing any Series of Obligations granted
on the Shared Collateral and notwithstanding any provision of the Uniform Commercial Code of any jurisdiction, or any other applicable
law or the Secured Credit Documents or any defect or deficiencies in the Liens securing the Obligations of any Series or any other
circumstance whatsoever (but, in each case, subject to Section 1.01(b)), each Secured Party hereby agrees that the Liens securing
each Series of Obligations on any Shared Collateral shall be of equal priority.


 


Notwithstanding anything in this Agreement or
any other Secured Credit Documents to the contrary, Cash Collateral pledged to secure Credit Agreement Obligations consisting of
reimbursement obligations in respect of Letters of Credit or otherwise held by the Administrative Agent or the Collateral Agent
pursuant to Section 2.05(c) or (j), 2.11(d) or (e), or 2.22 of the Credit Agreement (or any equivalent successor provision)
shall be applied as specified in such Section of the Credit Agreement and shall not constitute Shared Collateral.


 




    	 	8	 



     


    

 


SECTION 2.02      Actions with Respect to Shared
Collateral; Prohibition on Contesting Liens. (a) With respect to any Shared Collateral, (i) only the Applicable Authorized
Representative shall act or refrain from acting with respect to the Shared Collateral (including with respect to any intercreditor
agreement with respect to any Shared Collateral), (ii) the Applicable Authorized Representative shall not follow any instructions
with respect to such Shared Collateral (including with respect to any intercreditor agreement with respect to any Shared Collateral)
from any Non-Controlling Authorized Representative and (iii) no Non-Controlling Authorized Representative or other Secured Party
(other than the Applicable Authorized Representative) shall or shall instruct the Applicable Authorized Representative to, commence
any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official
appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise
take any action to enforce its security interest in or realize upon, or take any other action available to it in respect of, any
Shared Collateral (including with respect to any intercreditor agreement with respect to any Shared Collateral), whether under
any Security Document, applicable law or otherwise, it being agreed that only the Applicable Authorized Representative, acting
on the instructions of the Secured Parties (other than any Non-Controlling Secured Parties) and in accordance with the applicable
Security Documents, shall be entitled to take any such actions or exercise any such remedies with respect to Shared Collateral.
Notwithstanding the equal priority of the Liens securing each Series of Obligations, the Applicable Authorized Representative may
deal with the Shared Collateral as if such Applicable Authorized Representative had a senior Lien on such Collateral. No Non-Controlling
Authorized Representative or Non-Controlling Secured Party will contest, protest or object to any foreclosure proceeding or action
brought by the Applicable Authorized Representative or Controlling Secured Party or any other exercise by the Applicable Authorized
Representative or Controlling Secured Party of any rights and remedies relating to the Shared Collateral, or to cause the Applicable
Authorized Representative to do so. The foregoing shall not be construed to limit the rights and priorities of any Secured Party,
Applicable Authorized Representative or Authorized Representative with respect to any Collateral not constituting Shared Collateral.


 


(b)       Each
of the Authorized Representatives agrees that it will not accept any Lien on any Collateral for the benefit of any Series of Obligations
(other than funds deposited for the discharge or defeasance of any Additional Agreement) other than pursuant to the Security Documents
and pursuant to Sections 2.05(c) or (j), 2.11(d) or (e) or 2.22 of the Credit Agreement, and by executing this Agreement (or a
Joinder Agreement), each Authorized Representative and the Series of Secured Parties for which it is acting hereunder agree to
be bound by the provisions of this Agreement and the other Security Documents applicable to it.


 


(c)       Each
of the Secured Parties agrees that it will not (and hereby waives any right to) contest or support any other Person in contesting,
in any proceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority, validity, attachment or enforceability
of a Lien held by or on behalf of any of the Secured Parties in all or any part of the Collateral, or the provisions of this Agreement;
provided that nothing in this Agreement shall be construed to prevent or impair the rights of any of the Applicable Authorized
Representative or any Authorized Representative to enforce this Agreement.


 




    	 	9	 



     


    

 


SECTION 2.03      No Interference; Payment Over.
(a) Each Secured Party agrees that (i) it will not challenge or question in any proceeding the validity or enforceability of any
Obligations of any Series or any Security Document or the validity, attachment, perfection or priority of any Lien under any Security
Document or the validity or enforceability of the priorities, rights or duties established by or other provisions of this Agreement;
(ii) it will not take or cause to be taken any action the purpose or intent of which is, or could be, to interfere, hinder or delay,
in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other disposition of the Shared Collateral by
the Applicable Authorized Representative, (iii) except as provided in Section 2.02, it shall have no right to (A) direct the Applicable
Authorized Representative or any other Secured Party to exercise, and shall not exercise, any right, remedy or power with respect
to any Shared Collateral (including pursuant to any intercreditor agreement) or (B) consent to the exercise by the Applicable Authorized
Representative or any other Secured Party of any right, remedy or power with respect to any Shared Collateral, (iv) it will not
institute any suit or assert in any suit, bankruptcy, insolvency or other proceeding any claim against the Applicable Authorized
Representative or any other Secured Party seeking damages from or other relief by way of specific performance, instructions or
otherwise with respect to any Shared Collateral, and none of the Applicable Authorized Representative, any Applicable Authorized
Representative or any other Secured Party shall be liable for any action taken or omitted to be taken by the Applicable Authorized
Representative, such Applicable Authorized Representative or other Secured Party with respect to any Shared Collateral in accordance
with the provisions of this Agreement, (v) it will not seek, and hereby waives any right, to have any Shared Collateral or any
part thereof marshaled upon any foreclosure or other disposition of such Collateral and (vi) it will not attempt, directly or indirectly,
whether by judicial proceedings or otherwise, to challenge the enforceability of any provision of this Agreement; provided
that nothing in this Agreement shall be construed to prevent or impair the rights of any of the Applicable Authorized Representative
or any other Secured Party to enforce this Agreement.


 


(b)       Each
Secured Party hereby agrees that if it shall obtain possession of any Shared Collateral or shall realize any proceeds or payment
in respect of any such Shared Collateral, pursuant to any Security Document or by the exercise of any rights available to it under
applicable law or in any Insolvency or Liquidation Proceeding or through any other exercise of remedies (including pursuant to
any intercreditor agreement), at any time prior to the Discharge of each of the Obligations, then it shall hold such Shared Collateral,
proceeds or payment in trust for the other Secured Parties and promptly transfer such Shared Collateral, proceeds or payment, as
the case may be, to the Applicable Authorized Representative, to be distributed in accordance with the provisions of Section 2.01
hereof.


 


SECTION 2.04      Automatic Release of Liens;
Amendments to Security Documents. (a) If, at any time the Applicable Authorized Representative forecloses upon or otherwise
exercises remedies against any Shared Collateral, then (whether or not any Insolvency or Liquidation Proceeding is pending at the
time) the Liens in favor of the Applicable Authorized Representative for the benefit of each Series of Secured Parties upon such
Shared Collateral will automatically be released and discharged; provided that any proceeds of any Shared Collateral realized therefrom
shall be applied pursuant to Section 2.01 hereof.


 




    	 	10	 



     


    

 


(b)       Each
Secured Party agrees that the Applicable Authorized Representative may enter into any amendment (and, upon request by the Applicable
Authorized Representative, each Authorized Representative shall sign a consent to such amendment) to any Security Document (including
to release Liens securing any Series of Obligations), so long as the Applicable Authorized Representative receives a certificate
of an authorized officer of the Borrower stating that such amendment is permitted by the terms of each then extant Secured Credit
Document. Additionally, each Secured Party agrees that the Applicable Authorized Representative may enter into any amendment (and,
upon request by the Applicable Authorized Representative, each Authorized Representative shall sign a consent to such amendment)
to any Security Document solely as such Security Document relates to a particular Series of Obligations (including to release Liens
securing any Series of Obligations) so long as (x) such amendment is in accordance with the Secured Credit Document pursuant to
which such Series of Obligations was incurred and (y) such amendment does not adversely affect the Secured Parties of any other
Series. In making the determinations required by this 2.04(b), the Applicable Authorized Representative may conclusively rely on
a certificate of an authorized officer of the Borrower.


 


(c)       Each
Authorized Representative agrees to execute and deliver (at the sole cost and expense of the Pledgors) all such authorizations
and other instruments as shall reasonably be requested by the Applicable Authorized Representative to evidence and confirm any
release of Shared Collateral or amendment to any Security Document provided for in this Section.


 


SECTION 2.05      Certain Agreements with Respect
to Bankruptcy or Insolvency Proceedings. (a) This Agreement, which the parties acknowledge shall be a subordination agreement
subject to Section 510 of the Bankruptcy Code, shall continue in full force and effect notwithstanding the commencement of any
proceeding under the Bankruptcy Code or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law
by or against the Borrower or any of its subsidiaries.


 


(b)       If
any Pledgor shall become subject to a case (a “Bankruptcy Case”) under the Bankruptcy Code, whether voluntary
or involuntary, and shall, as debtor(s)-in-possession, move for approval of financing (“DIP Financing”) to be
provided by one or more lenders (the “DIP Lenders”) under Section 364 of the Bankruptcy Code or the use of cash
collateral under Section 363 of the Bankruptcy Code, each Secured Party agrees that it will raise no objection to any such financing
or to the Liens on the Shared Collateral securing the same (“DIP Financing Liens”) or to any use of cash collateral
that constitutes Shared Collateral, unless any Controlling Secured Party, or an Authorized Representative of any Controlling Secured
Party, shall then oppose or object to such DIP Financing or such DIP Financing Liens or use of cash collateral (and (i) to the
extent that such DIP Financing Liens are senior to the Liens on any such Shared Collateral for the benefit of the Controlling Secured
Parties, each Non-Controlling Secured Party will subordinate its Liens with respect to such Shared Collateral on the same terms
as the Liens of the Controlling Secured Parties (other than any Liens of any Secured Parties constituting DIP Financing Liens)
are subordinated thereto, and (ii) to the extent that such DIP Financing Liens rank pari passu with the Liens on any such
Shared Collateral granted to secure the Obligations of the Controlling Secured Parties, each Non-Controlling Secured Party will
confirm the priorities with respect to such Shared Collateral as set forth herein), in each case so long as (A) the Secured Parties
of each Series retain the benefit of their Liens on all such Shared Collateral pledged to the DIP Lenders, including proceeds thereof
arising after the commencement of such proceeding, with the same priority vis-à-vis all the other Secured Parties (other
than any Liens of the Secured Parties constituting DIP Financing Liens) as existed prior to the commencement of the Bankruptcy
Case, (B) the Secured Parties of each Series are granted Liens on any additional collateral pledged to any Secured Parties as adequate
protection or otherwise in connection with such DIP Financing or use of cash collateral, with the same priority vis-à-vis
the Secured Parties as set forth in this Agreement, (C) if any amount of such DIP Financing or cash collateral is applied to repay
any of the Obligations, such amount is applied pursuant to Section 2.01 of this Agreement, and (D) if any Secured Parties are granted
adequate protection, including in the form of periodic payments, in connection with such DIP Financing or use of cash collateral,
the proceeds of such adequate protection is applied pursuant to Section 2.01 of this Agreement; provided that the Secured
Parties of each Series shall have a right to object to the grant of a Lien to secure the DIP Financing over any Collateral subject
to Liens in favor of the Secured Parties of such Series or its Authorized Representative that shall not constitute Shared Collateral;
and provided further, that the Secured Parties receiving adequate protection shall not object to any other Secured Party
receiving adequate protection comparable to any adequate protection granted to such Secured Parties in connection with a DIP Financing
or use of cash collateral.


 




    	 	11	 



     


    

 


SECTION 2.06      Reinstatement. In the event
that any of the Obligations shall be paid in full and such payment or any part thereof shall subsequently, for whatever reason
(including an order or judgment for disgorgement of a preference under Title 11 of the United States Code, or any similar law,
or the settlement of any claim in respect thereof), be required to be returned or repaid, the terms and conditions of this Article
II shall be fully applicable thereto until all such Obligations shall again have been paid in full in cash.


 


SECTION 2.07      Insurance. As between the
Secured Parties, the Applicable Authorized Representative shall have the right to adjust or settle any insurance policy or claim
covering or constituting Shared Collateral in the event of any loss thereunder and to approve any award granted in any condemnation
or similar proceeding affecting the Shared Collateral.


 


SECTION 2.08      Refinancings. The Obligations
of any Series, subject to the limitations set forth in the then extant Secured Credit Documents, may be Refinanced, in whole or
in part, in each case, without notice to, or the consent (except to the extent a consent is otherwise required to permit the refinancing
transaction under any Secured Credit Document) of any Secured Party of any other Series, all without affecting the priorities provided
for herein or the other provisions hereof; provided that the Authorized Representative of the holders of any such Refinancing
indebtedness shall have executed a Joinder Agreement on behalf of the holders of such Refinancing indebtedness.


 


SECTION 2.09      Possessory Applicable Authorized
Representative as Gratuitous Bailee for Perfection. (a) The Possessory Collateral shall be delivered to the Applicable Authorized
Representative and the Applicable Authorized Representative agrees to hold any Shared Collateral constituting Possessory Collateral
that is part of the Shared Collateral in its possession or control (or in the possession or control of its agents or bailees) as
gratuitous bailee for the benefit of each other Secured Party and any assignee solely for the purpose of perfecting the security
interest granted in such Possessory Collateral, if any, pursuant to the applicable Security Documents, in each case, subject to
the terms and conditions of this Section 2.09. Pending delivery to the Applicable Authorized Representative, each other Authorized
Representative agrees to hold any Shared Collateral constituting Possessory Collateral, from time to time in its possession, as
gratuitous bailee for the benefit of each other Secured Party and any assignee, solely for the purpose of perfecting the security
interest granted in such Possessory Collateral, if any, pursuant to the applicable Security Documents, in each case, subject to
the terms and conditions of this Section 2.09. The Borrower shall take such further action as is required to effectuate the transfer
contemplated hereby and shall indemnify each Authorized Representative for loss or damage suffered by such Authorized Representative
as a result of such transfer except for loss or damage suffered by such Authorized Representative as a result of its own willful
misconduct, gross negligence or bad faith.


 




    	 	12	 



     


    

 


(b)       The
duties or responsibilities of the Applicable Authorized Representative and each other Authorized Representative under this Section
2.09 shall be limited solely to holding any Shared Collateral constituting Possessory Collateral as gratuitous bailee for the benefit
of each other Secured Party for purposes of perfecting the Lien held by such Secured Parties therein.


 


ARTICLE III




 


SECTION 3.01      Existence and Amounts of Liens
and Obligations. Whenever the Applicable Authorized Representative or any Authorized Representative shall be required, in connection
with the exercise of its rights or the performance of its obligations hereunder, to determine the existence or amount of any Obligations
of any Series, or the Shared Collateral subject to any Lien securing the Obligations of any Series, it may request that such information
be furnished to it in writing by each other Authorized Representative and shall be entitled to make such determination on the basis
of the information so furnished; provided, however, that if an Authorized Representative shall fail or refuse reasonably promptly
to provide the requested information, the requesting Applicable Authorized Representative or Authorized Representative shall be
entitled to make any such determination by such method as it may, in the exercise of its good faith judgment, determine, including
by reliance upon a certificate of the Borrower. The Applicable Authorized Representative and each Authorized Representative may
rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the provisions
of the preceding sentence (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to any Pledgor,
any Secured Party or any other person as a result of such determination.


 




    	 	13	 



     


    

 


ARTICLE IV



THE AUTHORIZED REPRESENTATIVE


 


SECTION 4.01      Appointment and Authority.
(a) Each of the Credit Agreement Secured Parties hereby irrevocably appoints the Collateral Agent to act on its behalf as the Authorized
Representative hereunder and under each of the other Security Documents and authorizes the Collateral Agent to take such actions
on its behalf and to exercise such powers as are delegated to the Applicable Agent by the terms hereof or thereof, including for
purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any Pledgor to secure any of the Credit
Agreement Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Collateral
Agent and any co-agents, sub-agents and attorneys-in-fact appointed by the Applicable Authorized Representative pursuant to Section
4.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under any of the Security
Documents, or for exercising any rights and remedies thereunder, shall be entitled to the benefits of all provisions of this Article
IV and Section 10.05 of the Credit Agreement (as though such co-agents, sub-agents and attorneys-in-fact were the “Collateral
Agent” under the Security Documents) as if set forth in full herein with respect thereto.


 


(b)       Each
Non-Controlling Secured Party acknowledges and agrees that the Applicable Authorized Representative shall be entitled, for the
benefit of the Secured Parties, to sell, transfer or otherwise dispose of or deal with any Shared Collateral as provided herein
and in the Security Documents, without regard to any rights to which the holders of the Non-Controlling Secured Obligations would
otherwise be entitled as a result of such Non-Controlling Secured Obligations. Without limiting the foregoing, each Non-Controlling
Secured Party agrees that none of the Applicable Authorized Representative or any other Secured Party shall have any duty or obligation
first to marshal or realize upon any type of Shared Collateral (or any other Collateral securing any of the Obligations), or to
sell, dispose of or otherwise liquidate all or any portion of such Shared Collateral (or any other Collateral securing any Obligations),
in any manner that would maximize the return to the Non-Controlling Secured Parties, notwithstanding that the order and timing
of any such realization, sale, disposition or liquidation may affect the amount of proceeds actually received by the Non-Controlling
Secured Parties from such realization, sale, disposition or liquidation. Each of the Secured Parties waives any claim it may now
or hereafter have against the Applicable Authorized Representative or the Authorized Representative of any other Series of Obligations
or any other Secured Party of any other Series arising out of (i) any actions which the Applicable Authorized Representative, any
Authorized Representative or any Secured Party takes or omits to take (including, actions with respect to the creation, perfection
or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or
failure to realize upon, any of the Collateral and actions with respect to the collection of any claim for all or any part of the
Obligations from any account debtor, guarantor or any other party) in accordance with the Security Documents or any other agreement
related thereto or to the collection of the Obligations or the valuation, use, protection or release of any security for the Obligations,
(ii) any election by any Applicable Authorized Representative or any holders of Obligations, in any proceeding instituted under
the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy Code or (iii) subject to Section 2.05, any borrowing
by, or grant of a security interest or administrative expense priority under Section 364 of the Bankruptcy Code by, the Borrower
or any of its subsidiaries, as debtor-in-possession.


 




    	 	14	 



     


    

 


SECTION 4.02      Rights as a Secured Party.
The Person serving as the Applicable Authorized Representative hereunder shall have the same rights and powers in its capacity
as a Secured Party under any Series of Obligations that it holds as any other Secured Party of such Series and may exercise the
same as though it were not the Applicable Authorized Representative and the term “Secured Party” or “ Secured
Parties” or (as applicable) “Additional Secured Party” or “Additional Secured Parties” shall, unless
otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Applicable Authorized
Representative hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act
as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or
any subsidiary or other Affiliate thereof as if such Person were not the Applicable Authorized Representative hereunder and without
any duty to account therefor to any other Secured Party.


 


SECTION 4.03      Exculpatory Provisions.
(a) The Applicable Authorized Representative shall not have any duties or obligations except those expressly set forth herein and
in the other Security Documents. Without limiting the generality of the foregoing, the Applicable Authorized Representative:


 


(i)       shall
not be subject to any fiduciary or other implied duties, regardless of whether an Event of Default has occurred and is continuing;


 


(ii)       shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Security Documents that the Applicable Authorized Representative is required to exercise;
provided that the Applicable Authorized Representative shall not be required to take any action that, in its opinion or
the opinion of its counsel, may expose the Applicable Authorized Representative to liability or that is contrary to any Security
Document or applicable law;


 


(iii)       shall
not, except as expressly set forth herein and in the other Security Documents, have any duty to disclose, and shall not be liable
for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained
by the Person serving as the Applicable Authorized Representative or any of its Affiliates in any capacity;


 


(iv)       shall
not be liable for any action taken or not taken by it (i) with the consent or at the request of the Applicable Authorized Representative
or in the absence of its own gross negligence or willful misconduct or in reliance on a certificate of an authorized officer of
the Borrower stating that such action is permitted by the terms of this Agreement. The Applicable Authorized Representative shall
be deemed not to have knowledge of any Event of Default under any Series of Obligations unless and until notice describing such
Event Default is given to the Applicable Authorized Representative by the Authorized Representative of such Obligations or the
Borrower; and


 


(v)       shall
not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in
or in connection with this Agreement or any other Security Document, (ii) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the
covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Security Document or any other agreement, instrument
or document, or the creation, perfection or priority of any Lien purported to be created by the Security Documents, (v) the value
or the sufficiency of any Collateral for any Series of Obligations, or (v) the satisfaction of any condition set forth in any Secured
Credit Document, other than to confirm receipt of items expressly required to be delivered to the Applicable Authorized Representative.


 




    	 	15	 



     


    

 


SECTION 4.04      Reliance by Applicable Authorized
Representative. The Applicable Authorized Representative shall be entitled to rely upon, and shall not incur any liability
for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic
message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent
or otherwise authenticated by the proper Person. The Applicable Authorized Representative also may rely upon any statement made
to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying
thereon. The Applicable Authorized Representative may consult with legal counsel (who may be counsel for the Borrower), independent
accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with
the advice of any such counsel, accountants or experts.


 


SECTION 4.05      Delegation of Duties. The
Applicable Authorized Representative may perform any and all of its duties and exercise its rights and powers hereunder or under
any other Security Document by or through any one or more sub-agents appointed by the Applicable Authorized Representative. The
Applicable Authorized Representative and any such sub-agent may perform any and all of its duties and exercise its rights and powers
by or through their respective Affiliates. The exculpatory provisions of this Article shall apply to any such sub-agent and to
the Affiliates of the Applicable Authorized Representative and any such sub-agent.


 


SECTION 4.06      Non-Reliance on Applicable
Authorized Representative and Other Secured Parties. Each Secured Party acknowledges that it has, independently and without
reliance upon the Applicable Authorized Representative, any other Authorized Representative or any other Secured Party or any of
their Affiliates and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision
to enter into this Agreement and the other Secured Credit Documents. Each Secured Party also acknowledges that it will, independently
and without reliance upon the Applicable Authorized Representative, any Authorized Representative or any other Secured Party or
any of their Affiliates and based on such documents and information as it shall from time to time deem appropriate, continue to
make its own decisions in taking or not taking action under or based upon this Agreement, any other Secured Credit Document or
any related agreement or any document furnished hereunder or thereunder.


 


SECTION 4.07       Collateral Matters. Each
of the Secured Parties irrevocably authorizes the Applicable Authorized Representative, at its option and in its discretion,


 


(a)       to
release any Lien on any property granted to or held by the Applicable Authorized Representative under any Security Document in
accordance with Section 2.04 or upon receipt of a written request from the Borrower stating that the releases of such Lien is permitted
by the terms of each then extant Secured Credit Document;


 




    	 	16	 



     


    

 


(b)       to
release any Pledgor from its obligations under the Security Documents upon receipt of a written request from the Borrower stating
that such release is permitted by the terms of each then extant Secured Credit Document.


 


ARTICLE V



Miscellaneous


 


SECTION 5.01      Notices. All notices and
other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed
by certified or registered mail or sent by telecopy, as follows:


 


(a)       if
to the Administrative Agent and the Collateral Agent, to it at JPMorgan Chase Bank, N.A., [__];


 


(b)       if
to the Additional Authorized Representative, to it at [__________] (Telephone: [__________]; Telecopy No. [__________]).


 


Any party hereto may change its address or telecopy number for notices
and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party
hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt (if a Business
Day) and on the next Business Day thereafter (in all other cases) if delivered by hand or overnight courier service or sent by
telecopy or on the date five Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent
or mailed (properly addressed) to such party as provided in this Section 5.01 or in accordance with the latest unrevoked direction
from such party given in accordance with this Section 5.01. As agreed to in writing among each Authorized Representative from time
to time, notices and other communications may also be delivered by e-mail to the e-mail address of a representative of the applicable
person provided from time to time by such person.


 


SECTION 5.02      Waivers; Amendment; Joinder
Agreements. (a) No failure or delay on the part of any party hereto in exercising any right or power hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance
of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of the parties hereto are cumulative and are not exclusive of any rights or remedies that they would
otherwise have. No waiver of any provision of this Agreement or consent to any departure by any party therefrom shall in any event
be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given. No notice or demand on any party hereto in any case shall entitle
such party to any other or further notice or demand in similar or other circumstances.


 




    	 	17	 



     


    

 


(b)       Neither
this Agreement nor any provision hereof may be terminated, waived, amended or modified (other than pursuant to any Joinder Agreement)
except pursuant to an agreement or agreements in writing entered into by each Authorized Representative.


 


(c)       Notwithstanding
the foregoing, without the consent of any Secured Party, any Authorized Representative may become a party hereto by execution and
delivery of Joinder Agreement in accordance with Section 6.20 of the Guarantee and Collateral Agreement and upon such execution
and delivery, such Authorized Representative and the Additional Secured Parties and Additional Obligations of the Series for which
such Authorized Representative is acting shall be subject to the terms hereof and the terms of the other Security Documents applicable
thereto.


 


SECTION 5.03      Parties in Interest. This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, as
well as the other Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries of, this Agreement.


 


SECTION 5.04      Survival of Agreement.
All covenants, agreements, representations and warranties made by any party in this Agreement shall be considered to have been
relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement.


 


SECTION 5.05      Counterparts. This Agreement
may be executed in counterparts, each of which shall constitute an original but all of which when taken together shall constitute
a single contract. Delivery of an executed signature page to this Agreement by facsimile or other electronic transmission shall
be as effective as delivery of a manually signed counterpart of this Agreement.


 


SECTION 5.06      Severability. Any provision
of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of
the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal
or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid,
illegal or unenforceable provisions.


 


SECTION 5.07      Governing Law; Jurisdiction;
Consent to Service of Process. This Agreement shall be construed in accordance with and governed by the law of the State of
New York.


 


SECTION 5.08      Submission to Jurisdiction
Waivers. Each Authorized Representative, on behalf of itself and the Secured Parties of the Series for whom it is acting, irrevocably
and unconditionally:


 


(a)       submits
for itself and its property in any legal action or proceeding relating to this Agreement and the Security Documents, or for recognition
and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York,
the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof;


 




    	 	18	 



     


    

 


(b)       consents
that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to
the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court
and agrees not to plead or claim the same;


 


(c)       agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to such Person (or its Authorized Representative) at the address
referred to in 5.01;


 


(d)       agrees
that nothing herein shall affect the right of any other party hereto (or any Secured Party) to effect service of process in any
other manner permitted by law or shall limit the right of any party hereto (or any Secured Party) to sue in any other jurisdiction;
and


 


(e)       waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred
to in this Section 5.08 any special, exemplary, punitive or consequential damages.


 


SECTION 5.09      WAIVER OF JURY TRIAL.
EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS
AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.


 


SECTION 5.10      Headings. Article, Section
and Annex headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the
construction of, or to be taken into consideration in interpreting, this Agreement.


 


SECTION 5.11      Conflicts. In the event
of any conflict or inconsistency between the provisions of this Agreement and the provisions of any of the other Secured Credit
Documents or Security Documents, the provisions of this Agreement shall control.


 


SECTION 5.12      Provisions Solely To Define
Relative Rights. The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights
of the Secured Parties in relation to one another. None of the Borrower, any Pledgor or any other creditor thereof shall have any
rights or obligations hereunder, except as expressly provided in this Agreement (provided that nothing in this Agreement
(other than Section 2.04, 2.05, 2.08, 2.09 or Article V) is intended to or will amend, waive or otherwise modify the provisions
of the Credit Agreement or any Additional Agreements), and none of the Borrower or any Pledgor may rely on the terms hereof (other
than Sections 2.04, 2.05, 2.08, 2.09 and Article V). Nothing in this Agreement is intended to or shall impair the obligations of
any Pledgor, which are absolute and unconditional, to pay the Obligations as and when the same shall become due and payable in
accordance with their terms.


 




    	 	19	 



     


    

 


SECTION 5.13      Integration. This Agreement
together with the other Secured Credit Documents and the Security Documents represents the agreement of each of the Pledgors and
the Secured Parties with respect to the subject matter hereof and there are no promises, undertakings, representations or warranties
by any Pledgor, the Applicable Authorized Representative or any other Secured Party relative to the subject matter hereof not expressly
set forth or referred to herein or in the other Secured Credit Documents or the Security Documents


 


SECTION 5.14      Additional Pledgors. The
Borrower agrees that, if any Subsidiary or direct or indirect parent company shall become a Pledgor after the date hereof, it will
promptly cause such Person to execute and deliver an instrument in the form of Annex I. Upon such execution and delivery, such
Person will become a Pledgor hereunder with the same force and effect as if originally named as a Pledgor herein. The execution
and delivery of such instrument shall not require the consent of any other party hereunder, and will be acknowledged by the Collateral
Agent, the Initial Additional Authorized Representative and each additional Authorized Representative. The rights and obligations
of each Pledgor hereunder shall remain in full force and effect notwithstanding the addition of any new Pledgor as a party to this
Agreement.


 


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


 


	 	JPMORGAN CHASE BANK, N.A. as Collateral Agent,
	 	 	 
	 	by	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	by	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 [__________], as Initial Additional Authorized Representative
	 	 	 
	 	by	 
	 	 	Name:
	 	 	Title:


 




    	 	20	 



     


    

 


ANNEX I


 


CONSENT OF THE BORROWER AND PLEDGORS


Dated: [__________]


 


Reference is made to the First Lien Intercreditor
Agreement dated as of the date hereof between JPMorgan Chase Bank, N.A., as Collateral Agent and [__________], as Initial Additional
Authorized Representative, as the same may be amended, restated, supplemented, waived, or otherwise modified from time to time
(the “Intercreditor Agreement”). Capitalized terms used but not defined herein shall have the meanings assigned
to such terms in the Intercreditor Agreement.


 


The Borrower and each of the undersigned Pledgors
has read the foregoing Intercreditor Agreement and consents thereto. The Borrower and each of the undersigned Pledgors agrees not
to take any action that would be contrary to the express provisions of the foregoing Intercreditor Agreement, agrees to abide by
the requirements expressly applicable to it under the foregoing Intercreditor Agreement and agrees that, except as otherwise provided
therein, no Secured Party shall have any liability to the Borrower or any Pledgor for acting in accordance with the provisions
of the foregoing Intercreditor Agreement. The Borrower and each Pledgor understands that the foregoing Intercreditor Agreement
is for the sole benefit of the Secured Parties and their respective successors and assigns, and that the Borrower and each such
Pledgor is not an intended beneficiary or third party beneficiary thereof except to the extent otherwise expressly provided therein.


 


Notwithstanding anything to the contrary in the
Intercreditor Agreement or provided herein, each party to the Intercreditor Agreement agrees that the Borrower and the Pledgors
shall not have any right to consent to or approve any amendment, modification or waiver of any provision of the Intercreditor Agreement
except to the extent their rights are adversely affected (in which case the Borrower shall have the right to consent to or approve
any such amendment, modification or waiver).


 


Without limitation to the foregoing, the Borrower
and each Pledgor agrees to take such further action and to execute and deliver such additional documents and instruments (in recordable
form, if requested) as the Applicable Authorized Representative may reasonably request to effectuate the terms of and the lien
priorities contemplated by the Intercreditor Agreement.


 


This Consent shall be governed and construed in
accordance with the laws of the State of New York.


 




    	 	21	 



     


    

 


IN WITNESS HEREOF, this Consent is hereby executed
by each of the Pledgors as of the date first written above.


 


	 	NCL CORPORATION LTD.
	 	 	 
	 	By:	                                                    
	 	 	Name:
	 	 	Title:
	 	 	 
	 	NCL INTERNATIONAL, LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	NORWEGIAN DAWN LIMITED
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	NORWEGIAN GEM, LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	NORWEGIAN PEARL, LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	NORWEGIAN SPIRIT, LTD.
	 	 	 
	 	By:	 
	 	  	Name:
	 		Title:


 




    	 	22	 



     


    

 


	 	NORWEGIAN STAR LIMITED
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	NORWEGIAN SUN LIMITED
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	OCEANIA CRUISES, INC. 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	SEVEN SEAS CRUISES S. DE R.L.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	INSIGNIA VESSEL ACQUISITION, LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	NAUTICA ACQUISITION, LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 




    	 	23	 



     


    

 


	 	REGATTA ACQUISITION, LLC 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	MARINER, LLC 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	NAVIGATOR VESSEL COMPANY, LLC 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	VOYAGER VESSEL COMPANY, LLC 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 




    	 	24	 



     


    

 


Exhibit K-2


 


[FORM OF]

SECOND LIEN INTERCREDITOR AGREEMENT


 


SECOND LIEN INTERCREDITOR AGREEMENT dated as
of [__________], among NCL CORPORATION LTD., a Bermuda company (the “Borrower”), JPMORGAN CHASE BANK, N.A.,
as the Credit Agreement Agent and each Other First Priority Lien Obligations Agent from time to time party hereto, each in its
capacity as First Lien Agent, and [__________], as Second Lien Collateral Agent and each other Second Priority Agent for any Future
Second Lien Indebtedness from time to time party hereto, each in its capacity as Second Priority Agent.


 


A.       WHEREAS,
(i) the Borrower is party to the Amended and Restated Credit Agreement dated as of October 31, 2014 (as amended, amended and restated,
replaced, Refinanced, supplemented or otherwise modified from time to time, the “Credit Agreement”) among the
Borrower, the lenders party thereto from time to time, JPMorgan Chase Bank, N.A. as administrative agent and collateral agent and
the other parties thereto, (ii) the Borrower may become a party to Other First Priority Lien Obligations Credit Documents (as defined
below) and (iii) the Obligations of the Borrower under the Credit Agreement and any such Other First Priority Lien Obligations
Credit Documents will constitute Senior Lender Claims (as defined below);


 


B.       WHEREAS,
the Borrower (i) is party to the Indenture dated as of [__________] (as amended, amended and restated, replaced, Refinanced,
supplemented or otherwise modified from time to time, the “Second Priority Senior Secured Notes Indenture”),
under which the Second Lien Notes were issued, by and among the [Borrower] and [__________], as Trustee, (ii) may become a
party to Second Priority Documents governing Future Second Lien Indebtedness and (iii) the Obligations of the Borrower under the
Second Priority Senior Secured Notes Indenture and any such Second Priority Documents governing Future Second Lien Indebtedness
will constitute Second Priority Claims (as defined below); and


 


Accordingly, in consideration of the foregoing,
the mutual covenants and obligations herein set forth and for other good and valuable consideration, the sufficiency and receipt
of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:


 


SECTION 1. Definitions.


 


1.1       Defined
Terms. As used in this Agreement, the following terms have the meanings specified below:


 


“Affiliate” shall mean, when
used with respect to a specified person, another person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the person specified.


 


“Agreement” shall mean this
Agreement, as amended, renewed, extended, supplemented or otherwise modified from time to time in accordance with the terms hereof.


 




     


     


    

 


“Bankruptcy Code” shall mean
Title 11 of the United States Code.


 


“Bankruptcy Law” shall mean
the Bankruptcy Code and any similar Federal, state or foreign law for the relief of debtors.


 


“Borrower” shall have the
meaning set forth in the recitals.


 


“Common Collateral” shall
mean all of the assets of any Pledgor, whether real, personal or mixed, constituting both Senior Lender Collateral and Second Priority
Collateral, including without limitation any assets in which the First Lien Agents are automatically deemed to have a Lien pursuant
to the provisions of Section 2.3.


 


“Comparable Second Priority Collateral
Document” shall mean, in relation to any Common Collateral subject to any Lien created under any Senior Collateral Document,
those Second Priority Collateral Documents that create a Lien on the same Common Collateral, granted by the same Pledgor.


 


“Control” shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person, whether
through the ownership of voting securities, by contract or otherwise, and “Controlling” and “Controlled”
shall have meanings correlative thereto.


 


“Credit Agreement” shall
have the meaning set forth in the recitals.


 


“Credit Agreement Agent”
shall mean JPMorgan Chase Bank, N.A., in its capacity as administrative agent and collateral agent for the Credit Agreement Lenders
under the Credit Agreement, the Senior Collateral Agreement, the Senior Vessel Mortgages and the other Senior Lender Documents
entered into pursuant to the Credit Agreement, together with its successors in such capacity.


 


“Credit Agreement Lender”
shall mean a “Lender” as defined in the Credit Agreement.


 


“Credit Agreement Obligations”
has the meaning assigned to the term “Obligations” in the Senior Collateral Agreement (other than clause (d) of such
definition).


 


“Credit Agreement Secured Parties”
has the meaning assigned to the term “Secured Parties” in the Senior Collateral Agreement (other than clause (f) of
such definition).


 


“DIP Financing” shall have
the meaning set forth in Section 6.1.


 




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“Discharge of Senior Lender Claims”
shall mean, except to the extent otherwise provided in Section 5.7 below, (a) payment in full in cash (except for contingent indemnities
and cost and reimbursement obligations to the extent no claim has been made) of (i) all outstanding Senior Lender Claims and,
with respect to letters of credit outstanding thereunder, delivery of cash collateral or backstop letters of credit in respect
thereof in compliance with the applicable Senior Lender Document or entry into arrangements satisfactory to the Credit Agreement
Agent and the Issuing Bank (as defined in the Credit Agreement) with respect, in each case after or concurrently with the termination
of all commitments to extend credit or issue or extend letters of credit thereunder and (ii) any other Senior Lender Claims
that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid (including
monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless
of whether allowed or allowable in such proceeding) and (b) termination of all other commitments of the Senior Secured Parties
under the Senior Lender Documents; provided that the Discharge of Senior Lender Claims shall not be deemed to have occurred
if such payments are made with the proceeds of other Senior Lender Claims that constitute an exchange or replacement for or a Refinancing
of such Obligations or Senior Lender Claims. In the event the Senior Lender Claims are modified and the Obligations are paid over
time or otherwise modified pursuant to Section 1129 of the Bankruptcy Code, the Senior Lender Claims shall be deemed to be discharged
when the final payment is made, in cash, in respect of such Indebtedness and any Obligations pursuant to such new Indebtedness
shall have been satisfied.


 


“First Lien Agent” shall
mean each of (a) the Credit Agreement Agent and (b) any Other First Priority Lien Obligations Agent.


 


“First Lien Intercreditor Agreement”
has the meaning assigned to such term in the Credit Agreement.


 


“First Priority Designated Agent”
shall mean the Credit Agreement Agent or, if the Credit Agreement Agent and any Other First Priority Lien Obligations Agent shall
have entered into a First Lien Intercreditor Agreement the “Applicable Authorized Representative” as defined therein.


 


“Future Second Lien Indebtedness”
shall mean means any Indebtedness that is issued or guaranteed by the Borrower, and/or any Guarantor (other than Indebtedness constituting
Noteholder Claims) which Indebtedness and Guarantees are secured by the Second Priority Collateral (or a portion thereof) on a
pari passu basis (but without regard to control of remedies) with the Noteholder Claims; provided, however,
that (i) such Indebtedness is permitted to be incurred, secured and guaranteed on such basis by each then extant Senior Lender
Document and Second Priority Document and (ii) the Second Priority Agent for the holders of such Indebtedness shall have executed
and delivered this Agreement as of the date hereof or become party to this Agreement pursuant to, and by satisfying the conditions
set forth in, Section 9.20 hereof.


 


“Indebtedness” shall mean
and include all obligations that constitute “Indebtedness” within the meaning of the Second Priority Senior Secured
Notes Indenture, any Second Priority Documents governing Future Second Lien Indebtedness, the Credit Agreement, or the Other First
Priority Lien Obligations Credit Documents.


 


“Indenture Secured Parties”
shall mean the Persons holding Noteholder Claims, including the Trustee and the Second Lien Collateral Agent.


 


“Insolvency or Liquidation Proceeding”
shall mean (a) any voluntary or involuntary case or proceeding under any Bankruptcy Law with respect to any Pledgor, (b) any
other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization
or other similar case or proceeding with respect to any Pledgor or with respect to any of its assets, (c) any liquidation,
dissolution, reorganization or winding up of any Pledgor whether voluntary or involuntary and whether or not involving insolvency
or bankruptcy or (d) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of any
Pledgor.


 




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“Lien” shall mean, with respect
to any asset, (a) any mortgage, deed of trust, lien, hypothecation, pledge, charge, assignment, security interest or encumbrance
of any kind in or on such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease
or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating
to such asset.


 


“Loan Documents” means the
Credit Agreement and the other “Loan Documents” as defined in the Credit Agreement.


 


“Mortgaged Vessel” shall
have the meaning set forth in the Credit Agreement.


 


“Noteholder Claims” shall
mean all Obligations in respect of the Notes or arising under the Noteholder Documents or any of them, including all fees and expenses
of the Trustee thereunder.


 


“Noteholder Collateral” shall
mean all of the assets and property of any Pledgor, whether real, personal or mixed, with respect to which a Lien is granted or
purported to be granted as security for any Noteholder Claim.


 


“Noteholder Collateral Agreement”
shall mean the [Reference Second Lien Security Agreement], among [the Borrower,] the subsidiaries of the Borrower from time to
time party thereto and [__________] as [Trustee][collateral agent (in such capacity, the “Second Lien Collateral Agent”)].


 


“Noteholder Collateral Documents”
shall mean the Noteholder Collateral Agreement, the Second Priority Vessel Mortgages and any other document or instrument pursuant
to which a Lien is granted or purported to be granted by any Pledgor to secure any Noteholder Claims or under which rights or remedies
with respect to any such Lien are governed.


 


“Noteholder Documents” shall
mean (a) the Second Priority Senior Secured Notes Indenture, the Notes, the Noteholder Collateral Documents and (b) any
other related document or instrument executed and delivered pursuant to any Noteholder Document described in clause (a) above evidencing
or governing any Obligations thereunder.


 


“Notes” shall mean (a) the
Second Lien Notes, (b) Future Second Lien Indebtedness and (c) any additional notes issued under the Second Priority
Senior Secured Notes Indenture or any Second Priority Documents governing Future Second Lien Indebtedness by the [Borrower], to
the extent permitted by the Second Priority Senior Secured Notes Indenture, each Second Priority Document governing Future Second
Lien Indebtedness, the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, each other Senior Lender Documents
and each Second Priority Document, as applicable, in each case then outstanding.


 




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“Obligations” shall mean,
with respect to any Person, any payment, performance or other obligations of such Person of any kind, including, without limitation,
any liability of such Person on any claim, whether or not the right of any creditor to payment in respect of such claim is reduced
to judgment, liquidated, unliquidated, fixed, contingent, matured, disputed, undisputed, legal, equitable, secured or unsecured,
and whether or not such claim is discharged, stayed or otherwise affected by any Insolvency or Liquidation Proceeding. Without
limiting the generality of the foregoing, the Obligations of any Pledgor under any Senior Lender Document or Second Priority Document
include the obligations to pay principal, interest (including interest accrued on or accruing after the commencement of any Insolvency
or Liquidation Proceeding, whether or not a claim for post-filing interest is allowed in such proceeding) or premium on any Indebtedness,
letter of credit commissions (if applicable), charges, expenses, fees, attorneys’ fees and disbursements, indemnities and
other amounts payable by such Pledgor to reimburse any amount in respect of any of the foregoing that any Senior Lender or Second
Priority Secured Party, in its sole discretion, may elect to pay or advance on behalf of such Pledgor.


 


“Other First Priority Lien Obligations”
means any Indebtedness that is issued or guaranteed by the Borrower, and/or any Guarantor (other than Indebtedness constituting
Credit Agreement Obligations) which Indebtedness and Guarantees are secured by the Senior Collateral (or a portion thereof) on
a pari passu basis (but without regard to control of remedies) with the Credit Agreement Obligations; provided, however,
that (i) such Indebtedness is permitted to be incurred, secured and guaranteed on such basis by each then extant Senior Lender
Document and Second Priority Document and (ii) the Other First Priority Lien Obligations Agent for the holders of such Indebtedness
shall have (A) executed and delivered this Agreement as of the date hereof or become party to this Agreement pursuant to, and by
satisfying the conditions set forth in, Section 9.20 hereof and (B) become a party to a First Lien Intercreditor Agreement
pursuant to, and by satisfying the conditions set forth in, Section 6.20 of the Senior Collateral Agreement; provided further
that, if such Indebtedness will be the initial Other First Priority Lien Obligations incurred by the Borrower, then the Guarantors,
the Credit Agreement Agent and the Other First Priority Lien Obligations Agent for such Indebtedness shall have executed and delivered
a First Lien Intercreditor Agreement.


 


“Other First Priority Lien Obligations
Agent” shall mean, with respect to any Other First Priority Lien Obligations Credit Document, the Person elected, designated
or appointed as the administrative agent, trustee, collateral agent or similar representative with respect to such Other First
Priority Lien Obligations Credit Document by or on behalf of the holders of such Other First Priority Lien Obligations, and its
respective successors in such capacity.


 


“Other First Priority Lien Obligations
Credit Document” means any (a) instruments, agreements or documents evidencing debt facilities or commercial paper
facilities, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables
to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of credit, (b) debt
securities, indentures and/or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees
or bankers’ acceptances), or (c) instruments or agreements evidencing any other indebtedness, in each case in respect
of Other First Priority Lien Obligations.


 




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“Other First Priority Lien Obligations
Documents” means each Other First Priority Lien Obligations Credit Document and each Other First Priority Lien Obligations
Security Document related thereto.


 


“Other First Priority Lien Obligations
Security Documents” means any other document or instrument pursuant to which a Lien is granted or purported to be granted
by any Pledgor to secure any Other First Priority Lien Obligations or under which rights or remedies with respect to any such Lien
are governed.


 


“Person” shall mean any natural
person, corporation, business trust, joint venture, association, company, partnership, limited liability company or government,
individual or family trusts, or any agency or political subdivision thereof.


 


“Pledged Collateral” shall
mean the Common Collateral in the possession or control of any First Lien Agent (or in the possession or control of its agents
or bailees), to the extent that possession or control thereof is taken to perfect a Lien thereon under the Uniform Commercial Code.


 


“Pledgors” shall mean the
Borrower and each of the Borrower’s Subsidiaries, in each case, that has executed and delivered, or may from time to time
hereafter execute and deliver, a Second Priority Collateral Document or a Senior Collateral Document.


 


“Recovery” shall have the
meaning set forth in Section 6.4.


 


“Refinance” means, in respect
of any indebtedness, to refinance, extend, renew, defease, amend, increase, modify, supplement, restructure, refund, replace or
repay, or to issue other indebtedness or enter alternative financing arrangements, in exchange or replacement for such indebtedness
(in whole or in part), including by adding or replacing lenders, creditors, agents, borrowers and/or guarantors, and including
in each case, but not limited to, after the original instrument giving rise to such indebtedness has been terminated and including,
in each case, through any credit agreement, indenture or other agreement. “Refinanced” and “Refinancing”
have correlative meanings.


 


“Required Lenders” shall
mean, with respect to any Senior Lender Documents, those Senior Secured Parties the approval of which is required to approve an
amendment or modification of, termination or waiver of any provision of or consent to any departure from such Senior Lender Documents
(or would be required to effect such consent under this Agreement if such consent were treated as an amendment of the Senior Lender
Documents with respect to such Senior Secured Parties).


 


“Second Lien Collateral Agent”
shall have the meaning set forth in the definition of Noteholder Collateral Agreement.


 


“Second Lien Notes” shall
mean [__________], issued pursuant to the Second Priority Senior Secured Notes Indenture and any notes issued by [the Borrower]
in exchange for, and as contemplated by, the Second Lien Notes and the related registration rights agreement with substantially
identical terms as the Second Lien Notes.


 




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“Second Priority Agents”
shall mean (a) the Trustee as agent for the Indenture Secured Parties, (b) the Second Lien Collateral Agent and (c) the
collateral agent, trustee or other authorized representative for any Future Second Lien Indebtedness that is named as Second Priority
Agent in respect of such Future Second Lien Indebtedness in the applicable joinder agreement pursuant to Section 9.20.


 


“Second Priority Claims”
shall mean the Noteholder Claims and all other Obligations in respect of, or arising under, the Second Priority Documents, including
all fees and expenses of the Second Priority Agent for any Future Second Lien Indebtedness.


 


“Second Priority Collateral”
shall mean the Noteholder Collateral and all of the assets and property of any Pledgor, whether real, personal or mixed, with respect
to which a Lien is granted or purported to be granted as security for any Second Priority Claim.


 


“Second Priority Collateral Documents”
shall mean the Noteholder Collateral Agreement, each other Noteholder Collateral Document and any comparable agreement(s) executed
and delivered by any Pledgor for purposes of providing collateral security for any Future Second Lien Indebtedness.


 


“Second Priority Designated Agent”
shall mean such agent or trustee as is designated “Second Priority Designated Agent” by Second Priority Secured Parties
holding a majority in aggregate principal amount of the Second Priority Claims then outstanding that vote as a single class; it
being understood that as of the date of this Agreement and for so long as any Obligations under the Second Priority Senior Secured
Notes Indenture remain outstanding, the Second Lien Collateral Agent shall be so designated Second Priority Designated Agent.


 


“Second Priority Documents”
shall mean the Noteholder Documents, the Second Priority Collateral Documents and any other document or instrument evidencing or
governing, or securing, any Future Second Lien Indebtedness.


 


“Second Priority Lien” shall
mean any Lien on any Second Priority Collateral securing any Second Priority Claims.


 


“Second Priority Secured Parties”
shall mean the Indenture Secured Parties and all other Persons holding any Second Priority Claims, including the Second Priority
Agent for any Future Second Lien Indebtedness.


 


“Second Priority Vessel Mortgages”
shall mean each of the second preferred or second priority ship mortgages or other security documents granting a Lien on a Mortgaged
Vessel to secure the Second Priority Claims.


 


“Second Priority Senior Secured Notes
Indenture” shall have the meaning set forth in the recitals.


 


“Senior Collateral Agreement”
shall mean the Guarantee and Collateral Agreement dated as of May 24, 2013 (as amended, amended and restated, replaced, Refinanced,
supplemented or otherwise modified from time to time) among the subsidiaries of the Borrower from time to time party thereto and
the Credit Agreement Agent, as collateral agent.


 




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“Senior Collateral Documents”
shall mean the Senior Collateral Agreement, the Senior Vessel Mortgages, each other Security Document (as defined in the Credit
Agreement), the Other First Priority Lien Obligations Security Documents and any security agreement, mortgage or other agreement,
document or instrument pursuant to which a Lien is now or hereafter granted securing any Senior Lender Claims or under which rights
or remedies with respect to such Lien are at any time governed.


 


“Senior Lender Claims” shall
mean (i) the “Obligations” as defined in the Senior Collateral Agreement (other than clause (d) of such definition)
and (ii) Obligations arising under the Other First Priority Lien Obligations Credit Documents and any other Senior Lender
Documents, whether or not such Obligations constitute Indebtedness, including Obligations under any agreement that is an exchange
or replacement for or an extension, increase or Refinancing of any other Senior Lender Claims. Senior Lender Claims shall include
all interest and expenses accrued or accruing (or that would, absent the commencement of an Insolvency or Liquidation Proceeding,
accrue) after the commencement of an Insolvency or Liquidation Proceeding in accordance with and at the rate specified in the relevant
Senior Lender Documents whether or not the claim for such interest or expenses is allowed or allowable as a claim in such Insolvency
or Liquidation Proceeding.


 


“Senior Lender Collateral”
shall mean “Collateral” as defined in any Senior Collateral Document and all of the other assets or property of the
Pledgors, whether real, personal or mixed, with respect to which a Lien is granted or purported to be granted as security for any
Senior Lender Claim.


 


“Senior Lender Documents”
shall mean the Loan Documents, the Other First Priority Lien Obligations Credit Documents, the Senior Collateral Documents and
each of the other agreements, documents and instruments providing for, evidencing or securing any Senior Lender Claim, including
any Obligation under the Credit Agreement and any other related document or instrument executed or delivered pursuant to any such
document at any time or otherwise evidencing or securing any Obligation arising under any such document.


 


“Senior Secured Parties”
shall mean the Credit Agreement Secured Parties and all other Persons holding Senior Lender Claims, including the First Lien Agents.


 


“Senior Vessel Mortgages”
shall mean each of the first preferred or first priority ship mortgages or other security documents granting a Lien on a Mortgaged
Vessel to secure the Senior Lender Claims.


 


“Subsidiary” shall mean any
“Subsidiary” of the Borrower as defined in the Credit Agreement.


 


“Trustee” shall mean [__________],
in its capacity as trustee under the Second Priority Senior Secured Notes Indenture [and as collateral agent under the Noteholder
Collateral Documents], and its successors in such capacity.


 


“Uniform Commercial Code”
or “UCC” shall mean the Uniform Commercial Code as from time to time in effect in the State of New York.


 




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1.2       Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”.
The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall
be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified in accordance with this Agreement, (b) any reference herein to any Person shall be construed to include such Person’s
successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of
similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all
references herein to Sections shall be construed to refer to Sections of this Agreement and (e) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights.


 


SECTION 2. Lien Priorities.


 


2.1       Subordination
of Liens. Notwithstanding (i) the date, time, method, manner or order of filing or recordation of any document or instrument
or grant, attachment or perfection (including any defect or deficiency or alleged defect or deficiency in any of the foregoing)
of any Liens granted to the Second Priority Secured Parties on the Common Collateral or of any Liens granted to the Senior Secured
Parties on the Common Collateral, (ii) any provision of the UCC, any Bankruptcy Law, or any applicable law or the Second
Priority Documents or the Senior Lender Documents, (iii) whether any First Lien Agent, either directly or through agents,
holds possession of, or has control over, all or any part of the Common Collateral, (iv) the fact that any such Liens may
be subordinated, voided, avoided, invalidated or lapsed or (v) any other circumstance of any kind or nature whatsoever, each
Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, hereby agrees that: (a) any
Lien on the Common Collateral securing any Senior Lender Claims now or hereafter held by or on behalf of any First Lien Agent
or any other Senior Secured Party or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation
of law, subrogation or otherwise, shall have priority over and be senior in all respects and prior to any Lien on the Common Collateral
securing any Second Priority Claims now or hereafter held by or on behalf of any Second Priority Agent or any Second Priority
Secured Parties or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation
or otherwise and (b) any Lien on the Common Collateral securing any Second Priority Claims now or hereafter held by or on
behalf of any Second Priority Secured Parties or any agent or trustee therefor regardless of how acquired, whether by grant, statute,
operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the Common Collateral
securing any Senior Lender Claims now or hereafter held by or on behalf of any First Lien Agent or any other Senior Secured Party
or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise.
All Liens on the Common Collateral securing any Senior Lender Claims shall be and remain senior in all respects and prior to all
Liens on the Common Collateral securing any Second Priority Claims for all purposes, whether or not such Liens securing any Senior
Lender Claims are subordinated to any Lien securing any other obligation of a Borrower, any other Pledgor or any other Person.


 




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2.2       Prohibition
on Contesting Liens. Each Second Priority Agent, for itself and on behalf of each applicable Second Priority Secured Party,
and each First Lien Agent, for itself and on behalf of each applicable Senior Secured Party in respect of which it serves as First
Lien Agent, agrees that it shall not (and hereby waives any right to) take any action to challenge, contest or support any other
Person in contesting or challenging, directly or indirectly, in any proceeding (including any Insolvency or Liquidation Proceeding),
the validity, perfection, priority or enforceability of (a) any Lien securing any Senior Lender Claims held (or purported
to be held) by or on behalf of any First Lien Agent or any of the Senior Secured Parties or any agent or trustee therefor in any
Senior Lender Collateral or (b) a Lien securing any Second Priority Claims held (or purported to be held) by or on behalf
of any Second Priority Secured Party in the Common Collateral, as the case may be; provided, however, that nothing
in this Agreement shall be construed to prevent or impair the rights of any First Lien Agent or any Senior Lender to enforce this
Agreement (including the priority of the Liens securing the Senior Lender Claims as provided in Section 2.1) or any of the Senior
Lender Documents.


 


2.3       No
New Liens. So long as the Discharge of Senior Lender Claims has not occurred and subject to Section 6, each Second Priority
Agent agrees, for itself and on behalf of each applicable Second Priority Secured Party, whether or not any Insolvency or Liquidation
Proceeding has been commenced by or against a Borrower or any other Pledgor, that it shall not acquire or hold any Lien on any
assets of a Borrower or any other Pledgor securing any Second Priority Claims that are not also subject to the first-priority
Lien in respect of the Senior Lender Claims under the Senior Lender Documents. If any Second Priority Agent or any Second Priority
Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any collateral that is not also subject to
the first-priority Lien in respect of the Senior Lender Claims under the Senior Lender Documents, then such Second Priority Agent
shall, without the need for any further consent of any party and notwithstanding anything to the contrary in any other document,
be deemed to also hold and have held such lien for the benefit of the First Lien Agents as security for the Senior Lender Claims
(subject to the lien priority and other terms hereof) and shall promptly notify each First Lien Agent in writing of the existence
of such Lien and in any event take such actions as may be requested by any First Lien Agent to assign or release such Liens to
the First Lien Agents (and/or each of its designee) as security for the applicable Senior Lender Claims.


 


2.4       Perfection
of Liens. Neither the First Lien Agents nor the Senior Secured Parties shall be responsible for perfecting and maintaining
the perfection of Liens with respect to the Common Collateral for the benefit of the Second Priority Agents or the other Second
Priority Secured Parties. The provisions of this Agreement are intended solely to govern the respective Lien priorities as between
the Senior Secured Parties and the Second Priority Secured Parties and shall not impose on the First Lien Agents, the Second Priority
Agents, the Second Priority Secured Parties or the Senior Secured Parties or any agent or trustee therefor any obligations in
respect of the disposition of proceeds of any Common Collateral which would conflict with prior perfected claims therein in favor
of any other Person or any order or decree of any court or governmental authority or any applicable law.


 




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2.5       Waiver
of Marshalling. Until the Discharge of Senior Lender Claims, each Second Priority Agent, on behalf of itself and the applicable
Second Priority Secured Parties, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to
demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar
right that may otherwise be available under applicable law with respect to the Common Collateral or any other similar rights a
junior secured creditor may have under applicable law.


 


2.6       Nature
of First Priority Obligations. Each of the Second Priority Agents for itself and on behalf of the other applicable Second
Priority Secured Parties acknowledges that a portion of the Senior Lender Claims represents debt that is revolving in nature and
that the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently
reborrowed, and that the terms of the Senior Lender Claims may be modified, extended or amended from time to time, and that the
aggregate amount of the Senior Lender Claims may be increased, replaced or Refinanced, in each event, without notice to or consent
by the Second Priority Secured Parties and without affecting the provisions hereof. The lien priorities provided in Section 2.1
shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing,
increase, replacement, renewal, restatement or Refinancing of the Senior Lender Claims, or any portion thereof, or by any amendment,
modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or Refinancing of the
Second Priority Claims, or any portion thereof.


 


SECTION 3. Enforcement.


 


3.1       Exercise
of Remedies.


 


(a)       So
long as the Discharge of Senior Lender Claims has not occurred, whether or not any Insolvency or Liquidation Proceeding has been
commenced by or against a Borrower or any other Pledgor, (i) no Second Priority Agent or any Second Priority Secured Party
will (x) exercise or seek to exercise any rights or remedies (including setoff or recoupment) with respect to any Common Collateral
or any other security in respect of any applicable Second Priority Claims, or exercise any right under any lockbox agreement, control
agreement, landlord waiver or bailee’s letter or similar agreement or arrangement, or institute any action or proceeding
with respect to such rights or remedies (including any action of foreclosure), (y) contest, protest or object to any foreclosure
proceeding or action brought with respect to the Common Collateral or any other collateral by any First Lien Agent or any Senior
Lender in respect of the Senior Lender Claims, the exercise of any right by any First Lien Agent or any Senior Lender (or any agent
or sub-agent on their behalf) in respect of the Senior Lender Claims under any lockbox agreement, control agreement, landlord waiver
or bailee’s letter or similar agreement or arrangement to which any Second Priority Agent or any Second Priority Secured
Party either is a party or may have rights as a third party beneficiary, or any other exercise by any such party, of any rights
and remedies relating to the Common Collateral or any other collateral under the Senior Lender Documents or otherwise in respect
of Senior Lender Claims, or (z) object to the forbearance by the Senior Secured Parties from bringing or pursuing any foreclosure
proceeding or action or any other exercise of any rights or remedies relating to the Common Collateral or any other collateral
in respect of Senior Lender Claims and (ii) except as otherwise provided herein, each First Lien Agent and the Senior Secured
Parties shall have the exclusive right to enforce rights, exercise remedies (including setoff and the right to credit bid their
debt) and make determinations regarding the release, disposition or restrictions with respect to the Common Collateral without
any consultation with or the consent of any Second Priority Agent or any Second Priority Secured Party; provided, however,
that (A) in any Insolvency or Liquidation Proceeding commenced by or against a Borrower or any other Pledgor, each Second
Priority Agent may file a proof of claim or statement of interest with respect to the applicable Second Priority Claims, (B) each
Second Priority Agent may take any action (not adverse to the prior Liens on the Common Collateral securing the Senior Lender Claims,
or the rights of either First Lien Agent or the Senior Secured Parties to exercise remedies in respect thereof) in order to create,
prove, perfect, preserve or protect (but not enforce) its rights in, and perfection and priority of its Lien on, the Common Collateral,
(C) in any Insolvency or Liquidation Proceeding commenced by or against a Borrower or any other Pledgor, each Second Priority
Agent may file any necessary or responsive pleadings in opposition to any motion, adversary proceeding or other pleading filed
by any Person objecting to or otherwise seeking disallowance of the claim or Lien of such Second Priority Agent or Second Priority
Secured Party, (D) each Second Priority Agent may file any pleadings, objections, motions, or agreements which assert rights
available to unsecured creditors of a Borrower or any other Pledgor arising under any Insolvency or Liquidation Proceeding or applicable
non-bankruptcy law and (E) each Second Priority Agent and each Second Priority Secured Party may vote on any plan of reorganization
in any Insolvency or Liquidation Proceeding of a Borrower or any other Pledgor, in each case (A) through (E) above to the extent
such action is not inconsistent with, or could not result in a resolution inconsistent with, the terms of this Agreement.


 




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(b)       In
exercising rights and remedies with respect to the Senior Lender Collateral, each First Lien Agent and the Senior Secured Parties
may enforce the provisions of the Senior Lender Documents and exercise remedies thereunder, all in such order and in such manner
as they may determine in the exercise of their sole discretion. Such exercise and enforcement shall include the rights of an agent
appointed by them to sell or otherwise dispose of Common Collateral or other collateral upon foreclosure, to incur expenses in
connection with such sale or disposition, and to exercise all the rights and remedies of a secured lender under the uniform commercial
code of any applicable jurisdiction and of a secured creditor under Bankruptcy Laws of any applicable jurisdiction.


 


(c)       So
long as the Discharge of Senior Lender Claims has not occurred, each Second Priority Agent, on behalf of itself and each applicable
Second Priority Secured Party, agrees that it will not take or receive any Common Collateral or other collateral or any proceeds
of Common Collateral or other collateral in connection with the exercise of any right or remedy (including setoff or recoupment)
with respect to any Common Collateral or other collateral in respect of the applicable Second Priority Claims. Without limiting
the generality of the foregoing, unless and until the Discharge of Senior Lender Claims has occurred, except as expressly provided
in the proviso in clause (ii) of Section 3.1(a), the sole right of the Second Priority Agents and the Second Priority Secured Parties
with respect to the Common Collateral or any other collateral is to hold a Lien on the Common Collateral or such other collateral
in respect of the applicable Second Priority Claims pursuant to the Second Priority Documents, as applicable, for the period and
to the extent granted therein and to receive a share of the proceeds thereof, if any, after the Discharge of Senior Lender Claims
has occurred.


 




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(d)       Subject
to the proviso in clause (ii) of Section 3.1(a) above, (i) each Second Priority Agent, for itself and on behalf of each applicable
Second Priority Secured Party, agrees that no Second Priority Agent or any Second Priority Secured Party will take any action that
would hinder any exercise of remedies undertaken by any First Lien Agent or Senior Secured Parties with respect to the Common Collateral
or any other collateral under the Senior Lender Documents, including any sale, lease, exchange, transfer or other disposition of
the Common Collateral or such other collateral, whether by foreclosure or otherwise, and (ii) each Second Priority Agent,
for itself and on behalf of each applicable Second Priority Secured Party, hereby waives any and all rights it or any Second Priority
Secured Party may have as a junior lien creditor or otherwise to object to the manner in which any First Lien Agent or Senior Secured
Parties seek to enforce or collect the Senior Lender Claims or the Liens granted in any of the Senior Lender Collateral, regardless
of whether any action or failure to act by or on behalf of any First Lien Agent or Senior Secured Parties is adverse to the interests
of the Second Priority Secured Parties.


 


(e)       Each
Second Priority Agent hereby acknowledges and agrees that no covenant, agreement or restriction contained in any applicable Second
Priority Document shall be deemed to restrict in any way the rights and remedies of any First Lien Agent or Senior Secured Parties
with respect to the Senior Lender Collateral as set forth in this Agreement and the Senior Lender Documents.


 


(f)       Until
the Discharge of Senior Lender Claims, the First Priority Designated Agent shall have the exclusive right to exercise any right
or remedy with respect to the Common Collateral and shall have the exclusive right to determine and direct the time, method and
place for exercising such right or remedy or conducting any proceeding with respect thereto.


 


3.2       Cooperation.
Subject to the proviso in clause (ii) of Section 3.1(a), each Second Priority Agent, on behalf of itself and each applicable Second
Priority Secured Party, agrees that, unless and until the Discharge of Senior Lender Claims has occurred, it will not commence,
or join with any Person (other than the Senior Secured Parties and any First Lien Agent upon the request of the First Lien Designated
Agent) in commencing, any enforcement, collection, execution, levy or foreclosure action or proceeding with respect to any Lien
held by it in the Common Collateral or any other collateral under any of the applicable Second Priority Documents or otherwise
in respect of the applicable Second Priority Claims.


 


3.3       Actions
Upon Breach. If any Second Priority Secured Party, in contravention of the terms of this Agreement, in any way takes, attempts
to or threatens to take any action with respect to the Common Collateral (including any attempt to realize upon or enforce any
remedy with respect to this Agreement) or fails to take any action required by this Agreement, this Agreement shall create an irrebuttable
presumption and admission by such Second Priority Secured Party that relief against such Second Priority Secured Party by injunction,
specific performance and/or other appropriate equitable relief is necessary to prevent irreparable harm to the Senior Secured Parties,
it being understood and agreed by each Second Priority Agent on behalf of each applicable Second Priority Secured Party that (i) the
Senior Secured Parties’ damages from its actions may at that time be difficult to ascertain and may be irreparable, and (ii) each
Second Priority Secured Party waives any defense that the Pledgors and/or the Senior Secured Parties cannot demonstrate damage
and/or can be made whole by the awarding of damages.


 




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SECTION 4. Payments.


 


4.1       Application
of Proceeds. So long as the Discharge of Senior Lender Claims has not occurred, the Common Collateral and any other collateral
in respect of the Second Priority Claims or proceeds thereof received in connection with the sale or other disposition of, or collection
on, such Common Collateral or other collateral upon the exercise of remedies as a secured party, shall be applied by the First
Lien Agents to the Senior Lender Claims in such order as specified in the relevant Senior Lender Documents until the Discharge
of Senior Lender Claims has occurred. Upon the Discharge of Senior Lender Claims, subject to Section 5.7 hereof, each of the First
Lien Agents shall deliver promptly to the Second Priority Designated Agent any Common Collateral or proceeds thereof held by it
in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct to be
applied by the Second Priority Designated Agent ratably to the Second Priority Claims in such order as specified in the Second
Priority Documents.


 


4.2       Payments
Over. Any Common Collateral or other collateral in respect of the Second Priority Claims or proceeds thereof received by any
Second Priority Agent or any Second Priority Secured Party in connection with the exercise of any right or remedy (including setoff
or recoupment) relating to the Common Collateral or such other collateral prior to the Discharge of Senior Lender Claims shall
be segregated and held for the benefit of and forthwith paid over to the First Priority Designated Agent (and/or its designees)
for the benefit of the Senior Secured Parties in the same form as received, with any necessary endorsements or as a court of competent
jurisdiction may otherwise direct. The First Lien Agents are each hereby individually authorized to make any such endorsements
as agent for any Second Priority Agent or any such Second Priority Secured Party. This authorization is coupled with an interest
and is irrevocable.


 


SECTION 5. Other Agreements.


 


5.1       Releases.


 


(a)       If,
at any time any Pledgor or the holder of any Senior Lender Claim delivers notice to each Second Priority Agent that any specified
Common Collateral (including all or substantially all of the equity interests of a Pledgor or any of its Subsidiaries) (including
for such purpose, in the case of the sale of equity interests in any Subsidiary, any Common Collateral held by such Subsidiary
or any direct or indirect Subsidiary thereof) is:


 


(A)       sold,
transferred or otherwise disposed of:


 


(i)       by
the owner of such Common Collateral in a transaction permitted under the Credit Agreement, the Other First Priority Lien Obligations
Credit Documents, the Second Priority Senior Secured Notes Indenture and each other Senior Lender Document and Second Priority
Document (if any); or


 




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(ii)       during
the existence of any Event of Default under (and as defined in) the Credit Agreement or the Other First Priority Lien Obligations
Credit Documents to the extent that any of the First Lien Agents has consented to such sale, transfer or disposition; or


 


(B)       otherwise
released as permitted by the Credit Agreement and the Other First Priority Lien Obligations Credit Documents, then (whether
or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the Second Priority Secured
Parties upon such Common Collateral will automatically be released and discharged as and when, but only to the extent, such
Liens on such Common Collateral securing Senior Lender Claims are released and discharged. Upon delivery to each Second
Priority Agent of a notice from any First Lien Agent stating that any release of Liens securing or supporting the Senior
Lender Claims has become effective (or shall become effective upon each Second Priority Agent’s release) (whether in
connection with a sale of such assets by the relevant Pledgor pursuant to the preceding sentence or otherwise), each Second
Priority Agent will promptly execute and deliver such instruments, releases, termination statements or other documents
confirming such release on customary terms.


 


(b)       Each
Second Priority Agent, for itself and on behalf of each applicable Second Priority Secured Party, hereby irrevocably constitutes
and appoints each First Lien Agent and any officer or agent of such First Lien Agent, with full power of substitution, as its true
and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of each Second Priority Agent or such
holder or in such First Lien Agent’s own name, from time to time in such First Lien Agent’s discretion, for the purpose
of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all documents and
instruments that may be necessary or desirable to accomplish the purposes of this Section 5.1, including any termination statements,
endorsements or other instruments of transfer or release.


 


(c)       Unless
and until the Discharge of Senior Lender Claims has occurred, each Second Priority Agent, for itself and on behalf of each applicable
Second Priority Secured Party, hereby consents to the application, whether prior to or after a default, of proceeds of Common Collateral
or other collateral to the repayment of Senior Lender Claims pursuant to the Senior Lender Documents; provided that nothing
in this Section 5.1(c) shall be construed to prevent or impair the rights of the Second Priority Agents or the Second Priority
Secured Parties to receive proceeds in connection with the Second Priority Claims not otherwise in contravention of this Agreement.


 


5.2       Insurance.
Unless and until the Discharge of Senior Lender Claims has occurred, each First Lien Agent and the Senior Secured Parties shall
have the sole and exclusive right, subject to the rights of the Pledgors under the Senior Lender Documents, to adjust settlement
for any insurance policy covering the Common Collateral or any other collateral in respect of the Second Priority Claims in the
event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the Common Collateral
or such other collateral. Unless and until the Discharge of Senior Lender Claims has occurred, all proceeds of any such policy
and any such award if in respect of the Common Collateral or such other collateral shall be paid (a) first, prior to the occurrence
of the Discharge of Senior Lender Claims, to the First Lien Agents for the benefit of Senior Secured Parties pursuant to the terms
of the Senior Lender Documents, (b) second, after the occurrence of the Discharge of Senior Lender Claims, to the Second Priority
Agents for the benefit of the Second Priority Secured Parties pursuant to the terms of the applicable Second Priority Documents
and (c) third, if no Second Priority Claims are outstanding, to the owner of the subject property, such other person as may
be entitled thereto or as a court of competent jurisdiction may otherwise direct. If any Second Priority Agent or any Second Priority
Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such award in contravention of this
Agreement, it shall pay such proceeds over to any First Lien Agent in accordance with the terms of Section 4.2.


 




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5.3       Amendments
to Second Priority Collateral Documents.


 


(a)       So
long as the Discharge of Senior Lender Claims has not occurred, without the prior written consent of the First Lien Agents, no
Second Priority Collateral Document may be amended, supplemented or otherwise modified or entered into to the extent such amendment,
supplement or modification, or the terms of any new Second Priority Collateral Document, would be prohibited by or inconsistent
with any of the terms of this Agreement. Each Second Priority Agent agrees that each applicable Second Priority Collateral Document
shall contain the applicable provisions set forth on Annex I hereto (or similar provisions approved by the First Lien Agents).


 


(b)       In
the event that the First Lien Agents or the Senior Secured Parties enter into any amendment, waiver or consent in respect of or
replace any Senior Collateral Document for the purpose of adding to, or deleting from, or waiving or consenting to any departures
from any provisions of, any Senior Collateral Document or changing in any manner the rights of the First Lien Agents, the Senior
Secured Parties, a Borrower or any other Pledgor thereunder (including the release of any Liens in Senior Lender Collateral), then
such amendment, waiver or consent shall apply automatically to any comparable provision of each Comparable Second Priority Collateral
Document without the consent of any Second Priority Agent, a Borrower, any other Pledgor or any Second Priority Secured Party and
without any action by any Second Priority Agent, a Borrower, any other Pledgor or any Second Priority Secured Party; provided,
that such amendment, waiver or consent does not materially adversely affect the rights of a Borrower, any other Pledgor or the
Second Priority Secured Parties or the interests of the Second Priority Secured Parties in the Second Priority Collateral and not
the other creditors of such Borrower or such Pledgor, as the case may be, that have a security interest in the affected collateral
in a like or similar manner (without regard to the fact that the Lien of such Senior Collateral Document is senior to the Lien
of the Comparable Second Priority Collateral Document). The relevant First Lien Agent shall give written notice of such amendment,
waiver or consent to each Second Priority Agent; provided that the failure to give such notice shall not affect the effectiveness
of such amendment, waiver or consent with respect to the provisions of any Second Priority Collateral Document as set forth in
this Section 5.3(b).


 


(c)       Anything
contained herein to the contrary notwithstanding, until the Discharge of Senior Lender Claims has occurred, no Second Priority
Collateral Document shall be entered into unless the collateral covered thereby is also subject to a perfected first-priority interest
in favor of the First Lien Agents for the benefit of the Senior Secured Parties pursuant to the Senior Collateral Documents.


 




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5.4       Rights
As Unsecured Creditors. Notwithstanding anything to the contrary in this Agreement, the Second Priority Agents and the Second
Priority Secured Parties may exercise rights and remedies as an unsecured creditor against a Borrower or any Pledgor in accordance
with the terms of the applicable Second Priority Documents and applicable law, in each case to the extent not inconsistent with
the provisions of this Agreement. Nothing in this Agreement shall prohibit the receipt by any Second Priority Agent or any Second
Priority Secured Party of the required payments of interest and principal so long as such receipt is not the direct or indirect
result of (a) the exercise by any Second Priority Agent or any Second Priority Secured Party of rights or remedies as a secured
creditor in respect of Common Collateral or other collateral or (b) enforcement in contravention of this Agreement of any
Lien in respect of Second Priority Claims held by any of them. In the event any Second Priority Agent or any Second Priority Secured
Party becomes a judgment lien creditor or other secured creditor in respect of Common Collateral or other collateral as a result
of its enforcement of its rights as an unsecured creditor in respect of Second Priority Claims or otherwise, such judgment or other
lien shall be subordinated to the Liens securing Senior Lender Claims on the same basis as the other Liens securing the Second
Priority Claims are so subordinated to such Liens securing Senior Lender Claims under this Agreement. Nothing in this Agreement
impairs or otherwise adversely affects any rights or remedies the First Lien Agents or the Senior Secured Parties may have with
respect to the Senior Lender Collateral.


 


5.5       First
Lien Agents as Gratuitous Bailees for Perfection.


 


(a)       Each
First Lien Agent agrees to hold the Pledged Collateral that is part of the Common Collateral that is in its possession or control
(or in the possession or control of its agents or bailees) as gratuitous bailee for each Second Priority Agent and any assignee
solely for the purpose of perfecting the security interest granted in such Pledged Collateral pursuant to the Second Priority Collateral
Agreements, subject to the terms and conditions of this Section 5.5 (such bailment being intended, among other things, to satisfy
the requirements of Sections 8-106(d)(3), 8-301(a)(2) and 9-313(c) of the UCC).


 


(b)       In
the event that any First Lien Agent (or its agent or bailees) has Lien filings against Intellectual Property (as defined in the
Senior Collateral Agreement) that is part of the Common Collateral that are necessary for the perfection of Liens in such Common
Collateral, such First Lien Agent agrees to hold such Liens as gratuitous bailee for each Second Priority Agent and any assignee
solely for the purpose of perfecting the security interest granted in such Liens pursuant to the Second Priority Collateral Agreements,
subject to the terms and conditions of this Section 5.5.


 


(c)       Except
as otherwise specifically provided herein (including Sections 3.1 and 4.1), until the Discharge of Senior Lender Claims has occurred,
any First Lien Agent shall be entitled to deal with the Pledged Collateral in accordance with the terms of the Senior Lender Documents
as if the Liens under the Second Priority Collateral Documents did not exist. The rights of the Second Priority Agents and the
Second Priority Secured Parties with respect to such Pledged Collateral shall at all times be subject to the terms of this Agreement.


 




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(d)       The
First Lien Agents shall have no obligation whatsoever to any Second Priority Agent or any Second Priority Secured Party to assure
that the Pledged Collateral is genuine or owned by the Pledgors or to protect or preserve rights or benefits of any Person or any
rights pertaining to the Common Collateral except as expressly set forth in this Section 5.5. The duties or responsibilities of
the First Lien Agents under this Section 5.5 shall be limited solely to holding the Pledged Collateral as gratuitous bailee for
each Second Priority Agent for purposes of perfecting the Lien held by the Second Priority Secured Parties.


 


(e)       The
First Lien Agents shall not have by reason of the Second Priority Collateral Documents or this Agreement or any other document
a fiduciary relationship in respect of any Second Priority Agent or any Second Priority Secured Party and the Second Priority Agents
and the Second Priority Secured Parties hereby waive and release the First Lien Agents from all claims and liabilities arising
pursuant to the First Lien Agents’ role under this Section 5.5, as agent and gratuitous bailee with respect to the Common
Collateral.


 


(f)       Upon
the Discharge of Senior Lender Claims, the relevant First Lien Agent shall deliver to the Second Priority Designated Agent, to
the extent that it is legally permitted to do so, the remaining Pledged Collateral (if any) and to the extent such Pledged Collateral
is in the possession or control of such First Lien Agent (or its agents or bailees) together with any necessary endorsements (or
otherwise allow the Second Priority Designated Agent to obtain control of such Pledged Collateral) or as a court of competent jurisdiction
may otherwise direct.


 


(g)       Neither
the First Lien Agents nor the Senior Secured Parties shall be required to marshal any present or future collateral security for
the Borrower’s or their Subsidiaries’ obligations to the First Lien Agents or the Senior Secured Parties under the
Credit Agreement or the Senior Collateral Documents or any assurance of payment in respect thereof or to resort to such collateral
security or other assurances of payment in any particular order, and all of their rights in respect of such collateral security
or any assurance of payment in respect thereof shall be cumulative and in addition to all other rights, however existing or arising.


 


5.6       Second
Priority Designated Agent as Gratuitous Bailee for Perfection.


 


(a)       Upon
the Discharge of Senior Lender Claims, the Second Priority Designated Agent agrees to hold the Pledged Collateral that is part
of the Common Collateral in its possession or control (or in the possession or control of its agents or bailees) as gratuitous
bailee for the other Second Priority Agents and any assignee solely for the purpose of perfecting the security interest granted
in such Pledged Collateral pursuant to the applicable Second Priority Collateral Agreement, subject to the terms and conditions
of this Section 5.6.


 


(b)       In
the event that the Second Priority Designated Agent (or its agent or bailees) has Lien filings against Intellectual Property (as
defined in the Senior Collateral Agreement) that is part of the Common Collateral that are necessary for the perfection of Liens
in such Common Collateral, upon the Discharge of Senior Lender Claims, the Second Priority Designated Agent agrees to hold such
Liens as gratuitous bailee for the other Second Priority Agents and any assignee solely for the purpose of perfecting the security
interest granted in such Liens pursuant to the applicable Second Priority Collateral Agreement, subject to the terms and conditions
of this Section 5.6.


 




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(c)       The
Second Priority Designated Agent, in its capacity as gratuitous bailee, shall have no obligation whatsoever to the other Second
Priority Agents or the First Lien Agent to assure that the Pledged Collateral is genuine or owned by the Pledgors or to protect
or preserve rights or benefits of any Person or any rights pertaining to the Common Collateral except as expressly set forth in
this Section 5.6. The duties or responsibilities of the Second Priority Designated Agent under this Section 5.6 upon the Discharge
of Senior Lender Claims shall be limited solely to holding the Pledged Collateral as gratuitous bailee for the other Second Priority
Agents for purposes of perfecting the Lien held by the applicable Second Priority Secured Parties.


 


(d)       The
Second Priority Designated Agent shall not have by reason of the Second Priority Collateral Documents or this Agreement or any
other document a fiduciary relationship in respect of the other Second Priority Agents (or the Second Priority Secured Parties
for which such other Second Priority Agents are agents) and the other Second Priority Agents hereby waive and release the Second
Priority Designated Agent from all claims and liabilities arising pursuant to the Second Priority Designated Agent’s role
under this Section 5.6, as agent and gratuitous bailee with respect to the Common Collateral.


 


(e)       In
the event that the Second Priority Designated Agent shall cease to be so designated the Second Priority Designated Agent pursuant
to the definition of such term, the then Second Priority Designated Agent shall deliver to the successor Second Priority Designated
Agent, to the extent that it is legally permitted to do so, the remaining Pledged Collateral (if any), together with any necessary
endorsements (or otherwise allow the successor Second Priority Designated Agent to obtain control of such Pledged Collateral) or
as a court of competent jurisdiction may otherwise direct, and such successor Second Priority Designated Agent shall perform all
duties of the Second Priority Designated Agent as set forth herein.


 


5.7       Release
Upon Discharge of Senior Lender Claims; No Release If Event of Default; Reinstatement.


 


(a)       Except
as otherwise provided in clause (b) of this Section 5.7, upon the Discharge of Senior Lender Claims and the concurrent release
of the Liens securing Senior Lender Claims, the Liens in favor of the Second Priority Secured Parties shall automatically be released
and discharged.


 


(b)       Notwithstanding
any other provisions contained in this Agreement, if an Event of Default (as defined in the Second Priority Senior Secured Notes
Indenture or any other Second Priority Document, as applicable) exists on the date of Discharge of Senior Lender Claims, the Second
Priority Liens on the Second Priority Collateral securing the Second Priority Claims relating to such Event of Default will not
be released, except to the extent such Second Priority Collateral or any portion thereof was disposed of in order to repay Senior
Lender Claims secured by such Second Priority Collateral, and thereafter the applicable Second Priority Agent will have the right
to foreclose upon such Second Priority Collateral (but in such event, the Liens on such Second Priority Collateral securing the
applicable Second Priority Claims will be released when such Event of Default and all other Events of Default under the Second
Priority Senior Secured Notes Indenture or any other Second Priority Document, as applicable, cease to exist).


 




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(c)       If,
at any time after the Discharge of Senior Lender Claims has occurred, the Borrower incurs and designates any Senior Lender Claims,
then such Discharge of Senior Lender Claims shall automatically be deemed not to have occurred for all purposes of this Agreement
(other than with respect to any actions taken prior to the date of such designation as a result of the occurrence of such first
Discharge of Senior Lender Claims), and the applicable agreement governing such Senior Lender Claims shall automatically be treated
as the Credit Agreement for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect
of Common Collateral set forth herein and the granting by the First Lien Agents of amendments, waivers and consents hereunder.
Upon receipt of notice of such designation (including the identity of any new First Lien Agent), each Second Priority Agent shall
promptly (i) enter into such documents and agreements, including amendments or supplements to this Agreement, as such new
First Lien Agent shall reasonably request in writing in order to provide the new First Lien Agent the rights of the First Lien
Agents contemplated hereby and (ii) to the extent then held by any Second Priority Agent, deliver to such First Lien Agent
the Pledged Collateral that is Common Collateral together with any necessary endorsements (or otherwise allow such First Lien Agent
to obtain possession or control of such Pledged Collateral).


 


SECTION 6. Insolvency or Liquidation Proceedings.


 


6.1       Financing
Issues. If a Borrower or any other Pledgor shall be subject to any Insolvency or Liquidation Proceeding and any First Lien
Agent shall desire to permit the use of cash collateral or to permit a Borrower or any other Pledgor to obtain financing under
Section 363 or Section 364 of Title 11 of the United States Code or any similar provision in any Bankruptcy Law (“DIP
Financing”), then each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party,
agrees that it will raise no objection to, and will not encourage or support any objection to, and will not otherwise contest (a) such
use of cash collateral or DIP Financing and will not request adequate protection or any other relief in connection therewith (except
to the extent permitted by Section 6.3) and, to the extent the Liens securing the Senior Lender Claims under the Senior Lender
Documents are subordinated or pari passu with such DIP Financing, will subordinate its Liens in the Common Collateral and any other
collateral to such DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens securing the Second
Priority Claims are so subordinated to Liens securing Senior Lender Claims under this Agreement, (b) any motion for relief
from the automatic stay or from any injunction against foreclosure or enforcement in respect of Senior Lender Claims made by any
First Lien Agent or any holder of Senior Lender Claims, (c) any lawful exercise by any holder of Senior Lender Claims of the
right to credit bid, under Section 63(k) of the Bankruptcy Code, Senior Lender Claims at any sale in foreclosure of Senior Lender
Collateral, (d) any other request for judicial relief made in any court by any holder of Senior Lender Claims relating to
the lawful enforcement of any Lien on Senior Lender Collateral or (e) any order under Section 363(b) and (f) of the Bankruptcy
Code relating to a sale of assets of any Pledgor for which any First Lien Agent has consented that provides, to the extent the
sale is to be free and clear of Liens, that the Liens securing the Senior Lender Claims and the Second Priority Claims will attach
to the proceeds of the sale on the same basis of priority as the Liens securing the Senior Lender Collateral do to the Liens securing
the Second Priority Collateral in accordance with this Agreement.


 




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6.2       Relief
from the Automatic Stay. Until the Discharge of Senior Lender Claims has occurred, each Second Priority Agent, on behalf of
itself and each applicable Second Priority Secured Party, agrees that none of them shall seek relief from the automatic stay or
any other stay in any Insolvency or Liquidation Proceeding in respect of the Common Collateral or any other collateral, without
the prior written consent of all First Lien Agents and Required Lenders.


 


6.3       Adequate
Protection. Each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, agrees that
none of them shall contest (or support any other Person contesting) (a) any request by any First Lien Agent or Senior Secured
Parties for adequate protection or (b) any objection by any First Lien Agent or Senior Secured Parties to any motion, relief,
action or proceeding based on such First Lien Agent’s or the Senior Secured Parties’ claiming a lack of adequate protection.
Notwithstanding the foregoing, in any Insolvency or Liquidation Proceeding, (i) if the Senior Secured Parties (or any subset
thereof) are granted adequate protection in the form of additional collateral in connection with any DIP Financing or use of cash
collateral under Section 363 or Section 364 of Title 11 of the United States Code or any similar Bankruptcy Law, then each Second
Priority Agent, on behalf of itself and any applicable Second Priority Secured Party, (A) may seek or request adequate protection
in the form of a replacement Lien on such additional collateral, which Lien is subordinated to the Liens securing the Senior Lender
Claims and such DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens securing the Second Priority
Claims are so subordinated to the Liens securing Senior Lender Claims under this Agreement and (B) agrees that it will not
seek or request, and will not accept, adequate protection in any other form, and (ii) in the event any Second Priority Agent,
on behalf of itself or any applicable Second Priority Secured Party, seeks or requests adequate protection and such adequate protection
is granted in the form of additional collateral, then such Second Priority Agent, on behalf of itself or each such Second Priority
Secured Party, agrees that the First Lien Agents shall also be granted a senior Lien on such additional collateral as security
for the applicable Senior Lender Claims and any such DIP Financing and that any Lien on such additional collateral securing the
Second Priority Claims shall be subordinated to the Liens on such collateral securing the Senior Lender Claims and any such DIP
Financing (and all Obligations relating thereto) and any other Liens granted to the Senior Secured Parties as adequate protection
on the same basis as the other Liens securing the Second Priority Claims are so subordinated to such Liens securing Senior Lender
Claims under this Agreement.


 


6.4       Avoidance
Issues. If any Senior Lender is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise
pay to the estate of a Borrower or any other Pledgor (or any trustee, receiver or similar person therefor), because the payment
of such amount was declared to be fraudulent or preferential in any respect or for any other reason, any amount (a “Recovery”),
whether received as proceeds of security, enforcement of any right of setoff or otherwise, then as among the parties hereto the
Senior Lender Claims shall be deemed to be reinstated to the extent of such Recovery and to be outstanding as if such payment had
not occurred and the Senior Secured Parties shall be entitled to a Discharge of Senior Lender Claims with respect to all such recovered
amounts and shall have all rights hereunder until such time. If this Agreement shall have been terminated prior to such Recovery,
this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge,
impair or otherwise affect the obligations of the parties hereto.


 




    	 	21	 



     


    

 


6.5       Application.
This Agreement, which the parties acknowledge to be a subordination agreement subject to Section 510 of the Bankruptcy Code, shall
be applicable prior to and after the commencement of any Insolvency or Liquidation Proceeding. All references herein to any Pledgor
shall apply to any trustee for such Person and such Person as debtor in possession. The relative rights as to the Common Collateral
and other collateral and proceeds thereof shall continue after the filing thereof on the same basis as prior to the date of the
petition, subject to any court order approving the financing of, or use of cash collateral by, any Pledgor.


 


6.6       Waivers.
Until the Discharge of Senior Lender Claims has occurred, each Second Priority Agent, on behalf of itself and each applicable Second
Priority Secured Party, (a) will not assert or enforce any claim under Section 506(c) of the United States Bankruptcy Code
senior to or on a parity with the Liens securing the Senior Lender Claims for costs or expenses of preserving or disposing of any
Common Collateral or other collateral, and (b) waives any claim it may now or hereafter have arising out of the election by
any Senior Lender of the application of Section 1111(b)(2) of the Bankruptcy Code.


 


6.7       Reorganization
Securities. If, in any Insolvency or Liquidation Proceeding, debt obligations of the reorganized debtor secured by Liens upon
any property of the reorganized debtor are distributed, pursuant to a plan of reorganization or similar dispositive restructuring
plan, on account of both the Senior Lender Claims and the Second Priority Claims, then, to the extent the debt obligations distributed
on account of the Senior Lender Claims and on account of the Second Priority Claims are secured by Liens upon the same assets or
property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will
apply with like effect to the Liens securing such debt obligations.


 


SECTION 7. Reliance; Waivers; etc.


 


7.1       Reliance.
The consent by the Senior Secured Parties to the execution and delivery of the Second Priority Documents to which the Senior Secured
Parties have consented and all loans and other extensions of credit made or deemed made on and after date hereof by the Senior
Secured Parties to the Borrower or any Subsidiary shall be deemed to have been given and made in reliance upon this Agreement.
Each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, acknowledges that it and the
applicable Second Priority Secured Parties is not entitled to rely on any credit decision or other decisions made by any First
Lien Agent or any Senior Lender in taking or not taking any action under the applicable Second Priority Document or this Agreement.


 


7.2       No
Warranties or Liability. Neither any First Lien Agent nor any Senior Lender shall have been deemed to have made any express
or implied representation or warranty upon which the Second Priority Agent or the Second Priority Secured Parties may rely, including
with respect to the execution, validity, legality, completeness, collectability or enforceability of any of the Senior Lender Documents,
the ownership of any Common Collateral or the perfection or priority of any Liens thereon. The Senior Secured Parties will be entitled
to manage and supervise their respective loans and extensions of credit under the Senior Lender Documents in accordance with law
and as they may otherwise, in their sole discretion, deem appropriate, and the Senior Secured Parties may manage their loans and
extensions of credit without regard to any rights or interests that any Second Priority Agent or any of the Second Priority Secured
Parties have in the Common Collateral or otherwise, except as otherwise provided in this Agreement. Neither any First Lien Agent
nor any Senior Lender shall have any duty to any Second Priority Agent or any Second Priority Secured Party to act or refrain from
acting in a manner that allows, or results in, the occurrence or continuance of an event of default or default under any agreements
with the Borrower or any Subsidiary thereof (including the Second Priority Documents), regardless of any knowledge thereof that
they may have or be charged with. Except as expressly set forth in this Agreement, the First Lien Agents, the Senior Secured Parties,
the Second Priority Agents and the Second Priority Secured Parties have not otherwise made to each other, nor do they hereby make
to each other, any warranties, express or implied, nor do they assume any liability to each other with respect to (a) the
enforceability, validity, value or collectability of any of the Second Priority Claims, the Senior Lender Claims or any guarantee
or security which may have been granted to any of them in connection therewith, (b) the Borrower’s title to or right
to transfer any of the Common Collateral or (c) any other matter except as expressly set forth in this Agreement.


 




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7.3       Obligations
Unconditional. All rights, interests, agreements and obligations of the First Lien Agents and the Senior Secured Parties, and
the Second Priority Agents and the Second Priority Secured Parties, respectively, hereunder shall remain in full force and effect
irrespective of:


 


(a)       any
lack of validity or enforceability of any Senior Lender Documents or any Second Priority Documents;


 


(b)       any
change in the time, manner or place of payment of, or in any other terms of, all or any of the Senior Lender Claims or Second Priority
Claims, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct
or otherwise, of the terms of the Credit Agreement or any other Senior Lender Document or of the terms of the Second Priority Senior
Secured Notes Indenture or any other Second Priority Document;


 


(c)       any
exchange of any security interest in any Common Collateral or any other collateral, or any amendment, waiver or other modification,
whether in writing or by course of conduct or otherwise, of all or any of the Senior Lender Claims or Second Priority Claims or
any guarantee thereof;


 


(d)       the
commencement of any Insolvency or Liquidation Proceeding in respect of a Borrower or any other Pledgor; or


 


(e)       any
other circumstances that otherwise might constitute a defense available to, or a discharge of, a Borrower or any other Pledgor
in respect of the Senior Lender Claims, or of any Second Priority Agent or any Second Priority Secured Party in respect of this
Agreement.


 




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SECTION 8. Representations and Warranties


 


8.1       Representations
and Warranties of Each Party. Each party hereto represents and warrants to the other parties hereto as follows:



 


(a)       Such
party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has all
requisite power and authority to execute and deliver this Agreement and perform its obligations hereunder.


 


(b)       This
Agreement has been duly executed and delivered by such party and constitutes a legal, valid and binding obligation of such party,
enforceable in accordance with its terms.


 


(c)       The
execution, delivery and performance by such party of this Agreement (i) do not require any consent or approval of, registration
or filing with or any other action by any governmental authority and (ii) will not violate any provision of law, statute,
rule or regulation, or of the certificate or articles of incorporation or other constitutive documents or by-laws of such party
or any order of any governmental authority or any provision of any indenture, agreement or other instrument binding upon such party.


 


8.2       Representations
and Warranties of First Lien Agent and Second Priority Agent. Each First Lien Agent and Second Priority Agent represents and
warrants to the other parties hereto that it has been authorized by the Senior Secured Parties or the Indenture Secured Parties,
as applicable, to enter into this Agreement.


 


SECTION 9. Miscellaneous.


 


9.1       Conflicts.
Subject to Section 9.18, in the event of any conflict between the provisions of this Agreement and the provisions of any Senior
Lender Document or any Second Priority Document, the provisions of this Agreement shall govern.


 


9.2       Continuing
Nature of this Agreement; Severability. Subject to Section 6.4, this Agreement shall continue to be effective until the Discharge
of Senior Lender Claims shall have occurred or such later time as all the Obligations in respect of the Second Priority Claims
shall have been paid in full. This is a continuing agreement of lien subordination and the Senior Secured Parties may continue,
at any time and without notice to each Second Priority Agent or any Second Priority Secured Party, to extend credit and other financial
accommodations and lend monies to or for the benefit of a Borrower or any other Pledgor constituting Senior Lender Claims in reliance
hereon. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation
Proceeding. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate 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.


 


9.3       Amendments;
Waivers. Subject to Section 9.20 hereof, no amendment, modification or waiver of any of the provisions of this Agreement by
any Second Priority Agent or any First Lien Agent shall be deemed to be made unless the same shall be in writing signed on behalf
of the party making the same or its authorized agent and each waiver, if any, shall be a waiver only with respect to the specific
instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties
to such party in any other respect or at any other time. The Borrower and the Pledgors shall not have any right to consent to or
approve any amendment, modification or waiver of any provision of this Agreement except to the extent their rights are adversely
affected (in which case the Borrower shall have the right to consent to or approve any such amendment, modification or waiver).
Upon the Borrower’s request in connection with a designation of additional obligations as Other First Priority Lien Obligations
or Future Second Lien Indebtedness, any First Lien Agent and/or any Second Priority Agent shall enter into such supplemental agreements
(which may each take the form of an amendment, an amendment and restatement or a supplement of the foregoing Agreement) to facilitate
the designation of such additional obligations as contemplated by Section 9.20 hereof as the Borrower may request; provided
that the Borrower shall have delivered to each First Lien Agent and Second Priority Agent a certificate from an authorized officer
of the Borrower confirming that such designation of additional obligations pursuant to Section 9.20 is permitted under each Senior
Lien Document and each Second Priority Document and each First Lien Agent and Second Priority Agent may conclusively rely on such
officer’s certificate without any further inquiry..


 




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9.4       Information
Concerning Financial Condition of the Borrower and the Subsidiaries. Neither any First Lien Agent nor any Senior Lender shall
have any obligation to any Second Priority Agent or any Second Priority Secured Party to keep the Second Priority Agent or any
Second Priority Secured Party informed of, and the Second Priority Agents and the Second Priority Secured Parties shall not be
entitled to rely on the First Lien Agents or the Senior Secured Parties with respect to, (a) the financial condition of the
Borrower and its Subsidiaries and all endorsers, pledgors and/or guarantors of the Second Priority Claims or the Senior Lender
Claims and (b) all other circumstances bearing upon the risk of nonpayment of the Second Priority Claims or the Senior Lender
Claims. The First Lien Agents, the Senior Secured Parties, each Second Priority Agent and the Second Priority Secured Parties shall
have no duty to advise any other party hereunder of information known to it or them regarding such condition or any such circumstances
or otherwise. In the event that any First Lien Agent, any Senior Lender, any Second Priority Agent or any Second Priority Secured
Party, in its or their sole discretion, undertakes at any time or from time to time to provide any such information to any other
party, it or they shall be under no obligation (w) to make, and the First Lien Agents, the Senior Secured Parties, the Second
Priority Agents and the Second Priority Secured Parties shall not make, any express or implied representation or warranty, including
with respect to the accuracy, completeness, truthfulness or validity of any such information so provided, (x) to provide any
additional information or to provide any such information on any subsequent occasion, (y) to undertake any investigation or
(z) to disclose any information that, pursuant to accepted or reasonable commercial finance practices, such party wishes to
maintain confidential or is otherwise required to maintain confidential.


 


9.5       Subrogation.
Each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, hereby waives any rights of
subrogation it may acquire as a result of any payment hereunder until the Discharge of Senior Lender Claims has occurred.


 


9.6       Application
of Payments. Except as otherwise provided herein, all payments received by the Senior Secured Parties may be applied, reversed
and reapplied, in whole or in part, to such part of the Senior Lender Claims as the Senior Secured Parties, in their sole discretion,
deem appropriate, consistent with the terms of the Senior Lender Documents. Except as otherwise provided herein, each Second Priority
Agent, on behalf of itself and each applicable Second Priority Secured Party, assents to any such extension or postponement of
the time of payment of the Senior Lender Claims or any part thereof and to any other indulgence with respect thereto, to any substitution,
exchange or release of any security that may at any time secure any part of the Senior Lender Claims and to the addition or release
of any other Person primarily or secondarily liable therefor.


 




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9.7       Consent
to Jurisdiction; Waivers. The parties hereto consent to the nonexclusive jurisdiction of any state or federal court located
in New York County, New York (the “New York Courts”), and consent that all service of process may be made by
registered mail directed to such party as provided in Section 9.8 for such party. Service so made shall be deemed to be completed
three days after the same shall be posted as aforesaid. The parties hereto waive any objection to any action instituted hereunder
in any such court based on forum non conveniens, and any objection to the venue of any action instituted hereunder in any such
court. Each of the parties hereto waives any right it may have to trial by jury in respect of any litigation based on, or arising
out of, under or in connection with this Agreement, or any course of conduct, course of dealing, verbal or written statement or
action of any party hereto in connection with the subject matter hereof. Nothing in this Agreement shall affect any right that
any party may otherwise have to bring any action or proceeding relating to this Agreement in the courts of any jurisdiction, except
that each Second Priority Secured Party and each Second Priority Agent agrees that (a) it will not bring any such action or
proceeding in any court other than New York Courts, and (b) in any such action or proceeding brought against any Second Priority
Agent or any Pledgor or any Second Priority Secured Party in any other court, it will not assert any cross-claim, counterclaim
or setoff, or seek any other affirmative relief, except to the extent that the failure to assert the same will preclude such Second
Priority Secured Party from asserting or seeking the same in the New York Courts.


 


9.8       Notices.
All notices to the Second Priority Secured Parties and the Senior Secured Parties permitted or required under this Agreement may
be sent to the Trustee, the First Lien Agents or any Second Priority Agent as provided in the Second Priority Senior Secured Notes
Indenture, the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the other relevant Senior Lender Documents
or the other relevant Second Priority Documents, as applicable. Unless otherwise specifically provided herein, any notice or other
communication herein required or permitted to be given shall be in writing and may be personally served, telecopied, electronically
mailed or sent by courier service or U.S. mail and shall be deemed to have been given when delivered in person or by courier service,
upon receipt of a telecopy or electronic mail or upon receipt via U.S. mail (registered or certified, with postage prepaid and
properly addressed). For the purposes hereof, the addresses of the parties hereto shall be as set forth below each party’s
name on the signature pages hereto, or, as to each party, at such other address as may be designated by such party in a written
notice to all of the other parties. The First Lien Agents hereby agree to promptly notify each Second Priority Agent upon payment
in full in cash of all Obligations under the applicable Senior Lender Documents (except for contingent indemnities and cost and
reimbursement obligations to the extent no claim therefor has been made).


 


9.9       Further
Assurances. Each of the Second Priority Agents, on behalf of itself and each applicable Second Priority Secured Party, and
each applicable First Lien Agent, on behalf of itself and each Senior Lender, agrees that each of them shall take such further
action and shall execute and deliver to each other First Lien Agent and the Senior Secured Parties such additional documents and
instruments (in recordable form, if requested) as each other First Lien Agent or the Senior Secured Parties may reasonably request,
to effectuate the terms of and the lien priorities contemplated by this Agreement.


 




    	 	26	 



     


    

 


9.10       GOVERNING
LAW. THIS AGREEMENT SHALL BE INTERPRETED, AND THE RIGHTS AND LIABILITIES OF THE PARTIES BOUND HEREBY DETERMINED, IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.


 


9.11       Binding
on Successors and Assigns. This Agreement shall be binding upon the First Lien Agents, the Senior Secured Parties, the Second
Priority Agents, the Second Priority Secured Parties and their respective permitted successors and assigns.


 


9.12       Specific
Performance. Each First Lien Agent may demand specific performance of this Agreement. Each Second Priority Agent, on behalf
of itself and each applicable Second Priority Secured Party, hereby irrevocably waives any defense based on the adequacy of a remedy
at law and any other defense that might be asserted to bar the remedy of specific performance in any action that may be brought
by any First Lien Agent.


 


9.13       Section
Titles. The section titles contained in this Agreement are and shall be without substantive meaning or content of any kind
whatsoever and are not a part of this Agreement.


 


9.14       Counterparts.
This Agreement may be executed in one or more counterparts, including by means of facsimile or other electronic transmission, each
of which shall be an original and all of which shall together constitute one and the same document.


 


9.15       Authorization.
By its signature, each Person executing this Agreement on behalf of a party hereto represents and warrants to the other parties
hereto that it is duly authorized to execute this Agreement. The First Lien Agents represent and warrant that this Agreement is
binding upon the applicable Senior Secured Parties. The Trustee represents and warrants that this Agreement is binding upon the
Indenture Secured Parties.


 


9.16       No
Third Party Beneficiaries; Successors and Assigns. This Agreement and the rights and benefits hereof shall inure to the benefit
of, and be binding upon, each of the parties hereto and their respective successors and assigns and shall inure to the benefit
of each of, and be binding upon, the holders of Senior Lender Claims and Second Priority Claims. No other Person shall have or
be entitled to assert rights or benefits hereunder. Notwithstanding the foregoing, the Borrower is the intended beneficiary and
third party beneficiary hereof with the right and power to enforce with respect to Sections 5.1, 5.3, 5.7, 9.3, 9.16 and 9.20 and
Article VI hereof and as otherwise provided herein.


 


9.17       Effectiveness.
This Agreement shall become effective when executed and delivered by the parties hereto. This Agreement shall be effective both
before and after the commencement of any Insolvency or Liquidation Proceeding. All references to a Borrower or any other Pledgor
shall include each Borrower or any other Pledgor as debtor and debtor-in-possession and any receiver or trustee for a Borrower
or any other Pledgor (as the case may be) in any Insolvency or Liquidation Proceeding.


 




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9.18       Relative
Rights. Notwithstanding anything in this Agreement to the contrary (except to the extent contemplated by Section 5.3(b)), nothing
in this Agreement is intended to or will (a) amend, waive or otherwise modify the provisions of the Credit Agreement, the
Other First Priority Lien Obligations Credit Documents, the Second Priority Senior Secured Notes Indenture or any other Senior
Lender Documents or Second Priority Documents entered into in connection with the Credit Agreement, the Other First Priority Lien
Obligations Credit Documents, the Second Priority Senior Secured Notes Indenture or any other Senior Lender Document or Second
Priority Document or permit a Borrower or any Subsidiary to take any action, or fail to take any action, to the extent such action
or failure would otherwise constitute a breach of, or default under, the Credit Agreement or any other Senior Lender Documents
entered into in connection with the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the Second Priority
Senior Secured Notes Indenture or any other Second Priority Documents, (b) change the relative priorities of the Senior Lender
Claims or the Liens granted under the Senior Lender Documents on the Common Collateral (or any other assets) as among the Senior
Secured Parties, (c) otherwise change the relative rights of the Senior Secured Parties in respect of the Common Collateral
as among such Senior Secured Parties or (d) obligate a Borrower or any Subsidiary to take any action, or fail to take any
action, that would otherwise constitute a breach of, or default under, the Credit Agreement, the Other First Priority Lien Obligations
Credit Documents or any other Senior Lender Document entered into in connection with the Credit Agreement, the Other First Priority
Lien Obligations Credit Documents, the Second Priority Senior Secured Notes Indenture or any other Second Priority Documents.


 


9.19       References.
Notwithstanding anything to the contrary in this Agreement, any references contained herein to any Section, clause, paragraph,
definition or other provision of the Second Priority Senior Secured Notes Indenture (including any definition contained therein)
shall be deemed to be a reference to such Section, clause, paragraph, definition or other provision as in effect on the date of
this Agreement; provided that any reference to any such Section, clause, paragraph or other provision shall refer to such
Section, clause, paragraph or other provision of the Second Priority Senior Secured Notes Indenture, as applicable (including any
definition contained therein), as amended or modified from time to time if such amendment or modification has been (1) made
in accordance with the Second Priority Senior Secured Notes Indenture, and (2) approved in writing by, or on behalf of, the
requisite Senior Secured Parties as are needed under the terms of the Credit Agreement and the Other First Priority Lien Obligations
Credit Documents, to approve such amendment or modification.


 




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9.20       Joinder
Requirements. The Borrower and/or any First Lien Agent and/or any Second Priority Agent, without the consent of any other First
Lien Agent or Second Priority Agent, any Senior Lender or any Second Priority Secured Party, may designate additional obligations
as Other First Priority Lien Obligations or Future Second Lien Indebtedness if the incurrence of such obligations is permitted
under each of the Credit Agreement, each Other First Priority Lien Obligations Credit Document, the Second Priority Senior Secured
Notes Indenture, each other relevant Senior Lender Document and Second Priority Document and this Agreement. If so permitted, as
a condition precedent to the effectiveness of such designation, the applicable Other First Priority Lien Obligations Agent or the
Second Lien Agent for such Future Second Lien Indebtedness shall execute and deliver to each First Lien Agent and Second Priority
Agent, a joinder agreement to this Agreement in form and substance reasonably satisfactory to the First Lien Designated Agent.
Notwithstanding anything to the contrary set forth in this Section 9.20 or in Section 9.3 hereof, any First Lien Agent and/or any
Second Priority Agent may, and, at the request of the Borrower, shall, in each case, without the consent of any other First Lien
Agent or Second Priority Agent, any Senior Lender or any Second Priority Secured Party, enter into a supplemental agreement (which
may take the form of an amendment, an amendment and restatement or a supplement of this Agreement) to facilitate the designation
of such additional obligations as Other First Priority Lien Obligations or Future Second Lien Indebtedness. Any such amendment
may, among other things, (i) add other parties holding Future Second Lien Indebtedness (or any agent or trustee therefor)
to the extent such Indebtedness is permitted by the Credit Agreement, each Other First Priority Lien Obligations Credit Documents,
the Second Priority Senior Secured Notes Indenture and each other Second Priority Document governing Future Second Lien Indebtedness,
(ii) add other parties holding Obligations arising under the Other First Priority Lien Obligations Credit Documents (or any
agent or trustee thereof) to the extent such Obligations are permitted by the Credit Agreement, each Other First Priority Lien
Obligations Credit Document, the Second Priority Senior Secured Notes Indenture and each other Second Priority Document governing
Future Second Lien Indebtedness, (iii) in the case of Future Second Lien Indebtedness, (a) establish that the Lien on
the Common Collateral securing such Future Second Lien Indebtedness shall be junior and subordinate in all respects to all Liens
on the Common Collateral securing any Senior Lender Claims and shall share in the benefits of the Common Collateral equally and
ratably with all Liens on the Common Collateral securing any Second Priority Claims, and (b) provide to the holders of such
Future Second Lien Indebtedness (or any agent or trustee thereof) the comparable rights and benefits (including any improved rights
and benefits that have been consented to by the First Lien Agents) as are provided to the holders of Second Priority Claims under
the foregoing Agreement immediately prior to the incurrence of such Future Second Lien Indebtedness, and (iv) in the case
of Obligations arising under Other First Priority Lien Obligations Credit Documents, (a) establish that the Lien on the Common
Collateral securing such Obligations shall be superior in all respects to all Liens on the Common Collateral securing any Second
Priority Claims and any Future Second Lien Indebtedness and shall share in the benefits of the Common Collateral equally and ratably
with all Liens on the Common Collateral securing any other Senior Lender Claims, and (b) provide to the holders of such Obligations
arising under the Other First Priority Lien Obligations Credit Documents (or any agent or trustee thereof) the comparable rights
and benefits as are provided to the holders of Senior Lender Claims under the foregoing Agreement immediately prior to the incurrence
of such Obligations. Any such additional party, each First Lien Agent and each Second Priority Agent shall be entitled to rely
on the determination of officers of the Borrower that such modifications are permitted by the Credit Agreement, the Other First
Priority Lien Obligations Credit Documents, the Second Priority Senior Secured Notes Indenture and each other Second Priority Document
governing Future Second Lien Indebtedness if such determination is set forth in an officers’ certificate of an authorized
officer of the Borrower delivered to such party, the First Lien Agents and each Second Priority Agent; provided, however,
that such determination will not affect whether or not the Borrower has complied with its undertakings in the Credit Agreement,
the Other First Priority Lien Obligations Credit Documents, the Senior Collateral Documents, the Second Priority Senior Secured
Notes Indenture, any other Second Priority Document governing Future Second Lien Indebtedness or the Second Priority Collateral
Documents.


 




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9.21       Intercreditor
Agreements. Each party hereto agrees that the Senior Secured Parties (as among themselves) and the Second Priority Secured
Parties (as among themselves) may each enter into intercreditor agreements (or similar arrangements) with the applicable First
Lien Agent or Second Priority Agent governing the rights, benefits and privileges as among the Senior Secured Parties or the Second
Priority Secured Parties, as the case may be, in respect of the Common Collateral, this Agreement and the other Senior Collateral
Documents or Second Priority Collateral Documents, as the case may be, including as to application of proceeds of the Common Collateral,
voting rights, control of the Common Collateral and waivers with respect to the Common Collateral, in each case so long as (A) the
terms thereof do not violate or conflict with the provisions of this Agreement or the other Senior Collateral Documents or Second
Priority Collateral Documents, as the case may be, (B) in the case of any such intercreditor agreement (or similar arrangement)
affecting any Senior Secured Parties, the First Lien Agent acting on behalf of such Senior Secured Parties agrees in its sole discretion
to enter into any such intercreditor agreement (or similar arrangement) and (C) in the case of any such intercreditor agreement
(or similar arrangement) affecting the Senior Secured Parties holding Senior Lender Claims under the Credit Agreement, such intercreditor
agreement (or similar arrangement) is permitted under the Credit Agreement or the Required Lenders otherwise authorize the applicable
First Lien Agent to enter into any such intercreditor agreement (or similar arrangement). Notwithstanding the preceding clauses
(B) and (C), to the extent that the applicable First Lien Agent is not authorized by the Required Lenders to enter into any such
intercreditor agreement (or similar arrangement ) or does not agree to enter into such intercreditor agreement (or similar arrangement
), such intercreditor agreement (or similar arrangement) shall not be binding upon the applicable First Lien Agent but, subject
to the immediately succeeding sentence, may still bind the other parties party thereto. In any event, if a respective intercreditor
agreement (or similar arrangement) exists, the provisions thereof shall not be (or be construed to be) an amendment, modification
or other change to this Agreement or any other Senior Collateral Document or Second Priority Collateral Document, and the provisions
of this Agreement and the other Senior Collateral Documents and Second Priority Collateral Documents shall remain in full force
and effect in accordance with the terms hereof and thereof (as such provisions may be amended, modified or otherwise supplemented
from time to time in accordance with the terms thereof, including to give effect to any intercreditor agreement (or similar arrangement)).


 


[Remainder of page intentionally left blank]


 




    	 	30	 



     


    

 


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


 


	 	NCL CORPORATION LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


	 	JPMORGAN CHASE BANK, N.A., as Credit Agreement Agent
	 	 	 
	 	By	     
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Address:
	 	Attention:
	 	Telecopier:
	 	 	 
	 	[__________], as Second Lien Collateral Agent
	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Address:
	 	Attention:
	 	Telecopier:


 




    	 	31	 



     


    

 


ANNEX I


 


Provision for the Second Priority Senior Secured Notes Indenture


 


“Reference is made to the Intercreditor Agreement dated as
of [•] (as amended, restated, supplemented or otherwise modified from time to time, the
“Intercreditor Agreement”), among the Borrower, the Subsidiaries of the Borrower party thereto, JPMorgan Chase
Bank, N.A., as Credit Agreement Agent (as defined therein), and [Trustee], as Second Lien Collateral Agent (as defined therein).
The trustee and each Noteholder, by the acceptance of its Note and the benefits of this Agreement, (a) acknowledges that it
has received a copy of the Intercreditor Agreement, (b) consents to the subordination of Liens provided for in the Intercreditor
Agreement, (c) agrees that it will be bound by and will take no actions contrary to the provisions of the Intercreditor Agreement
and (d) authorizes and instructs the Trustee to enter into the Intercreditor Agreement as Collateral Agent and on behalf of
such Noteholder. The foregoing provisions are intended as an inducement to the lenders under the First Lien Credit Agreement to
permit the incurrence of Indebtedness under this Agreement and to extend credit to the Borrower and such lenders are intended third
party beneficiaries of such provisions.”


 


Provision for the Second Priority Collateral Agreements


 


“Reference is made to the Intercreditor Agreement dated as
of [•] (as amended, restated, supplemented or otherwise modified from time to time, the
“Intercreditor Agreement”), among the Borrower, the Subsidiaries of the Borrower party thereto, JPMorgan Chase
Bank, N.A., as Credit Agreement Agent (as defined therein), and [Trustee], as Second Lien Collateral Agent (as defined therein).
Notwithstanding anything herein to the contrary, the lien and security interest granted to the Trustee, for the benefit of the
Noteholders and the other secured parties, pursuant to this Agreement and the exercise of any right or remedy by the Trustee and
the other secured parties hereunder are subject to the provisions of the Intercreditor Agreement. In the event of any conflict
or inconsistency between the provisions of the Intercreditor Agreement and this Agreement, the provisions of the Intercreditor
Agreement shall control.”


 




    	 	32	 



     


    

 


Exhibit L-1


 


[FORM OF]

REVOLVING FACILITY LOAN NOTE


 


	US$:________________	New York, New York
	 	_______, 20__


 


FOR VALUE RECEIVED, NCL
Corporation Ltd., a Bermuda company (the “Borrower”), promises to pay to the order of __________ (the “Lender”)
the principal amount of __________ DOLLARS AND ___ CENTS (US$______), or, if less, the aggregate outstanding principal amount of
the Revolving Facility Loans made by the Lender to the Borrower pursuant to the Credit Agreement referred to below. The outstanding
principal amount of this Revolving Facility Loan Note shall be paid in the amounts, on the dates and in the manner specified in
the Credit Agreement. The Borrower further agrees to pay interest on the principal amount hereof from time to time outstanding
at the rates and on the dates specified in the Credit Agreement. Principal and interest of any Revolving Facility Loan made to
the Borrower shall be payable in Dollars in immediately available funds at the office of the Administrative Agent.


 


The holder of this Revolving
Facility Loan Note is authorized to endorse on the schedule annexed hereto and made a part hereof, or on a continuation thereof
that shall be attached hereto and made a part hereof, the date and amount of each Revolving Facility Loan made to the Borrower
and the date and amount of each payment or prepayment of principal thereof. Each such endorsement shall constitute prima facie
evidence of the accuracy of the information endorsed. The failure to make any such endorsement shall not affect the obligations
of the Borrower in respect of the Revolving Facility Loans made to the Borrower.


 


This Revolving Facility
Loan Note (a) is one of the promissory notes referred to in the Amended and Restated Credit Agreement dated as of October 31, 2014
(as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”)
among the Borrower, the LENDERS party thereto from time to time, JPMORGAN CHASE BANK, N.A., as administrative and collateral agent
for and on behalf of the Lenders and certain other parties thereto (in such capacity, the “Administrative Agent”),
and the other financial institutions party thereto in the various capacities specified therein, (b) is subject to, and the Lender
is entitled to the benefits of, the provisions of Credit Agreement and (c) is subject to prepayment as provided in the Credit Agreement.
This Revolving Facility Loan Note is secured as provided in the Security Documents. There shall be maintained a Register for the
purpose of registering transfers of this Revolving Facility Loan Note and the amount of the Lender’s Revolving Facility Commitment
and the Revolving Facility Loans owing by the Borrower to the Lender as provided in Section 10.04(b) of the Credit Agreement.


 




     


     


    

 


Upon the occurrence and
during the continuance of any one or more Events of Default, all amounts then remaining unpaid on this Revolving Facility Loan
Note shall become, or may be declared to be, immediately due and payable, all as provided in the Credit Agreement.


 


All parties now and hereafter
liable with respect to this Revolving Facility Loan Note, whether as maker, principal, surety, guarantor, endorser or otherwise,
hereby waive presentment, demand, protest and all other notices of any kind.


 


Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.


 


THIS REVOLVING FACILITY
LOAN NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS
OF LAW PRINCIPLES THEREOF.


 


[Signature Page to Follow.]


 




     


     


    

 


This Promissory Note is issued pursuant to and
is subject to the Credit Agreement, executed as of the date set forth above.


 


	 	NCL CORPORATION LTD.
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 


 


Signature Page to the Promissory Note –
Revolving Facility Loan


 




     


     


    

 


SCHEDULE TO REVOLVING FACILITY LOAN NOTE


  


	Date	 	Amount of

Loan	 	Amount of

Principal

Repaid	 	Unpaid

Balance	 	Notation Made

By
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 


 


Signature Page to the Promissory Note –
Revolving Facility Loan


 




     


     


    

 


Exhibit L-2


 


[FORM OF]

TERM LOAN NOTE


 


	US$:________________	New York, New York
	 	_______, 20__


 


FOR VALUE RECEIVED, NCL
Corporation Ltd., a Bermuda company (the “Borrower”), promises to pay to the order of __________ (the “Lender”)
the principal amount of __________ DOLLARS AND ___ CENTS (US$______). The outstanding principal amount of this Term Loan Note shall
be paid in installments on each Term Loan Installment Date and in the manner specified in the Credit Agreement referred to below.
The Borrower further agrees to pay interest on the principal amount hereof from time to time outstanding at the rates and on the
dates specified in the Credit Agreement. All such principal and interest and any other amounts shall be payable in Dollars in immediately
available funds at the office of the Administrative Agent.


 


This Term Loan Note (a)
is one of the promissory notes referred to in the Amended and Restated Credit Agreement dated as of October 31, 2014 (as amended,
amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among the
Borrower, the LENDERS party thereto from time to time, JPMORGAN CHASE BANK, N.A., as administrative and collateral agent for and
on behalf of the Lenders and certain other parties thereto (in such capacity, the “Administrative Agent”), and
the other financial institutions party thereto in the various capacities specified therein, (b) is subject to, and the Lender is
entitled to the benefits of, the provisions of Credit Agreement and (c) is subject to prepayment as provided in the Credit Agreement.
This Term Loan Note is secured as provided in the Security Documents. There shall be maintained a Register for the purpose of registering
transfers of this Term Loan Note and the amount of the Lender’s Commitment and the Term Loan owing by the Borrower to the
Lender as provided in Section 10.04(b) of the Credit Agreement.


 


Upon the occurrence and
during the continuance of any one or more Events of Default, all amounts then remaining unpaid on this Term Loan Note shall become,
or may be declared to be, immediately due and payable, all as provided in the Credit Agreement.


 


All parties now and hereafter
liable with respect to this Term Loan Note, whether as maker, principal, surety, guarantor, endorser or otherwise, hereby waive
presentment, demand, protest and all other notices of any kind.


 


Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.


 




     


     


    

 


THIS TERM LOAN NOTE
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW
PRINCIPLES THEREOF.


 


[Signature Page to Follow.]


 




     


     


    

 


This Promissory Note is issued pursuant to and
is subject to the Credit Agreement, executed as of the date set forth above.


 


	 	NCL CORPORATION LTD.
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 


 


Signature Page to the Promissory Note –
Term Loan


 




     


     


    

 


Exhibit M


 


PERFECTION CERTIFICATE


 


Reference is hereby made to (i) that certain
Amended and Restated Credit Agreement (the “Credit Agreement”) dated as of October 31, 2014 among NCL CORPORATION
LTD., a Bermuda company (“NCL” or the “Borrower”), JPMORGAN CHASE BANK, N.A., as Collateral
Agent (in such capacity, the “Collateral Agent”) and the other parties thereto and (ii) that certain Guarantee
and Collateral Agreement (the “Collateral Agreement”) dated as of May 24, 2013 among each Subsidiary of the
Borrower party thereto (each a “Subsidiary Guarantor” and collectively, the “Subsidiary Guarantors”)
and the Collateral Agent (as successor in interest to Deutsche Bank Trust Company Americas). Capitalized terms used but not defined
herein have the meanings assigned in the Credit Agreement.


 


As used herein, the term “Companies”
means the Borrower and the Subsidiary Guarantors.


 


The undersigned hereby certify to the Collateral
Agent as follows:


 


1.       Names.


 


(a)       The
exact legal name of each Company, as such name appears in its respective certificate of incorporation or any other organizational
document, is set forth in Schedule 1(a). Each Company is (i) the type of entity disclosed next to its name
in Schedule 1(a) and (ii) a registered organization except to the extent disclosed in Schedule 1(a).
Also set forth in Schedule 1(a) is the organizational identification number, if any, of each Company that is
a registered organization, the Federal Taxpayer Identification Number of each Company and the jurisdiction of formation of each
Company.


 


(b)       Set
forth in Schedule 1(b) hereto is a list of any other corporate or organizational names each Company has had
in the past five years, together with the date of the relevant change.


 


(c)       Set
forth in Schedule 1(c) is a list of all other names used by each Company, or any other business or organization
to which each Company became the successor by merger, consolidation, acquisition, change in form, nature or jurisdiction of organization
or otherwise, on any filings with the Internal Revenue Service at any time within the five years preceding the date hereof. Except
as set forth in Schedule 1(c), no Company has changed its jurisdiction of organization at any time during the
past four months.


 


2.       Current
Locations. The chief executive office of each Company is located at the address set forth in Schedule 2
hereto.


 


3.       Extraordinary
Transactions. Except for those purchases, acquisitions and other transactions described in Schedule 3 attached
hereto, all of the Collateral owned by a Company has been originated by such Company in the ordinary course of business or consists
of goods which have been acquired by such Company in the ordinary course of business from a person in the business of selling goods
of that kind.


 




     


     


    

 


4.       File
Search Reports. Attached hereto as Schedule 4 is a true and accurate summary of file search reports from
the Uniform Commercial Code filing offices (i) in each jurisdiction identified in Section 1(a) or Section 2 with
respect to each legal name set forth in Section 1 and (ii) in each jurisdiction described in Schedule 1(c)
or Schedule 3 relating to any of the transactions described in Schedule (1)(c) or Schedule 3
with respect to each legal name of the person or entity from which each Company purchased or otherwise acquired any of the Collateral.
A true copy of each financing statement, including judgment and tax liens, bankruptcy and pending lawsuits or other filing identified
in such file search reports has been delivered to the Collateral Agent.


 


5.       UCC
Filings. The financing statements (duly authorized by each Company constituting the debtor therein), including the indications
of the collateral, attached as Schedule 5 relating to the Collateral Agreement, are in the appropriate forms
for filing in the filing offices in the jurisdictions identified in Schedule 6 hereof.


 


6.       Schedule of
Filings. Attached hereto as Schedule 6 is a schedule of (i) the appropriate filing offices for the
financing statements attached hereto as Schedule 5 , (ii) the appropriate filing offices for the filings
described in Schedule 11(c), and (iii) any other actions required to create, preserve, protect and perfect
the security interests in the Collateral owned by the Companies granted to the Collateral Agent pursuant to the Security Documents.
No other filings or actions are required to create, preserve, protect and perfect the security interests in the Collateral owned
by the Companies granted to the Collateral Agent pursuant to the Security Documents.


 


7.       Real
Property. (a)  Attached hereto as Schedule 7(a) is a list of all (i) real property owned, leased
or otherwise held by each Company located in the United States as of the Acquisition Closing Date, (ii) real property to be
encumbered by a Mortgage and fixture filing, which real property includes all real property owned, leased or otherwise held by
each Company as of the Acquisition Closing Date having a value in excess of $2,000,000 (such real property, the “Mortgaged
Property”), (iii) common names, addresses and uses of each Mortgaged Property (stating improvements located thereon)
and (iv) other information relating thereto required by such Schedule. Except as described in Schedule 7(b)
attached hereto: (i) no Company has entered into any leases, subleases, tenancies, franchise agreements, licenses or other
occupancy arrangements as owner, lessor, sublessor, licensor, franchisor or grantor with respect to any of the real property described
in Schedule 7(a) and (ii) no Company has any Leases which require the consent of the landlord, tenant or
other party thereto to the borrowing of the Acquisition Loans. The Mortgages delivered as of the date hereof are in the appropriate
form for filing in the filing offices in the jurisdictions identified in Schedule 6.


 


8.       Termination
Statements. Attached hereto as Schedule 8(a) are the duly authorized termination statements in the appropriate
form for filing in each applicable jurisdiction identified in Schedule 8(b) hereto with respect to each Lien
described therein.


 




    	 	2	 



     


    

 


9.       Stock
Ownership and Other Equity Interests. Attached hereto as Schedule 9(a) is a true and correct list of each
of all of the authorized, and the issued and outstanding, stock, partnership interests, limited liability company membership interests
or other equity interest of each Company and the record and beneficial owners of such stock, partnership interests, membership
interests or other equity interests setting forth the percentage of such equity interests pledged under the Collateral Agreement.


 


10.       Instruments
and Tangible Chattel Paper. Attached hereto as Schedule 10 is a true and correct list of all promissory
notes, instruments (other than checks to be deposited in the ordinary course of business), tangible chattel paper, electronic chattel
paper and other evidence of indebtedness held by each Company as of the date hereof, including all intercompany notes between or
among any Company, any other Subsidiary Guarantor or any of their respective Subsidiaries, stating if such instruments, chattel
paper or other evidence of indebtedness is pledged under the Collateral Agreement.


 


11.       Intellectual
Property. (a) Attached hereto as Schedule 11(a) is a schedule setting forth all of each Company’s
Patents and Trademarks (each as defined in the Collateral Agreement) applied for or registered with the United States Patent and
Trademark Office, and all other Patents and Trademarks (each as defined in the Collateral Agreement), including the name of the
registered owner or applicant and the registration, application, or publication number, as applicable, of each Patent or Trademark
owned by each Company.


 


(b)       Attached
hereto as Schedule 11(b) is a schedule setting forth all of each Company’s United States Copyrights (each as
defined in the Collateral Agreement), and all other Copyrights, including the name of the registered owner and the registration
number of each Copyright owned by each Company.


 


(c)       Attached
hereto as Schedule 11(c) is a schedule setting forth all Patent Licenses, Trademark Licenses and Copyright Licenses,
whether or not recorded with the USPTO or USCO, as applicable, including, but not limited to, the relevant signatory parties to
each license along with the date of execution thereof and, if applicable, a recordation number or other such evidence of recordation.


 


(d)       Attached
hereto as Schedule 11(d) in proper form for filing with the United States Patent and Trademark Office (the “USPTO”)
and United States Copyright Office (the “USCO”) are the filings necessary to preserve, protect and perfect the security
interests in the United States Trademarks, Trademark Licenses, Patents, Patent Licenses, Copyrights and Copyright Licenses set
forth in Schedule 11(a), Schedule 11(b), and Schedule 11(c), including duly signed copies
of each of the Patent Security Agreement, Trademark Security Agreement and the Copyright Security Agreement, as applicable.


 


12.       Commercial
Tort Claims. Attached hereto as Schedule 12 is a true and correct list of all Commercial Tort Claims (as defined
in the Collateral Agreement) held by each Company, including a brief description thereof and stating if such commercial tort claims
are required to be pledged under the Collateral Agreement.


 




    	 	3	 



     


    

 


13.       Deposit
Accounts, Securities Accounts and Commodity Accounts. No information is provided with respect to the Deposit Accounts, Securities
Accounts and/or Commodity Account since they are not required to be subject to Collateral Agent’s control pursuant to the
Collateral Agreement.


 


14.       Letter-of-Credit
Rights. Attached hereto as Schedule 14 is a true and correct list of all letters of credit issued in favor of each
Company, as beneficiary thereunder, stating if letter-of-credit rights with respect to such letters of credit are required to be
subject to a control arrangement pursuant to the Collateral Agreement.


 


15.       Motor
Vehicles. No information is provided with respect to the motor vehicles and other goods (covered by certificates of title or
ownership) since they are not required to be pledged pursuant to the Collateral Agreement.


 


16.       Insurance.
Attached hereto as Schedule 16 is a true and correct list of all general liability, vessel and property insurance
policies of each Company.


 


17.       Other
Collateral. Attached hereto as Schedule 17 is a true and correct list of all of the following types of collateral,
if any, owned or held by each Company: (a) all agreements and contracts with any Governmental Authority and (b) all ships
and boats vessels, stating in each case, if such types of collateral are required to be pledged pursuant to the Collateral Agreement
or any other Security Document.


 




    	 	4	 



     


    

 


IN WITNESS WHEREOF, we have hereunto
signed this Perfection Certificate as of this ____ day of ________ , 2014.


 


	 	[                                       ]
	 	 	 
	 	By:	   
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[                                       ]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:]


 


[Signature Page to Perfection Certificate]


 




     


     


    

 


Schedule 1(a)


 


Legal Names, Etc.


 


	Legal Name	 	Type of Entity	 	Registered

Organization

(Yes/No)	 	Organizational

Number13	 	Federal Taxpayer 

Identification Number	 	State of

Formation
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 


  


 






13       If
none, so state.


 




    	 	1	 



     


    

 


Schedule 1(b)


 


Prior Organizational Names 


 


[          ]


 




    	 	2	 



     


    

 


Schedule 1(c)


 


Changes in Corporate Identity; Other Names


 


[          ]


 




    	 	3	 



     


    

 


Schedule 2


 


Chief Executive Offices


 


	Company/Subsidiary	 	Address	 	Country	 	State
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 


 




    	 	4	 



     


    

 


Schedule 3


 


Transactions Other Than in the Ordinary
Course of Business


 


[         ]


 




    	 	5	 



     


    

 


Schedule 4


 


File Search Reports


 


See attached.


 




    	 	6	 



     


    

 


Schedule 5


 


Copy of Financing Statements To Be Filed


 


See attached.


 




    	 	7	 



     


    

 


Schedule 6


 


Filings/Filing Offices


 


	Type of Filing14	 	Entity	 	Applicable Security

Document	 	Jurisdictions
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 


 





 









14          UCC-1 financing statement, intellectual
property filing or other necessary filing.




 


 




    	 	8	 



     


    

 


Schedule 7(a)


 


Real Property


 


[           ]


 




    	 	9	 



     


    

 


Schedule 7(b)


 


Real Property Leases


 


[            ]


 




    	 	10	 



     


    

 


Schedule 8(a)


 


Attached hereto is a true copy of each termination
statement filing duly acknowledged or otherwise identified by the filing officer.


 




    	 	11	 



     


    

 


Schedule 8(b)


 


Termination Statement Filings


 


	Debtor	 	Jurisdiction	 	Secured Party	 	Type of Collateral	 	UCC-1

File Date	 	UCC-1 File

Number
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 


 




    	 	12	 



     


    

 


Schedule 9


 


(a) Equity Interests of the Companies


 


	Current Legal Entities

Owned	 	Record Owner	 	Certificate No.	 	No. Shares/

Interest	 	Percent

Pledged
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 


 




    	 	13	 



     


    

 


Schedule 10


 


Instruments and Tangible Chattel Paper


 


1.       Promissory Notes/Intercompany
Notes:


 


[           ]


 


2.       Chattel Paper:


 


[           ]


 




    	 	14	 



     


    

 


Schedule 11(a)


 


Patents and Trademarks


 


UNITED STATES PATENTS:


 


[            ]


 


OTHER PATENTS:


 


[            ]


 


UNITED STATES TRADEMARKS:


 


[           ]


 


OTHER TRADEMARKS:


 


[            ]


 




    	 	15	 



     


    

 


Schedule 11(b)


 


Copyrights


 


[             ]


 




    	 	16	 



     


    

 


Schedule 11(c)


 


Intellectual Property Licenses


 


Patent Licenses: 


 


[            ]


 


Trademark Licenses:


 


[            ]


 


Copyright Licenses:


 


[            ]


 




    	 	17	 



     


    

 


Schedule 11(d)


 


Intellectual Property Filings


 


[            ]


 




    	 	18	 



     


    

 


Schedule 12


 


Commercial Tort Claims


 


[            ]


 




    	 	19	 



     


    

 


Schedule 14


 


Letter of Credit Rights


 


[            ]


 




    	 	20	 



     


    

 


Schedule 16


 


Vessel and Property

Insurance


 


See attached.


 




    	 	21	 



     


    

 


Schedule 17


 


Other Collateral


 


(a) Agreements and Contracts with Governmental Authorities 


 


[            ]


 


(b) Ships, Boats and Vessels 


 


	Description	 	
        Pledged 

        [Yes/No]

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 


 




    	 	22	 



     


    

 


Exhibit N


 


[FORM OF]

PERMITTED LOAN PURCHASE ASSIGNMENT AND ACCEPTANCE


 


Reference is made to the Amended and Restated
Credit Agreement dated as of October 31, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among NCL Corporation Ltd., a Bermuda company (the “Borrower”), the
Lenders party thereto from time to time, JPMorgan Chase Bank. N.A., as administrative agent (together with its successors and assigns,
in such capacity, the “Administrative Agent”) and as collateral agent and certain other parties thereto. Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.


 


The Assignor identified on Schedule l hereto
(the “Assignor”) and the Borrower or Fund Affiliate identified on Schedule 1 hereto as “Assignee”
(the “Assignee”) agree as follows:


 


1.       The
Assignor hereby irrevocably sells and assigns to the Assignee without recourse to the Assignor, and the Assignee hereby irrevocably
purchases and assumes from the Assignor without recourse to the Assignor, as of the Effective Date (as defined below) and pursuant
to the terms and conditions set forth in the Credit Agreement for Permitted Loan Purchases (including, without limitation, Sections 10.04(i)
and 10.04(j) thereof), the interest described in Schedule 1 hereto (the “Assigned Interest”) in and to
the Assignor’s rights and obligations under the Credit Agreement with respect to those credit facilities contained in the
Credit Agreement as are set forth on Schedule 1 hereto (individually, an “Assigned Facility”; collectively,
the “Assigned Facilities”), in a principal amount for each Assigned Facility as set forth on Schedule 1
hereto.


 


2.       The
Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the
Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority,
and has taken all action necessary, to execute and deliver this Permitted Loan Purchase Assignment and Acceptance and to consummate
the transactions contemplated hereby; (b) makes no representation or warranty and assumes no responsibility with respect to
any statements, warranties or representations made in or in connection with the Credit Agreement or with respect to the execution,
legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement, any other Loan Document or any other
instrument or document furnished pursuant thereto, other than that the Assignor has not created any adverse claim upon the interest
being assigned by it hereunder and that such interest is free and clear of any such adverse claim; (c) makes no representation
or warranty and assumes no responsibility with respect to the financial condition of the Borrower, any of its Subsidiaries or any
other obligor or the performance or observance by the Borrower, any of its Subsidiaries or any other obligor of any of its respective
obligations under the Credit Agreement or any other Loan Document or any other instrument or document furnished pursuant hereto
or thereto; and (d) attaches any Notes held by it evidencing the Assigned Facilities. To the extent the Assignor has retained
any interest in the Assigned Facility and holds a Note evidencing such interest, the Assignor hereby requests that the Administrative
Agent exchange the attached Notes for a new Note or Notes payable to the Assignor, in each case in amounts which reflect the assignment
being made hereby (and after giving effect to any other assignments which have become effective on the Effective Date).


 




     


     


    

 


3.       The
Assignee (a) represents and warrants that it is legally authorized to enter into this Permitted Loan Purchase Assignment and
Acceptance and has taken all action necessary to execute and deliver this Permitted Loan Purchase Assignment and Acceptance and
to consummate the transaction contemplated hereby; and (b) represents and warrants that it satisfied the requirements, if
any, specified in the Credit Agreement that are required to be satisfied in order to make a Permitted Loan Purchase of the Assigned
Interest.


 


4.       The
effective date of this Permitted Loan Purchase Assignment and Acceptance shall be the Effective Date of Assignment described in
Schedule 1 hereto (the “Effective Date”). Following the execution of this Permitted Loan Purchase Assignment
and Acceptance, the Assigned Interest shall be deemed to be automatically and immediately (contributed to the Borrower, if applicable,
and) cancelled and extinguished (with a corresponding permanent reduction in Revolving Facility Commitments to the extent the Assigned
Interest consists of Revolving Facility Loans). The Administrative Agent shall update the Register, effective as of the Effective
Date, to record such event as if it were a prepayment of such Assigned Interest (with a corresponding permanent reduction in Revolving
Facility Commitments to the extent the Assigned Interest consists of Revolving Facility Loans) pursuant to Section 10.04(j)
of the Credit Agreement.


 


5.       Upon
such acceptance and recording, from and after the Effective Date, the Administrative Agent shall make all payments in respect of
the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have
accrued prior to the Effective Date. No payments in respect of the Assigned Interest (which shall be deemed to have been cancelled
and extinguished as of the Effective Date) shall be due to the Assignor or the Assignee from and after the Effective Date.


 


6.       As
of the Effective Date, the Assignor shall, to the extent provided in this Permitted Loan Purchase Assignment and Acceptance, relinquish
its rights and be released from its obligations under the Credit Agreement.


 


7.       This
Permitted Loan Purchase Assignment and Acceptance shall be binding upon, and inure to the benefit of the parties hereto and their
respective successors and assigns. This Permitted Loan Purchase Assignment and Acceptance may be executed in any number of counterparts,
which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Permitted Loan
Purchase Assignment and Acceptance by telecopy shall be effective as delivery of a manually executed counterpart of this Permitted
Loan Purchase Assignment and Acceptance.


 




    	 	2	 



     


    

 


8.       This
Permitted Loan Purchase Assignment and Acceptance shall be governed by and construed in accordance with the laws of the State of
New York.


 


[Signature pages follow]


 




    	 	3	 



     


    

 


IN WITNESS WHEREOF, the parties hereto have caused
this Permitted Loan Purchase Assignment and Acceptance to be executed as of the date first above written by their respective duly
authorized officers on Schedule 1 hereto.


 


	[NAME OF ASSIGNOR]	 	[NAME OF ASSIGNEE]
	 	 	 	 	 
	By:	 	 	By:	 
	 	Name:	 	 	Name:
	 	Title:	 	 	Title:


 


[Signature Page to Permitted Loan Purchase Assignment
and Acceptance]


 




     


     


    

 


	Accepted and Consented To:	 
	 	 	 
	JPMORGAN CHASE BANK, N.A.,	 
	as Administrative Agent	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 


 


[Signature Page to Permitted Loan Purchase Assignment
and Acceptance]


 




     


     


    

 


Schedule 1

to Permitted Loan Purchase Assignment and Acceptance


 


Name of Assignor: _________________________________________________


 


Name of Assignee: __________________________________________________


 


Effective Date of Assignment: ___________________________________________


  


	Principal Amount 	 	 
	Assigned of the	 	Percentage of Loan/Commitment 
	Term Facility	 	Assigned1
	 	 	 
	$_______	 	___._______%


 





 






 


		1	Calculate the Loan/Commitment Percentage that is assigned to at least 15 decimal places and show as a percentage of the aggregate
Term Loans of all the Lenders, or the aggregate Commitments of all the Lenders in respect of Term Loans, as applicable.



 




     


     


    

 


EXHIBIT O-1


 


FORM OF NON-BANK TAX CERTIFICATE

(For Foreign Lenders That Are Not Treated As Partnerships For 


U.S. Federal Income Tax Purposes)


 


Reference is made to the Amended and Restated
Credit Agreement dated as of October 31, 2014 (as amended, supplemented or otherwise modified from time to time) (the “Credit
Agreement”), among NCL Corporation Ltd., a Bermuda company (the “Borrower”), each lender from time to time party
thereto (collectively, the “Lenders”), and JPMorgan Chase Bank, N.A. as Administrative Agent. Capitalized terms used
but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.


 


Pursuant to the provisions of Section 2.17(e)
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as
well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning
of Section 871(h)(3)(B) of the Code, (iv) it is not a “controlled foreign corporation” related to the Borrower as described
in Section 881(c)(3)(C) of the Code, and (v) no payments in connection with any Loan Document are effectively connected with the
undersigned’s conduct of a U.S. trade or business.


 


The undersigned has furnished the Administrative
Agent with a certificate of its non-U.S. person status on IRS Form W-8BEN or W-8BEN-E, as appropriate. By executing this certificate,
the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform
the Borrower and the Administrative Agent in writing and (2) the undersigned shall furnish the Borrower and the Administrative
Agent a properly completed and currently effective certificate in either the calendar year in which payment is to be made by the
Borrower or the Administrative Agent to the undersigned, or in either of the two calendar years preceding each such payment.


 


[Signature Page Follows]


 




     


     


    

 


	 	[Foreign Lender]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[Address]


 


Dated:______________________, 20[  ]


 




     


     


    

 


EXHIBIT O-2


 


FORM OF NON-BANK TAX CERTIFICATE

(For Foreign Lenders That Are Treated As Partnerships For 


U.S. Federal Income Tax Purposes)


 


Reference is made to the Amended and Restated
Credit Agreement dated as of October 31, 2014 (as amended, supplemented or otherwise modified from time to time) (the “Credit
Agreement”), among NCL Corporation Ltd., a Bermuda company (the “Borrower”), each lender from time to time party
thereto (collectively, the “Lenders”), and JPMorgan Chase Bank, N.A. as Administrative Agent. Capitalized terms used
but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.


 


Pursuant to the provisions of Section 2.17(e)
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s)
evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its partners/members are the sole beneficial
owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) neither the undersigned nor any of its partners/members
is a bank within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its partners/members is a ten percent shareholder
of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its partners/members is a “controlled
foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) no payments in connection
with any Loan Document are effectively connected with the undersigned’s or its partners/members’ conduct of a U.S.
trade or business.


 


The undersigned has furnished the Administrative
Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members claiming
the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E, as appropriate, or (ii) and IRS Form W-8IMY accompanied by
an IRS Form W-8BEN or W-8BEN-E, as appropriate, from each of such partner’s/member’s beneficial owners that is claiming
the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on
this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent in writing and (2)
the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently
effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two
calendar years preceding each such payment.


 


[Signature Page Follows]


 




     


     


    

 


	 	[Foreign Lender]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[Address]


 


Dated:______________________, 20[  ]


 




     


     


    

 


EXHIBIT O-3


 


FORM OF NON-BANK TAX CERTIFICATE 


(For Foreign Participants That Are Not Treated
As Partnerships For 


U.S. Federal Income Tax Purposes)


 


Reference is made to the Amended and Restated
Credit Agreement dated as of October 31, 2014 (as amended, supplemented or otherwise modified from time to time) (the “Credit
Agreement”), among NCL Corporation Ltd., a Bermuda company (the “Borrower”), each lender from time to time party
thereto (collectively, the “Lenders”), and JPMorgan Chase Bank, N.A. as Administrative Agent. Capitalized terms used
but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.


 


Pursuant to the provisions of Section 2.17(e)
and Section 10.04(d) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner
of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section
881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B)
of the Code, (iv) it is not a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C)
of the Code, and (v) no payments in connection with any Loan Document are effectively connected with the undersigned’s conduct
of a U.S. trade or business.


 


The undersigned has furnished its participating
Lender with a certificate of its non-U.S. person status on IRS Form W-8BEN or W-8BEN-E, as appropriate. By executing this certificate,
the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform
such Lender in writing and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently
effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two
calendar years preceding each such payment.


 


[Signature Page Follows]


 




     


     


    

 


	 	[Foreign Participant]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[Address]


 


Dated:______________________, 20[  ]


 




     


     


    

 


EXHIBIT O-4


 


FORM OF NON-BANK TAX CERTIFICATE

(For Foreign Participants That Are Treated As Partnerships For 


U.S. Federal Income Tax Purposes)


 


Reference is made to the Amended and Restated
Credit Agreement dated as of October 31, 2014 (as amended, supplemented or otherwise modified from time to time) (the “Credit
Agreement”), among NCL Corporation Ltd., a Bermuda company (the “Borrower”), each lender from time to time party
thereto (collectively, the “Lenders”), and JPMorgan Chase Bank, N.A. as Administrative Agent. Capitalized terms used
but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.


 


Pursuant to the provisions of Section 2.17(e)
and Section 10.04(d) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation
in respect of which it is providing this certificate, (ii) its partners/members are the sole beneficial owners of such participation,
(iii) neither the undersigned nor any of its partners/members is a bank within the meaning of Section 881(c)(3)(A) of the Code,
(iv) none of its partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the
Code, (v) none of its partners/members is a “controlled foreign corporation” related to the Borrower as described in
Section 881(c)(3)(C) of the Code, and (vi) no payments in connection with any Loan Document are effectively connected with the
undersigned’s or its partners/members’ conduct of a U.S. trade or business.


 


The undersigned has furnished its participating
Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members claiming the portfolio
interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E, as appropriate, or (ii) and IRS Form W-8IMY accompanied by an IRS Form
W-8BEN or W-8BEN-E, as appropriate, from each of such partner’s/member’s beneficial owners that is claiming the portfolio
interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform such Lender in writing and (2) the undersigned shall have at all times furnished
such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is
to be made to the undersigned, or in either of the two calendar years preceding each such payment.


 


[Signature Page Follows]


 




     


     


    

 


	 	[Foreign Participant]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[Address]


 


Dated: ______________________, 20[  ]


 




     


     


    




 


SCHEDULE 1.01(a)

IMMATERIAL SUBSIDIARIES


 


None.


 




     


     


    

 


SCHEDULE 1.01(b)

SPECIFIED TARGET SUBSIDIARIES


 


	1.	Insignia Vessel Acquisition, LLC, a Delaware limited
liability company.



 


	2.	Nautica Acquisition, LLC, a Delaware limited liability
company.



 


	3.	Regatta Acquisition, LLC, a Delaware limited liability
company.



 


	4.	Mariner, LLC, a Marshall Islands limited liability
company.



 


	5.	Navigator Vessel Company, LLC, a Delaware limited liability
company.



 


	6.	Voyager Vessel Company, LLC, a Delaware limited liability
company.



 




    	 	2	 



     


    

 


SCHEDULE 1.01(c)

SPECIFIED TARGET MORTGAGE VESSELS


 


		1.	Insignia

Official Number: 1663

IMO Number: 9156462



 


		2.	Nautica

Official Number: 1665

IMO Number: 9200938



 


		3.	Regatta

Official Number: 1664

IMO Number: 9156474



 


		4.	Seven Seas Mariner

Official Number: 8001280

IMO Number: 9210139



 


		5.	Seven Seas Navigator

Official Number: 9000380

IMO Number: 9064126



 


		6.	Seven Seas Voyager

Official Number: 8000610

IMO Number: 9247144



 




    	 	3	 



     


    

 


SCHEDULE 1.01(d)

ISSUING BANK SUBLIMITS


 


	Issuing Bank	 	Issuing Bank Sublimit	 
	JPMorgan Chase Bank, N.A.	 	$	[*]	 
	Fifth Third Bank	 	$	[*]	 
	Nordea Bank Abp, New York Branch	 	$	[*]	 
	Mizuho Bank, Ltd.	 	$	[*]	 
	Bank of America, N.A.	 	$	[*]	 
	Barclays Bank PLC	 	$	[*]	 
	HSBC Bank USA, National Association	 	$	[*]	 
	Branch Banking & Trust Company	 	$	[*]	 
	Total	 	$	200,000,000	 



 




    	 	4	 



     


    

 


SCHEDULE 2.01

COMMITMENTS


 


	Lender	 	Revolving Facility Commitment	 	 	Term A Loan Commitment	 
	JPMORGAN CHASE BANK, N.A.	 	$	[*]	 	 	$	[*]	 
	MIZUHO BANK, LTD.	 	$	[*]	 	 	$	[*]	 
	DNB CAPITAL LLC	 	$	[*]	 	 	$	[*]	 
	FIFTH THIRD BANK	 	$	[*]	 	 	$	[*]	 
	NORDEA BANK ABP, NEW YORK BRANCH	 	$	[*]	 	 	$	[*]	 
	BANK OF AMERICA, N.A.	 	$	[*]	 	 	$	[*]	 
	HSBC BANK PLC	 	$	[*]	 	 	$	[*]	 
	HSBC BANK USA, NATIONAL ASSOCIATION	 	$	[*]	 	 	$	[*]	 
	BRANCH BANKING & TRUST COMPANY	 	$	[*]	 	 	$	[*]	 
	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)	 	$	[*]	 	 	$	[*]	 
	BNP PARIBAS	 	$	[*]	 	 	$	[*]	 
	CITIZENS BANK	 	$	[*]	 	 	$	[*]	 
	COMMERZBANK AG, NEW YORK BRANCH	 	$	[*]	 	 	$	[*]	 
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK	 	$	[*]	 	 	$	[*]	 
	MUFG BANK, LTD.	 	$	[*]	 	 	$	[*]	 
	PNC BANK, NATIONAL ASSOCIATION	 	$	[*]	 	 	$	[*]	 
	SUNTRUST BANK	 	$	[*]	 	 	$	[*]	 
	CITIBANK, N.A.	 	$	[*]	 	 	$	[*]	 
	DEUTSCHE BANK AG NEW YORK BRANCH	 	$	[*]	 	 	$	[*]	 
	BARCLAYS BANK PLC	 	$	[*]	 	 	$	[*]	 
	SUMITOMO MITSUI BANKING CORPORATION	 	$	[*]	 	 	$	[*]	 
	UBS AG, STAMFORD BRANCH	 	$	[*]	 	 	$	[*]	 
	SOCIETE GENERALE	 	$	[*]	 	 	$	[*]	 
	GOLDMAN SACHS BANK USA	 	$	[*]	 	 	$	[*]	 
	CAPITAL BANK-A DIVISION OF FIRST TENNESSEE BANK NATIONAL ASSOCATION	 	$	[*]	 	 	$	[*]	 
	TD BANK, N.A.	 	$	[*]	 	 	$	[*]	 
	TD BANK USA, N.A.	 	$	[*]	 	 	$	[*]	 
	U.S. BANK NATIONAL ASSOCIATION	 	$	[*]	 	 	$	[*]	 
	BANCO SANTANDER S.A., NEW YORK BRANCH	 	$	[*]	 	 	$	[*]	 
	BANKUNITED, N.A.	 	$	[*]	 	 	$	[*]	 
	FLORIDA COMMUNITY BANK, N.A.	 	$	[*]	 	 	$	[*]	 
	FIRSTBANK PUERTO RICO d/b/a FIRSTBANK FLORIDA	 	$	[*]	 	 	$	[*]	 
	MEGA INTERNATIONAL COMMERCIAL BANK CO. LTD.	 	$	[*]	 	 	$	[*]	 
	ASSOCIATED BANK NATIONAL ASSOCIATION	 	$	[*]	 	 	$	[*]	 
	UNITED BANK	 	$	[*]	 	 	$	[*]	 
	COMERICA BANK	 	$	[*]	 	 	$	[*]	 
	TAIWAN BUSINESS BANK, LOS ANGELES BRANCH	 	$	[*]	 	 	$	[*]	 
	TAIWAN COOPERATIVE BANK, LOS ANGELES BRANCH	 	$	[*]	 	 	$	[*]	 
	HUA NAN COMMERCIAL BANK LOS ANGELES BRANCH	 	$	[*]	 	 	$	[*]	 
	CHANG HWA COMMERCIAL BANK, LTD., NEW YORK BRANCH	 	$	[*]	 	 	$	[*]	 
	INTERNATIONAL FINANCE BANK	 	$	[*]	 	 	$	[*]	 
	Total	 	$	875,000,000.00	 	 	$	1,633,000,000.00	 



 




    	 	5	 



     


    

 


SCHEDULE 3.01 

ORGANIZATION AND GOOD STANDING


 


None.


 




    	 	6	 



     


    

 


SCHEDULE 3.04

GOVERNMENTAL APPROVALS


 


None.


 




    	 	7	 



     


    

 


SCHEDULE 3.07(b) 

POSSESSION UNDER LEASES


 


None.


 




    	 	8	 



     


    

 


SCHEDULE 3.07(c) 

INTELLECTUAL PROPERTY


 


None.


 




    	 	9	 



     


    

 





SCHEDULE 3.08(a) 

SUBSIDIARIES


 


	Name	 	Jurisdiction of

Organization	 	Owner	 	Percentage
	NCL Corporation, Ltd.	 	Bermuda	 	Norwegian Cruise Line Holdings Ltd.	 	100%
	Arrasas Limited	 	Isle of Man	 	NCL Corporation Ltd.	 	100%
	NCL International, Ltd.	 	The Islands of Bermuda	 	Arrasas Limited	 	100%
	Pride of Hawaii, LLC	 	Delaware	 	Arrasas Limited	 	100%
	NCL America Holdings, LLC	 	Delaware	 	Norwegian Sextant Ltd	 	100%
	NCL America LLC	 	Delaware	 	NCL America Holdings, LLC	 	100%
	Pride of America Ship Holding, LLC	 	Delaware	 	NCL America Holdings, LLC	 	100%
	NCLC Investments Canada Ltd.	 	British Columbia, Canada	 	NCL Corporation Ltd.	 	100%
	NCL Australia Pty Ltd	 	Australia	 	NCL Corporation Ltd.	 	100%
	NCL Singapore Pte. Ltd.	 	Singapore	 	NCL Corporation Ltd.	 	100%
	NCL Japan KK	 	Japan	 	NCL Corporation Ltd.	 	100%
	NCL Hong Kong Limited	 	Hong Kong	 	NCL Corporation Ltd.	 	100%
	Norwegian Cruise Co. Inc.	 	Delaware	 	NCL Corporation Ltd.	 	100%
	Norwegian Compass Ltd.	 	United Kingdom	 	NCL Corporation Ltd.	 	100%
	Norwegian Sextant Ltd	 	United Kingdom	 	Norwegian Cruise Co. Inc.	 	100%
	Norwegian Cruise Line India Private Limited	 	India	 	NCL Singapore Pte. Ltd.,	 	99.999%
	 	 	 	 	NCL International, Ltd.	 	0.001%
	NCL (Bahamas) Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%
	Breakaway One, Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%
	Breakaway Two, Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%
	Breakaway Three, Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%
	Breakaway Four, Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%




 




    	 	10	 



     


    

 


	Name	 	Jurisdiction of

Organization	 	Owner	 	Percentage
	Norwegian Epic, Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%
	Norwegian Jewel Limited	 	Isle of Man	 	NCL International, Ltd.	 	100%
	Norwegian Gem, Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%
	Norwegian Pearl, Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%
	Norwegian Spirit, Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%
	Norwegian Star Limited	 	Isle of Man	 	NCL International, Ltd.	 	100%
	Norwegian Dawn Limited	 	Isle of Man	 	NCL International, Ltd.	 	100%
	Norwegian Sun Limited	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%
	Norwegian Sky, Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%
	Norwegian USCRA, Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%
	Leonardo One, Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%
	Leonardo Two, Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%
	Leonardo Three, Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%
	Leonardo Four, Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%
	Leonardo Five, Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%
	Leonardo Six, Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%
	Seahawk One, Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%
	Seahawk Two, Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%




 




    	 	11	 



     


    

 


	Name	 	Jurisdiction of

Organization	 	Owner	 	Percentage
	Sixthman Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%
	Eurosoft Corporation Limited	 	United Kingdom	 	NCL International, Ltd.	 	100%
	Bermuda Tenders, Ltd.	 	The Islands of Bermuda	 	NCL International, Ltd.	 	100%
	Eurosoft Cruise Line (Shanghai) Co., Ltd.	 	China	 	Eurosoft Corporation Limited	 	100%
	Cruise Quality Travel Spain SL	 	Spain	 	NCL (Bahamas) Ltd.	 	100%
	NCL (Guernsey) Limited	 	Guernsey	 	NCL (Bahamas) Ltd.	 	100%
	NCL Construction Corp., Ltd.	 	The Islands of Bermuda	 	NCL (Bahamas) Ltd.	 	100%
	NCLM Limited	 	Malta	 	NCL (Guernsey) Limited	 	100%
	Norwegian Cruise Line Agência de Viagens Ltda.	 	Brazil	 	NCL (Bahamas) Ltd.,	 	90%,
	 	 	 	 	NCL International, Ltd.	 	10%
	Future Investments, Ltd.	 	The Islands of Bermuda	 	Arrasas Limited	 	100%
	Belize Investments Limited	 	St. Lucia	 	Future Investments, Ltd.	 	100%
	Krystalsea Limited	 	British Virgin Islands	 	Belize Investments Limited	 	100%
	Belize Island Holdings Ltd.	 	Belize	 	Belize Investments Limited,	 	99.99%,
	 	 	 	 	Future Investments, Ltd.	 	0.01%
	Prestige Cruises International S. de R.L.	 	Panama	 	NCL Corporation Ltd.	 	99.99%,
	 	 	 	 	Norwegian Cruise Lines Holdings Ltd.	 	0.01%
	Prestige Cruise Holdings S. de R.L.	 	Panama	 	Prestige Cruises International S. de R.L.	 	99.99%,
	 	 	 	 	NCL Corporation Ltd.	 	0.01%
	Oceania Cruises S. de R.L.	 	Panama	 	Prestige Cruise Holdings S. de R.L.	 	99.99%,
	 	 	 	 	Prestige Cruises International S. de R.L.	 	0.01%
	Classic Cruises, LLC	 	Delaware	 	Prestige Cruise Holdings S. de R.L.	 	100%




 




    	 	12	 



     


    

 


	Name	 	Jurisdiction of

Organization	 	Owner	 	Percentage
	Classic Cruises II, LLC	 	Delaware	 	Prestige Cruise Holdings S. de R.L.	 	100%
	Insignia Vessel Acquisition, LLC	 	Delaware	 	Oceania Cruises S. de R.L.	 	100%
	Marina New Build, LLC	 	Marshall Islands	 	Oceania Cruises S. de R.L.	 	100%
	Nautica Acquisition, LLC	 	Delaware	 	Oceania Cruises S. de R.L.	 	100%
	Regatta Acquisition, LLC	 	Delaware	 	Oceania Cruises S. de R.L.	 	100%
	Riviera New Build, LLC	 	Marshall Islands	 	Oceania Cruises S. de R.L.	 	100%
	Sirena Acquisition	 	Cayman Islands	 	Oceania Cruises S. de R.L.	 	100%
	OCI Finance Corp	 	Delaware	 	Oceania Cruises S. de R.L.	 	100%
	Prestige Cruise Services, LLC	 	Delaware	 	Oceania Cruises S. de R.L.	 	100%
	Prestige Cruises Air Services, Inc.	 	Florida	 	Oceania Cruises S. de R.L.	 	100%
	O Class Plus One, LLC	 	Delaware	 	Oceania Cruises S. de R.L.	 	100%
	O Class Plus Two, LLC	 	Delaware	 	Oceania Cruises S. de R.L.	 	100%
	Seven Seas Cruises S. de R.L.	 	Panama	 	Classic Cruises, LLC,	 	50%,
	 	 	 	 	Classic Cruises II, LLC	 	50%
	Explorer New Build, LLC	 	Delaware	 	Seven Seas Cruises S. de R.L.	 	100%
	Explorer II New Build, LLC	 	Delaware	 	Seven Seas Cruises S. de R.L.	 	100%
	Explorer III New Build, LLC	 	Delaware	 	Seven Seas Cruises S. de R.L.	 	100%
	SSC Finance Corp	 	Delaware	 	Seven Seas Cruises S. de R.L.	 	100%
	Mariner, LLC	 	Marshall Islands	 	Seven Seas Cruises S. de R.L.	 	100%
	Navigator Vessel Company, LLC	 	Delaware	 	Seven Seas Cruises S. de R.L.	 	100%
	Voyager Vessel Company, LLC	 	Delaware	 	Seven Seas Cruises S. de R.L.	 	100%
	Prestige Cruise Services (Europe) Limited	 	United Kingdom	 	Seven Seas Cruises S. de R.L.	 	100%




 




    	 	13	 



     


    

 


SCHEDULE 3.08(b) 

SUBSCRIPTIONS


 


None.


 




    	 	14	 



     


    

 


SCHEDULE 3.17

FILINGS/FILING OFFICES


 


	Type of Filing	 	Entity	 	Applicable Security

Document [Guarantee

and Collateral

Agreement or Other]	 	Jurisdictions
	UCC-1	 	Norwegian Dawn Limited	 	Guarantee and Collateral Agreement	 	Washington D.C Florida
	UCC-1	 	Norwegian Star Limited	 	Guarantee and Collateral Agreement	 	Washington D.C Florida
	UCC-1	 	Norwegian Sun Limited	 	Guarantee and Collateral Agreement	 	Washington D.C Florida
	UCC-1	 	Norwegian Spirit, Ltd.	 	Guarantee and Collateral Agreement	 	Washington D.C Florida
	UCC-1	 	Norwegian Gem, Ltd.	 	Guarantee and Collateral Agreement	 	Washington D.C Florida
	UCC-1	 	Norwegian Pearl, Ltd.	 	Guarantee and Collateral Agreement	 	Washington D.C Florida
	UCC-1	 	Insignia Vessel Acquisition, LLC	 	Guarantee and Collateral Agreement	 	Delaware
	UCC-1	 	Nautica Acquisition, LLC	 	Guarantee and Collateral Agreement	 	Delaware
	UCC-1	 	Regatta Acquisition, LLC	 	Guarantee and Collateral Agreement	 	Delaware
	UCC-1	 	Mariner, LLC	 	Guarantee and Collateral Agreement	 	Washington D.C. Florida
	UCC-1	 	Navigator Vessel Company, LLC	 	Guarantee and Collateral Agreement	 	Delaware
	UCC-1	 	Voyager Vessel Company, LLC	 	Guarantee and Collateral Agreement	 	Delaware
	UCC-1	 	Norwegian Sky, Ltd.	 	Guarantee and Collateral Agreement	 	Washington D.C Florida



 




    	 	15	 



     


    

 


	Type of Filing	 	Entity	 	Applicable Security

Document [Guarantee

and Collateral

Agreement or Other]	 	Jurisdictions
	Charge over shares of Norwegian Gem, Ltd. Charge over shares of Norwegian Pearl, Ltd. Charge over shares of Norwegian Spirit, Ltd. Charge over shares of Norwegian Sun Limited
 Charge over shares of Norwegian Sky, Ltd.	 	NCL International, Ltd.	 	Bermuda Share Charge	 	Bermuda Registrar of Companies
	Charge over shares of Norwegian Dawn Limited
 Charge over shares of Norwegian Star Limited	 	NCL International, Ltd.	 	Isle of Man Share Charge	 	The Companies Registry of the Isle of Man Department of Economic Development
	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	 	Norwegian Sun Limited	 	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	 	Bermuda Registrar of Companies
	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	 	Norwegian Spirit, Ltd.	 	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	 	Bermuda Registrar of Companies
	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	 	Norwegian Gem, Ltd.	 	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	 	Bermuda Registrar of Companies



 




    	 	16	 



     


    

 


	Type of Filing	 	Entity	 	Applicable Security
 Document [Guarantee
 and Collateral
 Agreement or Other]	 	Jurisdictions
	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	 	Norwegian Pearl, Ltd.	 	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	 	Bermuda Registrar of Companies
	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	 	Norwegian Dawn Limited	 	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	 	The Companies Registry of the Isle of Man Department of Economic Development
	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	 	Norwegian Star Limited	 	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	 	The Companies Registry of the Isle of Man Department of Economic Development
	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	 	Norwegian Sky, Ltd.	 	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	 	Bermuda Registrar of Companies
	Mortgage Registration	 	Norwegian Sun Limited	 	Mortgage; Deed of Covenant	 	Bahamas
	Mortgage Registration	 	Norwegian Spirit, Ltd.	 	Mortgage; Deed of Covenant	 	Bahamas
	Mortgage Registration	 	Norwegian Gem, Ltd.	 	Mortgage; Deed of Covenant	 	Bahamas
	Mortgage Registration	 	Norwegian Pearl, Ltd.	 	Mortgage; Deed of Covenant	 	Bahamas
	Mortgage Registration	 	Norwegian Dawn Limited	 	Mortgage; Deed of Covenant	 	Bahamas



 




    	 	17	 



     


    

 


	Type of Filing	 	Entity	 	Applicable Security

 Document [Guarantee

and Collateral

Agreement or Other]	 	Jurisdictions
	Mortgage Registration	 	Norwegian Star Limited	 	Mortgage; Deed of Covenant	 	Bahamas
	First Preferred Ship Mortgage	 	Insignia Vessel Acquisition, LLC	 	Mortgage	 	Marshall Islands
	First Preferred Ship Mortgage	 	Nautica Acquisition, LLC	 	Mortgage	 	Marshall Islands
	First Preferred Ship Mortgage	 	Regatta Acquisition, LLC	 	Mortgage	 	Marshall Islands
	Mortgage Registration Form	 	Mariner, LLC	 	Mortgage; Deed of Covenant	 	Bahamas
	Mortgage Registration Form	 	Navigator Vessel Company, LLC	 	Mortgage; Deed of Covenant	 	Bahamas
	Mortgage Registration Form	 	Voyager Vessel Company, LLC	 	Mortgage; Deed of Covenant	 	Bahamas
	Mortgage Registration Form	 	Norwegian Sky, Ltd.	 	Mortgage; Deed of Covenant	 	Bahamas



 




    	 	18	 



     


    

 


SCHEDULE 3.20

INSURANCE


 


		1.	Marine Hull and Machinery, Hull and Freight Interests, War Risk Hull and War Risk Protection and
Indemnity insurance covering the Mortgaged Vessels, as more fully described in Certificate to the Letter of Undertaking issued
by [*] dated on or about the Restatement Effective Date and delivered to the Collateral Agent, which is incorporated herein by
reference.



 


		2.	Protection and Indemnity insurance covering the Mortgaged Vessels, as more fully described in the
Letters of Undertaking issued by [*] dated on or about the Restatement Effective Date and delivered to the Collateral Agent, which
is incorporated herein by reference.



 




    	 	19	 



     


    

 


SCHEDULE 6.01

INDEBTEDNESS


 


		1.	€308,130,000 Secured Loan Agreement dated April 20, 2004, between Pride of Hawaii Inc. (the
owner of the Pride of Hawaii) as Borrower, HSBC Bank PLC as Agent and the Lenders and other parties party thereto as guaranteed
by NCL Corporation Ltd, as amended, restated, supplemented or otherwise modified.



 


		2.	$334,050,000 Secured Loan Agreement dated April 20, 2004, between Norwegian Jewel Limited (the
owner of the Norwegian Jewel) as Borrower, HSBC Bank PLC as Agent and the Lenders and other parties party thereto guaranteed by
NCL Corporation Ltd, as amended, restated, supplemented or otherwise modified.



 


		3.	€258,000,000 Secured Loan Agreement dated April 4, 2003, between Pride of America Ship Holding
LLC (the owner of the Pride of America) as Borrower, HSBC Bank PLC as Agent and the Lenders and other parties party thereto as
guaranteed by NCL Corporation Ltd, as amended, restated, supplemented or otherwise modified.



 


		4.	€40,000,000 Commercial Loan dated April 4, 2003, between Pride of America Ship Holding LLC
(the owner of the Pride of America) as Borrower, HSBC Bank PLC as Agent and the Lenders and other parties party thereto as guaranteed
by NCL Corporation Ltd, as amended, restated, supplemented or otherwise modified.



 


		5.	€662,905,320 Secured Loan Agreement dated September 22, 2006, between F3 Two Ltd as Borrower,
BNP Paribas as Agent and the Lenders and other parties party thereto in respect of Hull No. D33 as guaranteed by NCL Corporation
Ltd, as amended, restated, supplemented or otherwise modified.



 


		6.	€529,846,154 Credit Agreement, dated November 18, 2010 and as amended May 31, 2012, among
Breakaway One, Ltd., as Borrower, NCL Corporation Ltd., various lenders, KfW IPEX-Bank GmbH as facility agent, collateral agent
and CIRR agent, and the other agents and parties named therein, as amended, restated, supplemented or otherwise modified.



 


		7.	€529,846,154 Credit Agreement, dated November 18, 2010, among Breakaway Two, Ltd., as Borrower,
NCL Corporation Ltd., various lenders, KfW IPEX-Bank GmbH as facility agent, collateral agent and CIRR agent, and the other agents
and parties named therein, as amended, restated, supplemented or otherwise modified.



 


		8.	€126,075,000 Credit Agreement, dated November 18, 2010, among Norwegian Jewel Limited, as
Borrower, NCL Corporation Ltd., various lenders, KfW IPEX-Bank GmbH, as facility agent and collateral agent, and the other agents
and parties named therein, as amended, restated, supplemented or otherwise modified.



 


		9.	€126,075,000 Credit Agreement, dated November 18, 2010, among Pride of Hawaii, LLC, as Borrower,
NCL Corporation Ltd., various lenders, KfW IPEX-Bank GmbH, as facility agent and collateral agent, and the other agents and parties
named therein, as amended, restated, supplemented or otherwise modified.



 




    	 	20	 



     


    

 


		10.	€590,478,870 Credit Agreement, dated October 12, 2012, among Breakaway Three, Ltd., as Borrower,
NCL Corporation Ltd., various lenders, KfW IPEX-Bank GmbH, as facility agent and collateral agent, and the other agents and parties
named therein, as amended, restated, supplemented or otherwise modified.



 


		11.	€590,478,870 Credit Agreement, dated October 12, 2012, among Breakaway Four, Ltd., as Borrower,
NCL Corporation Ltd., various lenders, KfW IPEX-Bank GmbH, as facility agent and collateral agent, and the other agents and parties
named therein, as amended, restated, supplemented or otherwise modified.



 


		12.	Approximately $300,000,000 principal amount outstanding pursuant to that certain $300,000,000 Indenture
for 5.00% Senior Notes due 2018, dated as of February 6, 2013, by and between NCL Corporation Ltd. and U.S. Bank National Association,
as Trustee, as amended, restated, supplemented or otherwise modified.



 


		13.	Approximately $227,500,000 principal amount outstanding pursuant to that certain $350,000,000 Indenture
for 9.50% Senior Notes due 2018, dated as of November 9, 2010, by and between NCL Corporation Ltd. and U.S. Bank National Association,
as Trustee, as amended, restated, supplemented or otherwise modified.



 


		14.	Up to $260,200,000 in relation to the acquisition of Sky vessel on the terms set forth in the fully
executed memorandum of agreement related to the sale of the Sky vessel, dated on or around June 1, 2012.



 




    	 	21	 



     


    

 


SCHEDULE 6.02(b)

LIENS


 


None.


 




    	 	22	 



     


    

 


SCHEDULE 6.04

INVESTMENTS


 


None.


 




    	 	23	 



     


    

 


SCHEDULE 6.07

TRANSACTIONS WITH AFFILIATES


 


None.


 




    	 	24	 



     


    

 


SCHEDULE 6.09

CONTRACTUAL ENCUMBRANCES


 


None.


 




    	 	25	 



     


    

 


SCHEDULE 10.01

NOTICE INFORMATION


 


Loan Parties’ Address:


 


7665 Corporate Center Drive

Miami, Florida 33126

United States of America

Attn: Mark Kempa

Tel. No.: (305) 436-4932

Fax No.: (305) 436-4140

Email: mkempa@nclcorp.com


 


and


 


Attn: Daniel Farkas

Tel. No.: (305) 436-4690

Fax No.: (305) 436-4117

Email: dfarkas@ncl.com


 


With copies to:


 


Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York NY 10019-6064

Attn: Brad Finkelstein

Tel No: (212) 373-3074

Fax No: (212) 492-0074

Email: bfinkelstein@paulweiss.com


 


Administrative Agent’s
Address:


 


JPMorgan Chase Bank, N.A.

500 Stanton Christiana Rd.

NCC5 / 1st Floor

Newark, DE 19713

Attention: Loan & Agency Services Group

Tel: (302) 553-6955

Fax: 12012443577@tls.ldsprod.com

Email: william.tanzilli@chase.com


 


Collateral Agent’s Address:

JPMorgan Chase & Co.

CIB DMO WLO

Mail code NY1-C413

4 CMC, Brooklyn, NY, 11245-0001

United States

Email: ib.collateral.services@jpmchase.com


 




    	 	26