Exhibit 4.1


 





EXECUTION VERSION


 


 


 


 


 


NCL CORPORATION LTD.,

as Issuer,


 


 


 


U.S. BANK NATIONAL ASSOCIATION,

as Trustee, Principal Paying Agent, Transfer Agent,

Registrar and Security Agent,


 


 


 


INDENTURE


 


Dated as of May 14, 2020


 


 


 


12.25% SENIOR SECURED NOTES DUE 2024


 


 






     


     


    

 


 


TABLE OF CONTENTS


 




Page


 




	Article One

                                                                                Definitions and Incorporation by Reference

	Section 1.01.  Definitions	7
	Section 1.02.  Other Definitions	42
	Section 1.03.  Rules of Construction	43
	Article

                                                                                Two The Notes

	Section 2.01.  The Notes	44
	Section 2.02.  Execution and Authentication	45
	Section 2.03.  Registrar, Transfer Agent and Paying Agent	46
	Section 2.04.  Paying Agent to Hold Money	47
	Section 2.05.  Holder Lists	48
	Section 2.06.  Transfer and Exchange	48
	Section 2.07.  Replacement Notes	51
	Section 2.08.  Outstanding Notes	52
	Section 2.09.  Notes Held by Issuer	52
	Section 2.10.  Definitive Registered Notes	53
	Section 2.11.  Cancellation	53
	Section 2.12.  Defaulted Interest	54
	Section 2.13.  Computation of Interest	54
	Section 2.14.  ISIN and CUSIP Numbers	54
	Section 2.15.  Issuance of Additional Notes	55
	Article Three

                                                                                Redemption; Offers to Purchase

	Section 3.01.  Right of Redemption	55
	Section 3.02.  Notices to Trustee	55
	Section 3.03.  Selection of Notes to Be Redeemed	55
	Section 3.04.  Notice of Redemption	56
	Section 3.05.  Deposit of Redemption Price	57
	Section 3.06.  [Reserved]	57
	Section 3.07.  Payment of Notes Called for Redemption	57
	Section 3.08.  Notes Redeemed in Part	58
	Section 3.09.  Redemption for Changes in Taxes	58
	Article Four

                                                                                Covenants

	Section 4.01.  Payment of Notes	59
	Section 4.02.  Corporate Existence	60



 






     


     


    

 


	Section 4.03.  Maintenance of Properties	60
	Section 4.04.  Insurance	60
	Section 4.05.  Statement as to Compliance	60
	Section 4.06.  Incurrence of Indebtedness and Issuance of Preferred Stock or Preference Shares	61
	Section 4.07.  Liens	68
	Section 4.08.  Restricted Payments	69
	Section 4.09.  Asset Sales	74
	Section 4.10.  Transactions with Affiliates	77
	Section 4.11.  Purchase of Notes upon a Change of Control	79
	Section 4.12.  Additional Amounts	81
	Section 4.13.  [Reserved]	84
	Section 4.14.  Note Guarantees and Security Interests	84
	Section 4.15.  Additional Guarantees	85
	Section 4.16.  Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	85
	Section 4.17.  Designation of Restricted and Unrestricted Subsidiaries	88
	Section 4.18.  [Reserved.]	89
	Section 4.19.  Reports to Holders	89
	Section 4.20.  Further Assurances	90
	Section 4.21.  [Reserved]	91
	Section 4.22.  Impairment of Security Interest	91
	Section 4.23.  After-Acquired Property	92
	Section 4.24.  Re-flagging of Vessels	92
	Section 4.25.  ECA Entity and Vessel Restrictions	93
	Section 4.26.  Intellectual Property	93
	Article Five

                                                                                Merger, Amalgamation, Consolidation or Sale of Assets

	Section 5.01.  Merger, Amalgamation, Consolidation or Sale of Assets	93
	Section 5.02.  Successor Substituted	95
	Article Six

                                                                                Defaults and Remedies

	Section 6.01.  Events of Default	96
	Section 6.02.  Acceleration	98
	Section 6.03.  Other Remedies	101
	Section 6.04.  Waiver of Past Defaults	102
	Section 6.05.  Control by Majority	102
	Section 6.06.  Limitation on Suits	102
	Section 6.07.  Unconditional Right of Holders to Bring Suit for Payment	103
	Section 6.08.  Collection Suit by Trustee	103
	Section 6.09.  Trustee May File Proofs of Claim	104
	Section 6.10.  Application of Money Collected	104
	Section 6.11.  Undertaking for Costs	105



 






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	Section 6.12.  Restoration of Rights and Remedies	105
	Section 6.13.  Rights and Remedies Cumulative	105
	Section 6.14.  Delay or Omission Not Waiver	105
	Section 6.15.  Record Date	106
	Section 6.16.  Waiver of Stay or Extension Laws	106
	Article Seven

                                                                                Trustee and Security Agent

	Section 7.01.  Duties of Trustee and the Security Agent	106
	Section 7.02.  Certain Rights of Trustee and the Security Agent	107
	Section 7.03.  Individual Rights of Trustee and the Security Agent	113
	Section 7.04.  Disclaimer of Trustee and Security Agent	113
	Section 7.05.  Compensation and Indemnity	114
	Section 7.06.  Replacement of Trustee or Security Agent	115
	Section 7.07.  Successor Trustee or Security Agent by Merger	117
	Section 7.08.  Appointment of Security Agent and Supplemental Security Agents	117
	Section 7.09.  Eligibility; Disqualification	119
	Section 7.10.  Appointment of Co-Trustee	119
	Section 7.11.  Resignation of Agents	120
	Section 7.12.  Agents General Provisions	121
	Article Eight

                                                                                Defeasance; Satisfaction and Discharge

	Section 8.01.  Issuer’s Option to Effect Defeasance or Covenant Defeasance	122
	Section 8.02.  Defeasance and Discharge	122
	Section 8.03.  Covenant Defeasance	123
	Section 8.04.  Conditions to Defeasance	123
	Section 8.05.  Satisfaction and Discharge of Indenture	125
	Section 8.06.  Survival of Certain Obligations	126
	Section 8.07.  Acknowledgment of Discharge by Trustee	126
	Section 8.08.  Application of Trust Money	126
	Section 8.09.  Repayment to Issuer	126
	Section 8.10.  Indemnity for Government Securities	126
	Section 8.11.  Reinstatement	126
	Article Nine

                                                                                Amendments and Waivers

	Section 9.01.  Without Consent of Holders	127
	Section 9.02.  With Consent of Holders	128
	Section 9.03.  Effect of Supplemental Indentures	130
	Section 9.04.  Notation on or Exchange of Notes	130
	Section 9.05.  [Reserved]	130
	Section 9.06.  Notice of Amendment or Waiver	130
	Section 9.07.  Trustee to Sign Amendments, Etc	130



 






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	Section 9.08.  Additional Voting Terms; Calculation of Principal Amount	131
	Article Ten

                                                                                Guarantee

	Section 10.01.  Note Guarantees	131
	Section 10.02.  Subrogation	132
	Section 10.03.  Release of Note Guarantees	133
	Section 10.04.  Limitation and Effectiveness of Note Guarantees	133
	Section 10.05.  Notation Not Required	134
	Section 10.06.  Successors and Assigns	134
	Section 10.07.  No Waiver	134
	Section 10.08.  Modification	134
	Article Eleven

                                                                                Security

	Section 11.01.  Security; Security Documents	134
	Section 11.02.  Authorization of Actions to Be Taken by the Security Agent Under the Security Documents	139
	Section 11.03.  Authorization of Receipt of Funds by the Security Agent Under the Security Documents	140
	Section 11.04.  Release of the Collateral	140
	Article Twelve

                                                                                Miscellaneous

	Section 12.01.  Notices	141
	Section 12.02.  Certificate and Opinion as to Conditions Precedent	142
	Section 12.03.  Statements Required in Certificate or Opinion	143
	Section 12.04.  Rules by Trustee, Paying Agent and Registrar	143
	Section 12.05.  No Personal Liability of Directors, Officers, Employees and Shareholders	143
	Section 12.06.  Legal Holidays	144
	Section 12.07.  Governing Law	144
	Section 12.08.  Jurisdiction	144
	Section 12.09.  No Recourse Against Others	145
	Section 12.10.  Successors	145
	Section 12.11.  Counterparts	145
	Section 12.12.  Table of Contents and Headings	145
	Section 12.13.  Severability	145
	Section 12.14.  Currency Indemnity	146


 






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Schedules


 


Schedule I–Subsidiary Guarantors


Schedule II–Security Documents


Schedule III–Agreed Security Principles


Schedule IV–Collateral Vessels


 


Exhibits


 


Exhibit A–Form of Note


Exhibit B–Form of Transfer Certificate for Transfer
from Restricted Global Note to Regulation S Global Note


Exhibit C–Form of Transfer Certificate for Transfer
from Regulation S Global Note to Restricted Global Note


Exhibit D–Form of Supplemental Indenture


 






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INDENTURE, dated as of May 14, 2020,
among NCL Corporation Ltd., an exempted company incorporated under the laws of Bermuda and tax resident in the United Kingdom (the
 “Issuer”), the Guarantors party hereto and U.S. Bank National Association, a national banking association organized
and existing under the laws of the United States of America, as trustee (in such capacity, the “Trustee”), as
Principal Paying Agent, as Transfer Agent, as Registrar and as Security Agent (in such capacity, the “Security Agent”).


 


RECITALS


 


The Issuer has duly authorized the execution
and delivery of this Indenture to provide for the issuance of its 12.25% Senior Secured Notes due 2024 issued on the date hereof
(the “Original Notes”) and any additional senior secured notes (the “Additional Notes”) that
may be issued after the Issue Date in compliance with this Indenture. The Original Notes and the Additional Notes together are
referred to herein as the “Notes”. The Issuer has received good and valuable consideration for the execution
and delivery of this Indenture. All necessary acts and things have been done to make (i) the Notes, when duly issued and executed
by the Issuer and authenticated and delivered hereunder, the legal, valid and binding obligations of the Issuer and (ii) this Indenture
a legal, valid and binding agreement of the Issuer in accordance with the terms of this Indenture.


 


NOW, THEREFORE, THIS INDENTURE WITNESSETH:


 


For and in consideration of the premises
and the purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit
of all Holders, as follows:


 


Article
One

Definitions and Incorporation by Reference


 


Section 1.01.Definitions.


 


“Acquired Debt” means,
with respect to any specified Person:


 


(a)       Indebtedness
of any other Person existing at the time such other Person is amalgamated or merged with or into or became a Subsidiary of such
specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging
with or into, or becoming, a Restricted Subsidiary; and


 


(b)       Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person.


 


“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through
the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,”
 “controlled by” and “under common control with” have correlative meanings.


 






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“After-Acquired Property”
means any property of any Secured Guarantor acquired after the Issue Date that is intended to be subject to the Lien created by
any of the Security Documents but is not so subject.


 


“Agreed Security Principles”
means the Agreed Security Principles as set forth on Schedule III hereto.


 


“Applicable Premium”
means, with respect to any Note on any redemption date, the greater of:


 


(1)       1.0%
of the principal amount of the Note; and


 


(2)       the
excess of:


 


(a)       the
present value at such redemption date of (i) the redemption price of the Note at February 15, 2024, plus (ii) all required
interest payments due on the Note through February 15, 2024 (excluding accrued but unpaid interest to the redemption date), computed
using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over


 


(b)     
  the principal amount of the Notes.


 


For the avoidance of doubt, calculation
of the Applicable Premium shall not be an obligation or duty of the Trustee, Security Agent or the Registrar or any Paying Agent.


 


Unless the Issuer defaults in the payment
of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable
redemption date.


 


“Appraised Value” means
for any Vessel at any time, the value of such Vessel as set forth on an independent appraisal (conducted no more than 12 months
prior to any determination of the Appraised Value) and relied upon by the Issuer in good faith.


 


“Asset Sale” means:


 


(a)       the
sale, lease, conveyance or other disposition of any assets by the Issuer or any of its Restricted Subsidiaries; provided
that the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Issuer and its Restricted
Subsidiaries taken as a whole will be governed by ‎‎Section
4.11 and/or ‎‎Article Five and not by ‎‎Section
4.09; and


 


(b)       the
issuance of Equity Interests by any Restricted Subsidiary or the sale by the Issuer or any of its Restricted Subsidiaries of Equity
Interests in any of the Restricted Subsidiaries (in each case, other than directors’ qualifying shares and shares to be held
by third parties to meet the applicable legal requirements).


 






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Notwithstanding the preceding provisions,
none of the following items will be deemed to be an Asset Sale:


 


(a)       any
single transaction or series of related transactions that involves assets or Equity Interests having a Fair Market Value of less
than $125.0 million;


 


(b)       a
sale, lease, conveyance or other disposition of assets or Equity Interests between or among the Issuer and any Restricted Subsidiary;


 


(c)       an
issuance of Equity Interests by a Restricted Subsidiary to the Issuer or to a Restricted Subsidiary;


 


(d)       the
sale, lease, conveyance or other disposition of inventory, insurance proceeds or other assets in the ordinary course of business
and any sale or other disposition of damaged, worn-out or obsolete assets or assets that are no longer useful in the conduct of
the business of the Issuer and its Restricted Subsidiaries;


 


(e)       licenses
and sublicenses by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business;


 


(f)    
    any surrender or waiver of contract rights or settlement, release, recovery on or surrender of contract,
tort or other claims in the ordinary course of business;


 


(g)       any
transfer, assignment or other disposition deemed to occur in connection with the creation or granting of Liens not prohibited under
‎‎Section 4.07;


 


(h)       the
sale or other disposition of cash or Cash Equivalents;


 


(i)      
  a Restricted Payment that does not violate ‎‎Section
4.08 or a Permitted Investment;


 


(j) 
       the disposition of receivables in connection with the compromise, settlement or
collection thereof in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or
similar arrangements;


 


(k)       the
foreclosure, condemnation or any similar action with respect to any property or other assets or a surrender or waiver of contract
rights or the settlement, release or surrender of contract, tort or other claims of any kind;


 


(l)   
     the sale of any property that is not Collateral in a sale and leaseback transaction that is entered
into within six months of the acquisition of such property or completion of the construction of the applicable Vessel;
and


 


(m)      time
charters and other similar arrangements in the ordinary course of business.


 






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“Attributable Debt” means,
with respect to any sale and leaseback transaction, at the time of determination, the present value (discounted at the interest
rate reasonably determined in good faith by a responsible financial or accounting officer of the Issuer to be the interest rate
implicit in the lease determined in accordance with GAAP, or, if not known, at the Issuer’s incremental borrowing rate) of
the total obligations of the lessee of the property subject to such lease for rental payments during the remaining term of the
lease included in such sale and leaseback transaction, including any period for which such lease has been extended or may, at the
option of the lessor, be extended, or until the earliest date on which the lessee may terminate such lease without penalty or upon
payment of penalty (in which case the rental payments shall include such penalty), after excluding from such rental payments all
amounts required to be paid on account of maintenance and repairs, insurance, taxes, assessments, water, utilities and similar
charges; provided, however, that if such sale and leaseback transaction results in a Capital Lease Obligation, the amount
of Indebtedness represented thereby will be determined in accordance with the definition of “Capital Lease Obligation.”


 


“Authority” means any
competent regulatory, prosecuting, Tax or governmental authority in any jurisdiction.


 


“Bankruptcy Law” means
Title 11 of the United States Code, as amended, or any similar U.S. federal or state law or the laws of any other jurisdiction
(or any political subdivision thereof) relating to bankruptcy, insolvency, winding up, voluntary or judicial liquidation, composition
with creditors, reprieve from payment, controlled management, fraudulent conveyance, general settlement with creditors, reorganization
or similar or equivalent laws affecting the rights of creditors generally. For the avoidance of doubt, the provisions of the UK
Companies Act 2006 governing a solvent reorganisation or a voluntary liquidation thereunder shall not be deemed to be Bankruptcy
Laws.


 


“Beneficial Owner” has
the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the U.S. Exchange Act, except that in calculating the beneficial
ownership of any particular “person” (as that term is used in Section 13(d)(3) of the U.S. Exchange Act), such “person”
will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion
or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time.
The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning.


 


“Board of Directors”
means:


 


(a)       with
respect to a corporation, a Bermuda exempted company, a BVI business company, a Cayman Islands exempted company and a Bahamas international
business company, the board of directors of the corporation or company or any committee thereof duly authorized to act on behalf
of such board;


 


(b)       with
respect to a partnership, the board of directors of the general partner of the partnership;


 






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(c)       with
respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof;
and


 


(d)       with
respect to any other Person, the board or committee of such Person serving a similar function.


 


“Book-Entry Interest”
means a beneficial interest in a Global Note held through and shown on, and transferred only through, records maintained in book-entry
form by DTC and its nominees and successors.


 


“Business Day” means
a day other than a Saturday, Sunday or other day on which banking institutions in New York or a place of payment under this Indenture
are authorized or required by law, regulation or executive order to close.


 


“Capital Lease Obligation”
means, with respect to any Person, any obligation of such Person under a lease of (or other agreement conveying the right to use)
any property (whether real, personal or mixed), which obligation is required to be classified and accounted for as a capital lease
obligation under GAAP, and, for purposes of this Indenture, the amount of such obligation at any date will be the capitalized amount
thereof at such date, determined in accordance with GAAP and the Stated Maturity thereof will be the date of last payment of rent
or any other amount due under such lease prior to the first date such lease may be terminated without penalty.


 


“Capital Stock” means:


 


(a)       in
the case of a corporation, corporate stock;


 


(b)       in
the case of a Bermuda exempted company, a Cayman Islands exempted company and a Bahamas international business company, shares
(of any class) in its capital;


 


(c)       in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;


 


(d)       in
the case of the BVI business company, shares (of any class) of the company;


 


(e)       in
the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests;
and


 


(f)    
    any other interest or participation that confers on a Person the right to receive a share of the profits
and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities
convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital
Stock.


 


“Cash Equivalents” means:


 






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(a)       direct
obligations (or certificates representing an interest in such obligations) issued by, or unconditionally guaranteed by, the government
of a member state of the European Union, the United States of America, the United Kingdom, Switzerland or Canada (including, in
each case, any agency or instrumentality thereof), as the case may be, the payment of which is backed by the full faith and credit
of the relevant member state of the European Union or the United States of America, the United Kingdom, Switzerland or Canada,
as the case may be, and which are not callable or redeemable at the Issuer’s option;


 


(b)       overnight
bank deposits, time deposit accounts, certificates of deposit, banker’s acceptances and money market deposits (and similar
instruments) with maturities of 12 months or less from the date of acquisition issued by a bank or trust company which is organized
under, or authorized to operate as a bank or trust company under, the laws of a member state of the European Union or of the United
States of America or any state thereof, Switzerland, the United Kingdom, Australia or Canada; provided that such bank or
trust company has capital, surplus and undivided profits aggregating in excess of $250.0 million (or the foreign currency equivalent
thereof as of the date of such investment) and whose long-term debt is rated “A-1” or higher by Moody’s or “A+”
or higher by S&P or the equivalent rating category of another internationally recognized rating agency; provided, further,
that any cash held pursuant to clause (f) below not covered by the foregoing may be held through overnight bank deposits, time
deposit accounts, certificates of deposit, banker’s acceptances and money market deposits (and similar instruments) with
maturities of 12 months or less from the date of acquisition issued by a bank or trust company organized and operating in the applicable
jurisdiction;


 


(c)       repurchase
obligations with a term of not more than 30 days for underlying securities of the types described in clauses (a) and (b) above
entered into with any financial institution meeting the qualifications specified in clause (b) above;


 


(d)       commercial
paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case, maturing within one year
after the date of acquisition;


 


(e)       money
market funds or other mutual funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses
(a) through (d) of this definition; and


 


(f)  
      cash in any currency in which the Issuer and its subsidiaries now or in the future operate, in
such amounts as the Issuer determines to be necessary in the ordinary course of their business.


 


“Change of Control” means
the occurrence of either of the following:


 


(a)       the
sale, lease or transfer (other than by way of merger, amalgamation or consolidation, including any merger, amalgamation or consolidation
solely for the purpose of reorganizing the Issuer in another jurisdiction to realize tax or other benefits), in one or a series
of related transactions, of all or substantially all the assets of the Issuer and its Subsidiaries, taken as a whole, to a Person
other than NCL Holdings, the Issuer or any Subsidiary; or


 






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(b)       the
acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor
provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of
Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series of transactions, by way of merger, consolidation,
amalgamation or other business combination or purchase of ultimate beneficial ownership (within the meaning of Rule 13d-3 under
the Exchange Act, or any successor provision), of more than 50% of the total voting power of the Voting Stock of the Issuer.


 


“Change of Control Triggering Event”
means the occurrence of both a Change of Control and a Rating Event.


 


“Clearstream” means Clearstream
Banking, société anonyme.


 


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


 


“Collateral” means the
following:


 


(a)       all
assets (other than certain excluded assets to be set forth in the Security Documents) of Great Stirrup Cay Limited, a company organized
under the laws of the Bahamas (“Great Stirrup Cay Limited”), Krystalsea
Limited, a company incorporated under the laws of the British Virgin Islands (“Krystalsea”), NCL (Bahamas)
Ltd., an exempted company incorporated under the laws of Bermuda (“NCL (Bahamas)”), Pride of Hawaii, LLC, a
Delaware limited liability company (“Pride of Hawaii”), and Sirena Acquisition, an exempted company incorporated
with limited liability under the laws of the Cayman Islands (“Sirena Acquisition”);


 


(b)       each
of the vessels owned or operated by Pride of Hawaii and Sirena Acquisition on the Issue Date as set forth on Schedule IV (the “Pledged
Vessels”) and, in each case, assignments of insurances and earnings in respect of such Vessels, in each case except to
the extent prohibited by applicable law or contract;


 


(c)       all
(A) registered and applied-for trademarks and domain names owned by Issuer (which will be assigned to NCL US IP Co 2, LLC, a Delaware
limited liability company (“US NewCo”), and the U.S. Branch of NCL UK IP Co Ltd, a private limited company organized
under the laws of England and Wales (“UK NewCo”), and allocated to each based on jurisdictions), (B) rights
in Issuer’s customer data with respect to U.S. and U.K. residents (which will be assigned to US NewCo and the U.S. Branch
of UK NewCo after the Issue Date), (C) rights in Seven Seas’, Oceania Cruises’ and Prestige Holdings’ customer
data with respect to residents in any jurisdiction, and (D) all other intellectual property owned, and all other material registered
intellectual property controlled, by Seven Seas Cruises S. de R.L., a company organized under the laws of Panama (“Seven
Seas”), Oceania Cruises S. de R.L., a company organized under the laws of Panama (“Oceania Cruises”),
and Prestige Cruise Holdings S. de R.L., a company organized under the laws of Panama (“Prestige Holdings”),
in each case of (A) through (D), as of the Issue Date, subject to exceptions as set forth in the Security Documents (the “Pledged
IP”).


 






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(d)       an
equitable share mortgage (the “BVI Equitable Mortgage”) granted by Belize Investments Limited, a company organized
under the laws of St. Lucia (“Belize Investments Limited”), in respect of all of the issued shares of Krystalsea
(the “Krystalsea Pledged Equity”);


 


(e)       a
share charge granted by NCL International, Ltd., an exempted company incorporated under the laws of Bermuda, over the entire issued
share capital of NCL (Bahamas) (the “NCL Bahamas Pledged Equity”); and


 


(f)        a
share charge granted by NCL (Bahamas) over the entire issued shares of Great Stirrup Cay Limited (the “Great Stirrup Pledged
Equity”).


 


“Commission” means the
U.S. Securities and Exchange Commission.


 


“Consolidated EBITDA”
means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period plus (a)
the following to the extent deducted in calculating such Consolidated Net Income, without duplication:


 


(1)       provision
for Taxes (including without duplication, Tax distributions) based on income, profits or capital of a Person and its Subsidiaries
for such period, including, without limitation, state, franchise and similar taxes,


 


(2)       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
a Person and its Subsidiaries for such period (net of interest income of a Person and its Subsidiaries for such period),


 


(3)       depreciation
and amortization expenses of a Person and its Subsidiaries for such period,


 


(4)       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),


 


(5)       any
other non-cash charges; provided that, for purposes of this subclause (5) 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,


 


(6)       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 the provisions described under ‎‎Section
4.10,


 






    	 	14	 



     


    

 


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 Issuer 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).


 


“Consolidated Net Income”
means, with respect to any specified Person for any period, the aggregate of the net income (loss) attributable to such Person
and its Subsidiaries which are Restricted Subsidiaries for such period, out of such Person’s consolidated net income, determined
in accordance with GAAP and without any reduction in respect of preferred stock dividends; provided that:


 


(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 or Indebtedness permitted to be incurred hereunder
(in each case, whether or not successful), 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 Issuer)
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),


 


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


 






    	 	15	 



     


    

 


(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 any acquisition that is consummated on or after the Issue 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 Issue 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 interest
rate 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


 


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


 


“Consolidated Total Indebtedness”
means, at any date, 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 Issuer and the Subsidiaries determined
on a consolidated basis on such date in accordance with GAAP.


 






    	 	16	 



     


    

 


“Consolidated Total Leverage Ratio”
means as of any date of determination, the ratio of Consolidated Total Indebtedness on such day less the unrestricted cash and
Permitted Investments to Consolidated EBITDA of the Issuer and its Restricted Subsidiaries as of and for the Issuer’s most
recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of
calculation; in each case, with such pro forma adjustments as are appropriate and consistent with the pro forma adjustment
provisions set forth in the definition of “Fixed Charge Coverage Ratio.”


 


“continuing” means, with
respect to any Default or Event of Default, that such Default or Event of Default has not been cured or waived.


 


“Credit Facilities” means
one or more debt facilities, instruments or arrangements incurred by the Issuer or any Restricted Subsidiary (including but not
limited to the Existing Credit Agreements) with banks, other institutions or investors providing for revolving credit loans, term
loans, receivables financing (including through the sale of receivables to such institutions or to special purpose entities formed
to borrow from such institutions against such receivables), letters of credit, notes or other Indebtedness, in each case, as amended,
restated, modified, renewed, refunded, replaced, restructured, refinanced, repaid, increased or extended in whole or in part from
time to time (and whether in whole or in part and whether or not with the original administrative agent and lenders or another
administrative agent or agents or trustees or other banks or institutions and whether provided under the Existing Credit Agreements
or one or more other credit or other agreements, indentures, financing agreements or otherwise) and in each case including all
agreements, instruments and documents executed and delivered pursuant to or in connection with the foregoing (including any notes
and letters of credit issued pursuant thereto and any Guarantee and collateral agreement, patent and trademark security agreement,
mortgages or letter of credit applications and other Guarantees, pledges, agreements, security agreements and collateral documents).
Without limiting the generality of the foregoing, the term “Credit Facilities” shall include any agreement or instrument
(1) changing the maturity of any Indebtedness incurred thereunder or contemplated thereby, (2) adding Subsidiaries of the Issuer
as additional borrowers, issuers or guarantors thereunder, (3) increasing the amount of Indebtedness incurred thereunder or available
to be borrowed thereunder or (4) otherwise altering the terms and conditions thereof. Notwithstanding the foregoing, no instrument
shall constitute a “Credit Facility” for the purposes of this definition unless such instrument is designated to the
Trustee in writing by the Issuer as constituting a “Credit Facility.”


 


“Custodian” means any
receiver, trustee, assignee, liquidator, custodian, administrator or similar official under any Bankruptcy Law.


 


“Default” means any event
that is, or with the passage of time or the giving of notice or both would be, an Event of Default.


 






    	 	17	 



     


    

 


“Definitive Registered Note”
means, with respect to the Notes, a certificated Note registered in the name of the Holder thereof and issued in accordance with
‎‎Section 2.06 hereof, substantially in the form of Exhibit
A attached hereto except that such Note shall not bear the legends applicable to Global Notes and shall not have the “Schedule
of Principal Amount in the Global Note” attached thereto.


 


“Disqualified Stock”
means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable,
in each case, at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of the Capital Stock,
in whole or in part, on or prior to the six-month anniversary of the date that the Notes mature. Notwithstanding the preceding
sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders of the Capital Stock have the right
to require the issuer thereof to repurchase such Capital Stock upon the occurrence of a “change of control” or an “asset
sale” will not constitute Disqualified Stock if the terms of such Capital Stock provide that the issuer thereof may not repurchase
or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with ‎‎Section
4.08. For purposes hereof, the amount of Disqualified Stock which does not have a fixed repurchase price shall be calculated in
accordance with the terms of such Disqualified Stock as if such Disqualified Stock were purchased on any date on which Indebtedness
shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the Fair Market
Value of such Disqualified Stock, such Fair Market Value to be determined as set forth herein.


 


“DTC” means The Depository
Trust Company, its nominees and successors.


 


“ECA Aggregate Secured Debt Ratio”
means, as of any date of determination, the ratio of Indebtedness outstanding on such day secured by Liens on ECA Vessels to the
Appraised Value of the ECA Vessels that secure such ECA Facilities on a first-lien basis, in each case on an aggregate basis and
with such pro forma adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth
in the definition of “Fixed Charge Coverage Ratio.”


 


“ECA Entity” means any
entity that directly owns an ECA Vessel and any vessel with an Appraised Value in excess of $100.0 million that is purchased with
the proceeds of any sale of any ECA Vessel or ECA Entity.


 


“ECA Facilities” means
the agreements governing Existing Indebtedness, other than the Existing Credit Agreements, the Existing Notes and the Exchangeable
Notes, under which the obligations are secured by Liens on one or more Vessels (each, an “ECA Facility”).


 


“ECA Vessels” means Norwegian
Breakaway, Norwegian Getaway, Norwegian Escape, Norwegian Joy, Norwegian Bliss, Norwegian Encore, Marina, Riviera, Seven Seas Explorer,
Seven Seas Splendor and any vessel with an Appraised Value in excess of $100.0 million that is purchased with the proceeds of any
sale of any ECA Vessel or ECA Entity.


 






    	 	18	 



     


    

 


“Equity Interests” means
Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible
into, or exchangeable for, Capital Stock).


 


“Equity Offering” means
a public or private sale either (a) of the Equity Interests (other than Disqualified Stock and other than offerings registered
on Form S-8 (or any successor form) under the U.S. Securities Act or any similar offering in other jurisdictions) of the Issuer
or (b) of the Equity Interests of a direct or indirect parent entity of the Issuer to the extent that the net proceeds therefrom
are contributed to the equity capital of the Issuer or any of its Restricted Subsidiaries.


 


“Euroclear” means Euroclear
SA/NV.


 


“Event of Loss” means
the actual or constructive total loss, arranged or compromised total loss, destruction, condemnation, confiscation, requisition,
seizure or forfeiture of, or other taking of title or use of, a Vessel.


 


“Exchangeable Notes”
means the 6.00% exchangeable senior notes due 2024 issued by the Issuer and the 7.50% exchangeable senior notes due 2026 issued
by the Issuer, in each case as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether
with the existing holders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including
any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion
of the Indebtedness under such agreement or agreement or any successor or replacement agreement or agreements or increasing the
amount of notes issued thereunder (in each case subject to compliance with ‎‎Section
4.06) or altering the maturity thereof.


 


“Existing Credit Agreements”
means (i) the Fourth Amended and Restated Credit Agreement, dated as of January 2, 2019, among NCL Corporation Ltd., as borrower,
Voyager Vessel Company, LLC, as co-borrower, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the lenders
party thereto, (ii) the Uncommitted and Revolving Credit Line Agreement dated as of October 28, 2019, between NCL Corporation Ltd.,
as borrower, and Sumitomo Mitsui Banking Corporation, as lender, (iii) the Credit Agreement, dated January 10, 2019, among NCL
Corporation Ltd., as borrower, Nordea Bank ABP, New York Branch, as administrative agent and collateral agent, and the other lenders
party thereto and (iv) the Credit Agreement, dated as of May 15, 2019, among NCL Corporation Ltd., as borrower, Bank of America,
N.A., as administrative agent and collateral agent, and the other lenders party thereto (each such agreement in clauses (i) through
(iv) outstanding on the Issue Date, an “Issue Date Existing Credit Agreement”), and as each may further amended,
restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise),
restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement or indenture extending
the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement
or agreement or any successor or replacement agreement or agreements or increasing the amount loaned thereunder (in each case subject
to compliance with ‎‎Section 4.06) or altering the maturity
thereof.


 






    	 	19	 



     


    

 


“Existing Indebtedness”
means all Indebtedness of the Issuer and its Restricted Subsidiaries in existence on the Issue Date and the Exchangeable Notes.


 


“Existing Notes” means
the 3.625% senior unsecured notes due December 2024 as amended, restated, supplemented, waived, replaced (whether or not upon termination,
and whether with the existing holders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time
to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring
all or any portion of the Indebtedness under such agreement or agreement or any successor or replacement agreement or agreements
or increasing the amount of notes issued thereunder (in each case subject to compliance with ‎‎Section
4.06) or altering the maturity thereof.


 


“Existing Vessels” means
Allura 1, Allura 2, Leonardo 1, Leonardo 2, Leonardo 3, Leonardo 4, Leonardo 5, Leonardo 6, Explorer 3, Norwegian Bliss, Norwegian
Breakaway, Norwegian Dawn, Norwegian Encore, Norwegian Epic, Norwegian Escape, Norwegian Gem, Norwegian Getaway, Norwegian Jade,
Norwegian Jewel, Norwegian Joy, Norwegian Pearl, Norwegian Sky, Norwegian Spirit, Norwegian Star, Norwegian Sun, Oceania Insignia,
Oceania Marina, Oceania Nautica, Oceania Regatta, Oceania Riviera, Sirena, Pride of America, Seven Seas Explorer, Seven Seas Mariner,
Seven Seas Navigator, Seven Seas Splendor, Seven Seas Voyager (which, for the avoidance of doubt, may be renamed after the Issue
Date).


 


“Fair Market Value” means
the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress of either
party, determined in good faith by the Issuer’s Chief Executive Officer or responsible accounting or financial officer of
the Issuer.


 


“FATCA” means current
Sections 1471 through 1474 of the Code or any amended or successor version that is substantively comparable and not materially
more onerous to comply with, any regulations promulgated thereunder, any official interpretations thereof, any intergovernmental
agreement between a non-U.S. jurisdiction and the United States (or any related law or administrative practices or procedures)
implementing the foregoing or any agreements entered into pursuant to current Section 1471(b)(1) of the Code (or any amended or
successor version described above).


 


“FATCA Withholding” means
any withholding or deduction required under FATCA.


 


“Fixed Charge Calculation Date”
has the meaning assigned to such term in the definition of “Fixed Charge Coverage Ratio.”


 






    	 	20	 



     


    

 


“Fixed Charge Coverage Ratio”
means, with respect to any Person for any period, the ratio of Consolidated EBITDA of such Person for such period to the Fixed
Charges of such Person for such period. In the event that the Issuer or any of its Restricted Subsidiaries incurs, repays, repurchases
or redeems any Indebtedness or issues, repurchases or redeems Disqualified Stock or Preferred Stock subsequent to the commencement
of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to the event for which the calculation of
the Fixed Charge Coverage Ratio is made (the “Fixed Charge Calculation Date”), then the Fixed Charge Coverage
Ratio shall be calculated giving pro forma effect to such incurrence, repayment, repurchase or redemption of Indebtedness,
or such issuance, repurchase or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred at the beginning
of the applicable four-quarter 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, after which delivery date such Indebtedness
shall be deemed to have been incurred on the first day of such four-quarter reference period; provided, however, that the pro
forma calculation of Fixed Charges shall not give effect to (i) any Permitted Debt incurred on the Fixed Charge Calculation
Date or (ii) the discharge on the Fixed Charge Calculation Date of any Indebtedness to the extent that such discharge results from
the proceeds of Permitted Debt.


 


In addition, for purposes of calculating
the Fixed Charge Coverage Ratio, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued
operations (as determined in accordance with GAAP) and any operational changes, business realignment projects or initiatives, restructurings
or reorganizations that the Issuer or any Restricted Subsidiary has determined to make and/or made during the four-quarter reference
period or subsequent to such reference period and on or prior to or simultaneously with the Fixed Charge Calculation Date (each,
for purposes of this definition, a “pro forma event”) shall be calculated on a pro forma basis
assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations
and other operational changes, business realignment projects or initiatives, restructurings or reorganizations which would include
cost savings resulting from head count reduction, closure of facilities and similar operational and other cost saving (and the
change of any associated fixed charge obligations and the change in Consolidated EBITDA resulting therefrom) had occurred on the
first day of the four-quarter reference period. On or following the delivery date of any new Vessel and for so long as such four-quarter
reference period includes such delivery date, in the event that the Issuer or any Subsidiary took delivery of any new Vessel during
such four-quarter reference period, Consolidated EBITDA shall include the projected Consolidated EBITDA (based on reasonable assumptions)
for such Vessel as if such Vessel had been in operation on the first day of such four-quarter reference period. If since the beginning
of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Issuer or any Restricted
Subsidiary since the beginning of such period shall have made any Investment, acquisition, disposition, merger, consolidation,
amalgamation, discontinued operation, operational change, business realignment project or initiative, restructuring or reorganization
that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving
pro forma effect thereto for such period as if such Investment, acquisition, disposition, discontinued operation, merger,
amalgamation, consolidation, operational change, business realignment project or initiative, restructuring or reorganization had
occurred at the beginning of the applicable four-quarter period. If since the beginning of such period any Restricted Subsidiary
is designated an Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the Fixed Charge
Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such designation had occurred at
the beginning of the applicable four-quarter period.


 






    	 	21	 



     


    

 


For purposes of this definition, whenever
pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made in good faith
by a responsible financial or accounting officer of the Issuer. Any such pro forma calculation may include adjustments appropriate,
in the reasonable good faith determination of the Issuer as set forth in an Officer’s Certificate, to reflect operating expense
reductions and other operating improvements, synergies or cost savings reasonably expected to result from the applicable event.
Any calculation of the Fixed Charge Coverage Ratio may be made, at the option of the Issuer, either (i) at the time the Board of
Directors of the Issuer approves the action necessitating the calculation of the Fixed Charge Coverage Ratio or (ii) at the completion
of such action necessitating the calculation of the Fixed Charge Coverage Ratio.


 


If any Indebtedness bears a floating rate
of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in
effect on the Fixed Charge Calculation Date had been the applicable rate for the entire period (taking into account any Hedging
Obligations applicable to such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months). Interest on
a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting
officer of the Issuer to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP. For purposes
of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro
forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period. Interest
on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency
interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based
upon such optional rate chosen as the Issuer may designate.


 


For purposes of this definition, any amount
in a currency other than U.S. dollars will be converted to U.S. dollars based on the average exchange rate for such currency for
the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in calculating
Consolidated EBITDA for the applicable period.


 


“Fixed Charges” means,
with respect to any specified Person for any period, the sum, without duplication, of:


 


(a)       the
consolidated interest expense (net of interest income) of such Person and its Restricted Subsidiaries for such period related to
Indebtedness, whether paid or accrued, including, without limitation, amortization of debt discount (but not debt issuance costs),
non-cash interest payments, the interest component of deferred payment obligations, commissions, discounts and other fees and charges
incurred in respect of letter of credit or bankers’ acceptance financings, net of the effect of all payments made or received
pursuant to Hedging Obligations in respect of interest rates; plus


 






    	 	22	 



     


    

 


(b)       the
consolidated interest expense of such Person and its Subsidiaries which are Restricted Subsidiaries that was capitalized during
such period; plus


 


(c)       any
interest on Indebtedness of another Person that is guaranteed by such Person or one of its Subsidiaries which are Restricted Subsidiaries
or is secured by a Lien on assets of such Person or one of its Subsidiaries which are Restricted Subsidiaries; plus


 


(d)       the
product of (a) all dividends, whether paid or accrued and whether or not in cash, on any series of preferred stock of any Restricted
Subsidiary, other than dividends on Equity Interests payable to the Issuer or a Restricted Subsidiary, times (b) a fraction,
the numerator of which is one and the denominator of which is one minus then current combined national, state and local statutory
tax rate of such Person, expressed as a decimal, as estimated in good faith by a responsible accounting or financial officer of
the Issuer.


 


Notwithstanding any of the foregoing, Fixed Charges shall not
include (i) any payments on any operating leases, (ii) any non-cash interest expense resulting from the application of Accounting
Standards Codification Topic 470-20 “Debt — Debt with Conversion Options — Recognition” or (iii) the interest
component of all payments associated with Capital Lease Obligations.


 


“GAAP” means generally
accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect on the Issue Date. For the purposes of this Indenture, the term “consolidated” with respect to
any Person shall mean such Person consolidated with its Restricted Subsidiaries, and shall not include any Unrestricted Subsidiary,
but the interest of such Person in an Unrestricted Subsidiary will be accounted for as an Investment.


 


“Government Securities”
means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States
pledges its full faith and credit.


 


“Guarantee” means a guarantee
other than by endorsement of negotiable instruments for collection or deposit in the ordinary course of business, of all or any
part of any Indebtedness (whether arising by agreements to keep-well, to take or pay or to maintain financial statement conditions,
pledges of assets, sureties or otherwise).


 


“Guarantors” means any
Restricted Subsidiary that guarantees the Notes in accordance with the provisions of this Indenture, and their respective successors
and assigns, until the Note Guarantee of such Person has been released in accordance with the provisions of this Indenture.


 






    	 	23	 



     


    

 


“Hedging Obligations”
means, with respect to any specified Person, the obligations of such Person under:


 


(a)    
   interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap
agreements and interest rate collar agreements;


 


(b)       other
agreements or arrangements designed to manage interest rates or interest rate risk; and


 


(c)       other agreements or arrangements designed to protect such Person against fluctuations in
currency exchange rates or commodity prices.


 


“Holder” means each Person
in whose name the Notes are registered on the Registrar’s books, which shall initially be the nominee of DTC, Euroclear or
Clearstream.


 


“Indebtedness” means,
with respect to any specified Person (excluding accrued expenses and trade payables), without duplication:


 


(a)       the
principal amount of indebtedness of such Person in respect of borrowed money;


 


(b)       the
principal amount of obligations of such Person evidenced by bonds, notes, debentures or similar instruments for which such Person
is responsible or liable;


 


(c)       reimbursement
obligations of such Person in respect of letters of credit, bankers’ acceptances or similar instruments (except to the extent
such reimbursement obligations relate to trade payables and such obligations are satisfied within 30 days of incurrence), in each
case only to the extent that the underlying obligation in respect of which the instrument was issued would be treated as Indebtedness;


 


(d)       Capital
Lease Obligations of such Person;


 


(e)       the
principal component of all obligations of such Person to pay the balance deferred and unpaid of the purchase price of any property
or services due more than one year after such property is acquired or such services are completed;


 


(f)      
  net obligations of such Person under Hedging Obligations (the amount of any such obligations to be equal at any time to
the termination value of such agreement or arrangement giving rise to such obligation that would be payable by such Person at
such time); and


 


(g)       Attributable
Debt of such Person;


 


if and to the extent any of the preceding
items (other than letters of credit, Attributable Debt and Hedging Obligations) would appear as a liability upon a balance sheet
of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness
of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified
Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person.


 






    	 	24	 



     


    

 


The term “Indebtedness” shall
not include:


 


(a)       anything
accounted for as an operating lease in accordance with GAAP as at the Issue Date;


 


(b)       contingent
obligations in the ordinary course of business;


 


(c)       in
connection with the purchase by the Issuer or any Restricted Subsidiary of any business, any post-closing payment adjustments to
which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment
depends on the performance of such business after the closing;


 


(d)    
   deferred or prepaid revenues;


 


(e)       purchase
price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations
of the applicable seller;


 


(f)   
     any contingent obligations in respect of workers’ compensation claims, early retirement or
termination obligations, pension fund obligations or contributions or similar claims, obligations or contributions or social
security or wage Taxes;


 


(g)       [Reserved];
or


 


(h)       any
Capital Stock.


 


“Indenture” means this
instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof.


 


“Interest Payment Date”
means the Stated Maturity of an installment of interest on the Notes.


 


“Investment Grade” means
(1) with respect to S&P, a rating equal to or higher than BBB- (or the equivalent), (2) with respect to Moody’s, a rating
equal to or higher than Baa3 (or the equivalent) and (3) with respect to any additional Rating Agency or Rating Agencies selected
by the Issuer, the equivalent investment grade credit rating.


 


“Investments” means,
with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms
of loans (including Guarantees or other obligations, but excluding advances or extensions of credit to customers or suppliers made
in the ordinary course of business), advances or capital contributions (excluding commission, travel and similar advances to officers
and employees made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity
Interests or other securities, together with all items that are or would be classified as Investments on a balance sheet prepared
in accordance with GAAP. The acquisition by the Issuer or any Restricted Subsidiary of a Person that holds an Investment in a third
Person will be deemed to be an Investment by the Issuer or such Restricted Subsidiary in such third Person in an amount equal to
the Fair Market Value of the Investments held by the acquired Person in such third Person in an amount determined as provided in
the final paragraph of ‎Section 4.08. Except as otherwise provided
in this Indenture, the amount of an Investment will be determined at the time the Investment is made and without giving effect
to subsequent changes in value.


 






    	 	25	 



     


    

 


“IP License” means each
of the following agreements entered into as of May 14, 2020 pursuant to which the Issuer received a license to certain of the Pledged
IP from US NewCo or the U.S. Branch of UK NewCo, as applicable: (i) the Trade and Asset Transfer Agreement between Issuer and US
NewCo; (ii) the Trade and Asset Transfer Agreement between Issuer and the U.S. Branch of UK NewCo; (iii) the Marketing Services
and Trademark License Agreement between Issuer and US NewCo; and (iv) the Marketing Services and Trademark License Agreement between
Issuer and the U.S. Branch of UK NewCo.


 


“Issue Date” means May
14, 2020.


 


“Issuer Order” means
a written order signed in the name of the Issuer by any Person authorized by a resolution of the Board of Directors of the Issuer.


 


“Lien” means, with respect
to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether
or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement
or any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement
to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.


 


“Management Advances”
means loans or advances made to, or Guarantees with respect to loans or advances made to, directors, officers or employees of the
Issuer or any Restricted Subsidiary:


 


(a)       in
respect of travel, entertainment or moving related expenses incurred in the ordinary course of business;


 


(b)       in
respect of moving related expenses incurred in connection with any closing or consolidation of any office; or


 


(c)       in
the ordinary course of business and (in the case of this clause (c)) not exceeding $5.0 million in the aggregate outstanding at
any time.


 


“Moody’s” means
Moody’s Investors Service, Inc.


 






    	 	26	 



     


    

 


“NCL Holdings” means
Norwegian Cruise Line Holdings Ltd., the direct parent company of the Issuer.


 


“Net Proceeds” means
with respect to any Asset Sale or Event of Loss, the aggregate cash proceeds and Cash Equivalents received by the Issuer or any
of its Restricted Subsidiaries in respect of such Asset Sale or Event of Loss (including, without limitation, any cash or Cash
Equivalents received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), provided that
with respect to any Asset Sale or Event of Loss, such amount shall be net of the direct costs relating to such Asset Sale or Event
of Loss, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation
expenses incurred as a result of the Asset Sale or Event of Loss, taxes paid or payable as a result of the Asset Sale or Event
of Loss, any charges, payments or expenses incurred in connection with an Asset Sale or Event of Loss (including, without limitation,
(i) any exit or disposal costs, (ii) any repair, restoration or environmental remediation costs, charges or payments, (iii) any
penalties or fines resulting from such Event of Loss, (iv) any severance costs resulting from such Event of Loss, (v) any costs
related to salvage, scrapping or related activities and (vi) any fees, settlement payments or other charges related to any litigation
or administrative proceeding resulting from such Event of Loss) and any reserve for adjustment or indemnification obligations in
respect of the sale price of such asset or assets established in accordance with GAAP. To the extent the amounts that must be netted
against any cash proceeds and Cash Equivalents cannot be reasonably determined by the Issuer with respect to any Asset Sale or
Event of Loss, such cash proceeds and Cash Equivalents shall not be deemed received until such amounts to be netted are known by
the Issuer.


 


“New Vessel Aggregate Secured Debt
Cap” means the sum of each of the New Vessel Secured Debt Caps (with such New Vessel Aggregate Secured Debt Cap to be
expressed as the sum of the euro and U.S. dollar denominations of the New Vessel Secured Debt Caps reflected in the New Vessel
Aggregate Secured Debt Cap).


 


“New Vessel Financing”
means any financing arrangement (including but not limited to a sale and leaseback transaction or bareboat charter or lease or
an arrangement whereby a Vessel under construction is pledged as collateral to secure the indebtedness of a shipbuilder), entered
into by the Issuer or a Restricted Subsidiary for the purpose of financing or refinancing all or any part of the purchase price,
cost of design or construction of a Vessel or Vessels or the acquisition of Capital Stock of entities owning or to own Vessels,
provided that any Vessel contracted for construction, under construction or completed on the Issue Date is not a Vessel to which
this definition applies.


 


“New Vessel Secured Debt Cap”
means, in respect of a New Vessel Financing, no more than 90% of the contract price (including any amendment to the contract price)
for the acquisition and any other Ready for Sea Cost of the related Vessel (and 100% of any related export credit insurance premium),
expressed in euros or U.S. dollars, as the case may be, being financed by such New Vessel Financing.


 






    	 	27	 



     


    

 


“Note Guarantee” means
the Guarantee by each Guarantor of the Issuer’s obligations under this Indenture and the Notes, executed pursuant to the
provisions of this Indenture.


 


“Obligations” means any
principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation
governing any Indebtedness.


 


“Offering Memorandum”
means the final offering memorandum in respect of the Notes dated May 5, 2020.


 


“Officer” means, with
respect to any Person, the Chairman of the Board of Directors, Chief Executive Officer, Chief Financial Officer, any Director,
any President, Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of such Person.


 


“Officer’s Certificate”
means a certificate signed on behalf of the Issuer by an Officer.


 


“Opinion of Counsel”
means a written opinion from legal counsel, subject to customary exceptions and qualifications. The counsel may be an employee
of or counsel to the Issuer.


 


“Par Call Date” means
February 15, 2024.


 


“Permitted Business”
means (a) in respect of the Issuer and its Restricted Subsidiaries, any businesses, services or activities engaged in by the Issuer
or any of the Restricted Subsidiaries on the Issue Date and (b) any businesses, services and activities engaged in by the Issuer
or any of the Restricted Subsidiaries that are related, complementary, incidental, ancillary or similar to any of the foregoing
or are extensions or developments of any thereof.


 


“Permitted Collateral Liens”
means:


 


(A)      Liens
on the Collateral described in one or more of clauses (a), (c), (f), (g), (h), (i), (j), (k), (l), (n), (o), (s), (t), (v), (z),
(aa) (as to operating leases) and (dd) (but to the extent related to the foregoing clauses) of the definition of “Permitted
Liens” (it being understood that clause (o) shall be limited solely to such licenses and sublicenses described in clause
(o) that are non-exclusive);


 


(B)       Liens
on the Collateral to secure Indebtedness of the Issuer or a Restricted Subsidiary in an aggregate amount of up to $75.0 million;
and


 


(C)       certain
perpetual licenses granted under each IP License.


 


“Permitted Investments”
means:


 


(a)       any
Investment in a Restricted Subsidiary;


 






    	 	28	 



     


    

 


(b)       any
Investment in cash in U.S. dollars, euros, Swiss francs, U.K. pounds sterling or Australian dollars, and Cash Equivalents;


 


(c)       any
Investment by the Issuer or any Restricted Subsidiary in a Person, if as a result of such Investment:


 


(i)    
    such Person becomes a Restricted Subsidiary; or


 


(ii)       such
Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated
into, the Issuer or a Restricted Subsidiary;


 


(d)   
    any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made
pursuant to and in compliance with ‎‎Section 4.09 or
any other disposition of assets not constituting an Asset Sale;


 


(e)       any acquisition of assets or Capital Stock solely in exchange for the issuance of Equity
Interests (other than Disqualified Stock) of the Issuer;


 


(f)  
      any Investments received in compromise or resolution of (A) obligations of trade creditors or
customers that were incurred in the ordinary course of business of the Issuer or any of its Restricted Subsidiaries,
including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade
creditor or customer; or (B) litigation, arbitration or other disputes with Persons who are not Affiliates;


 


(g)       Investments
in receivables owing to the Issuer or any Restricted Subsidiary created or acquired in the ordinary course of business;


 


(h)       Investments
represented by Hedging Obligations, which obligations are permitted to be incurred under ‎‎Section
4.06(b)(ix);


 


(i)   
     repurchases of the Notes;


 


(j)    
    any Guarantee of Indebtedness permitted to be incurred under ‎‎Section
4.06 other than a guarantee of Indebtedness of an Affiliate of the Issuer that is not a Restricted Subsidiary;


 


(k)       any
Investment existing on, or made pursuant to binding commitments existing on, the Issue Date and any Investment consisting of an
extension, modification or renewal of any Investment existing on, or made pursuant to a binding commitment existing on, the Issue
Date; provided that the amount of any such Investment may be increased (a) as required by the terms of such Investment as in existence
on the Issue Date or (b) as otherwise permitted under this Indenture;


 


(l)    
    Investments acquired after the Issue Date as a result of the acquisition by the Issuer or any Restricted
Subsidiary of another Person, including by way of a merger, amalgamation or consolidation with or into the Issuer or any of
its Restricted Subsidiaries in a transaction that is not prohibited by ‎‎Article
Five after the Issue Date to the extent that such Investments were not made in contemplation of such acquisition, merger,
amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or
consolidation;


 






    	 	29	 



     


    

 


(m)      Management
Advances;


 


(n)       Investments
consisting of the licensing of intellectual property rights pursuant to joint marketing arrangements with other Persons in the
ordinary course of business;


 


(o)       Investments
consisting of, or to finance the acquisition, purchase, charter or leasing or the construction, installation or the making of any
improvement with respect to any asset (including Vessels) or purchases and acquisitions of inventory, supplies, materials, services
or equipment or purchases of contract rights, licenses or leases of intellectual property rights (including prepaid expenses and
advances to suppliers), in each case, in the ordinary course of business (including, for the avoidance of doubt any deposits made
to secure the acquisition, purchase or construction of, or any options to acquire, any vessel);


 


(p)       other
Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made and without
giving effect to subsequent changes in value) made on or after the first anniversary of the Issue Date, when taken together with
all other Investments made pursuant to this clause (p) that are at the time outstanding not to exceed the greater of $300.0 million
and 2.00% of Total Tangible Assets of the Issuer; provided that if an Investment is made pursuant to this clause in a Person that
is not a Restricted Subsidiary and such Person subsequently becomes a Restricted Subsidiary or is subsequently designated a Restricted
Subsidiary pursuant to ‎Section 4.08, such Investment, if applicable,
shall thereafter be deemed to have been made pursuant to clause (a) or (c) of the definition of “Permitted Investments”
and not this clause;


 


(q)       other
Investments in joint ventures having an aggregate Fair Market Value (measured on the date each such Investment was made and without
giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (q)
that are at the time outstanding, not to exceed the greater of $150.0 million and 1.00% of Total Tangible Assets of the Issuer;
provided that if an Investment is made pursuant to this clause in a Person that is not a Restricted Subsidiary and such Person
subsequently becomes a Restricted Subsidiary or is subsequently designated a Restricted Subsidiary pursuant to Section ‎‎4.08,
such Investment, if applicable, shall thereafter be deemed to have been made pursuant to clause (a) or (c) of the definition of
 “Permitted Investments” and not this clause;


 


(r)   
     additional Investments in joint ventures in which the Issuer or any of its Restricted Subsidiaries
holds an Investment existing on the Issue Date, provided such Investments are made in the ordinary course of business;
and


 






    	 	30	 



     


    

 


(s)       additional Investments in additional joint ventures engaged in a Permitted Business, provided the Equity
Interests held by the Issuer or any of its Restricted Subsidiaries in such joint ventures are pledged as Collateral.


 


“Permitted Jurisdictions”
means (i) any state of the United States of America, the District of Columbia or any subdivision thereof or territory of the United
States of America, (ii) Panama, (iii) Bermuda, (iv) the Commonwealth of The Bahamas, (v) the Isle of Man, (vi) the Marshall Islands,
(vii) Liberia, (viii) Barbados and (ix) the Cayman Islands.


 


“Permitted Liens” means:


 


(a)       Liens
in favor of the Issuer or any of the Subsidiary Guarantors;


 


(b)       Liens
on property (including Capital Stock) of a Person existing at the time such Person becomes a Restricted Subsidiary or is merged
with or into, amalgamated with or consolidated with the Issuer or any Restricted Subsidiary; provided that such Liens were in existence
prior to the contemplation of such Person becoming a Restricted Subsidiary or such merger, amalgamation or consolidation, were
not incurred in contemplation thereof and do not extend to any assets other than those of the Person (or the Capital Stock of such
Person) that becomes a Restricted Subsidiary or is merged with or into, amalgamated with or consolidated with the Issuer or any
Restricted Subsidiary;


 


(c)       Liens
to secure the performance of statutory obligations, insurance, surety, bid, performance, travel or appeal bonds, credit card processing
arrangements (provided that such Liens in respect of credit card processing arrangements are on a junior basis to the Liens securing
the Notes), workers compensation obligations, performance bonds or other obligations of a like nature incurred in the ordinary
course of business (including Liens to secure letters of credit or similar instruments issued to assure payment of such obligations
or for the protection of customer deposits or credit card payments);


 


(d)       Liens
on any property or assets of the Issuer or any Restricted Subsidiary for the purpose of securing Capital Lease Obligations, purchase
money obligations, mortgage financings or other Indebtedness, in each case, incurred pursuant to‎‎
Section 4.06(b)(iv) in connection with the financing of all or any part of the purchase price, lease expense, rental payments or
cost of design, construction, installation, repair, replacement or improvement of property, plant or equipment or other assets
(including Capital Stock) used in the business of the Issuer or any of its Restricted Subsidiaries; provided that any such Lien
may not extend to any assets or property owned by the Issuer or any of its Restricted Subsidiaries at the time the Lien is incurred
other than (i) the assets (including Vessels) and property acquired, improved, constructed, leased or financed and improvements,
accessions, proceeds, products, dividends and distributions in respect thereof (provided that to the extent any such Capital Lease
Obligations, purchase money obligations, mortgage financings or other Indebtedness relate to multiple assets or properties, then
all such assets and properties may secure any such Capital Lease Obligations, purchase money obligations, mortgage financings or
other Indebtedness) and (ii) to the extent such Lien secures financing in connection with the purchase of a Vessel, Related Vessel
Property; provided further that any such assets or property subject to such Lien do not constitute Collateral;


 






    	 	31	 



     


    

 


(e)       Liens existing on the Issue Date;


 


(f)    
    Liens for taxes, assessments or governmental charges or claims that (x) are not yet overdue by more than 30
days or (y) if overdue by more than 30 days are being contested in good faith by appropriate proceedings that have the effect
of preventing the forfeiture or sale of the property subject to any such Lien and for which adequate reserves are being
maintained to the extent required by GAAP;


 


(g)       Liens
imposed by law, such as carriers’, warehousemen’s, landlord’s and mechanics’, materialmen’s, repairmen’s,
construction or other like Liens arising in the ordinary course of business and with respect to amounts not yet delinquent or being
contested in good faith by appropriate proceedings and in respect of which, if applicable, the Issuer or any Restricted Subsidiary
shall have set aside on its books reserves in accordance with GAAP; and with respect to Vessels: (i) Liens fully covered (in excess
of customary deductibles) by valid policies of insurance and (ii) Liens for general average and salvage, including contract salvage;
or Liens arising solely by virtue of any statutory or common law provisions relating to attorney’s liens or bankers’
liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depositary
institution;


 


(h)       survey
exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and
telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property that were not incurred
in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said properties or materially
impair their use in the operation of the business of such Person;


 


(i)     
   Liens created for the benefit of (and to secure) the Notes (or the Note Guarantees) issued on the Issue Date;


 


(j)   
     Liens securing Indebtedness under Hedging Obligations, which obligations are permitted to be incurred
under ‎Section 4.06(b)(ix);


 


(k)       Liens
on insurance policies and proceeds thereof, or other deposits, to secure insurance premium financings;


 


(l)    
    Liens arising out of judgments or awards not constituting an Event of Default and notices of lis
pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and for
which adequate reserves have been made;


 


(m)      Liens
on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or redemption of Indebtedness;


 






    	 	32	 



     


    

 


(n)       Liens
on specific items of inventory or other goods (and the proceeds thereof) of any Person securing such Person’s obligations
in respect of bankers’ acceptances issued or created in the ordinary course of business for the account of such Person to
facilitate the purchase, shipment or storage of such inventory or other goods;


 


(o)       Leases,
licenses, subleases and sublicenses of assets in the ordinary course of business and Liens arising out of conditional sale, title
retention, consignment or similar arrangements for the sale of assets entered into in the ordinary course of business;


 


(p)       [Reserved];


 


(q)       (i)
mortgages, liens, security interests, restrictions, encumbrances or any other matters of record that have been placed by any developer,
landlord or other third party on property over which the Issuer or any Restricted Subsidiary has easement rights or on any real
property leased by the Issuer or any Restricted Subsidiary and subordination or similar agreements relating thereto and (ii) any
condemnation or eminent domain proceedings or compulsory purchase order affecting real property;


 


(r) 
       Liens securing or arising by reason of any netting or set-off arrangement entered into in
the ordinary course of banking or other trading activities;


 


(s)       Liens on Unearned Customer Deposits (i) in favor of credit card companies pursuant to agreements
therewith consistent with industry practice and (ii) in favor of customers;


 


(t)   
     pledges of goods, the related documents of title and/or other related documents arising or created in
the ordinary course of the Issuer or any Restricted Subsidiary’s business or operations as Liens only for Indebtedness
to a bank or financial institution directly relating to the goods or documents on or over which the pledge exists;


 


(u)       Liens
over cash paid into an escrow account pursuant to any purchase price retention arrangement as part of any permitted disposal by
the Issuer or a Restricted Subsidiary on condition that the cash paid into such escrow account in relation to a disposal does not
represent more than 15.0% of the net proceeds of such disposal;


 


(v)       Liens
incurred in the ordinary course of business of the Issuer or any Restricted Subsidiary arising from Vessel chartering, dry-docking,
maintenance, repair, refurbishment, the furnishing of supplies and bunkers to Vessels or masters’, officers’ or crews’
wages and maritime Liens, in the case of each of the foregoing, which were not incurred or created to secure the payment of Indebtedness;


 


(w)      Liens
securing an aggregate principal amount of Indebtedness not to exceed the aggregate amount of Indebtedness permitted to be incurred
pursuant to ‎Section 4.06(b)(v); provided that such Lien extends
only to (i) the assets (including Vessels), purchase price or cost of design, construction, installation or improvement of which
is financed or refinanced thereby and any improvements, accessions, proceeds, products, dividends and distributions in respect
thereof, (ii) any Related Vessel Property or (iii) the Capital Stock of a Vessel Holding Issuer;


 






    	 	33	 



     


    

 


(x)    
    Liens created on any asset of the Issuer or a Restricted Subsidiary established to hold assets of any stock
option plan or any other management or employee benefit or incentive plan or unit trust of the Issuer or a Restricted
Subsidiary securing any loan to finance the acquisition of such assets;


 


(y)  
     Liens incurred by the Issuer or any Restricted Subsidiary with respect to obligations that do not
exceed the greater of $125.0 million and 0.85% of Total Tangible Assets at any one time outstanding;


 


(z)   
     Liens arising from financing statement filings (or similar filings in any applicable jurisdiction)
regarding operating leases entered into by the Issuer and its Restricted Subsidiaries in the ordinary course of business;


 


(aa)    any interest or title of a
lessor under any Capital Lease Obligation or an operating lease;


 


(bb)    Liens on the Equity Interests of
Unrestricted Subsidiaries;


 


(cc)    Liens on Vessels under construction
securing Indebtedness of shipyard owners and operators; and


 


(dd)    any extension, renewal, refinancing
or replacement, in whole or in part, of any Lien described in the foregoing clauses (a) through (cc) (but excluding clause (y));
provided that (x) (i) any such Lien is limited to all or part of the same property or assets (plus improvements, accessions, proceeds,
products or dividends or distributions in respect thereof) that secured (or, under the written arrangements under which the original
Lien arose, could secure) the Indebtedness being refinanced and (ii) if any such Lien is on an ECA Vessel, then such Lien shall
only be permitted to the extent that the ECA Aggregate Secured Debt Ratio shall not exceed 0.575:1.0 and (y) the Indebtedness secured
by such Lien at such time is not increased to any amount greater than the sum of the outstanding principal amount or, if greater,
committed amount of such Indebtedness at the time the original Lien became a Permitted Lien under this Indenture and an amount
necessary to pay any fees and expenses, including premiums, related to such extension, renewal, refinancing or replacement.


 


“Permitted Refinancing Indebtedness”
means any Indebtedness incurred by the Issuer or any of its Restricted Subsidiaries, any Disqualified Stock issued by the Issuer
or any of its Restricted Subsidiaries and any preferred stock issued by any Restricted Subsidiary, in each case, in exchange for,
or the net proceeds of which are used to renew, refund, refinance, replace, exchange, defease or discharge other Indebtedness of
the Issuer or any of its Restricted Subsidiaries (other than intercompany Indebtedness), including Permitted Refinancing Indebtedness;
provided that:


 


(a)       the
aggregate principal amount (or accreted value, if applicable, or if issued with original issue discount, aggregate issue price,
or, if greater, committed amount (only to the extent the committed amount could have been incurred on the date of initial incurrence))
of such new Indebtedness, the liquidation preference of such new Disqualified Stock or the amount of such new preferred stock does
not exceed the principal amount (or accreted value, if applicable, or if issued with original issue discount, aggregate issue price
or, if greater, committed amount (only to the extent the committed amount could have been incurred on the date of initial incurrence))
of the Indebtedness, the liquidation preference of the Disqualified Stock or the amount of the preferred stock (plus in each case
the amount of accrued and unpaid interest or dividends on and the amount of all fees and expenses, including premiums, incurred
in connection with the incurrence or issuance of, such Indebtedness, Disqualified Stock or preferred stock), renewed, refunded,
refinanced, replaced, exchanged, defeased or discharged;


 






    	 	34	 



     


    

 


(b)       such
Permitted Refinancing Indebtedness has (a) a final maturity date that is either (i) no earlier than the final maturity date of
the Indebtedness being renewed, refunded, refinanced, replaced, exchanged, defeased or discharged or (ii) after the final maturity
date of the Notes and (b) has a Weighted Average Life to Maturity that is equal to or greater than the Weighted Average Life to
Maturity of the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged;


 


(c)       if the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged is
subordinated in right of payment to the Notes or the Note Guarantees, as the case may be, such Permitted Refinancing
Indebtedness is subordinated in right of payment to the Notes or the Note Guarantees, as the case may be, on terms at least
as favorable to the holders of Notes or the Note Guarantees, as the case may be, as those contained in the documentation
governing the Indebtedness being renewed, refunded, refinanced, replaced, exchanged, defeased or discharged; and


 


(d)       if
such Indebtedness is incurred either by the Issuer (if the Issuer was the obligor on the Indebtedness being renewed, refunded,
refinanced, replaced, defeased or discharged) or by the Restricted Subsidiary that was the obligor on the Indebtedness being renewed,
refunded, refinanced, replaced, defeased or discharged, such Indebtedness is guaranteed only by Persons who were obligors on the
Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged.


 


“Permitted Tax Distributions”
means (i) dividends or other distributions to pay any U.S. federal, state, local or non-U.S. income taxes actually payable by the
direct or indirect holders of the Issuer’s Capital Stock (or, in the case of any such holder that owns any assets other than
the Issuer’s Capital Stock at any applicable time, the U.S. federal, state, local or non-U.S. income taxes that would have
been actually payable had such holder owned no other assets) by virtue of the fact that the Issuer is a pass-through entity for
U.S. federal, state, local or non-U.S. income tax purposes (as applicable), for any such taxable year (or portion thereof) ending
after December 31, 2011 and, to the extent resulting from audit adjustments after the Issue Date, for any such taxable year (or
portion thereof) ending prior to December 31, 2011 and (ii) for any taxable year (or portion thereof) for which the Issuer is a
member of a group filing a consolidated, group, affiliated, combined or unitary tax return (including any such group or similar
group under U.S. federal, state, local or non-U.S. law) with any direct or indirect parent of the Issuer, any dividends or other
distributions to fund any U.S. federal, state, local or non-U.S. income taxes that are attributable to the income, revenue, receipts
or capital of the Issuer and its Subsidiaries for which such direct or indirect parent of the Issuer is liable up to an amount
not to exceed with respect to such taxes the amount of any such taxes that the Issuer and its Subsidiaries would have been required
to pay on a separate company basis or on a consolidated basis calculated as if the Issuer and its Subsidiaries had paid tax on
a consolidated, combined, group, affiliated or unitary basis on behalf of an affiliated group (or similar group) consisting only
of the Issuer and its Subsidiaries.


 






    	 	35	 



     


    

 


“Person” means any individual,
corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability
company or government or other entity, whether or not having separate legal personality.


 


“Productive Asset Lease”
means any lease or charter of one or more Vessels (other than leases or charters required to be classified and accounted for as
capital leases under GAAP).


 


“QIB” means a “Qualified
Institutional Buyer” as defined in Rule 144A.


 


“Rating Agencies” means
each of Moody’s and S&P, or any of their respective successors or any national rating agency substituted for either of
them as selected by the Issuer.


 


“Rating Event” means:


 


(a)       if
the Notes are not rated Investment Grade by each of the Rating Agencies on the first day of the Trigger Period, the Notes are downgraded
by at least one rating category (e.g., from BB+ to BB or Ba1 to Ba2) from the applicable rating of the Notes on the first day of
the Trigger Period by either of the Rating Agencies on any date during the Trigger Period;


 


(b)       if
the Notes are rated Investment Grade by each of the Rating Agencies on the first day of the Trigger Period, the Notes are downgraded
to below Investment Grade (i.e. below BBB- or Baa3) by either of the Rating Agencies on any date during the Trigger Period; or


 


(c)       if
both (A) the Notes are rated Investment Grade by one of the Rating Agencies, and (B) the Notes are not rated Investment Grade by
the other Rating Agency, in each case, on the first day of the Trigger Period, then any of the following occur: (i) in the case
of the Rating Agency referred to in clause (A), the Notes are downgraded to below Investment Grade (i.e. below BBB- or Baa3) by
such Rating Agency on any date during the Trigger Period, and (ii) in the case of the Rating Agency referred to in clause (B),
the Notes are downgraded by at least one rating category (e.g., from BB+ to BB or Ba1 to Ba2) from the applicable rating of the
Notes on the first day of the Trigger Period by each such Rating Agency on any date during the Trigger Period;


 


provided that a Rating Event otherwise arising by virtue
of a particular downgrade in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus
shall not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event hereunder) if the Rating
Agency making the reduction in rating to which this definition would otherwise apply does not announce or publicly confirm or inform
the Issuer that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result
of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at
the time of the Rating Event). For the avoidance of doubt, no Change of Control Triggering Event will be deemed to have occurred
in connection with any particular Change of Control unless and until such Change of Control has actually been consummated.


 






    	 	36	 



     


    

 


“Ready for Sea Cost”
means with respect to a Vessel to be acquired, constructed or leased (pursuant to a Capital Lease Obligation) by the Issuer or
any Restricted Subsidiary, the aggregate amount of all expenditures incurred to acquire or construct and bring such Vessel to the
condition and location necessary for its intended use, including any and all inspections, appraisals, repairs, modifications, additions,
permits and licenses in connection with such acquisition or lease, which would be classified as “property, plant and equipment”
in accordance with GAAP and any assets relating to such Vessel.


 


“Record Date,” for the
interest payable on any Interest Payment Date, means the May 1 and November 1 (in each case, whether or not a Business Day) preceding
such Interest Payment Date.


 


“Redemption Date” means,
when used with respect to any Note to be redeemed, in whole or in part, the date fixed for such redemption by or pursuant to this
Indenture.


 


“Redemption Price” means,
when used with respect to any Note to be redeemed, the price at which it is to be redeemed pursuant to this Indenture.


 


“Regulation S” means
Regulation S under the U.S. Securities Act (including any successor regulation thereto), as it may be amended from time to time.


 


“Related Vessel Property”
means, with respect to any Vessel (i) any insurance policies on such Vessel, (ii) any requisition compensation payable in respect
of any compulsory acquisition thereof, (iii) any earnings derived from the use or operation thereof and/or any earnings account
with respect to such earnings, and (iv) any charters, operating leases, licenses and related agreements entered into in respect
of the Vessel and any security or guarantee in respect of the relevant charterer’s or lessee’s obligations under any
relevant charter, operating lease, license or related agreement, (v) any cash collateral account established with respect to such
Vessel pursuant to the financing arrangements with respect thereto, (vi) any inter-company loan or facility agreements relating
to the financing of the acquisition of, and/or the leasing arrangements (pursuant to Capital Lease Obligations) with respect to,
such Vessel, (vii) any building or conversion contracts relating to such Vessel and any security or guarantee in respect of the
builder’s obligations under such contracts, (viii) any interest rate swap, foreign currency hedge, exchange or similar agreement
incurred in connection with the financing of such Vessel and required to be assigned by the lender and (ix) any security interest
in, or agreement or assignment relating to, any of the foregoing or any mortgage in respect of such Vessel.


 






    	 	37	 



     


    

 


“Replacement Assets”
means (1) assets not classified as current assets under GAAP that will be used or useful in a Permitted Business or (2) substantially
all the assets of a Permitted Business or a majority of the Voting Stock of any Person engaged in a Permitted Business that will
become on the date of acquisition thereof a Restricted Subsidiary.


 


“Restricted Investment”
means an Investment other than a Permitted Investment.


 


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


 


“Rule 144” means Rule
144 under the U.S. Securities Act (including any successor regulation thereto), as it may be amended from time to time.


 


“Rule 144A” means Rule
144A under the U.S. Securities Act (including any successor regulation thereto), as it may be amended from time to time.


 


“S&P” means Standard
 & Poor’s Ratings Group.


 


“Secured Guarantor” means
collectively (i) Krystalsea, (ii) NCL (Bahamas), (iii) Great Stirrup Cay Limited, (iv) Pride of Hawaii, (v) Sirena Acquisition,
(vi) US NewCo, (vii) UK NewCo, (viii) Oceania Cruises, (ix) Seven Seas and (x) Prestige Holdings.


 


“Security Agent” means
U.S. Bank National Association acting as Collateral Agent pursuant to and as defined in the Security Documents or such successor
collateral agent or any delegate thereof as may be appointed thereunder.


 


“Security Documents”
means the security agreements, pledge agreements, charge agreements, equitable share mortgage, collateral assignments and any other
instrument and document executed and delivered pursuant to this Indenture or otherwise or any of the foregoing, as the same may
be amended, supplemented or otherwise modified from time to time, creating the security interests in the Collateral as contemplated
by this Indenture.


 


“Significant Subsidiary”
means, at the date of determination, any Restricted Subsidiary that together with its Subsidiaries which are Restricted Subsidiaries
(i) for the most recent fiscal year, accounted for more than 10% of the consolidated revenues of the Issuer or (ii) as of the end
of the most recent fiscal year, was the owner of more than 10% of the consolidated assets of the Issuer.


 


“Stated Maturity” means,
with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest
or principal was scheduled to be paid in the documentation governing such Indebtedness as of the Issue Date, and will not include
any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled
for the payment thereof.


 






    	 	38	 



     


    

 


“Subsidiary” means, with
respect to any specified Person:


 


(a)       any
corporation, company, association or other business entity of which more than 50% of the total voting power of shares of Capital
Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement, shareholders’
agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers
or trustees of the corporation, company, association or other business entity is at the time owned or controlled, directly or indirectly,
by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and


 


(b)       any
partnership or limited liability company of which (a) more than 50% of the capital accounts, distribution rights, total equity
and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly,
by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership,
general, special or limited partnership interests or otherwise, and (b) such Person or any Subsidiary of such Person is a controlling
general partner or otherwise controls such entity.


 


“Subsidiary Guarantor”
means each subsidiary of the Issuer that has provided a Note Guarantee.


 


“Supplemental Indenture”
means a supplemental indenture to this Indenture substantially in the form of Exhibit D attached hereto.


 


“Tax” or “Taxes”
means any tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and additions to tax
related thereto, and, for the avoidance of doubt, including any withholding or deduction for or on account of Tax).


 


“Total Assets” means
the total assets of the Issuer and its Subsidiaries that are Restricted Subsidiaries, as shown on the most recent balance sheet
of the Issuer, determined on a consolidated basis in accordance with GAAP, calculated after giving effect to pro forma adjustments
as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Fixed Charge
Coverage Ratio.”


 


“Total Tangible Assets”
means the Total Assets excluding consolidated intangible assets, calculated after giving effect to pro forma adjustments
as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Fixed Charge
Coverage Ratio.”


 


“Trademark” means, with
respect to US NewCo or UK NewCo, in each case as a Secured Guarantor, all of the following now owned by such Secured Guarantor:


 


(a)       all
registrations for, and applications for registration of, trademarks, service marks, corporate names, company names, business names,
fictitious business names, trade styles, trade dress, logos, other source or business identifiers, and designs, now existing including
registrations and registration applications in the United States Patent and Trademark Office or any similar offices in any State
of the United States or any other country or any political subdivision thereof (except for “intent-to-use” applications
for trademark or service mark registrations filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, unless and
until an Amendment to Allege Use or a Statement of Use under Sections 1(c) and 1(d) of Lanham Act has been filed, to extent that
any assignment of an “intent-to-use” application prior to such filing would violate the Lanham Act), and all renewals
thereof;


 






    	 	39	 



     


    

 


(b)       all
domain name registrations; and


 


(c)       all
goodwill associated therewith or symbolized thereby,


 


and means, with respect to Prestige Holdings,
Seven Seas and Oceania Cruises, in each case as a Secured Guarantor, all of the following now owned by such Secured Guarantor:


 


(a)       all
trademarks, service marks, corporate names, company names, business names, fictitious business names, trade styles, trade dress,
logos, other source or business identifiers, and designs, and any and all registrations and applications for registration filed
in connection therewith, including registrations and registration applications in the United States Patent and Trademark Office
or any similar offices in any State of the United States or any other country or any political subdivision thereof (except for
 “intent-to-use” applications for trademark or service mark registrations filed pursuant to Section 1(b) of the Lanham
Act, 15 U.S.C. § 1051, unless and until an Amendment to Allege Use or a Statement of Use under Sections 1(c) and 1(d) of Lanham
Act has been filed, to extent that any assignment of an “intent-to-use” application prior to such filing would violate
the Lanham Act), and all renewals thereof;


 


(b)       all
domain name registrations; and


 


(c)       all
goodwill associated therewith or symbolized thereby.


 


“Treasury Rate” means,
as of any redemption date, the weekly average rounded to the nearest 1/100th of a percentage point (for the most recently completed
week for which such information is available as of the date that is two Business Days prior to the redemption date) of the yield
to maturity of United States Treasury Securities with a constant maturity (as compiled and published in Federal Reserve Statistical
Release H.15 with respect to each applicable day during such week or, if such Statistical Release is no longer published, any publicly
available source of similar market data) most nearly equal to the period from the redemption date to the Par Call Date; provided,
however, that if the period from the redemption date to the Par Call Date is not equal to the constant maturity of a United
States Treasury Security for which such a yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated
to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury Securities for which such yields
are given, except that if the period from the redemption date to the Par Call Date is less than one year, the weekly average yield
on actually traded United States Treasury Securities adjusted to a constant maturity of one year shall be used.


 






    	 	40	 



     


    

 


“Trigger Period” means
the period commencing on the first public announcement by the Issuer of an arrangement that could result in a Change of Control
until the end of the 60-day period following public notice of the occurrence of the Change of Control; provided, that if the rating
of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies, such 60-day period
shall be extended until the first to occur of (x) the date that such Rating Agency announces the results of its review and (y)
the date that is 180 days after consummation of the Change of Control.


 


“Trust Officer” means
any officer within the agency and corporate trust group, division or section of the Trustee (however named, or any successor group
of the Trustee) and also means, with respect to any particular corporate trust matter, any other officer to whom such matter is
referred because of his knowledge of and familiarity with the particular subject and shall also mean any officer who shall have
direct responsibility for the administration of this Indenture.


 


“Unearned Customer Deposits”
means amounts paid to the Issuer or any of its Subsidiaries representing customer deposits for unsailed bookings (whether paid
directly by the customer or by a credit card company).


 


“Unrestricted Subsidiary”
means any Subsidiary of the Issuer that is designated by the Board of Directors of the Issuer as an Unrestricted Subsidiary pursuant
to a resolution of the Board of Directors but only to the extent that such Subsidiary:


 


(a)       except
as permitted by Section ‎‎4.10, is not party to any agreement,
contract, arrangement or understanding with the Issuer or any Restricted Subsidiary unless the terms of any such agreement, contract,
arrangement or understanding are, taken as a whole, no less favorable to the Issuer or such Restricted Subsidiary than those that
might be obtained at the time from Persons who are not Affiliates of the Issuer; and


 


(b)       is
a Person with respect to which neither the Issuer nor any Restricted Subsidiary has any direct or indirect obligation (a) to subscribe
for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person
to achieve any specified levels of operating results.


 


“U.S. dollar” or “$”
means the lawful currency of the United States of America.


 


“U.S. Exchange Act” means
the U.S. Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated by the
Commission thereunder.


 


“U.S. Securities Act”
means the U.S. Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated by the Commission
thereunder.


 


“Vessel” means a passenger
cruise vessel which is owned by and registered (or to be owned by and registered) in the name of the Issuer or any of its Restricted
Subsidiaries or operated or to be operated by the Issuer or any of its Restricted Subsidiaries, in each case together with all
related spares, equipment and any additions or improvements.


 






    	 	41	 



     


    

 


“Vessel Holding Issuer”
means a Subsidiary of the Issuer, the assets of which consist solely of one or more Vessels and the corresponding Related Vessel
Property and whose activities are limited to the ownership of such Vessels and Related Vessel Property and any other asset reasonably
related to or resulting from the acquisition, purchase, charter, leasing, rental, construction, ownership, operation, improvement,
expansion and maintenance of such Vessel, the leasing of such Vessels and any activities reasonably incidental to the foregoing.


 


“Voting Stock” of any
specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of
the Board of Directors of such Person.


 


“Weighted Average Life to Maturity”
means, when applied to any Indebtedness at any date, the number of years obtained by dividing:


 


(a)       the
sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or
other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of
years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by


 


(b)       the
then outstanding principal amounts of such Indebtedness.


 


Section 1.02.Other Definitions.


 


	
        Term
	
        Section

	“Additional Amounts”	‎‎4.12(a)
	“Additional Notes”	Recitals
	“Affiliate Transaction”	‎‎4.10(a)
	“Agents”	‎‎2.03
	“Applicable Procedures”	‎‎2.06(b)(ii)
	“Asset Sale Offer”	‎4.09(c)
	“Authorized Agent”	‎‎12.08
	“Change in Tax Law”	‎‎3.09(b)
	“Change of Control Offer”	‎‎4.11(a)
	“Change of Control Purchase Date”	‎‎4.11(a)
	“Change of Control Purchase Price”	‎‎4.11(a)
	“Central Bank Approval”	‎‎11.01(e)(v)
	“Confirmatory Conveyance”	‎‎11.01(e)
	“Covenant Defeasance”	‎‎8.03
	“Deemed Date”	‎‎4.06(e)
	“Defaulted Interest”	‎‎2.12
	“Event of Default”	‎6.01(a)
	“Excess Proceeds”	‎‎4.09(c)



 






    	 	42	 



     


    

 


	“Global Notes”	2.01(c)
	“Great Stirrup Cay Island”	‎‎11.01(e)
	“Great Stirrup Mortgage”	11.01(f)‎‎‎(ii)  
	“Great Stirrup Share Pledge”	‎‎11.01(e)(v)
	“Increased Amount”	‎‎4.07(b)
	“incur”	‎‎4.06(a)
	“Issuer”	Preamble
	“Judgment Currency”	‎‎12.14
	“Legal Defeasance”	‎‎8.02
	“Notes”	Recitals
	“Notes Offer”	‎4.09(b)(i)
	“Note Obligations”	‎‎10.01(a)
	“Original Notes”	Recitals
	“Participants”	‎‎2.01(c)
	“Paying Agent”	‎‎2.03
	“Permitted Debt”	‎‎4.06(b)
	“Permitted Payments”	‎‎4.08(b)
	“Principal Paying Agent”	‎‎2.03
	“Registrar”	‎2.03
	“Regulation S Global Note”	‎‎2.01(c)
	“Required Currency”	‎‎12.14
	“Restricted Global Note”	‎‎2.01(c)
	“Restricted Payments”	‎‎4.08(a)
	“Security Register”	‎‎2.03
	“Supplemental Security Agent”	‎‎7.08(b)
	“Supplemental Security Agents”	‎‎7.08(b)
	“Tax Jurisdiction”	‎‎4.12(a)
	“Tax Redemption Date”	‎‎3.09
	“Transfer Agent”	‎‎2.03
	“Trustee”	Preamble


 


Section 1.03.Rules of Construction.
Unless the context otherwise requires:


 


(a)       a
term has the meaning assigned to it;


 


(b)       an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;


 


(c)       “or”
is not exclusive;


 


(d)       “including”
or “include” means including or include without limitation;


 


(e)       words
in the singular include the plural and words in the plural include the singular;


 






    	 	43	 



     


    

 


(f)    
    unsecured or unguaranteed Indebtedness shall not be deemed to be subordinate or junior to secured or
guaranteed Indebtedness merely by virtue of its nature as unsecured or unguaranteed Indebtedness;


 


(g)       any
Indebtedness secured by a Lien ranking junior to any of the Liens securing other Indebtedness shall not be deemed to be subordinate
or junior to such other Indebtedness by virtue of the ranking of such Liens;


 


(h)       the
words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section, clause or other subdivision; and


 


(i)   
     the Trust Indenture Act of 1939, as amended (the “TIA”), shall not apply to this
Indenture, the Notes, the Note Guarantees, the Security Documents or any documents or instruments related thereto, and no
terms used in any of the foregoing shall have meanings given to them by the TIA.


 


Article
Two

The Notes


 


Section 2.01.The Notes.


 


(a)       Form
and Dating. The Notes and the Trustee’s (or the authenticating agent’s) certificate of authentication shall be
substantially in the form of Exhibit A attached hereto with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture. The Notes may have notations, legends or endorsements required by law, the rules
of any securities exchange agreements to which the Issuer is subject, if any, or usage; provided that any such notation,
legend or endorsement is in form reasonably acceptable to the Issuer. The Issuer shall approve the form of the Notes. Each Note
shall be dated the date of its authentication. The terms and provisions contained in the form of the Notes shall constitute and
are hereby expressly made a part of this Indenture. The Notes shall be issued only in registered form without coupons and only
in minimum denominations of $2,000 in principal amount and any integral multiples of $1,000 in excess thereof.


 


(b)       Global
Notes. Notes offered and sold to QIBs in reliance on Rule 144A shall be issued initially in the form of one or more Global
Notes substantially in the form of Exhibit A attached hereto, with such applicable legends as are provided in Exhibit A attached
hereto, except as otherwise permitted herein (the “Restricted Global Note”), which shall be deposited on behalf
of the purchasers of the Notes represented thereby with a custodian for DTC, and registered in the name of DTC or its nominee,
duly executed by the Issuer and authenticated by the Trustee (or its authenticating agent in accordance with Section ‎‎2.02)
as hereinafter provided. The aggregate principal amount of the Restricted Global Note may from time to time be increased or decreased
by adjustments made by the Registrar on Schedule A to the Restricted Global Note and recorded in the Security Register, as hereinafter
provided.


 






    	 	44	 



     


    

 


Notes offered and sold in reliance on Regulation
S shall be issued initially in the form of one or more Global Notes substantially in the form of Exhibit A attached hereto, with
such applicable legends as are provided in Exhibit A attached hereto, except as otherwise permitted herein (the “Regulation
S Global Note”), which shall be deposited on behalf of the purchasers of the Notes represented thereby with a custodian
for DTC, and registered in the name of DTC or its nominee, duly executed by the Issuer and authenticated by the Trustee (or its
authenticating agent in accordance with Section ‎‎2.02)
as hereinafter provided. The aggregate principal amount of the Regulation S Global Note may from time to time be increased or decreased
by adjustments made by the Registrar on Schedule A to the Regulation S Global Note and recorded in the Security Register, as hereinafter
provided.


 


(c)       Book-Entry
Provisions. This ‎‎Section 2.01(c) shall apply to the Regulation S Global Notes and the Restricted Global Notes
(together, the “Global Notes”) deposited with or on behalf of DTC.


 


Members of, or participants and account
holders in, DTC (including Euroclear and Clearstream) (“Participants”) shall have no rights under this Indenture
with respect to any Global Note held on their behalf by DTC or by the Trustee or any custodian of DTC or under such Global Note,
and DTC or its nominees may be treated by the Issuer, a Guarantor, the Trustee and any agent of the Issuer, a Guarantor or the
Trustee as the sole owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall
prevent the Issuer, a Guarantor, the Trustee or any agent of the Issuer, a Guarantor or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by DTC or impair, as between DTC, on the one hand, and the Participants,
on the other, the operation of customary practices of such persons governing the exercise of the rights of a Holder of a beneficial
interest in any Global Note.


 


Subject to the provisions of ‎‎Section
2.10(b), the registered Holder of a Global Note may grant proxies and otherwise authorize any Person, including Participants and
Persons that may hold interests through Participants, to take any action that a Holder is entitled to take under this Indenture
or the Notes.


 


Except as provided in ‎Section
2.10, owners of a beneficial interest in Global Notes will not be entitled to receive physical delivery of Definitive Registered
Notes.


 


Section 2.02.Execution and Authentication.
An authorized member of the Issuer’s Board of Directors or an executive officer of the Issuer shall sign the Notes on behalf
of the Issuer by manual, electronic or facsimile signature.


 


If an authorized member of the Issuer’s
Board of Directors or an executive officer whose signature is on a Note no longer holds that office at the time the Trustee (or
its authenticating agent) authenticates the Note, the Note shall be valid nevertheless.


 


A Note shall not be valid or obligatory
for any purpose until an authorized signatory of the Trustee (or its authenticating agent) manually signs the certificate of authentication
on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture.


 






    	 	45	 



     


    

 


The Issuer shall execute and, upon receipt
of an Issuer Order, the Trustee shall authenticate (whether itself or via the authenticating agent) (a) Original Notes, on the
date hereof, for original issue up to an aggregate principal amount of $675,000,000 and (b) Additional Notes, from time to time,
subject to compliance at the time of issuance of such Additional Notes with the provisions of ‎Section
4.06 and ‎Section 4.07. The Issuer is permitted to issue Additional
Notes as part of a further issue under this Indenture, from time to time; provided that, any Additional Notes may not have
the same CUSIP number and/or ISIN (or be represented by the same Global Note or Global Notes) as the Notes unless the Additional
Notes are fungible with the Notes for U.S. federal income tax purposes. The Issuer will issue Notes in denominations of $2,000
and integral multiples of $1,000 in excess thereof.


 


The Trustee may appoint an authenticating
agent reasonably acceptable to the Issuer to authenticate the Notes. Unless limited by the terms of such appointment, any such
authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication
by the Trustee includes authentication by any such agent. An authenticating agent has the same rights as any Registrar, co-Registrar,
Transfer Agent or Paying Agent to deal with the Issuer or an Affiliate of the Issuer.


 


The Trustee shall have the right to decline
to authenticate and deliver any Notes under this ‎‎Section
2.02 if the Trustee, being advised by counsel, determines that such action may not lawfully be taken or if the Trustee in good
faith shall determine that such action would expose the Trustee to personal liability to existing Holders.


 


Section 2.03.Registrar, Transfer
Agent and Paying Agent. The Issuer shall maintain an office or agency for the registration of the Notes and of their transfer
or exchange (the “Registrar”), an office or agency where Notes may be transferred or exchanged (the “Transfer
Agent”), an office or agency where the Notes may be presented for payment (the “Paying Agent” and
references to the Paying Agent shall include the Principal Paying Agent) and an office or agency where notices or demands to or
upon the Issuer in respect of the Notes may be served.


 


The Issuer may appoint one or more Transfer
Agents, one or more co-Registrars and one or more additional Paying Agents.


 


The Issuer or any of its Affiliates may
act as Transfer Agent, Registrar, co-Registrar, Paying Agent and agent for service of notices and demands in connection with the
Notes; provided that neither the Issuer nor any of its Affiliates shall act as Paying Agent for the purposes of Articles Three
and ‎‎Eight and Sections ‎‎4.09
and ‎‎4.11.


 


The Issuer hereby appoints (i) U.S. Bank
National Association, located at 60 Livingston Avenue, St. Paul, MN 55107 (the “Principal Paying Agent”) and
(ii) U.S. Bank National Association, located at 60 Livingston Avenue, St. Paul, MN 55107, as Registrar. Each hereby accepts such
appointments. The Transfer Agent, Principal Paying Agent and Registrar and any authenticating agent are collectively referred to
in this Indenture as the “Agents”. The roles, duties and functions of the Agents are of a mechanical nature
and each Agent shall only perform those acts and duties as specifically set out in this Indenture and no other acts, covenants,
obligations or duties shall be implied or read into this Indenture against any of the Agents. For the avoidance of doubt, a Paying
Agent’s obligation to disburse any funds shall be subject to prior receipt by it of those funds to be disbursed.


 






    	 	46	 



     


    

 


Subject to any applicable laws and regulations,
the Issuer shall cause the Registrar to keep a register (the “Security Register”) at its corporate trust office
in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of ownership,
exchange, and transfer of the Notes. Such registration in the Security Register shall be conclusive evidence of the ownership of
Notes. Included in the books and records for the Notes shall be notations as to whether such Notes have been paid, exchanged or
transferred, canceled, lost, stolen, mutilated or destroyed and whether such Notes have been replaced. In the case of the replacement
of any of the Notes, the Registrar shall keep a record of the Note so replaced and the Note issued in replacement thereof. In the
case of the cancellation of any of the Notes, the Registrar shall keep a record of the Note so canceled and the date on which such
Note was canceled.


 


The Issuer shall enter into an appropriate
agency agreement with any Paying Agent or co- Registrar not a party to this Indenture. The agreement shall implement the provisions
of this Indenture that relate to such agent. The Issuer shall notify the Trustee of the name and address of any such agent. If
the Issuer fails to maintain a Registrar or Paying Agent, the Trustee may appoint a suitably qualified and reputable party to act
as such and shall be entitled to appropriate compensation therefor pursuant to ‎‎Section
7.05.


 


Section 2.04.Paying Agent to Hold
Money. Not later than 12:00 p.m. (New York, New York time), one Business Day prior to each due date of the principal, premium,
if any, and interest on any Notes, the Issuer shall deposit with the Principal Paying Agent money in immediately available funds
in U.S. dollars, sufficient to pay such principal, premium, if any, and interest so becoming due on the due date for payment under
the Notes. The Issuer shall procure payment confirmation on or prior to the third Business Day preceding payment. The Principal
Paying Agent (and, if applicable, each other Paying Agent) shall remit such payment in a timely manner to the Holders on the relevant
due date for payment, it being acknowledged by each Holder that if the Issuer deposits such money with the Principal Paying Agent
after the time specified in the immediately preceding sentence, the Principal Paying Agent shall remit such money to the Holders
on the relevant due date for payment, unless such remittance is impracticable having regard to applicable banking procedures and
timing constraints, in which case the Principal Paying Agent shall remit such money to the Holders on the next Business Day, but
without liability for any interest resulting from such late payment. For the avoidance of doubt, the Principal Paying Agent shall
only be obliged to remit money to Holders if it has actually received such money from the Issuer in clear funds. The Principal
Paying Agent shall promptly notify the Trustee of any default by the Issuer (or any other obligor on the Notes) in making any payment.
The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed,
and the Trustee may at any time during the continuance of any payment default, upon written request to a Paying Agent, require
such Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon doing so, the Paying
Agent shall have no further liability for the money so paid over to the Trustee. If the Issuer or any Affiliate of the Issuer acts
as Paying Agent, it shall, on or before each due date of any principal, premium, if any, or interest on the Notes, segregate and
hold in a separate trust fund for the benefit of the Holders a sum of money sufficient to pay such principal, premium, if any,
or interest so becoming due until such sum of money shall be paid to such Holders or otherwise disposed of as provided in this
Indenture, and shall promptly notify the Trustee of its action or failure to act.


 






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The Trustee may, if the Issuer has notified
it in writing that the Issuer intends to effect a defeasance or to satisfy and discharge this Indenture in accordance with the
provisions of ‎‎Article Eight, notify the Paying Agent
in writing of this fact and require the Paying Agent (until notified by the Trustee to the contrary) to act thereafter as Paying
Agent of the Trustee and not the Issuer in relation to any amounts deposited with it in accordance with the provisions of ‎‎Article
Eight.


 


Section 2.05.Holder Lists. The
Registrar shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and
addresses of Holders. If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee, in writing no later than the
Record Date for each Interest Payment Date and at such other times as the Trustee may request in writing, a list, in such form
and as of such Record Date as the Trustee may reasonably require, of the names and addresses of Holders, including the aggregate
principal amount of Notes held by each Holder.


 


Section 2.06.Transfer and Exchange.


 


(a)       Where
Notes are presented to the Registrar or a co-Registrar with a request to register a transfer or to exchange them for an equal principal
amount of Notes of other denominations, the Registrar shall register the transfer or make the exchange in accordance with the requirements
of this ‎‎Section 2.06. To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee
(or the authenticating agent) shall, upon receipt of an Issuer Order, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Notes, of any authorized denominations and of a like aggregate principal amount, at the Registrar’s
request; provided that no Note of less than $2,000 may be transferred or exchanged. No service charge shall be made for
any registration of transfer or exchange of Notes (except as otherwise expressly permitted herein), but the Issuer may require
payment of a sum sufficient to cover any agency fee or similar charge payable in connection with any such registration of transfer
or exchange of Notes (other than any agency fee or similar charge payable in connection with any redemption of the Notes or upon
exchanges pursuant to Sections ‎‎3.07, ‎‎3.08 or ‎‎9.04) or in accordance with an
Asset Sale Offer pursuant to Section ‎‎4.09 or Change of Control Offer pursuant to ‎Section 4.11, not
involving a transfer.


 


Upon presentation for exchange or transfer
of any Note as permitted by the terms of this Indenture and by any legend appearing on such Note, such Note shall be exchanged
or transferred upon the Security Register and one or more new Notes shall be authenticated and issued in the name of the Holder
(in the case of exchanges only) or the transferee, as the case may be. No exchange or transfer of a Note shall be effective under
this Indenture unless and until such Note has been registered in the name of such Person in the Security Register.


 






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Furthermore, the exchange or transfer of
any Note shall not be effective under this Indenture unless the request for such exchange or transfer is made by the Holder or
by a duly authorized attorney-in-fact at the office of the Registrar.


 


Every Note presented or surrendered for
registration of transfer or for exchange shall (if so required by the Issuer or the Registrar) be duly endorsed, or be accompanied
by a written instrument of transfer, in form satisfactory to the Issuer and the Registrar, duly executed by the Holder thereof
or his attorney duly authorized in writing.


 


All Notes issued upon any registration of
transfer or exchange of Notes shall be the valid obligations of the Issuer evidencing the same indebtedness, and entitled to the
same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.


 


Neither the Issuer nor the Trustee, Registrar
or any Paying Agent shall be required (i) to issue, register the transfer of, or exchange any Note during a period beginning at
the opening of 15 days before the day of the delivery of a notice of redemption of Notes selected for redemption under Section
‎‎3.02 and ending at the close of business on the day of
such delivery, or (ii) to register the transfer of or exchange any Note so selected for redemption in whole or in part, except
the unredeemed portion of any Note being redeemed in part.


 


(b)       Notwithstanding
any provision to the contrary herein, so long as a Global Note remains outstanding and is held by or on behalf of DTC, transfers
of a Global Note, in whole or in part, or of any beneficial interest therein, shall only be made in accordance with Section ‎‎2.01(c),
‎Section ‎2.06(a) and this Section ‎‎2.06(b); provided that a beneficial interest in
a Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Global Note
in accordance with the transfer restrictions set forth in the restricted Note legend on the Note, if any.


 


(i)       Except
for transfers or exchanges made in accordance with either of clauses ‎‎(ii) or ‎(iii) of
this ‎‎Section 2.06(b), transfers of a Global Note shall be limited to transfers of such Global Note in whole,
but not in part, to nominees of DTC or to a successor of DTC or such successor’s nominee.


 


(ii)      Restricted
Global Note to Regulation S Global Note. If the holder of a beneficial interest in the Restricted Global Note at any time wishes
to exchange its interest in such Restricted Global Note for an interest in the Regulation S Global Note, or to transfer its interest
in such Restricted Global Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Regulation
S Global Note, such transfer or exchange may be effected, only in accordance with this clause ‎‎(ii) and
the rules and procedures of DTC, in each case to the extent applicable (the “Applicable Procedures”). Upon receipt
by the Registrar from the Transfer Agent of (A) written instructions directing the Registrar to credit or cause to be credited
an interest in the Regulation S Global Note in a specified principal amount and to cause to be debited an interest in the Restricted
Global Note in such specified principal amount, and (B) a certificate in the form of Exhibit B attached hereto given by the holder
of such beneficial interest stating that the transfer of such interest has been made in compliance with the transfer restrictions
applicable to the Global Notes and (x) pursuant to and in accordance with Regulation S or (y) that the interest in the Restricted
Global Note being transferred is being transferred in a transaction permitted by Rule 144, then the Registrar shall reduce or cause
to be reduced the principal amount of the Restricted Global Note and shall cause DTC to increase or cause to be increased the principal
amount of the Regulation S Global Note by the aggregate principal amount of the interest in the Restricted Global Note to be exchanged
or transferred.


 






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(iii)     Regulation
S Global Note to Restricted Global Note. If the holder of a beneficial interest in the Regulation S Global Note at any time wishes
to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Restricted
Global Note, such transfer may be effected only in accordance with this clause ‎‎(iii) and the Applicable
Procedures. Upon receipt by the Registrar from the Transfer Agent of (A) written instructions directing the Registrar to credit
or cause to be credited an interest in the Restricted Global Note in a specified principal amount and to cause to be debited an
interest in the Regulation S Global Note in such specified principal amount, and (B) a certificate in the form of Exhibit C attached
hereto given by the holder of such beneficial interest stating that the transfer of such interest has been made in compliance with
the transfer restrictions applicable to the Global Notes and stating that (x) the Person transferring such interest reasonably
believes that the Person acquiring such interest is a QIB and is obtaining such interest in a transaction meeting the requirements
of Rule 144A and any applicable securities laws of any state of the United States or (y) that the Person transferring such interest
is relying on an exemption other than Rule 144A from the registration requirements of the U.S. Securities Act and, in such circumstances,
such Opinion of Counsel as the Issuer or the Trustee may reasonably request to ensure that the requested transfer or exchange is
being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities
Act, then the Registrar shall reduce or cause to be reduced the principal amount of the Regulation S Global Note and to increase
or cause to be increased the principal amount of the Restricted Global Note by the aggregate principal amount of the interest in
such Regulation S Global Note to be exchanged or transferred.


 


(c)       If
Notes are issued upon the transfer, exchange or replacement of Notes bearing the restricted Notes legends set forth in Exhibit
A attached hereto, the Notes so issued shall bear the restricted Notes legends, and a request to remove such restricted Notes legends
from Notes shall not be honored unless there is delivered to the Issuer such satisfactory evidence, which may include an Opinion
of Counsel licensed to practice law in the State of New York, as may be reasonably required by the Issuer, that neither the legend
nor the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of
Rule 144A or Rule 144 under the U.S. Securities Act. Upon provision of such satisfactory evidence, the Trustee, at the direction
of the Issuer, shall (or shall direct the authenticating agent to) authenticate and deliver Notes that do not bear the legend.


 






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(d)       The
Trustee, the Security Agent and the Agents shall have no responsibility for any actions taken or not taken by DTC, Euroclear or
Clearstream, as the case may be.


 


(e)       The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among Participants, members or Beneficial Owners of interests in any Global Note) other than to require delivery of
such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.


 


(f)  
      In connection with any proposed exchange of a Global Note for a Definitive Registered Note, the
Issuer or DTC or its Participants shall provide or cause to be provided to the Trustee all information reasonably requested
by the Trustee that is necessary to allow the Trustee to comply with any applicable tax reporting obligations. The Trustee
may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of such
information.


 


(g)       Notwithstanding
anything to the contrary in this ‎‎Section 2.06, the Issuer is not required to register the transfer of any Definitive
Registered Notes:


 


(i)       for
a period of 15 days prior to any date fixed for the redemption of the Notes;


 


(ii)      for
a period of 15 days immediately prior to the date fixed for selection of Notes to be redeemed in part;


 


(iii)     for
a period of 15 days prior to the Record Date with respect to any Interest Payment Date;


 


(iv)     which
the Holder has tendered (and not withdrawn) for repurchase in connection with a Change of Control Offer or an Asset Sale Offer.


 


Section 2.07.Replacement Notes.
If a mutilated Definitive Registered Note is surrendered to the Registrar or if the Holder claims that the Note has been lost,
destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall (or shall direct the authenticating agent to), upon
receipt of an Issuer Order, authenticate a replacement Note in such form as the Note mutilated, lost, destroyed or wrongfully taken
if the Holder satisfies any other reasonable requirements of the Issuer and any requirement of the Trustee. If required by the
Trustee or the Issuer, such Holder shall furnish an indemnity bond sufficient in the judgment of the Issuer and the Trustee to
protect the Issuer, the Trustee, the Security Agent, the Paying Agent, the Transfer Agent, the Registrar and any co-Registrar,
and any authenticating agent, from any loss that any of them may suffer if a Note is replaced. The Issuer and the Trustee may charge
the Holder for their expenses in replacing a Note.


 






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In the event any such mutilated, lost, destroyed
or wrongfully taken Note has become or is about to become due and payable, the Issuer in its discretion may pay such Note instead
of issuing a new Note in replacement thereof.


 


Every replacement Note shall be an additional
obligation of the Issuer.


 


The provisions of this ‎Section
‎2.07 are exclusive and will preclude (to the extent lawful)
all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or wrongfully taken Notes.


 


Section 2.08.Outstanding Notes.
Notes outstanding at any time are all Notes authenticated by or on behalf of the Trustee except for those cancelled by it, those
delivered to it for cancellation and those described in this ‎‎Section 2.08
as not outstanding. Subject to ‎‎Section 2.09, a Note does not cease to be
outstanding because the Issuer or an Affiliate of the Issuer holds the Note.


 


If a Note is replaced pursuant to ‎‎Section
2.07, it ceases to be outstanding unless the Trustee and the Issuer receive proof satisfactory to them that the Note that has been
replaced is held by a bona fide purchaser.


 


If the Paying Agent holds, in accordance
with this Indenture, on a Redemption Date or maturity date money sufficient to pay all principal, interest and Additional Amounts,
if any, payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, and
the Paying Agent is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture,
then on and after that date such Notes (or portions thereof) cease to be outstanding and interest on them ceases to accrue.


 


Section 2.09.Notes Held by Issuer.
In determining whether the Holders of the required principal amount of Notes have concurred in any direction or consent or any
amendment, modification or other change to this Indenture, Notes owned by the Issuer or by any of its Affiliates shall be disregarded
and treated as if they were not outstanding, except that for the purposes of determining whether the Trustee shall be protected
in relying on any such direction, waiver or consent or any amendment, modification or other change to this Indenture, only Notes
which a Trust Officer of the Trustee actually knows are so owned shall be so disregarded. Notes so owned which have been pledged
in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right
so to act with respect to the Notes and that the pledgee is not the Issuer or any of its Affiliates.


 






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Section 2.10.Definitive Registered
Notes.


 


(a)       A
Global Note deposited with a custodian for DTC pursuant to Section ‎‎‎2.01 shall be transferred in whole to
the Beneficial Owners thereof in the form of Definitive Registered Notes only if such transfer complies with ‎Section
2.06 and (i) DTC notifies the Issuer that it is unwilling or unable to continue to act as depositary for such Global Note or DTC
ceases to be registered as a clearing agency under the Exchange Act, and in each case a successor depositary is not appointed by
the Issuer within 90 days of such notice, (ii) the Issuer, at its option, executes and delivers to the Trustee an Officer’s
Certificate stating that such Global Note shall be so exchangeable or (iii) the owner of a Book-Entry Interest requests such an
exchange in writing delivered through DTC following an Event of Default under this Indenture. Notice of any such transfer shall
be given by the Issuer in accordance with the provisions of ‎‎‎Section 12.02(a).


 


(b)       Any
Global Note that is transferable to the Beneficial Owners thereof in the form of Definitive Registered Notes pursuant to this Section
‎‎‎2.10 shall be surrendered by the custodian for DTC, to the Transfer Agent, to be so transferred, in whole
or from time to time in part, without charge, and the Trustee shall itself or via the authenticating agent authenticate and deliver,
upon such transfer of each portion of such Global Note, an equal aggregate principal amount at maturity of Notes of authorized
denominations in the form of Definitive Registered Notes. Any portion of a Global Note transferred or exchanged pursuant to this
‎‎‎Section 2.10 shall be executed, authenticated and delivered only in registered form in minimum denominations
of $2,000 and any integral multiples of $1,000 in excess thereof and registered in such names as DTC may direct. Subject to the
foregoing, a Global Note is not exchangeable except for a Global Note of like denomination to be registered in the name of DTC
or its nominee. In the event that a Global Note becomes exchangeable for Definitive Registered Notes, payment of principal, premium,
if any, and interest on the Definitive Registered Notes will be payable, and the transfer of the Definitive Registered Notes will
be registrable, at the office or agency of the Issuer maintained for such purposes in accordance with ‎‎‎Section
2.03. Such Definitive Registered Notes shall bear the applicable legends set forth in Exhibit A attached hereto.


 


(c)       In
the event of the occurrence of any of the events specified in ‎‎Section 2.10(a), the Issuer shall promptly make
available to the Trustee and the authenticating agent a reasonable supply of Definitive Registered Notes in definitive, fully registered
form without interest coupons.


 


Section 2.11.Cancellation. The
Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee
any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee, in accordance with its customary
procedures, and no one else shall cancel (subject to the record retention requirements of the Exchange Act and the Trustee’s
retention policy) all Notes surrendered for registration of transfer, exchange, payment or cancellation and dispose of such cancelled
Notes in its customary manner. Except as otherwise provided in this Indenture, the Issuer may not issue new Notes to replace Notes
it has redeemed, paid or delivered to the Trustee for cancellation.


 






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Section 2.12.Defaulted Interest.
Any interest on any Note that is payable, but is not punctually paid or duly provided for, on the dates and in the manner provided
in the Notes and this Indenture (all such interest herein called “Defaulted Interest”) shall forthwith cease
to be payable to the Holder on the relevant Record Date by virtue of having been such Holder, and such Defaulted Interest may be
paid by the Issuer, at its election in each case, as provided in clause ‎‎(a)
or ‎‎(b) below:


 


(a)       The
Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes are registered at the close
of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner.
The Issuer shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and the date
of the proposed payment, and at the same time the Issuer may deposit with the Paying Agent an amount of money equal to the aggregate
amount proposed to be paid in respect of such Defaulted Interest; or shall make arrangements satisfactory to the Trustee for such
deposit prior to the date of the proposed payment, such money when deposited to be held for the benefit of the Persons entitled
to such Defaulted Interest as provided in this clause. In addition, the Issuer shall fix a special record date for the payment
of such Defaulted Interest, such date to be not more than 15 days and not less than 10 days prior to the proposed payment date
and not less than 15 days after the receipt by the Trustee of the notice of the proposed payment date. The Issuer shall promptly
but, in any event, not less than 15 days prior to the special record date, notify the Trustee of such special record date and,
in the name and at the expense of the Issuer, the Trustee shall cause notice of the proposed payment date of such Defaulted Interest
and the special record date therefor to be delivered first-class, postage prepaid to each Holder as such Holder’s address
appears in the Security Register, not less than 10 days prior to such special record date. Notice of the proposed payment date
of such Defaulted Interest and the special record date therefor having been so delivered, such Defaulted Interest shall be paid
to the Persons in whose names the Notes are registered at the close of business on such special record date and shall no longer
be payable pursuant to clause ‎‎(b) below.


 


(b)       The
Issuer may make payment of any Defaulted Interest on the Notes in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after
notice given by the Issuer to the Trustee of the proposed payment date pursuant to this clause, such manner of payment shall be
deemed reasonably practicable.


 


Subject to the foregoing provisions of this
‎‎Section 2.12, each Note delivered under this Indenture
upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and
unpaid, and to accrue, which were carried by such other Note.


 


Section 2.13.Computation of Interest.
Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months.


 


Section 2.14.ISIN and CUSIP Numbers.
The Issuer in issuing the Notes may use ISIN and CUSIP numbers (if then generally in use), and, if so, the Trustee shall use ISIN
and CUSIP numbers, as appropriate, in notices of redemption as a convenience to Holders; provided that any such notice may
state that no representation is made as to the correctness of such numbers or codes either as printed on the Notes or as contained
in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and
any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall promptly notify the Trustee
of any change in the ISIN or CUSIP numbers.


 






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Section 2.15.Issuance of Additional
Notes. The Issuer may, subject to ‎‎Section 4.06 of this Indenture, issue
Additional Notes under this Indenture in accordance with the procedures of ‎Section
2.02. The Original Notes issued on the Issue Date and any Additional Notes subsequently issued shall be treated as a single class
for all purposes under this Indenture.


 


Article
Three

Redemption; Offers to Purchase


 


Section 3.01.Right of Redemption.
The Issuer may redeem all or any portion of the Notes upon the terms and at the Redemption Prices set forth in the Notes. Any redemption
pursuant to this ‎‎Section 3.01 shall be made pursuant to the provisions of
this ‎‎Article Three.


 


Section 3.02.Notices to Trustee.
If the Issuer elects to redeem Notes pursuant to ‎‎Section 3.01, it shall notify
the Trustee in writing of the Redemption Date and the record date, the principal amount of Notes to be redeemed, the Redemption
Price and the paragraph of the Notes pursuant to which the redemption will occur.


 


The Issuer shall give each notice to the
Trustee provided for in this ‎‎Section 3.02 in writing
at least 10 days before the date notice is delivered to the Holders pursuant to ‎‎Section
3.04 unless the Trustee consents to a shorter period. Such notice shall be accompanied by an Officer’s Certificate from the
Issuer to the effect that such redemption will comply with the conditions herein. If fewer than all the Notes are to be redeemed,
the record date relating to such redemption shall be selected by the Issuer and given to the Trustee, which record date shall be
not less than 15 days after the date of notice to the Trustee.


 


Section 3.03.Selection of Notes to
Be Redeemed. If fewer than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes to be redeemed
by a method that complies with the requirements, as certified to it by the Issuer, of the principal securities exchange, if any,
on which the Notes are listed at such time, and in compliance with the requirements of the relevant clearing system or, if the
Notes are not listed on a securities exchange, or such securities exchange prescribes no method of selection and the Notes are
not held through clearing system or the clearing system prescribes no method of selection, on a pro rata basis, by lot or
by such other method as the Trustee deems fair and appropriate; provided, however, that no such partial redemption
shall reduce the portion of the principal amount of a Note not redeemed to less than $2,000.


 






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The Trustee shall make the selection from
the Notes outstanding and not previously called for redemption. The Trustee may select for redemption portions equal to $1,000
in principal amount and any integral multiple thereof; provided that no Notes of $2,000 in principal amount or less may
be redeemed in part. Provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called
for redemption. The Trustee shall notify the Issuer promptly in writing of the Notes or portions of Notes to be called for redemption.


 


The Trustee shall not be liable for selections
made in accordance with the provisions of this ‎‎Section
3.03 or for selections made by DTC.


 


Any redemption and notice may, in the Issuer’s
discretion, be subject to the satisfaction of one or more conditions precedent.


 


Section 3.04.Notice of Redemption.


 


(a)       At
least 10 days but not more than 60 days before a date for redemption of the Notes, the Issuer shall deliver a notice of redemption
by first-class mail to each Holder to be redeemed at its address contained in the Security Register, except that redemption notices
may be delivered more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes
or a satisfaction and discharge of this Indenture, and shall comply with the provisions of ‎‎Section 12.01(b).


 


(b)       The
notice shall identify the Notes to be redeemed (including ISIN and CUSIP numbers) and shall state:


 


(i)       the
Redemption Date and the record date;


 


(ii)      the
appropriate calculation of the Redemption Price and the amount of accrued interest, if any, and Additional Amounts, if any, to
be paid;


 


(iii)     the
name and address of the Paying Agent;


 


(iv) 
    that Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price
plus accrued interest, if any, and Additional Amounts, if any;


 


(v)      that,
if any Note is being redeemed in part, the portion of the principal amount (equal to $1,000 in principal amount or any integral
multiple thereof) of such Note to be redeemed and that, on and after the Redemption Date, upon surrender of such Note, a new Note
or Notes in principal amount equal to the unredeemed portion thereof will be reissued;


 


(vi)     that,
if any Note contains an ISIN or CUSIP number, no representation is being made as to the correctness of such ISIN or CUSIP number
either as printed on the Notes or as contained in the notice of redemption and that reliance may be placed only on the other identification
numbers printed on the Notes;


 






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(vii)    that,
unless the Issuer and the Guarantors default in making such redemption payment, interest on the Notes (or portion thereof) called
for redemption shall cease to accrue on and after the Redemption Date; and


 


(viii)   the
paragraph of the Notes or section of this Indenture pursuant to which the Notes called for redemption are being redeemed.


 


At the Issuer’s written request, the
Trustee shall give a notice of redemption in the Issuer’s name and at the Issuer’s expense. In such event, the Issuer
shall provide the Trustee with the notice and the other information required by this ‎‎Section
3.04.


 


For Notes which are represented by global
certificates held on behalf of DTC, notices may be given by delivery of the relevant notices to DTC for communication to entitled
account holders in substitution for the aforesaid delivery.


 


(c)       In
connection with any redemption of Notes described in this ‎‎Section 3.04, any such redemption and/or notice of redemption
may, at the Issuer’s discretion, be subject to one or more conditions precedent, including the completion of any related
refinancing or a Change of Control. In addition, if such redemption or notice is subject to satisfaction of one or more conditions
precedent, such notice shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time as
any or all such conditions shall be satisfied or waived, or such redemption may not occur and such notice may be rescinded in the
event that any or all such conditions shall not have been satisfied or waived by the redemption date, or by the redemption date
so delayed.


 


Section 3.05.Deposit of Redemption
Price. At least one Business Day prior to any Redemption Date, by no later than 12:00 p.m. (New York, New York time) on that
date, the Issuer shall deposit or cause to be deposited with the Paying Agent (or, if the Issuer or any of its Affiliates is the
Paying Agent, shall segregate and hold in trust) a sum in same day funds sufficient to pay the Redemption Price of and accrued
interest and Additional Amounts, if any, on all Notes to be redeemed on that date other than Notes or portions of Notes called
for redemption that have previously been delivered by the Issuer to the Trustee for cancellation. The Paying Agent shall return
to the Issuer following a written request by the Issuer any money so deposited that is not required for that purpose.


 


Section 3.06.[Reserved].


 


Section 3.07.Payment of Notes Called
for Redemption. If notice of redemption has been given in the manner provided below, the Notes or portion of Notes specified
in such notice to be redeemed shall become due and payable on the Redemption Date at the Redemption Price stated therein, together
with accrued interest to such Redemption Date, and on and after such date (unless the Issuer shall default in the payment of such
Notes at the Redemption Price and accrued interest to the Redemption Date, in which case the principal, until paid, shall bear
interest from the Redemption Date at the rate prescribed in the Notes) such Notes shall cease to accrue interest. Upon surrender
of any Note for redemption in accordance with a notice of redemption, such Note shall be paid and redeemed by the Issuer at the
Redemption Price, together with accrued interest, if any, to the Redemption Date; provided that installments of interest
whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders registered as such at the close of
business on the relevant Record Date.


 






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Notice of redemption shall be deemed to
be given when delivered, whether or not the Holder receives the notice. In any event, failure to give such notice, or any defect
therein, shall not affect the validity of the proceedings for the redemption of Notes held by Holders to whom such notice was properly
given.


 


Section 3.08.Notes Redeemed in Part.


 


(a)       Upon
surrender of a Global Note that is redeemed in part, the Paying Agent shall forward such Global Note to the Registrar who shall
make a notation on the Security Register to reduce the principal amount of such Global Note to an amount equal to the unredeemed
portion of the Global Note surrendered; provided that each such Global Note shall be in a principal amount at final Stated
Maturity of $2,000 or an integral multiple of $1,000 in excess thereof.


 


(b)       Upon
surrender and cancellation of a Definitive Registered Note that is redeemed in part, the Issuer shall execute and the Trustee shall
authenticate for the Holder (at the Issuer’s expense) a new Note equal in principal amount to the unredeemed portion of the
Note surrendered and canceled; provided that each such Definitive Registered Note shall be in a principal amount at final
Stated Maturity of $2,000 or an integral multiple of $1,000 in excess thereof.


 


Section 3.09.Redemption for Changes
in Taxes. The Issuer may redeem the Notes, in whole but not in part, at its discretion at any time upon giving not less than
10 nor more than 60 days’ prior written notice to the Holders of the Notes (which notice shall be irrevocable and given in
accordance with the procedures set forth under ‎‎Section 3.04), at a Redemption
Price equal to 100% of the principal amount thereof, together with accrued and unpaid interest, if any, to the date fixed by the
Issuer for redemption (a “Tax Redemption Date”) and all Additional Amounts (if any) then due or which will become
due on the Tax Redemption Date as a result of the redemption or otherwise (subject to the right of Holders on the relevant Record
Date to receive interest due on the relevant Interest Payment Date and Additional Amounts (if any) in respect thereof), if on the
next date on which any amount would be payable in respect of the Notes or Note Guarantee, the Issuer or any Guarantor is or would
be required to pay Additional Amounts (but, in the case of a Guarantor, only if the payment giving rise to such requirement cannot
be made by the Issuer or another Guarantor without the obligation to pay Additional Amounts), and the Issuer or the relevant Guarantor
cannot avoid any such payment obligation by taking reasonable measures available (including, for the avoidance of doubt, appointment
of a new Paying Agent but excluding the reincorporation or reorganization of the Issuer or any Guarantor), and the requirement
arises as a result of:


 


(a)       any
change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of the relevant Tax Jurisdiction which
change or amendment is announced and becomes effective after the date of the Offering Memorandum (or if the applicable Tax Jurisdiction
became a Tax Jurisdiction on a date after the date of the Offering Memorandum, after such later date); or


 






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(b)       any
change in, or amendment to, the official application, administration or interpretation of such laws, regulations or rulings (including
by virtue of a holding, judgment or order by a court of competent jurisdiction or a change in published practice or revenue guidance),
which change or amendment is announced and becomes effective after the date of the Offering Memorandum (or if the applicable Tax
Jurisdiction became a Tax Jurisdiction on a date after the date of this Offering Memorandum, after such later date) (each of the
foregoing clauses ‎‎(a) and ‎‎(b), a “Change in Tax Law”).


 


The Issuer shall not give any such notice
of redemption earlier than 60 days prior to the earliest date on which the Issuer or the relevant Guarantor would be obligated
to make such payment or Additional Amounts if a payment in respect of the Notes or Note Guarantee were then due and at the time
such notice is given, the obligation to pay Additional Amounts must remain in effect. Prior to the publication or, where relevant,
delivery of any notice of redemption of the Notes pursuant to the foregoing, the Issuer shall deliver the Trustee an opinion of
independent tax counsel of recognized standing qualified under the laws of the relevant Tax Jurisdiction (which counsel shall be
reasonably acceptable to the Trustee) to the effect that there has been a Change in Tax Law which would entitle the Issuer to redeem
the Notes hereunder. In addition, before the Issuer delivers a notice of redemption of the Notes as described above, it shall deliver
to the Trustee an Officer’s Certificate to the effect that it cannot avoid its obligation to pay Additional Amounts by the
Issuer or the relevant Guarantor taking reasonable measures available to it.


 


The Trustee will accept and shall be entitled
to rely on such Officer’s Certificate and opinion of counsel as sufficient evidence of the existence and satisfaction of
the conditions as described above, in which event it will be conclusive and binding on all of the Holders.


 


The foregoing provisions of this ‎‎Section
3.09 will apply, mutatis mutandis, to any successor of the Issuer (or any Guarantor) with respect to a Change in Tax Law
occurring after the time such Person becomes successor to the Issuer (or any Guarantor).


 


Article
Four

Covenants


 


Section 4.01.Payment of Notes.
The Issuer and the Guarantors, jointly and severally, covenant and agree for the benefit of the Holders that they shall duly and
punctually pay the principal of, premium, if any, interest and Additional Amounts, if any, on the Notes on the dates and in the
manner provided in the Notes and in this Indenture. Subject to ‎‎Section 2.04,
principal, premium, if any, interest and Additional Amounts, if any, shall be considered paid on the date due if on such date the
Trustee or the Paying Agent (other than the Issuer or any of its Affiliates) holds, as of 10:00 a.m. (New York, New York time)
on the due date, in accordance with this Indenture, money sufficient to pay all principal, premium, if any, interest and Additional
Amounts, if any, then due. If the Issuer or any of its Affiliates acts as Paying Agent, principal, premium, if any, interest and
Additional Amounts, if any, shall be considered paid on the due date if the entity acting as Paying Agent complies with ‎‎Section
2.04.


 






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The Issuer or the Guarantors shall pay interest
on overdue principal at the rate specified therefor in the Notes. The Issuer or the Guarantors shall pay interest on overdue installments
of interest at the same rate to the extent lawful.


 


Section 4.02.Corporate Existence.
Subject to ‎‎Article Five, the Issuer and each Guarantor shall do or cause
to be done all things necessary to preserve and keep in full force and effect their corporate, partnership, limited liability company
or other existence and the rights (charter and statutory), licenses and franchises of the Issuer and each Guarantor; provided
that the Issuer shall not be required to preserve any such right, license or franchise if the Board of Directors of the Issuer
shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Issuer and the Guarantors
as a whole.


 


Section 4.03.Maintenance of Properties.
The Issuer shall cause all properties owned by it or any Guarantor or used or held for use in the conduct of its business or the
business of any Guarantor to be maintained and kept in good condition, repair and working order and supplied with all necessary
equipment and shall cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as
in the judgment of the Issuer may be necessary so that the business carried on in connection therewith may be properly and advantageously
conducted at all times; provided that nothing in this ‎‎Section 4.03
shall prevent the Issuer from discontinuing the maintenance of any such properties if such discontinuance is, in the judgment of
the Issuer, desirable in the conduct of the business of the Issuer and the Guarantors as a whole.


 


Section 4.04.Insurance. The Issuer
shall maintain, and shall cause the Guarantors to maintain, insurance with carriers believed by the Issuer to be responsible, against
such risks and in such amounts, and with such deductibles, retentions, self-insured amounts and coinsurance provisions, as the
Issuer believes are customarily carried by businesses similarly situated and owning like properties, including as appropriate general
liability, property and casualty loss insurance (but on the basis that the Issuer and the Guarantors self-insure Vessels for certain
war risks); provided that in no event shall the Issuer and the Guarantors be required to obtain any business interruption,
loss of hire or delay in delivery insurance.


 


Section 4.05.Statement as to Compliance.


 


(a)       The
Issuer shall deliver to the Trustee, within 120 days after the end of each fiscal year or within 14 days of written request by
the Trustee, an Officer’s Certificate stating that in the course of the performance by the signer of its duties as an Officer
of the Issuer he would normally have knowledge of any Default and whether or not the signer knows of any Default that occurred
during such period and, if any, specifying such Default, its status and what action the Issuer is taking or proposed to take with
respect thereto. For purposes of this ‎‎Section 4.05(a), such compliance shall be determined without regard to any
period of grace or requirement of notice under this Indenture.


 






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(b)       If
the Issuer shall become aware that (i) any Default or Event of Default has occurred and is continuing or (ii) any Holder seeks
to exercise any remedy hereunder with respect to a claimed Default under this Indenture or the Notes, the Issuer shall promptly,
and in any event within 30 days, deliver to the Trustee an Officer’s Certificate specifying such event, notice or other action
(including any action the Issuer is taking or propose to take in respect thereof).


 


Section 4.06.Incurrence of Indebtedness
and Issuance of Preferred Stock or Preference Shares.


 


(a)       The
Issuer will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue,
assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively,
 “incur”) any Indebtedness (including Acquired Debt), and the Issuer will not and will not permit any Restricted
Subsidiary to issue any Disqualified Stock and will not permit any of its Restricted Subsidiaries to issue any shares of preferred
stock or preference shares; provided, however, that the Issuer may incur Indebtedness (including Acquired Debt) or issue Disqualified
Stock, and the Restricted Subsidiaries may incur Indebtedness (including Acquired Debt) or issue preferred stock or preference
shares, if the Fixed Charge Coverage Ratio for the Issuer’s most recently ended four full fiscal quarters for which internal
financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified
Stock or such preferred stock is or preference shares are issued, as the case may be, would have been at least 2.0 to 1.0, determined
on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness
had been incurred or the Disqualified Stock or the preferred stock or preference shares had been issued, as the case may be, at
the beginning of such four-quarter period.


 


(b)       ‎‎Section
4.06(a) shall not, however, prohibit the incurrence of any of the following items of Indebtedness, without duplication (collectively,
 “Permitted Debt”):


 


(i)       Indebtedness
under Credit Facilities and ECA Facilities in an aggregate principal amount at any time outstanding not to exceed $16,340.8 million;


 


(ii)      the
incurrence by the Issuer and its Restricted Subsidiaries of Existing Indebtedness (other than Indebtedness under Existing Credit
Agreements and ECA Facilities);


 


(iii)     the
incurrence by the Issuer and the Guarantors of Indebtedness represented by the Notes issued on the Issue Date and the related Note
Guarantees;


 


(iv)     the
incurrence by the Issuer or any Restricted Subsidiary of Indebtedness represented by Attributable Debt, Capital Lease Obligations,
mortgage financings or purchase money obligations, the issuance by the Issuer or any Restricted Subsidiary of Disqualified Stock
and the issuance by any Restricted Subsidiary of preferred stock or preference shares, in each case, incurred or issued for the
purpose of financing all or any part of the purchase price, lease expense, rental payments or cost of design, construction, installation,
repair, replacement or improvement of property (including Vessels), plant or equipment or other assets (including Capital Stock)
used in the business of the Issuer or any of its Restricted Subsidiaries, in an aggregate principal amount or liquidation preference,
including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness
incurred or Disqualified Stock or preferred stock or preference shares issued pursuant to this clause ‎‎(iv),
not to exceed the greater of $250.0 million and 1.75% of Total Tangible Assets at any time outstanding (it being understood that
any such Indebtedness may be incurred and such Disqualified Stock and preferred stock or preference shares may be issued after
the acquisition, purchase, charter, leasing or rental or the design, construction, installation, repair, replacement or the making
of any improvement with respect to any asset (including Vessels)); provided that any such property (including Vessels),
plant or equipment or other assets do not constitute Collateral; provided further that the principal amount of any Indebtedness,
Disqualified Stock or preferred stock or preference shares permitted under this clause ‎‎(iv) did not in
each case at the time of incurrence exceed, together with amounts previously incurred and outstanding under this clause ‎‎(iv)
with respect to any such applicable Vessel, (A) in the case of a completed Vessel, the book value and (B) in the case of an uncompleted
Vessel, 90% of the contract price for the acquisition or construction of such Vessel, in the case of this clause ‎‎(B),
as determined on the date on which the agreement for acquisition or construction of such Vessel was entered into by the Issuer
or its Restricted Subsidiary, plus any other Ready for Sea Cost of such Vessel plus 100% of any related export credit
insurance premium;


 






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(v)      the
incurrence by any Restricted Subsidiary of Indebtedness, the issuance by the Issuer or any Restricted Subsidiary of Disqualified
Stock and the issuance by any Restricted Subsidiary of preferred stock or preference shares in connection with any New Vessel Financing
in an aggregate principal amount at any one time outstanding (including all Permitted Refinancing Indebtedness incurred to renew,
refund, refinance, replace, defease or discharge any Indebtedness incurred or Disqualified Stock or preferred stock or preference
shares issued under this clause ‎‎(v)) not exceeding the New Vessel Aggregate Secured Debt Cap as calculated
on the date of the relevant incurrence under this clause ‎‎(v);


 


(vi) 
    Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to renew, refund,
refinance, replace, defease or discharge, any Indebtedness (other than intercompany Indebtedness, Disqualified Stock or
preferred stock or preference shares) that was permitted to be incurred under ‎‎Section 4.06(a) or
clause ‎‎(i), ‎‎(ii), ‎‎(iii), ‎‎(iv), ‎‎(v), ‎‎(vi), ‎(xii) ‎or ‎(xviii)
of this ‎‎Section 4.06(b); provided that any Indebtedness incurred pursuant to this clause ‎‎(vi)
to renew, refund, refinance, replace, defease or discharge Indebtedness outstanding under an ECA Facility shall only be
permitted to the extent that the ECA Aggregate Secured Debt Ratio shall not exceed 0.575:1.0;


 






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(vii)    the
incurrence by the Issuer or any Restricted Subsidiary of intercompany Indebtedness between or among the Issuer or any Restricted
Subsidiary; provided that:


 


(A)       if
the Issuer or any Guarantor is the obligor on such Indebtedness and the payee is not the Issuer or a Guarantor, such Indebtedness
must be unsecured and ((i) except in respect of the intercompany current liabilities incurred in the ordinary course of business
in connection with the cash management operations of the Issuer and its Restricted Subsidiaries and (ii) only to the extent legally
permitted (the Issuer and its Restricted Subsidiaries having completed all procedures required in the reasonable judgment of directors
or officers of the obligee or obligor to protect such Persons from any penalty or civil or criminal liability in connection with
the subordination of such Indebtedness)) expressly subordinated to the prior payment in full in cash of all Obligations then due
with respect to the Notes, in the case of the Issuer, or the Note Guarantee, in the case of a Guarantor; and


 


(B)   
     (i) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness
being held by a Person other than the Issuer or a Restricted Subsidiary and (ii) any sale or other transfer of any such
Indebtedness to a Person that is not either the Issuer or a Restricted Subsidiary, will be deemed, in each case, to
constitute an incurrence of such Indebtedness by the Issuer or such Restricted Subsidiary, as the case may be, that was not
permitted by this clause ‎‎(vii);


 


(viii)   the
issuance by any Restricted Subsidiary to the Issuer or to any of its Restricted Subsidiaries of preferred stock or preference shares;
provided that (A) any subsequent issuance or transfer of Equity Interests that results in any such preferred stock or preference
shares being held by a Person other than the Issuer or a Restricted Subsidiary and (B) any sale or other transfer of any such preferred
stock or preference shares to a Person that is not either the Issuer or a Restricted Subsidiary , will be deemed, in each case,
to constitute an issuance of such preferred stock or preference shares by such Restricted Subsidiary that was not permitted by
this clause ‎‎(viii);


 


(ix)     the
incurrence by the Issuer or any Restricted Subsidiary of Hedging Obligations that are not for speculative purposes;


 


(x)  
    the Guarantee by the Issuer or any Restricted Subsidiary of Indebtedness of the Issuer or any Restricted
Subsidiary to the extent that the guaranteed Indebtedness was permitted to be incurred by another provision of this ‎‎Section
4.06; provided that, in each case, if the Indebtedness being guaranteed is subordinated to or pari passu with
the Notes or a Note Guarantee, then the Guarantee must be subordinated or pari passu, as applicable, to the same
extent as the Indebtedness guaranteed;


 






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(xi)     the
incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness (A) in respect of workers’ compensation claims,
self-insurance obligations, captive insurance companies and bankers’ acceptances in the ordinary course of business; (B)
in respect of letters of credit, surety, bid, performance, travel or appeal bonds, completion guarantees, judgment, advance payment,
customs, VAT or other tax guarantees or similar instruments issued in the ordinary course of business of such Person or consistent
with past practice or industry practice (including as required by any governmental authority) and not in connection with the borrowing
of money, including letters of credit or similar instruments in respect of self-insurance and workers compensation obligations,
or for the protection of customer deposits or credit card payments; provided, however, that upon the drawing of such
letters of credit or other instrument, such obligations are reimbursed within 30 days following such drawing; (C) arising from
the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient
funds, so long as such Indebtedness is covered within 30 days; and (D) consisting of (x) the financing of insurance premiums or
(y) take-or-pay obligations contained in supply agreements, in each case, in the ordinary course of business;


 


(xii)    Indebtedness, Disqualified Stock, preferred stock or preference shares (A) of any Person outstanding
on the date on which such Person becomes a Restricted Subsidiary or is merged, consolidated, amalgamated or otherwise
combined with (including pursuant to any acquisition of assets and assumption of related liabilities) the Issuer or any
Restricted Subsidiary or (B) incurred or issued to provide all or any portion of the funds used to consummate the transaction
or series of related transactions pursuant to which such Person became a Restricted Subsidiary or was otherwise acquired by
the Issuer or a Restricted Subsidiary; provided, however, with respect to this clause ‎(xii),
that at the time of the acquisition or other transaction pursuant to which such Indebtedness, Disqualified Stock, preferred
stock or preference shares were deemed to be incurred or issued, (x) the Issuer would have been able to incur $1.00 of
additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in ‎‎Section 4.06(a)
after giving pro forma effect to the relevant acquisition or other transaction and the incurrence of such Indebtedness
or issuance of such Disqualified Stock, preferred stock or preference shares pursuant to this clause ‎(xii)
or (y) the Fixed Charge Coverage Ratio for the Issuer’s most recently ended four full fiscal quarters for which
internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred
or Disqualified Stock, preferred stock or preference shares is issued pursuant to this clause ‎(xii), taken
as one period, would not be less than it was immediately prior to giving pro forma effect to such acquisition or other
transaction and the incurrence of such Indebtedness or issuance of such Disqualified Stock, preferred stock or preference
shares;


 






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(xiii)   Indebtedness
arising from agreements of the Issuer or a Restricted Subsidiary providing for customary indemnification, obligations in respect
of earnouts or other adjustments of purchase price or, in each case, similar obligations, in each case, incurred or assumed in
connection with the acquisition or disposition of any business or assets or Person or any Equity Interests of a Subsidiary; provided
that (in the case of a disposition) the maximum liability of the Issuer and its Restricted Subsidiaries in respect of all such
Indebtedness shall at no time exceed the gross proceeds, including the Fair Market Value of non-cash proceeds (measured at the
time received and without giving effect to any subsequent changes in value), actually received by the Issuer and its Restricted
Subsidiaries in connection with such disposition;


 


(xiv)   the
incurrence by the Issuer or any Restricted Subsidiary of Indebtedness in the form of Unearned Customer Deposits and advance payments
received in the ordinary course of business from customers for goods and services purchased in the ordinary course of business;


 


(xv)    Indebtedness
of the Issuer or any Restricted Subsidiary incurred in connection with credit card processing arrangements or other similar payment
processing arrangements entered into in the ordinary course of business;


 


(xvi)   the
incurrence by the Issuer or any Restricted Subsidiary of Indebtedness, the issuance by the Issuer or any Restricted Subsidiary
of Disqualified Stock and the issuance by any Restricted Subsidiary of preferred stock or preference shares to finance the replacement
(through construction or acquisition) of a Vessel upon an Event of Loss of such Vessel in an aggregate amount no greater than the
Ready for Sea Cost for such replacement Vessel, in each case less all compensation, damages and other payments (including insurance
proceeds other than in respect of business interruption insurance) received by the Issuer or any of its Restricted Subsidiaries
from any Person in connection with such Event of Loss in excess of amounts actually used to repay Indebtedness secured by the Vessel
subject to such Event of Loss and any costs and expenses incurred by the Issuer or any of its Restricted Subsidiaries in connection
with such Event of Loss;


 


(xvii)  the
incurrence by the Issuer or any Restricted Subsidiary of Indebtedness in relation to (A) regular maintenance required on any of
the Vessels owned or chartered by the Issuer or any of its Restricted Subsidiaries, and (B) any expenditures that are, or are reasonably
expected to be, recoverable from insurance on such Vessels;


 


(xviii) the
incurrence of Indebtedness by the Issuer or any Restricted Subsidiary of Indebtedness, the issuance by the Issuer or any Restricted
Subsidiary of Disqualified Stock and the issuance by any Restricted Subsidiary of preferred stock or preference shares in an aggregate
principal amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing Indebtedness incurred
to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred or Disqualified Stock, preferred stock or
preference shares issued pursuant to this clause ‎‎(xviii), not to exceed the greater of $530.0 million and
3.50% of Total Tangible Assets; and


 






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(xix)
    Indebtedness existing solely by reason of Permitted Liens described in clause (cc) of the definition
thereof.


 


(c)       Neither
the Issuer nor any Guarantor will incur any Indebtedness (including Permitted Debt) that is contractually subordinated in right
of payment to any other Indebtedness of the Issuer or such Guarantor unless such Indebtedness is also contractually subordinated
in right of payment to the Notes and the applicable Note Guarantee on substantially identical terms; provided, however,
that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Issuer
or any Guarantor solely by virtue of being unsecured.


 


(d)       For
purposes of determining compliance with this ‎‎Section 4.06, in the event that an item of Indebtedness meets the
criteria of more than one of the categories of Permitted Debt described in clauses ‎‎(i) through ‎‎(xix)
of ‎‎Section 4.06(b), or is entitled to be incurred pursuant to ‎‎Section 4.06(a), the Issuer, in
its sole discretion, will be permitted to classify such item of Indebtedness on the date of its incurrence and only be required
to include the amount and type of such Indebtedness in one of such clauses and will be permitted on the date of such incurrence
to divide and classify an item of Indebtedness in more than one of the types of Indebtedness described in Sections ‎‎4.06(a)
and ‎4.06(b) and from time to time to reclassify all or a portion of such item of Indebtedness, in any manner that complies
with this ‎‎Section 4.06.


 


(e)       In
connection with the incurrence or issuance, as applicable, of (x) revolving loan Indebtedness or (y) any commitment relating to
the incurrence or issuance of Indebtedness, Disqualified Stock, preferred stock or preference shares, in each case, in compliance
with this ‎‎Section 4.06, and the granting of any Lien to secure such Indebtedness, the Issuer or applicable Restricted
Subsidiary may, at its option, designate such incurrence or issuance and the granting of any Lien therefor as having occurred on
the date of first incurrence of such revolving loan Indebtedness or commitment (such date, the “Deemed Date”),
and any related subsequent actual incurrence or issuance and granting of such Lien therefor will be deemed for all purposes under
this Indenture to have been incurred or issued and granted on such Deemed Date, including, without limitation, for purposes of
calculating the Fixed Charge Coverage Ratio, usage of any baskets described herein (if applicable), the Consolidated Total Leverage
Ratio and Consolidated EBITDA (and all such calculations on and after the Deemed Date until the termination or funding of such
commitment shall be made on a pro forma basis giving effect to the deemed incurrence or issuance, the granting of any Lien
therefor and related transactions in connection therewith).


 


(f)       The
accrual of interest or preferred stock or preference share dividends, the accretion or amortization of original issue discount,
the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of
preferred stock or preference shares as Indebtedness due to a change in accounting principles, the payment of dividends on preferred
stock, preference shares or Disqualified Stock in the form of additional shares of the same class of preferred stock, preference
shares or Disqualified Stock, the accretion of liquidation preference and the increase in the amount of Indebtedness outstanding
solely as a result of fluctuations in exchange rates or currency values will not be deemed to be an incurrence of Indebtedness
or an issuance of preferred stock, preference shares or Disqualified Stock for purposes of this ‎‎Section 4.06;
provided, in each such case, that the amount of any such accrual, accretion, amortization, payment, reclassification or
increase is included in the Fixed Charges of the Issuer as accrued.


 






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(g)       For
purposes of determining compliance with any U.S. dollar- denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent
principal amount of Indebtedness denominated in a different currency shall be utilized, calculated based on the relevant currency
exchange rate in effect on the date such Indebtedness was incurred or, in the case of Indebtedness incurred under a revolving credit
facility and at the option of the Issuer, first committed; provided that (a) if such Indebtedness is incurred to refinance
other Indebtedness denominated in a currency other than U.S. dollars, and such refinancing would cause the applicable U.S. dollar-denominated
restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such
U.S. dollar- denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing
indebtedness does not exceed the aggregate principal amount of such Indebtedness being refinanced; and (b) if and for so long as
any Indebtedness is subject to a Hedging Obligation with respect to the currency in which such Indebtedness is denominated covering
principal amounts payable on such Indebtedness, the amount of such Indebtedness, if denominated in U.S. dollars, will be the amount
of the principal payment required to be made under such Hedging Obligation and, otherwise, the U.S. dollar-equivalent of such amount
plus the U.S. dollar-equivalent of any premium which is at such time due and payable but is not covered by such Hedging Obligation.


 


(h)       Notwithstanding
any other provision of this ‎‎Section 4.06, the maximum amount of Indebtedness that the Issuer or any Restricted
Subsidiary may incur pursuant to this ‎‎Section 4.06 shall not be deemed to be exceeded solely as a result of fluctuations
in exchange rates or currency values. The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred
in a different currency from the Indebtedness being refinanced, will be calculated based on the currency exchange rate applicable
to the currencies in which such Permitted Refinancing Indebtedness is denominated that is in effect on the date of such refinancing.


 


(i)       The
amount of any Indebtedness outstanding as of any date will be:


 


(i)       in
the case of any Indebtedness issued with original issue discount, the amount of the liability in respect thereof determined in
accordance with GAAP;


 


(ii)      the
principal amount of the Indebtedness, in the case of any other Indebtedness; and


 






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(iii)     in
respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:


 


(A)       the
Fair Market Value of such assets at the date of determination; and


 


(B)       the
amount of the Indebtedness of the other Person.


 


Section 4.07.Liens.


 


(a)       The
Issuer shall not and shall not cause or permit any of the Guarantors to, directly or indirectly, create, incur, assume or otherwise
cause to exist or become effective any Lien of any kind securing Indebtedness upon any of their property or assets, now owned or
hereafter acquired, except:


 


(i)       in
the case of any property or assets that constitute Collateral, Permitted Collateral Liens, which may be secured on a pari passu
basis with or junior to the Liens on the Collateral securing the Notes and the Note Guarantees; and


 


(ii)      in
the case of any property or assets that do not constitute Collateral, (A) Permitted Liens or (B) Liens on property or assets that
are not Permitted Liens if, contemporaneously with (or prior to) the incurrence of such Lien, all payments due under this Indenture
and the Notes (or the relevant Note Guarantee, in the case of Liens on property or assets of a Guarantor) are secured on an equal
and ratable basis with or prior to the obligations so secured until such time as such obligations are no longer secured by a Lien;
provided that, if the Indebtedness secured by such Lien is subordinate or junior in right of payment to the Notes or a Note
Guarantee, as the case may be, then the Lien securing such Indebtedness shall be subordinate or junior in priority to the Lien
securing the Notes or the Note Guarantee, as the case may be, at least to the same extent as such Indebtedness is subordinate or
junior to the Notes or a Note Guarantee, as the case may be.


 


(b)       With
respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the incurrence of such
Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “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 accretion or amortization of original issue discount, the payment of interest in the form of additional
Indebtedness with the same terms or in the form of common shares of the Issuer, the payment of dividends on preferred stock or
preference shares in the form of additional shares of preferred stock or preference shares of the same class, the accretion of
liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange
rate of currencies or increases in the value of property securing Indebtedness. For the avoidance of doubt, any Lien that is permitted
under this Indenture to secure Indebtedness shall also be permitted to secure any obligations related to such Indebtedness.


 






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(c)       Any
Lien created in favor of this Indenture and the Notes or a Note Guarantee pursuant to ‎‎‎Section 4.07(a)(ii)
will be automatically and unconditionally released and discharged (i) upon the release and discharge of the initial Lien to which
it relates and (ii) otherwise as set forth under ‎‎Section 11.04.


 


Section 4.08.Restricted Payments.


 


(a)       The
Issuer shall not, and shall not cause or permit any of its Restricted Subsidiaries to, directly or indirectly:


 


(i)       declare
or pay any dividend or make any other payment or distribution on account of the Issuer’s or any of its Restricted Subsidiaries’
Equity Interests (including, without limitation, any payment in connection with any merger, amalgamation or consolidation involving
the Issuer or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Issuer’s or any of its Restricted
Subsidiaries’ Equity Interests in their capacity as holders (in each case, other than dividends or distributions payable
in Equity Interests (other than Disqualified Stock) of the Issuer and other than dividends or distributions payable to the Issuer
or a Restricted Subsidiary );


 


(ii)      purchase,
redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger, amalgamation or
consolidation involving the Issuer) any Equity Interests of the Issuer or any direct or indirect parent entity of the Issuer;


 


(iii)     make
any principal payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value, any Indebtedness
of the Issuer or any Guarantor that is expressly contractually subordinated in right of payment to the Notes or to any Note Guarantee
(excluding any intercompany Indebtedness between or among the Issuer and any of its Restricted Subsidiaries), except (A) a payment
of principal at the Stated Maturity thereof or (B) the purchase, repurchase, redemption, defeasance or other acquisition of Indebtedness
purchased in anticipation of satisfying a sinking fund obligation, principal installment or scheduled maturity, in each case due
within one year of the date of such purchase, repurchase, redemption, defeasance or other acquisition; or


 


(iv)     make
any Restricted Investment;


 


(all such payments and other actions set
forth in these clauses ‎(A) through ‎(D)
above being collectively referred to as “Restricted Payments”), unless, at the time of such Restricted Payment:


 


(A)       no
Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment;


 






    	 	69	 



     


    

 


(B)       the
Issuer would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment
had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in ‎‎Section 4.06(a);


 


(C)       such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries
since the Issue Date (excluding Restricted Payments permitted by clauses ‎(i) (without duplication of amounts paid pursuant
to any other clause of ‎‎Section 4.08(b)), ‎‎(ii), ‎(iii), ‎‎(iv), ‎‎(v), ‎‎(vi), ‎‎(vii),
 ‎‎(viii), ‎‎(ix), ‎‎(x), ‎‎(xi) and ‎‎(xii) of ‎‎Section 4.08(b)), is less than
the sum, without duplication, of:


 


(1)       50%
of the Consolidated Net Income of the Issuer for the period (taken as one accounting period) from the first day of the fiscal quarter
commencing immediately following the fiscal quarter in which the Issue Date occurs to the end of the Issuer’s most recently
ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such
Consolidated Net Income for such period is a deficit, less 100% of such deficit); plus


 


(2)       100%
of the aggregate net cash proceeds and the Fair Market Value of other assets received by the Issuer since the Issue Date as a contribution
to its common equity capital or from the issue or sale of Equity Interests of the Issuer (other than Disqualified Stock) or from
the issue or sale of convertible or exchangeable Disqualified Stock of the Issuer or any Restricted Subsidiary or convertible or
exchangeable debt securities of the Issuer or any Restricted Subsidiary, in each case that have been converted into or exchanged
for Equity Interests of the Issuer (other than (x) net cash proceeds and marketable securities received from an issuance or sale
of Equity Interests, Disqualified Stock or convertible or exchangeable debt securities sold to a Subsidiary of the Issuer, (y)
net cash proceeds and marketable securities received from an issuance or sale of convertible or exchangeable Disqualified Stock
or convertible or exchangeable debt securities that have been converted into, exchanged or redeemed for Disqualified Stock and
(z) net cash proceeds and marketable securities to the extent any Restricted Payment has been made from such proceeds pursuant
to ‎Section 4.08(b)(iv)); plus


 


(3)       to
the extent that any Restricted Investment that was made after the Issue Date is (i) sold, disposed of or otherwise cancelled, liquidated
or repaid, 100% of the aggregate amount received in cash and the Fair Market Value of marketable securities received; or (ii) made
in an entity that subsequently becomes a Restricted Subsidiary, 100% of the Fair Market Value of the such Restricted Investment
as of the date such entity becomes a Restricted Subsidiary; plus


 






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(4)       to
the extent that any Unrestricted Subsidiary of the Issuer designated as such after the Issue Date is redesignated as a Restricted
Subsidiary, or is merged, amalgamated or consolidated into the Issuer or a Restricted Subsidiary, or all of the assets of such
Unrestricted Subsidiary are transferred to the Issuer or a Restricted Subsidiary, in each case, after the Issue Date, the Fair
Market Value of the Issuer’s Restricted Investment in such Subsidiary as of the date of such redesignation, merger, amalgamation,
consolidation or transfer of assets to the extent such investments reduced the restricted payments capacity under this clause ‎(4)
and were not previously repaid or otherwise reduced; provided, however, that no amount will be included in Consolidated
Net Income of the Issuer for purposes of the preceding clause ‎(1) to the extent that it is included under this clause
‎(4); plus


 


(5)       100%
of any dividends or distributions received by the Issuer or a Restricted Subsidiary after the Issue Date from an Unrestricted Subsidiary
to the extent that such dividends or distributions were not otherwise included in the Consolidated Net Income of the Issuer for
such period (excluding, for the avoidance of doubt, repayments of, or interest payments in respect of, any Permitted Investment
pursuant to clause (p) of the definition thereof); and


 


(D)       at
least one year shall have elapsed since the Issue Date, and (x) in the case of a Restricted Payment made on or after the first
anniversary of the Issue Date and before the second anniversary of the Issue Date, the Consolidated Total Leverage Ratio of the
Issuer and its Restricted Subsidiaries would not have been greater than 6.0:1.0 on a pro forma basis and (y) in the case
of a Restricted Payment made on or after the second anniversary of the Issue Date, the Consolidated Total Leverage Ratio of the
Issuer and its Restricted Subsidiaries would not have been greater than 5.0:1.0 on a pro forma basis; provided that
neither clause (x) nor clause (y) shall apply to the making of any Restricted Payment that is a Restricted Investment.


 






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(b)       The
preceding provisions will not prohibit the following (“Permitted Payments”):


 


(i)       the
payment of any dividend or distribution or the consummation of any redemption within 60 days after the date of declaration of the
dividend or distribution or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend
or distribution or redemption payment would have complied with the provisions of this Indenture;


 


(ii)      the
making of any Restricted Payment in exchange for, or out of or with the net cash proceeds of the substantially concurrent sale
(other than to a Subsidiary of the Issuer) of, Equity Interests of the Issuer or any direct or indirect parent of the Issuer (other
than Disqualified Stock) or from the substantially concurrent contribution of common equity capital to the Issuer (other than the
substantially concurrent offerings of ordinary shares by NCL Holdings and Exchangeable Notes, in each case as described in the
Offering Memorandum); provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment
will be excluded from ‎‎Section 4.08(a)(C)(2);


 


(iii)     the
purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness of the Issuer or any
Guarantor that is contractually subordinated to the Notes or to any Note Guarantee with the net cash proceeds from an incurrence
of Permitted Refinancing Indebtedness;


 


(iv) 
    so long as no Default or Event of Default has occurred and is continuing, the purchase, repurchase,
redemption or other acquisition or retirement for value of any Equity Interests of the Issuer, any direct or indirect parent
of the Issuer or any Restricted Subsidiary held by any current or former officer, director, employee or consultant of the
Issuer, any direct or indirect parent of the Issuer or any of its Restricted Subsidiaries pursuant to any equity subscription
agreement, stock option agreement, restricted stock grant, shareholders’ agreement or similar agreement; provided
that the aggregate price paid for all such purchased, repurchased, redeemed, acquired or retired Equity Interests may not
exceed $10.0 million in the aggregate in any twelve- month period with unused amounts being carried over to any subsequent
twelve-month period subject to a maximum aggregate amount of $20.0 million being available in any twelve-month period; and provided, further,
that such amount in any twelve-month period may be increased by an amount not to exceed the cash proceeds from the sale of
Equity Interests of the Issuer or any direct or indirect parent of the Issuer, in each case, received by the Issuer during
such twelve-month period, in each case to members of management, directors or consultants of the Issuer, any of its direct or
indirect parent of the Issuer or any Restricted Subsidiaries to the extent the cash proceeds from the sale of such Equity
Interests have not otherwise been applied to the making of Restricted Payments pursuant to ‎‎Section
4.08(a)(C)(3) or clause ‎‎‎(ii) of this ‎‎Section 4.08(b);


 






    	 	72	 



     


    

 


(v)      the
repurchase of Equity Interests deemed to occur upon the exercise of stock or share options to the extent such Equity Interests
represent a portion of the exercise price of those stock or share options;


 


(vi)     so
long as no Default or Event of Default has occurred and is continuing, the declaration and payment of regularly scheduled or accrued
dividends to holders of any class or series of Disqualified Stock of the Issuer or any preferred stock or preference shares of
any Restricted Subsidiary issued on or after the Issue Date in accordance with ‎‎Section 4.06;


 


(vii)    payments
of cash, dividends, distributions, advances or other Restricted Payments by the Issuer or any of its Restricted Subsidiaries to
allow the payment of cash in lieu of the issuance of fractional shares upon (i) the exercise of options or warrants or (ii) the
conversion or exchange of Capital Stock of any such Person;


 


(viii)   the
payment of any dividend (or, in the case of any partnership or limited liability company, any similar distribution) by a Restricted
Subsidiary to the holders of its Equity Interests (other than the Issuer or any Restricted Subsidiary) on no more than a pro
rata basis;


 


(ix)     the
making of (i) cash payments made by the Issuer or any of its Restricted Subsidiaries in satisfaction of the conversion obligation
upon conversion of convertible Indebtedness issued in a convertible notes offering and (ii) any payments by the Issuer or any of
its Restricted Subsidiaries pursuant to the exercise, settlement or termination of any related capped call, hedge, warrant or other
similar transactions;


 


(x)
       any Permitted Tax Distributions;


 


(xi)      any
dividends or other distributions or payments (directly or indirectly) to any direct or indirect parent of the Issuer in the ordinary
course of business in respect of franchise or similar Taxes and other fees and expenses in connection with the maintenance of its
existence and its direct or indirect ownership of the Issuer;


 


(xii)     other
Restricted Payments in an aggregate amount not to exceed $50.0 million since the Issue Date so long as, immediately after giving
effect to such Restricted Payment, no Default or Event of Default has occurred and is continuing; and


 


(xiii)    other
Restricted Payments made on or after the first anniversary of the Issue Date, in an aggregate amount not to exceed $200.0 million
since the Issue Date, provided that (x) in the case of a Restricted Payment made pursuant to this clause ‎(xiii)
on or after the first anniversary of the Issue Date and before the second anniversary of the Issue Date, the Consolidated Total
Leverage Ratio of the Issuer and its Restricted Subsidiaries would not have been greater than 6.0:1.0 on a pro forma basis
and (y) in the case of in the case of a Restricted Payment made pursuant to this clause ‎‎(xiii) on or after
the second anniversary of the Issue Date, the Consolidated Total Leverage Ratio of the Issuer and its Restricted Subsidiaries would
not have been greater than 5.0:1.0 on a pro forma basis.


 






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The amount of all Restricted Payments (other
than cash) will be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred
or issued by the Issuer or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment.


 


For purposes of determining compliance with
this covenant, (1) in the event that a proposed Restricted Payment (or portion thereof) meets the criteria of one or more categories
(or subparts thereof) of Permitted Payments or Permitted Investments, or is entitled to be incurred pursuant to the first paragraph
of this covenant, the Issuer will be entitled to classify or re- classify such Restricted Payment (or portion thereof) based on
circumstances existing on the date of such reclassification in any manner that complies with this covenant, and such Restricted
Payment (or portion thereof) will be treated as having been made pursuant to the first paragraph of this covenant or such clause
or clauses (or subparts thereof) in the definition of Permitted Payments or Permitted Investments and (2) the amount of any return
of or on capital from any Investment shall be netted against the amount of such Investment for purposes of determining compliance
with this covenant.


 


Section 4.09.Asset Sales.


 


(a)       The
Issuer shall not, and shall not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, consummate an Asset
Sale unless:


 


(i)       the
Issuer (or the Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least equal to
the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and


 


(ii)      at
least 75% of the consideration received in the Asset Sale by the Issuer or such Restricted Subsidiary is in the form of cash, Cash
Equivalents or Replacement Assets or a combination thereof (which determination may be made by the Issuer, at its option, either
(x) at the time such Asset Sale is approved by the Issuer’s Board of Directors or (y) at the time the Asset Sale is completed).
For purposes of this clause ‎‎(ii), each of the following will be deemed to be cash:


 


(A)       any
liabilities, as recorded on the balance sheet of the Issuer or any Restricted Subsidiary (other than contingent liabilities or
liabilities that are by their terms subordinated to the Notes or the Notes Guarantees), that are assumed by the transferee of any
such assets and as a result of which the Issuer and its Restricted Subsidiaries are no longer obligated with respect to such liabilities
or are indemnified against further liabilities or that are otherwise retired or repaid;


 






    	 	74	 



     


    

 


(B)       any
securities, notes or other obligations received by the Issuer or any such Restricted Subsidiary from such transferee that are converted
by the Issuer or such Restricted Subsidiary into cash or Cash Equivalents within 180 days following the closing of the Asset Sale,
to the extent of the cash or Cash Equivalents received in that conversion;


 


(C)       any
Capital Stock or assets of the kind referred to in ‎‎Section 4.09(b)(ii) or ‎‎(iv)‎;


 


(D)       Indebtedness
(other than Indebtedness that is by its terms subordinated to the Notes or the Notes Guarantees) of any Restricted Subsidiary that
is no longer a Restricted Subsidiary as a result of such Asset Sale, to the extent that each Restricted Subsidiary is released
from any Guarantee of such Indebtedness in connection with such Asset Sale;


 


(E)       consideration
consisting of Indebtedness of the Issuer or any Guarantor received from Persons who are not the Issuer or any Restricted Subsidiary;
and


 


(F)       consideration
other than cash, Cash Equivalents or Replacement Assets received by the Issuer or any Restricted Subsidiary in Asset Sales with
a Fair Market Value not exceeding $125.0 million in the aggregate outstanding at any one time.


 


(b)       Within
450 days after the receipt of any Net Proceeds from an Asset Sale, any Event of Loss, the Issuer (or the applicable Restricted
Subsidiary, as the case may be) may apply such Net Proceeds:


 


(i)       to
repurchase the Notes pursuant to an offer to all Holders at a purchase price equal to 100% of the principal amount thereof, plus
accrued and unpaid interest to (but not including) the date of purchase (a “Notes Offer”);


 


(ii)      to
acquire all or substantially all of the assets of, or any Capital Stock of, another Permitted Business; provided that (i)
after giving effect to any such acquisition of Capital Stock, the Permitted Business is or becomes a Restricted Subsidiary, (ii)
to the extent the assets that were the subject of such Asset Sale or Event of Loss comprised part of the Collateral, the assets
comprising such Permitted Business shall also be pledged as Collateral, and (iii) to the extent the assets that were the subject
of such Asset Sale or Event of Loss comprised an ECA Vessel or ECA Entity, the assets or Capital Stock comprising such Permitted
Business shall be held by an ECA entity;


 


(iii)     to
make a capital expenditure; provided that (i) to the extent the assets that were the subject of such Asset Sale or Event of Loss
comprised part of the Collateral, such capital expenditures shall be made in respect of assets that are Collateral, and (ii) to
the extent that assets that were the subject of such Asset Sales or Event of Loss comprised an ECA Vessel or ECA Entity, such capital
expenditures shall be made in respect of an ECA Vessel;


 






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(iv)     to
acquire other assets (other than Capital Stock) not classified as current assets under GAAP that are used or useful in a Permitted
Business; provided that (i) to the extent the assets that were the subject of such Asset Sale or Event of Loss comprised part of
the Collateral, the assets being acquired shall also be pledged as Collateral, and (ii) to the extent the assets that were the
subject of such Asset Sale or Event of Loss comprised an ECA Vessel or ECA Entity, the assets acquired pursuant to this provision
shall be held by an ECA Entity;


 


(v)  
    to repurchase, prepay, redeem or repay Indebtedness (A) upon the sale of assets that do not constitute
Collateral, of the Issuer or a Restricted Subsidiary which is not a Guarantor (other than Indebtedness owed to the Issuer or
a Restricted Subsidiary ), or of the Issuer or any Guarantor that is secured by a Lien on the assets that were the subject of
such Asset Sale or Event of Loss (provided that the assets secured by such Lien do not constitute Collateral) or (B) of the
Issuer or a Guarantor which is secured by a Lien on the Collateral and which is pari passu in right of payment with
the Notes or any Note Guarantee; provided that, in the case of this clause ‎‎(B), the Issuer (or the
applicable Restricted Subsidiary) may repurchase, prepay, redeem or repay such pari passu Indebtedness only if the
Issuer (or the applicable Restricted Subsidiary) makes an offer to all Holders to purchase their Notes in accordance with the
provisions set forth below for an Asset Sale Offer for an aggregate principal amount of Notes at least equal to the
proportion that (x) the total aggregate principal amount of Notes outstanding bears to (y) the sum of the total aggregate
principal amount of Notes outstanding plus the total aggregate principal amount outstanding of such pari passu
Indebtedness;


 


(vi)     to
enter into a binding commitment to apply the Net Proceeds pursuant to clause ‎(ii), ‎(iii)
or ‎(iv) of this ‎‎Section 4.09(b); provided that such binding commitment (or any subsequent
commitments replacing the initial commitment that may be cancelled or terminated) shall be treated as a permitted application of
the Net Proceeds from the date of such commitment until the earlier of (x) the date on which such acquisition or expenditure is
consummated and (y) the 180th day following the expiration of the aforementioned 450 day period; or


 


(vii)    any
combination of the foregoing.


 


Pending the final application of any Net
Proceeds, the Issuer (or the applicable Restricted Subsidiary) may temporarily reduce borrowings under any revolving credit facility,
or otherwise invest the Net Proceeds in any manner that is not prohibited by this Indenture.


 


(c)       Any
Net Proceeds from Asset Sales or an Event of Loss that are not applied or invested as provided in ‎Section 4.09(b) (it
being understood that any portion of such Net Proceeds used to make an offer to purchase Notes as described in ‎‎Section
4.09(b)(i) or ‎‎‎(v) above shall be deemed to have been applied or invested whether or not such Notes Offer
is accepted) will constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $100.0
million (or at an earlier time, at the option of the Issuer), within ten Business Days thereof, the Issuer will make an offer (an
 “Asset Sale Offer”) to all Holders and may make an offer to all holders of other Indebtedness that is secured
by a Lien on the Collateral and that is pari passu with the Notes or any Note Guarantees with respect to offers to purchase, prepay
or redeem with the proceeds of sales of assets or events of loss to purchase, prepay or redeem the maximum principal amount of
Notes and such other pari passu Indebtedness (plus all accrued interest on the Indebtedness and the amount of all fees and expenses,
including premiums, incurred in connection therewith) that may be purchased, prepaid or redeemed out of the Excess Proceeds. The
offer price for the Notes in any Asset Sale Offer will be equal to 100% of the principal amount, plus accrued and unpaid interest
and Additional Amounts, if any, to the date of purchase, prepayment or redemption, subject to the rights of Holders on the relevant
Record Date to receive interest due on the relevant interest payment date, and will be payable in cash. If any Excess Proceeds
remain after consummation of an Asset Sale Offer, the Issuer may use those Excess Proceeds for any purpose not otherwise prohibited
by this Indenture. If the aggregate principal amount of Notes and such other pari passu Indebtedness tendered into (or to be prepaid
or redeemed in connection with) such Asset Sale Offer exceeds the amount of Excess Proceeds, or if the aggregate amount of Notes
tendered pursuant to a Notes Offer exceeds the amount of the Net Proceeds so applied, the Trustee will select the Notes and such
other pari passu Indebtedness, if applicable, to be purchased on a pro rata basis (or in the manner provided in ‎‎Section
3.03), based on the amounts tendered or required to be prepaid or redeemed. Upon completion of each Asset Sale Offer, the amount
of Excess Proceeds will be reset at zero.


 






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The Issuer will comply with the requirements
of Rule 14e-1 under the U.S. Exchange Act and any other securities laws and regulations (and rules of any exchange on which the
Notes are then listed) to the extent those laws, regulations or rules are applicable in connection with each repurchase of Notes
pursuant to an Asset Sale Offer or a Notes Offer. To the extent that the provisions of any securities laws or regulations or exchange
rules conflict with the Asset Sale or Notes Offer provisions of this Indenture, the Issuer will comply with the applicable securities
laws, regulations and rules and will not be deemed to have breached its obligations under the Asset Sale or Notes Offer provisions
of this Indenture by virtue of such compliance.


 


Section 4.10.Transactions with Affiliates.


 


(a)       The
Issuer shall not, and shall not cause or permit any of its Restricted Subsidiaries to, make any payment to or sell, lease, transfer
or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend
any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the
Issuer (each, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $50.0 million,
unless:


 


(i)       the
Affiliate Transaction is on terms that are, taken as a whole, no less favorable to the Issuer or the relevant Restricted Subsidiary
than those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with a Person
who is not such an Affiliate; and


 






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(ii)      the
Issuer delivers to the Trustee, with respect to any Affiliate Transaction or series of related Affiliate Transactions involving
aggregate consideration in excess of $125.0 million, a resolution of the Board of Directors of the Issuer set forth in an Officer’s
Certificate certifying that such Affiliate Transaction complies with this ‎‎Section 4.10 and that such Affiliate
Transaction has been approved by a majority of the disinterested members of the Board of Directors of the Issuer (or in the event
there is only one disinterested director, by such disinterested director, or, in the event there are no disinterested directors,
by unanimous approval of the members of the Board of Directors of the Issuer).


 


(b)       Notwithstanding
the foregoing, the following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions
of ‎‎Section 4.10(a):


 


(i) 
      any employment agreement, collective bargaining agreement, consulting agreement or employee
benefit arrangements with any employee, consultant, officer or director of the Issuer or any Restricted Subsidiary, including
under any stock option, stock appreciation rights, stock incentive or similar plans, entered into in the ordinary course of
business;


 


(ii)      transactions
between or among the Issuer and/or its Restricted Subsidiaries;


 


(iii)     transactions
with a Person (other than an Unrestricted Subsidiary of the Issuer) that is an Affiliate of the Issuer solely because the Issuer
owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person;


 


(iv)     payment
of reasonable and customary fees, salaries, bonuses, compensation, other employee benefits and reimbursements of expenses (pursuant
to indemnity arrangements or otherwise) of Officers, directors, employees or consultants of the Issuer or any of its Restricted
Subsidiaries;


 


(v)      any
issuance of Equity Interests (other than Disqualified Stock) of the Issuer to Affiliates of the Issuer;


 


(vi)     Restricted
Payments that do not violate ‎‎Section 4.08;


 


(vii)    transactions
pursuant to or contemplated by any agreement in effect on the Issue Date and transactions pursuant to any amendment, modification
or extension to such agreement, so long as such amendment, modification or extension, taken as a whole, is not materially more
disadvantageous to the Holders than the original agreement as in effect on the Issue Date;


 


(viii)   Permitted
Investments (other than Permitted Investments described in clauses (c), (d), (e), (o), (p), (q) and (r) of the definition thereof);


 






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(ix)     Management
Advances;


 


(x)      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 Indenture that are fair to the Issuer or the Restricted Subsidiaries in the
reasonable determination of the members of the Board of Directors of the Issuer or the senior management thereof, or are on terms
at least as favorable as might reasonably have been obtained at such time from an unaffiliated Person;


 


(xi)     the
granting and performance of any registration rights for the Issuer’s Capital Stock;


 


(xii)    any
contribution to the capital of the Issuer;


 


(xiii)   pledges
of Equity Interests of Unrestricted Subsidiaries;


 


(xiv)
   transactions with respect to which the Issuer has obtained an opinion of an accounting, appraisal or investment
banking firm of international standing, or other recognized independent expert of international standing with experience
appraising the terms and conditions of the type of transaction or series of related transactions for which an opinion is
required, stating that the transaction or series of related transactions is (A) fair from a financial point of view taking
into account all relevant circumstances or (B) on terms not less favorable than might have been obtained in a comparable
transaction at such time on an arm’s-length basis from a Person who is not an Affiliate;


 


(xv)    [Reserved];
and


 


(xvi)   transactions
undertaken in good faith (as certified by a responsible financial or accounting officer of the Issuer in an Officer’s Certificate)
between the Issuer and any other Person or a Restricted Subsidiary and any other Person with which the Issuer or any of its Restricted
Subsidiaries files a combined, consolidated, unitary or similar group tax return or which the Issuer or any of its Restricted Subsidiaries
is part of a group for tax purposes that are effected for the purpose of improving the combined, consolidated, unitary or similar
group tax efficiency of the Issuer and its Subsidiaries and not for the purpose of circumventing any provision of this Indenture.


 


Section 4.11.Purchase of Notes upon
a Change of Control.


 


(a)       If
a Change of Control Triggering Event occurs at any time, then the Issuer shall make an offer (a “Change of Control Offer”)
to each Holder to purchase such Holder’s Notes, at a purchase price (the “Change of Control Purchase Price”)
in cash in an amount equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase
(the “Change of Control Purchase Date”) (subject to the rights of Holders on the relevant Record Dates to receive
interest due on the relevant Interest Payment Date).


 






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(b)       Within
30 days following any Change of Control Triggering Event, the Issuer shall deliver a notice to each Holder of the Notes at such
Holder’s registered address or otherwise deliver a notice in accordance with the procedures set forth in ‎‎Section
3.04, which notice shall state:


 


(i)       that
a Change of Control Triggering Event has occurred, and the date it occurred, and that a Change of Control Offer is being made;


 


(ii)      the
circumstances and relevant facts regarding such Change of Control (including, but not limited to, applicable information with respect
to pro forma historical income, cash flow and capitalization after giving effect to the Change of Control);


 


(iii)     the
Change of Control Purchase Price and the Change of Control Purchase Date, which shall be a Business Day no earlier than 10 days
nor later than 60 days from the date such notice is delivered, pursuant to the procedures required by this Indenture and described
in such notice;


 


(iv)     that
any Note accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control
Purchase Date unless the Change of Control Purchase Price is not paid;


 


(v)      that
any Note (or part thereof) not tendered shall continue to accrue interest; and


 


(vi)     any
other procedures that a Holder must follow to accept a Change of Control Offer or to withdraw such acceptance.


 


(c)       On
the Change of Control Purchase Date, the Issuer shall, to the extent lawful:


 


(i)   
    accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control
Offer;


 


(ii)      deposit
with the paying agent an amount equal to the Change of Control Purchase Price in respect of all Notes or portions of Notes properly
tendered; and


 


(iii)     deliver
or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate
principal amount of Notes or portions of Notes being purchased by the Issuer.


 


(d)       The
Paying Agent shall promptly deliver to each Holder which has properly tendered and so accepted the Change of Control Offer for
such Notes, and the Trustee (or an authenticating agent appointed by the Issuer) shall promptly authenticate and deliver (or cause
to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered,
if any. Any Note so accepted for payment will cease to accrue interest on or after the Change of Control Purchase Date. The Issuer
shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Purchase
Date.


 






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(e)       This
‎‎Section 4.11 will be applicable whether or not any other provisions of this Indenture are applicable.


 


(f)       If
the Change of Control Purchase Date is on or after an interest Record Date and on or before the related Interest Payment Date,
any accrued and unpaid interest, if any, shall be paid to the Person in whose name a Note is registered at the close of business
on such Record Date, and no additional interest shall be payable to Holders who tender pursuant to the Change of Control Offer.


 


(g)       The
Issuer will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if (1) a third party makes
the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture
applicable to a Change of Control Offer made by the Issuer and purchases all Notes properly tendered and not withdrawn under the
Change of Control Offer or (2) a notice of redemption has been given pursuant to the provisions of paragraph 6 of the Notes, unless
and until there is a default in payment of the applicable redemption price. Notwithstanding anything to the contrary contained
herein, a Change of Control Offer may be made in advance of a Change of Control, conditioned upon the consummation of such Change
of Control, if a definitive agreement is in place for the Change of Control at the time the Change of Control Offer is made.


 


(h)       The
Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations (and
rules of any exchange on which the Notes are then listed) to the extent those laws, regulations or rules are applicable in connection
with the repurchase of the Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws
or regulations or exchange rules conflict with the Change of Control provisions of this Indenture, the Issuer shall comply with
the applicable securities laws, regulations and rules and will not be deemed to have breached its obligations under this Indenture
by virtue of such compliance.


 


Section 4.12.Additional Amounts.


 


(a)       All
payments made by or on behalf of the Issuer or any of the Guarantors (including, in each case, any successor entity) under or with
respect to the Notes or any Note Guarantee shall be made free and clear of and without withholding or deduction for, or on account
of, any present or future Taxes unless the withholding or deduction of such Taxes is then required by law. If the Issuer, any Guarantor
or any other applicable withholding agent is required by law to withhold or deduct any amount for, or on account of, any Taxes
imposed or levied by or on behalf of (1) any jurisdiction in which the Issuer or any Guarantor is or was incorporated, engaged
in business, organized or resident for tax purposes or any political subdivision thereof or therein or (2) any jurisdiction from
or through which any payment is made by or on behalf of the Issuer or any Guarantor (including, without limitation, the jurisdiction
of any Paying Agent) or any political subdivision thereof or therein (each of (1) and (2), a “Tax Jurisdiction”)
in respect of any payments under or with respect to the Notes or any Note Guarantee, including, without limitation, payments of
principal, redemption price, purchase price, interest or premium, the Issuer or the relevant Guarantor, as applicable, shall pay
such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received
in respect of such payments by each Holder after such withholding or deduction will equal the respective amounts that would have
been received by each Holder in respect of such payments in the absence of such withholding or deduction; provided, however,
that no Additional Amounts shall be payable with respect to:


 






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(i)       any
Taxes, to the extent such Taxes would not have been imposed but for the holder or the beneficial owner of the Notes (or a fiduciary,
settlor, beneficiary, partner of, member or shareholder of, or possessor of a power over, the relevant Holder or beneficial owner,
if the relevant Holder or beneficial owner is an estate, trust, nominee, partnership, limited liability company or corporation)
being or having been a citizen or resident or national of, or incorporated, engaged in a trade or business in, being or having
been physically present in or having a permanent establishment in, the relevant Tax Jurisdiction or having or having had any other
present or former connection with the relevant Tax Jurisdiction, other than any connection arising solely from the acquisition,
ownership or disposition of Notes, the exercise or enforcement of rights under such Note, this Indenture or a Note Guarantee, or
the receipt of payments in respect of such Note or a Note Guarantee;


 


(ii)      any
Taxes, to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation is required)
more than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder
would have been entitled to Additional Amounts had the Note been presented on the last day of such 30 day period);


 


(iii)     any
estate, inheritance, gift, sale, transfer, personal property or similar Taxes;


 


(iv)     any
Taxes payable other than by deduction or withholding from payments under, or with respect to, the Notes or any Note Guarantee;


 


(v)      any
Taxes to the extent such Taxes would not have been imposed or withheld but for the failure of the Holder or beneficial owner of
the Notes, following the Issuer’s reasonable written request addressed to the Holder at least 30 days before any such withholding
or deduction would be imposed, to comply with any certification, identification, information or other reporting requirements, whether
required by statute, treaty, regulation or administrative practice of a Tax Jurisdiction, as a precondition to exemption from,
or reduction in the rate of deduction or withholding of, Taxes imposed by the Tax Jurisdiction (including, without limitation,
a certification that the Holder or beneficial owner is not resident in the Tax Jurisdiction), but in each case, only to the extent
the Holder or beneficial owner is legally eligible to provide such certification or documentation;


 






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(vi)     any
Taxes imposed in connection with a Note presented for payment (where presentation is permitted or required for payment) by or on
behalf of a Holder or beneficial owner of the Notes to the extent such Taxes could have been avoided by presenting the relevant
Note to, or otherwise accepting payment from, another Paying Agent;


 


(vii)    any
Taxes imposed on or with respect to any payment by the Issuer or any of the Guarantors to the Holder of the Notes if such Holder
is a fiduciary or partnership or any person other than the sole beneficial owner of such payment to the extent that such Taxes
would not have been imposed on such payments had such Holder been the sole beneficial owner of such Note;


 


(viii)   any
Taxes imposed by the United States, any state thereof or the District of Columbia, or any subdivision thereof or territory thereof,
including any U.S. federal withholding taxes and any Taxes that are imposed pursuant to current Sections 1471 through 1474 of the
Code or any amended or successor version that is substantively comparable and not materially more onerous to comply with, any regulations
promulgated thereunder, any official interpretations thereof, any intergovernmental agreement between a non-U.S. jurisdiction and
the United States (or any related law or administrative practices or procedures) implementing the foregoing or any agreements entered
into pursuant to current Section 1471(b)(1) of the Code (or any amended or successor version described above); or


 


(ix)   
   any combination of clauses ‎‎(i) through ‎‎(viii) above.


 


In addition to the foregoing, the Issuer
and the Guarantors will also pay and indemnify the holder for any present or future stamp, issue, registration, value added, transfer,
court or documentary Taxes, or any other excise or property taxes, charges or similar levies (including penalties, interest and
additions to tax related thereto) which are levied by any relevant Tax Jurisdiction on the execution, delivery, issuance, or registration
of any of the Notes, the Indenture, any Note Guarantee or any other document referred to therein, or the receipt of any payments
with respect thereto, or enforcement of, any of the Notes or any Note Guarantee (limited, solely in the case of Taxes attributable
to the receipt of any payments or that are imposed on or result from a sale or other transfer or disposition of a Note by a Holder
or a beneficial owner, to any such Taxes imposed in a Tax Jurisdiction that are not excluded under clauses ‎‎(i)
through ‎‎(iii) or ‎‎(v)
through ‎‎(ix) above or any combination thereof), save
in each case for any such taxes, charges or levies which arise or are increased as a result of any document effecting the registration,
issue or delivery of any of the notes either being signed or executed in the United Kingdom or being brought into the United Kingdom.


 


(b)       If
the Issuer or any Guarantor, as the case may be, becomes aware that it will be obligated to pay Additional Amounts with respect
to any payment under or with respect to the Notes or any Note Guarantee, the Issuer or the relevant Guarantor, as the case may
be, shall deliver to the Trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to
pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Issuer or the relevant Guarantor
shall notify the Trustee promptly thereafter) an Officer’s Certificate stating the fact that Additional Amounts will be payable
and the amount estimated to be so payable. The Officer’s Certificates must also set forth any other information reasonably
necessary to enable the Paying Agents to pay Additional Amounts to Holders on the relevant payment date. The Issuer or the relevant
Guarantor will provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of Additional
Amounts. The Trustee shall be entitled to rely absolutely on an Officer’s Certificate as conclusive proof that such payments
are necessary.


 






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(c)       The
Issuer or the relevant Guarantor, if it is the applicable withholding agent, shall make all withholdings and deductions (within
the time period) required by law and shall remit the full amount deducted or withheld to the relevant Tax authority in accordance
with applicable law. The Issuer or the relevant Guarantor shall use its reasonable efforts to obtain Tax receipts from each Tax
authority evidencing the payment of any Taxes so deducted or withheld. The Issuer or the relevant Guarantor shall furnish to the
Trustee (or to a Holder of the Notes upon request), within 60 days after the date the payment of any Taxes so deducted or withheld
is made, certified copies of Tax receipts evidencing payment by the Issuer or a Guarantor, as the case may be, or if, notwithstanding
such entity’s efforts to obtain receipts, receipts are not obtained, other evidence of payments (reasonably satisfactory
to the Trustee) by such entity.


 


(d)       Whenever
in this Indenture or the Notes there is mentioned, in any context, the payment of amounts based upon the principal amount of the
Notes or of principal, interest or of any other amount payable under, or with respect to, any of the Notes or any Note Guarantee,
such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional
Amounts are, were or would be payable in respect thereof.


 


(e)       This
‎‎Section 4.12 shall survive any termination, defeasance or discharge of this Indenture, any transfer by a Holder
or beneficial owner of its Notes, and will apply, mutatis mutandis, to any jurisdiction in which any successor Person to
the Issuer (or any Guarantor) is incorporated, engaged in business, organized or resident for tax purposes, or any jurisdiction
from or through which payment is made under or with respect to the Notes (or any Note Guarantee) by or on behalf of such Person
and, in each case, any political subdivision thereof or therein.


 


Section 4.13.[Reserved].


 


Section 4.14.Note Guarantees and
Security Interests.


 


Subject to the Agreed Security Principles,
the Issuer shall, and shall cause each Guarantor to, (i) complete all filings and other similar actions required in connection
with the creation and perfection of the security interests in the Collateral owned by it in favor of the Holders, the Trustee (on
its own behalf and on behalf of the Holders) and/or the Security Agent (on behalf of itself, the Trustee and the Holders), as applicable,
as and to the extent contemplated by the Security Documents set forth on Schedule II attached hereto within the time periods set
forth therein and deliver, and cause each Guarantor to deliver, such other agreements, instruments, certificates and opinions of
counsel that may be reasonably requested by the Security Agent in connection therewith and (ii) take all actions necessary to maintain
such security interests. For the avoidance of doubt, a Paying Agent shall be held harmless by the Issuer and have no liability
with respect to payments or disbursements to be made by such Paying Agent for which payment instructions are not made or that are
not otherwise deposited by the respective times set forth in this Indenture.


 






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Section 4.15.Additional Guarantees.


 


(a)       Subject
to the Agreed Security Principles, the Issuer may, at its option, elect to cause any of its Restricted Subsidiaries that is not
a Guarantor to Guarantee the payment of the Notes by executing and delivering a Supplemental Indenture providing for the Note Guarantee
of the payment of the Notes by such Restricted Subsidiary which Note Guarantee may be senior to or pari passu with such
Restricted Subsidiary’s Guarantee of other permitted Indebtedness and with respect to any Guarantee of Indebtedness that
is expressly contractually subordinated in right of payment to the Notes or to any Note Guarantee by such Restricted Subsidiary,
any such Guarantee will be subordinated to such Restricted Subsidiary’s Note Guarantee at least to the same extent as such
subordinated Indebtedness is subordinated to the Notes.


 


(b)       Following
the provision of any additional Note Guarantees as described in the immediately preceding paragraph, subject to the Agreed Security
Principles, at the Issuer’s election, any such Guarantor may provide security over certain of its material assets to secure
its Note Guarantee on a first-priority basis consistent with the Collateral.


 


In connection with (a) and (b) above, the
Issuer shall deliver to the Trustee an Opinion of Counsel that such Supplemental Indenture and Security Documents, if any, have
been duly authorized, executed and delivered by such Restricted Subsidiary and constitute a valid and binding obligation of such
Restricted Subsidiary, enforceable against such Restricted Subsidiary in accordance with its terms, subject to customary exceptions,
and if such Restricted Subsidiary owns Collateral, addressing customary creation and perfection matters.


 


Section 4.16.Dividend and Other Payment
Restrictions Affecting Restricted Subsidiaries.


 


(a)       The
Issuer shall not, and shall not cause or permit any of its respective Restricted Subsidiaries to, directly or indirectly, create
or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:


 


(i)       pay
dividends or make any other distributions on its Capital Stock to the Issuer or any Restricted Subsidiary, or with respect to any
other interest or participation in, or measured by, its profits, or pay any Indebtedness owed to the relevant Issuer or any Restricted
Subsidiary;


 






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(ii)      make
loans or advances to the Issuer or any Restricted Subsidiary; or


 


(iii)     sell,
lease or transfer any of its properties or assets to the Issuer or any Restricted Subsidiary;


 


provided that (x) the priority of any preferred stock
or preference shares in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being
paid on common stock or ordinary shares, (y) the subordination of (including the application of any standstill period to) loans
or advances made to the Issuer or any Restricted Subsidiary to other Indebtedness incurred by the Issuer or any Restricted Subsidiary
and (z) the provisions contained in documentation governing or relating to Indebtedness requiring transactions between or among
the Issuer and any Restricted Subsidiary or between or among any Restricted Subsidiaries to be on fair and reasonable terms or
on an arm’s-length basis, in each case, shall not be deemed to constitute such an encumbrance or restriction.


 


(b)       The
provisions of ‎‎Section 4.16(a) above shall not apply to encumbrances or restrictions existing under or by reason
of:


 


(i)       agreements
or instruments governing or relating to Indebtedness as in effect on the Issue Date (including pursuant to the Existing Credit
Agreements, the Existing Notes and the ECA Facilities and the related documentation) and any amendments, restatements, modifications,
renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the amendments, restatements,
modifications, renewals, supplements, refundings, replacements or refinancings are not materially less favorable, taken as a whole,
to the Holder with respect to such dividend and other payment restrictions than those contained in those agreements or instruments
on the Issue Date (as determined in good faith by the Issuer);


 


(ii)      (x)
this Indenture, the Notes, the Note Guarantees and the Security Documents and (y) certain licenses granted under the IP Licenses;


 


(iii)     agreements
or instruments governing other Indebtedness permitted to be incurred under ‎‎Section 4.06 and any amendments,
restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided
that the Issuer determines at the time of the incurrence of such Indebtedness that such encumbrances or restrictions will not adversely
affect, in any material respect, the Issuer’s ability to make principal or interest payments on the Notes;


 


(iv)     applicable
law, rule, regulation or order or the terms of any license, authorization, concession or permit;


 


(v)      any
agreement or instrument governing or relating to Indebtedness or Capital Stock of a Person acquired by the relevant Issuer or any
of its Restricted Subsidiaries as in effect at the time of such acquisition (other than any agreement or instrument entered into
in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person,
or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided
that, in the case of Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred;


 






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(vi)     customary
non-assignment and similar provisions in contracts, leases and licenses entered into in the ordinary course of business;


 


(vii)    purchase
money obligations for property acquired in the ordinary course of business and Capital Lease Obligations that impose restrictions
on the property purchased or leased of the nature set forth in ‎‎Section 4.16(a)(iii) or any encumbrance
or restriction pursuant to a joint venture agreement that imposes restrictions on the transfer of the assets of the joint venture;


 


(viii)   any
agreement for the sale or other disposition of the Capital Stock or all or substantially all of the property and assets of a Restricted
Subsidiary that restricts distributions by that Restricted Subsidiary pending its sale or other disposition;


 


(ix) 
     Permitted Refinancing Indebtedness; provided that either (i) the restrictions contained in the
agreements or instruments governing such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a
whole, than those contained in the agreements or instruments governing the Indebtedness being refinanced or (ii) the Issuer
determines at the time of the incurrence of such Indebtedness that such encumbrances or restrictions will not adversely
effect, in any material respect, the Issuer’s ability to make principal or interest payments on the Notes;


 


(x)       Liens
permitted to be incurred under ‎‎Section 4.07 that limit the right of the debtor to dispose of the assets
subject to such Liens;


 


(xi)  
    provisions limiting the disposition or distribution of assets or property in joint venture agreements,
asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements (including agreements
entered into in connection with a Restricted Investment) entered into with the approval of the Issuer’s Board of
Directors, which limitation is applicable only to the assets that are the subject of such agreements;


 


(xii)
     restrictions on cash or other deposits or net worth imposed by customers or suppliers or required by
insurance, surety or bonding companies, in each case, under contracts entered into in the ordinary course of business;


 


(xiii)
    any customary Productive Asset Leases for Vessels and other assets used in the ordinary course of business; provided
that such encumbrance or restriction only extends to the Vessel or other asset financed in such Productive Asset Lease;


 






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(xiv)   any
encumbrance or restriction existing with respect to any Unrestricted Subsidiary or the property or assets of such Unrestricted
Subsidiary that is designated as a Restricted Subsidiary in accordance with the terms of this Indenture at the time of such designation
and not incurred in contemplation of such designation, which encumbrances or restrictions are not applicable to any Person other
than such Unrestricted Subsidiary or the property or assets of such Unrestricted Subsidiary; provided that the encumbrances
or restrictions are customary for the business of such Unrestricted Subsidiary and would not, at the time agreed to, be expected
to affect the ability of the Issuer and the Guarantors to make payments under the Notes and this Indenture;


 


(xv)    customary
encumbrances or restrictions contained in agreements in connection with Hedging Obligations permitted under this Indenture;


 


(xvi)   [Reserved];
and


 


(xvii)  any
encumbrance or restriction existing under any agreement that extends, renews, refinances, replaces, amends, modifies, restates
or supplements the agreements containing the encumbrances or restrictions in the foregoing clauses ‎‎(i)
through ‎‎(xvi), or in this clause ‎‎(xvii); provided that the terms and conditions
of any such encumbrances or restrictions are no more restrictive in any material respect than those under or pursuant to the agreement
so extended, renewed, refinanced, replaced, amended, modified, restated or supplemented.


 


Section 4.17.Designation of Restricted
and Unrestricted Subsidiaries.


 


(a)       The
Board of Directors of the Issuer may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would
not cause a Default.


 


(b)       If
a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments
owned by the Issuer and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to
be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under ‎‎Section
4.08 or under one or more clauses of the definition of “Permitted Investments,” as determined by the Issuer. The designation
of a Restricted Subsidiary as an Unrestricted Subsidiary will only be permitted if the deemed Investment resulting from such designation
would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.


 


(c)       The
Issuer may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation would not cause a Default.


 


(d)       Any
designation of a Subsidiary of the Issuer as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee
a copy of a resolution of the Board of Directors giving effect to such designation and an Officer’s Certificate certifying
that such designation complied with the preceding conditions and was permitted by ‎‎Section 4.08. If, at any time,
any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease
to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred
by a Restricted Subsidiary as of such date and, if such Indebtedness is not permitted to be incurred as of such date under ‎‎Section
4.06, the Issuer will be in default of such ‎‎Section 4.06. The Board of Directors of the Issuer may at any time
designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such designation will be deemed to be
an incurrence of Indebtedness by a Restricted Subsidiary of any outstanding Indebtedness of such Unrestricted Subsidiary, and such
designation will only be permitted if (i) such Indebtedness is permitted under ‎‎Section 4.06, calculated on a pro
forma basis as if such designation had occurred at the beginning of the applicable reference period; and (ii) no Default or
Event of Default would be in existence following such designation.


 






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Section 4.18.[Reserved.]


 


Section 4.19.Reports to Holders.


 


(a)       So
long as any Notes are outstanding, notwithstanding that the Issuer may not be subject to the reporting requirements of Section
13 or 15(d) of the Exchange Act or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly
reporting pursuant to the rules and regulations promulgated by the SEC, the Issuer will file with the SEC within the time periods
specified in the SEC’s rules and regulations that are then applicable to the Issuer (or if the Issuer is not then subject
to the reporting requirements of the Exchange Act, then the time periods for filing applicable to a filer that is not an “accelerated
filer” as defined in such rules and regulations) (in either case, including any extension as would be permitted by Rule 12b-25
under the Exchange Act or any special order of the SEC):


 


(i)       all
financial information that would be required to be contained in an annual report on Form 10-K, or any successor or comparable form,
filed with the SEC, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
section and a report on the annual financial statements by the Issuer’s independent registered public accounting firm;


 


(ii)      all
financial information that would be required to be contained in a quarterly report on Form 10-Q, or any successor or comparable
form, filed with the SEC, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
section; and


 


(iii)     all
current reports that would be required to be filed with the SEC on Form 8-K, or any successor or comparable form, if the Issuer
were required to file such reports,


 


in each case in a manner that complies in all material respects
with the requirements specified in such form provided, however, that the Trustee shall have no responsibility whatsoever
to determine if such filing has occurred.


 






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(b)       The
requirements set forth in the preceding paragraph may be satisfied by delivering such information to the Trustee and posting copies
of such information on a website or on IntraLinks or any comparable online data system or website.


 


(c)       Not
later than ten Business Days after the furnishing of each such report discussed in ‎‎Section 4.19(a)(i) or ‎(ii),
the Issuer will hold a conference call related to the report. Details regarding access to such conference call will be posted at
least 24 hours prior to the commencement of such call on the website, IntraLinks or other online data system or website on which
the report is posted.


 


(d)       The
reports set forth in ‎‎Section 4.19(a)(i) or ‎(ii) shall include disclosure with respect to (1) the Collateral
and (2) with respect to the non-Guarantor Subsidiaries and Collateral similar to what was included in the Offering Memorandum.


 


(e)       The
Issuer will make the information described in ‎‎Section 4.19(a) available electronically to prospective investors
upon request. For so long as any Notes remain outstanding during any period when it is not or the Issuer is not subject to Section
13 or 15(d) of the Exchange Act, or otherwise permitted to furnish the SEC with certain information pursuant to Rule 12g3-2(b)
of the Exchange Act, it will furnish to the holders of the Notes and to prospective investors, upon their request, the information
required to be delivered pursuant to Rule 144A(d)(4) under the U.S. Securities Act.


 


(f)       Notwithstanding
the foregoing clauses ‎‎(a) through ‎‎(e) of this ‎‎Section 4.19, the Issuer will
be deemed to have delivered such reports and information referred to above to the holders, prospective investors, market makers,
securities analysts and the Trustee for all purposes of this Indenture if the Issuer or the Issuer has filed such reports with
the SEC via the EDGAR filing system (or any successor system) and such reports are publicly available.


 


(g)       Delivery
of reports, information and documents to the Trustee is for informational purposes only, and its receipt of such reports, information
and documents shall not constitute actual or constructive notice of any information contained therein or determinable from information
contained therein, including the Issuer’s, any Guarantors’ or any other Person’s compliance with any of its covenants
under this Indenture or the Notes (as to which the Trustee is entitled to rely exclusively on the Officer’s Certificates
delivered pursuant to this Indenture). The Trustee shall have no liability or responsibility for the content, filing or timeliness
of any report delivered or filed under or in connection with this Indenture or the transactions contemplated thereunder.


 


Section 4.20.Further Assurances.
Subject to the Agreed Security Principles, the Issuer and its Restricted Subsidiaries will 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 Security Agent may reasonably
request, to satisfy the requirements of the applicable Security Documents and to cause such requirements to be and remain satisfied,
all at the expense of the Issuer, and provide to the Security Agent from time to time upon reasonable request of the Security Agent,
evidence reasonably satisfactory to the Security Agent as to the perfection and priority of the Liens created or intended to be
created by the Security Documents.


 






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Section 4.21.[Reserved].


 


Section 4.22.Impairment of Security
Interest. The Issuer shall not, and shall not permit any Restricted Subsidiary to, take or omit to take any action, which action
or omission would have the result of materially impairing the security interest with respect to the Collateral (it being understood
that (i) the incurrence of Permitted Collateral Liens and (ii) the release or modification of the Liens on the Collateral in accordance
with the terms of this Indenture and related Security Documents, in each case of clauses ‎(i)
and ‎‎(ii), shall under no circumstances be deemed to materially impair
the security interest with respect to the Collateral) for the benefit of the Trustee, Security Agent and the holders of the Notes,
and the Issuer shall not, and shall not permit any Restricted Subsidiary to, grant to any Person other than the Security Agent,
for the benefit of the Trustee and the holders of the Notes and the other beneficiaries described in the Security Documents, any
Lien over any of the Collateral that is prohibited by ‎‎Section 4.07;
provided that the Issuer and its Restricted Subsidiaries may incur any Lien over any of the Collateral that is not prohibited
by ‎‎Section 4.07, including Permitted Collateral Liens, and the Collateral
may be discharged or released in accordance with this Indenture and the applicable Security Documents.


 


Subject to the foregoing, the Security Documents
may be amended, extended, renewed, restated or otherwise modified or released to (i) cure any ambiguity, omission, defect or inconsistency
therein; (ii) add to the Collateral; or (iii) make any other change thereto that does not adversely affect the holders of the Notes
in any material respect; provided, however, that (except where permitted by this Indenture or to effect or facilitate
the creation of Permitted Collateral Liens for the benefit of the Security Agent and holders of other Indebtedness incurred in
accordance with this Indenture) no Security Document may be amended, extended, renewed, restated or otherwise modified or released,
unless contemporaneously with such amendment, extension, renewal, restatement or modification or release (followed by an immediate
retaking of a Lien of at least equivalent ranking over the same assets), the Issuer delivers to the Security Agent and the Trustee,
(1) a solvency opinion, in form and substance reasonably satisfactory to the Security Agent and the Trustee, from an accounting,
appraisal or investment banking firm of international standing which confirms the solvency of the Issuer and its Subsidiaries,
taken as a whole, after giving effect to any transactions related to such amendment, extension, renewal, restatement, modification
or release, (2) a certificate from an Officer of the relevant Person which confirms the solvency of the Person granting such Lien
after giving effect to any transactions related to such amendment, extension, renewal, restatement, modification or release (followed
by an immediate retaking of a Lien of at least equivalent ranking over the same assets) and (3) an Opinion of Counsel (subject
to any qualifications customary for this type of Opinion of Counsel), in form and substance reasonably satisfactory to the Trustee,
confirming that, after giving effect to any transactions related to such amendment, extension, renewal, restatement, modification
or release (followed by an immediate retaking of a Lien of at least equivalent ranking over the same assets), the Lien or Liens
created under the Security Document, so amended, extended, renewed, restated, modified or released and retaken, are valid and perfected
Liens not otherwise subject to any limitation, imperfection or new hardening period, in equity or at law, that such Lien or Liens
were not otherwise subject to immediately prior to such amendment, extension, renewal, restatement, modification or release and
retake and to which the new Indebtedness secured by the Permitted Collateral Lien is not subject. In the event that the Issuer
and its Restricted Subsidiaries comply with the requirements of this ‎‎Section
4.22, the Trustee and the Security Agent shall (subject to customary protections and indemnifications) consent to such amendments
without the need for instructions from the Holders of the Notes.


 






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Section 4.23.After-Acquired Property.
Promptly following the acquisition by the any Secured Guarantor of any After-Acquired Property (but subject to the Agreed Security
Principles and ‎‎Article Eleven), such Guarantor shall execute and deliver
such amendments or supplements to the relevant Security Documents or such other mortgages, financing statements, opinions of counsel
or other documents as the Security Agent shall reasonably deem necessary or advisable to grant to the Security Agent a Lien on
such property and thereupon all provisions of this Indenture relating to the Collateral shall be deemed to relate to such After-Acquired
Property to the same extent and with the same force and effect.


 


Section 4.24.Re-flagging of Vessels.
Notwithstanding anything to the contrary in this Indenture, a Restricted Subsidiary may reconstitute or continue itself in another
jurisdiction, amalgamate or merge with or into another Restricted Subsidiary, for the purpose of re-flagging a vessel that it owns
or bareboat charters so long as at all times each Restricted Subsidiary remains organized under the laws of any country recognized
by the United States of America with an investment grade credit rating from either S&P or Moody’s or any Permitted Jurisdiction;
provided that contemporaneously with the transactions required to complete the re-flagging of such vessel, to the extent
that any Liens on the Collateral securing the Notes were released as provided for under ‎‎Section
11.04, (x) the Issuer or the relevant Restricted Subsidiary grants a Lien of at least equivalent ranking over the same assets and
(y) the Issuer delivers to the Security Agent and the Trustee, (1) a solvency opinion, in form and substance reasonably satisfactory
to the Security Agent and the Trustee, from an independent financial advisor or appraiser or investment bank which confirms the
solvency of the Issuer and its Subsidiaries, taken as a whole, after giving effect to any transactions related to such re-flagging,
(2) a certificate from an Officer of the relevant Person which confirms the solvency of the Person granting such Lien after giving
effect to any transactions related to such re-flagging, and (3) an Opinion of Counsel (subject to any qualifications customary
for this type of Opinion of Counsel), in form and substance reasonably satisfactory to the Trustee, confirming that, after giving
effect to any transactions related to such re-flagging, the Lien or Liens created under the Security Document, as so released and
retaken are valid and perfected Liens. For the avoidance of doubt, the provisions of ‎Article
Five will not apply to a reconstitution, amalgamation or merger permitted under this ‎‎Section
4.24.


 






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Section 4.25.ECA Entity and Vessel
Restrictions.


 


(a)       The
Issuer will not cause or permit any of its Restricted Subsidiaries that directly or indirectly owns an ECA Entity to:


 


(i)       incur
Indebtedness (including Acquired Debt) or issue any Disqualified Stock or shares of preferred stock, other than (i) Indebtedness,
Disqualified Stock or shares of preferred stock, in an aggregate principal amount not greater than $10.0 million at any one time
outstanding, 100% of which is held or owned by the Issuer or another Restricted Subsidiary of the Issuer and (ii) Indebtedness
in existence on the Issue Date constituting solely (x) pledges of Capital Stock of Restricted Subsidiaries to secure Indebtedness
secured by Existing Vessels owned by such Restricted Subsidiaries and (y) the Note Guarantees, and any refinancing thereof not
in violation of this Indenture; or


 


(ii)      create,
incur, assume or otherwise cause to exist or become effective any junior Lien upon any ECA Vessel securing Indebtedness.


 


(b)       The
Issuer will not permit and will not cause or permit any ECA Entity to be owned by any Subsidiary of the Issuer other than a direct
or indirect Subsidiary of Arrasas or Prestige Cruises International.


 


Section 4.26.Intellectual Property.
With respect to each material Trademark owned by a Secured Guarantor, such Secured Guarantor will, and will use its commercially
reasonable efforts to cause its licensees or its sublicensees to, (i) maintain such Trademark in full force free from any adjudication
of abandonment or invalidity for non-use, (ii) maintain substantially the same or better quality of products and services as offered
under such Trademark as of the Issue Date, (iii) display such Trademark with notice of federal or foreign registration or claim
of trademark or service mark as required under applicable law and (iv) not knowingly use or knowingly permit its licensees’
use of such Trademark in violation of any third-party rights. The Secured Guarantor shall cause its licensees and sublicensees
not to take or fail to take any action in connection with the requirements described in (i)-(iv), above, in a manner that would
materially breach the applicable license agreement with such licensee or sublicensee.


 


Article
Five

Merger, Amalgamation, Consolidation or Sale of Assets


 


Section 5.01.Merger, Amalgamation,
Consolidation or Sale of Assets.


 


(a)       The
Issuer will not, directly or indirectly: (1) consolidate, amalgamate or merge with or into another Person (whether or not the Issuer
is the surviving company corporation), or (2) sell, assign, transfer, lease, convey or otherwise dispose of all or substantially
all of the properties or assets of the Issuer and its Restricted Subsidiaries taken as a whole, in one or more related transactions,
to another Person, unless:


 






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(i)       either:
(A) the Issuer is the surviving company or corporation; or (B) the Person formed by or surviving any such consolidation, amalgamation
or merger (if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition has been
made is an entity incorporated, organized or existing under the laws of any Permitted Jurisdiction;


 


(ii)      the
Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Issuer) or the Person to which
such sale, assignment, transfer, lease, conveyance or other disposition has been made assumes (A) by a Supplemental Indenture entered
into with the Trustee, all the obligations of Issuer under the Notes and this Indenture and (B) all obligations of the Issuer under
the Security Documents, subject to the Agreed Security Principles;


 


(iii)     immediately
after such transaction, no Default or Event of Default is continuing;


 


(iv)   
  the Issuer or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than the
Issuer), or to which such sale, assignment, transfer, lease, conveyance or other disposition has been made would, on the date
of such transaction after giving pro forma effect thereto and any related financing transactions as if the same had
occurred at the beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in ‎‎Section 4.06(a); and


 


(v)      the
Issuer delivers to the Trustee an Officer’s Certificate and Opinion of Counsel, in each case, stating that such consolidation,
amalgamation, merger or transfer and, in the case in which a Supplemental Indenture is entered into, such Supplemental Indenture,
comply with this ‎‎Section 5.01 and that all conditions precedent provided for in this Indenture relating
to such transaction have been complied with.


 


Clauses ‎‎(iii)
and ‎(iv) of this ‎‎Section
5.01(a) shall not apply to any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of
the assets to or merger, amalgamation or consolidation of the Issuer with or into a Guarantor and clause ‎‎(iv)
of this ‎‎Section 5.01(a) will not apply to any sale, assignment,
transfer, lease, conveyance or other disposition of all or substantially all of the assets to or merger, amalgamation or consolidation
of the Issuer with or into an Affiliate solely for the purpose of reincorporating or continuing the Issuer in another jurisdiction
for tax reasons.


 


(b)       A
Subsidiary Guarantor (other than a Subsidiary Guarantor whose Note Guarantee is to be released in accordance with the terms of
the Note Guarantee and this Indenture as provided in ‎‎Section 10.03) will not, directly or indirectly: (1) consolidate,
amalgamate or merge with or into another Person (whether or not such Subsidiary Guarantor is the surviving company or corporation),
or (2) sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the properties or assets of such
Subsidiary Guarantor and its Subsidiaries which are Restricted Subsidiaries taken as a whole, in one or more related transactions,
to another Person, unless:


 






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(i)       immediately
after giving effect to that transaction, no Default or Event of Default is continuing;


 


(ii)      either:


 


(A)       the
person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation, amalgamation
or merger assumes all the obligations of that Subsidiary Guarantor under its Note Guarantee, this Indenture and the Security Documents
to which such Subsidiary Guarantor is a party, pursuant to a Supplemental Indenture; or


 


(B)       such
sale, assignment, transfer, lease, conveyance or other disposition of assets does not violate the provisions of this Indenture
(including ‎‎Section 4.09); and


 


(iii)     the
Issuer delivers to the Trustee an Officer’s Certificate and Opinion of Counsel, in each case, stating that such consolidation,
amalgamation, merger or transfer and, in the case in which a Supplemental Indenture is entered into, such Supplemental Indenture,
comply with this ‎‎Section 5.01 and that all conditions precedent provided for in this Indenture relating
to such transaction have been complied with.


 


(c)       Notwithstanding
the provisions of paragraph ‎‎(b) above, (x)(a) any Restricted Subsidiary may consolidate, amalgamate or merge with
or into or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties and assets
to any Guarantor and (b) any Guarantor may consolidate, amalgamate or merge with or into or sell, assign, transfer, lease, convey
or otherwise dispose of all or substantially all of the properties and assets of such Guarantor and its Subsidiaries which are
Restricted Subsidiaries to another Guarantor and (y) any Guarantor may consolidate, amalgamate or merge with or into an Affiliate
incorporated or organized for the purpose of changing the legal domicile of such Guarantor, reincorporating or continuing such
Guarantor in another jurisdiction or changing the legal form of such Guarantor.


 


Section 5.02.Successor Substituted.
Upon any consolidation, amalgamation or merger, or any sale, conveyance, transfer, lease or other disposition of all or substantially
all of the property and assets of the Issuer in accordance with ‎‎Section
5.01 of this Indenture, any surviving entity formed by such consolidation or amalgamation or into which the Issuer is merged or
to which such sale, conveyance, transfer, lease or other disposition is made, shall succeed to, and be substituted for, and may
exercise every right and power of, the Issuer under this Indenture with the same effect as if such surviving entity had been named
as the Issuer herein; provided that the Issuer shall not be released from its obligation to pay the principal of, premium,
if any, or interest and Additional Amounts, if any, on the Notes in the case of a lease of all or substantially all of its property
and assets.


 






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Article
Six

Defaults and Remedies


 


Section 6.01.Events of Default.


 


(a)       Each
of the following shall be an “Event of Default”:


 


(i)       default
for 30 days in the payment when due of interest or Additional Amounts, if any, with respect to the Notes;


 


(ii)      default
in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on, the Notes;


 


(iii)     failure
by the Issuer or relevant Guarantor to comply with ‎‎Sections 4.09(c), ‎‎4.11 or ‎‎5.01;


 


(iv)     failure
by the Issuer or relevant Guarantor for 60 days after written notice to the Issuer by the Trustee or the Holders of at least 30%
in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of the agreements in this
Indenture (other than a default in performance, or breach, or a covenant or agreement which is specifically dealt with in clause
‎‎(i), ‎‎(ii) or ‎‎(iii) above);


 


(v)      default
under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness
for money borrowed by the Issuer or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Issuer or
any of its Restricted Subsidiaries), other than Indebtedness owed to the Issuer or any of its Restricted Subsidiaries, whether
such Indebtedness or Guarantee now exists, or is created after the Issue Date, if that default:


 


(A)       is
caused by a failure to pay principal of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness
on the date of such default; or


 


(B)       results
in the acceleration of such Indebtedness prior to its express maturity,


 


(C)       and,
in each case, the principal amount of any such Indebtedness that is due and has not been paid, together with the principal amount
of any other such Indebtedness that is due and has not been paid or the maturity of which has been so accelerated, equals or exceeds
$125.0 million in aggregate;


 






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(vi)     failure
by the Issuer or any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary, to pay final judgments entered by a court or courts of competent jurisdiction
aggregating in excess of $125.0 million (exclusive of any amounts for which a solvent insurance company has acknowledged liability),
which judgments shall not have been discharged or waived and there shall have been a period of 60 consecutive days during which
a stay of enforcement of such judgment or order, by reason of an appeal, waiver or otherwise, shall not have been in effect;


 


(vii)    any
security interest under the Security Documents on any Collateral having a Fair Market Value in excess of $150.0 million shall,
at any time, cease to be in full force and effect (other than as a result of any action or inaction by the Security Agent and other
than in accordance with the terms of the relevant Security Document and this Indenture) for any reason other than the satisfaction
in full of all obligations under this Indenture or the release or amendment of any such security interest in accordance with the
terms of this Indenture or such Security Document or any such security interest created thereunder shall be declared invalid or
unenforceable in a final non-appealable decision of a court of competent jurisdiction or the Issuer or any Guarantor shall assert
in writing that any such security interest is invalid or unenforceable and any such Default continues for ten days;


 


(viii)   except
as permitted by this Indenture (including with respect to any limitations), any Note Guarantee is held in any judicial proceeding
to be unenforceable or invalid or ceases for any reason to be in full force and effect, or any Guarantor or any Person acting on
behalf of any such Guarantor, denies or disaffirms its obligations under its Note Guarantee and such Default continues for 30 days;
or


 


(ix)     (A)
a court having jurisdiction over the Issuer, a Guarantor or a Significant Subsidiary enters (x) a decree or order for relief in
respect of the Issuer, any Guarantor or any of the Issuer’s Restricted Subsidiaries that is a Significant Subsidiary or any
group of its Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary in an involuntary case or
proceeding under any Bankruptcy Law or (y) a decree or order adjudging the Issuer, any Guarantor or any of the Issuer’s Restricted
Subsidiaries that is a Significant Subsidiary, or any group of its Restricted Subsidiaries that, taken together, would constitute
a Significant Subsidiary, as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Issuer, any such Guarantor or any such Subsidiary or group of Restricted Subsidiaries
under any Bankruptcy Law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official
of the Issuer, any such Guarantor or any such Subsidiary or group of Restricted Subsidiaries or of any substantial part of its
property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief
or any such other decree or order unstayed and in effect for a period of 60 consecutive days or (B) the Issuer, any Guarantor or
any of the Issuer’s Restricted Subsidiaries that is a Significant Subsidiary or any group of its Restricted Subsidiaries
that, taken together, would constitute a Significant Subsidiary (i) commences a voluntary case under any Bankruptcy Law or consents
to the entry of an order for relief in an involuntary case under any Bankruptcy Law, (ii) consents to the appointment of or taking
possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or any such
Subsidiary or group of Restricted Subsidiaries or for all or substantially all the property and assets of the Issuer, any such
Guarantor or any such Subsidiary or group of Restricted Subsidiaries, (iii) effects any general assignment for the benefit of creditors
or (iv) generally is not paying its debts as they become due.


 






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(b)       If
a Default or an Event of Default occurs and is continuing and is actually known to a Trust Officer of the Trustee, the Trustee
shall deliver to each Holder notice of the Default or Event of Default within the earlier of 90 days after its occurrence or 30
days after it received actual knowledge thereof by registered or certified mail or facsimile transmission of an Officer’s
Certificate specifying such event, notice or other action, its status and what action the Issuer is taking or proposes to take
with respect thereto. Except in the case of a Default or an Event of Default in payment of principal of, premium, if any, and Additional
Amounts or interest on any Notes, the Trustee may withhold the notice to the Holders of such Notes if a committee of its Trust
Officers in good faith determines that withholding the notice is in the interests of the Holders. The Trustee shall not be deemed
to have knowledge of a Default unless a Trust Officer has actual knowledge of such Default or a Trust Officer receives a notice
of default at its corporate trust officer and such notice specifies the Default or Event of Default and the applicable section(s)
of the Indenture and/or Security Documents subject to such Default or Event of Default. The Issuer shall also notify the Trustee
within 30 days of the occurrence of any Default stating what action, if any, they are taking with respect to that Default.


 


(c)       If
any report or conference call required by ‎Section 4.19 is provided after the deadlines indicated for such report or
conference call, the provision of such report or conference call shall cure a Default caused by the failure to provide such report
or conference call prior to the deadlines indicated, so long as no Event of Default shall have occurred and be continuing as a
result of such failure.


 


Section 6.02.Acceleration.


 


(a)       If
an Event of Default (other than an Event of Default specified in ‎‎Section 6.01(a)(ix)) occurs and is continuing,
the Trustee may, or the Holders of at least 30% in aggregate principal amount of the then outstanding Notes by written notice to
the Issuer (and to the Trustee if such notice is given by the Holders) may and the Trustee shall, if so directed by the Holders
of at least 30% in aggregate principal amount of the then outstanding Notes, declare all the Notes to be due and payable immediately.
In the event a declaration of acceleration of the Notes pursuant to ‎‎Section 6.01(a)(v) has occurred and is continuing,
the declaration of acceleration of the Notes shall be automatically annulled if the event of default or payment default triggering
such Event of Default pursuant to ‎‎Section 6.01(a)(v) shall be remedied or cured, or waived by the Holders of the
relevant Indebtedness, or the Indebtedness that gave rise to such Event of Default shall have been discharged in full, within 30
days after the declaration of acceleration with respect thereto and if the annulment of the acceleration of the Notes would not
conflict with any judgment or decree of a court of competent jurisdiction.


 






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(b)       In
the case of an Event of Default arising under ‎‎Section 6.01(a)(ix), with respect to the Issuer, any Restricted
Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary, all outstanding Notes will become due and payable immediately without further action or notice.


 


(c)       Upon
the Notes becoming due and payable upon an Event of Default, whether automatically or by declaration, such Notes will immediately
become due and payable and (i) if prior to February 15, 2024 the entire unpaid principal amount of such Notes plus the Applicable
Premium as of the date of such acceleration or (ii) if on or after February 15, 2024 the entire unpaid principal amount of such
Notes, plus in each case accrued and unpaid interest thereon shall all be immediately due and payable.


 


(d)       Without
limiting the generality of the foregoing, it is understood and agreed that if the Notes are accelerated or otherwise become due
prior to their maturity date, in each case, in respect of any Event of Default (including an Event of Default relating to certain
events of bankruptcy, insolvency or reorganization (including the acceleration of claims by operation of law)), the premium applicable
with respect to an optional redemption of the Notes will also be due and payable as though the Notes were optionally redeemed and
shall constitute part of the Obligations on the Notes, in view of the impracticability and extreme difficulty of ascertaining actual
damages and by mutual agreement of the parties as to a reasonable calculation of each holder’s lost profits as a result thereof.
Any premium payable above shall be presumed to be the liquidated damages sustained by each holder as the result of the early redemption
and the Issuer and each Guarantor agree that it is reasonable under the circumstances currently existing. The premium shall also
be payable if the Notes (and/or the Indenture) are satisfied or released by foreclosure (whether by power of judicial proceeding,
deed in lieu of foreclosure or by any other means). THE ISSUER AND EACH GUARANTOR EXPRESSLY WAIVE (TO THE FULLEST EXTENT IT MAY
LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING
PREMIUM IN CONNECTION WITH ANY SUCH ACCELERATION. The Issuer and each Guarantor expressly agree (to the fullest extent it may lawfully
do so) that:


 


(i)       the
premium is reasonable and is the product of an arm’s length transaction between sophisticated business people, ably represented
by counsel;


 


(ii)      the
premium shall be payable notwithstanding the then prevailing market rates at the time payment is made;


 






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(iii)     there
has been a course of conduct between holders and the Issuer and the Guarantors giving specific consideration in this transaction
for such agreement to pay the premium; and


 


(iv)  
   the Issuer and each Guarantor shall be estopped hereafter from claiming differently than as agreed to in this ‎‎Section
6.02(d). The Issuer and each Guarantor expressly acknowledge that the agreement to pay the premium to holders as herein
described is a material inducement to holders to purchase the Notes.


 


(e)       The
holders of not less than a majority in aggregate principal amount of the Notes outstanding by notice to the Trustee may, on behalf
of the holders of all outstanding Notes, rescind acceleration or waive any existing Default or Event of Default and its consequences
under this Indenture, except a continuing Default or Event of Default:


 


(i)       in
the payment of the principal of, premium, if any, any Additional Amounts or interest on any Note held by a non-consenting holder
(which may only be waived with the consent of each holder of Notes affected); or


 


(ii)      for
any Note held by a non-consenting holder, in respect of a covenant or provision which under this Indenture cannot be modified or
amended without the consent of the Holder of each Note affected by such modification or amendment.


 


Upon any such rescission or waiver, such
Default shall cease to exist and any Event of Default arising therefrom shall be deemed to have been cured for every purpose under
this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.


 


(f)       Holders
of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or in its exercise of any trust or power conferred on it. However,
the Trustee may refuse to follow any direction that conflicts with applicable law or this Indenture, that the Trustee determines
may be unduly prejudicial to the rights of other holders of the Notes (it being understood that the Trustee does not have an affirmative
duty to ascertain whether or not any such directions are unduly prejudicial to such Holders) or that may involve the Trustee in
personal liability. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default if
it determines that withholding notice is in their interest, except a Default or Event of Default relating to the payment of principal,
interest or Additional Amounts or premium, if any.


 


(g)       Subject
to the provisions of ‎‎Article Seven, in case an Event of Default occurs and is continuing, the Trustee will be
under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any Holders unless
such Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against any loss, liability or expense.
Except (subject to the provisions of ‎‎Article Nine) to enforce the right to receive payment of principal, premium,
if any, or interest or Additional Amounts when due, no Holder of a Note may pursue any remedy with respect to this Indenture or
the Notes unless:


 






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(i)       such
Holder has previously given the Trustee written notice that an Event of Default is continuing;


 


(ii)      Holders
of at least 30% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee to pursue the
remedy;


 


(iii)     such
Holders have offered, and if requested, provide to the Trustee reasonable security or indemnity against any loss, liability or
expense;


 


(iv)     the
Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity;
and


 


(v)      Holders
of a majority in aggregate principal amount of the then outstanding Notes have not given the Trustee a direction inconsistent with
such request within such 60-day period.


 


(h)       Within
30 days of the occurrence of any Default or Event of Default, the Issuer is required to deliver to the Trustee a statement specifying
such Default or Event of Default.


 


Section 6.03.Other Remedies.
If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy at law or in equity to collect the
payment of principal of, or interest if any, on the Notes or to enforce the performance of any provision of the Notes or this Indenture.
The Trustee may direct the Security Agent to take enforcement action with respect to the Collateral if any amount is declared or
becomes due and payable pursuant to ‎‎Section 6.02 (but not otherwise).


 


All rights of action and claims under this
Indenture or the Notes may be prosecuted and enforced by the Trustee, and all rights of action and claims under the Security Documents
may be prosecuted or enforced under the Security Documents by the Security Agent (in consultation with the Trustee, where appropriate),
without the possession of any of the Notes or the production thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee or the Security Agent shall be brought in its own name and as trustee of an express trust, and any recovery
of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the
Trustee or the Security Agent, their agents and counsel, be for the ratable benefit of the Holders in respect of which such judgment
has been recovered. A delay or omission by the Trustee, the Security Agent or any Holder in exercising any right or remedy accruing
upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default.
No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law.


 






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Each Holder, by accepting a Note, acknowledges
that the exercise of remedies by the Security Agent with respect to the Collateral is subject to the terms and conditions of the
Security Documents.


 


Section 6.04.Waiver of Past Defaults.
The Holders of not less than a majority in aggregate principal amount of the outstanding Notes may, by written notice to the Trustee,
on behalf of the Holders of all the Notes, waive any past Default hereunder and its consequences, except a Default:


 


(a)       in
the payment of the principal of, premium, if any, Additional Amounts, if any, or interest on any Note; or


 


(b)       in
respect of a covenant or provision hereof which under ‎‎Article Nine cannot be modified or amended without the consent
of the holders of each Note affected by such modification or amendment.


 


Upon any such waiver, such Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.


 


Section 6.05.Control by Majority.
The Holders of a majority in aggregate principal amount of the Notes may direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee under this Indenture; provided
that:


 


(a)       the
Trustee may refuse to follow any direction that conflicts with law, this Indenture or that the Trustee determines, without obligation,
in good faith may be unduly prejudicial to the rights of Holders not joining in the giving of such direction;


 


(b)       the
Trustee may refuse to follow any direction that the Trustee determines is unduly prejudicial to the rights of other Holders or
would involve the Trustee in personal liability; and


 


(c)       the
Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction.


 


Section 6.06.Limitation on Suits.
A Holder may not institute any proceedings or pursue any remedy with respect to this Indenture or the Notes unless:


 


(a)       Such
Holder has previously given the Trustee written notice that an Event of Default is continuing;


 


(b)       the
Holders of at least 30% in aggregate principal amount of outstanding Notes shall have made a written request to the Trustee to
pursue such remedy;


 






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(c)       such
Holder or Holders offer the Trustee indemnity and/or security (including by way of pre-funding) reasonably satisfactory to the
Trustee against any costs, liability or expense;


 


(d)       the
Trustee does not comply with the request within 30 days after receipt of the request and the offer of indemnity and/or security
(including by way of pre-funding); and


 


(e)       during
such 30-day period, the Holders of a majority in aggregate principal amount of the outstanding Notes do not give the Trustee a
direction that is inconsistent with the request.


 


The limitations in the foregoing provisions
of this ‎‎Section 6.06, however, do not apply to a suit
instituted by a Holder for the enforcement of the payment of the principal of, premium, if any, Additional Amounts, if any, or
interest, if any, on such Note on or after the respective due dates expressed in such Note.


 


A Holder may not use this Indenture to prejudice
the rights of any other Holder or to obtain a preference or priority over another Holder.


 


Section 6.07.Unconditional Right
of Holders to Bring Suit for Payment.


 


Notwithstanding any other provision of this
Indenture, the right of any Holder to bring suit for the enforcement of payment of principal, premium, if any, Additional Amounts,
if any, and interest, if any, on the Notes held by such Holder, on or after the respective due dates expressed in the Notes shall
not be impaired or affected without the consent of such Holder.


 


Section 6.08.Collection Suit by Trustee.
The Issuer covenants that if default is made in the payment of:


 


(a)       any
installment of interest on any Note when such interest becomes due and payable and such default continues for a period of 30 days,
or


 


(b)       the
principal of (or premium, if any, on) any Note at the Stated Maturity thereof,


 


the Issuer shall, upon demand of the Trustee, pay to the Trustee,
for the benefit of the Holders of such Notes, the whole amount then due and payable on such Notes for principal (and premium, if
any), Additional Amounts, if any and interest, and interest on any overdue principal (and premium, if any) and Additional Amounts,
if any and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installment of interest,
at the rate borne by the Notes, and, in addition thereto, such further amount as shall be sufficient to cover the amounts provided
for in ‎‎Section 7.05 and such further amount as shall
be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.


 






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If the Issuer fails to pay such amounts
forthwith upon such demand, the Trustee, in its own name as trustee of an express trust, may institute a judicial proceeding for
the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same
against the Issuer or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided
by law out of the property of the Issuer or any other obligor upon the Notes, wherever situated.


 


Section 6.09.Trustee May File Proofs
of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order
to have the claims of the Trustee (including any claim for the properly incurred compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, and any other amounts due the Trustee under ‎‎Section
7.05) and the Holders allowed in any judicial proceedings relative to any of the Issuer or Guarantors, their creditors or their
property and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders at their direction in any election
of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby
authorized by each Holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due to it for the properly incurred compensation, expenses,
disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under ‎‎Section
7.05. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due to the Trustee under ‎‎Section 7.05
hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien
on, and shall be paid out of, any and all distributions, dividends, money securities and other properties which the Holders may
be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.


 


Nothing herein contained shall be deemed
to empower the Trustee to authorize or consent to, or accept or adopt on behalf of any Holder, any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect
of the claim of any Holder in any such proceeding.


 


Section 6.10.Application of Money
Collected. If the Trustee collects any money or property pursuant to this ‎‎Article
Six, it shall pay out the money or property in the following order:


 


FIRST: to the Trustee, any Agent,
and the Security Agent for amounts due under ‎‎Section
7.05;


 


SECOND: to Holders for amounts
due and unpaid on the Notes for principal of, premium, if any, interest, if any, and Additional Amounts, if any, ratably, without
preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, interest,
if any, and Additional Amounts, if any, respectively; and


 






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THIRD: to the Issuer, any Guarantor
or any other obligors of the Notes, as their interests may appear, or as a court of competent jurisdiction may direct.


 


The Trustee may fix a record date and payment
date for any payment to Holders pursuant to this ‎‎Section
6.10. At least 30 days before such record date, the Issuer shall deliver to each Holder and the Trustee a notice that states the
record date, the payment date and amount to be paid. This ‎‎Section
6.10 is subject at all times to the provisions set forth in ‎‎Section
11.02.


 


Section 6.11.Undertaking for Costs.
A court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee or the Security Agent for any action taken or omitted by it as Trustee or as the Security Agent, the filing
by any party litigant in the suit of an undertaking to pay the costs of such suit, and such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by the party litigant. This ‎‎Section
6.11 does not apply to a suit by the Trustee or the Security Agent, a suit by Holders of more than 10% in aggregate principal amount
of the outstanding Notes or to any suit by any Holder pursuant to ‎‎Section
6.07.


 


Section 6.12.Restoration of Rights
and Remedies. If the Trustee or the Security Agent or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or the Security Agent or to such Holder, then and in every such case, subject to any determination in such proceeding,
the Issuer, any Guarantor, the Trustee, the Security Agent and the Holders shall be restored severally and respectively to their
former positions hereunder and thereafter all rights and remedies of the Trustee, the Security Agent and the Holders shall continue
as though no such proceeding had been instituted.


 


Section 6.13.Rights and Remedies
Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen
Notes in ‎‎Section 2.07, no right or remedy herein conferred upon or reserved
to the Trustee, or the Security Agent or to the Holders is intended to be exclusive of any other right or remedy, and every right
and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other appropriate right or remedy.


 


Section 6.14.Delay or Omission Not
Waiver. No delay or omission of the Trustee, or the Security Agent or of any Holder of any Note to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or
an acquiescence therein. Every right and remedy given by this ‎‎Article Six
or by law to the Trustee, or the Security Agent or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be.


 






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Section 6.15.Record Date. The
Issuer may set a record date for purposes of determining the identity of Holders entitled to vote or to consent to any action by
vote or consent authorized or permitted by Sections ‎‎6.04 and ‎‎6.05.
Unless this Indenture provides otherwise, such record date shall be the later of 30 days prior to the first solicitation of such
consent or the date of the most recent list of Holders furnished to the Trustee pursuant to ‎‎Section
2.05 prior to such solicitation.


 


Section 6.16.Waiver of Stay or Extension
Laws. Each Issuer covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead,
or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any
time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that
it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it shall not hinder,
delay or impede the execution of any power herein granted to the Trustee or to the Security Agent, but shall suffer and permit
the execution of every such power as though no such law had been enacted.


 


Article
Seven

Trustee and Security Agent


 


Section 7.01.Duties of Trustee and
the Security Agent.


 


(a)       If
an Event of Default has occurred and is continuing of which a Trust Officer of the Trustee or the Security Agent has actual knowledge,
the Trustee or the Security Agent shall exercise such of the rights and powers vested in it by this Indenture and the Security
Documents and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances
in the conduct of such person’s own affairs.


 


(b)       Subject
to the provisions of ‎‎Section 7.01(a), (i) the Trustee and the Security Agent undertakes to perform such duties
and only such duties as are specifically set forth in this Indenture and the Security Documents and no others and no implied covenants
or obligations shall be read into this Indenture against the Trustee and the Security Agent; and (ii) in the absence of bad faith
on its part, the Trustee and the Security Agent may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon certificates or opinions furnished to the Trustee and the Security Agent and conforming to
the requirements of this Indenture and the Security Documents. In the case of any such certificates or opinions which by any provisions
hereof are specifically required to be furnished to the Trustee or the Security Agent, the Trustee and the Security Agent, as applicable,
shall examine same to determine whether they conform to the requirements of this Indenture (but need not confirm or investigate
the accuracy of mathematical calculations or other facts stated therein).


 






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(c)       The
Security Agent shall execute and deliver, if necessary, and act as beneficiary under, the Security Documents on behalf of the Holders
under this Indenture and shall take such other actions as may be necessary or advisable in accordance with the Security Documents.
The Security Agent shall remit any proceeds recovered from enforcement of the Security Documents; provided that all necessary
approvals are obtained from each relevant jurisdiction in which the Collateral is located.


 


(d)       Neither
the Trustee nor the Security Agent shall be relieved from liability for its own grossly negligent action, its own grossly negligent
failure to act or its own willful misconduct, except that:


 


(i)       this
paragraph does not limit the effect of paragraph ‎(b) of this ‎‎Section 7.01;


 


(ii)      the
Trustee and the Security Agent shall not be liable for any error


 


of judgment made in good faith by a Trust
Officer of the Trustee or the Security Agent unless it is proved that the Trustee or the Security Agent was grossly negligent in
ascertaining the pertinent facts; and


 


(iii)     the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to ‎Section ‎6.02 or ‎‎6.05.


 


(e)       The
Trustee, any Paying Agent and the Security Agent shall not be liable for interest on any money received by it except as the Trustee,
any Paying Agent and the Security Agent may agree in writing with the Issuer or the Subsidiary Guarantors. Money held by the Trustee,
the Principal Paying Agent or the Security Agent need not be segregated from other funds except to the extent required by law and,
for the avoidance of doubt, shall not be held in accordance with the UK client money rules.


 


(f)       No
provision of this Indenture or the Security Documents shall require the Trustee, each Agent, the Principal Paying Agent or the
Security Agent to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder
or in the exercise of any of its rights or powers, if it shall have grounds to believe that repayment of such funds or adequate
indemnity against such risk or liability is not assured to it.


 


(g)       Any
provisions hereof or of the Security Documents relating to the conduct or affecting the liability of or affording protection to
the Trustee, each Agent, or the Security Agent, as the case may be, shall be subject to the provisions of this ‎‎Section
7.01.


 


Section 7.02.Certain Rights of Trustee
and the Security Agent.


 


(a)       Subject
to ‎‎Section 7.01:


 


(i)       following
the occurrence of a Default or an Event of Default, the Trustee is entitled to require all Agents to act under its direction;


 






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(ii)      the
Trustee and the Security Agent may rely conclusively, and shall be protected in acting or refraining from acting, upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence
of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper person;


 


(iii)     before
the Trustee or the Security Agent act or refrain from acting, they may require an Officer’s Certificate or an Opinion of
Counsel or both, which shall conform to ‎‎Section 12.04. Neither the Trustee nor the Security Agent shall
be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion and such certificate
or opinion will be equal to complete authorization;


 


(iv)     the
Trustee and the Security Agent may act through their attorneys and agents and shall not be responsible for the misconduct or negligence
of any attorney or agent appointed with due care by them hereunder;


 


(v)      neither
the Trustee nor the Security Agent shall be under any obligation to exercise any of the rights or powers vested in it by this Indenture
or the Security Documents at the request or direction of any of the Holders, unless such Holders shall have offered to the Trustee
and the Security Agent security and/or indemnity (including by way of pre- funding) satisfactory to them against the costs, expenses
and liabilities that might be incurred by them in compliance with such request or direction;


 


(vi)     unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer will be sufficient
if signed by an officer of such Issuer;


 


(vii)    neither
the Trustee nor the Security Agent shall be liable for any action it takes or omits to take in good faith that it believes to be
authorized or within its rights or powers;


 


(viii)   whenever,
in the administration of this Indenture and the Security Documents, the Trustee and the Security Agent shall deem it desirable
that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee and the Security
Agent (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s
Certificate;


 


(ix)
      neither the Trustee nor the Security Agent shall be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee and the
Security Agent, individually, may (without a corresponding duty to do so) make such further inquiry or investigation into
such facts or matters as it may see fit, and, if the Trustee or the Security Agent shall determine to make such further
inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer personally or by
agent or attorney;


 






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(x)       neither
the Trustee nor the Security Agent shall be required to give any bond or surety with respect to the performance of its duties or
the exercise of its powers under this Indenture or the Security Documents;


 


(xi)  
    in the event the Trustee or the Security Agent receives inconsistent or conflicting requests and indemnity
from two or more groups of Holders, each representing less than a majority in aggregate principal amount of the Notes then
outstanding, pursuant to the provisions of this Indenture, the Trustee and the Security Agent may determine what action, if
any, will be taken and shall incur no liability for their failure to act until such inconsistency or conflict is, in their
reasonable opinion, resolved;


 


(xii)     the
permissive rights of the Trustee and the Security Agent to take the actions permitted by this Indenture and the Security Documents
will not be construed as an obligation or duty to do so;


 


(xiii) 
   delivery of reports, information and documents to the Trustee under ‎‎Section 4.19 is for
informational purposes only and the Trustee’s receipt of the foregoing will not constitute actual or constructive
notice of any information contained therein or determinable from information contained therein, including the Issuer’s
or any of its Restricted Subsidiary’s compliance with any of their covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officer’s Certificates);


 


(xiv)   the
rights, privileges, protections, immunities and benefits given to each of the Trustee and the Security Agent in this Indenture,
including, without limitation, its rights to be indemnified and compensated, are extended to, and will be enforceable by, the Trustee
and the Security Agent in each of their capacities hereunder, by the Registrar, the Agents, and each agent, custodian and other
Person employed to act hereunder;


 


(xv)    the
Trustee and the Security Agent may consult with counsel or other professional advisors and the advice of such counsel or professional
advisor or any Opinion of Counsel will, subject to ‎‎Section 7.01(c), be full and complete authorization
and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon;


 


(xvi)   the
Trustee and the Security Agent shall have no duty to inquire as to the performance of the covenants of the Issuer and/or its Restricted
Subsidiaries in ‎‎Article Four hereof;


 


(xvii)  the
Trustee and the Security Agent shall not have any obligation or duty to monitor, determine or inquire as to compliance, and shall
not be responsible or liable for compliance with restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable,
of minimum denominations imposed under this Indenture, the Security Documents or under applicable law or regulation with respect
to any transfer, exchange, redemption, purchase or repurchase, as applicable, of any interest in any Notes, but may at its sole
discretion, choose to do so;


 






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(xviii) in
no event shall the Trustee or the Security Agent be responsible or liable for any failure or delay in the performance of its obligations
hereunder or under the Security Documents arising out of, or caused by, directly or indirectly, forces beyond its control, including,
without limitation, acts of war or terrorism, civil or military disturbances, public health emergencies, nuclear or natural catastrophes,
pandemics or acts of God; it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices
in the banking industry to resume performance as soon as practicable under the circumstances; and


 


(xix)    neither
the Trustee nor the Security Agent shall under any circumstance be liable for any indirect or consequential loss, special or punitive
damages (including loss of business, goodwill or reputation, opportunity or profit of any kind) of the Issuer, any Guarantor or
any Restricted Subsidiary even if advised of it in advance and even if foreseeable.


 


(b)       The
Trustee and the Security Agent may request that the Issuer deliver an Officer’s Certificate setting forth the names of the
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s
Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so
authorized in any such certificate previously delivered and not superseded.


 


(c)       The
Security Agent shall accept without investigation, requisition or objection such right and title as the Issuer and any Guarantor
may have to any of the Collateral and shall not be bound or concerned to examine or enquire into or be liable for any defect or
failure in the right or title of the Issuer or any Guarantor to the Collateral or any part thereof whether such defect or failure
was known to the Security Agent or might have been discovered upon examination or enquiry and whether capable of remedy or not
and shall have no responsibility for the validity, value or sufficiency of the Collateral.


 


(d)       Without
prejudice to the provisions hereof, the Security Agent shall not be under any obligation to insure any of the Collateral or any
certificate, note, bond or other evidence in respect thereof, or to require any other person to maintain any such insurance and
shall not be responsible for any loss, expense or liability which may be suffered as a result of any assets comprised in the Collateral
being uninsured or inadequately insured.


 


(e)       The
Security Agent shall not be responsible for any loss, expense or liability occasioned to the Collateral, howsoever caused, by the
Security Agent or by any act or omission on the part of any other person (including any bank, broker, depositary, warehouseman
or other intermediary or by any clearing system or other operator thereof), or otherwise, unless such loss is occasioned by the
willful misconduct or fraud of the Security Agent.


 






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(f)       Beyond
the exercise of reasonable care in the custody thereof, the Security Agent shall have no duty or liability as to any Collateral
in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation
of rights against prior parties or any other rights pertaining thereto and the Security Agent shall not be responsible for filing
any financing or continuation statements or recording any documents or instruments in any public office at any time or times or
otherwise perfecting or maintaining the perfection of any security interest in the Collateral. The Security Agent shall be deemed
to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially
equal to that which it accords its own property and shall not be liable or responsible for any loss or diminution in the value
of any of the Collateral by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by
the Security Agent in good faith.


 


(g)       Neither
the Trustee nor the Security Agent is required to give any bond or surety with respect to the performance of its duties or the
exercise of its powers under this Indenture or the Notes.


 


(h)       Neither
the Trustee nor the Security Agent will be liable to any person if prevented or delayed in performing any of its obligations or
discretionary functions under this Indenture or the Security Documents by reason of any present or future law applicable to it,
by any governmental or regulatory authority or by any circumstances beyond its control.


 


(i)     
   No provision of this Indenture shall require the Trustee or the Security Agent to do anything which, in its
opinion, may be illegal or contrary to applicable law or regulation.


 


(j)    
    The Trustee and the Security Agent may refrain from taking any action in any jurisdiction if the taking of
such action in that jurisdiction would, in its opinion, based upon legal advice in the relevant jurisdiction, be contrary to
any law of that jurisdiction or, to the extent applicable, the State of New York and may without liability (other than in
respect of actions constituting willful misconduct or gross negligence) do anything which is, in its opinion, necessary to
comply with any such law, directive or regulation.


 


(k)       Both
the Trustee and the Security Agent may assume without inquiry in the absence of actual knowledge that the Issuer is duly complying
with its obligations contained in this Indenture required to be performed and observed by it, and that no Default or Event of Default
or other event which would require repayment of the Notes has occurred.


 






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(l)       At
any time that the security granted pursuant to the Security Documents has become enforceable and the Holders have given a direction
to the Trustee to enforce such security, the Trustee is not required to give any direction to the Security Agent with respect thereto
unless it has been indemnified and/or secured to its satisfaction in accordance with this Indenture. In any event, in connection
with any enforcement of such security, the Trustee is not responsible for:


 


(i)       any
failure of the Security Agent to enforce such security within a reasonable time or at all;


 


(ii)      any
failure of the Security Agent to pay over the proceeds of enforcement of the security;


 


(iii)     any
failure of the Security Agent to realize such security for the best price obtainable;


 


(iv)     monitoring
the activities of the Security Agent in relation to such enforcement;


 


(v)      taking
any enforcement action itself in relation to such security;


 


(vi)     agreeing
to any proposed course of action by the Security Agent which could result in the Trustee incurring any liability for its own account;
or


 


(vii)    paying
any fees, costs or expenses of the Security Agent.


 


(m)       In
addition to the foregoing, the Trustee and the Security Agent agree to accept and act upon notice, instructions or directions pursuant
to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods, provided
that any communication sent to the Trustee or the Security Agent, as applicable, hereunder must be in the form of a document that
is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider as specified
in writing to Trustee by the authorized representative). If the party elects to give the Trustee or the Security Agent, as applicable,
e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee or the Security Agent, as applicable,
in its discretion elects to act upon such instructions, the Trustee’s or the Security Agent’s, as applicable, understanding
of such instructions shall be deemed controlling. The Trustee and the Security Agent, as applicable, shall not be liable for any
losses, costs or expenses arising directly or indirectly from the Trustee’s or the Security Agent’s, as applicable,
reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent
written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic
methods to submit instructions and directions to the Trustee or the Security Agent, as applicable, including without limitation
the risk of the Trustee or the Security Agent, as applicable, acting on unauthorized instructions, and the risk or interception
and misuse by third parties.


 






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Section 7.03.Individual Rights of
Trustee and the Security Agent. The Trustee, the Security Agent, any Transfer Agent, any Paying Agent, any Registrar or any
other agent of the Issuer or of the Trustee or Security Agent, in its individual or any other capacity, may become the owner or
pledgee of Notes and, may otherwise deal with the Issuer with the same rights it would have if it were not Trustee, the Security
Agent, Paying Agent, Transfer Agent, Registrar or such other agent. The Trustee and the Security Agent may accept deposits from,
lend money to, and generally engage in any kind of banking, trust or other business with the Issuer or any of its Affiliates or
Subsidiaries as if it were not performing the duties specified herein and in the Security Documents, and may accept fees and other
consideration from the Issuer for services in connection with this Indenture and otherwise without having to account for the same
to the Trustee, the Security Agent or to the Holders from time to time.


 


Section 7.04.Disclaimer of Trustee
and Security Agent. The recitals contained herein and in the Notes, except for the Trustee’s certificates of authentication,
shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for their correctness. The Trustee and
the Security Agent make no representations as to the validity or sufficiency of this Indenture, the Notes or the Security Documents.
The Trustee and the Security Agent shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money
paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture nor shall it be responsible for the
use or application of any money received by any Paying Agent other than the Trustee and the Security Agent and they will not be
responsible for any statement or recital herein or any statement on the Notes or any other document in connection with the sale
of the Notes or pursuant to this Indenture other than the Trustee’s certificate of authentication. The Security Agent shall
not, nor shall any receiver appointed by or any agent of the Security Agent, by reason of taking possession of any Collateral or
any part thereof or any other reason or on any basis whatsoever, be liable to account for anything expect actual receipts or be
liable for any loss or damage arising from a realization of the Collateral or any part thereof or from any act, default or omission
in relation to the Collateral or any part thereof or from any exercise or non-exercise by it of any power, authority or discretion
conferred upon it in relation to the Collateral or any part thereof unless such loss or damage shall be caused by its own fraud
or gross negligence. The Security Agent shall not have any responsibility or liability arising from the fact that the Collateral
may be held in safe custody by a custodian. The Security Agent assumes no responsibility for the validity, sufficiency or enforceability
(which the Security Agent has not investigated) of the Collateral purported to be created by any Supplemental Indenture or other
document. In addition, the Security Agent has no duty to monitor the performance by the Issuer and the Guarantors of their obligations
to the Security Agent nor is it obliged (unless indemnified and/or secured (including by way of prefunding to its satisfaction)
to take any other action which may involve the Security Agent in any personal liability or expense). The Security Agent may at
any time solicit written confirmatory instructions from the Holders, an Officer’s Certificate or an order of a court of competent
jurisdiction, as to any action that it may be requested or required to take, or that it may propose to take, in the performance
of any of its obligations under this Indenture or the Security Documents. In the event there is any good faith disagreement between
the other parties to this Indenture or any of the Security Documents resulting in adverse claims being made in connection with
Collateral held by the Security Agent and the terms of this Indenture or any of the Security Documents do not unambiguously mandate
the action the Security Agent is to take or not to take in connection therewith under the circumstances then existing, or the Security
Agent is in doubt as to what action it is required to take or not to take hereunder or under the Security Agent, it will be entitled
to refrain from taking any action (and will incur no liability for doing so) until directed otherwise in writing by a request signed
jointly by the parties hereto entitled to give such direction or by order of a court of competent jurisdiction.


 






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In the event that the Security Agent or
Trustee is required to acquire title to an asset for any reason, or take any managerial action of any kind in regard thereto, in
order to carry out any fiduciary or trust obligation for the benefit of another, which in the Security Agent’s or Trustee’s
sole discretion may cause the Security Agent or Trustee to be considered an “owner or operator” under any environmental
laws or otherwise cause the Security Agent or Trustee to incur, or be exposed to, any environmental liability or any liability
under any other federal, state, foreign or local law, the Security Agent and Trustee reserve the right, instead of taking such
action, either to resign as Security Agent or Trustee, as the case may be, or to arrange for the transfer of the title or control
of the asset to a court appointed receiver. The Security Agent will not be liable to any Person for any environmental liability
or any environmental claims or contribution actions under any federal, state, foreign or local law, rule or regulation by reason
of the Security Agent’s actions and conduct as authorized, empowered and directed hereunder or relating to any kind of discharge
or release or threatened discharge or release of any hazardous materials into the environment and shall be indemnified and held
harmless by the Issuers against any such claims, liabilities or actions.


 


Section 7.05.Compensation and Indemnity.
The Issuer and the Guarantors, jointly and severally, shall pay to the Trustee (acting in any capacity hereunder) and the Security
Agent such compensation as shall be agreed in writing for their services hereunder. The Trustee’s and the Security Agent’s
compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer and the Guarantors, jointly
and severally, shall reimburse the Trustee and the Security Agent promptly upon request for all properly incurred disbursements,
advances or expenses incurred or made by them, including costs of collection, in addition to the compensation for their services.
Such expenses shall include the properly incurred compensation, disbursements, charges, advances and expenses of the Trustee’s
and the Security Agent’s agents and counsel.


 


The Issuer and the Guarantors, jointly and
severally, shall indemnify the Trustee (acting in any capacity hereunder) and the Security Agent and each of their officers, directors,
employees and agents against any and all loss, liability or expense (including attorneys’ fees and expenses) incurred by
either of them without willful misconduct or gross negligence on their part arising out of or in connection with the administration
of this trust and the performance of their duties hereunder (including the costs and expenses of enforcing this Indenture and the
Security Documents against the Issuer and the Guarantors (including this ‎‎Section
7.05) and defending themselves against any claim, whether asserted by the Issuer, the Guarantors, any Holder or any other Person,
or liability in connection with the execution and performance of any of their powers and duties hereunder). The Trustee and the
Security Agent shall notify the Issuer promptly of any claim for which they may seek indemnity. Failure by the Trustee or the Security
Agent to so notify the Issuer shall not relieve the Issuer or any Guarantor of its obligations hereunder. The Issuer shall, at
the sole discretion of the Trustee or Security Agent, as applicable, defend the claim and the Trustee and the Security Agent may
cooperate and may participate at the Issuer’s expense in such defense. Alternatively, the Trustee and the Security Agent
may at their option have separate counsel of their own choosing and the Issuer shall pay the properly incurred fees and expenses
of such counsel. The Issuer need not pay for any settlement made without its consent, which consent may not be unreasonably withheld.
The Issuer shall not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through
the Trustee’s own willful misconduct or gross negligence.


 






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To secure the Issuer’s payment obligations
in this ‎‎Section 7.05, the Trustee and the Security Agent
shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, in their capacity as Trustee and
the Security Agent, except money or property, including any proceeds from the sale of Collateral, held in trust to pay principal
of, premium, if any, additional amounts, if any, and interest on particular Notes. Such Lien shall survive the satisfaction and
discharge of all Notes under this Indenture.


 


When either the Trustee or the Security
Agent incur expenses after the occurrence of a Default specified in ‎‎Section
6.01(a)(ix) with respect to the Issuer, the Guarantors, or any Restricted Subsidiary, the expenses are intended to constitute expenses
of administration under Bankruptcy Law.


 


The Issuer’s obligations under this
‎‎Section 7.05 and any claim or Lien arising hereunder
shall survive the resignation or removal of any Trustee and the Security Agent, the satisfaction and discharge of the Issuer’s
obligations pursuant to ‎‎Article Eight and any rejection
or termination under any Bankruptcy Law, and the termination of this Indenture.


 


Section 7.06.Replacement of Trustee
or Security Agent. A resignation or removal of the Trustee and the Security Agent and appointment of a successor Trustee and
successor Security Agent shall become effective only upon the successor Trustee’s and the successor Security Agent’s
acceptance of appointment as provided in this ‎‎Section 7.06.


 


The Trustee and, subject to the appointment
and acceptance of a successor Security Agent as provided in this Section and the last paragraph of this ‎‎Section
7.06, the Security Agent may resign at any time without giving any reason by so notifying the Issuer. The Holders of a majority
in outstanding principal amount of the outstanding Notes may remove the Trustee and the Security Agent by so notifying the Trustee,
the Security Agent and the Issuer. The Issuer shall remove the Trustee or the Security Agent if:


 


(a)       the
Trustee or the Security Agent fails to comply with ‎‎Section 7.09;


 


(b)       the
Trustee or the Security Agent is adjudged bankrupt or insolvent;


 






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(c)       a
receiver or other public officer takes charge of the Trustee or the Security Agent or their property; or


 


(d)       the
Trustee or the Security Agent otherwise becomes incapable of acting.


 


If the Trustee or the Security Agent resigns
or is removed, or if a vacancy exists in the office of Trustee or the Security Agent for any reason, the Issuer shall promptly
appoint a successor Trustee or a successor Security Agent, as the case may be. Within one year after the successor Trustee or Security
Agent takes office, the Holders of a majority in principal amount of the outstanding Notes may appoint a successor Trustee or Security
Agent to replace the successor Trustee or Security Agent appointed by the Issuer. If the successor Trustee or Security Agent does
not deliver its written acceptance required by the next succeeding paragraph of this ‎‎Section
7.06 within 30 days after the retiring Trustee or Security Agent resigns or is removed, the retiring Trustee or Security Agent,
the Issuer or the Holders of a majority in principal amount of the outstanding Notes may, at the expense of the Issuer, petition
any court of competent jurisdiction for the appointment of a successor Trustee or Security Agent.


 


A successor Trustee or Security Agent shall
deliver a written acceptance of its appointment to the retiring Trustee or Security Agent, as the case may be, and to the Issuer.
Thereupon the resignation or removal of the retiring Trustee or Security Agent shall become effective, and the successor Trustee
or Security Agent shall have all the rights, powers and duties of the Trustee or the Security Agent under this Indenture. The successor
Trustee or Security Agent shall deliver a notice of its succession to Holders. The retiring Trustee or Security Agent shall, at
the expense of the Issuer, promptly transfer all property held by it as Trustee or Security Agent to the successor Trustee or Security
Agent; provided that all sums owing to the Trustee or Security Agent hereunder have been paid and subject to the Lien provided
for in ‎‎Section 7.05.


 


If a successor Trustee or Security Agent
does not take office within 60 days after the retiring Trustee or Security Agent resigns or is removed, the retiring Trustee or
Security Agent, the Issuer or the Holders of at least 30% in outstanding principal amount of the Notes may petition any court of
competent jurisdiction for the appointment of a successor Trustee or Security Agent at the expense of the Issuer. Without prejudice
to the right of the Issuer to appoint a successor Trustee or a successor Security Agent in accordance with the provisions of this
Indenture, the retiring Trustee or Security Agent may appoint a successor Trustee or Security Agent at any time prior to the date
on which a successor Trustee or Security Agent takes office.


 


If the Trustee or the Security Agent fails
to comply with ‎‎Section 7.09, any Holder who has been
a bona fide Holder of a Note for at least six months may petition any court of competent jurisdiction for the removal of the Trustee
or the Security Agent and the appointment of a successor Trustee or Security Agent.


 


In addition to the foregoing and notwithstanding
any provision to the contrary, any resignation, removal or replacement of the Security Agent pursuant to this ‎‎Section
7.06 shall not be effective until (a) a successor to the Security Agent has agreed to act under the terms of this Indenture and
(b) all of the Liens in the Collateral have been transferred to such successor. Any replacement or successor Security Agent shall
be a bank with an office in New York, New York or an Affiliate of any such bank. Upon acceptance of its appointment as Security
Agent hereunder by a replacement or successor, such replacement or successor shall succeed to and become vested with all the rights,
powers, privileges and duties of the retiring Security Agent hereunder, and the retiring Security Agent shall be discharged from
its duties and obligations hereunder.


 






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Notwithstanding the replacement of the Trustee
or the Security Agent pursuant to this ‎‎Section 7.06,
the Issuer’s and the Guarantors’ obligations under ‎‎Section
7.05 shall continue for the benefit of the retiring Trustee or Security Agent.


 


Section 7.07.Successor Trustee or
Security Agent by Merger. Any corporation into which the Trustee or the Security Agent may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee or the Security
Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee
or the Security Agent, shall be the successor of the Trustee or the Security Agent hereunder; provided such corporation
shall be otherwise qualified and eligible under this ‎‎Article Seven, without
the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Notes shall have
been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such
authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor
Trustee had itself authenticated such Notes. In case at that time any of the Notes shall not have been authenticated, any successor
Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor Trustee. In
all such cases such certificates shall have the full force and effect which this Indenture provides for the certificate of authentication
of the Trustee shall have; provided that the right to adopt the certificate of authentication of any predecessor Trustee
or to authenticate Notes in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion
or consolidation.


 


Section 7.08.Appointment of Security
Agent and Supplemental Security Agents. The parties hereto acknowledge and agree, and each Holder by accepting the Notes acknowledges
and agrees, that the Issuer hereby appoints U.S. Bank National Association to act as Security Agent hereunder, and U.S. Bank National
Association accepts such appointment. The Trustee and the Holders acknowledge that the Security Agent will be acting in respect
to the Security Documents and the security granted thereunder on the terms outlined therein (which terms in respect of the rights
and protections of the Security Agent, in the event of an inconsistency with the terms of this Indenture, will prevail).


 


(a)       The
Security Agent may perform any of its duties and exercise any of its rights and powers through one or more sub-agents or co-trustees
appointed by it. The Security Agent and any such sub-agent or co-trustee may perform any of its duties and exercise any of its
rights and powers through its affiliates. All of the provisions of this Indenture applicable to the Security Agent including, without
limitation, its rights to be indemnified, shall apply to and be enforceable by any such sub-agent and affiliates of a Security
Agent and any such sub-agent or co-trustee. All references herein to a “Security Agent” shall include any such sub-agent
or co- trustee and affiliates of a Security Agent or any such sub-agent or co-trustee.


 






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(b)       It
is the purpose of this Indenture and the Security Documents that there shall be no violation of any law of any jurisdiction denying
or restricting the right of banking corporations or associations to transact business as agent or trustee in such jurisdiction.
Without limiting paragraph ‎(a) of this Section, it is recognized that in case of litigation under, or enforcement of,
this Indenture or any of the Security Documents, or in case the Security Agent deems that by reason of any present or future law
of any jurisdiction it may not exercise any of the rights, powers or remedies granted herein or in any of the Security Documents
or take any other action which may be desirable or necessary in connection therewith, the Security Agent is hereby authorized to
appoint an additional individual or institution selected by the Security Agent in its sole discretion as a separate trustee, co-trustee,
administrative agent, Security Agent, administrative sub-agent or administrative co-agent (any such additional individual or institution
being referred to herein individually as a “Supplemental Security Agent” and collectively as “Supplemental
Security Agents”).


 


(c)       In
the event that the Security Agent appoints a Supplemental Security Agent with respect to any Collateral, (i) each and every right,
power, privilege or duty expressed or intended by this Indenture or any of the other Security Documents to be exercised by or vested
in or conveyed to such Security Agent with respect to such Collateral shall be exercisable by and vest in such Supplemental Security
Agent to the extent, and only to the extent, necessary to enable such Supplemental Security Agent to exercise such rights, powers
and privileges with respect to such Collateral and to perform such duties with respect to such Collateral, and every covenant and
obligation contained in the Security Documents and necessary to the exercise or performance thereof by such Supplemental Security
Agent shall run to and be enforceable by either such Security Agent or such Supplemental Security Agent, and (ii) the provisions
of this Indenture (and, in particular, this ‎‎Article Seven) that refer to the Security Agent shall inure to the
benefit of such Supplemental Security Agent and all references therein to the Security Agent shall be deemed to be references to
a Security Agent and/or such Supplemental Security Agent, as the context may require.


 


(d)       Should
any instrument in writing from the Issuer or any other obligor be required by any Supplemental Security Agent so appointed by the
Security Agent for more fully and certainly vesting in and confirming to him or it such rights, powers, privileges and duties,
the Issuer shall, or shall cause the Issuer and relevant Guarantor to, execute, acknowledge and deliver any and all such instruments
promptly upon request by the Security Agent. In case any Supplemental Security Agent, or a successor thereto, shall die, become
incapable of acting, resign or be removed, all the rights, powers, privileges and duties of such Supplemental Security Agent, to
the extent permitted by law, shall vest in and be exercised by the Security Agent until the appointment of a new Supplemental Security
Agent.


 






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Section 7.09.Eligibility; Disqualification.
There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of England and
Wales or the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee
power and which is generally recognized as a corporation which customarily performs such corporate trustee roles and provides such
corporate trustee services in transactions similar in nature to the offering of the Notes as described in the Offering Memorandum.
Each of the Trustee and the Security Agent shall have a combined capital and surplus of at least $50,000,000, as set forth in its
most recent published annual report of condition.


 


Section 7.10.Appointment of Co-Trustee.


 


(a)       It
is the purpose of this Indenture that there shall be no violation of any law of any jurisdiction denying or restricting the right
of banking corporations or associations to transact business as trustee in such jurisdiction. It is recognized that in case of
litigation under this Indenture, and in particular in case of the enforcement thereof on Default, or in the case the Trustee deems
that by reason of any present or future law of any jurisdiction it may not exercise any of the powers, rights or remedies herein
granted to the Trustee or hold title to the properties, in trust, as herein granted or take any action which may be desirable or
necessary in connection therewith, it may be necessary that the Trustee appoint an individual or institution as a separate or co-trustee.
The following provisions of this ‎‎Section 7.10 are adopted to these ends.


 


(b)       In
the event that the Trustee appoints an additional individual or institution as a separate or co-trustee, each and every remedy,
power, right, claim, demand, cause of action, immunity, estate, title, interest and Lien expressed or intended by this Indenture
to be exercised by or vested in or conveyed to the Trustee with respect thereto shall be exercisable by and vest in such separate
or co-trustee but only to the extent necessary to enable such separate or co-trustee to exercise such powers, rights and remedies,
and only to the extent that the Trustee by the laws of any jurisdiction is incapable of exercising such powers, rights and remedies,
and every covenant and obligation necessary to the exercise thereof by such separate or co-trustee shall run to and be enforceable
by either of them.


 


(c)       Should
any instrument in writing from the Issuer be required by the separate or co-trustee so appointed by the Trustee for more fully
and certainly vesting in and confirming to him or it such properties, rights, powers, trusts, duties and obligations, any and all
such instruments in writing shall to the extent permitted by the laws of the State of New York and the jurisdictions of organization
of the Issuer, on request, be executed, acknowledged and delivered by the Issuer; provided that if an Event of Default shall
have occurred and be continuing, if the Issuer do not execute any such instrument within 15 days after request therefor, the Trustee
shall be empowered as an attorney-in-fact for the Issuer to execute any such instrument in the Issuer’s name and stead. In
case any separate or co-trustee or a successor to either shall die, become incapable of acting, resign or be removed, all the estates,
properties, rights, powers, trusts, duties and obligations of such separate or co-trustee, so far as permitted by law, shall vest
in and be exercised by the Trustee until the appointment of a new trustee or successor to such separate or co-trustee.


 






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(d)       Each
separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions
and conditions:


 


(i)       all
rights and powers, conferred or imposed upon the Trustee shall be conferred or imposed upon and may be exercised or performed by
such separate trustee or co-trustee; and


 


(ii)      no
trustee hereunder shall be liable by reason of any act or omission of any other trustee hereunder.


 


(e)       Any
notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees
and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall
refer to this Indenture and the conditions of this ‎‎Article Seven.


 


(f)       Any
separate trustee or co-trustee may at any time appoint the Trustee as its agent or attorney-in-fact with full power and authority,
to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name.
If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties,
rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment
of a new or successors trustee.


 


Section 7.11.Resignation of Agents.


 


(a)       Any
Agent may resign its appointment hereunder at any time without the need to give any reason and without being responsible for any
costs associated therewith by giving to the Issuer and the Trustee and (except in the case of resignation of the Principal Paying
Agent) the Principal Paying Agent 30 days’ written notice to that effect (waivable by the Issuer and the Trustee); provided
that in the case of resignation of the Principal Paying Agent no such resignation shall take effect until a new Principal Paying
Agent (approved in advance in writing by the Trustee) shall have been appointed by the Issuer to exercise the powers and undertake
the duties hereby conferred and imposed upon the Principal Paying Agent. Following receipt of a notice of resignation from any
Agent, the Issuer shall promptly give notice thereof to the Holders in accordance with ‎‎Section 12.01. Such notice
shall expire at least 30 days before or after any due date for payment in respect of the Notes.


 


(b)       If
any Agent gives notice of its resignation in accordance with this ‎‎Section 7.11 and a replacement Agent is required
and by the tenth day before the expiration of such notice such replacement has not been duly appointed, such Agent may itself appoint
as its replacement any reputable and experienced financial institution. Immediately following such appointment, the Issuer shall
give notice of such appointment to the Trustee, the remaining Agents and the Holders whereupon the Issuer, the Trustee, the remaining
Agents and the replacement Agent shall acquire and become subject to the same rights and obligations between themselves as if they
had entered into an agreement in the form mutatis mutandis of this Indenture.


 






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(c)       Upon
its resignation becoming effective the Principal Paying Agent shall forthwith transfer all moneys held by it hereunder hereof to
the successor Principal Paying Agent or, if none, the Trustee or to the Trustee’s order, but shall have no other duties or
responsibilities hereunder, and shall be entitled to the payment by the Issuer of its remuneration for the services previously
rendered hereunder and to the reimbursement of all reasonable expenses (including legal fees) incurred in connection therewith.


 


Section 7.12.Agents General Provisions.


 


(a)       Actions
of Agents. The rights, powers, duties and obligations and actions of each Agent under this Indenture are several and not joint
or joint and several.


 


(b)       Agents
of Trustee. The Issuer and the Agents acknowledge and agree that in the event of a Default or Event of Default, the Trustee may,
by notice in writing to the Issuer and the Agents, require that the Agents act as agents of, and take instructions exclusively
from, the Trustee. Prior to receiving such written notification from the Trustee, the Agents shall be the agents of the Issuer
and need have no concern for the interests of the Holders.


 


(c)       Funds
held by Agents. The Agents will hold all funds subject to the terms of this Indenture.


 


(d)       Publication
of Notices. Any obligation the Agents may have to publish a notice to Holders of Global Notes on behalf of the Issuer will be met
upon delivery of the notice to DTC.


 


(e)       Instructions.
In the event that instructions given to any Agent are not reasonably clear, then such Agent shall be entitled to seek clarification
from the Issuer or other party entitled to give the Agents instructions under this Indenture by written request promptly, and in
any event within one Business Day of receipt by such Agent of such instructions. If an Agent has sought clarification in accordance
with this ‎‎Section 7.12, then such Agent shall be entitled to take no action until such clarification is provided,
and shall not incur any liability for not taking any action pending receipt of such clarification.


 


(f)       No
Fiduciary Duty. No Agent shall be under any fiduciary duty or other obligation towards, or have any relationship of agency or trust,
for or with any person.


 


(g)       Mutual
Undertaking. Each party shall, within ten Business Days of a written request by another party, supply to that other party such
forms, documentation and other information relating to it, its operations, or the Notes as that other party reasonably requests
for the purposes of that other party’s compliance with applicable law and shall notify the relevant other party reasonably
promptly in the event that it becomes aware that any of the forms, documentation or other information provided by such party is
(or becomes) inaccurate in any material respect; provided, however, that no party shall be required to provide any
forms, documentation or other information pursuant to this ‎‎Section 7.12(g) to the extent that: (i) any such form,
documentation or other information (or the information required to be provided on such form or documentation) is not reasonably
available to such party and cannot be obtained by such party using reasonable efforts; or (ii) doing so would or might in the reasonable
opinion of such party constitute a breach of any: (A) applicable law or (B) duty of confidentiality. For purposes of this ‎‎Section
7.12(g), “applicable law” shall be deemed to include (iii) any rule or practice of any regulatory or governmental authority
by which any party is bound or with which it is accustomed to comply; (iv) any agreement between any Authorities; and (v) any agreement
between any regulatory or governmental authority and any party that is customarily entered into by institutions of a similar nature.


 






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(h)       Tax
Withholding.


 


(i)       In
order to enable the Issuer and the Agents to comply with any of their obligations with respect to this Indenture and the Notes
under FATCA, each of the Issuer and each Agent shall provide each other such reasonable information that is within its possession
and is reasonably requested by the other to assist the other in determining whether it has tax related obligations under FATCA.


 


(ii)      Notwithstanding
any other provision of this Indenture, each Agent shall be entitled to make a deduction or withholding from any payment which it
makes under the Notes for or on account of any Tax, if and only to the extent so required by an Authority, in which event the Agent
shall make such payment after such deduction or withholding has been made and shall account to the relevant Authority within the
time allowed for the amount so deducted or withheld or, at its option, shall reasonably promptly after making such payment return
to the Issuer the amount so deducted or withheld and provide the Issuer with the reason for such deduction or withholding, in which
case, the Issuer shall so account to the relevant Authority for such amount. For the avoidance of doubt, FATCA Withholding is a
deduction or withholding which is deemed to be required by an Authority for the purposes of this ‎Section 7.12(h)(ii).


 


Article
Eight

Defeasance; Satisfaction and Discharge


 


Section 8.01.Issuer’s Option
to Effect Defeasance or Covenant Defeasance. The Issuer may, at its option and at any time prior to the Stated Maturity of
the Notes, by a resolution of its Board of Directors, elect to have either ‎‎Section
8.02 or Section ‎‎8.03 be applied to all outstanding Notes upon compliance
with the conditions set forth below in this ‎‎Article Eight.


 


Section 8.02.Defeasance and Discharge.
Upon the Issuer’s exercise under ‎‎Section 8.01 of the option applicable
to this ‎‎Section 8.02, the Issuer and the Guarantors shall be deemed to have
been discharged from their obligations with respect to the Notes on the date the conditions set forth in ‎‎Section
8.04 are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance means that the
Issuer shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes and to have satisfied
all their other obligations under the Notes and this Indenture (and the Trustee, at the expense of the Issuer, shall execute proper
instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged
hereunder: (a) the rights of Holders of outstanding Notes to receive, solely from the trust fund described in ‎‎Section
8.08 and as more fully set forth in such Section, payments in respect of the principal of (and premium, if any, on) and interest
(including Additional Amounts) on such Notes when such payments are due, (b) the Issuer’s obligations with respect to the
Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the maintenance
of an office or agency for payment and money for security payments held in trust, (c) the rights, powers, trusts, duties and immunities
of the Trustee and the Security Agent hereunder and the Issuer’s and the Guarantors’ obligations in connection therewith
and (d) the provisions of this ‎‎Article Eight. Subject to compliance with
this ‎‎Article Eight, the Issuer may exercise its option under this ‎‎Section
8.02 notwithstanding the prior exercise of its option under ‎‎Section 8.03
below with respect to the Notes. If the Issuer exercises its Legal Defeasance option, payment of the Notes may not be accelerated
because of an Event of Default.


 






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Section 8.03.Covenant Defeasance.
Upon the Issuer’s exercise under ‎‎Section 8.01 of the option applicable
to this ‎‎Section 8.03, the Issuer and the Guarantors shall be released from
their obligations under any covenant contained in Sections ‎‎4.04 through ‎‎4.11,
‎‎4.13 through ‎4.17, ‎‎4.19
through ‎‎‎4.26 and ‎‎5.01
with respect to the Notes on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”).
For this purpose, such Covenant Defeasance means that, the Issuer may omit to comply with and shall have no liability in respect
of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any
other document and such omission to comply shall not constitute a Default or an Event of Default, but, except as specified above,
the remainder of this Indenture and such Notes shall be unaffected thereby.


 


Section 8.04.Conditions to Defeasance.
In order to exercise either Legal Defeasance or Covenant Defeasance:


 


(a)       the
Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the holders of the Notes, cash in U.S. dollars,
non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts
as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public
accountants, to pay the principal of, or interest (including Additional Amounts and premium, if any) on the outstanding Notes on
the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Issuer must specify whether
the Notes are being defeased to such stated date for payment or to a particular redemption date;


 


(b)       in
the case of Legal Defeasance, the Issuer must deliver to the Trustee:


 


(i)       an
opinion of United States counsel, which counsel is reasonably acceptable to the Trustee, confirming that (i) the Issuer has received
from, or there has been published by, the U.S. Internal Revenue Service a ruling or (ii) since the Issue Date, there has been a
change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such opinion of counsel
will confirm that, the beneficial owners of the outstanding Notes will not recognize income, gain or loss for U.S. federal income
tax purposes as a result of such Legal Defeasance and will be subject to tax on the same amounts, in the same manner and at the
same times as would have been the case if such Legal Defeasance had not occurred; and


 






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(ii)      an
Opinion of Counsel in the jurisdiction of incorporation of the Issuer, which counsel is reasonably acceptable to the Trustee, to
the effect that the holders of the Notes will not recognize income, gain or loss for tax purposes of such jurisdiction as a result
of such deposit and defeasance and will be subject to tax in such jurisdiction on the same amounts and in the same manner and at
the same times as would have been the case if such deposit and defeasance had not occurred;


 


(c)       in
the case of Covenant Defeasance, the Issuer must deliver to the Trustee:


 


(i)       an
opinion of United States counsel, which counsel is reasonably acceptable to the Trustee, confirming that the beneficial owners
of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant
Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Covenant Defeasance had not occurred; and


 


(ii)      an
opinion of counsel in the jurisdiction of incorporation of the Issuer, which counsel is reasonably acceptable to the Trustee, to
the effect that the beneficial owners of the Notes will not recognize income, gain or loss for tax purposes of such jurisdiction
as a result of such deposit and defeasance and will be subject to tax in such jurisdiction on the same amounts and in the same
manner and at the same times as would have been the case if such deposit and defeasance had not occurred;


 


(d)       no
Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Indebtedness),
and the granting of Liens to secure such borrowings);


 


(e)       such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, the Exchangeable
Notes or any other material agreement or instrument (other than this Indenture and the agreements governing any other Indebtedness
being defeased, discharged or replaced) to which the Issuer or any of the Guarantors is a party or by which the Issuer or any of
the Guarantors is bound;


 


(f)       the
Issuer must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer with the
intent of preferring the holders of Notes over the other creditors of the Issuer with the intent of defeating, hindering, delaying
or defrauding any creditors of the Issuer or others; and


 






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(g)       the
Issuer must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent
relating to the Legal Defeasance or the Covenant Defeasance have been complied with.


 


If the funds deposited with the Trustee
to effect Covenant Defeasance are insufficient to pay the principal of, premium, if any, and interest on the Notes when due because
of any acceleration occurring after an Event of Default, then the Issuer and the Guarantors shall remain liable for such payments.


 


Section 8.05.Satisfaction and Discharge
of Indenture. This Indenture, and the rights of the Trustee and the Holders of the Notes under the Security Documents, shall
be discharged and shall cease to be of further effect as to all Notes issued thereunder, when:


 


(a)       either:


 


(i)       all
Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose
payment money has been deposited in trust and thereafter repaid to the Issuer, have been delivered to the Trustee for cancellation;
or


 


(ii)      all
Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the delivery of a notice
of redemption or otherwise or will become due and payable within one year and the Issuer or any Guarantor has irrevocably deposited
or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the holders, cash in U.S. dollars,
non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts
as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public
accountants, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not
delivered to the Trustee for cancellation for principal, premium and Additional Amounts, if any, and accrued interest to the date
of maturity or redemption;


 


(b)       the
Issuer or any Guarantor has paid or caused to be paid all sums payable by it under this Indenture;


 


(c)       the
Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment
of the Notes at maturity or on the redemption date, as the case maybe; and


 


(d)       the
Issuer has delivered an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent
to satisfaction and discharge have been satisfied; provided that any such counsel may rely on any Officer’s Certificate
as to matters of fact (including as to compliance with the foregoing clauses (a), (b) and (c)).


 






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Section 8.06.Survival of Certain
Obligations. Notwithstanding Sections ‎8.01 and ‎8.03,
any obligations of the Issuer and the Guarantors in Sections ‎‎‎2.02 through
‎‎2.14, ‎‎6.07, ‎‎7.05
and ‎‎7.06 shall survive until the Notes have been paid in full. Thereafter,
any obligations of the Issuer or the Guarantors in ‎‎Section 7.05 shall survive
such satisfaction and discharge. Nothing contained in this ‎‎Article Eight
shall abrogate any of the obligations or duties of the Trustee under this Indenture.


 


Section 8.07.Acknowledgment of Discharge
by Trustee. Subject to ‎‎Section 8.09, after the conditions of ‎‎Section
8.02 or ‎‎8.03 have been satisfied, the Trustee upon written request shall
acknowledge in writing the discharge of all of the Issuer’s and Guarantor’s obligations under this Indenture except
for those surviving obligations specified in this ‎‎Article Eight.


 


Section 8.08.Application of Trust
Money. Subject to ‎‎Section 8.09, the Trustee shall hold in trust cash
in U.S. dollars or U.S. Government Obligations deposited with it pursuant to this ‎‎Article
Eight. It shall apply the deposited cash or Government Securities through the Paying Agent and in accordance with this Indenture
to the payment of principal of, premium, if any, interest, and Additional Amounts, if any, on the Notes; but such money need not
be segregated from other funds except to the extent required by law.


 


Section 8.09.Repayment to Issuer.
Subject to Sections ‎‎7.05, and ‎‎8.01
through ‎‎8.04, the Trustee and the Paying Agent shall promptly pay to the
Issuer upon request set forth in an Officer’s Certificate any excess money held by them at any time and thereupon shall be
relieved from all liability with respect to such money. The Trustee and the Paying Agent shall pay to the Issuer upon request any
money held by them for the payment of principal, premium, if any, interest or Additional Amounts, if any, that remains unclaimed
for two years; provided that the Trustee or Paying Agent before being required to make any payment may cause to be published
through the newswire service of Bloomberg or, if Bloomberg does not then operate, any similar agency or deliver to each Holder
entitled to such money at such Holder’s address (as set forth in the Security Register) notice that such money remains unclaimed
and that after a date specified therein (which shall be at least 30 days from the date of such publication or delivery) any unclaimed
balance of such money then remaining will be repaid to the Issuer. After payment to the Issuer, Holders entitled to such money
must look to the Issuer for payment as general creditors unless an applicable law designates another Person, and all liability
of the Trustee and such Paying Agent with respect to such money shall cease.


 


Section 8.10.Indemnity for Government
Securities. The Issuer shall pay and shall indemnify the Trustee and the Paying Agent against any tax, fee or other charge
imposed on or assessed against deposited Government Securities or the principal, premium, if any, interest, if any, and Additional
Amounts, if any, received on such Government Securities.


 


Section 8.11.Reinstatement. If
the Trustee or Paying Agent is unable to apply cash in dollars or Government Securities in accordance with this ‎‎Article
Eight by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, the Issuer’s and the Guarantors’ obligations under this Indenture
and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to this ‎Article
Eight until such time as the Trustee or any such Paying Agent is permitted to apply all such cash or Government Securities in accordance
with this ‎‎Article Eight; provided that, if the Issuer has made any
payment of principal of, premium, if any, interest, if any, and Additional Amounts, if any, on any Notes because of the reinstatement
of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the
cash in dollars or Government Securities held by the Trustee or Paying Agent.


 






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Article
Nine

Amendments and Waivers


 


Section 9.01.Without Consent of Holders.


 


(a)       The
Issuer, the Guarantors, the Security Agent and the Trustee may modify, amend or supplement this Indenture, the Notes, the Note
Guarantees and the Security Documents without notice to or consent of any Holder:


 


(i)       to
cure any ambiguity, omission, error, defect or inconsistency;


 


(ii)      to
provide for the assumption of the Issuer’s or a Guarantor’s obligations to Holders of Notes and Note Guarantees in
the case of a consolidation, amalgamation or merger or sale, assignment, transfer, lease, conveyance or other disposition of all
or substantially all of the Issuer’s or such Guarantor’s assets, as applicable;


 


(iii)     to
make any change that would provide any additional rights or benefits to the Holders of Notes or that, in the good faith judgment
of the Board of Directors of the Issuer, does not adversely affect the legal rights under this Indenture of any such holder in
any material respect;


 


(iv)     to
conform the text of this Indenture, the Notes or the Note Guarantees to any provision of the section entitled “Description
of Notes” in the Offering Memorandum to the extent that such provision in the “Description of Notes” was intended
to be a verbatim recitation of a provision of this Indenture, the Notes or the Note Guarantees, as set forth in an Officer’s
Certificate delivered to the Trustee;


 


(v)      to
provide for any Restricted Subsidiary to provide a Note Guarantee in accordance with ‎‎Section 4.06 and ‎‎Section
4.15 to add security to or for the benefit of the Notes or to confirm and evidence the release, termination, discharge or retaking
of any Note Guarantee or Lien (including the Collateral and the Security Documents) or any amendment in respect thereof with respect
to or securing the Notes when such release, termination, discharge or retaking or amendment is permitted under this Indenture and
the Security Documents;


 






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(vi)     in
the case of the Security Documents, to mortgage, charge, pledge, hypothecate or grant a security interest in favor of any other
party that is granted a Lien on Collateral in accordance with the terms of this Indenture, in each case, in any property which
is required by the documents governing such Indebtedness to be mortgaged, charged, pledged or hypothecated, or in which a security
interest is required to be granted to the Security Agent, or to the extent necessary to grant a security interest for the benefit
of any Person; provided that the granting of such security interest is not prohibited by this Indenture and ‎‎Section
4.22 is complied with;


 


(vii)    to
provide for the issuance of additional Notes in accordance with the limitations set forth in this Indenture as of the Issue Date;


 


(viii)   to
allow any Guarantor to execute a Supplemental Indenture and a Note Guarantee with respect to the Notes;


 


(ix)      to
provide for uncertificated Notes in addition to or in place of Definitive Registered Notes (provided that the uncertificated
Notes are issued in registered form for purposes of Section 163(f) of the Code; or


 


(x)       to
evidence and provide the acceptance of the appointment of a successor Trustee under this Indenture.


 


(b)       In
connection with any proposed amendment or supplement in respect of such matters, the Trustee will be entitled to receive, and rely
conclusively on, an Opinion of Counsel and/or an Officer’s Certificate.


 


For the avoidance of doubt (and without
limiting the generality of any other statements in this Indenture), the provisions of the Trust Indenture Act of 1939, as amended,
shall not apply to any amendments to or waivers or consents under this Indenture.


 


Section 9.02.With Consent of Holders.


 


(a)       Except
as provided in ‎‎Section 9.02(b) below and ‎‎Section 6.04 and without prejudice to ‎‎Section
9.01, this Indenture, the Notes, the Note Guarantees and the Security Documents may be amended or supplemented with the consent
of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding (including, without limitation,
consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), and any existing Default or
Event of Default or compliance with any provision of this Indenture, the Notes or the Note Guarantees may be waived with the consent
of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, consents
obtained in connection with a purchase of, or tender offer or exchange offer for, Notes); provided that any such amendment,
supplement or waiver to release the security interests in the Collateral granted for the benefit of the Trustee and the Holders
(other than pursuant to the terms of the Security Documents or this Indenture, as applicable) shall (i) in respect of all or substantially
all of the Collateral, require the consent of the Holders of at least 75% in aggregate principal amount of the Notes and (ii) in
respect of Collateral with a Fair Market Value greater than $500.0 million (but, for the avoidance of doubt, less than all or substantially
all of the Collateral), require the consent of the holders of at least 662/3% in aggregate principal amount of the Notes.


 






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(b)       Without
the consent of each Holder affected, an amendment, supplement or waiver may not (with respect to any Notes held by a non-consenting
Holder):


 


(i)       reduce
the principal amount of Notes whose holders must consent to an amendment, supplement or waiver;


 


(ii)      reduce
the principal of or change the fixed maturity of any Note or reduce the premium payable upon the redemption of any such Note or
change the time at which such Note may be redeemed;


 


(iii)     reduce
the rate of or change the time for payment of interest, including default interest, on any Note;


 


(iv)     impair
the right of any Holder to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes or
any Note Guarantee in respect thereof;


 


(v)
      waive a Default or Event of Default in the payment of principal of, or interest, Additional
Amounts or premium, if any, on, the Notes (except a rescission of acceleration of the Notes by the holders of at least a
majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment Default that resulted from
such acceleration);


 


(vi)     make
any Note payable in money other than that stated in the Notes;


 


(vii)    make
any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of holders of Notes to receive
payments of principal of, or interest, Additional Amounts or premium, if any, on, the Notes;


 


(viii)   waive
a redemption payment with respect to any Note (other than a payment required by ‎‎Section 4.09 or Section
‎‎4.11);


 


(ix)   
   make any change to or modify the ranking of the Notes as to contractual right of payment in a manner that would
adversely affect the holders thereof;


 


(x)       release
any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this
Indenture; or


 


(xi)      make
any change in the preceding amendment and waiver provisions.


 






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(c)       The
consent of the Holders shall not be necessary under this Indenture to approve the particular form of any proposed amendment, modification,
supplement, waiver or consent. It is sufficient if such consent approves the substance of the proposed amendment, modification,
supplement, waiver or consent. A consent to any amendment or waiver under this Indenture by any Holder given in connection with
a tender of such Holder’s Notes will not be rendered invalid by such tender.


 


Section 9.03.Effect of Supplemental
Indentures. Upon the execution of any Supplemental Indenture under this ‎‎Article
Nine, this Indenture shall be modified in accordance therewith, and such Supplemental Indenture shall form a part of this Indenture
for all purposes; and every Holder theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.


 


Section 9.04.Notation on or Exchange
of Notes. If an amendment, modification or supplement changes the terms of a Note, the Issuer or the Trustee may require the
Holder to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note and on any Note subsequently authenticated
regarding the changed terms and return it to the Holder.


 


Alternatively, if the Issuer so determines,
the Issuer in exchange for the Note shall issue, and the Trustee shall authenticate, a new Note that reflects the changed terms.
Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment, modification or
supplement.


 


Section 9.05.[Reserved].


 


Section 9.06.Notice of Amendment
or Waiver. Promptly after the execution by the Issuer and the Trustee of any Supplemental Indenture or waiver pursuant to the
provisions of ‎‎Section 9.02, the Issuer shall give notice thereof to the Holders
of each outstanding Note affected, in the manner provided for in ‎‎Section
12.01(b), setting forth in general terms the substance of such Supplemental Indenture or waiver.


 


Section 9.07.Trustee to Sign Amendments,
Etc. The Trustee or the Security Agent, as the case may be, shall execute any amendment, supplement or waiver authorized pursuant
and adopted in accordance with this ‎‎Article Nine; provided that the
Trustee or the Security Agent, as the case may be, may, but shall not be obligated to, execute any such amendment, supplement or
waiver which affects the Trustee’s or Security Agent’s, as the case may be, own rights, duties or immunities under
this Indenture. The Trustee and the Security Agent shall receive, if requested, an indemnity and/or security (including by way
of pre-funding) satisfactory to it and to receive, and shall be fully protected in relying upon, an Opinion of Counsel and an Officer’s
Certificate each stating that the execution of any amendment, supplement or waiver authorized pursuant to this ‎‎Article
Nine is authorized or permitted by this Indenture and that such amendment has been duly authorized, executed and delivered and
is the legally valid and binding obligation of the Issuer enforceable against them in accordance with its terms (for the avoidance
of doubt, such Opinion of Counsel is not required with respect to any Guarantor). Such Opinion of Counsel shall be an expense of
the Issuer.


 






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Section 9.08.Additional Voting Terms;
Calculation of Principal Amount.


 


(a)       All
Notes issued under this Indenture shall vote and consent together on all matters (as to which any of such Notes may vote) as one
class and no series of Notes will have the right to vote or consent as a separate series on any matter; provided, however,
that if any amendment, waiver or other modification will only affect one series of Notes, only the consent of the Holders of not
less than a majority in principal amount of the affected series of Notes then outstanding (and not the consent of the Holders of
at least a majority of all Notes), shall be required. Determinations as to whether Holders of the requisite aggregate principal
amount of Notes have concurred in any direction, waiver or consent shall be made in accordance with this ‎‎Article
Nine.


 


(b)       The
aggregate principal amount of the Notes, at any date of determination, shall be the principal amount of the Notes at such date
of determination. With respect to any matter requiring consent, waiver, approval or other action of the Holders of a specified
percentage of the principal amount of all the Notes, such percentage shall be calculated, on the relevant date of determination,
by dividing (i) the principal amount, as of such date of determination, of Notes, the Holders of which have so consented by (ii)
the aggregate principal amount, as of such date of determination, of the Notes then outstanding, in each case, as determined in
accordance with the preceding sentence, ‎‎Section 2.08 and ‎Section ‎2.09 of this Indenture.
Any such calculation made pursuant to this ‎‎Section 9.08(b) shall be made by the Issuer and delivered to the Trustee
pursuant to an Officer’s Certificate.


 


Article
Ten

Guarantee


 


Section 10.01.Note Guarantees.


 


(a)       The
Guarantors, either by execution of this Indenture or a Supplemental Indenture, fully and, subject to the limitations on the effectiveness
and enforceability set forth in this Indenture or such Supplemental Indenture, as applicable, unconditionally guarantee, on a joint
and several basis to each Holder and to the Trustee and its successors and assigns on behalf of each Holder, the full payment of
principal of, premium, if any, interest, if any, and Additional Amounts, if any, on, and all other monetary obligations of the
Issuer under this Indenture and the Notes (including obligations to the Trustee and the Security Agent and the obligations to pay
Additional Amounts, if any) with respect to, each Note authenticated and delivered by the Trustee or its agent pursuant to and
in accordance with this Indenture, in accordance with the terms of this Indenture (all the foregoing being hereinafter collectively
called the “Note Obligations”). The Guarantors further agree that the Note Obligations may be extended or renewed,
in whole or in part, without notice or further assent from the Guarantors and that the Guarantors shall remain bound under this
‎‎Article Ten notwithstanding any extension or renewal of any Note Obligation. All payments under each Note Guarantee
will be made in U.S. dollars.


 






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(b)       The
Guarantors hereby agree that their obligations hereunder shall be as if they were each principal debtor and not merely surety,
unaffected by, and irrespective of, any invalidity, irregularity or unenforceability of any Note or this Indenture, any failure
to enforce the provisions of any Note or this Indenture, any waiver, modification or indulgence granted to the Issuer with respect
thereto by the Holders or the Trustee, or any other circumstance which may otherwise constitute a legal or equitable discharge
of a surety or guarantor (except payment in full); provided that notwithstanding the foregoing, no such waiver, modification,
indulgence or circumstance shall without the written consent of the Guarantors increase the principal amount of a Note or the interest
rate thereon or change the currency of payment with respect to any Note, or alter the Stated Maturity thereof. The Guarantors hereby
waive diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer,
any right to require that the Trustee pursue or exhaust its legal or equitable remedies against the Issuer prior to exercising
its rights under a Note Guarantee (including, for the avoidance of doubt, any right which a Guarantor may have to require the seizure
and sale of the assets of the Issuer to satisfy the outstanding principal of, interest on or any other amount payable under each
Note prior to recourse against such Guarantor or its assets), protest or notice with respect to any Note or the Indebtedness evidenced
thereby and all demands whatsoever, and each covenant that their Note Guarantee will not be discharged with respect to any Note
except by payment in full of the principal thereof and interest thereon or as otherwise provided in this Indenture, including ‎‎Section
10.04. If at any time any payment of principal of, premium, if any, interest, if any, or Additional Amounts, if any, on such Note
is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Issuer, the Guarantors’
obligations hereunder with respect to such payment shall be reinstated as of the date of such rescission, restoration or returns
as though such payment had become due but had not been made at such times.


 


(c)       The
Guarantors also agree to pay any and all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee
or any Holder in enforcing any rights under this ‎‎Section 10.01.


 


Section 10.02.Subrogation.


 


(a)       Each
Guarantor shall be subrogated to all rights of the Holders against the Issuer in respect of any amounts paid to such Holders by
such Guarantor pursuant to the provisions of its Note Guarantee.


 


(b)       The
Guarantors agree that they shall not be entitled to any right of subrogation in relation to the Holders in respect of any Obligations
guaranteed hereby until payment in full of all Obligations. The Guarantors further agree that, as between them, on the one hand,
and the Holders and the Trustee, on the other hand, (x) the maturity of the Obligations guaranteed hereby may be accelerated as
provided in ‎‎Section 6.02 for the purposes of the Note Guarantees herein, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the Obligations guaranteed hereby, and (y) in the event of any
declaration of acceleration of such Obligations as provided in ‎‎Section 6.02, such Obligations (whether or not
due and payable) shall forthwith become due and payable by the Guarantors for the purposes of this ‎‎Section 10.02.


 






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Section 10.03.Release of Note Guarantees.
The Note Guarantee of a Guarantor shall automatically be released:


 


(a)       in
connection with any sale or other disposition of all or substantially all of the assets of such Subsidiary Guarantor (including
by way of merger, consolidation, amalgamation or combination) to a Person that is not (either before or after giving effect to
such transaction) the Issuer or a Restricted Subsidiary, if the sale or other disposition does not violate ‎‎Section
4.09;


 


(b)       in
connection with any sale or other disposition of Capital Stock of that Subsidiary Guarantor to a Person that is not (either before
or after giving effect to such transaction) the Issuer or a Restricted Subsidiary, if the sale or other disposition does not violate
‎Section 4.09 and the Subsidiary Guarantor ceases to be a Restricted Subsidiary as a result of such sale or other disposition;


 


(c)       if
the Issuer designates such Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance with the applicable provisions of
this Indenture;


 


(d)       upon
the full and final payment of the Notes and performance of all Obligations (in each case, other than contingent or unliquidated
obligations or liabilities) of the Issuer and the Guarantors under this Indenture, the Notes and the Note Guarantees;


 


(e)       upon
Legal Defeasance, Covenant Defeasance or satisfaction and discharge of the Notes, the Note Guarantees and this Indenture as provided
under ‎‎Article Eight; or


 


(f)       as
described under ‎‎Article Nine;


 


provided that, in each case, such Subsidiary Guarantor
has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent provided
for in this Indenture relating to such release have been complied with.


 


The Trustee shall take all necessary actions
at the request of the Issuer to effectuate any release of a Note Guarantee in accordance with these provisions.


 


Each of the releases set forth above shall
be effected by the Trustee without the consent of the Holders and will not require any other action or consent on the part of the
Trustee.


 


Section 10.04.Limitation and Effectiveness
of Note Guarantees. Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of
all such parties that the Guarantee of such Guarantor does not constitute a fraudulent conveyance or a fraudulent transfer for
purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or
state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors
hereby irrevocably agree that the obligations of each Guarantor under its Guarantee will be limited to the maximum amount as will,
after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections
from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee
or pursuant to its contribution obligations under this Indenture, result in the obligations of such Guarantor under its Guarantee
not constituting a fraudulent conveyance or fraudulent transfer under federal or state law and not otherwise being void or voidable
under any similar laws affecting the rights of creditors generally. Each Guarantor that makes a payment under its Guarantee shall
be entitled upon payment in full of all guaranteed obligations under this Indenture to a contribution from each other Guarantor
in an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective net assets of
all the Guarantors at the time of such payment determined in accordance with accounting principles generally accepted in the United
States.


 






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Section 10.05.Notation Not Required.
Neither the Issuer nor any Guarantor shall be required to make a notation on the Notes to reflect any Note Guarantee or any release,
termination or discharge thereof.


 


Section 10.06.Successors and Assigns.
This ‎‎Article Ten shall be binding upon the Guarantors and each of their successors
and assigns and shall inure to the benefit of the successors and assigns of the Trustee, the Security Agent and the Holders and,
in the event of any transfer or assignment of rights by any Holder or the Trustee or the Security Agent, the rights and privileges
conferred upon that party in this Indenture and in the Notes shall automatically extend to and be vested in such transferee or
assigns, all subject to the terms and conditions of this Indenture.


 


Section 10.07.No Waiver. Neither
a failure nor a delay on the part of the Trustee, the Security Agent or the Holders in exercising any right, power or privilege
under this ‎‎Article Ten shall operate as a waiver thereof, nor shall a single
or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits
of the Trustee, the Security Agent and the Holders herein expressly specified are cumulative and are not exclusive of any other
rights, remedies or benefits which either may have under this ‎‎Article Ten
at law, in equity, by statute or otherwise.


 


Section 10.08.Modification. No
modification, amendment or waiver of any provision of this ‎‎Article Ten, nor
the consent to any departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and
signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for
which given. No notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other or further notice or
demand in the same, similar or other circumstance.


 


Article
Eleven

Security


 


Section 11.01.Security; Security
Documents.


 






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(a)       The
due and punctual payment of the principal of, interest on and Additional Amounts, if any, on the Notes and the Note Guarantees
when and as the same shall be due and payable, whether on an Interest Payment Date, at maturity, by acceleration, repurchase, redemption
or otherwise, interest on the overdue principal of and interest (to the extent permitted by law), if any, on the Notes and Note
Guarantees and performance of all other obligations under this Indenture, shall be secured as provided in the Security Documents.
The Trustee, the Security Agent, the Issuer and the Guarantors hereby agree that, subject to Permitted Collateral Liens, the Security
Agent is hereby appointed as trustee and shall hold the Collateral in trust for the benefit of itself, the Trustee and all of the
Holders pursuant to the terms of the Security Documents, and shall act as mortgagee or security holder under all mortgages or standard
securities, beneficiary under all deeds of trust and as secured party under the applicable security agreements. The Security Agent
hereby accepts its appointment as trustee of the Collateral with effect from the date of this Agreement and declares that it holds
the Collateral (including, for the avoidance of doubt, the Pledged Vessel SIRENA) in trust for the benefit of itself, the Trustee
and all the other Holders in accordance with this Agreement and the other provisions of the Security Documents.


 


(b)       Each
Holder of the Notes, by its acceptance thereof, consents and agrees to the terms of the Security Documents (including, without
limitation, the provisions providing for foreclosure and release of Collateral) as the same may be in effect or may be amended
from time to time in accordance with their terms and authorizes and directs the Security Agent to perform its respective obligations
and exercise its rights thereunder in accordance therewith.


 


(c)       The
Trustee, the Security Agent and each Holder, by accepting the Notes and the Note Guarantees, acknowledges that, as more fully set
forth in the Security Documents, the Collateral as now or hereafter constituted shall be held for the benefit of all the Holders
under the Security Documents, and that the Lien of this Indenture and the Security Documents in respect of the Security Agent and
the Holders is subject to and qualified and limited in all respects by the Security Documents and actions that may be taken thereunder.


 


(d)       Notwithstanding
(i) anything to the contrary contained in this Indenture, the Security Documents, the Notes, the Note Guarantees or any other instrument
governing, evidencing or relating to any Indebtedness, (ii) the time, order or method of attachment of any Liens, (iii) the time
or order of filing or recording of financing statements or other documents filed or recorded to perfect any Lien upon any Collateral,
(iv) the time of taking possession or control over any Collateral or (v) the rules for determining priority under any law of any
relevant jurisdiction governing relative priorities of secured creditors:


 


(i)       the
Liens will rank equally and ratably with all valid, enforceable and perfected Liens, whenever granted upon any present or future
Collateral, but only to the extent such Liens are permitted under this Indenture to exist and to rank equally and ratably with
the Notes and the Note Guarantees; and


 






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(ii)      all
proceeds of the Collateral applied under the Security Documents shall be allocated and distributed as set forth in the Security
Documents.


 


(e)       Subject
to ‎Section 11.01(g) and the Agreed Security Principles, the Security Agent’s Liens on the Collateral are required
to be perfected within the following timeframes:


 


(i)       in
the case of the Collateral described in clause (c) of the definition of “Collateral,” the applicable Secured Guarantors
must make (i) all necessary UCC filings against such assets on the Issue Date and (ii) PPSA filings in the applicable Canadian
provinces with respect to Secured Guarantors that own Pledged IP in Canada within three days of the Issue Date;


 


(ii)      in
the case of the Collateral described in clause (a) of the definition of “Collateral” assigned or pledged by Krystalsea,
no steps are required under the laws of the British Virgin Islands to perfect the relevant security interests; however, in order
to protect their priority as a matter of the laws of the British Virgin Islands, the relevant security interests should be registered
with the Registrar of Corporate Affairs in the British Virgin Islands (“BVI Registrar”) pursuant to section
163 of the BVI Business Companies Act, 2004 (“BVI Act”) within three days of the Issue Date;


 


(iii)     in
the case of the Krystalsea Pledged Equity, no steps are required under the laws of the British Virgin Islands to perfect the relevant
security interests; however, pursuant to the BVI Equitable Mortgage not later than five days after the Issue Date, Krystalsea shall
ensure that, and Belize Investments Limited shall procure that, a notation of the relevant security interests be entered on the
register of members of Krystalsea and that a copy of such annotated register of members be filed and registered with the BVI Registrar
pursuant to section 43A of the BVI Act;


 


(iv)     in
the case of (x) the Collateral described in clause (a) of the definition of “Collateral” assigned or pledged by NCL
(Bahamas), (y) the NCL Bahamas Pledged Equity and (z) the Great Stirrup Pledged Equity, in each case, no steps are required under
the laws of Bermuda to perfect such security interest; however, in order to secure its ranking in point of priority, the relevant
security interests granted over the Collateral and the charge over the NCL Bahamas Pledged Equity will be registered with the Registrar
of Companies in Bermuda pursuant to section 55 of the Companies Act 1981 of Bermuda within five days of the Issue Date;


 


(v)      in
the case of the Great Stirrup Pledged Equity, the Issuer shall (i) use commercially reasonable efforts to obtain approval of the
Exchange Control Department of the Central Bank of The Bahamas with respect to the Great Stirrup Pledged Equity (the “Central
Bank Approval”) as soon as reasonably practicable, (ii) as soon as reasonably practicable and in any event within 3 Business
Days after receipt of the Central Bank Approval, deliver to the Bahamian counsel of the Security Agent a duly executed, notarized
and apostilled copy of the duly executed, notarized and apostilled Share Pledge in respect of the Great Stirrup Pledged Equity
(the “Great Stirrup Share Pledge”), (iii) as soon as reasonably practicable after the delivery set forth in
clause (ii), cause the Great Stirrup Share Pledge to be submitted to the Department of Inland Revenue for full payment of applicable
value added tax thereon (payable by the Issuer to the Department of Inland Revenue) and promptly thereafter delivered to the Bahamian
counsel of the Security Agent for lodgement for record of the same at the Registry of Records and (iv) in order to secure its ranking
in point of priority, as soon as reasonably practicable after the delivery set forth in clause (ii), the Great Stirrup Share Pledge
will be registered with the Registrar of Companies in Bermuda pursuant to section 55 of the Companies Act 1981 of Bermuda. In addition,
(i) as soon as reasonably practicable, Great Stirrup Cay Limited will ensure, and NCL (Bahamas) will procure that, a notation of
the Great Stirrup Pledged Equity be entered on the register of members of Great Stirrup Cay Limited and (ii) as soon as reasonably
practicable and in any event within 15 Business Days after the receipt of the Central Bank Approval, Great Stirrup Cay Limited
will ensure, and NCL (Bahamas) will procure that a register of mortgages and charges for Great Stirrup Cay Limited be maintained,
kept current and filed in Great Stirrup Cay’s file with the Registrar of Companies in The Bahamas;


 






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(vi)     in
the case of the Pledged Vessels, (x) on the Issue Date, by providing evidence to the Security Agent of the registration of the
mortgage over the Pledged Vessels at the relevant ship registry relating to each such Pledged Vessel, (y) in order to assist in
establishing priority, on the Issue Date, by providing evidence to the Security Agent that each notice under the relevant earnings
assignment and the insurance assignment has been validly served in accordance with the provisions thereof, and (z) no steps are
required under the laws of the Cayman Islands to perfect the relevant security interests; however, pursuant to section 54 of the
Companies Law (as revised) of the Cayman Islands, Sirena Acquisition will enter the details of the charge over its Pledged Vessel
in its register of mortgages and charges (however failure by Sirena Acquisition to enter in such register the details of such charge
does not affect the validity, enforceability or perfection of the charge); and


 


(vii)    in
the case of the Pledged IP, (x) not later than the Issue Date with respect to recordings with the United States Patent and Trademark
Office or the United States Copyright Office, as applicable and (y) within three Business Days of the Issue date with respect to
recordings with the Canadian Intellectual Property Office.


 


(f)       Subject
to ‎Section 11.01(g) and the Agreed Security Principles, the Issuer shall:


 


(i)       (i)
use commercially reasonable efforts to, as soon as reasonably practicable after the Issue Date, obtain a permit from the Investments
Board for the confirmatory conveyance (the “Confirmatory Conveyance”) of certain real estate situated on Great
Stirrup Cay in the Commonwealth of The Bahamas (the “Great Stirrup Cay Island”) from, inter alia, Norwegian
Cruise Line Limited to Great Stirrup Cay Limited, together with confirmation of the waiver of payment of value added tax thereon,
(ii) use commercially reasonable efforts to deliver to the Bahamian counsel of the Security Agent a duly executed, notarized and
apostilled copy of the Confirmatory Conveyance within fifteen Business Days of receipt of the permit set forth in clause (i), and
(iii) as soon as reasonably practicable and in any event within five Business Days after delivery as set forth in clause (ii),
cause the duly executed, notarized and apostilled original Confirmatory Conveyance to be submitted to the Department of Inland
Revenue to obtain the requisite value added tax exemption stamp to be affixed thereon and promptly thereafter deliver the original
exempted Confirmatory Conveyance to the Bahamian counsel of the Security Agent for lodgement for record of the same at the Registry
of Records;


 






    	 	137	 



     


    

 


(ii)      in
the case of Great Stirrup Cay Island, use commercially reasonable efforts to as soon as reasonably practicable and in any event
within 10 Business Days after the issue of the requisite permit by the Investments Board to the Security Agent and the receipt
by the Issuer and the Security Agent of the requisite approvals of the Central Bank of The Bahamas, deliver to the Bahamian counsel
of the Security Agent the duly executed, notarized and apostilled original Deed of Mortgage with respect to Great Stirrup Cay Island
by Great Stirrup Cay Limited in favor of the Security Agent (the “Great Stirrup Mortgage”) together with applicable
value added tax thereon (payable by the Issuer) for payment to the Department of Inland Revenue in order for the Great Stirrup
Mortgage to be lodged for record in the Registry of Records within 5 Business Days thereafter.


 


(iii)     In
the case of Harvest Caye, use commercially reasonable efforts to (i) within 10 Business Days after the receipt by the Issuer and
the Security Agent of the requisite approvals of the Central Bank of Belize, deliver to the Belizean counsel of the Security Agent
the duly executed and notarized original Deed of Mortgage by Krystalsea Limited in favor of the Security Agent (the “Harvest
Caye Mortgage”) together with applicable stamp duties and filing (payable by the Issuer) and (ii) within 5 Business Days
thereafter, cause the Harvest Caye Mortgage to be lodged for record in the Registry of Records of Belize.


 


The Issuer shall order (i) title searches
on Norwegian Cruise Line Limited and Great Stirrup Cay Limited with respect to Great Stirrup Cay Island and (ii) lien searches
on Grand Stirrup Cay Limited, in each case, within 10 Business Days after the relevant registries in the Commonwealth of The Bahamas
have reopened.


 


(g)       Security
Limitations.


 


(i)       With
respect to all time periods set forth in Section 11.01(e) or (f) , (x) to the extent any date for a required action falls on a
day that is not a business or working day in the relevant jurisdiction, the required date shall instead be the next business or
working day in such jurisdiction and (y) if any government office required for an action is closed on one or more days on which
it would normally be open, the applicable time periods set forth in Section 11.01(e) or (f) shall not commence until the business
or working day following the latest date such government office was closed on a day on which it would normally be open.


 






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(ii)      Notwithstanding
the foregoing, certain assets will be excluded from the Collateral and/or may not be pledged or such security interest may not
be perfected in accordance with the terms of the Indenture and Security Documents (including the Agreed Security Principles).


 


Section 11.02.Authorization of Actions
to Be Taken by the Security Agent Under the Security Documents. The Security Agent shall be the representative on behalf of
the Holders and shall act upon the written direction of the Trustee (in turn, acting on written direction of the Holders) with
regard to all voting, consent and other rights granted to the Trustee and the Holders under the Security Documents. Subject to
the provisions of the Security Documents, the Security Agent may, in its sole discretion and without the consent of the Holders,
on behalf of the Holders, take all actions it deems necessary or appropriate in order to (a) enforce any of its rights or any of
the rights of the Holders under the Security Documents and (b) receive any and all amounts payable from the Collateral in respect
of the obligations of the Issuer and the Guarantors hereunder.


 


Subject to the provisions of the Security
Documents, the Security Agent shall have the power to institute and to maintain such suits and proceedings as it may deem expedient
to prevent any impairment of the Collateral by any acts of impairment that may be unlawful or in violation of the Security Documents
or this Indenture, and such suits and proceedings as the Security Agent (after consultation with the Trustee, where appropriate)
may deem expedient to preserve or protect its interest and the interests of the Holders in the Collateral (including power to institute
and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment,
rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule
or order would impair the security interest hereunder or be prejudicial to the interests of the Holders or the Security Agent).
The Security Agent is hereby irrevocably authorized by each Holder of the Notes to effect any release of Liens or Collateral authorized
by ‎‎Section 11.04 hereof or by the terms of the Security
Documents.


 


Each Holder, by accepting a Note, shall
be deemed (i) to have irrevocably appointed U.S. Bank National Association as Security Agent, (ii) to have irrevocably authorized
the Security Agent and the Trustee to (a) perform the duties and exercise the rights, powers and discretions that are specifically
given to each of them under the Security Documents or other documents to which the Security Agent and/or the Trustee is a party,
together with any other incidental rights, power and discretions and (b) execute each document expressed to be executed by the
Security Agent and/or the Trustee on its behalf.


 






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Section 11.03.Authorization of Receipt
of Funds by the Security Agent Under the Security Documents. The Security Agent is authorized to receive and distribute any
funds for the benefit of the Holders under the Security Documents, and to make further distributions of such funds to the Holders
according to the provisions of this Indenture and the Security Documents.


 


Section 11.04.Release of the Collateral.


 


(a)       To
the extent a release is required by a Security Document, the Security Agent shall automatically release, and the Trustee, if so
required by the requisite holders under this Indenture (if applicable) or pursuant to a court order (if applicable), shall be deemed
to direct the Security Agent to automatically release, without the need for consent of the Holders of the Notes or any further
action, Liens on the Collateral securing the Notes:


 


(i)       as
to all of the Collateral, upon payment in full of principal of, interest and all other Obligations (in each case, other than contingent
or unliquidated obligations or liabilities) on the Notes issued under this Indenture;


 


(ii)      as
to the Collateral held by a Guarantor, upon release of the Note Guarantee of such Guarantor (with respect to the Liens securing
such Note Guarantee granted by such Guarantor) in accordance with the applicable provisions of this Indenture;


 


(iii)     upon
the consummation of any transaction permitted by the Indenture as a result of which such Guarantor ceases to be a Subsidiary of
the Issuer or otherwise ceases to be a Guarantor;


 


(iv)     as
to any Collateral, upon any sale or other transfer by any Guarantor of any Collateral that is permitted under the Indenture to
any person that is not a Guarantor (but excluding any transaction subject to ‎‎Article Five);


 


(v)      as
to any Collateral held by a Subsidiary Guarantor, if the Issuer designates such Subsidiary Guarantor to be an Unrestricted Subsidiary
in accordance with the applicable provisions of this Indenture, the release of the property and assets of and Capital Stock issued
by such Unrestricted Subsidiary;


 


(vi)     as
may be permitted by ‎‎Section 4.22, ‎Section 9.01 or ‎Section ‎9.02;


 


(vii)    in
order to effectuate a (i) merger, consolidation, amalgamation, conveyance, transfer or other business combination conducted in
compliance with ‎‎Section 5.01 or (ii) a reconstitution or merger for the purpose of re-flagging a vessel
in compliance with ‎‎Section 4.24; and


 


(viii)   upon
Legal Defeasance, Covenant Defeasance or satisfaction and discharge of the Notes, the Note Guarantees and this Indenture as provided
under ‎Article Eight.


 






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Each of the foregoing releases shall be
automatic without any further action by the Security Agent and without the consent of the Holders of the Notes or any action on
the part of the Trustee.


 


(b)       Any
release of Collateral made in compliance with this ‎‎Section 11.04 shall not be deemed to impair the Lien under
the Security Documents or the Collateral thereunder in contravention of the provisions of this Indenture or the Security Documents
(including ‎‎Section 4.22 hereof).


 


(c)       Upon
the Issuer’s or any Guarantor’s request, the Security Agent shall execute, deliver or acknowledge any necessary or
proper instruments of termination, satisfaction or release to evidence the release of any Collateral permitted to be released pursuant
to this Indenture; provided that the Issuer or such Guarantor shall have delivered an Officer’s Certificate (which the Trustee
and Security Agent may rely upon in connection with such release) to the Trustee and the Security Agent setting forth that the
specified release complies with the terms of this Indenture.


 


Article
Twelve

Miscellaneous


 


Section 12.01.Notices.


 


(a)       Any
notice or communication shall be in writing and delivered in person or mailed by first class mail or sent by facsimile transmission
addressed as follows:


 


if to the Issuer or the Guarantors:


 


NCL Corporation Ltd.

7665 Corporate Center Drive

Miami, FL 33126-1201

Telephone: (305) 436-4000

Facsimile: (305) 436-4117

Attn: General Counsel


 


if to the Trustee, Principal Paying Agent,
Security Agent or Transfer Agent:


 


U.S. Bank National Association

Global Corporate Trust

West Side Flats

60 Livingston Avenue

St. Paul, MN 55107-1419

Telephone: (651) 466-6309

Facsimile: (651) 466-7430

Attn: Norwegian Cruise Lines (“NCL”) Corporate Trust Administrator


 


The Issuer, the Guarantors or the Trustee
by notice to the other may designate additional or different addresses for subsequent notices or communications.


 






    	 	141	 



     


    

 


(b)       Notices
regarding the Notes shall be:


 


(i)       delivered
to Holders electronically or mailed by first-class mail, postage paid; and


 


(ii)      in
the case of Definitive Registered Notes, delivered to each Holder by first-class mail at such Holder’s respective address
as it appears on the registration books of the Registrar.


 


Notices given by first-class mail shall
be deemed given five calendar days after mailing and notices given by publication shall be deemed given on the first date on which
publication is made. Failure to deliver a notice or communication to a Holder or any defect in it shall not affect its sufficiency
with respect to other Holders. If a notice or communication is delivered in the manner provided above, it is duly given, whether
or not the addressee receives it.


 


In case by reason of the suspension of regular
mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall
be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.


 


(c)       If
and so long as the Notes are represented by Global Notes, notice to Holders, in lieu of being given in accordance with ‎‎Section
12.01(b) above, may be given by delivery of the relevant notice to DTC for communication.


 


(d)       Where
this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be
filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon
such waiver.


 


(e)       All
notices, approvals, consents, requests and any communications hereunder must be in writing (provided that any communication
sent to Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by
DocuSign (or such other digital signature provider as specified in writing to Trustee by the authorized representative), in English).
The Issuer and Guarantors agree to assume all risks arising out of the use of using digital signatures and electronic methods to
submit communications to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions, and the
risk of interception and misuse by third parties.


 


Section 12.02.Certificate and Opinion
as to Conditions Precedent. Upon any request or application by the Issuer or any Guarantor to the Trustee or the Security Agent
to take or refrain from taking any action under this Indenture (except in connection with the original issuance of the Original
Notes on the date hereof), the Issuer or any Guarantor, as the case may be, shall furnish upon request to the Trustee or the Security
Agent:


 






    	 	142	 



     


    

 


(a)       an
Officer’s Certificate in form reasonably satisfactory to the Trustee or the Security Agent stating that, in the opinion of
the Officer, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with; and


 


(b)       an
Opinion of Counsel in form reasonably satisfactory to the Trustee or the Security Agent stating that, in the opinion of such counsel,
all such conditions precedent have been complied with.


 


Any Officer’s Certificate may be based,
insofar as it relates to legal matters, upon an Opinion of Counsel, unless the Officer signing such certificate knows, or in the
exercise of reasonable care should know, that such Opinion of Counsel with respect to the matters upon which such Officer’s
Certificate is based are erroneous. Any Opinion of Counsel may be based and may state that it is so based, insofar as it relates
to factual matters, upon certificates of public officials or an Officer’s Certificate stating that the information with respect
to such factual matters is in the possession of the Issuer, unless the counsel signing such Opinion of Counsel knows, or in the
exercise of reasonable care should know, that the Officer’s Certificate with respect to the matters upon which such Opinion
of Counsel is based are erroneous.


 


Section 12.03.Statements Required
in Certificate or Opinion. Every certificate or opinion with respect to compliance with a condition or covenant provided for
in this Indenture shall include:


 


(a)       a
statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto;


 


(b)       a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;


 


(c)       a
statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or condition has been complied with; and


 


(d)       a
statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.


 


Section 12.04.Rules by Trustee, Paying
Agent and Registrar. The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar and the
Paying Agent may make reasonable rules for their functions.


 


Section 12.05.No Personal Liability
of Directors, Officers, Employees and Shareholders. No director, officer, employee, incorporator, shareholder or stockholder
of the Issuer or any Guarantor, as such, shall have any liability for any obligations of the Issuer or the Guarantors under the
Notes, this Indenture and the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each holder of Notes by accepting a Note waives and releases all such liability.


 






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Section 12.06.Legal Holidays.
If an Interest Payment Date or other payment date is not a Business Day, payment shall be made on the next succeeding day that
is a Business Day, and no interest shall accrue for the intervening period. If a Record Date is not a Business Day, the Record
Date shall not be affected.


 


Section 12.07.Governing Law.
THIS INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.


 


Section 12.08.Jurisdiction. The
Issuer and each Guarantor agree that any suit, action or proceeding against the Issuer or any Guarantor brought by any Holder or
the Trustee or the Security Agent arising out of or based upon this Indenture, the Notes or the Note Guarantees may be instituted
in any state or Federal court in the Borough of Manhattan, New York, New York, and any appellate court from any thereof, and each
of them irrevocably submits to the non- exclusive jurisdiction of such courts in any suit, action or proceeding. Each of the Issuer
and the Guarantors irrevocably waives, to the fullest extent permitted by law, any objection to any suit, action, or proceeding
that may be brought in connection with this Indenture, the Notes or the Note Guarantees, including such actions, suits or proceedings
relating to securities laws of the United States of America or any state thereof, in such courts whether on the grounds of venue,
residence or domicile or on the ground that any such suit, action or proceeding has been brought in an inconvenient forum. The
Issuer and the Guarantors agree that final judgment in any such suit, action or proceeding brought in such court shall be conclusive
and binding upon the Issuer or any Guarantor, as the case may be, and may be enforced in any court to the jurisdiction of which
the Issuer or any Guarantor, as the case may be, are subject by a suit upon such judgment; provided that service of process
is effected upon the Issuer or any Guarantor, as the case may be, in the manner provided by this Indenture. Each of the Issuer
and the Guarantors not resident in the United States has appointed National Registered Agents, Inc., located at 28 Liberty Street,
New York, New York 10005, or any successor so long as such successor is resident in the United States and can act for this purpose,
as its authorized agent (the “Authorized Agent”), upon whom process may be served in any suit, action or proceeding
arising out of or based upon this Indenture, the Notes or the Note Guarantees or the transactions contemplated herein which may
be instituted in any state or Federal court in the Borough of Manhattan, New York, New York, by any Holder or the Trustee, and
expressly accepts the non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding. National
Registered Agents, Inc. has hereby accepted such appointment and has agreed to act as said agent for service of process, and the
Issuer agrees to take any and all action, including the filing of any and all documents that may be necessary to continue such
respective appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent shall be deemed, in
every respect, effective service of process upon the Issuer. Notwithstanding the foregoing, any action involving the Issuer arising
out of or based upon this Indenture, the Notes or the Note Guarantees may be instituted by any Holder or the Trustee or the Security
Agent in any other court of competent jurisdiction. The Issuer expressly consents to the jurisdiction of any such court in respect
of any such action and waives any other requirements of or objections to personal jurisdiction with respect thereto.


 






    	 	144	 



     


    

 


EACH OF THE ISSUER, THE GUARANTORS AND
THE TRUSTEE, AND EACH HOLDER OF A NOTE BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.


 


Section 12.09.No Recourse Against
Others. A director, officer, employee, incorporator, member or shareholder, as such, of the Issuer or any Guarantor shall not
have any liability for any obligations of the Issuer or any Guarantor under this Indenture, the Notes or any Note Guarantee or
for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder shall
waive and release all such liability. The waiver and release shall be part of the consideration for the issue of the Notes. Such
waiver and release may not be effective to waive liabilities under the U.S. federal securities laws.


 


Section 12.10.Successors. All
agreements of the Issuer and any Guarantor in this Indenture and the Notes shall bind their respective successors. All agreements
of the Trustee in this Indenture shall bind its successors.


 


Section 12.11.Counterparts. The
parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement. One signed copy is enough to prove this Indenture. The exchange of copies of this Indenture and of signature
pages by facsimile or other electronic transmission shall constitute effective execution and delivery of this Indenture as to the
parties hereto. Signatures of the parties hereto transmitted by facsimile or other electronic transmission shall be deemed to be
their original signatures for all purposes. For the avoidance of doubt, the words “execution,” “signed,”
 “signature,” “delivery,” and words of like import in or relating to this Indenture or any document to be
signed in connection with this Indenture shall be deemed to include electronic signatures, deliveries or the keeping of records
in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent
to conduct the transactions contemplated hereunder by electronic means.


 


Section 12.12.Table of Contents and
Headings. The table of contents and headings of the Articles and Sections of this Indenture have been inserted for convenience
of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions
hereof.


 


Section 12.13.Severability. In
case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.


 






    	 	145	 



     


    

 


Section 12.14.Currency Indemnity.
Any payment on account of an amount that is payable in U.S. dollars (the “Required Currency”) which is made
to or for the account of any holder or the Trustee in lawful currency of any other jurisdiction (the “Judgment Currency”),
whether as a result of any judgment or order or the enforcement thereof or the liquidation of the Issuer or any Guarantor, shall
constitute a discharge of the Issuer or the Guarantor’s obligation under this Indenture and the Notes or Note Guarantee,
as the case may be, only to the extent of the amount of the Required Currency with such holder or the Trustee, as the case may
be, could purchase in the London foreign exchange markets with the amount of the Judgment Currency in accordance with normal banking
procedures at the rate of exchange prevailing on the first Business Day following receipt of the payment in the Judgment Currency.
If the amount of the Required Currency that could be so purchased is less than the amount of the Required Currency originally due
to such holder or the Trustee, as the case may be, the Issuer and the Guarantors shall indemnify and hold harmless the holder or
the Trustee, as the case may be, from and against all loss or damage arising out of, or as a result of, such deficiency. This indemnity
shall constitute an obligation separate and independent from the other obligations contained in this Indenture or the Notes, shall
give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by any holder or the
Trustee from time to time and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum
in respect of an amount due hereunder or under any judgment or order.


 


[Remainder of Page Intentionally
Left Blank]


 


 






    	 	146	 



     


    

 


IN WITNESS WHEREOF, the parties have caused
this Indenture to be duly executed as of the date first written above.


 


	NCL CORPORATION LTD.

as Issuer
	By:	/s/ Mark A. Kempa
	 	Name:Mark A. Kempa
	 	Title:Executive Vice President and Chief Financial Officer


 


 


 


	KRYSTALSEA LIMITED

as Guarantor
	By:	/s/ Francisco Jose Del Rio
	 	Name:Francisco Jose Del Rio
	 	Title:Director


 


[Signature Page to Indenture]


 






    	 	 	 



     


    

 


	NCL (BAHAMAS) LTD.

as Guarantor
	By:	/s/ Mark A. Kempa
	 	Name:Mark A. Kempa
	 	Title:Executive Vice President and Chief Financial Officer


 


 


 


	GREAT STIRRUP CAY LIMITED

as Guarantor
	By:	/s/ Daniel S. Farkas
	 	Name:Daniel S. Farkas
	 	Title:Executive Vice President, General Counsel and Secretary


 


 


 


	PRIDE OF HAWAII, LLC 

as Guarantor
	By:	/s/ Daniel S. Farkas
	 	Name:Daniel S. Farkas
	 	Title:Senior Vice President, General Counsel and Secretary


 


 


 


	SIRENA ACQUISITION

as Guarantor
	By:	/s/ Frank J. Del Rio
	 	Name:Frank J. Del Rio
	 	Title:Director, President and Chief Executive Officer


 





[Signature Page to Indenture]



 



    	 	 	 



     


    




 


	NCL US IP CO 2, LLC 

as Guarantor
	By:	/s/ Daniel S. Farkas
	 	Name:Daniel S. Farkas
	 	Title:Executive Vice President, General Counsel and Secretary


 


 


 


	NCL UK IP CO LTD

as Guarantor
	By:	/s/ Mark A. Kempa
	 	Name:Mark A. Kempa
	 	Title:Director


 





[Signature Page to Indenture]


 






    	 	 	 



     


    

 


	SEVEN SEAS CRUISES S. DE R. L.

as Guarantor
	By:	/s/ Mark A. Kempa
	 	Name:Mark A. Kempa
	 	Title:Administrator


 


 


 


	OCEANIA CRUISES S. DE. R. L.

as Guarantor
	By:	/s/ Mark A. Kempa
	 	Name:Mark A. Kempa
	 	Title:Administrator


 





[Signature Page to Indenture]



 






    	 	 	 



     


    

 


	PRESTIGE CRUISE HOLDINGS S. DE. R. L.

as Guarantor
	By:	/s/ Mark A. Kempa
	 	Name:Mark A. Kempa
	 	Title:Administrator


 


 


 


	PRESTIGE CRUISES INTERNATIONAL S. DE. R. L.

as Guarantor
	By:	/s/ Mark A. Kempa
	 	Name:Mark A. Kempa
	 	Title:Administrator


 


 


 


	ARRASAS LIMITED

as Guarantor
	By:	/s/ Frank J. Del Rio
	 	Name:Frank J. Del Rio
	 	Title:Director


 





[Signature Page to Indenture]



 






    	 	 	 



     


    

 


	U.S. BANK NATIONAL ASSOCIATION

as Trustee, Principal Paying Agent, Transfer Agent, Registrar and Security Agent
	By:	/s/ Joshua A. Hahn
	 	Name:Joshua A. Hahn
	 	Title:Vice President


 





[Signature Page to Indenture]



 






    	 	 	 



     


    

 


Schedule I


 


SUBSIDIARY GUARANTORS


 


	
        Entity
	
        Jurisdiction

	KRYSTALSEA LIMITED	British Virgin Islands
	NCL (Bahamas) Ltd.	Bermuda
	Great Stirrup Cay Limited	Bahamas
	Pride of Hawaii, LLC	Delaware
	Sirena Acquisition	Cayman Islands
	NCL US IP Co 2, LLC	Delaware
	NCL UK IP Co Ltd	England and Wales
	Seven Seas Cruises S. de R.L.	Panama
	Oceania Cruises S. de R.L.	Panama
	Prestige Cruise Holdings S. de R.L.	Panama
	Arrasas Limited	Isle of Man
	Prestige Cruise International S. de R.L.	Panama


 






    	 	I-1	 



     


    

 


Schedule II


 


SECURITY DOCUMENTS


 


		1.	Collateral Agreement, to be dated as of the Closing Date, by and among the Guarantors party thereto and the Security Agent



 


		2.	Intellectual Property Security Agreement, to be dated as of the Closing Date, by and among NCL US IP Co 2, LLC and the Security
Agent



 


		3.	Intellectual Property Security Agreement, to be dated as of the Closing Date, by and among NCL UK IP Co Ltd and the Security
Agent



 


		4.	Intellectual Property Security Agreement, to be dated as of the Closing Date, by and among Seven Seas Cruises S. de R.L., Prestige
Cruise Holdings S. de R.L., Oceania Cruises S. de R.L. and the Security Agent







		5.	Equitable Share Mortgage in Respect of Shares of Krystalsea Limited, to be dated
as of the Closing Date, between Belize Investments Limited, Krystalsea Limited and
the Security Agent







		6.	Charge in Respect of Shares of NCL (Bahamas) Ltd., to be dated as of the Closing Date, between NCL International Ltd. and the
Security Agent



 


		7.	Share Pledge in Respect of Shares of Great Stirrup Cay Limited, to be executed on the Closing Date and dated as of the Closing
Date or as soon as reasonably practicable thereafter, between NCL (Bahamas) Ltd. and the Security Agent







		8.	First Preferred Marshall Islands Vessel Mortgage, to be dated as of the Closing Date, made by Sirena Acquisition in favor of
the Security Agent







		9.	Statutory First Priority Bahamian Vessel Mortgage, to be dated as of the Closing Date, executed by Pride of Hawaii, LLC in
favor of the Security Agent







		10.	Deed of Covenants, to be dated as of the Closing Date, made between Pride of Hawaii, LLC and the Security Agent







		11.	First Lien Insurance Assignment, to be dated as of the Closing Date, by Sirena Acquisition to the Security Agent







		12.	First Lien Earnings Assignment, to be dated as of the Closing Date, by Sirena Acquisition to the Security Agent



 


		13.	First Lien Insurance Assignment, to be dated as of the Closing Date, by Pride of Hawaii, LLC to the Security Agent



 






    	 	II-1	 



     


    

 


		14.	First Lien Earnings Assignment, to be dated as of the Closing Date, by Pride of Hawaii, LLC to the Security Agent



 


		15.	Mortgage in respect of the island owned by Great Stirrup Cay Limited, to be Executed on a commercially reasonable effort basis
after the Closing Date by Great Stirrup Cay Limited and the Security Agent



 


		16.	Mortgage in respect of the island owned by Krystalsea Limited, to be executed
on a commercially reasonable effort basis after the Closing Date by Krystalsea Limited
and the Security Agent



 






    	 	II-2	 



     


    

 


Schedule III


 


AGREED SECURITY PRINCIPLES


 


		1.	Agreed security principles



 


The security to be provided under
and in connection with this Indenture will be given in accordance with the security principles set out in this Schedule (the Agreed
Security Principles).


 


		2.	General principles



 


		2.1.	The Agreed Security Principles embody a recognition by all parties that there may be certain legal
and practical difficulties in obtaining effective security from the Issuer and its Subsidiaries (collectively, the NCL Group)
in certain jurisdictions. In particular:



 


		(a)	general statutory limitations, capital maintenance, financial assistance, corporate benefit, fraudulent
preference, “thin capitalisation” rules, retention of title claims, regulatory restrictions and similar principles
may limit the ability of a member of the NCL Group to provide security or may require that the security be limited by an amount
or otherwise; provided that the NCL Group will use commercially reasonable efforts to overcome any such obstacle and assist in
demonstrating that adequate corporate benefit accrues to the NCL Group and each relevant Secured Guarantor. If any such limit applies,
the security provided will be limited to the maximum amount which the relevant member of the NCL Group may provide having regard
to applicable law;



 


		(b)	a factor in determining whether or not security shall be taken is the applicable cost which shall
not be disproportionate to the benefit to the holders of the Notes (or any other beneficiary of the security) of obtaining such
security. For these purposes, “cost” includes, but is not limited to, income or corporate tax cost, registration taxes
payable on the creation or enforcement or for the continuance of any security, notary costs, stamp duties, out-of-pocket expenses
and other fees and expenses directly incurred by the relevant grantor of security or any of its direct or indirect owners, subsidiaries
or Affiliates;



 


		(c)	except in the case of the Secured Guarantors, unless each consent required by law, statute, the
terms of any applicable contract, instrument or constitutional document or otherwise from the minority shareholders in, or any
relevant corporate body of, any member of the NCL Group which is not wholly owned (directly or indirectly) by another member of
the NCL Group is obtained, such member shall not be required to grant security; provided that the relevant company and the Issuer
have used commercially reasonable efforts to obtain such consent, it being acknowledged that commercially reasonable efforts shall
not require the payment by the Issuer or the relevant company of any monetary consent or waiver excluding any reasonable legal
fees that may be payable;



 






    	 	III-1	 



     


    

 


		(d)	security shall not be created or perfected to the extent that it would result in the directors
or officers of the relevant grantor being in contravention of any statutory duty in such capacity or their fiduciary duties and/or
which could reasonably be expected to result in personal, civil or criminal liability on the part of any such director or officer;
provided that the relevant member of the NCL Group shall use commercially reasonable efforts to overcome any such obstacle, it
being acknowledged that commercially reasonable efforts shall not require the payment by the Issuer or the relevant company of
any monetary consent or waiver;



 


		(e)	any assets (other than, for the avoidance of doubt, any Pledged Vessels, Harvest Caye, Great Stirrup
Cay Island, the issued shares of NCL (Bahamas) Ltd. and Great Stirrup Cay Limited and the Amended and Restated Trademark License
Agreement with Regent Hospitality Worldwide, LLC, effective February 21, 2011) subject to third party arrangements (including shareholder
agreements or joint venture agreements) which are permitted by the terms of the Indenture and which would prevent or prohibit those
assets from being subject to legal, valid, binding and enforceable security will be excluded from the security created by any relevant
security document; provided that the relevant member of the NCL Group has used commercially reasonable efforts to obtain any necessary
consent or waiver if the asset is material, it being acknowledged that commercially reasonable efforts shall not require the payment
by the Issuer or the relevant company of any monetary consent or waiver excluding any reasonable legal fees that may be payable;



 


		(f)	where a class of assets to be secured includes material and immaterial assets, if the cost of granting
security over the immaterial assets is disproportionate to the benefit of such security, security will be granted over the material
assets only;



 


		(g)	the granting of security or the perfection of the security granted will not be required if:



 


		(i)	it has or is reasonably likely to have a material adverse effect on the ability of the relevant
member of the NCL Group to conduct its operations and business in the ordinary course as otherwise permitted by the Indenture;
or



 


		(ii)	it has or is reasonably likely to have a material adverse effect on the tax arrangements of the
NCL Group or any member of the NCL Group, provided that, in each case, the relevant member of the NCL Group shall use commercially
reasonable efforts to overcome such obstacle. The secured obligations will be limited where necessary to prevent any material additional
tax liability of any member of the NCL Group;



 






    	 	III-2	 



     


    

 


		(h)	in the case of any security granted by any member of the NCL Group, no fixed security will be given
over hedging or intellectual property registered and applied for outside of the United States and Canada, which instead in each
case shall be subject to floating security to the extent applicable under the laws of the jurisdiction governing the relevant security
agreement. Nothing in this paragraph will restrict any provision permitting the crystallisation of any floating charge in certain
circumstances as set out in the security documents; and



 


		(i)	other than in respect of: (i) (1) the registration of the mortgages in respect of the Pledged Vessels
with the relevant ship registry and in the jurisdiction in which the relevant Vessel owner is organized, to the extent required
under the law of such jurisdiction and (2) the display of notice thereof onboard the Pledged Vessels as required by the mortgages
or deeds of covenant collateral thereto; (ii) UCC financing statements to be filed in the applicable jurisdictions and (iii) any
other notifications expressly contemplated in these Agreed Security Principles, no perfection action will be required in jurisdictions
in which Secured Guarantors are not located.



 


		3.	Security



 


Security will be for all liabilities
of the relevant members of the NCL Group (including the Secured Guarantors) under the Notes and the Indenture, in accordance with,
and subject to, the requirements of the Agreed Security Principles in each relevant jurisdiction.


 


		4.	Terms of security documents



 


		4.1.	Security will be first ranking, to the extent legally possible (and subject to certain liens mandatorily
preferred by applicable laws).



 


		4.2.	Security shall (to the extent legally possible, subject to the general principles above) be created
in favour of the Security Agent, the Trustee and the holders of the Notes or the Security Agent on behalf of or as trustee for
the Trustee and the holders of the Notes ((it being anticipated that the latter option shall be appropriate in most cases), to
secure all of the obligations of the party giving the relevant security as well as all liabilities under the Indenture and the
Notes (to the extent permitted by local law) and provided that “parallel debt” provisions may be used where necessary.



 


		4.3.	The security documents should only operate to create security rather than to impose new commercial
obligations other than to the extent required by local law in order to create, enforce or perfect the security interest expressed
to be created thereby, or to deal with requirements directly related thereto. Accordingly, subject to customary representations
and undertakings as to the Pledged Vessels, customer data or intellectual property, representations and undertakings (such as in
respect of insurance, maintenance of assets, information or the payment of costs) shall be strictly limited to those necessary
for the creation, registration and/or perfection of the security, will not unreasonably interfere with the normal running of the
business and/or the Pledged Vessels and shall not be included to the extent the subject matter thereof is the same as a corresponding
undertaking in this Indenture and shall not operate so as to prevent transactions which are otherwise permitted under this Indenture
or to require additional consents or authorizations or to impose commercial obligations, in each case other than to the extent
required by local law in order to create, enforce or perfect the security interest expressed to be created thereby, or to deal
with requirements directly related thereto.



 






    	 	III-3	 



     


    

 


		4.4.	Unless otherwise required under applicable law, if a member of the NCL Group grants security over
any asset it shall, subject to the terms of the Indenture and the Notes, be free to deal with that asset in the ordinary course
of its business until a Declared Default (as defined below) has occurred.



 


		4.5.	The following principles will be reflected in the terms of any security taken as part of this transaction:



 


		(a)	security will not be enforceable in respect of the Notes until an Event of Default has occurred
and is continuing in respect of which the Notes are being accelerated in compliance with the terms and subject to the conditions
of this Indenture in all respects (a Declared Default);



 


		(b)	information, such as lists of assets, will be provided if, in the opinion of counsel to the Security
Agent or the Trustee, these are required by local law to be provided to perfect or register the security or to ensure the security
can be enforced and, unless in the opinion of counsel to the Security Agent or the Trustee required to be provided by local law
more frequently, be provided annually or, following an Event of Default which is continuing, on the Security Agent’s or the
Trustee’s reasonable request; and



 


		(c)	each of the Trustee, the Security Agent and the holders of the Notes should only be able to exercise
any power of attorney granted to it under the security documents following a Declared Default.



 


		5.	Bank accounts



 


No security will be given over
bank accounts.


 


		6.	Real estate



 


The Issuer will use commercially
reasonable efforts to cause (1) a mortgage to be registered in respect of Harvest Caye and (2) a mortgage to be registered in respect
of Great Stirrup Cay Island executed and delivered by Krystalsea Limited and Great Stirrup Cay Limited, respectively, as soon as
reasonably practicable after the Issue Date.


 






    	 	III-4	 



     


    

 


No security will be given over
land, building and improvements or other real estate.


 


		7.	Security in respect of Vessels



 


		7.1.	Security will be given over the Vessels Norwegian Jade, flagged in the Commonwealth of The
Bahamas, and Sirena, flagged in the Republic of the Marshall Islands (the Pledged Vessels).



 


		7.2.	Each mortgage in respect of a Pledged Vessel must be perfected by its due registration in the relevant
ship registry of the Ship’s Flag State (and evidence of such registration shall be provided in the form of transcript, certificate
of ownership and encumbrance or equivalent mortgage registration document from the relevant registry or, to the extent such transcript,
certificate of ownership and encumbrance or registration document is not available, such other evidence as may be provided by the
relevant local counsel that evidences (to the satisfaction of the Security Agent (acting reasonably) that the relevant mortgage
has been duly registered in its favour)) on the Issue Date.



 


		7.3.	All other vessel security in respect of a Pledged Vessel shall be entered into on or before the
same deadline as its mortgage. No manager’s undertakings will be procured or given.



 


		7.4.	In addition to the mortgage over a Pledged Vessel, the vessel security shall include: (a) in connection
with any mortgage that is in account current form, a deed of covenants; (b) an assignment of insurances (as set out in more detail
below) from the relevant owner, NCL Corporation Ltd. (if applicable) and (if applicable) the bareboat charterer (with such assignment
from the bareboat charterer also including a subordination of its rights under the relevant charter in favour of the Security Agent);
and (c) an assignment of earnings and any requisition compensation generated by the Pledged Vessel from the relevant owner and
(if applicable) the bareboat charterer.



 


		8.	Insurances in respect of Pledged Vessels



 


		8.1.	The owner of each Pledged Vessel will be required to take out and maintain in its name or procure
to be taken out and maintained in its name customary insurances on each Pledged Vessel with financially sound and reputable insurers
or underwriters, including without limitation: (a) hull, machinery and equipment insurance (covering all fire and usual marine
risks including excess risks and war risks); and (b) protection and indemnity insurance (including pollution risks and war risks).



 






    	 	III-5	 



     


    

 


		8.2.	The policies shall be assigned by each owner, NCL Corporation Ltd. (if applicable) and each bareboat
charterer of the Pledged Vessels simultaneously with the granting of the Pledged Vessel mortgages described in paragraph 7 above,
and the insurers shall be instructed to apply claims proceeds as follows:



 


		(a)	all claims under the hull and machinery (and war risks) policy for the Pledged Vessels in respect
of an actual or constructive or compromised or arranged total loss of such Pledged Vessel shall be paid in full to the Security
Agent or to its order; and



 


		(b)	all other claims under the hull and machinery (and war risks) policy and the protection and indemnity
cover for a Pledged Vessel shall be paid in full to the relevant owner or NCL Corporation Ltd. (if applicable), or, in the case
of a Pledged Vessel subject to a bareboat charter, the relevant charterer or to its order, unless and until the Security Agent
shall have notified the insurers to the contrary, whereupon all such claims shall be paid to the Security Agent or to its order.



 


		8.3.	Forthwith following the security being granted, the owner, NCL Corporation Ltd. (if applicable)
and (if applicable) the charterer of a Pledged Vessel shall serve a notice of assignment of insurances over that Pledged Vessel
on the relevant brokers and Protection and Indemnity Club and shall then use reasonable endeavours to obtain:



 


		(a)	a loss payee or other endorsement or, in the case of entries in a protection and indemnity association,
a note of the Security Agent’s interest made on the insurance policy; and



 


		(b)	a letter of undertaking issued to the Security Agent by the broker(s) through whom the relevant
policy is placed (or, in the case of entries in protection and indemnity or war risks associations, by their managers).



 


If, despite using commercially
reasonable efforts, the owner and (if applicable) the charterer has not been able to obtain the items referred to in (a) and (b)
above for a period of six (6) weeks from the serving of the notice of assignment, such obligation to obtain those items shall cease
at the end of that six (6) week period.


 


		9.	Intellectual property



 


		9.1.	Security will only be granted over intellectual property to the extent expressly required under
the Indenture and subject to these Agreed Security Principles. No security shall be granted over any licensed intellectual property
which cannot be secured under the terms of the relevant licensing agreement. No notice shall be prepared or given to any third
party from whom intellectual property is licensed until a Declared Default has occurred.



 


		9.2.	The security documents will not be required to be registered outside of the United States or Canada
unless otherwise agreed. No perfection step, further assurance step, filing, recordation, registration or other formalities will
be required in relation to the creation, perfection or priority of any security over intellectual property and in relation to any
relevant security document, other than the security documents that are required to be recorded with:



 






    	 	III-6	 



     


    

 


		(a)	the United States Patent and Trademark Office, the United States Copyright Office or applicable
jurisdictions by way of UCC financing statements, as applicable, not later than the Issue Date; and



 


		(b)	the Canadian Intellectual Property Office or applicable Canadian provinces by way of PPSA financing
statements, not later than the 3rd day after the Issue Date.



 


		9.3.	Any intellectual property required to be secured in accordance with the Indenture and these Agreed
Security Principles will only be required to be secured under a security document governed by the laws of the United States (or
any state or district thereof) irrespective of the jurisdiction of incorporation of the relevant member of the NCL Group which
holds the interest in the intellectual property, the location of the intellectual property or otherwise.



 


		10.	Shares and partnership interests



 


		10.1.	The following share pledges will be given over all shares and partnership interests in the Secured
Guarantors listed below on the Issue Date (or, in the case of the pledge shares in Great Stirrup Cay Limited, as soon as reasonably
practicable thereafter):



 


	Restricted Subsidiary	Name of shareholder/partners	Governing law
	Krystalsea Limited	
        Belize Investments

        Limited
	British Virgin Islands
	NCL (Bahamas) Ltd.	NCL International, Ltd.	Bermuda
	Great Stirrup Cay Limited	NCL (Bahamas) Ltd.	Bahamas


 


		10.2.	Until a Declared Default has occurred, the securing person will be permitted to retain dividends
and other payments to which they may be entitled as shareholders or partners and to exercise voting rights to any shares or partnership
interests pledged by it in a manner which does not adversely affect the validity or enforceability of the security or cause an
Event of Default to occur and the company whose shares or partnership interests have been pledged will, subject to the terms of
the Indenture, be permitted to pay dividends.



 


		10.3.	Unless the restriction is required or advisable by law, the constitutional documents of the company
whose shares have been charged will be amended to remove any restriction on the transfer or the registration of the transfer of
the shares on enforcement of the security granted over them and/or pre-emption rights to the extent these would materially and
adversely affect the security interests created under the security documents.



 






    	 	III-7	 



     


    

 


		10.4.	Where customary and applicable as a matter of law, at the time of execution of the applicable security
document, a copy of the share certificate (or other documents evidencing title to the relevant shares) and a signed but undated
copy of the stock/share transfer form will be provided to the Security Agent and where required by law the shareholders’
register will be written up to annotate the existence of the pledge, it being agreed that originals of such documents shall be
supplied to the Security Agent as soon as practicable following execution of the applicable security document (having regard to
the current logistical difficulties caused by the impact of COVID-19).



 


		11.	Intercompany receivables



 


No security will be granted over
intercompany receivables.


 


		12.	English Law Overriding Principle



 


Notwithstanding anything to the
contrary in the Indenture or these Agreed Security Principles, the parties agree, and the overriding intention is, that: (a) no
security will be required to be granted by, or in respect of, any member of the NCL Group incorporated under the laws of England
 & Wales other than in respect of any intellectual property held by it in accordance with paragraph 9 (Intellectual Property)
above; and (b) no security will be required to be granted by any member of the NCL Group under a security document governed by
English law.


 


		13.	Business Day Overriding Principle



 


With respect to all time periods
set forth herein, (x) to the extent any date for a required action falls on a day that is not a business or working day in the
relevant jurisdiction, the required date shall instead be the next business or working day in such jurisdiction and (y) if any
government office required for any action is closed on one or more days on which it would normally be open, the applicable time
periods set forth herein shall not commence until the business or working day following the latest date such government office
was closed on a day on which it would normally be open.


 






    	 	III-8	 



     


    

 


Schedule IV


 


COLLATERAL VESSELS


 


	Owner	Vessel	Flag State
	Pride of Hawaii, LLC	Norwegian Jade	Bahamas
	Sirena Acquisition	Sirena	Marshall Islands


 






    	 	IV-1	 



     


    

 


EXHIBIT A


 


[FORM OF FACE OF NOTE]


 


NCL CORPORATION LTD.


 


[If Regulation S Global Note – CUSIP Number [●]1
/ ISIN [●]2]

[If Restricted Global Note – CUSIP Number [●]3
/ ISIN [●]f4]

No. [●]


 


[Include if Global Note — UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
 & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.


 


THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING
OF THE INDENTURE AND IS REGISTERED IN THE NAME OF DTC OR A NOMINEE OF DTC OR A SUCCESSOR DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE
FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE
OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.]


 





 



1 Issue Date Regulation S CUSIP:
G6436Q AJ5


2 Issue Date Regulation S ISIN:
USG6436QAJ51


3 Issue Date Rule 144A CUSIP:
62886H AR2


4 Issue Date Rule 144A ISIN:
US62886HAR21





 






    	 	A-2	 



     


    

 


THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET
FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: REPRESENTS THAT (A)
IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE “SECURITIES ACT”) (A “QIB”)
OR (B) IT IS NOT A U.S. PERSON, IS NOT ACQUIRING THIS NOTE FOR THE ACCOUNT OR FOR THE BENEFIT OF A U.S. PERSON AND IS ACQUIRING
THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, AND AGREES THAT IT WILL NOT WITHIN
[IN THE CASE OF RULE 144A NOTES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER
OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE)] [IN THE CASE OF REGULATION S NOTES:
40 DAYS AFTER THE LATER OF THE DATE WHEN THE NOTES WERE FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS IN RELIANCE ON REGULATION
S AND THE DATE OF THE COMPLETION OF THE DISTRIBUTION] RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE ISSUER OR ANY RESPECTIVE
SUBSIDIARY THEREOF, (B) IN THE UNITED STATES TO A PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A QIB IN COMPLIANCE WITH RULE 144A
UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES
ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) IN ACCORDANCE
WITH ANOTHER EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (PROVIDED THAT PRIOR TO A TRANSFER PURSUANT TO CLAUSE (D) OR
(E), THE TRUSTEE IS FURNISHED WITH AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE
SECURITIES ACT) OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS, AND AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS
TRANSFERRED (OTHER THAN A TRANSFER PURSUANT TO CLAUSE (D) OR (F) ABOVE) A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.


 


THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE
HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES THAT IT SHALL NOT
TRANSFER THE SECURITIES IN AN AMOUNT LESS THAN $2,000.


 






    	 	A-3	 



     


    

 


THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL
ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST,
THE ISSUER WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND DATE OF THE
NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. HOLDERS SHOULD CONTACT THE
ISSUER AT NCL CORPORATION, 7665 CORPORATE CENTER DRIVE MIAMI, FLORIDA 33126, ATTENTION: TREASURER.


 






    	 	A-4	 



     


    

 


12.25% SENIOR SECURED NOTE DUE 2024


 


NCL Corporation Ltd., a Bermuda exempted
company, for value received, promises to pay to [●] or registered assigns the principal sum of $[●] (as such amount
may be increased or decreased as indicated in Schedule A (Schedule of Principal Amount in the Global Note) of this Note) on May
15, 2024.


 


From [●], 20[●] or from the
most recent interest payment date to which interest has been paid or provided for, cash interest on this Note will accrue at 12.25%,
payable semi-annually on May 15 and November 15 of each year, beginning on November 15, 2020, to the Person in whose name this
Note (or any predecessor Note) is registered at the close of business on the preceding May 1 or November 1, as the case may be.
Interest on overdue principal and interest, including Additional Amounts, if any, will accrue at a rate that is 1.0% higher than
the interest rate on the Notes.


 


THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW RULES THEREOF.


 


Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature of an authorized signatory, this
Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.


 


Reference is hereby made to the further
provisions of this Note set forth on the reverse hereof and to the provisions of the Indenture, which provisions shall for all
purposes have the same effect as if set forth at this place.


 



    	 	A-5	 



     


    




 


IN WITNESS WHEREOF, NCL Corporation Ltd.
has caused this Note to be signed manually or by facsimile by its duly authorized signatory.


 


Dated: [●], 20[●]


 


	NCL CORPORATION LTD.
	By:	 
	 	Name:
	 	Title:


 


 






    	 	A-6	 



     


    

 


 


	CERTIFICATE OF AUTHENTICATION



This is one of the Notes referred to in the Indenture.



U.S. BANK NATIONAL ASSOCIATION, as Trustee
	By:	 
	 	Authorized Officer


 


 






    	 	A-7	 



     


    

 


[FORM OF REVERSE SIDE OF NOTE]

12.25% Senior Secured Note due 2024


 


1.       Interest


 


NCL Corporation Ltd., a Bermuda exempted
company (together with it successors and assigns under the Indenture, the “Issuer”), for value received, promises
to pay interest on the principal amount of this Note from [●], 20[●] at the rate per annum shown above. Interest will
be computed on the basis of a 360-day year of twelve 30-day months. The Issuer shall pay interest on overdue principal at the interest
rate borne by the Notes compounded semi-annually, and it shall pay interest on other overdue amounts at the same rate to the extent
lawful. Any interest paid on this Note shall be increased to the extent necessary to pay Additional Amounts as set forth in this
Note.


 


2.       Additional
Amounts


 


(a)       All
payments made by or on behalf of the Issuer or any of the Guarantors (including, in each case, any successor entity) under or with
respect to the Notes or any Note Guarantee shall be made free and clear of and without withholding or deduction for, or on account
of, any present or future Taxes unless the withholding or deduction of such Taxes is then required by law. If the Issuer, any Guarantor
or any other applicable withholding agent is required by law to withhold or deduct any amount for, or on account of, any Taxes
imposed or levied by or on behalf of (1) any jurisdiction in which the Issuer or any Guarantor is or was incorporated, engaged
in business, organized or resident for tax purposes or any political subdivision thereof or therein or (2) any jurisdiction from
or through which any payment is made by or on behalf of the Issuer or any Guarantor (including, without limitation, the jurisdiction
of any Paying Agent) or any political subdivision thereof or therein (each of (1) and (2), a “Tax Jurisdiction”)
in respect of any payments under or with respect to the Notes or any Note Guarantee, including, without limitation, payments of
principal, redemption price, purchase price, interest or premium, the Issuer or the relevant Guarantor, as applicable, shall pay
such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received
in respect of such payments by each Holder after such withholding or deduction will equal the respective amounts that would have
been received by each Holder in respect of such payments in the absence of such withholding or deduction; provided, however, that
no Additional Amounts shall be payable with respect to:


 


(1)       any
Taxes, to the extent such Taxes would not have been imposed but for the holder or the beneficial owner of the Notes (or a fiduciary,
settlor, beneficiary, partner of, member or shareholder of, or possessor of a power over, the relevant Holder or beneficial owner,
if the relevant Holder or beneficial owner is an estate, trust, nominee, partnership, limited liability company or corporation)
being or having been a citizen or resident or national of, or incorporated, engaged in a trade or business in, being or having
been physically present in or having a permanent establishment in, the relevant Tax Jurisdiction or having or having had any other
present or former connection with the relevant Tax Jurisdiction, other than any connection arising solely from the acquisition,
ownership or disposition of Notes, the exercise or enforcement of rights under such Note, the Indenture or a Note Guarantee, or
the receipt of payments in respect of such Note or a Note Guarantee;


 






    	 	A-8	 



     


    

 


(2)       any
Taxes, to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation is required)
more than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder
would have been entitled to Additional Amounts had the Note been presented on the last day of such 30 day period);


 


(3)       any
estate, inheritance, gift, sale, transfer, personal property or similar Taxes;


 


(4)       any
Taxes payable other than by deduction or withholding from payments under, or with respect to, the Notes or any Note Guarantee;


 


(5)       any
Taxes to the extent such Taxes would not have been imposed or withheld but for the failure of the Holder or beneficial owner of
the Notes, following the Issuer’s reasonable written request addressed to the Holder at least 30 days before any such withholding
or deduction would be imposed, to comply with any certification, identification, information or other reporting requirements, whether
required by statute, treaty, regulation or administrative practice of a Tax Jurisdiction, as a precondition to exemption from,
or reduction in the rate of deduction or withholding of, Taxes imposed by the Tax Jurisdiction (including, without limitation,
a certification that the Holder or beneficial owner is not resident in the Tax Jurisdiction), but in each case, only to the extent
the Holder or beneficial owner is legally eligible to provide such certification or documentation;


 


(6)       any
Taxes imposed in connection with a Note presented for payment (where presentation is permitted or required for payment) by or on
behalf of a Holder or beneficial owner of the Notes to the extent such Taxes could have been avoided by presenting the relevant
Note to, or otherwise accepting payment from, another Paying Agent;


 


(7)       any
Taxes imposed on or with respect to any payment by the Issuer or any of the Guarantors to the Holder of the Notes if such Holder
is a fiduciary or partnership or any person other than the sole beneficial owner of such payment to the extent that such Taxes
would not have been imposed on such payments had such Holder been the sole beneficial owner of such Note;


 


(8)       any
Taxes imposed by the United States, any state thereof or the District of Columbia, or any subdivision thereof or territory thereof,
including any U.S. federal withholding taxes and any Taxes that are imposed pursuant to current Section 1471 through 1474 of the
Internal Revenue Code of 1986, as amended (the “Code”) or any amended or successor version that is substantively
comparable and not materially more onerous to comply with, any regulations promulgated thereunder, any official interpretations
thereof, any intergovernmental agreement between a non-U.S. jurisdiction and the United States (or any related law or administrative
practices or procedures) implementing the foregoing or any agreements entered into pursuant to current Section 1471(b)(1) of the
Code (or any amended or successor version described above); or


 






    	 	A-9	 



     


    

 


(9)       any
combination of clauses (1) through (8) above.


 


In addition to the foregoing, the Issuer and the Guarantors
will also pay and indemnify the holder for any present or future stamp, issue, registration, value added, transfer, court or documentary
Taxes, or any other excise or property taxes, charges or similar levies (including penalties, interest and additions to tax related
thereto) which are levied by any relevant Tax Jurisdiction on the execution, delivery, issuance, or registration of any of the
Notes, the Indenture, any Note Guarantee or any other document referred to therein, or the receipt of any payments with respect
thereto, or enforcement of, any of the Notes or any Note Guarantee (limited, solely in the case of Taxes attributable to the receipt
of any payments or that are imposed on or result from a sale or other transfer or disposition of a Note by a Holder or a beneficial
owner, to any such Taxes imposed in a Tax Jurisdiction that are not excluded under clauses (1) through (3) or (5) through (9) above
or any combination thereof), save in each case for any such taxes, charges or levies which arise or are increased as a result of
any document effecting the registration, issue or delivery of any of the notes either being signed or executed in the United Kingdom
or being brought into the United Kingdom.


 


(b)       If
the Issuer or any Guarantor, as the case may be, becomes aware that it will be obligated to pay Additional Amounts with respect
to any payment under or with respect to the Notes or any Note Guarantee, the Issuer or the relevant Guarantor, as the case may
be, shall deliver to the Trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to
pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Issuer or the relevant Guarantor
shall notify the Trustee promptly thereafter) an Officer’s Certificate stating the fact that Additional Amounts will be payable
and the amount estimated to be so payable. The Officer’s Certificates must also set forth any other information reasonably
necessary to enable the Paying Agents to pay Additional Amounts to Holders on the relevant payment date. The Issuer or the relevant
Guarantor will provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of Additional
Amounts. The Trustee shall be entitled to rely absolutely on an Officer’s Certificate as conclusive proof that such payments
are necessary.


 


(c)       The
Issuer or the relevant Guarantor, if it is the applicable withholding agent, will make all withholdings and deductions (within
the time period) required by law and will remit the full amount deducted or withheld to the relevant Tax authority in accordance
with applicable law. The Issuer or the relevant Guarantor will use its reasonable efforts to obtain Tax receipts from each Tax
authority evidencing the payment of any Taxes so deducted or withheld. The Issuer or the relevant Guarantor will furnish to the
Trustee (or to a Holder of this Note upon request), within 60 days after the date the payment of any Taxes so deducted or withheld
is made, certified copies of Tax receipts evidencing payment by the Issuer or a Guarantor, as the case may be, or if, notwithstanding
such entity’s efforts to obtain receipts, receipts are not obtained, other evidence of payments (reasonably satisfactory
to the Trustee) by such entity.


 






    	 	A-10	 



     


    

 


(d)       Whenever
in the Indenture or this Note there is mentioned, in any context, the payment of amounts based upon the principal amount of the
Notes or of principal, interest or of any other amount payable under, or with respect to, any of the Notes or any Note Guarantee,
such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional
Amounts are, were or would be payable in respect thereof.


 


(e)       The
preceding obligations will survive any termination, defeasance or discharge of the Indenture, any transfer by a Holder or beneficial
owner of its Notes, and will apply, mutatis mutandis, to any jurisdiction in which any successor Person to the Issuer (or
any Guarantor) is incorporated, engaged in business, organized or resident for tax purposes, or any jurisdiction from or through
which payment is made under or with respect to the Notes (or any Note Guarantee) by or on behalf of such Person and, in each case,
any political subdivision thereof or therein.


 


3.       Method
of Payment


 


The Issuer shall pay interest on this Note
(except defaulted interest) to the Holder at the close of business on the Record Date for the next Interest Payment Date even if
this Note is cancelled after the Record Date and on or before the Interest Payment Date. The Issuer shall pay principal and interest
in dollars in immediately available funds that at the time of payment is legal tender for payment of public and private debts;
provided that payment of interest may be made at the option of the Issuer by check mailed to the Holder.


 


The amount of payments in respect of interest
on each Interest Payment Date shall correspond to the aggregate principal amount of Notes represented by this Note, as established
by the Registrar at the close of business on the relevant Record Date. Payments of principal shall be made upon surrender of this
Note to the Paying Agent.


 


4.       Paying
Agent and Registrar


 


Initially, U.S. Bank National Association
or one of its affiliates will act as Principal Paying Agent and Registrar. The Issuer or any of its Affiliates may act as Paying
Agent, Registrar or co-Registrar.


 


5.       Indenture


 


The Issuer issued this Note under an indenture
dated as of May 14, 2020 (as amended, supplemented or otherwise modified from time to time, the “Indenture”),
among, inter alios, the Issuer and U.S. Bank National Association, as trustee (the “Trustee”) and as
Security Agent. The terms of this Note include those stated in the Indenture. Terms defined in the Indenture and not defined herein
have the meanings ascribed thereto in the Indenture. To the extent any provision of this Note conflicts with the express provisions
of the Indenture, the provisions of the Indenture shall govern and be controlling.


 






    	 	A-11	 



     


    

 


6.       Optional
Redemption


 


(a)       At
any time prior to February 15, 2024 (the date that is three months prior to the maturity date) (the “Par Call Date”),
the Issuer may on any one or more occasions redeem all or a part of the Notes, upon giving not less than 10 nor more than 60 days’
notice, at a redemption price equal to 100.0% of the principal amount of the Notes to be redeemed, plus the Applicable Premium
(as calculated by the Issuer) as of, and accrued and unpaid interest and Additional Amounts, if any, to, the date of redemption,
subject to the rights of Holders of the Notes on the relevant Record Date to receive interest due on the relevant Interest Payment
Date.


 


In addition, at any time on or after the
Par Call Date, the Notes will be redeemable, in whole or in part, at the Issuer’s option and at any time or from time to
time, upon giving not less than 10 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount
of the Notes to be redeemed and accrued and unpaid interest and Additional Amounts, if any, to, the date of redemption, subject
to the rights of Holders of the Notes on the relevant Record Date to receive interest due on the relevant Interest Payment Date.


 


(b)       At
any time and from time to time prior to February 15, 2022, the Issuer may redeem Notes with the net cash proceeds received by the
Issuer from any Equity Offering at a redemption price equal to 112.25% of the principal amount of such Notes, plus accrued and
unpaid interest and Additional Amounts, if any, to, but excluding, the date of redemption, in an aggregate principal amount for
all such redemptions not to exceed 35% of the aggregate principal amount of the Notes issued under the Indenture on the Issue Date
(together with Additional Notes); provided that


 


(1)       in
each case the redemption takes place not later than 180 days after the closing of the related Equity Offering, and


 


(2)       not
less than 65% of the aggregate principal amount of the then-outstanding Notes issued under the Indenture remains outstanding immediately
thereafter (including Additional Notes but excluding Notes held by the Issuer or any of its Restricted Subsidiaries), unless all
such Notes are redeemed substantially concurrently.


 


Notwithstanding the foregoing, in connection
with any tender offer for the Notes, including a Change of Control Offer or Asset Sale Offer, if Holders of not less than 90% in
aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the
Issuer, or any third party making such tender offer in lieu of the Issuer, purchases all of the Notes validly tendered and not
withdrawn by such Holders, the Issuer or such third party will have the right upon not less than 10 nor more than 60 days’
prior notice, given not more than 30 days following such purchase date, to redeem all Notes that remain outstanding following such
purchase at a redemption price equal to the price offered to each other Holder (excluding any early tender or incentive fee) in
such tender offer plus, to the extent not included in the tender offer payment, accrued and unpaid interest and Additional Amounts,
if any, thereon, to, but excluding, the date of such redemption.


 






    	 	A-12	 



     


    

 


7.       Redemption
for Changes in Taxes


 


The Issuer may redeem the Notes, in whole
but not in part, at its discretion at any time upon giving not less than 10 nor more than 60 days’ prior written notice to
the Holders of the Notes (which notice shall be irrevocable and given in accordance with the procedures set forth under ‎‎Section
3.04 of the Indenture), at a Redemption Price equal to 100% of the principal amount thereof, together with accrued and unpaid interest,
if any, to the date fixed by the Issuer for redemption (a “Tax Redemption Date”) and all Additional Amounts
(if any) then due or which will become due on the Tax Redemption Date as a result of the redemption or otherwise (subject to the
right of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date and Additional Amounts
(if any) in respect thereof), if on the next date on which any amount would be payable in respect of the Notes or Note Guarantee,
the Issuer or any Guarantor is or would be required to pay Additional Amounts (but, in the case of a Guarantor, only if the payment
giving rise to such requirement cannot be made by the Issuer or another Guarantor without the obligation to pay Additional Amounts),
and the Issuer or the relevant Guarantor cannot avoid any such payment obligation by taking reasonable measures available (including,
for the avoidance of doubt, appointment of a new Paying Agent but excluding the reincorporation or reorganization of the Issuer
or any Guarantor), and the requirement arises as a result of: (1) any change in, or amendment to, the laws (or any regulations
or rulings promulgated thereunder) of the relevant Tax Jurisdiction which change or amendment is announced and becomes effective
after the date of the Offering Memorandum (or if the applicable Tax Jurisdiction became a Tax Jurisdiction on a date after the
date of the Offering Memorandum, after such later date); or (2) any change in, or amendment to, the official application, administration
or interpretation of such laws, regulations or rulings (including by virtue of a holding, judgment or order by a court of competent
jurisdiction or a change in published practice or revenue guidance), which change or amendment is announced and becomes effective
after the date of the Offering Memorandum (or if the applicable Tax Jurisdiction became a Tax Jurisdiction on a date after the
date of the Offering Memorandum, after such later date) (each of the foregoing clauses (1) and (2), a “Change in Tax Law”).


 


The Issuer shall not give any such notice
of redemption earlier than 60 days prior to the earliest date on which the Issuer or the relevant Guarantor would be obligated
to make such payment or Additional Amounts if a payment in respect of the Notes or Note Guarantee were then due and at the time
such notice is given, the obligation to pay Additional Amounts must remain in effect. Prior to the publication or, where relevant,
mailing of any notice of redemption of the Notes pursuant to the foregoing, the Issuer shall deliver the Trustee an opinion of
independent tax counsel of recognized standing qualified under the laws of the relevant Tax Jurisdiction (which counsel shall be
reasonably acceptable to the Trustee) to the effect that there has been a Change in Tax Law which would entitle the Issuer to redeem
the Notes hereunder. In addition, before the Issuer mails notice of redemption of the Notes as described above, it shall deliver
to the Trustee an Officer’s Certificate to the effect that it cannot avoid its obligation to pay Additional Amounts by the
Issuer or the relevant Guarantor taking reasonable measures available to it.


 






    	 	A-13	 



     


    

 


The Trustee will accept and shall be entitled
to rely on such Officer’s Certificate and opinion of counsel as sufficient evidence of the existence and satisfaction of
the conditions as described above, in which event it will be conclusive and binding on all of the Holders.


 


The foregoing provisions of this paragraph
7 will apply, mutatis mutandis, to any successor of the Issuer (or any Guarantor) with respect to a Change in Tax Law occurring
after the time such Person becomes successor to the Issuer (or any Guarantor).


 


8.       Repurchase
at the Option of Holders


 


(a)       Upon
a Change of Control Triggering Event, the Holders shall have the right to require the Issuer to offer to repurchase the Notes pursuant
to ‎‎Section 4.11 of the Indenture.


 


(b)       The
Notes may also be subject to Asset Sale Offers pursuant to ‎‎Section
4.09 of the Indenture.


 


9.       Denominations


 


The Notes (including this Note) are in denominations
of $2,000 and integral multiples of $1,000 in excess thereof of principal amount at maturity. The transfer of Notes (including
this Note) may be registered, and Notes (including this Note) may be exchanged, as provided in the Indenture. The Registrar may
require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees
required by law or permitted by the Indenture.


 


10.       Unclaimed
Money


 


All moneys paid by the Issuer or the Guarantors
to the Trustee or a Paying Agent for the payment of the principal of, or premium, if any, or interest on, this Note or any other
Note that remain unclaimed at the end of two years after such principal, premium or interest has become due and payable may be
repaid to the Issuer or the Guarantors, subject to applicable law, and the Holder of such Note thereafter may look only to the
Issuer or the Guarantors for payment thereof.


 


11.       Discharge
and Defeasance


 


The Notes shall be subject to defeasance,
satisfaction and discharge as provided in ‎‎Article Eight
of the Indenture.


 






    	 	A-14	 



     


    

 


12.       Amendment,
Supplement and Waiver


 


The Notes, the Note Guarantees, the Indenture
and the Security Documents may be amended or modified as provided in ‎‎Article
Nine of the Indenture.


 


13.       Defaults
and Remedies


 


This Note and the other Notes have the Events
of Default as set forth in ‎‎Section 6.01 of the Indenture.


 


14.       Security


 


This Note and the other Notes will be secured
by the Liens in the Collateral, subject to Permitted Collateral Liens, as set forth in ‎‎Article
Eleven of the Indenture.


 


15.       Trustee
and Security Agent Dealings with the Issuer


 


The Trustee and the Security Agent under
the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and
collect obligations owed to it by the Issuer, the Guarantors or any of their Affiliates with the same rights it would have if it
were not Trustee or the Security Agent. Any Paying Agent, Registrar, co- Registrar or co-Paying Agent may do the same with like
rights.


 


16.       No
Recourse Against Others


 


A director, officer, employee, incorporator,
member or shareholder, as such, of the Issuer or the Guarantors shall not have any liability for any obligations of the Issuer
or the Guarantors under this Note, the other Notes, the Note Guarantees or the Indenture or for any claim based on, in respect
of, or by reason of, such obligations or their creation. By accepting a Note, each Holder shall waive and release all such liability.
The waiver and release are part of the consideration for issuance of the Notes.


 


17.       Authentication


 


This Note shall not be valid until an authorized
officer of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this
Note.


 


18.       Abbreviations


 


Customary abbreviations may be used in the
name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint
tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).


 






    	 	A-15	 



     


    

 


19.       ISIN
and/or CUSIP Numbers


 


The Issuer may cause ISIN and/or CUSIP numbers
to be printed on the Notes, and if so the Trustee shall use ISIN and/or CUSIP numbers in notices of redemption as a convenience
to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption, and reliance may be placed only on the other identification numbers placed on the Notes.


 


20.       Governing
Law


 


THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW RULES THEREOF.


 






    	 	A-16	 



     


    

 


ASSIGNMENT FORM


 


To assign and transfer this Note, fill in the form below:


 


(I) or (the Issuer) assign and transfer this Note to


 





	 
	(Insert assignee’s social security or tax I.D. no.)



 


	 
	(Print or type assignee’s name, address and postal code)



 


and irrevocably appoint ____________________ agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.


 





	Your Signature:	 
	 	 (Sign exactly as your name appears on the other side of this Note)



 


	Signature Guarantee:	 
	 	 (Participant in a recognized signature guarantee medallion program)



 


	Date:	 
	 	



 


Certifying Signature


 


In connection with any transfer of any Notes
evidenced by this certificate occurring prior to the date that is one year after the later of the date of original issuance of
such Notes and the last date, if any, on which the Notes were owned by the Issuer or any of its Affiliates, the undersigned confirms
that such Notes are being transferred in accordance with the transfer restrictions set forth in such Notes and:


 


CHECK ONE BOX BELOW


 


(1)☐to
the Issuer or any Subsidiary; or


 


(2)☐pursuant
to an effective registration statement under the U.S. Securities Act of 1933; or


 


(3)☐pursuant
to and in compliance with Rule 144A under the U.S. Securities Act of 1933; or


 


(4)☐pursuant
to and in compliance with Regulation S under the U.S. Securities Act of 1933; or


 


(5)☐pursuant
to another available exemption from the registration requirements of the U.S. Securities Act of 1933.


 






    	 	A-17	 



     


    

 


Unless one of the boxes is checked, the
Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any person other than the registered
Holder thereof; provided, however, that if box (3) is checked, by executing this form, the Transferor is deemed to
have certified that such Notes are being transferred to a person it reasonably believes is a “qualified institutional buyer”
as defined in Rule 144A under the U.S. Securities Act of 1933 who has received notice that such transfer is being made in reliance
on Rule 144A; if box (4) is checked, by executing this form, the Transferor is deemed to have certified that such transfer is made
pursuant to an offer and sale that occurred outside the United States in compliance with Regulation S under the U.S. Securities
Act; and if box (5) is checked, the Trustee may require, prior to registering any such transfer of the Notes, such legal opinions,
certifications and other information as the Issuer reasonably requests to confirm that such transfer is being made pursuant to
an exemption from or in a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933.


 





	Signature:	 
	 	 



 


	Signature Guarantee:	 
	 	 (Participant in a recognized signature guarantee medallion program)



 






	Certifying Signature:	 	Date:	 
	 	 	 	 



  


	Signature Guarantee:	 
	 	 (Participant in a recognized signature guarantee medallion program)



 


 






    	 	A-18	 



     


    

 


OPTION OF HOLDER TO ELECT PURCHASE


 


If you want to elect to have this Note or
a portion thereof repurchased pursuant to Section ‎4.09 or
‎4.11 of the Indenture, check the box: ☐


 


If the purchase is in part, indicate the
portion (in denominations of $2,000 or any integral multiple of $1,000 in excess thereof) to be purchased:


 


	Your Signature:	 
	 	 (Sign exactly as your name appears on the other side of this Note)



 


	Date:	 
	 	 



 


	Certifying Signature:	 
	 	 



 


 






    	 	A-19	 



     


    

 


SCHEDULE A



SCHEDULE OF PRINCIPAL AMOUNT IN THE GLOBAL NOTE


 


The following exchanges of a part of this
Global Note for an interest in another Global Note or for a Definitive Registered Note, or exchanges of a part of another Global
Note or Definitive Registered Note for an interest in this Global Note, have been made:


 


	
        Date
        of

        Decrease/Increase
	
        Amount
        of

        Decrease in Principal Amount
	
        Amount
        of

        Increase in

        Principal Amount
	
        Principal
        Amount Following such Decrease/Increase
	
        Signature
        of Authorized Officer of Registrar

	 	 	 	 	 
	 	 	 	 	 


 


 






    	 	A-20	 



     


    

 


EXHIBIT B


 


FORM OF TRANSFER CERTIFICATE FOR TRANSFER
FROM RESTRICTED GLOBAL NOTE TO REGULATION S GLOBAL NOTE[5]


 


(Transfers pursuant to § 2.06(b)(ii) of the Indenture)


 


U.S. Bank National Association

U.S. Bank Global Corporate Trust Services

60 Livingston Avenue

St. Paul, Minnesota 55017

EP-MN-WS3C

Attention: Transfer Agent


 


Re: 12.25% Senior Secured Notes due 2024
(the “Notes”)


 


Reference is hereby made to the Indenture
dated as of May 14, 2020 (as amended, supplemented or otherwise modified from time to time, the “Indenture”)
among, inter alios, NCL Corporation Ltd., a Bermuda exempted company, as Issuer, the guarantors party thereto, as Guarantors,
and U.S. Bank National Association, as Trustee and as Security Agent. Capitalized terms used but not defined herein shall have
the meanings given them in the Indenture.


 


This letter relates to $________ aggregate
principal amount of Notes that are held as a beneficial interest in the form of the Restricted Global Note (CUSIP No.: [●]6;
ISIN No: [●]7) with DTC in
the name of [name of transferor] (the “Transferor”). The Transferor has requested an exchange or transfer
of such beneficial interest for an equivalent beneficial interest in the Regulation S Global Note (CUSIP No.: [●]8;
ISIN No: [●]9).


 


In connection with such request, the Transferor
does hereby certify that such transfer has been effected in accordance with the transfer restrictions set forth in the Notes and:


 


(a)       with
respect to transfers made in reliance on Regulation S (“Regulation S”) under the United States Securities Act
of 1933, as amended (the “U.S. Securities Act”), does certify that:


 





 



5 If the Note is a Definitive
Registered Note, appropriate changes need to be made to the form of this transfer certificate.


6 Issue Date Rule 144A CUSIP:
62886H AR2


7 Issue Date Rule 144A ISIN:
US62886HAR21


8 Issue Date Regulation S CUSIP:
G6436Q AJ5


9 Issue Date Regulation S ISIN:
USG6436QAJ51


 






    	 	B-1	 



     


    

 


(i)       the
offer of the Notes was not made to a person in the United States;


 


(ii)       either
(i) at the time the buy order is originated the transferee is outside the United States or the Transferor and any person acting
on its behalf reasonably believe that the transferee is outside the United States; or (ii) the transaction was executed in, on
or through the facilities of a designated offshore securities market described in paragraph (b) of Rule 902 of Regulation S and
neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United
States;


 


(iii)       no
directed selling efforts have been made in the United States by the Transferor, an affiliate thereof or any person their behalf
in contravention of the requirements of Rule 903 or 904 of Regulation S, as applicable;


 


(iv)       the
transaction is not part of a plan or scheme to evade the registration requirements of the U.S. Securities Act; and


 


(v)       the
Transferor is not the Issuer, a distributor of the Notes, an affiliate of the Issuer or any such distributor (except any officer
or director who is an affiliate solely by virtue of holding such position) or a person acting on behalf of any of the foregoing.


 


(b)       with
respect to transfers made in reliance on Rule 144 the Transferor certifies that the Notes are being transferred in a transaction
permitted by Rule 144 under the U.S. Securities Act.


 


You, the Issuer, the Guarantors and the
Trustee are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in
this certificate have the meanings set forth in Regulation S.


 


	[Name of Transferor]
	By:	 
	 	Name:
	 	Title:
	 	Date:


 


 


cc:


 


Attn:


 






    	 	B-2	 



     


    

 


EXHIBIT C


 


FORM OF TRANSFER CERTIFICATE FOR TRANSFER
FROM REGULATION S GLOBAL NOTE TO RESTRICTED GLOBAL NOTE


 


(Transfers pursuant to § 2.06(b)(iii) of the Indenture)


 


U.S. Bank National Association

U.S. Bank Global Corporate Trust Services

60 Livingston Avenue

St. Paul, Minnesota 55017

EP-MN-WS3C

Attention: Transfer Agent


 


Re: 12.25% Senior Secured Notes due 2024 (the “Notes”)


 


Reference is hereby made to the Indenture
dated as of May 14, 2024 (as amended, supplemented or otherwise modified from time to time, the “Indenture”)
among, inter alios, NCL Corporation Ltd., a Bermuda exempted company, as Issuer, the guarantors party thereto, as Guarantors,
and U.S. Bank National Association, as Trustee and as Security Agent. Capitalized terms used but not defined herein shall have
the meanings given them in the Indenture.


 


This letter relates to $_________ aggregate
principal amount at maturity of Notes that are held in the form of the Regulation S Global Note with DTC (CUSIP No.: [●]10;
ISIN No.: [●]11) in the name
of [name of transferor] (the “Transferor”) to effect the transfer of the Notes in exchange for an equivalent
beneficial interest in the Restricted Global Note (CUSIP No.: [●]12;
ISIN No.: [●]13).


 


In connection with such request, and in
respect of such Notes the Transferor does hereby certify that such Notes are being transferred in accordance with the transfer
restrictions set forth in the Notes and that:


 


CHECK ONE BOX BELOW:


 


		☐	the Transferor is relying on Rule 144A under the Securities Act for exemption from such Act’s registration requirements;
it is transferring such Notes to a person it reasonably believes is a QIB as defined in Rule 144A that purchases for its own account,
or for the account of a qualified institutional buyer, and to whom the Transferor has given notice that the transfer is made in
reliance on Rule 144A and the transfer is being made in accordance with any applicable securities laws of any state of the United
States; or



 





 






10 Issue Date Regulation S CUSIP:
G6436Q AJ5


11 Issue Date Regulation S ISIN:
USG6436QAJ51


12 Issue Date Rule 144A CUSIP:
62886H AR2


13 Issue Date Rule 144A ISIN:
US62886HAR21


 






    	 	C-1	 



     


    

 


		☐	the Transferor is relying on an exemption other than Rule 144A from the registration requirements of the Securities Act, subject
to the Issuer’s and the Trustee’s right prior to any such offer, sale or transfer to require the delivery of an Opinion
of Counsel, certification and/or other information satisfactory to each of them.



 


You, the Issuer, the Guarantors, and the
Trustee are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.


 


	[Name of Transferor]
	By:	 
	 	Name:
	 	Title:
	 	Date:


 


cc:


 


Attn:


 






    	 	C-2	 



     


    

 


EXHIBIT D


 


FORM OF SUPPLEMENTAL INDENTURE


 


SUPPLEMENTAL INDENTURE dated as of [●],
20[●] (this “Supplemental Indenture”) by and among NCL Corporation Ltd. (the “Issuer”),
the other parties listed as New Guarantors on the signature pages hereto (each, a “New Guarantor” and, collectively,
the “New Guarantors”) and U.S. Bank National Association, as trustee (in such capacity, the “Trustee”).


 


W I T N E S E T H


 


WHEREAS, the Issuer, the Trustee and the
other parties thereto have heretofore executed and delivered an Indenture, dated as of May 14, 2020 (as amended, supplemented or
otherwise modified from time to time, the “Indenture”), providing for the issuance of 12.25% Senior Secured
Notes due 2024 of the Issuer (the “Notes”), initially in the aggregate principal amount of $675,000,000;


 


WHEREAS, pursuant to ‎Section
9.01 of the Indenture, the Issuer and the Trustee are authorized to execute and deliver this Supplemental Indenture; and


 


WHEREAS, all necessary acts have been done
to make this Supplemental Indenture a legal, valid and binding agreement of each New Guarantor in accordance with the terms of
this Supplemental Indenture.


 


NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree
for the equal and ratable benefit of the Holders as follows:


 


ARTICLE I

Definitions


 


Section 1.01.Capitalized Terms.
Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.


 


ARTICLE II

Agreement to be Bound


 


Section 2.01.Agreement to Guarantee.
The New Guarantor acknowledges that it has received and reviewed a copy of the Indenture and all other documents it deems necessary
to review in order to enter into this Supplemental Indenture, and acknowledges and agrees to (i) join and become a party to the
Indenture as indicated by its signature below; (ii) be bound by the Indenture, as of the date hereof, as if made by, and with respect
to, each signatory hereto; and (i) perform all obligations and duties required of a Guarantor pursuant to the Indenture. The New
Guarantor hereby agrees to provide a Note Guarantee on the terms and subject to the conditions set forth in the Indenture, including,
but not limited to, ‎‎Article Ten thereof.


 






    	 	D-1	 



     


    

 


Section 2.02.Execution and Delivery.
The New Guarantor agrees that the Note Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement
of any notation of such Note Guarantee on the Notes.


 


[Section 2.03.Guarantee Limitations.
Schedule IV of the Indenture is hereby amended by adding the following:


 


[New Guarantee Limitation Language].]


 


ARTICLE III

Miscellaneous


 


Section 3.01.Governing Law. THIS
SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.


 


Section 3.02.Severability. In
case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.


 


Section 3.03.Ratification. Except
as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions
thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes,
and every Holder heretofore or hereafter shall be bound hereby. The Trustee makes no representation or warranty as to the validity
or sufficiency of this Supplemental Indenture.


 


Section 3.04.Counterparts. The
parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement. One signed copy is enough to prove this Supplemental Indenture. The exchange of copies of this Supplemental
Indenture and of signature pages by facsimile or other electronic transmission shall constitute effective execution and delivery
of this Supplemental Indenture as to the parties hereto. Signatures of the parties hereto transmitted by facsimile or other electronic
transmission shall be deemed to be their original signatures for all purposes.


 


Section 3.05.Effect of Headings.
The headings herein are convenience of reference only and shall not affect the construction hereof.


 


Section 3.06.The Trustee. The
Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental
Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the New Guarantor.


 


Section 3.07.Benefits Acknowledged.
The New Guarantor’s Note Guarantee is subject to the terms and conditions set forth in the Indenture. The New Guarantor acknowledges
that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental
Indenture and that the guarantee and waivers made by it pursuant to its Note Guarantee and this Supplemental Indenture are knowingly
made in contemplation of such benefits.


 






    	 	D-2	 



     


    

 


Section 3.08.Successors. All
agreements of the New Guarantor in this Supplemental Indenture shall bind its successors, except as otherwise provided in this
Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors.


 


[Remainder of Page Intentionally
Left Blank]


 


 



    	 	D-3	 



     


    




 


IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture to be duly executed, all as of the date first above written.


 


	ISSUER:



NCL CORPORATION LTD.
	By:	 
	 	Name:
	 	Title:


 


 


 


	NEW GUARANTORS:



[NEW GUARANTORS]
	By:	 
	 	Name:
	 	Title:


 


 


 


	TRUSTEE:



U.S. BANK NATIONAL ASSOCIATION, as Trustee
	By:	 
	 	Name:
	 	Title:


 






    	 	D-4