Exhibit 10.2


 





[*]: THE IDENTIFIED INFORMATION HAS
BEEN OMITTED FROM THE AGREEMENT BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED


 


	Private & Confidential
	 	Dated             20 April 2020	 
	 	 
	
        SEAHAWK TWO, LTD.

        (as Borrower)

         

        NCL CORPORATION LTD.

        (as Parent)

         

        NCL INTERNATIONAL, LTD.

        (as Shareholder)

         

        THE LENDERS LISTED IN SCHEDULE 1

        (as Lenders)

         

        KFW IPEX-BANK GMBH

        (as Facility Agent)

         

        KFW IPEX-BANK GMBH

        (as Hermes Agent)

         

        KFW IPEX-BANK GMBH

        (as Bookrunner)

         

        KFW IPEX-BANK GMBH

        (as Initial Mandated Lead Arranger)

         

        KFW IPEX-BANK GMBH

        (as Collateral Agent)

         

        and

         

        KFW IPEX-BANK GMBH

        (as CIRR Agent)

         

	 	
                                                                        

         

        THIRD SUPPLEMENTAL AGREEMENT 

         

        RELATING
TO THE SECURED CREDIT AGREEMENT

DATED 14 JULY 2014, AS AMENDED AND RESTATED ON 22 DECEMBER 2015 AND AS FURTHER AMENDED AND RESTATED ON 15 AUGUST 2019, FOR THE
DOLLAR EQUIVALENT OF UP TO €748,685,000 PRE AND POST DELIVERY FINANCE FOR HULL NO. [*]

                                                                         

         
	 
	
	 	 	 





 






     


     


    

 


Contents


 




	Clause	Page
	 	 
	1   Definitions	2
	 	 
	2   Agreement
    of the Finance Parties	3
	 	 
	3   Amendments
    to Original Credit Agreement	3
	 	 
	4   Representations
    and warranties	4
	 	 
	5   Conditions	5
	 	 
	6   Confirmations	5
	 	 
	7   Fees,
    costs and expenses	6
	 	 
	8   Miscellaneous
    and notices	7
	 	 
	9   Applicable
    law	7
	 	 
	Schedule 1 The
    Lenders	8
	 	 
	Schedule 2 Conditions
    precedent to Effective Date	9
	 	 
	Schedule 3 Form
    of Effective Date Notice	11
	 	 
	Schedule 4 Form
    of Amended and Restated Credit Agreement	12


 






     


     


    

 


THIS THIRD SUPPLEMENTAL AGREEMENT
is dated 20 April 2020 and made BETWEEN:


 


		(1)	SEAHAWK TWO, LTD., a Bermuda company with its registered office at Park Place, 55 Par La
Ville Road, Third Floor, Hamilton HM11, Bermuda (the Borrower);



 


		(2)	NCL CORPORATION LTD., a company incorporated under the laws of Bermuda and having its registered
office at Park Place, 55 Par La Ville Road, Third Floor, Hamilton HM11, Bermuda as guarantor (the Parent);



 


		(3)	NCL INTERNATIONAL, LTD., a company incorporated under the laws of Bermuda and having its
registered office at Park Place, 55 Par La Ville Road, Third Floor, Hamilton HM11, Bermuda as shareholder (the Shareholder);



 


		(4)	THE LENDERS particulars of which are set out in Schedule 1 (The Lenders) as
lenders (collectively the Lenders and each individually a Lender);



 


		(5)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as facility
agent (the Facility Agent);



 


		(6)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as Hermes
agent (the Hermes Agent);



 


		(7)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as bookrunner
(the Bookrunner);



 


		(8)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as initial
mandated lead arranger (the Initial Mandated Lead Arranger);



 


		(9)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as collateral
agent for itself and the Lenders (as hereinafter defined) (the Collateral Agent); and



 


		(10)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as CIRR
agent (the CIRR Agent).



 


WHEREAS:


 


		(A)	This Agreement is supplemental to a credit agreement dated 14 July 2014 as amended and restated
on 22 December 2015 and as further amended and restated on 15 August 2019 (the Original Credit Agreement) made between,
amongst others, the Borrower, the banks named therein as lenders and the Facility Agent, where the Lenders granted to the Borrower
a secured loan in the maximum amount of the dollar equivalent of up to Euro seven hundred and forty eight million, six hundred
and eighty five thousand (€748,685,000) (the Loan) for the purpose of enabling the Borrower to finance (among other
things) the construction of the Vessel (as such term is defined in the Original Credit Agreement) on the terms and conditions therein
contained.



  


		(B)	The Borrower and the Parent have by a consent request letter dated 7 April 2020 relating to the
 "Cruise Debt Holiday Principles" (the Principles) requested that the Original Credit Agreement be amended and
restated on the basis set out in this Agreement.



 


		(C)	The Lenders have agreed to the deferral of any scheduled repayments of principal of a Loan arising
during the Deferral Period on the basis set out in the Original Credit Agreement as amended, supplemented and restated by this
Agreement.



 






    	 	1	 



     


    

 


NOW IT IS HEREBY AGREED as follows:


 


		1	Definitions



 


		1.1	Defined expressions



 


Words and expressions defined
in the Original Credit Agreement shall, unless the context otherwise requires or unless otherwise defined herein, have the same
meanings when used in this Agreement.


 


		1.2	Definitions



 


In this Agreement, unless the
context otherwise requires:


 


Credit Agreement means
the Original Credit Agreement as amended and restated by this Agreement.


 


Deferral Fee Letter
means any letter between the Agent and the Parent setting out any of the fees payable in connection with this Agreement.


 


Deferral Period means
the period from 1 April 2020 to 31 March 2021 (inclusive).


 


Effective Date means
the date on which the Facility Agent notifies the Borrower and the Lenders in writing substantially in the form set out in Schedule
3 (Form of Effective Date Notice) that the Facility Agent has received the documents and evidence specified in clause 5.1
(Documents and evidence), clause 5.2 (General conditions precedent) and Schedule 2 (Conditions precedent
to Effective Date) in a form and substance reasonably satisfactory to it (and provided that the Facility Agent shall be under
no obligation to give the notification if a Default or a mandatory prepayment event under Section 4.02 of the Credit Agreement
(as if the same had been amended and restated by this Agreement) shall have occurred for which relief is not provided in the Principles).


 


Finance Party means
the Facility Agent, the Hermes Agent, the Collateral Agent, the CIRR Agent or a Lender.


 


Principles Information Package
has the meaning given to such term in the form of the Credit Agreement set out in Schedule 4 (Form of Amended and Restated
Credit Agreement).


 


Repayment Date has the
meaning given to such term in the form of the amended and restated Credit Agreement set out in Schedule 4 (Form of Amended
and Restated Credit Agreement).


 


Obligor means the Borrower,
the Parent and the Shareholder.


 


		1.3	References



 


References in:


 


		(a)	this Agreement to Sections of the Credit Agreement are to the Sections of the amended and restated
credit agreement set out in Schedule 4 (Form of Amended and Restated Credit Agreement);



 


		(b)	references in the Original Credit Agreement to “this Agreement” shall, with effect
from the Effective Date and unless the context otherwise requires, be references to the Original Credit Agreement as amended and
restated by this Agreement and words such as “herein”, “hereof”, “hereunder”, “hereafter”,
 “hereby” and “hereto”, where they appear in the Original Credit Agreement, shall be construed accordingly;



 


		(c)	this Agreement to any defined terms shall have meanings to be equally applicable to both the singular
and plural forms of the terms defined and references to this Agreement or any other document (or to any specified provision of
this Agreement or any other document) shall be construed as references to this Agreement, that provision or that document as from
time to time amended, restated, supplemented and/or novated.



 






    	 	2	 



     


    

 


		1.4	Clause headings



 


The headings of the several
clauses and sub-clauses of this Agreement are inserted for convenience only and shall not in any way affect the meaning or construction
of any provision of this Agreement.


 


		1.5	Electronic signing



 


The parties
acknowledge and agree that they may execute this Agreement and any variation or amendment to the same, by electronic instrument.
The parties agree that the electronic signatures appearing on the document shall have the same effect as handwritten signatures
and the use of an electronic signature on this Agreement shall have the same validity and legal effect as the use of a signature
affixed by hand and is made with the intention of authenticating this Agreement, and evidencing the parties’ intention to
be bound by the terms and conditions contained herein. For the purposes of using an electronic signature, the parties authorise
each other to the lawful processing of personal data of the signers for contract performance and their legitimate interests including
contract management.


 


		1.6	Contracts (Rights of Third Parties) Act 1999



 


A person who is not a party
to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of any term
of this Agreement unless expressly provided to the contrary in this Agreement.  Notwithstanding any term of this Agreement,
the consent of any person who is not a party to this Agreement is not required to rescind or vary this Agreement at any time.


 


		2	Agreement of the Finance Parties



 


The Finance Parties, relying
upon the representations and warranties on the part of the Obligors contained in clause 4 (Representations and warranties),
agree with the Borrower that, subject to the terms and conditions of this Agreement and in particular, but without prejudice to
the generality of the foregoing, fulfilment of the conditions contained in clause 5 (Conditions) and Schedule 2
(Conditions precedent to Effective Date), the Original Credit Agreement shall be amended and restated on the terms set out
in clause 3 (Amendments to Original Credit Agreement).


 


		3	Amendments to Original Credit Agreement



 


		3.1	Amendments



 


The Original Credit Agreement
(but without its Exhibits which, subject to clause 6.2(c), shall remain in the same form and deemed to form part of the Credit
Agreement) shall, with effect on and from the Effective Date, be (and it is hereby) amended and restated so as to read in accordance
with the form of the amended and restated Credit Agreement set out in Schedule 4 (Form of Amended and Restated Credit Agreement)
and (as so amended) and, together with the Exhibits, will continue to be binding upon the parties to it in accordance with its
terms as so amended and restated.


 


		3.2	Continued force and effect



 


Save as amended by this Agreement,
the provisions of the Original Credit Agreement shall continue in full force and effect and the Original Credit Agreement and this
Agreement shall be read and construed as one instrument.


 






    	 	3	 



     


    

 


		4	Representations and warranties



 


		4.1	Primary representations and warranties



 


Each of the Obligors represents
and warrants to the Finance Parties that:


 


		(a)	Power and authority



 


it has the power to enter into
and perform this Agreement and the transactions contemplated hereby and has taken all necessary action to authorise the entry into
and performance of this Agreement and such transactions. This Agreement constitutes its legal, valid and binding obligations enforceable
in accordance with its terms and in entering into this Agreement, it is acting on its own account;


 


		(b)	No violation 



 


the entry into and performance
of this Agreement and the transactions contemplated hereby do not and will not conflict with:


 


		(i)	any law or regulation or any official or judicial order; or



 


		(ii)	its constitutional documents; or



 


		(iii)	any agreement or document to which any member of the NCLC Group is a party or which is binding
upon it or any of its assets, nor result in the creation or imposition of any Lien on it or its assets pursuant to the provisions
of any such agreement or document and in particular but without prejudice to the foregoing the entry into and performance of this
Agreement and the transactions and documents contemplated hereby and thereby will not render invalid, void or voidable any security
granted by it to the Collateral Agent;



 


		(c)	Governmental approvals



 


all authorisations, approvals,
consents, licenses, exemptions, filings, registrations, notarisations and other matters, official or otherwise, required in connection
with the entry into, performance, validity and enforceability of this Agreement and the transactions contemplated hereby have been
obtained or effected and are in full force and effect;


 


		(d)	Fees, governing law and enforcement



 


no fees or taxes, including,
without limitation, stamp, transaction, registration or similar taxes, are required to be paid to ensure the legality, validity,
or enforceability of this Agreement. The choice of the laws of England as set forth in this Agreement is a valid choice of law,
and the irrevocable submission by each Obligor to jurisdiction and consent to service of process and, where necessary, appointment
by such Obligor of an agent for service of process, as set forth in this Agreement, is legal, valid, binding and effective; and


 


		(e)	True and complete disclosure



 


each Obligor has fully disclosed
in writing to the Facility Agent all facts relating to such Obligor which it knows or should reasonably know and which might reasonably
be expected to influence the Lenders in deciding whether or not to enter into this Agreement.


 


		4.2	Repetition of representations and warranties



 


Each of the representations
and warranties contained in clause 4.1 (Primary representations and warranties) of this Agreement shall be deemed to
be repeated by the Obligors on the Effective Date as if made with reference to the facts and circumstances existing on such day.


 






    	 	4	 



     


    

 


		5	Conditions



 


		5.1	Documents and evidence



 


The agreement of the Finance
Parties referred to in clause 2 (Agreement of the Finance Parties) shall be subject to the receipt by the Facility
Agent or its duly authorised representative of the documents and evidence specified in Schedule 2 (Conditions precedent
to Effective Date) in each case, in form and substance reasonably satisfactory to the Facility Agent and its lawyers.


 


		5.2	General conditions precedent



 


The agreement of the Finance
Parties referred to in clause 2 (Agreement of the Finance Parties) shall be further subject to:


 


		(a)	the representations and warranties in clause 4 (Representations and warranties) being
true and correct on the Effective Date as if each was made with respect to the facts and circumstances existing at such time; and



 


		(b)	no Event of Default or Default having occurred and continuing at the time of the Effective Date.



 


		5.3	Conditions subsequent



 


The Borrower undertakes as
soon as possible (but in any event within 10 days of the Effective Date) to deliver to the Facility Agent copies of the financing
statements (Form UCC-1 or the equivalent) and the search results (Form UCC-11) prepared, filed and/or obtained by the Borrower’s
counsel, Paul, Weiss, Rifkind, Wharton & Garrison LLP, to the extent required, in connection with the restatement of the Original
Credit Agreement pursuant to this Agreement.


 


		5.4	Waiver of conditions precedent



 


The conditions specified in
this clause 5 are inserted solely for the benefit of the Finance Parties and may be waived by the Finance Parties in whole
or in part with or without conditions.


 


		6	Confirmations



 


		6.1	Guarantee



 


The Parent as guarantor hereby
confirms its consent to the amendments to the Original Credit Agreement contained in this Agreement and agrees that the guarantee
and indemnity provided in Section 15 (Parent Guaranty) of the Original Credit Agreement, and the obligations of the Parent
as guarantor thereunder, shall remain and continue in full force and effect notwithstanding the said amendments to the Original
Credit Agreement contained in this Agreement.


 


		6.2	Credit Documents



 


Each Obligor further acknowledges
and agrees, for the avoidance of doubt, that:


 


		(a)	each of the Credit Documents to which it is a party, and its obligations thereunder, shall remain
in full force and effect notwithstanding the amendments made to the Original Credit Agreement by this Agreement;



 


		(b)	each of the Security Documents to which it is a party shall remain in full force and effect as
security for the obligations of the Borrower under the Credit Agreement; and



 


		(c)	with effect from the Effective Date, references in the Credit Documents to which it is a party
to the Credit Agreement shall henceforth be reference to the Original Credit Agreement as amended and restated by this Agreement
and as from time to time hereafter amended.



 






    	 	5	 



     


    

 


		7	Fees, costs and expenses



 


		7.1	Fees



 


The Parent agrees to pay to
the Facility Agent (for distribution to the Lenders in accordance with the terms of any applicable Deferral Fee Letter) the fees
in the amounts and at the times agreed in each relevant Deferral Fee Letter.


 


		7.2	Costs and expenses



 


The Borrower agrees to pay
on demand:


 


		(a)	all reasonable and documented expenses (including external legal and out-of-pocket expenses and
disbursements) incurred by:



 


		(i)	the Facility Agent or the Hermes Agent in connection with the negotiation, preparation, execution
and, where relevant, registration of this Agreement and of any amendment or extension of or the granting of any waiver or consent
under this Agreement; and



 


		(ii)	the CIRR Representative and any Lender in connection with the preparation, execution, delivery
and administration, modification and amendment of any Refinancing Agreement and any security or other documents executed or to
be executed and delivered as a consequence of the parties entering into this Agreement and any other documents to be delivered
under this Agreement; and



 


		(b)	all expenses (including legal and out-of-pocket expenses) incurred by the Finance Parties in contemplation
of, or otherwise in connection with, the enforcement of, or preservation of any rights under this Agreement or otherwise in respect
of the monies owing and obligations incurred under this Agreement,



 


and all such costs and expenses
shall be paid with interest at the rate referred to in Section 2.06 (Interest) of the Credit Agreement from the date on
which such expenses were incurred to the date of payment (as well after as before judgment).


 


		7.3	CIRR funding costs



 


The Borrower agrees to pay
on demand any additional imputed or calculative funding cost on the Deferred Loans incurred by a Lender or the CIRR Representative
as a consequence of the parties entering into this Agreement which shall not exceed the difference between the interest payable
on the Loan (other than the Deferred Loan) in accordance with the Credit Agreement and the interest payable on the Deferred Loans
at the Floating Rate. The Facility Agent shall furnish to the Borrower a determination of such a funding cost reflecting the respective
determinations which the Facility Agent has received from the CIRR Representative and each of the Lenders, which determination
will then be applicable to all Lenders. None of the Facility Agent, a Lender or the CIRR Representative is required to provide
to the Facility Agent (if applicable) or the Borrower evidence of how the determination of the funding cost has been made nor that
it has been suffered.


 


		7.4	Value Added Tax



 


All fees and expenses payable
pursuant to this clause 7 shall be paid together with VAT or any similar tax (if any) properly chargeable thereon.


 






    	 	6	 



     


    

 


		7.5	Stamp and other duties



 


The Borrower agrees to pay
to the Facility Agent on demand all stamp, documentary, registration or other like duties or taxes (including any duties or taxes
payable by the Facility Agent) imposed on or in connection with this Agreement and shall indemnify the Facility Agent against any
liability arising by reason of any delay or omission by the Borrower to pay such duties or taxes.


 


		8	Miscellaneous and notices



 


		8.1	Notices



 


The provisions of Section 14.03
(Notices) of the Credit Agreement shall extend and apply to the giving or making of notices or demands hereunder as if the
same were expressly stated herein with all necessary changes.


 


		8.2	Counterparts



 


This Agreement may be executed
in any number of counterparts and by the different parties on separate counterparts, each of which when so executed and delivered
shall be an original but all counterparts shall together constitute one and the same instrument.


 


		8.3	Further assurance



 


The provisions of Section 9.10(a)
(Further Assurances) of the Credit Agreement shall extend and apply to this Agreement as if the same were expressly stated
herein with all necessary changes.


 


		9	Applicable law



 


		9.1	Law



 


This Agreement and any non-contractual
obligations connected with it are governed by and shall be construed in accordance with English law.


 


		9.2	Exclusive jurisdiction and service of process



 


The provisions of Section 14.07(b)
and (c) (Governing Law; Exclusive Jurisdiction of English Courts; Service of Process) of the Credit Agreement shall apply
to this Agreement as if the same were expressly stated herein with all necessary changes.


 


This Agreement has been executed on
the date stated at the beginning of this Agreement.


 






    	 	7	 



     


    







 


Schedule 1



The Lenders


 


	BNP Paribas Fortis SA/NV
	Crédit Agricole Corporate and Investment Bank
	DNB Bank ASA
	HSBC France
	KfW IPEX-Bank GmbH
	Skandinaviska Enskilda Banken AB (publ)
	Société Générale


 


 



    	 	8	 



     


    







 


Schedule 2

Conditions precedent to Effective Date


 


 


		1	Corporate authorisation



 


In relation to each Obligor:


 


		(a)	Constitutional documents



 


copies certified by an officer
of that Obligor, as true, complete and up to date copies, of all documents which contain or establish or relate to the constitution
of that party or an officer's certificate confirming that there have been no changes or amendments to the constitutional documents
certified copies of which were previously delivered to the Facility Agent pursuant to the Original Credit Agreement or any previous
supplement to it;


 


		(b)	Resolutions



 


a copy, certified by an officer
of that Obligor to be a true copy, and as being in full force and effect and not amended or rescinded, of resolutions of its board
of directors or equivalent:


 


		(i)	approving the transactions contemplated by this Agreement; and



 


		(ii)	authorising a person or persons to sign and deliver on behalf of that Obligor or, as the case may
be, authorising the sealing by that Obligor of this Agreement and any notices or other documents to be given pursuant hereto,



 


together with originals or certified
copies of any powers of attorney issued by any Obligor pursuant to such resolutions; and


 


		(c)	Certificate of incumbency 



 


a certificate signed by an officer
of each Obligor certified to be true, complete and up to date of (i) the directors and officers of that Obligor specifying the
names and positions of such persons, (ii) its issued share capital and shareholders, (iii) specimen signatures of those persons
authorised to sign this Agreement on its behalf and (iv) a declaration of solvency.


 


		2	Consents



 


A certificate signed by an
officer of each Obligor confirming that all governmental and other licences, approvals, consents, registrations and filings necessary
for any matter or thing contemplated by this Agreement on behalf of that Obligor and for the legality, validity, enforceability,
admissibility in evidence and effectiveness thereof have been obtained or effected on an unconditional basis and remain in full
force and effect (or, in the case of the effecting of any registrations and filings, that arrangements satisfactory to the Facility
Agent have been made for the effecting of the same within any applicable time limit).


 


		3	Principles



 


		(a)	Principles: Final approval of the Principles (including deferral of the instalments of principal
of the Loan due to be repaid during the Deferral Period) by Hermes.



 


		(b)	Hermes Cover: Evidence to the satisfaction of each Lender that the Deferred Loans are covered
under the Hermes Cover.



 






    	 	9	 



     


    

 


		(c)	Information Package: Evidence that the NCLC Group has submitted the Principles Information
Package (including information related to crisis-related liquidity measures) to Hermes, as a basis for Hermes to assess the adequacy
of the NCLC Group ́s crisis-related liquidity measures with regard to utilization of the Deferred Loans, in accordance with
the terms of the Credit Agreement.



 


		4	Process agent



 


A copy of a letter from each
Obligor’s agent for receipt of service of proceedings accepting its appointment under this Agreement as each Obligor’s
process agent (with the original to be delivered as soon as practicable after the Effective Date).


 


		5	Receipt of fees, costs and expenses



 


A duly executed copy of each
Deferral Fee Letter and evidence that any fees, costs and expenses due from the Borrower under clause 7 (Fees, costs and expenses)
of this Agreement have been paid or will be paid promptly on being demanded.


 


		6	Legal opinions



 


Such legal opinions or confirmations
as to the continued effect of any existing legal opinions in relation to the laws of England, Bermuda and New York as the Facility
Agent shall in its reasonable discretion deem appropriate (or, where applicable, a written approval in principle (which can be
given by email) by counsel to the Facility Agent in any of the above jurisdictions of the arrangements contemplated by this Agreement
and a confirmation that a formal legal opinion will follow promptly after the Effective Date).


 


		7	Amendments to Refinancing Agreements



 


The CIRR Representative has
confirmed to the Facility Agent that all relevant Lenders have signed respective amendments to their Refinancing Agreements.


 






    	 	10	 



     


    







 


Schedule 3

Form of Effective Date Notice


 


		To:	Seahawk Two, Ltd.



 


		To:	NCL Corporation Ltd.



 


		To:	NCL International, Ltd.



 


		To:	KfW



 


Norwegian Encore
(ex-hull no [*])


 


We, KfW IPEX-Bank GmbH,
refer to the third supplemental agreement dated 20 April 2020 (the Third Supplemental Agreement) (which, for the
purposes of any amendment to a Refinancing Agreement (as defined in the Credit Agreement), shall be an “Amendment
Agreement”) relating to a credit agreement dated as of July 14, 2014 (as previously amended, supplemented and/or
restated from time to time) (the Credit Agreement) made between (among others) the above named Seahawk Two, Ltd. as
the Borrower, NCL Corporation Ltd. as the Parent, the financial institutions listed in it as the Lenders and ourselves as the
Hermes Agent and the Facility Agent in respect of a multi-draw term loan credit facility in an aggregate principal amount of
up to €748,685,000


 


We hereby confirm that all
conditions precedent referred to in Schedule 2 (Conditions precedent to Effective Date) of the Third Supplemental Agreement
have been satisfied. In accordance with clause 5 (Conditions) of the Third Supplemental Agreement, the Effective Date is
the date of this confirmation and the amendment and restatement of the Credit Agreement in accordance with the terms of the Third
Supplemental Agreement is now effective.


  


	Dated:	 	____ April 2020	 
	 	 	 	 
	Signed:	 	 	 
	 	 	 	 
	 	 	For and on behalf of	 
	 	 	KfW IPEX-Bank GmbH	 
	 	 	(as Facility Agent)	 




 






    	 	11	 



     


    







 


Schedule 4

Form of Amended and Restated Credit Agreement


 


 






    	 	12	 



     


    









€748,685,000



AMENDED AND RESTATED CREDIT AGREEMENT


 


among


 


NCL CORPORATION LTD.,


as Parent,


 


SEAHAWK TWO, LTD.,

as Borrower,


 


VARIOUS LENDERS,


 


KFW IPEX-BANK GMBH,


as Facility Agent, Collateral Agent and
CIRR Agent,


 


KFW IPEX-BANK GMBH,

as Bookrunner,


 


and


 


KFW IPEX-BANK GMBH,

as Hermes Agent


 


__________________________________


 


DATED JULY 14, 2014, AS AMENDED AND RESTATED ON DECEMBER 22,
2015

AND AS FURTHER AMENDED AND RESTATED ON AUGUST 15, 2019 AND BY A THIRD SUPPLEMENTAL AGREEMENT DATED APRIL 20, 2020


__________________________________


 


KFW IPEX-BANK GMBH


 


as Initial Mandated Lead Arranger


 


 















     

     


    

 


TABLE OF CONTENTS


 


Page


 




	SECTION 1. Definitions and Accounting Terms	1
	 	 
	1.01 Defined Terms	1
	 	 
	SECTION 2. Amount and Terms of Credit Facility	33
	 	 
	2.01 The Commitments	33
	2.02 Amount and Timing of Each Borrowing; Currency of Disbursements	33
	2.03 Notice of Borrowing	34
	2.04 Disbursement of Funds	35
	2.05 Pro Rata Borrowings	36
	2.06 Interest	36
	2.07 Election of Floating Rate	37
	2.08 Floating Rate Interest Periods	38
	2.09 Increased Costs, Illegality, Market Disruption, etc.	39
	2.10 Indemnification; Breakage Costs	41
	2.11 Change of Lending Office; Limitation on Additional Amounts	42
	2.12 Replacement of Lenders	43
	2.13 Disruption to Payment Systems, Etc	44
	 	 
	SECTION 3. Commitment Commission; Fees; Reductions of Commitment	44
	 	 
	3.01 Commitment Commission	44
	3.02 CIRR Fees.	45
	3.03 Other Fees.	45
	3.04 Voluntary Reduction or Termination of Commitments	45
	3.05 Mandatory Reduction of Commitments	45
	 	 
	SECTION 4. Prepayments; Repayments; Taxes	46
	 	 
	4.01 Voluntary Prepayments	46
	4.02 Mandatory Repayments and Commitment Reductions	47
	4.03 Method and Place of Payment	48
	4.04 Net Payments; Taxes	49
	4.05 Application of Proceeds	50
	4.06 FATCA Information	51
	 	 
	SECTION 5. Conditions Precedent to the Initial Borrowing Date	53
	 	 
	5.01 Effective Date	53
	5.02 [Intentionally Omitted]	53
	5.03 Corporate Documents; Proceedings; etc.	54
	5.04 Know Your Customer	54
	5.05 Construction Contract and Other Material Agreements	54



 






    	 	(i)	 



     


    

 


	5.06 Share Charge	54
	5.07 Assignment of Contracts	54
	5.08 [Intentionally Omitted]	55
	5.09 Process Agent.	55
	5.10 Opinions of Counsel	55
	5.11 KfW Refinancing.	56
	5.12 Equity Payment	56
	5.13 Financing Statements	56
	5.14 Security Trust Deed	57
	5.15 Hermes Cover	57
	 	 
	SECTION 6. Conditions Precedent to each Borrowing Date	57
	 	 
	6.01 No Default; Representations and Warranties	57
	6.02 Consents	57
	6.03 Refund Guarantees	58
	6.04 Equity Payment	58
	6.05 Fees, Costs, etc.	58
	6.06 Construction Contract	59
	6.07 Notice of Borrowing	59
	6.08 Solvency Certificate	59
	6.09 Litigation	59
	6.10 Hermes Cover	59
	 	 
	SECTION 7. Conditions Precedent to the Delivery Date	60
	 	 
	7.01 Delivery of Vessel	61
	7.02 Collateral and Guaranty Requirements	61
	7.03 Evidence of [*]% Payment	61
	7.04 Hermes Compliance; Compliance with Applicable Laws and Regulations	61
	7.05 Opinion of Counsel	61
	 	 
	SECTION 8. Representations and Warranties	61
	 	 
	8.01 Entity Status	61
	8.02 Power and Authority	61
	8.03 No Violation	62
	8.04 Governmental Approvals	62
	8.05 Financial Statements; Financial Condition	62
	8.06 Litigation	63
	8.07 True and Complete Disclosure	63
	8.08 Use of Proceeds	63
	8.09 Tax Returns and Payments	63
	8.10 No Material Misstatements	63
	8.11 The Security Documents	64
	8.12 Capitalization	64
	8.13 Subsidiaries	65
	8.14 Compliance with Statutes, etc.	65
	8.15 Winding-up, etc.	65



 






    	 	(ii)	 



     


    

 


	8.16 No Default	65
	8.17 Pollution and Other Regulations	65
	8.18 Ownership of Assets	66
	8.19 Concerning the Vessel	66
	8.20 Citizenship	66
	8.21 Vessel Classification	67
	8.22 No Immunity	67
	8.23 Fees, Governing Law and Enforcement	67
	8.24 Form of Documentation	67
	8.25 Pari Passu or Priority Status	67
	8.26 Solvency	67
	8.27 No Undisclosed Commissions	68
	8.28 Completeness of Documentation	68
	8.29 Money Laundering	68
	 	 
	SECTION 9. Affirmative Covenants	68
	 	 
	9.01 Information Covenants	68
	9.02 Books and Records; Inspection	71
	9.03 Maintenance of Property; Insurance	71
	9.04 Corporate Franchises	71
	9.05 Compliance with Statutes, etc.	71
	9.06 Hermes Cover	71
	9.07 End of Fiscal Years	72
	9.08 Performance of Credit Document Obligations	72
	9.09 Payment of Taxes	72
	9.10 Further Assurances	72
	9.11 Ownership of Subsidiaries	73
	9.12 Consents and Registrations	73
	9.13 Flag of Vessel	73
	9.14 “Know Your Customer” and Other Similar Information	73
	 	 
	SECTION 10. Negative Covenants	74
	 	 
	10.01 Liens	74
	10.02 Consolidation, Merger, Amalgamation, Sale of Assets, Acquisitions, etc.	75
	10.03 Dividends	76
	10.04 Advances, Investments and Loans	77
	10.05 Transactions with Affiliates	77
	10.06 Free Liquidity	79
	10.07 Total Net Funded Debt to Total Capitalization	79
	10.08 Collateral Maintenance	80
	10.09 Consolidated EBITDA to Consolidated Debt Service	80
	10.10 Business; Change of Name	80
	10.11 Subordination of Indebtedness.	80
	10.12 Activities of Borrower, etc.	81



 






    	 	(iii)	 



     


    

 


	10.13 Material Amendments or Modifications of Construction Contracts	81
	10.14 No Place of Business	81
	 	 
	SECTION 11. Events of Default	81
	 	 
	11.01 Payments	81
	11.02 Representations, etc.	82
	11.03 Covenants	82
	11.04 Default Under Other Agreements	82
	11.05 Bankruptcy, etc.	83
	11.06 Total Loss	84
	11.07 Security Documents	84
	11.08 Guaranties	84
	11.09 Judgments	84
	11.10 Cessation of Business	85
	11.11 Revocation of Consents	85
	11.12 Unlawfulness	85
	11.13 Insurances	85
	11.14 Disposals	85
	11.15 Government Intervention	86
	11.16 Change of Control	86
	11.17 Material Adverse Change	86
	11.18 Repudiation of Construction Contract or other Material Documents	86
	 	 
	SECTION 12. Agency and Security Trustee Provisions	86
	 	 
	12.01 Appointment and Declaration of Trust	86
	12.02 Nature of Duties	87
	12.03 Lack of Reliance on the Agents	87
	12.04 Certain Rights of the Agents	88
	12.05 Reliance	88
	12.06 Indemnification	88
	12.07 The Agents in their Individual Capacities	89
	12.08 Resignation by an Agent	89
	12.09 The Lead Arrangers	90
	12.10 Impaired Agent	90
	12.11 Replacement of an Agent	91
	12.12 Resignation by the Hermes Agent	91
	 	 
	SECTION 13. Benefit of Agreement	92
	 	 
	13.01 Assignments and Transfers by the Lenders	92
	13.02 Assignment or Transfer Fee	94
	13.03 Assignments and Transfers to Hermes or KfW	94
	13.04 Limitation of Responsibility to Existing Lenders	94
	13.05 [Intentionally Omitted]	95
	13.06 Procedure and Conditions for Transfer	95



 






    	 	(iv)	 



     


    

 


	13.07 Procedure and Conditions for Assignment	96
	13.08 Copy of Transfer Certificate or Assignment Agreement to Parent	96
	13.09 Security over Lenders’ Rights	96
	13.10 Assignment by a Credit Party	97
	13.11 Lender Participations	97
	13.12 Increased Costs	98
	 	 
	SECTION 14. Miscellaneous	98
	 	 
	14.01 Payment of Expenses, etc.	99
	14.02 Right of Set-off	100
	14.03 Notices	100
	14.04 No Waiver; Remedies Cumulative	101
	14.05 Payments Pro Rata	101
	14.06 Calculations; Computations	102
	14.07 Governing Law; Exclusive Jurisdiction of English Courts; Service of Process	102
	14.08 Counterparts	103
	14.09 Effectiveness	103
	14.10 Headings Descriptive	103
	14.11 Amendment or Waiver; etc.	104
	14.12 Survival	107
	14.13 Domicile of Loans	107
	14.14 Confidentiality	107
	14.15 Register	108
	14.16 Third Party Rights	108
	14.17 Judgment Currency	108
	14.18 Language	109
	14.19 Waiver of Immunity	109
	14.20 “Know Your Customer” Notice	109
	14.21 Release of Liens and the Parent Guaranty; Flag Jurisdiction Transfer	110
	14.22 Partial Invalidity	111
	 	 
	SECTION 15. Parent Guaranty	111
	 	 
	15.01 Parent Guaranty and Indemnity	111
	15.02 Continuing Guaranty	111
	15.03 Reinstatement	111
	15.04 Waiver of Defenses	111
	15.05 Guarantor Intent	112
	15.06 Immediate Recourse	112
	15.07 Appropriations	112
	15.08 Deferral of Guarantor’s Rights	113
	15.09 Additional Security	113


 






    	 	(v)	 



     


    

 


	SCHEDULE
    1.01(a)	 	-	 	Commitments
	SCHEDULE 1.01(b)	 	-	 	Mandatory Costs
	SCHEDULE 1.01(c)	 	-	 	The Principles
	SCHEDULE 4.02	 	-	 	Repayment Schedule
	SCHEDULE 5.07	 	-	 	Notices, Acknowledgments
    and Consents
	SCHEDULE 5.10	 	-	 	Initial Borrowing Date
    Opinions
	SCHEDULE 6.09	 	-	 	Material Litigation
	SCHEDULE 7.05	 	-	 	Delivery Date Opinions
	SCHEDULE 8.03	 	-	 	Existing Agreements
	SCHEDULE 8.12	 	-	 	Capitalization
	SCHEDULE 8.13	 	-	 	Subsidiaries
	SCHEDULE 8.19	 	-	 	Vessel
	SCHEDULE 8.21	 	-	 	Approved Classification
    Societies
	SCHEDULE 9.03	 	-	 	Required Insurances
	SCHEDULE 10.01	 	-	 	Existing Liens
	SCHEDULE 14.03A	 	-	 	Credit Party Addresses
	SCHEDULE 14.03B	 	-	 	Lender Addresses
	 	 	 	 	 
	 	 	 	 	 



 


	EXHIBIT
    A	 	-	 	Form of Notice of Borrowing
	EXHIBIT B-1	 	-	 	Form of BankAssure Report
	EXHIBIT B-2	 	-	 	Form of Insurance Broker
    Certificate
	EXHIBIT
    C	 	-	 	Form of Interaction Agreement
	EXHIBIT
    D	 	-	 	Form of Secretary’s
    Certificate
	EXHIBIT
    E	 	-	 	Form of Transfer Certificate
	EXHIBIT
    F	 	-	 	Form of Bermuda Share Charge
	EXHIBIT
    G	 	-	 	Form of Assignment of
    Earnings and Insurances
	EXHIBIT
    H	 	-	 	Form of Assignment of Charters
	EXHIBIT
    I	 	-	 	Form of Deed of Covenants
	EXHIBIT
    J	 	-	 	Form of Assignment of Contracts
	EXHIBIT
    K	 	-	 	Form of Solvency Certificate
	EXHIBIT
    L	 	-	 	Form of Assignment Agreement
	EXHIBIT
    M	 	-	 	Form of Compliance Certificate
	EXHIBIT
    N	 	-	 	[Intentionally Omitted]
	EXHIBIT
    O	 	-	 	Form of Assignment of
    Management Agreements
	EXHIBIT
    P	 	-	 	Form of Security Trust
    Deed
	EXHIBIT
    Q	 	-	 	Form of Charge of KfW
    Refund Guarantees




 






    	 	(vi)	 



     


    

 





THIS CREDIT AGREEMENT,
is made by way of deed July 14, 2014, as amended and restated on December 22, 2015 and August 15, 2019, and as further amended
and restated pursuant to the Third Supplemental Agreement, among NCL CORPORATION LTD., a Bermuda company with its registered office
as of the date hereof at Park Place, 55 Par La Ville Road, Third Floor, Hamilton HM11, Bermuda (the “Parent”),
SEAHAWK TWO, LTD., a Bermuda company with its registered office as of the date hereof at Park Place, 55 Par La Ville Road, Third
Floor, Hamilton HM11, Bermuda (the “Borrower”), KFW IPEX-BANK GMBH, as a Lender (in such capacity, together
with each of the other Persons that may become a “Lender” in accordance with Section 13, each of them individually
a “Lender” and, collectively, the “Lenders”), KFW IPEX-BANK GMBH, as Facility Agent (in such
capacity, the “Facility Agent”), as Collateral Agent under the Security Documents (in such capacity, the “Collateral
Agent”) and as CIRR Agent (in such capacity, the “CIRR Agent”), KFW IPEX-BANK GMBH, as Bookrunner
(in such capacity, the “Bookrunner”), KFW IPEX-BANK GMBH, as Hermes Agent (in such capacity, the “Hermes
Agent”), and KFW IPEX-BANK GMBH, as initial mandated lead arranger in respect of the credit facility provided for herein
(in such capacity the “Initial Mandated Lead Arranger”). All capitalized terms used herein and defined in Section
1 are used herein as therein defined.


 


W I T N E S S E T H:


 


WHEREAS, the Borrower
has requested that the Lenders make available to the Borrower a multi-draw term loan credit facility in an aggregate principal
amount of up to €748,685,000 and which Loans may be incurred to finance, (a) in part, the construction and acquisition costs
of the Vessel and (b) the related Hermes Premium, each in the proportions and at the times set out in Section 2.02 below;


 


WHEREAS, subject to and
upon the terms and conditions set forth herein, the Lenders are willing to make available to the Borrower the term loan facility
provided for herein; and


 


WHEREAS, in connection
with the matters contemplated by the Principles (as defined below), the Borrower and the Lenders have agreed to defer each scheduled
repayment of the Loans arising during the Deferral Period (as defined below) on the terms set out herein (but which deferral shall,
in no circumstance, involve an increase to the Total Commitments).


 


NOW, THEREFORE, IT IS
AGREED:


 


SECTION 1. Definitions
and Accounting Terms.


 


1.01 Defined
Terms. As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable
to both the singular and plural forms of the terms defined) and references to this Agreement or any other document (or to any specified
provision of this Agreement or any other document) shall be construed as references to this Agreement, that provision or that document
as from time to time amended, restated, supplemented and/or novated:


 


“Acceptable
Bank” means (a) a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced
debt obligations of A- or higher by S&P or A2 or higher by Moody's or a comparable rating from an internationally recognized
credit rating agency; or (b) any other bank or financial institution approved by each Agent.


 






    	 	 	 



     


    

 


“Acceptable
Flag Jurisdiction” shall mean the Bahamas, Bermuda, Panama, the Marshall Islands, the United States or such other flag
jurisdiction as may be acceptable to the Required Lenders in their reasonable discretion.


 


“Acquisition”
means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the
acquisition of all or substantially all of the assets of a Person, or of any business or division of a Person, (b) the acquisition
of in excess of fifty percent (50%) of the Capital Stock of any Person or otherwise causing any Person to become a Subsidiary of
a Borrower, or (c) a merger, amalgamation or consolidation or any other combination with another Person.


 


“Addendum No.
3” means addendum no. 3 to the Construction Contract dated 10 September 2015.


  


“Addendum No.
6” means addendum no. 6 to the Construction Contract dated 26 September 2017.


 


“Additional
Hermes Premium” means the aggregate of the First Additional Hermes Premium and the Second Additional Hermes Premium.


  


“Adjusted Construction
Price” shall mean the sum of the Initial Construction Price of the Vessel and the total permitted increases to the Initial
Construction Price of the Vessel pursuant to Permitted Change Orders (it being understood that the Final Construction Price may
exceed the Adjusted Construction Price).


 


“Affiliate”
shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or
indirect common control with, such Person; provided, however, that for purposes of Section 10.05, an Affiliate of
the Parent or any of its Subsidiaries, as applicable, shall include any Person that directly or indirectly owns more than 10% of
any class of the Capital Stock of the Parent or such Subsidiary, as applicable, and any officer or director of the Parent or such
Subsidiary. A Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power to direct
or cause the direction of the management and policies of such other Person, whether through the ownership of voting securities,
by contract or otherwise. Notwithstanding anything to the contrary contained above, for purposes of Section 10.05, neither the
Facility Agent, nor the Collateral Agent, nor the Lead Arrangers nor any Lender (or any of their respective affiliates) shall be
deemed to constitute an Affiliate of the Parent or its Subsidiaries in connection with the Credit Documents or its dealings or
arrangements relating thereto.


 


“Affiliate Transaction”
shall have the meaning provided in Section 10.05.


 


“Agent”
or “Agents” shall mean, individually and collectively, the Facility Agent, the Collateral Agent, the Delegate
Collateral Agent, the Hermes Agent and the CIRR Agent.


 






    	 	-2-	 



     


    

 


“Agreement”
shall mean this Credit Agreement, as modified, supplemented, amended, restated or novated from time to time.


 


“Appraised Value”
of the Vessel at any time shall mean the fair market value or, as the case may be, the average of the fair market value of the
Vessel on an individual charter free basis as set forth on the appraisal or, as the case may be, the appraisals most recently delivered
to, or obtained by, the Facility Agent prior to such time pursuant to Section 9.01(c).


 


“Approved Appraisers”
shall mean Brax Shipping AS; Barry Rogliano Salles S.A., Paris; Clarksons, London; R.S. Platou Shipbrokers, A.S., Oslo; and Fearnsale,
a division of Astrup Fearnley AS, Oslo.


 


“Approved Stock
Exchange” shall mean the New York Stock Exchange, NASDAQ or such other stock exchange in the United States of America,
the United Kingdom or Hong Kong as is approved in writing by the Facility Agent or, in each case, any successor thereto.


 


“Assignment
Agreement” shall mean an Assignment Agreement substantially in the form of Exhibit L (appropriately completed) or any
other form agreed between the relevant assignor and assignee (and if required to be executed by the Borrower, the Borrower).


 


“Assignment
of Charters” shall have the meaning provided in the definition of “Collateral and Guaranty Requirements”.


 


“Assignment
of Contracts” shall have the meaning provided in Section 5.07.


 


“Assignment
of Earnings and Insurances” shall have the meaning provided in the definition of “Collateral and Guaranty Requirements”.


 


“Assignment
of Management Agreements” shall have the meaning provided in the definition of “Collateral and Guaranty Requirements”.


 


“Bankruptcy
Code” shall have the meaning provided in Section 11.05(b).


 


“Basel II”
shall mean the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published
by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement.


 


“Basel III”
shall mean (a) the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel III: A
global regulatory framework for more resilient banks and banking systems", "Basel III: International framework for liquidity
risk measurement, standards and monitoring" and "Guidance for national authorities operating the countercyclical capital
buffer" published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated;
(b) the rules for global systemically important banks contained in "Global systemically important banks: assessment methodology
and the additional loss absorbency requirement – Rules text" published by the Basel Committee on Banking Supervision
in November 2011, as amended, supplemented or restated; and (c) any further guidance or standards published by the Basel Committee
on Banking Supervision relating to "Basel III"."


 






    	 	-3-	 



     


    

 


“Bookrunner”
shall have the meaning provided in the first paragraph of this Agreement, and shall include any successor thereto.


 


“Borrower”
shall have the meaning provided in the first paragraph of this Agreement, and shall include any successor thereto.


 


“Borrowing”
shall mean the borrowing of Loans (including Deferred Loans) from all the Lenders (other than any Lender which has not funded its
share of a Borrowing in accordance with this Agreement) having Commitments on a given date.


 


“Borrowing Date”
shall mean each date (including the Initial Borrowing Date) on which a Borrowing occurs as set forth in Section 2.02.


 


“Business Day”
shall mean any day except Saturday, Sunday and any day which shall be in New York, London or Frankfurt am Main a legal holiday
or a day on which banking institutions are authorized or required by law or other government action to close.


 


“Capital Stock”
means:


 


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


 


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


 


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


 


(4)       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.


 


“Cash Balance”
shall mean, at any date of determination, the unencumbered and otherwise unrestricted cash and Cash Equivalents of the NCLC Group.


 


“Cash Equivalents”
shall mean (i) securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality
thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of
not more than one year from the date of acquisition, (ii) time deposits and certificates of deposit of any commercial bank having,
or which is the principal banking subsidiary of a bank holding company having capital, surplus and undivided profits aggregating
in excess of $200,000,000, with maturities of not more than one year from the date of acquisition by any Person, (iii) repurchase
obligations with a term of not more than 90 days for underlying securities of the types described in clause (i) above entered into
with any bank meeting the qualifications specified in clause (ii) above, (iv) commercial paper issued by any Person incorporated
in the United States rated at least A-1 or the equivalent thereof by S&P or at least B-1 or the equivalent thereof by Moody’s
and in each case maturing not more than one year after the date of acquisition by any other Person, and (v) investments in money
market funds substantially all of whose assets are comprised of securities of the types described in clauses (i) through (iv) above.


 






    	 	-4-	 



     


    

 


“CERCLA”
shall mean the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as the same may be amended from time
to time, 42 U.S.C. § 9601 et seq.


 


“Change of
Control” shall mean:


 


		(i)	any Person or group of Persons acting in concert:



 


		(A)	owns legally and/or beneficially and either directly or indirectly at least thirty three per cent
(33%) of the ordinary share capital of the Parent; or



 


		(B)	has the right or the ability to control either directly or indirectly the affairs of or the composition
of the majority of the board of directors (or equivalent) of the Parent; or



 


		(ii)	the Parent (or such parent company of the Parent) ceases to be a listed company on an Approved
Stock Exchange without the prior written consent of the Required Lenders.



 


“Charge of KfW
Refund Guarantees” shall have the meaning provided in Section 5.07.


 


“CIRR”
means 3.12% per annum being the Commercial Interest Reference Rate determined in accordance with the OECD Arrangement for Officially
Supported Export Credits to be applicable to the Loan hereunder (and includes the CIRR administrative margin of 0.20% per annum).


 


“CIRR Agent”
shall have the meaning provided in the first paragraph of this Agreement, and shall include any successor thereto.


 


“CIRR General
Terms and Conditions” shall mean the CIRR General Terms and Conditions for interest rate make-up in ship financing schemes
(August 29, 2012 edition).


 


“CIRR Representative”
shall mean KfW, acting in its capacity as CIRR mandatary in connection with this Agreement.


 


“Claims”
shall have the meaning provided in the definition of “Environmental Claims”.


 


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


 






    	 	-5-	 



     


    

 


“Collateral”
shall mean all property (whether real or personal) with respect to which any security interests have been granted (or purported
to be granted) pursuant to any Security Document, including, without limitation, all Share Charge Collateral, all Earnings and
Insurance Collateral, the Construction Risk Insurance, the Vessel, each Refund Guarantee, the Construction Contract and all cash
and Cash Equivalents at any time delivered as collateral thereunder or as collateral required hereunder.


 


“Collateral
Agent” shall have the meaning provided in the first paragraph of this Agreement, and shall include any successor thereto,
acting as mortgagee, security trustee or collateral agent for the Secured Creditors pursuant to the Security Documents.


 


“Collateral
and Guaranty Requirements” shall mean with respect to the Vessel, the requirement that:


 


(i)       (A)
the Borrower shall have duly authorized, executed and delivered an Assignment of Earnings and Insurances substantially in the form
of Exhibit G or otherwise reasonably acceptable to the Lead Arrangers (as modified, supplemented or amended from time to time,
the “Assignment of Earnings and Insurances”) (to the extent incorporated into or required by such Exhibit or
otherwise agreed by the Borrower and the Lead Arrangers) with appropriate notices, acknowledgements and consents relating thereto
and (B) the Borrower shall (x) use its commercially reasonable efforts to obtain, and enter into on or before delivery of the Vessel
under the relevant charter referred to below, an Assignment of Charters substantially in the form of Exhibit H (as modified, supplemented
or amended from time to time, the “Assignment of Charters”) with (to the extent incorporated into or required
by such Exhibit or otherwise agreed by the Borrower and the Lead Arrangers) appropriate notices, acknowledgements and consents
relating thereto for any charter or similar contract that has as of the execution date of such charter or similar contract a remaining
term of 13 months or greater (including any renewal option) and (y) have obtained a subordination agreement from the charterer
for any Permitted Chartering Arrangement that the Borrower has entered into with respect to the Vessel, and shall use commercially
reasonable efforts to provide appropriate notices and consents related thereto, together covering all of the Borrower’s present
and future Earnings and Insurance Collateral, in each case together with:


 


(a)       proper
financing statements (Form UCC-1 or the equivalent) fully prepared for filing in accordance with the UCC or in other appropriate
filing offices of each jurisdiction as may be necessary or, in the reasonable opinion of the Collateral Agent, desirable to perfect
or give notice to third parties of, as the case may be, the security interests purported to be created by the Assignment of Earnings
and Insurances; and


 


(b)       certified
copies of lien search results (Form UCC-11) listing all effective financing statements that name each Credit Party as debtor and
that are filed in the District of Columbia and Florida, together with Form UCC-3 Termination Statements (or such other termination
statements as shall be required by local law) fully prepared for filing if required by applicable law to terminate for any financing
statement which covers the Collateral except to the extent evidencing Permitted Liens;


 






    	 	-6-	 



     


    

 


(ii)       the
Borrower shall have duly authorized, executed and delivered an Assignment of Management Agreements in respect of the Management
Agreements for the Vessel substantially in the form of Exhibit O or otherwise reasonably acceptable to the Lead Arrangers (as modified,
supplemented or amended from time to time, the “Assignment of Management Agreements”) and shall have obtained
(or in the case of any Manager that is not a Subsidiary of the Parent, used commercially reasonable efforts to obtain) a Manager’s
Undertakings for the Vessel;


 


(iii)      the
Borrower shall have duly authorized, executed and delivered, and caused to be registered in the appropriate vessel registry a first
priority mortgage and a deed of covenants (as modified, amended or supplemented from time to time in accordance with the terms
thereof and hereof, and together with the Vessel Mortgage delivered pursuant to the definition of Flag Jurisdiction Transfer, the
 “Vessel Mortgage”), substantially in the form of Exhibit I or otherwise reasonably acceptable to the Lead Arrangers
with respect to the Vessel, and the Vessel Mortgage shall be effective to create in favor of the Collateral Agent a legal, valid
and enforceable first priority security interest, in and Lien upon the Vessel, subject only to Permitted Liens;


 


(iv)     all
filings, deliveries of notices and other instruments and other actions by the Credit Parties and/or the Collateral Agent necessary
or desirable in the reasonable opinion of the Collateral Agent to perfect and preserve the security interests described in clauses
(i) through and including (iii) above shall have been duly effected and the Collateral Agent shall have received evidence thereof
in form and substance reasonably satisfactory to the Collateral Agent; and


 


(v)      the
Facility Agent shall have received each of the following:


 


(a)       certificates
of ownership from appropriate authorities showing (or confirmation updating previously reviewed certificates and indicating) the
registered ownership of the Vessel by the Borrower; and


 


(b)       the
results of maritime registry searches with respect to the Vessel, indicating that the Vessel has been deleted from all new building
registers and that there are no record liens other than Liens in favor of the Collateral Agent and/or the Lenders and Permitted
Liens; and


 


(c)       class
certificates reasonably satisfactory to it from DNV GL or another classification society listed on Schedule 8.21 hereto (or another
internationally recognized classification society reasonably acceptable to the Facility Agent), indicating that the Vessel meets
the criteria specified in Section 8.21; and


 


(d)       certified
copies of all Management Agreements; and


 






    	 	-7-	 



     


    

 


(e)       certified
copies of all ISM and ISPS Code documentation for the Vessel; and


 


(f)       the
Facility Agent shall have received a report, in substantially the form of Exhibit B-1 or otherwise reasonably acceptable to the
Facility Agent, from BankAssure or another firm of independent marine insurance brokers reasonably acceptable to the Facility Agent
with respect to the insurance maintained (or to be maintained) by the Credit Parties in respect of the Vessel, together with a
certificate in substantially the form of Exhibit B-2 or otherwise reasonably acceptable to the Facility Agent, from another broker
certifying that such insurances (i) are placed with such insurance companies and/or underwriters and/or clubs, in such amounts,
against such risks, and in such form, as are customarily insured against by similarly situated insureds and (ii) include the Required
Insurance. In addition, the Borrower shall reimburse the Facility Agent for the reasonable and documented costs of procuring customary
mortgagee interest insurance and additional perils insurance in connection with the Vessel as contemplated by Section 9.03 (including
Schedule 9.03).


 


“Collateral
Disposition” shall mean (i) the sale, lease, transfer or other disposition of the Vessel by the Borrower to any Person
(it being understood that a Permitted Chartering Arrangement is not a Collateral Disposition) or the sale of 100% of the Capital
Stock of the Borrower or (ii) any Event of Loss of the Vessel.


 


“Commitment”
shall mean, for each Lender:


 


(i)        the amount denominated in Euro set forth opposite such Lender’s
name in Schedule 1.01(a) hereto as the same may be (x) reduced from time to time pursuant to Sections 3.04, 3.05, 4.01, 4.02 and/or
11 or (y) adjusted from time to time as a result of assignments and/or transfers to or from such Lender pursuant to Section
2.12, Section 13 or clause 3 of the Second Supplemental Agreement; and


 


(ii)       in
relation to a Deferred Loan, the amount of such Lender’s Commitment in respect of a Deferred Loan as at the time of the making
of a Deferred Loan (but the liability of each Lender in respect of which shall not, on the basis of the arrangements set out in
this Agreement, increase the Total Commitment of such Lender).


 


“Commitment
Termination Date” shall mean:


 


(i)       in
relation to a Loan other than a Deferred Loan, the date falling [*] after
the last scheduled Delivery Date as at the date of this Agreement, namely [*];
and


 


(ii)      in
relation to a Deferred Loan, the last day of the Deferral Period.


 


“Commitment
Commission” shall have the meaning provided in Section 3.01.


 






    	 	-8-	 



     


    

 


“Consolidated
Debt Service” shall mean, for any relevant period, the sum (without double counting), determined in accordance with GAAP,
of:


 


		(i)	the aggregate principal payable or paid during such period on any Indebtedness for Borrowed Money
of any member of the NCLC Group, other than:



 


		(a)	principal of any such Indebtedness for Borrowed Money prepaid at the option of the relevant member
of the NCLC Group or by virtue of “cash sweep” or “special liquidity” cash sweep provisions (or analogous
provisions) in any debt facility of the NCLC Group;



 


		(b)	principal of any such Indebtedness for Borrowed Money prepaid upon a sale or an Event of Loss of
any vessel (as if references in that definition were to all vessels and not just the Vessel) owned or leased under a capital lease
by any member of the NCLC Group; and



 


		(c)	balloon payments of any such Indebtedness for Borrowed Money payable during such period (and for
the purpose of this paragraph (c) a “balloon payment” shall not include any scheduled repayment installment of such
Indebtedness for Borrowed Money which forms part of the balloon);



 


		(ii)	Consolidated Interest Expense for such period;



 


		(iii)	the aggregate amount of any dividend or distribution of present or future assets, undertakings,
rights or revenues to any shareholder of any member of the NCLC Group (other than the Parent, or one of its wholly owned Subsidiaries)
or any Dividends other than tax distributions (including, without limitation, tax distributions of the type referred to in Section
10.03) in each case paid during such period; and



 


		(iv)	all rent under any capital lease obligations by which the Parent, or any consolidated Subsidiary
is bound which are payable or paid during such period and the portion of any debt discount that must be amortized in such period,



 


as calculated in accordance with GAAP and
derived from the then latest consolidated unaudited financial statements of the NCLC Group delivered to the Facility Agent in the
case of any period ending at the end of any of the first three fiscal quarters of each fiscal year of the Parent and the then latest
audited consolidated financial statements (including all additional information and notes thereto) of the Parent and its consolidated
Subsidiaries together with the auditors’ report delivered to the Facility Agent in the case of the final quarter of each
such fiscal year.


 


“Consolidated
EBITDA” shall mean, for any relevant period, the aggregate of:


 






    	 	-9-	 



     


    

 


(i)       
Consolidated Net Income from the Parent’s operations for such period; and


 


(ii)       the
aggregate amounts deducted in determining Consolidated Net Income for such period in respect of gains and losses from the sale
of assets or reserves relating thereto, Consolidated Interest Expense, depreciation and amortization, impairment charges and any
other non-cash charges and deferred income tax expense for such period.


 


“Consolidated
Interest Expense” shall mean, for any relevant period, the consolidated interest expense (excluding capitalized interest)
of the NCLC Group for such period.


 


“Consolidated
Net Income” shall mean, for any relevant period, the consolidated net income (or loss) of the NCLC Group for such period
as determined in accordance with GAAP.


 





“Construction
Contract” shall mean the Shipbuilding Contract (in relation to Hull No. [*]) for the Vessel, originally dated June 14,
2013 and as subsequently novated, amended and restated on July 8, 2014, among the Yard in that capacity, the Borrower, as buyer
of the Vessel and the Parent as guarantor of the Borrower, as such Shipbuilding Contract may be amended, modified or supplemented
from time to time in accordance with the terms thereof and hereof including, without limitation, pursuant to Addendum No. 3 and
Addendum No. 6.


 


“Construction
Risk Insurance” shall mean any and all insurance policies related to the Construction Contract and the construction of
the Vessel.


“Credit Documents”
shall mean this Agreement, the Supplemental Agreements, any Fee Letters, each Security Document, the Security Trust Deed, any Transfer
Certificate, any Assignment Agreement, the Interaction Agreement and, after the execution and delivery thereof, each additional
guaranty or additional security document executed pursuant to Section 9.10.




 


“Credit Document
Obligations” shall mean, except to the extent consisting of obligations, liabilities or indebtedness with respect to
Interest Rate Protection Agreements or Other Hedging Agreements, the full and prompt payment when due (whether at the stated maturity,
by acceleration or otherwise) of all obligations, liabilities and indebtedness (including, without limitation, principal, premium,
interest, fees and indemnities (including, without limitation, all interest that accrues after the commencement of any case, proceeding
or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Credit Party at the rate provided
for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding)) of each
Credit Party to the Lender Creditors (provided, in respect of the Lender Creditors which are Lenders, such aforementioned
obligations, liabilities and indebtedness shall arise only for such Lenders (in such capacity) in respect of Loans and/or Commitments),
whether now existing or hereafter incurred under, arising out of, or in connection with this Agreement and the other Credit Documents
to which such Credit Party is a party (including, in the case of each Credit Party that is a Guarantor, all such obligations, liabilities
and indebtedness of such Credit Party under the Parent Guaranty) and the due performance and compliance by such Credit Party with
all of the terms, conditions and agreements contained in this Agreement and in such other Credit Documents.


 






    	 	-10-	 



     


    

 


“Credit Party”
shall mean the Borrower, the Parent and each Subsidiary of the Parent that owns a direct interest in the Borrower.


 


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


 


“Defaulting
Lender” shall mean any Lender with respect to which a Lender Default is in effect.


 


“Deferral Effective
Date” has the meaning given to the term “Effective Date” in the Third Supplemental Agreement.


 


“Deferral Period”
means the period from the Deferral Effective Date to March 31, 2021 (inclusive).


 


“Deferred Loan”
means the deemed advance by the Lenders (in Dollars) of a proportion of the Total Commitments in accordance with Section 2.02(c)
and which shall constitute a separate Loan repayable in accordance with Section 4.02.


 


“Deferred Portion”
means, in relation to a Loan, an amount equal to the principal amount of the repayment instalment in respect of such Loan that
is at the relevant time required to have been repaid on the Repayment Dates falling during the Deferral Period and the repayment
in respect of which shall be deferred in accordance with the provisions of this Agreement.


 


“Delegate Collateral
Agent” shall mean KfW IPEX-Bank GmbH or such other person as the Collateral Agent shall notify to the other parties hereto
as the person who has been appointed as a delegate collateral agent, acting in its capacity as trustee for the Secured Creditors
with respect to the Trust Property Delegated (as defined in the Security Trust Deed) pursuant to the Security Trust Deed.


 


“Delivery
Date” shall mean the date of delivery of the Vessel to the Borrower, which, as of the Effective Date, is scheduled to
occur on [*].


 


“Discharged
Rights and Obligations” shall have the meaning provided in Section 13.06(c)(i).


 


“Dispute”
shall have the meaning provided in Section 14.07(b).


 


“Disqualified
Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms (or by the terms of any
security into which it is convertible or for which it is redeemable or exchangeable), or upon the happening of any event:


 






    	 	-11-	 



     


    

 


(1)        matures
or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than as a result of a change of control
or asset sale),


 


(2)        is
convertible or exchangeable for Indebtedness or Disqualified Stock of such Person, or


 


(3)        is
redeemable at the option of the holder thereof, in whole or in part (other than solely as a result of a change of control or asset
sale), in each case prior to 91 days after the Maturity Date; provided, however, that only the portion
of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option
of the holder thereof prior to such date shall be deemed to be Disqualified Stock; provided, however, that
if such Capital Stock is issued to any employee or to any plan for the benefit of employees of the Parent or its Subsidiaries or
by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required
to be repurchased by the Parent in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s
termination, death or disability; provided, further, that any class of Capital Stock of such Person
that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified
Stock shall not be deemed to be Disqualified Stock.


 


“Disruption
Event” means either or both of:


 


(a)       a
material disruption to those payment or communications systems or to those financial markets which are, in each case, required
to operate in order for payments to be made in connection with this Agreement (or otherwise in order for the transactions contemplated
by the Credit Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the parties
to this Agreement; or


 


(b)       the
occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments
operations of a party to this Agreement preventing such party, or any other party to this Agreement:


 


(i)       from
performing its payment obligations under the Credit Documents; or


 


(ii)      from
communicating with other parties to this Agreement in accordance with the terms of the Credit Documents,


 


and which (in either such case)
is not caused by, and is beyond the control of, the party to this Agreement whose operations are disrupted.


 






    	 	-12-	 



     


    

 


“Dividend”
shall mean, with respect to any Person, that such Person or any Subsidiary of such Person has declared or paid a dividend or returned
any equity capital to its stockholders, partners or members or the holders of options or warrants issued by such Person with respect
to its Capital Stock or membership interests or authorized or made any other distribution, payment or delivery of property (other
than common stock or the right to purchase any of such stock of such Person) or cash to its stockholders, partners or members or
the holders of options or warrants issued by such Person with respect to its Capital Stock or membership interests as such, or
redeemed, retired, purchased or otherwise acquired, directly or indirectly, for a consideration any shares of any class of its
Capital Stock or any other Capital Stock outstanding on or after the Effective Date (or any options or warrants issued by such
Person with respect to its Capital Stock or other Equity Interests), or set aside any funds for any of the foregoing purposes,
or shall have permitted any of its Subsidiaries to purchase or otherwise acquire for a consideration any shares of any class of
the Capital Stock or any other Equity Interests of such Person outstanding on or after the Effective Date (or any options or warrants
issued by such Person with respect to its Capital Stock or other Equity Interests). Without limiting the foregoing, “Dividends”
with respect to any Person shall also include all payments made or required to be made by such Person with respect to any stock
appreciation rights, plans, equity incentive or achievement plans or any similar plans or setting aside of any funds for the foregoing
purposes.


 


“Dollars”
and the sign “$” shall each mean lawful money of the United States.


 


“Dollar Equivalent”
shall mean:


 


(a)       with
respect to the Euro denominated Commitments being utilized on a Borrowing Date and which are in respect of the Euro amounts payable
in respect of the Adjusted Construction Price, the amount calculated by applying (x) in the event that the Borrower and/or the
Parent have entered into Earmarked Foreign Exchange Arrangements with respect to the installment payment to be partially financed
by the Loans to be disbursed on such Borrowing Date, the EUR/USD weighted average rate with respect to such Borrowing Date (i)
as notified by the Borrower to the Facility Agent in the Notice of Borrowing at least three Business Days prior to the relevant
Borrowing Date, (ii) which EUR/USD weighted average rate for any particular set of Earmarked Foreign Exchange Arrangements shall
take account of all applicable foreign exchange spot, forward and derivative arrangements, including collars, options and the like,
entered into in respect of such Borrowing Date and (iii) for which the Borrower has provided evidence to the Facility Agent to
determine which foreign exchange arrangements (including spot transactions) will be the Earmarked Foreign Exchange Arrangements
that shall apply to such Borrowing Date and (y) in the event that the Borrower and/or the Parent have not entered into Earmarked
Foreign Exchange Arrangements with respect to the installment payment to be partially or wholly funded by the Loans to be disbursed
on such Borrowing Date or the Borrower has not provided the evidence referred to in (iii) above, the Spot Rate applicable to such
Borrowing Date.


 


(b)       with
respect to the calculation and payment of the Hermes Issuing Fee and the Hermes Premium in Dollars, the amount thereof in Euro
converted to a corresponding Dollar amount as determined by Hermes on the basis of the latest rate for the purchase of Euro with
Dollars to be published by the German Federal Ministry of Finance prior to the time that Hermes issues its invoice for the Hermes
Issuing Fee and the Hermes Premium respectively and as notified by the Facility Agent in writing to the Borrower as soon as practicable
after Hermes issues its invoice for the Hermes Issuing Fee and the Hermes Premium.


 






    	 	-13-	 



     


    

 


“Dormant Subsidiary”
means a Subsidiary that owns assets in an amount equal to no more than $5,000,000 or is dormant or otherwise inactive.


 


“Earmarked Foreign
Exchange Arrangements” shall mean the Euro/Dollar foreign exchange arranged by the Borrower and/or the Parent in connection
with an installment payment to be partially financed by the Loans to be disbursed on the date on which such installment payment
is to be made.


 


“Earnings and
Insurance Collateral” shall mean all “Earnings” and “Insurances”, as the case may be, as defined
in the Assignment of Earnings and Insurances.


 


“Effective Date”
has the meaning specified in Section 14.09.


 


“Eligible Transferee”
shall mean and include a commercial bank, insurance company, financial institution, fund or other Person which regularly purchases
interests in loans or extensions of credit of the types made pursuant to this Agreement.


 


“Environmental
Approvals” shall have the meaning provided in Section 8.17(b).


 


“Environmental
Claims” shall mean any and all administrative, regulatory or judicial actions, suits, demands, demand letters, directives,
claims, liens, notices of noncompliance or violation, relating in any way to any Environmental Law or any permit issued, or any
approval given, under any such Environmental Law (hereafter, “Claims”), including, without limitation, (a) any
and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response, remedial or other actions
or damages pursuant to any applicable Environmental Law, and (b) any and all Claims by any third party seeking damages, contribution,
indemnification, cost recovery, compensation or injunctive relief in connection with alleged injury or threat of injury to health,
safety or the environment due to the presence of Hazardous Materials.


 


“Environmental
Law” shall mean any applicable Federal, state, foreign or local statute, law, rule, regulation, ordinance, code, binding
and enforceable guideline, binding and enforceable written policy and rule of common law now or hereafter in effect and in each
case as amended, and any judicial or administrative interpretation thereof, including any judicial or administrative order, consent
decree or judgment, to the extent binding on the Parent or any of its Subsidiaries, relating to the environment, and/or Hazardous
Materials, including, without limitation, CERCLA; OPA; the Federal Water Pollution Control Act, 33 U.S.C. § 1251 et
seq.; the Hazardous Material Transportation Act, 49 U.S.C. § 1801 et seq.; the Occupational Safety and Health
Act, 29 U.S.C. § 651 et seq. (to the extent it regulates occupational exposure to Hazardous Materials); and any state
and local or foreign counterparts or equivalents, in each case as amended from time to time.


 






    	 	-14-	 



     


    

 


“Environmental
Release” shall mean any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
dumping, disposing or migration into the environment.


 


“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).


 


“Euro”
and the sign “€” shall each mean single currency in the member states of the European Communities that
adopt or have adopted the Euro as its lawful currency under the legislation of the European Union for European Monetary Union.


 


“Eurodollar
Rate” shall mean with respect to each Interest Period for a Loan, the offered rate for deposits of Dollars for a period
equivalent to such period at or about 11:00 A.M. (Frankfurt time) on the second Business Day before the first day of such period
as is displayed on Reuters LIBOR 01 Page (or such other service as may be nominated by ICE Benchmark Administration Limited (or
any other person which takes on the administration of that rate) as the information vendor for displaying the London Interbank
Offered Rates of major banks in the London Interbank Market) (the “Screen Rate”), provided that if on
such date no such rate is so displayed, the Eurodollar Rate for such period shall be the arithmetic average (rounded up to five
decimal places) of the rate quoted to the Facility Agent by the Reference Banks for deposits of Dollars in an amount approximately
equal to the amount in relation to which the Eurodollar Rate is to be determined for a period equivalent to such applicable Interest
Period by the prime banks in the London interbank Eurodollar market at or about 11:00 A.M. (Frankfurt time) on the second Business
Day before the first day of such period (rounded up to five decimal places) and provided further that if the Eurodollar
Rate is less than zero such rate shall be deemed to be zero for the purposes of this Agreement.


 


“Event of Default”
shall have the meaning provided in Section 11.


 


“Event of Loss”
shall mean any of the following events: (x) the actual or constructive total loss of the Vessel or the agreed or compromised total
loss of the Vessel; or (y) the capture, condemnation, confiscation, requisition (but excluding any requisition for hire by
or on behalf of any government or governmental authority or agency or by any persons acting or purporting to act on behalf of any
such government or governmental authority or agency), purchase, seizure or forfeiture of, or any taking of title to, the Vessel.
An Event of Loss shall be deemed to have occurred: (i) in the event of an actual loss of the Vessel, at the time and on the date
of such loss or if such time and date are not known at noon Greenwich Mean Time on the date which the Vessel was last heard from;
(ii) in the event of damage which results in a constructive or compromised or arranged total loss of the Vessel, at the time and
on the date on which notice claiming the loss of the Vessel is given to the insurers; or (iii) in the case of an event referred
to in clause (y) above, at the time and on the date on which such event is expressed to take effect by the Person making the same.
Notwithstanding the foregoing, if the Vessel shall have been returned to the Borrower or any Subsidiary of the Borrower following
any event referred to in clause (y) above prior to the date upon which payment is required to be made under Section 4.02(b) hereof,
no Event of Loss shall be deemed to have occurred by reason of such event so long as the requirements set forth in Section 9.10
have been satisfied.


 






    	 	-15-	 



     


    

 


“Excluded Taxes”
shall have the meaning provided in Section 4.04(a).


 


“Existing Lender”
shall have the meaning provided in Section 13.01(a).


 


“Facility Agent”
shall have the meaning provided in the first paragraph of this Agreement, and shall include any successor thereto.


 


“Facility Office”
means (a) in respect of a Lender, the office or offices notified by that Lender to the Facility Agent in writing on or before the
date it becomes a Lender (or, following that date, by not less than five Business Days’ written notice) as the office or
offices through which it will perform its obligations under this Agreement; or (b) in respect of any other Lender Creditor, the
office in the jurisdiction in which it is resident for tax purposes.


 


“FATCA”
means:


 


(i)              
sections 1471 to 1474 of the Code or any associated regulations;


 


(ii)             
any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the U.S. and any
other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (i)
above; or


 


(iii)           
any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (i) or (ii) above with
the U.S. Internal Revenue Service, the U.S. government or any governmental or taxation authority in any other jurisdiction.


 


“FATCA Application
Date” means:


 


(i)               in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates to payments
of interest and certain other payments from   sources within the U.S.), 1 July 2014; or


 


(ii)             
in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within paragraph (i) above,
the first date from which such payment may become subject to a deduction or withholding required by FATCA.


 


“FATCA Deduction”
means a deduction or withholding from a payment under a Credit Document required by FATCA.


 


“FATCA Exempt
Party” means a party to this Agreement that is entitled to receive payments free from any FATCA Deduction.


 






    	 	-16-	 



     


    

 


“FATCA FFI”
means a foreign financial institution as defined in Section 1471(d)(4) of the Code which, if any Lender is not a FATCA Exempt Party,
could be required to make a FATCA Deduction.


 


“Fee Letter”
means any letter or letters entered into by reference to this Agreement between any or all of the Facility Agent, the Initial Mandated
Lead Arranger and/or the Lenders and (in any case) the Borrower or the Parent (as applicable), setting out the amount of certain
fees referred to in, or payable in connection with, this Agreement.


 


“Final Construction
Price” shall mean the actual final construction price of the Vessel.


 





“First Additional
Hermes Premium” means the additional premium payable to Hermes as a result of the increase to the Hermes Cover arising
as a consequence of the increase in the Total Commitments pursuant to the First Supplemental Agreement.


 







“First Hermes
Installment” shall have the meaning provided in Section 2.02(a)(ii).


 





“First Restatement
Date” shall mean the “Restatement Date” as defined in the First Supplemental Agreement.


 










“First Supplemental
Agreement” means the supplemental agreement amending this Agreement dated 22 December 2015 and made between the parties
hereto and NCL International, Ltd.


  


“Fixed Interest
Payment Date” shall mean (i) prior to the Delivery Date, each sixth month anniversary of the Initial Borrowing Date,
(ii) the Delivery Date and (iii) after the Delivery Date, each semi-annual date on which a Scheduled Repayment is required to be
made pursuant to Section 4.02(a) (or, if any of the above dates does not fall on a Business Day, the Fixed Interest Payment Date
shall fall on the first Business Day falling after such date).


 


“Fixed Rate”
shall mean the percentage rate per annum equal to the aggregate of (a) the Fixed Rate Margin and (b) the CIRR.


 


“Fixed Rate
Interest Period” shall mean the period commencing on the Initial Borrowing Date and ending on the immediately succeeding
Fixed Interest Payment Date and thereafter each period commencing on a Fixed Interest Payment Date and ending on the immediately
succeeding Fixed Interest Payment Date.


 


“Fixed
Rate Margin” means a percentage rate per annum equal to 0.80% per annum.


 


“Flag Jurisdiction
Transfer” shall mean the transfer of the registration and flag of the Vessel from one Acceptable Flag Jurisdiction to
another Acceptable Flag Jurisdiction, provided that the following conditions are satisfied with respect to such transfer:


 


(i)          On each Flag Jurisdiction Transfer Date, the Borrower shall have duly authorized, executed and delivered, and caused to be recorded
in the appropriate vessel registry a Vessel Mortgage that is reasonably satisfactory in form and substance to the Facility Agent
with respect to the Vessel and such Vessel Mortgage shall be effective to create in favor of the Collateral Agent and/or the Lenders
a legal, valid and enforceable first priority security interest, in and lien upon the Vessel, subject only to Permitted Liens.
All filings, deliveries of instruments and other actions necessary or desirable in the reasonable opinion of the Collateral Agent
to perfect and preserve such security interests shall have been duly effected and the Collateral Agent shall have received evidence
thereof in form and substance reasonably satisfactory to the Collateral Agent.


 






    	 	-17-	 



     


    

 


(ii)         On
each Flag Jurisdiction Transfer Date, to the extent that any Security Documents are released or discharged pursuant to Section
14.21(b), the Borrower shall have duly authorized, executed and delivered corresponding Security Documents in favor of the Collateral
Agent for the new Acceptable Flag Jurisdiction.


 


(iii)        On each Flag Jurisdiction Transfer Date, the Facility Agent shall have received from counsel, an opinion addressed to the Facility
Agent and each of the Lenders and dated such Flag Jurisdiction Transfer Date, which shall (x) be in form and substance reasonably
acceptable to the Facility Agent and (y) cover the recordation of the security interests granted pursuant to the Vessel Mortgage
to be delivered on such date and such other matters incident thereto as the Facility Agent may reasonably request.


 


(iv)        On each Flag Jurisdiction Transfer Date:


 


(A)       The
Facility Agent shall have received (x) certificates of ownership from appropriate authorities showing (or confirmation updating
previously reviewed certificates and indicating) the registered ownership of the Vessel transferred on such date by the Borrower
and (y) the results of maritime registry searches with respect to the Vessel transferred on such date, indicating no recorded liens
other than Liens in favor of the Collateral Agent and/or the Lenders and, if applicable and to the extent recordable, Permitted
Liens.


 


(B)       The
Facility Agent shall have received a report, in form and scope reasonably satisfactory to the Facility Agent, from a firm of independent
marine insurance brokers reasonably acceptable to the Facility Agent with respect to the insurance maintained by the Credit Party
in respect of the Vessel transferred on such date, together with a certificate from another broker certifying that such insurances
(i) are placed with such insurance companies and/or underwriters and/or clubs, in such amounts, against such risks, and in such
form, as are customarily insured against by similarly situated insureds for the protection of the Facility Agent and/or the Lenders
as mortgagee and (ii) conform with the Required Insurance applicable to the Vessel.


 


(v)        On or prior to each Flag Jurisdiction Transfer Date, the Facility Agent shall have received a certificate, dated the Flag Jurisdiction
Transfer Date, signed by any one of the chairman of the board, the president, any vice president, the treasurer or an authorized
manager, member, general partner, officer or attorney-in-fact of the Borrower, certifying that (A) all necessary governmental (domestic
and foreign) and third party approvals and/or consents in connection with the Flag Jurisdiction Transfer being consummated on such
date and otherwise referred to herein shall have been obtained and remain in effect or that no such approvals and/or consents are
required, (B) there exists no judgment, order, injunction or other restraint prohibiting or imposing materially adverse conditions
upon such Flag Jurisdiction Transfer or the other related transactions contemplated by this Agreement and (C) copies of resolutions
approving the Flag Jurisdiction Transfer of the Borrower and any other related matters the Facility Agent may reasonably request.


 






    	 	-18-	 



     


    

 


(vi)        On
each Flag Jurisdiction Transfer Date, the Collateral and Guaranty Requirements for the Vessel shall have been satisfied or waived
by the Facility Agent for a specific period of time.


 


“Flag Jurisdiction
Transfer Date” shall mean the date on which a Flag Jurisdiction Transfer occurs.


 


“Floating Rate”
shall mean the percentage rate per annum equal to the aggregate of (a) the Floating Rate Margin plus (b) the Eurodollar Rate plus
(c) any Mandatory Costs.


 


“Floating Rate
Interest Period” shall have the meaning provided in Section 2.08.


 


“Floating Rate
Margin” shall mean a percentage per annum equal to 1.00%.


 


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


 


“GAAP”
shall have the meaning provided in Section 14.06(a).


 


“Grace Period”
shall have the meaning provided in Section 11.05(c).


 


“Guarantor”
shall mean Parent.


 


“Hazardous Materials”
shall mean: (a) any petroleum or petroleum products, radioactive materials, asbestos in any form that is or could become friable,
urea formaldehyde foam insulation, transformers or other equipment that contain dielectric fluid containing levels of polychlorinated
biphenyls, and radon gas; (b) any chemicals, materials or substances defined as or included in the definition of “hazardous
substances,” “hazardous waste,” “hazardous materials,” “extremely hazardous substances,”
 “restricted hazardous waste,” “toxic substances,” “toxic pollutants,” “contaminants,”
or “pollutants,” or words of similar import, under any applicable Environmental Law; and (c) any other chemical,
material or substance, exposure to which is prohibited, limited or regulated by any governmental authority under Environmental
Laws.


 


“Heads of Terms”
shall have the meaning provided in Section 14.09.


 


“Hermes”
shall mean Euler Hermes Aktiengesellschaft, Gasstraβe 27, 22761 Hamburg acting in its capacity as representative of the Federal
Republic of Germany in connection with the issuance of export credit guarantees.


 






    	 	-19-	 



     


    

 


“Hermes Agent”
shall have the meaning provided in the first paragraph of this Agreement, and shall include any successor thereto, acting as attorney-in-fact
for the Lenders with respect to the Hermes Cover to the extent described in this Agreement.


 


“Hermes Cover”
shall mean the export credit guarantee (Exportkreditgarantie) on the terms of Hermes’ Declaration of Guarantee (Gewährleistungs-Erklärung)
for 95% of the principal amount of the Loans and any interests and secondary financing costs of the Federal Republic of Germany
acting through Euler Hermes Aktiengesellschaft for the period of the Loans on the terms and conditions applied for by the Lenders,
and shall include any successor thereto (it being understood that the Hermes Cover shall be issued on the basis of Hermes’
applicable Hermes guidelines (Richtlinien) and general terms and conditions (Allgemeine Bedingungen)).


 


“Hermes
Issuing Fees” shall mean the Dollar Equivalent of the amount of €[*] payable
in Dollars by the Borrower to Hermes through the Hermes Agent by way of handling fees in respect of the Hermes Cover.


 


“Hermes
Premium” shall mean the Dollar Equivalent of the Euro amount payable by the Borrower to Hermes through the Hermes Agent
in respect of the Hermes Cover, which shall not exceed the Dollar Equivalent of €[*],
and which shall include the Additional Hermes Premium.


 


“Impaired Agent”
shall mean an Agent at any time when:


 


		(i)	it has failed to make (or has notified a party to this Agreement that it will not make) a payment
required to be made by it under the Credit Documents by the due date for payment;



 


		(ii)	such Agent otherwise rescinds or repudiates a Credit Document;



 


		(iii)	(if such Agent is also a Lender) it is a Defaulting Lender; or



 


		(iv)	an Insolvency Event has occurred and is continuing with respect to such Agent,



 


unless, in the case of
paragraph (i) above: (a) its failure to pay is caused by administrative or technical error or a Disruption Event, and payment is
made within five Business Days of its due date; or (b) such Agent is disputing in good faith whether it is contractually obliged
to make the payment in question.


 


“Indebtedness”
shall mean any obligation for the payment or repayment of money, whether as principal or as surety and whether present or future,
actual or contingent including, without limitation, pursuant to an Interest Rate Protection Agreement or Other Hedging Agreement.


 


“Indebtedness
for Borrowed Money” shall mean Indebtedness (whether present or future, actual or contingent, long-term or short-term,
secured or unsecured) in respect of:


 






    	 	-20-	 



     


    

 


		(i)	moneys borrowed or raised;



 


		(ii)	the advance or extension of credit (including interest and other charges on or in respect of any of
the foregoing);



 


		(iii)	the amount of any liability in respect of leases which, in accordance with GAAP, are capital leases;



 


		(iv)	the amount of any liability in respect of the purchase price for assets or services payment of which
is deferred for a period in excess of 180 days;



 


		(v)	all reimbursement obligations whether contingent or not in respect of amounts paid under a letter
of credit or similar instrument; and



 


		(vi)	(without double counting) any guarantee of Indebtedness falling within paragraphs (i) to (v) above;



 


provided that the following
shall not constitute Indebtedness for Borrowed Money:


 


		(a)	loans and advances made by other members of the NCLC Group which are subordinated to the rights
of the Lenders;



 


		(b)	loans and advances made by any shareholder of the Parent which are subordinated to the rights of
the Lenders on terms reasonably satisfactory to the Facility Agent; and



 


		(c)	any liabilities of the Parent or any other member of the NCLC Group under any Interest Rate Protection
Agreement or any Other Hedging Agreement or other derivative transactions of a non-speculative nature.



 


“Information”
shall have the meaning provided in Section 8.10(a).


 


“Initial Borrowing
Date” shall mean the date occurring on or after the Effective Date on which the initial Borrowing of Loans (other than
Deferred Loans) hereunder occurs, which date shall, subject to Section 5, coincide with the date of payment of the first installment
of the Initial Construction Price for the Vessel under the Construction Contract.


  


“Initial Construction
Price” shall mean an amount of up to €801,220,000 for the construction of the Vessel pursuant to the Construction
Contract, payable by the Borrower to the Yard through the four installments of the Contract Price referred to in Article
8, Clauses 2.1(i) through and including (iv) of the Construction Contract (each, a “Pre-delivery Installment”)
and the installment of the Contract Price referred to in Article 8, Clause 2.1(v) of the Construction Contract (as
such amount may be modified in accordance with the Construction Contract).


 


“Initial Mandated
Lead Arranger” shall have the meaning provided in the first paragraph of this Agreement, and shall include any successor
thereto.


 






    	 	-21-	 



     


    

 


“Initial Syndication
Date” shall mean the date, if applicable, on which KfW IPEX-Bank GmbH ceases to be the only Lender by transferring all
or part of its rights as a Lender under this Agreement to one or more banks or financial institutions pursuant to Section 13.


 


“Insolvency
Event” in relation to any of the parties to this Agreement shall mean that such party:


 


		(i)	is dissolved (other than pursuant to a consolidation, amalgamation or merger);



 


		(ii)	becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally
to pay its debts as they become due;



 


		(iii)	makes a general assignment, arrangement or composition with or for the benefit of its creditors;



 


		(iv)	institutes or has instituted against it, by a regulator, supervisor or any similar official with primary
insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organization or the jurisdiction
of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy
or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation
by it or such regulator, supervisor or similar official;



 


		(v)	has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other
relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for
its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding
or petition is instituted or presented by a person or entity not described in paragraph (iv) above and (a) results in a judgment
of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or
(b) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof;



 


		(vi)	has exercised in respect of it one or more of the stabilization powers pursuant to Part 1 of the Banking
Act 2009 and/or has instituted against it a bank insolvency proceeding pursuant to Part 2 of the Banking Act 2009 or a bank administration
proceeding pursuant to Part 3 of the Banking Act 2009;



 






    	 	-22-	 



     


    

 


		(vii)	has a resolution passed for its winding-up, official management or liquidation (other than pursuant
to a consolidation, amalgamation or merger);



 


		(viii)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator,
receiver, trustee, custodian or other similar official for it or for all or substantially all its assets;



 


		(ix)	has a secured party take possession of all or substantially all its assets or has a distress, execution,
attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and
such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within
30 days thereafter;



 


		(x)	causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction,
has an analogous effect to any of the events specified in paragraphs (i) to (ix) above; or



 


		(xi)	takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in,
any of the foregoing acts.



 


“Interaction
Agreement” shall mean the interaction agreement executed or to be executed by, inter alia (i) each Lender that
elects to become a Refinanced Bank, (ii) the CIRR Representative, and (iii) the CIRR Agent substantially in the form of Exhibit
C.


 


“Interest Determination
Date” shall mean, with respect to any Loan, the second Business Day prior to the commencement of any Interest Period
relating to such Loan.


 


“Interest Period”
shall mean either the Fixed Rate Interest Period or, as the context may require, the Floating Rate Interest Period.


 


“Interest Rate
Protection Agreement” shall mean any interest rate swap agreement, interest rate cap agreement, interest collar agreement,
interest rate hedging agreement, interest rate floor agreement or other similar agreement or arrangement entered into between a
Lender or its Affiliate, or a Lead Arranger or its Affiliate, and the Parent and/or the Borrower in relation to the Credit Document
Obligations of the Borrower under this Agreement.


 


“Interest Make-Up
Agreement” shall mean an interest make-up agreement entered into between the CIRR Representative and any Lender pursuant
to Section 1.2.4 of the CIRR General Terms and Conditions.


 


“Investments”
shall have the meaning provided in Section 10.04.


 


“KfW”
shall mean KfW in its capacity as refinancing bank with respect to the KfW Refinancing.


 






    	 	-23-	 



     


    

 


“KfW Refinancing”
shall mean the refinancing of the respective loans of the Refinanced Banks hereunder with KfW pursuant to Sections 1.2.1, 1.2.2
and 1.2.3 of the CIRR General Terms and Conditions, as modified by the parties to the KfW Refinancing pursuant to, inter alia,
the Interaction Agreement.


 


“Lead Arrangers”
shall mean the Initial Mandated Lead Arranger together with and any other bank or financial institution appointed as an arranger
by the Initial Mandated Lead Arranger and the Borrower for the purpose of this Agreement.


 


“Lender”
shall mean each financial institution listed on Schedule 1.01(a), as well as any Person which becomes a “Lender”
hereunder pursuant to Section 13.


 


“Lender Creditors”
shall mean the Lenders holding from time to time outstanding Loans and/or Commitments and the Agents, each in their respective
capacities.


 


“Lender Default”
shall mean, as to any Lender, (i) the wrongful refusal (which has not been retracted) of such Lender or the failure of such Lender
to make available its portion of any Borrowing, unless such failure to pay is caused by administrative or technical error or a
Disruption Event and payment is made within three Business Days of its due date; (ii) such Lender having been deemed insolvent
or having become the subject of a takeover by a regulatory authority or with respect to which an Insolvency Event has occurred
and is continuing; (iii) such Lender having notified the Facility Agent and/or any Credit Party (x) that it does not intend to
comply with its obligations under Section 2.01 in circumstances where such non-compliance would constitute a breach of such Lender’s
obligations under such Section or (y) of the events described in preceding clause (ii); or (iv) such Lender not being in compliance
with its refinancing obligations owed to KfW under its respective Refinancing Agreement or the Interaction Agreement.


 


“Lien”
shall mean any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), preference,
priority or other security agreement of any kind or nature whatsoever (including, without limitation, any conditional sale or other
title retention agreement, any financing or similar statement or notice filed under the UCC or any other similar recording or notice
statute, and any lease having substantially the same effect as any of the foregoing); provided that in no event shall an
operating lease be deemed to constitute a Lien.


 


“Loan”
and “Loans” shall have the meaning provided in Section 2.01 and shall include Deferred Loans made in accordance
with Section 2.02(c).


 


“Management
Agreements” shall mean any agreements entered into by the Borrower with a Manager, and which agreements shall be reasonably
acceptable to the Facility Agent (it being understood that the form of management agreement attached as Annex A to Exhibit O is
acceptable).


 






    	 	-24-	 



     


    

 


“Manager”
shall mean (i) the company providing commercial and technical management and crewing services for the Vessel, which is contemplated
to be, as of the Delivery Date, NCL Corporation Ltd., a company organized and existing under the laws of Bermuda, or NCL (Bahamas)
Ltd., a company organized and existing under the laws of Bermuda (and each of which is approved for such purpose) or (ii) such
other commercial manager and/or technical manager with respect to the management of the Vessel reasonably acceptable to the Facility
Agent.


 


“Manager’s
Undertakings” shall mean the undertakings, provided by any Manager respecting the Vessel, including, inter alia,
a statement satisfactory to the Facility Agent that any lien in favor of a Manager respecting the Vessel is subject and subordinate
to the Vessel Mortgage in substantially the form attached to the Assignment of Management Agreements or otherwise reasonably satisfactory
to the Facility Agent.


 


“Mandatory Costs”
means the percentage rate per annum calculated in accordance with Schedule 1.01(b).


 


“Market Disruption
Event” shall mean:


 


		(i)	at or about noon on the Interest Determination Date for the relevant Interest Period the Screen
Rate is not available and none or (unless at such time there is only one Lender) only one of the Lenders supplies a rate to the
Facility Agent to determine the Eurodollar Rate for the relevant Interest Period; or



 


		(ii)	before 5:00 P.M. Frankfurt time on the Interest Determination Date for the relevant Interest Period,
the Facility Agent receives notifications from Lenders the sum of whose Commitments and/or outstanding Loans at such time equal
at least 50% of the sum of the Total Commitments and/or aggregate outstanding Loans of the Lenders at such time that (x) the cost
to such Lenders of obtaining matching deposits in the London interbank Eurodollar market for the relevant Interest Period would
be in excess of the Eurodollar Rate for such Interest Period or (y) such Lenders are unable to obtain funding in the London interbank
Eurodollar market.



 


“Material Adverse
Effect” shall mean the occurrence of anything since December 31, 2013 which has had or would reasonably be expected
to have a material adverse effect on (x) the property, assets, business, operations, liabilities, or condition (financial or otherwise)
of the Parent and its subsidiaries taken as a whole, (y) the consummation of the transactions hereunder, the acquisition of the
Vessel and the Construction Contract, or (z) the rights or remedies of the Lenders, or the ability of the Parent and its relevant
Subsidiaries to perform their obligations owed to the Lenders and the Agents under this Agreement.


 


“Materials of
Environmental Concern” shall have the meaning provided in Section 8.17(a).


 


“Maturity Date”
shall mean:


 






    	 	-25-	 



     


    

 


(i)       for
a Loan other than a Deferred Loan, the twelfth anniversary of the Borrowing Date in relation to the Delivery Date or, if earlier,
the date falling 11 years and 6 months after the date on which the first Scheduled Repayment is required to be made pursuant to
Section 4.02(a); and


 


(ii)      for
a Deferred Loan, the date falling three years and 6 months after the first Repayment Date of that Deferred Loan.


 


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


 


“NCLC Fleet”
shall mean the vessels owned by the companies in the NCLC Group.


 


“NCLC Group”
shall mean the Parent and its Subsidiaries.


 


“New Lender”
shall mean a Person who has been assigned the rights or transferred the rights and obligations of an Existing Lender, as the case
may be, pursuant to the provisions of Section 13.


 


“Non-Defaulting
Lender” shall mean and include each Lender other than a Defaulting Lender.


 


“Notice of Borrowing”
shall have the meaning provided in Section 2.03.


 


“Notice Office”
shall mean in the case of the Facility Agent and the Hermes Agent, the office of the Facility Agent and the Hermes Agent located
at Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany, Attention: Maritime Industries, X2a4, [*], fax: +[*] email: [*] or
such other office as the Facility Agent may hereafter designate in writing as such to the other parties hereto or such other office
as the Facility Agent or the Hermes Agent may hereafter designate in writing as such to the other parties hereto.


 


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


 


“Other Creditors”
shall mean any Lender or any Affiliate thereof and their successors, transferees and assigns if any (even if such Lender subsequently
ceases to be a Lender under this Agreement for any reason), together with such Lender’s or Affiliate’s successors,
transferees and assigns, with which the Parent and/or the Borrower enters into any Interest Rate Protection Agreements or Other
Hedging Agreements from time to time.


 


“Other Hedging
Agreement” shall mean any foreign exchange contracts, currency swap agreements, commodity agreements or other similar
agreements or arrangements entered into between a Lender or its Affiliate, or a Lead Arranger or its Affiliates, and the Parent
and/or the Borrower in relation to the Credit Document Obligations of the Borrower under this Agreement and designed to protect
against the fluctuations in currency or commodity values.


 






    	 	-26-	 



     


    

 


“Other Obligations”
shall mean the full and prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of all obligations,
liabilities and indebtedness (including, without limitation, all interest that accrues after the commencement of any case, proceeding
or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Credit Party at the rate provided
for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding) owing
by any Credit Party to the Other Creditors under, or with respect to, any Interest Rate Protection Agreement or Other Hedging Agreement,
whether such Interest Rate Protection Agreement or Other Hedging Agreement is now in existence or hereafter arising, and the due
performance and compliance by such Credit Party with all of the terms, conditions and agreements contained therein.


 


“Parent”
shall have the meaning provided in the first paragraph of this Agreement.


 


“Parent Guaranty”
shall mean the guaranty of the Parent pursuant to Section 15.


 


“Participant
Register” shall have the meaning provided in Section 13.11(c).


 


“PATRIOT Act”
shall have the meaning provided in Section 14.09.


 


“Payment Office”
shall mean the office of the Facility Agent located at Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany, or such other
office as the Facility Agent may hereafter designate in writing as such to the other parties hereto.


 





“Permitted Change
Orders” shall mean change orders and similar arrangements under the Construction Contract which increase the Initial
Construction Price to the extent that the aggregate amount of such increases does not exceed the amount of the change orders agreed
in Addendum No. 3, namely €[*] (it being understood that the actual amount of change orders and similar arrangements may exceed
 €[*]) and in Addendum No. 6 as well as in a list of agreement of modifications dated 11 December 2018 to the Construction
Contract, namely in an aggregate amount of €[*] (it being understood that the actual amount of change orders and similar arrangements
may exceed €[*]).


 


“Permitted Chartering
Arrangements” shall mean:


 


		(i)	any charter or other form of deployment (other than a demise or bareboat charter) of the Vessel
made between members of the NCLC Group;



 


		(ii)	any demise or bareboat charter of the Vessel made between members of the NCLC Group provided that
(a) each of the Borrower and the charterer assigns the benefit of any such charter or sub-charter to the Collateral Agent, (b)
each of the Borrower and the charterer assigns its interest in the insurances and earnings in respect of the Vessel to the Collateral
Agent, and (c) the charterer agrees to subordinate its interests in the Vessel to the interests of the Collateral Agent as mortgagee
of the Vessel, all on terms and conditions reasonably acceptable to the Collateral Agent;



 


		(iii)	any charter or other form of deployment of the Vessel to a charterer that is not a member of the
NCLC Group provided that no such charter or deployment shall be made (a) on a demise or bareboat basis, or (b) for a period which,
including the exercise of any options for extension, could be for longer than 13 months, or (c) other than at or about market rate
at the time when the charter or deployment is fixed; and



 






    	 	-27-	 



     


    

 


		(iv)	any charter or other form of deployment in respect of the Vessel entered into after the Effective
Date and which is permissible under the provisions of any financing documents relating to the Vessel.



 


“Permitted Liens”
shall have the meaning provided in Section 10.01.


 


“Person”
or “person” shall mean any individual, partnership, joint venture, firm, corporation, association, trust or
other enterprise or any government or political subdivision, department or instrumentality thereof.


 


“Pledgor”
shall mean NCL Corporation Ltd. or any direct or indirect Subsidiary of the Parent which directly owns any of the Capital Stock
of the Borrower.


 


“Pre-delivery
Installment” shall have the meaning provided in the definition of “Initial Construction Price”.


 


“Principles”
means the document titled "Cruise Debt Holiday Principles" and dated 26 March 2020 in the form set out in Schedule 1.01(c)
to this Agreement (as may be amended from time to time), and which sets out certain key principles and parameters relating to,
amongst other things, the temporary suspension of repayments of principal in connection with certain qualifying Loan Agreements
(as defined therein) and being applicable to Hermes-covered loan agreements such as this Agreement.


 


“Principles
Information Package” means the general test scheme/information package in connection with the "Debt Holiday"
application in the form set out in Schedule 1.01(c) to this Agreement submitted or to be submitted (as the case may be) by the
Borrower (or the Parent on its behalf) in order to obtain the benefit of the measures provided for in the Principles for the purpose
of this Agreement and certain of its obligations under this Agreement (including, without limitation, the presentation made to
Lenders in connection with the "Debt Holiday" application and related liquidity model).


 


“Pro Rata Share”
shall have the definition provided in Section 4.05(b).


 


“Projections”
shall mean any projections and any forward-looking statements (including statements with respect to booked business) of the NCLC
Group furnished to the Lenders or the Facility Agent by or on behalf of any member of the NCLC Group prior to the Effective Date.


 


“Reference Banks”
shall mean Citibank and JPMorgan and any additional or replacement Reference Bank appointed by the Facility Agent with the approval
of the Borrower.


 


“Refinancing
Agreement” shall mean each refinancing agreement in respect of the KfW Refinancing.


 






    	 	-28-	 



     


    

 


“Refinanced
Bank” shall mean each Lender participating in the KfW Refinancing.


 


“Refund Guarantee”
shall mean a, or if more than one, each refund guarantee arranged by the Yard in respect of a Pre-delivery Installment and provided
by one or more financial institutions contemplated by the Construction Contract, or by other financial institutions reasonably
satisfactory to the Lead Arrangers, as credit support for the Yard’s obligations thereunder.


 


“Register”
shall have the meaning provided in Section 14.15.


 


“Relevant Obligations”
shall have the meaning provided in Section 13.07(c)(ii).


 


“Repayment Date”
shall mean each semi-annual date on which a Scheduled Repayment is required to be made pursuant to Section 4.02(a).


 


“Replaced Lender”
shall have the meaning provided in Section 2.12.


 


“Replacement
Lender” shall have the meaning provided in Section 2.12.


 


“Representative”
shall have the meaning provided in Section 4.05(d).


 


“Required Insurance”
shall have the meaning provided in Section 9.03.


 





“Required Lenders”
shall mean, at any time, Non-Defaulting Lenders, the sum of whose outstanding Commitments and/or principal amount of Loans at such
time represent an amount greater than 662⁄3% of the sum of the Total Commitments (less the aggregate Commitments of
all Defaulting Lenders at such time) and the aggregate principal amount of outstanding Loans (less the amount of outstanding Loans
of all Defaulting Lenders at such time).


  


“S&P”
shall mean Standard & Poor’s Rating Services, a division of the McGraw-Hill Companies, Inc., and its successors.


 


“Scheduled Repayment”
shall have the meaning provided in Section 4.02(a).


 





“Screen Rate”
shall have the meaning specified in the definition of Eurodollar Rate.


 


“Second Additional
Hermes Premium” means the additional premium payable to Hermes as a result of the increase to the Hermes Cover arising
as a consequence of the increase in the Total Commitments pursuant to the Second Supplemental Agreement.


 


“Second Restatement
Date” shall mean the “Restatement Date” as defined in the Second Supplemental Agreement.


 


“Second Supplemental
Agreement” means the supplemental agreement amending this Agreement dated 15 August 2019 and made between the parties
hereto and NCL International, Ltd.


 


“Secured Creditors”
shall mean the “Secured Creditors” as defined in the Security Documents.


 






    	 	-29-	 



     


    

 


“Secured Obligations”
shall mean (i) the Credit Document Obligations, (ii) the Other Obligations, (iii) any and all sums advanced by any Agent in order
to preserve the Collateral or preserve the Collateral Agent’s security interest in the Collateral on behalf of the Lenders,
(iv) in the event of any proceeding for the collection or enforcement of any indebtedness, obligations or liabilities of the Credit
Parties referred to in clauses (i) and (ii) above, after an Event of Default shall have occurred and be continuing, the expenses
in connection with retaking, holding, preparing for sale or lease, selling or otherwise disposing of or realizing on the Collateral,
or of any exercise by the Collateral Agent of its rights hereunder on behalf of the Lenders, together with reasonable attorneys’
fees and court costs, and (v) all amounts paid by any Secured Creditor as to which such Secured Creditor has the right to reimbursement
under the Security Documents.


 


“Security Documents”
shall mean, as applicable, the Assignment of Contracts, the Assignment of Earnings and Insurances, the Assignment of Charters,
the Assignment of Management Agreements, the Charge of KfW Refund Guarantees, the Share Charge, the Vessel Mortgage, the Deed of
Covenants, and, after the execution thereof, each additional security document executed pursuant to Section 9.10 and/or Section
12.01(b).


 


“Security Trust
Deed” shall mean the Security Trust Deed executed by, inter alia, the Borrower, the Guarantor, the Collateral
Agent, the Facility Agent, the Original Secured Creditors (as defined therein) and the Delegate Collateral Agent and shall be substantially
in the form of Exhibit P or otherwise reasonably acceptable to the Facility Agent.


 


“Share Charge”
shall have the meaning provided in Section 5.06.


 


“Share Charge
Collateral” shall mean all “Collateral” as defined in the Share Charge.


 


“Signing Date”
means the date of this Agreement.


 


“Sky
Vessel” shall mean [*] presently owned
by and registered in the name of Norwegian Sky, Ltd. of Bermuda (an Affiliate of the Parent) under the laws and flag of the Commonwealth
of the Bahamas, which was purchased by Norwegian Sky, Ltd. on the terms set forth in the fully executed memorandum of agreement
related to the sale of such vessel, dated on or around May 30, 2012 (as amended from time to time with the consent of the Lenders
as required pursuant to Section 10.11).


 


“Sky Vessel
Indebtedness” shall mean the financing arrangements secured by, among other things, the Sky Vessel, pursuant to the Fourth
Amended and Restated Credit Agreement dated 2 January 2019 (as may be further supplemented, amended, restated or otherwise modified
from time to time) between, among others, the Parent as company, Voyager Vessel Company, LLC as co-borrower, the lenders from time
to time party thereto and JPMorgan Chase Bank, N.A. as administrative agent, collateral agent.


 






    	 	-30-	 



     


    

 





“Sky Vessel
Seller” shall mean Ample Avenue Ltd. of the British Virgin Islands, or any affiliate of Star Cruises Limited.


 


“Specified Requirements”
shall mean the requirements set forth in clauses (i)(A) and (i)(B) (including, for the avoidance of doubt, paragraphs (i)(a) or
(i)(b)), (iii), (v)(c) and (v)(f)) of the definition of “Collateral and Guaranty Requirements.”


 


“Spot Rate”
shall mean the spot exchange rate quoted by the Facility Agent equal to the weighted average of the rates on the
actual transactions of the Facility Agent on the date two Business Days prior to the date of determination thereof (acting reasonably),
which spot exchange rate shall be final and conclusive absent manifest error.


 


“Subsidiary”
shall mean, as to any Person, (i) any corporation more than 50% of whose stock of any class or classes having by the terms thereof
ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock
of any class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency)
is at the time owned by such Person and/or one or more Subsidiaries of such Person and (ii) any partnership, limited liability
company, association, joint venture or other entity in which such Person and/or one or more Subsidiaries of such Person has more
than a 50% Equity Interest at the time.


 


“Supervision
Agreements” shall mean any agreements (if any) entered or to be entered into between the Parent, as applicable, the Borrower
and a Supervisor providing for the construction supervision of the Vessel, the terms and conditions of which shall be in form and
substance reasonably satisfactory to the Facility Agent.


 


“Supervisor”
shall have the meaning provided in the Construction Contract.


 


“Supplemental
Agreements” means the First Supplemental Agreement, the Second Supplemental Agreement and the Third Supplemental Agreement.


 


“Tax Benefit”
shall have the meaning provided in Section 4.04(c).


 


“Taxes”
and “Taxation” shall have the meaning provided in Section 4.04(a).


 


“Third Supplemental
Agreement” means the agreement dated April 20, 2020, and entered into between, amongst others, the parties to this Agreement
amending and restating this Agreement in connection with the introduction of the Principles.


 


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


 


“Total Commitments”
shall mean, at any time, the sum of the Commitments of the Lenders at such time, it being agreed that such sum shall not exceed
 €748,685,000.


 


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


 


		(i)	Indebtedness for Borrowed Money of the NCLC Group on a consolidated basis; and



 






    	 	-31-	 



     


    

 


		(ii)	the amount of any Indebtedness for Borrowed Money of any person which is not a member of the NCLC
Group but which is guaranteed by a member of the NCLC Group as at such date;



 


less an amount
equal to any Cash Balance as at such date; provided that any Commitments and other amounts available for drawing under other
revolving or other credit facilities of the NCLC Group which remain undrawn shall not be counted as cash or indebtedness for the
purposes of this Agreement.


 


“Transaction”
shall mean collectively (i) the execution, delivery and performance by each Credit Party of the Credit Documents to which it is
a party, the incurrence of Loans on each Borrowing Date and the use of proceeds thereof and (ii) the payment of all fees and expenses
in connection with the foregoing.


 


“Transfer Certificate”
means a certificate substantially in the form set out in Exhibit E or any other form agreed between the Facility Agent and the
Parent.


 


“Transfer Date”
shall have the meaning given to this expression in the First Supplemental Agreement.


 


“UCC”
shall mean the Uniform Commercial Code as from time to time in effect in the relevant jurisdiction.


 


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


 


“U.S. Tax Obligor”
means:


 


(i)        a
Borrower which is resident for tax purposes in the U.S.; or


 


(ii)       a
Credit Party some or all of whose payments under the Credit Documents are from sources within the U.S. for U.S. federal income
tax purposes.


 





“Vessel”
shall mean the post-panamax luxury passenger cruise vessel with approximately 164,600 gt and hull number [*] constructed by the
Yard (and named  Norwegian Encore at the time of its delivery from the Yard).


 


“Vessel Mortgage”
shall have the meaning provided in the definition of “Collateral and Guaranty Requirements”.


 


“Vessel Value”
shall have the meaning set forth in Section 10.08.


 


“Yard”
shall mean Meyer Werft GmbH, Papenburg/Germany, the shipbuilder constructing the Vessel pursuant to the Construction Contract.


 






    	 	-32-	 



     


    

 


SECTION 2. Amount
and Terms of Credit Facility.


 


2.01
The Commitments. Subject to and upon the terms and conditions set forth herein, each Lender severally agrees to make on
and after the Initial Borrowing Date and prior to the Commitment Termination Date and at the times specified in Section 2.02 term
loans to the Borrower (each, a “Loan” and, collectively, the “Loans”), which Loans (i) shall bear interest
in accordance with Section 2.06, (ii) shall be denominated and repayable in Dollars, (iii) shall be disbursed on any Borrowing
Date, (iv) shall not exceed on such Borrowing Date for all Lenders the Dollar Equivalent of the maximum available amount
for such Borrowing Date as set forth in Section 2.02 and (v) disbursed on any Borrowing Date shall not exceed for any Lender
the Dollar Equivalent of the Commitment of such Lender on such Borrowing Date. 


 


2.02 Amount and
Timing of Each Borrowing; Currency of Disbursements. (a)
The Total Commitments will be available in the amounts and on the dates set forth below:


 


(i)            a
portion of the Total Commitments not exceeding [*]%
of the Initial Construction Price for the Vessel will be available on the Initial Borrowing Date;


 


(ii)           a
portion of the Total Commitments equaling [*]%
of the Hermes Premium will be available on one or more dates on or after the Initial Borrowing Date (it being understood and agreed
that the Lenders shall be authorized to disburse directly to Hermes the proceeds of Loans in an amount equal to the Hermes Premium
that is then due and owing, without any action on the part of the Borrower (other than the delivery by the Borrower of a Notice
of Borrowing to the Facility Agent in respect thereof). It is acknowledged and agreed that [*]%
of the Hermes Premium (the “First Hermes Instalment”) shall be payable directly by the Borrower to Hermes immediately
after the execution of this Agreement (which the Borrower hereby agrees to pay from its own funds). On the Initial Borrowing Date
the Lenders shall pay directly to the Borrower part of the Loans in an amount equal to the First Hermes Instalment in reimbursement
of the First Hermes Instalment so paid by the Borrower;


 


It is also agreed and acknowledged
that the First Additional Hermes Premium shall be payable directly by the Borrower to Hermes at or around the First Restatement
Date (which the Borrower agrees to do from its own funds) and the Second Additional Hermes Premium shall be payable directly by
the Borrower to Hermes at or around the Second Restatement Date (which the Borrower agrees to do from its own funds). Following
the earlier of the Transfer Date and 29 February 2016, the Borrower shall be entitled to request that a Loan be made available
in an amount of up to the First Additional Hermes Premium in reimbursement to the Borrower of the relevant part of the Additional
Hermes Premium so paid by the Borrower in accordance with the above. Concurrently with a Borrowing requested in respect of the
aggregate amount made available pursuant to sub-clause (vi) below, the Borrower shall be entitled to request that a Loan be made
available in an amount of up to the Second Additional Hermes Premium in reimbursement to the Borrower of the relevant part of the
Additional Hermes Premium so paid by the Borrower in accordance with the above;


 


(iii)          a
portion of the Total Commitments not exceeding the sum of (a) [*]%
of the Initial Construction Price for the Vessel and (b) [*]%
of [*]% of the aggregate amount of the Permitted Change Orders
will be available on the date of payment of the second installment of the Initial Construction Price (which date is anticipated
to be 24 months prior to the Delivery Date (as per the Construction Contract)); 


 


(iv)          a
portion of the Total Commitments not exceeding the sum of (a) [*]%
of the Initial Construction Price for the Vessel and (b) [*]%
of [*]% of the aggregate amount of the Permitted Change
Orders will be available on the date of payment of the third installment of the Initial Construction Price for the Vessel
(which date is anticipated to be 18 months prior to the Delivery Date (as per the Construction Contract)); 


 






    	 	-33-	 



     


    

 


(v)            a portion of the Total Commitments not exceeding the sum of (a) [*]%
of the Initial Construction Price for the Vessel and (b) [*]%
of [*]% of the aggregate amount of the Permitted
Change Orders will be available on the date of payment of the fourth installment of the Initial Construction Price for the Vessel
(which date is anticipated to be 12 months prior to the Delivery Date (as per the Construction Contract); and 


 


(vi)           a portion of the Total Commitments (inclusive of any Deferred
Loans) not exceeding the sum of (a) [*]% of the amount equal to (x) the Initial Construction Price for the Vessel minus (y) any
amount payable by the Yard to the Borrower pursuant to Article 8, paragraph 2.8 (viii) of the Construction Contract and further
deducting from this amount the aggregate of the amounts that were borrowed pursuant to clauses (i) and (iii)-(v) above, and
(b) [*]% of the aggregate amount of the Permitted Change Orders will be available on the Delivery Date. 


 


(b)       The
Loans (other than a Deferred Loan) made on each Borrowing Date shall be disbursed by the Facility Agent to the Borrower and/or
its designee(s), as set forth in Section 2.04, in Dollars and shall be in an amount equal to the applicable Dollar Equivalent
of the amount of the Total Commitments in respect of any payments of the Initial Construction Price and/or Permitted Change Orders
utilized to make such Loans on such Borrowing Date pursuant to this Section 2.02, provided that in the event that the Borrower
has not (i) notified the Facility Agent in the Notice of Borrowing that it has entered into Earmarked Foreign Exchange Arrangements
with respect to the amount required to be paid to Hermes or to the Yard on such Borrowing Date or (ii) provided reasonably sufficient
evidence to the Facility Agent of such Earmarked Foreign Exchange Arrangements in the Notice of Borrowing, the Facility Agent on
such Borrowing Date shall convert the Dollar amount of the Loans to be made by each Lender into Euro at the Spot Rate applicable
2 Business Days prior to such Borrowing Date (it being understood that such Spot Rate shall be used for such conversion in order
to calculate the Dollar Equivalent referred to in this Section 2.02(b)), and shall inform each Lender thereof, and such Euro amount
shall thereafter be disbursed to the Borrower and/or its designee(s) as set forth in Section 2.04 (it being understood that each
Lender shall remit its Loans to the Facility Agent in Dollars on such Borrowing Date).


 


(c)       A
Deferred Loan shall, on each Repayment Date of the Loan falling during the Deferral Period, be deemed to be made available in an
amount equal to the Deferred Portion of such Loan in respect of, and as at, that Repayment Date. Each such Deferred Loan shall
be automatic and notional only, and effected by means of a book entry to finance the repayment instalment of the Loan then due.


 


2.03 Notice
of Borrowing. Subject to the second parenthetical in Section 2.02(a)(ii) and other than in respect of a Deferred Loan, whenever
the Borrower desires to make a Borrowing hereunder, it shall give the Facility Agent at its Notice Office at least three Business
Days’ prior written notice of each Loan to be made hereunder, provided that any such notice shall be deemed to have
been given on a certain day only if given before 11:00 A.M. (Frankfurt time) (unless such 11:00 A.M. deadline is waived
by the Facility Agent in the case of the Initial Borrowing Date). Each such written notice (each a “Notice of Borrowing”),
except as otherwise expressly provided in Section 2.09, shall be irrevocable and shall be given by the Borrower substantially in
the form of Exhibit A, appropriately completed to specify (i) the portion of the Total Commitments to be utilized on such Borrowing
Date, (ii) if the Borrower and/or the Parent has entered into Earmarked Foreign Exchange Arrangements with respect to the installment
payments due and owing under the Construction Contract to be funded by the Loans to be incurred on such Borrowing Date, the applicable
Dollar Equivalent of the portion of the Total Commitments to be borrowed on such Borrowing Date and, where applicable, evidence
of such Earmarked Foreign Exchange Arrangements, (iii) the date of such Borrowing (which shall be a Business Day), (iv) when the
Loans are to be subject to interest at the Floating Rate, the initial Interest Period to be applicable thereto, (v) to which account(s)
the proceeds of such Loans are to be deposited (it being understood that pursuant to Section 2.04 the Borrower may designate
one or more accounts of the Yard, Hermes and/or the provider of the foreign exchange arrangements referenced in the definition
of Dollar Equivalent) and (vi) that all representations and warranties made by each Credit Party, in or pursuant to the Credit
Documents are true and correct in all material respects on and as of the date of such Borrowing (unless stated to relate to a specific
earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of
such date) and no Event of Default is or will be continuing after giving effect to such Borrowing. The Facility Agent shall promptly
give each Lender which is required to make Loans, notice of such proposed Borrowing, of such Lender’s proportionate share
thereof and of the other matters required by the immediately preceding sentence to be specified in the Notice of Borrowing.


 






    	 	-34-	 



     


    

 


2.04 Disbursement
of Funds. No later than 12:00 Noon (Frankfurt time) on the date specified in each Notice of Borrowing, each Lender will make
available its pro rata portion of each Borrowing requested in the Notice of Borrowing to be made on such date. All such
amounts shall be made available in the currency required by Section 2.02(b) in immediately available funds at the Payment Office
of the Facility Agent, and the Facility Agent will make available to (I) in the case of Loans disbursed in Dollars, the designee(s)
of the Borrower (with such designee(s) being in such circumstances either Hermes (in the case of the Hermes Premium) or a provider
of Earmarked Foreign Exchange Arrangements referenced in the definition of Dollar Equivalent), save that each Loan in respect of
the First Hermes Instalment and the Additional Hermes Premium may be paid directly to the Borrower and (II) in the case of
Loans disbursed in Euro, designee(s) of the Borrower (with such designee(s) being in such circumstances the Yard), in each case
prior to 3:00 P.M. (Frankfurt Time) on such day, to the extent of funds actually received by the Facility Agent prior to 12:00
Noon (Frankfurt Time) on such day, in each case at the Payment Office in the account(s) specified in the applicable Notice of Borrowing,
the aggregate of the amounts so made available by the Lenders. Unless the Facility Agent shall have been notified by any Lender
prior to the date of Borrowing that such Lender does not intend to make available to the Facility Agent such Lender’s portion
of any Borrowing to be made on such date, the Facility Agent may assume that such Lender has made such amount available to the
Facility Agent on such date of Borrowing and the Facility Agent may, in reliance upon such assumption, make available to the Borrower
a corresponding amount. If such corresponding amount is not in fact made available to the Facility Agent by such Lender, the Facility
Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding
amount forthwith upon the Facility Agent’s demand therefor, the Facility Agent shall promptly notify the Borrower and the
Borrower shall immediately pay such corresponding amount to the Facility Agent. The Facility Agent shall also be entitled to recover
on demand from such Lender or the Borrower, as the case may be, interest on such corresponding amount in respect of each day from
the date such corresponding amount was made available by the Facility Agent to the Borrower until the date such corresponding amount
is recovered by the Facility Agent, at a percentage rate per annum equal to (i) if recovered from such Lender, at the overnight
Eurodollar Rate and (ii) if recovered from the Borrower, the rate of interest applicable to the respective Borrowing, as determined
pursuant to Section 2.06. Nothing in this Section 2.04 shall be deemed to relieve any Lender from its obligation to make Loans
hereunder or to prejudice any rights which the Borrower may have against any Lender as a result of any failure by such Lender to
make Loans hereunder.


 






    	 	-35-	 



     


    

 


2.05 Pro Rata
Borrowings. All Borrowings of Loans (including Deferred Loans) under this Agreement shall be incurred from the Lenders pro
rata on the basis of their Commitments as at the time or, in the case of the Deferred Loans, deemed time, of the relevant Borrowing.
It is understood that no Lender shall be responsible for any default by any other Lender of its obligation to make Loans hereunder
and that each Lender shall be obligated to make the Loans provided to be made by it hereunder, regardless of the failure of any
other Lender to make its Loans hereunder. The obligations of the Lenders under this Agreement are several and not joint and no
Lender shall be responsible for the failure of any other Lender to satisfy its obligations hereunder.


 


2.06 Interest.
(a) The Borrower agrees to pay interest in respect of the unpaid principal amount of each Loan (other than a Deferred Loan) from
the date the proceeds thereof are made available to the Borrower until the maturity (whether by acceleration or otherwise) of such
Loan at the Fixed Rate or if an election is made by the Borrower to elect the Floating Rate pursuant to Section 2.07, at the Floating
Rate. The Borrower agrees to pay interest in respect of the unpaid principal amount of each Deferred Loan from the date the proceeds
thereof are made available (or deemed made available) to the Borrower until the maturity (whether by acceleration or otherwise)
of such Deferred Loan at the Floating Rate.


 


(b)              
If the Borrower fails to pay any amount payable by it under a Credit Document on its due date, interest shall accrue on the
overdue amount (in the case of overdue interest to the extent permitted by law) from the due date up to the date of actual payment
(both before and after judgment) at a rate which is (i) where interest is payable at the Fixed Rate, equal to [*]%
plus the Eurodollar Rate which would have been payable if the overdue amount had, during the period of non-payment constituted
a Loan for successive interest periods, each of a duration of three months, or (ii) where interest is payable on the Loan at the
Floating Rate and subject to paragraph (c) below, [*]%
plus the rate (including, for the avoidance of doubt, the margin) which would have been payable if the overdue amount had,
during the period of non-payment, constituted a Loan for successive Interest Periods, each of a duration selected by the Facility
Agent (acting reasonably).  Any interest accruing under this Section 2.06(b) shall be immediately payable by the Borrower
on demand by the Facility Agent.


 






    	 	-36-	 



     


    

 


(c)              
At any time when interest is payable at the Floating Rate, if any overdue amount consists of all or part of a Loan which became
due on a day which was not the last day of a Floating Rate Interest Period relating to that Loan:


 


(i)       the
first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Floating Rate
Interest Period relating to that Loan; and


 


(ii)       the
rate of interest applying to the overdue amount during that first Interest Period shall be [*]%
plus the rate which would have applied if the overdue amount had not become due. 


 


(d)       Default
interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable
to that overdue amount but will remain immediately due and payable.


 


(e)       Accrued
and unpaid interest shall be payable in respect of each Loan on each Fixed Interest Payment Date (if interest is payable on the
Loan at the Fixed Rate) or, if interest is payable on the Loan at the Floating Rate, on the last day of each Interest Period applicable
thereto, on any repayment or prepayment date (on the amount repaid or prepaid), at maturity (whether by acceleration or otherwise)
and, after such maturity, on demand.


 


(f)       At any time
when interest is payable on the Loan at the Floating Rate, upon each Interest Determination Date, the Facility Agent shall determine
the Eurodollar Rate for each Interest Period applicable to the Loans to be made pursuant to the applicable Borrowing and shall
promptly notify the Borrower and the respective Lenders thereof. Each such determination shall, absent manifest error, be final
and conclusive and binding on all parties hereto.


 


(g)       At
any time when interest is payable on the Loan at the Fixed Rate, the Borrower shall reimburse each Lender on demand for the amount
by which the 6 month Eurodollar Rate for any Fixed Rate Interest Period plus the fee for administrative expenses of [*]%
per annum for such Fixed Rate Interest Period less the Fixed Rate exceeds [*]%
per annum (being the amount by which the interest make-up is limited under any Interest Make-Up Agreement pursuant to Section 1.1
of the CIRR General Terms and Conditions and the KfW Refinancing). 


 


2.07 Election
of Floating Rate. (a) By written notice to the Facility Agent delivered (i) in the case of an election prior to the Initial
Borrowing Date, at least 10 days after the Signing Date or (ii) in the case of an election after the Initial Borrowing Date, at
least 35 days prior to the proposed date on which the interest rate mechanism is to change, the Borrower may elect, without incurring
any liability to make any payment pursuant to Section 2.10 (other than in the case of (ii) above, where there will be such a liability)
or to pay any other indemnity or compensation obligation, to pay interest on the Loans at the Floating Rate.


 


(b)       Any
election made pursuant to this Section 2.07 may only be made once during the term of the Loans.


 






    	 	-37-	 



     


    

 


(c)       This
Section 2.07 shall not apply to Deferred Loans (in respect of which the Floating Rate shall always apply).


 


2.08 Floating
Rate Interest Periods. This Section 2.08 shall only apply if the Borrower has elected to pay interest at the Floating Rate
pursuant to Section 2.07. At the time the Borrower gives any election notice pursuant to Section 2.07(a) (in the case of the initial
Floating Rate Interest Period (as defined below) applicable thereto) or on the third Business Day prior to the expiration of a
Floating Rate Interest Period applicable to such Loans (in the case of any subsequent Interest Period), it shall have the right
to elect, by giving the Facility Agent notice thereof, the interest period (each a “Floating Rate Interest Period”)
applicable to such Loans, which Floating Rate Interest Period shall, at the option of the Borrower, be a three or six month period;
provided that:


 


(a)       subject to paragraph (b) below, all Loans comprising a Borrowing shall at all times have the same Floating Rate Interest Period;


 


(b)       the initial Floating Rate Interest Period for any Loan shall commence either on the date of Borrowing of such Loan (or deemed Borrowing
in the case of a Deferred Loan) or, in the case of an election under Section 2.07(a)(ii) on the date proposed in the election notice
and each Floating Rate Interest Period occurring thereafter in respect of such Loan shall commence on the day on which the immediately
preceding Floating Rate Interest Period applicable thereto expires;


 


(c)       if any Floating Rate Interest Period relating to a Loan begins on a day for which there is no numerically corresponding day in
the calendar month at the end of such Floating Rate Interest Period, such Floating Rate Interest Period shall end on the last Business
Day of such calendar month;


 


(d)       if any Floating Rate Interest Period would otherwise expire on a day which is not a Business Day, such Floating Rate Interest Period
shall expire on the first succeeding Business Day; provided, however, that if any Floating Rate Interest Period for
a Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day
occurs in such month, such Floating Rate Interest Period shall expire on the immediately preceding Business Day;


 


(e)       no Floating Rate Interest Period longer than three months may be selected at any time when an Event of Default (or, if the Facility
Agent or the Required Lenders have determined that such an election at such time would be disadvantageous to the Lenders, a Default)
has occurred and is continuing;


 


(f)       no Floating Rate Interest Period in respect of any Borrowing of any Loans shall be selected which extends beyond the Maturity Date;


 


(g)       at no time shall there be more than ten Borrowings of Loans subject to different Floating Rate Interest Periods; and


 






    	 	-38-	 



     


    

 


(h)       the Floating Rate Interest Periods for each Deferred Loan shall always be a six month period.


 


If upon the expiration
of any Floating Rate Interest Period applicable to a Borrowing, the Borrower has failed to elect a new Floating Rate Interest Period
to be applicable to such Loans as provided above, the Borrower shall be deemed to have elected a three month Floating Rate Interest
Period to be applicable to such Loans effective as of the expiration date of such current Floating Rate Interest Period.


 


2.09 Increased
Costs, Illegality, Market Disruption, etc. (a) In the event that any Lender shall have reasonably determined (which determination
shall, absent manifest error, be final and conclusive and binding upon all parties hereto):


 


(i)       at
any time, that such Lender shall incur increased costs (including, without limitation, pursuant to Basel II and/or Basel III to
the extent Basel II and/or Basel III, as the case may be, is applicable), Mandatory Costs (as set forth on Schedule 1.01(b)) or
reductions in the amounts received or receivable hereunder with respect to any Loan because of, without duplication, any change
since the Effective Date in any applicable law or governmental rule, governmental regulation, governmental order, governmental
guideline or governmental request (whether or not having the force of law) or in the interpretation or administration thereof and
including the introduction of any new law or governmental rule, governmental regulation, governmental order, governmental guideline
or governmental request, such as, for example, but not limited to: (A) a change in the basis of taxation of payment to any Lender
of the principal of or interest on such Loan or any other amounts payable hereunder (except for changes in the rate of tax on,
or determined by reference to, the net income or net profits of such Lender, or any franchise tax based on net income or net profits,
of such Lender pursuant to the laws of the jurisdiction in which such Lender is organized or in which such Lender’s principal
office or applicable lending office is located or any subdivision thereof or therein or which is attributable to a FATCA Deduction
required to be made by a party to this Agreement), but without duplication of any amounts payable in respect of Taxes pursuant
to Section 4.04, or (B) a change in official reserve requirements; or


 


(ii)       at
any time, that the making or continuance of any Loan has been made unlawful by any law or governmental rule, governmental regulation
or governmental order;


 


then, and in any such event, such
Lender shall promptly give notice (by telephone confirmed in writing) to the Borrower and to the Facility Agent of such determination
(which notice the Facility Agent shall promptly transmit to each of the Lenders). Thereafter (x) in the case of clause (i) above,
the Borrower agrees (to the extent applicable), to pay to such Lender, upon its written demand therefor, such additional amounts
as shall be required to compensate such Lender or such other corporation for the increased costs or reductions to such Lender or
such other corporation and (y) in the case of clause (ii) above, the Borrower shall take one of the actions specified in Section
2.09(b) as promptly as possible and, in any event, within the time period required by law. In determining such additional amounts,
each Lender will act reasonably and in good faith and will use averaging and attribution methods which are reasonable, provided
that such Lender’s determination of compensation owing under this Section 2.09(a) shall, absent manifest error, be final
and conclusive and binding on all the parties hereto. Each Lender, upon determining that any additional amounts will be payable
pursuant to this Section 2.09(a), will give prompt written notice thereof to the Borrower, which notice shall show in reasonable
detail the basis for the calculation of such additional amounts; provided that, subject to the provisions of Section 2.10(b),
the failure to give such notice shall not relieve the Borrower from its Credit Document Obligations hereunder.


 






    	 	-39-	 



     


    

 


(b)       At any time that any Loan is affected by the circumstances described in Section 2.09(a)(i) or (ii), the Borrower may (and in the
case of a Loan affected by the circumstances described in Section 2.09(a)(ii) shall) either (x) if the affected Loan is then being
made initially, cancel the respective Borrowing by giving the Facility Agent notice in writing on the same date or the next Business
Day that the Borrower was notified by the affected Lender or the Facility Agent pursuant to Section 2.09(a)(i) or (ii) or (y) if
the affected Loan is then outstanding, upon at least three Business Days’ written notice to the Facility Agent, in the case
of any Loan, repay all outstanding Borrowings (within the time period required by the applicable law or governmental rule, governmental
regulation or governmental order) which include such affected Loans in full in accordance with the applicable requirements of Section
4.02; provided that if more than one Lender is affected at any time, then all affected Lenders must be treated the same
pursuant to this Section 2.09(b).


 


(c)       If any Lender
determines that after the Effective Date (i) the introduction of or effectiveness of or any change in any applicable law or
governmental rule, governmental regulation, governmental order, governmental guideline, governmental directive or governmental
request (whether or not having the force of law) concerning capital adequacy, or any change in interpretation or administration
thereof by any governmental authority, central bank or comparable agency will have the effect of increasing the amount of capital
required or expected to be maintained by such Lender, or any corporation controlling such Lender, based on the existence of such
Lender’s Commitments hereunder or its obligations hereunder, (ii) compliance with any law or regulation or any request from
or requirement of any central bank or other fiscal, monetary or other authority made after the Effective Date (including any which
relates to capital adequacy or liquidity controls or which affects the manner in which a Lender allocates capital resources to
obligations under this Agreement, any Interest Rate Protection Agreement and/or any Other Hedging Agreement) or (iii) to the extent
that such change is not discretionary and is pursuant to law, a governmental mandate or request, or a central bank or other fiscal
or monetary authority mandate or request, any change in the risk weight allocated by such Lender to the Borrower after the Effective
Date, then the Borrower agrees (to the extent applicable) to pay to such Lender, upon its written demand therefor, such additional
amounts as shall be required to compensate such Lender or such other corporation for the increased cost to such Lender or such
other corporation or the reduction in the rate of return to such Lender or such other corporation as a result of such increase
of capital. In determining such additional amounts, each Lender will act reasonably and in good faith and will use averaging and
attribution methods which are reasonable, provided that such Lender’s determination of compensation owing under this
Section 2.09(c) shall, absent manifest error be final and conclusive and binding on all the parties hereto. Each Lender, upon determining
that any additional amounts will be payable pursuant to this Section 2.09(c), will give prompt written notice thereof to the Borrower,
which notice shall show in reasonable detail the basis for calculation of such additional amounts; provided that, subject
to the provisions of Section 2.11(b), the failure to give such notice shall not relieve the Borrower from its Credit Document Obligations
hereunder.


 






    	 	-40-	 



     


    

 


(d)       This Section 2.09(d)
applies at any time when interest on a Loan is payable at the Floating Rate. If a Market Disruption Event occurs in relation to
any Lender’s share of a Loan for any Interest Period, then the rate of interest on each Lender’s share of that Loan
for the Interest Period shall be the percentage rate per annum which is the sum of:


 


(i)       the
Floating Rate Margin;


 


(ii)       the
rate determined by such Lender and notified to the Facility Agent by 5:00 P.M. (Frankfurt time) on the Interest Determination Date
for such Interest Period to be that which expresses as a percentage rate per annum the cost to each such Lender of funding its
participation in that Loan for a period equivalent to such Interest Period from whatever source it may reasonably select; provided
that the rate provided by a Lender pursuant to this clause (ii) shall not be disclosed to any other Lender and shall be held as
confidential by the Facility Agent and the Borrower; and


 


(iii)     the
Mandatory Costs, if any, applicable to such Lender of funding its participation in that Loan.


 


(e) This Section 2.09(e)
applies at any time when interest on a Loan is payable at the Floating Rate. If a Market Disruption Event occurs and the Facility
Agent or the Borrower so require, the Facility Agent and the Borrower shall enter into negotiations (for a period of not more than
30 days) with a view to agreeing a substitute basis for determining the rate of interest. Any alternative basis agreed pursuant
to the immediately preceding sentence shall, with the prior consent of all the Lenders and the Borrower, be binding on all parties.
If no agreement is reached pursuant to this clause (e), the rate provided for in clause (d) above shall apply for the entire applicable
Interest Period.


 


2.10 Indemnification;
Breakage Costs. (a) When interest on a Loan is payable at the Floating Rate, the Borrower agrees to indemnify each
Lender, within two Business Days of demand (in writing and which request shall set forth in reasonable detail the basis for
requesting and the calculation of such amount and which in the absence of manifest error shall be conclusive evidence as to
the amount due), for all losses, expenses and liabilities (including, without limitation, any such loss, expense or liability
incurred by reason of the liquidation or reemployment of deposits or other funds required by such Lender to fund its Loans
but excluding any loss of anticipated profits) which such Lender may sustain in respect of Loans made to the Borrower: (i) if
for any reason (other than a default by such Lender or the Facility Agent) a Borrowing of Loans does not occur on a date
specified therefor in a Notice of Borrowing (whether or not withdrawn by the Borrower or deemed withdrawn pursuant to Section
2.09(a)); (ii) if any prepayment or repayment (including any prepayment or repayment made pursuant to Section 2.09(a),
Section 4.01 or Section 4.02 (in each case other than on the expiry of a Floating Rate Interest Period) or as a result of an
acceleration of the Loans pursuant to Section 11) of any of its Loans, or assignment and/or transfer of its Loans pursuant to
Section 2.12, occurs on a date which is not the last day of an Interest Period with respect thereto; or (iii) if any
prepayment of any of its Loans is not made on any date specified in a notice of prepayment given by the Borrower.


 






    	 	-41-	 



     


    

 


(b)       When
interest on the Loan (and ignoring for this purpose the Deferred Loans) is payable at the Fixed Rate, and at the time of any prepayment
or commitment reduction pursuant to Sections 3.04, 3.05 or 4.01 or any mandatory repayment or commitment reduction pursuant to
Section 4.02 or as a result of an acceleration of the Loans pursuant to Section 11, the Borrower shall indemnify each Lender, within
two Business Days of demand in writing, which request shall set forth in reasonable detail the basis for requesting and the calculation
of such amount and which in the absence of manifest error shall be conclusive evidence as to the amount due, for all losses, expenses
and liabilities which such Lender may sustain in respect of the early repayment or prepayment of the Loans made to the Borrower
including, without limitation, the costs of breaking deposits or re-employing funds under any swap agreements or interest rate
arrangement products entered into in respect of the Loans or any prepayment compensation as set forth in the CIRR General Terms
and Conditions.


 


(c)       It
is understood and agreed that where the Initial Borrowing Date has not occurred, no amounts under this Section 2.10 will be payable
by the Borrower if the Total Commitments  are terminated no later than 10 days after the Signing Date.


 


2.11 Change of
Lending Office; Limitation on Additional Amounts. (a) Each Lender agrees that on the occurrence of any event giving rise to
the operation of Section 2.09 (a), Section 2.09(b), or Section 4.04 with respect to such Lender, it will, if requested
by the Borrower, use reasonable good faith efforts (subject to overall policy considerations of such Lender) to designate another
lending office for any Loans affected by such event or otherwise take steps to mitigate the effect of such event, provided
that such designation shall be made and/or such steps shall be taken at the Borrower’s cost and on such terms that such Lender
and its lending office suffer no economic, legal or regulatory disadvantage in excess of de minimus amounts, with the object
of avoiding the consequence of the event giving rise to the operation of such Section. Nothing in this Section 2.11 shall
affect or postpone any of the obligations of the Borrower or the rights of any Lender provided in Section 2.09 and Section 4.04.


 


(b)       Notwithstanding
anything to the contrary contained in Sections 2.09, 2.10 or 4.04 of this Agreement, unless a Lender gives notice to the Borrower
that it is obligated to pay an amount under any such Section within 180 days of the later of (x) the date the Lender incurs the
respective increased costs, Taxes, loss, expense or liability, reduction in amounts received or receivable or reduction in return
on capital or (y) the date such Lender has knowledge of its incurrence of the respective increased costs, Taxes, loss, expense
or liability, reductions in amounts received or receivable or reduction in return on capital, then such Lender shall only be entitled
to be indemnified for such amount by the Borrower pursuant to said Section 2.09, 2.10, or 4.04, as the case may be, to the extent
the costs, Taxes, loss, expense or liability, reduction in amounts received or receivable or reduction in return on capital are
incurred or suffered on or after the date which occurs 180 days prior to such Lender giving notice to the Borrower that it is obligated
to pay the respective amounts pursuant to said Section 2.09, 2.10 or 4.04, as the case may be. This Section 2.11(b) shall have
no applicability to any Section of this Agreement other than said Sections 2.09, 2.10 and 4.04.


 






    	 	-42-	 



     


    

 


2.12 Replacement
of Lenders (x) If any Lender becomes a Defaulting Lender or otherwise defaults in its obligations to make Loans, (y) upon the
occurrence of any event giving rise to the operation of Section 2.09(a) or Section 4.04 with respect to any Lender which results
in such Lender charging to the Borrower material increased costs in excess of the average costs being charged by the other Lenders,
or (z) as provided in Section 14.11(b) in the case of certain refusals by a Lender to consent to certain proposed changes, waivers,
discharges or terminations with respect to this Agreement which have been approved by the Required Lenders, the Borrower shall
(for its own cost) have the right, if no Default or Event of Default will exist immediately after giving effect to the respective
replacement, to replace such Lender (the “Replaced Lender”) (subject to the consent of (a) the CIRR Representative
if at such time interest is payable at the Fixed Rate and (b) the Hermes Agent) with one or more other Eligible Transferee or Eligible
Transferees, none of whom shall constitute a Defaulting Lender at the time of such replacement (collectively, the “Replacement
Lender”) reasonably acceptable to the Facility Agent (it being understood that all then-existing Lenders are reasonably
acceptable); provided that:


 


(a)       at the time of any replacement pursuant to this Section 2.12, the Replacement Lender shall enter into one or more Transfer Certificates
pursuant to Section 13.01(a) (and with all fees payable pursuant to said Section 13.02 to be paid by the Replacement Lender) pursuant
to which the Replacement Lender shall acquire all of the Commitments and outstanding Loans of the Replaced Lender and, in connection
therewith, shall pay to the Replaced Lender in respect thereof an amount equal to the sum (without duplication) of (x) an amount
equal to the principal of, and all accrued interest on, all outstanding Loans of the Replaced Lender, and (y) an amount equal to
all accrued, but unpaid, Commitment Commission owing to the Replaced Lender pursuant to Section 3.01;


 


(b)       all obligations of the Borrower due and owing to the Replaced Lender at such time (other than those specifically described in clause
(a) above) in respect of which the assignment purchase price has been, or is concurrently being, paid shall be paid in full to
such Replaced Lender concurrently with such replacement; and


 


(c)       if the Borrower elects to replace any Lender pursuant to clause (x), (y) or (z) of this Section 2.12, the Borrower shall also replace
each other Lender that qualifies for replacement under such clause (x), (y) or (z).


 


Upon the execution
of the respective Transfer Certificate and the payment of amounts referred to in clauses (a) and (b) above, the Replacement Lender
shall become a Lender hereunder and the Replaced Lender shall cease to constitute a Lender hereunder, except with respect to indemnification
provisions under this Agreement (including, without limitation, Sections 2.09, 2.10, 4.04, 14.01 and 14.05), which shall survive
as to such Replaced Lender.


 






    	 	-43-	 



     


    

 


2.13 Disruption
to Payment Systems, Etc. If either the Facility Agent determines (in its discretion) that a Disruption Event has occurred or
the Facility Agent is notified by the Parent or the Borrower that a Disruption Event has occurred:


 


(i)            the Facility Agent may, and shall if requested to do so by the Borrower or the Parent, consult with the Borrower with a view to
agreeing with the Borrower such changes to the operation or administration of this Agreement as the Facility Agent may deem necessary
in the circumstances;


 


(ii)           the Facility Agent shall not be obliged to consult with the Borrower or the Parent in relation to any changes mentioned in clause
(i) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to
agree to such changes;


 


(iii)          the Facility Agent may consult with the other Agents, the Lead Arrangers and the Lenders in relation to any changes mentioned in
clause (i) above but shall not be obliged to do so if, in its opinion, it is not practicable or necessary to do so in the circumstances;


 


(iv)          any such changes agreed upon by the Facility Agent and the Borrower or the Parent pursuant to clause (i) above shall (whether or
not it is finally determined that a Disruption Event has occurred) be binding upon the parties to this Agreement as an amendment
to (or, as the case may be, waiver of) the terms of the Credit Documents, notwithstanding the provisions of Section 14.11, until
such time as the Facility Agent is satisfied that the Disruption Event has ceased to apply;


 


(v)            the Facility Agent shall not be liable for any damages, costs or losses whatsoever (including, without limitation for negligence
or any other category of liability whatsoever but not including any claim based on the gross negligence, fraud or willful misconduct
of the Facility Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this
Section 2.13; and


 


(vi)          the
Facility Agent shall notify the other Agents, the Lead Arrangers and the Lenders of all changes agreed pursuant to clause (iv)
above as soon as practicable.


 


SECTION 3. Commitment
Commission; Fees; Reductions of Commitment. 


 


3.01 Commitment
Commission. The Borrower agrees to pay the Facility Agent for distribution to
each Non-Defaulting Lender a commitment commission (the “Commitment Commission”) for the period from the Effective
Date to and including the Commitment Termination Date (or such earlier date as the Total Commitments shall have been terminated)
computed at the rate for each relevant period set out in the table below for each day multiplied by the unutilized Commitment (and
taking into account for this purpose the increase in the Commitment pursuant to the relevant Supplemental Agreements) for such
day of such Non-Defaulting Lender divided by 360. Accrued Commitment Commission shall be due and payable quarterly in arrears on
the first Business Day of each April, July, October and January commencing with October 2014 and on the Borrowing Date contemplated
by Section 2.02(a)(vi) (or such earlier date upon which the Total Commitments are terminated). No additional Commitment Commission
shall be payable in respect of a Deferred Loan. 


 






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	Commitment Commission	Applicable period
	[*]% p.a.	Date of execution of this Agreement – October 30, 2017
	[*]% p.a.	October 31, 2017 - October 30, 2018
	[*]% p.a.	October 31, 2018 - Delivery Date







 


3.02
CIRR Fees. (a) The Borrower agrees to pay to the Facility Agent for the account
of the CIRR Representative a fee of [*]% per annum (the “CIRR Fee”) on such part of the Total Commitments for
which the Federal Republic of Germany grants an interest make-up guarantee and for such period as may be separately agreed between
the CIRR Agent and the Borrower. No additional CIRR Fee shall be payable in respect of a Deferred Loan.


 


(b)       The CIRR Fee shall
be payable by the Borrower in EUR quarterly in arrears from the date of commencement of the period described in Section 3.02(a).


 


3.03 Other Fees.
The Borrower (or the Parent, as applicable) agrees to pay to the
Facility Agent the agreed fees set forth in any Fee Letter and the Supplemental Agreements on the dates and in the amounts set
forth therein.


 


3.04 Voluntary
Reduction or Termination of Commitments. Upon at least three Business Days’ prior notice to the Facility Agent at its
Notice Office (which notice the Facility Agent shall promptly transmit to each of the Lenders), the Borrower shall have the right,
at any time or from time to time, without premium or penalty, save in respect of amounts payable pursuant to Section 2.10 (b),
to reduce or terminate the Total Commitments, in whole or in part, in integral multiples of €5,000,000 in the case of partial
reductions thereto, provided that each such reduction shall apply proportionately to permanently reduce the Commitment of
each Lender and provided further that this Section 3.04 shall not apply to the Total Commitments relating to any Deferred
Loans.


 


3.05 Mandatory
Reduction of Commitments. (a) In addition to any other mandatory commitment reductions pursuant to this Section 3.05 or any
other Section of this Agreement, the Total Commitments (and the Commitment of each Lender) shall terminate in its entirety on the
Commitment Termination Date.


 


(b)       In addition to
any other mandatory commitment reductions pursuant to this Section 3.05 or any other Section of this Agreement, the Total Commitments
(and the Commitments of each Lender) shall be reduced (immediately after the relevant Loans are made) on each Borrowing Date by
the amount of Commitments (denominated in Euro) utilized to make the Loans made on such Borrowing Date.


 






    	 	-45-	 



     


    

 


(c)       In
addition to any other mandatory commitment reductions pursuant to this Section 3.05 or any other Section of this Agreement, the
Total Commitments shall be terminated at the times required by Section 4.02.


 


(d)       Each
reduction to the Total Commitments pursuant to this Section 3.05 and Section 4.02 shall be applied proportionately to reduce the
Commitments of each Lender.


 


SECTION 4. Prepayments;
Repayments; Taxes.


 





4.01
Voluntary Prepayments. The Borrower shall have the right to prepay the Loans, without premium or penalty except as provided
by law, in whole or in part at any time and from time to time on the following terms and conditions: 


 


(a)       the Borrower shall give the Facility Agent prior to 12:00 Noon (Frankfurt time) at its Notice Office at least 32 Business Days’
prior written notice of its intent to prepay such Loans, the amount of such prepayment and the specific Borrowing or Borrowings
pursuant to which made, which notice the Facility Agent shall promptly transmit to each of the Lenders;


 


(b)       each prepayment shall be in an aggregate principal amount of at least $1,000,000 or such lesser amount of a Borrowing which is
outstanding, provided that no partial prepayment of Loans made pursuant to any Borrowing shall reduce the outstanding Loans
made pursuant to such Borrowing to an amount less than $1,000,000;


 


(c)       at the time of any prepayment of Loans pursuant to this Section 4.01 on any date other than the last day of any Interest Period
applicable thereto or otherwise as set out in Section 2.10, the Borrower shall pay the amounts required pursuant to Section 2.10;


 


(d)       in the event of certain refusals by a Lender as provided in Section 14.11(b) to consent to certain proposed changes, waivers,
discharges or terminations with respect to this Agreement which have been approved by the Required Lenders, the Borrower may, upon
five Business Days’ written notice to the Facility Agent at its Notice Office (which notice the Facility Agent shall promptly
transmit to each of the Lenders), prepay all Loans, together with accrued and unpaid interest, Commitment Commission, and other
amounts owing to such Lender (or owing to such Lender with respect to each Loan which gave rise to the need to obtain such Lender’s
individual consent) in accordance with said Section 14.11(b) so long as (A) the Commitment of such Lender (if any) is terminated
concurrently with such prepayment (at which time Schedule 1.01(a) shall be deemed modified to reflect the changed Commitments)
and (B) the consents required by Section 14.11(b) in connection with the prepayment pursuant to this clause (d) have been
obtained; and


 



    	 	-46-	 



     


    

 


(e)       each prepayment in respect of any Loans made pursuant to a Borrowing shall be applied (x) in inverse order of maturity and (y)
except as expressly provided in the preceding clause (d), pro rata among the Loans comprising such Borrowing, provided
that in connection with any prepayment of Loans pursuant to this Section 4.01, such prepayment shall not be applied to any Loan
of a Defaulting Lender until all other Loans of Non-Defaulting Lenders have been repaid in full.


 


4.02 Mandatory
Repayments and Commitment Reductions. (a) In addition to any other mandatory repayments pursuant to this Section 4.02 or any
other Section of this Agreement, (i) the outstanding Loans (other than Deferred Loans) shall be repaid on each Repayment Date (or
such other date as may be agreed between the Facility Agent and the Borrower) (without further action of the Borrower being required)
in 24 equal semi-annual installments commencing on either (A) the first Business Day that is on or after the sixth month anniversary
of the Borrowing Date in relation to the Delivery Date or, (B) if requested by the Borrower no later than five days prior to the
anticipated Delivery Date, such date falling less than 6 months after the Delivery Date as the Borrower may select, and ending
on the Maturity Date for such Loans and (ii) the outstanding Deferred Loans shall be repaid on each Repayment Date (or such other
date as may be agreed between the Facility Agent and the Borrower) (without further action of the Borrower being required) in eight
equal semi-annual installments commencing on the first Repayment Date that is on or after April 1, 2021 and ending on the Maturity
Date for the Deferred Loans (each such repayment of a Loan (including a Deferred Loan), a “Scheduled Repayment”).
The repayment schedule for the Loans (other than Deferred Loans) and Deferred Loans is set forth in Schedule 4.02.


 


(b)       In addition to any other mandatory repayments or commitment reductions pursuant to this Section 4.02 or any other Section of this
Agreement, but without duplication, on (i) the Business Day following the date of a Collateral Disposition (other than a Collateral
Disposition constituting an Event of Loss) and (ii) the earlier of (A) the date which is 150 days following any Collateral Disposition
constituting an Event of Loss involving the Vessel (or, in the case of an Event of Loss which is a constructive or compromised
or arranged total loss of the Vessel, if earlier, 180 days after the date of the event giving rise to such damage) and (B) the
date of receipt by the Borrower, any of its Subsidiaries or the Facility Agent of the insurance proceeds relating to such Event
of Loss, the Borrower shall repay the outstanding Loans in full and the Total Commitments shall be automatically terminated (without
further action of the Borrower being required).


 


(c)       In addition to any other mandatory repayments or commitment reductions pursuant to this Section 4.02 or any other Section of this
Agreement, but without duplication, if (x) the Construction Contract is terminated prior to the Delivery Date, (y) the Vessel has
not been delivered to the Borrower by the Yard pursuant to the Construction Contract by the Commitment Termination Date or (z)
any of the events described in Sections 11.05, 11.10 or 11.11 shall occur in respect of the Yard at any time prior to the Delivery
Date, within five Business Days of the occurrence of such event the Borrower shall repay the outstanding Loans in full and the
Total Commitments shall be automatically terminated (without further action of the Borrower being required).


 






    	 	-47-	 



     


    

 


(d)       In addition to any other mandatory repayments or commitment reductions pursuant to this Section 4.02 or any other Section of this
Agreement, but without duplication, if (x)(i) the Parent declares, makes or pays any dividend, charge, fee or other distribution
(or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its Capital
Stock (or any class of its Capital Stock), (ii) the Parent repays or distributes any dividend or share premium reserve, (iii) the
Parent or the Borrower makes any payment of any kind under any shareholder loan, (iv) the Parent redeems, repurchases, defeases,
retires or repays any of its Capital Stock or resolves to do so, (v) the Parent issues between April 1, 2020 and the latest Maturity
Date in respect of the Deferred Loans any new shares in its Capital Stock, options, warrants or other rights for the purchase,
acquisition or exchange of new shares in its Capital Stock, except between April 1, 2020 and December 31, 2021 (or such later date
as may, with the prior consent of Hermes, be agreed between the Parent and the Facility Agent) for the purpose of providing crisis
and recovery-related capital (as contemplated in the Principles), or (vi) the Parent or any member of the NCLC Group incurs any
Indebtedness for Borrowed Money, except any Indebtedness for Borrowed Money incurred (A) for the purpose of financing the payment
of any scheduled pre-delivery or delivery instalment of the purchase price of a vessel to be owned by the Parent or any Subsidiary
or (B) between April 1, 2020 and December 31, 2021 (or such later date as may, with the prior consent of Hermes, be agreed between
the Parent and the Lenders) for the purpose of providing crisis and recovery-related Indebtedness (as contemplated in the Principles),
or in any case resolves to do so or (y) the Borrower or the Parent shall default in the due performance and observance of the Principles
unless the circumstances giving rise to the default are, in the opinion of the Facility Agent, capable of remedy and are remedied
within five days of the Facility Agent giving notice to the Parent (with a copy to the Borrower) to do so, the Facility Agent may,
and shall if so directed by the Required Lenders or Hermes, declare that each Deferred Loan be payable on demand on the date specified
in such notice.


 


(e)       With respect to each repayment of Loans required by this Section 4.02 (other than in the case of Section 4.02(d)), the Borrower
may designate the specific Borrowing or Borrowings pursuant to which such Loans were made, provided that (i) all Loans with
Interest Periods ending on such date of required repayment shall be paid in full prior to the payment of any other Loans and (ii)
each repayment of any Loans comprising a Borrowing shall be applied pro rata among such Loans. In the absence of a designation
by the Borrower as described in the preceding sentence, the Facility Agent shall, subject to the preceding provisions of this clause
(e), make such designation in its sole reasonable discretion with a view, but no obligation, to minimize breakage costs owing pursuant
to Section 2.10.


 


(f)       Notwithstanding anything to the contrary contained elsewhere in this Agreement, all outstanding Loans shall be repaid in full on
the Maturity Date.


 


4.03  Method
and Place of Payment. Except as otherwise specifically provided herein, all payments under this Agreement shall be made to
the Facility Agent for the account of the Lender or Lenders entitled thereto not later than 10:00 A.M. (New York time) on the date
when due and shall be made in Dollars in immediately available funds at the Payment Office of the Facility Agent. Whenever any
payment to be made hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended
to the next succeeding Business Day (unless the next succeeding Business Day shall fall in the next calendar month, in which case
the due date thereof shall be the previous Business Day) and, with respect to payments of principal, interest shall be payable
at the applicable rate during such extension.


 






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4.04  Net
Payments; Taxes. (a) All payments made by any Credit Party hereunder will be made without setoff, counterclaim or other defense.
All such payments will be made free and clear of, and without deduction or withholding for, any present or future taxes, levies,
imposts, duties, fees, assessments or other charges of whatever nature now or hereafter imposed by any jurisdiction or by any political
subdivision or taxing authority thereof or therein with respect to such payments (but excluding any tax imposed on or measured
by the net income, net profits or any franchise tax based on net income or net profits, and any branch profits tax of a Lender
pursuant to the laws of the jurisdiction in which it is organized or the jurisdiction in which the principal office or applicable
lending office of such Lender is located or any subdivision thereof or therein or due to failure to provide documents under Section
4.04(b) or any FATCA Deduction required to be made by a party to this Agreement, all such taxes “Excluded Taxes”)
and all interest, penalties or similar liabilities with respect to such non-excluded taxes, levies, imposts, duties, fees, assessments
or other charges to the extent imposed on taxes other than Excluded Taxes (all such non-excluded taxes, levies, imposts, duties,
fees, assessments or other charges being referred to collectively as “Taxes” and “Taxation”
shall be applied accordingly). The Borrower will furnish to the Facility Agent within 45 days after the date of payment of any
Taxes due pursuant to applicable law certified copies of tax receipts evidencing such payment by the Borrower. The Borrower agrees
to indemnify and hold harmless each Lender, and reimburse such Lender upon its written request, for the amount of any Taxes so
levied or imposed and paid by such Lender.


 


(b)       Each Lender agrees
(consistent with legal and regulatory restrictions and subject to overall policy considerations of such Lender) to file any certificate
or document or to furnish to the Borrower any information as reasonably requested by the Borrower that may be necessary to establish
any available exemption from, or reduction in the amount of, any Taxes; provided, however, that nothing in this Section
4.04(b) shall require a Lender to disclose any confidential information (including, without limitation, its tax returns or its
calculations). The Borrower shall not be required to indemnify any Lender for Taxes attributed to such Lender’s failure to
provide the required documents under this Section 4.04(b).


 


(c)       If
the Borrower pays any additional amount under this Section 4.04 to a Lender and such Lender determines in its sole discretion exercised
in good faith that it has actually received or realized in connection therewith any refund or any reduction of, or credit against,
its Tax liabilities in or with respect to the taxable year in which the additional amount is paid (a “Tax Benefit”),
such Lender shall pay to the Borrower an amount that such Lender shall, in its sole discretion exercised in good faith, determine
is equal to the net benefit, after tax, which was obtained by such Lender in such year as a consequence of such Tax Benefit; provided,
however, that (i) any Lender may determine, in its sole discretion exercised in good faith consistent with the policies
of such Lender, whether to seek a Tax Benefit, (ii) any Taxes that are imposed on a Lender as a result of a disallowance or reduction
(including through the expiration of any tax credit carryover or carryback of such Lender that otherwise would not have expired)
of any Tax Benefit with respect to which such Lender has made a payment to the Borrower pursuant to this Section 4.04(c) shall
be treated as a Tax for which the Borrower is obligated to indemnify such Lender pursuant to this Section 4.04 without any exclusions
or defenses and (iii) nothing in this Section 4.04(c) shall require any Lender to disclose any confidential information to the
Borrower (including, without limitation, its tax returns).


 






    	 	-49-	 



     


    

 


(d)       Each
party to this Agreement may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with
that FATCA Deduction, and no party to this Agreement shall be required to increase any payment in respect of which it makes such
a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. Each party to this Agreement shall
promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such
FATCA Deduction), notify the party to this Agreement to whom it is making the payment and, in addition, shall notify the Borrower
and the Facility Agent and the Facility Agent shall notify the other Credit Parties.


 


4.05 Application
of Proceeds. (a) All proceeds collected by the Collateral Agent upon any sale or other disposition of such Collateral of each
Credit Party, together with all other proceeds received by the Collateral Agent under and in accordance with this Agreement and
the other Credit Documents (except to the extent released in accordance with the applicable provisions of this Agreement or any
other Credit Document), shall be applied by the Facility Agent to the payment of the Secured Obligations as follows:


 


(i)       first,
to the payment of all amounts owing to the Collateral Agent or any other Agent of the type described in clauses (iii) and (iv)
of the definition of “Secured Obligations”;


 


(ii)       second,
to the extent proceeds remain after the application pursuant to the preceding clause (i), an amount equal to the outstanding Credit
Document Obligations shall be paid to the Lender Creditors as provided in Section 4.05(d) hereof, with each Lender Creditor receiving
an amount equal to such outstanding Credit Document Obligations or, if the proceeds are insufficient to pay in full all such Credit
Document Obligations, its Pro Rata Share of the amount remaining to be distributed;


 


(iii)       third,
to the extent proceeds remain after the application pursuant to the preceding clauses (i) and (ii), an amount equal to the outstanding
Other Obligations shall be paid to the Other Creditors as provided in Section 4.05(d) hereof, with each Other Creditor receiving
an amount equal to such outstanding Other Obligations or, if the proceeds are insufficient to pay in full all such Other Obligations,
its Pro Rata Share of the amount remaining to be distributed; and


 


(iv)       fourth,
to the extent proceeds remain after the application pursuant to the preceding clauses (i) through (iii), inclusive, and following
the termination of this Agreement, the Credit Documents, the Interest Rate Protection Agreements and the Other Hedging Agreements
in accordance with their terms, to the relevant Credit Party or to whomever may be lawfully entitled to receive such surplus.


 






    	 	-50-	 



     


    

 


(b)       For
purposes of this Agreement, “Pro Rata Share” shall mean, when calculating a Secured Creditor’s portion
of any distribution or amount, that amount (expressed as a percentage) equal to a fraction the numerator of which is the then unpaid
amount of such Secured Creditor’s Credit Document Obligations or Other Obligations, as the case may be, and the denominator
of which is the then outstanding amount of all Credit Document Obligations or Other Obligations, as the case may be.


 


(c)       If
any payment to any Secured Creditor of its Pro Rata Share of any distribution would result in overpayment to such Secured Creditor,
such excess amount shall instead be distributed in respect of the unpaid Credit Document Obligations or Other Obligations, as the
case may be, of the other Secured Creditors, with each Secured Creditor whose Credit Document Obligations or Other Obligations,
as the case may be, have not been paid in full to receive an amount equal to such excess amount multiplied by a fraction the numerator
of which is the unpaid Credit Document Obligations or Other Obligations, as the case may be, of such Secured Creditor and the denominator
of which is the unpaid Credit Document Obligations or Other Obligations, as the case may be, of all Secured Creditors entitled
to such distribution.


 


(d)       All
payments required to be made hereunder shall be made (x) if to the Lender Creditors, to the Facility Agent under this Agreement
for the account of the Lender Creditors, and (y) if to the Other Creditors, to the trustee, paying agent or other similar representative
(each, a “Representative”) for the Other Creditors or, in the absence of such a Representative, directly to
the Other Creditors.


 


(e)       For
purposes of applying payments received in accordance with this Section 4.05, the Collateral Agent shall be entitled to rely upon
(i) the Facility Agent under this Agreement and (ii) the Representative for the Other Creditors or, in the absence of such a Representative,
upon the Other Creditors for a determination (which the Facility Agent, each Representative for any Other Creditors and the Secured
Creditors agree (or shall agree) to provide upon request of the Collateral Agent) of the outstanding Credit Document Obligations
and Other Obligations owed to the Lender Creditors or the Other Creditors, as the case may be. Unless it has actual knowledge (including
by way of written notice from an Other Creditor) to the contrary, the Collateral Agent, shall be entitled to assume that no Interest
Rate Protection Agreements or Other Hedging Agreements are in existence.


 


(f)       It
is understood and agreed that each Credit Party shall remain jointly and severally liable to the extent of any deficiency between
the amount of the proceeds of the Collateral pledged by it under and pursuant to the Security Documents and the aggregate amount
of the Secured Obligations of such Credit Party.


 


4.06 FATCA
Information. (a) Subject to paragraph (c) below, each party to this Agreement shall, within ten Business Days of a reasonable
request by another party to this Agreement:


 






    	 	-51-	 



     


    

 


		(i)	confirm to that other party to this Agreement whether
it is:



 


(A)       a
FATCA Exempt Party; or


 


(B)       not
a FATCA Exempt Party;


 


		(ii)	supply to that other party to this Agreement such forms, documentation and other information relating
to its status under FATCA as that other party to this Agreement reasonably requests for the purposes of that other party to this
Agreement's compliance with FATCA;



 


		(iii)	supply to that other party to this Agreement such forms, documentation and other information relating
to its status as that other party to this Agreement reasonably requests for the purposes of that other party to this Agreement's
compliance with any other law, regulation, or exchange of information regime.



 


(b)       If
a party to this Agreement confirms to another party to this Agreement pursuant to paragraph (a)(i) above that it is a FATCA Exempt
Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that party to this Agreement shall
notify that other party to this Agreement reasonably promptly.


 


(c)       Paragraph
(a) above shall not oblige any Credit Party to do anything, and paragraph (a)(iii) above shall not oblige any other party to this
Agreement to do anything, which would or might in its reasonable opinion constitute a breach of:


 


		(i)	any law or regulation;



 


		(ii)	any fiduciary duty; or



 


		(iii)	any duty of confidentiality.



 


(d)       If a
party to this Agreement fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information
requested in accordance with paragraph (a)(i) or (ii) above (including, for the avoidance of doubt, where paragraph (c) above applies),
then such party to this Agreement shall be treated for the purposes of the Credit Documents (and payments under them) as if it
is not a FATCA Exempt Party until such time as the party to this Agreement in question provides the requested confirmation, forms,
documentation or other information.


 


(e)       If
the Borrower is a U.S. Tax Obligor or the Facility Agent reasonably believes that its obligations under FATCA or any other applicable
law or regulation require it, each Lender shall, within ten (10) Business Days of:


 


		(i)	where the Borrower is a U.S. Tax Obligor, the date of
this Agreement;



 






    	 	-52-	 



     


    

 


		(ii)	the date a new U.S. Tax Obligor accedes as a Borrower;
or



 


		(iii)	where the Borrower is not a U.S. Tax Obligor, the date of a request from the Facility Agent,



 


supply to the
Facility Agent:


 


		(A)	a withholding certificate on Form W-8, Form W-9 or any other relevant form; or



 


		(B)	any withholding statement or other document, authorisation or waiver as the Facility Agent may
require to certify or establish the status of such Lender under FATCA or that other law or regulation.



 


(f)       The
Facility Agent shall provide any withholding certificate, withholding statement, document, authorisation or waiver it receives
from a Lender pursuant to paragraph (e) above to the Borrower.


 


(g)       If
any withholding certificate, withholding statement, document, authorisation or waiver provided to the Facility Agent by a Lender
pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, that Lender shall promptly update it and provide
such updated withholding certificate, withholding statement, document, authorisation or waiver to the Facility Agent unless it
is unlawful for the Lender to do so (in which case the Lender shall promptly notify the Facility Agent). The Facility Agent shall
provide any such updated withholding certificate, withholding statement, document, authorisation or waiver to the Borrower.


 


(h)       The
Facility Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver it receives from
a Lender pursuant to paragraph (e) or (g) above without further verification. The Facility Agent shall not be liable for any action
taken by it under or in connection with paragraph (e), (f) or (g) above.


 


SECTION 5. Conditions
Precedent to the Initial Borrowing Date. The obligation of each Lender to make Loans on the Initial Borrowing Date is subject
at the time of the making of such Loans to the satisfaction or (other than in the case of Sections 5.04, 5.05, 5.06 (other than
delivery of the Share Charge Collateral), 5.07, 5.10, 5.11, 5.12 and 5.15) waiver of the following conditions:


 


5.01 Effective
Date. On or prior to the Initial Borrowing Date, the Effective Date shall have occurred.


 


5.02 [Intentionally
Omitted].


 






    	 	-53-	 



     


    

 


5.03 Corporate
Documents; Proceedings; etc. On the Initial Borrowing Date, the Facility Agent shall have received a certificate, dated the
Initial Borrowing Date, signed by the secretary or any assistant secretary of each Credit Party (or, to the extent such Credit
Party does not have a secretary or assistant secretary, the analogous Person within such Credit Party), and attested to by an authorized
officer, member or general partner of such Credit Party, as the case may be, in substantially the form of Exhibit D, with appropriate
insertions, together with copies of the certificate of incorporation and by-laws (or equivalent organizational documents) of such
Credit Party and the resolutions of such Credit Party referred to in such certificate.


 


5.04 Know Your
Customer. On the Initial Borrowing Date, the Facility Agent, the Hermes Agent and the Lenders shall have been provided with
all information requested in order to carry out and be reasonably satisfied with all necessary “know your customer”
information required pursuant to the PATRIOT ACT and such other documentation and evidence necessary in order for the Lenders to
carry out and be reasonably satisfied with other similar checks under all applicable laws and regulations pursuant to the Transaction
and the Hermes Cover, in connection with each of the Facility Agent’s, the Hermes Agent’s and each Lender’s internal
compliance regulations including, without limitation and to the extent required to comply with the “know your customer”
requirements referred to above (i) specimen signatures of any person authorized to execute the Credit Documents and (ii) copies
of the passports for each person identified in item (i).


 


5.05 Construction
Contract and Other Material Agreements. On or prior to the Initial Borrowing Date, the Facility Agent shall have received a
true, correct and complete copy of the Construction Contract, which shall be in full force and effect (and shall not have been
cancelled pursuant to Article 14, Clause 11 of the Construction Contract), and all other material contracts in connection with
the construction, supervision and acquisition of the Vessel that the Facility Agent may reasonably request and all such documents
shall be reasonably satisfactory in form and substance to the Facility Agent (it being understood that the executed copy of the
Construction Contract delivered to the Lead Arrangers prior to the Effective Date is satisfactory).


 


5.06 Share Charge.
On the Initial Borrowing Date, the Pledgor shall have duly authorized, executed and delivered a Bermuda share charge for the Borrower
substantially in the form of Exhibit F (as modified, supplemented or otherwise modified from time to time, the “Share
Charge”) or otherwise reasonably satisfactory to the Lead Arrangers, together with the Share Charge Collateral.


 


5.07 Assignment
of Contracts. On the Initial Borrowing Date, the Borrower shall have duly authorized, executed and delivered a valid and effective
assignment by way of security in favor of the Collateral Agent of all of the Borrower’s present and future interests in and
benefits under (x) the Construction Contract, (y) each Refund Guarantee and (z) the Construction Risk Insurance (it being understood
that the Borrower will use commercially reasonable efforts to have the underwriters of the Construction Risk Insurance accept and
endorse on such insurance policy a loss payable clause substantially in the form set forth in Part 3 of Schedule 2 to the Assignment
of Contracts (as defined below), and it being further understood that certain of the Refund Guarantee and none of the Construction
Risk Insurances will have been issued on the Initial Borrowing Date), which assignment shall be substantially in the form of Exhibit
J hereto or otherwise reasonably acceptable to the Lead Arrangers and the Borrower and customary for transactions of this type,
along with appropriate notices and consents relating thereto (to the extent incorporated into or required pursuant to such Exhibit
or otherwise agreed by the Borrower and the Facility Agent), including, without limitation, those acknowledgments, notices and
consents listed on Schedule 5.07 (as modified, supplemented or amended from time to time, the “Assignment of Contracts”)
provided that, if any Refund Guarantee issued to the Borrower on the Initial Borrowing Date shall have been issued by KfW IPEX-Bank
GmbH, then such Refund Guarantee shall be charged pursuant to a duly authorized, executed and delivered, valid and effective charge
of any such Refund Guarantee in the form of Exhibit Q hereto or otherwise in a form reasonably acceptable to the Lead Arrangers
and the Borrower and customary for transactions of this type, along with appropriate notices and consents relating thereto (to
the extent incorporated into or required pursuant to such Exhibit or otherwise agreed by the Borrower and the Facility Agent) (as
modified, supplemented or amended from time to time, the “Charge of KfW Refund Guarantees”).


 






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5.08 [Intentionally
Omitted]


 


5.09 Process
Agent. On or prior to the Initial Borrowing Date, the Facility Agent shall have received satisfactory evidence from the Parent,
the Borrower and any other applicable Credit Party that they have each appointed an agent in London for the service of process
or summons in relation to each of the Credit Documents.


 


5.10 Opinions
of Counsel.


 


(a)              
On the Initial Borrowing Date, the Facility Agent shall have received from Paul, Weiss, Rifkind, Wharton & Garrison LLP (or
another counsel reasonably acceptable to the Lead Arrangers), special New York counsel to the Credit Parties, an opinion addressed
to the Facility Agent and each of the Lenders and dated the Initial Borrowing Date in substantially the form delivered to the Lenders
prior to the Effective Date, or otherwise reasonably satisfactory to the Lead Arrangers, substantially in the form set forth in
Exhibit 1 of Schedule 5.10.


 


(b)              
On the Initial Borrowing Date, the Facility Agent shall have
received from Walkers (Bermuda) Limited (or another counsel reasonably acceptable to the Lead Arrangers), special Bermuda counsel
to the Credit Parties, an opinion addressed to the Facility Agent and each of the Lenders and dated the Initial Borrowing Date
in substantially the form delivered to the Lenders prior to the Effective Date, or otherwise reasonably satisfactory to the Lead
Arrangers, substantially in the form set forth in Exhibit 2 of Schedule 5.10.


 


(c)              
On the Initial Borrowing Date, the Facility Agent shall have received from Norton Rose Fulbright LLP (or another counsel reasonably
acceptable to the Lead Arrangers), special English counsel to the Facility Agent for the benefit of the Lead Arrangers, an opinion
addressed to the Facility Agent (for itself and on behalf of the Lenders) and the Collateral Agent (for itself and on behalf of
the Secured Creditors) dated the Initial Borrowing Date in substantially the form delivered to the Lenders prior to the Effective
Date or otherwise reasonably satisfactory to the Lead Arrangers substantially in the form set forth in Exhibit 3 of Schedule 5.10.


 






    	 	-55-	 



     


    

 


(d)              
On the Initial Borrowing Date if required by any New Lender, the Facility Agent shall have received from Norton Rose Fulbright
LLP (or another counsel reasonably acceptable to the Lead Arrangers), special German counsel to the Facility Agent for the benefit
of the Lead Arrangers, an opinion addressed to the Facility Agent and each of the Lenders and dated the Initial Borrowing Date
in substantially the form delivered to the Lenders prior to the Effective Date, or otherwise reasonably satisfactory to the Lead
Arrangers, covering the matters set forth in Exhibit 4 of Schedule 5.10.


 


(e)              
On the Initial Borrowing Date, the Facility Agent shall have received from Holland & Knight LLP (or another counsel reasonably
acceptable to the Lead Arrangers), special Florida counsel to the Credit Parties, an opinion addressed to the Facility Agent and
each of the Lenders and dated the Initial Borrowing Date in substantially the form delivered to the Lenders prior to the Effective
Date, or otherwise reasonably satisfactory to the Lead Arrangers, substantially in the form set forth in Exhibit 5 of Schedule
5.10.


 


5.11 KfW Refinancing.
On or prior to the Initial Borrowing Date and to the extent that the Initial Syndication Date has occurred, either:


 


(a)              
the definitive credit documentation related to the KfW Refinancing (including, without limitation, the Interaction Agreement) shall
have been duly executed and delivered by the parties thereto and shall be reasonably satisfactory to KfW and the Refinanced Banks,
and the KfW Refinancing shall be effective in accordance with its terms; or


 


(b)              
any Lender which is not a Refinanced Bank but wishes to benefit from an Interest Make-Up Agreement shall have duly executed and
delivered an Interest Make-Up Agreement.


 


5.12 Equity Payment.
On the Initial Borrowing Date, the Facility Agent shall have received evidence, in form and substance reasonably satisfactory to
the Facility Agent, that the Borrower shall have funded from cash on hand an amount equal to 0.4% of the Initial Construction Price
for the Vessel.


 


5.13 Financing
Statements. On the Initial Borrowing Date, the Collateral Agent, in consultation with the Credit Parties, shall have:


 


(a)       prepared
and filed proper financing statements (Form UCC-1 or the equivalent) fully prepared for filing under the UCC or in other appropriate
filing offices of each jurisdiction as may be necessary or, in the reasonable opinion of the Collateral Agent, desirable to perfect
the security interests purported to be created by the Share Charge, the Assignment of Contracts and if applicable, the Charge of
KfW Refund Guarantees; and


 


(b)       received
certified copies of lien search results (Form UCC-11) listing all effective financing statements that name each Credit Party as
debtor and that are filed in the District of Columbia and Florida, together with Form UCC-3 Termination Statements (or such other
termination statements as shall be required by local law) fully prepared for filing if required by applicable laws for any financing
statement which covers the Collateral except to the extent evidencing Permitted Liens.


 






    	 	-56-	 



     


    

 


5.14 Security
Trust Deed. On the Initial Borrowing Date and to the extent that the Initial Syndication Date has occurred, the Security Trust
Deed shall have been executed by the parties thereto and shall be in full force and effect.


 


5.15 Hermes
Cover. On the Initial Borrowing Date, (x) the Facility Agent shall have received evidence from the Hermes Agent that the Hermes
Cover is in full force and effect on terms acceptable to the Lead Arrangers (it being understood that each Lead Arranger shall
have confirmed to the Hermes Agent that the terms of the Hermes Cover are acceptable), and all due and owing Hermes Premium and
Hermes Issuing Fees to be paid in connection therewith shall have been paid in full, which the Borrower hereby agrees to pay, provided
it is understood and agreed that the Hermes Cover shall have been granted as soon as the Hermes Agent and/or the Facility Agent
receives the Declaration of Guarantee (Gewährleistungs-Erklärung) from Hermes and (y) all Loans and other financing
to be made pursuant hereto shall be in material compliance with the Hermes Cover and all applicable requirements of law or regulation.


 


SECTION 6.
Conditions Precedent to each Borrowing Date. The
obligation of each Lender to make Loans on each Borrowing Date is subject at the time of the making of such Loans to the satisfaction
or (other than in the case of Sections 6.01, 6.02, 6.03, 6.04, 6.06 and 6.07) waiver of the following conditions:


 


6.01 No Default;
Representations and Warranties. At the time of each Borrowing and also after giving effect thereto (i) there shall exist no
Default or Event of Default and (ii) all representations and warranties contained herein or in any other Credit Document shall
be true and correct in all material respects both before and after giving effect to such Borrowing with the same effect as though
such representations and warranties had been made on the Borrowing Date in respect of such Borrowing (it being understood and agreed
that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct
in all material respects only as of such specified date).


 


6.02 Consents.
On or prior to each Borrowing Date, all necessary governmental (domestic and foreign) and material third party approvals and/or
consents in connection with the Construction Contract, any Refund Guarantee (to the extent issued on or prior to such Borrowing
Date), the Vessel and the other transactions contemplated hereby (except to the extent specifically addressed in other sections
of Section 5 or this Section 6) shall have been obtained and remain in effect. On each Borrowing Date, there shall not exist any
judgment, order, injunction or other restraint issued or filed or a hearing seeking injunctive relief or other restraint pending
or notified prohibiting or imposing materially adverse conditions upon this Agreement, the Transaction or the other transactions
contemplated by the Credit Documents.


 






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6.03 Refund Guarantees.
On (x) the Initial Borrowing Date, the Refund Guarantee for the Pre-delivery Installment to be paid on the Initial Borrowing Date
shall have been issued and assigned to the Collateral Agent pursuant to an Assignment of Contracts (or, if such Refund Guarantee
is issued by KfW IPEX-Bank GmbH, the Charge of KfW Refund Guarantees) and (y) each other Borrowing Date (other than the Borrowing
Date in relation to the Delivery Date), each additional Refund Guarantee that has been issued since the Initial Borrowing Date
shall have been assigned to the Collateral Agent by delivering a supplement to the relevant schedule to the Assignment of Contracts
(or, in the case of Refund Guarantees issued by KfW IPEX-Bank GmbH, or supplement to the relevant schedule of the Charge of KfW
Refund Guarantees) to the Collateral Agent with the updated information, in each case along with (to the extent incorporated into
the Assignment of Contracts) an appropriate notice and consent relating thereto, and the Lead Arrangers shall have received reasonably
satisfactory evidence to such effect. Each Refund Guarantee shall secure a principal amount equal to (i) the amount
of the corresponding Pre-delivery Installment to be paid by the Borrower to the Yard minus (ii) the amount paid
by the Yard to the Borrower in respect of the corresponding Pre-delivery Installment under Article 8, Clause 2.8 (i),
(ii), (iii) or (iv), as the case may be, of the Construction Contract pursuant to the terms of each Refund Guarantee, and
the Lead Arrangers shall have received reasonably satisfactory evidence to such effect.


 


6.04
Equity Payment. On each Borrowing Date on which the proceeds of Loans are being used to fund a payment under the Construction
Contract, the Facility Agent shall have received evidence, in form and substance reasonably satisfactory to the Facility Agent,
of the payment by the Borrower (other than from proceeds of Loans) of at least [*]%
of each such amount then due on such Borrowing Date under the Construction Contract, it being agreed and acknowledged that where
the Borrower makes an equity payment in excess of any of the minimum equity payments of [*]%
referred to above, the subsequent minimum equity payment for future Borrowing Dates required may be reduced to take account of
such over payment on a basis notified by the Borrower to the Facility Agent as long as at all times the Borrower continues to comply
with the minimum equity requirements set out above.


 


6.05 Fees, Costs,
etc. On each Borrowing Date, the Borrower shall have paid to the Agents, the Lead Arrangers and the Lenders all costs, fees,
expenses (including, without limitation, reasonable fees and expenses of Norton Rose Fulbright LLP and local and maritime counsel
and consultants) and other compensation contemplated hereby payable to the Agents, the Lead Arrangers and the Lenders or payable
in respect of the transactions contemplated hereunder (including, without limitation, the KfW Refinancing), to the extent then
due; provided that (i) any such costs, fees and expenses and other compensation shall have been invoiced to the Borrower
at least three Business Days prior to such Borrowing Date and (ii) such costs, fees and expenses in respect of the initial syndication
arising at the time of the Initial Syndication Date (including in respect of any KfW Refinancing or any Interest Make-Up Agreement
but subject to Section 14.01) shall include ongoing or recurring legal costs or expenses after the Effective Date where such legal
costs or expenses are incurred in respect of the period falling 6 months after the Effective Date or such longer period as the
Borrower may approve (such approval not to be unreasonably withheld).


 






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6.06 Construction
Contract. On each Borrowing Date, the Borrower shall have certified that all conditions and requirements under the Construction
Contract required to be satisfied on such Borrowing Date, including in connection with the respective payment installments to be
made to the Yard on such Borrowing Date, shall have been satisfied (including, but not limited to, the Borrower’s payment
to the Yard of the portion of the payment installment on the Vessel that is not being financed with proceeds of the Loans), other
than those that are not materially adverse to the Lenders, it being understood that any litigation between the Yard and the Parent
and/or Borrower shall be deemed to be materially adverse to the Lenders.


 


6.07 Notice of
Borrowing. Prior to the making of each Loan, the Facility Agent shall have received the Notice of Borrowing required by Section
2.03(a), with such Notice of Borrowing to be accompanied by a copy of the invoice from the Yard in respect of the relevant instalment
under the Construction Contract which is to be funded by that Loan.


 


6.08 Solvency
Certificate. On each Borrowing Date, Parent shall cause to be delivered to the Facility Agent a solvency certificate from a
senior financial officer of Parent, in substantially the form of Exhibit K or otherwise reasonably acceptable to the Facility Agent,
which shall be addressed to the Facility Agent and each of the Lenders and dated such Borrowing Date, setting forth the conclusion
that, after giving effect to the transactions hereunder (including the incurrence of all the financing contemplated with respect
thereto and the purchase of the Vessel), the Parent and its Subsidiaries, taken as a whole, are not insolvent and will not be rendered
insolvent by the Indebtedness incurred in connection therewith, and will not be left with unreasonably small capital with which
to engage in their respective businesses and will not have incurred debts beyond their ability to pay such debts as they mature.


 


6.09 Litigation.
On each Borrowing Date, other than as set forth on Schedule 6.09, there shall be no actions, suits or proceedings (governmental
or private) pending or, to the Parent or the Borrower’s knowledge, threatened (i) with respect to this Agreement or any other
Credit Document or (ii) which has had, or, if adversely determined, could reasonably be expected to have, a Material Adverse Effect.


 


6.10 Hermes
Cover. The obligation of each Lender to make Loans on the first Borrowing
Date following the Second Restatement Date is subject at the time of the making of such Loans to the satisfaction or waiver of
the following additional condition that the Facility Agent shall have received evidence from the Hermes Agent that the Hermes Cover
has been amended to provide cover in respect of the increase to the Total Commitments agreed pursuant to the relevant Supplemental
Agreements and remains in full force and effect on terms acceptable to the Lead Arrangers (it being understood that each Lead Arranger
shall have confirmed to the Hermes Agent that the terms of the Hermes Cover are acceptable), and the Additional Hermes Premium
shall have been paid in full, which the Borrower hereby agrees to pay.


 


The acceptance of the
proceeds of each Loan shall constitute a representation and warranty by the Borrower to the Facility Agent and each of the Lenders
that all of the applicable conditions specified in Section 5, this Section 6 and Section 7 applicable to such Loan have been satisfied
as of that time.


 






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SECTION 7. Conditions
Precedent to the Delivery Date. The obligation
of each Lender to make Loans on the Delivery Date is subject at the time of making such Loans to the satisfaction of the
following conditions:


 


7.01 Delivery
of Vessel. On the Delivery Date, the Vessel shall have been delivered in accordance with the terms of the Construction Contract,
other than those changes that would not be materially adverse to the interests of the Lenders, and the Facility Agent shall have
received (a) certified copies of the Delivery Documents (as such term is defined in the Construction Contract) required to be delivered
by the Yard pursuant to Article 7, paragraph 1.3, clauses (i), (ii), (vii) and (viii) (and which, in the case of (vii) shall include
details of all Permitted Change Orders) of the Construction Contract and (b) a copy of the written statement in respect of the
Buyer’s Allowance (as defined in the Construction Contract) referred to in Article 8, paragraph 2.8 (vii) of the Construction
Contract as well as any details of any payment required to be made to the Borrower pursuant to Article 8, paragraph 2.8 (viii)
of the Construction Contract.


 


7.02 Collateral
and Guaranty Requirements. On or prior to the Delivery Date, the Collateral and Guaranty Requirements with respect to the Vessel
shall have been satisfied or the Facility Agent shall have waived such requirements (other than the Specified Requirements) and/or
conditioned such waiver on the satisfaction of such requirements within a specified period of time.


 


7.03 Evidence
of [*]% Payment.
On the Delivery Date, the Borrower shall have provided funding for an amount in the aggregate equal to the sum of at least
(x) [*]% of the Initial Construction Price for the Vessel, (y) [*]% of the aggregate amount of Permitted Change Orders for
the Vessel and (z) [*]% of the difference between the Final Construction Price and the Adjusted Construction Price for the
Vessel (in each case, other than from proceeds of Loans) and the Facility Agent shall have received a certificate from the
officer of the Borrower to such effect.


 


7.04 Hermes Compliance;
Compliance with Applicable Laws and Regulations. On the Delivery Date, all Loans and other financing to be made pursuant hereto
shall be in material compliance with all applicable requirements of law or regulation and the Hermes Cover.


 


7.05 Opinion of Counsel.


 


(a)           Opinion of Counsel. On the Delivery Date, the Facility Agent shall have received from Norton Rose Fulbright LLP (or another
counsel reasonably acceptable to the Lead Arrangers), special English counsel to the Facility Agent for the benefit of the Lead
Arrangers, an opinion addressed to the Facility Agent (for itself and on behalf of the Lenders) and the Collateral Agent (for itself
and on behalf of the Secured Creditors) and each of the Lenders and dated as of the Delivery Date in substantially the form delivered
to the Lenders pursuant to Section 5.10, or otherwise reasonably satisfactory to the Lead Arrangers, covering the matters set forth
in Schedule 7.05.


 






    	 	-60-	 



     


    

 


(b)           On the Delivery Date, the Facility Agent shall have received from Paul, Weiss, Rifkind, Wharton & Garrison LLP (or another
counsel reasonably acceptable to the Lead Arrangers), special New York counsel to the Credit Parties, an opinion addressed to the
Facility Agent and each of the Lenders and dated as of the Delivery Date in substantially the form delivered to the Lenders pursuant
to Section 5.10, or otherwise reasonably satisfactory to the Lead Arrangers, covering the matters set forth in Schedule 7.05.


 


(c)           On the Delivery Date, the Facility Agent shall have received from Graham Thompson & Co. (or another counsel reasonably acceptable
to the Lead Arrangers), special Bahamas counsel to the Credit Parties (or if the Vessel is not flagged in the Bahamas, counsel
qualified in the jurisdiction of the flag of the Vessel and reasonably satisfactory to the Facility Agent), an opinion addressed
to the Facility Agent and each of the Lenders and dated as of the Delivery Date in substantially the form delivered to the Lenders
pursuant to Section 5.10, or otherwise reasonably satisfactory to the Lead Arrangers, covering the matters set forth in Schedule
7.05.


 


(d)           On the Delivery Date, the Facility Agent shall have received
from Walkers (Bermuda) Limited (or another counsel reasonably acceptable to the Lead Arrangers), special Bermuda counsel to the
Credit Parties, an opinion addressed to the Facility Agent and each of the Lenders and dated as of such Borrowing Date in substantially
the form delivered to the Lenders prior to the Effective Date, or otherwise reasonably satisfactory to the Lead Arrangers, covering
the matters set forth in Schedule 7.05.


 


SECTION 8. Representations
and Warranties. In order to induce the Lenders
to enter into this Agreement and to make the Loans, the Borrower or each Credit Party, as applicable, makes the following
representations and warranties, in each case on a daily basis, all of which shall survive the execution and delivery of this
Agreement and the making of the Loans:


 


8.01 Entity Status.
The Parent and each of the other Credit Parties (i) is a Person duly organized, constituted and validly existing (or the functional
equivalent) under the laws of the jurisdiction of its formation, has the capacity to sue and be sued in its own name and the power
to own and charge its assets and carry on its business as it is now being conducted, (ii) is duly qualified and is authorized to
do business and is in good standing (or the functional equivalent) in each jurisdiction where the ownership, leasing or operation
of its property or the conduct of its business requires such qualifications except for failures to be so qualified or authorized
or in good standing which, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse
Effect and (iii) is not a FATCA FFI or a U.S. Tax Obligor.


 


8.02 Power and
Authority. Each of the Credit Parties has the power to enter into and perform this Agreement and those of the other Credit
Documents to which it is a party and the transactions contemplated hereby and thereby and has taken all necessary action to authorize
the entry into and performance of this Agreement and such other Credit Documents and such transactions. This Agreement constitutes
legal, valid and binding obligations of the Parent and the Borrower enforceable in accordance with its terms and in entering into
this Agreement and borrowing the Loans (in the case of the Borrower), the Parent and the Borrower are each acting on their own
account. Each other Credit Document constitutes (or will constitute when executed) legal, valid and binding obligations of each
Credit Party expressed to be a party thereto enforceable in accordance with their respective terms.


 






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8.03 No Violation.
The entry into and performance of this Agreement, the other Credit Documents and the transactions contemplated hereby and thereby
do not and will not conflict with:


 


		(a)	any law or regulation or any official or judicial order; or



 


		(b)	the constitutional documents of any Credit Party; or



 


		(c)	except as set forth on Schedule 8.03, any agreement or document to which any member of the NCLC Group
is a party or which is binding upon such Credit Party or any of its assets, nor result in the creation or imposition of any Lien
on a Credit Party or its assets pursuant to the provisions of any such agreement or document.



 


8.04 Governmental
Approvals. Except for the filing of those Security Documents which require registration in the Federal Republic of Germany,
the Bahamas, any state of the United States of America and/or with the Registrar of Companies in Bermuda, and for the registration
of the Vessel Mortgage through the Bahamas Maritime Authority (if the Vessel is flagged in the Bahamas) or such other relevant
authority (if the Vessel is flagged in another Acceptable Flag Jurisdiction), all authorizations, approvals, consents, licenses,
exemptions, filings, registrations, notarizations and other matters, official or otherwise, required in connection with the entry
into, performance, validity and enforceability of this Agreement and each of the other Credit Documents and the transactions contemplated
thereby have been obtained or effected and are in full force and effect except for matters in respect of (x) the Construction Risk
Insurance and any Refund Guarantee (in each case only to the extent that such Collateral has not yet been delivered) and (y) Collateral
to be delivered on the Delivery Date.


 


8.05 Financial
Statements; Financial Condition. (a)(i) The audited consolidated balance sheets of the Parent and its Subsidiaries as at December
31, 2013 and the unaudited consolidated balance sheets of the Parent and its Subsidiaries as at March 31, 2014 and the related
consolidated statements of operations and of cash flows for the fiscal years or quarters, as the case may be, ended on such dates,
reported on by and accompanied by, in the case of the annual financial statements, an unqualified report from PricewaterhouseCoopers
LLP, present fairly in all material respects the consolidated financial condition of the Parent and its Subsidiaries as at such
date, and the consolidated results of its operations and its consolidated cash flows for the respective fiscal years or quarters,
as the case may be, then ended. All such financial statements, including the related schedules and notes thereto, have been prepared
in accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of
accountants and disclosed therein).


 


(ii)       The pro
forma consolidated balance sheet of the Parent and its Subsidiaries as of December 31, 2013 (after giving effect to the Transaction
and the financing therefor), a copy of which has been furnished to the Lenders prior to the Initial Borrowing Date, presents a
good faith estimate in all material respects of the pro forma consolidated financial position of the Parent and its Subsidiaries
as of such date.


 






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(b)       Since
December 31, 2013, nothing has occurred that has had or could reasonably be expected to have a Material Adverse Effect.


 


8.06 Litigation.
No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency (including but not limited
to investigative proceedings) are current or pending or, to the Parent or the Borrower’s knowledge, threatened, which might,
if adversely determined, have a Material Adverse Effect.


 


8.07 True and
Complete Disclosure. Each Credit Party has fully disclosed in writing to the Facility Agent all facts relating to such Credit
Party which it knows or should reasonably know and which might reasonably be expected to influence the Lenders in deciding whether
or not to enter into this Agreement.


 


8.08 Use of Proceeds.
All proceeds of the Loans (other than Deferred Loans, which shall be used only for the purpose of paying the principal portion
of the repayment instalment of a Loan due on each Repayment Date falling during the Deferral Period) may be used only to finance
(i) up to 80% of the Adjusted Construction Price of the Vessel and (ii) up to 100% of the Hermes Premium.


 


8.09 Tax Returns
and Payments. The NCLC Group have complied with all taxation laws in all jurisdictions in which it is subject to Taxation and
has paid all material Taxes due and payable by it; no material claims are being asserted against it with respect to Taxes, which
might, if such claims were successful, have a material adverse effect on the ability of any Credit Party to perform its obligations
under the Credit Documents or could otherwise be reasonably expected to have a Material Adverse Effect. As at the Effective Date
all amounts payable by the Parent and the Borrower hereunder may be made free and clear of and without deduction for or on account
of any Taxation in the Parent and the Borrower’s jurisdiction.


 


8.10 No Material
Misstatements. (a) All written information (other than the Projections, estimates and information of a general economic nature
or general industry nature) (the “Information”) concerning the Parent and its Subsidiaries, and the transactions
contemplated hereby prepared by or on behalf of the foregoing or their representatives and made available to any Lenders or any
Agent in connection with the transactions contemplated hereby, when taken as a whole, was true and correct in all material respects,
as of the date such Information was furnished to the Lenders or any Agent and as of the Effective Date and did not, taken as a
whole, contain any untrue statement of a material fact as of any such date or omit to state a material fact necessary in order
to make the statements contained therein, taken as a whole, not materially misleading in light of the circumstances under which
such statements were made.


 


(b)       The
Projections and estimates and information of a general economic nature prepared by or on behalf of the Parent, the Borrower or
any of their respective representatives and that have been made available to any Lenders or any Agent in connection with the transactions
contemplated hereby (i) have been prepared in good faith based upon assumptions believed by the Parent, the Borrower to be reasonable
as of the date thereof (it being understood that actual results may vary materially from the Projections), as of the date such
Projections and estimates were furnished to the Lenders and as of the Effective Date, and (ii) as of the Effective Date, have
not been modified in any material respect by the Parent or the Borrower.


 






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8.11 The Security
Documents. (a) None of the Collateral is subject to any Liens except Permitted Liens.


 


(b)       The security interests created under the Share Charge in favor of the Collateral Agent, as pledgee, for the benefit of the Secured
Creditors, constitute perfected security interests in the Share Charge Collateral described in the Share Charge, subject to no
security interests of any other Person. No filings or recordings are required in order to perfect (or maintain the perfection or
priority of) the security interests created in the Share Charge Collateral under the Share Charge other than with respect to that
portion of the Share Charge Collateral constituting a “general intangible” under the UCC. The filings on Form UCC-1
made pursuant to the Share Charge will perfect a security interest in the Collateral covered by the Share Charge to the extent
a security interest in such Collateral may be perfected by such filings.


 


(c)       After the execution and registration thereof, the Vessel Mortgage will create, as security for the obligations purported to be
secured thereby, a valid and enforceable perfected security interest in and mortgage lien on the Vessel in favor of the Collateral
Agent (or such other trustee as may be required or desired under local law) for the benefit of the Secured Creditors, superior
and prior to the rights of all third Persons (except that the security interest and mortgage lien created on the Vessel may be
subject to the Permitted Liens related thereto) and subject to no other Liens (other than Permitted Liens related thereto).


 


(d)       After the execution and delivery thereof and upon the taking of the actions mentioned in the immediately succeeding sentence, each
of the Security Documents will create in favor of the Collateral Agent for the benefit of the Secured Creditors a legal, valid
and enforceable fully perfected first priority security interest in and Lien on all right, title and interest of the Credit Parties
party thereto in the Collateral described therein, subject only to Permitted Liens. Subject to Sections 7.02, 8.04 and this Section
8.11 and the definition of “Collateral and Guaranty Requirements,” no filings or recordings are required in order to
perfect the security interests created under any Security Document except for filings or recordings which shall have been made
on or prior to the execution of such Security Document.


 


8.12 Capitalization.
All the Capital Stock, as set forth on Schedule 8.12, in the Borrower and each other Credit Party (other than the Parent) is legally
and beneficially owned directly or indirectly by the Parent and, except as permitted by Section 10.02, such structure shall remain
so until the Maturity Date.


 






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8.13 Subsidiaries.
On and as of the Initial Borrowing Date, other than in respect of Dormant Subsidiaries (i) the Parent has no Subsidiaries other
than those Subsidiaries listed on Schedule 8.13 which Schedule identifies the correct legal name, direct owner, percentage ownership
and jurisdiction of organization of the Borrower and each such other Subsidiary on the date hereof, (ii) all outstanding shares
of the Borrower and each other Subsidiary of the Parent have been duly and validly issued, are fully paid and non-assessable and
have been issued free of preemptive rights, and (iii) neither the Borrower nor any Subsidiary of the Parent has outstanding any
securities convertible into or exchangeable for its Capital Stock or outstanding any right to subscribe for or to purchase, or
any options or warrants for the purchase of, or any agreement providing for the issuance (contingent or otherwise) of or any calls,
commitments or claims of any character relating to, its Capital Stock or any stock appreciation or similar rights.


 


8.14 Compliance
with Statutes, etc. The Parent and each of its Subsidiaries is in compliance in all material respects with all applicable statutes,
regulations and orders of, and all applicable restrictions imposed by, all governmental bodies, domestic or foreign, in respect
of the conduct of its business and the ownership of its property, except such noncompliances as could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.


 


8.15 Winding-up,
etc. None of the events contemplated in clauses (a), (b), (c), (d) or (e) of Section 11.05 has occurred with respect to any
Credit Party.


 


8.16 No Default.
No event has occurred which constitutes a Default or Event of Default under or in respect of any Credit Document to which any Credit
Party is a party or by which the Parent or any of its Subsidiaries may be bound (including (inter alia) this Agreement)
and no event has occurred which constitutes a default under or in respect of any agreement or document to which any Credit Party
is a party or by which any Credit Party may be bound, except to an extent as could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.


 


8.17
Pollution and Other Regulations. Each of the Credit Parties:


 


(a)       is in compliance with all applicable federal, state, local, foreign and international laws, regulations, conventions and agreements
relating to pollution prevention or protection of human health or the environment (including, without limitation, ambient air,
surface water, ground water, navigable waters, water of the contiguous zone, ocean waters and international waters), including
without limitation, laws, regulations, conventions and agreements relating to (i) emissions, discharges, releases or threatened
releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous materials, oil, hazard substances, petroleum
and petroleum products and by-products (“Materials of Environmental Concern”) or (ii) Environmental Law;


 


(b)       has all permits, licenses, approvals, rulings, variances, exemptions, clearances, consents or other authorizations required under
applicable Environmental Law (“Environmental Approvals”) and is in compliance with all Environmental Approvals
required to operate its business as presently conducted or as reasonably anticipated to be conducted;


 






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(c)       has not received any notice, claim, action, cause of action, investigation or demand by any other person, alleging potential liability
for, or a requirement to incur, investigatory costs, clean-up costs, response and/or remedial costs (whether incurred by a governmental
entity or otherwise), natural resources damages, property damages, personal injuries, attorneys’ fees and expenses or fines
or penalties, in each case arising out of, based on or resulting from (i) the presence or release or threat of release into the
environment of any Materials of Environmental Concern at any location, whether or not owned by such person or (ii) Environmental
Claim,


 


(A) which is, or are,
in each case, material; and


 


(B) there are no circumstances
that may prevent or interfere with such full compliance in the future.


 


There are no Environmental
Claims pending or threatened against any of the Credit Parties which the Parent or the Borrower, in its reasonable opinion, believes
to be material.


 


There are no past or
present actions, activities, circumstances, conditions, events or incidents, including, without limitation, the release, emission,
discharge or disposal of any Materials of Environmental Concern, that the Parent or the Borrower reasonably believes could form
the basis of any bona fide material Environmental Claim against any of the Credit Parties.


 


8.18 Ownership
of Assets. Except as permitted by Section 10.02, each member of the NCLC Group has good and marketable title to all its assets
which is reflected in the audited accounts referred to in Section 8.05(a).


 


8.19 Concerning
the Vessel. As of the Delivery Date, (a) the name, registered owner, official number, and jurisdiction of registration and
flag of the Vessel shall be set forth on Schedule 8.19 (as updated from time to time by the Borrower pursuant to Section 9.13 with
respect to flag jurisdiction, and otherwise (with respect to name, registered owner, official number and jurisdiction of registration)
upon advance notice and in a manner that does not interfere with the Lenders’ Liens on the Collateral, provided that
each applicable Credit Party shall take all steps requested by the Collateral Agent to preserve and protect the Liens created by
the Security Documents on the Vessel) and (b) the Vessel is and will be operated in material compliance with all applicable law,
rules and regulations.


 


8.20 Citizenship.
None of the Credit Parties has an establishment in the United Kingdom within the meaning of the Overseas Companies Regulation 2009
with the exception of the Parent or a place of business in the United States (in each case, except as already disclosed) or any
other jurisdiction which requires any of the Security Documents to be filed or registered in that jurisdiction to ensure the validity
of the Security Documents to which it is a party unless (x) all such filings and registrations have been made or will be made as
provided in Sections 7.02, 8.04 and 8.11 and the definition of “Collateral and Guaranty Requirements” and (y) prompt
notice of the establishment of such a place of business is given to the Facility Agent and the requirements set forth in Section
9.10 have been satisfied. The Borrower and each other Credit Party which owns or operates, or will own or operate, the Vessel at
any time is, or will be, qualified to own and operate the Vessel under the laws of the Bahamas or such other jurisdiction in which
the Vessel is permitted, or will be permitted, to be flagged in accordance with the terms of Section 9.13.


 






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8.21 Vessel Classification.
The Vessel is or will be as of the Delivery Date, classified in the highest class available for vessels of its age and type with
a classification society listed on Schedule 8.21 hereto or another internationally recognized classification society reasonably
acceptable to the Collateral Agent, free of any overdue conditions or recommendations.


 


8.22 No Immunity.
None of the Credit Parties nor any of their respective assets enjoys any right of immunity (sovereign or otherwise) from set-off,
suit or execution in respect of their obligations under this Agreement or any of the other Credit Documents or by any relevant
or applicable law.


 


8.23 Fees, Governing
Law and Enforcement. No fees or taxes, including, without limitation, stamp, transaction, registration or similar taxes, are
required to be paid to ensure the legality, validity, or enforceability of this Agreement or any of the other Credit Documents
other than recording taxes which have been, or will be, paid as and to the extent due. Under the laws of the Bahamas or any other
jurisdiction where the Vessel is flagged, the choice of the laws of England as set forth in the Credit Documents which are stated
to be governed by the laws of England is a valid choice of law, and the irrevocable submission by each Credit Party to jurisdiction
and consent to service of process and, where necessary, appointment by such Credit Party of an agent for service of process, in
each case as set forth in such Credit Documents, is legal, valid, binding and effective.


 


8.24 Form of
Documentation. Each of the Credit Documents is in proper legal form (under the laws of England, the Bahamas, Bermuda and each
other jurisdiction where the Vessel is flagged or where the Credit Parties are domiciled) for the enforcement thereof under such
laws. To ensure the legality, validity, enforceability or admissibility in evidence of each such Credit Document in England, the
Bahamas and/or Bermuda it is not necessary that any Credit Document or any other document be filed or recorded with any court or
other authority in England, the Bahamas and Bermuda, except as have been made, or will be made, in accordance with Section 5, 6,
7 and 8, as applicable.


 


8.25 Pari Passu
or Priority Status. The claims of the Agents and the Lenders against the Parent or the Borrower under this Agreement will rank
at least pari passu with the claims of all unsecured creditors of the Parent or the Borrower (other than claims of such creditors
to the extent that they are statutorily preferred) and in priority to the claims of any creditor of the Parent or the Borrower
who is also a Credit Party.


 


8.26 Solvency.
The Credit Parties, taken as a whole, are and shall remain, after the advance to them of the Loans or any of such Loans, solvent
in accordance with the laws of Bermuda, the United States, England and the Bahamas and in particular with the provisions of the
Bankruptcy Code and the requirements thereof.


 






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8.27 No Undisclosed
Commissions. There are and will be no commissions, rebates, premiums or other payments by or to or on account of any Credit
Party, their shareholders or directors in connection with the Transaction as a whole other than as disclosed to the Facility Agent
or any other Agent in writing.


 


8.28 Completeness
of Documentation. The copies of the Management Agreements, the Construction Contract, each Refund Guarantee, and to the extent
applicable, the Supervision Agreement delivered to the Facility Agent are true and complete copies of each such document constituting
valid and binding obligations of the parties thereto enforceable in accordance with their respective terms and no amendments thereto
or variations thereof have been agreed nor has any action been taken by the parties thereto which would in any way render such
document inoperative or unenforceable, unless replaced by a management agreement or management agreements, refund guarantees or,
to the extent applicable, a supervision agreement, as the case may be, reasonably satisfactory to the Facility Agent.


 


8.29 Money Laundering.
Any borrowing by the Borrower hereunder, and the performance of its obligations hereunder and under the other Security Documents,
will be for its own account and will not, to the best of its knowledge, involve any breach by it of any law or regulatory measure
relating to “money laundering” as defined in Article 1 of the Directive (2005/EC/60) of the European Parliament and
of the Council of the European Communities.


 


SECTION 9. Affirmative
Covenants. The Parent and the Borrower hereby covenant and agree that on and after the Initial Borrowing Date and until the
Total Commitments have terminated and the Loans, together with interest, Commitment Commission and all other obligations incurred
hereunder and thereunder, are paid in full (other than contingent indemnification and expense reimbursement claims for which no
claim has been made):


 


9.01 Information
Covenants. The Parent will provide to the Facility Agent (or will procure the provision of):


 


(a)       Quarterly
Financial Statements. Within 60 days after the close of the first three fiscal quarters in each fiscal year of the Parent,
the consolidated balance sheets of the Parent and its Subsidiaries as at the end of such quarterly accounting period and the related
consolidated statements of operations and cash flows, in each case for such quarterly accounting period and for the elapsed portion
of the fiscal year ended with the last day of such quarterly accounting period, and in each case, setting forth comparative figures
for the related periods in the prior fiscal year, all of which shall be certified by a financial officer of the Borrower, subject
to normal year-end audit adjustments and the absence of footnotes;


 


(b)       Annual
Financial Statements. Within 120 days after the close of each fiscal year of the Parent, the consolidated balance sheets of
the Parent and its Subsidiaries as at the end of such fiscal year and the related consolidated statements of operations and changes
in shareholders’ equity and of cash flows for such fiscal year setting forth comparative figures for the preceding fiscal
year and audited by independent certified public accountants of recognized international standing, together with an opinion of
such accounting firm (which opinion shall not be qualified as to scope of audit or as to the status of the Parent as a going concern)
to the effect that such consolidated financial statements fairly present, in all material respects, the financial position and
results of operations of the Parent and its Subsidiaries on a consolidated basis in accordance with GAAP;


 






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(c)       Valuations.
After the Delivery Date, together with delivery of the financial statements described in Section 9.01(b) for each fiscal year,
and at any other time within 15 days of a written request from the Facility Agent, an appraisal report of recent date (but in no
event earlier than 90 days before the delivery of such reports) from an Approved Appraiser or such other independent firm of shipbrokers
or shipvaluers nominated by the Borrower and approved by the Facility Agent (acting on the instructions of the Required Lenders)
or failing such nomination and approval, appointed by the Facility Agent (acting on such instructions) in its sole discretion (each
such valuation and any other valuation obtained pursuant to this Section 9.01(c) shall be made without, unless reasonably required
by the Facility Agent, physical inspection and on the basis of a sale for prompt delivery for cash at arm’s length on normal
commercial terms as between a willing buyer and a willing seller without taking into account the benefit of any charterparty or
other engagement concerning the Vessel), stating the then current fair market value of the Vessel. The appraisal obtained pursuant
to the above provisions shall be treated as the fair market value of the Vessel for that period unless the Facility Agent (acting
on the instructions of the Required Lenders) notifies the Borrower within 15 days of the receipt of this appraisal that it is not
satisfied that such appraisal appropriately reflects the fair market value of the Vessel, in which case the Facility Agent shall
be entitled to request that the Borrower obtains a second valuation from an Approved Appraiser, such second valuation to be obtained
within 15 days of the receipt of the request for the same. Where any such second valuation is so requested, the fair market value
of the Vessel shall be determined on the basis of the average of the two appraisals so obtained. All such appraisals shall be conducted
by, and made at the expense of, the Borrower (it being understood that the Facility Agent may and, at the request of the Lenders,
shall, upon prior written notice to the Borrower (which notice shall identify the names of the relevant appraisal firms), obtain
such appraisals and that the cost of all such appraisals will be for the account of the Borrower); provided that, unless
an Event of Default shall then be continuing, in no event shall the Borrower be required to pay for appraisal reports from one
or, if applicable, two appraisers on more than one occasion in any fiscal year of the Borrower, with the cost of any such reports
in excess thereof to be paid by the Lenders on a pro rata basis;


 


(d)       Filings.
Promptly, copies of all financial information, proxy materials and other information and reports, if any, which the Parent or any
of its Subsidiaries shall file with the Securities and Exchange Commission (or any successor thereto);


 


(e)       Projections.
(i) As soon as practicable (and in any event within 120 days after the close of each fiscal year), commencing with the fiscal year
ending December 31, 2014, annual cash flow projections on a consolidated basis of the NCLC Group showing on a monthly basis advance
ticket sales (for at least 12 months following the date of such statement) for the NCLC Group;


 


(ii)       As
soon as practicable (and in any event not later than January 31 of each fiscal year):


 






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		(x)	a budget for the NCLC Group for such new fiscal year including a 12 month liquidity budget for
such new fiscal year;



 


		(y)	updated financial projections of the NCLC Group for at least the next five years (including an
income statement and quarterly break downs for the first of those five years); and



 


		(z)	an outline of the assumptions supporting such budget and financial projections including but without
limitation any scheduled drydockings;



 


(f)       Officer’s
Compliance Certificates. As soon as practicable (and in any event within 60 days after the close of each of the first three
quarters of its fiscal year and within 120 days after the close of each fiscal year), a statement signed by one of the Parent’s
financial officers substantially in the form of Exhibit M (commencing with the fiscal quarter ending September 30, 2014) and such
other information as the Facility Agent may reasonably request;


 


(g)       Litigation.
On a quarterly basis, details of any material litigation, arbitration or administrative proceedings affecting any Credit Party
which are instituted and served, or, to the knowledge of the Parent or the Borrower, threatened (and for this purpose proceedings
shall be deemed to be material if they involve a claim in an amount exceeding $25,000,000 or the equivalent in another currency);


 


(h)       Notice
of Event of Default. Promptly upon (i) any Credit Party becoming aware thereof (and in any event within three Business Days),
notification of the occurrence of any Event of Default and (ii) the Facility Agent’s request from time to time, a certificate
stating whether any Credit Party is aware of the occurrence of any Event of Default;


 


(i)       Status
of Foreign Exchange Arrangements. Promptly upon reasonable request from the Lead Arrangers through the Facility Agent, an update
on the status of the Parent and the Borrower’s foreign exchange arrangements with respect to the Vessel and this Agreement;


 


(j)       Other
Information. Promptly, such further information in its possession or control regarding its financial condition and operations
and those of any company in the NCLC Group as the Facility Agent may reasonably request; and


 


(k)       Principles
Information Package. The Borrower shall supply to the Facility Agent as soon as the same become available, but in any event
within five, 10 and 30 days after the end of, respectively, each monthly, bi-monthly and quarterly period beginning on April 1,
2020, the information required by section (F) of the Principles Information Package, with such information to be in reasonable
detail and with appropriate calculations and computations in all respects reasonably satisfactory to the Facility Agent.


 


All accounts required
under this Section 9.01 shall be prepared in accordance with GAAP and shall fairly represent in all material respects the financial
condition of the relevant company.


 






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9.02 Books and
Records; Inspection. The Parent will keep, and will cause each of its Subsidiaries to keep, proper books of record and account
in all material respects, in which materially proper and correct entries shall be made of all financial transactions and the assets,
liabilities and business of the Parent and its Subsidiaries in accordance with GAAP. The Parent will, and will cause each of its
Subsidiaries to, permit officers and designated representatives of the Facility Agent at the reasonable request of any Lead Arranger
to visit and inspect, under guidance of officers of the Parent or such Subsidiary, any of the properties of the Parent or such
Subsidiary, and to examine the books of account of the Parent or such Subsidiary and discuss the affairs, finances and accounts
of the Parent or such Subsidiary with, and be advised as to the same by, its and their officers and independent accountants, all
upon reasonable prior notice and at such reasonable times and intervals and to such reasonable extent as the Facility Agent at
the reasonable request of any such Lead Arranger may reasonably request.


 


9.03 Maintenance
of Property; Insurance. The Parent will (x) keep, and will procure that each of its Subsidiaries keeps, all of its real property
and assets properly maintained and in existence and will comprehensively insure, and will procure that each of its Subsidiaries
comprehensively insures, for such amounts and of such types as would be effected by prudent companies carrying on business similar
to the Parent or its Subsidiaries (as the case may be) and (y) as of the Delivery Date, maintain (or cause the Borrower to maintain)
insurance (including, without limitation, hull and machinery, war risks, loss of hire (if applicable), protection and indemnity
insurance as set forth on Schedule 9.03 (the “Required Insurance”) with respect to the Vessel at all times.


 


9.04 Corporate
Franchises. The Parent will, and will cause each of its Subsidiaries to, do all such things as are necessary to maintain its
corporate existence (except as permitted by Section 10.02) in good standing and will ensure that it has the right and is duly qualified
to conduct its business as it is conducted in all applicable jurisdictions and will obtain and maintain all franchises and rights
necessary for the conduct of its business, except, in the case of Subsidiaries that are not Credit Parties, to the extent that
a failure to do so could not reasonably be expected to have a Material Adverse Effect.


 


9.05 Compliance
with Statutes, etc. The Parent will, and will cause each of its Subsidiaries to, comply with all applicable statutes, regulations
and orders of, and all applicable restrictions (including all laws and regulations relating to money laundering) imposed by, all
governmental bodies, domestic or foreign, in respect of the conduct of its business and the ownership of its property, except such
non-compliances as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.


 


9.06 Hermes Cover.
(a) The terms and conditions of the Hermes Cover are incorporated herein and in so far as they impose terms, conditions and/or
obligations on the Collateral Agent and/or the Facility Agent and/or the Hermes Agent and/or the Lenders in relation to the Borrower
or any other Credit Party then such terms, conditions and obligations are binding on the parties hereto and further in the event
of any conflict between the terms of the Hermes Cover and the terms hereof the terms of the Hermes Cover shall be paramount and
prevail. For the avoidance of doubt, neither the Parent nor the Borrower has any interest or entitlement in the proceeds of the
Hermes Cover. In particular, but without limitation, the Borrower shall pay any difference between the amount of the Loans drawn
to pay the Hermes Premium, and the Hermes Premium.


 






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(b)       The Borrower shall at all times promptly pay all due and owing Hermes Premium.


 


9.07 End of Fiscal
Years. The Parent and the Borrower will maintain their fiscal year ends as in effect on the Effective Date.


 


9.08 Performance
of Credit Document Obligations. The Parent will, and will cause each of its Subsidiaries to, perform all of its obligations
under the terms of each mortgage, indenture, security agreement and other debt instrument (including, without limitation, the Credit
Documents) by which it is bound, except such non-performances as could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.


 


9.09 Payment
of Taxes. The Parent will pay and discharge, and will cause each of its Subsidiaries to pay and discharge, all material taxes,
assessments and governmental charges or levies imposed upon it or upon its income or profits, or upon any properties belonging
to it, in each case on a timely basis, and all lawful claims which, if unpaid, might become a Lien not otherwise permitted under
Section 10.01, provided that neither the Parent nor any of its Subsidiaries shall be required to pay any such tax, assessment,
charge, levy or claim which is being contested in good faith and by proper proceedings if it has maintained adequate reserves with
respect thereto in accordance with generally accepted accounting principles.


 


9.10 Further
Assurances. (a) The Borrower will, from time to time on being required to do so by the Facility Agent or the Hermes Agent,
do or procure the doing of all such acts and/or execute or procure the execution of all such documents in a form reasonably satisfactory
to the Facility Agent or the Hermes Agent (as the case may be) as the Facility Agent or the Hermes Agent may reasonably consider
necessary for giving full effect to any of the Credit Documents or securing to the Agents and/or the Lenders or any of them the
full benefit of the rights, powers and remedies conferred upon the Agents and/or the Lenders or any of them in any such Credit
Document.


 


(b)       The
Borrower hereby authorizes the Collateral Agent to file one or more financing or continuation statements under the UCC (or any
non-U.S. equivalent thereto), and amendments thereto, relative to all or any part of the Collateral without the signature of the
Borrower, where permitted by law. The Collateral Agent will promptly send the Borrower a copy of any financing or continuation
statements which it may file without the signature of the Borrower and the filing or recordation information with respect thereto.


 


(c)       The
Parent will cause each Subsidiary of the Parent which owns any direct interest in the Borrower promptly following such Subsidiary’s
acquisition of such interest, to execute and deliver a counterpart to the Share Charge and, in connection therewith, promptly execute
and deliver all further instruments, and take all further action, that the Facility Agent may reasonably require (including, without
limitation, the provision of officers’ certificates, resolutions, good standing certificates and opinions of counsel, in
each case to the reasonable satisfaction of the Facility Agent).


 






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(d)       If
at any time the Borrower shall enter into a Supervision Agreement pursuant to the Construction Contract, the Borrower shall, substantially
simultaneously therewith, duly authorize, execute and deliver a valid and effective first-priority legal assignment in favor of
the Collateral Agent of all of the Borrower’s present and future interests in and benefits under such Supervision Agreement,
which such assignment shall be in form and substance reasonably acceptable to the Facility Agent, and customary for this type of
transaction.


 


9.11 Ownership
of Subsidiaries. Other than “director qualifying shares” and similar requirements, the Parent shall at all times
directly or indirectly own 100% of the Capital Stock or other Equity Interests of the Borrower (except as permitted by Section
10.02).


 


9.12 Consents
and Registrations. The Parent and the Borrower shall obtain (and shall, at the request of the Facility Agent, promptly furnish
certified copies to the Facility Agent of) all such authorizations, approvals, consents, licenses and exemptions as may be required
under any applicable law or regulation to enable it or any Credit Party to perform its obligations under, and ensure the validity
or enforceability of, each of the Credit Documents and shall ensure that the same are promptly renewed from time to time and will
also procure that the terms of the same are complied with at all times. Insofar as such filings or registrations have not been
completed on or before the Initial Borrowing Date, the Borrower will procure the filing or registration within applicable time
limits of each Security Document which requires filing or registration together with all ancillary documents required to preserve
the priority and enforceability of the Security Documents.


 


9.13 Flag of
Vessel. (a) The Borrower shall cause the Vessel to be registered under the laws and flag of the Bahamas or, provided that the
requirements of a Flag Jurisdiction Transfer are satisfied, another Acceptable Flag Jurisdiction. Notwithstanding the foregoing,
the Borrower may transfer the Vessel to an Acceptable Flag Jurisdiction pursuant to the requirements set forth in the definition
of “Flag Jurisdiction Transfer”.


 


(b)       Except as permitted by Section 10.02, the Borrower will own the Vessel and will procure that the Vessel is traded within the NCLC
Fleet from the Delivery Date until the Maturity Date.


 


(c)       The Borrower will at all times engage a Manager to provide the commercial and technical management and crewing of the Vessel.


 


9.14 “Know
Your Customer” and Other Similar Information. The Parent will, and will cause the Credit Parties, to provide (i) the
 “Know Your Customer” information required pursuant to the PATRIOT Act and applicable money laundering provisions and
(ii) such other documentation and evidence necessary in order for the Lenders to carry out and be reasonably satisfied with other
similar checks under all applicable laws and regulations pursuant to the Transaction and the Hermes Cover, in each case as requested
by the Facility Agent, the Hermes Agent or any Lender in connection with each of the Facility Agent’s, the Hermes Agent’s
and each Lender’s internal compliance regulations.


 






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SECTION 10.
Negative Covenants. The Parent and the Borrower hereby covenant and agree that on and after the Initial Borrowing Date and
until all Commitments have terminated and the Loans, together with interest, Commitment Commission and all other Credit Document
Obligations incurred hereunder and thereunder, are paid in full (other than contingent indemnification and expense reimbursement
claims for which no claim has been made):


 


10.01 Liens.
The Parent will not, and will not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Lien upon or
with respect to any Collateral, whether now owned or hereafter acquired, or sell any such Collateral subject to an understanding
or agreement, contingent or otherwise, to repurchase such Collateral (including sales of accounts receivable with recourse to the
Parent or any of its Subsidiaries); provided that the provisions of this Section 10.01 shall not prevent the creation, incurrence,
assumption or existence of the following (Liens described below are herein referred to as “Permitted Liens”):


 


(i)       inchoate
Liens for taxes, assessments or governmental charges or levies not yet due and payable or Liens for taxes, assessments or governmental
charges or levies being contested in good faith and by appropriate proceedings for which adequate reserves have been established
in accordance with generally accepted accounting principles;


 


(ii)      Liens
imposed by law, which were incurred in the ordinary course of business and do not secure Indebtedness for Borrowed Money, such
as carriers’, warehousemen’s, materialmen’s and mechanics’ liens and other similar Liens arising in the
ordinary course of business, and (x) which do not in the aggregate materially detract from the value of the Collateral and
do not materially impair the use thereof in the operation of the business of the Parent or such Subsidiary or (y) which are
being contested in good faith by appropriate proceedings, which proceedings (or orders entered in connection with such proceedings)
have the effect of preventing the forfeiture or sale of the Collateral subject to any such Lien;


 


(iii)     Liens
in existence on the Effective Date which are listed, and the property subject thereto described, in Schedule 10.01, without giving
effect to any renewals or extensions of such Liens, provided that the aggregate principal amount of the Indebtedness, if
any, secured by such Liens does not increase from that amount outstanding on the Effective Date, less any repayments of principal
thereof;


 


(iv)     Liens
created pursuant to the Security Documents including, without limitation, Liens created in relation to any Interest Rate Protection
Agreement or Other Hedging Agreement;


 






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(v)       Liens
arising out of judgments, awards, decrees or attachments with respect to which the Parent or any of its Subsidiaries shall in good
faith be prosecuting an appeal or proceedings for review, provided that the aggregate amount of all such judgments, awards,
decrees or attachments shall not constitute an Event of Default under Section 11.09;


 


(vi)     Liens
in respect of seamen’s wages which are not past due and other maritime Liens arising in the ordinary course of business up
to an aggregate amount of $10,000,000;


 


(vii)    [intentionally
omitted];


 


(vii)    Liens
which rank after the Liens created by the Security Documents to secure the performance of bids, tenders, bonds or contracts; provided
that (a) such bids, tenders, bonds or contracts directly relate to the Vessel, are incurred in the ordinary course of business
and do not relate to the incurrence of Indebtedness for Borrowed Money, and (b) at any time outstanding, the aggregate amount of
Liens under this clause (vii) shall not secure greater than $25,000,000 of obligations.


 


In connection with the granting of Liens
described above in this Section 10.01 by the Parent or any of its Subsidiaries, the Facility Agent and the Collateral Agent shall
be authorized to take any actions deemed appropriate by it in connection therewith (including, without limitation, by executing
appropriate lien subordination agreements in favor of the holder or holders of such Liens, in respect of the item or items of equipment
or other assets subject to such Liens).


 


10.02 Consolidation,
Merger, Amalgamation, Sale of Assets, Acquisitions, etc. (a) The Parent will not, and will not permit any of its Subsidiaries
to, wind up, liquidate or dissolve its affairs or enter into any transaction of merger, amalgamation or consolidation, or convey,
sell, lease or otherwise dispose of all or substantially all of its property or assets, or make any Acquisitions, except that:


 


(i)       any Subsidiary of the Parent (other than the Borrower) may merge, amalgamate or consolidate with and into, or be dissolved or liquidated
into, the Parent or other Subsidiary of the Parent (other than the Borrower), so long as (x) in the case of any such merger, amalgamation,
consolidation, dissolution or liquidation involving the Parent, the Parent is the surviving or continuing entity of any such merger,
amalgamation, consolidation, dissolution or liquidation and (y) any security interests granted to the Collateral Agent for the
benefit of the Secured Creditors pursuant to the Security Documents in the assets of such Subsidiary shall remain in full force
and effect and perfected (to at least the same extent as in effect immediately prior to such merger, amalgamation, consolidation,
dissolution or liquidation) and all actions required to maintain said perfected status have been taken;


 


(ii)      the Parent and any Subsidiary of the Parent may make dispositions of assets so long as such disposition is permitted pursuant to
Section 10.02(b);


 


(iii)     the Parent and any Subsidiary of the Parent (other than the Borrower) may make Acquisitions; provided that (x) the Parent
provides evidence reasonably satisfactory to the Required Lenders that the Parent will be in compliance with the financial undertakings
contained in Sections 10.06 to 10.09 after giving effect to such Acquisition on a pro forma basis and (y) no Default or Event of
Default will exist after giving effect to such Acquisition; and


 






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(iv)       the Parent and any Subsidiary of the Parent (other than the Borrower) may establish new Subsidiaries.


 


(b)       The
Parent will not, and will not permit any other company in the NCLC Group to, either in a single transaction or in a series of transactions
whether related or not and whether voluntarily or involuntarily, sell, transfer, lease or otherwise dispose of all or a substantial
part of its assets except that the following disposals shall not be taken into account:


 


(i)       dispositions
made in the ordinary course of trading of the disposing entity (excluding a disposition of the Vessel or other Collateral) including
without limitation, the payment of cash as consideration for the purchase or acquisition of any asset or service or in the discharge
of any obligation incurred for value in the ordinary course of trading;


 


(ii)      dispositions
of cash raised or borrowed for the purposes for which such cash was raised or borrowed;


 


(iii)     dispositions
of assets (other than the Vessel or other Collateral) owned by any member of the NCLC Group in exchange for other assets comparable
or superior as to type and value;


 


(iv)     a
vessel (other than the Vessel or other Collateral) or any other asset owned by any member of the NCLC Group (other than the Borrower)
may be sold, provided such sale is on a willing seller willing buyer basis at or about market rate and at arm’s length
subject always to the provisions of any loan documentation for the financing of such vessel or other asset;


 


(v)       the
Credit Parties may sell, lease or otherwise dispose of the Vessel or sell 100% of the Capital Stock of the Borrower, provided
that such sale is made at fair market value, the Total Commitments are permanently reduced to $0, and the Loans are repaid
in full; and


 


(vi)      Permitted
Chartering Arrangements.


 


10.03 Dividends.
(a) Subject to sub-clause (c) below, the Parent shall be entitled at any time to authorize, declare or pay any Dividends provided
no Default is continuing or would occur as a result of the authorization, declaration or payment of any such Dividend at such time;
provided that, notwithstanding the foregoing, the Parent may pay Dividends (i) to persons responsible for paying the tax
liability in respect of consolidated, combined, unitary or affiliated tax returns for each relevant jurisdiction of the NCLC Group,
or (ii) to holders of the Parent’s Capital Stock with respect to income taxable as a result of member of the NCLC Group being
taxed as a pass-through entity for U.S. Federal, state and local income tax purposes or attributable to any member of the NCLC
Group.


 






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(b)       Sub-clause
(a) above does not apply to Subsidiaries of the Parent, who may therefore authorize, declare and pay Dividends to another member
of the NCLC Group regardless of whether a Default exists at such time.


 


(c)       The
Parent shall not authorize, declare or pay any Dividends between April 1, 2020 and the latest Maturity Date in respect of the Deferred
Loans, provided that any breach of this sub-clause shall not result in an Event of Default but will instead result in a
mandatory prepayment event under Section 4.02(d).


 


10.04 Advances,
Investments and Loans. The Parent will not, and will not permit any other member of the NCLC Group to, purchase or acquire
any margin stock (or other Equity Interests) or any other asset, or make any capital contribution to or other investment in any
other Person (each of the foregoing an “Investment” and, collectively, “Investments”), in
each case either in a single transaction or in a series of transactions (whether related or not), except that the following shall
be permitted:


 


(i)       Investments
on arm’s length terms;


 


(ii)      Investments for its use in its ordinary course of business;


 


(iii)     Investments
the cost of which is less than or equal to its fair market value at the date of acquisition; and


 


(iv)     Investments permitted by Section 10.02.


 


10.05 Transactions
with Affiliates. (a) The Parent will not, and will not permit any of its Subsidiaries to, directly or indirectly, 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 or series of transactions, contract, agreement, understanding, loan, advance
or guarantee with, or for the benefit of, any Affiliate of such Person (each of the foregoing, an “Affiliate Transaction”)
involving aggregate consideration in excess of $10,000,000, unless such Affiliate Transaction is on terms that are not materially
less favorable to the Parent or any Subsidiary of the Parent than those that could have been obtained in a comparable transaction
by such Person with an unrelated Person.


 


(b)       The
provisions of Section 10.05(a) shall not apply to the following:


 


(i)       transactions between or among the Parent and/or any Subsidiary of the Parent (or an entity that becomes a Subsidiary of the Parent
as a result of such transaction) and any merger, consolidation or amalgamation of the Parent or any Subsidiary of the Parent and
any direct parent of the Parent, any Subsidiary of the Parent or, in the case of a Subsidiary of the Parent, the Parent; provided
that such parent shall have no material liabilities and no material assets other than cash, Cash Equivalents and the Capital Stock
of the Parent or such Subsidiary of the Parent, as the case may be, and such merger, consolidation or amalgamation is otherwise
in compliance with the terms of this Agreement and effected for a bona fide business purpose;


 






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(ii)      Dividends permitted by Section 10.03 and Investments permitted by Section 10.04;


 


(iii)     the payment of reasonable and customary fees and reimbursement of expenses paid to, and indemnity provided on behalf of, officers,
directors, employees or consultants of the Parent or any Subsidiary of the Parent, any direct or indirect parent of the Parent;


 


(iv)     [intentionally omitted];


 


(v)      any agreement to pay, and the payment of, monitoring, management, transaction, advisory or similar fees (A) in an aggregate amount
in any fiscal year not to exceed the sum of (1) the greater of (i) 1% of Consolidated EBITDA of the Parent and (ii) $9,000,000,
plus reasonable out of pocket costs and expenses in connection therewith and unpaid amounts accrued for prior periods; plus (2)
any deferred fees (to the extent such fees were within such amount in clause (A)(1) above originally), plus (B) 2.0% of the value
of transactions with respect to which an Affiliate provides any transaction, advisory or other services;


 


(vi)       transactions in which the Parent or any Subsidiary of the Parent, as the case may be, delivers to the Facility Agent a letter from
an independent financial advisor stating that such transaction is fair to the Parent or any Subsidiary of the Parent, as the case
may be, from a financial point of view or meets the requirements of Section 10.05(a);


 


(vii)     payments or loans (or cancellation of loans) to officers, directors, employees or consultants which are approved by a majority
of the board of directors of the Parent in good faith;


 


(viii)    any agreement as in effect as of the Effective Date or any amendment thereto (so long as any such agreement together with all amendments
thereto, taken as a whole, is not more disadvantageous to the Lenders in any material respect than the original agreement as in
effect on the Effective Date) or any transaction contemplated thereby as determined in good faith by the Parent;


 






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(ix)      (A) transactions with customers, clients, suppliers or purchasers or sellers of goods or services, or transactions otherwise relating
to the purchase or sale of goods or services, in each case in the ordinary course of business and otherwise in compliance with
the terms of this Agreement, which are fair to the Parent and its Subsidiaries in the reasonable determination of the Board of
Directors or the senior management of the Parent, or are on terms at least as favorable as might reasonably have been obtained
at such time from an unaffiliated party or (B) transactions with joint ventures or Subsidiaries of the Parent entered into in the
ordinary course of business and consistent with past practice or industry norm;


 


(x)       the issuance of Equity Interests (other than Disqualified Stock) of the Parent to any Person;


 


(xi)      the issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of,
employment arrangements, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors
of the Parent or any direct or indirect parent of the Issuer or of a Subsidiary of the Parent, as appropriate, in good faith;


 


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


 


(xiii)    transactions between the Parent or any Subsidiary of the Parent and any Person, a director of which is also a director of the Parent
or a Subsidiary of the Parent or any direct or indirect parent of the Parent; provided, however, that such director
abstains from voting as a director of the Parent or a Subsidiary of the Parent or such direct or indirect parent, as the case may
be, on any matter involving such other Person;


 


(xiv)    pledges of Equity Interests of Subsidiaries of the Parent (other than the Borrower);


 


(xv)     the formation and maintenance of any consolidated group or subgroup for tax, accounting or cash pooling or management purposes
in the ordinary course of business;


 


(xvi)    any employment agreements entered into by the Parent or any Subsidiary of the Parent in the ordinary course of business; and


 


(xvii)   transactions
undertaken in good faith (as certified by a responsible financial or accounting officer of the Parent in an officer’s certificate)
for the purpose of improving the consolidated tax efficiency of the Parent and its Subsidiaries and not for the purpose of circumventing
any provision set forth in this Agreement.


 


10.06 Free Liquidity.
The Parent will not permit the Free Liquidity to be less than $50,000,000 at any time.


 


10.07 Total Net
Funded Debt to Total Capitalization. The Parent will not permit the ratio of Total Net Funded Debt to Total Capitalization
to be greater than 0.70:1.00 at any time.


 






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10.08 Collateral
Maintenance. The Borrower will not permit the Appraised Value of the Vessel (such value, the “Vessel Value”)
to be less than 125% of the aggregate outstanding principal amount of Loans at such time; provided that, so long as any
non-compliance in respect of this Section 10.08 is not caused by a voluntary Collateral Disposition, such non-compliance shall
not constitute a Default or an Event of Default so long as within 10 Business Days of the occurrence of such default, the Borrower
shall either (i) post additional collateral reasonably satisfactory to the Required Lenders in favor of the Collateral Agent (it
being understood that cash collateral comprised of Dollars is satisfactory and that it shall be valued at par), pursuant to security
documentation reasonably satisfactory in form and substance to the Collateral Agent and the Lead Arrangers, in an aggregate amount
sufficient to cure such non-compliance (and shall at all times during such period and prior to satisfactory completion thereof,
be diligently carrying out such actions) or (ii) repay Loans in an amount sufficient to cure such non-compliance; provided,
further, that, subject to the last sentence in Section 9.01(c), the covenant in this Section 10.08 shall be tested
no more than once per calendar year beginning with the first calendar year end to occur after the Delivery Date in the absence
of the occurrence of an Event of Default which is continuing.


 


10.09 Consolidated
EBITDA to Consolidated Debt Service. The Parent will not permit the ratio of Consolidated EBITDA to Consolidated Debt Service
for the NCLC Group at the end of any fiscal quarter, computed for the period of the four consecutive fiscal quarters ending as
at the end of the relevant fiscal quarter, to be less than 1.25:1.00 unless the Free Liquidity of the NCLC Group at all times during
such period of four consecutive fiscal quarters ending as at the end of such fiscal quarter was equal to or greater than $100,000,000.


 


10.10 Business;
Change of Name. The Parent will not, and will not permit any of its Subsidiaries to, change its name, change its address as
indicated on Schedule 14.03A to an address outside the State of Florida, or make or threaten to make any substantial change in
its business as presently conducted or cease to perform its current business activities or carry on any other business which is
substantial in relation to its business as presently conducted if doing so would imperil the security created by any of the Security
Documents or affect the ability of the Parent or its Subsidiaries to duly perform its obligations under any Credit Document to
which it is or may be a party from time to time (it being understood that name changes and changes of address to an address outside
the State of Florida shall be permitted so long as new, relevant Security Documents are executed and delivered (and if necessary,
recorded) in a form reasonably satisfactory to the Collateral Agent), in each case in the reasonable opinion of the Facility Agent;
provided that any new leisure or hospitality venture embarked upon by any member of the NCLC Group (other than the Parent)
shall not constitute a substantial change in its business.


 


10.11 Subordination
of Indebtedness. Other than the Sky Vessel Indebtedness, (i) the Parent shall procure that any and all of its Indebtedness
with any other Credit Party and/or any shareholder of the Parent is at all times fully subordinated to the Credit Document Obligations
and (ii) the Parent shall not make or permit to be made any repayments of principal, payments of interest or of any other costs,
fees, expenses or liabilities arising from or representing Indebtedness with any shareholder of the Parent. Upon the occurrence
of an Event of Default, the Parent shall not make any repayments of principal, payments of interest or of any other costs, fees,
expenses or liabilities arising from or representing Indebtedness with any other Credit Party (including, for the avoidance of
doubt, the Sky Vessel Indebtedness); provided that, notwithstanding anything set forth in this Agreement to the contrary, the consent
of the Lenders will be required for any (I) prepayment of the Sky Vessel Indebtedness in advance of the scheduled repayments set
forth in the memorandum of agreement referred to in the definition of Sky Vessel and (II) amendment to the memorandum of agreement
referred to in the definition of Sky Vessel to the extent that such amendment involves a material change to terms of the financing
arrangements set forth therein that is adverse to the interests of either the Parent or the Lenders (including, without limitation,
any change that is adverse to the interests of either the Parent or the Lenders (i) in the timing and/or schedule of repayment
applicable to such financing arrangements by more than five Business Days or (ii) in the interest rate applicable to such financing
arrangements).


 






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10.12 Activities
of Borrower, etc. The Parent will not permit the Borrower to, and the Borrower will not:


 


(i)       issue
or enter into any guarantee or indemnity or otherwise become directly or contingently liable for the obligations of any other Person,
other than in the ordinary course of its business as owner of the Vessel;


 


(ii)       incur
any Indebtedness other than under the Credit Documents or other than in the ordinary course of its business as owner of the Vessel;
and


 


(iii)       engage
in any business or own any significant assets or have any material liabilities other than (i) its ownership of the Vessel and (ii)
those liabilities which it is responsible for under this Agreement and the other Credit Documents to which it is a party, provided
that the Borrower may also engage in those activities that are incidental to (x) the maintenance of its existence in compliance
with applicable law and (y) legal, tax and accounting matters in connection with any of the foregoing activities.


 


10.13 Material
Amendments or Modifications of Construction Contracts. The Parent will not, and will not permit any of its Subsidiaries to,
make any material amendments, modifications or changes to any term or provision of the Construction Contract that would amend,
modify or change (i) the purpose of the Vessel or (ii) the Initial Construction Price in excess of 7.5% in the aggregate, in each
case unless such amendment, modification or change is approved in advance by the Facility Agent and the Hermes Agent and the same
could not reasonably be expected to be adverse to the interests of the Lenders or the Hermes Cover.


 


10.14 No Place
of Business. None of the Credit Parties shall establish a place of business in the United Kingdom or the United States of America,
with the exception of those places of business already in existence on the Effective Date, unless prompt notice thereof is given
to the Facility Agent and the requirements set forth in Section 9.10 have been satisfied.


 


SECTION 11. Events
of Default. Upon the occurrence of any of the
following specified events (each an “Event of Default”): 


 


11.01 Payments.
The Borrower or any other Credit Party does not pay on the due date any amount of principal or interest on any Loan (provided,
however, that if any such amount is not paid when due solely by reason of some error or omission on the part of the bank
or banks through whom the relevant funds are being transmitted no Event of Default shall occur for the purposes of this Section
11.01 until the expiry of three Business Days following the date on which such payment is due) or, within three days of the due
date any other amount, payable by it under any Credit Document to which it may at any time be a party, at the place and in the
currency in which it is expressed to be payable; or


 






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11.02 Representations,
etc. Any representation, warranty or statement made or repeated in, or in connection with, any Credit Document or in any accounts,
certificate, statement or opinion delivered by or on behalf of any Credit Party thereunder or in connection therewith is materially
incorrect when made or would, if repeated at any time hereafter by reference to the facts subsisting at such time, no longer be
materially correct; or


 


11.03 Covenants.
Any Credit Party shall (i) default in the due performance or observance by it of any term, covenant or agreement contained in Section
9.01(h), Section 9.06, Section 9.11, or Section 10 or (ii) default in the due performance or observance by it of any other term,
covenant or agreement contained in this Agreement or any other Credit Document and, in the case of this clause (ii), such default
shall continue unremedied for a period of 30 days after written notice to the Borrower by the Facility Agent or any of the Lenders,
provided that any default in the due performance or observance of any term, covenant or agreement contained in Section 10.06,
Section 10.07 or Section 10.09 arising between April 1, 2020 and March 31, 2021 shall not constitute an Event of Default, unless
during such period a mandatory prepayment event has occurred under Section 4.02(d), an Event of Default has occurred under Section
11.05 or a Credit Party has entered into a restructuring, arrangement or composition with or for the benefit of its creditors;
or


 


11.04 Default
Under Other Agreements. (a) Any event of default occurs under any financial contract or financial document relating to any
Indebtedness of any member of the NCLC Group;


 


(b)       Any
such Indebtedness or any sum payable in respect thereof is not paid when due (after the expiry of any applicable grace period(s))
whether by acceleration or otherwise;


 


(c)       Any
Lien over any assets of any member of the NCLC Group becomes enforceable; or


 


(d)       Any
other Indebtedness of any member of the NCLC Group is not paid when due or is or becomes capable of being declared due prematurely
by reason of default or any security for the same becomes enforceable by reason of default,


 


provided that:


 


(i)       it shall not be a Default or Event of Default under this Section 11.04 unless the principal amount of the relevant Indebtedness
as described in preceding clauses (a) through (d), inclusive, exceeds $15,000,000;


 






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(ii)      no
Event of Default will arise under clauses (a), (c) and/or (d) until the earlier of (x) 30 days following the occurrence of the
related event of default, Lien becoming enforceable or Indebtedness becoming capable of being declared due prematurely, as the
case may be, and (y) the acceleration of the relevant Indebtedness or the enforcement of the relevant Lien;


 


(iii)     if
at any time hereafter the Parent or any other member of the NCLC Group agrees to the incorporation of a cross default provision
into any financial contract or financial document relating to any Indebtedness that is more onerous than this Section 11.04, then
the Parent shall immediately notify the Facility Agent and that cross default provision shall be deemed to apply to this Agreement
as if set out in full herein with effect from the date of such financial contract or financial document and during the term of
that financial contract or financial document; and


 


(iv)     no
Event of Default will arise under this Section 11.04 if caused solely as a result of breach of financial covenants equivalent to
those set forth in Section 10.06, Section 10.07 or Section 10.09 that occurs during the Deferral Period under or in relation to
any other Hermes-backed facility agreement to which the Parent is a party and to which the Principles apply, unless at the time
of such default a mandatory prepayment event has occurred and is continuing under Section 4.02(d); or


 


11.05 Bankruptcy,
etc. (a) Other than as expressly permitted in Section 10, any order is made or an effective resolution passed or other action
taken for the suspension of payments or dissolution, termination of existence, liquidation, winding-up or bankruptcy of any member
of the NCLC Group; or


 


(b)       Any
member of the NCLC Group shall commence a voluntary case concerning itself under Title 11 of the United States Code entitled “Bankruptcy,”
as now or hereafter in effect, or any successor thereto (the “Bankruptcy Code”); or an involuntary case is commenced
against any member of the NCLC Group, and the petition is not dismissed within 45 days after the filing thereof, provided,
however, that during the pendency of such period, each Lender shall be relieved of its obligation to extend credit hereunder;
or a custodian (as defined in the Bankruptcy Code) is appointed for, or takes charge of, all or substantially all of the property
of any member of the NCLC Group, to operate all or any substantial portion of the business of any member of the NCLC Group, or
any member of the NCLC Group commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of
debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating
to any member of the NCLC Group, or there is commenced against any member of the NCLC Group any such proceeding which remains undismissed
for a period of 45 days after the filing thereof, or any member of the NCLC Group is adjudicated insolvent or bankrupt; or any
order of relief or other order approving any such case or proceeding is entered; or any member of the NCLC Group makes a general
assignment for the benefit of creditors; or any Company action is taken by any member of the NCLC Group for the purpose of effecting
any of the foregoing; or


 






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(c)       A
liquidator (subject to Section 11.05(e)), trustee, administrator, receiver, manager or similar officer is appointed in respect
of any member of the NCLC Group or in respect of all or any substantial part of the assets of any member of the NCLC Group and
in any such case such appointment is not withdrawn within 30 days (in this Section 11.05, the “Grace Period”)
unless the Facility Agent considers in its sole discretion that the interest of the Lenders and/or the Agents might reasonably
be expected to be adversely affected in which event the Grace Period shall not apply; or


 


(d)       Any
member of the NCLC Group becomes or is declared insolvent or is unable, or admits in writing its inability, to pay its debts as
they fall due or becomes insolvent within the terms of any applicable law; or


 


(e)       Anything
analogous to or having a substantially similar effect to any of the events specified in this Section 11.05 shall have occurred
under the laws of any applicable jurisdiction (subject to the analogous grace periods set forth herein); or


 


11.06 Total Loss.
An Event of Loss shall occur resulting in the actual or constructive total loss of the Vessel or the agreed or compromised total
loss of the Vessel and the proceeds of the insurance in respect thereof shall not have been received within 150 days of the event
giving rise to such Event of Loss; or


 


11.07 Security
Documents. At any time after the execution and delivery thereof, any of the Security Documents shall cease to be in full force
and effect, or shall cease to give the Collateral Agent for the benefit of the Secured Creditors the Liens, rights, powers and
privileges purported to be created thereby (including, without limitation, a perfected security interest in, and Lien on, all of
the material Collateral), in favor of the Collateral Agent, superior to and prior to the rights of all third Persons (except in
connection with Permitted Liens), and subject to no other Liens (except Permitted Liens), or any “event of default”
(as defined in the Vessel Mortgage) shall occur in respect of the Vessel Mortgage; or


 


11.08 Guaranties.
(a) The Parent Guaranty, or any provision thereof, shall cease to be in full force or effect as to the Parent, or the Parent (or
any Person acting by or on behalf of the Parent) shall deny or disaffirm the Parent’s obligations under the Parent Guaranty;
or


 


(b)       After the execution and delivery thereof, the Hermes Cover, or any material provision thereof, shall cease to be in full force
or effect, or Hermes (or any Person acting by or on behalf of the Parent or the Hermes Agent) shall deny or disaffirm Hermes’
obligations under the Hermes Cover; or


 


11.09 Judgments.
Any distress, execution, attachment or other process affects the whole or any substantial part of the assets of any member of the
NCLC Group and remains undischarged for a period of 21 days or any uninsured judgment in excess of $15,000,000 following final
appeal remains unsatisfied for a period of 30 days in the case of a judgment made in the United States and otherwise for a period
of 60 days; or


 






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11.10 Cessation
of Business. Subject to Section 10.02, any member of the NCLC Group shall cease to carry on all or a substantial part of its
business; or


 


11.11 Revocation
of Consents. Any authorization, approval, consent, license, exemption, filing, registration or notarization or other requirement
necessary to enable any Credit Party to comply with any of its obligations under any of the Credit Documents to which it is a party
shall have been materially adversely modified, revoked or withheld or shall not remain in full force and effect and within 90 days
of the date of its occurrence such event is not remedied to the satisfaction of the Required Lenders and the Required Lenders consider
in their sole discretion that such failure is or might be expected to become materially prejudicial to the interests, rights or
position of the Agents and the Lenders or any of them; provided that the Borrower shall not be entitled to the aforesaid 90 day
period if the modification, revocation or withholding of the authorization, approval or consent is due to an act or omission of
any Credit Party and the Required Lenders are satisfied in their sole discretion that the interests of the Agents or the Lenders
might reasonably be expected to be materially adversely affected; or


 


11.12 Unlawfulness.
At any time it is unlawful or impossible for:


 


(i)       any
Credit Party to perform any of its obligations under any Credit Document to which it is a party; or


 


(ii)      the
Agents or the Lenders, as applicable, to exercise any of their rights under any of the Credit Documents;


 


provided that no Event of Default
shall be deemed to have occurred (x) (except where the unlawfulness or impossibility adversely affects any Credit Party’s
payment obligations under this Agreement and/or the other Credit Documents (the determination of which shall be in the Facility
Agent’s sole discretion) in which case the following provisions of this Section 11.12 shall not apply) where the unlawfulness
or impossibility prevents any Credit Party from performing its obligations (other than its payment obligations under this Agreement
and the other Credit Documents) and is cured within a period of 21 days of the occurrence of the event giving rise to the unlawfulness
or impossibility and the relevant Credit Party, within the aforesaid period, performs its obligation(s), and (y) where the Facility
Agent and/or the Lenders, as applicable, could, in its or their sole discretion, mitigate the consequences of unlawfulness or impossibility
in the manner described in Section 2.11(a) (it being understood that the costs of mitigation shall be determined in accordance
with Section 2.11(a)); or


 


11.13 Insurances.
The Borrower shall have failed to insure the Vessel in the manner specified in this Agreement or failed to renew the Required Insurance
prior to the date of expiry thereof; or


 


11.14 Disposals.
The Borrower or any other member of the NCLC Group shall have concealed, removed, or permitted to be concealed or removed, any
part of its property, with intent to hinder, delay or defraud its creditors or any of them, or made or suffered a transfer of any
of its property which may be fraudulent under any bankruptcy, fraudulent conveyance or similar law; or shall have made any transfer
of its property to or for the benefit of a creditor with the intention of preferring such creditor over any other creditor; or


 






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11.15 Government
Intervention. The authority of any member of the NCLC Group in the conduct of its business shall be wholly or substantially
curtailed by any seizure or intervention by or on behalf of any authority and within 90 days of the date of its occurrence any
such seizure or intervention is not relinquished or withdrawn and the Facility Agent reasonably considers that the relevant occurrence
is or might be expected to become materially prejudicial to the interests, rights or position of the Agents and/or the Lenders;
provided that the Borrower shall not be entitled to the aforesaid 90 day period if the seizure or intervention executed by any
authority is due to an act or omission of any member of the NCLC Group and the Facility Agent is satisfied, in its sole discretion,
that the interests of the Agents and/or the Lenders might reasonably be expected to be materially adversely affected; or


 


11.16 Change
of Control. A Change of Control shall occur; or


 


11.17 Material
Adverse Change. Any event shall occur which results in a Material Adverse Effect; or


 


11.18 Repudiation
of Construction Contract or other Material Documents. Any party to the Construction Contract, any Credit Document or any other
material documents related to the Credit Document Obligations hereunder shall repudiate the Construction Contract, such Credit
Document or such material document in any way;


 


then, and in any such
event, and at any time thereafter, if any Event of Default shall then be continuing, the Facility Agent, upon the written request
of the Required Lenders and after having informed the Hermes Agent of such written request, shall by written notice to the Borrower,
take any or all of the following actions, without prejudice to the rights of any Agent or any Lender to enforce its claims against
any Credit Party (provided that, if an Event of Default specified in Section 11.05 shall occur, the result which would occur
upon the giving of written notice by the Facility Agent to the Borrower as specified in clauses (i) and (ii) below shall occur
automatically without the giving of any such notice): (i) declare the Total Commitments terminated, whereupon all Commitments of
each Lender shall forthwith terminate immediately and any Commitment Commission shall forthwith become due and payable without
any other notice of any kind; (ii) declare the principal of and any accrued interest in respect of all Loans and all Credit Document
Obligations owing hereunder and thereunder to be, whereupon the same shall become, forthwith due and payable without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by each Credit Party; and (iii) enforce, as Collateral
Agent, all of the Liens and security interests created pursuant to the Security Documents.


 


SECTION 12. Agency
and Security Trustee Provisions.


 


12.01 Appointment
and Declaration of Trust (a) The Lenders hereby designate KfW IPEX-Bank GmbH, as Facility Agent (for purposes of this
Section 12, the term “Facility Agent” shall include KfW IPEX-Bank GmbH (and/or any of its Affiliates) in
its capacity as Collateral Agent under the Security Documents and as CIRR Agent) to act as specified herein and in the other
Credit Documents. Each Lender hereby irrevocably authorizes the Agents to take such action on its behalf under the provisions
of this Agreement, the other Credit Documents and any other instruments and agreements referred to herein or therein and to
exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of the
Agents by the terms hereof and thereof and such other powers as are reasonably incidental thereto. Each Agent may perform any
of its duties hereunder by or through its respective officers, directors, agents, employees or affiliates and, may transfer
from time to time any or all of its rights, duties and obligations hereunder and under the relevant Credit Documents (in
accordance with the terms thereof) to any of its banking affiliates.


 






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(b)       With
effect from the Initial Syndication Date, KfW IPEX-Bank GmbH in its capacity as Collateral Agent pursuant to the Security Documents
declares that it shall hold the Collateral in trust for the Secured Creditors. The Collateral Agent shall have the right to delegate
a co-agent or sub-agent from time to time to perform and benefit from any or all of rights, duties and obligations hereunder and
under the relevant Security Documents (in accordance with the terms thereof and of the Security Trust Deed) and, in the event that
any such duties or obligations are so delegated, the Collateral Agent is hereby authorized to enter into additional Security Documents
or amendments to the then existing Security Documents to the extent it deems necessary or advisable to implement such delegation
and, in connection therewith, the Parent will, or will cause the relevant Subsidiary to, use its commercially reasonable efforts
to promptly deliver any opinion of counsel that the Facility Agent may reasonably require to the reasonable satisfaction of the
Facility Agent.


 


(c)       The
Lenders hereby designate KfW IPEX-Bank GmbH, as Hermes Agent, which Agent shall be responsible for any and all communication, information
and negotiation required with Hermes in relation to the Hermes Cover. All notices and other communications provided to the Hermes
Agent shall be mailed, telexed, telecopied, delivered or electronic mailed to the Notice Office of the Hermes Agent.


 


12.02 Nature
of Duties. The Agents shall have no duties or responsibilities except those expressly set forth in this Agreement and the Security
Documents. None of the Agents nor any of their respective officers, directors, agents, employees or affiliates shall be liable
for any action taken or omitted by it or them hereunder, under any other Credit Document, under the Hermes Cover or in connection
herewith or therewith, unless caused by such Person’s gross negligence or willful misconduct (any such liability limited
to the applicable Agent to whom such Person relates). The duties of each of the Agents shall be mechanical and administrative in
nature; none of the Agents shall have by reason of this Agreement or any other Credit Document any fiduciary relationship in respect
of any Lender; and nothing in this Agreement or any other Credit Document, expressed or implied, is intended to or shall be so
construed as to impose upon any Agents any obligations in respect of this Agreement, any other Credit Document or the Hermes Cover
except as expressly set forth herein or therein.


 


12.03 Lack of
Reliance on the Agents. Independently and without reliance upon the Agents, each Lender, to the extent it deems appropriate,
has made and shall continue to make (i) its own independent investigation of the financial condition and affairs of the Credit
Parties in connection with the making and the continuance of the Loans and the taking or not taking of any action in connection
herewith, (ii) its own appraisal of the creditworthiness of the Credit Parties and (iii) its own appraisal of the Hermes Cover
and, except as expressly provided in this Agreement, none of the Agents shall have any duty or responsibility, either initially
or on a continuing basis, to provide any Lender with any credit or other information with respect thereto, whether coming into
its possession before the making of the Loans or at any time or times thereafter. None of the Agents shall be responsible to any
Lender for any recitals, statements, information, representations or warranties herein or in any document, certificate or other
writing delivered in connection herewith or for the execution, effectiveness, genuineness, validity, enforceability, perfection,
collectibility, priority or sufficiency of this Agreement, any other Credit Document, the Hermes Cover or the financial condition
of the Credit Parties or any of them or be required to make any inquiry concerning either the performance or observance of any
of the terms, provisions or conditions of this Agreement, any other Credit Document, the Hermes Cover, or the financial condition
of the Credit Parties or any of them or the existence or possible existence of any Default or Event of Default.


 






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12.04 Certain
Rights of the Agents. If any of the Agents shall request instructions from the Required Lenders with respect to any act or
action (including failure to act) in connection with this Agreement, any other Credit Document or the Hermes Cover, the Agents
shall be entitled to refrain from such act or taking such action unless and until the Agents shall have received instructions from
the Required Lenders; and the Agents shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing,
no Lender shall have any right of action whatsoever against the Agents as a result of any of the Agents acting or refraining from
acting hereunder or under any other Credit Document in accordance with the instructions of the Required Lenders.


 


12.05 Reliance.
Each of the Agents shall be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice,
statement, certificate, telex, email, teletype or telecopier message, cablegram, radiogram, order or other document or telephone
message signed, sent or made by any Person that the applicable Agent believed to be the proper Person, and, with respect to all
legal matters pertaining to this Agreement, any other Credit Document, the Hermes Cover and its duties hereunder and thereunder,
upon advice of counsel selected by the Facility Agent.


 


12.06 Indemnification.
To the extent any of the Agents is not reimbursed and indemnified by the Borrower, the Lenders will reimburse and indemnify the
applicable Agents, in proportion to their respective “percentages” as used in determining the Required Lenders (without
regard to the existence of any Defaulting Lenders), for and against any and all liabilities, obligations, losses, damages, penalties,
claims, actions, judgments, costs, expenses or disbursements of whatsoever kind or nature which may be imposed on, asserted against
or incurred by such Agents in performing their respective duties hereunder or under any other Credit Document, in any way relating
to or arising out of this Agreement or any other Credit Document; provided that no Lender shall be liable to an Agent for
any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
resulting from such Agent’s gross negligence or willful misconduct.


 






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12.07 The Agents
in their Individual Capacities. With respect to its obligation to make Loans under this Agreement, each of the Agents shall
have the rights and powers specified herein for a “Lender” and may exercise the same rights and powers as though it
were not performing the duties specified herein; and the term “Lenders,” “Secured Creditors”, “Required
Lenders” or any similar terms shall, unless the context clearly otherwise indicates, include each of the Agents in their
respective individual capacity. Each of the Agents may accept deposits from, lend money to, and generally engage in any kind of
banking, trust or other business with any Credit Party or any Affiliate of any Credit Party as if it were not performing the duties
specified herein, and may accept fees and other consideration from the Borrower or any other Credit Party for services in connection
with this Agreement and otherwise without having to account for the same to the Lenders.


 


12.08 Resignation
by an Agent. (a) Any Agent may resign from the performance of all its functions and duties hereunder and/or under the other
Credit Documents at any time by giving 15 Business Days’ prior written notice to the Borrower and the Lenders. Such resignation
shall take effect upon the appointment of a successor Agent pursuant to clauses (b) and (c) below or as otherwise provided below.


 


(b)       Upon notice of
resignation by an Agent pursuant to clause (a) above, the Required Lenders shall appoint a successor Agent hereunder or thereunder
who shall be a commercial bank or trust company reasonably acceptable to the Borrower; provided that the Borrower’s
consent shall not be required pursuant to this clause (b) if an Event of Default exists at the time of appointment of a successor
Agent.


 


(c)       If a successor
Agent shall not have been so appointed within the 15 Business Day period referenced in clause (a) above, the applicable Agent,
with the consent of the Borrower (which shall not be unreasonably withheld or delayed), shall then appoint a commercial bank or
trust company with capital and surplus of not less than $500,000,000 as successor Agent who shall serve as the applicable Agent
hereunder or thereunder until such time, if any, as the Lenders appoint a successor Agent as provided above; provided that
the Borrower’s consent shall not be required pursuant to this clause (c) if an Event of Default exists at the time of appointment
of a successor Agent.


 


(d)       If no successor
Agent has been appointed pursuant to clause (b) or (c) above by the 25th Business Day after the date such notice of resignation
was given by the applicable Agent, the applicable Agent’s resignation shall become effective and the Required Lenders shall
thereafter perform all the duties of such Agent hereunder and/or under any other Credit Document until such time, if any, as the
Required Lenders appoint a successor Agent as provided above.


 


(e)       The
Agent shall resign in accordance with paragraph (a) above (and, to the extent applicable, shall use reasonable endeavours to appoint
a successor Facility Agent pursuant to paragraph (c) above) if on or after the date which is three months before the earliest FATCA
Application Date relating to any payment to the Facility Agent under the Credit Documents, either:


 






    	 	-89-	 



     


    

 


		(i)	the Facility Agent fails to respond to a request under Section 4.06 (FATCA Information) and
the Borrower or a Lender reasonably believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party
on or after that FATCA Application Date;



 


		(ii)	the information supplied by the Facility Agent pursuant to Section 4.06 (FATCA Information)
indicates that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application
Date; or



 


		(iii)	the Facility Agent notifies the Borrower and the Lenders that the Facility Agent will not be (or
will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date,



 


and (in each case) the Borrower
or a Lender reasonably believes that a party to this Agreement will be required to make a FATCA Deduction that would not be required
if the Facility Agent were a FATCA Exempt Party, and the Borrower or that Lender, by notice to the Agent, requires it to resign.


 


12.09 The Lead
Arrangers. Notwithstanding any other provision of this Agreement or any provision of any other Credit Document, KfW IPEX-Bank
GmbH is hereby appointed as a Lead Arranger by the Lenders to act as specified herein and in the other Credit Documents. Each of
the Lead Arrangers in their respective capacities as such shall have only the limited powers, duties, responsibilities and liabilities
with respect to this Agreement or the other Credit Documents or the transactions contemplated hereby and thereby as are set forth
herein or therein; it being understood and agreed that the Lead Arrangers shall be entitled to all indemnification and reimbursement
rights in favor of any of the Agents as provided for under Sections 12.06 and 14.01. Without limitation of the foregoing, none
of the Lead Arrangers shall, solely by reason of this Agreement or any other Credit Documents, have any fiduciary relationship
in respect of any Lender or any other Person.


 


12.10 Impaired
Agent. (a)If, at any time, any Agent becomes an Impaired Agent, a Credit Party or a Lender which is required to make a
payment under the Credit Documents to such Agent in accordance with Section 4.03 may instead either pay that amount directly
to the required recipient or pay that amount to an interest-bearing account held with an Acceptable Bank within the meaning of
paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and
is continuing, in the name of the Credit Party or the Lender making the payment and designated as a trust account for the benefit
of the party or parties hereto beneficially entitled to that payment under the Credit Documents. In each case such payments must
be made on the due date for payment under the Credit Documents.


 


(b)       All
interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the beneficiaries of that
trust account pro rata to their respective entitlements.


 






    	 	-90-	 



     


    

 


(c)       A
party to this Agreement which has made a payment in accordance with this Section 12.10 shall be discharged of the relevant payment
obligation under the Credit Documents and shall not take any credit risk with respect to the amounts standing to the credit of
the trust account.


 


(d)       Promptly
upon the appointment of a successor Agent in accordance with Section 12.11, each party to this Agreement which has made a payment
to a trust account in accordance with this Section 12.10 shall give all requisite instructions to the bank with whom the trust
account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution in accordance
with Section 2.04


 


12.11 Replacement
of an Agent. (a) After consultation with the Parent, the Required Lenders may, by giving 30 days’ notice to an Agent
(or, at any time such Agent is an Impaired Agent, by giving any shorter notice determined by the Required Lenders) replace such
Agent by appointing a successor Agent (subject to Section 12.08(b) and (c)).


 


(b)       The
retiring Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense of the Borrower) make available to
the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the
purposes of performing its functions as Agent under the Credit Documents.


 


(c)       The
appointment of the successor Agent shall take effect on the date specified in the notice from the Required Lenders to the retiring
Agent. As from such date, the retiring Agent shall be discharged from any further obligation in respect of the Credit Documents
but shall remain entitled to the benefit of this Section 12.11 (and any agency fees for the account of the retiring Agent shall
cease to accrue from (and shall be payable on) that date).


 


(d)       Any successor
Agent and each of the other parties to this Agreement shall have the same rights and obligations amongst themselves as they
would have had if such successor had been an original party to this Agreement.


 


12.12 Resignation
by the Hermes Agent. (a) The Hermes Agent may resign from the performance of all its functions and duties hereunder and/or
under the other Credit Documents at any time by giving 15 Business Days’ prior written notice to the Borrower and the Lenders.
Such resignation shall take effect upon the appointment of a successor Hermes Agent pursuant to clauses (b) and (c) below or as
otherwise provided below.


 


(b)       Upon any such notice of resignation by the Hermes Agent, the Required Lenders shall appoint a successor Hermes Agent hereunder
or thereunder who shall be a commercial bank or trust company reasonably acceptable to the Borrower; provided that the Borrower’s
consent shall not be required pursuant to this clause (b) if an Event of Default exists at the time of appointment of a successor
Hermes Agent.


 


(c)       If a successor Hermes Agent shall not have been so appointed within such 15 Business Day period, the Hermes Agent, with the consent
of the Borrower (which shall not be unreasonably withheld or delayed), shall then appoint a commercial bank or trust company with
capital and surplus of not less than $500,000,000 as successor Hermes Agent who shall serve as Hermes Agent hereunder or thereunder
until such time, if any, as the Lenders appoint a successor Hermes Agent as provided above; provided that the Borrower’s
consent shall not be required pursuant to this clause (d) if an Event of Default exists at the time of appointment of a successor
Hermes Agent.


 






    	 	-91-	 



     


    

 


(d)       If no successor Hermes Agent has been appointed pursuant to clause (b) or (c) above by the 25th Business Day after the date such
notice of resignation was given by the Hermes Agent, the Hermes Agent’s resignation shall become effective and the Required
Lenders shall thereafter perform all the duties of the Hermes Agent hereunder and/or under any other Credit Document until such
time, if any, as the Required Lenders appoint a successor Hermes Agent as provided above.


 


SECTION 13. Benefit
of Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors
and assigns of the parties hereto, subject to the provisions of this Section 13.


 


13.01 Assignments
and Transfers by the Lenders. (a) Subject to Section 13.06, 13.07 and the First Supplemental Agreement, any Lender (or any
Lender together with one or more other Lenders, each an “Existing Lender”) may:


 


(i)       with
the consent of the Hermes Agent and the written consent of the Federal Republic of Germany, where required
according to the applicable Hermes General Terms and Conditions (Allgemeine Bedingungen) and the supplementary provisions
relating to the assignment of Guaranteed Amounts (Ergänzende Bestimmungen für Forderungsabtretungen-AB (FAB)),
assign any of its rights or transfer by novation any of its rights and obligations under this Agreement or any Credit Document
to which it is a party (including, without limitation, all of the Commitments and outstanding Loans, or if less than all, a portion
equal to at least $10,000,000 in the aggregate for such Lender’s rights and obligations (but which minimum portion shall
not apply in relation to any transfer as set out in (z) below)), to (w) its parent company and/or any Affiliate of such assigning
or transferring Lender which is at least 50% owned (directly or indirectly) by such Lender or its parent company, (x) in the case
of any Lender that is a fund that invests in bank loans, any other fund that invests in bank loans and is managed or advised by
the same investment advisor of such Lender or by an Affiliate of such investment advisor, (y) an Existing Lender who is a Refinanced
Bank as contemplated by clause 3.2 of the First Supplemental Agreement or (z) an Existing Lender as contemplated by clause 3.3
of the First Supplemental Agreement; or


 


(ii)      with
the consent of the Hermes Agent, the written consent of the Federal Republic of Germany, where required according to the applicable
Hermes General Terms and Conditions (Allgemeine Bedingungen) and the supplementary provisions relating to the assignment
of Guaranteed Amounts (Ergänzende Bestimmungen für Forderungsabtretungen-AB (FAB)) and the consent of the Borrower
(which consent, in the case of the Borrower (x) shall not be unreasonably withheld or delayed, (y) shall not be required if a Default
or Event of Default shall have occurred and be continuing at such time and (z) shall be deemed to have been given ten Business
Days after the Existing Lender has requested it in writing unless consent is expressly refused by the Borrower within that time)
assign any of its rights in or transfer by novation any of its rights in and obligations under all of its Commitments and outstanding
Loans, or if less than all, a portion equal to at least $10,000,000 in the aggregate for such Existing Lender’s rights and
obligations, hereunder to one or more Eligible Transferees (treating any fund that invests in bank loans and any other fund that
invests in bank loans and is managed or advised by the same investment advisor of such fund or by an Affiliate of such investment
advisor as a single Eligible Transferee),


 






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each of which assignees or transferees
shall become a party to this Agreement as a Lender by execution of (I) an Assignment Agreement (in the case of assignments) and
(II) a Transfer Certificate (in the case of transfers under Section 13.06); provided that (x) at such time, Schedule 1.01(a)
shall be deemed modified to reflect the Commitments and/or outstanding Loans, as the case may be, of such New Lender and of the
Existing Lenders, (y) the consent of the Facility Agent shall be required in connection with any assignment or transfer pursuant
to the preceding clause (ii) (which consent, in each case, shall not be unreasonably withheld or delayed) and (z) the consent of
the CIRR Representative and the Federal Republic of Germany shall be required in connection with any assignment or transfer pursuant
to preceding clause (i) or (ii) if the New Lender elects to become a Refinanced Bank or enter into an Interest Make-Up Agreement;
and provided, further, that at no time shall a Lender assign or transfer its rights or obligations under this Agreement
to a hedge fund, private equity fund, insurance company or other similar or related financing institution that is not in the primary
business of accepting cash deposits from, and making loans to, the public.


 


(b)       If
(x) a Lender assigns or transfers any of its rights or obligations under the Credit Documents or changes its Facility Office and
(y) as a result of circumstances existing at the date the assignment, transfer or change occurs, a Credit Party would be obliged
to make a payment to the New Lender or Lender acting through its new Facility Office under Sections 2.09, 2.10 or 4.04, then the
New Lender or Lender acting through its new Facility Office is only entitled to receive payment under that section to the same
extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer
or change had not occurred. This Section 13.01(b) shall not apply in respect of an assignment or transfer made in the ordinary
course of the primary syndication of the Credit Agreement.


 


(c)       Each
New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that
the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the
requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes
effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would
have been had it remained a Lender.


 


(d)       The
Borrower and Bookrunner hereby agree to discuss and co-operate in good faith in connection with any initial syndication and transfer
of the Loans.


 






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13.02 Assignment
or Transfer Fee. Unless the Facility Agent otherwise agrees and excluding an assignment or transfer (i) to an Affiliate of
a Lender, (ii) made in connection with primary syndication of this Agreement, (iii) as set forth in Section 13.03, (iv) to
an Existing Lender who is a Refinanced Bank pursuant to clause 3.2 of the First Supplemental Agreement or (iv) to an Existing Lender
pursuant to clause 3.3 of the First Supplemental Agreement, each New Lender shall, on the date upon which an assignment or transfer
takes effect, pay to the Facility Agent (for its own account) a fee of $3,500.


 


13.03 Assignments
and Transfers to Hermes or KfW. Nothing in this Agreement shall prevent or prohibit any Lender from assigning its rights or
transferring its rights and obligations hereunder to (x) Hermes and (y) KfW in support of borrowings made by such Lender from KfW
pursuant to the KfW Refinancing, in each case without the consent of the Borrower and without being required to pay the non-refundable
assignment fee of $3,500 referred to in Section 13.02 above.


 


13.04 Limitation
of Responsibility to Existing Lenders. (a) Unless expressly agreed to the contrary, an Existing Lender makes no representation
or warranty and assumes no responsibility to a New Lender for:


 


(i)       the
legality, validity, effectiveness, adequacy or enforceability of the Credit Documents, the Security Documents or any other documents;


 


(ii)       the
financial condition of any Credit Party;


 


(iii)      the
performance and observance by any Credit Party of its obligations under the Credit Documents or any other documents; or


 


(iv)      the
accuracy of any statements (whether written or oral) made in or in connection with any Credit Document or any other document,


 


and any representations
or warranties implied by law are excluded.


 


(b)       Each
New Lender confirms to the Existing Lender, the other Lender Creditors and the Secured Creditors that it (1) has made (and shall
continue to make) its own independent investigation and assessment of the financial condition and affairs of each Credit Party
and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information
provided to it by the Existing Lender or any other Lender Creditor in connection with any Credit Document or any Lien (or any other
security interest) created pursuant to the Security Documents and (2) will continue to make its own independent appraisal of the
creditworthiness of each Credit Party and its related entities whilst any amount is or may be outstanding under the Credit Documents
or any Commitment is in force.


 


(c)       Nothing
in any Credit Document obliges an Existing Lender to:


 


(i) accept
a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Section
13; or


 






    	 	-94-	 



     


    

 


(ii) support
any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Credit Party of its obligations
under the Credit Documents or otherwise.


 


13.05 [Intentionally
Omitted].


 


13.06 Procedure
and Conditions for Transfer. (a) Subject to Section 13.01, a transfer is effected in accordance with Section 13.06(c) when
the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New
Lender. The Facility Agent shall, subject to Section 13.06(b), as soon as reasonably practicable after receipt by it of a duly
completed Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with
the terms of this Agreement, execute that Transfer Certificate.


 


(b)       The Facility Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender
once it is satisfied it has complied with all necessary “know your customer” or similar checks under all applicable
laws and regulations in relation to the transfer to such New Lender.


 


(c)       On the date of the transfer:


 


(i)       to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under
the Credit Documents to which it is a party and in respect of the Security Documents each of the Credit Parties and the Existing
Lender shall be released from further obligations towards one another under the Credit Documents and in respect of the Security
Documents and their respective rights against one another under the Credit Documents and in respect of the Security Documents shall
be cancelled (being the “Discharged Rights and Obligations”);


 


(ii)      each of the Credit Parties and the New Lender shall assume obligations towards one another and/or acquire rights against one another
which differ from the Discharged Rights and Obligations only insofar as that Credit Party or other member of the NCLC Group and
the New Lender have assumed and/or acquired the same in place of that Credit Party and the Existing Lender;


 


(iii)     the Facility Agent, the Collateral Agent, the Hermes Agent, the New Lender and the other Lenders shall acquire the same rights
and assume the same obligations between themselves and in respect of the Security Documents as they would have acquired and assumed
had the New Lender been an original Lender with the rights, and/or obligations acquired or assumed by it as a result of the transfer
and to that extent the Facility Agent, the Collateral Agent, the Hermes Agent and the Existing Lender shall each be released from
further obligations to each other under the Credit Documents, it being understood that the indemnification provisions under this
Agreement (including, without limitation, Sections 2.09, 2.10, 4.04, 14.01 and 14.05) shall survive as to such Existing Lender;
and


 


(iv)     the New Lender shall become a party to this Agreement as a “Lender”


 






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13.07 Procedure
and Conditions for Assignment. (a) Subject to Section 13.01, an assignment may be effected in accordance with Section
13.07(c) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing
Lender and the New Lender. The Facility Agent shall, subject to Section 13.07(b) below, as soon as reasonably practicable after
receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered
in accordance with the terms of this Agreement, execute that Assignment Agreement.


 


(b)       The
Facility Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender
once it is satisfied it has complied with all necessary “know your customer” or similar checks under all applicable
laws and regulations in relation to the assignment to such New Lender.


 


(c)       On
the date of the assignment:


 


(i) the Existing
Lender will assign absolutely to the New Lender its rights under the Credit Documents and in respect of any Lien (or any other
security interest) created pursuant to the Security Documents expressed to be the subject of the assignment in the Assignment Agreement;


 


(ii) the
Existing Lender will be released from the obligations (the “Relevant Obligations”) expressed to be the subject
of the release in the Assignment Agreement (and any corresponding obligations by which it is bound in respect of any Lien (or any
other security interest) created pursuant to the Security Documents), it being understood that the indemnification provisions under
this Agreement (including, without limitation, Sections 2.09, 2.10, 4.04, 14.01 and 14.05) shall survive as to such Existing Lender;
and


 


(iii) the
New Lender shall become a Party as a “Lender” and will be bound by obligations equivalent to the Relevant Obligations.


 


13.08 Copy of
Transfer Certificate or Assignment Agreement to Parent. The Facility Agent shall, as soon as reasonably practicable after it
has executed a Transfer Certificate or an Assignment Agreement, send to the Parent a copy of that Transfer Certificate or Assignment
Agreement.


 


13.09 Security
over Lenders’ Rights. In addition to the other rights provided to Lenders under this Section 13, each Lender may without
consulting with or obtaining consent from any Credit Party, at any time charge, assign or otherwise create a Lien (or any other
security interest) or declare a trust in or over (whether by way of collateral or otherwise) all or any of its rights under any
Credit Document to secure obligations of that Lender including, without limitation:


 


(i)       any charge, assignment or other Lien (or any other security interest) or trust to secure obligations to a federal reserve or central
bank or the CIRR Representative; and


 






    	 	-96-	 



     


    

 


(ii)      in the case of any Lender which is a fund, any charge, assignment or other Lien (or any other security interest) granted to any
holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those
obligations or securities,


 


except that no such charge, assignment
or Lien (or any other security interest) or trust shall:


 


(i) release
a Lender from any of its obligations under the Credit Documents or substitute the beneficiary of the relevant charge, assignment
or other Lien (or any other security interest) or trust for the Lender as a party to any of the Credit Documents; or


 


(ii) require
any payments to be made by a Credit Party or grant to any person any more extensive rights than those required to be made or granted
to the relevant Lender under the Credit Documents.


 


13.10 Assignment
by a Credit Party. No Credit Party may assign any of its rights or transfer by novation any of its rights, obligations or interest
hereunder or under any other Credit Document without the prior written consent of the Hermes Agent, the CIRR Representative, and
the Lenders.


 


13.11 Lender
Participations. (a) Although any Lender may grant participations in its rights hereunder, such Lender shall remain a “Lender”
for all purposes hereunder (and may not transfer by novation its rights and obligations or assign its rights under all or any portion
of its Commitments hereunder except as provided in Sections 2.12 and 13.01) and the participant shall not constitute a “Lender”
hereunder;


 


(b)       no
Lender shall grant any participation under which the participant shall have rights to approve any amendment to or waiver of this
Agreement or any other Credit Document except to the extent such amendment or waiver would (x) extend the final scheduled maturity
of any Loan in which such participant is participating, or reduce the rate or extend the time of payment of interest or Commitment
Commission thereon (except (m) in connection with a waiver of applicability of any post-default increase in interest rates and
(n) that any amendment or modification to the financial definitions in this Agreement shall not constitute a reduction in the rate
of interest for purposes of this clause (x)) or reduce the principal amount thereof, or increase the amount of the participant’s
participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default or of
a mandatory reduction in the Total Commitments shall not constitute a change in the terms of such participation, and that an increase
in any Commitment or Loan shall be permitted without the consent of any participant if the participant’s participation is
not increased as a result thereof), (y) consent to the assignment by the Borrower of any of its rights, or transfer by the Borrower
of any of its rights and obligations, under this Agreement or (z) release all or substantially all of the Collateral under all
of the Security Documents (except as expressly provided in the Credit Documents) securing the Loans hereunder in which such participant
is participating. In the case of any such participation, the participant shall not have any rights under this Agreement or any
of the other Credit Documents (the participant’s rights against such Lender in respect of such participation to be those
set forth in the agreement executed by such Lender in favor of the participant relating thereto) and all amounts payable by the
Borrower hereunder shall be determined as if such Lender had not sold such participation; and


 






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(c)       Where
the Borrower notifies the Lenders that a Participant Register is required by the Borrower, each Lender that sells a participation
shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address
of each Participant and the principal amounts (and stated interest) of each participant’s interest in the Loans or other
obligations under the Credit Documents (the “Participant Register”); provided that no Lender shall have any
obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information
relating to a participant's interest in any commitments, loans, letters of credit or its other obligations under any Credit Document)
to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit
or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the
Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded
in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to
the contrary. For the avoidance of doubt, the Facility Agent (in its capacity as Facility Agent) shall have no responsibility for
maintaining a Participant Register.


 


13.12 Increased
Costs. To the extent that a transfer of all or any portion of a Lender’s Commitments and related outstanding Credit Document
Obligations pursuant to Section 2.12 or Section 13.01 would, at the time of such assignment, result in increased costs under Section
2.09, 2.10 or 4.04 from those being charged by the respective assigning Lender prior to such assignment, then the Borrower shall
not be obligated to pay such increased costs (although the Borrower shall be obligated to pay any other increased costs of the
type described above resulting from changes after the date of the respective assignment).


 


SECTION
14. Miscellaneous.


 






    	 	-98-	 



     


    

 


14.01 Payment
of Expenses, etc. The Borrower agrees that it shall:  whether or not the transactions herein contemplated are consummated, (i)
pay all reasonable documented out-of-pocket costs and expenses of each of the Agents (including, without limitation, the reasonable
documented fees and disbursements of Norton Rose Fulbright LLP, Bahamian counsel, Bermuda counsel, other counsel to the Facility
Agent and the Lead Arrangers and local counsel) in connection with (a) the preparation, execution and delivery of this Agreement
and the other Credit Documents and the documents and instruments referred to herein and therein and any amendment, waiver or consent
relating hereto or thereto, and (b) any initial transfers by KfW IPEX-Bank GmbH as original Lender pursuant to Section 5.11 carried
out during the period falling 6 months after the Effective Date including, without limitation, all documents requested to be executed
in respect of such transfers, and all respective syndication efforts with respect to this Agreement; (ii) pay all documented out-of-pocket
costs and expenses of each of the Agents and each of the Lenders in connection with the enforcement of this Agreement and the other
Credit Documents and the documents and instruments referred to herein and therein (including, without limitation, the fees and
disbursements of counsel (excluding in-house counsel) for each of the Agents and for each of the Lenders); (iii) pay and hold the
Facility Agent and each of the Lenders harmless from and against any and all present and future stamp, documentary, transfer, sales
and use, value added, excise and other similar taxes with respect to the foregoing matters, the performance of any obligation under
this Agreement or any Credit Document or any payment thereunder, and save the Facility Agent and save each of the Lenders harmless
from and against any and all liabilities with respect to or resulting from any delay or omission (other than to the extent attributable
to the Facility Agent or such Lender) to pay such taxes; and (iv) other than in respect of a wrongful failure by any Lender to
fund its Commitments as required by this Agreement, indemnify the Agents and each Lender, and each of their respective officers,
directors, trustees, employees, representatives and agents from and hold each of them harmless against any and all liabilities,
obligations (including removal or remedial actions), losses, damages, penalties, claims, actions, judgments, suits, costs, expenses
and disbursements (including reasonable attorneys’ and consultants’ fees and disbursements) incurred by, imposed on
or assessed against any of them as a result of, or arising out of, or in any way related to, or by reason of, (a) any investigation,
litigation or other proceeding (whether or not any of the Agents or any Lender is a party thereto) related to the entering into
and/or performance of this Agreement or any other Credit Document or the proceeds of any Loans hereunder or the consummation of
any transactions contemplated herein, or in any other Credit Document or the exercise of any of their rights or remedies provided
herein or in the other Credit Documents, or (b) the actual or alleged presence of Hazardous Materials on the Vessel or in the air,
surface water or groundwater or on the surface or subsurface of any property at any time owned or operated by the Borrower, the
generation, storage, transportation, handling, disposal or Environmental Release of Hazardous Materials at any location, whether
or not owned or operated by the Borrower, the non-compliance of the Vessel or property with foreign, federal, state and local laws,
regulations, and ordinances (including applicable permits thereunder) applicable to the Vessel or property, or any Environmental
Claim asserted against the Borrower or the Vessel or property at any time owned or operated by the Borrower, including, without
limitation, the reasonable fees and disbursements of counsel and other consultants incurred in connection with any such investigation,
litigation or other proceeding (but excluding any losses, liabilities, claims, damages, penalties, actions, judgments, suits, costs,
disbursements or expenses to the extent incurred by reason of the gross negligence or willful misconduct of the Person to be indemnified
or by reason of a failure by the Person to be indemnified to fund its Commitments as required by this Agreement). To the extent
that the undertaking to indemnify, pay or hold harmless each of the Agents or any Lender set forth in the preceding sentence may
be unenforceable because it violates any law or public policy, the Borrower shall make the maximum contribution to the payment
and satisfaction of each of the indemnified liabilities which is permissible under applicable law.


 


Notwithstanding the above,
it is agreed that costs, fees, expenses and other compensation arising in respect of the initial syndication of the Loans of the
type referred to in Section 6.05 shall not include any such costs, fees and expenses and other compensation arising solely in respect
of legal advice to the Lenders to explain the technical and/or structural aspects of the Hermes and CIRR issues.


 






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14.02 Right of
Set-off. In addition to any rights now or hereafter granted under applicable law or otherwise, and not by way of limitation
of any such rights, upon the occurrence and during the continuance of an Event of Default, each Lender is hereby authorized at
any time or from time to time, without presentment, demand, protest or other notice of any kind to the Parent or any Subsidiary
of the Parent or to any other Person, any such notice being hereby expressly waived, to set off and to appropriate and apply any
and all deposits (general or special) and any other Indebtedness at any time held or owing by such Lender (including, without limitation,
by branches and agencies of such Lender wherever located) to or for the credit or the account of the Parent or any Subsidiary of
the Parent but in any event excluding assets held in trust for any such Person against and on account of the Credit Document Obligations
and liabilities of the Parent or such Subsidiary of the Parent, as applicable, to such Lender under this Agreement or under any
of the other Credit Documents, including, without limitation, all interests in Credit Document Obligations purchased by such Lender
pursuant to Section 14.05(b), and all other claims of any nature or description arising out of or connected with this Agreement
or any other Credit Document, irrespective of whether or not such Lender shall have made any demand hereunder and although said
Credit Document Obligations, liabilities or claims, or any of them, shall be contingent or unmatured. Each Lender upon the exercise
of its rights to set-off pursuant to this Section 14.02 shall give notice thereof to the Facility Agent.


 


14.03 Notices.
Except as otherwise expressly provided herein, all notices and other communications provided for hereunder shall be in writing
(including telexed, telegraphic, telecopier or electronic (unless and until notified to the contrary) communication) and mailed,
telexed, telecopied, delivered or electronic mailed: if to any Credit Party, at the address specified on Schedule 14.03A; if to
any Lender, at its address specified opposite its name on Schedule 14.03B; and if to the Facility Agent or the Hermes Agent, at
its Notice Office; or, as to any other Credit Party, at such other address as shall be designated by such party in a written notice
to the other parties hereto and, as to each Lender, at such other address as shall be designated by such Lender in a written notice
to the Parent, the Borrower and the Facility Agent; provided that, with respect to all notices and other communication made
by electronic mail or other electronic means, the Facility Agent, the Hermes Agent, the Lenders, the Parent, the Borrower and the
Pledgor agree that they (x) shall notify each other in writing of their electronic mail address and/or any other information
required to enable the sending and receipt of information by that means and (y) shall notify each other of any change to their
address or any other such information supplied by them. All such notices and communications shall, (i) when mailed, be effective
three Business Days after being deposited in the mails, prepaid and properly addressed for delivery, (ii) when sent by overnight
courier, be effective one Business Day after delivery to the overnight courier prepaid and properly addressed for delivery on such
next Business Day, (iii) when sent by telex or telecopier, be effective when sent by telex or telecopier, except that notices
and communications to the Facility Agent or the Hermes Agent shall not be effective until received by the Facility Agent or the
Hermes Agent (as the case may be), or (iv) when electronic mailed, be effective only when actually received in readable form and
in the case of any electronic communication made by a Lender, the Parent, the Borrower or the Pledgor to the Facility Agent or
the Hermes Agent, only if it is addressed in such a manner as the Facility Agent shall specify for this purpose. A copy of any
notice to the Facility Agent shall be delivered to the Hermes Agent at its Notice Office. If an Agent is an Impaired Agent the
parties to this Agreement may, instead of communicating with each other through such Agent, communicate with each other directly
and (while such Agent is an Impaired Agent) all the provisions of the Credit Documents which require communications to be
made or notices to be given to or by such Agent shall be varied so that communications may be made and notices given to or by the
relevant parties to this Agreement directly. This provision shall not operate after a replacement Agent has been appointed.


 






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14.04 No Waiver;
Remedies Cumulative. No failure or delay on the part of an Agent or any Lender in exercising any right, power or privilege
hereunder or under any other Credit Document and no course of dealing between the Borrower or any other Credit Party and an Agent
or any Lender shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder
or under any other Credit Document preclude any other or further exercise thereof or the exercise of any other right, power or
privilege hereunder or thereunder. The rights, powers and remedies herein or in any other Credit Document expressly provided are
cumulative and not exclusive of any rights, powers or remedies which an Agent or any Lender would otherwise have. No notice to
or demand on any Credit Party in any case shall entitle any Credit Party to any other or further notice or demand in similar or
other circumstances or constitute a waiver of the rights of an Agent or any Lender to any other or further action in any circumstances
without notice or demand.


 


14.05 Payments
Pro Rata. (a) Except as otherwise provided in this Agreement, the Facility Agent agrees that promptly after its receipt of
each payment from or on behalf of the Borrower in respect of any Credit Document Obligations hereunder, it shall distribute such
payment to the Lenders (other than any Lender that has consented in writing to waive its pro rata share of any such payment)
pro rata based upon their respective shares, if any, of the Credit Document Obligations with respect to which such payment
was received.


 


(b)       Other than in
connection with assignments and participations (which are governed by Section 13), each of the Lenders agrees that, if it should
receive any amount hereunder (whether by voluntary payment, by realization upon security, by the exercise of the right of setoff
or banker’s lien, by counterclaim or cross action, by the enforcement of any right under the Credit Documents, or otherwise),
which is applicable to the payment of the principal of, or interest on, the Loans, Commitment Commission, of a sum which with respect
to the related sum or sums received by other Lenders is in a greater proportion than the total of such Credit Document Obligation
then owed and due to such Lender bears to the total of such Credit Document Obligation then owed and due to all of the Lenders
immediately prior to such receipt, then such Lender receiving such excess payment shall purchase for cash without recourse or warranty
from the other Lenders an interest in the Credit Document Obligations of the respective Credit Party to such Lenders in such amount
as shall result in a proportional participation by all the Lenders in such amount; provided that if all or any portion of
such excess amount is thereafter recovered from such Lender, such purchase shall be rescinded and the purchase price restored to
the extent of such recovery, but without interest.


 


(c)       Notwithstanding
anything to the contrary contained herein, the provisions of the preceding Sections 14.05(a) and (b) shall be subject to the express
provisions of this Agreement which require, or permit, differing payments to be made to Non-Defaulting Lenders as opposed to Defaulting
Lenders.


 






    	 	-101-	 



     


    

 


14.06 Calculations;
Computations. (a) The financial statements to be furnished to the Lenders pursuant hereto shall be made and prepared in accordance
with generally accepted accounting principles in the United States consistently applied throughout the periods involved (except
as set forth in the notes thereto or as otherwise disclosed in writing by the Parent to the Lenders). In addition, all computations
determining compliance with the financial covenants set forth in Sections 10.06 through 10.09, inclusive, shall utilize accounting
principles and policies in conformity with those used to prepare the historical financial statements delivered to the Lenders for
the fiscal year of the Parent ended December 31, 2013 (with the foregoing generally accepted accounting principles, subject to
the preceding proviso, herein called “GAAP”). Unless otherwise noted, all references in this Agreement to “generally
accepted accounting principles” shall mean generally accepted accounting principles as in effect in the United States.


 


(b)       All computations
of interest and Commitment Commission hereunder shall be made on the basis of a year of 360 days for the actual number of days
(including the first day but excluding the last day) occurring in the period for which such interest or Commitment Commission are
payable.


 


14.07 Governing
Law; Exclusive Jurisdiction of English Courts; Service of Process. (a) This Agreement and any non-contractual obligations arising
out of or in connection with it are governed by English law.


 


(b)       The courts of
England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute
relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection
with this Agreement) (a “Dispute”). The parties hereto agree that the courts of England are the most appropriate
and convenient courts to settle disputes and accordingly no party hereto will argue to the contrary. This section 14.07 is for
the benefit of the Lenders, Agents and Secured Creditors. As a result, no such party shall be prevented from taking proceedings
relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Lenders, Agents and Secured Creditors
may take concurrent proceedings in any number of jurisdictions.


 


(c)       Without prejudice
to any other mode of service allowed under any relevant law, each Credit Party (other than a Credit Party incorporated in England
and Wales): (i)irrevocably appoints ec3 Services Limited, having its registered
office at The St Botolph Building, 138 Houndsditch, London, ec3A 7AR, as its agent
for service of process in relation to any proceedings before the English courts in connection with any credit document and (ii)
agrees that failure by an agent for service of process to notify the relevant Credit Party of the process will not invalidate the
proceedings concerned. If any person appointed as an agent for service of process is unable for any reason to act as agent for
service of process, the Parent (on behalf of all the Credit Parties) must immediately (and in any event within five days of such
event taking place) appoint another agent on terms acceptable to the facility agent. Failing this, the Facility Agent may appoint
another agent for this purpose.


 






    	 	-102-	 



     


    

 


Each party to this Agreement
expressly agrees and consents to the provisions of this Section 14.07.


 


14.08 Counterparts.
This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each
of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.
A set of counterparts executed by all the parties hereto shall be lodged with the Borrower and the Facility Agent.


 


14.09 Effectiveness.
This Agreement shall take effect as a deed on the date (the “Effective Date”) on which (i) the Borrower, the
Guarantor, the Agents and each of the Lenders who are initially parties hereto shall have signed a counterpart hereof (whether
the same or different counterparts) and shall have delivered the same to the Facility Agent or, in the case of the Lenders and
the other Agents, shall have given to the Facility Agent written or facsimile notice (actually received) at such office that the
same has been signed and mailed to it, (ii) the Borrower shall have paid to the Facility Agent for its own account and/or the account
of Lenders and/or Agents, as the case may be, the fees required to be paid pursuant to the heads of terms, dated June 11, 2014,
among the Parent and KfW IPEX-Bank GmbH (the “Heads of Terms”) and (iii) the Credit Parties shall have provided
(x) the “Know Your Customer” information required pursuant to the USA Patriot
Act (Title III of Pub.: 107-56 (signed into law October 26, 2001)) (the “Patriot
Act”) and (y) such other documentation and evidence necessary in order to carry out and be reasonably satisfied with
other similar checks under all applicable laws and regulations pursuant to the Transaction and the Hermes Cover, in each case as
requested by the Facility Agent, the Hermes Agent or any Lender in connection with each of the Facility Agent’s, the Hermes
Agent’s, Hermes’ and each Lender’s internal compliance regulations. The Facility Agent will give the Parent,
the Borrower and each Lender prompt written notice of the occurrence of the Effective Date.


 


14.10 Headings
Descriptive. The headings of the several sections and subsections of this Agreement are inserted for convenience only and shall
not in any way affect the meaning or construction of any provision of this Agreement.


 






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14.11 Amendment
or Waiver; etc. (a) Neither this Agreement nor any other Credit Document nor any terms hereof or thereof may be changed, waived,
discharged or terminated unless such change, waiver, discharge or termination is in writing signed by the respective Credit Parties
party thereto, the Hermes Agent and the Required Lenders, provided that no such change, waiver, discharge or termination
shall, without the consent of each Lender (other than a Defaulting Lender), (i) extend the final scheduled maturity of any Loan,
extend the timing for or reduce the principal amount of any Scheduled Repayment, increase or extend any Commitment (it being understood
that waivers or modifications of conditions precedent, covenants, Defaults or Events of Default or of a mandatory reduction in
the Commitments shall not constitute an increase of the Commitment of any Lender), or reduce the rate (including, without limitation,
the Floating Rate Margin and the Fixed Rate) or extend the time of payment of interest on any Loan or Commitment Commission or
fees (except (x) in connection with the waiver of applicability of any post-default increase in interest rates and (y) any amendment
or modification to the definitions used in the financial covenants set forth in Sections 10.06 through 10.09, inclusive, in
this Agreement shall not constitute a reduction in the rate of interest for purposes of this clause (i)), or reduce the principal
amount thereof (except to the extent repaid in cash), (ii) release any of the Collateral (except as expressly provided in the Credit
Documents) under any of the Security Documents, (iii) amend, modify or waive any provision of Section 13 or this Section 14.11,
(iv) change the definition of Required Lenders (it being understood that, with the consent of the Required Lenders, additional
extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders on substantially the
same basis as the extensions of Loans and Commitments are included on the Effective Date) or a provision which expressly requires
the consent of all the Lenders, (v) consent to the assignment and/or transfer by the Parent and/or Borrower of any of its
rights and obligations under this Agreement, or (vi) replace the Parent Guaranty or release the Parent Guaranty from the relevant
guarantee to which such Guarantor is a party (other than as provided in such guarantee); provided, further, that
no such change, waiver, discharge or termination shall (u) without the consent of Hermes, amend, modify or waive any provision
that relates to the rights or obligations of Hermes and (v) without the consent of each Agent, the CIRR Representative and/or each
Lead Arranger, as applicable, amend, modify or waive any provision relating to the rights or obligations of such Agent, the CIRR
Representative and/or such Lead Arranger, as applicable.


 


(b)       If, in connection
with any proposed change, waiver, discharge or termination to any of the provisions of this Agreement as contemplated by clauses
(i) through (vi), inclusive, of the first proviso to Section 14.11(a), the consent of the Required Lenders is obtained but the
consent of each Lender (other than any Defaulting Lender) is not obtained, then the Borrower shall have the right, so long as all
non-consenting Lenders are treated as described in either clauses (A) or (B) below, to either (A) replace each such non-consenting
Lender or Lenders with one or more Replacement Lenders pursuant to Section 2.12 so long as at the time of such replacement, each
such Replacement Lender consents to the proposed change, waiver, discharge or termination or (B) terminate such non-consenting
Lender’s Commitment (if such Lender’s consent is required as a result of its Commitment), and/or repay outstanding
Loans and terminate any outstanding Commitments of such Lender which gave rise to the need to obtain such Lender’s consent,
in accordance with Section 4.01(d), provided that, unless the Commitments are terminated, and Loans repaid, pursuant
to preceding clause (B) are immediately replaced in full at such time through the addition of new Lenders or the increase
of the Commitments and/or outstanding Loans of existing Lenders (who in each case must specifically consent thereto), then in the
case of any action pursuant to preceding clause (B) the Required Lenders (determined before giving effect to the proposed
action) and the Hermes Agent shall specifically consent thereto, provided, further, that in any event the Borrower
shall not have the right to replace a Lender, terminate its Commitment or repay its Loans solely as a result of the exercise of
such Lender’s rights (and the withholding of any required consent by such Lender) pursuant to the second proviso to Section 14.11(a).


 






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(c)       Subject
to the further proviso to Section 14.11(a), if a Screen Rate Replacement Event has occurred in relation to the Screen Rate, any
amendment or waiver that relates to (i) providing for the use of a Replacement Benchmark in relation to that currency in place
of that Screen Rate and (ii)(A) aligning any provision of any Credit Document to the use of that Replacement Benchmark, (B) enabling
that Replacement Benchmark to be used for the calculation of interest under this Agreement (including, without limitation, any
consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement), (C) implementing
market conventions applicable to that Replacement Benchmark, (D) providing for appropriate fallback (and market disruption) provisions
for that Replacement Benchmark, or (E) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any
transfer of economic value from one party to another as a result of the application of that Replacement Benchmark (and if any adjustment
or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body,
the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made, having regard
to the following paragraphs of this Section 14.11, with the consent of the Facility Agent (acting on the instructions of the Required
Lenders) and the Borrower.


 


(d)       At
least six months prior to the LIBOR Discontinuation Date (or, if the LIBOR Discontinuation Date is not known such that the date
six months prior to its occurrence cannot be determined, such shorter period as is appropriate in the circumstances), the Facility
Agent, the Lenders and the Borrower (or the Parent on the Borrower’s behalf) will enter into good faith negotiations with
a view to agreeing the Replacement Benchmark, the Consequential Technical Amendments as well as any other necessary adjustments
to the Credit Documents for the period following the LIBOR Discontinuation Date. The negotiations will take into account the then
current market standards and will be conducted with a view to ensuring that the interest yield under this Agreement is not impacted
and will also take into account any corresponding changes required in respect of the Refinancing Agreements.


 


(e)       Subject
to paragraph (d) above, for any Interest Period following the LIBOR Discontinuation Date, the Eurodollar Rate shall be replaced
by the weighted average of the rates notified to the Facility Agent by each Lender three Business Days prior to the first day of
that Interest Period, to be that which expresses as a percentage rate per annum the cost to the relevant Lender of funding or refinancing
an amount equal to the outstanding Loan during the relevant Interest Period from whatever source it may reasonably select (other
than from KfW).


 


(f)       Upon
the LIBOR Discontinuation Date, the Replacement Reference Rate or, as applicable, the reference rate determined pursuant to paragraph
(e) above shall also replace the Eurodollar Rate accordingly.


 


(g)       For
the purposes of this Section 14.11:


 


“Consequential Technical
Amendments” means any consequential amendment to this Agreement required or desirable to make the Replacement Reference
Rate effective.


 






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“LIBOR Discontinuation
Date” means the date on which the Screen Rate Replacement Event occurs.


 


“Relevant Nominating
Body” means any applicable central bank, regulator or other supervisory authority or a group of them, or any working
group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.


 


“Replacement Benchmark”
means a benchmark rate that is:


 


		(i)	formally designated, nominated or recommended as the replacement for a Screen Rate by (A) the administrator
of that Screen Rate (provided that the market or economic reality that such benchmark rate measures is the same as that measured
by that Screen Rate) or (B) any Relevant Nominating Body, and if replacements have, at the relevant time, been formally designated,
nominated or recommended under both paragraphs, the "Replacement Benchmark" will be the replacement under paragraph (B)
above;



 


		(ii)	in the opinion of the Required Lenders and the Borrower, generally accepted in the international
or any relevant domestic syndicated loan markets as the appropriate successor to a Screen Rate; or



 


		(iii)	in the opinion of the Required Lenders and the Borrower an appropriate successor to a Screen Rate.



 


“Replacement Reference
Rate” means the reference rate which it is agreed in accordance with the above provisions will replace the Screen Rate
for the purpose of this Agreement.


 


“Screen Rate Replacement
Event” means:


 


		(i)	the methodology, formula or other means of determining that Screen Rate has, in the opinion of
the Required Lenders and the Borrower materially changed;



 


		(ii)	(A)(1) the administrator of that Screen Rate or its supervisor publicly announces that such administrator
is insolvent or (2) information is published in any order, decree, notice, petition or filing, however described, of or filed with
a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms
that the administrator of that Screen Rate is insolvent, provided that, in each case, at that time, there is no successor
administrator to continue to provide that Screen Rate, (B) the administrator of that Screen Rate publicly announces that it has
ceased or will cease, to provide that Screen Rate permanently or indefinitely and, at that time, there is no successor administrator
to continue to provide that Screen Rate, (C) the supervisor of the administrator of that Screen Rate publicly announces that such
Screen Rate has been or will be permanently or indefinitely discontinued, or (D) the administrator of that Screen Rate or its supervisor
announces that that Screen Rate may no longer be used;



 






    	 	-106-	 



     


    

 


		(iii)	the administrator of that Screen Rate determines that that Screen Rate should be calculated in
accordance with its reduced submissions or other contingency or fallback policies or arrangements and either (A) the circumstance(s)
or event(s) leading to such determination are not (in the opinion of the Required Lenders and the Borrower) temporary or (B) that
Screen Rate is calculated in accordance with any such policy or arrangement for a period no less than five Business Days; or



 


		(iv)	in the opinion of the Required Lenders and the Borrower, that Screen Rate is otherwise no longer
appropriate for the purposes of calculating interest under this Agreement.



 


14.12 Survival.
All indemnities set forth herein including, without limitation, in Sections 2.09, 2.10, 2.11, 4.04, 14.01 and 14.05 shall, subject
to Section 14.13 (to the extent applicable), survive the execution, delivery and termination of this Agreement and the making and
repayment of the Loans.


 


14.13 Domicile
of Loans. Each Lender may transfer and carry its Loans at, to or for the account of any office, Subsidiary or Affiliate of
such Lender. Notwithstanding anything to the contrary contained herein, to the extent that a transfer of Loans pursuant to this
Section 14.13 would, at the time of such transfer, result in increased costs under Section 2.09, 2.10, or 4.04 from those
being charged by the respective Lender prior to such transfer, then the Borrower shall not be obligated to pay such increased costs
(although the Borrower shall be obligated to pay any other increased costs of the type described above resulting from changes after
the date of the respective transfer).


 


14.14 Confidentiality.
Each Lender agrees that it will use its best efforts not to disclose without the prior consent of the Parent or the Borrower (other
than to their respective Affiliates or their respective Affiliates’ employees, auditors, advisors or counsel or to another
Lender if the Lender or such Lender’s holding or parent company, Affiliates or board of trustees in its sole discretion determines
that any such party should have access to such information, provided such Persons shall be subject to the provisions of this Section
14.14 to the same extent as such Lender) any information with respect to the Parent or any of its Subsidiaries which is now or
in the future furnished pursuant to this Agreement or any other Credit Document, provided that the Hermes Agent and the
CIRR Agent may disclose any information to Hermes or the CIRR Representative, provided, further, that any Lender
may disclose any such information (a) as has become generally available to the public other than by virtue of a breach of this
Section 14.14 by the respective Lender, (b) as may be required in any report, statement or testimony submitted to any municipal,
state or Federal regulatory body having or claiming to have jurisdiction over such Lender or similar organizations (whether in
the United States, the United Kingdom or elsewhere) or their successors, (c) as may be required in respect to any summons or subpoena
or in connection with any litigation, (d) in order to comply with any law, order, regulation or ruling applicable to such Lender,
(e) to an Agent, (f) to any prospective or actual transferee or participant in connection with any contemplated transfer or participation
of any of the Commitments or any interest therein by such Lender, provided that such prospective transferee expressly agrees
to be bound by the confidentiality provisions contained in this Section 14.14 and (g) to Hermes and/or the Federal Republic of
Germany and/or the European Union and/or any agency thereof or any person acting or purporting to act on any of their behalves.
In the case of Section 14.14(g), each of the Parent and the Borrower acknowledges and agrees that any such information may be used
by Hermes and/or the Federal Republic of Germany and/or the European Union and/or any agency thereof or any person acting or purporting
to act on any of their behalves for statistical purposes and/or for reports of a general nature.


 






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14.15 Register.
The Facility Agent shall maintain a register (the “Register”) on which it will record the Commitments from time
to time of each of the Lenders, the Loans made by each of the Lenders and each repayment and prepayment in respect of the principal
amount of the Loans of each Lender. Failure to make any such recordation, or any error in such recordation shall not affect the
Borrower’s obligations in respect of such Loans. With respect to any Lender, the assignment or transfer of the Commitments
of such Lender and the rights to the principal of, and interest on, any Loan made pursuant to such Commitments shall not be effective
until such assignment or transfer is recorded on the Register maintained by the Facility Agent with respect to ownership of such
Commitments and Loans. Prior to such recordation all amounts owing to the transferor with respect to such Commitments and Loans
shall remain owing to the transferor. The registration of an assignment or transfer of all or part of any Commitments and Loans
(as the case may be) shall be recorded by the Facility Agent on the Register only upon the acceptance by the Facility Agent of
a properly executed and delivered Transfer Certificate or Assignment Agreement pursuant to Section 13.06(a) or 13.07(a), respectively.


 


14.16 Third Party
Rights. Other than the Other Creditors with respect to Section 4.05 and Hermes with respect to Sections 5.15 and 9.06, a person
who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the
benefit of any term of this Agreement unless expressly provided to the contrary in a Credit Document. Notwithstanding any term
of any Credit Document, the consent of any person who is not a party to this Agreement is not required to rescind or vary this
Agreement at any time.


 


14.17 Judgment
Currency. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from the Borrower hereunder
in the currency expressed to be payable herein (the “specified currency”) into another currency, the parties
hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance
with normal banking procedures the Facility Agent could purchase the specified currency with such other currency at the Facility
Agent’s Frankfurt office on the Business Day preceding that on which final judgment is given. The obligations of the Borrower
in respect of any sum due to any Lender or an Agent hereunder shall, notwithstanding any judgment in a currency other than the
specified currency, be discharged only to the extent that on the Business Day following receipt by such Lender or an Agent (as
the case may be) of any sum adjudged to be so due in such other currency such Lender or an Agent (as the case may be) may in accordance
with normal banking procedures purchase the specified currency with such other currency; if the amount of the specified currency
so purchased is less than the sum originally due to such Lender or an Agent, as the case may be, in the specified currency, the
Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment,
to indemnify such Lender or an Agent, as the case may be, against such loss, and if the amount of the specified currency so purchased
exceeds the sum originally due to any Lender or an Agent, as the case may be, in the specified currency, such Lender or an Agent,
as the case may be, agrees to remit such excess to the Borrower.


 






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14.18 Language.
All correspondence, including, without limitation, all notices, reports and/or certificates, delivered by any Credit Party to an
Agent or any Lender shall, unless otherwise agreed by the respective recipients thereof, be submitted in the English language or,
to the extent the original of such document is not in the English language, such document shall be delivered with a certified English
translation thereof. In the event of any conflict between the English translation and the original text of any document, the English
translation shall prevail unless the original text is a statutory instrument, legal process or any other document of a similar
type or a notice, demand or other communication from Hermes or in relation to the Hermes Cover.


 


14.19 Waiver
of Immunity. The Borrower, in respect of itself, each other Credit Party, its and their process agents, and its and their properties
and revenues, hereby irrevocably agrees that, to the extent that the Borrower, any other Credit Party or any of its or their properties
has or may hereafter acquire any right of immunity from any legal proceedings, whether in the United Kingdom, the United States,
Bermuda, the Bahamas, Germany or elsewhere, to enforce or collect upon the Credit Document Obligations of the Borrower or any other
Credit Party related to or arising from the transactions contemplated by any of the Credit Documents, including, without limitation,
immunity from service of process, immunity from jurisdiction or judgment of any court or tribunal, immunity from execution of a
judgment, and immunity of any of its property from attachment prior to any entry of judgment, or from attachment in aid of execution
upon a judgment, the Borrower, for itself and on behalf of the other Credit Parties, hereby expressly waives, to the fullest extent
permissible under applicable law, any such immunity, and agrees not to assert any such right or claim in any such proceeding, whether
in the United Kingdom, the United States, Bermuda, the Bahamas, Germany or elsewhere.


 


14.20 “Know
Your Customer” Notice. Each Lender hereby notifies each Credit Party that pursuant to the requirements of the Patriot
Act and/or other applicable laws and regulations, it is required to obtain, verify, and record information that identifies each
Credit Party, which information includes the name of each Credit Party and other information that will allow such Lender to identify
each Credit Party in accordance with the Patriot Act and/or such other applicable
laws and regulations, and each Credit Party agrees to provide such information from time to time to any Lender.


 






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14.21 Release
of Liens and the Parent Guaranty; Flag Jurisdiction Transfer. (a)In the event that any Person conveys, sells, leases, assigns,
transfers or otherwise disposes of all or any portion of the Collateral to a Person that is not (and is not required to become)
a Credit Party in a transaction permitted by this Agreement or the Credit Documents (including pursuant to a valid waiver or consent),
each Lender hereby consents to the release and hereby directs the Collateral Agent to release any Liens created by any Credit Document
in respect of such Collateral, and, in the case of a disposition of all of the Equity Interests of any Credit Party (other than
the Borrower) in a transaction permitted by this Agreement and as a result of which such Credit Party would not be required to
guaranty the Credit Document Obligations pursuant to Sections 9.10(c) and 15, each Lender hereby consents to the release of such
Credit Party’s obligations under the relevant guarantee to which it is a party. Each Lender hereby directs the Collateral
Agent, and the Collateral Agent agrees, upon receipt of reasonable advance notice from the Borrower, to execute and deliver or,
at the Borrower’s expense, file such documents and perform other actions reasonably necessary to release the relevant guarantee,
as applicable, and the Liens when and as directed pursuant to this Section 14.21. In addition, the Collateral Agent agrees to take
such actions as are reasonably requested by the Borrower and at the Borrower’s expense to terminate the Liens and security
interests created by the Credit Documents when all the Credit Document Obligations (other than contingent indemnification Credit
Document Obligations and expense reimbursement claims to the extent no claim therefore has been made) are paid in full and Commitments
are terminated. Any representation, warranty or covenant contained in any Credit Document relating to any such Equity Interests
or asset of the Borrower shall no longer be deemed to be made once such Equity Interests or asset is so conveyed, sold, leased,
assigned, transferred or disposed of.


 


(b)       In
the event that the Borrower desires to implement a Flag Jurisdiction Transfer with respect to the Vessel, upon receipt of reasonable
advance notice thereof from the Borrower, the Collateral Agent shall use commercially reasonably efforts to provide, or (as necessary)
procure the provision of, all such reasonable assistance as any Credit Party may request from time to time in relation to (i) the
Flag Jurisdiction Transfer, (ii) the related deregistration of the Vessel from its previous flag jurisdiction, and (iii) the release
and discharge of the related Security Documents provided that the relevant Credit Party shall pay all documented out of pocket
costs and expenses reasonably incurred by the Collateral Agent or a Secured Creditor in connection with provision of such assistance.
Each Lender hereby consents, in connection with any Flag Jurisdiction Transfer and subject to the satisfaction of the requirements
thereof to be satisfied by the relevant Credit Party, to (i) deregister the Vessel from its previous flag jurisdiction
and (ii) release and hereby direct the Collateral Agent to release the Vessel Mortgage. Each Lender hereby directs the Collateral
Agent, and the Collateral Agent agrees to execute and deliver or, at the Borrower’s expense, file such documents and perform
other actions reasonably necessary to release the Vessel Mortgage when and as directed pursuant to this Section 14.21(b).


 






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14.22 Partial
Invalidity. If, at any time, any provision of the Credit Documents is or becomes illegal, invalid or unenforceable in any respect
under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality,
validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. Any
such illegal, invalid or unenforceable provision shall to the extent possible be substituted by a legal, valid and enforceable
provision which reflects the intention of the parties to this Agreement.


 


SECTION 15. Parent
Guaranty.


 


15.01
Parent Guaranty and Indemnity.


 







The Parent irrevocably and
unconditionally:  


 


(i)       guarantees
to each Lender Creditor punctual performance by each other Credit Party of all that Credit Party’s Credit Document Obligations
under the Credit Documents; or


 


(ii)      undertakes
with each Lender Creditor that whenever another Credit Party does not pay any amount when due under or in connection with any Credit
Document, the Guarantor shall immediately on demand pay that amount as if it was the principal obligor; and


 


(iii)     agrees
with each Lender Creditor that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as
an independent and primary obligation, indemnify that Lender Creditor immediately on demand against any cost, loss or liability
it incurs as a result of a Credit Party not paying any amount which would, but for such unenforceability, invalidity or illegality,
have been payable by it under any Credit Document on the date when it would have been due. The amount payable by the Guarantor
under this indemnity will not exceed the amount it would have had to pay under this Section 15 if the amount claimed had been recoverable
on the basis of a guarantee.


 


15.02 Continuing
Guaranty. This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Credit Party
under the Credit Documents, regardless of any intermediate payment or discharge in whole or in part.


 


15.03 Reinstatement.
If any discharge, release or arrangement (whether in respect of the obligations of any Credit Party or any security for those obligations
or otherwise) is made by a Lender Creditor in whole or in part on the basis of any payment, security or other disposition which
is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability
of the Guarantor under this Section 15 will continue or be reinstated as if the discharge, release or arrangement had not occurred.


 


15.04 Waiver
of Defenses. The obligations of the Guarantor under this Section 15 will not be affected by an act, omission, matter or thing
which, but for this Section 15, would reduce, release or prejudice any of its obligations under this Section 15 (without limitation
and whether or not known to it or any Lender Creditor) including:


 






    	 	-111-	 



     


    

 


(i)       any time, waiver or consent granted to, or composition with, any Credit Party or other person;


 


(ii)      the release of any other Credit Party or any other person under the terms of any composition or arrangement with any creditor of
any member of the NCLC Group;


 


(iii)     the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights
against, or security over assets of, any Credit Party or other person or any non-presentation or non-observance of any formality
or other requirement in respect of any instrument or any failure to realize the full value of any security;


 


(iv)     any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Credit
Party or any other person;


 


(v)       any amendment, novation, supplement, extension restatement (however fundamental and whether or not more onerous) or replacement
of a Credit Document or any other document or security including, without limitation, any change in the purpose of, any extension
of or increase in any facility or the addition of any new facility under any Credit Document or other document or security;


 


(vi)      any unenforceability, illegality or invalidity of any obligation of any person under any Credit Document or any other document
or security; or


 


(vii)     any insolvency or similar proceedings.


 


15.05 Guarantor
Intent. Without prejudice to the generality of Section 15.04, the Guarantor expressly confirms that it intends that this guarantee
shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Credit
Documents and/or any facility or amount made available under any of the Credit Documents for the purposes of or in connection with
any of the following: business acquisitions of any nature; increasing working capital; enabling investor distributions to be made;
carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to
new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available from
time to time; and any fees, costs and/or expenses associated with any of the foregoing.


 


15.06 Immediate
Recourse. The Guarantor waives any right it may have of first requiring any Credit Party (or any trustee or agent on its behalf)
to proceed against or enforce any other rights or security or claim payment from any person before claiming from the Guarantor
under this Section 15. This waiver applies irrespective of any law or any provision of a Credit Document to the contrary.


 


15.07 Appropriations.
Until all amounts which may be or become payable by the Credit Parties under or in connection with the Credit Documents have been
irrevocably paid in full, each Lender Creditor (or any trustee or agent on its behalf) may:


 






    	 	-112-	 



     


    

 


(i)       refrain
from applying or enforcing any other moneys, security or rights held or received by that Lender Creditor (or any trustee or agent
on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against
those amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same; and


 


(ii)      hold
in an interest-bearing suspense account any moneys received from the Guarantor or on account of the Guarantor’s liability
under this Section 15.


 


15.08 Deferral
of Guarantor’s Rights. Until all amounts which may be or become payable by the Credit Parties under or in connection
with the Credit Documents have been irrevocably paid in full and unless the Facility Agent otherwise directs, the Guarantor will
not exercise any rights which it may have by reason of performance by it of its obligations under the Credit Documents or by reason
of any amount being payable, or liability arising, under this Section 15:


 


(i)       to be indemnified by a Credit Party;


 


(ii)      to claim any contribution from any other guarantor of any Credit Party’s obligations under the Credit Documents;


 


(iii)     to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Lender Creditors
under the Credit Documents or of any other guarantee or security taken pursuant to, or in connection with, the Credit Documents
by any Lender Creditor;


 


(iv)     to bring legal or other proceedings for an order requiring any Credit Party to make any payment, or perform any obligation, in
respect of which the Guarantor has given a guarantee, undertaking or indemnity under Section 15.01;


 


(v)       to
exercise any right of set-off against any Credit Party; and/or


 


(vi)      to
claim or prove as a creditor of any Credit Party in competition with any Lender Creditor.


 


If the Guarantor
receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to
the extent necessary to enable all amounts which may be or become payable to the Lender Creditors by the Credit Parties under or
in connection with the Credit Documents to be repaid in full on trust for the Lender Creditors and shall promptly pay or transfer
the same to the Facility Agent or as the Facility Agent may direct for application in accordance with Section 4.


 


15.09 Additional
Security. This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently
held by any Credit Party.


 


*     *     *


 






    	 	-113-	 



     


    

 


IN WITNESS WHEREOF, the
parties hereto have caused their duly authorized officers to execute and deliver this Agreement as a deed on the date first above
written.


 


Signed as a deed for and on behalf of NCL
CORPORATION LTD., a Bermuda company, as Parent and Guarantor, by, being a person who, in accordance with the laws of that territory,
is acting under the authority of the company under a power of attorney dated July 2014.


 


 


By:_____________________


 


Attorney-in-Fact


 


In the presence
of:


 


 


		Name:	



 


		Title:	



 


		Address:	



 






    	 	-114-	 



     


    

 


Signed as a deed and delivered on
behalf of SEAHAWK TWO, LTD., a Bermuda company, as Borrower, by
                , being a person who, in accordance
with the laws of that territory, is acting under the authority of the company under a power of attorney
dated       July 2014.


 


 


By:_____________________


 


Attorney-in-Fact


 


In the presence
of:


 


 


		Name:	



 


		Title:	



 


		Address:	






 






    	 	-115-	 



     


    

 


Signed as a deed and delivered on behalf
of KFW IPEX-BANK GMBH, a bank organized under the laws of Germany, Individually and as Facility Agent, Collateral Agent, Initial
Mandated Lead Arranger, Hermes Agent and CIRR Agent, by persons who, in accordance with the laws of that territory, are acting
under the authority of the bank.


 


 


 


By:_____________________

Title:


 


By:_____________________

Title:


 


Authorized signatories


 


 


 


In the presence of:


 


 


 


		Name:	



 


		Title:	



 


		Address:	



 






    	 	-116-	 



     


    







  


EXECUTION
PAGES –

THIRD SUPPLEMENTAL AGREEMENT

(HULL NO. [*] (NORWEGIAN ENCORE))


 


 


	The
    Borrower	 	 
	 	 	 
	SIGNED
    by	)	 
	for
    and on behalf of	)	/s/ Daniel S. Farkas
	SEAHAWK
    TWO, LTD.	)	Authorised Signatory
	 	 	
	 	 	 
	 	 	 
	The
    Parent	 	 
	 	 	 
	SIGNED
    by	)	 
	for
    and on behalf of	)	/s/ Daniel S. Farkas
	NCL
    CORPORATION LTD.	)	Authorised Signatory
	 	 	
	 	 	 
	 	 	 
	 	 	 
	The
    Shareholder	 	 
	 	 	 
	SIGNED
    by	)	 
	for
    and on behalf of	)	/s/ Daniel S. Farkas
	NCL
    INTERNATIONAL, LTD.	)	Authorised Signatory
	 	 	




 






     

     


    







 


EXECUTION
PAGES –

THIRD SUPPLEMENTAL AGREEMENT

(HULL NO. [*] (NORWEGIAN ENCORE))


 


	The
    Facility Agent	 	 
	 	 	 
	SIGNED
    by	)	 
	for
    and on behalf of	)	/s/ Oliver Webber Attorney-in-Fact
	KFW
    IPEX-BANK GMBH	)	Authorised Signatory
	 	 	
	 	 	 
	 	 	 
	The
    Hermes Agent	 	 
	 	 	 
	SIGNED
    by	)	 
	for
    and on behalf of	)	/s/ Oliver Webber Attorney-in-Fact
	KFW
    IPEX-BANK GMBH	)	Authorised Signatory
	 	 	
	 	 	 
	 	 	 
	The
    Collateral Agent	 	 
	 	 	 
	SIGNED
    by	)	 
	for
    and on behalf of	)	/s/ Oliver Webber Attorney-in-Fact
	KFW
    IPEX-BANK GMBH	)	Authorised Signatory
	 	 	
	 	 	 
	 	 	 
	The
    CIRR Agent	 	 
	 	 	 
	SIGNED
    by	)	 
	for
    and on behalf of	)	/s/ Oliver Webber Attorney-in-Fact
	KFW
    IPEX-BANK GMBH	)	Authorised Signatory
	 	 	
	 	 	 
	 	 	 
	The Bookrunner	 	 
	 	 	 
	SIGNED
    by	)	 
	for
    and on behalf of	)	/s/ Oliver Webber Attorney-in-Fact
	KFW
    IPEX-BANK GMBH	)	Authorised Signatory
	 	 	
	 	 	 
	 	 	 
	 	 	 
	The Initial Mandated
    Lead Arranger	 	 
	 	 	 
	SIGNED
    by	)	 
	for
    and on behalf of	)	/s/ Oliver Webber Attorney-in-Fact
	KFW
    IPEX-BANK GMBH	)	Authorised Signatory
	 	 	




 






     

     


    







 


EXECUTION
PAGES –

THIRD SUPPLEMENTAL AGREEMENT

(HULL NO. [*] (NORWEGIAN ENCORE))


 


	The
    Lenders	 	 
	 	 	/s/ Thi Karen CHU VAN
	SIGNED
    by	)	Authorised Signatory
	for
    and on behalf of	)	 
	BNP
    PARIBAS FORTIS SA/NV	)	/s/ Veronique DE SCHEPPER
	 	 	Authorised Signatory
	 	 	 
	 	 	
	 	 	
	 	 	 
	SIGNED
    by	)	/s/ Jerome Leblond
	for
    and on behalf of	)	Authorised Signatory
	CRÉDIT
    AGRICOLE CORPORATE AND	)	 
	INVESTMENT
    BANK	)	/s/Anne-Laure Orange
	 	 	Authorised Signatory
	 	 	 
	 	 	
	 	 	
	 	 	/s/ Lars Kalbakken
	SIGNED
    by	)	Authorised Signatory  
	for
    and on behalf of	)	
	DNB
    BANK ASA	)	/s/ Maria Ruud Dingstad
	 	 	Authorised Signatory
	 	 	 
	 	 	 
	 	 	
	 	 	/s/ Guy Woelfel
	SIGNED
    by	)	Authorised Signatory
	for
    and on behalf of	)	
	HSBC
    FRANCE	)	/s/ Julie Bellais
		 	Authorised Signatory
	 	 	
	 	 	 
	 	 	 
	SIGNED
    by	)	 
	for
    and on behalf of	)	/s/ Oliver Webber Attorney-in-Fact
	KFW
    IPEX-BANK GMBH	)	Authorised Signatory
	 	 	
	 	 	 
	 	 	 
	SIGNED
    by	)	 
	for
    and on behalf of	)	/s/ Oliver Webber Attorney-in-Fact
	SKANDINAVISKA
    ENSKILDA BANKEN AB (PUBL)	)	Authorised Signatory
		 	 
	 	 	 
	 	 	 
	SIGNED
    by	)	 
	for
    and on behalf of	)	/s/ Agnes Deschenes Voirin
	SOCIÉTÉ
    GÉNÉRALE	)	Authorised Signatory