Document:

Exhibit 10.1

 

Execution
Version

  

 

 

INVESTMENT AGREEMENT

 

by and among

 

Norwegian
Cruise Line Holdings Ltd.,

 

NCL
Corporation Ltd.,

 

and

 

LC9
Skipper, L.P.

 

Dated as of May 5, 2020

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

	ARTICLE I 

Definitions
	SECTION 1.01. Definitions	1
	 
	ARTICLE II 

Purchase and Sale
	 
	SECTION 2.01. Purchase and Sale	8
	SECTION 2.02. Closing	8
	 
	ARTICLE III 

Representations and Warranties of the Company and the Notes Issuer
	 
	SECTION 3.01. Organization; Standing	8
	SECTION 3.02. Capitalization of the Company	9
	SECTION 3.03. Authority; Non-contravention	11
	SECTION 3.04. Governmental Approvals	12
	SECTION 3.05. Company SEC Documents; Undisclosed Liabilities	12
	SECTION 3.06. No Broker	14
	SECTION 3.07. Listing and Maintenance Requirements	14
	SECTION 3.08. No Rights Agreement	14
	SECTION 3.09. Compliance with Laws	15
	SECTION 3.10. General Solicitation; No Integration	16
	SECTION 3.11. Investment Company Act	16
	SECTION 3.12. Taxes and Tax Returns	16
	SECTION 3.13. Litigation	16
	SECTION 3.14. Use of Proceeds	17
	SECTION 3.15. No Other Representations or Warranties	17
	 
	ARTICLE IV 

Representations and Warranties of the Purchaser
	 
	SECTION 4.01. Organization and Authority	17
	SECTION 4.02. Authority	17
	SECTION 4.03. Non-contravention	18
	SECTION 4.04. Government Filings	18
	SECTION 4.05. Purchase for Investment	18
	SECTION 4.06. No Other Representations or Warranties of the Company or the Notes Issuer; Non-Reliance	19

 

     

     

    

 

	SECTION 4.07. Arm’s Length Transaction	19
	SECTION 4.08. Private Placement Consideration	20
	SECTION 4.09. No Broker	20
	SECTION 4.10. Financial Capability	20
	SECTION 4.11. Ownership of Shares	20
	SECTION 4.12. No Other Purchaser Representations or Warranties	21
	 
	ARTICLE V 

Additional Agreements
	SECTION 5.01. Public Announcements	21
	SECTION 5.02. Reasonable Best Efforts	21
	SECTION 5.03. Corporate Action	23
	SECTION 5.04. NYSE Listing of Shares	23
	SECTION 5.05. Expenses	24
	SECTION 5.06. Indenture	24
	SECTION 5.07. Investor Rights Agreement	24
	SECTION 5.08. Notification of Certain Matters	24
	SECTION 5.09. Certain Tax Matters	24
	SECTION 5.10. Reporting by the Notes Issuer	25
	SECTION 5.11. Equity Commitment Letter	25
	SECTION 5.12. Charter Acknowledgement	25
	SECTION 5.13. No Similar Securities	25
	 
	ARTICLE VI 

Conditions to Closing
	 
	SECTION 6.01. Conditions to the Obligations of the Company, the Notes Issuer and the Purchaser	25
	SECTION 6.02. Conditions to the Obligations of the Company and the Notes Issuer	26
	SECTION 6.03. Conditions to the Obligations of the Purchaser	26
	SECTION 6.04. Frustration of Closing Conditions	28
	 
	ARTICLE VII 

Termination; Survival
	 
	SECTION 7.01. Termination	28
	SECTION 7.02. Effects of Termination	29
	SECTION 7.03. Survival	29
	SECTION 7.04. Limitation on Damages	29
	SECTION 7.05. Non-Recourse	30

 

     

     

    

 

	ARTICLE VIII

 

Miscellaneous
	 
	SECTION 8.01. Notices	30
	SECTION 8.02. Amendments, Waivers, etc.	31
	SECTION 8.03. Counterparts	31
	SECTION 8.04. Further Assurances	31
	SECTION 8.05. Governing Law; Arbitration; Specific Enforcement	32
	SECTION 8.06. Interpretation	33
	SECTION 8.07. Severability	33
	SECTION 8.08. No Third-Party Beneficiaries	33
	SECTION 8.09. Successors and Assigns	34
	SECTION 8.10. Acknowledgment of Securities Laws	34
	SECTION 8.11. Disclosure Schedule References	34
	SECTION 8.12. Entire Agreement	34

 

Schedules

 

	Purchase Price Calculation	Schedule I

 

Exhibits

 

	Description of Notes	Exhibit A
	Form of Investor Rights Agreement	Exhibit B
	Form of Ownership Limit Exemption Letter	Exhibit C

 

     

     

    

 

INVESTMENT AGREEMENT

 

This INVESTMENT AGREEMENT,
dated as of May 5, 2020 (this “Agreement”), by and among Norwegian Cruise Line Holdings Ltd., an exempted company
limited by shares incorporated under the laws of Bermuda (the “Company”), NCL Corporation Ltd., an exempted
company limited by shares incorporated under the laws of Bermuda (the “Notes Issuer”), and LC9 Skipper, L.P.,
a Cayman limited partnership (the “Purchaser”).

 

WHEREAS, the Notes Issuer
desires to issue, sell and deliver to the Purchaser, and the Purchaser desires to purchase and acquire from the Notes Issuer, up
to $400,000,000 in aggregate principal amount of the Notes Issuer’s Exchangeable Senior Notes due 2026 (referred to herein
as the “Note” or the “Notes”), guaranteed by the Company (the “Guarantee”),
to be issued in accordance with the terms and conditions of the Indenture (as defined below) and this Agreement;

 

WHEREAS, in connection
with the transactions contemplated hereby, at the Closing, the Company, the Notes Issuer and the Purchaser desire to enter into
that certain Investor Rights Agreement in the form attached hereto as Exhibit B (the “Investor Rights Agreement”),
which provides for certain rights and obligations of the Company, the Notes Issuer and the Purchaser following the Closing; and

 

WHEREAS, concurrently
with the execution and delivery of this Agreement, and as a condition and material inducement to the Company’s willingness
to enter into this Agreement, the Purchaser has delivered a commitment letter, dated as of the date of this Agreement (the “Equity
Commitment Letter”), among Purchaser and L Catterton IX, L.P. and L Catterton IX Offshore, L.P. (the “Equity
Investors”) pursuant to which the Equity Investors have committed, subject to the terms and conditions thereof, to invest
in the Purchaser, directly or indirectly, the cash amounts set forth therein for the purpose of funding the Purchase Price (the
 “Equity Financing”).

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged,
the parties to this Agreement hereby agree as follows:

 

ARTICLE I

Definitions

 

SECTION 1.01. Definitions.
As used in this Agreement (including the recitals hereto), the following terms shall have the following meanings:

 

“Action”
means any action, hearing, claim, demand, suit, arbitration, litigation, subpoena or investigation or proceeding of any nature,
whether civil, criminal or regulatory, in law or in equity, or otherwise, by or before any Governmental Entity.

 

“Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common
control with such Person. For purposes of this definition, the term “control” (including, with correlative meanings,
the terms “controlling,” “controlled by” and “under common control with”), as used with respect
to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of that Person, whether through the ownership of voting securities or partnership or other ownership interests, by contract
or otherwise.

 

     

     

    

 

“Antitrust Law”
means the HSR Act and all other Laws that are designed or intended to prohibit, restrict or regulate actions, including transactions,
acquisitions and mergers, having the purpose or effect of creating or strengthening a dominant position, monopolization, lessening
of competition or restraint of trade.

 

“Beneficially
Own”, “Beneficially Owned” or “Beneficial Ownership” shall have the meaning set
forth in Rule 13d-3 of the rules and regulations promulgated under the Exchange Act, except that for purposes of this Agreement
the words “within sixty days” in Rule 13d-3(d)(1)(i) shall not apply, such that a Person shall be deemed to be the
Beneficial Owner of a security if that Person has the right to acquire beneficial ownership of such security at any time. Solely
for purposes of determining the number of Conversion Shares issuable upon conversion of the Notes Beneficially Owned by the Purchaser
and its Affiliates, the Notes shall be treated as if upon conversion the only settlement option under the Notes and Indenture were
Conversion Shares. For the avoidance of doubt, for purposes of this Agreement, the Purchaser (or any other Person) shall at all
times be deemed to have Beneficial Ownership of the Conversion Shares issuable upon conversion of the Notes directly or indirectly
held by them and their Affiliates, irrespective of any non-conversion period specified in the Notes or this Agreement or any restrictions
on transfer or voting contained in this Agreement.

 

“Board”
means the board of directors of the Company.

 

“Business Day”
means any day except a Saturday, a Sunday or other day on which the SEC or banking institutions in New York, New York are authorized
or required by Law, regulation or executive order to be closed.

 

“Bye-laws”
means the Amended and Restated Bye-laws of the Company adopted on June 13, 2019, as may be amended from time to time.

 

“Company Option”
means an unexercised option to purchase Ordinary Shares granted under a Company Share Plan or otherwise.

 

“Company Plan”
means each “employee benefit plan” (as defined in Section 3(3) of ERISA) and each employee benefit or compensation
plan, program, practice, agreement or arrangement, including any bonus, stock option, stock ownership, stock appreciation rights,
stock purchase, restricted equity, phantom equity or other equity or equity based compensation (including the Company Share Plans),
incentive compensation, profit sharing, savings, retirement, pension, medical, disability, sick leave, life or other insurance,
death, fringe, vacation or paid-time off, deferred compensation, severance, retention, change of control, transaction termination
pay or other similar plan, program, practice, agreement or arrangement, in any case, (i) that is maintained or contributed to or
required to be contributed to by the Company or any of its Subsidiaries or for the benefit of any current or former employee, director,
officer or other natural person service provider of the Company or any of its Subsidiaries, or (ii) with respect to which the Company
or any of its Subsidiaries is a party or has, or would reasonably be expected to have, any liability (contingent or otherwise).

 

    	 	2	 

     

    

 

“Company PSUs”
means performance-vested restricted share units of the Company, whether granted pursuant to a Company Share Plan or otherwise.

 

“Company RSUs”
means time-vested restricted share units of the Company, whether granted pursuant to a Company Share Plan or otherwise.

 

“Company Share
Plan” means the Company’s Amended and Restated 2013 Performance Incentive Plan, the Company’s Employee Stock
Purchase Plan and each other Company Plan that provides for the award of rights of any kind to receive Ordinary Shares or benefits
measured in whole or in part by reference to Ordinary Shares, and in each case, all award agreements thereunder.

 

“Confidentiality
Agreement” shall mean the Confidentiality Agreement entered into by the Company, on the one hand, and Catterton Management
Company, LLC, on the other hand, as of April 23, 2020.

 

“Conversion
Shares” means the Ordinary Shares issuable upon the exchange of the Notes Issuer Preference Shares following a conversion
of the Notes in accordance with, and subject to the conditions set forth in, the Indenture and this Agreement.

 

“ERISA”
means the Employee Retirement Security Income Act of 1974.

 

“Exchange Act”
means the Securities Exchange Act of 1934.

 

“Fraud”
means, of a Person, an intentional and willful misrepresentation of or with respect to a representation or warranty set forth in
this Agreement by such Person that constitutes actual common law fraud (and not constructive fraud or negligent misrepresentation)
with the specific intent to induce another party to rely upon such representation or warranty.

 

“GAAP”
means generally accepted accounting principles in the United States or the United Kingdom, consistently applied and as in effect
from time to time.

 

“Governmental
Authorization” means any authorizations, approvals, licenses, franchises, clearances, permits, certificates, waivers,
consents, exemptions, variances, expirations and terminations of any waiting period requirements issued by or obtained from, and
any notices, filings, registrations, qualifications, declarations and designations with, a Governmental Entity.

 

    	 	3	 

     

    

 

“Governmental
Entity” means any government, political subdivision, governmental, administrative, self-regulatory or regulatory entity
or body, department, commission, board, agency or instrumentality, or other legislative, executive or judicial governmental entity,
and any court, tribunal, judicial or arbitral body, in each case whether federal, national, state, county, municipal, provincial,
local, foreign or multinational.

 

“Guarantee”
has the meaning set forth in the recitals hereto.

 

“HSR Act”
means the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

 

“Indenture”
has the meaning set forth in Section 5.06.

 

“Investor Rights
Agreement” has the meaning set forth in the recitals hereto.

 

“Knowledge”
of the Company, with respect to any matter in question, means the actual knowledge, after reasonable inquiry, as of the date of
this Agreement, of the Company’s Chief Executive Officer, Chief Financial Officer or General Counsel.

 

“Law”
means any federal, national, state, county, municipal, provincial, local, foreign or multinational, treaty, statute, constitution,
common law, ordinance, code, decree, order, judgment, rule, regulation, ruling, published policy or requirement issued, enacted,
adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Entity and any award,
order or decision of an arbitrator or arbitration panel with jurisdiction over the parties and subject matter of the dispute.

 

“Liens”
means any pledges, liens, charges, mortgages, encumbrances or security interests of any kind or nature.

 

“Material Adverse
Effect” means any change, event, development, fact, occurrence, effect or circumstance (“Effect”)
that, individually or in the aggregate, has, or would reasonably be expected to have, a material adverse effect on the business,
assets, properties, financial condition or results of operations of the Company and its Subsidiaries, taken as a whole; provided
that none of the following, and no Effects arising out of or resulting from the following (in each case, by itself or when aggregated)
will be deemed to be or constitute a Material Adverse Effect or will be taken into account when determining whether a Material
Adverse Effect has occurred or may, would or could occur (subject to the limitations set forth below):

 

(i)                
changes in general economic conditions, or changes in conditions in the global or international economy generally;

 

(ii)             
changes in conditions in the financial markets, credit markets or capital markets, including (A) changes in interest rates
or credit ratings; (B) changes in exchange rates for the currencies of any country; or (C) any suspension of trading
in securities (whether equity, debt, derivative or hybrid securities) generally on any securities exchange or over-the-counter
market;

 

    	 	4	 

     

    

 

(iii)           
changes in conditions in the industries in which the Company and its Subsidiaries conduct business;

 

(iv)            
changes in regulatory, legislative or political conditions;

 

(v)              
any acts of God, natural disasters or any geopolitical conditions, outbreak of hostilities, acts of war (whether or not
declared), sabotage, cyberterrorism (including by means of cyber-attack by or sponsored by a Governmental Entity), terrorism or
military actions (including any escalation or general worsening of any such hostilities, acts of war, sabotage, cyberterrorism,
terrorism or military actions);

 

(vi)            
any pandemics (including, for the avoidance of doubt, the outbreak of SARS-CoV-2 or COVID-19 and any evolutions thereof
or related or associated epidemics, pandemics or disease outbreaks);

 

(vii)         
the announcement of this Agreement or the pendency of the Transactions or the Other Financing Transactions, including the
impact thereof on the relationships, contractual or otherwise, of the Company and its Subsidiaries with customers, suppliers, lenders,
lessors, business partners, employees, regulators, Governmental Entities or vendors (it being understood and agreed that the foregoing
shall not apply to any representation or warranty to the extent the purpose of such representation or warranty is to address the
consequences resulting from this Agreement or the consummation of the Transactions or the Other Financing Transactions, including
the representations and warranties contained in Section 3.03(b));

 

(viii)       
changes or proposed changes in GAAP or other accounting standards or in any applicable Laws (or the enforcement or interpretation
of any of the foregoing), in each case after the date hereof;

 

(ix)            
changes in the price or trading volume of the Ordinary Shares or any other equity or debt securities of the Company or any
of its Subsidiaries, in and of itself (it being understood and agreed that, unless subject to another exclusion set forth in this
definition, the facts and circumstances giving rise to such a change may be taken into account in determining whether a Material
Adverse Effect has occurred); and

 

(x)              
any failure, in and of itself, by the Company and its Subsidiaries to meet (A) any public estimates or expectations of the
Company’s revenue, earnings or other financial performance or results of operations for any period; or (B) any budgets, plans,
projections or forecasts of its revenues, earnings or other financial performance or results of operations (it being understood,
in each case, that, unless subject to another exclusion set forth in this definition, the underlying cause of any such failure
may be taken into consideration when determining whether a Material Adverse Effect has occurred);

 

except, in the case of
each of clauses (i), (ii), (iii), (iv), (v), (vi) and (viii), to the extent such Effect has had a disproportionate adverse effect
on the Company and its Subsidiaries, taken as a whole, relative to other companies operating in the industries in which the Company
and its Subsidiaries conduct business.

 

    	 	5	 

     

    

 

“Notes”
has the meaning set forth in the recitals hereto.

 

“Notes Issuer
Preference Shares” means the Series A-2 Preference Shares, par value $0.001 per share, of the Notes Issuer.

 

“NYSE”
means the New York Stock Exchange and its successors.

 

“Ordinary Shares”
means the ordinary shares, par value $0.001 per share, of the Company having the rights and being subject to the restrictions set
forth in the Bye-laws.

 

“Other Financing
Transactions” means, collectively, (i) a private offering of the Notes Issuer’s senior secured notes due 2024,
(ii) a private offering of the Notes Issuer’s exchangeable senior notes due 2024 and (iii) a public offering of Ordinary
Shares.

 

“Ownership Limit
Exemption Letter” has the meaning set forth in Section 6.03(j).

 

“Person”
means any individual, company, corporation, partnership, limited liability company, joint venture, association, joint-stock company,
trust, unincorporated organization or Governmental Entity or other entity.

 

“Preference
Shares” means the preference shares, par value $0.001 per share, of the Company.

 

“Related Agreements”
means the Indenture, including the Guarantee set forth therein, the Notes, the Investor Rights Agreement, the Equity Commitment
Letter, the Ownership Limit Exemption Letter and any other agreements between or among the Company, the Notes Issuer, the Trustee,
the Purchaser and any of their respective Affiliates, in each case, as applicable, entered into to give effect to the Transactions.

 

“Representative”
means, with respect to any Person, the directors, officers, employees, investment bankers, financial advisors, attorneys, accountants
or other advisors, agents or representatives of such Person.

 

“Sanctioned
Person” means any Person that is the target of Sanctions, including (a) any Person listed in any Sanctions-related list
of designated Persons maintained by OFAC or the U.S. Department of State, by the United Nations Security Council, the European
Union, or Her Majesty’s Treasury of the United Kingdom, (b) any Person located, organized or resident in a Sanctioned Territory,
or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) and (b).

 

“Sanctioned
Territory” means, at any time, a country or territory which is itself the subject or target of any Sanctions.

 

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

 

    	 	6	 

     

    

 

“Sarbanes-Oxley
Act” means the Sarbanes-Oxley Act of 2002.

 

“SEC”
means the Securities and Exchange Commission.

 

“SEC Reports”
all schedules, forms, reports, statements, certifications, prospectuses, registration statements and documents with the SEC that
have been required to be filed or furnished, as the case may be, by the Company or, in the case of the Notes Issuer, would have
been required if the Notes Issuer were required to file reports pursuant to Section 13 of the Exchange Act, pursuant to applicable
Laws prior to the date of this Agreement, together with all exhibits and schedules thereto and all information incorporated therein
by reference.

 

“Securities
Act” means the Securities Act of 1933.

 

“Subsidiary”
means, with respect to any Person, any other Person (other than a natural Person) of which securities or other ownership interests
(i) having ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions or
(ii) representing more than 50% of such securities or ownership interests, in each case, are at the time directly or indirectly
owned by such first Person. For the avoidance of doubt, the Company’s Subsidiaries include the Notes Issuer.

 

“Tax”
or “Taxes” shall mean (i) all federal, state, local, and foreign income, excise, gross receipts, gross income,
ad valorem, profits, gains, property, capital, sales, transfer, use, payroll, employment, severance, withholding, duties, intangibles,
franchise, backup withholding, value-added, and other taxes imposed by a Governmental Entity, together with all interest, penalties
and additions to tax imposed with respect thereto and (ii) any liability for the amounts described in clause (i) arising by operation
of law or by contract (other than any contract entered into in the ordinary course of business, the primary purpose of which is
not Taxes).

 

“Tax Return”
shall mean a report, return or other document (including any amendments thereto) required to be supplied to a Governmental Entity
with respect to Taxes.

 

“Transactions”
means the transactions contemplated by this Agreement and the Related Agreements (excluding, for the avoidance of doubt, the Other
Financing Transactions).

 

“Trustee”
means U.S. Bank National Association or another institutional trustee selected by the Company with the consent of the Purchaser,
which consent shall not be unreasonably withheld or delayed.

 

    	 	7	 

     

    

 

ARTICLE II

Purchase and Sale

 

SECTION 2.01. Purchase
and Sale. On the terms and subject to the conditions set forth in this Agreement, the Purchaser shall purchase and acquire
from the Notes Issuer, and the Notes Issuer shall issue, sell and deliver to the Purchaser, the Notes for a purchase price equal
to the principal amount of the Notes as calculated pursuant to Schedule I attached hereto (such price, the “Purchase
Price”).

 

SECTION 2.02. Closing.

 

(a) The closing of the
purchase and sale of the Notes (the “Closing”) shall take place remotely by electronic transmissions on the
later of (i) the second Business Day following the satisfaction (or, to the extent permitted by Law, the waiver by the party entitled
to the benefit thereof) of the conditions set forth in ARTICLE VI, other than those conditions that by their nature are
to be satisfied as of the Closing (but subject to the satisfaction or waiver of such conditions at the Closing) and (ii) May 29,
2020, or at such other place, time and date as shall be agreed between the Company and the Purchaser (the “Closing Date”).

 

(b) At the Closing, to
effect the purchase and sale of the Notes, (i) the Purchaser shall pay to the Notes Issuer, by wire transfer to a bank account
designated in writing by the Company at least one Business Day prior to the Closing Date, in immediately available funds, the Purchase
Price for the Notes and (ii) the Notes Issuer shall issue and deliver to the Purchaser the Notes, through the facilities of The
Depository Trust Company, or at the option of the Purchaser, registered in the name of the Purchaser, against payment in full by
or on behalf of the Purchaser of the Purchase Price for the Notes.

 

ARTICLE III

Representations and Warranties of the Company and the Notes Issuer

 

Except as disclosed in
the Company SEC Reports (other than any disclosures set forth under the caption “Risk Factors”, in any “forward-looking
statements” disclaimer and any other disclosures included therein to the extent they are predictive or forward-looking in
nature) or, subject to Section 8.11, set forth in a corresponding identified schedule attached hereto (such schedules, collectively,
the “Disclosure Schedules”), the Company and the Notes Issuer jointly and severally represent and warrant to
the Purchaser that:

 

SECTION 3.01. Organization;
Standing.

 

(a) Each of the Company
and the Notes Issuer is an exempted company limited by shares, duly incorporated and validly existing and in good standing, as
that term is understood under the laws of Bermuda (meaning that it has neither failed to make any filing with any Bermuda governmental
authority nor failed to pay any Bermuda government fee or tax, which might make it liable to be struck off the register of companies
maintained by the Registrar of Companies in Bermuda). Each of the Company and the Notes Issuer has the requisite corporate power
and authority to conduct its business as it is presently being conducted and to own, lease or operate its properties, assets and
rights, except where the failure to have such power or authority has not had, and would not reasonably be expected to have, a Material
Adverse Effect. Each of the Company and the Notes Issuer is duly qualified to do business and is in good standing in each jurisdiction
where the character of its properties owned or leased or the nature of its activities make such qualification necessary (with respect
to jurisdictions that recognize the concept of good standing), except where the failure to be so qualified or in good standing
has not had, and would not reasonably be expected to have, a Material Adverse Effect.

 

    	 	8	 

     

    

 

(b) The Company has made
available to the Purchaser true, correct and complete copies of the organizational documents of the Company and the Notes Issuer,
each as in force at the date hereof. Neither the Company nor the Notes Issuer is in violation of any provision of its organizational
documents in any material respect.

 

(c) Each of the other
Subsidiaries of the Company (i) is duly organized, validly existing and in good standing (with respect to jurisdictions that recognize
the concept of good standing) under the laws of the jurisdiction of its organization and (ii) has the requisite corporate power
and authority to conduct its business as it is presently being conducted and to own, lease or operate its properties and assets,
except, in each case, as has not had, and would not reasonably be expected to have, a Material Adverse Effect. Each of the other
Subsidiaries of the Company is duly qualified to do business and is in good standing in each jurisdiction where the character of
its properties owned or leased or the nature of its activities make such qualification necessary (with respect to jurisdictions
that recognize the concept of good standing), except where the failure to be so qualified or in good standing has not had, and
would not reasonably be expected to have, a Material Adverse Effect.

 

SECTION 3.02. Capitalization
of the Company.

 

(a) Capital Stock.
The authorized share capital of the Company is $500,000, consisting of (i) 490,000,000 Ordinary Shares and (ii) 10,000,000 Preference
Shares. As of 6:00 p.m., New York City time, on April 30, 2020 (such time and date, the “Capitalization Date”),
(A) 214,525,624 Ordinary Shares were in issue and outstanding; (B) no Preference Shares were in issue and outstanding; and (C)
24,450,859 Ordinary Shares were held by the Company as treasury shares. All issued Ordinary Shares are validly issued, fully paid,
nonassessable and free of any preemptive rights and were issued in compliance with all applicable securities Laws. From the close
of business on the Capitalization Date to the date of this Agreement, the Company has not issued or granted any Company Securities,
other than pursuant to the exercise of Company Options or the vesting and settlement of Company RSUs or Company PSUs, in each case,
which were granted prior to the date of this Agreement. The Conversion Shares will be, when issued, duly authorized, validly issued,
fully paid, nonassessable and free of any preemptive rights and in compliance with all applicable securities Laws. The Conversion
Shares, if and when issued, will have the terms and conditions and entitle the holders thereof to the rights attaching to the Ordinary
Shares as set forth in the Bye-laws, free and clear of any Liens (other than transfer restrictions under applicable securities
laws and restrictions under the Investor Rights Agreement). There are a sufficient number of Ordinary Shares comprised in the authorized
share capital of the Company to permit the issue of the Conversion Shares issuable upon conversion of the Notes. The Notes Issuer
Preference Shares issuable upon conversion of the Notes (and to be simultaneously with such conversion exchanged into the Conversion
Shares) will be, when issued, duly authorized, validly issued, fully paid, nonassessable and free of any preemptive rights and
in compliance with all applicable securities Laws. The Notes Issuer Preference Shares, if and when issued, will be free and clear
of any Liens (other than transfer restrictions under applicable securities laws). There are a sufficient number of Notes Issuer
Preference Shares comprised in the authorized share capital of the Notes Issuer to permit the issue of the Notes Issuer Preference
Shares issuable upon conversion of the Notes.

 

    	 	9	 

     

    

 

(b) Stock Reservation,
Awards. As of the Capitalization Date, the Company has authorized (i) 27,465,106 Ordinary Shares for issuance pursuant to the
Company’s Amended and Restated 2013 Performance Incentive Plan and (ii) rights to purchase an aggregate of 2,000,000 Ordinary
Shares pursuant to the Company’s Employee Stock Purchase Plan. As of the Capitalization Date, there were outstanding (x)
Company Options to acquire 5,145,749 Ordinary Shares (including market-based Company Options to acquire 208,333 Ordinary Shares);
(y) 4,000,271 Ordinary Shares subject to outstanding Company RSUs (including 50,000 Ordinary Shares subject to market-based Company
RSUs); and (z) (A) 1,541,870 Ordinary Shares subject to outstanding Company PSUs (assuming achievement of the applicable performance
metrics at the maximum level) and (B) 1,004,825 Ordinary Shares subject to outstanding Company PSUs (assuming achievement of the
applicable performance metrics at the target level).

 

(c) Company Securities.
Except as set forth in this Section 3.02, and except for changes since the Capitalization Date resulting from (w) the exercise
of Company Options outstanding on such date or issued after such date, (x) the vesting and settlement of Company RSUs and Company
PSUs outstanding on such date or issued after such date, (y) the issuance of Company Options, Company PSUs and Company RSUs after
such date and (z) the issuance of Company Securities in connection with the Other Financing Transactions, there are (i) no issued
and outstanding shares of, or other equity or voting interest in, the Company; (ii) no outstanding securities of the Company convertible
into or exchangeable or exercisable for shares of, or other equity or voting interest (including voting debt) in, the Company;
(iii) no outstanding options, warrants or other rights or binding arrangements to acquire from the Company, or that obligate the
Company to issue, any shares of, or other equity or voting interest in, or any securities convertible into or exchangeable or exercisable
for shares of, or other equity or voting interest (including voting debt) in, the Company; (iv) no obligations of the Company to
grant, extend or enter into any subscription, warrant, right, convertible, exchangeable or exercisable security, or other similar
Contract relating to any shares of, or other equity or voting interest (including any voting debt) in, the Company; and (v) no
outstanding restricted shares, restricted share units, share appreciation rights, performance shares, contingent value rights,
 “phantom” share or similar securities or rights that are derivative of, or provide economic benefits based, directly
or indirectly, on the value or price of, any shares of, or other securities or ownership interests in, the Company (the items in
clauses (i), (ii), (iii), (iv) and (v), collectively, the “Company Securities”).

 

    	 	10	 

     

    

 

(d) Other Rights.
Except as otherwise provided in this Agreement, the Notes, the Indenture or the Other Financing Transactions, there are no (i)
voting trusts, proxies or similar arrangements or understandings to which the Company or any of its Subsidiaries is a party or
by which the Company or any of its Subsidiaries is bound with respect to the voting of any shares of, or other equity or voting
interest in, the Company or any of its Subsidiaries; (ii) except as set forth in the Bye-laws, obligations or binding commitments
of any character to which the Company or any of its Subsidiaries is a party or by which it is bound (A) restricting the transfer
of any shares of, or other equity or voting interest in, the Company or any of its Subsidiaries or (B) granting any preemptive
rights, anti-dilutive rights or rights of first refusal or other similar rights with respect to any Company Securities or (iii)
other obligations by the Company to make any payments based on the price or value of any Company Securities. As of the date of
this Agreement, the Company is not a party to any Contract that obligates it to repurchase, redeem or otherwise acquire any Company
Securities. There are no accrued and unpaid dividends with respect to any outstanding Ordinary Shares.

 

SECTION 3.03. Authority;
Non-contravention.

 

(a) Each of the Company
and the Notes Issuer has the requisite corporate power and authority to (i) execute and deliver this Agreement and the Related
Agreements (as applicable); (ii) perform its covenants and obligations hereunder and thereunder; and (iii) consummate
the Transactions. The execution and delivery of this Agreement and the Related Agreements (as applicable) by each of the Company
and the Notes Issuer, the performance by each of the Company and the Notes Issuer of its covenants and obligations hereunder and
thereunder, and the consummation of the Transactions, have been duly authorized by all necessary action on the part of each of
the Company and the Notes Issuer, and no other corporate action on the part of the Company or the Notes Issuer is necessary to
authorize the execution and delivery by each of the Company and the Notes Issuer of this Agreement and the Related Agreements (as
applicable), the performance by each of the Company and the Notes Issuer of its covenants and obligations and the consummation
of the Transactions. This Agreement has been, and the Related Agreements (as applicable) will be on the Closing Date, duly executed
and delivered by each of the Company and the Notes Issuer and, assuming the due authorization, execution and delivery by the Purchaser
(as applicable) and the Trustee (as applicable), constitutes (or will on the Closing Date constitute, with respect to the Related
Agreements) a legal, valid and binding obligation of each of the Company and the Notes Issuer, enforceable against each of the
Company and the Notes Issuer in accordance with its terms, except that (A) such enforceability may be limited by applicable bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other similar Laws affecting or relating to creditors’
rights generally and (B) equitable remedies of specific performance and injunctive and other forms of equitable relief may be subject
to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought (such exceptions in
clauses (A) and (B), the “Enforceability Exceptions”).

 

(b) The execution and
delivery of this Agreement and the Related Agreements by each of the Company and the Notes Issuer, the performance by each of the
Company and the Notes Issuer of its covenants and obligations hereunder and thereunder, and the consummation of the Transactions
do not (i) violate or conflict with any provision of the organizational documents of the Company or the Notes Issuer; (ii) violate,
conflict with, result in the breach of, constitute a default (or an event that, with notice or lapse of time or both, would become
a default) pursuant to, result in the termination of, accelerate the performance required by, or result in a right of termination
or acceleration pursuant to any material loan or credit agreement, debenture, note, bond, mortgage, indenture, deed of trust, lease,
sublease, license, contract or other agreement, arrangement or understanding (each, a “Contract”) to which the
Company or any of its Subsidiaries is a party, (iii) assuming the Governmental Authorizations referred to in Section 3.04
are made and obtained, violate or conflict with any Law applicable to the Company or the Notes Issuer or by which any of their
properties or assets are bound; or (iv) result in the creation of any Lien upon any of the properties or assets of the Company
or any of its Subsidiaries, except in the case of each of clauses (ii) (solely as it relates to any Contract that is not a loan
or credit agreement or indenture to which the Company or any of its Subsidiaries is a party and which was filed or required to
be filed as an exhibit to the Company’s or Notes Issuer’s Form 10-K for the year ended December 31, 2019), (iii) and
(iv) for such violations, conflicts, breaches, defaults, terminations, accelerations or Liens that have not had, and would not
reasonably be expected to have, a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is in default (or, with
notice or lapse of time or both, would be in default) under any Contract to which the Company or any of its Subsidiaries is a party
and which was filed or required to be filed as an exhibit to the Company’s or Notes Issuer’s Form 10-K for the year
ended December 31, 2019, except in the case of such defaults as have not had, and would not reasonably be expected to have, a Material
Adverse Effect.

 

    	 	11	 

     

    

 

SECTION 3.04. Governmental
Approvals. Except for (a)  the approval of the Conversion Shares for listing on NYSE, subject to official notice of issuance,
(b) the filing with the SEC or NYSE of such current reports and other documents, if any, required to be filed with the SEC
or NYSE under the Exchange Act or Securities Act or rules of the SEC or NYSE in connection with the Transactions, (c) compliance
with any applicable requirements of the HSR Act and any other applicable Antitrust Law and (d) permission of the Bermuda Monetary
Authority for the issuance of the Conversion Shares (if applicable), no consent or approval of, or filing, license, permit or authorization,
declaration or registration with, any Governmental Entity or any stock market or stock exchange on which Ordinary Shares are listed
for trading are necessary for the execution and delivery of this Agreement and the Related Agreements (as applicable) by each of
the Company and the Notes Issuer, the performance by each of the Company and the Notes Issuer of its obligations hereunder and
thereunder and the consummation by each of the Company and the Notes Issuer of the Transactions, other than such consents, approvals,
filings, licenses, permits, authorizations, declarations or registrations the failure of which to obtain, make or give, would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

SECTION 3.05. Company
SEC Documents; Undisclosed Liabilities.

 

(a) Since May 1, 2019,
each of the Company and the Notes Issuer has timely filed or furnished all SEC Reports (“Company SEC Reports”).
Each Company SEC Report complied, as of its filing date (or, if amended or superseded by a filing prior to the date of
this Agreement and prior to the Closing, on the date of such amended or superseding filing) or in the case of registration statements,
on the date of effectiveness thereof, in all material respects with the applicable requirements of the Securities Act, the Exchange
Act, the Sarbanes-Oxley Act and/or the rules of the securities exchange on which the Company or the Notes Issuer, as applicable,
was listed at the time of such filing, as the case may be, each as in effect on the date that such Company SEC Report was filed.
As of its filing date (or, if amended or superseded by a filing prior to the date of this Agreement, on the date of such amended
or superseded filing), or in the case of registration statements, on the date of effectiveness thereof, each Company SEC Report
did not contain, and each Company SEC Report to be filed on or after the date of this Agreement and prior to Closing will not contain
any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein,
in the light of the circumstances under which they were made, not misleading. Each of the Company and the Notes Issuer is, and
since May 1, 2019 has been, in compliance in all material respects with the applicable provisions of the Sarbanes-Oxley Act. Since
May 1, 2019, each principal executive officer and principal financial officer of the Company and the Notes Issuer, as applicable,
has made all certifications required by Rules 13a-14 and 15d-14 under the Exchange Act and Sections 302 and 906 of the Sarbanes-Oxley
Act and any related rules and regulations promulgated by the SEC and the statements contained in any such certifications are true
and complete. As of the date of this Agreement, (x) there are no outstanding or unresolved comments received from the SEC with
respect to the Company SEC Reports or any registration statement filed by the Company or the Notes Issuer and (y) to the Knowledge
of the Company, none of the Company SEC Reports is the subject of ongoing SEC review or investigation. To the Knowledge of the
Company, no event or circumstance has occurred prior to the date of this Agreement that would require the filing of a Form 8-K
within the four business days after the date of this Agreement, except such as would be filed upon announcement of this Agreement
or the Other Financing Transactions. No Subsidiary of the Company other than the Notes Issuer is, or since May 1, 2019 has been,
required to file any forms, reports or documents with the SEC.

 

    	 	12	 

     

    

 

(b) The consolidated
financial statements (including any related notes and schedules) of the Company and its Subsidiaries and of the Notes Issuer and
its Subsidiaries filed with the Company SEC Reports (i) complied, as of their respective dates of filing with the SEC, in
all material respects with the published rules and regulations of the SEC with respect thereto during the periods and at the dates
indicated (except as may be indicated in the notes thereto or as otherwise permitted by Form 10-Q with respect to any financial
statements filed on Form 10-Q); (ii) were prepared in accordance with GAAP (except as may be indicated in the notes thereto or
as otherwise permitted by Form 10-Q with respect to any financial statements filed on Form 10-Q) applied on a consistent basis
during the periods involved; and (iii) fairly present, in all material respects, the consolidated financial position and consolidated
results of operations and cash flows of the Company and its consolidated Subsidiaries or the Notes Issuer and its Subsidiaries,
as applicable, as of the dates thereof or for the periods then ended (subject, in the case of the unaudited financial statements,
to normal and recurring year-end adjustments described therein). None of the Company or any of its Subsidiaries is a party to,
or has any obligation or other commitment to become a party to, any “off balance sheet arrangement” (as defined in
Item 303(a) of Regulation S-K promulgated by the SEC) where the result, purpose or intended effect of such arrangement is to avoid
disclosure of any material transaction involving, or material liabilities of, the Company or any of its Subsidiaries in the Company
SEC Reports.

 

(c) The Company and the
Notes Issuer have established and maintain “disclosure controls and procedures” and “internal control over financial
reporting” (in each case as defined pursuant to Rule 13a-15 and Rule 15d-15 promulgated under the Exchange
Act). The disclosure controls and procedures of the Company and the Notes Issuer are reasonably designed to ensure that (i) all
material information required to be disclosed by the Company or the Notes Issuer, as applicable, in the reports and other documents
that it files or furnishes pursuant to the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in the rules and forms of the SEC; and (ii) such material information is accumulated and communicated to the management
of the Company and the Notes Issuer, including their respective principal executive and principal financial officers, or persons
performing similar functions, as appropriate to allow timely decisions regarding required disclosure and to make the certifications
required under the Exchange Act and Sections 302 and 906 of the Sarbanes-Oxley Act. Since May 1, 2019, no events, facts or
circumstances have occurred such that management would not be able to complete its assessment of the effectiveness of the Company’s
or the Notes Issuer’s internal control over financial reporting in compliance with the requirements of Section 404 of
the Sarbanes-Oxley Act when next due, and conclude, after such assessment, that such system was effective. Since May 1, 2019, the
principal executive officer and principal financial officer of the Company and the Notes Issuer have made all certifications required
by Rules 13a-14 and 15d-14 under the Exchange Act and Sections 302 and 906 of the Sarbanes-Oxley Act, and the statements contained
in any such certifications were true and complete as of their filing dates. Neither the Company nor the Notes Issuer nor their
respective principal executive officer or principal financial officer has received notice from any Governmental Entity challenging
or questioning the accuracy, completeness, form or manner of filing of such certifications as of the date of this Agreement.

 

(d) The Company and Notes
Issuer have established and maintain a system of internal controls over financial reporting that are designed to ensure reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP,
including policies and procedures that (i) require the maintenance of records that in reasonable detail accurately and fairly reflect
the transactions and dispositions of the assets of the Company and its Subsidiaries or the Notes Issuer and its Subsidiaries, as
applicable; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements
in accordance with GAAP and that receipts and expenditures of the Company and its Subsidiaries or the Notes Issuer and its Subsidiaries,
as applicable, are being made only in accordance with appropriate authorizations of the Company’s and Notes Issuer’s
respective management and boards; and (iii) provide assurance regarding prevention or timely detection of unauthorized acquisition,
use or disposition of the assets of the Company and its Subsidiaries or the Notes Issuer and its Subsidiaries, as applicable. Since
May 1, 2019, none of the Company, the Notes Issuer or their independent registered public accounting firm has identified or been
made aware of (x) any significant deficiency or material weakness in the system of internal control over financial reporting, including
the design and operation thereof, used by the Company and its Subsidiaries or the Notes Issuer and its Subsidiaries, as applicable,
that has not been subsequently remediated; (y) any fraud or illegal act that involves the Company’s or Notes Issuer’s
respective management or other employees who have a role in the preparation of financial statements or the internal control over
financial reporting utilized by the Company and its Subsidiaries or the Notes Issuer and its Subsidiaries, as applicable; or (z)
any claim or allegation regarding any of the foregoing. The Company’s and Notes Issuer’s respective auditors and the
audit committees of their respective boards have identified or have been made aware of all matters described by the immediately
preceding clauses (x) through (z).

 

    	 	13	 

     

    

 

(e) Neither the Company
nor any of its Subsidiaries has any liabilities or obligations of any nature (whether accrued, absolute, contingent, fixed or otherwise)
required to be reflected or reserved against on a balance sheet prepared in accordance with GAAP or notes thereto, other than liabilities
or obligations (a) reflected or otherwise adequately reserved against in the balance sheet (or the notes thereto) of the Company
and its Subsidiaries or the balance sheet of the Notes Issuer and its Subsidiaries, as applicable, as of December 31, 2019 or in
the consolidated financial statements of the Company and its Subsidiaries or the Notes Issuer and its Subsidiaries, as applicable,
included in the Company SEC Reports filed prior to the date of this Agreement or described in the notes thereto; (b) arising
pursuant to this Agreement or the Related Agreements or incurred in connection with the Transactions or the Other Financing Transactions;
(c) incurred in the ordinary course of business on or after December 31, 2019 and (d) that has not had, and would not reasonably
be expected to have, a Material Adverse Effect.

 

SECTION 3.06. No Broker.
Except for Goldman Sachs & Co. LLC, there is no financial advisor, investment banker, broker, finder or agent that has been
retained by or is authorized to act on behalf of the Company or any of its Subsidiaries who is entitled to any financial advisor’s,
investment banking, brokerage, finder’s or other similar fee or commission in connection with the Transactions.

 

SECTION 3.07. Listing
and Maintenance Requirements. The Ordinary Shares are registered pursuant to Section 12(b) of the Exchange Act and listed on
NYSE, and the Company has taken no action designed to (or which, to the Knowledge of the Company, is reasonably likely to) have
the effect of, terminating the registration of the Ordinary Shares under the Exchange Act or delisting the Ordinary Shares from
NYSE, nor has the Company received, as of the date hereof, any notification that the SEC or NYSE is contemplating terminating such
registration or listing.

 

SECTION 3.08. No Rights
Agreement. Neither the Company nor the Notes Issuer is party to a stockholder rights agreement, “poison pill” or
similar antitakeover agreement or plan and no takeover statutes currently in effect in any jurisdiction in which the Company or
the Notes Issuer operates are applicable.

 

    	 	14	 

     

    

 

SECTION 3.09. Compliance
with Laws.

 

(a) The Company and each
of its Subsidiaries is, and since May 1, 2019, has been, in compliance with all Laws that are applicable to the Company and its
Subsidiaries or to the conduct of the business or operations of the Company and its Subsidiaries, except as has not had, and would
not reasonably be expected to have, a Material Adverse Effect, and since, January 1, 2017, neither the Company nor any of its Subsidiaries
has received any written or, to the Knowledge of the Company, oral notice of any conflict or non-compliance with, or default or
violation of, any applicable Laws by which it or any of its properties, assets, rights, employees, business or operations are or
were bound or affected, except as has not had, and would not reasonably be expected to have, a Material Adverse Effect. Except
as has not had, and would not reasonably be expected to have, a Material Adverse Effect, (i) the Company and its Subsidiaries
have all Governmental Authorizations necessary for the ownership and operation of its business as presently conducted, and each
such Governmental Authorization is in full force and effect or subject to renewal in the ordinary course of business; (ii) the
Company and its Subsidiaries are, and since May 1, 2019 have been, in compliance with the terms of all Governmental Authorizations
necessary for the ownership and operation of its businesses; and (iii) since May 1, 2019 (A) neither the Company nor any of its
Subsidiaries has received written notice, or to the Knowledge of the Company, oral notice from any Governmental Entity alleging
any conflict with or breach of any such Governmental Authorization which remains unresolved and (B) no suspension or cancellation
of any of the Governmental Authorizations is pending or, to the Knowledge of the Company, threatened, except for such suspensions
or cancellations that have not had, and would not reasonably be expected to have, a Material Adverse Effect. The offer and sale
of the Notes pursuant to this Agreement will be made in reliance on the exemption from registration provided by Section 4(a)(2)
and Regulation D of the Securities Act. Assuming the accuracy of the Purchaser’s representations and warranties set forth
in Article IV, no registration under the Securities Act or any applicable state securities law is required for the offer and sale
of the Notes to the Purchaser as contemplated hereby.

 

(b) Since May 1, 2019,
none of the Company or any of its Subsidiaries or, to the Company’s Knowledge, any officer, director or employee of the Company
or any of its Subsidiaries or any of their respective Representatives, is or has otherwise been in violation of any applicable
anti-bribery, anti-corruption or similar Laws, including the U.S. Foreign Corrupt Practices Act of 1977 (15 U.S. Code Section 78dd-1,
et seq.) and the UK Bribery Act 2010.

 

(c) To the extent required
by applicable Law, the Company and each of its Subsidiaries have adopted, maintained and complied with adequate “know-your-customer”
and anti-money laundering programs and reporting procedures, and have complied in all material respects with the terms of such
programs and procedures for detecting and identifying money laundering.

 

(d) None of the Company
or any of its Subsidiaries or, to the Knowledge of the Company, any of the Company’s or its Subsidiaries’ respective
officers, directors or employees, is a Sanctioned Person. The Company and the Notes Issuer will not directly or indirectly use
the proceeds of the Transactions, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture
partner or other Person for the purpose of financing the activities of any Person that at the time of such financing is subject
to any Sanctions administered by or enforced by OFAC or the U.S. Department of State, the United Nations Security Council, the
European Union, or Her Majesty’s Treasury of the United Kingdom or any other relevant Governmental Entities.

 

    	 	15	 

     

    

 

SECTION 3.10. General
Solicitation; No Integration. None of the Company, the Notes Issuer or any other Person or entity authorized by the Company
or the Notes Issuer to act on their behalf has engaged in a general solicitation or general advertising (within the meaning of
Regulation D of the Securities Act) of investors with respect to offers or sales of the Notes. None of the Company, the Notes Issuer
or any other Person or entity authorized by the Company or the Notes Issuer to act on their behalf has, directly or indirectly,
sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities
Act) under circumstances that would require the registration of the Notes or Conversion Shares under the Securities Act or cause
the offering of the Notes to be integrated with any other offering of securities of the Company or Notes Issuer for purposes of
the Securities Act.

 

SECTION 3.11. Investment
Company Act. Each of the Company and the Notes Issuer is not, and immediately after receipt of payment for the Notes and the
consummation of the Other Financing Transactions will not be, an “investment company” within the meaning of the Investment
Company Act of 1940, as amended.

 

SECTION 3.12. Taxes
and Tax Returns. Except as has not had, and would not reasonably be expected to have, a Material Adverse Effect: (i) the Company
and each of its Subsidiaries has timely filed (taking into account all applicable extensions) all Tax Returns required to be filed
by it, and all such Tax Returns were correct and complete in all respects, and the Company and each of its Subsidiaries has paid
(or has had paid on its behalf) all Taxes that are required to be paid by it, except, in each case, with respect to matters contested
in good faith and for which adequate reserves have been established in accordance with GAAP; and (ii) there are no disputes pending,
or claims asserted in writing, in respect of Taxes of the Company or any of its Subsidiaries for which reserves that are adequate
under GAAP have not been established. Neither the transactions contemplated by this Agreement nor the Other Financing Transactions
will result in the termination of the Company’s qualification for the exemption from U.S. taxation on “qualified income”
as defined in U.S. Treasury Regulations section 1.883-1(b).

 

SECTION 3.13. Litigation.
There is no Action pending or, to the Knowledge of the Company, threatened against the Company or the Notes Issuer, other than
any Action that has not had, and would not reasonably be expected to have, a Material Adverse Effect. Neither the Company nor the
Notes Issuer is subject to any outstanding judgement, order, injunction, rule or decree of any Governmental Entity that, individually
or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect. There is no Action pending or,
to the Knowledge of the Company, threatened seeking to prevent or materially hinder, modify, delay or challenge the Transactions.

 

    	 	16	 

     

    

 

SECTION 3.14. Use
of Proceeds. As of the date of this Agreement, the Company does not have any current intent to use the cash proceeds from the
Transactions to refinance its existing credit facilities.

 

SECTION 3.15. No Other
Representations or Warranties. Except for the representations and warranties expressly made by the Company and the Notes Issuer
in this ARTICLE III, or in any certificate delivered pursuant to this Agreement, none of the Company, any of its Subsidiaries
or any other Person makes any representation, warranty, statement, information or inducements of any kind whatsoever, express or
implied, at law or in equity, with respect to the Company, any of its Subsidiaries or their respective business, operations, assets,
liabilities, condition (financial or otherwise), notwithstanding the delivery or disclosure to the Purchaser or any of its Affiliates
or Representatives of any documentation, statements, forecasts, estimates, projections, predictions, data, financial information,
memorandum, presentations or other materials or information with respect to any one or more of the foregoing. Without limiting
the generality of the foregoing, none of the Company, any of its Subsidiaries or any other Person makes or has made any express
or implied representation or warranty to the Purchaser or any of its respective Representatives with respect to (a) any financial
projection, forecast, estimate, or budget relating to the Company, any of its Subsidiaries or their respective businesses or (b)
except for the representations and warranties made by the Company and the Notes Issuer in this ARTICLE III, any oral or
written information presented to the Purchaser or any of its respective Representatives in the course of their due diligence investigation
of the Company and the Notes Issuer, the negotiation, execution and delivery of this Agreement or the course of the Transactions.

 

ARTICLE IV

Representations and Warranties of the Purchaser

 

The Purchaser represents
and warrants to the Company and the Notes Issuer:

 

SECTION 4.01. Organization
and Authority. The Purchaser (a) is duly organized, validly existing and in good standing pursuant to the Laws of its
jurisdiction of organization; and (b) has the requisite power and authority to conduct its business as it is presently being
conducted and to own, lease or operate its properties and assets. Purchaser is not in violation of its organizational documents.

 

SECTION 4.02. Authority.
The Purchaser has the requisite partnership power and authority to (a) execute and deliver this Agreement and the Related
Agreements to which it is a party; (b) perform its covenants and obligations hereunder and thereunder; and (c) consummate
the Transactions to which it is a party. The execution and delivery of this Agreement and the Related Agreements to which it is
a party by the Purchaser, the performance by the Purchaser of its covenants and obligations hereunder, and the consummation of
the Transactions to which it is a party, have been duly authorized and approved by all necessary action on the part of the Purchaser
and no additional actions on the part of the Purchaser are necessary to authorize the execution and delivery of this Agreement
and the Related Agreements to which it is a party by the Purchaser, the performance by the Purchaser of its respective covenants
and obligations hereunder, and the consummation of the Transactions to which it is a party. This Agreement has been, and the Related
Agreements to which it is a party will be on the Closing Date (as applicable), duly executed and delivered by the Purchaser and,
assuming the due authorization, execution and delivery by the Company, the Notes Issuer and the Trustee, in each case, as applicable,
constitutes (or will on the Closing Date constitute, with respect to the Related Agreements) a legal, valid and binding obligation
of the Purchaser, enforceable against the Purchaser in accordance with its terms, subject to the Enforceability Exceptions.

 

    	 	17	 

     

    

 

SECTION 4.03. Non-contravention.
The execution and delivery of this Agreement and the Related Agreements by the Purchaser, the performance by the Purchaser of its
covenants and obligations hereunder and thereunder, and the consummation of the Transactions do not (a) violate or conflict
with any provision of the organizational documents of the Purchaser; (b) violate, conflict with, result in the breach of,
constitute a default (or an event that, with notice or lapse of time or both, would become a default) pursuant to, or result in
the termination of, or accelerate the performance required by, or result in a right of termination or acceleration pursuant to
any of the terms, conditions or provisions of any Contract or other instrument or obligation to which the Purchaser is a party;
(c) assuming the Governmental Authorizations referred to in Section 4.04 are made and obtained, violate or conflict
with any Law applicable to the Purchaser or by which any of its properties or assets are bound; or (d) result in the creation
of any Lien upon any of the properties or assets of the Purchaser, except in the case of each of clauses (b), (c) and (d) for such
violations, conflicts, breaches, defaults, terminations, accelerations or Liens that would not, individually or in the aggregate,
prevent or materially delay the consummation of the Transactions or otherwise be material to the Purchaser’s ability to consummate
the Transactions.

 

SECTION 4.04. Government
Filings. Except for compliance with any applicable requirements of the HSR Act and any other applicable Antitrust Law, no consent
or approval of, or filing, license, permit or authorization, declaration or registration with, any Governmental Entity is necessary
for the execution and delivery of this Agreement and the Related Agreements by the Purchaser (as applicable), the performance by
the Purchaser of its obligations hereunder and thereunder and the consummation by the Purchaser of the Transactions, other than
such other consents, approvals, filings, licenses, permits, authorizations, declarations or registrations that, if not obtained,
made or given, would not, individually or in the aggregate, prevent or materially delay the consummation of the Transactions or
otherwise be material to the Purchaser’s ability to consummate the Transactions.

 

SECTION 4.05. Purchase
for Investment. The Purchaser acknowledges that none of the Notes, the Notes Issuer Preference Shares or the Conversion Shares
will have been registered under the Securities Act or under any state or other applicable securities Laws. The Purchaser: (a) acknowledges
that it is acquiring the Notes (and the Notes Issuer Preference Shares and the Conversion Shares) pursuant to an exemption from
registration under the Securities Act solely for investment and for the Purchaser’s own account, not as nominee or agent,
and with no present intention or view to distribute any of the Notes (or the Notes Issuer Preference Shares or the Conversion Shares)
to any Person in violation of the Securities Act; (b) will not sell or otherwise dispose of any of the Notes, the Notes Issuer
Preference Shares or the Conversion Shares, except in compliance with the registration requirements or exemption provisions of
the Securities Act and any applicable state securities Laws, (c) is knowledgeable, sophisticated and experienced in financial and
business matters, has previously invested in securities similar to the Notes, the Notes Issuer Preference Shares and the Conversion
Shares, fully understands the limitations on transfer and the restrictions on sales of such Notes, the Notes Issuer Preference
Shares and Conversion Shares and is able to bear the economic risk of its investment and afford the complete loss of such investment;
(d) is an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D promulgated
under the Securities Act); and (e) represents and warrants that neither the Purchaser nor any of its Affiliates is acting in concert,
and neither the Purchaser nor any of its Affiliates has any agreement or understanding, with any Person that is not an Affiliate
of the Purchaser, and is not otherwise a member of a “group” (as such term is used in Section 13(d)(3) of the Exchange
Act) with any Person that is not an Affiliate of the Purchaser, with respect to any of the Company, the Notes Issuer or any of
their respective securities.

 

    	 	18	 

     

    

 

SECTION 4.06. No Other
Representations or Warranties of the Company or the Notes Issuer; Non-Reliance. Except for the representations and warranties
expressly set forth in ARTICLE III or in any certificate delivered pursuant to this Agreement, the Purchaser hereby acknowledges
that none of the Company, any of its Subsidiaries or any other Person, has made or is making any other express or implied representation,
warranty, statement, information or inducements with respect to the Company or any of its Subsidiaries or their respective businesses,
operations, assets, liabilities, condition (financial or otherwise) or prospects, including with respect to any documentation,
statement, forecast, estimate, projection, prediction, data, financial information, memorandum, presentation or other materials
or information provided or made available to the Purchaser or any of its Representatives or any information developed by the Purchaser
or any of its Representatives, and, except for the representations and warranties expressly set forth in ARTICLE III or
in any certificate delivered pursuant to this Agreement, the Purchaser hereby disclaims reliance on any such information or any
other express or implied representation, warranty, statement, information or inducements with respect to the Company or any of
its Subsidiaries or their respective businesses, operations, assets, liabilities, condition (financial or otherwise) or prospects
including with respect to any estimate, projection, prediction, data, financial information, memorandum, presentation or other
materials or information provided or made available to the Purchaser or any of its Representatives or any information developed
by the Purchaser or any of its Representatives in the course of their due diligence investigation of the Company and the Notes
Issuer, the negotiation, execution and delivery of this Agreement or the course of the Transactions. The Purchaser, on its behalf
and on behalf of its Affiliates, expressly waives any claim relating to the foregoing matters.

 

SECTION 4.07. Arm’s
Length Transaction. The Purchaser is acting solely in the capacity of an arm’s length contractual counterparty to the
Company and the Notes Issuer with respect to the Transactions. Additionally, without limiting the representations and warranties
of the Company and the Notes Issuer in ARTICLE III, the Purchaser (a) is not relying on the Company or any of its Subsidiaries
or its or their respective Representatives for any legal, tax, investment, accounting or regulatory advice, (b) has consulted with
its own advisors concerning such matters and (c) shall be responsible for making its own independent investigation and appraisal
of the Transactions.

 

    	 	19	 

     

    

 

SECTION 4.08. Private
Placement Consideration. The Purchaser understands and acknowledges that: (a) its representations and warranties contained
herein are being relied upon by each of the Company and the Notes Issuer as a basis for availing itself of such exemption and other
exemptions under the securities Laws of all applicable states and for other purposes; (b) no U.S. state or federal agency has made
any finding or determination as to the fairness of the terms of the sale of the Notes or any recommendation or endorsement thereof;
and (c) the Notes are “restricted securities” under the Securities Act inasmuch as they are being acquired from the
Notes Issuer in a transaction not involving a public offering and that under applicable securities Laws such Notes (and the Notes
Issuer Preference Shares and the Conversion Shares) may be resold without registration under the Securities Act only in certain
limited circumstances.

 

SECTION 4.09. No Broker.
There is no financial advisor, investment banker, broker, finder, agent or other Person that has been retained by or is authorized
to act on behalf of the Purchaser or any of its Affiliates who is entitled to any financial advisor’s, investment banking,
brokerage, finder’s or other fee or commission in connection with the Transactions.

 

SECTION 4.10. Financial
Capability. As of the date of this Agreement, the Purchaser has delivered to the Company a true, correct and complete copy
of the Equity Commitment Letter. The Equity Commitment Letter provides that (a) the Company is an express third party beneficiary
thereof and entitled to enforce such agreement; and (b) the Purchaser and the Equity Investors have waived any defenses to
the enforceability of such third party beneficiary rights. As of the date of this Agreement, the Equity Commitment Letter is in
full force and effect and constitutes the legal, valid and binding obligations of the Purchaser and the Equity Investors, enforceable
against the Purchaser and the Equity Investors in accordance with its terms. The Purchaser will have on the Closing Date all available
funds necessary (including cash, cash equivalents, available lines of credit or other sources of immediately available funds) to
consummate the Closing, to pay all fees, expenses and other amounts required to be paid by the Purchaser pursuant to the terms
of this Agreement and the Related Agreements, and to perform its respective obligations under this Agreement and the Related Agreements.
The Purchaser expressly acknowledges and agrees that its obligations hereunder, including its obligations to consummate the Closing,
are not subject to, or conditioned on, receipt of financing.

 

SECTION 4.11. Ownership
of Shares. None of the Purchaser or its Affiliates Beneficially Own any Ordinary Shares (without giving effect to the issuance
of the Notes hereunder) other than any Ordinary Shares that may be Beneficially Owned by managing directors, officers or other
employees of the Purchaser or its Affiliates or of their respective members.

 

    	 	20	 

     

    

 

SECTION 4.12. No Other
Purchaser Representations or Warranties. Except for the representations and warranties expressly made by the Purchaser in this
ARTICLE IV or in any certificate delivered pursuant to this Agreement, none of the Purchaser or any other Person makes or
has made any representation, warranty, statement, information or inducements of any kind whatsoever, express or implied, at Law
or in equity, with respect to the Purchaser or its Affiliates or their respective business, operations, assets, liabilities, condition
(financial or otherwise), notwithstanding the delivery or disclosure to the Company or any of its Affiliates or Representatives
of any documentation, statements, forecasts, estimates, projections, predictions, data, financial information, memorandum, presentations
or other materials or information with respect to any one or more of the foregoing.

 

ARTICLE V

 

Additional Agreements

 

SECTION 5.01. Public
Announcements. No press release or public announcement related to this Agreement or the Transactions shall be issued or made
by the Purchaser or its Affiliates without the prior written approval of the Company (not to be unreasonably withheld, conditioned
or delayed), unless required by Law (based on the advice of counsel) in which case the Company shall have the right to review and
reasonably comment on such press release, announcement or communication prior to issuance, distribution or publication. Notwithstanding
the foregoing (but subject to the terms of the Confidentiality Agreement), the Purchaser and its Affiliates shall not be restricted
from communicating with their respective investors and potential investors regarding the Transactions in connection with marketing,
informational or reporting activities in the ordinary course of the Purchaser’s business; provided that the recipient
of such information is subject to a customary obligation to keep such information confidential. Each of the Company and the Notes
Issuer may issue or make one or more press releases or public announcements regarding the Transactions and the Other Financing
Transactions (in the case of the Transactions (including the Form 8-K filed by the Company in respect thereof), subject to providing
the Purchaser the right to review and reasonably comment on such press release, announcement or communication prior to issuance,
distribution or publication) and may file this Agreement with the SEC and may provide information about the subject matter of this
Agreement in connection with equity or debt issuances, share repurchases, or marketing, informational or reporting activities.
The (i) Company’s initial press release regarding the Transactions (whether or not the Purchaser is expressly referred to
therein) and (ii) any subsequent press release by the Company regarding the Transactions that includes a reference to the Purchaser
shall, in each case, be in such form as has been agreed to in writing by the Purchaser prior to the filing or dissemination thereof
(such consent not to be unreasonably withheld, conditioned or delayed).

 

SECTION 5.02. Reasonable
Best Efforts.

 

(a) The Company, the
Notes Issuer and the Purchaser acknowledge that one or more filings under the HSR Act or foreign Antitrust Laws may be necessary
in connection with the issuance of the Notes Issuer Preference Shares and the Conversion Shares upon conversion of the Notes. The
Purchaser will notify the Company a reasonable amount of time prior to making any such filing. To the extent reasonably requested,
the Company, the Notes Issuer, the Purchaser and each applicable Affiliate of the Purchaser will use reasonable efforts to cooperate
in timely making or causing to be made all applications and filings under the HSR Act (it being agreed that, upon request of the
Purchaser, they shall seek early termination of the waiting period under the HSR Act) or any foreign Antitrust Law requirements
proposed by the Purchaser in connection with the issuance of Notes Issuer Preference Shares and Conversion Shares upon conversion
of Notes held by the Purchaser or any Affiliate of the Purchaser in a timely manner and as required by the Law of the applicable
filing jurisdiction; provided that, notwithstanding anything in this Agreement to the contrary, neither the Company nor
the Notes Issuer shall have any responsibility or liability for failure of the Purchaser or any of its Affiliates to comply with
any applicable Law or obtain any applicable regulatory approval. The Company shall be responsible for the payment of the filing
fees associated with any such applications or filings or, at the Purchaser’s option, reimbursement to the Purchaser of payment
of the filing fees associated with any such applications or filings, as directed by the Purchaser; provided that if, after
the initial filing under the HSR Act, any subsequent filings are required under the HSR Act or any foreign Antitrust Law, the Purchaser
shall be responsible for the payment of the filing fees associated with any such subsequent filing.

 

    	 	21	 

     

    

 

(b) Subject to the terms
and conditions set forth in this Agreement, each of the Company, the Notes Issuer and the Purchaser shall, and shall cause its
Affiliates to, use reasonable best efforts (A) to take, or cause to be taken, all actions and to do, or cause to be done, and assist
and cooperate with the other parties hereto in doing, all things necessary, proper or advisable to (i) ensure that the conditions
set forth in ARTICLE VI are satisfied and (ii) obtain all other consents, waivers, approvals, orders and authorizations
from Governmental Entities and make all registrations, declarations and filings with Governmental Entities as necessary or advisable
to consummate the Transactions and (B) to consummate the Transactions as promptly as practicable, including using reasonable best
efforts to contest (i) any Action brought, or threatened to be brought, by any Governmental Entity seeking to enjoin, restrain,
prevent, prohibit or make illegal the consummation of any of the Transactions or to impose any terms or conditions in connection
with the Transactions and (ii) any judgment that enjoins, restrains, prevents, prohibits or makes illegal the consummation of any
of the Transactions or imposes any terms or conditions in connection with the Transactions; provided that none of the Company,
the Notes Issuer, the Purchaser or any of their respective Affiliates shall be required to offer, negotiate, commit to or effect,
by consent decree, hold separate order or otherwise, (x) the sale, divestiture, license or other disposition of any capital stock
or other equity or voting interest, assets (whether tangible or intangible), rights, products or businesses or (y) any other restrictions
on the activities of the Purchaser (and its respective Affiliates), on the one hand, and the Company and the Notes Issuer (and
their respective Affiliates), on the other hand.

 

(c) In furtherance and
not in limitation of the foregoing, the Company and the Notes Issuer, on the one hand, and the Purchaser, on the other hand, shall
(and shall cause their respective Affiliates to), subject to any restrictions under applicable Laws, (i) promptly notify the
other party of, and, if in writing, furnish the others with copies of (or, in the case of oral communications, advise the others
of the contents of) any material communication received by such Person from a Governmental Entity in connection with the Transactions
and permit the other party to review and discuss in advance (and to consider in good faith any comments made by the other party
in relation to) any proposed draft notifications, formal notifications, filing, submission or other written communication (and
any analyses, memoranda, white papers, presentations, correspondence or other documents submitted therewith) made in connection
with the Transactions to a Governmental Entity; (ii) keep the other party informed with respect to the status of any such
submissions and filings to any Governmental Entity in connection with the Transactions and any developments, meetings or discussions
with any Governmental Entity in respect thereof, including with respect to (A) the receipt of any non-action, action, clearance,
consent, approval or waiver, (B) the expiration of any waiting period, (C) the commencement or proposed or threatened
commencement of any investigation, litigation or administrative or judicial action or proceeding under applicable Laws, including
any proceeding initiated by a private party, and (D) the nature and status of any objections raised or proposed or threatened
to be raised by any Governmental Entity with respect to the Transactions; and (iii) not independently participate in any meeting,
hearing, proceeding or discussions (whether in person, by telephone or otherwise) with or before any Governmental Entity in respect
of the Transactions without giving the other parties reasonable prior notice of such meeting or substantive discussions and, unless
prohibited by such Governmental Entity, the opportunity to attend or participate. However, each of the Company and the Notes Issuer,
on the one hand, and the Purchaser, on the other hand, may designate any non-public or competitively sensitive information (including
trade secrets) provided to any Governmental Entity as restricted to “outside counsel only” and any such information
shall not be shared with employees, officers or directors or their equivalents of the other party without approval of the party
providing the non-public or competitively sensitive information; provided that each party may redact any valuation and related
information before sharing any information provided to any Governmental Entity with another party on an “outside counsel
only” basis, and that neither party shall in any event be required to share information that benefits from legal privilege
with the other party, even on an “outside counsel” only basis, where this would cause such information to cease to
benefit from legal privilege.

 

    	 	22	 

     

    

 

SECTION 5.03. Corporate
Action. At any time that any Notes are outstanding, the Company shall from time to time take all lawful action within its control
to cause the authorized share capital of the Company to include a sufficient number of authorized but unissued Ordinary Shares
to satisfy the conversion requirements of all of the Notes then outstanding.

 

SECTION 5.04. NYSE
Listing of Shares. To the extent the Company has not done so prior to the date of this Agreement, the Company shall promptly
apply to cause the Conversion Shares to be approved for listing on NYSE, subject to official notice of issuance.

 

    	 	23	 

     

    

 

SECTION 5.05. Expenses.

 

(a) Except as otherwise
expressly provided herein, all costs and expenses, including fees and disbursements of counsel, financial advisors and accountants,
incurred in connection with this Agreement and the Transactions shall be paid by the party incurring such costs and expenses, whether
or not the Closing shall have occurred.

 

(b) The Company shall
reimburse the Purchaser and its Affiliates for all out-of-pocket fees and expenses incurred prior to or as of the Closing Date
in connection with the evaluation, investigation, preparation, negotiation, entry into and consummation of the Transactions (including,
for the avoidance of doubt, any consideration paid by the Purchaser or its Affiliates in connection with the acquisition of any
consulting work product) in an amount not to exceed $1,500,000.00 in the aggregate (the “Reimbursement Amount”).
The Reimbursement Amount shall be payable only upon (i) the consummation of the Transactions or (ii) termination of this Agreement
by the Purchaser at a time when the Company is in breach of this Agreement. The Company shall make all payments due pursuant to
this Section 5.5(b) by wire transfer of immediately available funds on or prior to the date that is three Business Days
following the earlier of (x) the Closing and (y) such termination date.

 

SECTION 5.06. Indenture.
The Company, the Notes Issuer and the Purchaser shall, as promptly as practicable following the date hereof (and in any event prior
to the Closing Date), negotiate an Indenture, which shall include a form of Note as an attachment and the Guarantee, on terms and
conditions consistent with those set forth in the Description of Notes attached as Exhibit A hereto and such other terms
as may be mutually agreed to by the Company and the Purchaser (provided that the terms and conditions may vary from those set forth
in the Description of Notes attached as Exhibit A hereto to the extent such variation is (i) not materially adverse to the
Purchaser and (ii) (x) requested by the Trustee, (y) necessary to make the Notes DTC eligible or (z) necessary to make the Notes
eligible for listing on an exchange) (the “Indenture”), and the Company, the Notes Issuer and the Trustee shall
enter into such Indenture concurrent with the Closing. The Notes shall be issued pursuant to and governed by the Indenture.

 

SECTION 5.07. Investor
Rights Agreement. At the Closing, the Company, the Notes Issuer and the Purchaser shall enter into, execute and deliver to
each other the Investor Rights Agreement.

 

SECTION 5.08. Notification
of Certain Matters. Notwithstanding anything else herein to the contrary, the Company and the Notes Issuer, on the one hand,
and the Purchaser, on the other hand, shall give prompt written notice to the other of any notice or other communication from any
Person alleging that any consent, waiver or approval from, or notification requirement to, such Person is or may be required in
connection with the Transactions.

 

SECTION 5.09. Certain
Tax Matters. Notwithstanding anything herein to the contrary, the Company and the Notes Issuer shall have the right to deduct
and withhold from (or cause there to be deducted or withheld from) any payment or distribution made with respect to the Notes (or
the issuance of Notes Issuer Preference Shares or Conversion Shares upon conversion of the Notes) such amounts as are required
to be deducted or withheld with respect to the making of such payment or distribution (or issuance) under any applicable Tax Law.
To the extent that any amounts are so deducted or withheld, such deducted or withheld amounts shall be treated for all purposes
of this Agreement as having been paid to the Person in respect of which such deduction or withholding was made. In the event the
Company or the Notes Issuer previously remitted (or previously caused there to be remitted) any amounts to a Governmental Entity
on account of Taxes required to be deducted or withheld in respect of any payment or distribution (or deemed distribution) on any
Notes, the Company and the Notes Issuer shall be entitled to offset any such amounts against any amounts otherwise payable in respect
of such Notes (or the issuance of Notes Issuer Preference Shares or Conversion Shares upon conversion of the Notes).

 

    	 	24	 

     

    

 

SECTION 5.10. Reporting
by the Notes Issuer. The Notes Issuer agrees that, for so long as the Notes are outstanding, it will continue to file or furnish
with the SEC the periodic reports it would be required to file or furnish pursuant to Section 13 or 15(d) of the Exchange Act if
it were to have a class of securities registered under the Exchange Act.

 

SECTION 5.11. Equity
Commitment Letter. The Purchaser agrees that the Equity Commitment Letter will not be amended, modified or altered at any time
through the Closing without the prior written consent of the Company and the Notes Issuer.

 

SECTION 5.12. Charter
Acknowledgement. The Purchaser acknowledges the restrictions on holders of Shares (as defined in the Bye-laws) on transfers
and acquisitions set forth in Bye-law 11 of the Bye-laws; provided that nothing in this Agreement or the Bye-Laws shall
be deemed to amend, modify or otherwise impact any of the terms of the Ownership Limit Exemption Letter.

 

SECTION 5.13. No Similar
Securities. None of the Company, the Notes Issuer or any other Person or entity authorized by the Company or the Notes Issuer
to act on their behalf (i) has, directly or indirectly, sold or (ii) will, within the four days after the date of this Agreement,
directly or indirectly, sell any security (as defined in the Securities Act) that is substantially similar to the Notes, in each
case of clauses (i) and (ii) other than the contemplated offerings of senior secured notes and exchangeable senior notes pursuant
to the Other Financing Transactions.

 

ARTICLE VI

Conditions to Closing

 

SECTION 6.01. Conditions
to the Obligations of the Company, the Notes Issuer and the Purchaser. The respective obligations of each of the Company, the
Notes Issuer and the Purchaser to effect the Transactions are subject to the satisfaction or (to the extent permitted by Law) waiver
by each of the Company and the Purchaser on or prior to the Closing Date of the following condition: no Governmental Entity shall
have issued any order, decree or ruling, no Action has been commenced seeking any order, decree or ruling and no Law shall be in
effect, enjoining, restraining or otherwise prohibiting any of the Transactions.

 

    	 	25	 

     

    

 

SECTION 6.02. Conditions
to the Obligations of the Company and the Notes Issuer. The obligations of the Company and the Notes Issuer to sell the Notes
to the Purchaser are further subject to the satisfaction or (to the extent permitted by Law) waiver by the Company on or prior
to the Closing Date of the following conditions:

 

(a) the Trustee
shall have executed and delivered the Indenture and authenticated and delivered the Notes to the Company and the Notes Issuer;

 

(b) other
than the representations and warranties listed in Section 6.02(c), all representations and warranties of the Purchaser set
forth in ARTICLE IV of this Agreement shall be true and correct (without giving effect to any limitation or qualification
as to “materiality” or “material adverse effect” set forth in such representations and warranties) at and
as of the Closing Date, with the same force and effect as if made on the Closing Date (except to the extent such representations
and warranties expressly relate to an earlier date, in which case such representations and warranties shall be so true and correct
on such earlier date), except where the failure of such representations and warranties to be so true and correct would not, individually
or in the aggregate, prevent or materially delay the consummation of the Transactions or otherwise be material to the Purchaser’s
ability to consummate the Transactions;

 

(c) all representations
and warranties of the Purchaser set forth in Section 4.01 and Section 4.02 of this Agreement shall be true and correct
(without giving effect to any limitation or qualification as to “materiality” or “material adverse effect”
set forth in such representations and warranties) in all material respects at and as of the Closing Date, with the same force and
effect as if made on the Closing Date, except to the extent such representations and warranties expressly relate to an earlier
date (in which case such representations and warranties shall be so true and correct on such earlier date);

 

(d) the Purchaser
shall have complied in all material respects with the covenants and agreements required to be complied with by the Purchaser under
this Agreement at or prior to the Closing;

 

(e) on or
prior to the Closing Date, the Purchaser shall have duly executed and delivered to the Company and the Notes Issuer the Investor
Rights Agreement;

 

(f) the Purchaser
shall have delivered to the Company a true, correct and complete and duly executed IRS Form W-9 or applicable IRS Form W-8; and

 

(g) the Company
and the Notes Issuer shall have received a certificate of the Purchaser, validly executed for and on behalf of the Purchaser and
in its name by a duly authorized executive officer thereof, certifying that the conditions set forth in Sections 6.02(b)
through (d) have been satisfied.

 

SECTION 6.03. Conditions
to the Obligations of the Purchaser. The obligations of the Purchaser to purchase the Notes to be purchased by it hereunder
are further subject to the satisfaction or (to the extent permitted by Law) waiver by the Purchaser on or prior to the Closing
Date of the following conditions:

 

    	 	26	 

     

    

 

(a) the Company,
the Notes Issuer and the Trustee shall have executed the Indenture and the Notes on the Closing Date and delivered the Indenture
and the Notes to the Purchaser;

 

(b) other
than the representations and warranties listed in Section 6.03(c) and Section 6.03(d), the representations and warranties
of the Company and the Notes Issuer set forth in ARTICLE III hereof shall be true and correct (without giving effect to
any limitation or qualification as to “materiality” or “Material Adverse Effect” set forth in such representations
and warranties) as of the date of this Agreement and as of the Closing Date as though made on and as of such date (except to the
extent that any such representation or warranty speaks to an earlier date, in which case such representation or warranty shall
so be true and correct as of such earlier date), except where the failure of such representations and warranties to be so true
and correct would not, individually or in the aggregate, have a Material Adverse Effect;

 

(c) the representations
and warranties set forth in Section 3.01(a) and Section 3.03(a) shall be true and correct (in each case without giving
effect to any limitation or qualification as to “materiality” or “Material Adverse Effect” set forth in
such representations and warranties) in all material respects as of the date of this Agreement and as of the Closing Date as though
made on and as of such date (except to the extent that any such representation or warranty speaks to an earlier date, in which
case such representation or warranty shall be so true and correct as of such earlier date);

 

(d) the representations
and warranties set forth in Section 3.02(a), Section 3.02(b) and Section 3.02(c) shall be true and correct
(in each case without giving effect to any limitation or qualification as to “materiality” or “Material Adverse
Effect” set forth in such representations and warranties) in all respects as of the Closing Date (except to the extent that
any such representation or warranty speaks to an earlier date, in which case such representation or warranty shall be so true and
correct as of such earlier date), except for any de minimis inaccuracies in such representations and warranties;

 

(e) the Company
and the Notes Issuer shall have complied in all material respects with the covenants and agreements required to be complied with
by the Company and the Notes Issuer under this Agreement at or prior to the Closing;

 

(f) delivery
of opinions from Bermuda and U.S. counsel to the Company and the Notes Issuer, dated the Closing Date, in scope and form substantially
similar to the legal opinions delivered to the initial purchasers in the concurrent offering of convertible notes by the Notes
Issuer;

 

    	 	27	 

     

    

 

(g) on or
prior to the Closing Date, the Company and the Notes Issuer shall have duly executed and delivered to the Purchaser the Investor
Rights Agreement;

 

(h) the Company
shall have received cash proceeds from the Other Financing Transactions in an amount that, net of underwriting discounts and the
amount of any indebtedness to be repaid with the proceeds thereof, is not less than $1,000,000,000;

 

(i) the NYSE
shall have approved the listing of the Conversion Shares, subject to official notice of issuance;

 

(j) the Company
shall have delivered to the Purchaser a duly executed ownership limit exemption letter, substantially in the form attached as Exhibit
C hereto (the “Ownership Limit Exemption Letter”);

 

(k) there
shall not have occurred a Material Adverse Effect; and

 

(l) the Purchaser
shall have received certificates of the Company and the Notes Issuer, validly executed for and on behalf of each of them and in
its name by a duly authorized executive officer thereof, certifying that the conditions set forth in Section 6.03(b) through
(e) have been satisfied.

 

SECTION 6.04. Frustration
of Closing Conditions. The Company and Notes Issuer may not rely on the failure of any condition set forth in Section 6.01
or Section 6.02 to be satisfied if their failure to perform in all material respects any of their obligations under
this Agreement, to act in good faith or to use, in accordance with the terms of this Agreement, their required efforts to cause
the Closing to occur shall have been the principal cause of, or shall have resulted in, the failure of such condition. No Purchaser
may rely on the failure of any condition set forth in Section 6.01 or Section 6.03 to be satisfied if the
failure of the Purchaser to perform in all material respects any of its obligations under this Agreement, to act in good faith
or to use, in accordance with the terms of this Agreement, its required efforts to cause the Closing to occur shall have been the
principal cause of, or shall have resulted in, the failure of such condition.

 

ARTICLE VII

 

Termination; Survival

 

SECTION 7.01. Termination.
This Agreement may be terminated at any time prior to the Closing Date:

 

(a) by mutual
written consent of the Company and the Purchaser; or

 

(b) by either
the Company and the Notes Issuer or the Purchaser if:

 

(i) the
Closing shall not have occurred on or prior to the date that is ninety (90) days after the date hereof; or

 

    	 	28	 

     

    

 

(ii) any
Governmental Entity issues an order, decree or ruling or has taken any other action permanently enjoining, restraining or otherwise
prohibiting any of the Transactions and such order, decree, ruling or other action shall have become final and non-appealable (other
than, for the avoidance of doubt, any objection from the NYSE to approve the listing of the Conversion Shares);

 

provided,
however, that the right to terminate this Agreement pursuant to Section 7.01(b) shall not be available to any
party to this Agreement whose material breach of any of its representations, warranties, covenants or agreements contained in this
Agreement shall have been the principal cause of, or shall have resulted in, the failure of any such condition.

 

SECTION 7.02. Effects
of Termination. In the event of the termination of this Agreement as provided for in Section 7.01, this Agreement
shall forthwith become wholly void and of no further force and effect without any liability or obligation on the part of the Company,
the Notes Issuer or the Purchaser, except that the applicable Confidentiality Agreement and the provisions of Section 5.05,
this Section 7.02 and ARTICLE VIII (other than Section 8.04) shall survive any termination of this
Agreement; provided further that the termination of this Agreement shall not relieve any party hereto from any liability
for any Fraud or material and willful breach (meaning an action or omission of a party that at the time taken or made is both deliberate
and reasonably expected by such party to result in a material breach) by a party of the terms and provisions of this Agreement.

 

SECTION 7.03. Survival.
All of the covenants or other agreements of the parties contained in this Agreement, other than those which by their terms apply
in whole or in part after the Closing (which shall survive the Closing until fully performed or fulfilled, unless and to the extent
that non-compliance with such covenants or agreements is waived in writing by the party entitled to such performance), shall terminate
as of the Closing. Except for the representations and warranties contained in Section 3.01(a), Section 3.02(a), Section
3.02(b), Section 3.02(c) and Section 3.03(a) and the representations and warranties contained in Section 4.01
and Section 4.02, which shall survive the Closing until the sixth (6th) anniversary of the date hereof, the warranties and
representations made in this Agreement shall survive for twelve (12) months following the Closing Date and shall then expire; provided
that nothing herein shall relieve any party of liability for (i) any inaccuracy or breach of such representation or warranty to
the extent that any good faith allegation of such inaccuracy or breach is made in writing prior to such expiration or (ii) Fraud.

 

SECTION 7.04. Limitation
on Damages. Notwithstanding any other provision of this Agreement, except in the case of Fraud or material and willful breach
(meaning an action or omission of a party that at the time taken or made is both deliberate and reasonably expected by such party
to result in a material breach), no party shall have any liability under this Agreement to the other in excess of the Purchase
Price, and no party shall be liable for any speculative, special or punitive damages with respect to a breach of this Agreement,
other than with respect to any damages payable to a third party.

 

    	 	29	 

     

    

 

SECTION 7.05. Non-Recourse.
This Agreement may only be enforced against, and any claims or causes of action that may be based upon, arise out of or relate
to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against the entities that are
expressly identified as parties hereto, including entities that become parties hereto after the date hereof or that agree in writing
for the benefit of the Company to be bound by the terms of this Agreement applicable to the Company, and, subject only to the specific
contractual provisions hereof, no former, current or future equityholders, controlling persons, directors, officers, employees,
agents or Affiliates of any party hereto or any former, current or future equityholder, controlling person, director, officer,
employee, general or limited partner, member, manager, advisor, agent or Affiliate of any of the foregoing (each, a “Non-Recourse
Party”) shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim
(whether in tort, contract or otherwise) based on, in respect of, or by reason of, the Transactions or in respect of any representations
made or alleged to be made in connection herewith. Without limiting the rights of any party against the other parties hereto, in
no event shall any party or any of its Affiliates seek to enforce this Agreement against, make any claims for breach of this Agreement
against, or seek to recover monetary damages from, any Non-Recourse Party in connection with this Agreement.

 

ARTICLE VIII

 

Miscellaneous

 

SECTION 8.01. Notices.
All notices, requests, permissions, waivers or other communications required or permitted to be given under this Agreement shall
be in writing and shall be delivered by hand or sent by electronic mail, postage prepaid, by registered, certified or express mail
or overnight courier service and shall be deemed given when so delivered by hand, by electronic mail (which is confirmed), or if
mailed, three days after mailing (one Business Day in the case of express mail or overnight courier service) to the parties at
the following addresses (or at such other address for a party as shall be specified by like notice):

 

(a) If to the Company
or the Notes Issuer:

 

Norwegian Cruise Line Holdings Ltd.

7665 Corporate Center Drive

Miami, Florida 33126

		Attn:	Daniel S. Farkas, Executive Vice President, General 

Counsel
and Assistant Secretary

Email:dfarkas@ncl.com

 

with a
copy to (which copy alone shall not constitute notice):

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

		Attn:	Eric Schiele, P.C.

Jonathan L. Davis, P.C.

Sophia Hudson, P.C.

		Email:	eric.schiele@kirkland.com

jonathan.davis@kirkland.com

sophia.hudson@kirkland.com

 

    	 	30	 

     

    

 

(b) If to the Purchaser:

 

c/o Catterton Management Company, LLC

599 West Putnam Avenue

Greenwich, CT 06830

		Attn:	Dan Reid

Scott Dahnke

Marc Magliacano

		Email:	dan.reid@lcatterton.com

scott@lcatterton.com

marc.magliacano@lcatterton.com

 

with a copy to (which copy alone shall not constitute
notice):

 

Gibson, Dunn & Crutcher LLP

200 Park Avenue

New York, NY 10166

Facsimile: (212) 351-5316

Attn:Steve Shoemate

Email:sshoemate@gibsondunn.com

 

SECTION 8.02. Amendments,
Waivers, etc. This Agreement may be amended or waived if, and only if, such amendment is in writing and signed by all parties
or such waiver is in writing and signed by the party against whom such waiver shall be enforced. The failure of any party hereto
to exercise any right, power or remedy provided under this Agreement or otherwise available in respect hereof at law or in equity,
or to insist upon compliance by any other party hereto with its obligations hereunder, shall not constitute a waiver by such party
of its right to exercise any such other right, power or remedy or to demand such compliance.

 

SECTION 8.03. Counterparts.
This Agreement may be executed in two or more identical counterparts (including by electronic transmission), each of which shall
be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument, and shall become effective
when one or more counterparts have been signed by each of the parties hereto and delivered (by electronic transmission or otherwise)
to the other parties hereto.

 

SECTION 8.04. Further
Assurances. Each party hereto shall execute and deliver after the Closing such further certificates, agreements and other documents
and take such other actions as any other party hereto may reasonably request in order to carry out the intent and accomplish the
purposes of this Agreement and to consummate or implement the Transactions.

 

    	 	31	 

     

    

 

SECTION 8.05. Governing
Law; Arbitration; Specific Enforcement.

 

(a) This Agreement, its
construction, validity and performance and any non-contractual obligations arising from or connected with it (and any dispute arising
from or connected with it) is governed by and shall be construed in accordance with New York law, without regard to its choice
of law rules.

 

(b) Any dispute, claim,
or difference (whether contractual or non-contractual) in any way arising out of or in connection with this Agreement or its subject
matter, formation or interpretation shall be referred to and resolved by arbitration with its venue or legal place in New York,
in accordance with the Rules of Arbitration of the International Chamber of Commerce (“ICC”) in force at the
time of the referral to arbitration, which ICC rules are deemed to be incorporated into this Agreement. The Expedited Procedures
of the ICC Rules shall not apply. The language of the arbitration shall be English. The number of arbitrators shall be three. The
President of the Arbitral Tribunal shall be chosen by the party-nominated co-arbitrators. All arbitration proceedings, including
all written submissions and evidence provided, shall be confidential and shall not be disclosed to any third party, except to the
extent: (i) required by applicable Law, (ii) required in connection with any court application for interim relief or post-arbitration
confirmation or enforcement proceedings, or (iii) all other parties to the arbitration proceedings consent to the disclosure. The
award shall be enforceable in any court of competent jurisdiction. The parties hereto undertake to carry out any decision or award
of the tribunal without delay.

 

(c) The parties hereto
acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed
in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties hereto shall be entitled
to an injunction or injunctions to prevent breaches or threatened breaches of this Agreement and to enforce specifically the terms
and provisions of this Agreement (including, for the avoidance of doubt, the right of the Company to cause the purchase and sale
of the Notes to be consummated on the terms and subject to the conditions set forth in this Agreement and the right of the Company
to specifically enforce the obligations of the Equity Investors to fund the Commitments or Damages Commitments (each as defined
in the Equity Commitment Letter)), in each case without proof of damages or otherwise (and each party hereto hereby waives any
requirement for the securing or posting of any bond in connection with such remedy), this being in addition to any other remedy
to which they are entitled at law or in equity. The parties hereto agree not to assert that a remedy of specific enforcement is
unenforceable, invalid, contrary to Law or inequitable for any reason, nor to assert that a remedy of monetary damages would provide
an adequate remedy.

 

    	 	32	 

     

    

 

SECTION 8.06. Interpretation.
When a reference is made in this Agreement to an Article or Section, such reference shall be to an Article or Section of this Agreement
unless otherwise indicated. The table of contents and headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include”, “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”.
The words “hereof”, “herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The words “date
hereof” shall refer to the date of this Agreement. The word “or” shall not be exclusive. The word “extent”
in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and shall not simply
mean “if”. The words “made available to the Purchaser” and words of similar import refer to documents (i)
delivered in person or electronically to the Purchaser, (ii) posted to a virtual data room managed by or on behalf of the Company
in connection with the Transactions, or (iii) filed or furnished by the Company or the Notes Issuer with, and available through,
the SEC’s Electronic Data Gathering and Retrieval System, in each case of clauses (i), (ii) and (iii), at any time prior
to the date hereof. All references to “$” mean the lawful currency of the United States of America. The definitions
contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well
as to the feminine and neuter genders of such term. Except as specifically stated herein, any agreement, instrument or statute
defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or
statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver
or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments thereto
and instruments incorporated therein. Except as otherwise specified herein, references to a Person are also to its successors and
permitted assigns. Each of the parties hereto has participated in the drafting and negotiation of this Agreement. If an ambiguity
or question of intent or interpretation arises, this Agreement must be construed as if it is drafted by all the parties and no
presumption or burden of proof shall arise favoring or disfavoring any party by virtue of authorship of any of the provisions of
this Agreement.

 

SECTION 8.07. Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced because of any Law or public
policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the Transactions is not affected in any manner materially adverse to any party hereto. Upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually
acceptable manner in order that the Transactions be consummated as originally contemplated to the greatest extent possible.

 

SECTION 8.08. No Third-Party
Beneficiaries. Except as provided in Section 7.05, this Agreement is for the sole benefit of the parties hereto
and their permitted assigns and nothing expressed or referred to in this Agreement will be construed to give any Person, other
than the parties to this Agreement and such permitted assigns, any legal or equitable right, remedy or claim under or with respect
to this Agreement or any provision of this Agreement, whether as third party beneficiary or otherwise.

 

    	 	33	 

     

    

 

SECTION 8.09. Successors
and Assigns. This Agreement shall be binding upon, and shall inure to the benefit of, and shall be enforceable by, the parties
hereto and their respective successors and permitted assigns. Neither this Agreement nor any of the rights, interests or obligations
hereunder shall be assigned by any of the parties hereto (whether by operation of Law or otherwise) without the prior written consent
of the other parties hereto.

 

SECTION 8.10. Acknowledgment
of Securities Laws. The Purchaser hereby acknowledges that it is aware, and that it will advise its Affiliates and Representatives
who are provided material non-public information concerning the Company, its Subsidiaries or any of their respective securities,
that the United States securities Laws prohibit any Person who has received from an issuer material, non-public information from
purchasing or selling securities of such issuer or from communication of such information to any other Person under circumstances
in which it is reasonably foreseeable that such Person is likely to purchase or sell such securities.

 

SECTION 8.11. Disclosure
Schedule References. The parties hereto agree that the disclosure set forth in any particular section or subsection of the
Disclosure Schedules shall be deemed to be an exception to (or, as applicable, a disclosure for purposes of) (a) the representations
and warranties (or covenants, as applicable) of the Company and the Notes Issuer that are set forth in the corresponding section
or subsection of this Agreement; and (b) any other representations and warranties (or covenants, as applicable) of the Company
and the Notes Issuer that are set forth in this Agreement, but in the case of this clause (b) only if the relevance of that disclosure
as an exception to (or a disclosure for purposes of) such other representations and warranties (or covenants, as applicable) is
reasonably apparent on the face of such disclosure without knowledge of any underlying document or other information.

 

SECTION 8.12. Entire
Agreement. This Agreement (including all Schedules and Exhibits hereto), together with the Related Agreements, constitutes
the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and
oral, between the parties hereto, with respect to the subject matter hereof and thereof.

 

[Remainder of page intentionally left
blank]

 

    	 	34	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the day and year first above written.

 

	 	
        COMPANY:

         

        Norwegian Cruise Line Holdings
Ltd.

	 	 
	 	By:	/s/ Frank Del Rio
	 	 	Name: Frank Del Rio 
	 	 	Title:   President and CEO

 

 

[Signature page to Investment Agreement]

 

     

     

    

 

 

	 	
        NOTES ISSUER:

         

        NCL Corporation Ltd.

	 	 
	 	By:	/s/ Frank Del Rio
	 	 	Name: Frank Del Rio 
	 	 	Title:   President and CEO

 

 

[Signature page to Investment Agreement]

 

     

     

    

  

	 	
        PURCHASER:

         

        LC9 Skipper,
        L.P.

         

	 	
        By: LC9 Managers Ltd.

        Its: General Partner

	 	 
	 	By:	/s/ Scott A. Dahnke
	 	 	Name: Scott A. Dahnke 
	 	 	Title:   Director

 

 

[Signature page to Investment Agreement]

 

     

     

    

 

EXHIBIT A

 

 

DESCRIPTION OF NOTES

 

[See attached.]

 

    	 	A-1	 

     

    

 

DESCRIPTION OF NOTES

 

We will issue the notes under an indenture
to be dated as of the date of initial issuance of the notes (the “indenture”) among NCL Corporation Ltd., Norwegian
Cruise Line Holdings Ltd. and U.S. Bank National Association, as trustee (the “trustee”).

 

For purposes of this description, references
to:

 

		·	“the Company,” “we,” “our” and “us” refer only to NCL Corporation Ltd., an
exempted company incorporated under the laws of Bermuda and tax resident in the United Kingdom, and not to its parent, NCL Holdings,
or any of NCL Holdings’ other subsidiaries;

 

		·	“NCL Holdings” refers to Norwegian Cruise Line Holdings Ltd., a Bermuda exempted company formed as a holding company
and tax resident in the United Kingdom, and not any of its subsidiaries;

 

		·	“NCLC Group” refers to the Company, NCL Holdings, and all of NCL Holdings’ other direct and indirect subsidiaries;

 

		·	“business day” refers to any day other than a Saturday, a Sunday or a day on which banking institutions in New
York City, Bermuda or other place of payment are authorized or required by law, regulation or executive order to close;

 

		·	“close of business” refers to 5:00 p.m., New York City time, and “open of business” refers to 9:00
a.m., New York City time;

 

		·	“notes” refer to each $1,000 original principal amount of      % Unsecured Exchangeable
Senior Notes due 2026;

 

		·	“ordinary shares” refer to the ordinary shares, par value $0.001 per share, of NCL Holdings; and

 

		·	“Preference Shares” refer to the Series A-2 preference shares of the Company, having the rights set out in the
certificate of designations, preferences and other rights adopted by the Company, with a par value of $0.001 each and which will
be issued on conversion of the notes at a paid-up value (“Paid-up Value”) of $1,000 each per $1,000 principal amount
of notes, immediately transferred to NCL Holdings and automatically exchanged for ordinary shares.

 

The indenture will not incorporate or include
any of the provisions of the U.S. Trust Indenture Act of 1939, as amended.

 

In addition, unless the context otherwise
requires, all references to “interest” in this offering memorandum include additional cash interest, if any, payable
at our election as the sole remedy relating to the failure to comply with our reporting obligations as described under “—Events
of Default.”

 

General

 

The notes will:

 

		·	be our general unsecured, senior obligations

 

		·	be limited to an aggregate original principal amount, prior to accretion of interest, of $[400] million;

 

		·	accrue interest on [●], 2020 and [●], 2021 at a rate of 7.00% per annum with such accrued interest added as an
accretion to the principal amount of the notes as described below in “—Interest”;

 

		·	from [●], 2021 to [●], 2024, bear cash interest at a rate of 3.00% per annum payable on [●] and [●]
of each year and accrue interest on [●] and [●] of each year at a rate of 4.50% per annum with such accrued interest
added as an accretion to the principal amount of the notes as described below in “—Interest”;

 

    	 	A-2	 

     

    

 

		·	bear cash interest on [●], 2025 and [●], 2026 at a rate of 7.5% per annum;

 

		·	not be redeemable prior to maturity, except as described below under “—Optional Redemption” and “—Redemption
Permitted For Changes in Certain Tax Laws”;

 

		·	be subject to repurchase by us at the option of the holders following a fundamental change, subject to certain exceptions,
at a fundamental change repurchase price equal to 100% of the accreted principal amount of the notes to be repurchased, plus
accrued and unpaid interest to, but not including, the fundamental change repurchase date (as such terms are defined below
under “—Fundamental Change Permits Holders to Require Us to Repurchase Notes”);

 

		·	mature on [●], 2026, unless earlier exchanged, repurchased or redeemed;

 

		·	be fully and unconditionally guaranteed by NCL Holdings on a senior, unsecured basis; and

 

		·	be issued in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof; provided that the principal
amount of notes are subject to accretion from accrual of interest as described below under “—Interest.”

 

Subject to satisfaction of certain conditions,
the notes may be exchanged at an initial exchange rate of [●] ordinary shares per $1,000 principal amount of notes (equivalent
to an initial exchange price of approximately $[●] per ordinary share). The exchange rate is subject to adjustment if certain
events occur.

 

Upon exchange of a note, we will deliver
ordinary shares together with a cash payment in lieu of delivering any fractional ordinary share, as described under “—Exchange
Rights—Settlement Upon Exchange.” You will not receive any separate cash payment for interest, if any, accrued and
unpaid to the exchange date except under the limited circumstances described below.

 

Any exchange of notes into ordinary shares
will be and is subject to certain restrictions on ownership and transfer of the ordinary shares set forth in NCL Holdings’
bye-laws and the indenture, as further described in “—Restrictions on Ownership and Transfer of Shares; Limitation
on Shares Issuable Upon Exchange,” and the Investor Rights Agreements to be entered into by and among the Company, NCL Holdings
and the investors party thereto (the “Investor Rights Agreement”).

 

The indenture will not limit the amount
of debt that may be issued by NCLC Group under the indenture or otherwise. The indenture will not contain any financial covenants
and will not restrict NCLC Group from paying dividends, issuing or repurchasing other securities, incurring or issuing new debt
(including secured debt) or repaying or repurchasing debt. Other than restrictions described under “—Fundamental Change
Permits Holders to Require Us to Repurchase Notes” and “—Consolidation, Merger and Sale of Assets” below
and except for the provisions set forth under “—Exchange Rights—Increase in Exchange Rate Upon Exchange in Connection
With a Make-Whole Fundamental Change or a Tax Redemption,” the indenture will not contain any covenants or other provisions
designed to afford holders of the notes protection in the event of a highly leveraged transaction involving NCLC Group or in the
event of a decline in any member of NCLC Group’s credit rating as the result of a takeover, recapitalization, highly leveraged
transaction or similar restructuring involving NCLC Group that could adversely affect such holders.

 

References in this “Description of
Notes” to a “holder” or “holders” of the notes that are held through a depositary are references
to owners of beneficial interests in such notes, unless the context otherwise requires. However, we and the trustee will treat
the person in whose name the notes are registered as the owner of such notes for all purposes.

 

Purchase and Cancellation

 

We will cause all notes surrendered for
payment, redemption, repurchase (but excluding notes repurchased pursuant to cash-settled swaps or other derivatives that are not
physically settled), exchange or registration of transfer or exchange, if surrendered to any person other than the trustee (including
any of our agents, subsidiaries or affiliates), to be delivered to the trustee for cancellation, and they will no longer be considered
 “outstanding” under the indenture upon their payment, redemption, repurchase, exchange or registration of transfer
or exchange. All notes delivered to the trustee for cancellation shall be cancelled promptly by the trustee in accordance with
its customary procedures. No notes shall be authenticated in exchange for any notes cancelled, except as provided in the indenture.

 

    	 	A-3	 

     

    

 

We may, to the extent permitted by law
and without the consent of holders, directly or indirectly (regardless of whether such notes are surrendered to us), repurchase
notes in the open market or otherwise, whether by the Company, NCL Holdings or its subsidiaries or through private or public tenders
or exchange offers or through counterparties to private agreements, including by cash-settled swaps or other derivatives. We will
cause any notes so purchased (other than notes purchased pursuant to cash-settled swaps or other derivatives that are not physically
settled) to be surrendered to the trustee for cancellation, and they will no longer be considered “outstanding” under
the indenture upon their purchase.

 

Any notes held by any member of NCLC Group
will be disregarded for voting purposes in connection with any notice, waiver, consent or direction requiring the vote or concurrence
of holders.

 

Payments on the Notes; Paying Agent and Registrar; Transfer
and Exchange

 

We will pay the principal of, and cash
interest on, notes in global form registered in the name of or held by a depositary or its nominee in immediately available funds
to such depositary or its nominee, as the case may be, as the registered holder of such global note.

 

We will pay the principal of any certificated
notes at the office or agency designated by us for that purpose. We have initially designated the trustee as our paying agent and
registrar and its corporate trust office as a place where notes may be presented for payment or for registration of transfer. We
may, however, change the paying agent or registrar without prior notice to the holders of the notes, and we may act as paying agent
or registrar.

 

Cash interest on certificated notes will
be payable to holders by wire transfer in immediately available funds to that holder’s account within the United States,
which application shall remain in effect until the holder notifies the registrar to the contrary in writing.

 

A holder of certificated notes may transfer
or exchange notes at the office of the registrar in accordance with the indenture. The registrar and the trustee may require a
holder, among other things, to furnish appropriate endorsements and transfer documents. No service charge will be imposed by us,
the trustee or the registrar for any registration of transfer or exchange of notes, but we may require a holder to pay a sum sufficient
to cover any transfer tax or other similar governmental charge required by law or permitted by the indenture.

 

Notwithstanding anything else herein to
the contrary, you may not sell or otherwise transfer notes or any ordinary shares issuable upon exchange of notes except in compliance
with the provisions set forth under the indenture, as described in “Restrictions on Ownership and Transfer of Shares; Limitation
on Shares Issuable Upon Exchange,” and the Investor Rights Agreement, if applicable. We are not required to transfer or exchange
any note surrendered for exchange into ordinary shares, redemption or required repurchase. A holder of a beneficial interest in
a note in global form may transfer or exchange such beneficial interest in accordance with the indenture and the Investor Rights
Agreement, if applicable, and the procedures of the depositary, if applicable. The registered holder of a note will be treated
as its owner for all purposes.

 

We will be required at all times to maintain
an office or agency in the continental United States to serve as our paying agent, registrar and exchange agent for the notes.

 

We reserve the right to vary or terminate
the appointment of the security registrar, paying agent or exchange agent, and bid solicitation agent; act as the paying agent
or bid solicitation agent; appoint additional paying agents or exchange agents; or approve any change in the office through which
any security registrar or any paying agent or exchange agent acts.

 

    	 	A-4	 

     

    

 

Interest

 

Until but not including [●]1,
2021, no cash interest will be payable on the notes, and instead accrued interest at a rate of 7.00% per annum shall be added
as an accretion to the principal amount of the notes on each of [●]2,
2020 and [●]3, 2021 (each,
an “accretion-only interest accrual date”). On each accretion-only interest accrual date, the principal amount of
each note shall be the accreted principal amount of such note immediately prior to such date, plus the amount of interest
accrued on such accreted principal amount from the issue date. On and following [●]4,
2021 until but not including [●], 2025, interest shall accrue in a combination of cash at a rate of 3.00% per annum and
accreted interest at a rate of 4.50% per annum added as an accretion to the principal amount of the notes on each interest accrual
date. On and following [●], 2025, interest shall accrue in cash at a rate of 7.5% per annum. On each [●] and [●]5
(a “cash/accreted interest accrual date” and together with the accretion-only interest accrual dates,
an “interest accrual date”), the principal amount of each note shall be the accreted principal amount of such note
immediately prior to such cash/accreted interest accrual date, plus the amount of interest on such accreted principal amount
during the period beginning on the preceding cash/accreted interest accrual date (or if none, from the first anniversary of the
issue date) and ending on, but excluding the succeeding cash/accreted interest accrual date.

 

On each interest accrual date, the Company
shall be required to notify the trustee and each holder of the notes of the then current accreted principal amount per note. Except
following an exchange as further described below in “—Exchange Rights”, the accreted principal amount per note
means at any time with respect to a note, the original principal amount of $1,000 per note, plus the aggregate of all interest
payments accrued and added thereto on each interest accrual date prior to such time in accordance with the paragraph above; provided
that the accreted principal amount shall include all accrued interest to but excluding (i) the date on which the accreted
principal amount of the notes is accelerated by the trustee or 25% of the Holders as described in “—Events of Default”,
(ii) any redemption date as described in “—Optional Redemption” or “—Redemption Permitted For Changes
in Certain Tax Laws,” (iii) any fundamental change repurchase date as described in “—Exchange Rights— Fundamental
Change Permits Holders to Require Us to Repurchase Notes,” and (iv) any exchange date as described below in “—Exchange
Rights”, in each case, as though such date were an interest accrual date.

 

Interest will be paid to the person in
whose name a note is registered at the close of business on [●] or [●]6,
as the case may be (whether or not a business day), immediately preceding the relevant interest accrual date (each, a “regular
record date”). However, we will not pay any cash or accrued interest on any notes when they are exchanged, except in the
circumstances described under “—Exchange Rights.” Interest on the notes will be computed on the basis of a 360-day
year composed of twelve 30-day months and, for a partial month, on the basis of the number of days actually elapsed in a 30-day
month.

 

If any interest accrual date, the maturity
date or any earlier required repurchase date upon a fundamental change or any redemption date of a note falls on a day that is
not a business day, the required payment will be made on the next succeeding business day and no interest on such payment will
accrue in respect of the delay.

 

Guarantee

 

NCL Holdings will fully and unconditionally
guarantee (i) the due and punctual payment of principal of, and interest on, the notes and all other obligations of the Company
under the indenture, including, without limitation, the Company’s obligation to procure or cause delivery of ordinary shares
issuable upon exchange of the Preference Shares in accordance with the indenture upon exercise of a holder’s exchange right,
on a senior unsecured basis, and (ii) the obligations of the Company under the Preference Shares.

 

The obligations of NCL Holdings under its
guarantee will be limited as necessary to prevent the guarantee from constituting a fraudulent conveyance under applicable law;
this limitation, however, may not be effective to prevent such guarantee from constituting a fraudulent conveyance. If the guarantee
were rendered void, it could be subordinated by a court to all other obligations (including other guarantees and contingent liabilities)
of NCL Holdings, and, depending on the amount of such obligations, NCL Holdings’ liability on its guarantee could be reduced
to zero.

 

______________________

1
NTD: To be one year from the issue date.

2
NTD: To be six months from the issue date.

3
NTD: To be one year from the issue date.

4
NTD: To be one year from the issue date.

5
NTD: Dates to be six months and one year after issue date

6
NTD: To be fifteen days prior to the relevant interest accrual dates.

 

    	 	A-5	 

     

    

 

The indenture shall provide by its terms
that NCL Holdings’ guarantee shall be automatically and unconditionally released and discharged upon the discharge of the
Company’s obligations under the indenture in accordance with the terms of the indenture.

 

The guarantee is not exchangeable separately
from the Preference Share and will automatically terminate when a note is exchanged for ordinary shares.

 

Ranking

 

The indebtedness evidenced by the notes
and the guarantee will be general unsecured Indebtedness of the Company and NCL Holdings; will be senior in right of payment to
all existing and future Indebtedness of the Company and NCL Holdings that is expressly subordinated in right of payment to the
notes and the guarantee; and will be equal in right of payment with all existing and future Indebtedness of the Company and NCL
Holdings that is not so subordinated. The notes and the guarantee will be effectively subordinated to all existing and future Secured
Indebtedness of NCLC Group to the extent of the value of the assets securing such Secured Indebtedness and will be structurally
subordinated to all existing and future Indebtedness and other liabilities (including certain senior secured credit facilities
and trade payables) of NCL Holdings’ other subsidiaries (other than Indebtedness and liabilities owed to the Company or NCL
Holdings, if any). In the event of bankruptcy, liquidation, reorganization or other winding up of the Company or NCL Holdings,
the assets of the Company and NCL Holdings that secure Secured Indebtedness (including NCLC Group Credit Facilities) will be available
to pay the obligations under the notes and the guarantee only after all Indebtedness under such Secured Indebtedness has been repaid
in full from such assets. To the extent such collateral is not sufficient to satisfy such Indebtedness, the creditors of the Company
or NCL Holdings will have a claim against the Company or NCL Holdings, as applicable, that will rank effectively pari passu
with the notes and the guarantee. Additionally, in the event of bankruptcy, liquidation, reorganization or other winding up of
one of NCL Holdings’ other subsidiaries, the assets of such subsidiary will be available to pay the obligations under the
notes and the guarantee only after all Indebtedness of such subsidiary has been repaid in full from such assets. We cannot assure
you that there will be sufficient assets remaining to pay amounts due on any or all of the notes then outstanding or
the guarantee.

 

On the date on which the notes are originally
issued, the notes will not be guaranteed by any subsidiary of NCL Holdings.

 

Generally, the operations of the Company
are conducted through NCL Holdings’ other subsidiaries. Claims of creditors of such subsidiaries, including trade creditors,
and claims of preference shareholders (if any) of such subsidiaries, generally will have priority with respect to the assets and
earnings of such subsidiaries over the claims of creditors of the Company, including holders of the notes. The notes, therefore,
will be effectively subordinated to holders of indebtedness and other creditors (including trade creditors) and preference shareholders
(if any) of NCL Holdings’ other subsidiaries.

 

The indenture governing the notes offered
hereby will not limit NCLC Group’s ability to incur additional Indebtedness in the future, including senior Secured Indebtedness,
and such indebtedness may be substantial. In the event of our or NCL Holdings’ bankruptcy, liquidation, reorganization or
other winding up, our or NCL Holdings’ assets that secure Secured Indebtedness will be available to pay obligations on the
notes only after all Indebtedness under such Secured Indebtedness has been repaid in full from such assets. We advise you that
there may not be sufficient assets remaining to pay amounts due on any or all the notes then outstanding.

 

“Indebtedness” means, with
respect to any person:

 

		a)	the principal of any indebtedness of such person, whether or not contingent, in respect of borrowed money or evidenced by bonds,
notes, debentures or similar instruments; and

 

    	 	A-6	 

     

    

 

		b)	to the extent not otherwise included, any obligation of such person to be liable for, or to pay, as obligor, guarantor or otherwise,
the obligations referred to in clause (1) of another person (other than by endorsement of negotiable instruments for collection
in the ordinary course of business).

 

“Secured Indebtedness” means
any indebtedness secured by a lien.

 

“NCLC Group Credit Facilities”
means (i) the Fourth Amended and Restated Senior Secured Credit Agreement, dated as of January 2, 2019; (ii) the €529.8 million
Breakaway One credit agreement dated November 18, 2010; (iii) the €529.8 million Breakaway Two credit agreement dated November
18, 2010; (iv) the Breakaway Plus Newbuild credit facility dated October 12, 2012 incurred by Breakaway Three, Ltd. with aggregate
commitments of up to €590.5 million, with such new special-purpose subsidiary to be the borrower; (v) the €729.8 million
Breakaway Four credit agreement dated October 12, 2012; (vi) the two Seahawk Newbuild export credit facilities, each related to
the financing of one new passenger cruise vessel to be owned by a special-purpose subsidiary of the Company and with aggregate
commitments for both facilities of up to €1.4 billion, with such subsidiary as the borrower, and in each case, originally
dated as of July 14, 2014; (vii) the €349.5 million Marina Loan Agreement, dated as of July 18, 2008; (viii) the €349.5
million Riviera Loan Agreement, dated as of July 18, 2008; (ix) the $373.6 million Explorer Newbuild credit agreement, dated as
of July 31, 2013 (x) the $498.2 million Second Explorer-Class Secured Loan Agreement, dated as of March 30, 2016; (xi) the $690.7
million O-Class Secured Loan Agreement, dated as of December 19, 2018; (xii) the €480.2 million O-Class Secured Loan Agreement,
dated as of December 19, 2018; (xiii) the two $868.1 million Leonardo term loan facilities, each dated as of April 12, 2017; (xiv)
the two €665.3 million Leonardo term loan facilities, each dated as of April 12, 2017; (xv) the €663.9 million Leonardo
loan agreement, dated as of December 19, 2018; (xvi) the $954.9 million Leonardo loan agreement, dated as of December 19, 2018;
(xvii) the $565.2 million Third Explorer-Class Secured Loan Agreement, dated as of December 19, 2018; (xviii) the $230.0 million
credit agreement, dated as of January 10, 2019; (xix) the $260.0 million credit agreement, dated as of May 15, 2019, (xx) the $675
million credit agreement dated as of March 5, 2020 and (xxi) the $75.0 million uncommitted and revolving credit line agreement,
dated as of October 28, 2019, in each case, each as amended, restated, supplemented, waived, replaced (whether or not upon termination,
and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time
to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring
all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement
agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity
thereof.

 

Optional Redemption

 

On or after [●]7,
2023, the notes will be redeemable at the Company’s option, for cash, in whole or in part, upon not less than 10 days
nor more than 60 calendar days’ notice at a redemption price equal to 100% of the accreted principal amount per note,
if the market closing price of the ordinary shares has been at least 250% of the per share price implied by the exchange rate
then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period, including
at least one of the trading days immediately preceding the date on which the Company provides the notice of redemption.

 

Holders may surrender notes subject to
optional redemption for exchange at any time prior to the close of business on the second business day prior to the redemption
date.

 

The indenture for the notes will provide
that a redemption closing, and the deadline for surrender of notes subject to redemption, or the deadline for an exchange in connection
with a fundamental change will be delayed, if delivery of the exchange consideration would require a filing pursuant to the HSR
Act, until such filing has been made and the applicable waiting period has expired or terminated.

 

Additional Amounts

 

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

 

___________________________

7
NTD: To be three years from the issue date.

 

    	 	A-7	 

     

    

 

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

 

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

 

		(3)	any estate, inheritance, gift, sale, transfer, personal property or similar taxes;

 

		(4)	any taxes payable other than by deduction or withholding from payments under, or with respect to, the notes or the guarantee;

 

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

 

		(6)	any taxes imposed in connection with a note presented for payment (where presentation is permitted or required for payment)
by or on behalf of a Holder or beneficial owner of the notes to the extent such taxes could have been avoided by presenting the
relevant note to, or otherwise accepting payment from, another paying agent;

 

		(7)	any taxes imposed on or with respect to any payment by the Company or NCL Holdings to the Holder of the notes if such Holder
is a fiduciary or partnership or any person other than the sole beneficial owner of such payment to the extent that such taxes
would not have been imposed on such payments had such Holder been the sole beneficial owner of such note;

 

    	 	A-8	 

     

    

 

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

 

		(9)	any combination of clauses (1) through (8) above.

 

In addition to the foregoing, the Company
and NCL Holdings will also pay and indemnify the Holder for any present or future stamp, issue, registration, value added, transfer,
court or documentary taxes, or any other excise or property taxes, charges or similar levies (including penalties, interest and
additions to tax related thereto) which are levied by any relevant Tax Jurisdiction on the execution, delivery, issuance, or registration
of any of the notes, the indenture, the guarantee or any other document referred to therein, or the receipt of any payments with
respect thereto, or enforcement of, any of the notes or the guarantee (limited, solely in the case of taxes attributable to the
receipt of any payments or that are imposed on or result from a sale or other transfer or disposition of a note by a Holder or
a beneficial owner, to any such taxes imposed in a Tax Jurisdiction that are not excluded under clauses (1) through (3) or (5)
through (9) above or any combination thereof), save in each case for any such taxes, charges or levies which arise or are increased
as a result of any document effecting the registration, issue or delivery of any of the notes either being signed or executed in
the United Kingdom or being brought into the United Kingdom (save in each case, where it was required by law or for the purposes
of enforcing the notes to do so).

 

If the Company or NCL Holdings, as the
case may be, becomes aware that it will be obligated to pay Additional Amounts with respect to any payment under or with respect
to the notes or the guarantee, the Company or NCL Holdings, as the case may be, will deliver to the trustee on a date that is at
least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior
to that payment date, in which case the Company or NCL Holdings shall notify the trustee promptly thereafter) an officer’s
certificate stating the fact that Additional Amounts will be payable and the amount estimated to be so payable. The officer’s
certificates must also set forth any other information reasonably necessary to enable the paying agents to pay Additional Amounts
to Holders on the relevant payment date. The Company or NCL Holdings will provide the trustee with documentation reasonably satisfactory
to the trustee evidencing the payment of Additional Amounts. The trustee shall be entitled to rely absolutely on an officer’s
certificate as conclusive proof that such payments are necessary.

 

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

 

Whenever in the indenture, the notes or
in this “Description of Notes” there is mentioned, in any context, the payment of amounts based upon the accreted principal
amount of the notes or of principal, interest or of any other amount payable under, or with respect to, any of the notes or the
guarantee, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof.

 

The above obligations will survive any
termination, defeasance or discharge of the indenture, any transfer by a Holder or beneficial owner of its notes, and will apply,
mutatis mutandis, to any jurisdiction in which any successor person to the Company (or NCL Holdings) is incorporated, engaged
in business, organized or resident for tax purposes, or any jurisdiction from or through which payment is made under or with respect
to the notes (or the guarantee) by or on behalf of such person and, in each case, any political subdivision thereof or therein.

 

    	 	A-9	 

     

    

 

Redemption Permitted For Changes in Certain Tax Laws

 

Except as described in this section and
in the section above titled “—Optional Redemption”, the Company may not redeem the notes prior to maturity. The
Company may redeem the notes, in whole but not in part, at its discretion at any time upon giving not less than 10 nor more than
60 calendar days’ prior written notice to the Holders of the notes (which notice will be irrevocable), at a redemption price
equal to 100% of the accreted principal amount thereof, together with accrued and unpaid interest, if any, to the date fixed by
the Company for redemption (a “Tax Redemption Date”) and all Additional Amounts (if any) then due or which will
become due on the Tax Redemption Date as a result of the redemption or otherwise (subject to the right of Holders of the notes
on the relevant record date to receive interest due on the relevant interest accrual date and Additional Amounts (if any) in respect
thereof), if on the next date on which any amount would be payable in respect of the notes or the guarantee, the Company or NCL
Holdings is or would be required to pay Additional Amounts (but in the case of NCL Holdings, only if the payment giving rise to
such requirement cannot be made by the Company without the obligation to pay Additional Amounts), and the Company or NCL Holdings
cannot avoid any such payment obligation by taking reasonable measures available (including, for the avoidance of doubt, appointment
of a new paying agent but excluding the reincorporation or reorganization of the Company or NCL Holdings), and the requirement
arises as a result of:

 

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

 

		·	any change in, or amendment to, the official application, administration or interpretation of such laws, regulations or rulings
(including by virtue of a holding, judgment or order by a court of competent jurisdiction or a change in published practice), which
change or amendment is announced and becomes effective after the issue date (or if the applicable Tax Jurisdiction became a Tax
Jurisdiction on a date after the issue date, after such later date) (each of the foregoing clauses (1) and (2), a “Change
in Tax Law”).

 

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

 

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

 

Simultaneously with providing notice of
a tax redemption, the Company will (i) issue a press release containing the relevant information or disclose the relevant information
in a Current Report on Form 8-K and (ii) post such information on NCL Holdings’ website.

 

Notwithstanding the foregoing, if the Company
has given notice of a tax redemption as described above, each Holder will have the right to elect that such Holder’s notes
will not be subject to such tax redemption. If a Holder elects not to be subject to a tax redemption, neither the Company nor NCL
Holdings, as the case may be, will be required to pay Additional Amounts with respect to payments made in respect of such Holder’s
notes following the Tax Redemption Date, and all subsequent payments in respect of such Holder’s notes will be subject to
any tax required to be withheld or deducted under the laws of the applicable Tax Jurisdiction. The obligation to pay Additional
Amounts to any electing Holder for payments made in periods prior to the Tax Redemption Date will remain subject to the exceptions
set forth above under “—Additional Amounts.” Holders must exercise their option to elect to avoid a tax redemption
by written notice to the trustee no later than the 10th calendar day prior to the tax redemption date; provided that a Holder
that complies with the requirements for exchange described under “—Exchange Rights—Exchange Procedures”
before the close of business on the second business day immediately preceding the Tax Redemption Date (or, if the Company fails
to pay the redemption price, such later date on which the Company pays the redemption price) will be deemed to have validly delivered
a notice of its election not to have its notes redeemed.

 

    	 	A-10	 

     

    

 

No notes may be redeemed if the accreted
principal amount of the notes has been accelerated, and such acceleration has not been rescinded, on or prior to the Tax Redemption
Date (except in the case of an acceleration resulting from a default by us in the payment of the redemption price with respect
to such notes).

 

In the case of a tax redemption, you may
exchange your notes at any time until the close of business on the second business day immediately preceding the tax redemption
date (or, if the Company fails to pay the redemption price, such later date on which the Company pays the redemption price). If
a Holder elects to exchange its notes in connection with a tax redemption, the exchange rate may be adjusted as described under
 “—Exchange Rights—Increase in Exchange Rate Upon Exchange in Connection With a Make-Whole Fundamental Change
or a Tax Redemption.”

 

No “sinking fund” is provided
for the notes, which means that we are not required to redeem or retire the notes periodically.

 

The above provisions will apply, mutatis
mutandis, to any successor of the Company (or NCL Holdings) with respect to a Change in Tax Law occurring after the time such
person becomes successor to the Company (or NCL Holdings).

 

Restrictions on Ownership and Transfer of Shares; Limitation
on Shares Issuable Upon Exchange

 

In general, under Section 883 of the Code,
certain non-U.S. corporations (such as our North American cruise ship businesses) are not subject to U.S. federal income tax or
branch profits tax on U.S. source income derived from, or incidental to, the international operation of a ship or ships. Applicable
U.S. Treasury regulations provide in general that a foreign corporation will qualify for the benefits of Section 883 if, in relevant
part, (i) the foreign country in which the foreign corporation is organized grants an equivalent exemption to corporations organized
in the U.S. in respect of each category of shipping income for which an exemption is being claimed under Section 883 and (ii) the
foreign corporation meets a defined publicly-traded corporation stock ownership test. To assist NCL Holdings in continuing to qualify
as a publicly traded corporation under the Internal Revenue Code regulations, NCL Holdings’ bye-laws provide that no one
person or group of related persons may own, or be deemed to own by virtue of the attribution provisions of the Code, more than
4.9% of the ordinary shares, whether measured by vote, value or number (the ‘‘ownership limit’’), unless
they receive a waiver from NCL Holdings’ board of directors, as permitted by NCL Holdings’ bye-laws. In addition, NCL
Holdings’ bye-laws contain various other restrictions on the ownership and transfer of the ordinary shares.

 

In addition, the indenture will provide
that, notwithstanding any other provision of the indenture or the notes, no holder of the notes will be entitled to receive ordinary
shares upon exchange to the extent that such receipt would cause a violation of the restrictions on ownership and transfer of the
ordinary shares set forth in NCL Holdings’ bye-laws (taking into account any exemption granted by NCL Holdings’ board
of directors pursuant to NCL Holdings’ bye-laws). Any purported delivery of ordinary shares upon exchange of notes will be
void and have no effect to the extent that such delivery would result in a violation of the ownership limit or the other restrictions
on ownership and transfer of the ordinary shares set forth in NCL Holdings’ bye-laws (taking into account any exemption granted
by NCL Holdings’ board of directors pursuant to NCL Holdings’ bye-laws). If any delivery of ordinary shares owed to
a holder upon exchange of notes is not made, in whole or in part, as a result of the ownership limit or the other restrictions
on ownership and transfer of the ordinary shares set forth in NCL Holdings’ bye-laws, our obligation to make such delivery
will not be extinguished, and we will deliver such shares as promptly as practicable after the applicable holder gives notice to
us and we determine that such delivery would not result in a violation of the restrictions on ownership and transfer of the ordinary
shares set forth in NCL Holdings’ bye-laws; provided that to the extent a purported delivery of any such ordinary
shares owed to a holder upon exchange of notes that would cause a violation of the restrictions on ownership or transfer of the
ordinary shares set forth in our bye-laws is made, such shares (to the extent that such delivery would result in a violation of
the restrictions on ownership or transfer of the ordinary shares set forth in NCL Holdings’ bye-laws, taking into account
any exemption granted by NCL Holdings’ board of directors pursuant to NCL Holdings’ bye-laws) will be automatically
designated and treated as “excess shares” that will be held in trust for the benefit of a charitable organization that
is a qualified shareholder selected by a trustee. A holder of notes that were exchanged into excess shares shall have no rights
in such excess shares, other than a right to receive certain payments upon liquidation, dissolution or, in certain circumstances,
disposition of such excess shares, and will not be permitted to receive any amount that reflects any appreciation in the excess
shares during the period that such excess shares were outstanding.

 

    	 	A-11	 

     

    

 

Exchange Rights

 

General

 

Subject to the terms of the notes and the
indenture, each note will entitle the holder to convert such note into a number of Preference Shares equal to a fraction, the numerator
of which is the accreted principal amount of the note immediately prior to the exercise of the exchange right thereto and the denominator
of which is the Paid-Up Value.  Each Preference Share will be issued and allotted at a price equal to the Paid-Up Value (or
with respect to a fraction of a Preference Share so issued, such fraction of the Paid-Up Value). All Preference Shares issued on
conversion of the notes will (without any further action being required to be taken by exchanging holders of the notes) immediately
and automatically be transferred on and as of the relevant exchange date from the relevant holder to NCL Holdings. Accordingly,
references in this “Description of Notes” to “exchange rights,” or to the exchange of notes for ordinary
shares of NCL Holdings, and all similar expressions, should be taken to refer to the entitlement of the holder to convert notes
into Preference Shares and the immediate and automatic exchange of such Preference Shares for ordinary shares of NCL Holdings which
the Company will cause to occur, as further described in “—Settlement Upon Exchange” below.

 

Holders
may exchange all or any portion of their notes at their option at any time prior to the close of business on the business
day immediately preceding the maturity date. A holder may exchange fewer than all of such holder’s notes so long as the notes
exchanged are an integral multiple of $1,000 principal amount.

 

Any
exchange of notes into ordinary shares will be subject to certain
ownership limitations as more fully described in “—Restrictions on Ownership and Transfer of Shares; Limitation on
Shares.”

 

The
exchange rate will initially be [●] ordinary shares per $1,000
accreted principal amount of notes (equivalent to an initial exchange price
of approximately $[●] per ordinary share). The exchange rate
is subject to adjustment if certain events occur. The exchange price
at any given time will be computed by dividing the accreted principal amount by the applicable exchange rate
at such time. Accordingly, an adjustment to the exchange rate will
result in a corresponding (but inverse) adjustment to the exchange price.

 

Upon
exchange of a note, we will satisfy our exchange obligation
by causing to be delivered ordinary shares, together with a cash payment in lieu of delivering any fractional ordinary share, as
set forth below under “—Settlement Upon Exchange.”
We will settle our exchange obligation on the second business day
immediately following the relevant exchange date, unless such exchange
date occurs following the regular record date immediately preceding the
maturity date, in which case we will cause such delivery to be made on the maturity date.

 

The
trustee will initially act as the exchange agent.

 

Upon
an exchange, you will not receive any separate cash payment for
accrued and unpaid interest, if any, except as described below. Our delivery to you of the full number of ordinary shares, together
with a cash payment for any fractional ordinary share, issuable upon exchange will
be deemed to satisfy in full our obligation to pay:

 

		·	the accreted principal amount of the note; and

 

		·	accrued and unpaid interest, if any, to, but not including, the relevant exchange date.

 

As a result, accrued and unpaid interest,
if any, to, but not including, the relevant exchange date will be deemed to be paid in full rather than cancelled, extinguished
or forfeited.

 

    	 	A-12	 

     

    

 

Notwithstanding the immediately preceding
two paragraphs, if notes are exchanged after the close of business on a regular record date for the payment of interest but prior
to the open of business on the immediately following interest accrual date, holders of such notes at the close of business on such
record date will receive the full amount of interest payable on such notes on the corresponding interest accrual date notwithstanding
the exchange. Notes surrendered for exchange during the period from the close of business on any regular record date to the open
of business on the immediately following interest accrual date must be accompanied by funds equal to the amount of cash interest
payable on the notes so exchanged on the corresponding interest accrual date (regardless of whether the exchanging holder was the
holder of record on the corresponding regular record date); provided that no such payment need be made:

 

		·	for exchanges following the regular record date immediately preceding the maturity date;

 

		·	if we have called the notes for tax redemption on a tax redemption date that is after a regular record date and on or prior
to the business day immediately following the date on which the corresponding interest payment is made;

 

		·	if we have specified a fundamental change repurchase date that is after a regular record date and on or prior to the business
day immediately following the corresponding interest accrual date; or

 

		·	to the extent of any overdue interest, if any overdue interest exists at the time of exchange with respect to such note.

 

Therefore, for the avoidance of doubt,
all record holders on the regular record date immediately preceding the maturity date, any fundamental change repurchase date and
any tax redemption date described in the bullets in the preceding paragraph will receive and retain the full interest payment due
on the maturity date or other applicable interest accrual date regardless of whether their notes have been exchanged following
such regular record date.

 

No fractional ordinary shares will be issued
upon exchange of notes. Instead, we will cause cash to be paid in lieu of delivering any fractional ordinary share as described
under “—Settlement Upon Exchange.”

 

If a holder has already delivered a repurchase
notice as described under “—Fundamental Change Permits Holders to Require Us to Repurchase Notes” with respect
to a note, the holder may not surrender that note for exchange until the holder has validly withdrawn the repurchase notice in
accordance with the relevant provisions of the indenture.

 

Exchange Procedures

 

If you hold a beneficial interest in a
global note, to exchange (which exchange is irrevocable) you must comply with the depositary’s procedures for converting
a beneficial interest in a global note and, if required, pay funds equal to interest payable on the next accrual date to which
you are not entitled. As such, if you are a beneficial owner of the notes, you must allow for sufficient time to comply with the
depositary’s procedures if you wish to exercise your exchange rights.

 

If you hold a certificated note, to exchange
you must:

 

		·	complete and manually sign the exchange notice on the back of the note, or a facsimile of the exchange notice;

 

		·	deliver the exchange notice, which is irrevocable, and the note to the exchange agent;

 

		·	if required, furnish appropriate endorsements and transfer documents;

 

		·	if required, pay all transfer or similar taxes; and

 

		·	if required, pay funds equal to interest payable on the next interest accrual date to which you are not entitled.

 

    	 	A-13	 

     

    

 

We refer to the date you comply with the
relevant procedures for exchange described above as the “exchange date.”

 

We will pay any documentary, stamp or similar
issue or transfer tax on the issuance of any ordinary shares upon exchange of the notes, including in respect of the allotment
and issue of Preference Shares on exercise of such exchange or on the immediate and automatic transfer of any Preference Shares
to NCL Holdings pursuant to such exchange or in respect of the allotment, issue or transfer and delivery of any ordinary shares
on exchange of the Preference Shares, unless the tax is due because the holder requests such ordinary shares to be issued in a
name other than the holder’s name, in which case the holder will pay the tax.

 

If a holder has already delivered a repurchase
notice as described under “—Fundamental Change Permits Holders to Require Us to Repurchase Notes” with respect
to a note, the holder may not surrender that note for exchange until the holder has withdrawn the repurchase notice in accordance
with the relevant provisions of the indenture. If a holder submits its notes for required repurchase, the holder’s right
to withdraw the repurchase notice and exchange the notes that are subject to repurchase will terminate at the close of business
on the business day immediately preceding the relevant fundamental change repurchase date. If we have designated a redemption date
as described under “—Redemption Permitted For Changes in Certain Tax Laws,” a holder that complies with the requirements
for exchange described above will be deemed to have delivered a notice of its election not to have its notes so redeemed.

 

Settlement Upon Exchange

 

Upon
exchange of a note, the accreted principal amount of notes will convert into fully paid Preference Shares, with each Preference
Share being issued and allotted at a price equal to the Paid-Up Value. All Preference Shares issued on conversion of the notes
will (without any further action being required to be taken by exchanging holders of the notes) immediately and automatically be
transferred on and as of the relevant exchange date from the relevant holder to NCL Holdings, and in consideration therefor we
will cause NCL Holdings to either issue or transfer and deliver to such holder, for each $1,000 accreted principal amount of notes
exchanged by such holder, a number of ordinary shares equal to the exchange rate, together with a cash payment in lieu of
delivering any fractional ordinary share issuable upon exchange based on the last reported sale price of the ordinary shares on
the relevant exchange date. We will cause to be delivered the ordinary shares due in respect of exchange on the second business
day immediately following the relevant exchange date, unless such exchange date occurs following the regular record date immediately
preceding the maturity date, in which case we will cause such delivery to be made on the maturity date.

 

Each exchange will be deemed to have been
effected as to any notes surrendered for exchange on the exchange date, and the person in whose name the ordinary shares shall
be issuable upon such exchange will be caused to be treated as the holder of record of such shares as of the close of business
on such exchange date.

 

The “last reported sale price”
of the ordinary shares on any date means the closing sale price per ordinary share (or if no closing sale price is reported, the
average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices)
on that date as reported in composite transactions for the principal U.S. national or regional securities exchange on which the
ordinary shares are traded. If the ordinary shares are not listed for trading on a U.S. national or regional securities exchange
on the relevant date, the “last reported sale price” will be the last quoted bid price for the ordinary shares in the
over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the ordinary shares
are not so quoted, the “last reported sale price” will be the average of the mid-point of the last bid and ask prices
for the ordinary shares on the relevant date from each of at least three nationally recognized independent investment banking firms
selected by us for this purpose.

 

Pursuant to applicable NYSE rules, NCL
Holdings will not issue a number of ordinary shares upon exchange of the notes contemplated hereby in excess of 19.99% of NCL Holdings’
outstanding ordinary shares unless its shareholders approve a proposal to permit the issuance of a greater number of shares.

 

    	 	A-14	 

     

    

 

Exchange Rate Adjustments

 

The exchange rate will be adjusted as described
below, except that we will not make any adjustments to the exchange rate if holders of the notes participate (other than in the
case of (x) a share split or share combination or (y) a tender or exchange offer), at the same time and upon the same terms as
holders of ordinary shares and solely as a result of holding the notes, in any of the transactions described below without having
to exchange their notes as if they held a number of ordinary shares equal to (i) the exchange rate, multiplied by (ii) the
accreted principal amount (expressed in thousands) of notes held by such holder.

 

		1.	If NCL Holdings exclusively issues ordinary shares as a dividend or distribution on ordinary shares, or if NCL Holdings effects
a share split or share combination, the exchange rate will be adjusted based on the following formula:

 

	ER1 = ER0 x  	
        OS1
	 
	OS0	 

 

where,

 

ER0 =the exchange rate in effect immediately
prior the close of business on the record date (as defined below) of such dividend or distribution, or immediately prior to the
open of business on the effective date of such share split or share combination, as applicable;

 

ER1 =the exchange rate in effect immediately
after the close of business on such record date or immediately after the open of business on such effective date, as applicable;

 

OS0 = the number of ordinary shares outstanding
immediately prior to the close of business on such record date or immediately prior to the open of business on such effective date,
as applicable, before giving effect to such dividend, distribution, share split or share combination; and

 

OS1 =the number of ordinary shares outstanding
immediately after giving effect to such dividend, distribution, share split or share combination.

 

Any adjustment made under this clause (1)
shall become effective immediately after the close of business on the record date for such dividend or distribution, or immediately
after the open of business on the effective date for such share split or share combination, as applicable. If any dividend or distribution
of the type described in this clause (1) is declared but not so paid or made, the exchange rate shall be immediately readjusted,
effective as of the date NCL Holdings’ board of directors or a committee thereof determines not to pay such dividend or distribution,
to the exchange rate that would then be in effect if such dividend or distribution had not been declared.

 

		2.	If NCL Holdings issues to all or substantially all holders of ordinary shares any rights, options or warrants entitling them,
for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase ordinary
shares at a price per ordinary share that is less than the average of the last reported sale prices per ordinary share for the
10 consecutive trading day period ending on, and including, the trading day immediately preceding the date of announcement of such
issuance, the exchange rate will be increased based on the following formula:

 

	ER1 = ER0 x  	
        OS0
        + X
	 
	OS0 + Y	 

 

where,

 

ER0 =the exchange rate in effect immediately
prior to the close of business on the record date for such issuance;

 

ER1 =the exchange rate in effect immediately
after the close of business on such record date;

 

OS0 =the number of ordinary shares outstanding
immediately prior to the close of business on such record date;

 

    	 	A-15	 

     

    

 

X =       the total
number of ordinary shares issuable pursuant to such rights, options or warrants; and

 

Y =       the number
of ordinary shares equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average
of the last reported sales price per ordinary share over the 10 consecutive trading day period ending on, and including, the trading
day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

 

Any increase made under this clause (2)
will be made successively whenever any such rights, options or warrants are issued and shall become effective immediately after
the close of business on the record date for such issuance. To the extent that such rights, options or warrants are not exercised
prior to their expiration or ordinary shares are not delivered after the exercise or expiration of such rights, options or warrants,
the exchange rate shall be decreased to the exchange rate that would then be in effect had the increase with respect to the issuance
of such rights, options or warrants been made on the basis of delivery of only the number of ordinary shares actually delivered.
If such rights, options or warrants are not so issued, the exchange rate shall be decreased, effective as of the date NCL Holdings’
board of directors or a committee thereof determines not to issue such rights, options or warrants, to the exchange rate that would
then be in effect if such record date for such issuance had not occurred.

 

For the purpose of this clause (2), in
determining whether any rights, options or warrants entitle the holders of ordinary shares to subscribe for or purchase ordinary
shares at less than such average of the last reported sale prices per share for the 10 consecutive trading day period ending on,
and including, the trading day immediately preceding the date of announcement of such issuance, and in determining the aggregate
offering price of such ordinary shares, there shall be taken into account any consideration received by NCL Holdings for such rights,
options or warrants and any amount payable on exercise or exchange thereof, the value of such consideration, if other than cash,
to be determined by NCL Holdings’ board of directors or a committee thereof.

 

		3.	If NCL Holdings distributes shares of its share capital, evidences of its indebtedness, other assets or property of NCL Holdings
or rights, options or warrants to acquire its share capital or other securities, to all or substantially all holders of ordinary
shares, excluding:

 

		·	dividends, distributions or issuances as to which an adjustment was effected pursuant to clause (1) or (2) above;

 

		·	rights issued under a stockholder rights plan (except as set forth below);

 

		·	dividends or distributions paid exclusively in cash as to which the provisions set forth in clause (4) below shall apply;

 

		·	any dividends and distributions in connection with a specified corporate event as described below under “Recapitalizations,
Reclassifications and Changes of Ordinary Shares”; and

 

		·	spin-offs as to which the provisions set forth below in this clause (3) shall apply;

 

then the exchange rate will be increased
based on the following formula:

 

	ER1 = ER0 x   	
        SP0
	 
	SP0 - FMV	 

 

where,

 

ER0 =the exchange rate in effect immediately
prior to the close of business on the record date for such distribution;

 

ER1 =the exchange rate in effect immediately
after the close of business on such record date;

 

    	 	A-16	 

     

    

 

SP0 = the average of the daily VWAP of our
ordinary shares over the 10 consecutive trading day period ending on, and including, the trading day immediately preceding the
ex-dividend date for such distribution; and

 

FMV = the fair market value (as determined by NCL Holdings’
board of directors or a committee thereof) of the share capital, evidences of indebtedness, assets, property, rights, options or
warrants to acquire NCL Holdings’ share capital or other securities distributed with respect to each outstanding ordinary
share on the record date for such distribution.

 

Any increase made under the portion of
this clause (3) above will become effective immediately after the close of business on the record date for such distribution. If
such distribution is not so paid or made, the exchange rate shall be decreased, effective as of the date NCL Holdings’ board
of directors or a committee thereof determines not to pay or make such distribution, to the exchange rate that would then be in
effect if such distribution had not been declared.

 

Notwithstanding the foregoing, if “FMV”
(as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase,
each holder of a note shall receive, in respect of each $1,000 principal amount thereof, at the same time and upon the same terms
as holders of ordinary shares, the amount and kind of NCL Holdings’ share capital, evidences of its indebtedness, other assets
or property of NCL Holdings or rights, options or warrants to acquire its share capital or other securities that such holder would
have received if such holder owned a number of ordinary shares equal to the exchange rate in effect on the record date for the
distribution.

 

If NCL Holdings issues rights, options
or warrants that are only exercisable upon the occurrence of certain triggering events, then:

 

		·	we will not adjust the exchange rate pursuant to the foregoing in this clause (3) until the earliest of these triggering events
occurs; and

 

		·	we will readjust the exchange rate to the extent any of these rights, options or warrants are not exercised before they expire;

 

provided that the rights, options or
warrants trade together with ordinary shares and will be issued in respect of future issuances of the ordinary shares.

 

With respect to an adjustment pursuant
to this clause (3) where there has been an ex-dividend date for a dividend or other distribution on ordinary shares of share capital
of any class or series, or similar equity interest, of or relating to a subsidiary or other business unit of NCL Holdings, that
are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange, which we refer to as a “spin-off,”
the exchange rate will be increased based on the following formula:

 

	ER1 = ER0 x    	
        FMV0
        + MP0
	 
	MP0	 

 

where,

 

ER0 =the exchange rate in effect immediately
prior to the open of business on the ex-dividend date for such distribution;

 

ER1 =the exchange rate in effect immediately
after the open of business on the ex-dividend date for such distribution;

 

FMV0 = the average of the daily VWAP of the
share capital or similar equity interest distributed to holders of ordinary shares applicable to one ordinary share (determined
by reference to the definition of daily VWAP set forth under “—Settlement Upon Exchange” as if references therein
to ordinary shares were to such share capital or similar equity interest) over the first 10 consecutive trading day period after,
and including, the ex-dividend date of the spin- off (the “valuation period”); and

 

    	 	A-17	 

     

    

 

MP0 =the average of the daily VWAP of
our ordinary shares over the valuation period.

 

The increase to the exchange rate under
the preceding paragraph will occur at the close of business on the last trading day of the valuation period; provided that
in respect of any exchange of notes, if the relevant exchange date occurs during the valuation period, the reference to “10”
in the preceding paragraph shall be deemed replaced with such lesser number of trading days as have elapsed between the ex-dividend
date for such spin-off and such exchange date in determining the exchange rate. If such spin-off does not occur, the exchange rate
shall be decreased, effective as of the date NCL Holdings’ board of directors or a committee thereof determines not to consummate
such spin-off, to be the exchange rate that would then be in effect if such distribution had not been declared, effective as of
the date on which NCL Holdings’ board of directors (or its designee) determines not to consummate such spin-off.

 

		4.	If any cash dividend or distribution is made to all or substantially all holders of ordinary shares, the exchange rate will
be adjusted based on the following formula:

 

	ER1 = ER0 x  	
        SP0
	 
	SP0 - C	 

 

where,

 

ER0 =the exchange rate in effect immediately
prior to the close of business on the record date for such dividend or distribution;

 

ER1 =the exchange rate in effect immediately
after the close of business on the record date for such dividend or distribution;

 

SP0 =the daily VWAP of our ordinary shares
on the trading day immediately preceding the ex-dividend date for such dividend or distribution; and

 

C =     the amount
in cash per share NCL Holdings distributes to all or substantially all holders of ordinary shares.

 

Any increase made under this clause (4)
shall become effective immediately after the close of business on the record date for such dividend or distribution. If such dividend
or distribution is not so paid, the exchange rate shall be decreased, effective as of the date NCL Holdings’ board of directors
or a committee thereof determines not to make or pay such dividend or distribution, to be the exchange rate that would then be
in effect if such dividend or distribution had not been declared.

 

Notwithstanding the foregoing, if “C”
(as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase,
each holder of a note shall receive, for each $1,000 principal amount of notes, at the same time and upon the same terms as holders
of ordinary shares, the amount of cash that such holder would have received if such holder owned a number of ordinary shares equal
to the exchange rate in effect immediately prior to the open of business on the record date for such cash dividend or distribution.

 

		5.	If NCL Holdings or any of its subsidiaries make a payment in respect of a tender or exchange offer for ordinary shares, to
the extent that the cash and value of any other consideration included in the payment per ordinary share exceeds the average of
the daily VWAP of our ordinary shares over the 10 consecutive trading day period commencing on, and including, the trading day
next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (the “expiration
date”), the exchange rate will be increased based on the following formula:

 

	ER1 = ER0 x   	
        AC + (SP1
        x OS1)
	 
	OS0 x SP1	 

 

where,

 

    	 	A-18	 

     

    

 

ER0 = the exchange rate in effect immediately
prior to the close of business on the 10th trading day immediately following, and including, the trading day next succeeding the
expiration date;

 

ER1 =the exchange rate in effect immediately
after the close of business on the 10th trading day immediately following, and including, the trading day next succeeding the expiration
date;

 

AC = the aggregate value of all cash and any other consideration
(as determined by NCL Holdings’ board of directors or a committee thereof) paid or payable for shares purchased in such tender
or exchange offer;

 

OS0 =the number of ordinary shares outstanding
immediately prior to the expiration date (prior to giving effect to the purchase of all shares accepted for purchase or exchange
in such tender or exchange offer);

 

OS1 =the number of ordinary shares outstanding
immediately after the expiration date (after giving effect to the purchase of all shares accepted for purchase or exchange in such
tender or exchange offer); and

 

SP1 =the average of the daily VWAP of
our ordinary shares over the 10 consecutive trading day period commencing on, and including, the trading day next succeeding the
expiration date.

 

The increase to the exchange rate under
the preceding paragraph will occur at the close of business on the 10th trading day immediately following, and including, the trading
day next succeeding the date such tender or exchange offer expires; provided that in respect of any exchange of notes, if
the relevant exchange date occurs during the 10 trading days immediately following, and including, the trading day next succeeding
the expiration date of any tender or exchange offer, references to “10” or “10th” in the preceding paragraph
shall be deemed replaced with such lesser number of trading days as have elapsed between the expiration date of such tender or
exchange offer and such exchange date in determining the exchange rate.

 

In the event that NCL Holdings or one of
its subsidiaries is obligated to subscribe for or purchase ordinary shares pursuant to any such tender offer or exchange offer,
but it or such subsidiary is permanently prevented by applicable law from effecting any such purchases, or all such purchases are
rescinded, then the exchange rate shall again be adjusted to be the exchange rate that would then be in effect if such tender offer
or exchange offer had not been made or had been made only in respect of the purchases that have been effected. For the avoidance
of doubt, the terms “tender offer” and “exchange offer” mean a “tender offer” as such term
is used under the Exchange Act.

 

		6.	If NCL Holdings shall issue ordinary shares or any other security convertible into, exercisable or exchangeable for ordinary
shares (such ordinary shares or other security, “Equity-Linked Securities”), for a consideration per ordinary share
(or conversion price per ordinary share) less than the daily VWAP of our ordinary shares on the date NCL Holdings fixes the offering
price (or conversion price) of Equity-Linked Securities, the exchange rate shall be increased (but not decreased) based on the
following formula

 

	ER = ER0 x    	
        OS
	 
	OS0 + (AC/SP)	 

 

where,

 

ER0 = the exchange rate in effect immediately
prior to the issuance of such Equity-Linked Securities;

 

ER =       the new
exchange rate in effect immediately after the issuance of such Equity-Linked Securities;

 

    	 	A-19	 

     

    

 

AC = the aggregate consideration paid or payable for
such Equity-Linked Securities;

 

OS0 =the number of ordinary shares outstanding
immediately prior to the issuance of such Equity-Linked Securities;

 

OS =       the number
of ordinary shares outstanding immediately after the issuance of such Equity-Linked Securities or issuable pursuant to such Equity-Linked
Securities; and

 

SP =       the daily
VWAP of our ordinary shares on the date of issuance of such Equity-Linked Securities.

 

Notwithstanding the foregoing, no adjustments
shall be made, paid or issued under this clause (6) in respect of an exempt issuance. If an adjustment under this clause (6) would
cause the exercise price to be less than the floor price, then the adjustment under this clause (6) will cause the exercise price
to equal the floor price.

 

The Company shall notify the holders, in
writing, promptly following the issuance of Equity-Linked Securities, indicating therein the applicable issuance price, or applicable
reset price, exchange price, conversion price and other pricing terms. If NCL Holdings enters into a Variable Rate Transaction,
NCL Holding shall be deemed to have issued Equity-Linked Securities at the lowest possible conversion or exercise price at which
such securities may be converted or exercised.

 

As a condition precedent to the taking
of any action which would require an adjustment pursuant to this clause (6), NCL Holdings and the Company shall take any action
which may be necessary, including obtaining regulatory, New York Stock Exchange, NASDAQ Stock Market or other applicable national
securities exchange or shareholder approvals or exemptions, as applicable, in order that NCL Holdings may thereafter validly and
legally issue as fully paid and nonassessable all ordinary shares that the Holder is entitled to receive upon exchange of the notes
pursuant to this clause (6) and may issue such ordinary shares in compliance with the rules of such regulatory body or securities
exchange.

 

As used in this section,

 

		1.	“daily VWAP” means, for any trading day, the per share volume-weighted average price as displayed under the heading
 “Bloomberg VWAP” on Bloomberg page “NCLH” <equity> AQR” (or its equivalent successor if such
page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the
primary trading session on such trading day (or if such volume-weighted average price is unavailable, the market value of one ordinary
share on such trading day determined, using a volume-weighted average method, by a nationally recognized independent investment
banking firm retained for this purpose by us). The “daily VWAP” will be determined without regard to after-hours trading
or any other trading outside of the regular trading session trading hours;

 

		2.	“effective date” means the first date on which the ordinary shares trade on the relevant stock exchange, regular
way, reflecting the relevant share split or share combination, as applicable;

 

		3.	“ex-dividend date” means the first date on which the ordinary shares trade on the applicable exchange or in the
applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from NCL Holdings
or, if applicable, from the seller of the ordinary shares on such exchange or market (in the form of due bills or otherwise) as
determined by such exchange or market;

 

    	 	A-20	 

     

    

 

		4.	“exempt issuance” means the issuance of (a) ordinary shares or options to purchase ordinary shares to employees,
officers, directors, consultants, suppliers, vendors or professionals of NCL Holdings pursuant to any stock or option plan duly
adopted for such purpose by a majority of the non-employee members of the Board of Directors or a majority of the members of a
committee of non-employee directors established for such purpose, (b) securities issued upon exchange of the Notes, (c) securities
issued upon the exercise or exchange of securities outstanding on the closing date, provided that, such securities have not been
amended since the closing date to increase the number of such securities or to decrease the exercise, exchange or conversion price
of such securities, and (d) securities, including options or warrants to purchase ordinary shares, issued pursuant to acquisitions
or strategic transactions approved by a majority of the disinterested directors of NCL Holdings and not for the primary purpose
of raising capital. “Variable Rate Transaction” means a transaction in which NCL Holdings issues or sells (i) any debt
or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive additional ordinary
shares either (A) at a conversion, exercise or exchange rate or other price that is based upon and/or varies with the trading prices
of or quotations for the ordinary shares at any time after the initial issuance of such debt or equity securities, or (B) with
a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such
debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business
of NCL Holdings or the market for the ordinary shares or (ii) enters into any agreement, including, but not limited to, an equity
line of credit, whereby NCL Holdings may sell securities at a future determined price.

 

		5.	“floor price” means $11.00, provided that such floor price will be adjusted as of any date on which the exchange
rate of the notes is adjusted pursuant to Clauses (1) through (5) above. The adjusted floor price will equal (i) the floor price
immediately prior to such adjustment, multiplied by (ii) a fraction, the numerator of which is the exchange rate immediately
prior to the adjustment giving rise to the floor price adjustment and the denominator of which is the exchange rate as so adjusted.

 

		6.	“record date” means, with respect to any dividend, distribution or other transaction or event in which the holders
of ordinary shares have the right to receive any cash, securities or other property or in which ordinary shares are exchanged for
or converted into any combination of cash, securities or other property, the date fixed for determination of holders of ordinary
shares entitled to receive such cash, securities or other property (whether such date is fixed by NCL Holdings’ board of
directors or a duly authorized committee thereof, statute, contract or otherwise); and

 

		7.	“trading day” means a day on which:

 

		·	trading in the ordinary shares generally occurs on the relevant stock exchange or, if the ordinary shares are not then listed
on a relevant stock exchange, on the principal other market on which the ordinary shares are then traded; and

 

		·	a last reported sale price per ordinary share is available on such securities exchange or market,

 

provided that if the ordinary
shares are not so listed or traded, “trading day” means a “business day.”

 

To the extent permitted by applicable law
and subject to the applicable rules of the New York Stock Exchange, we are permitted to increase the exchange rate of the notes
by any amount for a period of at least 20 business days if NCL Holdings’ board of directors or a committee thereof determines
that such increase would be in our best interest. To the extent permitted by applicable law and subject to the applicable rules
of the New York Stock Exchange, we may also (but are not required to) increase the exchange rate to avoid or diminish income tax
to holders of ordinary shares or rights to subscribe for or purchase ordinary shares in connection with a dividend or distribution
of shares (or rights to acquire shares) or similar event.

 

A holder may, in some circumstances, including
a distribution of cash dividends to holders of the ordinary shares, be deemed to have received a distribution subject to U.S. federal
income tax as a result of an adjustment or the nonoccurrence of an adjustment to the exchange rate. Any applicable withholding
taxes (including backup withholding) imposed in connection with a constructive distribution may be withheld from interest and payments
upon exchange or maturity of the notes, or if any withholding taxes (including backup withholding) are paid on behalf of a holder,
those withholding taxes may be set off against payments of cash or ordinary shares, if any, payable on the notes to such holder
(including any payments received upon exchange of the notes or any amounts received upon the repurchase of the notes or ordinary
shares).

 

    	 	A-21	 

     

    

 

If NCL Holdings has a rights plan in effect
upon an exchange of the notes into ordinary shares, you will receive, in addition to the ordinary shares received in connection
with such exchange, the rights under the rights plan. However, if, prior to any exchange, the rights have separated from the ordinary
shares in accordance with the provisions of the applicable rights plan, the exchange rate will be adjusted at the time of separation
as if NCL Holdings distributed to all or substantially all holders of ordinary shares, shares of its share capital, evidences of
indebtedness, assets, property, rights, options or warrants as described in clause (3) above, subject to readjustment in the event
of the expiration, termination or redemption of such rights. NCL Holdings does not currently have a rights plan in effect.

 

Except as stated herein, we will not adjust
the exchange rate for the issuance of ordinary shares or any securities convertible into or exchangeable for ordinary shares or
the right to subscribe for or purchase ordinary shares or such convertible or exchangeable securities. For example, the exchange
rate will not be adjusted:

 

		·	upon the issuance of any ordinary shares pursuant to any present or future plan providing for the reinvestment of dividends
or interest payable on NCL Holdings’ securities and the investment of additional optional amounts in ordinary shares under
any plan;

 

		·	upon the issuance of any ordinary shares or options or rights to purchase those shares pursuant to any present or future employee,
director or consultant benefit plan or program of or assumed by NCLC Group;

 

		·	upon the issuance of any ordinary shares pursuant to any option, warrant, right or exercisable, exchangeable or convertible
security not described in the preceding bullet and outstanding as of the date the notes were first issued;

 

		·	for ordinary course of business share repurchases that are not tender offers referred to in clause (5) of the adjustments above,
including structured or derivative transactions or pursuant to a share repurchase program approved by NCL Holdings’ board
of directors;

 

		·	solely for a change in the par value of ordinary shares; or

 

		·	for accrued and unpaid interest, if any.

 

Adjustments to the exchange rate will be
calculated to the nearest 1/10,000th of a share. Notwithstanding anything in this section to the contrary, we will not be required
to make an adjustment to the exchange rate unless the adjustment would require a change of at least 1.0% to the exchange rate.
However, we will carry forward, and take into account in any future adjustment, any adjustments that are less than 1.0% of the
exchange rate and make such carried forward adjustments, regardless of whether the aggregate adjustment is less than 1.0%, (i)
on the effective date of any fundamental change or make-whole fundamental change, (ii) on the exchange date for any notes and (iii)
on the date of a notice of tax redemption. In no event will the exchange rate be adjusted such that the exchange price will be
less than the par value per ordinary share.

 

Recapitalizations, Reclassifications
and Changes of Ordinary Shares

 

In the case of:

 

		·	any recapitalization, reclassification or change of ordinary shares (other than a change to par value, or from par value to
no par value, or changes resulting from a subdivision or combination),

 

		·	any consolidation, merger, amalgamation or other combination involving NCL Holdings,

 

		·	any sale, lease or other transfer or disposition to a third party of all or substantially all of NCL Holdings’ and its
subsidiaries’ consolidated assets, taken as a whole, or

 

		·	any statutory share exchange,

 

    	 	A-22	 

     

    

 

in
each case, as a result of which ordinary shares would be converted into, or exchanged for, stock, shares, other securities, other
property or assets (including cash or any combination thereof) (any such event, a “specified corporate event” and any
such stock, shares, other securities, other property or assets (including cash or any combination thereof), “reference property,”
and the amount of reference property that a holder of one ordinary share immediately prior to such specified corporate event would
have been entitled to receive upon the occurrence of such specified corporate event, a “unit of reference property”),
then we will, or will cause NCL Holdings or the successor or purchasing person, as the case may be, will execute with the trustee,
without the consent of the holders, a supplemental indenture providing that, at and after the effective time of the specified corporate
event, the right to exchange each $1,000 principal amount of notes for ordinary shares will be changed into a right to exchange
such principal amount of notes for the kind and amount of reference property that a holder of a number of ordinary shares equal
to the exchange rate immediately prior to such specified corporate
event would have been entitled to receive upon such specified corporate event. 

 

However,
at and after the effective time of such specified corporate event, (i) the number of ordinary shares that we would have
been required to deliver upon exchange of the notes as set forth under “—Settlement Upon Exchange” will instead
be deliverable in the units of reference property that a holder of that number of ordinary shares would have received in such specified
corporate event and (ii) the daily VWAP will be calculated based on the value of a unit of reference property that a holder of
one ordinary share would have received in such transaction.

 

If the specified corporate event causes
ordinary shares to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined
based in part upon any form of shareholder election), the reference property into which the notes will be exchangeable will be
the weighted average of the types and amounts of consideration actually received by the holders of ordinary shares.

 

We will notify, in writing, the holders,
the trustee and the exchange agent (if other than the trustee) of the weighted average as soon as practicable after such determination
is made.

 

Such supplemental indenture will also provide
for anti-dilution and other adjustments that are as nearly equivalent as possible to the adjustments described under “—Exchange
Rate Adjustments” above. If the reference property in respect of any such specified corporate event includes stock, shares
other securities or other property or assets (other than cash) of an entity other than NCL Holdings or the successor or purchasing
person, as the case may be, in such specified corporate event, such other entity, if it is party to such specified corporate event,
will also execute such supplemental indenture, and such supplemental indenture will contain such additional provisions to protect
the interests of the holders, including the right of holders to require us to repurchase their notes upon a fundamental change
as described under “—Fundamental Change Permits Holders to Require Us to Repurchase Notes” below, as our board
of directors (or an authorized committee thereof) reasonably considers necessary by reason of the foregoing.

 

If the notes become exchangeable into reference
property, we will notify the trustee in writing and (i) issue a press release containing the relevant information or disclose the
relevant information in a Current Report on Form 8- K and (ii) post such information on NCL Holdings’ website.

 

We will agree in the indenture not to become
a party to any specified corporate event unless its terms are consistent with the foregoing.

 

Adjustments of Prices

 

Whenever any provision of the indenture
requires us to calculate the last reported sale prices or the daily VWAPs over a span of multiple days (including, without limitation,
the period for determining the “stock price” (as defined below) for purposes of a make-whole fundamental change or
a tax redemption), NCL Holdings’ board of directors or a committee thereof will make appropriate adjustments, in good faith,
to each to account for any adjustment to the exchange rate that becomes effective, or any event requiring an adjustment to the
exchange rate where the record date, ex-dividend date, effective date (each as defined above under “—Exchange Rate
Adjustments”) or expiration date of the event occurs, at any time during the period when the last reported sale prices or
the daily VWAPs are to be calculated.

 

    	 	A-23	 

     

    

 

Increase in Exchange Rate Upon Exchange
in Connection With a Make-Whole Fundamental Change or a Tax Redemption

 

If (i) the effective date (as defined below
in this section) of a make-whole fundamental change (as defined below in this section) occurs prior to the maturity date of the
notes or (ii) we deliver a notice of a tax redemption as provided for under “—Redemption Permitted For Changes in Certain
Tax Laws” and, in either case, a holder elects to exchange its notes in connection with such make-whole fundamental change
or tax redemption notice, we will, under certain circumstances, increase the exchange rate for the notes so surrendered for exchange
by a number of additional ordinary shares (the “additional shares”), as described below.

 

“Make-whole fundamental change”
means any transaction or event that constitutes a fundamental change as defined under “—Fundamental Change Permits
Holders to Require Us to Repurchase Notes,” after giving effect to any exceptions to or exclusions from such definition,
but without regard to the proviso in clause (2) of the definition thereof.

 

An exchange of notes will be deemed for
these purposes to be “in connection with” such make-whole fundamental change if the relevant notice of exchange of
the notes (or, in the case of a global note, the relevant notice of exchange in accordance with the depositary’s applicable
procedures) is received by the exchange agent during the period from the open of business on the effective date of the make-whole
fundamental change to the close of business on the business day immediately preceding the related fundamental change repurchase
date (or, in the case of a make-whole fundamental change that would have been a fundamental change but for (x) the proviso in clause
(2) of the definition thereof or (y) the Adequate Cash Exchange Provisions, the 35th trading day immediately following the effective
date of such make-whole fundamental change) (such period, the “make-whole fundamental change period”).

 

An exchange of notes will be deemed for
these purposes to be “in connection with” such tax redemption notice if the relevant notice of exchange of the notes
(or, in the case of a global note, the relevant notice of exchange in accordance with the depositary’s applicable procedures)
is received by the exchange agent during the period from the open of business on the date of the notice of tax redemption to the
close of business on the second business day immediately preceding the related redemption date or, if we fail to pay the tax redemption
price, such later date on which we pay the tax redemption price.

 

Upon surrender of notes for exchange in
connection with a make-whole fundamental change or a notice of tax redemption, we will deliver the ordinary shares, including the
additional shares, as described under “—Exchange Rights—Settlement Upon Exchange” (after giving effect
to any increase in the exchange rate required by this section). However, if the consideration for ordinary shares in any make-whole
fundamental change described in clause (2) of the definition of fundamental change is composed entirely of cash, for any exchange
of notes following the effective date of such make-whole fundamental change, the exchange obligation will be calculated based solely
on the “stock price” for the transaction and will be deemed to be an amount of cash per $1,000 principal amount of
exchanged notes equal to (i) the exchange rate (including any increase to reflect the additional shares as described in this section),
multiplied by (ii) such stock price.

 

We will notify holders, the trustee and
the exchange agent (if other than the trustee) in writing of the effective date of any make-whole fundamental change and, no later
than five business days after such effective date.

 

The number of additional shares, if any,
by which the exchange rate will be increased in connection with a make-whole fundamental change or a tax redemption will be determined
by reference to the table below, based on:

 

		·	in the case of a make-whole fundamental change, the date on which the make-whole fundamental change occurs or becomes effective
or, in the case of a tax redemption, the date of the notice of tax redemption (as used in this section only, the “effective
date”); and

 

		·	in the case of a make-whole fundamental change, the price paid (or deemed to be paid) per ordinary share in the make-whole
fundamental change, as described in the succeeding paragraph, or, in the case of a tax redemption, the average of the last reported
sale prices per ordinary share over the five trading day period ending on, and including, the trading day immediately preceding
the date of such notice of tax redemption, as the case may be (in each case, the “stock price”).

 

    	 	A-24	 

     

    

 

If the holders of ordinary shares receive
in exchange for their ordinary shares only cash in a make-whole fundamental change described in clause (2) of the definition of
fundamental change, the stock price will be the cash amount paid per share. Otherwise, the stock price will be the average of the
last reported sale prices per ordinary share over the five trading day period ending on, and including, the trading day immediately
preceding the effective date of the make-whole fundamental change.

 

The stock prices set forth in the column
headings of the table below will be adjusted as of any date on which the exchange rate of the notes is otherwise adjusted. The
adjusted stock prices will equal (i) the stock prices immediately prior to such adjustment, multiplied by (ii) a fraction,
the numerator of which is the exchange rate immediately prior to the adjustment giving rise to the stock price adjustment and the
denominator of which is the exchange rate as so adjusted. The number of additional shares as set forth in the table below will
be adjusted in the same manner and at the same time as the exchange rate as set forth under “—Exchange Rate Adjustments.”

 

The following table sets forth the number
of additional shares by which the exchange rate will be increased (for each $1,000 of accreted principal amount of the notes),
based on the stock price and effective date set forth below:

 

	Effective date	 	 	
        Stock
        price

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[●], 2020	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[●], 2021	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[●], 2022	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[●], 2023	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[●], 2024	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[●], 2025	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[●], 2026	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

The exact stock price and/or effective
date may not be set forth in the table above, in which case:

 

		·	If the stock price is between two stock prices in the table or the
effective date is between two effective dates in the table, the number of additional shares by which the exchange rate
will be increased will be determined by a straight-line interpolation between the number of additional shares set forth for the
higher and lower stock prices and the earlier and later effective dates in the table above, as applicable, based on a 365- or 366-day
year, as the case may be.

 

		·	If the stock price is greater than $     per share
(subject to adjustment in the same manner as the stock prices set forth in the column headings of the table above), the exchange
rate will not be increased.

 

		·	If the stock price is less than $     per share
(subject to adjustment in the same manner as the stock prices set forth in the column headings of the table above), the exchange
rate will not be increased.

 

Notwithstanding
the foregoing, in no event will the exchange rate per $1,000 principal
amount of notes exceed          ordinary shares, subject to adjustment in the same manner
as the exchange rate as set forth under “—Exchange
Rate Adjustments.”

 

Our
obligation to increase the exchange rate for notes exchanged in
connection with a make-whole fundamental change or notice of a tax redemption could be considered a penalty, in which case the
enforceability thereof would be subject to general principles of reasonableness and equitable remedies.

 

For the avoidance of doubt, if a holder
converts its notes prior to the effective date of a make-whole fundamental change, then, whether or not such make-whole fundamental
change occurs, the holder shall not be entitled to an increased conversion rate in connection with such make-whole fundamental
change.

 

An
increase in the exchange rate for notes exchanged in connection
with the make-whole fundamental change or a tax redemption may be treated as a distribution subject to U.S. federal income tax
as a dividend. Any applicable withholding taxes (including backup withholding) imposed in connection with a constructive distribution
may be withheld from interest and payments upon exchange or maturity
of the notes, or if any withholding taxes (including backup withholding) are paid on behalf of a holder, those withholding taxes
may be set off against payments of cash or ordinary shares, if any, payable on the notes to such holder (including any payments
received upon exchange of the notes or any amounts received upon the repurchase of the notes or ordinary shares). 

 

    	 	A-25	 

     

    

 

Fundamental Change Permits Holders to
Require Us to Repurchase Notes

 

If a “fundamental change” (as
defined below in this section) occurs at any time, holders will have the right, at their option, to require us to repurchase for
cash all of their notes, or any portion of the principal amount thereof that is equal to $1,000 or an integral multiple of $1,000
in excess thereof. The fundamental change repurchase date will be a date specified by us that is not less than 20 or more than
35 calendar days following the date of our fundamental change notice as described below, subject to extension if required to comply
with law.

 

The fundamental change repurchase price
we are required to pay will be equal to 100% of the accreted principal amount of the notes to be repurchased, plus accrued
and unpaid interest to, but not including, the fundamental change repurchase date (unless the fundamental change repurchase date
falls after a regular record date but on or prior to the interest accrual date to which such regular record date relates, in which
case we will instead pay the full amount of accrued and unpaid interest to the holder of record on such regular record date, and
the fundamental change repurchase price will be equal to 100% of the principal amount of the notes to be repurchased).

 

A “fundamental change” will
be deemed to have occurred at the time after the notes are originally issued if any of the following occurs:

 

		1.	a “person” or “group” (as such terms are used for the purposes of Section 13(d) and 14(d) of the Exchange
Act) is or becomes the “beneficial owner” (as such term is used in Rule 13d-3 under the Exchange Act), directly or
indirectly, of share capital of NCL Holdings that is entitled to exercise or direct the exercise of more than 50% of the rights
to vote to elect members of the board of directors of NCL Holdings;

 

		2.	the consummation of (A) any recapitalization, reclassification or change of ordinary shares (other than changes resulting from
a subdivision or combination) as a result of which ordinary shares would be converted into, or exchanged for, stock, shares, other
securities, other property or assets; (B) any share exchange, consolidation, amalgamation or merger of NCL Holdings pursuant to
which ordinary shares will be converted into, or exchanged for, cash, securities or other property or assets (or any combination
thereof); or (C) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of
NCL Holdings’ and its subsidiaries’ consolidated assets, taken as a whole, to any person other than NCL Holdings or
one of its wholly owned subsidiaries; provided, however, that a transaction described in clause (A) or (B) in which
the holders of all classes of the common equity of NCL Holdings immediately prior to such transaction own, directly or indirectly,
more than 50% of all classes of common equity of the continuing or surviving corporation or transferee or the parent thereof immediately
after such transaction in substantially the same proportions vis-à-vis each other as such ownership immediately prior to
such transaction shall not be a fundamental change pursuant to this clause (2);

 

		3.	NCL Holdings’ shareholders approve any plan or proposal for the liquidation or dissolution of NCL Holdings;

 

		4.	ordinary shares (or other common equity or ADSs in respect of common equity for which the notes are exchangeable) cease to
be listed or quoted on any of the New York Stock Exchange, the NASDAQ Global Select Market or the NASDAQ Global Market (or any
of their respective successors) for more than one business day; or

 

		5.	the Company or the Issuer Permitted Successor, as applicable, ceases to be a wholly owned subsidiary of NCL Holdings or a Guarantor
Permitted Successor, unless the Company is merged into NCL Holdings or a Guarantor Permitted Successor in accordance with “—Consolidation,
Merger and Sale of Assets.”

 

    	 	A-26	 

     

    

 

A
transaction or transactions described in clause (1) or clause (2) above will not constitute a fundamental change, however, if at
least 90% of the consideration received or to be received by NCL Holdings’ ordinary shareholders, excluding cash payments
for fractional shares and cash payments made in respect of dissenters’ appraisal rights, in connection with such transaction
or transactions consists of shares of common equity or ADSs in respect of common equity that are listed or quoted on any of the
New York Stock Exchange, the NASDAQ Global Select Market or the NASDAQ Global Market (or any of their respective successors) or
will be so listed or quoted when issued or exchanged in connection with such transaction or transactions and as a result of such
transaction or transactions such consideration becomes the reference property for the notes (subject to the provisions set forth
under “—Exchange Rights—Settlement Upon Exchange”).

 

Any event, transaction or series of related
transactions that constitute a fundamental change under both clause (1) and clause (2) above (determined without regard to the
proviso in clause (2) above) will be deemed to be a fundamental change solely under clause (2) above.

 

On or before the 20th day after the occurrence
of a fundamental change, we will provide to all holders of the notes and the trustee and paying agent (if other than the trustee)
a written notice of the occurrence of the fundamental change and of the resulting repurchase right. Such notice shall state, among
other things:

 

		·	the events causing a fundamental change;

 

		·	the effective date of the fundamental change;

 

		·	the last date on which a holder may exercise the repurchase right;

 

		·	the fundamental change repurchase price;

 

		·	the fundamental change repurchase date;

 

		·	the name and address of the paying agent and the exchange agent;

 

		·	the exchange rate and any adjustments to the exchange rate;

 

		·	that the notes with respect to which a fundamental change repurchase notice has been delivered by a holder may be exchanged
only if the holder withdraws the fundamental change repurchase notice in accordance with the terms of the indenture; and

 

		·	the procedures that holders must follow to require us to repurchase their notes.

 

Simultaneously
with providing such notice, we will (i) issue a press release containing
such information, or disclose the information in a Current Report on Form 8-K and (ii) post such information on NCL Holdings’
website.

 

To exercise the fundamental change repurchase
right, you must deliver, on or before the close of business on the business day immediately preceding the fundamental change repurchase
date, the notes to be repurchased, duly endorsed for transfer (in the case of certificated notes), or effect book-entry transfer
of the notes, together with a written repurchase notice, to the paying agent. Each repurchase notice must state:

 

		·	if certificated, the certificate numbers of the notes to be delivered for repurchase;

 

		·	the portion of the original principal amount of notes to be repurchased, which must be $1,000 or an integral multiple thereof
and the accreted principal amount of such notes; and

 

		·	that the notes are to be repurchased by us pursuant to the applicable provisions of the notes and the indenture.

 

If the notes are not in certificated form,
such repurchase notice must comply with appropriate depositary procedures or the procedures of any subsequent or successor depositary.

 

    	 	A-27	 

     

    

 

Holders may withdraw any repurchase notice
(in whole or in part) by a written notice of withdrawal delivered to the paying agent prior to the close of business on the business
day immediately preceding the fundamental change repurchase date. The notice of withdrawal shall state:

 

		·	the accreted principal amount of the withdrawn notes;

 

		·	if certificated, the certificate numbers of the notes to be withdrawn; and

 

		·	the original principal amount, if any, which remains subject to the repurchase notice, which must be $1,000 or an integral
multiple thereof, and the accreted principal amount of such notes.

 

If the notes are not in certificated form,
such notice of withdrawal must comply with appropriate depositary procedures or the procedures of any subsequent or successor depositary.

 

We will be required to repurchase the notes
on the fundamental change repurchase date, subject to extension to comply with applicable law. Holders who have exercised the repurchase
right will receive payment of the fundamental change repurchase price on the later of:

 

		·	the fundamental change repurchase date; and

 

		·	the time of book-entry transfer or the delivery of the notes.

 

If the paying agent holds money sufficient
to pay the fundamental change repurchase price of the notes on the fundamental change repurchase date or any applicable extension
thereof, then, with respect to the notes that have been properly surrendered for repurchase and have not been validly withdrawn:

 

		·	such notes will cease to be outstanding and interest will cease to accrue on such notes on the fundamental change repurchase
date or any applicable extension thereof (whether or not book-entry transfer of the notes is made or whether or not the notes are
delivered to the paying agent); and

 

		·	all other rights of the holder with respect to such notes will terminate on the fundamental change repurchase date (other than
(x) the right to receive the fundamental change repurchase price and (y) if the fundamental change repurchase date falls after
a regular record date but on or prior to the related interest accrual date, the right of the holder of record on such regular record
date to receive the accrued and unpaid interest to, but not including, the fundamental change repurchase date).

 

In connection with any repurchase offer
pursuant to a fundamental change repurchase notice, we and NCL Holdings will, if required:

 

		·	comply with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act that may then
be applicable; and

 

		·	file a Schedule TO or any other required schedule under the Exchange Act;

 

in each case, so as to permit the rights and
obligations under this “—Fundamental Change Permits Holders to Require Us to Repurchase Notes” to be exercised
in the time and in the manner specified in the indenture. To the extent that any securities laws and regulations conflict with
the provisions of the indenture with respect to the repurchase of the notes, we will be deemed not to be in breach of the indenture
as a result of compliance thereof.

 

No notes may be repurchased on any date
at the option of holders upon a fundamental change if the principal amount of the notes has been accelerated, and such acceleration
has not been rescinded, on or prior to such date (except in the case of an acceleration resulting from a default by us in the payment
of the fundamental change repurchase price with respect to such notes).

 

    	 	A-28	 

     

    

 

Notwithstanding anything to the contrary
in the foregoing, we will not be required to repurchase, or to make an offer to repurchase, the notes upon a fundamental change:

 

		·	if a third party makes such an offer in the same manner, at the same time and otherwise in compliance with the requirements
for an offer made by us as set forth above and such third party purchases all notes properly surrendered and not validly withdrawn
under its offer in the same manner, at the same time and otherwise in compliance with the requirements for an offer made by us
as set forth above; or

 

		·	pursuant to clause (2) of the definition thereof if (i) such fundamental change results in the notes becoming exchangeable
(pursuant to the provisions described above under “—Recapitalizations, Reclassifications and Changes of Ordinary Shares”)
into an amount of cash per note that is greater than (x) the fundamental change repurchase price (assuming such price includes
the maximum amount of accrued interest that would be payable based on the latest possible fundamental change repurchase date),
plus (y) to the extent that the 35th trading day immediately following the effective date of such fundamental change is
after a regular record date and on or prior to the business day immediately following the corresponding interest accrual date,
the full amount of interest payable per note on such interest accrual date and (ii) we provide timely written notice of the holders’
right to exchange their notes based on such fundamental change and provide written notice of the effective date of any such transaction
as promptly as practicable following the date we publicly announce such transaction or prior to such effective date if practicable
to do so using commercially reasonable efforts. The requirements set forth in clauses (i) and (ii) of this bullet are referred
to as the “Adequate Cash Exchange Provisions.”

 

The repurchase rights of the holders could
discourage a potential acquirer of NCL Holdings. The fundamental change repurchase feature, however, is not the result of management’s
knowledge of any specific effort to obtain control of NCL Holdings by any means or part of a plan by management to adopt a series
of anti-takeover provisions.

 

The term fundamental change is limited
to specified transactions and may not include other events that might adversely affect NCLC Group’s financial condition.
In addition, the requirement that we offer to repurchase the notes upon a fundamental change may not protect holders in the event
of a highly leveraged transaction, reorganization, amalgamation, merger or similar transaction involving NCLC Group.

 

Furthermore, holders may not be entitled
to require us to repurchase their notes upon a fundamental change or entitled to an increase in the exchange rate upon exchange
as described under “—Increase in Exchange Rate Upon Exchange in Connection With a Make-Whole Fundamental Change or
a Tax Redemption” in certain circumstances involving a significant change in the composition of NCL
Holdings’ board, unless such change is in connection with a fundamental change or a make-whole fundamental change
as described herein.

 

The definition of fundamental change includes
a phrase relating to the sale, lease or other transfer or disposition of “all or substantially all” of NCL Holdings’
and its subsidiaries’ consolidated assets, taken as a whole. There is no precise, established definition of the phrase “substantially
all” under applicable law. Accordingly, the ability of a holder of the notes to require us to repurchase its notes as a result
of the sale, lease or other transfer or disposition of less than all of NCL Holdings’ and its subsidiaries’ consolidated
assets, taken as a whole, may be uncertain.

 

If a fundamental change were to occur,
we may not have enough funds to pay the fundamental change repurchase price. Our ability to repurchase the notes for cash may be
limited by restrictions on our ability to obtain funds for such repurchase through dividends, loans or other distributions from
NCL Holdings or its subsidiaries and the terms of NCLC Groups’ debt agreements or the terms of its then-existing borrowing
arrangements or otherwise. We cannot assure you that we would have the financial resources, or would be able to arrange financing,
to pay the repurchase price in cash for all the notes that might be delivered by holders of notes seeking to exercise the repurchase
right. If we fail to repurchase the notes when required following a fundamental change, we will be in default under the indenture.
In addition, such a failure to repurchase notes when required could constitute an event of default under NCLC Group’s other
debt agreements or any of NCLC Group’s future indebtedness. We also have incurred, and may in the future incur, other indebtedness
with similar change in control provisions permitting our holders to accelerate or to require us to repurchase our indebtedness
upon the occurrence of similar events or on some specific dates.

 

    	 	A-29	 

     

    

 

Consolidation, Merger and Sale of Assets

 

NCL Corporation Ltd.

 

The indenture will provide that we shall
not consolidate with or merge with or into or amalgamate with or otherwise combine with, or sell, lease or otherwise transfer or
dispose of all or substantially all of our and our subsidiaries’ consolidated assets, taken as a whole, to, another person,
unless:

 

		·	we are the surviving person or the resulting, surviving or
transferee person (if not us) is a person organized and existing
under the laws of any Permitted Jurisdiction and treated as a corporation for U.S. federal income tax purposes, and such person
(if not us) expressly assumes by supplemental indenture in form
satisfactory to the trustee all of our obligations under the notes
and the indenture (such surviving, resulting or transferee person, an “Issuer Permitted Successor”); and

 

		·	immediately after giving effect to such transaction, (i) we are a wholly-owned subsidiary of NCL Holdings or a Guarantor Permitted
Successor or have merged into NCL Holdings or a Guarantor Permitted Successor and (ii) no default or event of default has occurred
and is continuing under the indenture.

 

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

 

We shall deliver, or cause to be delivered,
to the trustee an officer’s certificate and an opinion of counsel, each to the effect that such consolidation, merger, amalgamation,
combination, sale, lease or other transfer or disposition complies with the requirements of the indenture, and such opinion of
counsel shall state that the indenture and the notes constitute legal, valid and binding obligations of any Issuer Permitted Successor,
as applicable, subject to customary exceptions.

 

Upon any such consolidation, merger, amalgamation,
combination or sale, lease or other transfer or disposition, the Issuer Permitted Successor (if not us) shall succeed to, and may
exercise every right and power of, ours under the indenture and the notes, and we shall be discharged from our obligations under
the notes and the indenture except in the case of any such lease.

 

For purposes of the foregoing, any sale,
lease or other transfer or disposition of the assets of one or more of our subsidiaries that would, if we had held such assets
directly, have constituted the sale, lease or other transfer or disposition of all or substantially all of our consolidated assets,
taken as a whole, will be treated as such under the indenture.

 

Norwegian Cruise Line Holdings Ltd.

 

The indenture will provide that NCL Holdings
shall not consolidate with or merge with or into or otherwise combine with, or sell, lease or otherwise transfer or dispose of
all or substantially all of NCL Holdings’ and its subsidiaries’ consolidated assets, taken as a whole, to, another
person, unless:

 

		·	NCL Holdings is the surviving person or the resulting, surviving
or transferee person (if not NCL Holdings) is a person organized
and existing under the laws of any Permitted Jurisdiction and treated as a corporation for U.S. federal income tax purposes, and
such person (if not NCL Holdings) expressly assumes by supplemental
indenture in form satisfactory to the trustee all of NCL Holdings’
obligations under the notes, the indenture and its guarantee (such surviving, resulting or transferee person, a “Guarantor
Permitted Successor”); and

 

		·	immediately after giving effect to such transaction, (i) we are a wholly-owned subsidiary of NCL Holdings or a Guarantor Permitted
Successor and are treated as a disregarded entity for U.S. federal income tax purposes or have merged into NCL Holdings or a Guarantor
Permitted Successor and (ii) no default or event of default has occurred and is continuing under the indenture.

 

We shall deliver, or cause to be delivered,
to the trustee an officer’s certificate and an opinion of counsel, each to the effect that such consolidation, merger, combination,
sale, lease or other transfer or disposition complies with the requirements of the indenture, and such opinion of counsel shall
state that the indenture, the notes and NCL Holdings’ guarantee constitute legal, valid and binding obligations of any Guarantor
Permitted Successor, as applicable, subject to customary exceptions.

 

    	 	A-30	 

     

    

 

Upon any such consolidation, merger, combination
or sale, lease or other transfer or disposition, the Guarantor Permitted Successor (if not NCL Holdings) shall succeed to, and
may exercise every right and power of, NCL Holdings under the indenture, the notes and NCL Holdings’ guarantee, and NCL Holdings
shall be discharged from its obligations under the notes, the indenture and its guarantee except in the case of any such lease.

 

For purposes of the foregoing, any sale,
lease or other transfer or disposition of the assets of one or more of NCL Holdings’ subsidiaries that would, if NCL Holdings
had held such assets directly, have constituted the sale, lease or other transfer or disposition of all or substantially all of
NCL Holdings’ consolidated assets, taken as a whole, will be treated as such under the indenture.

 

Although the types of transactions described
above are permitted under the indenture, certain of the foregoing transactions could constitute a fundamental change permitting
each holder to require us to repurchase the notes of such holder as described above.

 

Although there is a limited body of case
law interpreting the phrase “substantially all,” there is no precise established definition of the phrase under applicable
law. Accordingly, in certain circumstances there may be a degree of uncertainty as to whether a particular transaction would involve
 “all or substantially all” of the assets of a person.

 

Events of Default

 

Each of the following is an event of default
with respect to the notes:

 

(1)       default
in any payment of interest on any note when due and payable and the default continues for a period of 30 days;

 

(2)       default
in the payment of principal of any note when due and payable at its stated maturity, upon any required repurchase, upon redemption,
upon declaration of acceleration or otherwise;

 

(3)       our
failure to comply with our obligation to convert the notes into Preference Shares or to procure the delivery of ordinary shares
issuable upon exchange of the Preference Shares in accordance with the indenture upon exercise of a holder’s exchange right,
and, in each case, such failure continues for five business days;

 

(4)       our
failure to give a fundamental change notice as described under “—Fundamental Change Permits Holders to Require Us to
Repurchase Notes” or a notice of a make-whole fundamental change as described under “—Exchange Rights—Increase
in Exchange Rate Upon Exchange in Connection With a Make-Whole Fundamental Change or a Tax Redemption,” and, in each case,
such failure continues for five business days;

 

(5)       our
or NCL Holdings’ failure to comply with our or its obligations under “Consolidation, Merger and Sale of Assets;

 

(6)       our
or NCL Holdings’ failure for 60 days after written notice from the trustee or the holders of at least 25% in aggregate original
principal amount of the notes then outstanding has been received by us and the trustee to comply with any of our or NCL Holdings’
other agreements contained in the notes or the indenture;

 

(7)       the
failure by the Company, NCL Holdings or any Significant Subsidiary (or any group of subsidiaries of NCL Holdings that together
would constitute a Significant Subsidiary) to pay any Indebtedness (other than Indebtedness owing to the Company, NCL Holdings
or one of NCL Holdings’ other subsidiaries) within any applicable grace period after final maturity or the acceleration of
any such Indebtedness by the holders thereof because of a default, in each case, if the total amount of such Indebtedness unpaid
or accelerated exceeds $125.0 million or its foreign currency equivalent (the “cross-acceleration provision”);

 

(8)       a
court of competent jurisdiction enters an order or decree under any bankruptcy law that:

 

(i)is for relief against
either the Company, NCL Holdings or any Significant Subsidiary of the Company in an involuntary case;

 

    	 	A-31	 

     

    

 

(ii)       appoints
a custodian of either the Company, NCL Holdings or any Significant Subsidiary of the Company or for any substantial part of its
property; or

 

(iii)       orders
the winding up or liquidation of either the Company, NCL Holdings or any Significant Subsidiary of the Company;

  

(9)       failure
by the Company, NCL Holdings or any Significant Subsidiary (or any group of subsidiaries of NCL Holdings that together would constitute
a Significant Subsidiary) to pay final judgments aggregating in excess of $125.0 million or its foreign currency equivalent (net
of any amounts which are covered by enforceable insurance policies issued by solvent carriers), which judgments are not discharged,
waived or stayed for a period of 60 days (the “judgment default provision”); or

 

(10)       the
guarantee of NCL Holdings is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full
force and effect, or NCL Holdings denies or disaffirms its obligations
under its guarantee.

 

A “Significant Subsidiary”
means any subsidiary that would be a “Significant Subsidiary” of NCL Holdings within the meaning of Rule 1-02 under
Regulation S-X promulgated by the SEC (or any successor provision).

 

If an Event of Default (other than an Event
of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company) occurs and is continuing, the
Trustee by written notice to the Company, or the holders of at least 25% in original principal amount of outstanding notes by written
notice to the Company, with a copy to the Trustee, may declare the principal of, premium, if any, and accrued but unpaid interest
on all the notes to be due and payable. Upon such a declaration, such principal and interest will be due and payable immediately.
If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company or NCL Holdings occurs,
the principal of, premium, if any, and interest on all the notes will become immediately due and payable without any declaration
or other act on the part of the Trustee or any holders. Under certain circumstances, the holders of a majority in original principal
amount of outstanding notes may rescind any such acceleration with respect to the notes and its consequences.

 

“Credit Agreements” means (i)
any of the NCLC Group Credit Facilities, as amended, restated, supplemented, waived, replaced (whether or not upon termination,
and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time
to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring
all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement
agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity
thereof (except to the extent any such refinancing, replacement or restructuring is designated by the Company to not be included
in the definition of “Credit Agreements”) and (ii) whether or not any credit agreement referred to in clause (i) remains
outstanding, if designated by the Company to be included in the definition of “Credit Agreements,” one or more (A)
debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, securitization or receivables
financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against
such receivables) or letters of credit, (B) debt securities, indentures or other forms of debt financing (including convertible
or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing
any other Indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented,
modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time.

 

“Credit Agreement Indebtedness”
means any and all amounts payable under or in respect of the Credit Agreements and the other Credit Agreement Documents, as amended,
restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise),
restructured, repaid, refunded, refinanced or otherwise modified from time to time including any agreement or indenture extending
the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement
or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or
increasing the amount loaned or issued thereunder or altering the maturity thereof.

 

    	 	A-32	 

     

    

 

“Credit Agreement Documents”
means the collective reference to any of the Credit Agreements, any notes issued pursuant thereto and the guarantees thereof, and
the collateral documents relating thereto, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid,
refinanced or otherwise modified, in whole or in part, from time to time.

 

Notwithstanding the foregoing, the indenture
will provide that, to the extent we elect, the sole remedy for an event of default relating to NCL Holdings’ failure to comply
with its obligations as set forth under “—Reports” below, will, after the occurrence of such an event of default,
consist exclusively of the right to receive additional cash interest on the notes at a rate equal to:

 

		A.	0.25% per annum of the accreted principal amount of the notes outstanding for each day during the period beginning on, and
including, the date on which such event of default first occurred and ending on the earlier of (x) the date on which such event
of default is cured or validly waived in accordance with the indenture and (y) the 180th day immediately following, and including,
the date on which such event of default first occurred; and

 

		B.	if such event of default has not been cured or validly waived prior
to the 181st day immediately following, and including, the date on which such event of default first occurred, 0.50% per annum
of the accreted principal amount of notes outstanding for each day during the period beginning on, and including, the 181st day
immediately following, and including, the date on which such event of default first occurred and ending on the earlier of (x) the
date on which the event of default is cured or validly waived and (y) the 360th day immediately following, and including, the date
on which such event of default first occurred.

 

For the avoidance of doubt, the first 180-day
period shall not commence until expiration of the 60-day period referenced in clause (6) above.

 

In no event, however, will additional cash
interest accrue on any day (taking into consideration any additional cash interest payable pursuant to the election described above)
at a rate in excess of 0.50% per annum, regardless of the number of events or circumstances giving rise to the requirement to pay
such additional cash interest.

 

If we so elect, such additional interest
will be payable in cash and on the same dates as the stated interest payable on the notes and will accrue on all outstanding notes
from, and including, the date on which the event of default relating to the failure to comply with the reporting obligations in
the indenture first occurs to, but not including, the 361st day thereafter (or such earlier date on which such event of default
is cured or waived by the holders of a majority in original principal amount of the outstanding notes). On the 361st day after
such event of default (if the event of default relating to the reporting obligations is not cured or waived prior to such 361st
day), such additional cash interest will cease to accrue and the notes will be subject to acceleration as provided above. The provisions
of the indenture described in this paragraph will not affect the rights of holders of notes in the event of the occurrence of any
other event of default. In the event we do not elect to pay the additional cash interest following an event of default in accordance
with this paragraph or we elected to make such payment but do not pay the additional cash interest when due, the notes will be
immediately subject to acceleration as provided above.

 

In order to elect to pay the additional
cash interest as the sole remedy during the first 360 days after the occurrence of an event of default relating to the failure
to comply with the reporting obligations in accordance with the immediately preceding two paragraphs, we must notify, in writing,
all holders of notes, the trustee and the paying agent (if other than the trustee) of such election on or before the close of business
on the date on which such event of default first occurs. Upon our failure to timely give such notice or pay additional cash interest,
the notes will be immediately subject to acceleration as provided above.

 

If any portion of the amount payable on
the notes upon acceleration is considered by a court to be unearned interest (through the allocation of the value of the instrument
to the embedded warrant or otherwise), the court could disallow recovery of any such portion.

 

    	 	A-33	 

     

    

 

The
holders of a majority in original principal amount of the outstanding notes may waive all past defaults (except with respect to
nonpayment of principal (including the redemption price and the fundamental change repurchase price, if applicable) or interest
or with respect to the failure to deliver the consideration due upon exchange or
any other provision that requires the consent of each affected holder to amend) and rescind any such acceleration with respect
to the notes and its consequences if:

 

		·	rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and

 

		·	all existing events of default, other than the nonpayment of the principal of and interest on the notes that have become due
solely by such declaration of acceleration, have been cured or waived and all amounts owing to the trustee have been paid.

 

Each
holder shall have the contractual right to institute suit for the enforcement of any payment of principal (including the redemption
price and the fundamental change repurchase price, if applicable), accrued and unpaid interest, if any, on, and consideration due
upon exchange of, its notes, on or after the respective due dates
expressed or provided for in the indenture, and the indenture will provide that such contractual right shall not be impaired or
affected without the consent of such holder.

 

Subject to certain restrictions, the holders
of a majority in original principal amount of the outstanding notes are given the right to direct the time, method and place of
conducting any proceeding for any remedy available to the trustee or of exercising any trust or power conferred on the trustee.

 

Subject
to the provisions of the indenture relating to the duties of the trustee, if an event of default occurs and is continuing, the
trustee will be under no obligation to exercise any of the rights or powers under the indenture at the request or direction of
any of the holders unless such holders have offered to the trustee indemnity or security satisfactory to it against any loss, liability,
claim or expense. Except to enforce the right to receive payment of principal (including the redemption price and the fundamental
change repurchase price, if applicable) or interest when due, or the right to receive payment or delivery of the consideration
due upon exchange, no holder may pursue any remedy with respect
to the indenture or the notes unless:

 

		A.	such holder has previously given the trustee written notice that an event of default is continuing;

 

		B.	holders of at least 25% in aggregate original principal amount of the outstanding notes have requested the trustee to pursue
the remedy;

 

		C.	such holders have offered the trustee security or indemnity satisfactory to it against any loss, liability, claim or expense;

 

		D.	the trustee has not complied with such request within 60 days after the receipt of the request and the offer of such security
or indemnity; and

 

		E.	the holders of a majority in original principal amount of the outstanding notes have not given the trustee a direction that,
in the opinion of the trustee, is inconsistent with such request within such 60-day period.

 

The indenture will provide that in the
event an event of default has occurred and is continuing, the trustee will be required in the exercise of its powers vested in
it by the indenture to use the degree of care that a prudent person would use in the conduct of its own affairs under the circumstances.
The trustee, however, may refuse to follow any direction that conflicts with law or the indenture or that the trustee determines
is unduly prejudicial to the rights of any other holder (it being understood that the trustee does not have an affirmative duty
to ascertain whether or not any such directions are unduly prejudicial to such holders) or that would involve the trustee in personal
liability. Prior to taking any action under the indenture, the trustee will be entitled to indemnification satisfactory to it against
any loss, liability, claim or expense caused by taking or not taking such action.

 

The indenture will provide that if a default
occurs and is continuing and is actually known to a responsible officer of the trustee, the trustee must deliver to each holder
notice of the default within 90 days after it obtains such knowledge.

 

    	 	A-34	 

     

    

 

Except in the case of a default in the
payment of principal of (including the redemption price and the fundamental change repurchase price, if applicable) or interest
on any note or a default in the payment or delivery of the consideration due upon exchange, the trustee may withhold notice if
and so long as the trustee in good faith determines that withholding notice is in the interests of the holders. In addition, we
are required to deliver to the trustee, within 120 days after the end of each fiscal year, a certificate indicating whether the
signers thereof know of any default that occurred during the previous year and is then continuing. We are also required to deliver
to the trustee, within 30 days after an officer of the Company becomes aware of the occurrence thereof, written notice of any events
which would constitute defaults, their status and what action we are taking or proposing to take in respect thereof.

 

Payments of the redemption price, the fundamental
change repurchase price, cash exchange consideration due upon exchange, principal and interest that are not made when due will
accrue interest per annum at the then- applicable interest rate.

 

Modification and Amendment

 

Subject to certain exceptions, the indenture,
the notes or the guarantee may be amended with the consent of the holders of at least a majority in original principal amount of
the notes then outstanding (including consents obtained in connection with a repurchase of, or tender or exchange offer for, notes)
and, subject to certain exceptions, any past default or compliance with any provisions may be waived with the consent of the holders
of a majority in principal amount of the notes then outstanding (including consents obtained in connection with a repurchase of,
or tender or exchange offer for, notes). However, without the consent of each holder of an outstanding note affected, no amendment
may, among other things:

 

(1)       reduce
the amount of notes whose holders must consent to an amendment;

 

(2)       reduce
the rate of or extend the stated time for payment of interest on any note;

 

(3)       reduce
the principal of or extend the stated maturity of any note;

 

(4)       reduce
the amount of principal payable upon acceleration of the maturity of the notes;

 

(5)       impair
or adversely affect the right of holders to exchange notes or otherwise modify the provisions with respect to exchange, or reduce
the exchange rate (subject to such modifications as are required under the indenture);

 

(6)       reduce
the redemption price or the fundamental change repurchase price of any note or amend or modify in any manner adverse to the holders
of notes our obligation to make such payments, whether through an amendment or waiver of provisions in the covenants, definitions
or otherwise;

 

(7)       make
any note payable in money, or at a place of payment, other than that stated in the note;

 

(8)       change
the ranking in right of payment of the obligations under the notes;

 

(9)       impair
or affect the right of any holder to institute suit for the enforcement of any payment of principal (including the redemption price
and the fundamental change repurchase price, if applicable) of, accrued and unpaid interest, if any, on, or the consideration due
upon exchange of, its notes, on or after the respective due dates expressed or provided for in the indenture;

 

(10)       make
any change to the provisions described under “—Additional Amounts” that adversely affects the holders;

 

(11)       make
any change in the amendment or waiver provisions that require each holder’s consent;

 

(12)       modify
the guarantee in any manner adverse to the holders; or

 

(13)       cause
the Paid-up Value of the Preference Shares to be altered.

 

    	 	A-35	 

     

    

 

Without the consent of any holder, we,
NCL Holdings and the trustee may amend the indenture, the notes or the guarantee to:

 

(1)       cure
any ambiguity, mistake, omission, defect or inconsistency in the indenture, or the notes or the guarantee;

 

(2)       provide
for the assumption by a successor person of our obligations or NCL Holdings’ obligations under the indenture, or the notes
or the guarantee in accordance with “—Consolidation, Merger and Sale of Assets”;

 

(3)       add
additional guarantees with respect to the notes;

 

(4)       secure
the notes or the guarantee;

 

(5)       increase
the exchange rate of the notes;

 

(6)       [Reserved];

 

(7)       add
to our or NCL Holdings’ covenants or events of default for the benefit of the holders or make changes that would provide
additional rights to the holders or surrender any right or power conferred upon us or NCL Holdings;

 

(8)       make
any change that does not adversely affect the rights of any holder, as determined in good faith by our board of directors and evidenced
by a resolution of our board of directors delivered to the trustee;

 

(9)       in
connection with any transaction described under “—Exchange Rights—Recapitalizations, Reclassifications and Changes
of Ordinary Shares” above, provide that the notes are exchangeable into reference property, subject to the provisions described
under “—Exchange Rights—Settlement Upon Exchange” above, and make certain related changes to the terms
of the notes to the extent expressly required by the indenture;

 

(10)       evidence
and provide for the acceptance of an appointment under the indenture of a successor trustee; provided that the successor
trustee is otherwise qualified and eligible to act as such under the terms of the indenture as set forth in an officer’s
certificate;

 

(11)       conform
the provisions of the indenture to the “Description of Notes”; or

 

(12)       provide
for the issuance of additional notes in accordance with the indenture.

 

Holders do not need to approve the particular
form of any proposed amendment. It will be sufficient if such holders approve the substance of the proposed amendment. After an
amendment under the indenture becomes effective, we are required to send to the holders a notice briefly describing such amendment,
unless a Current Report on Form 8-K (or successor form thereto) is filed by us describing the amendment. However, the failure to
give such notice to all the holders, or any defect in the notice, will not impair or affect the validity of the amendment.

 

Discharge

 

We may satisfy and discharge our obligations
and NCL Holdings’ obligations under the indenture, the notes and the guarantee by delivering to the securities registrar
for cancellation all outstanding notes or by depositing with the trustee or delivering to the holders, as applicable, after all
of the notes have (i) become due and payable, whether at maturity, upon redemption or at any fundamental change repurchase date,
and/or (ii) been exchanged, cash or, solely to satisfy outstanding exchanges, ordinary shares (or if applicable, reference property),
as applicable, sufficient to pay all of the outstanding notes and/or satisfy all exchanges, as the case may be, and pay all other
sums payable under the indenture by us. Such discharge is subject to terms contained in the indenture.

 

Calculations in Respect of Notes

 

Except as otherwise provided above, we
will be responsible for making all calculations called for under the notes. These calculations include, but are not limited to,
determinations of the stock price or trading price, the last reported sale prices per ordinary share, the daily VWAP, accrued interest
payable on the notes and the exchange rate of the notes. We will make all these calculations in good faith and, absent manifest
error, our calculations will be final and binding on holders of notes, the trustee and the exchange agent. We will provide a schedule
of our calculations to each of the trustee and the exchange agent, and each of the trustee and the exchange agent is entitled to
rely conclusively upon the accuracy of our calculations without independent verification. The trustee will forward our calculations
to any holder of notes upon the request of that holder.

 

    	 	A-36	 

     

    

 

Reports

 

The indenture will provide that any documents
or reports that NCL Holdings is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act must be provided
by NCL Holdings to the trustee within 15 days after the same are required to be filed with the SEC (after giving effect to any
grace period provided by Rule 12b-25 or any successor rule under the Exchange Act or any special order of the SEC). Documents or
reports filed by NCL Holdings with the SEC via the EDGAR system (or any successor thereto) will be deemed to be provided to the
trustee as of the time such documents are filed via EDGAR (or such successor).

 

Delivery of reports, information and documents
to the trustee is for informational purposes only and its receipt of such reports shall not constitute actual or constructive notice
of any information contained therein or determinable from information contained therein, including our and/or NCL Holdings’
compliance with any of our and/or NCL Holdings’ covenants under the indenture or the notes (as to which the trustee is entitled
to rely exclusively on officer’s certificates). The trustee shall not be obligated such covenants or to determine whether
any reports or other documents have been filed with the SEC or via the EDGAR system (or any successor thereto) or posted on any
website, or to participate in any conference calls.

 

Rule 144A Information

 

At any time NCL
Holdings is not subject to Section 13 or 15(d) of the Exchange Act, we will, so long as any of the notes or any ordinary
shares issued upon exchange thereof will, at such time, constitute “restricted securities” within the meaning of Rule
144(a)(3) under the Securities Act, promptly provide to the trustee and will, upon written request, provide to any holder, beneficial
owner or prospective purchaser of such notes or any ordinary shares issued upon exchange of such notes the information required
to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such notes or ordinary shares
pursuant to Rule 144A under the Securities Act. We will take such further action as any holder or beneficial owner of such notes
or ordinary shares may reasonably request to the extent from time to time required to enable such holder or beneficial owner to
sell such notes or ordinary shares in accordance with Rule 144A under the Securities Act, as such rule may be amended from time
to time.

 

No Personal Liability of Directors, Officers, Employees
or Shareholders

 

None of our or NCL Holdings’ past,
present or future directors, officers, employees or shareholders, as such, will have any liability for any of our or its obligations
under the notes, the guarantee or the indenture or for any claim based on, or in respect or by reason of, such obligations or their
creation. By accepting a note, each holder waives and releases all such liability. This waiver and release is part of the consideration
for the notes. However, this waiver and release may not be effective to waive liabilities under U.S. federal securities laws, and
it is the view of the SEC that such a waiver is against public policy.

 

No Shareholders Rights For Holders of Notes

 

Holders of notes, as such, will not have
any rights as shareholders of the Company or NCL Holdings (including, without limitation, voting rights and rights to receive any
dividends or other distributions on our or its ordinary shares).

 

Trustee

 

U.S. Bank National Association is the trustee,
security registrar, paying agent and exchange agent. U.S. Bank National Association, in each of its capacities, including as trustee,
security registrar, paying agent and exchange agent, assumes no responsibility for the accuracy or completeness of the information
concerning us or our affiliates or any other party contained in this document or the related documents or for any failure by us
or any other party to disclose events that may have occurred and may affect the significance or accuracy of such information.

 

 

We
and NCL Holdings may from time to time maintain banking relationships in the ordinary course of business with the trustee and its
affiliates. The trustee (including in its capacities as exchange agent,
paying agent or registrar) shall have no responsibility to determine the sale price, the trading price, any settlement amount,
the exchange rate or whether any adjustments to the exchange rate are required, or whether the notes are exchangeable.

 

Governing Law; Waiver of Jury Trial

 

The indenture will provide that it, the
notes and the guarantee, and any claim, controversy or dispute arising under or related to the indenture, the notes and the guarantee,
will be governed by, and construed in accordance with, the laws of the State of New York. The indenture will provide that the Company,
NCL Holdings and the trustee will irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial
by jury in any legal proceeding arising out of, or relating to, the indenture, the notes, the guarantee or any transaction contemplated
thereby.

 

Book-Entry, Settlement and Clearance

 

The indenture will include customary book-entry,
settlement and clearance provisions for transactions of this type. Additionally, the Company will obtain a CUSIP for the notes
and intends to apply to list the notes on the Bermuda Stock Exchange.

  

    	 	A-37	 

     

    

 

EXHIBIT B

 

FORM OF INVESTOR RIGHTS AGREEMENT

 

[See attached.]

 

    	 	B-1	 

     

    

 

NORWEGIAN
CRUISE LINE HOLDINGS LTD.

 

FORM
OF INVESTOR RIGHTS AGREEMENT

 

This
Investor Rights Agreement (this “Agreement”), dated as of [●], 2020 (the “Effective
Date”), by and among Norwegian Cruise Line Holdings Ltd., an exempted company limited by shares incorporated under
the laws of Bermuda (the “Company”), NCL Corporation Ltd., an exempted company limited by shares incorporated
under the laws of Bermuda (the “Notes Issuer”), and LC9 Skipper, L.P., a Cayman limited partnership (together
with its Affiliates, the “Investor”).

 

WHEREAS,
the Investor, the Notes Issuer, and the Company have entered into that certain Investment Agreement, dated as of May 5, 2020
(the “Investment Agreement”), pursuant to which the Investor has agreed to purchase and acquire from
the Notes Issuer, subject to the satisfaction and/or waiver of the conditions set forth therein, up to $400 million in aggregate
principal amount of the Notes Issuer’s Exchangeable Senior Notes due 2026 (the “Notes”); and

 

WHEREAS,
it is a condition precedent to the Investor’s obligation to purchase, and the Notes Issuer’s obligation to sell, such
Notes that the Investor, the Company and the Notes Issuer enter into this Agreement to provide for certain rights and obligations
of the parties hereto following the closing of the Transactions.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:

 

Section 1.               
Board of Directors.

 

(a)              
Subject to the terms and conditions of this Agreement (including, in each case, the requirements and limitations set forth
in this Section 1), from and after the Effective Date and for so long as the Investor Ownership Threshold is satisfied:

 

(i)                
the Investor shall have the right, but not the obligation, to designate one Person to be nominated (the “Investor
Nominee”) for election at each general meeting of the Company at which Class [●] Directors are up for election
by giving written notice to the Company on or before the time such information is reasonably requested to be delivered by the Board
or the Nominating and Governance Committee (the “Governance Committee”) for inclusion in a proxy statement
and notice of an annual general meeting for such general meeting of the shareholders of the Company, together with all information
about the Investor Nominee as shall be reasonably requested by the Board or the Governance Committee in order to make the determination
referred to in Section 1(a)(iv); provided, however, the initial Investor Nominee shall be appointed as set
forth in Section 1(b);

 

(ii)             
the Company shall, to the fullest extent permitted by applicable Law and subject to the Investor’s compliance with
this Section 1, use its reasonable best efforts to take such actions as may be necessary to ensure that: (1) the Investor
Nominee is included in the Board’s slate of nominees to the shareholders of the Company for election at each general meeting
of the Company at which Class [●] Directors are up for election, and that the Board recommend that the Company’s shareholders
vote for the Investor Nominee included in such slate; and (2) the Investor Nominee is included in the proxy statement and notice
of such general meeting prepared by management of the Company in connection with soliciting proxies for every general meeting of
the shareholders of the Company called with respect to the election of all Class [●] Directors of the Board, and at every
adjournment or postponement thereof, and on every action or approval by written consent of the shareholders of the Company or the
Board with respect to the election of all Class [●] Directors of the Board;

 

    	 	B-2	 

     

    

 

(iii)           
if a vacancy occurs because of the death, disability, disqualification, resignation, or removal of the Investor Director
or for any other reason, then the Investor shall be entitled to designate such Person’s successor, and the Company will,
as promptly as reasonably practicable following such designation, use its reasonable best efforts to take all necessary and desirable
actions, to the fullest extent permitted by Law, within its control such that such vacancy shall be filled with such successor
Investor Nominee;

 

(iv)            
if the Investor Nominee is not elected because of the Investor Nominee’s death, disability, disqualification, withdrawal
as a nominee or for any other reason, the Investor shall be entitled to designate promptly another Person to the Board and the
Company will use its reasonable best efforts to take such actions within its control as may be necessary such that the Director
position for which such Person was nominated shall not be filled pending such designation or the size of the Board shall be increased
by one and such vacancy shall be filled with such successor Investor Nominee as promptly as reasonably practicable following such
designation;

 

(v)              
as promptly as reasonably practicable following the request of the Investor Director, the Company shall enter into an indemnification
agreement with the Investor Director, in the form entered into with the other members of the Board. The Company shall pay the reasonable
and documented out-of-pocket expenses incurred by the Investor Director in connection with his or her services provided to or on
behalf of the Company, including attending meetings or events attended explicitly on behalf of the Company at the Company’s
request; provided, that such payments shall be consistent with the Company’s policy for paying such expenses of other
Directors of the Company;

 

(vi)            
upon the occurrence of either of (A) the Investor Ownership Threshold ceasing to be satisfied, or (B) the Investor Director
failing at any time to satisfy any of the conditions set forth in Section 1(c), then the Investor shall cause the Investor
Director to immediately resign from the Board; provided, that in the event the Investor Director is required to resign from
the Board pursuant to the foregoing clause (B), the Investor will be permitted to designate a replacement Investor Nominee (which
replacement Investor Nominee will, for the avoidance of doubt, also be subject to the requirements of Section 1(c));

 

(vii)         
the Investor shall have the right, but not the obligation, to designate one Person (the “Observer”)
to be a non-voting observer to the Board and any committee of the Board (a “Committee”), which Person
may also be the Investor Director with respect to observing any Committee meeting of which the Investor Director is not a member.
For the avoidance of doubt, the Observer (x) will not have any rights to vote or be counted for quorum purposes at any meeting
of the Board or any Committee and (y) will not be entitled to any reimbursement by the Company or any of its Subsidiaries for any
costs and expenses incurred by the Observer in connection with his or her attendance of, or participation at, any Board or Committee
meeting; and

 

    	 	B-3	 

     

    

 

(viii)       
subject to the terms of this Agreement, applicable Law, the listing standards of the Principal Market and the limitations
set forth in Section 1(e), the Investor Nominee and the Observer, if any, shall be provided with all of the information
that is provided to the Directors or to the members of any Committee in their capacities as Directors or Committee members, as
the case may be, at the same time and in the same manner as such information is provided to the Directors or such Committee members.

 

(b)              
Subject to the satisfaction of the requirements set forth in Section 1(c) and the receipt of all information reasonably
required by the Board or the Governance Committee, the Company and the Board shall take all necessary actions such that as promptly
following the date of the 2020 annual general meeting of the shareholders of the Company, but in no event later than July 15, 2020,
[●] shall be appointed as a Class [●] Director of the Board.

 

(c)              
Notwithstanding anything to the contrary contained herein, neither the Company nor the Board shall be under any obligation
to nominate or appoint to the Board or any Committee or permit the attendance at any meeting of the Board or any Committee, or
solicit votes for any Person pursuant to Section 1(a), in the event that the Board reasonably determines that (i) the
election or appointment of such Person to the Board or appointment to such Committee or attendance at any meeting of the Board
or any Committee would cause the Company to not be in compliance with applicable Law, (ii) such Person has been the subject of
any event required to be disclosed pursuant to Item 2(d) or 2(e) of Schedule 13D under the Exchange Act or Item 401(f) of Regulation
S-K of the Securities Act (for the avoidance of doubt, excluding bankruptcies) involving an act of moral turpitude by such individual
or is subject to any order, decree or judgment of any Governmental Entity prohibiting service as a director of any public company,
(iii) such Person fails to complete reasonable and customary onboarding documentation, including providing reasonably required
information to the Company, in each case, to the extent such requirements are consistent with those applicable to the other members
of the Board or any Committee, (iv) such Person does not qualify as an “independent director” of the Company under
Rule 303A(2) of the NYSE Listed Company Manual or (v) such Person is as of such time or was within the three years prior to such
time a director (or member of a similar governing body), officer or employee of an Activist or of any Competitor. In the event
the Investor Nominee is not nominated or appointed to the Board or any Committee or the Observer is not permitted to attend any
meeting of the Board or any Committee as a result of a failure to satisfy any of the requirements described in clauses (i) through
(v) of the immediately preceding sentence, the Investor will be permitted to designate a replacement Investor Nominee or Observer
(which replacement Investor Nominee or Observer, as applicable, will, for the avoidance of doubt, also be subject to the requirements
of this Section 1(c)).

 

    	 	B-4	 

     

    

 

(d)              
For so long as the Investor Director is a member of the Board in accordance with and subject to the terms of this Agreement,
subject to applicable Law, the listing standards of the Principal Market and the limitations set forth in Section 1(e),
the Company shall appoint the Investor Director to (i) sit on the audit Committee of the Board or (ii) if the Board determines
that the Investor Director does not qualify as “independent” for purposes of the audit Committee, then to sit on such
other Committee of the Board as the Investor shall select.

 

(e)              
Notwithstanding anything to the contrary contained herein, if the Board reasonably determines that (i) the service of the
Investor Director on or attendance at or participation by the Observer in any meeting of any Committee, (ii) the discussions of
the Board or any Committee on which the Investor Director is a member or the Observer is a participant or (iii) the materials to
be disseminated to the Board or any Committee on which the Investor Director is a member or the Observer is a participant, in any
such case (A) would jeopardize any legal privilege (including attorney-client privilege and attorney work product protection),
(B) would be likely to involve or result in a conflict of interest or a violation of applicable Law, judgment or contract to which
the Company is party or (C) would be a violation of the Company’s conflict policies and procedures or a breach or violation
of any confidentiality obligation owed by the Company, then, in any such case, the Board, after consultation with the Investor
Director and in good faith, shall be permitted to, (1) in the case of an appointment to any Committee, as applicable, pursuant
to Section 1(d), decline to appoint the Investor Director with respect to such Committee or, in the case of the designation
of the Observer pursuant to ‎Section 1(a)(vii), decline to allow the Observer to participate in or attend any Committee
meeting and (2) require the Investor Director or the Observer to, and in such event the Investor shall cause the Investor Director
or the Observer to, recuse himself or herself from such discussions, and neither the Company nor the Board shall be required to
disseminate such materials to the Investor Director or the Observer. Without limiting the generality of the foregoing, if the Investor
Director or the Observer is also a director of the Investor or any of its Affiliates, then the Board shall be entitled to require
the Investor Director or the Observer, as applicable, to recuse himself or herself from any or all discussions regarding any potential
transaction, agreement or other arrangement between the Company or any of its Affiliates, on the one hand, and the Investor or
any of its Affiliates, on the other hand.

 

(f)               
To the fullest extent permitted by the Companies Act 1981 of Bermuda, as amended (the “Companies Act”)
and other applicable Law, and subject to the remainder of this Section 1(f) and any express agreement that may from time
to time be in effect, the Company agrees that the Investor Director, the Investor or any portfolio company thereof (collectively,
 “Covered Persons”) may, and shall have no duty not to, (i) invest in, carry on and conduct, whether directly,
or as a partner in any partnership, or as a joint venturer in any joint venture, or as an officer, director, shareholder, equityholder
or investor in any Person, or as a participant in any syndicate, pool, trust or association, any business of any kind, nature or
description, whether or not such business is a Competitor, (ii) do business with any client, customer, vendor or lessor of any
of the Company or its Affiliates, and/or (iii) make investments in any kind of property in which the Company may make investments.
The Company agrees that in the event that a Covered Person acquires knowledge of a potential transaction or matter which may constitute
a corporate opportunity under the Companies Act for both (x) the Covered Person or any of its Affiliates and (y) the Company or
its Subsidiaries, the Covered Person shall not have any duty to offer or communicate information regarding such corporate opportunity
to the Company or its Subsidiaries. To the fullest extent permitted by the Companies Act and other applicable Law, the Company
hereby renounces any interest or expectancy in any potential transaction or matter of which the Covered Person acquires knowledge,
except for any corporate opportunity which is offered to a Covered Person in writing stating that such offer being made to such
Covered Person in his or her capacity as a member of the Board, and waives any claim against any Covered Person, that such Covered
Person is liable to the Company or its shareholders for breach of any fiduciary duty solely by reason of the fact that such Covered
Person (A) pursues or acquires any corporate opportunity for its own account or the account of any Affiliate or other Person, (B)
directs, recommends, sells, assigns or otherwise transfers such corporate opportunity to another Person or (C) does not communicate
information regarding such corporate opportunity to the Company; provided, in each such case, that any corporate opportunity
which is offered to a Covered Person in writing stating that such offer is being made to such Covered Person in his or her capacity
as a member of the Board shall belong to the Company. The board of directors will adopt resolutions expressly affirming the foregoing
as it relates to corporate opportunities under the Companies Act and the duties of Covered Persons related thereto.

 

    	 	B-5	 

     

    

 

(g)              
For the avoidance of doubt, notwithstanding anything in this Agreement or the Related Agreements to the contrary, transferees
(other than an Affiliate of the Investor) of the Notes and/or the Conversion Shares shall not have any rights pursuant to this
Section 1.

 

Section 2.               
Registration Rights.

 

(a)              
Shelf Registration.

 

(i)                
Filing. The Company shall file on or prior to the date that is six months following the Effective Date, a Registration
Statement for a Shelf Registration on Form S-3 (the “Form S-3 Shelf”) (it being agreed that the Form
S-3 Shelf shall be an Automatic Shelf Registration Statement if the Company is a Well-Known Seasoned Issuer) or, if the Company
is ineligible to use a Form S-3 Shelf, a Registration Statement for a Shelf Registration on Form S-1 (the “Form S-1
Shelf,” and together with the Form S-3 Shelf (and any Subsequent Shelf Registration), the “Shelf”)
covering the resale of the Registrable Securities on a delayed or continuous basis. The Company shall use reasonable best efforts
to cause the Shelf to become effective by the one year anniversary of the Effective Date. The Shelf shall provide for the resale
of Registrable Securities from time to time, and pursuant to any method or combination of methods legally available to, and requested
by, the Investor. The Company shall maintain the Shelf (and any Subsequent Shelf Registration) in accordance with the terms hereof,
and shall prepare and file with the SEC such amendments, including post-effective amendments, and supplements as may be necessary
to keep such Shelf (and any Subsequent Shelf Registration) continuously effective and in compliance with the provisions of the
Securities Act, including Item 512(a)(1) of Regulation S-K of the Securities Act, until such time as there are no longer any Registrable
Securities. In the event the Company files a Form S-1 Shelf, the Company shall use its reasonable best efforts to convert the Form
S-1 Shelf (and any Subsequent Shelf Registration) to a Form S-3 Shelf as soon as practicable after the Company is eligible to use
Form S-3.

 

    	 	B-6	 

     

    

 

(ii)             
Subsequent Shelf Registration. If any Shelf ceases to be effective under the Securities Act for any reason at any
time while Registrable Securities are still outstanding, the Company shall use its commercially reasonable efforts to as promptly
as is reasonably practicable cause such Shelf to again become effective under the Securities Act (including obtaining the prompt
withdrawal of any order suspending the effectiveness of such Shelf), and shall use its commercially reasonable efforts to as promptly
as is reasonably practicable amend such Shelf in a manner reasonably expected to result in the withdrawal of any order suspending
the effectiveness of such Shelf or file an additional registration statement as a Shelf Registration (a “Subsequent
Shelf Registration”) registering the resale from time to time by the Investor thereof of all securities that are
Registrable Securities as of the time of such filing. If a Subsequent Shelf Registration is filed, the Company shall use its commercially
reasonable efforts to cause such Subsequent Shelf Registration to become effective under the Securities Act as promptly as is reasonably
practicable after the filing thereof (it being agreed that the Subsequent Shelf Registration shall be an Automatic Shelf Registration
Statement if the Company is a Well-Known Seasoned Issuer). Any such Subsequent Shelf Registration shall be on Form S-3 to the extent
that the Company is eligible to use such form. Otherwise, such Subsequent Shelf Registration shall be on another appropriate form
and shall provide for the registration of such Registrable Securities for resale by the Investor in accordance with any reasonable
method of distribution elected by the Investor.

 

(iii)           
Requests for Underwritten Shelf Takedowns. At any time and from time to time after the Shelf has been declared effective
by the SEC, the Investor may request to sell all or any portion of its Registrable Securities in an underwritten offering that
is registered pursuant to the Shelf (each, an “Underwritten Shelf Takedown”); provided that the
Company shall only be obligated to effect an Underwritten Shelf Takedown if such offering shall include either (x) securities with
a total offering price (including piggyback shares and before deduction of underwriting discounts) reasonably expected to exceed,
in the aggregate, $100 million or (y) all remaining Registrable Securities. All requests for Underwritten Shelf Takedowns shall
be made by giving written notice to the Company (the “Demand Shelf Takedown Notice”). Each Demand Shelf
Takedown Notice shall specify the approximate number of Registrable Securities proposed to be sold in the Underwritten Shelf Takedown
and the expected price range (net of underwriting discounts and commissions) of such Underwritten Shelf Takedown. The Investor
shall have the right to select the investment banker(s) and manager(s) to administer the offering (which shall consist of one or
more reputable nationally recognized investment banks), subject to the Company’s prior approval which shall not be unreasonably
withheld, conditioned or delayed. Notwithstanding the forgoing and subject to Section 2(g) hereof, the Investor shall be
entitled to effectuate no more than four (4) Underwritten Shelf Takedowns pursuant to this Agreement.

 

(iv)            
Withdrawal. The Investor shall have the right to withdraw from an Underwritten Shelf Takedown for any or no reason
whatsoever upon written notification (a “Withdrawal Notice”) to the Company and the underwriter or underwriters
(if any) of their intention to withdraw from such Underwritten Shelf Takedown. If withdrawn, a demand for an Underwritten Shelf
Takedown shall constitute a demand for an Underwritten Shelf Takedown for purposes of subsection 2(a)(iii), unless
either (x) such withdrawal occurs during a period the Company has deferred taking action pursuant to Section 2(h) hereof
or (y) the Investor reimburses the Company for all Registration Expenses, which, for the avoidance of doubt, shall not include
overhead expenses, with respect to such Underwritten Shelf Takedown.

 

    	 	B-7	 

     

    

 

(b)              
Piggyback Takedowns. Whenever the Company proposes to register any of its securities, including a registration pursuant
to any registration rights agreement between Company and holders of its securities (a “Piggyback Registration”),
or proposes to offer any of its securities pursuant to a registration statement in an underwritten offering under the Securities
Act (together with a Piggyback Registration, a “Piggyback Takedown”), the Company shall give reasonably
prompt written notice to the Investor of its intention to effect such Piggyback Takedown. In the case of a Piggyback Takedown that
is an underwritten offering under a shelf registration statement, such notice shall be given not less than three Business Days
prior to the expected date of commencement of marketing efforts for such Piggyback Takedown. In the case of a Piggyback Takedown
that is an underwritten offering under a registration statement that is not a shelf registration statement, such notice shall be
given not less than three Business Days prior to the expected date of filing of such registration statement. The Company shall,
subject to the provisions of Section 2(c) below, include in such Piggyback Takedown, as applicable, all Registrable Securities
requested to be included by the Investor within three Business Days after sending the Company’s notice. Notwithstanding anything
to the contrary contained herein: (i) the Company may determine not to proceed with any Piggyback Takedown upon written notice
to the Investor; provided, however, that nothing in this clause (i) shall impair the right of the Investor to request that
such registration be effected pursuant to Sections 2(a) or 2(b); and (ii) the Investor may withdraw its request
for inclusion by giving written notice to the Company of its intention to withdraw that registration; provided, however,
that the withdrawal shall be irrevocable and, after making the withdrawal, the Investor shall no longer have any right to include
its Registrable Securities in that Piggyback Takedown from which it withdrew. If any Piggyback Takedown is an underwritten offering,
then the Company will have the sole right to select the investment banker(s) and manager(s) for the offering.

 

(c)              
Priority for Piggyback Takedown. If the Company determines after consultation with the managing underwriter in any
underwritten Piggyback Takedown that was not initiated by the Investor pursuant to this Agreement, that less than all of the Registrable
Securities requested to be included in such underwritten offering can be sold in an orderly manner within a price range acceptable
to the Company or the holders of the Company’s securities demanding such Piggyback Takedown pursuant to registration rights
granted to other holders of the Company’s securities, as applicable, then the Company shall include in such underwritten
Piggyback Registration the number which can be so sold in the following order of priority:

 

(A)
first, the securities the Company and/or the holders of the Company’s securities demanding such Piggyback Takedown
pursuant to registration rights granted to such holders propose to sell;

 

(B)
second, the Registrable Securities requested to be included in such Piggyback Registration by the Investor; and

 

    	 	B-8	 

     

    

 

(C)
third, other securities requested to be included in such underwritten Piggyback Takedown.

 

(d)              
Company Undertakings. Whenever Registrable Securities are registered or sold pursuant to this Agreement, the Company
shall use its commercially reasonable efforts to effect the registration and the sale of such Registrable Securities as soon as
reasonably practicable in accordance with the intended method of disposition thereof and pursuant thereto the Company shall as
expeditiously as possible:

 

(i)                
before filing a Registration Statement or Prospectus or any amendments or supplements thereto, at the Company’s expense,
furnish to the Investor copies of all such documents, other than documents that are incorporated by reference, proposed to be filed
and such other documents reasonably requested by the Investor, which documents shall be subject to the review and comment of the
counsel to the Investor;

 

(ii)             
reasonably promptly notify the Investor of the effectiveness of each Registration Statement and prepare and file with the
SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary
to keep such Registration Statement effective for a period ending on the date on which all Registrable Securities have been sold
under such Registration Statement or have otherwise ceased to be Registrable Securities, and comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such Registration Statement during such period in accordance
with the intended methods of disposition by the sellers thereof set forth in such Registration Statement;

 

(iii)           
furnish to the Investor, and the managing underwriters, without charge, such number of copies of the applicable Registration
Statement, each amendment and supplement thereto, the Prospectus included in such Registration Statement (including each preliminary
Prospectus, final Prospectus, and any other Prospectus (including any Prospectus filed under Rule 424, Rule 430A or Rule 430B promulgated
under the Securities Act and any “issuer free writing prospectus” as such term is defined under Rule 433 promulgated
under the Securities Act)), all exhibits and other documents filed therewith and such other documents as such seller or such managing
underwriters may reasonably request including in order to facilitate the disposition of the Registrable Securities owned by the
Investor, and upon request, a copy of any and all transmittal letters or other correspondence to or received from, the SEC or any
other Governmental Entity relating to such offer;

 

(iv)            
use its commercially reasonable efforts (x) to register or qualify such Registrable Securities under such other securities
or blue sky laws of such jurisdictions as any seller reasonably requests, (y) to keep such registration or qualification in effect
for so long as such Registration Statement remains in effect, and (z) to do any and all other acts and things which may be reasonably
necessary or advisable to enable the Investor to consummate the disposition in such jurisdictions of the Registrable Securities
owned by it (provided that the Company shall not be required to (A) qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this subsection, (B) subject itself to taxation in any such jurisdiction
or (C) consent to general service of process in any such jurisdiction);

 

    	 	B-9	 

     

    

 

(v)              
reasonably promptly notify the Investor and its counsel and the managing underwriters: (x) at any time when a Prospectus
relating to the applicable Registration Statement is required to be delivered under the Securities Act, (A) upon discovery that,
or upon the happening of any event as a result of which, such Registration Statement, or the Prospectus or Free Writing Prospectus
relating to such Registration Statement, or any document incorporated or deemed to be incorporated therein by reference contains
an untrue statement of a material fact or omits any fact necessary to make the statements in the Registration Statement or the
Prospectus or Free Writing Prospectus relating thereto not misleading or otherwise requires the making of any changes in such Registration
Statement, Prospectus, Free Writing Prospectus or document, and, at the request of the Investor, the Company shall promptly prepare
a supplement or amendment to such Prospectus or Free Writing Prospectus, furnish a reasonable number of copies of such supplement
or amendment to the Investor and its counsel and the managing underwriters and file such supplement or amendment with the SEC so
that, as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus or Free Writing Prospectus as so
amended or supplemented shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the
statements therein not misleading, (B) as soon as the Company becomes aware of any comments or inquiries by the SEC or any requests
by the SEC or any Federal or state Governmental Entity for amendments or supplements to a Registration Statement or related Prospectus
or Free Writing Prospectus covering Registrable Securities or for additional information relating thereto, (C) as soon as the Company
becomes aware of the issuance or threatened issuance by the SEC of any stop order suspending or threatening to suspend the effectiveness
of a Registration Statement covering the Registrable Securities or (D) of the receipt by the Company of any notification with respect
to the suspension of the qualification or exemption from qualification of any Registrable Security for sale in any jurisdiction,
or the initiation or threatening of any proceeding for such purpose; (y) when each Registration Statement or any amendment thereto
has been filed with the SEC and when each Registration Statement or the related Prospectus or Free Writing Prospectus or any Prospectus
amendment or supplement or any post-effective amendment thereto has become effective; and (z) if at any time the Company has reason
to believe that the representations and warranties of the Company contained in any agreement contemplated by Section 2(d)(viii)
below relating to any applicable offering cease to be true and correct.

 

(vi)            
use its reasonable best efforts to cause all such Registrable Securities to be listed on the Principal Market;

 

(vii)         
provide and cause to be maintained a transfer agent and registrar for all such Registrable Securities from and after the
effective date of the applicable Registration Statement;

 

(viii)       
enter into and perform under such customary agreements (including underwriting agreements in customary form, including customary
representations and warranties and provisions with respect to indemnification and contribution) and take all such other actions
as the Investor or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable
Securities (including effecting a share split, a combination of shares, or other recapitalization) and provide reasonable cooperation,
including causing appropriate officers to attend and participate in “road shows” and analyst or investor presentations
and such other selling or other informational meetings organized by the underwriters, if any, to the extent reasonably requested
by the lead or managing underwriters, with all out-of-pocket costs and expenses incurred by the Company or such officers in connection
with such attendance and participation to be paid by the Company;

 

    	 	B-10	 

     

    

 

(ix)            
for a reasonable period prior to the filing of any Registration Statement or the commencement of marketing efforts for a
Shelf Takedown, as applicable, pursuant to this Agreement, make available for inspection and copying by the Investor and its counsel,
any underwriter participating in any disposition pursuant to such Registration Statement or Shelf Takedown, as applicable, and
any other attorney, accountant or other agent retained by the Investor or underwriter, all financial and other records and pertinent
corporate documents of the Company, and cause the Company’s officers, Directors, employees and independent accountants to
supply all information and participate in any due diligence sessions reasonably requested by the Investor, underwriter, attorney,
accountant or agent in connection with such Registration Statement or Shelf Takedown, as applicable, provided that recipients
of such financial and other records and pertinent corporate documents agree in writing to keep the confidentiality thereof pursuant
to a written agreement reasonably acceptable to the Company and the applicable underwriter (which shall contain customary exceptions
thereto);

 

(x)              
permit the Investor and its counsel, any underwriter participating in any disposition pursuant to a Registration Statement,
and any other attorney, accountant or other agent retained by the Investor or underwriter, to participate (including, but not limited
to, reviewing, commenting on and attending all meetings) in the preparation of such Registration Statement and any Prospectus supplements
relating to a Shelf Takedown, if applicable;

 

(xi)            
in the event of the issuance or threatened issuance of any stop order suspending the effectiveness of a Registration Statement,
or of any order suspending or preventing the use of any related Prospectus or suspending the qualification of any security included
in such Registration Statement for sale in any jurisdiction, the Company shall use its commercially reasonable efforts promptly
to (x) prevent the issuance of any such stop order, and in the event of such issuance, to obtain the withdrawal of such order and
(y) obtain the withdrawal of any order suspending or preventing the use of any related Prospectus or Free Writing Prospectus or
suspending qualification of any Registrable Securities included in such Registration Statement for sale in any jurisdiction at
the earliest practicable date;

 

(xii)         
obtain and furnish to the Investor a signed counterpart of (w) a customary cold comfort and bring down letter from the Company’s
independent public accountants, (x) a customary legal opinion of counsel to the Company addressed to the relevant underwriters
and/or the Investor, in each case, in customary form and covering such matters of the type customarily covered by such letters
as the managing underwriters and/or the Investor reasonably request, (y) a negative assurances letter of counsel to the Company
in customary form and covering such matters of the type customarily covered by such letters as the managing underwriters and/or
the Investor, and (z) customary certificates executed by authorized officers of the Company as may be requested by the Investor
or any underwriter of such Registrable Securities included in such Shelf Takedown;

 

    	 	B-11	 

     

    

 

(xiii)       
with respect to each Free Writing Prospectus or other materials to be included in the Disclosure Package, ensure that no
Registrable Securities be sold “by means of” (as defined in Rule 159A(b) promulgated under the Securities Act)
such Free Writing Prospectus or other materials without the prior written consent of the Investor, which Free Writing Prospectuses
or other materials shall be subject to the review of its counsel;

 

(xiv)        
provide or maintain a CUSIP number for the Registrable Securities prior to the effective date of the first Registration
Statement including Registrable Securities;

 

(xv)          
promptly notify in writing the Investor, the sales or placement agent, if any, therefor and the managing underwriters of
the securities being sold, (x) when such Registration Statement or related Prospectus or Free Writing Prospectus or any Prospectus
amendment or supplement or post-effective amendment has been filed, and, with respect to any such Registration Statement or any
post-effective amendment, when the same has become effective and (y) of any written comments by the SEC and by the blue sky or
securities commissioner or regulator of any state with respect thereto;

 

(xvi)        
(v) prepare and file with the SEC such amendments and supplements to each Registration Statement as (A) reasonably requested
by the Investor (to the extent such request related to information relating to it) or (B) may be necessary to comply with the provisions
of the Securities Act, including post-effective amendments to each Registration Statement as may be necessary to keep such Registration
Statement continuously effective for the applicable time period required hereunder, and if applicable, file any Registration Statements
pursuant to Rule 462(b) promulgated under the Securities Act; (w) cause the related Prospectus to be supplemented by any required
Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated
under the Securities Act; (x) comply with the provisions of the Securities Act and the Exchange Act and any applicable securities
exchange or other recognized trading market with respect to the disposition of all securities covered by such Registration Statement
during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration
Statement as so amended or in such Prospectus as so supplemented; (y) provide additional information related to each Registration
Statement as requested by, and obtain any required approval necessary from, the SEC or any Federal or state Governmental Entity;
and (z) respond promptly to any comments received from the SEC and request acceleration of effectiveness promptly after it learns
that the SEC will not review the Registration Statement or after it has satisfied comments received from the SEC;

 

    	 	B-12	 

     

    

 

(xvii)     
cooperate with the Investor and each underwriter participating in the disposition of such Registrable Securities and underwriters’
counsel in connection with any filings required to be made with FINRA, including using commercially reasonable efforts to obtain
FINRA’s pre-clearance and pre-approval of the Registration Statement and applicable Prospectus upon filing with the SEC;

 

(xviii)   
within the deadlines specified by the Securities Act, make all required filing fee payments in respect of any Registration
Statement or Prospectus used under this Agreement (and any offering covered thereby);

 

(xix)        
if requested by the Investor or the managing underwriters, promptly include in a Prospectus supplement or amendment such
information as the Investor or managing underwriters may reasonably request, including in order to permit the intended method of
distribution of such securities, and make all required filings of such Prospectus supplement or such amendment as soon as reasonably
practicable after the Company has received such request;

 

(xx)          
in the case of certificated Registrable Securities, cooperate with the Investor and the managing underwriters to facilitate
the timely preparation and delivery of certificates (not bearing any legends) representing Registrable Securities to be sold after
receiving written representations from the Investor that the Registrable Securities represented by the certificates so delivered
by the Investor will be transferred in accordance with the Registration Statement, and enable such Registrable Securities to be
in such denominations and registered in such names as the Investor or managing underwriters may reasonably request at least two
Business Days prior to any sale of Registrable Securities; and

 

(xxi)        
use its commercially reasonable efforts to take all other actions necessary to effect the registration and sale of the Registrable
Securities contemplated hereby.

 

(e)              
Registration Expenses. All Registration Expenses shall be borne by the Company. All Selling Expenses relating to
Registrable Securities registered shall be borne by the Investor.

 

    	 	B-13	 

     

    

 

(f)               
Indemnification and Contribution.

 

(i)                
Indemnification by the Company. The Company agrees to indemnify and hold harmless the Investor and its Affiliates,
directors, officers, employees, members, managers and agents and each Person who controls the Investor within the meaning of either
the Securities Act or the Exchange Act, to the fullest extent permitted by applicable Law, from and against any losses, claims,
expenses, damages and liabilities or whatever kind (including legal or other expenses reasonably incurred in connection with investigating,
preparing or defending same and the cost of enforcing any right to indemnification hereunder) (collectively, “Losses”)
to which they or any of them may become subject insofar as such Losses (or actions in respect thereof) arise out of or are based
upon (x) any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement as originally
filed or in any amendment thereof, or the Disclosure Package, or any preliminary, final or summary Prospectus or Free Writing Prospectus
included in any such Registration Statement, or in any amendment thereof or supplement thereto, or arise out of or are based upon
the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading or (y) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other
federal law, any state or foreign securities law, or any rule or regulation promulgated under of the foregoing laws, relating to
the offer or sale of the Registrable Securities, and in any such case, the Company agrees to reimburse each such indemnified party,
as incurred, for any legal or other expenses reasonably incurred by them in connection with investigating, preparing or defending
any such Loss, claim, damage, liability, action or investigation (whether or not the indemnified party is a party to any proceeding);
provided, however, that the Company will not be liable in any case to the extent that any such Loss arises out of or is
based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon
and in conformity with written information relating to the Investor furnished to the Company by or on behalf of the Investor specifically
for inclusion therein, including any notice and questionnaire. This indemnity agreement will be in addition to any liability which
the Company may otherwise have.

  

(ii)             
Indemnification by the Investor. The Investor agrees to indemnify and hold harmless the Company and each of its Affiliates,
Directors, employees, members, managers and agents and each Person who controls the Company within the meaning of either the Securities
Act or the Exchange Act, to the fullest extent permitted by applicable Law, from and against any and all Losses to which they or
any of them may become subject insofar as such Losses arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in a Registration Statement as originally filed or in any amendment thereof, or in the Disclosure
Package or the Investor Free Writing Prospectus, preliminary, final or summary Prospectus included in any such Registration Statement,
or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading, to the extent,
but only to the extent, that any such untrue statement or alleged untrue statement or omission or alleged omission is contained
in any written information relating to the Investor furnished to the Company by or on behalf the Investor specifically for inclusion
therein; provided, however, that the total amount to be indemnified by the Investor pursuant to this Section 2(f)(ii)
shall be limited to the net proceeds (after deducting underwriters’ discounts and commissions) received by the Investor in
the offering to which such Registration Statement or Prospectus relates; provided further that the Investor shall not be
liable in any case to the extent that prior to the filing of any such Registration Statement or Disclosure Package, or any amendment
thereof or supplement thereto, the Investor has furnished in writing to the Company, information expressly for use in, and within
a reasonable period of time prior to the effectiveness of such Registration Statement or Disclosure Package, or any amendment thereof
or supplement thereto which corrected or made not misleading information previously provided to the Company. This indemnity agreement
will be in addition to any liability which the Investor may otherwise have.

 

    	 	B-14	 

     

    

 

(iii)           
Notification. If any Person shall be entitled to indemnification under this Section 2(f) (each, an “Indemnified
Party”), such Indemnified Party shall give prompt notice to the party required to provide indemnification (each,
an “Indemnifying Party”) of any Action or of the commencement of any Action as to which indemnity is
sought. The Indemnifying Party shall have the right, exercisable by giving written notice to the Indemnified Party as promptly
as reasonably practicable after the receipt of written notice from such Indemnified Party of such Action, to assume, at the Indemnifying
Party’s expense, the defense of any such Action, with counsel reasonably satisfactory to the Indemnified Party and, after
notice from the Indemnifying Party to such Indemnified Party of its election to assume the defense thereof, the Indemnifying Party
will not (so long as it shall continue to have the right to defend, contest, litigate and settle the matter in question in accordance
with this Section 2(f)(iii)) be liable to such Indemnified Party hereunder for any legal expenses and other expenses subsequently
incurred by such Indemnified Party in connection with the defense thereof; provided, however, that an Indemnified Party
shall have the right to employ separate counsel in any such Action, but the fees and expenses of such counsel shall be at the expense
of such Indemnified Party unless the Indemnifying Party shall have failed within a reasonable period of time to assume such defense
and the Indemnified Party is or would reasonably be expected to be materially prejudiced by such delay. The failure of any Indemnified
Party to give notice as provided herein shall relieve an Indemnifying Party of its obligations under this Section 2(f) only
to the extent that the failure to give such notice is materially prejudicial or harmful to such Indemnifying Party’s ability
to defend such action. No Indemnifying Party, in the defense of any such Action, shall, except with the prior written consent of
each Indemnified Party (which consent shall not be unreasonably withheld or delayed), consent to entry of any judgment or enter
into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified
Party of a release from all liability in respect to such Action. The indemnity agreements contained in this Section 2(f)
shall not apply to amounts paid in settlement of any claim, loss, damage, liability or action if such settlement is effected without
the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. The indemnification
set forth in this Section 2(f) shall be in addition to any other indemnification rights or agreements that an Indemnified
Party may have. An Indemnifying Party who is not entitled to, or elects not to, assume the defense of an Action will not be obligated
to pay the fees and expenses of more than one counsel for all parties indemnified by such Indemnifying Party with respect to such
Action, unless in the reasonable judgment of any Indemnified Party a conflict of interest may exist between such Indemnified Party
and any other Indemnified Parties with respect to such Action.

 

(iv)            
Contribution. If the indemnification provided for in this Section 2(f) is held by a court of competent jurisdiction
to be unavailable to an Indemnified Party, other than pursuant to its terms, with respect to any Losses or action referred to therein,
then, subject to the limitations contained in this Section 2(f), the Indemnifying Party, in lieu of indemnifying such Indemnified
Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses or action
in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and the Indemnified
Party, on the other, in connection with the actions, statements or omissions that resulted in such Losses or action, as well as
any other relevant equitable considerations. The relative fault of the Indemnifying Party, on the one hand, and the Indemnified
Party, on the other hand, shall be determined by reference to, among other things, whether any action in question, including any
untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made (or
omitted) by, or relates to information supplied by such Indemnifying Party or such Indemnified Party, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent any such action, statement or omission. The Company
and the Investor agree that it would not be just and equitable if contribution pursuant to this Section 2(f)(iv) was determined
solely upon pro rata allocation or by any other method of allocation which does not take account of the equitable considerations
referred to in the immediately preceding sentence of this Section 2(f)(iv). Notwithstanding the foregoing, the amount the
Investor will be obligated to contribute pursuant to this Section 2(f)(iv) will be limited to an amount equal to the net
proceeds received by the Investor in respect of the Registrable Securities sold pursuant to the registration statement which gives
rise to such obligation to contribute. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 

    	 	B-15	 

     

    

 

(g)              
Rule 144; Rule 144A. With a view to making available to the Investor the benefits of Rule 144 promulgated under the
Securities Act, the Company covenants that it will (x) make available information necessary to comply with Rule 144, if available
with respect to resales of the Registrable Securities under the Securities Act, at all times, and (y) take such further action
as the Investor may reasonably request, all to the extent required from time to time to enable the Investor to sell Registrable
Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated
under the Securities Act (if available with respect to resales of the Registrable Securities), as such rule may be amended from
time to time. Upon the reasonable request of the Investor, the Company will deliver to it a written statement as to whether it
has complied with such information requirements, and, if not, the specific reasons for non-compliance. Holders of the Notes shall
have the right to sell such securities in a marketed offering under Rule 144A under the Securities Act through one or more initial
purchasers on a firm commitment basis, using procedures that are substantially equivalent to those specified in Section 2
(any such sale, a “Rule 144A Sale”); provided that each such Rule 144A Sale shall be deemed to
be an Underwritten Shelf Takedown for purposes of the last sentence of Section 2(a)(iii). The Company and the Notes Issuer
agree to use their reasonable efforts to cooperate to effect any such sales under Rule 144A. Nothing in this Section 2(g)
shall impose any additional or more burdensome obligations on the Company or the Notes Issuer than would apply under this Section
2, in each case, mutatis mutandis, in respect of a registered underwritten offering, or shall require the Company or
the Notes Issuer to take any actions that the Company or the Notes Issuer would not be required to take in a registered underwritten
offering of such Notes.

 

(h)              
Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement
or Prospectus contains a Misstatement, the Investor shall forthwith discontinue disposition of Registrable Securities until the
Investor has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the
Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice),
or until the Investor is advised in writing by the Company that the use of the Prospectus may be resumed. If the filing, initial
effectiveness or continued use of a Registration Statement at any time would require the Company to make an Adverse Disclosure
or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons
beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the Investor, delay the
filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but in no event
more than 60 days, determined in good faith by the Company to be necessary for such purpose; provided that such
right to delay or suspend shall be exercised by the Company not more than two times, which shall not be consecutive, in any 12-month period.
In the event the Company exercises its rights under the preceding sentence, the Investor agrees to suspend, immediately upon their
receipt of the notice referred to above, its use of the Prospectus relating to any sale or offer to sell Registrable Securities.
The Company shall immediately notify the Investor of the expiration of any period during which it exercised its rights under this Section
2(h).

 

    	 	B-16	 

     

    

 

(i)                
Restrictions on Transfer. In connection with any underwritten offering of Equity
Securities, the Investor agrees that it shall not Transfer any Equity Securities (other than those included in such offering pursuant
to this Agreement), without the prior written consent of the Company, during the seven days prior to and the 90-day period
beginning on the date of pricing of such offering, except in the event the underwriter managing the offering otherwise agrees by
written consent. The Investor agrees to execute a customary lock-up agreement in favor of the underwriters of such offering
to such effect. The Investor’s obligations under the second sentence of this Section 2(i) shall only apply
for so long as the Investor (together with its Affiliates) holds at least 5% of the number of issued and outstanding Ordinary
Shares (calculated on a fully diluted and as converted basis and assuming all the Notes are converted on a fully physical settlement
basis).

 

(j)                
In connection with any Shelf Takedown, the Company shall not effect any public sale or distribution of its Equity Securities,
or any securities convertible into or exchangeable or exercisable for such securities (except pursuant to registrations on Form
S-8 or Form S-4 under the Securities Act), and shall cause its officers and Directors not to Transfer any Equity Securities, except
in the event the underwriters managing the Shelf Takedown consent to such shorter period, during the seven days prior to and the
90-day period beginning on the date of pricing of such Shelf Takedown or such other period provided in the underwriting, placement
or similar agreement executed in connection with such Shelf Takedown.

 

Section 3.               
Transfer Restrictions.

 

(a)              
In addition to the other limitations set forth in this Section 3, the Investor may not at any time Transfer any Restricted
Securities to (i) any Competitor or Activist or (ii) any Person that would, to the Investor’s knowledge, Beneficially Own
(as defined in the Bye-laws) a number of Shares (as defined in the Bye-laws), calculated, for this purpose on a fully diluted and
as converted basis and assuming all the Notes are converted on a fully physical settlement basis, in excess of the Ownership Limit
(as defined in the Bye-laws) after giving effect to such Transfer of Restricted Securities (any such Person pursuant to the foregoing
clause (i) and this clause (ii), a “Prohibited Transferee”). The Investor will provide written notice
to the Company and the Notes Issuer no less than 10 days prior to the effectiveness of the first Transfer of Restricted Securities
to a Person that is not an Affiliate of the Investor.

 

    	 	B-17	 

     

    

 

(b)              
During the period commencing on the Effective Date and continuing until the calendar date that is 12 months following the
Effective Date (the “Lockup Date”), unless the Company otherwise provides prior written consent or pursuant
to a Transfer of Restricted Securities permitted by Section 3(c), the Investor shall not Transfer any Restricted Securities
or enter into or engage in any hedge, swap, short sale, or derivative transaction, or grant any option for the purchase of, or
enter into or engage in any other agreement or arrangement with the same economic effect as a short sale of, or the purpose of
which is to offset the loss which results from a decline in the market price of, any Restricted Securities, or otherwise establish
or increase, directly or indirectly, a put equivalent position, as defined in Rule 16a-1(h) under the Exchange Act, with respect
to any Restricted Securities. Notwithstanding the foregoing, the Investor shall be permitted to mortgage, hypothecate, and/or pledge
the Notes and/or the Conversion Shares in respect of one or more bona fide purpose (margin) or bona fide non-purpose
loans with a nationally recognized financial institution (each, a “Permitted Loan”).

 

(c)              
The Investor may at any time, and notwithstanding Section 3(a) or 3(b) Transfer Restricted Securities (i)
to any controlled Affiliate of the Investor (provided, that such transferee signs a joinder agreeing to be bound by the
terms and restrictions set forth in this Agreement), (ii) if the Board approves, recommends or accepts a transaction that would
result in a Fundamental Change, or a Fundamental Change has occurred or a Notice of Fundamental Change has been delivered pursuant
to the Indenture or to give effect to any Fundamental Change or acquisition, sale, merger
or amalgamation involving a majority of the assets, properties or Equity Securities of the Company that has been recommended or
approved by a majority of the Board (provided, that for purposes of this clause (ii), no Investor may Transfer Restricted
Securities to any Competitor or Activist in connection with any such foregoing transaction without the Company’s prior written
consent), (iii) to a third party for cash solely to the extent that all of the net proceeds of such sale are solely used
to satisfy a bona fide margin call (i.e., posted as collateral) pursuant to a Permitted Loan, or repay a Permitted
Loan to the extent necessary to satisfy a bona fide margin call on such Permitted Loan or avoid a bona fide margin
call on such Permitted Loan, (iv) if an Event of Default under the Indenture has occurred and for which there has been an acceleration
of any material payment obligation of the Notes Issuer, or (v) in connection with any Permitted Loan, including in connection with
any foreclosure by the applicable lender or creditor; provided, that in the event that any lender or other creditor under
a Permitted Loan (including any agent or trustee on their behalf) or any Affiliate of the foregoing exercises any rights or remedies
in respect of the Restricted Securities or any other collateral for any Permitted Loan, (x) such lender or creditor shall agree
with the Investor (with the Company and the Notes Issuer as express third party beneficiaries of such agreement) that following
such foreclosure or in connection with such Transfer of Restricted Securities it shall not directly or indirectly Transfer (other
than pursuant to a broadly distributed offering or a sale effected through a broker-dealer) such foreclosed or transferred, as
the case may be, Restricted Securities to a Prohibited Transferee without the Company’s prior written consent and (y)
no lender, creditor, agent or trustee on their behalf or Affiliate of any of the foregoing (other than, for the avoidance of doubt,
the Investor or any of its Affiliates) shall be entitled to any rights or have any obligations or be subject to any transfer restrictions
or limitations hereunder except and to the extent for those expressly provided for in Section 2, Section 3(a)(ii),
and this Section 3(c). Notwithstanding anything to the contrary contained in this Agreement, the Investor acknowledges and
agrees (on behalf of itself and its Affiliates) that the transferee of any Restricted Securities, pursuant to this Section 3(c),
shall be subject to and bound by ‎Section 3(a)(ii) and Section 6 hereof. For the avoidance
of doubt, the parties hereto agree and acknowledge that a Transfer of Restricted Securities shall be subject to and bound by ‎Section
3(a)(ii) or ‎Section 6; provided, however, that
the restrictions in ‎Section 3(a)(ii) and Section 6 shall not apply to any Transfer of Restricted
Securities (A) to an underwriter or similar financial institution in a registered underwritten offering conducted by the Company
or pursuant to the registration rights set forth herein or (B) through a brokered transaction on a securities exchange in which
the identity of the transferee is not known to the Investor, in each case, other than any “block trade” or directed
offering.

 

    	 	B-18	 

     

    

 

Section
4.               
Standstill.

 

(a)              
During the Standstill Period, the Investor shall not, and shall cause its Affiliates and Representatives acting on its and/or
its Affiliates’ behalf not to, directly or indirectly (including through any arrangements with a third party):

 

(i)                
 except for Equity Securities received by way of subdivision, distribution in specie,
share splits, share dividends, reclassifications, recapitalizations or other distributions by the Company in respect of its Ordinary
Shares, (A) acquire, agree to acquire, propose or offer to acquire (including through the acquisition of Beneficial Ownership)
(directly or indirectly, by purchase or otherwise) any Equity Securities (other than the Conversion Shares); or (B) authorize or
make a tender offer, exchange offer or other offer or proposal, whether oral or written, to acquire (directly or indirectly, by
purchase or otherwise) any Equity Securities;

 

(ii)             
make, or in any way participate, directly or indirectly, in any “solicitation” of “proxies,” “consents”
or “authorizations” to vote (as such terms are used in the rules of the SEC), or seek to advise or influence any Person
with respect to the voting of any shares of Voting Securities (other than in each case (x) the Investor and its Affiliates, (y)
in accordance with and consistent with the recommendation of the Board or (z) with respect to the election of the Investor Nominee);

 

(iii)           
form, join or in any way participate in a “group” as defined in Section 13(d)(3) of the Exchange Act, for the
purpose of voting, acquiring, holding, or disposing of, any Voting Securities, other than a group consisting solely of the Investor
and its Affiliates;

 

(iv)            
effect or seek to effect, offer or propose to effect, cause or participate in, or in any way assist or facilitate any other
Person to effect or seek, offer or propose to effect or participate in, with or without conditions, any acquisition of, or merger,
amalgamation, recapitalization, reorganization, business combination or other extraordinary transaction involving the Company or
any Subsidiary thereof or any of its or their respective securities or assets (each, an “Extraordinary Transaction)
or make any public announcement with respect to such Extraordinary Transaction; provided, however, that this clause
shall not preclude the tender by the Investor of any securities of the Company into any Third Party Tender/Exchange Offer (and
any related conversion of the Notes to the extent required to effect such tender) or the vote by the Investor of any Voting Securities
of the Company with respect to any Extraordinary Transaction in accordance with the recommendation of the Board;

 

    	 	B-19	 

     

    

 

(v)              
request that the Company or any of its Subsidiaries, directly or indirectly, amend or waive any provision of this Section
4;

 

(vi)            
contest the validity or enforceability of any provision contained in this Section 4;

 

(vii)         
call, or seek to call, a general meeting of the shareholders of the Company or initiate any shareholder proposal, or initiate
or propose any action by written consent, in each case, for action by the shareholders of the Company;

 

(viii)       
nominate candidates for election to the Board or otherwise seek representation on the Board (except as expressly set forth
in this Agreement) or seek the removal of any member of the Board (except for the Investor Nominee, if applicable); or

 

(ix)            
take any action that would reasonably be expected to require the Company to make a public announcement regarding the possibility
of a transaction or any other matter described in this Section 4.

 

(b)              
Nothing in this Section 4 shall, in and of itself, prohibit or restrict the voting (in such Person’s capacity
as a Director) or other actions taken by the Investor Director in his or her capacity as a member of the Board and in compliance
with and subject to his or her fiduciary duties as a member of the Board.

 

Section
5.               
Voting Agreement. The Investor agrees with the Company that, except with the Company’s prior written consent,
(a) during the Standstill Period, the Investor shall take such action at each general meeting of the shareholders of the Company
as may be required so that all shares of issued and outstanding Ordinary Shares Beneficially Owned, directly or indirectly, by
it and/or by any of its Affiliates are voted in the same manner (“for,” “against,” “withheld,”
 “abstain” or otherwise) as recommended by the Board to the other holders of Ordinary Shares (including with respect
to Director elections), and (b) the Investor shall, and shall (to the extent necessary to comply with this Section 5) cause the
Investor’s Affiliates to, be present, in person or by proxy, at all general meetings of the shareholders of the Company so
that all issued and outstanding Ordinary Shares Beneficially Owned by it or them from time to time may be counted for the purposes
of determining the presence of a quorum and voted in accordance with the preceding clause (a) at such general meetings (including
at any adjournments or postponements thereof). The foregoing provision shall also apply to the execution by such Persons of any
written consent in lieu of a general meeting of holders of Ordinary Shares. Notwithstanding anything to the contrary herein, nothing
in this Section 5 shall require the Investor to convert its Notes.

 

Section 6.               
Tax Matters. The Investor shall, and shall cause its Affiliates to use commercially reasonable efforts to, provide
such forms, information or certifications as are reasonably requested by the Company in order for the Company or its Subsidiaries
Subsidiaries or to determine the number of Shares (as defined in the Bye-Laws) of the Company Beneficially Owned (as defined in
the Bye-Laws) by the Investor at any time to comply with or claim exemption in respect of any tax or regulatory filing or withholding
requirements or to reduce or eliminate any taxation that may be payable or suffered by the Company or its Subsidiaries. Notwithstanding
the generality of the foregoing, within 60 days of the end of each calendar quarter, the Investor shall use commercially reasonable
efforts to provide the Company with the 883 Forms. For purposes of complying with the foregoing provisions of this Section 6, the
Investor shall be permitted to provide forms, information or certifications (including 883 Forms) that are redacted with respect
to the name and other identifying information of its direct or indirect owners to the extent necessary to prevent a breach of a
confidentiality obligation of the Investor to the extent the Investor is unable to obtain a waiver thereof. The Investor shall
use commercially reasonable efforts to notify the Company if the Investor becomes aware of any information relating to the Investor
that could reasonably be expected to cause the Company or its Subsidiaries to fail to qualify for benefits under Section 883 of
the Code within 30 days of the Investor becoming aware of the event or events giving rise to such failure. Except to the extent
reasonably requested by the Company, the Investor owning less than 5% of the “vote and value” (within the meaning of
Treasury Regulations Section 1.883-2(d)(3)) of the Ordinary Shares of the Company, including, for the avoidance of doubt, Equity
Securities held by attribution and taking into account Ordinary Shares owned or treated as owned by any related person (within
the meaning of Treasury Regulations Section 1.883-2(d)(3)(iii)(A)) (and thus the Investor is not a “5-percent shareholder”
within the meaning of Treasury Regulations Section 1.883-2(d)(3)(iii) and therefore not counted in the determination of a “closely-held
block of stock” within the meaning of Treasury Regulations section 1.883-2(d)(3)) shall not be required to provide an 883
Form or to provide the identity of its direct or indirect owners in connection therewith.

 

    	 	B-20	 

     

    

 

Section
7.               
Definitions.

 

“883
Forms” means those forms, information or certificates reasonably requested by the Company in order to facilitate
the Company’s compliance with Section 883 of the Code and the applicable Treasury Regulations promulgated thereunder.

 

“Action”
means any action, hearing, claim, demand, suit, arbitration, litigation, subpoena or investigation or proceeding of any nature,
whether civil, criminal or regulatory, in law or in equity, or otherwise, by or before any Governmental Entity

 

“Activist”
means, as of any date of determination, a Person (other than any initial Investor) that has,
directly or indirectly through its Affiliates, whether individually or as a member of a “group” (as defined in Section 13(d)(3)
of the Exchange Act), within the three-year period immediately preceding such date of determination, (a) made, engaged in
or been a participant in any “solicitation” of “proxies”, as such terms are used in the proxy rules of
the SEC promulgated under Section 14 of the Exchange Act, in order to (i) vote, or knowingly influence any Person with
respect to the voting of, any equity securities of such Person, including in connection with a proposed change of control or other
extraordinary corporate transaction not approved (at the time of the first such proposal) by the board of directors or similar
governing body of such Person, (ii) call or seek to call a meeting of the shareholders of
any Person not approved (at the time of the first such action) by the board of directors or similar governing body of such Person,
(iii) initiate any shareholder proposal for action by shareholders of
any Person initially publicly opposed by the board of directors or similar governing body of such Person or (iv) seek election
to, or to place a representative on, the board of directors or similar governing body of a Person, or seek the removal of a director
from the board of directors or other representative from such board of directors or similar governing body, in each case, which
election or removal was not recommended or approved (at the time such election or removal is first sought) by the board of directors
or similar governing body of such Person, (b) otherwise publicly acted, alone or in concert with others, to seek to control
or influence the management or Board (provided, that this clause (b) is not intended to include the activities of any
officer or member of the board of directors of such Person, taken in his or her capacity as an officer or director of such Person),
or (c) publicly disclosed any intention, plan or arrangement to do any of the foregoing; provided, for the avoidance of doubt,
that the term “Activist” shall exclude the Investor and its employees.

 

    	 	B-21	 

     

    

 

“Adverse
Disclosure” means any public disclosure of material non-public information, which disclosure, in the good faith judgment
of the Company (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration
Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances
under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were
not being filed, and (iii) the Company has a bona fide business purpose for not making such information public.

 

“Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common
control with such Person. For purposes of this definition, the term “control” (including, with correlative meanings,
the terms “controlling,” “controlled by” and “under common control with”), as used with respect
to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of that Person, whether through the ownership of voting securities or partnership or other ownership interests, by contract
or otherwise.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Automatic
Shelf Registration Statement” means an “automatic shelf registration statement” as defined in Rule 405
promulgated under the Securities Act.

 

“Beneficially
Own”, “Beneficially Owned” or “Beneficial Ownership” have the
meaning set forth in Rule 13d-3 of the rules and regulations promulgated under the Exchange Act, except that for purposes of this
Agreement the words “within sixty days” in Rule 13d-3(d)(1)(i) shall not apply, such that a Person shall be deemed
to be the Beneficial Owner of a security if that Person has the right to acquire beneficial ownership of such security at any time.
Solely for purposes of determining the number of Ordinary Shares issuable upon conversion of the Notes Beneficially Owned by the
Investor and its Affiliates, the Notes shall be treated as if upon conversion the only settlement option under the Notes and Indenture
were Ordinary Shares converted on a fully physical settlement basis. For the avoidance of doubt, for purposes of this Agreement,
the Investor (or any other Person) shall at all times be deemed to have Beneficial Ownership of Ordinary Shares issuable upon conversion
of the Notes directly or indirectly held by it and its Affiliates, irrespective of any non-conversion period specified in the Notes,
the Indenture or this Agreement or any restrictions on transfer or voting contained in this Agreement.

 

“Board”
means the board of directors of the Company.

 

“Business
Day” means any day except a Saturday, a Sunday or other day on which the SEC or banking institutions in New York,
New York are authorized or required by law, regulation or executive order to be closed.

 

    	 	B-22	 

     

    

 

“Bye-laws”
means the bye-laws of the Company as adopted on June 13, 2019 and as may be amended from time to time.

 

“Code”
means the Internal Revenue Code of 1986.

 

“Committee”
has the meaning specified in Section 1(a)(vii).

 

“Company”
has the meaning set forth in the preamble.

 

“Competitor”
means any Person that operates in the cruise line industry; provided, for the avoidance of doubt, that the term “Competitor”
shall exclude the Investor and its employees.

 

“Conversion
Shares” means the Ordinary Shares issuable upon the exchange of the Notes Issuer Preference Shares following a conversion
of the Notes in accordance with, and subject to the conditions set forth in, the Indenture and the Investment Agreement.

 

“Demand
Shelf Takedown Notice” has the meaning specified in Section 2(a)(iii).

 

“Disclosure
Package” means, with respect to any offering of securities, (i) the preliminary Prospectus, (ii) the price to the
public and the number of securities included in the offering, (iii) each Free Writing Prospectus and (iv) all other information
that is deemed, under Rule 159 promulgated under the Securities Act, to have been conveyed to purchasers of securities at the time
of sale of such securities (including a contract of sale).

 

“Director”
means a member of the Board until such individual’s death, disability, disqualification, resignation, or removal.

 

“Effective
Date” has the meaning set forth in the preamble.

 

“Equity
Security” means (a) any Ordinary Shares, voting preference shares or other Voting Securities, (b) any securities
of the Company convertible, redeemable or exchangeable for or into Ordinary Shares, voting preference shares or other Voting Securities
(including the Conversion Shares), (c) any options, rights or warrants (or any similar securities) issued by the Company to
acquire Ordinary Shares, voting preference shares or other Voting Securities or (d) any similar security of the types listed in
the foregoing clauses (a), (b) and (c) of any Subsidiary of the Company.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

“Extraordinary
Transaction” has the meaning specified in Section 4(a)(iv).

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

“Form
S-1 Shelf” has the meaning specified in Section 2(a)(i).

 

“Form
S-3 Shelf” has the meaning specified in Section 2(a)(i).

 

“Free
Writing Prospectus” means any “free writing prospectus” as defined in Rule 405 promulgated under the
Securities Act.

 

“Fundamental
Change” has the meaning set forth in the Indenture.

 

“Governance
Committee” has the meaning specified in Section 1(a)(i).

 

    	 	B-23	 

     

    

 

“Governmental
Entity” means any government, political subdivision, governmental, administrative, self-regulatory or regulatory
entity or body, department, commission, board, agency or instrumentality, or other legislative, executive or judicial governmental
entity, and any court, tribunal, judicial or arbitral body, in each case whether federal, national, state, county, municipal, provincial,
local, foreign or multinational.

 

“ICC”
has the meaning specified in Section 12.

 

“Indemnified
Party” has the meaning specified in Section 2(f)(iii).

 

“Indemnifying
Party” has the meaning specified in Section 2(f)(iii).

 

“Indenture”
means that certain [Indenture, dated as of the date hereof, by and between the Company, the Notes Issuer, [●] and [●].]8

 

“Investment
Agreement” has the meaning specified in the Recitals.

 

“Investor”
has the meaning set forth in the preamble.

 

“Investor
Director” means an individual (i) appointed to the Board pursuant to Section 1(b) or (ii) elected to the Board
that has been nominated by the Investor pursuant to and in accordance with the terms of this Agreement.

 

“Investor
Free Writing Prospectus” means each Free Writing Prospectus prepared by or on behalf of the Investor or used or referred
to by the Investor in connection with the offering of Registrable Securities.

 

“Investor
Nominee” has the meaning set forth in Section 1(a)(i).

 

“Investor
Ownership Threshold” means the Investor Beneficially Owning in the aggregate at least 50% of the number of Conversion
Shares Beneficially Owned by the Investor in the aggregate on the Effective Date (subject to appropriate adjustment in the event
of a share split, reverse share split, share dividend, distribution in specie combination or other similar recapitalization).

 

“Law”
means any federal, national, state, county, municipal, provincial, local, foreign or multinational, treaty, statute, constitution,
common law, ordinance, code, decree, order, judgment, rule, regulation, ruling, published policy or requirement issued, enacted,
adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Entity and any award,
order or decision of an arbitrator or arbitration panel with jurisdiction over the parties and subject matter of the dispute.

 

“Losses”
has the meaning specified in Section 2(f)(i).

 

“Misstatement”
means an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus, in the light of the circumstances
under which they were made, not misleading.

 

______________________

		8	To be updated.

 

    	 	B-24	 

     

    

 

“NYSE”
means the New York Stock Exchange.

 

“Ordinary
Shares” means the ordinary shares, par value $0.001 per share, of the Company having the rights and being subject
to the restrictions set forth in the Bye-laws.

 

“Person”
means any individual, company, corporation, partnership, limited liability company, joint venture, association, joint-stock company,
trust, unincorporated organization or Governmental Entity or other entity.

 

“Piggyback
Registration” has the meaning specified in Section 2(c).

 

“Piggyback
Takedown” has the meaning specified in Section 2(c).

 

“Notes
Issuer Preference Shares” means the Series A-2 Preference Shares, par value $0.001 per share, of the Notes Issuer.

 

“Principal
Market” means the NYSE, or if the NYSE is not the principal market for the Ordinary Shares, then the principal securities
exchange or securities market on which the Ordinary Shares are then traded.

 

“Prohibited
Transferee” has the meaning specified in Section 3(a).

 

“Prospectus”
means the prospectus used in connection with a Registration Statement.

 

“Registrable
Securities” means at any time any Subject Securities held or Beneficially Owned by the Investor or its transferees
in accordance with Section 3; provided, however, that as to any Subject Securities, such securities
shall cease to constitute Registrable Securities upon the earliest to occur of: (x) the date on which such securities are disposed
of pursuant to an effective registration statement under the Securities Act; (y) the date on which such securities are eligible
to be disposed of pursuant to Rule 144 (or any successor provision) promulgated under the Securities Act; and (z) the date on which
such securities cease to be outstanding.

 

“Registration
Expenses” means all expenses (other than underwriting discounts and commissions) arising from or incident to the
registration of Registrable Securities in compliance with this Agreement, including:

 

 (i)        stock exchange, SEC, FINRA and other registration and filing fees,

 

(ii)       all
fees and expenses incurred in connection with complying with any securities or blue sky laws (including fees, charges and disbursements
of counsel in connection with blue sky qualifications of the Registrable Securities),

 

(iii)       all
printing, messenger and delivery expenses,

 

(iv)       the
fees, charges and disbursements of counsel to the Company and of its independent public accountants and any other accounting and
legal fees, charges and expenses incurred by the Company (including any expenses arising from any special audits or “comfort
letters” required in connection with or incident to any sale of Registrable Securities pursuant to a registration),

 

(v)       the
fees and expenses incurred in connection with the listing of the Registrable Securities on the Principal Market,

 

(vi)       the
fees and expenses incurred in connection with any “road show” for underwritten offerings, including travel expenses,
and

 

    	 	B-25	 

     

    

 

(vii)       reasonable
and documented out-of-pocket fees, charges and disbursements of one counsel to the Investor, including, for the avoidance of doubt,
any expenses of counsel of the Investor in connection with the filing or amendment of any Registration Statement, Prospectus or
Free Writing Prospectus hereunder (provided, that in no event shall such fees, charges and disbursements of counsel exceed
$50,000);

 

provided,
that in no instance shall Registration Expenses include Selling Expenses.

 

“Registration
Statement” means any registration statement filed hereunder or in connection with a Piggyback Takedown.

 

“Related
Agreements” means the Indenture, including the Guarantee set forth therein, the Notes, the Investment Agreement,
the Expense Reimbursement Agreement (as defined in the Investment Agreement), the Equity Commitment Letter (as defined in the Investment
Agreement), the Ownership Limit Exemption Letter (as defined in the Investment Agreement) and any other agreements between or among
the Company, the Investor, the Notes Issuer, the Trustee (as defined the Investment Agreement) and any of their respective Affiliates,
in each case, as applicable, entered into to give effect to the Transactions.

 

“Representatives”
means, with respect to any Person, the directors, officers, employees, investment bankers, financial advisors, attorneys, accountants
or other advisors, agents or representatives of such Person.

 

“Restricted
Securities” means any (i) Note, (ii) Equity Security or (iii) other security interest in the Company (whether debt
or otherwise), in each case, whether now owned or hereafter acquired by the Investor or its Affiliates or with respect to which
the Investor or its Affiliates has Beneficial Ownership.

 

“Rule
144” means Rule 144 promulgated under the Securities Act and any successor provision.

 

“Rule
144A” means Rule 144A promulgated under the Securities Act and any successor provision.

 

“Rule
144A Sale” has the meaning set forth in Section 2(g).

 

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

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time.

 

“Selling
Expenses” means the underwriting fees, discounts and selling commissions applicable to all Registrable Securities
registered by the Investor and legal expenses not included within the definition of Registration Expenses.

 

“Shelf”
has the meaning specified in Section 2(a)(i).

 

“Shelf
Registration” means a registration of securities pursuant to a registration statement filed with the SEC in accordance
with and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in effect).

 

“Shelf
Takedown” means either an Underwritten Shelf Takedown or a Piggyback Takedown.

 

“Standstill
Period” means the period commencing on the Effective Date and ending on the the later of (A) such time as the Investor
Director is no longer serving on the Board (and as of such time the Investor no longer has Board nomination rights pursuant to
this Agreement or otherwise irrevocably waives in a writing delivered to the Company all of such rights) and (B) the one year anniversary
of the Effective Date; provided, that if at any time during the applicable Standstill Period the Board approves, recommends
or accepts a transaction that would result in a Fundamental Change, nothing in Section 4 hereof shall prevent or limit the
Investor from making a competing proposal.

 

    	 	B-26	 

     

    

 

“Subject
Securities” means (i) the Ordinary Shares issuable or issued upon conversion of the Notes; provided, that
the Investor delivers a written notice to the Company pursuant to the terms of this Agreement indicating that such securities shall
be treated as Subject Securities and provided that such notice relates to securities with a fair market value of at least $100,000;
and (ii) any securities issued as (or issuable upon the conversion, exercise or exchange of any warrant, right or other security
that is issued as) a dividend, share split, subdivision, distribution in specie, combination or any reclassification, recapitalization,
merger, consolidation, exchange or any other distribution or reorganization with respect to, or in exchange for, or in replacement
of, the securities referenced in clause (i) (without giving effect to any election by the Company regarding settlement options
upon conversion) above or this clause (ii).

 

“Subsequent
Shelf Registration” has the meaning specified in Section 2(a)(ii).

 

“Subsidiary”
means, with respect to any Person, any other Person of which securities or other ownership interests (i) having ordinary voting
power to elect a majority of the board of directors or other Persons performing similar functions or (ii) representing more than
50% such securities or ownership interests, in each case, are at the time directly or indirectly owned by such first Person.

 

“Third
Party Tender/Exchange Offer” means any tender or exchange offer made by a third party with respect to a majority
of the Equity Securities of the Company or any of its Subsidiaries solely to the extent that the Board has recommended such tender
or exchange offer in a Schedule 14D-9 under the Exchange Act.

 

“Trading
Day” means any day on which the Ordinary Shares are traded on the Principal Market; provided, that “Trading
Day” shall not include any day on which the Ordinary Shares are scheduled to trade on such exchange or market for
less than 4.5 hours or any day that the Ordinary Shares are suspended from trading during the final hour of trading on such exchange
or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market,
then during the hour ending at 4:00 p.m., New York time).

 

“Transactions”
means the transactions contemplated by this Agreement and the Related Agreements.

 

“Transfer”
means any sale, transfer, assignment or other disposition of (whether with or without consideration, whether by foreclosure, whether
voluntary or involuntary or by operation of law).

 

“Treasury
Regulations” means the U.S. Treasury regulations promulgated under the Code.

 

“Underwritten
Shelf Takedown” has the meaning specified in Section 2(a)(iii).

 

    	 	B-27	 

     

    

 

“Voting
Securities” means any securities of the Company having the right to vote generally in any election of Directors.

 

“Well-Known
Seasoned Issuer” means a “well-known seasoned issuer” as defined in Rule 405 promulgated under
the Securities Act and which (i) is a “well-known seasoned issuer” under paragraph (1)(i)(A) of such definition
or (ii) is a “well-known seasoned issuer” under paragraph (1)(i)(B) of such definition and is also eligible
to register a primary offering of its securities relying on General Instruction I.B.1 of Form S-3 or Form F-3 under the Securities
Act.

 

Section
8.               
Notices. All notices, requests, permissions, waivers or other communications required or permitted to be given under
this Agreement shall be in writing and shall be delivered by hand or sent by electronic mail, or sent, postage prepaid, by registered,
certified or express mail or overnight courier service and shall be deemed given when so delivered by hand, by electronic mail
(which is confirmed), or if mailed, three days after mailing (one Business Day in the case of express mail or overnight courier
service) to the parties at the following addresses (or at such other address for a party as shall be specified by like notice).

 

If,
to the Company or the Notes Issuer, to:

 

7665
Corporate Center Drive

Miami,
FL 33126

Attention:
Daniel S. Farkas

Email:
dfarkas@ncl.com

 

With
a copy to (which copy alone shall not constitute notice):

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

		Attn:	Eric Schiele, P.C.

Jonathan L. Davis, P.C.

Sophia Hudson, P.C.

		Email:	eric.schiele@kirkland.com; jonathan.davis@kirkland.com;
 sophia.hudson@kirkland.com

 

If,
to the Investor, to:

 

c/o Catterton Management
Company, LLC

599 West Putnam Avenue

Greenwich, CT 06830

		Attn:	Dan Reid, Scott Dahnke, Marc Magliacano

		Email:	Dan.Reid@lcatterton.com, scott@lcatterton.com, Marc.Magliacano@lcatterton.com

 

    	 	B-28	 

     

    

 

With
a copy to (which copy alone shall not constitute notice):

 

Gibson,
Dunn & Crutcher LLP

200
Park Avenue

New
York, NY 10166

		Attn:	Steve Shoemate

		Email:	sshoemate@gibsondunn.com

 

Section
9.               
Amendments, Waivers, etc. This Agreement may be amended or waived if, and only if, such amendment or waiver is in
writing and signed by the party hereto against whom such amendment or waiver shall be enforced. The failure of any party hereto
to exercise any right, power or remedy provided under this Agreement or otherwise available in respect hereof at law or in equity,
or to insist upon compliance by any other party hereto with its obligations hereunder, shall not constitute a waiver by such party
of its right to exercise any such other right, power or remedy or to demand such compliance.

 

Section
10.           
Counterparts. This Agreement may be executed in two or more identical counterparts (including by electronic transmission),
each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument,
and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered (by electronic
transmission or otherwise) to the other parties hereto.

 

Section
11.           
 Further Assurances. Each party hereto shall execute and deliver after the Effective Date such further certificates,
agreements and other documents and take such other actions as any other party hereto may reasonably request in order to carry out
the intent and accomplish the purposes of this Agreement and to consummate or implement the Transactions.

 

Section
12.           
Dispute Resolution. This Agreement, its construction, validity and performance and any non-contractual obligations
arising from or connected with it (and any dispute arising from or connected with it) is governed by and shall be construed in
accordance with New York law, without regard to its choice of law rules. Any dispute, claim, or difference (whether contractual
or non-contractual) in any way arising out of or in connection with this letter agreement or its subject matter, formation or interpretation
shall be referred to and resolved by arbitration with its venue or legal place in New York, in accordance with the Rules of Arbitration
of the International Chamber of Commerce (“ICC”) in force at the time of the referral to arbitration,
which ICC rules are deemed to be incorporated into this Agreement. The Expedited Procedures of the ICC rules shall not apply. The
language of the arbitration shall be English. The number of arbitrators shall be three. The President of the Arbitral Tribunal
shall be chosen by the party-nominated co-arbitrators. All arbitration proceedings, including all written submissions and evidence
provided, shall be confidential and shall not be disclosed to any third party, except to the extent: (1) required by applicable
Law, (2) required in connection with any court application for interim relief or post-arbitration confirmation or enforcement proceedings,
or (3) all other parties to the arbitration proceedings consent to the disclosure. The award shall be enforceable in any court
of competent jurisdiction. The parties hereto undertake to carry out any decision or award of the tribunal without delay.

 

    	 	B-29	 

     

    

 

Section 13.           
Interpretation. When a reference is made in this Agreement to an Article or Section, such reference shall be to
an Article or Section of this Agreement unless otherwise indicated. The table of contents and headings contained in this Agreement
are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the
words “include”, “includes” or “including” are used in this Agreement, they shall be deemed
to be followed by the words “without limitation”. The words “hereof”, “herein” and “hereunder”
and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision
of this Agreement. The words “date hereof” shall refer to the date of this Agreement. The word “or” shall
not be exclusive. The word “extent” in the phrase “to the extent” shall mean the degree to which a subject
or other thing extends, and shall not simply mean “if”. The words “made available to the Investor” and
words of similar import refer to documents (i) delivered in person or electronically to the Investor, (ii) posted to a virtual
data room managed by or on behalf of the Company in connection with the Transactions, or (iii) filed or furnished by the Company
with, and available through, the SEC’s Electronic Data Gathering and Retrieval System, in each case of clauses (i), (ii)
and (iii), at any time prior to the date hereof. All references to “$” mean the lawful currency of the United States
of America. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms
and to the masculine as well as to the feminine and neuter genders of such term. Except as specifically stated herein, any agreement,
instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement,
instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments)
by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments
thereto and instruments incorporated therein. Except as otherwise specified herein, references to a Person are also to its successors
and permitted assigns. Each of the parties hereto has participated in the drafting and negotiation of this Agreement. If an ambiguity
or question of intent or interpretation arises, this Agreement must be construed as if it is drafted by all the parties and no
presumption or burden of proof shall arise favoring or disfavoring any party by virtue of authorship of any of the provisions
of this Agreement.

 

Section 15.           
Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced
because of any Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force
and effect so long as the economic or legal substance of the Transactions is not affected in any manner materially adverse to any
party hereto. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the
parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely
as possible in a mutually acceptable manner in order that the Transactions be consummated as originally contemplated to the greatest
extent possible.

 

Section 16.           
No Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their permitted assigns
and nothing expressed or referred to in this Agreement will be construed to give any Person, other than the parties to this Agreement
and such permitted assigns, any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision
of this Agreement, whether as third party beneficiary or otherwise.

 

    	 	B-30	 

     

    

 

Section 17.           
Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by
any of the parties hereto (whether by operation of Law or otherwise) without the prior written consent of the other parties.

 

Section 18.           
Acknowledgment of Securities Laws. The Investor hereby acknowledges that it is aware, and that it will advise its
Affiliates and Representatives who are provided material non-public information concerning the Company or its securities, that
the United States securities Laws prohibit any Person who has received from an issuer material, non-public information from purchasing
or selling securities of such issuer or from communication of such information to any other Person under circumstances in which
it is reasonably foreseeable that such Person is likely to purchase or sell such securities.

 

Section 19.           
Entire Agreement. This Agreement, together with the other Related Agreements, constitutes the entire agreement, and
supersedes all other prior agreements, understandings, representations and warranties, both written and oral, between the parties
hereto, with respect to the subject matter hereof and thereof.

 

Section
20.           
Termination. Notwithstanding anything to the contrary contained herein, this Agreement shall expire and terminate
automatically at such time the Investor and its Affiliates no longer Beneficially Owns any Equity Securities; provided, however,
that Sections 2 (for so long as any Registrable Securities remain), 3(c), 4, 8, 9, 10, 11, 12, 13, 14, 16, 17, 18, 19 and 20 shall
survive the termination of this Agreement.

 

[SIGNATURE
PAGES FOLLOW]

 

    	 	B-31	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement on the day and year first above written.

 

	 	Company:
	 	 	 
	 	NORWEGIAN CRUISE LINE HOLDINGS LTD. 
	 	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title: 
	 	 	 
	 	Notes Issuer:
	 	 	 
	 	NCL CORPORATION LTD. 
	 	 	 
	 	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title: 

 

     

     

    

 

	 	Investor:
	 	 	 
	 	LC9 SKIPPER, L.P.
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

EXHIBIT C

 

Form
of Ownership Limit Exemption Letter

 

[See attached.]

    	 	C-1	 

     

    

 

Form of
PIPE OWNERSHIP LIMIT EXEMPTION

 

___ May 2020, 

 

LC9 Skipper, L.P. c/o Catterton Management Company, LLC  

599 West Putnam Avenue

Greenwich, CT 06830

Attn: Dan Reid, Scott Dahnke, Marc Magliacano

Email:
Dan.Reid@lcatterton.com, scott@lcattert.com, Marc.Magliacano@lcatterton.com  

 

Dear LC9 Skipper, L.P.,

 

norwegian cruise line holdings
limited (THE "COMPANY")

 

We refer to the proposed purchase by LC9
Skipper, L.P., a Cayman limited partnership (the “Investor”), of up to US$400 million in aggregate principal amount
of Exchangeable Senior Notes due 2026 (the "Exchangeable Notes") of NCL Corporation Ltd, (“NCLC”), pursuant
to the proposed Investment Agreement by and among the Company, NCLC, and the Investor (the “Investment Agreement”)
(such Exchangeable Notes acquired by the Investor pursuant to the Investment Agreement, the “Notes”). The Notes are
convertible in accordance with their terms into Series A-2 Preference Shares of par value US$0.001 each in the capital of NCLC,
which in turn will be immediately mandatorily exchanged for ordinary shares of par value US$0.001 each in the capital of the Company
("Ordinary Shares") (such conversion and immediate subsequent exchange of the Notes in accordance with their terms, the
 “Conversion”), with such Ordinary Shares having the rights and being subject to the restrictions set out the (i) bye-laws
of the Company as adopted on June 13, 2019 (the "Bye-laws") and (ii) the proposed Investor Rights Agreement to be entered
into by and among the Company, NCLC and the Investor.

 

    	 	C-2	 

     

    

 

Effective as of, and contingent upon, the
consummation of the transactions contemplated by the Investment Agreement, we hereby confirm that, pursuant to a resolution of
the board of directors of the Company (the "Board") passed on May, 4 2020 in accordance with Bye-law 11.8 of the Bye-laws, 
the Board resolved to exempt the Investor from the Ownership Limit (as such term is defined in the Bye-laws), solely as it relates
to any Conversion, such that the restrictions in the Bye-laws relating to the Beneficial Ownership (as defined in the Bye-laws)
of more than four and nine tenths percent (4.9%) by value, vote and/or number of shares in the capital of the Company shall not
apply to the Investor in respect of its holding of Ordinary Shares solely as it relates to the Conversion; provided, that
if, in the aggregate, such Ordinary Shares Beneficially Owned by the Investor upon the Conversion together with any other Shares
(as such term is defined in the Bye-laws) Beneficially Owned by the Investor upon the Conversion would exceed [●]%, then
any Ordinary Shares arising from the Conversion in excess of [●]% shall not be issued to the Investor until such time as
the Investor gives notice (including the number of the Shares to be Beneficially Owned by the Investor upon issuance of such unissued
Ordinary Shares) to the Company, and the Company determines, not more than five Business Days after the Investor gives such notice
to the Company, that such delivery would not reasonably be expected to result in the Investor Beneficially Owning in excess of
[●]% of the Shares (this proviso, the “Ownership Cutback”). The Company agrees that (i) the Conversion
shall not constitute a “Transfer” (as such term is defined in the Bye-laws) for purposes of Bye-Law 11.1(3) and Bye-Law
11.3 of the Bye-Laws and (ii) the Company shall not take any action to limit or prevent the Conversion of all of the Notes other
than through the application of the Ownership Cutback.

  

Yours sincerely,

 

 

 

		_________________	

 

Name, title

 

nORWEGIAN CRUISE LINE HOLDINGS
LIMITED.

 

    	 	C-3Exhibit 10.2

 

Execution Version

 

[*]: 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

 

 

FIFTH AMENDED AND RESTATED CREDIT AGREEMENT

dated as of May 8, 2020,

among

NCL CORPORATION LTD.,

as Company,

 

VOYAGER VESSEL COMPANY, LLC,

as Co-Borrower,

THE LENDERS PARTY HERETO,

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent and as Collateral Agent

JPMORGAN CHASE BANK, N.A.,

MIZUHO
BANK, LTD.,

BRANCH
BANKING & TRUST COMPANY

DNB
Markets, INC.,

FIFTH
THIRD BANK, 

HSBC
BANK PLC,

MERRILL
LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

NORDEA
BANK ABP, NEW YORK BRANCH,

and

skandinaviska
enskilda banken ab (publ)

as Joint Bookrunners and Arrangers

 

and

 

bnp
paribas,

CITIBANK,
n.a.,

citizens
bank, N.A.,

commerzbank
AG, NEW YORK BRANCH,

credit
agricole CORPORATE AND INVESTMENT BANK,

MufG
BANK, ltd.,

PNC BANK, NATIONAL ASSOCIATION,

and

SUNTRUST BANK

as Co-Documentation Agents

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	Article I Definitions
	Section 1.01.   Defined Terms	1
	Section 1.02.   Terms Generally	60
	Section 1.03.   Exchange Rates; Currency Equivalents	61
	Section 1.04.   Effect of this Agreement on the Original Credit Agreement and the Other Existing Loan Documents	61
	Section 1.05.   Interest Rates; LIBOR Notification	62
	Article II The Credits
	Section 2.01.   Commitments	63
	Section 2.02.   Loans and Borrowings	63
	Section 2.03.   Requests for Borrowings	64
	Section 2.04.   [Reserved]	65
	Section 2.05.   Letters of Credit	65
	Section 2.06.   Funding of Borrowings	71
	Section 2.07.   Interest Elections	72
	Section 2.08.   Termination and Reduction of Commitments	73
	Section 2.09.   Repayment of Loans; Evidence of Debt	74
	Section 2.10.   Repayment of Term Loans and Revolving Facility Loans	75
	Section 2.11.   Prepayment of Loans	77
	Section 2.12.   Fees	77
	Section 2.13.   Interest	79
	Section 2.14.   Alternate Rate of Interest	79
	Section 2.15.   Increased Costs	81
	Section 2.16.   Break Funding Payments	82
	Section 2.17.   Taxes	83
	Section 2.18.   Payments Generally; Pro Rata Treatment; Sharing of Set offs	86
	Section 2.19.   Mitigation Obligations; Replacement of Lenders	88
	Section 2.20.   Illegality	89
	Section 2.21.   Incremental Commitments	89
	Section 2.22.   Defaulting Lender	96
	Article III Representations and Warranties
	Section 3.01.   Organization; Powers	99

 

    	 	- i -	 

     

    

 

Page

 

	Section 3.02.   Authorization	99
	Section 3.03.   Enforceability	100
	Section 3.04.   Governmental Approvals	100
	Section 3.05.   Financial Statements	100
	Section 3.06.   No Material Adverse Effect	100
	Section 3.07.   Title to Properties; Possession Under Leases	100
	Section 3.08.   Subsidiaries	101
	Section 3.09.   Litigation; Compliance with Laws	101
	Section 3.10.   Federal Reserve Regulations	102
	Section 3.11.   Investment Company Act	102
	Section 3.12.   Use of Proceeds	102
	Section 3.13.   Tax Returns	102
	Section 3.14.   No Material Misstatements	103
	Section 3.15.   Employee Benefit Plans	103
	Section 3.16.   Environmental Matters	104
	Section 3.17.   Security Documents	104
	Section 3.18.   Solvency	106
	Section 3.19.   Labor Matters	106
	Section 3.20.   Insurance	106
	Section 3.21.   No Default	106
	Section 3.22.   No Event of Loss	106
	Section 3.23.   The Mortgaged Vessels	107
	Section 3.24.   Anti-Corruption Laws and Sanctions.	107
	Section 3.25.   Affected Financial Institutions	107
	Article IV Conditions of Lending
	Section 4.01.   All Credit Events	108
	Section 4.02.   Restatement Effective Date	108
	Article V Affirmative Covenants
	Section 5.01.   Existence; Business and Properties	112
	Section 5.02.   Insurance	113
	Section 5.03.   Taxes	114
	Section 5.04.   Financial Statements, Reports, etc.	114
	Section 5.05.   Litigation and Other Notices	116
	Section 5.06.   Compliance with Laws	117
	Section 5.07.   Maintaining Records; Access to Properties and Inspections	117
	Section 5.08.   Use of Proceeds	117
	Section 5.09.   Environmental Matters	118
	Section 5.10.   Further Assurances; Additional Security and Guarantees	119

 

    	 	- ii -	 

     

    

 

Page

 

	Section 5.11.   Rating	122
	Section 5.12.   Annual Insurance Report	122
	Section 5.13.   Approval and Authorization	122
	Section 5.14.   Concerning the Mortgaged Vessels	123
	Section 5.15.   Compliance with Maritime Conventions	123
	Section 5.16.   Valuations	123
	Article VI Negative Covenants
	Section 6.01.   Indebtedness	124
	Section 6.02.   Liens	129
	Section 6.03.   Sale and Lease-Back Transactions	131
	Section 6.04.   Investments, Loans and Advances	131
	Section 6.05.   Mergers, Consolidations, Sales of Assets and Acquisitions	135
	Section 6.06.   Dividends and Distributions	138
	Section 6.07.   Transactions with Affiliates	140
	Section 6.08.   Business of the Loan Parties and the Subsidiaries	142
	Section 6.09.   Limitation on Modifications of Indebtedness; Modifications of Certificate of Incorporation,
By-Laws and Certain Other Agreements; etc.	143
	Section 6.10.   Swap Agreements	145
	Section 6.11.   Fiscal Year; Accounting	145
	Section 6.12.   Loan-to-Value Ratio	145
	Section 6.13.   Free Liquidity	146
	Section 6.14.   Total Net Funded Debt to Total Capitalization	146
	Section 6.15.   EBITDA to Consolidated Debt Service	146
	Section 6.16.   Deferral Period Additional Covenants	146
	Article VII [RESERVED]
	Article VIII Events of Default
	Section 8.01.   Events of Default	146
	Section 8.02.   Right to Cure	149
	Section 8.03.   Application of Proceeds	151
	Article IX The Agents
	Section 9.01.   Appointment	151

 

    	 	- iii -	 

     

    

 

Page

 

	Section 9.02.   Delegation of Duties	153
	Section 9.03.   Exculpatory Provisions	153
	Section 9.04.   Reliance by Administrative Agent	154
	Section 9.05.   Notice of Default	155
	Section 9.06.   Non-Reliance on Agents and Other Lenders	155
	Section 9.07.   Indemnification	156
	Section 9.08.   Agent in Its Individual Capacity	156
	Section 9.09.   Successor Administrative Agent	156
	Section 9.10.   Withholding Tax	157
	Section 9.11.   Agent and Arrangers	157
	Section 9.12.   Ship Mortgage Trust	157
	Article X Miscellaneous
	Section 10.01.   Notices; Communications	158
	Section 10.02.   Survival of Agreement	159
	Section 10.03.   Binding Effect	159
	Section 10.04.   Successors and Assigns	160
	Section 10.05.   Expenses; Indemnity	165
	Section 10.06.   Right of Set-off	167
	Section 10.07.   Applicable Law	167
	Section 10.08.   Waivers; Amendment	168
	Section 10.09.   Entire Agreement	170
	Section 10.10.   No Liability of the Issuing Bank	170
	Section 10.11.   WAIVER OF JURY TRIAL.	171
	Section 10.12.   Severability	171
	Section 10.13.   Counterparts	171
	Section 10.14.   Headings	172
	Section 10.15.   Jurisdiction; Consent to Service of Process	172
	Section 10.16.   Confidentiality	173
	Section 10.17.   Platform; Borrower Materials	174
	Section 10.18.   Release of Liens and Guarantees	174
	Section 10.19.   Judgment Currency	175
	Section 10.20.   USA PATRIOT Act Notice	175
	Section 10.21.   Affiliate Lenders	175
	Section 10.22.   No Advisory or Fiduciary Responsibility	176
	Section 10.23.   Acknowledgement and Consent to Bail-In of Affected Financial Institutions	177
	Section 10.24.   Borrower Representative	178
	Section 10.25.   Joint and Several Liability	178
	Section 10.26.   Certain ERISA Matters	178
	Section 10.27.   Acknowledgement Regarding Any Supported QFCs	180

 

    	 	- iv -	 

     

    

 

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

 

    	 	- v -	 

     

    

 

FIFTH AMENDED AND RESTATED CREDIT AGREEMENT
dated as of May 8, 2020 (this “Agreement”), among NCL CORPORATION LTD., a Bermuda company (“NCL”
or the “Company”), Voyager Vessel Company, LLC, a Delaware limited liability company (the “Co-Borrower”
and, together with the Company, the “Borrowers”), the Subsidiary Guarantors party hereto (with respect to Section
1.04 only), the LENDERS party hereto from time to time, and JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity,
together with its successors and assigns in such capacity, the “Administrative Agent”) and as collateral agent
(in such capacity, together with its successors and assigns in such capacity, the “Collateral Agent”).

 

WHEREAS, the Company, the Lenders
and the Administrative Agent are party to a credit agreement dated as of May 24, 2013, as amended and restated by the Amended and
Restated Credit Agreement dated as of October 31, 2014, as further amended and restated by the Second Amended and Restated Credit
Agreement dated as of June 6, 2016, as further amended and restated by the Third Amended and Restated Credit Agreement dated as
of October 10, 2017, and as further amended and restated by the Fourth Amended and Restated Credit Agreement dated as of January
2, 2019 (as further amended, restated, supplemented or otherwise modified prior to the date hereof, the “Original Credit
Agreement”). The parties hereto have agreed to amend and restate in its entirety the Original Credit Agreement and replace
it in its entirety with this Agreement;

 

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

 

Accordingly, the parties hereto agree as
follows:

 

Article I

Definitions

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Acquisition Closing Date”
means November 19, 2014.

 

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

 

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

 

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

 

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

 

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

 

    	 	2	 

     

    

 

 

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

 

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

 

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

 

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

 

“Affected Financial Institution”
shall mean (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	3	 

     

    

 

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

 

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

 

“Applicable Margin” shall
mean for any day (i) with respect to any Term A Loan, Term A-1 Loan or any Revolving Facility Loan the applicable rate determined
pursuant to the Pricing Grid, (ii) with respect to any Deferred Term A Loan, (x) in the case of ABR Loans, 1.50% per annum and
(y) in the case of Eurocurrency Loans, 2.50% per annum, (iii) with respect to any Other Incremental Term Loan or Other Incremental
Revolving Loan, the “Applicable Margin” set forth in the Incremental Assumption Agreement relating thereto and (iv)
with respect to any Refinancing Term Loan or Other Revolving Loan, the “Applicable Margin” set forth in the Incremental
Assumption Agreement relating thereto.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	4	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Bahamas” shall mean
the Commonwealth of The Bahamas.

 

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

 

“Bail-In Legislation”
shall mean, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament
and of the Council of the European Union, the implementing law, rule, regulation or requirement for such EEA Member Country from
time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the
United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom
relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other
than through liquidation, administration or other insolvency proceedings).

 

    	 	5	 

     

    

 

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

 

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

 

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

 

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

 

“BHC Act Affiliate” of
a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k))
of such party.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	6	 

     

    

 

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

 

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

 

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

 

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

 

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

 

    	 	7	 

     

    

 

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

 

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

 

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

 

“Class” shall mean (a)
when used in respect of any Loan or Borrowing, whether such Loan or the Loans comprising such Borrowing are Term A Loans, Term
A-1 Loans, Deferred Term A Loans, Refinancing Term Loans, Other Incremental Term Loans, Revolving Facility Loans, Other Revolving
Loans or Other Incremental Revolving Loans and (b) when used in respect of any Commitment, whether such Commitment is a Term A
Loan Commitment, a Term A-1 Loan Commitment, a Deferred Term A Loan Commitment, a Revolving Facility Commitment, a Replacement
Revolving Facility Commitment, an Other Revolving Facility Commitment, an Other Incremental Revolving Loan Commitment, or an Incremental
Term Loan Commitment.

 

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

 

“Closing Date” shall
mean May 24, 2013.

 

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

 

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

 

    	 	8	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	9	 

     

    

 

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

 

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

 

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

 

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

 

    	 	10	 

     

    

 

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

 

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

 

    	 	11	 

     

    

 

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

 

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

 

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

 

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

 

    	 	12	 

     

    

 

“Commitments” shall mean
with respect to any Lender, such Lender’s Revolving Facility Commitment (including any Incremental Revolving Facility Commitment,
Replacement Revolving Facility Commitment, and Other Revolving Facility Commitment), Term A Loan Commitment, Term A-1 Loan Commitment,
Deferred Term A Loan Commitment or Incremental Term Loan Commitment.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	13	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	14	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Covered Party” shall
have the meaning assigned to such term in Section 10.27.

 

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

 

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

 

(a)       $[*],
plus:

 

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

 

    	 	15	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	16	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	17	 

     

    

 

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

 

“Deferral Period” shall
mean the period from and including the Restatement Effective Date to and including the first anniversary of the Restatement Effective
Date.

 

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

 

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

 

    	 	18	 

     

    

 

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

 

“Deferred Term A Loan Commitment”
shall mean with respect to each Deferred Term A Lender, the commitment of such Deferred Term A Lender to make Deferred Term A Loans
in Dollars on the Restatement Effective Date as set forth in Section 2.01(c). The initial amount of each Deferred Term A Lender’s
Deferred Term A Loan Commitment is set forth on Schedule 2.01 or in the Assignment and Acceptance pursuant to which
such Deferred Term A Lender shall have assumed its Deferred Term A Loan Commitment, as applicable. The aggregate amount of the
Deferred Term A Loan Commitments on the Restatement Effective Date is $71,500,000.

 

“Deferred Term A Loans”
shall mean any term loans made by the Deferred Term A Lenders to the Borrowers on the Restatement Effective Date pursuant to Section 2.01(c).

 

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

 

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

 

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

 

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

 

    	 	19	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	20	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	21	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	22	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	23	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“FATCA” shall mean Sections 1471
through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with), any Treasury regulations promulgated thereunder or official administrative interpretations
thereof and any agreements entered into pursuant to current Section 1471(b)(1) of the Code (or any amended or successor version
described above) or any intergovernmental agreement (and any related laws or legislation) implementing the foregoing.

 

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

 

    	 	24	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	25	 

     

    

 

“Fourth Restatement Effective Date”
shall mean January 2, 2019.

 

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

 

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

 

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

 

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

 

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

 

    	 	26	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	27	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	28	 

     

    

 

“Incremental Term Loans”
shall mean Term Loans made by one or more Lenders to the Borrowers pursuant to Section 2.01(e). Incremental Term Loans may
be made in the form of additional Term A Loans, Term A-1 Loans, Deferred Term A Loans or, to the extent permitted by Section 2.21
and provided for in the relevant Incremental Assumption Agreement, Other Incremental Term Loans.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	29	 

     

    

 

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

 

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

 

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

 

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

 

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

 

    	 	30	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	31	 

     

    

 

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

 

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

 

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

 

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

 

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

 

“Junior Financing” shall
mean (x) any Indebtedness subordinated to the Loans permitted hereunder to be incurred or any Permitted Refinancing Indebtedness
in respect thereof or any preferred Equity Interests or any Disqualified Stock and (y) solely during the Deferral Period for purposes
of Section 6.16, (1) unsecured Indebtedness and (2) Indebtedness secured by Liens on the Collateral ranking junior to the Liens
thereon securing the Obligations.

 

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

 

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

 

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

 

    	 	32	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	33	 

     

    

 

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

 

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

 

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

 

“Local Time” shall mean
New York City time.

 

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

 

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

 

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

 

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

 

    	 	34	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	35	 

     

    

 

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

 

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

 

“Net Proceeds” shall
mean

 

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

 

    	 	36	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	37	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	38	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	39	 

     

    

 

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

 

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

 

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

 

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

 

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

 

    	 	40	 

     

    

 

“Permitted Investments”
shall mean:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	41	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	42	 

     

    

 

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

 

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

 

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

 

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

 

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

 

    	 	43	 

     

    

 

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

 

“Pricing Grid” shall
mean:

 

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

 

	
        Pricing
Level
	
        Total
Leverage Ratio
	
        Applicable
Margin for ABR Term A Loans, Term A-1 Loans and Revolving Facility Loans
	
        Applicable
Margin for Eurocurrency Term A Loans, Term A-1 Loans and Revolving Facility Loans

	I	Greater than or equal to [*] to 1.00	0.75%	1.75%
	II	Greater than or equal to [*] to 1.00, but less than [*] to 1.00	0.50%	1.50%
	III	Greater than or equal to [*] to 1.00, but less than [*] to 1.00	0.25%	1.25%
	IV	Less than [*] to 1.00	0.00%	1.00%

 

and

 

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

 

	

         

         

        Pricing Level

         

	
        Total
Leverage Ratio
	
        Applicable
Commitment Fee

	I	Greater than or equal to [*] to 1.00	0.30%
	II	Greater than or equal to [*] to 1.00, but less than [*] to 1.00	0.25%

 

    	 	44	 

     

    

 

	

         

         

        Pricing Level

         

	
        Total
Leverage Ratio
	
        Applicable
Commitment Fee

	III	Greater than or equal to [*] to 1.00, but less than [*] to 1.00	0.20%
	IV	Less than [*] to 1.00	0.15%

  

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

 

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

 

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

 

    	 	45	 

     

    

 

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

 

    	 	46	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“QFC” has the
meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).

 

“QFC Credit Support”
shall have the meaning assigned to such term in Section 10.27.

 

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

 

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

 

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

 

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

 

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

 

    	 	47	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	48	 

     

    

 

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

 

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

 

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

 

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

 

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

 

“Required Deferring Lenders”
shall mean, at any time, Lenders having (a) Term A-1 Loans and Deferred Term A Loans outstanding and (b) Term A-1 Loan Commitments
and Deferred Term A Loan Commitments, that taken together, represent more than 50% of the sum of (i) all Term A-1 Loans and Deferred
Term A Loans outstanding and (ii) the total Term A-1 Loan Commitments and Deferred Term A Loan Commitments at such time. The Term
A-1 Loans, Deferred Term A Loans, Term A-1 Loan Commitments and Deferred Term A Loan Commitments of any Defaulting Lender shall
be disregarded in determining Required Deferring Lenders at any time.

 

“Required Lenders” shall
mean, at any time, Lenders having (a) Loans outstanding, (b) Revolving L/C Exposure and (c) Term A Loan Commitments, Term A-1 Loan
Commitments, Deferred Term A Loan Commitments and Available Unused Commitments, that taken together, represent more than 50% of
the sum of (i) all Loans outstanding, (ii) Revolving L/C Exposure and (iii) the total Term A Loan Commitments, Term A-1 Loan Commitments,
Deferred Term A Loan Commitments and Available Unused Commitments at such time. The Loans, Revolving L/C Exposure, Term A Loan
Commitments, Term A-1 Loan Commitments, Deferred Term A Loan Commitments and Available Unused Commitment of any Defaulting Lender
shall be disregarded in determining Required Lenders at any time.

 

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

 

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

 

    	 	49	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	50	 

     

    

 

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

 

“Revolving Facility Maturity Date”
shall mean, as the context may require, (a) with respect to the Revolving Facility in effect on the Restatement Effective Date,
January 2, 2024 and (b) with respect to any other Classes of Revolving Facility Commitments, the maturity dates specified therefor
in the applicable Incremental Assumption Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	51	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	52	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	53	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	54	 

     

    

 

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

 

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

 

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

 

“Supported QFC” shall
have the meaning assigned to such term in Section 10.27.

 

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

 

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

 

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

 

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

 

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

 

    	 	55	 

     

    

 

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

 

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

 

“Term A Loan Commitment”
shall mean with respect to each Lender, the commitment of such Lender to make Term A Loans in Dollars on the Fourth Restatement
Effective Date. The aggregate amount of the Term A Loan Commitments on the Fourth Restatement Effective Date was $1,633,000,000.
The Term A Loan Commitments terminated on the Fourth Restatement Effective Date.

 

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

 

“Term A Loan Maturity Date”
shall mean January 2, 2024.

 

“Term A Loans” shall
mean (a) any term loans made by the Term A Lenders to the Borrowers that are deemed to be Term A Loans pursuant to Section 2.01(a)
and (b) any Incremental Term Loans in the form of Term A Loans made by the Incremental Term Lenders to the Borrowers pursuant to
Section 2.01(e). The aggregate principal amount of the Term A Loans on the Restatement Effective Date is $192,850,000.

 

“Term A-1 Borrowing”
shall mean a Borrowing comprised of Term A-1 Loans.

 

“Term A-1 Facility” shall
mean the Term A-1 Loan Commitments and any Term A-1 Loans made hereunder.

 

“Term A-1 Lender” shall
mean a Lender with a Term A-1 Loan Commitment and/or an outstanding Term A-1 Loan.

 

“Term A-1 Loan Commitment”
shall mean with respect to each Term A-1 Lender, the commitment of such Term A-1 Lender to make Term A-1 Loans in Dollars on the
Restatement Effective Date as set forth in Section 2.01(b). The initial amount of each Term A-1 Lender’s Term A-1 Loan Commitment
is set forth on Schedule 2.01 or in the Assignment and Acceptance pursuant to which such Term A-1 Lender shall have
assumed its Term A-1 Loan Commitment, as applicable. The aggregate amount of the Term A-1 Loan Commitments on the Restatement Effective
Date is $1,287,000,000.

 

“Term A-1 Loans” shall
mean (a) any term loans made by the Lenders to the Borrowers on the Restatement Effective Date pursuant to Section 2.01(b)
and (b) any Incremental Term Loans in the form of Term A Loans made by the Incremental Term Lenders to the Borrowers pursuant to
Section 2.01(e).

 

“Term Borrowing” shall
mean any Term A Borrowing, any Term A-1 Borrowing, any Deferred Term A Borrowing, any Incremental Term Borrowing or any other Term
Borrowing.

 

    	 	56	 

     

    

 

“Term Facility” shall
mean the Term A Facility, the Term A-1 Facility, the Deferred Term A Facility and/or any or all of the Incremental Term Facilities
and/or any or all of the Refinancing Term Loans.

 

“Term Facility Maturity Date”
shall mean, as the context may require, (a) with respect to the Term A Facility, the Term A-1 Facility and the Deferred Term A
Facility in effect on the Restatement Effective Date, the Term A Loan Maturity Date and (b) with respect to any other Class of
Term Loans, the maturity dates specified therefor in the applicable Incremental Assumption Agreement.

 

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

 

“Term Loans” shall mean
the Term A Loans, the Term A-1 Loans, the Deferred Term A Loans and/or the Incremental Term Loans and/or the Refinancing Term Loans.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	57	 

     

    

 

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

 

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

 

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

 

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

 

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

 

“UK Financial Institution”
shall mean any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the
United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to
time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment
firms, and certain affiliates of such credit institutions or investment firms.

 

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

 

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

 

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

 

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

 

    	 	58	 

     

    

 

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

 

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

 

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

 

“U.S. Special Resolution Regimes”
shall have the meaning assigned to such term in Section 10.27.

 

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

 

    	 	59	 

     

    

 

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

 

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

 

“Vessel” shall mean a
passenger cruise vessel.

 

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

 

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

 

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

 

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

 

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

 

“Write-Down and Conversion Powers”
means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority
from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are
described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution
Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution
or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities
or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right
had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation
that are related to or ancillary to any of those powers.

 

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

 

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

 

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

 

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

 

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Section 1.04.            
Effect of this Agreement on the Original Credit Agreement and the Other Existing Loan Documents. On the Restatement
Effective Date, the “Term A Loans” (as defined in the Original Credit Agreement) of each Term A-1 Lender and each Deferred
Term A Lender shall be repaid with proceeds of the Term A-1 Loans and Deferred Term A Loans borrowed on the Restatement Effective
Date. Upon satisfaction of the conditions precedent to the effectiveness of this Agreement set forth in Section 4.02, this Agreement
shall be binding on the Borrowers, the Administrative Agent, the Collateral Agent, the Lenders and the other parties hereto and
the Original Credit Agreement and the provisions thereof shall be replaced in their entirety by this Agreement and the provisions
hereof; provided that for the avoidance of doubt, each Borrower and each other Loan Party hereby reaffirms that (a) the
Obligations (as defined in the Original Credit Agreement) of the Borrowers and the other Loan Parties under the Original Credit
Agreement and the other Loan Documents that remain unpaid and outstanding as of the date of this Agreement shall continue to exist
under and be evidenced by this Agreement and the other Loan Documents, (b) all Letters of Credit under and as defined in the Original
Credit Agreement shall continue as Letters of Credit under this Agreement, (c) the Revolving Facility Commitments and the Revolving
Facility Loans under and as defined in the Original Credit Agreement shall continue to exist under and be evidenced by this Agreement
and the other Loan Documents, (d) the Term A Loans (under and as defined in the Original Credit Agreement) of the Term A Lenders
(for the avoidance of doubt, excluding the Term A-1 Lenders and the Deferred Term A Lenders) shall continue to exist under and
be evidenced by this Agreement and the other Loan Documents and (e) the Collateral and the Loan Documents shall continue to secure,
guarantee, support and otherwise benefit the Obligations on the same terms as prior to the effectiveness hereof. Upon the effectiveness
of this Agreement, each Loan Document (other than the Original Credit Agreement) that was in effect immediately prior to the date
of this Agreement shall continue to be effective on its terms unless otherwise expressly stated herein. The parties hereto acknowledge
and agree that neither the execution and delivery of this Agreement nor the consummation of any other transaction contemplated
hereunder is intended to constitute a novation of the Original Credit Agreement or any other Loan Document.

 

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

 

    	 	62	 

     

    

 

Article II

The Credits

 

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

 

(a)              
On the Restatement Effective Date, the “Term A Loans” (under and as defined in the Original Credit Agreement)
of each Term A Lender shall continue hereunder and are deemed to be Term A Loans;

 

(b)              
each Lender with a Term A-1 Loan Commitment on the Restatement Effective Date is deemed to make a Term A-1 Loan denominated
in Dollars to the Borrowers on the Restatement Effective Date in a principal amount equal to its Term A-1 Loan Commitment;

 

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

 

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

 

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

 

Section 2.02.            
Loans and Borrowings.

 

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

 

    	 	63	 

     

    

 

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

 

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

 

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

 

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

 

    	 	64	 

     

    

 

(i)              
whether such Borrowing is to be a Borrowing of Term A Loans, Term A-1 Loans, Deferred Term A Loans, Revolving Facility Loans,
Other Incremental Revolving Loans, Other Revolving Loans, Replacement Revolving Loans, Refinancing Term Loans or Other Incremental
Term Loans;

 

(ii)             
the aggregate amount of the requested Borrowing;

 

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

 

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

 

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

 

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

 

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

 

Section 2.04.            
[Reserved].

 

Section 2.05.            
Letters of Credit.

 

(a)              
General.

 

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

 

    	 	65	 

     

    

 

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

 

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

 

    	 	66	 

     

    

 

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

 

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

 

    	 	67	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 2.06.            
Funding of Borrowings.

 

(a)              
Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately
available funds by 12:00 noon, Local Time (or, if later, two hours after the Borrowing Request has been delivered pursuant to Section
2.03) on the Business Day specified in the applicable Borrowing Request, to the account of the Administrative Agent most recently
designated by it for such purpose by notice to the Lenders; provided that each Lender with a Term A-1 Loan Commitment or
Deferred Term A Loan Commitment shall, prior to making any proceeds of its Term A-1 Loans or Deferred Term A Loans, as applicable,
available to the Administrative Agent as provided above, apply an amount of proceeds from the Term A-1 Loans or Deferred Term A
Loans, as applicable, funded by such Lender that is equal to the principal amount, if any, of the “Term A Loans” of
such Lender under the Original Credit Agreement immediately prior to the Restatement Effective Date (or, if less, the entire amount
of the proceeds of such Lender’s Term A-1 Loans or Deferred Term A Loans, as applicable, to be funded on the Restatement
Effective Date) to repay a like principal amount of such Lender’s Existing Loans on the Restatement Effective Date and shall
only remit any positive excess proceeds from such Lender’s Term A-1 Loans or Deferred Term A Loans, as applicable to the
Administrative Agent as provided above. The Administrative Agent will make such Loans available to the Borrowers by promptly crediting
the amounts so received, in like funds, to an account of the Borrowers designated by the Company in the applicable Borrowing Request;
provided, that (i) ABR Revolving Loans made to finance the reimbursement of a L/C Disbursement and reimbursements as provided
in Section 2.05(e) shall be remitted by the Administrative Agent to the applicable Issuing Bank and (ii) any proceeds of Term
A-1 Loans or Deferred Term A Loans received by the Administrative Agent on the Restatement Effective Date shall be applied by the
Administrative Agent to prepay the Existing Loans of the Term A-1 Lenders and the Deferred Term A Lenders that are not otherwise
repaid pursuant to the preceding sentence.

 

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

 

Section 2.07.            
Interest Elections.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 2.08.            
Termination and Reduction of Commitments.

 

(a)              
Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable Revolving
Facility Maturity Date for such Class. Unless previously terminated, the Term A-1 Loan Commitments and the Deferred Term A Loan
Commitments shall terminate at 11:59 p.m., Local Time, on the Restatement Effective Date.

 

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

 

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

 

(d)              
The Borrowers shall repay (including as contemplated by Section 2.06(a)) all outstanding Existing Loans of the Term A-1
Lenders and the Deferred Term A Lenders and all accrued interest and fees under the Original Credit Agreement to but excluding
the Restatement Effective Date on the Restatement Effective Date.

 

Section 2.09.            
Repayment of Loans; Evidence of Debt.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(i)              
the Borrowers shall repay Term A Borrowings on the last day of each March, June, September and December of each year
(commencing June 30, 2020) and on the Term A Loan Maturity Date or, if any such date is not a Business Day, on the next succeeding
Business Day (each such date being referred to as a “Term A Loan Installment Date”), in an aggregate principal
amount of the Term A Loans equal to (A) 1.25% of the aggregate principal amount of Existing Loans that were held by the Term A
Lenders set forth on Schedule 2.01 and outstanding immediately after the Fourth Restatement Effective Date, and (B) in the
case of such payment due on the Term A Loan Maturity Date, an amount equal to the then unpaid principal amount of the Term A Loans
outstanding;

 

(ii)             
the Borrowers shall repay Term A-1 Borrowings on each Term A Loan Installment Date, in an aggregate principal amount of
the Term A-1 Loans equal to (A) for each Term A Loan Installment Date falling during the Deferral Period, $0, (B) thereafter, 1.25%
of the aggregate principal amount of Existing Loans that were held by the Term A-1 Lenders set forth on Schedule 2.01 and
outstanding immediately after the Fourth Restatement Effective Date, and (C) in the case of such payment due on the Term A Loan
Maturity Date, an amount equal to the then unpaid principal amount of the Term A-1 Loans outstanding;

 

(iii)              
the Borrowers shall repay Deferred Term A Borrowings on each Term A Loan Installment Date, in an aggregate principal amount
of the Deferred Term A Loans equal to (A) for each Term A Loan Installment Date falling during the Deferral Period, $0, (B) thereafter,
6.25% of the aggregate principal amount of the Deferred Term A Loans outstanding immediately after the Restatement Effective Date,
and (C) in the case of such payment due on the Term A Loan Maturity Date, an amount equal to the then unpaid principal amount of
the Deferred Term A Loans outstanding;

 

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

 

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

 

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

 

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

 

(c)              
Prepayment of the Loans from:

 

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

 

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

 

(d)              
Any mandatory prepayment of Term Loans pursuant to Section 2.11(b) shall be applied so that the aggregate amount of
such prepayment is allocated among the Term A Loans, Term A-1 Loans, Deferred Term A Loans, the Other Incremental Term Loans and
the Refinancing Term Loans, if any, pro rata based on the aggregate principal amount of outstanding Term A Loans, Term A-1 Loans,
Deferred Term A Loans, Other Incremental Term Loans and Refinancing Term Loans, if any (unless, with respect to Other Incremental
Term Loans or Refinancing Term Loans or the Incremental Assumption Agreement relating thereto does not so require). Prior to any
repayment of any Loan under any Facility hereunder, the Company shall select the Borrowing or Borrowings under the applicable Facility
to be repaid and shall notify the Administrative Agent by telephone (confirmed by electronic means) of such selection not later
than 2:00 p.m., Local Time, (i) in the case of an ABR Borrowing, one Business Day before the scheduled date of such repayment and
(ii) in the case of a Eurocurrency Borrowing, three Business Days before the scheduled date of such repayment, which notice shall
be irrevocable except to the extent conditioned on a refinancing or other event. Each repayment of a Borrowing (x) in the case
of the Revolving Facility of any Class, shall be applied to the Revolving Facility Loans included in the repaid Borrowing such
that each Revolving Facility Lender receives its ratable share of such repayment (based upon the respective Revolving Facility
Credit Exposure of the Revolving Facility Lenders of such Class at the time of such repayment) and (y) in all other cases, shall
be applied ratably to the Loans included in the repaid Borrowing. Repayments of Loans (other than repayments of ABR Revolving Facility
Borrowings that are not made in connection with the termination or permanent reduction of the applicable Revolving Facility Commitment)
shall be accompanied by accrued interest on the amount repaid.

 

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Section 2.11.            
Prepayment of Loans.

 

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

 

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

 

(c)              
[Reserved].

 

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

 

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

 

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Section 2.12.            
Fees.

 

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

 

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

 

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

 

    	 	78	 

     

    

 

(d)              
[Reserved].

 

(e)              
[Reserved].

 

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

 

Section 2.13.            
Interest.

 

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

 

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

 

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

 

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

 

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

 

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Section 2.14.            
Alternate Rate of Interest.

 

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

 

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

 

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

 

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

 

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

 

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Section 2.15.            
Increased Costs.

 

(a)              
If any Change in Law shall:

 

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

 

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

 

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

 

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

 

    	 	81	 

     

    

 

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

 

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

 

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

 

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

 

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Section 2.17.            
Taxes.

 

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

 

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

 

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

 

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

 

    	 	83	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 2.19.            
Mitigation Obligations; Replacement of Lenders.

 

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

 

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

 

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

 

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

 

Section 2.21.            
Incremental Commitments.

 

(a)              
The Borrowers may, by written notice to the Administrative Agent from time to time after the Restatement Effective Date,
request Incremental Term Loan Commitments and/or Incremental Revolving Facility Commitments, as applicable, in an amount not to
exceed the Incremental Amount from one or more Incremental Term Lenders and/or Incremental Revolving Facility Lenders (which may
include any existing Lender) willing to provide such Incremental Term Loans and/or Incremental Revolving Facility Commitments,
as the case may be, in their own discretion; provided, that each Incremental Revolving Facility Lender shall be subject
to the approval of the Administrative Agent (which approval shall not be unreasonably withheld) unless such Incremental Revolving
Facility Lender is a Lender, an Affiliate of a Lender or an Approved Fund. Such notice shall set forth (i) the amount of the Incremental
Term Loan Commitments and/or Incremental Revolving Facility Commitments being requested (which shall be in minimum increments of
$5,000,000 and a minimum amount of $25,000,000 or equal to the remaining Incremental Amount), (ii) the date on which such Incremental
Term Loan Commitments and/or Incremental Revolving Facility Commitments are requested to become effective (the “Increased
Amount Date”), (iii) in the case of Incremental Revolving Facility Commitments, whether such Incremental Revolving Facility
Commitments are to be commitments to make revolving loans with pricing and amortization terms identical to an existing Class of
Revolving Facility Loans (which may be part of such existing Class) or commitments to make revolving loans with pricing and/or
amortization terms different from all existing Classes of Revolving Facility Loans (“Other Incremental Revolving Loans”),
and (iv) in the case of Incremental Term Loan Commitments, whether such Incremental Term Loan Commitments are to be commitments
to make term loans with pricing (other than upfront fees or original issue discount) and amortization terms identical to the Term
A Loans or Term A-1 Loans (which may be part of the applicable existing Class) or commitments to make term loans with pricing and
amortization terms different from the Term A Loans or Term A-1 Loans (“Other Incremental Term Loans”).

 

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

 

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

 

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

 

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

 

(f)               
The Borrowers and each Extending Lender shall execute and deliver to the Administrative Agent an Incremental Assumption
Agreement and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extended Term Loans
and/or Extended Revolving Facility Commitments of such Extending Lender. Each Incremental Assumption Agreement shall specify the
terms of the applicable Extended Term Loans and/or Extended Revolving Facility Commitments; provided that (i) except as
to interest rates, fees, amortization, call premiums, call protection, final maturity date and participation in prepayments (which
shall, subject to clauses (ii) through (v) of this proviso, be determined by the Borrowers and set forth in the Pro Rata Extension
Offer), the Extended Term Loans shall have (x) the same terms as the Term A Loans, Term A-1 Loans or Deferred Term A Loans, or
(y) such other terms as shall be reasonably satisfactory to the Administrative Agent, (ii) the final maturity date of any Extended
Term Loans shall be no earlier than the latest Term Facility Maturity Date in effect on the date of incurrence, (iii) other than
in the case of the Deferred Term A Loans, the weighted average life to maturity of any Extended Term Loans shall be no shorter
than the remaining weighted average life to maturity of the Class of Term Loans to which such offer relates, (iv) except as to
interest rates, fees and final maturity and the matters addressed by Section 2.21(b)(iv) (which shall be determined by the
Borrowers and set forth in the Pro Rata Extension Offer), any Extended Revolving Facility Commitment shall have (x) the same terms
as the existing Revolving Facility Commitments or (y) have such other terms as shall be reasonably satisfactory to the Administrative
Agent, and (v) any Extended Term Loans and/or Extended Revolving Facility Commitments may participate on a pro rata basis or a
less than pro rata basis (but not greater than a pro rata basis) in any voluntary or mandatory repayments or prepayments hereunder.
Upon the effectiveness of any Incremental Assumption Agreement, this Agreement shall be amended to the extent (but only to the
extent) necessary to reflect the existence and terms of the Extended Term Loans and/or Extended Revolving Facility Commitments
evidenced thereby as provided for in Section 10.08(e). Any such deemed amendment may be memorialized in writing by the Administrative
Agent with the Borrowers’ consent (not to be unreasonably withheld) and furnished to the other parties hereto. If provided
in any Incremental Assumption Agreement with respect to any Extended Revolving Facility Commitments, and with the consent of each
Issuing Bank, participations in Letters of Credit shall be reallocated to lenders holding such Extended Revolving Facility Commitments
in the manner specified in such Incremental Assumption Agreement, including upon effectiveness of such Extended Revolving Facility
Commitment or upon or prior to the maturity date for any Class of Revolving Facility Commitment.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	95	 

     

    

 

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

 

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

 

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

 

    	 	96	 

     

    

 

Section 2.22.            
Defaulting Lender.

 

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

 

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

 

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

 

    	 	97	 

     

    

 

(iii)              
Certain Fees.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	98	 

     

    

 

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

 

Article III

Representations and Warranties

 

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

 

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

 

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

 

    	 	99	 

     

    

 

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

 

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

 

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

 

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

 

Section 3.07.            
Title to Properties; Possession Under Leases.

 

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

 

    	 	100	 

     

    

 

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

 

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

 

Section 3.08.            
Subsidiaries.

 

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

 

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

 

Section 3.09.            
Litigation; Compliance with Laws.

 

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

 

    	 	101	 

     

    

 

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

 

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

 

Section 3.10.            
Federal Reserve Regulations.

 

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

 

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

 

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

 

Section 3.12.            
Use of Proceeds.

 

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

 

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

 

(c)              
The Borrowers will use the proceeds of the Term A-1 Loans and Deferred Term A Loans borrowed on the Restatement Effective
Date to refinance the Existing Loans of the Term A-1 Lenders and the Deferred Term A Lenders and to pay fees and expenses related
to the transactions to occur on the Restatement Effective Date.

 

    	 	102	 

     

    

 

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

 

Section 3.14.            
No Material Misstatements.

 

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

 

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

 

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

 

    	 	103	 

     

    

 

Section 3.15.            
Employee Benefit Plans.

 

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

 

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

 

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

 

    	 	104	 

     

    

 

Section 3.17.            
Security Documents.

 

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

 

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

 

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

 

    	 	105	 

     

    

 

Section 3.18.            
Solvency.

 

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

 

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

 

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

 

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

 

    	 	106	 

     

    

 

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

 

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

 

Section 3.23.            
The Mortgaged Vessels.

 

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

 

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

 

Section 3.24.            
Anti-Corruption Laws and Sanctions.

 

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

 

    	 	107	 

     

    

 

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

 

Article IV

Conditions of Lending

 

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

 

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

 

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

 

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

 

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

 

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

 

(a)              
The Administrative Agent (or its counsel) shall have received from each Term A-1 Lender and each Deferred Term A Lender,
in each case, set forth on Schedule 2.01, the Required Lenders, each Borrower, and the Administrative Agent, either (i)
a counterpart of (or, in the case of the Lenders, a consent to) this Agreement signed on behalf of such party or (ii) written evidence
satisfactory to the Administrative Agent (which may include by electronic means transmission of a signed signature page of this
Agreement) that such party has signed a counterpart of (or, in the case of the Lenders, a consent to) this Agreement. Each Term
A-1 Lender and each Deferred Term A Lender, by submitting a consent to the Pro Rata Extension Offer, dated April 15, 2020, has
consented to this Agreement.

 

    	 	108	 

     

    

 

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

 

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

 

(d)              
The Administrative Agent shall have received from the Company an upfront fee payable for the account of each Term A-1 Lender
and each Deferred Term A Lender, in each case, set forth on Schedule 2.01 equal to 0.25% of the aggregate principal amount
of such Lender’s Existing Loans outstanding immediately prior to the Restatement Effective Date.

 

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

 

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

 

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

 

    	 	109	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	110	 

     

    

 

(j)                
(i) On and as of the Restatement Effective Date, the representations and warranties of the Borrower and each other Loan
Party set forth in Sections 4.01(b) and 4.01(c) hereof shall be true and correct in all material respects (except for representations
and warranties that are already qualified by materiality, which representations and warranties will be true and correct in all
respects) and (ii) the Administrative Agent shall have received a certificate from a Responsible Officer of the Borrower certifying
as to the matters set forth in Sections 4.01(b) and 4.01(c) hereof.

 

(k)              
The Company shall have consummated one or more debt or equity financings (other than debt secured by a Lien on the Collateral
secured on an equal priority basis with the Liens securing the Obligations) not prohibited by the terms of the Loan Documents,
resulting in at least $1.0 billion of aggregate gross proceeds to the Company and/or its subsidiaries; provided that (i)
the final maturity date or mandatory redemption date of any such debt or equity shall be no earlier than the Revolving Facility
Maturity Date or the Term A Loan Maturity Date and (ii) in the case of any debt financings, (a) such debt shall not be subject
to covenants, events of default, Subsidiary guarantees and other terms (other than interest rate and redemption premiums) that,
taken as a whole, are more restrictive to the Company and its Subsidiaries than the terms of the Senior Unsecured Notes Documents
(or if more restrictive, the Loan Documents shall be amended to contain such more restrictive terms (which amendments shall automatically
occur)), (b) such debt shall not be subject to any financial maintenance covenants and (c) such debt shall have a weighted average
life to maturity greater than the remaining weighted average life to maturity of the outstanding Revolving Facility Loans and Term
A Loans.

 

(l)                
(i) On the Restatement Effective Date, the Collateral Agent shall have received (a) counterparts of each Amendment to Vessel
Mortgage in respect of any Marshall Islands flagged Mortgaged Vessel duly executed and delivered by the registered owner of such
Mortgaged Vessel and the Mortgage Trustee suitable for recordation with the central office of the Maritime Administrator for the
Republic of the Marshall Islands in New York City (the “Maritime Administrator’s Office”), (b) evidence
that each Amendment to Vessel Mortgage in respect of any Marshall Islands flagged Mortgaged Vessel has been (or will, promptly
following the Restatement Effective Date, be) duly registered with the Maritime Administrator’s Office in accordance with
the laws of the Republic of the Marshall Islands and such other evidence that the Mortgage Trustee may deem necessary and that
all registration fees in connection therewith have been duly paid; (ii) On or promptly following the Restatement Effective Date,
a Certificate of Ownership and Encumbrances issued by the Maritime Administrator’s Office stating that such Marshall Islands
flagged Mortgage Vessel is owned by the Subsidiary Guarantor and showing that there are of record no other liens or encumbrances
on such Marshall Islands flagged Mortgaged Vessel except the Vessel Mortgage as amended by the Amendment in favor of the Mortgage
Trustee; (iii) Such other documents, including any consents, agreements or confirmation of third parties as may be required under
any Amendment to the Mortgages in respect of the Marshall Islands flagged Mortgage Ships or otherwise as the Collateral Agent or
the Mortgage Trustee may reasonably request; and (iv) the Administrative Agent shall have received (or be reasonably satisfied
that it will received promptly after the funding of the Loans on the Restatement Effective Date) a favorable opinion of Mayer Brown,
Marshall Islands counsel to the Loan Parties.

 

    	 	111	 

     

    

 

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

 

Article V

Affirmative Covenants

 

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

 

Section 5.01.            
Existence; Business and Properties.

 

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

 

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

 

    	 	112	 

     

    

 

Section 5.02.            
Insurance.

 

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

 

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

 

    	 	113	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	114	 

     

    

 

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

 

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

 

    	 	115	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	116	 

     

    

 

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

 

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

 

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

 

Section 5.06.            
Compliance with Laws.

 

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

 

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

 

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

 

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

 

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Section 5.09.            
Environmental Matters.

 

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

 

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

 

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

 

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

 

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Section 5.10.            
Further Assurances; Additional Security and Guarantees.

 

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

 

(b)              
[Reserved].

 

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

 

(d)              
[Reserved].

 

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

 

    	 	119	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 5.13.            
Approval and Authorization.

 

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

 

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

 

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Section 5.14.            
Concerning the Mortgaged Vessels.

 

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

 

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

 

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

 

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

 

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

 

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Article VI

Negative Covenants

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	125	 

     

    

 

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

 

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

 

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

 

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

 

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

 

    	 	126	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(v)              
Indebtedness consisting of Prestige Newbuild Debt;

 

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

 

    	 	127	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	128	 

     

    

 

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

 

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

 

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

 

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

 

    	 	129	 

     

    

 

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

 

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

 

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

 

    	 	130	 

     

    

 

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

 

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

 

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

 

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

 

    	 	131	 

     

    

 

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

 

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

 

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

 

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

 

(f)               
Swap Agreements permitted pursuant to Section 6.10;

 

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

 

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

 

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

 

    	 	132	 

     

    

 

(j)                
Investments constituting Permitted Business Acquisitions;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	133	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	134	 

     

    

 

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

 

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

 

(cc)           
Permitted Vessel Transfers;

 

(dd)          
Investments in New Vessel Subsidiaries; and

 

(ee)           
Investments in a Similar Business in an aggregate amount (valued at the time of making thereof, and without giving effect
to any write downs or any write offs thereof) not to exceed (x) the greater of $[*] and [*]% of Consolidated Total Assets as of
the end of the fiscal quarter immediately prior to the date of such Investment for which financial statements have been delivered
pursuant to Section 5.04 (plus any returns of capital actually received by the respective investor in respect of investments theretofore
made by it pursuant to this paragraph (ee) plus (y) the Cumulative Credit; provided that if any Investment pursuant to this
paragraph (ee) is made in any person that is not a Subsidiary of the Company at the date of the making of such Investment and such
person becomes a Subsidiary of the Company after such date, such Investment shall thereafter be deemed to have been made pursuant
to paragraph (a) above and shall cease to have been made pursuant to this paragraph (ee) for so long as such person continues to
be a Subsidiary of the Company;

 

The amount of Investments that may be made at any time pursuant
to Section 6.04(a) or (j) (such Sections, the “Related Sections”) may, at the election of the Company,
be increased by the amount of Investments that could be made at such time under the other Related Section; provided that
the amount of each such increase in respect of one Related Section shall be treated as having been used under the other Related
Section.

 

Section 6.05.            
Mergers, Consolidations, Sales of Assets and Acquisitions. Merge into or consolidate with any other person, or permit
any other person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or
in a series of transactions, including effected pursuant to a Delaware LLC Division) all
or any part of its assets (whether now owned or hereafter acquired), or issue, sell, transfer or otherwise dispose of any Equity
Interests of the Company or any Subsidiary, or purchase, lease or otherwise acquire (in one transaction or a series of transactions)
all or any substantial part of the assets of any other person, except that this Section shall not prohibit:

 

(a)              
(i) any disposal by the Company or any Subsidiary of an asset or other property in the ordinary course of the Company’s
or Subsidiary’s business, (ii) any acquisition (in one or a series of transactions) by any Loan Party or Subsidiary of all
or any substantial part of the assets or other property of any other person, so long as such acquisition is in the ordinary course
of such Loan Party’s or Subsidiary’s business, or (iii) the sale of Permitted Investments by any Loan Party or Subsidiary,
so long as such sale is in the ordinary course of such Loan Party’s or Subsidiary’s business;

 

    	 	135	 

     

    

 

(b)              
if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing
or would result therefrom, (i) the merger of any Subsidiary (other than the Co-Borrower) into a Borrower in a transaction in which
such Borrower is the survivor, (ii) the merger or consolidation of any Subsidiary (other than the Co-Borrower) into or with any
Subsidiary Guarantor in a transaction in which the surviving or resulting entity is a Subsidiary Guarantor, and, in the case of
each of clauses (i) and (ii), no person other than a Borrower or a Subsidiary Guarantor receives any consideration, (iii)
the merger or consolidation of any Subsidiary (other than the Co-Borrower) that is not a Subsidiary Guarantor into or with any
other Subsidiary that is not a Subsidiary Guarantor, (iv) the liquidation or dissolution or change in form of entity of any Subsidiary
(other than a Borrower) if the Company determines in good faith that such liquidation, dissolution or change in form is in the
best interests of the Company and is not materially disadvantageous to Lenders, (v) any disposition to effect the formation of
any Subsidiary that is a Delaware Divided LLC and would otherwise not be prohibited hereunder; provided that any disposition
or other allocation of any assets (including any equity interests of such Delaware Divided LLC) in connection therewith is otherwise
permitted hereunder or (vi) any Subsidiary (other than the Co-Borrower) may merge with any other person in order to effect an Investment
permitted pursuant to Section 6.04 so long as the continuing or surviving person shall be a Subsidiary, which shall be a Loan
Party if the merging Subsidiary was a Loan Party and which together with each of their Subsidiaries shall have complied with the
requirements of Section 5.10;

 

(c)              
sales, transfers, leases or other dispositions to any Loan Party or by any Subsidiary that is not a Subsidiary Guarantor
or the Co-Borrower to any other Subsidiary, including without limitation, a Permitted Vessel Transfer;

 

(d)              
Sale and Lease-Back Transactions permitted by Section 6.03;

 

(e)              
Investments permitted by Section 6.04, Permitted Liens, and dividends, distributions and other payments permitted by
Section 6.06;

 

(f)               
the sale of defaulted receivables in the ordinary course of business and not as part of an accounts receivables financing
transaction;

 

(g)              
sales, transfers, leases or other dispositions of assets not otherwise permitted by this Section 6.05 (or required
to be included in this clause (g) pursuant to Section 6.05(c)); provided, that the Net Proceeds thereof are applied
in accordance with Section 2.11(b);

 

(h)              
Permitted Business Acquisitions (including any merger or consolidation in order to effect a Permitted Business Acquisition);
provided, that following any such merger or consolidation involving a Borrower, such Borrower is the surviving corporation;

 

    	 	136	 

     

    

 

(i)                
leases, charters or licenses (on a non-exclusive basis with respect to intellectual property), or subleases or sublicenses
(on a non-exclusive basis with respect to intellectual property), of any property in the ordinary course of business;

 

(j)                
sales, leases or other dispositions of inventory of the Company or any Subsidiary determined by the management of the Company
to be no longer useful or necessary in the operation of the business of any Loan Party or Subsidiary; provided that the
Net Proceeds thereof are applied in accordance with Section 2.11(b);

 

(k)              
acquisitions and purchases made with the proceeds of any Asset Sale pursuant to the first proviso of paragraph (a) of the
definition of “Net Proceeds”;

 

(l)                
[reserved];

 

(m)            
any exchange of assets for services and/or other assets of comparable or greater value; provided that (i) at least
[*]% of the consideration received by the transferor consists of assets that will be used in a business or business activity permitted
hereunder, (ii) in the event of an exchange with a fair market value in excess of the greater of (x) $[*] and (y) [*]% of Consolidated
Total Assets as of the end of the fiscal quarter immediately prior to the date of such exchange for which financial statements
have been delivered pursuant to Section 5.04, the Administrative Agent shall have received a certificate from a Responsible Officer
of the Company with respect to such fair market value and (iii) in the event of an exchange with a fair market value in excess
of the greater of (x) $[*] and (y) [*]% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the
date of such exchange for which financial statements have been delivered pursuant to Section 5.04, such exchange shall have been
approved by at least a majority of the board of directors of the Company; provided, further, that (A) the aggregate
gross consideration (including exchange assets, other non-cash consideration and cash proceeds) of any or all assets exchanged
in reliance upon this paragraph (m) shall not exceed, in any fiscal year of the Company, the greater of $[*] and [*]% of Consolidated
Total Assets as of the end of the fiscal quarter immediately prior to the date of such incurrence for which financial statements
have been delivered pursuant to Section 5.04, (B) no Default or Event of Default exists or would result therefrom, (C) with
respect to any such exchange with aggregate gross consideration in excess of the greater of (x) $[*] and (y) [*]% of Consolidated
Total Assets as of the end of the fiscal quarter immediately prior to the date of such exchange for which financial statements
have been delivered pursuant to Section 5.04, immediately after giving effect thereto, the Company shall be in Pro Forma Compliance,
and (D) the Net Proceeds, if any, thereof are applied in accordance with Section 2.11(b);

 

(n)              
any disposition of any assets owned by any New Vessel Subsidiary or of any Vessel that is not a Mortgaged Vessel; and

 

(o)              
disposals of cash raised or borrowed for the purposes for which such cash was raised or borrowed.

 

    	 	137	 

     

    

 

Notwithstanding anything to the contrary contained in ‎Section
6.05 above, (i) no sale, transfer or other disposition of assets shall be permitted by this ‎Section 6.05 (other than sales,
transfers, leases or other dispositions to Loan Parties pursuant to paragraph ‎(c) hereof) unless such disposition is for fair
market value, (ii) no sale, transfer or other disposition of assets shall be permitted by paragraph ‎(a) or ‎(d) of this
 ‎Section 6.05 unless such disposition is for at least 75% cash consideration and (iii) no sale, transfer or other disposition
of assets shall be permitted by paragraph ‎(g) of this ‎Section 6.05 unless such disposition is for at least 75% cash consideration;
provided that the provisions of clause (ii) or (iii) shall not apply to any individual transaction or series of related
transactions involving assets with a fair market value of less than $[*] or to other transactions involving assets with a fair
market value of not more than the greater of $[*] and [*]% of Consolidated Total Assets in the aggregate for all such transactions
during the term of this Agreement; provided, further, that for purposes of clause (iii), (a) the amount of any secured
Indebtedness of the Company or any Subsidiary or other Indebtedness of a Subsidiary that is not a Loan Party (as shown on the Company’s
or such Subsidiary’s most recent balance sheet or in the notes thereto) that is assumed by the transferee of any such assets
shall be deemed to be cash, (b) any notes or other obligations or other securities or assets received by the Company or such Subsidiary
from the transferee that are converted by the Company or such Subsidiary into cash within 180 days after receipt thereof (to the
extent of the cash received) shall be deemed to be cash and (c) any Designated Non-Cash Consideration received by the Company or
any of its Subsidiaries having an aggregate fair market value (as determined in good faith by the Company), taken together with
all other Designated Non-Cash Consideration received pursuant to this clause (c) that is at that time outstanding, not to
exceed the greater of $[*] million and [*]% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior
to the date of receipt of such Designated Non-Cash Consideration for which financial statements have been delivered pursuant to
Section 5.04 (with the fair market value of each item of Designated Non-Cash Consideration being measured at the time received
and without giving effect to subsequent changes in value) shall be deemed to be cash.

 

Section 6.06.            
Dividends and Distributions. Declare or pay any dividend or make any other distribution (by reduction of capital
or otherwise), whether in cash, property, securities or a combination thereof, with respect to any of its Equity Interests (other
than dividends and distributions on Equity Interests payable solely by the issuance of additional Equity Interests (other than
Disqualified Stock) of the person paying such dividends or distributions) or directly or indirectly redeem, purchase, retire or
otherwise acquire for value (or permit any Subsidiary to purchase or acquire) any of its Equity Interests or set aside any amount
for any such purpose (other than through the issuance of additional Equity Interests (other than Disqualified Stock) of the person
redeeming, purchasing, retiring or acquiring such equity); provided, however, that:

 

(a)              
any Subsidiary of the Company may declare and pay dividends to, repurchase its Equity Interests from or make other distributions
to the Company or to any Wholly Owned Subsidiary of the Company (or, in the case of non-Wholly Owned Subsidiaries, to the Company
or any Subsidiary that is a direct or indirect parent of such Subsidiary and to each other owner of Equity Interests of such Subsidiary
on a pro rata basis (or more favorable basis from the perspective of the Company or such Subsidiary) based on their relative ownership
interests so long as any repurchase of its Equity Interests from a person that is not the Company or a Subsidiary is permitted
under ‎Section 6.04);

 

    	 	138	 

     

    

 

(b)              
the Company may declare and pay dividends or make other distributions (directly or indirectly) (i) to any Parent Entity
in respect of (A) overhead, legal, accounting, consulting and other professional fees and expenses of any Parent Entity, (B) fees
and expenses related to any public offering or private placement of Equity Interests of any Parent Entity whether or not consummated,
(C) franchise or similar Taxes and other fees and expenses in connection with the maintenance of its existence and its direct or
indirect (or any Parent Entity’s direct or indirect) ownership of the Company, (D) payments permitted by Section 6.07(b)
(except to the extent expressly subject to this Section 6.06), and (E) customary salary, bonus and other benefits payable to, and
indemnities provided on behalf of, officers and employees of any Parent Entity, in each case in order to permit any Parent Entity
to make such payments; provided that in the case of clauses (A) and (B), the amount of such dividends and distributions
shall not exceed the portion of any amounts referred to in such clauses (A) and (B) that are allocable to the Company and its Subsidiaries
(which shall be 100% for so long as such Parent Entity, as the case may be, beneficially owns no assets other than the Equity Interests
in the Company); (ii) with respect to any taxable period for which the Company is or has been a partnership or disregarded entity
for U.S. federal income tax purposes, to any person that (directly or indirectly) held Equity Interests of the Company during such
taxable period (a) to the extent such tax distributions are permitted under (I) the Amended and Restated United States Tax Agreement
for NCL Corporation Ltd., dated January 24, 2013 or the Amended and Restated Profits Sharing Agreement for NCL Corporation Ltd.,
dated January 22, 2013, each as in effect on the Closing Date, (collectively, the “Tax Agreements”) or (II)
any amended version of the Tax Agreements to the extent such amendments are not materially adverse to the Lenders (collectively,
the “Amended Tax Agreements”) and (b) to the extent not otherwise permitted under clause (a), tax distributions
in respect of audit adjustments resulting from audits of the Company and/or its Subsidiaries commencing after the Closing Date,
determined in a manner consistent with and subject to the limitations set forth in the Tax Agreements and the Amended Tax Agreements;
and (iii) with respect to any taxable period for which the Company and any Parent Entity files an affiliated, consolidated, combined
or unitary tax return in any relevant jurisdiction, distributions to such Parent Entity in amount not to exceed the amount of any
Taxes in such jurisdiction that the Company and/or its Subsidiaries, as applicable, would have paid for such taxable period had
the Company and/or its Subsidiaries, as applicable, been stand-alone taxpayers in such jurisdiction (less any portion of such amounts
directly payable by the Company and/or its Subsidiaries); provided, that distributions in respect of an Unrestricted Subsidiary
shall be permitted only to the extent that cash distributions were made by such Unrestricted Subsidiary to Company or any of its
Restricted Subsidiaries for such purpose.

 

(c)              
the Company may declare and pay dividends or make other distributions (directly or indirectly) the proceeds of which are
used to purchase or redeem the Equity Interests of any Parent Entity (including related stock appreciation rights or similar securities)
held by then present or former directors, consultants, officers or employees of the Company or any of the Subsidiaries or by any
Plan upon such person’s death, disability, retirement or termination of employment or under the terms of any such Plan or
any other agreement under which such shares of stock or related rights were issued; provided, that the aggregate amount
of such purchases or redemptions under this paragraph (c) shall not exceed in any fiscal year the greater of $[*] and [*]% of Consolidated
Total Assets (plus the amount of net proceeds contributed to the Company that were (x) received by any Parent Entity during such
calendar year from sales of Equity Interests of any Parent Entity to directors, consultants, officers or employees of any Parent
Entity, the Company or any Subsidiary in connection with permitted employee compensation and incentive arrangements and (y) of
any key man life insurance policies received during such calendar year), which, if not used in any year, may be carried forward
to any subsequent calendar year;

 

    	 	139	 

     

    

 

(d)              
any person may make non-cash repurchases of Equity Interests deemed to occur upon exercise of stock options if such Equity
Interests represent a portion of the exercise price of such options; and

 

(e)              
the Company may pay dividends (directly or indirectly) to its equity holders in an aggregate amount equal to the portion,
if any, of the Cumulative Credit on such date that the Company elects to apply to this (e), such election to be specified in a
written notice of a Responsible Officer of the Company calculating in reasonable detail the amount of Cumulative Credit immediately
prior to such election and the amount thereof elected to be so applied; provided, that no Default or Event of Default has
occurred and is continuing or would result therefrom and, after giving effect thereto, that the Company shall be in Pro Forma Compliance;

 

(f)               
the Company may pay dividends or distributions to allow any Parent Entity to make payments in cash, in lieu of the issuance
of fractional shares, upon the exercise of warrants or upon the conversion or exchange of Equity Interests of any such person;

 

(g)              
the Company may pay dividends and make distributions to, or repurchase or redeem shares from, its equity holders in an amount
no greater than [*]% per annum of Market Capitalization;

 

(h)              
the Company may declare and pay dividends or make other distributions (directly or indirectly) to its equity holders if
after giving effect to such dividend or distribution, the Total Leverage Ratio is equal to or less than 3.30 to 1.00; and

 

(i)                
the Company may declare and pay dividends or make other distributions (directly or indirectly) to its equity holders in
an aggregate amount not to exceed the greater of $[*] and [*]% of Consolidated Total Assets.

 

Section 6.07.            
Transactions with Affiliates.

 

(a)              
Sell or transfer any property or assets to, or purchase or acquire any property or assets from, or otherwise engage in any
other transaction with, any of its Affiliates, unless such transaction is (i) otherwise permitted (or required) under this Agreement
or (ii) upon terms no less favorable to the Company or such Subsidiary, as applicable, than would be obtained in a comparable arm’s-length
transaction with a person that is not an Affiliate.

 

    	 	140	 

     

    

 

(b)              
The foregoing paragraph (a) shall not prohibit, to the extent otherwise permitted under this Agreement:

 

(i)              
any issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding
of, employment arrangements, equity purchase agreements, stock options and stock ownership plans approved by the board of directors
of the Company,

 

(ii)             
loans or advances to employees or consultants of the Company, any Parent Entity or any of the Subsidiaries in accordance
with Section 6.04(d),

 

(iii)              
transactions among the Company or any Subsidiary or any entity that becomes a Subsidiary as a result of such transaction,

 

(iv)              
the payment of fees, reasonable out-of-pocket costs and indemnities to directors, officers, consultants and employees of
the Company, any Parent Entity and the Subsidiaries in the ordinary course of business (limited, in the case of any Parent Entity,
to the portion of such fees and expenses that are allocable to the Company and its Subsidiaries (which shall be 100% for so long
as such Parent Entity beneficially owns no assets other than the Equity Interests in the Company and assets incidental to the ownership
of the Company and its Subsidiaries)),

 

(v)             
subject to the limitations set forth in (xiv), if applicable, transactions pursuant to the Loan Documents and permitted
agreements in existence on the Closing Date and set forth on Schedule 6.07 or any amendment or replacement thereto
to the extent such amendment or replacement is not adverse to the Lenders in any material respect,

 

(vi)              
(A) any employment agreements entered into by the Company or any of the Subsidiaries in the ordinary course of business,
(B) any subscription agreement or similar agreement pertaining to the repurchase of Equity Interests pursuant to put/call rights
or similar rights with employees, officers or directors, and (C) any employee compensation, benefit plan or arrangement, any health,
disability or similar insurance plan which covers employees, and any reasonable employment contract and transactions pursuant thereto,

 

(vii)             
dividends, redemptions and repurchases permitted under Section 6.06,

 

(viii)              
[reserved],

 

(ix)              
[reserved],

 

(x)             
payments by the Company or any of the Subsidiaries to any Affiliate made for any financial advisory, financing, underwriting
or placement services or in respect of other investment banking activities, including in connection with acquisitions or divestitures,
which payments are approved by the majority of the board of directors of the Company, or a majority of disinterested members of
the board of directors of the Company, in good faith,

 

    	 	141	 

     

    

 

(xi)              
transactions with Wholly Owned Subsidiaries for the purchase or sale of goods, products, parts and services entered into
in the ordinary course of business in a manner consistent with past practice,

 

(xii)             
any transaction in respect of which the Company delivers to the Administrative Agent (for delivery to the Lenders) a letter
addressed to the board of directors of the Company from an accounting, appraisal or investment banking firm, in each case of nationally
recognized standing that is (A) in the good faith determination of the Company qualified to render such letter and (B) reasonably
satisfactory to the Administrative Agent, which letter states that such transaction is on terms that are no less favorable to the
Company or such Subsidiary, as applicable, than would be obtained in a comparable arm’s-length transaction with a person
that is not an Affiliate,

 

(xiii)              
transactions with joint ventures for the purchase or sale of goods, equipment and services entered into in the ordinary
course of business,

 

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

 

(xv)               
the issuance, sale, transfer of Equity Interests of the Company and capital contributions to the Company,

 

(xvi)               [reserved];

 

(xvii)              [reserved];

 

(xviii)             [reserved];

 

(xix)                payments or loans (or cancellation of loans) to employees or consultants that are (i) approved by a majority of the board
of directors of the Company in good faith, (ii) made in compliance with applicable law and (iii) otherwise permitted under this
Agreement;

 

(xx)             
   transactions with customers, clients, suppliers, or purchasers or sellers of goods or services, in each case in the ordinary
course of business and otherwise in compliance with the terms of this Agreement that are fair to the Company or the Subsidiaries;

 

(xxi)                transactions between the Company or any of the Subsidiaries and any person, a director of which is also a director of the
Company, provided, however, that (A) such director abstains from voting as a director of the Company, on any matter
involving such other person and (B) such person is not an Affiliate of the Company for any reason other than such director’s
acting in such capacity;

 

    	 	142	 

     

    

 

(xxii)             
transactions permitted by, and complying with, the provisions of Section 6.05;

 

(xxiii)              
intercompany transactions undertaken in good faith (as certified by a Responsible Officer of the Company) for the purpose
of improving the consolidated tax efficiency of the Loan Parties and not for the purpose of circumventing any covenant set forth
herein.

 

Section 6.08.            
Business of the Loan Parties and the Subsidiaries. Notwithstanding any other provisions of this Agreement, engage
at any time in any business or business activity other than any business or business activity conducted by any of them on the Closing
Date and any business or business activities incidental or related thereto, or any business or activity that is reasonably similar
thereto or a reasonable extension, development or expansion thereof or ancillary thereto.

 

Section 6.09.            
Limitation on Modifications of Indebtedness; Modifications of Certificate of Incorporation, By-Laws and Certain Other
Agreements; etc.

 

(a)              
Amend or modify in any manner materially adverse to the Lenders, or grant any waiver or release under or terminate in any
manner (if such granting or termination shall be materially adverse to the Lenders), the articles or certificate of formation or
incorporation, by-laws, limited liability company operating agreement, partnership agreement or other organizational documents
of the Company or any Subsidiary.

 

(b)              
(i) Make, or agree or offer to pay or make, directly or indirectly, any payment or other distribution (whether in cash,
securities or other property) of or in respect of principal of or interest on any Junior Financing, or any payment or other distribution
(whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption,
retirement, acquisition, cancellation or termination in respect of any Junior Financing except for (A) Refinancings permitted by
Section 6.01(l) or (r), (B) payments of regularly scheduled interest, and, to the extent this Agreement is then in effect,
principal on the scheduled maturity date for any Junior Financing, (C) payments or distributions in respect of all or any portion
of the Junior Financing with the proceeds contributed to the Company (directly or indirectly) by any Parent Entity from the issuance,
sale or exchange by any Parent Entity of Equity Interests made within eighteen months prior thereto, (D) the conversion of any
Junior Financing to Equity Interests of any Parent Entity or (E) so long as no Default or Event of Default has occurred and is
continuing or would result therefrom and after giving effect to such payment or distribution, the Company would be in Pro Forma
Compliance, payments or distributions in respect of Junior Financings prior to their scheduled maturity made, in an aggregate amount,
not to exceed the sum of (x) the greater of (1) $[*] and (2) [*]% of Consolidated Total Assets as of the end of the fiscal quarter
immediately prior to the date of such payment or distribution for which financial statements have been delivered pursuant to Section 5.04
and (y) the portion, if any, of the Cumulative Credit on the date of such payment or distribution that the Company elects to apply
to this Section 6.09(b)(i), such election to be specified in a written notice of a Responsible Officer of the Company calculating
in reasonable detail the amount of Cumulative Credit immediately prior to such election and the amount thereof elected to be so
applied; or

 

    	 	143	 

     

    

 

(ii)Amend or modify, or permit the amendment
or modification of, any provision of Junior Financing, or any agreement, document or instrument evidencing or relating thereto,
other than amendments or modifications that (A) are not in any manner materially adverse to the Lenders and that do not affect
the subordination or payment provisions thereof (if any) in a manner adverse to the Lenders or (B) otherwise comply with the definition
of “Permitted Refinancing Indebtedness.”

 

(c)              
Permit any Restricted Subsidiary to enter into any agreement or instrument that by its terms restricts (i) the payment of
dividends or distributions or the making of cash advances to the Company or any Subsidiary that is a direct or indirect parent
of such Subsidiary or (ii) the granting of Liens by the Company or such Material Subsidiary pursuant to the Security Documents,
in each case other than those arising under any Loan Document, except, in each case, restrictions existing by reason of:

 

(A)            
restrictions imposed by applicable law;

 

(B)             
contractual encumbrances or restrictions in effect on the Closing Date under Indebtedness existing on the Closing Date and
set forth on Schedule 6.09, the Senior Secured Notes (so long as such restrictions are no more restrictive than the
analogous provisions of this Agreement), Senior Unsecured Notes Documents, any New Vessel Financings or any agreements related
to any Permitted Refinancing Indebtedness in respect of any such Indebtedness that does not expand the scope of any such encumbrance
or restriction;

 

(C)             
any restriction on a Subsidiary imposed pursuant to an agreement entered into for the sale or disposition of the Equity
Interests or assets of such Subsidiary pending the closing of such sale or disposition;

 

(D)            
customary provisions in joint venture agreements and other similar agreements applicable to joint ventures entered into
in the ordinary course of business;

 

(E)             
any restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent that
such restrictions apply only to the property or assets securing such Indebtedness;

 

(F)             
any restrictions imposed by any agreement relating to Indebtedness incurred pursuant to Section 6.01(aa) or Permitted Refinancing
Indebtedness in respect thereof, to the extent such restrictions are not more restrictive, taken as a whole, than the restrictions
contained in the Senior Unsecured Notes Documents;

 

(G)            
customary provisions contained in leases or licenses of intellectual property and other similar agreements entered into
in the ordinary course of business;

 

(H)            
customary provisions restricting subletting or assignment of any lease governing a leasehold interest;

 

(I)               
customary provisions restricting assignment of any agreement entered into in the ordinary course of business;

 

    	 	144	 

     

    

 

(J)               
customary restrictions and conditions contained in any agreement relating to the sale, transfer, lease or other disposition
of any asset permitted under Section 6.05 pending the consummation of such sale, transfer, lease or other disposition;

 

(K)            
customary net worth provisions contained in Real Property leases entered into by Subsidiaries, so long as the Company has
determined in good faith that such net worth provisions would not reasonably be expected to impair the ability of the Company and
its Subsidiaries to meet their ongoing obligations;

 

(L)             
customary restrictions and conditions contained in the document relating to any Lien, so long as (1) such Lien is a Permitted
Lien and such restrictions or conditions relate only to the specific asset subject to such Lien, and (2) such restrictions and
conditions are not created for the purpose of avoiding the restrictions imposed by this Section 6.09;

 

(M)           
any agreement in effect at the time an entity becomes a Subsidiary, so long as such agreement was not entered into in contemplation
of such person becoming a Subsidiary, and any agreements of the Acquired Company in effect at the time of the Acquisition;

 

(N)            
restrictions in agreements representing Indebtedness permitted under Section 6.01 of a Subsidiary of the Company that
is not a Loan Party;

 

(O)            
customary restrictions contained in leases, subleases, licenses or Equity Interests or asset sale agreements otherwise permitted
hereby as long as such restrictions relate to the Equity Interests and assets subject thereto;

 

(P)             
restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business;
or

 

(Q)            
any encumbrances or restrictions of the type referred to in Sections 6.09(c)(i) and 6.09(c)(ii) above imposed by any
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts,
instruments or obligations referred to in clauses (A) through (O) above; provided that such amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Company, no more
restrictive with respect to such dividend and other payment restrictions than those contained in the dividend or other payment
restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing.

 

Section 6.10.            
Swap Agreements. Enter into any Swap Agreement, other than (a) Swap Agreements entered into in the ordinary course
of business to hedge or mitigate risks to which the Company or any Subsidiary is exposed in the conduct of its business or the
management of its liabilities (including raw material, supply costs and currency risks), (b) any Swap Agreement entered into in
order to effectively cap, collar or exchange interest rates (from floating to fixed rates, from one floating rate to another floating
rate or otherwise) with respect to any interest bearing liability or investment of the Company or any Subsidiary and (c) any Swap
Agreement entered into in order to swap currency in connection with funding the business of the Company or any Subsidiary in the
ordinary course of business.

 

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Section 6.11.            
Fiscal Year; Accounting. In the case of the Company, permit its fiscal year to end on any date other than December 31
without prior notice to the Administrative Agent given concurrently with any required notice to the SEC.

 

Section 6.12.            
Loan-to-Value Ratio. Permit the Loan-to-Value Ratio to be greater than or equal to 0.70 to 1.0 at any time.

 

Section 6.13.            
Free Liquidity. Permit Free Liquidity to be less than $50,000,000 at any time.

 

Section 6.14.            
Total Net Funded Debt to Total Capitalization. Permit the ratio of Total Net Funded Debt to Total Capitalization
to be greater than or equal to 0.70 to 1.00 on the last day of any fiscal quarter.

 

Section 6.15.            
EBITDA to Consolidated Debt Service. Permit the ratio of EBITDA to Consolidated Debt Service for the Company and
its Subsidiaries on a consolidated basis at the end of any fiscal quarter, computed for the period of the four consecutive fiscal
quarters ending as at the end of the relevant fiscal quarter, to be less than 1.25 to 1.0, unless Free Liquidity of the Company
and its Subsidiaries on a consolidated basis at all times during the period of four consecutive fiscal quarters ending as at the
end of the relevant fiscal quarter was equal to or greater than $100,000,000.

 

Section 6.16.            
Deferral Period Additional Covenants. During the Deferral Period, (i) make dividends, payments or distributions with
respect to Equity Interests or Junior Financing that would otherwise be permitted to be made under Sections 6.06(c), 6.06(e), 6.06(g),
6.06(h) and 6.06(i), (ii) make, or agree to offer to pay or make, directly or indirectly, any payment or other distribution that
would otherwise be permitted under Section 6.09(b)(E) hereof (it being understood that, for purposes of this Section 6.16, (x)
any conversion of debt into equity shall not constitute a prepayment that is restricted by Section 6.09(b) and (y) any customary
asset sale and change of control offers or repurchase rights shall not constitute an agreement or offer to prepay that is restricted
by 6.09(b)), or (iii) make any Investments in Unrestricted Subsidiaries (or designate any Subsidiary an “Unrestricted Subsidiary”
pursuant to the definition thereof).

 

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Article VII

[RESERVED]

 

Article VIII

Events of Default

 

Section 8.01.            
Events of Default. In case of the happening of any of the following events (each, an “Event of Default”):

 

(a)              
any representation or warranty made or deemed made by any Borrower or any other Loan Party herein or in any other Loan Document
or any certificate or document delivered pursuant hereto or thereto shall prove to have been false or misleading in any material
respect when so made or deemed made;

 

(b)              
default shall be made in the payment of any principal of any Loan or the reimbursement with respect to any L/C Disbursement
when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or
by acceleration thereof or otherwise;

 

(c)              
default shall be made in the payment of any interest on any Loan or in the payment of any Fee or any other amount (other
than an amount referred to in paragraph (b) above) due under any Loan Document, when and as the same shall become due and payable;
provided, however, that no Event of Default shall occur for purposes of this Section 8.01 until the expiry of three
Business Days following the date on which such payment is due;

 

(d)              
default shall be made in the due observance or performance by any Borrower of any covenant, condition or agreement contained
in Sections ‎2.05(c), ‎5.01(a), ‎5.05(a) or ‎5.08 or in Article ‎VI; provided,
that, any breach of Section 6.16 during the Deferral Period shall not constitute an Event of Default under the Term A Facility
or the Revolving Facility and the Term A Loans and Revolving Facility Loans may not be accelerated as a result thereof unless there
are Term A-1 Loans and Deferred Term A Loans outstanding that have been accelerated by the Required Deferring Lenders as a result
of such breach;

 

(e)              
default shall be made in the due observance or performance by any Borrower or any other Loan Party of any covenant, condition
or agreement contained in any Loan Document (other than those specified in paragraphs ‎(b), ‎(c) and ‎(d)
above) and such default shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to
the Company;

 

(f)               
(i) any event or condition occurs that (A) results in any Material Indebtedness becoming due prior to its scheduled maturity
or (B) enables or permits (with all applicable grace periods having expired) the holder or holders of any Material Indebtedness
or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment,
repurchase, redemption or defeasance thereof, prior to its scheduled maturity; or (ii) the Company or any of the Subsidiaries shall
fail to pay the principal of any Material Indebtedness at the stated final maturity thereof; provided, that this clause
(f) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets
securing such Indebtedness if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness;

 

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(g)              
there shall have occurred a Change in Control;

 

(h)              
an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction
seeking (i) relief in respect of the Company or any of the Material Subsidiaries, or of a substantial part of the property or assets
of the Company or any Material Subsidiary, under Title 11 of the United States Code, as now constituted or hereafter amended, or
any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for the Company or any of the Material Subsidiaries or for a substantial
part of the property or assets of the Company or any of the Material Subsidiaries or (iii) the winding-up or liquidation of the
Company or any Material Subsidiary (except, in the case of any Material Subsidiary, in a transaction permitted by ‎Section
6.05); and such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of
the foregoing shall be entered;

 

(i)                
the Company or any Material Subsidiary shall (1) voluntarily commence any proceeding or file any petition seeking relief
under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy,
insolvency, receivership or similar law, (2) consent to the institution of, or fail to contest in a timely and appropriate manner,
any proceeding or the filing of any petition described in paragraph ‎(h) above, (3) apply for or consent to the appointment
of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or any of the Material Subsidiaries
or for a substantial part of the property or assets of the Company or any Material Subsidiary, (4) file an answer admitting the
material allegations of a petition filed against it in any such proceeding, (5) make a general assignment for the benefit of creditors
or (6) become unable or admit in writing its inability or fail generally to pay its debts as they become due;

 

(j)                
the failure by the Company or any Material Subsidiary to pay one or more final judgments aggregating in excess of $[*] (to
the extent not covered by insurance), which judgments are not discharged or effectively waived or stayed for a period of 45 consecutive
days, or any action shall be legally taken by a judgment creditor to levy upon assets or properties of the Company or any Material
Subsidiary to enforce any such judgment;

 

(k)              
(i) a Reportable Event or Reportable Events shall have occurred with respect to any Plan or a trustee shall be appointed
by a United States district court to administer any Plan, (ii) an ERISA Event or ERISA Events shall have occurred with respect
to any Plan or Multiemployer Plan, (iii) the PBGC shall institute proceedings (including giving notice of intent thereof) to terminate
any Plan or Plans, (iv) the Company or any Subsidiary or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer
Plan that such Multiemployer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA, (v) the
Company or any Subsidiary shall engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section
4975 of the Code) involving any Plan or (vi) any other similar event or condition shall occur or exist with respect to a Plan;
and in each case in clauses (i) through (vi) above, such event or condition, together with all other such events or conditions,
if any, would reasonably be expected to have a Material Adverse Effect;

 

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(l)                
(i) any Loan Document shall for any reason be asserted in writing by any Borrower or any Subsidiary Guarantor not to be
a legal, valid and binding obligation of any party thereto, (ii) any security interest purported to be created by any Security
Document and which extends to assets that are not immaterial to the Company and the Subsidiaries on a consolidated basis shall
cease to be, or shall be asserted in writing by any Borrower or any other Loan Party not to be, a valid and perfected security
interest (perfected as or having the priority required by this Agreement or the relevant Security Document and subject to such
limitations and restrictions as are set forth herein and therein) in the securities, assets or properties covered thereby, except
to the extent that any such loss of perfection or priority results from the limitations of foreign laws, rules and regulations
as they apply to pledges of Equity Interests in Foreign Subsidiaries or the application thereof, or from the failure of the Collateral
Agent to maintain possession of certificates actually delivered to it representing securities pledged under the Collateral Agreement
or to file Uniform Commercial Code continuation statements or take the actions required to be taken by the Collateral Agent as
described on Schedule ‎3.04 and except to the extent that such loss is covered by a lender’s title insurance
policy and the Collateral Agent shall be reasonably satisfied with the credit of such insurer, or (iii) the Guarantees pursuant
to the Security Documents by any Borrower or any other Loan Party of any of the Obligations shall cease to be in full force and
effect (other than in accordance with the terms thereof), or shall be asserted in writing by any Borrower or any other Loan Party
not to be in effect or not to be legal, valid and binding obligations;

 

(m)            
(i) so long as any Pari Passu Senior Secured Notes are outstanding, the First Lien Intercreditor Agreement, and (ii) so
long as any other Senior Secured Notes secured on a junior basis to the Liens on the Collateral securing the Obligations are outstanding
and are subject to the Second Lien Intercreditor Agreement, the Second Lien Intercreditor Agreement shall, in whole or in part,
cease to be effective or cease to be legally valid, binding and enforceable against any party thereto (or against any person on
whose behalf any such party makes any covenants or agreements therein), or otherwise not be effective to create the rights and
obligations purported to be created thereunder, unless the same results directly from the action or inaction of the Administrative
Agent;

 

then, and in every such event (other than (x) an event with
respect to the Borrowers described in paragraph (h) or (i) above and (y) an event described in clause (d) above arising with respect
to a failure to comply with Section 6.16 during the Deferral Period, unless the conditions of the first proviso contained in clause
(d) above have been satisfied), and at any time thereafter during the continuance of such event, the Administrative Agent, at the
request of the Required Lenders, shall, by notice to the Company, take any or all of the following actions, at the same or different
times: (i) terminate forthwith the Commitments, (ii) declare the Loans then outstanding to be forthwith due and payable in whole
or in part, whereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and
any unpaid accrued Fees and all other liabilities of the Borrowers accrued hereunder and under any other Loan Document, shall become
forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly
waived by the Borrowers, anything contained herein or in any other Loan Document to the contrary notwithstanding and (iii) if the
Loans have been declared due and payable pursuant to clause (ii) above, demand cash collateral pursuant to Section 2.05(j);
and in any event with respect to the Borrowers described in paragraph (h) or (i) above, the Commitments shall automatically terminate,
the principal of the Loans then outstanding, together with accrued interest thereon and any unpaid accrued Fees and all other liabilities
of the Borrowers accrued hereunder and under any other Loan Document, shall automatically become due and payable and the Administrative
Agent shall be deemed to have made a demand for cash collateral to the full extent permitted under Section 2.05(j), without
presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrowers, anything
contained herein or in any other Loan Document to the contrary notwithstanding. In the case of an Event of Default under clause
(d) above arising with respect to a failure to comply with Section 6.16 during the Deferral Period and at any time thereafter during
the continuance of such event, the Administrative Agent, at the request of the Required Deferring Lenders, shall, by notice to
the Company, take any or all of the following actions, at the same or different times: (i) terminate forthwith the Term A-1 Loan
Commitments and Deferred Term A Loan Commitments, (ii) declare the Term A-1 Loans and Deferred Term A Loans then outstanding to
be forthwith due and payable in whole or in part, whereupon the principal of the Loans so declared to be due and payable, together
with accrued interest thereon and any unpaid accrued Fees with respect thereto, shall become forthwith due and payable, without
presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrowers, anything
contained herein or in any other Loan Document to the contrary notwithstanding.

 

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Section 8.02.            
Right to Cure. Notwithstanding anything to the contrary contained in Section 8.01, in the event that the Company
fails (or, but for the operation of this Section 8.02, would fail) to comply with the requirements of Section 6.12, 6.13,
6.14 or 6.15 then, until the expiration of the tenth Business Day subsequent to the date of the certificate calculating such covenant
is required to be delivered pursuant to Section 5.04(c), the Company may, at its option, cure such non-compliance by:

 

(a)              
In the case of a failure to comply with Section 6.12, delivering additional property over which the Collateral Agent has
a perfected, first priority Lien for the benefit of the Lenders and the other Secured Parties, which additional property shall
be acceptable to the Required Lenders (it being understood that, in all events, cash shall be acceptable, and separate approval
thereof from any Agent or Lender shall not be required) and following such delivery the Cure Collateral Fair Market Value of such
additional property shall be added to the Value Component as of the date of measurement; and/or

 

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(b)              
In the case of a failure to comply with Section 6.12, ratably prepaying (x) outstanding Term Loans (but only to the extent
permitted as a voluntary prepayment under Section 2.11(a)) and (y) Revolving Facility Credit Exposure, (which, with respect
to any issued but undrawn Letters of Credit, shall mean cash collateralizing such Letters of Credit in the manner provided in Section
2.05(j)), and following such prepayments, the total amount of such prepayments shall be subtracted from the Loan Component, as
of the date of measurement; and/or

 

(c)              
In the case of a failure to comply with Section 6.13, 6.14 or 6.15, issuing Permitted Cure Securities for cash or otherwise
receiving cash contributions to the capital of the Company (the “Cure Right”), and upon the receipt by the Company
of such cash (the “Cure Amount”) pursuant to the exercise of such Cure Right, (A) in the case of Section 6.13,
Free Liquidity shall be increased by the Cure Amount, as of the date of measurement, (B) in the case of Section 6.14, the Total
Net Funded Debt shall be decreased by the Cure Amount, as of the date of measurement and (C) in the case of Section 6.15, the ratio
of EBITDA to Consolidated Debt, as applicable, shall be recalculated giving effect to a pro forma adjustment by which EBITDA shall
be increased with respect to such applicable quarter and any four quarter period that includes such quarter by the Cure Amount;
provided, that, for purposes of complying with Section 6.15, (i) in each four-fiscal-quarter period there shall be
at least one fiscal quarter in which the Cure Right is not exercised and (ii) the Cure Amount shall be no greater than the amount
required for purposes of complying with Section 6.15.

 

If,

 

(i)              
in case of a failure to comply with Section 6.12, after giving effect to the transactions in paragraphs (a) and/or (b) of
this Section 8.02, the Company shall then be in compliance with the requirements of Section 6.12; and/or

 

(ii)             
in case of a failure to comply with Section 6.13, after giving effect to the transactions in paragraph (c) of this Section
8.02, the Company shall then be in compliance with the requirements of Section 6.13; and/or

 

(iii)              
 in case of a failure to comply with Section 6.14, after giving effect to the transactions in paragraph (c) of this Section
8.02, the Company shall then be in compliance with the requirements of Section 6.14; and/or

 

(iv)              
in case of a failure to comply with Section 6.15, after giving effect to the transactions in paragraph (c) of this Section
8.02, the Company shall then be in compliance with the requirements of Section 6.15,

 

then in each case, the Company shall be deemed
to have satisfied the requirements of the relevant Section(s) as of the relevant date of determination with the same effect as
though there had been no failure to comply therewith at such date, and the applicable breach or default of such Section(s) that
had occurred shall be deemed cured for all purposes of this Agreement.

 

Section 8.03.            
Application of Proceeds. The proceeds received by the Administrative Agent or the Collateral Agent in respect of
any sale of, collection from or other realization upon all or any part of the Collateral pursuant to the exercise by the Administrative
Agent and/or the Collateral Agent of the remedies provided for herein or in any other Loan Document shall be applied, in full or
in part, together with any other sums then held by the Administrative Agent or the Collateral Agent pursuant to this Agreement
or any other Loan Document, as provided in Section 4.02 of the Collateral Agreement.

 

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Article IX

The Agents

 

Section 9.01.            
Appointment.

 

(a)              
Each Lender (in its capacities as a Lender and on behalf of itself and its Affiliates as potential counterparties to Swap
Agreements) and each Issuing Bank (in such capacities and on behalf of itself and its Affiliates as potential counterparties to
Swap Agreements) hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement
and the other Loan Documents, including as the Collateral Agent and as the Mortgage Trustee for such Lender and the other Secured
Parties under the Security Documents, including the Vessel Mortgages, and each such Lender irrevocably authorizes the Administrative
Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents
and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this
Agreement and the other Loan Documents to which it is a party, together with such other powers as are reasonably incidental thereto.
Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or
responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or
otherwise exist against the Administrative Agent.

 

(b)              
In furtherance of the foregoing, each Lender (in its capacities as a Lender and on behalf of itself and its Affiliates as
potential counterparties to Swap Agreements) and each Issuing Bank (in such capacities and on behalf of itself and its Affiliates
as potential counterparties to Swap Agreements) hereby appoints and authorizes the Collateral Agent and the Mortgage Trustee to
act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any
of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto.
In this connection, the Collateral Agent and the Mortgage Trustee (and any Subagents appointed by the Collateral Agent or the Mortgage
Trustee pursuant to Section 9.02 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof)
granted under the Security Documents, or for exercising any rights or remedies thereunder at the direction of the Collateral Agent
or the Mortgage Trustee) shall be entitled to the benefits of this Article IX (including Section 9.07) as though the
Collateral Agent and the Mortgage Trustee (and any of their respective Subagents) were an “Agent” under the Loan Documents,
as if set forth in full herein with respect thereto.

 

(c)              
Each Lender (in its capacities as a Lender and each Issuing Bank (in such capacities and on behalf of itself and its Affiliates
as potential counterparties to Swap Agreements)) irrevocably authorizes the Administrative Agent, the Collateral Agent or the Mortgage
Trustee, as applicable, at its option and in its discretion, (i) to release any Lien on any property granted to or held by the
Administrative Agent, the Collateral Agent or the Mortgage Trustee under any Loan Document (A) upon termination of the Commitments
and payment in full of all Obligations (other than contingent indemnification obligations and expense reimbursement claims to the
extent no claim therefor has been made) and the termination of all Letters of Credit, (B) that is sold or to be sold as part of
or in connection with any sale permitted hereunder or under any other Loan Document to a person that is not (and is not required
to become) a Loan Party, (C) if approved, authorized or ratified in writing in accordance with Section 10.08 of this Agreement
or (D) to the extent excluded from the security interest granted under the Collateral Agreement pursuant to Section 3.01 thereof,
(ii) to release any Subsidiary Guarantor from its obligations under the Loan Documents if such person ceases to be a Subsidiary
as a result of a transaction permitted hereunder, (iii) to subordinate any Lien on any property granted to or held by the Collateral
Agent or Mortgage Trustee under any Loan Document to the holder of any Lien on such property that is permitted by Section 6.02(e)(2)(b)
and (iv) enter into any First Lien Intercreditor Agreement and any Second Lien Intercreditor Agreement, to the extent contemplated
by the terms hereof, and acknowledge that any such First Lien Intercreditor Agreement and Second Lien Intercreditor Agreement will
be binding upon them. Upon request by an Agent, at any time, the Required Lenders will confirm in writing the Administrative Agent’s,
the Collateral Agent’s or the Mortgage Trustee’s, as applicable, authority to release its interest in particular types
or items of property, or to release any Subsidiary Guarantor from its obligations under the Loan Documents.

 

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(d)              
In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to any Loan Party, (i) the Administrative Agent (irrespective of whether the
principal of any Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of
whether the Administrative Agent shall have made any demand on any Loan Party) shall be entitled and empowered, by intervention
in such proceeding or otherwise (A) to file and prove a claim for the whole amount of the principal and interest owing and unpaid
in respect of any or all of the Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable
in order to have the claims of the Lenders, the Issuing Banks and the Administrative Agent and any Subagents allowed in such judicial
proceeding, and (B) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute
the same, and (ii) any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Lender and Issuing Bank to make such payments to the Administrative Agent and, if the Administrative
Agent shall consent to the making of such payments directly to the Lenders and the Issuing Banks, to pay to the Administrative
Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its
agents and counsel, and any other amounts due the Administrative Agent under the Loan Documents. Nothing contained herein shall
be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or Issuing
Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or
Issuing Bank or to authorize the Administrative Agent to vote in respect of the claim of any Lender or Issuing Bank in any such
proceeding.

 

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Section 9.02.            
Delegation of Duties. The Administrative Agent may execute any of its duties under this Agreement and the other Loan
Documents (including for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) by or through agents,
employees or attorneys in fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters
pertaining to such duties. The Administrative Agent may also from time to time, when the Administrative Agent deems it to be necessary
or desirable, appoint one or more trustees, co trustees, collateral co agents, collateral subagents or attorneys in fact (each,
a “Subagent”) with respect to all or any part of the Collateral; provided that no such Subagent shall
be authorized to take any action with respect to any Collateral unless and except to the extent expressly authorized in writing
by the Administrative Agent. Should any instrument in writing from any Loan Party be required by any Subagent so appointed by the
Administrative Agent to more fully or certainly vest in and confirm to such Subagent such rights, powers, privileges and duties,
the Borrowers shall, or shall cause such Loan Party to, execute, acknowledge and deliver any and all such instruments promptly
upon request by the Administrative Agent. If any Subagent, or successor thereto, shall die, become incapable of acting, resign
or be removed, all rights, powers, privileges and duties of such Subagent, to the extent permitted by law, shall automatically
vest in and be exercised by the Administrative Agent until the appointment of a new Subagent. The Administrative Agent shall not
be responsible for the negligence or misconduct of any agent, attorney in fact or Subagent that it selects in accordance with the
foregoing provisions of this Section 9.02 in the absence of the Administrative Agent’s gross negligence or willful misconduct.

 

Section 9.03.            
Exculpatory Provisions. Neither any Agent or its Affiliates nor any of their respective officers, directors, employees,
agents, attorneys in fact or affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by it or such
person under or in connection with this Agreement or any other Loan Document (except to the extent that any of the foregoing are
found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such person’s
own gross negligence or willful misconduct) or (b) responsible in any manner to any of the Lenders for any recitals, statements,
representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document
or in any certificate, report, statement or other document referred to or provided for in, or received by the Agents under or in
connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability
or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party a party thereto to perform its
obligations hereunder or thereunder. The Agents shall not be under any obligation to any Lender to ascertain or to inquire as to
the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document,
or to inspect the properties, books or records of any Loan Party. The Administrative Agent shall not have any duties or obligations
except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, (a)
the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or Event
of Default has occurred and is continuing, and (b) the Administrative Agent shall not, except as expressly set forth herein and
in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating
to the Borrowers or any of their Affiliates that is communicated to or obtained by the person serving as the Administrative Agent
or any of its Affiliates in any capacity. The Administrative Agent shall be deemed not to have knowledge of any Default or Event
of Default unless and until written notice describing such Default or Event of Default is given to such Agent by a Borrower, a
Lender or an Issuing Bank. Neither Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate,
report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or
Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or
any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the
Security Documents, (v) the value or the sufficiency of any Collateral, or (vi) the satisfaction of any condition set forth in
Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative
Agent.

 

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Section 9.04.            
Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including
any electronic message, Internet or intranet website posting or other distribution) or conversation believed by it to be genuine
and to have been signed, sent or otherwise authenticated by the proper person. The Administrative Agent also may rely upon any
statement made to it orally or by telephone and believed by it to have been made by the proper person, and shall not incur any
liability for relying thereon. The Administrative Agent may conclusively rely on information provided to it by the Former Agent
with respect to the Original Credit Agreement prior to the First Restatement Effective Date. In determining compliance with any
condition hereunder to any Credit Event, that by its terms must be fulfilled to the satisfaction of a Lender or any Issuing Bank,
the Administrative Agent may presume that such condition is satisfactory to such Lender or Issuing Bank unless the Administrative
Agent shall have received notice to the contrary from such Lender or Issuing Bank prior to such Credit Event. The Administrative
Agent may consult with legal counsel (including counsel to the Loan Parties), independent accountants and other experts selected
by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants
or experts. The Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless a written
notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. Each Agent shall be
fully justified in failing or refusing to take any action under this Agreement or any other Loan Document (including with respect
to any matter hereunder or under any other Loan Document that is subject to such Agent’s consent or approval) unless it shall
first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all or other Lenders)
as it (or, in the case of the Collateral Agent, the Administrative Agent) deems appropriate or it shall first be indemnified to
its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing
to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting,
under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by
this Agreement, all of the Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding
upon all the Lenders and all future holders of the Loans.

 

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Section 9.05.            
Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of
any Default or Event of Default unless the Administrative Agent has received notice from a Lender, or a Borrower referring to this
Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default.” In the
event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders.
The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed
by the Required Lenders (or, if so specified by this Agreement, all or any other portion of the Lenders); provided that
unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated
to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable
in the best interests of the Lenders.

 

Section 9.06.            
Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges that neither the Agents nor any of their
respective officers, directors, employees, agents, attorneys-in-fact or affiliates have made any representations or warranties
to it and that no act by any Agent hereafter taken, including any review of the affairs of a Loan Party or any affiliate of a Loan
Party, shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender represents to the Agents
that it has, independently and without reliance upon any Agent or any other Lender, and based on such documents and information
as it has deemed appropriate, made its own appraisal of an investigation into the business, operations, property, financial and
other condition and creditworthiness of the Loan Parties and their affiliates and made its own decision to make its Loans hereunder
and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon any Agent or any
other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make
such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition
and creditworthiness of the Loan Parties and their affiliates. Except for notices, reports and other documents expressly required
to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility
to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial
or otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession
of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates.

 

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Section 9.07.            
Indemnification. The Lenders severally agree to indemnify each Agent and each Issuing Bank in its capacity as such
(to the extent not reimbursed by the Borrowers and without limiting the obligation of the Borrowers to do so), in the amount of
its pro rata share (based on its aggregate Revolving Facility Credit Exposure, outstanding Term Loans and unused Commitments hereunder;
provided, that the aggregate principal amount of L/C Disbursements owing to any Issuing Bank shall be considered to be owed
to the Revolving Facility Lenders ratably in accordance with their respective Revolving Facility Credit Exposure), from and against
any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of
any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted
against such Agent or such Issuing Bank in any way relating to or arising out of the Commitments, this Agreement, any of the other
Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby
or any action taken or omitted by such Agent or such Issuing Bank under or in connection with any of the foregoing; provided,
that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent
jurisdiction to have resulted from such Agent’s or such Issuing Bank’s gross negligence or willful misconduct. The
failure of any Lender to reimburse any Agent or any Issuing Bank, as the case may be, promptly upon demand for its ratable share
of any amount required to be paid by the Lenders to such Agent or such Issuing Bank, as the case may be, as provided herein shall
not relieve any other Lender of its obligation hereunder to reimburse such Agent or such Issuing Bank, as the case may be, for
its ratable share of such amount, but no Lender shall be responsible for the failure of any other Lender to reimburse such Agent
or such Issuing Bank, as the case may be, for such other Lender’s ratable share of such amount. The agreements in this Section
shall survive the payment of the Loans and all other amounts payable hereunder, and the resignation or removal of any Agent or
any Issuing Bank.

 

Section 9.08.            
Agent in Its Individual Capacity. Each Agent and its affiliates may make loans to, accept deposits from, and generally
engage in any kind of business with any Loan Party as though such Agent were not an Agent. With respect to its Loans made or renewed
by it and with respect to any Letter of Credit issued, or Letter of Credit participated in, by it, each Agent shall have the same
rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not
an Agent, and the terms “Lender” and “Lenders” shall include each Agent in its individual capacity.

 

Section 9.09.            
Successor Administrative Agent. The Administrative Agent may resign as Administrative Agent upon 10 days’ notice
to the Lenders and the Borrowers. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the
other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor
agent shall (unless an Event of Default under Section 8.01(b), (c), (h) or (i) shall have occurred and be continuing) be subject
to approval by the Company (which approval shall not be withheld or delayed unreasonably), whereupon such successor agent shall
succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” means such
successor agent effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and duties
as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative
Agent or any of the parties to this Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative
Agent by the date that is 10 days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative
Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties
of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for
above. After any retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Article and
Section 10.05 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative
Agent under this Agreement and the other Loan Documents. The provisions of this Section 9.09 shall apply mutatis mutandis
to the Collateral Agent, provided that the Administrative Agent and the Collateral Agent shall at all times be the same
person.

 

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Section 9.10.            
Withholding Tax. To the extent required by any applicable laws, the Administrative Agent may withhold from any payment
to any Lender an amount equivalent to any applicable withholding tax. If the Internal Revenue Service or any authority of the United
States or other jurisdiction asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or
for the account of any Lender for any reason (including because the appropriate form was not delivered, was not properly executed,
or because such Lender failed to notify the Administrative Agent of a change in circumstances that rendered the exemption from,
or reduction of, withholding tax ineffective), such Lender shall indemnify the Administrative Agent (to the extent that the Administrative
Agent has not already been reimbursed by any applicable Loan Party and without limiting the obligation of any applicable Loan Party
to do so) fully for all amounts paid, directly or indirectly, by the Administrative Agent as Tax or otherwise, including penalties,
additions to Tax and interest, together with all expenses incurred, including legal expenses, allocated staff costs and any out
of pocket expenses. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time
owing to such Lender under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this
Section 9.10. For the avoidance of doubt, the term “Lender” shall include any Issuing Bank.

 

Section 9.11.            
Agent and Arrangers. Neither the Joint Bookrunners, the Co-Documentation Agents nor any of the Arrangers shall have
any duties or responsibilities hereunder in its capacity as such. Without limiting any other provision of this Article, neither
the Joint Bookrunners, the Co-Documentation Agents nor any of the Arrangers in their respective capacities as such shall have or
be deemed to have any fiduciary relationship with any Lender (including any Issuing Bank) or any other person by reason of this
Agreement or any other Loan Document.

 

Section 9.12.            
Ship Mortgage Trust. The Mortgage Trustee agrees and declares, and each of the other Secured Parties acknowledges,
that, subject to the terms and conditions of this Section 9.12, the Mortgage Trustee holds the Trust Property in trust for the
Secured Parties absolutely.  Each of the other Secured Parties agrees that the obligations, rights and benefits vested in
the Mortgage Trustee shall be performed and exercised in accordance with this Section 9.12.  For the avoidance of doubt, the
Mortgage Trustee shall have the benefit of all of the provisions of this Agreement (including exculpatory and indemnification provisions)
benefiting it in its capacity as Collateral Agent for the Secured Parties.  In addition, the Mortgage Trustee and any attorney,
agent or delegate of the Mortgage Trustee may indemnify itself or himself out of the Trust Property against all liabilities, costs,
fees, damages, charges, losses and expenses sustained or incurred by it or him in relation to the taking or holding of any of the
Trust Property or in connection with the exercise or purported exercise of the rights, trusts, powers and discretions vested in
the Mortgage Trustee or any other such person by or pursuant to the Vessel Mortgages or in respect of anything else done or omitted
to be done in any way relating to the Vessel Mortgages (except to the extent that any of the foregoing are found by a final and
nonappealable decision of a court of competent jurisdiction to have resulted from the Mortgage Trustee’s gross negligence
or willful misconduct).

 

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Article X

Miscellaneous

 

Section 10.01.        
Notices; Communications.

 

(a)              
Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided
in Section 10.01(b) below), all notices and other communications provided for herein shall be in writing and shall be delivered
by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier or other electronic means as
follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable
telephone number, as follows:

 

(i)              
if to any Loan Party, the Administrative Agent, the Collateral Agent or an Issuing Bank to the address, telecopier number,
electronic mail address or telephone number specified for such person on Schedule 10.01; and

 

(ii)             
if to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its
Administrative Questionnaire.

 

(b)              
Notices and other communications to the Lenders and the Issuing Banks hereunder may be delivered or furnished by electronic
communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent;
provided that the foregoing shall not apply to notices to any Lender or any Issuing Bank pursuant to Article II if
such Lender or Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under
such Article by electronic communication. The Administrative Agent or the Borrowers may, in their discretion, agree to accept
notices and other communications to it hereunder by electronic communications pursuant to procedures approved by them, provided
that approval of such procedures may be limited to particular notices or communications.

 

(c)              
Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been
given when received. Notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal
business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the
recipient). Notices delivered through electronic communications to the extent provided in Section 10.01(b) above shall be
effective as provided in such Section 10.01(b).

 

(d)              
Any party hereto may change its address or telecopier number for notices and other communications hereunder by notice to
the other parties hereto.

 

(e)              
Documents required to be delivered pursuant to Section 5.04 (to the extent any such documents are included in materials
otherwise filed with the SEC) may be delivered electronically (including as set forth in Section 10.17) and if so delivered,
shall be deemed to have been delivered on the date (i) on which the Loan Parties post such documents, or provides a link thereto
on the Loan Parties’ website on the Internet at the website address listed on Schedule 10.01, or (ii) on which
such documents are posted on the Loan Parties’ behalf on an Internet or intranet website, if any, to which each Lender and
the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent);
provided that (A) the Loan Parties shall deliver paper copies of such documents to the Administrative Agent or any Lender
that requests the Borrowers to deliver such paper copies until a written request to cease delivering paper copies is given by the
Administrative Agent or such Lender, and (B) the Loan Parties shall notify the Administrative Agent and each Lender (by telecopier
or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic
versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein, in every instance the Borrowers
shall be required to provide paper copies of the certificates required by Section 5.04(c) to the Administrative Agent. Except
for such certificates required by Section 5.04(c), the Administrative Agent shall have no obligation to request the delivery
or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by
the Borrowers with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or
maintaining its copies of such documents.

 

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Section 10.02.        
Survival of Agreement. All covenants, agreements, representations and warranties made by the Loan Parties herein,
in the other Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to
this Agreement or any other Loan Document shall be considered to have been relied upon by the Lenders and each Issuing Bank and
shall survive the making by the Lenders of the Loans, the execution and delivery of the Loan Documents and the issuance of the
Letters of Credit, regardless of any investigation made by such persons or on their behalf, and shall continue in full force and
effect as long as the principal of or any accrued interest on any Loan or L/C Disbursement or any Fee or any other amount payable
under this Agreement or any other Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and so long as
the Commitments have not been terminated. Without prejudice to the survival of any other agreements contained herein, indemnification
and reimbursement obligations contained herein (including pursuant to Sections 2.15, 2.17 and 10.05) shall survive the payment
in full of the principal and interest hereunder, the expiration of the Letters of Credit and the termination of the Commitments
or this Agreement.

 

Section 10.03.        
Binding Effect. This Agreement shall become effective when it shall have been executed by the Borrowers and the Administrative
Agent and when the Administrative Agent shall have received copies of this Agreement which, when taken together, bear the signatures
of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the Borrowers, each Issuing
Bank, the Administrative Agent and each Lender and their respective permitted successors and assigns.

 

Section 10.04.        
Successors and Assigns.

 

(a)              
The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit), except
that (i) a Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent
of each Lender (and any attempted assignment or transfer by such Borrower without such consent shall be null and void) and (ii)
no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 10.04.
Nothing in this Agreement, expressed or implied, shall be construed to confer upon any person (other than the parties hereto, their
respective successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit),
Participants (to the extent provided in paragraph (c) of this Section 10.04), and, to the extent expressly contemplated hereby,
the Related Parties of each of the Agents, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under
or by reason of this Agreement.

 

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(b)              
(i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender (such Lender, an “Assignor”)
may assign to one or more assignees (each, an “Assignee”) all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitments and the Loans at the time owing to it) with the prior written consent
(such consent not to be unreasonably withheld or delayed) of:

 

(A)            
the Company; provided that no consent of the Company shall be required for an assignment to a Lender, an Affiliate
of a Lender, an Approved Fund (as defined below), or, if an Event of Default under Sections 8.01(b), (c), (h) or (i) has occurred
and is continuing, any other person;

 

(B)             
the Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment
of all or any portion of a Term Loan to a Lender, an Affiliate of a Lender, an Approved Fund or an Affiliate of the Borrowers made
in accordance with this Section 10.04(b)(i) or Section 10.21; and

 

(C)             
the Issuing Banks; provided that no consent of the Issuing Banks shall be required for an assignment of all or any
portion of a Term Loan.

 

(ii)             
Assignments shall be subject to the following additional conditions:

 

(A)            
except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire
remaining amount of the assigning Lender’s Commitments or Loans under any Facility, the amount of the Commitments or Loans
of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to
such assignment is delivered to the Administrative Agent) shall not be less than (x) $1,000,000 in the case of Term Loans and (y)
$1,000,000 in the case of Revolving Facility Loans or Revolving Facility Commitments, unless each of the Company and the Administrative
Agent otherwise consent; provided that (1) no such consent of the Company shall be required if an Event of Default under
Sections 8.01(b), (c), (h) or (i) has occurred and is continuing and (2) such amounts shall be aggregated in respect of each
Lender and its Affiliates or Approved Funds (with simultaneous assignments to or by two or more Approved Funds shall be treated
as one assignment), if any;

 

(B)             
the parties to each assignment shall (1) execute and deliver to the Administrative Agent an Assignment and Acceptance via
an electronic settlement system acceptable to the Administrative Agent or (2) if previously agreed with the Administrative Agent,
manually execute and deliver to the Administrative Agent an Assignment and Acceptance, in each case, together with a processing
and recordation fee of $3,500 (which fee may be waived or reduced in the discretion of the Administrative Agent);

 

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(C)             
the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire and
any tax forms; and

 

(D)            
the Assignee shall not be a natural person or the Borrowers or any of the Borrowers’ Affiliates or Subsidiaries; except
in accordance with Section 10.04(b)(i) or Section 10.21.

 

For the purposes of this Section 10.04,
 “Approved Fund” means any person (other than a natural person) that is engaged in making, purchasing, holding
or investing in bank loans and similar extensions of credit in the ordinary course and that is administered or managed by (a) a
Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

 

(iii)              
Subject to acceptance and recording thereof pursuant to paragraph (b)(v) below, from and after the effective date specified
in each Assignment and Acceptance the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by
such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement
(and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15,
2.16, 2.17 and 10.05). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply
with this Section 10.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such
rights and obligations in accordance with paragraph (c) of this Section 10.04.

 

(iv)              
The Administrative Agent, acting for this purpose as an agent of the Borrowers, shall maintain at one of its offices a copy
of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Commitments of, and principal and interest amounts of the Loans and Revolving L/C Exposure owing to, each Lender pursuant
to the terms of this Agreement from time to time (the “Register”). The entries in the Register shall be conclusive
absent manifest error, and the Borrowers, the Administrative Agent, the Issuing Banks and the Lenders shall treat each person whose
name is recorded in the Register pursuant to the terms of this Agreement as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers, the Issuing Banks and
any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(v)             
Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an Assignee, the Assignee’s
completed Administrative Questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in paragraph (b) of this Section, if applicable, and any written consent to such assignment required by paragraph
(b) of this Section and any applicable tax forms, the Administrative Agent shall accept such Assignment and Acceptance and
promptly record the information contained therein in the Register. No assignment, whether or not evidenced by a promissory note,
shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph (b)(v).

 

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(vi)              
If the consent of the Company to an assignment or to an Approved Fund is required hereunder (including a consent to an assignment
which does not meet the minimum assignment thresholds specified in Section 10.04(b)(ii)(A)), the Company shall be deemed to have
given its consent ten Business Days after the date written notice thereof has been delivered by the Assignor (through the Administrative
Agent or the electronic settlement system used in connection with any such assignment) unless such consent is expressly refused
by the Company prior to such tenth Business Day.

 

(c)              
By executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the Assignee thereunder shall
be deemed to confirm to and agree with each other and the other parties hereto as follows: (i) such assigning Lender warrants that
it is the legal and beneficial owner of the interest being assigned thereby free and clear of any adverse claim and that its applicable
Commitment, and the outstanding balances of its Term Loans and Revolving Facility Loans, in each case without giving effect to
assignments thereof which have not become effective, are as set forth in such Assignment and Acceptance, (ii) except as set forth
in clause (i) above, such assigning Lender makes no representation or warranty and assumes no responsibility with respect
to any statements, warranties or representations made in or in connection with this Agreement, or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of this Agreement, any other Loan Document or any other instrument or document
furnished pursuant hereto, or the financial condition of the Company or any Subsidiary or the performance or observance by the
Company or any Subsidiary of any of its obligations under this Agreement, any other Loan Document or any other instrument or document
furnished pursuant hereto; (iii) the Assignee represents and warrants that it is legally authorized to enter into such Assignment
and Acceptance; (iv) the Assignee confirms that it has received a copy of this Agreement, together with copies of the most recent
financial statements referred to in Section 3.05 (or delivered pursuant to Section 5.04), and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance;
(v) the Assignee will independently and without reliance upon the Administrative Agent, the Collateral Agent, such assigning Lender
or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its
own credit decisions in taking or not taking action under this Agreement; (vi) the Assignee appoints and authorizes each the Administrative
Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are
delegated to the Administrative Agent and the Collateral Agent, as applicable, by the terms of this Agreement, together with such
powers as are reasonably incidental thereto; and (vii) the Assignee agrees that it will perform in accordance with their terms
all the obligations which by the terms of this Agreement are required to be performed by it as a Lender.

 

(d)              
(i) Any Lender may, without the consent of the Borrowers or the Administrative Agent, sell participations to one or more
banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations
under this Agreement (including all or a portion of its Commitments and the Loans owing to it); provided that (A) such Lender’s
obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto
for the performance of such obligations and (C) the Borrowers, the Administrative Agent, the Issuing Banks and the other Lenders
shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement. Any agreement pursuant to which a Lender sells such a participation shall provide that such Lender shall retain
the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any
provision of this Agreement and the other Loan Documents; provided that (x) such agreement may provide that such Lender
will not, without the consent of the Participant, agree to any amendment, modification or waiver that (1) requires the consent
of each Lender directly affected thereby pursuant to Section 10.04(a)(i) or clauses (i), (ii), (iii), (iv), (v) or (vi)
of the first proviso to Section 10.08(b) and (2) directly affects such Participant and (y) no other agreement with respect
to amendment, modification or waiver may exist between such Lender and such Participant. Subject to paragraph (c)(ii) of this
Section 10.04, the Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.14, 2.15, 2.16
and 2.17 (subject to the limitations and requirements of those Sections and Section 2.19 and it being understood that the documentation
required under Section 2.17(e) shall be delivered solely to the participating Lender) to the same extent as if it were a Lender
and had acquired its interest by assignment pursuant to paragraph (b) of this Section 10.04. To the extent permitted by law,
each Participant also shall be entitled to the benefits of Section 10.06 as though it were a Lender, provided that
such Participant shall be subject to Section 2.18(c) as though it were a Lender. Each Lender that sells a participation shall,
acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address
of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other
obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have
any obligation to disclose all or any portion of the Participant Register to any person (including the identity of any Participant
or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations
under any Loan Document) except to the extent that such disclosure is necessary in connection with a Tax audit or other Tax proceeding
to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c)
of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and
each party hereto shall treat each person whose name is recorded in the Participant Register as the owner of such participation
for all purposes of this Agreement notwithstanding any notice to the contrary.

 

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(ii)             
A Participant shall not be entitled to receive any greater payment under 2.14, 2.15, 2.16 or 2.17 than the applicable Lender
would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation
to such Participant is made with the Company’s prior written consent (which consent shall not be unreasonably withheld or
delayed), which consent shall state that it is being given pursuant to this Section 10.04(d)(ii); provided that each potential
Participant shall provide such information as is reasonably requested by the Company in order for the Company to determine whether
to provide its consent.

 

(e)              
Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other
central banking authority and in the case of any Lender that is an Approved Fund, any pledge or assignment to any holders of obligations
owed, or securities issued, by such Lender, including to any trustee for, or any other representative of, such holders, and this
Section 10.04 shall not apply to any such pledge or assignment of a security interest; provided that no such pledge
or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee
or Assignee for such Lender as a party hereto.

 

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(f)               
The Borrowers, upon receipt of written notice from any relevant Lender, agree to issue Notes to such Lender requiring Notes
to facilitate transactions of the type described in paragraph (e) above.

 

(g)              
Notwithstanding the foregoing, any Conduit Lender may assign any or all of the Loans it may have funded hereunder to its
designating Lender without the consent of the Borrowers or the Administrative Agent. Each Borrower, each Lender and the Administrative
Agent hereby confirms that it will not institute against a Conduit Lender or join any other person in instituting against a Conduit
Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar
law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender;
provided, however, that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless
each other party hereto and each Loan Party for any loss, cost, damage or expense arising out of its inability to institute such
a proceeding against such Conduit Lender during such period of forbearance.

 

(h)              
If the Borrowers wish to replace the Loans or Commitments under any Facility with ones having different terms, they shall
have the option, with the consent of the Administrative Agent and subject to at least three Business Days’ advance notice
to the Lenders under such Facility, instead of prepaying the Loans or reducing or terminating the Commitments to be replaced, to
(1) require the Lenders under such Facility to assign such Loans or Commitments to the Administrative Agent or its designees and
(2) amend the terms thereof in accordance with Section 10.08 (with such replacement, if applicable, being deemed to have been
made pursuant to Section 10.08(d)). Pursuant to any such assignment, all Loans and Commitments to be replaced shall be purchased
at par (allocated among the Lenders under such Facility in the same manner as would be required if such Loans were being optionally
prepaid or such Commitments were being optionally reduced or terminated by the Borrowers), accompanied by payment of any accrued
interest and fees thereon and any amounts owing pursuant to Section 10.05(b). By receiving such purchase price, the Lenders
under such Facility shall automatically be deemed to have assigned the Loans or Commitments under such Facility pursuant to the
terms of the form of Assignment and Acceptance attached hereto as Exhibit A, and accordingly no other action by such
Lenders shall be required in connection therewith. The provisions of this paragraph (h) are intended to facilitate the maintenance
of the perfection and priority of existing security interests in the Collateral during any such replacement.

 

(i)                
Notwithstanding anything to the contrary in Section 2.18(c) (which provisions shall not be applicable to clauses (i)
or (j) of this Section 10.04), the Borrowers may purchase by way of assignment and become Assignees with respect to Term Loans
at any time and from time to time from Lenders in accordance with Section 10.04(b) hereof (“Permitted Loan Purchases”);
provided that (A) any such purchase occurs pursuant to Dutch auction procedures open to all applicable Lenders on a pro
rata basis in accordance with customary procedures to be agreed between the applicable Borrower and the Administrative Agent; provided
that the Borrowers shall be entitled to make open market purchases of the Term Loans without complying with such Dutch auction
procedures so long as the aggregate principal amount (calculated on the par amount thereof) of all Term Loans purchased in open
market purchases from the Closing Date does not exceed the Permitted Loan Purchases Amount, (B) for the avoidance of doubt, no
Revolving Facility Commitments or Revolving Facility Loans may be purchased by the Borrowers, (C) no Permitted Loan Purchases shall
be made from the proceeds of any Revolving Facility Loans, (D) no Default or Event of Default has occurred and is continuing or
would result from the Permitted Loan Purchase, (E) upon consummation of any such Permitted Loan Purchase, the Loans purchased pursuant
thereto shall be deemed to be automatically and immediately cancelled and extinguished in accordance with Section 10.04(j) and
(F) in connection with any such Permitted Loan Purchase, the applicable Borrower and such Lender that is the Assignor shall execute
and deliver to the Administrative Agent a Permitted Loan Purchase Assignment and Acceptance (and for the avoidance of doubt, shall
not be required to execute and deliver an Assignment and Acceptance pursuant to Section 10.04(b)(ii)(B)) and shall otherwise
comply with the conditions to assignments under this Section 10.04.

 

    	 	165	 

     

    

 

(j)                
Each Permitted Loan Purchase shall, for purposes of this Agreement (including without limitation, Section 2.08(b)) be deemed
to be an automatic and immediate cancellation and extinguishment of such Term Loans and the applicable Borrower shall, upon consummation
of any Permitted Loan Purchase, notify the Administrative Agent that the Register be updated to record such event as if it were
a prepayment of such Loans.

 

Section 10.05.        
Expenses; Indemnity.

 

(a)              
Costs and Expenses. The Borrowers jointly and severally agree to pay (i) all reasonable and documented out-of-pocket
expenses (including Other Taxes) incurred by the Administrative Agent in connection with the preparation of this Agreement and
the other Loan Documents, or by the Administrative Agent in connection with the syndication of the Commitments or in the administration
of this Agreement (including expenses incurred in connection with due diligence and initial and ongoing Collateral examination
to the extent incurred with the reasonable prior approval of the Company and the reasonable fees, disbursements and charges for
no more than one counsel in each jurisdiction where Collateral is located) or in connection with the administration of this Agreement
and any amendments, modifications or waivers of the provisions of this Agreement or thereof (whether or not the Transactions hereby
contemplated shall be consummated), including the reasonable fees, charges and disbursements of Cahill Gordon & Reindel llp,
counsel for the Administrative Agent and the Arrangers, and, if necessary, the reasonable fees, charges and documented out-of-pocket
expenses and disbursements of one local counsel per jurisdiction, and (ii) all out-of-pocket expenses (including Other Taxes) incurred
by the Agents and any Lender in connection with the enforcement or protection of their rights in connection with this Agreement
and the other Loan Documents, in connection with the Loans made or the Letters of Credit issued hereunder, including the fees,
charges and disbursements of counsel for the Agents or, after any Event of Default under Section 8.01(b), (c), (h) (with respect
to the Borrowers) or (i) (with respect to the Borrowers), counsel for the Lenders (in each case including any special and local
counsel).

 

    	 	166	 

     

    

 

(b)              
Indemnification by the Borrowers. The Borrowers jointly and severally agree to indemnify the Administrative Agent,
the Agents, the Arrangers, the Joint Bookrunners, each Issuing Bank, each Lender, each of their respective Affiliates and each
of their respective directors, trustees, officers, employees, agents, trustees and advisors (each such person being called an “Indemnitee”)
against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including
reasonable counsel fees, charges and disbursements (except the allocated costs of in house counsel), incurred by or asserted against
any Indemnitee arising out of, in any way connected with, or as a result of (i) the execution or delivery of this Agreement or
any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto and
thereto of their respective obligations thereunder or the consummation of the Transactions and the other transactions contemplated
hereby (including the Acquisition Transactions), (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including
any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection
with such demand do not strictly comply with the terms of such Letter of Credit) or (iii) any claim, litigation, investigation
or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party thereto and regardless of whether such
matter is initiated by a third party or by the Company or any of its subsidiaries or Affiliates; provided, that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses
are determined by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence
or willful misconduct of such Indemnitee (for purposes of this proviso only, each of the Administrative Agent, any Arranger, any
Joint Bookrunner, any Issuing Bank or any Lender shall be treated as several and separate Indemnitees, but each of them together
with its respective Related Parties, shall be treated as a single Indemnitee). Subject to and without limiting the generality of
the foregoing sentence, the Borrowers jointly and severally agree to indemnify each Indemnitee against, and hold each Indemnitee
harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel or consultant
fees, charges and disbursements (limited to not more than one counsel, plus, if necessary, one local counsel per jurisdiction)
(except the allocated costs of in house counsel), incurred by or asserted against any Indemnitee arising out of, in any way connected
with, or as a result of any Environmental Claim or Environmental Liability related in any way to the Company or any of the Subsidiaries
or its predecessors; provided, that such indemnity shall not, as to any Indemnitee, be available to the extent that such
losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or any of its Related Parties. None
of the Indemnitees (or any of their respective affiliates) shall be responsible or liable to the Company or any of the subsidiaries,
Affiliates or stockholders or any other person or entity for any special, indirect, consequential or punitive damages, which may
be alleged as a result of the Facilities, the Transactions or the Acquisition Transactions. The provisions of this Section 10.05
shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation
of the transactions contemplated hereby, the repayment of any of the Obligations, the invalidity or unenforceability of any term
or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent,
any Issuing Bank or any Lender. All amounts due under this Section 10.05 shall be payable on written demand therefor accompanied
by reasonable documentation with respect to any reimbursement, indemnification or other amount requested.

 

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(c)              
Taxes. Except as expressly provided in Section 10.05(a) with respect to Other Taxes, which shall not be duplicative
with any amounts paid pursuant to Section 2.17, this Section 10.05 shall not apply to any Taxes (other than Taxes that represent
losses, claims, damages, liabilities and related expenses resulting from a non-Tax claim), which shall be governed exclusively
by Section 2.17 and, to the extent set forth therein, Section 2.15.

 

(d)              
Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, the Borrowers shall not
assert, and hereby waive, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or
punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement,
any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any
Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use
by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other
information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated
hereby or thereby.

 

(e)              
Survival. The agreements in this Section 10.05 shall survive the resignation or removal of either Agent or any
Issuing Bank, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of
all the other Obligations and the termination of this Agreement.

 

Section 10.06.        
Right of Set-off. If an Event of Default shall have occurred and be continuing, each Lender and each Issuing Bank
is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all
deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by
such Lender or such Issuing Bank to or for the credit or the account of the Borrowers or any Subsidiary against any of and all
the obligations of the Borrowers now or hereafter existing under this Agreement or any other Loan Document held by such Lender
or such Issuing Bank, irrespective of whether or not such Lender or such Issuing Bank shall have made any demand under this Agreement
or such other Loan Document and although the obligations may be unmatured. The rights of each Lender and each Issuing Bank under
this Section 10.06 are in addition to other rights and remedies (including other rights of set-off) that such Lender or such
Issuing Bank may have. Each Lender and Issuing Bank agrees to notify the Administrative Agent promptly after any such set off and
application; provided that the failure to give such notice shall not affect the validity of such set off and application.

 

Section 10.07.        
Applicable Law. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN LETTERS OF CREDIT AND AS EXPRESSLY SET FORTH
IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.

 

Section 10.08.        
Waivers; Amendment.

 

(a)              
No failure or delay of either Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under
any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of each Agent, each Issuing Bank and the Lenders hereunder and under
the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver
of any provision of this Agreement or any other Loan Document or consent to any departure by any Borrower or any other Loan Party
therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent
shall be effective only in the specific instance and for the purpose for which given. No notice or demand on any Borrower or any
other Loan Party in any case shall entitle such person to any other or further notice or demand in similar or other circumstances.

 

    	 	168	 

     

    

 

(b)              
Subject to Section 2.14, neither this Agreement nor any other Loan Document nor any provision of this Agreement or thereof
may be waived, amended or modified except (x) as provided in Section 2.21, (y) in the case of this Agreement, pursuant to
an agreement or agreements in writing entered into by the Borrowers and the Required Lenders and (z) in the case of any other Loan
Document, pursuant to an agreement or agreements in writing entered into by each party thereto and the Agent party thereto and
consented to by the Required Lenders; provided, however, that no such agreement shall

 

(i)              
decrease or forgive the principal amount of, or extend the final maturity of, or decrease the rate of interest on, any Loan
or any L/C Disbursement, or extend the stated expiration of any Letter of Credit beyond the applicable Revolving Facility Maturity
Date, without the prior written consent of each Lender directly affected thereby, except as provided in Section 2.05(c); provided
that any amendment to the financial covenant definitions in this Agreement shall not constitute a reduction in the rate of interest
for purposes of this clause (i),

 

(ii)             
increase or extend the Commitment of any Lender or decrease the Commitment Fees or L/C Participation Fees or other fees
of any Lender without the prior written consent of such Lender (it being understood that waivers or modifications of conditions
precedent, covenants, Defaults or Events of Default or of a mandatory reduction in the aggregate Commitments shall not constitute
an increase of the Commitments of any Lender),

 

(iii)              
extend or waive any Term Loan Installment Date or reduce the amount due on any Term Loan Installment Date or extend any
date on which payment of interest on any Loan or any L/C Disbursement or any Fees is due, without the prior written consent of
each Lender adversely affected thereby,

 

(iv)              
amend the provisions of Section 4.02 of the Collateral Agreement, or any analogous provision of any other Security Document,
in a manner that would by its terms alter the pro rata sharing of payments required thereby, without the prior written consent
of each Lender adversely affected thereby,

 

    	 	169	 

     

    

 

(v)             
amend or modify the provisions of this Section 10.08 or the definition of the terms “Required Lenders,”
 “Majority Lenders,” or any other provision of this Agreement specifying the number or percentage of Lenders required
to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the prior written
consent of each Lender adversely affected thereby (it being understood that, with the consent of the Required Lenders, additional
extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders on substantially the
same basis as the Loans and Commitments are included on the Closing Date),

 

(vi)              
release all or substantially all the Collateral or all or substantially all of the Subsidiary Guarantors from their respective
Guarantees under the Collateral Agreement, unless, in the case of a Subsidiary Guarantor, all or substantially all the Equity Interests
of such Subsidiary Guarantor is sold or otherwise disposed of in a transaction permitted by this Agreement, without the prior written
consent of each Lender, or

 

(vii)             
effect any waiver, amendment or modification that by its terms adversely affects the rights in respect of payments or collateral
of Lenders participating in any Facility differently from those of Lender participating in another Facility, without the consent
of the Majority Lenders participating in the adversely affected Facility (it being agreed that the Required Lenders may waive,
in whole or in part, any prepayment or Commitment reduction required by ‎Section 2.11 so long as the application
of any prepayment or Commitment reduction still required to be made is not changed);

 

provided, further, that no such agreement shall
amend, modify or otherwise affect the rights or duties of either Agent or an Issuing Bank hereunder without the prior written consent
of such Agent or such Issuing Bank acting as such at the effective date of such agreement, as applicable. Each Lender shall be
bound by any waiver, amendment or modification authorized by this Section 10.08 and any consent by any Lender pursuant to
this Section 10.08 shall bind any Assignee of such Lender.

 

Notwithstanding the foregoing, (i) only
the consent of the Required Revolving Facility Lenders shall be required to (and only the Required Revolving Facility Lenders shall
have the ability to) waive, amend or modify the conditions set forth in Section 4.01and (ii) only the consent of the Required Deferring
Lenders shall be required (and only the Required Deferring Lenders shall have the ability to) waive, amend or modify Section 6.16.

 

(c)              
Without the consent of any Arranger or Lender or Issuing Bank, the Loan Parties and the Administrative Agent and/or Collateral
Agent, as applicable, may (in their respective sole discretion, or shall, to the extent required by any Loan Document) enter into
any amendment, modification or waiver of any Loan Document, or enter into any new agreement or instrument, to effect the granting,
perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property to become Collateral
for the benefit of the Secured Parties, or as required by local law to give effect to, or protect any security interest for the
benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable law.

 

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(d)              
Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required
Lenders, the Administrative Agent and the Borrowers (a) to add one or more additional credit facilities to this Agreement and to
permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to
share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and the Revolving Facility Loans
and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities
in any determination of the Required Lenders.

 

(e)              
Notwithstanding the foregoing, technical and conforming modifications to the Loan Documents may be made with the consent
of the Borrowers and the Administrative Agent to the extent necessary to integrate any Incremental Term Loan Commitments or Incremental
Revolving Facility Commitments in a manner consistent with Section 2.21, including, with respect to Other Incremental Revolving
Loans or Other Incremental Term Loans, as may be necessary to establish such Incremental Term Loan Commitments or Revolving Facility
Loans as a separate Class or tranche from the existing Term Loan Commitments or Incremental Revolving Facility Commitments.

 

Notwithstanding anything herein to the contrary,
if at any time the applicable interest rate, together with all fees and charges that are treated as interest under applicable law
(collectively, the “Charges”), as provided for herein or in any other document executed in connection herewith,
or otherwise contracted for, charged, received, taken or reserved by any Lender or any Issuing Bank, shall exceed the maximum lawful
rate (the “Maximum Rate”) that may be contracted for, charged, taken, received or reserved by such Lender in
accordance with applicable law, the rate of interest payable hereunder, together with all Charges payable to such Lender or such
Issuing Bank, shall be limited to the Maximum Rate; provided that such excess amount shall be paid to such Lender or such
Issuing Bank on subsequent payment dates to the extent not exceeding the legal limitation.

 

Section 10.09.        
Entire Agreement. This Agreement, the other Loan Documents and the agreements regarding certain Fees referred to
herein constitute the entire contract between the parties relative to the subject matter of this Agreement. Any previous agreement
among or representations from the parties or their Affiliates with respect to the subject matter of this Agreement is superseded
by this Agreement and the other Loan Documents. Notwithstanding the foregoing, any fee letters previously entered into between
the Agents, the Arrangers and the Joint Bookrunners shall survive the execution and delivery of this Agreement and remain in full
force and effect. Nothing in this Agreement or in the other Loan Documents, expressed or implied, is intended to confer upon any
party other than the parties hereto and thereto any rights, remedies, obligations or liabilities under or by reason of this Agreement
or the other Loan Documents.

 

Section 10.10.        
No Liability of the Issuing Bank. The Borrowers assume all risks of the acts or omissions of any beneficiary or transferee
of any Letter of Credit with respect to its use of such Letter of Credit. Neither any Issuing Bank nor any of its officers or directors
shall be liable or responsible for: (a) the use that may be made of any Letter of Credit or any acts or omissions of any beneficiary
or transferee in connection therewith; (b) the validity, sufficiency or genuineness of documents, or of any endorsement thereon,
even if such documents should prove to be in any or all respects invalid, insufficient, fraudulent or forged; (c) payment by such
Issuing Bank against presentation of documents that do not comply with the terms of a Letter of Credit, including failure of any
documents to bear any reference or adequate reference to the Letter of Credit; or (d) any other circumstances whatsoever in making
or failing to make payment under any Letter of Credit, except that the Borrowers shall have a claim against such Issuing Bank,
and such Issuing Bank shall be liable to the Borrowers, to the extent of any direct, but not consequential, damages suffered by
the Borrowers that the Borrowers prove were caused by (i) such Issuing Bank’s willful misconduct or gross negligence as determined
in a final, non-appealable judgment by a court of competent jurisdiction in determining whether documents presented under any Letter
of Credit comply with the terms of the Letter of Credit or (ii) such Issuing Bank’s willful failure to make lawful payment
under a Letter of Credit after the presentation to it of a draft and certificates strictly complying with the terms and conditions
of the Letter of Credit. In furtherance and not in limitation of the foregoing, such Issuing Bank may accept documents that appear
on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the
contrary.

 

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Section 10.11.        
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH
THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF
ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND
THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 10.11.

 

Section 10.12.        
Severability. In the event any one or more of the provisions contained in this Agreement or in any other Loan Document
should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein and therein shall not in any way be affected or impaired thereby. The parties shall endeavor in good-faith negotiations
to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as
possible to that of the invalid, illegal or unenforceable provisions.

 

Section 10.13.        
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original
but all of which, when taken together, shall constitute but one contract, and shall become effective as provided in Section 10.03.
Delivery of an executed counterpart to this Agreement by facsimile transmission (or other electronic transmission pursuant to procedures
approved by the Administrative Agent) shall be as effective as delivery of a manually signed original. The words “execution,”
 “signed,” “signature,” and words of like import in this Agreement and the other Loan Documents, including,
without limitation, any Assignment and Assumption or Incremental Assumption Agreement, shall be deemed to include electronic signatures
or the keeping of electronic records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

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Section 10.14.        
Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference
only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting,
this Agreement.

 

Section 10.15.        
Jurisdiction; Consent to Service of Process.

 

(a)              
Submission to Jurisdiction. Each of the parties hereto hereby irrevocably and unconditionally submits, for itself
and its property, to the exclusive jurisdiction of any New York State court or federal court of the United States of America
sitting in New York City in the borough of Manhattan, and any appellate court from any thereof (collectively, “New York
Courts”), in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for
recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding shall be heard and determined in such New York State or, to the extent
permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Agreement shall affect any right that any party may otherwise have to bring any action or proceeding relating to
this Agreement or any of the other Loan Documents in the courts of any jurisdiction, except that each of the Loan Parties agrees
that (a) it will not bring any such action or proceeding in any court other than New York Courts (it being acknowledged and
agreed by the parties hereto that any other forum would be inconvenient and inappropriate in view of the fact that more of the
Lenders who would be affected by any such action or proceeding have contacts with the State of New York than any other jurisdiction),
and (b) in any such action or proceeding brought against any Loan Party in any other court, it will not assert any cross-claim,
counterclaim or setoff, or seek any other affirmative relief, except to the extent that the failure to assert the same will preclude
such Loan Party from asserting or seeking the same in the New York Courts.

 

(b)              
Waiver of Venue. Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent
it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action
or proceeding arising out of or relating to this Agreement or the other Loan Documents in any New York Court. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance
of such action or proceeding in any such court.

 

(c)              
Service of Process. Each Loan Party irrevocably appoints National Registered Agents, Inc. at 875 Avenue of the Americas,
Suite 501, New York, New York 10001 as its authorized agent (the “Process Agent”) on which any and
all legal process may be served in any action, suit or proceeding brought in any New York Court. Each Loan Party agrees that
service of process in respect of it upon the Process Agent, together with written notice of such service given to it in the manner
provided for notices in Section 10.01, shall be deemed to be effective service of process upon it in any such action, suit
or proceeding. Each Loan Party agrees that the failure of the Process Agent to give notice to it of any such service shall not
impair or affect the validity of such service or any judgment rendered in any such action, suit or proceeding based thereon. If
for any reason the Process Agent named above shall cease to be available to act as such, each Loan Party agrees to irrevocably
appoint a replacement process agent in New York City, as its authorized agent for service of process, on the terms and for
the purposes specified in this paragraph (c). Nothing in this Agreement or any other Loan Document will affect the right of any
party hereto to serve process in any other manner permitted by applicable law or to obtain jurisdiction over any party or bring
actions, suits or proceedings against any party in such other jurisdictions, and in such matter, as may be permitted by applicable
law.

 

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Section 10.16.        
Confidentiality. Each of the Lenders, each Issuing Bank and each of the Agents agrees that it shall maintain in confidence
any information relating to any Loan Party and any Subsidiary furnished to it by or on behalf of such Loan Party or any Subsidiary
(other than information that (a) has become generally available to the public other than as a result of a disclosure by such party,
(b) has been independently developed by such Lender, such Issuing Bank or such Agent without violating this Section 10.16
or (c) was available to such Lender, such Issuing Bank or such Agent from a third party having, to such person’s knowledge,
no obligations of confidentiality to such Loan Party or any other Subsidiary) and shall not reveal the same other than to its Related
Parties with a need to know and any numbering, administration or settlement service providers or to any person that approves or
administers the Loans on behalf of such Lender (so long as each such person shall have been instructed to keep the same confidential
in accordance with this Section 10.16), except: (A) to the extent necessary to comply with law or any legal process or the
requirements of any Governmental Authority, the National Association of Insurance Commissioners or of any securities exchange on
which securities of the disclosing party or any Affiliate of the disclosing party are listed or traded, (B) as part of normal reporting
or review procedures to, or examinations by, Governmental Authorities or self-regulatory authorities, including the National Association
of Insurance Commissioners or the Financial Industry Regulatory Authority, (C) to its parent companies, Affiliates or auditors
(so long as each such person shall have been instructed to keep the same confidential in accordance with this Section 10.16),
(D) in order to enforce its rights under any Loan Document in a legal proceeding, (E) to any pledgee under Section 10.04(e)
or any other prospective assignee of, or prospective Participant in, any of its rights under this Agreement (or any of its Related
Parties) (so long as such person shall have been instructed to keep the same confidential in accordance with this Section 10.16),
(F) to any direct or indirect contractual counterparty in Swap Agreements or such contractual counterparty’s professional
advisor (so long as such contractual counterparty or professional advisor to such contractual counterparty agrees to be bound by
the provisions of this Section 10.16) and (G) to any credit insurance provider relating to the Borrowers and their obligations
(so long as such person shall have been instructed to keep the same confidential in accordance with this Section 10.16). In
addition, each Agent, each Issuing Bank and each Lender may disclose the existence of this Agreement and customary information
about this Agreement to market data collectors, similar services providers to the lending industry, and service providers to the
Agents, the Issuing Banks and the Lenders in connection with the administration and management of this Agreement and the other
Loan Documents.

 

Section 10.17.        
Platform; Borrower Materials. The Borrowers hereby acknowledge that (a) the Administrative Agent and/or the Arrangers
will make available to the Lenders and the Issuing Banks materials and/or information provided by or on behalf of the Borrowers
hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar
electronic system (the “Platform”), and (b) certain of the Lenders may be “public-side” Lenders
(i.e., Lenders that do not wish to receive material non-public information with respect to the Borrowers or their securities) (each,
a “Public Lender”). Each Borrower hereby agrees that it will use commercially reasonable efforts to identify
that portion of the Borrower Materials that may be distributed to the Public Lenders and that (i) all the Borrower Materials shall
be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall
appear prominently on the first page thereof, (ii) by marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed
to have authorized the Administrative Agent, the Arranger, the Issuing Banks and the Lenders to treat the Borrower Materials as
either publicly available information or not material information (although it may be sensitive and proprietary) with respect to
the Borrowers or their securities for purposes of United States Federal and state securities laws, (iii) all Borrower Materials
marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor”;
and (iv) the Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC”
as being suitable only for posting on a portion of the Platform not designated “Public Investor.”

 

    	 	174	 

     

    

 

Section 10.18.        
Release of Liens and Guarantees. In the event that any equity holder conveys, sells, assigns, transfers or otherwise
disposes of all or any portion of any of the Equity Interests or assets of any Subsidiary Guarantor to a person that is not thereby
required to enter into a Subsidiary Guarantor Pledge Agreement in a transaction not prohibited by Section 6.05 the Collateral
Agent, without any recourse to or representation by it, shall promptly (and the Lenders hereby authorize the Collateral Agent to)
take such action and execute any such documents as may be reasonably requested by the Borrowers and at the Borrowers’ expense
to release any Liens created by any Loan Document in respect of such Equity Interests or assets, and, in the case of a disposition
of the Equity Interests of any Subsidiary Guarantor in a transaction permitted by Section 6.05 and as a result of which such Subsidiary
Guarantor would cease to be a Subsidiary, terminate such Subsidiary Guarantor’s obligations under its Guarantee (and, in
each case, the Administrative Agent and the Collateral Agent may rely conclusively on a certificate to that effect provided to
it by any Loan Party upon its reasonable request without further inquiry). Any such release shall not in any manner discharge,
affect, or impair the Obligations or any Liens (other than those being released) upon (or obligations (other than those being released)
of the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any sale, all of which
shall continue to constitute part of the Collateral except to the extent otherwise released in accordance with the provisions of
the Loan Documents. In addition, the Collateral Agent agrees, without any recourse to or representation by it, to take such actions
as are reasonably requested by the Borrowers and at the Borrowers’ expense to terminate the Liens and security interests
created by the Loan Documents when all the Obligations (other than contingent indemnification obligations and expense reimbursement
claims to the extent no claim therefore has been made) are paid in full and all Letters of Credit and Commitments are terminated.
Any such release of Obligations shall be deemed subject to the provision that such Obligations shall be reinstated if after such
release any portion of any payment in respect of the Obligations guaranteed thereby shall be rescinded or must otherwise be restored
or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of any Borrower or any Subsidiary Guarantor,
or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, any Borrower
or any Subsidiary Guarantor or any substantial part of its property, or otherwise, all as though such payment had not been made.
Any representation, warranty or covenant contained in any Loan Document relating to any such Equity Interests, asset or subsidiary
of a Borrower shall no longer be deemed to be made once such Equity Interests or asset is so conveyed, sold, leased, assigned,
transferred or disposed of.

 

    	 	175	 

     

    

 

Section 10.19.        
Judgment Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due
hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in
accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on
the Business Day preceding that on which final judgment is given. The obligation of any Loan Party in respect of any such sum due
from it to any Agent or Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the
 “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions
of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following
receipt by the Administrative Agent of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent may in
accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement
Currency so purchased is less than the sum originally due to the Administrative Agent from the Borrowers in the Agreement Currency,
the Borrowers agree, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or the
person to whom such obligation was owing against such loss. If the amount of the Agreement Currency so purchased is greater than
the sum originally due to the Administrative Agent in such currency, the Administrative Agent agrees to return the amount of any
excess to the Borrowers (or to any other person who may be entitled thereto under applicable law).

 

Section 10.20.        
USA PATRIOT Act Notice. Each Lender that is subject to the USA PATRIOT Act and the Administrative Agent (for itself
and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the USA PATRIOT Act, it is
required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address
of each Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each
Loan Party in accordance with the USA PATRIOT Act.

 

Section 10.21.        
Affiliate Lenders.

 

(a)              
Each Lender who is an Affiliate of the Borrowers (each, an “Affiliate Lender”; it being understood that
neither the Borrowers, nor any of the Subsidiaries may be Affiliate Lenders), in connection with any (i) consent (or decision not
to consent) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document,
(ii) other action on any matter related to any Loan Document or (iii) direction to the Administrative Agent, Collateral Agent or
any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, agrees that,
except with respect to any amendment, modification, waiver, consent or other action described in clauses (i), (ii) or (iii) of
the first proviso of Section 10.08(b), such Affiliate Lender shall be deemed to have voted its interest as a Lender without
discretion in such proportion as the allocation of voting with respect to such matter by Lenders who are not Affiliate Lenders.
Subject to clause (c) below, the Borrowers and each Affiliate Lender hereby agree that if a case under Title 11 of the United States
Code is commenced against a Borrower, such Borrower shall seek (and each Affiliate Lender shall consent) to designate the vote
of any Affiliate Lender and the vote of any Affiliate Lender with respect to any plan of reorganization of such Borrower or any
Affiliate of such Borrower shall not be counted. Each Affiliate Lender hereby irrevocably appoints the Administrative Agent (such
appointment being coupled with an interest) as such Affiliate Lender’s attorney-in-fact, with full authority in the place
and stead of such Affiliate Lender and in the name of such Affiliate Lender, from time to time in the Administrative Agent’s
discretion to take any action and to execute any instrument that the Administrative Agent may deem reasonably necessary to carry
out the provisions of this clause (a).

 

    	 	176	 

     

    

 

(b)              
Notwithstanding anything to the contrary in this Agreement, no Affiliate Lender shall have any right to (a) attend (including
by telephone) any meeting or discussions (or portion thereof) among the Administrative Agent or any Lender to which representatives
of the Borrowers are not then present, (b) receive any information or material prepared by Administrative Agent or any Lender or
any communication by or among Administrative Agent and/or one or more Lenders, except to the extent such information or materials
have been made available to the Borrowers or their representatives, or (c) make or bring (or participate in, other than as a passive
participant in or recipient of its pro rata benefits of) any claim, in its capacity as a Lender, against Administrative Agent,
the Collateral Agent or any other Lender with respect to any duties or obligations or alleged duties or obligations of such Agent
or any other such Lender under the Loan Documents, (d) own more than 25% of the aggregate principal amount of outstanding Term
Loans or (e) purchase Revolving Facility Loans or Revolving Facility Commitments. It shall be a condition precedent to each assignment
to an Affiliate Lender that such Lender shall have represented in the applicable Assignment and Acceptance, and notified the Administrative
Agent (i) that it is (or will be, following the consummation of such assignment) an Affiliate Lender, (ii) that the aggregate amount
of Term Loans held by it giving effect to such assignments shall not exceed the amount permitted by clause (d) of the preceding
sentence, and (iii) that, as of the date of such purchase and assignment, it is not in possession of material non-public information
with respect to the Borrowers, their subsidiaries or their respective securities that (A) has not been disclosed to the assigning
Lender prior to such date and (B) could reasonably be expected to have a material effect upon, or otherwise be material to, a Lender’s
decision to assign Terms Loans to such Affiliate Lender.

 

Section 10.22.        
No Advisory or Fiduciary Responsibility. In connection with all aspects of the Transactions contemplated hereby,
the Borrowers acknowledge and agree that: (i) the credit facilities provided for hereunder and any related arranging or other services
in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document)
are an arm’s-length commercial transaction between the Borrowers, the other Loan Parties and their respective Affiliates,
on the one hand, and the Agents, the Arrangers and the Lenders, on the other hand, and the Borrowers and the other Loan Parties
are capable of evaluating and understanding and understand and accept the terms, risks and conditions of the transactions contemplated
hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof); (ii) in connection
with the process leading to such transaction, each Agent, each Arranger and each Lender is and has been acting solely as a principal
and is not the financial advisor, agent or fiduciary, for the Borrowers, any Loan Party or any of their respective Affiliates,
stockholders, creditors or employees or any other person; (iii) none of the Agents, any Arranger or any Lender has assumed or will
assume an advisory, agency or fiduciary responsibility in favor of the Borrowers or any other Loan Party with respect to any of
the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification
hereof or of any other Loan Document (irrespective of whether any Agent, any Arranger or any Lender has advised or is currently
advising the Borrowers or any other Loan Party or their respective Affiliates on other matters) and none of the Agents, any Arranger
or any Lender has any obligation to any of the Borrowers, the other Loan Parties or their respective Affiliates with respect to
the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; (iv)
the Agents, the Arrangers, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve
interests that differ from those of the Borrowers and the other Loan Parties and their respective Affiliates, and none of the Agents,
any Arranger or any Lender has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary
relationship; and (v) the Agents, the Arrangers and the Lenders have not provided and will not provide any legal, accounting, regulatory
or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification
hereof or of any other Loan Document) and the Borrowers and the other Loan Parties have consulted their own legal, accounting,
regulatory and tax advisors to the extent they deemed appropriate. Each Borrower hereby agrees that it will not claim that any
of the Agents, the Arrangers, the Lenders or their respective affiliates has rendered advisory services of any nature or respect
or owes any fiduciary duty to it in connection with any aspect of any transaction contemplated hereby.

 

    	 	177	 

     

    

 

Section 10.23.        
Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary
in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured,
may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges
and agrees to be bound by:

 

(a)              
the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)              
the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)              
a reduction in full or in part or cancellation of any such liability;

 

(ii)             
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial
Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares
or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(iii)              
the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of
the applicable Resolution Authority.

 

Section 10.24.        
Borrower Representative. Each Borrower hereby designates and appoints the Company as its representative and agent
on its behalf (the “Borrower Representative”) for the purposes of issuing Borrowing Requests, Interest Election
Requests, and requests for Letters of Credit, delivering certificates, giving instructions with respect to the disbursement of
the proceeds of the Loans, selecting interest rate options, giving and receiving all other notices and consents hereunder or under
any of the other Loan Documents and taking all other actions (including in respect of compliance with covenants) on behalf of any
Borrower or the Borrowers under the Loan Documents. The Borrower Representative hereby accepts such appointment. Each Agent and
each Lender may regard any notice or other communication pursuant to any Loan Document from the Borrower Representative as a notice
or communication from both Borrowers. Each warranty, covenant, agreement and undertaking made on behalf of a Borrower by the Borrower
Representative shall be deemed for all purposes to have been made by such Borrower and shall be binding upon and enforceable against
such Borrower to the same extent as if the same had been made directly by such Borrower.

 

    	 	178	 

     

    

 

Section 10.25.        
Joint and Several Liability. The obligations of each Borrower hereunder are absolute and unconditional irrespective
of the value, genuineness, validity, regularity or enforceability of the obligations of the other Borrower under this Agreement
or any other Loan Document, or any substitution, release or exchange of any other guarantee of or security for any of the Obligations,
and, to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever which might otherwise
constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 10.25 that the
joint and several obligations of the Company and the Co-Borrower hereunder shall be absolute and unconditional under any and all
circumstances.

 

Section 10.26.        
Certain ERISA Matters.

 

(a)              
Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent, the Arrangers, the Joint Bookrunners and each Co-Documentation Agent and their respective Affiliates,
and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following
is and will be true:

 

(i)         
such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section
3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments,

 

(ii)        
the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance
company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

 

    	 	179	 

     

    

 

(iii)              
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning
of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to
enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this
Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such
Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance
into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,
or

 

(iv)              
such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender.

 

(b)              
In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender
has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause
(a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent, the Arrangers, the Joint Bookrunners and the Co-Documentation Agents and their respective Affiliates,
and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that none of the Administrative
Agent, any Arranger, any Joint Bookrunner or any Co-Documentation Agent or any of their respective Affiliates is a fiduciary with
respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative
Agent under this Agreement, any Loan Document or any documents related to hereto or thereto).

 

(c)              
The Administrative Agent, each Arranger, each Joint Bookrunner and each Co-Documentation Agent hereby informs the Lenders
that each such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in
connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated
hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters
of Credit, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the
Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments
by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents
or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking
fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees,
fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance
fees, breakage or other early termination fees or fees similar to the foregoing.

 

    	 	180	 

     

    

 

Section 10.27.        
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee
or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support”
and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution
power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution
Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding
that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or
of the United States or any other state of the United States):

 

 

In the event a Covered Entity that is party to a Supported QFC
(each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer
of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC
and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered
Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported
QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United
States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject
to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such
Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents
were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood
and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any
Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

 

[Remainder of page left blank intentionally;
signature pages follow.]

 

    	 	181	 

     

    

 

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

 

	 	NCL CORPORATION LTD.,
	 	as the Company
	 	 	 
	 	By:	/s/ Mark
    Kempa
	 	 	Name: Mark Kempa
	 	 	Title: Executive Vice President & Chief Financial Officer
	 	 	 
	 	VOYAGER VESSEL COMPANY, LLC,
	 	as the Co-Borrower
	 	 	 
	 	By:	/s/ Frank J. Del Rio
	 	 	Name: Frank J. Del Rio
	 	 	Title: Authorized Person
	 	 	 
	 	With respect to Section 1.04 only:
	 	 	 
	 	NORWEGIAN DAWN LIMITED
	 	NORWEGIAN STAR LIMITED,
	 	as Subsidiary Guarantors
	 	 
	 	By:	/s/
    Frank J. Del Rio
	 	 	Name: Frank J. Del Rio
	 	 	Title: Assistant Secretary
	 	 	 
	 	NORWEGIAN GEM, LTD.
	 	NORWEGIAN PEARL, LTD.
	 	NORWEGIAN SPIRIT, LTD.
	 	NORWEGIAN SUN LIMITED
	 	NORWEGIAN SKY, LTD.
	 	as Subsidiary Guarantors
	 	 
	 	By:	/s/
    Frank J. Del Rio
	 	 	Name: Frank J. Del Rio
	 	 	Title: President & Chief Executive Officer

 

     

     

    

 

	 	MARINER, LLC
	 	INSIGNIA VESSEL ACQUISITION, LLC
	 	NAUTICA ACQUISITION, LLC
	 	REGATTA ACQUISITION, LLC
	 	NAVIGATOR VESSEL COMPANY, LLC,
	 	as Subsidiary Guarantors
	 	 	 
	 	By:	/s/ Frank J. Del Rio
	 	 	Name: Frank J. Del Rio
	 	 	Title: Authorized Person
	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,
	 	as Administrative Agent and Collateral Agent
	 	 	 
	 	By:	/s/ Nadeige Dang
	 	 	Name: Nadeige Dang
	 	 	Title: Executive Director

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