Document:

Exhibit 10.1

 

EXECUTION
VERSION

 

	
    APOLLO DEBT SOLUTIONS BDC

    APOLLO ACCORD +AGGREGATOR B, L.P.

    APOLLO DEFINED RETURN AGGREGATOR B, L.P.

    APOLLO TACTICAL INCOME FUND INC.

    APOLLO DIVERSIFIED CREDIT FUND

    APOLLO TACTICAL VALUE SPN INVESTMENTS LP

    APOLLO CENTRE STREET PARTNERSHIP, LP

    APOLLO LINCOLN FIXED INCOME FUND, L.P.

    APOLLO MOULTRIE CREDIT FUND, L.P.

    APOLLO CREDIT STRATEGIES MASTER FUND, LTD

    K2 APOLLO CREDIT MASTER FUND LTD

    APOLLO PPF CREDIT STRATEGIES LLC

    APOLLO TR US BROADLY SYNDICATED LOAN LLC

    AP KENT CREDIT MASTER FUND, L.P.

    MERCER MULTI-ASSET CREDIT FUND

    MPI (LONDON) LIMITED

    SCHLUMBERGER UK COMMON INVESTMENT FUND

    APOLLO CREDIT MASTER FUND LTD

    APOLLO ACCORD V AGGREGATOR A , L. P.

    APOLLO ATLAS MASTER FUND, LLC

    APOLLO SENIOR FLOATING RATE FUND INC.

    c/o Apollo Capital Management, L.P.

    9 West 57th Street,

    New York, New York, 10019

 

CONFIDENTIAL

July 26, 2022

 

NCL Corporation Ltd.

7665 Corporate Center Drive

Miami, FL 33126

	Attention:	Daniel Farkas
	 	Executive Vice President, General Counsel and Assistant Secretary

 

NCL

$1,000,000,000 Senior Bridge Facility

Amended and Restated Commitment Letter

 

Ladies and Gentlemen:

 

This
amended and restated commitment letter (including the exhibits attached hereto, this “Commitment Letter”) amends,
restates and supersedes in entirety that certain commitment letter, dated November 1, 2021 (the “Original Commitment
Letter”), among NCL Corporation Ltd., an exempted company incorporated in Bermuda with limited liability and tax
resident in the United Kingdom (the “Company” or “you”), and each Purchaser (as defined
therein) party thereto. You have advised each Purchaser listed on Annex I hereto (each, a “Purchaser” and, collectively,
the “Purchasers,” “we” or “us” in each case subject to Section 8
hereof) that the Company, may elect (in its sole and full discretion), to sell, and the Purchasers will purchase, (i) $450,000,000
initial aggregate principal amount of 8.00% Senior Secured Notes due 2025 (the “Secured Notes”) and (ii) $550,000,000
initial aggregate principal amount of 8.00% Senior Notes due 202[5][6] (the “Unsecured Notes” and, collectively
with the Secured Notes, the “Notes”) pursuant to a Note Purchase Agreement (the “Note Purchase Agreement”),
the form of which is attached hereto as Exhibit A; provided that the form of Note Purchase Agreement may be revised to attach
as exhibits thereto forms of Security Documents agreed among the Company and the Purchasers after the date hereof. The relative amount
of the Secured Notes and Unsecured Notes shall be adjusted as set forth in the first paragraph of Section 1 of this Commitment Letter.
The Secured Notes will be issued under an indenture (the “Secured Indenture”), the form of which is attached
hereto as Exhibit B; provided that the form of Secured Indenture may be revised to reflect changes (i) to intellectual
property structuring by the Company following the date hereof and prior to the date of execution of the Secured Indenture so long as such
changes are not adverse to the Purchasers, as reasonably determined by such Purchasers in consultation with the Company, and (ii) otherwise
as reasonably agreed between the Company and the Purchasers (acting by majority). The Unsecured Notes (if any) will be issued under an
indenture (the “Unsecured Indenture” and, together with the Secured Indenture, the “Indentures”
and each, an “Indenture”), the form of which is attached hereto as Exhibit C; provided that the
form of Unsecured Indenture may be revised to reflect changes as reasonably agreed between the Company and the Purchasers (acting by majority).
Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Note Purchase Agreement, the Secured
Indenture or the Unsecured Indenture, as applicable. Upon execution of this Commitment Letter, notwithstanding anything to the contrary
in the Original Commitment Letter, the Original Commitment Letter will have no further force or effect and the Company hereby confirms
that all commitments and other obligations of each party party thereto are hereby terminated effective immediately upon the signing hereof.

 

[Amended and Restated Commitment
Letter]

 

     

     

    

 

1.            Commitments.

 

In
connection with the foregoing, each Purchaser is pleased to advise you of its commitment to purchase the aggregate initial principal amount
of the Secured Notes set forth opposite its name on Annex I hereto (collectively, the “Secured Note Commitments”)
and the aggregate initial principal amount of the Unsecured Notes set forth opposite its name on Annex I hereto (collectively, the “Unsecured
Note Commitments” and together with the Secured Note Commitments, the “Commitments”), in each
case, upon the terms and subject to the conditions set forth in this commitment letter (including the exhibits attached hereto, this “Commitment
Letter” and the facility contemplated by this Commitment Letter, the “Senior Bridge Facility”)
and the Note Purchase Agreement. Within five Business Days after written notice (a “Purchase Notice”),
in the form attached hereto as Exhibit D, by the Company to the Purchasers requesting that the Purchasers execute and deliver the
Note Purchase Agreement, the Purchasers and the Company shall execute and deliver the Note Purchase Agreement to all parties hereto.

 

It
is expressly acknowledged and agreed by the Purchasers and the Company that notwithstanding anything to the contrary herein, (i) the
Company shall not deliver more than two Purchase Notices, (ii) the Company shall not deliver a Purchase Notice with respect to the
Unsecured Notes at any time the Secured Note Commitments have not been fully utilized; provided that a Purchase Notice with respect
to the Unsecured Notes may be delivered on the same day that a Purchase Notice with respect to the full amount of the Secured Note Commitments
is delivered, and (iii) each Purchase Notice with respect to Notes of any type shall be for the entire amount of that type
of Notes.

 

Upon
any date occurring prior to any purchase and sale of Unsecured Notes on which the Company has obtained an increase in the maximum
aggregate principal amount of the Notes which may be secured by liens on the Collateral pursuant to the terms and conditions of the Company’s
debt agreements (a “Lien Cap Increase Date”) all or a portion of the Unsecured Note Commitments shall automatically
convert to Secured Note Commitments in the aggregate dollar amount equal to the additional dollar amount of secured debt which may be
incurred by the Company and the Guarantors as a result of the occurrence of such Lien Cap Increase Date, but in no event greater than
$1,000,000,000 in aggregate principal amount of Secured Notes. The Company shall promptly deliver notice to the Purchasers (together with
reasonably satisfactory evidence thereof) of the occurrence of any increase in the maximum aggregate principal amount of the Notes which
may be secured by liens on the Collateral pursuant to the terms and conditions of the Company’s debt agreements. The conversion
of Commitments from Unsecured Note Commitments to Secured Note Commitments shall be allocated among Purchasers on a pro rata basis based
on their Unsecured Note Commitments. The Issuer shall not permit the maximum aggregate principal amount of the Notes which may be secured
by liens on the Collateral pursuant to the terms and conditions of the Company’s debt agreements at any time prior to the Commitment
Expiration Date (as defined below) to be less than $450,000,000.

 

[Amended and Restated Commitment
Letter]

 

    2

     

    

 

In furtherance of the foregoing
and the other agreements set forth herein, the Company agrees to use commercially reasonable efforts to:

 

(i)            promptly
after the date hereof and prior to December 31, 2022, seek to obtain an increase in the maximum aggregate principal amount of the
Notes which may be secured by liens on the Collateral pursuant to the terms and conditions of the Company’s debt agreements in an
aggregate amount sufficient such that that all Unsecured Note Commitments hereunder shall automatically convert to Secured Note Commitments;

 

(ii)           to
the extent an increase is not obtained pursuant to clause (i) above in the time periods described therein and the Company subsequently
issues the Unsecured Notes, seek to obtain an increase of the type described in clause (i) within 90 days after any issuance
of Unsecured Notes; and

 

(iii)          promptly
after the date hereof, seek to obtain the release the existing real estate mortgage encumbering the real estate situated in the Commonwealth
of the The Bahamas and deliver evidence of such release to the Purchasers.

 

2.            Titles
and Roles.

 

It is agreed that (a) the
trustee specified as such in each Indenture will act as trustee under such Indenture and the security agent specified as such in the Secured
Indenture will act as security agent under such Secured Indenture and (b) the Purchasers will act as purchasers under the Note Purchase
Agreement, in each case upon the terms and subject to the conditions set forth or referred to in this Commitment Letter. We, in such capacities,
will perform the duties and exercise the authority customarily performed and exercised by us in such roles. You and we further agree that
no other titles will be awarded and no compensation will be paid (other than that expressly contemplated by this Commitment Letter and
the Fee Letter referred to below) in connection with the Senior Bridge Facility and the Notes unless you and we shall so agree.

 

3.            Information.

 

You hereby represent that all
written factual information (other than forward looking information and information of a general economic or industry specific nature)
(the “Information”) that has been or will be made available to us by you or any of your representatives on your
behalf in connection with the transactions contemplated hereby, when taken as a whole, is or will be, when furnished, correct in all material
respects and does not or will not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements
are made (giving effect to all supplements and updates provided thereto).

 

[Amended and Restated Commitment
Letter]

 

    3

     

    

 

4.            Fees.

 

As consideration for the Commitments
hereunder, and our agreements to perform the services described herein, you agree to pay the fees set forth in the amended and restated
fee letter dated the date hereof and delivered herewith with respect to the Senior Bridge Facility (the “Fee Letter”)
on the terms and subject to the conditions set forth therein. Once paid, such fees shall not be refundable under any circumstances except
as agreed to in writing between you and us.

 

5.            Conditions
Precedent.

 

The
Purchasers’ obligations to execute and deliver the Note Purchase Agreement and fund their respective commitments hereunder and thereunder,
and our agreements to perform the services described herein, are subject solely to the condition that no Event of Default
(as defined under any of the Company Material Debt Instruments) shall have occurred and be continuing at such time under any of the Company
Material Debt Instruments. There shall be no conditions to closing and funding (including under the Note Purchase Agreement) other than
those expressly referred to in this Section 5.

 

“Company Material
Debt Instruments” means, as of any date of determination, the indentures, credit agreements and loan agreements listed in
the Index to Exhibits of the Form 10-K of Norwegian Cruise Line Holdings Ltd. for the fiscal year ended December 31, 2021 to
the extent they are still in effect as of the Funding Date, and any additional indentures, credit agreements and loan agreements entered
into subsequently to the extent such debt instruments would be required to be listed in the Index to Exhibits of the Form 10-K of
Norwegian Cruise Line Holdings Ltd. for a subsequent fiscal year and to the extent they are still in effect as of the Funding Date.

 

[Amended and Restated Commitment
Letter]

 

    4

     

    

 

6.            Indemnification;
Expenses.

 

You agree (a) to indemnify
and hold harmless each Purchaser and its affiliates and their respective officers, directors, employees, agents, controlling persons,
members and representatives and the successors and assigns of each of the foregoing (each, an “Indemnified Person”)
from and against any and all losses, claims, damages, liabilities and expenses, joint or several, to which any such Indemnified Person
may become subject arising out of or in connection with this Commitment Letter, the Fee Letter, the Senior Bridge Facility, the use or
intended use of the proceeds of the Senior Bridge Facility or any related transaction or any actual or threatened claim, actions, suits,
inquiries, litigation, investigation or proceeding (any such claim, actions, suits, inquiries, litigation, investigation or proceeding,
a “Proceeding”) relating to any of the foregoing, regardless of whether any such Indemnified Person is a party
thereto (and regardless of whether such matter is initiated by you, your equity holders, creditors, affiliates or any other third party),
and to reimburse each such Indemnified Person promptly upon demand for any reasonable documented out-of-pocket legal expenses incurred
in connection with investigating or defending any of the foregoing by one firm of counsel for all Indemnified Persons, taken as a whole
(and, if necessary, by a single firm of local counsel in each appropriate jurisdiction for all Indemnified Persons, taken as a whole (and,
in the case of an actual or perceived conflict of interest where the Indemnified Person affected by such conflict informs you of such
conflict and thereafter retains its own counsel with your prior consent (not to be unreasonably withheld or delayed), of another firm
of counsel (and local counsel, if applicable) for such affected Indemnified Person) or other reasonable documented out-of-pocket expenses
incurred in connection with investigating or defending any of the foregoing or in connection with the enforcement of any provision of
this Commitment Letter or the Fee Letter; provided that the foregoing indemnity will not, as to any Indemnified Person, apply to
(A) losses, claims, damages, liabilities or related expenses (i) to the extent they are found in a final, non-appealable judgment
of a court of competent jurisdiction to have resulted from the willful misconduct or bad faith of such Indemnified Person or any of such
Indemnified Person’s controlled or controlling affiliates or any of its or their respective officers, directors, employees, agents,
controlling persons, members or representatives (collectively, such Indemnified Person’s “Related Persons”)
(provided that each reference to “representatives” pertains solely to such representatives involved in the negotiation
of this Commitment Letter), or (ii) arising out of a material breach by such Indemnified Person (or any of such Indemnified Person’s
Related Persons) of its obligations under this Commitment Letter (as determined by a court of competent jurisdiction in a final and non-appealable
judgment), or (iii) arising out of any claim, actions, suits, inquiries, litigation, investigation or proceeding that does not involve
an act or omission of you or any of your affiliates and that is brought by an Indemnified Person against any other Indemnified Person
or (B) any settlement entered into by such Indemnified Person (or any of such Indemnified Person’s Related Persons) without
your written consent (such consent not to be unreasonably withheld, delayed or conditioned), provided, however, that the
foregoing indemnity will apply to any such settlement in the event that you were offered the ability to assume the defense of the action
that was the subject matter of such settlement and elected not to assume such defense, and (b) to reimburse the Purchasers from time
to time, upon presentation of a reasonably detailed summary statement, for all reasonable documented out-of-pocket expenses and legal
fees of Milbank LLP incurred in connection with the Senior Bridge Facility and the preparation, negotiation and enforcement of this Commitment
Letter, the Fee Letter, the definitive documentation for the Senior Bridge Facility and any ancillary documents in connection therewith.
It is further agreed that the Purchasers shall have no liability to any person other than you, and you shall have no liability to any
person other than the Purchasers and the Indemnified Persons in connection with this Commitment Letter, the Fee Letter, the Senior Bridge
Facility or the transactions contemplated hereby. No Indemnified Person shall be liable for any damages arising from the use by others
of any information or other materials obtained through internet, electronic, telecommunications or other information transmission systems
except to the extent they are found in a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the
willful misconduct or bad faith of such Indemnified Person or any of its Related Persons. None of the Indemnified Persons or (except solely
as a result of your indemnification obligations set forth above to the extent an Indemnified Person is found so liable) you, or any of
your or its respective affiliates or the respective directors, officers, employees, advisors, and agents of the foregoing shall be liable
for any indirect, special, punitive or consequential damages in connection with this Commitment Letter, the Fee Letter, the Senior Bridge
Facility or the transactions contemplated hereby. The provisions of this Section 6 shall be superseded in each case by the applicable
provisions contained in the Note Purchase Agreement and each Indenture upon execution thereof and thereafter shall have no further force
and effect. You shall not, without the prior written consent of each applicable Indemnified Person (which consent, except with respect
to a settlement including a statement of the type referred to in clause (b) below, shall not be unreasonably withheld or delayed),
effect any settlement of any pending or threatened Proceedings in respect of which indemnity could have been sought hereunder by such
Indemnified Person unless such settlement (a) includes an unconditional release of such Indemnified Person in form and substance
reasonably satisfactory to such Indemnified Person from all liability on claims that are the subject matter of such Proceedings, (b) does
not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person and
(c) includes customary confidentiality and non-disparagement agreements.

 

[Amended and Restated Commitment
Letter]

 

    5

     

    

 

7.            Sharing
Information; Absence of Fiduciary Relationship; Affiliate Activities.

 

You acknowledge that we may
be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of
which you may have conflicting interests regarding the transactions described herein or otherwise. We will not furnish confidential information
obtained from you by virtue of the transactions contemplated by this Commitment Letter or our other relationships with you to other companies
in violation of the confidentiality provisions hereof. You also acknowledge that we do not have any obligation to use in connection with
the transactions contemplated by this Commitment Letter, or to furnish to you, confidential information obtained by us from other companies.

 

You further acknowledge and
agree that (a) each Purchaser will act as an independent contractor and no fiduciary, advisory or agency relationship between you
and us is intended to be or has been created in respect of any of the transactions contemplated by this Commitment Letter, irrespective
of whether we have advised or are advising you on other matters, (b) each Purchaser is acting solely as a principal and not as an
agent of yours hereunder and the Purchasers, on the one hand, and you, on the other hand, have an arm’s-length business relationship
that does not directly or indirectly give rise to, nor do you rely on, any fiduciary duty on the part of us, (c) you are capable
of evaluating and understanding, and you understand and accept, the terms, risks and conditions of the transactions contemplated by this
Commitment Letter, (d) you have been advised that we are engaged in a broad range of transactions that may involve interests that
differ from your interests and that we do not have any obligation to disclose such interests and transactions to you by virtue of any
fiduciary, advisory or agency relationship and (e) you waive, to the fullest extent permitted by law, any claims you may have against
us for breach of fiduciary duty or alleged breach of fiduciary duty and agree that we shall not have any liability (whether direct or
indirect) to you in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right
of you, including your stockholders, employees or creditors.

 

You further acknowledge that
one or more of us is a full service securities firm engaged in securities trading and brokerage activities as well as providing investment
banking and other financial services. In the ordinary course of business, we or our affiliates may provide investment banking and other
financial services to, and/or acquire, hold or sell, for our own or our affiliates’ accounts and the accounts of customers, equity,
debt and other securities and financial instruments (including bank loans and other obligations) of, you and other companies with which
you may have commercial or other relationships. With respect to any securities and/or financial instruments so held by us or our affiliates,
or any of our or our affiliates’ customers, all rights in respect of such securities and financial instruments, including any voting
rights, will be exercised by the holder of the rights, in its sole discretion.

 

8.            Assignments;
Amendments; Governing Law, Etc.

 

This
Commitment Letter shall not be assignable by any party hereto, without the prior written consent of each other party hereto (not to be
unreasonably withheld) and any attempted assignment without such consent shall be null and void, is intended to be solely for the benefit
of the parties hereto (and Indemnified Persons), and is not intended to confer any benefits upon, or create any rights in favor of, any
person other than the parties hereto (and Indemnified Persons to the extent expressly provided for herein). Notwithstanding the foregoing,
each Purchaser may assign its rights and obligations hereunder (i) without consent if an Event of Default (as defined under
any of the Company Material Debt Instruments) shall have occurred and be continuing at such time under any of the Company Material Debt
Instruments or (ii) to one or more of its affiliates (including any investment fund, separate account, or other entity owned (in
whole or in part), controlled, managed, and/or advised by such Purchaser’s investment manager or an affiliate of such investment
manager); provided, that such Purchaser shall not be released from its commitments hereunder so assigned to the extent such assignee
fails to fund the portion of the commitment assigned to it on the funding date of the Notes (the “Funding Date”).
Consent of the Company with respect to any assignment shall not be unreasonably withheld conditioned or delayed and shall be deemed to
have been given if the Company has not responded within five Business Days after the delivery of any written request for such consent.
As used herein, references to a Purchaser shall refer to any such assignee pursuant to this Section 8.

 

[Amended and Restated Commitment
Letter]

 

    6

     

    

 

Unless you otherwise agree in
writing, each Purchaser shall retain exclusive control over all rights and obligations with respect to its commitments in respect of the
Senior Bridge Facility, including all rights with respect to consents, modifications, supplements, waivers and amendments, until the Funding
Date has occurred. Any and all obligations of, and services to be provided by, each of us hereunder (including, without limitation, our
commitments as a Purchaser) may be performed and any and all of our rights hereunder may be exercised by or through any of our respective
affiliates or branches and, in connection with such performance or exercise, we may, subject to Section 11, exchange with such affiliate
or branches information concerning you and your affiliates that may be the subject of the transactions contemplated hereby and, to the
extent so employed, such affiliates and branches shall be entitled to the benefits afforded to us hereunder and be subject to the obligations
undertaken by us hereunder.

 

This Commitment Letter may not
be amended or any provision hereof waived or modified except by an instrument in writing signed by us and you.

 

This Commitment Letter may be
executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one
agreement. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile or other electronic transmission
shall be effective as delivery of a manually executed counterpart hereof. For the avoidance of doubt, the words “execution,”
 “signed,” “signature,” “delivery” and words of like import in or relating to this Commitment Letter
or any document to be signed in connection with this Commitment Letter shall be deemed to include electronic signatures, deliveries or
the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent
to conduct the transactions contemplated hereunder by electronic means. Section headings used herein are for convenience of reference
only, are not part of this Commitment Letter and are not to affect the construction of, or to be taken into consideration in interpreting,
this Commitment Letter.

 

You acknowledge that information
and documents relating to the Senior Bridge Facility may be transmitted through Syndtrak, Intralinks, the internet, e-mail or similar
electronic transmission systems, and that no Indemnified Person or any of its Related Persons shall be liable for any damages arising
from the unauthorized use by others of information or documents transmitted in such manner except to the extent they are found in a final,
non-appealable judgment of a court of competent jurisdiction to have resulted from the willful misconduct or bad faith of such Indemnified
Person or any of its Related Persons. This Commitment Letter and the Fee Letter supersede all prior understandings, whether written or
oral, between us with respect to the Senior Bridge Facility (other than the confidentiality agreements, dated the respective dates thereof,
previously entered into between you and the applicable Purchaser). THIS COMMITMENT LETTER, AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER
IN CONTRACT, TORT OR OTHERWISE) THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE IN ANY WAY TO THIS COMMITMENT LETTER, OR THE NEGOTIATION,
EXECUTION OR PERFORMANCE OF THIS COMMITMENT LETTER OR THE TRANSACTIONS CONTEMPLATED HEREBY, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY PRINCIPLE OF CONFLICTS OF LAW THAT COULD REQUIRE THE APPLICATION OF ANY
OTHER LAW.

 

[Amended and Restated Commitment
Letter]

 

    7

     

    

 

9.            Jurisdiction.

 

Each of the parties hereto hereby
irrevocably and unconditionally (a) 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 the Borough of Manhattan, and any appellate court from any thereof,
in any action or proceeding arising out of or relating to this Commitment Letter, the Fee Letter or the transactions contemplated hereby
or thereby, and agrees that all claims in respect of any such action or proceeding shall be brought, heard and determined only in such
New York State court or, to the extent permitted by law, in such Federal court, (b) 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 Commitment Letter, the Fee Letter or the transactions contemplated hereby or thereby in any such New York
State or Federal court, (c) 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, and (d) 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. You and we agree that service
of any process, summons, notice or document by registered mail addressed to you or us at the respective addresses set forth above shall
be effective service of process for any suit, action or proceeding brought in any such court.

 

10.            Waiver
of Jury Trial.

 

EACH OF THE PARTIES HERETO
IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED
TO OR ARISING OUT OF THIS COMMITMENT LETTER, THE FEE LETTER OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER.

 

11.            Confidentiality.

 

This Commitment Letter is delivered
to you on the understanding that the Fee Letter and its terms or substance shall not be disclosed, directly or indirectly, by you to any
other person except (a)  to your officers, directors, employees, attorneys, agents, accountants, advisors, controlling persons and
equity holders who are directly involved in the consideration of this matter on a confidential basis or (b) pursuant to the order
of any court or administrative agency in any pending legal, judicial or administrative proceeding or otherwise as required by applicable
law or compulsory legal process or to the extent requested or required by governmental and/or regulatory authorities or self-regulatory
organizations (in which case you agree to inform us promptly thereof to the extent permitted by law or the applicable regulator).

 

For
the avoidance of doubt, all nonpublic information received by us and our affiliates in connection with this Commitment Letter and the
transactions contemplated hereby shall be governed by the confidentiality agreements, dated the respective dates thereof, previously
entered into between you and the applicable Purchaser.

 

12.            Surviving
Provisions and Termination.

 

The survival, compensation,
information, reimbursement, indemnification, absence of fiduciary relationship, confidentiality, jurisdiction, governing law and waiver
of jury trial provisions contained herein and in the Fee Letter and the provisions of Section 7 of this Commitment Letter shall
remain in full force and effect in accordance with their terms notwithstanding the termination of this Commitment Letter or the Commitments
hereunder and our agreements to perform the services described herein; provided, that each party’s obligations under this
Commitment Letter and the Fee Letter, other than those provisions relating to confidentiality and compensation, shall automatically terminate
and be superseded by the provisions of the Note Purchase Agreement upon the Purchasers’ funding under the Note Purchase Agreement
in consideration for the issuance of the Notes under the applicable Indenture on the Funding Date. The Company may, in its sole discretion,
terminate this Commitment Letter, the Fee Letter and/or the Commitments with respect to the Senior Bridge Facility hereunder at any time
subject to survival of certain sections specified in the preceding sentence; provided that any termination of the Commitments
shall be in whole and not in part.

 

[Amended and Restated Commitment
Letter]

 

    8

     

    

 

13.            PATRIOT
Act Notification.

 

We hereby notify you that pursuant
to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “PATRIOT
Act”), each Purchaser is required to obtain, verify and record information that identifies the Company and the Guarantors,
which information includes the name, address, tax identification number and other information regarding the Company and the Guarantors
that will allow such Purchaser to identify the Company and the Guarantors in accordance with the PATRIOT Act. This notice is given in
accordance with the requirements of the PATRIOT Act and is effective as to each Purchaser.

 

14.            Acceptance.

 

If the foregoing correctly sets
forth our agreement with you, please indicate your acceptance of the terms of this Commitment Letter and of the Fee Letter by returning
to us executed counterparts hereof and of the Fee Letter not later than 5:00 p.m., New York City time, on July 26, 2022. The
Original Commitment Letter will remain in full force and effect in accordance with its terms in the event that we have not received such
executed counterparts in accordance with the immediately preceding sentence. In the event that a Purchase Notice is not delivered on or
before March 31, 2023 (the “Commitment Expiration Date”), then this Commitment Letter and the Commitments
hereunder, and our agreements to perform the services described herein, shall automatically terminate without further action or notice
and without further obligation to you unless we shall, in our sole discretion, agree in writing to an extension; provided, that
if a Purchase Notice is delivered on or before the Commitment Expiration Date with respect to only a part of the Commitments hereunder,
the remainder of the Commitments not covered by such Purchase Notice shall automatically terminate upon the Commitment Expiration Date.

 

[Remainder of this page intentionally left
blank]

 

[Amended and Restated Commitment
Letter]

 

    9

     

    

 

We are pleased to have been
given the opportunity to assist you in connection with the Senior Bridge Facility.

 

	 	Very truly yours,
	 	 
	 	APOLLO ACCORD +AGGREGATOR B, L.P.
	 	 	 
	 	By: Apollo Accord+ Advisors, L.P., its general partner
	 	 
	 	By: Apollo Accord+ Advisors GP, LLC, its general partner
	 	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

	 	APOLLO DEFINED RETURN AGGREGATOR B, L.P.
	 	 	 
	 	By: Apollo Defined Return Advisors, L.P., its general partner
	 	 
	 	By: Apollo Defined Return Advisors GP, LLC, its general partner
	 	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

	 	APOLLO TACTICAL INCOME FUND INC.
	 	 	 
	 	By: Apollo  Credit Management, LLC, its investment adviser
	 	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

[NCL – Amended and Restated Commitment Letter -Signature Page]

 

    

     

    

 

	 	APOLLO TACTICAL VALUE SPN INVESTMENTS LP
	 	 	 
	 	By: Apollo Tactical Value SPN Advisors (APO DC), L.P., its
General Partner
	 	 
	 	By: Apollo Tactical Value SPN Capital Management (APO DC- GP),
LLC, its General Partner
	 	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

	 	APOLLO CENTRE STREET PARTNERSHIP, LP
	 	 	 
	 	By: Apollo Centre Street Advisors (APO DC), L.P., its general
partner
	 	 
	 	By: Apollo Centre Street Advisors (APO DC-GP), LLC, its general
partner
	 	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

	 	APOLLO LINCOLN FIXED INCOME FUND, L.P.
	 	 	 
	 	By: Apollo Lincoln Fixed Income Management, LLC, its investment
manager
	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

	 	APOLLO MOULTRIE CREDIT FUND, L.P.
	 	 	 
	 	By: Apollo Moultrie Credit Fund Management, LLC its investment manager
	 	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

[NCL – Amended and Restated Commitment Letter -Signature Page]

 

    

     

    

 

	 	APOLLO CREDIT STRATEGIES MASTER FUND, LTD
	 	 	 
	 	By: Apollo ST Fund Management LLC
	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

	 	K2 APOLLO CREDIT MASTER FUND LTD
	 	 	 
	 	By: Apollo Credit Management, LLC, as its investment sub-adviser
	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

	 	

APOLLO PPF CREDIT STRATEGIES LLC

	 	 	 
	 	By: Apollo Credit Strategies Master Fund Ltd., its member
	 	 
	 	By: Apollo ST Fund Management LLC, its investment manager
	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

	 	APOLLO TR US BROADLY SYNDICATED LOAN LLC
	 	 	 
	 	By: Apollo Total Return Master Fund LP, its Member
	 	 
	 	By: Apollo Total Return Advisors LP, its General Partner
	 	 
	 	By: Apollo Total Return Advisors GP LLC, its General Partner
	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

[NCL – Amended and Restated Commitment Letter -Signature Page]

 

    

     

    

 

	 	APOLLO KENT CREDIT MASTER FUND, L.P.
	 	 	 
	 	By: AP Kent Management, LLC, the investment manager
	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

	 	MERCER MULTI-ASSET CREDIT FUND, a sub-fund of Mercer QIF Fund
Plc.
	 	 	 
	 	By Apollo Management International LLP, its investment manager
	 	 
	 	By: AMI (Holdings), LLC, its member
	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

	 	MPI (LONDON) LIMITED
	 	 	 
	 	By: Apollo TRF MP Management, LLC, its sub-advisor
	 	 
	 	By: Apollo Capital Management, L.P., its sole member
	 	 
	 	By: Apollo Capital Management GP, LLC, its general partner
	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

	 	

Executed
by Apollo Management International LLP as attorney for Schlumberger Common Investment Fund Limited (acting as trustee for SCHLUMBERGER
UK COMMON INVESTMENT FUND):

	 	 	 
	 	Acting by AMI (Holdings), LLC, its member
	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

[NCL – Amended and Restated Commitment Letter -Signature Page]

 

    

     

    

 

	 	APOLLO ACCORD V AGGREGATOR A , L. P.
	 	 	 
	 	By: Apollo Accord Advisors V, L.P., its general partner
	 	 
	 	By: Apollo Accord Advisors GP V, LLC, its general partner
	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

	 	APOLLO ATLAS MASTER FUND, LLC
	 	 	 
	 	By: Apollo Atlas Advisors (APO FC), L.P., its managing member
	 	 
	 	By: Apollo Atlas Advisors (APO FC-GP), LLC, its general partner
	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

	 	APOLLO SENIOR FLOATING RATE FUND INC.
	 	 	 
	 	By: Apollo Credit Management, LLC, its investment adviser
	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

	 	APOLLO CREDIT MASTER FUND LTD
	 	 	 
	 	By: Apollo ST Fund Management
LLC, its investment manager
	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

[NCL – Amended and Restated Commitment Letter -Signature Page]

 

    

     

    

 

	 	

APOLLO DEBT SOLUTIONS BDC

	 	 	 
	 	By: Apollo Credit Management, LLC, its investment manager
	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

	 	APOLLO DIVERSIFIED CREDIT FUND
	 	 	 
	 	By: Apollo Capital Credit Adviser, LLC, its investment manager
	 	 
		By:	/s/ Kristin Hester
	 	 	Name:	Kristin Hester
	 	 	Title:	Vice President

 

	 	ATHORA LUX INVEST S.C.Sp., a reserved alternative investment
fund in the form of a Luxembourg special limited partnership (société en commandite spéciale), acting in respect
of its compartment, Athora Lux Invest – Loan Origination, acting through its managing general partner Athora Lux Invest Management
and represented by its delegate portfolio manager, Apollo Management International LLP,
	 	 	 
	 	By: Apollo Management International LLP, its Portfolio
Manager
	 	 
	 	By: AMI (Holdings), LLC, its Member
	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

[NCL – Amended and Restated Commitment Letter -Signature Page]

 

    

     

    

 

	 	APOLLO CREDIT FUNDS ICAV, an Umbrella Irish Collective Asset-Management Vehicle with Segregated Liability
between its Sub-Funds, acting in respect of its Sub-Fund, APOLLO HELIUS MULTI CREDIT FUND I
	 	 	 
	 	By: ACF Europe Management, LLC, solely in its capacity as
portfolio manager and not in its individual corporate capacity
	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

	 	APOLLO TR OPPORTUNISTIC LTD.
	 	 	 
	 	By: Apollo Total Return Management, LLC, its investment manager
	 	 
	 	And by: Apollo Total Return Enhanced Management, LLC, its
investment manager
	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

	 	APOLLO ACCORD IV AGGREGATOR A, L.P.
	 	 	 
	 	

By: Apollo Accord Advisors IV, L.P., its general
partner

	 	 
	 	By:
Apollo Accord Advisors GP IV, LLC, its general partner
	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

	 	APOLLO A-N CREDIT FUND (DELAWARE), L.P.
	 	 	 
	 	By: Apollo A-N Credit Management, LLC, its investment
manager
	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

[NCL – Amended and Restated Commitment Letter -Signature Page]

 

    

     

    

 

	 	APOLLO A-N CREDIT FUND (DELAWARE), L.P. OVERFLOW 2
	 	 	 
	 	By: Apollo A-N Credit Management, LLC, its investment manager
	 	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

	 	ATCF UK LIMITED
	 	 	 
	 	

By: Apollo Tower Credit Management, LLC, its investment manager

	 	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

	 	APOLLO UNION STREET PARTNERS, L.P.
	 	 	 
	 	By: Apollo Union Street Management, LLC, its investment manager
	 	 	 
		By:	/s/ William Kuesel
	 	 	Name:	William Kuesel
	 	 	Title:	Vice President

 

[NCL – Amended and Restated Commitment Letter -Signature Page]

 

    

     

    

 

Accepted and agreed to as of the date first above written:

 

NCL CORPORATION LTD.

 

	By:	/s/ Daniel S. Farkas	 
	Name:	Daniel S. Farkas	 
	Title:	Executive Vice President, General Counsel and Assistant Secretary	 

 

[NCL
 – Amended and Restated Commitment Letter - Signature Page]

 

    

     

    

 

ANNEX I

 

Purchasers

 

[Amended and Restated Commitment Letter]

 

    Annex I

     

    

 

 

EXHIBIT A

 

Form of Note Purchase Agreement

 

[Attached.]

 

[Amended and Restated Commitment Letter]

 

    Exhibit A

    

    

 

NCL CORPORATION LTD.

 

$[●] 8.00% Senior Secured Notes due 2025 

[$[●] 8.00% Senior Notes due 202[5][6]]1

 

FORM OF NOTE PURCHASE AGREEMENT

 

[●], 202[2][3]

 

TO EACH OF THE PURCHASERS

LISTED IN SCHEDULE I HERETO

 

Ladies and Gentlemen:

 

NCL Corporation Ltd., a Bermuda exempted company
(the “Company”), confirms its agreement with each of the several Purchasers named in Schedule I hereto (each a “Purchaser”
and together, the “Purchasers,” in each case subject to Section 2[(a)] hereof, and collectively with the Company,
the “Parties”), with respect to [(i)] the issue by the Company and the purchase by each Purchaser, acting severally
and not jointly, of the respective principal amounts set forth in said Schedule I of $[●] aggregate principal amount of the Company’s
8.00% Senior Secured Notes due 2025 (the “[Secured Notes][Notes]”) [and (ii) the issue by the Company and the
purchase by each Purchaser, acting severally and not jointly, of the respective principal amounts set forth in said Schedule I of $[●]
aggregate principal amount of the Company’s 8.00% Senior Notes due 202[5][6] (the “Unsecured Notes” and, together
with the Secured Notes, the “Notes”).] The [Secured] Notes will be issued by the Company pursuant to an indenture,
to be dated as of the Closing Date (as defined below) (the “[Secured Notes] Indenture”), among the Company,
each of the Company’s subsidiaries set forth in Annex A hereto (the “Guarantors”) and U.S. Bank Trust Company,
National Association, as trustee (the “Trustee” and in its capacity as collateral agent for the benefit of the holders
of the [Secured] Notes, the “Collateral Agent”), and will be guaranteed by each of the Guarantors (the “[Secured
Notes] Guarantees” and, together with the [Secured] Notes, the “[Secured] Securities”). The obligations
under the [Secured] Securities will be secured by the Collateral. [The Unsecured Notes will be issued by the Company pursuant to an indenture,
to be dated as of the Closing Date (the “Unsecured Notes Indenture” and, together with the Secured Notes Indenture,
the “Indentures”), among the Company, the Guarantors and the Trustee, and will be guaranteed by each of the Guarantors
(the “Unsecured Notes Guarantees” and, together with the Unsecured Notes, the “Unsecured Securities”).
The term “Guarantees” refers collectively to the Secured Notes Guarantees and the Unsecured Notes Guarantees. The term
 “Securities” refers collectively to the Secured Securities and the Unsecured Securities.] Certain terms used herein
are defined in Section 20 hereof and if not defined herein, shall be used herein with the meaning given to such terms in the form
of [Secured Notes] Indenture [or form of Unsecured Notes Indenture, as applicable, in each case] attached to the Commitment Letter as
of the date the purchase notice was delivered under such Commitment Letter for the purchase and sale of Securities hereunder.

 

 

1 To be three years from the Closing Date.

 

    

    

    

 

The (a) offering and sale of the Securities
and (b) the execution and delivery of the Transaction Documents are, collectively, herein referred to as the “Transactions.”

 

The sale of the Securities to the Purchasers on
the Closing Date will be made without registration of the Securities under the Act in reliance upon exemptions from the registration requirements
of the Act.

 

The [Secured] Securities will be secured by a first-priority
Lien, subject to Permitted Collateral Liens, on the Collateral, on the terms and subject to the conditions set forth in the [Secured Notes]
Indenture and the Security Documents. The rights of the holders of the [Secured] Securities to the Collateral shall be documented by the
Security Documents listed in Annex B hereto, as more particularly described in the [Secured Notes] Indenture, each to be delivered to
the Collateral Agent, granting a first-priority security interest in the Collateral, subject to Permitted Collateral Liens, for the benefit
of the Trustee and each holder of the [Secured] Securities and the successors and assigns of the foregoing. The Access Agreements will
be substantially in the form set forth in Exhibit A hereto. The IP Licenses will be substantially in the forms set forth in Exhibit B-1,
B-2, B-3 and B-4 hereto. The Collateral Agreement listed as the first Security Document on Annex B hereto will be substantially in the
form set forth in Exhibit C-1 hereto.

 

1.            Representations
and Warranties by the Company and the Guarantors. The Company and each of the Guarantors hereby, jointly and severally, represent
and warrant to each Purchaser as follows as of the date hereof and as of the Closing Date:

 

(a)            Assuming
the accuracy of the representations and warranties of the Purchasers contained in Section 4 and their compliance with the agreements
set forth therein, none of the Company, any of its subsidiaries, or any of their respective Affiliates (as defined in Rule 501(b) of
Regulation D), or any person acting on its behalf has, directly or indirectly, made offers or sales of any security, or solicited offers
to buy or otherwise negotiated in respect of, any “security” (as defined in the Act) that is or could be integrated with the
sale of the Securities in a manner or under circumstances that would require the registration of the Securities under the Act.

 

(b)            Assuming
the accuracy of the representations and warranties of the Purchasers contained in Section 4 and their compliance with the agreements
set forth therein, none of the Company, any of its subsidiaries or any of their respective Affiliates, or any person acting on its behalf
has: (i) engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with
any offer or sale of the Securities or (ii) engaged in any directed selling efforts (within the meaning of Regulation S) with respect
to the Securities; and the Company, each of its subsidiaries and each of their respective Affiliates and each person acting on its behalf
has complied with the offering restrictions requirement of Regulation S. The sale of the Securities pursuant to Regulation S is not part
of a plan or scheme to evade the registration provisions of the Act.

 

    2

    

    

 

(c)            The
Securities satisfy the eligibility requirements of Rule 144A(d)(3) under the Act.

 

(d)            Assuming
the accuracy of the representations and warranties of the Purchasers contained in Section 4 and their compliance with the agreements
set forth therein, no registration under the Act of the Securities is required for the offer and sale of the Securities to the Purchasers
in the manner contemplated herein and it is not necessary to qualify the Indenture[s] under the Trust Indenture Act.

 

(e)            None
of the Company, the Guarantors or any of their respective subsidiaries is or, after giving effect to the offering and sale of the Securities,
will be an “investment company” as defined in the Investment Company Act, without taking account of any exemption arising
out of the number of holders of the Company’s securities.

 

(f)            None
of the Company or any of its subsidiaries has paid or agreed to pay to any person any compensation for soliciting another to purchase
any Securities (except as contemplated in this Agreement).

 

(g)            The
Company has not entered into any contractual arrangement, other than this Agreement and the Commitment Letter, dated as of July 26,
2022, with the Purchasers relating to the Securities (the “Commitment Letter”) and the related fee letter, with respect
to the distribution or sale of the Securities and the Company will not enter into any such arrangement except as contemplated hereby.

 

(h)            Each
of the Company and its subsidiaries has been duly incorporated or organized and is validly existing as an entity in good standing (where
such concept is legally relevant) under the laws of the jurisdiction in which it is incorporated or organized with full corporate or other
organizational power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as described
in (i) the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed by the Company with the
Commission on March 1, 2022, and (ii) all filings made by the Company with the Commission in accordance with Sections 13(a),
13(c), 14 or 15(d) of the Exchange Act on or after January 1, 2022 and prior to the date of the Commitment Letter, with the
exception of any information furnished by the Company with the Commission under Item 2.02 or Item 7.01 of a Current Report on Form 8-K
(the reports described in clauses (i) and (ii) collectively, the “Exchange Act Filings”), and is duly qualified
to do business as a foreign corporation or other entity and is in good standing (where such concept is legally relevant) under the laws
of each jurisdiction where the ownership or leasing of its properties or the conduct of its business requires such qualification except
where the failure to be so incorporated, organized or qualified, have such power or authority or be in good standing would not, individually
or in the aggregate, have a Material Adverse Effect.

 

    3

    

    

 

(i)             Each
of the Company and the Guarantors has all requisite corporate or other power and authority to execute and deliver this Agreement, the
Notes, the Indenture[s], including each [Secured Notes] Guarantee [or Unsecured Notes Guarantee, as applicable,] set forth therein, and
each of the Security Documents to the extent a party thereto (collectively, the “Transaction Documents”), including
granting such Liens and security interests to be granted by the Company and certain of the Guarantors pursuant to the [Secured Notes]
Indenture and the Security Documents, and to perform their respective obligations hereunder and thereunder, and to provide the representations,
warranties and indemnities under, or contemplated by, the Transaction Documents; and all actions required to be taken for the due and
proper authorization, execution and delivery by it of each of the Transaction Documents and the consummation by it of the transactions
contemplated thereby have been duly and validly taken.

 

(j)             (i) This
Agreement has been duly authorized, executed and delivered by the Company and each of the Guarantors; (ii) [each of] the Indenture[s]
has been or, prior to the Closing Date, will be duly authorized and on the Closing Date will be duly executed and delivered by the Company
and each of the Guarantors and, when duly executed and delivered by each of the parties thereto, will constitute a legal, valid and binding
instrument enforceable against the Company and each of the Guarantors in accordance with its terms (in each case subject, as to the enforcement
of remedies, to the effects of (x) bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium or other laws affecting
creditors’ rights generally from time to time in effect and (y) general principles of equity (whether considered in a proceeding
in equity or at law) (collectively, the “Enforceability Limitations”)); (iii) the [Secured] Notes have been duly
authorized by the Company and, when duly executed and authenticated by the Trustee in accordance with the provisions of the [Secured Notes]
Indenture and delivered to and paid for by the Purchasers, will be duly executed and delivered by the Company and when executed and delivered
by the Company, will constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance
with their terms (subject to the Enforceability Limitations), and will be entitled to the benefits of the [Secured Notes] Indenture [;
(iv) the Unsecured Notes have been duly authorized by the Company and, when duly executed and authenticated by the Trustee in accordance
with the provisions of the Unsecured Notes Indenture and delivered to and paid for by the Purchasers, will be duly executed and delivered
by the Company and when executed and delivered by the Company, will constitute the legal, valid and binding obligations of the Company,
enforceable against the Company in accordance with their terms (subject to the Enforceability Limitations), and will be entitled to the
benefits of the Unsecured Notes Indenture]; and [(v)] each of the Security Documents has been or, prior to the Closing Date, will be duly
authorized and on the Closing Date, or within the time periods specified in the [Secured Notes] Indenture (the “Collateral Perfection
Periods”), will be duly executed and delivered by the Company and each of the Guarantors, to the extent a party thereto, and,
when executed and delivered by each of the parties thereto, will constitute legal, valid and binding obligations of the Company and each
of the Guarantors, to the extent a party thereto, enforceable against the Company and each of the Guarantors, to the extent a party thereto,
in accordance with their terms (subject to the Enforceability Limitations).

 

    4

    

    

 

(k)            (i) Upon
execution, delivery and filing, as applicable, the Security Documents (or, in the case of such portion of the Collateral constituting
investment property evidenced by certificates or other instruments, if any, upon the delivery to the Collateral Agent of such certificates
or instruments in accordance with the Security Documents) will be effective to grant a legal, valid and enforceable security interest
in all of the grantor’s right, title and interest in the Collateral, and, upon granting and perfection or registration, as applicable,
within the Collateral Perfection Periods, the security interests granted thereby will constitute valid, perfected first-priority Liens
and security interests in the Collateral and such security interests will be enforceable in accordance with the terms contained therein
against all creditors of the Company and the Guarantors and subject only to Permitted Collateral Liens and the Enforceability Limitations;
and (ii) each of the Company and the Guarantors collectively own, have rights in or have the power and authority to collaterally
assign or otherwise grant security interests over rights in the Collateral, free and clear of any Liens other than Permitted Liens.

 

(l)             No
consent, approval, authorization, filing with or order of any court or governmental agency or body or third party is required in connection
with the execution or delivery of the Transaction Documents, the issuance and sale and delivery of the Securities by the Company, the
issuance of the Guarantees by the Guarantors, the grant and perfection of Liens and security interests in the Collateral pursuant to the
Security Documents and compliance by the Company and each of the Guarantors with the terms thereof or the consummation of any other of
the transactions herein contemplated, except such (i) as may be required under applicable state or foreign securities or blue sky
laws, (ii) as may be required under the rules and regulations of the Financial Industry Regulatory Authority, Inc., (iii) routine
informational and corporate filings required by applicable law, (iv) future filings in the ordinary course of business to comply
with general applicable regulatory, environmental, or other laws or applicable regulations in connection with performance of obligations
under the Transaction Documents, (v) as shall have been obtained or made prior to the Closing Date or (vi) as may be required
to perfect or secure the priority of the Trustee’s or the Collateral Agent’s security interests granted pursuant to the Security
Documents consistent with the description thereof in the [Secured Notes] Indenture. None of the Company or any of its subsidiaries is
(A) in violation of any provision of its charter, bylaws, bye-laws, memorandum of association or articles of association or any equivalent
organizational or constitutional document; (B) in breach of or default under the terms of any indenture, contract, lease, mortgage,
deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which it is a party
or bound or to which its property is subject; or (C) in breach or violation of any statute, law, rule, regulation, judgment, order
or decree applicable to the Company or any of its subsidiaries of any court, regulatory body, administrative agency, governmental body,
arbitrator or other authority having jurisdiction over the Company or any of its properties other than in the cases of clauses ‎(B) and
‎(C), such violations and defaults that would not reasonably be expected to have a Material Adverse Effect.

 

    5

    

    

 

(m)           Except
with respect to required consents as described in Sections 11.01(e) and (f) of the [Secured Notes] Indenture, none of the execution
and delivery of the Transaction Documents, the issuance and sale of the Securities, the issuance of the Guarantees by the Guarantors,
the grant and perfection of Liens and security interests in the Collateral pursuant to the Security Documents or the consummation of any
other of the transactions herein or therein contemplated, or the fulfillment of the terms hereof or thereof will conflict with, result
in a breach or violation of or imposition of any lien, charge or encumbrance upon any property or assets of the Company, the Guarantors
or any of their respective subsidiaries pursuant to, (i) the terms of any indenture, contract, lease, mortgage, deed of trust, note
agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Company or any of its subsidiaries
is a party or bound or to which its or their property is subject; or (ii) any statute, law, rule, regulation, judgment, order or
decree of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over
the Company, any of its subsidiaries or any of its properties, other than in the cases of clauses ‎(i) and ‎(ii),
such breaches, violations, liens, charges, or encumbrances that would not reasonably be expected to, individually or in the aggregate,
have a Material Adverse Effect and would not materially adversely affect consummation of the transactions contemplated hereby; or result
in the violation of the charter, bylaws, bye-laws, memorandum of association or articles of association or any equivalent organizational
or constitutional document of the Company or any of its subsidiaries.

 

(n)            The
consolidated historical financial statements of the Company and its consolidated subsidiaries included in the Exchange Act Filings, present
fairly in all material respects the consolidated financial position, results of operations and cash flows of the Company and its consolidated
subsidiaries as of the dates and for the periods indicated and have been prepared in conformity with United States generally accepted
accounting principles applied on a consistent basis throughout the periods involved (except as otherwise noted therein).

 

    6

    

    

 

(o)            Each
of the Company and its subsidiaries owns or leases all such real properties as are necessary to the conduct of its respective operations
as currently conducted, except as would not reasonably be expected to have a Material Adverse Effect.

 

(p)            The
Company and its subsidiaries: (i) have filed all non-U.S., U.S. federal, state and local tax returns that are required to be filed
or have requested extensions thereof, except in any case in which the failure so to file would not reasonably be expected to have a Material
Adverse Effect and except as set forth in or contemplated in the Exchange Act Filings (exclusive of any amendment or supplement thereto);
and (ii) have paid all taxes required to be paid by them and any other tax assessment, fine or penalty levied against them, to the
extent that any of the foregoing is due and payable, except for any such tax assessment, fine or penalty that is currently being contested
in good faith or as would not reasonably be expected to have a Material Adverse Effect and except as set forth in or contemplated in the
Exchange Act Filings (exclusive of any amendment or supplement thereto).

 

(q)            The
Company and its subsidiaries possess all licenses, certificates, permits and other authorizations issued by the appropriate U.S. federal,
state or non-U.S. regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such licenses,
certificates, permits and other authorizations would not reasonably be expected to have a Material Adverse Effect, and none of the Company
or any of its subsidiaries has received any notice of proceedings relating to the revocation or modification of any such certificate,
authorization or permit that, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably
be expected to have a Material Adverse Effect, except as set forth in or contemplated in the Exchange Act Filings (exclusive of any amendment
or supplement thereto).

 

(r)            The
Company and its subsidiaries and each Mortgaged Property (i) are in compliance with any and all applicable non-U.S., U.S. federal,
state and local laws and regulations relating to the protection of human health and safety (as such is affected by hazardous or toxic
substances or wastes, pollutants or contaminants), the environment or hazardous or toxic substances or wastes, pollutants or contaminants
(“Environmental Laws”); (ii) have received and are in compliance with all permits, licenses or other approvals
required of them under applicable Environmental Laws to conduct their respective businesses; (iii) have not received notice of any
actual or potential liability under any Environmental Law; and (iv) have not been named as a “potentially responsible party”
under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, except where such non-compliance
with Environmental Laws, failure to receive or comply with required permits, licenses or other approvals, liability or status as a potentially
responsible party would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect and except as
set forth in or contemplated in the Exchange Act Filings (exclusive of any amendment or supplement thereto).

 

    7

    

    

 

(s)            (i) The
minimum funding standard under Section 302 of the Employee Retirement Income Security Act of 1974, as amended, and the regulations
and published interpretations thereunder (“ERISA”), has been satisfied by each “pension plan” (as defined
in Section 3(2) of ERISA) that has been established or maintained by the Company and/or one or more of its subsidiaries; (ii) each
of the Company and its subsidiaries has fulfilled its obligations, if any, under Section 515 of ERISA; (iii) each pension plan
and welfare plan established or maintained by the Company and/or one or more of its subsidiaries is in compliance in all material respects
with the currently applicable provisions of ERISA; and (iv) none of the Company or any of its subsidiaries has incurred or, except
as set forth or contemplated in the Exchange Act Filings, would reasonably be expected to incur any material withdrawal liability under
Section 4201 of ERISA, any material liability under Section 4062, 4063, or 4064 of ERISA, or any other material liability under
Title IV of ERISA; except, in each case, as would not reasonably be expected to have a Material Adverse Effect.

 

(t)            (i) The
Company and its subsidiaries own, possess, license or have other rights to use all intellectual property, including Patents, Trademarks,
Copyrights, domain names (in each case including all registrations and applications to register same), inventions, trade secrets, technology
and know-how (the “Intellectual Property”), necessary for the conduct of their respective businesses as now conducted
or as proposed in the Exchange Act Filings to be conducted, except where the failure to own, possess, license or otherwise have such rights
would not reasonably be expected to have a Material Adverse Effect. Except as set forth in the Exchange Act Filings, and except as would
not reasonably be expected to have a Material Adverse Effect, the Company and its subsidiaries own, or have rights to use under license,
all such Intellectual Property free and clear in all respects of all adverse claims, liens or other encumbrances.

 

(ii)            Without
limitation and in addition to the foregoing, the Secured Guarantors own, or have a valid license or right to use, all of the material
Pledged IP, and all such Pledged IP owned by the Secured Guarantors is subsisting, in full force and effect, and, to the knowledge of
the Company, valid and enforceable, has not been abandoned, canceled or terminated, and is not subject to any outstanding order, judgment
or decree restricting its use or adversely affecting the Company’s rights thereto. Except for the IP Licenses, no such Pledged IP
is the subject of any material licensing agreement as to which the Company or any of its subsidiaries is a party. To the knowledge of
the Company, in the past three years, no name, brand or slogan or other advertising device, product, process, method, substance or service
or goods bearing or using any Pledged IP used or employed by the Company or any of its subsidiaries, has infringed or violated, or infringes
or violates, intellectual property rights of any other Person in any material respect. Except as would not reasonably be expected to have
a Material Adverse Effect, each Person (including any current or former employees, contractors or consultants) who have developed, created,
conceived or reduced to practice any Pledged IP has assigned all right, title and interest in and to all such Pledged IP pursuant to a
valid and enforceable written contract, by operation of law or has otherwise permitted the use of such Pledged IP by the Company. The
Pledged IP (including the intellectual property of third parties licensed to the Secured Guarantors) includes all material intellectual
property rights necessary and required to operate the business of the Company and its Subsidiaries as operated on the Closing Date.

 

    8

    

    

 

(u)            Neither
the issuance, sale and delivery of the Securities nor the application of the proceeds thereof by the Company will violate Regulation T,
U or X of the Board of Governors of the Federal Reserve System, as the same is in effect on the Closing Date.

 

(v)            Subject
to such qualifications and assumptions as are set forth in the opinion of relevant local counsel for the Company and the Guarantors, there
are no stamp or other issuance or transfer taxes or duties or other similar fees or charges imposed by any governmental authority required
under applicable law to be paid in connection with the execution and delivery of any of the Transaction Documents, the issuance or sale
hereunder by the Company of the Notes other than all such taxes, duties or other similar fees or charges imposed by any jurisdiction outside
the United States in which the Company or any successor is organized or resident for tax purposes or any jurisdiction in which a paying
agent for the Securities is located.

 

(w)            It
is not necessary under the laws of any jurisdiction in which the Company and the Guarantors are incorporated or organized or do business
that any of the holders of the Securities be licensed, qualified or entitled to carry on business in any such jurisdiction by reason of
the execution, delivery, performance or enforcement of any of the Transaction Documents.

 

(x)            The
Company and the Guarantors have the power to submit and have taken all necessary corporate action to submit to the jurisdiction of any
federal or state court located in the borough of Manhattan in the City of New York (a “New York Court”).

 

(y)            Subject
to such qualifications and assumptions as are set forth in the opinion of relevant local counsel for the Company and the Guarantors, a
holder of the Securities, the Trustee, the Collateral Agent and each Purchaser are each entitled to sue as plaintiff in the courts of
the jurisdiction of incorporation or formation and domicile of the Company and the Guarantors for the enforcement of their respective
rights under the Transaction Documents and such access to such courts will not be subject to any conditions which are not applicable to
residents of such jurisdiction or a company incorporated in such jurisdiction, other than the requirement to post a bond or guarantee
with respect to court costs and legal fees.

 

    9

    

    

 

(z)            Subject
to such qualifications and assumptions as are set forth in the opinion of relevant local counsel for the Company and the Guarantors, the
courts of the jurisdiction of incorporation or formation and domicile of the Company or any Guarantor will recognize and enforce a judgment
obtained against the Company or any Guarantor in a New York Court in an action arising out of or in connection with the Transaction Documents,
in each case, without reconsidering the merits thereof.

 

(aa)     Neither
the Company nor any of its subsidiaries has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other
unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government
official or employee from corporate funds; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act
of 1977 or the Bribery Act 2010 of the United Kingdom; or (iv) made any bribe, rebate, payoff, influence payment kickback or other
unlawful payment.

 

(bb)     The
operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping
and reporting requirements of the USA Patriot Act, the Bank Secrecy Act of 1970, as amended, the money laundering statutes of all jurisdictions,
the rules and regulations thereunder and any related or similar rules, regulations or guidelines, that have been issued, administered
or enforced by any governmental agency.

 

(cc)     Neither
the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or Affiliate of the
Company or any of its subsidiaries is currently subject to any sanctions administered by the Office of Foreign Assets Control of the U.S.
Treasury Department, the United Nations Security Council, the European Union, Her Majesty’s Treasury or any other relevant sanctions
authority; and the Company will not directly or indirectly use the proceeds of the offering of the Securities contemplated hereby, or
lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity 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 such authorities.

 

(dd)     Except
pursuant to this Agreement, the Commitment Letter and related fee letter and as contemplated under the Transactions, neither the Company
nor any of its subsidiaries has incurred any liability for any finder’s or broker’s fee or agent’s commission in connection
with the offering and sale of the Securities or any transaction contemplated by this Agreement.

 

(ee)     The
Company is subject to, and is in compliance in all material respects with, the reporting requirements of Section 13 and Section 15(d),
as applicable, of the Exchange Act. The Exchange Act Filings, at the time they were filed with the SEC, complied, and on the date hereof
do, and on the Closing Date will, comply, in all material respects with the requirements of the Exchange Act and did not, and on the date
hereof do not and on the Closing Date will not, include any untrue statement of material fact or omit to state a material fact necessary
to make the statements therein, in the light of the circumstances under which they made, not misleading.

 

    10

    

    

 

(ff)       The
account banks and numbers of the Collection Accounts are specified in Schedule IV to the [Secured Notes] Indenture.

 

(gg)    The
Equity Interests of each Secured Guarantor have been duly authorized and validly issued and are fully paid and non-assessable. There is
no existing option, warrant, call, right, commitment or other agreement to which the Company or any of its subsidiaries is a party requiring,
and there is no membership interest or other Equity Interests, directly or indirectly, of any Secured Guarantor or any of its subsidiaries
outstanding which upon conversion or exchange would require, the issuance by any Secured Guarantor or any of its subsidiaries of any additional
membership interests or other Equity Interests of any Secured Guarantor or any of its subsidiaries or other securities convertible into,
exchangeable for or evidencing the right to subscribe for or purchase, a membership interest or other Equity Interests of any Secured
Guarantor or any of its subsidiaries.

 

(hh)     The
maximum aggregate principal amount of the Notes that may be secured by liens on the Collateral pursuant to the terms and conditions of
the Company’s debt agreements (the “Lien Cap”) as of the Closing Date is not less than $[●]2.

 

Any certificate signed by any officer of the Company
or its subsidiaries and delivered to the Purchasers or counsel for the Purchasers in connection with the offering of the Securities shall
be deemed a joint and several representation and warranty by each of the Company and its subsidiaries, as to matters covered thereby,
to each Purchaser.

 

2.            Purchase
and Sale.

 

(a)            Subject
to the terms and conditions and in reliance upon the representations and warranties herein set forth, the Company agrees to issue and
sell to each Purchaser, and each Purchaser agrees, severally and not jointly, to purchase [(i)] the respective principal amount of [Secured]
Notes set forth opposite such Purchaser’s name in Schedule I hereto at a price equal to [●]% of the principal amount thereof
[and (ii) the respective principal amount of [Unsecured] Notes set forth opposite such Purchaser’s name in Schedule I hereto
at a price equal to [●]% of the aggregate principal amount]. Each Purchaser may assign its rights and obligations hereunder to one
or more of its Affiliates (including any investment fund, separate account, or other entity owned (in whole or in part), controlled, managed,
and/or advised by such Purchaser’s investment manager or an Affiliate of such investment manager) with the prior written consent
of the Company (such consent not to be unreasonably withheld, conditioned or delayed); provided, that such Purchaser shall not be released
from its purchase obligation hereunder so assigned to the extent such assignee fails to purchase the Notes assigned to it on the Closing
Date. As used herein, references to a Purchaser shall refer to any such assignee pursuant to this Section 2[(a)].

 

 

2 To be equivalent to the amount of Secured Notes.

 

    11

    

    

 

(b)            [In
the event that any Unsecured Notes are issued, the Company shall use commercially reasonable efforts to obtain an increase in the maximum
aggregate principal amount of the Notes which may be secured by liens on the Collateral pursuant to the terms and conditions of the Company’s
debt agreements (the “Lien Cap”) within 90 days of the Closing Date. Following any date (a “Lien Cap Increase
Date”) on which the Company has obtained an increase in the Lien Cap, at the option (the “Option”) of the
Purchasers holding Unsecured Notes, the Company shall use commercially reasonable efforts to cause the cancellation of the Unsecured Notes
in such principal amount as may be elected by the Purchasers and issue additional Secured Notes in an equivalent principal amount, or
otherwise cause such principal amount of Unsecured Notes to be exchanged for an equivalent principal amount of Secured Notes (the “Lien
Cap Note Exchange”).

 

(i)            The
Company shall provide written notice, together with reasonably satisfactory evidence of the increase in the Lien Cap (a “Lien
Cap Increase Notice”), to the Purchasers within two Business Days of the occurrence of a Lien Cap Increase Date, which Lien
Cap Increase Notice shall constitute an irrevocable offer to effect a Lien Cap Note Exchange.

 

(ii)           Each
Purchaser shall provide written notice to the Company of its decision to exercise or forfeit the Option (an “Option Exercise
Notice”) within 30 days after provision of the Lien Cap Increase Notice. A Purchaser’s election to exercise the Option
shall be irrevocable upon delivery of the Option Exercise Notice to the Company. If a Purchaser fails to deliver an Option Exercise Notice
within the requisite period of time, it will be deemed not to have exercised the Option.

 

(iii)         In
the event the Option is exercised by at least one Purchaser, the Company shall use commercially reasonable efforts to effect the Lien
Cap Note Exchange with respect to the Unsecured Notes each Purchaser has elected to make subject to such Lien Cap Note Exchange reasonably
promptly (but in any event prior to 15 Business Days) after delivery of the Option Exercise Notice.

 

(iv)         Each
Purchaser that has exercised the Option agrees to take all actions that the Company, the Trustee and/or the Collateral Agent may reasonably
require to effect the Lien Cap Note Exchange, including the delivery of any information, documents, opinions or certificates reasonably
requested by the Company, the Trustee and/or the Collateral Agent.]

 

    12

    

    

 

3.            Delivery
and Payment.

 

To
the extent the Securities are eligible for clearance and settlement through The Depository Trust Company (“DTC”)
on or before 4:00 P.M., New York time, on the fifth Business Day after the date hereof, the Securities to be purchased by each Purchaser
hereunder from the Company will be represented by one or more definitive Global Notes in book-entry form which will be deposited by or
on behalf of DTC or its designated custodian. On the Closing Date, the Company will deliver the Securities to the Purchasers by causing
DTC to credit the Notes to the account of the Trustee, against payment by or on behalf of the Purchasers of the purchase price therefor
by wire transfer (same day funds), to such account or accounts as the Company shall specify prior to the Closing Date, or by such means
as the parties hereto shall agree prior to the Closing Date.

 

To
the extent the Securities are not eligible for clearance and settlement through DTC on or before 4:00 P.M., New York time, on the
fifth Business Day after the date hereof, the Securities to be purchased by each Purchaser hereunder from the Company will be represented
by one or more certificates in definitive form, in such denomination or denominations and registered in such name or names as the Purchasers
request upon notice to the Company at least 36 hours prior to the Closing Date, and shall be delivered by or on behalf of the Company
to the Purchasers, against payment by or on behalf of the Purchasers of the purchase price therefor by wire transfer (same day funds),
to such account or accounts as the Company shall specify prior to the Closing Date, or by such means as the parties hereto shall agree
prior to the Closing Date.

 

In any circumstance, the delivery of and payment
for the Securities pursuant to this Section 3 shall be made at 9:00 A.M., New York time, on the seventh Business Day following the
date hereof, or at such other time or date as the Purchasers, on the one hand, and the Company, on the other hand, may agree upon, such
time and date of delivery against payment being herein referred to as the “Closing Date.” The Company will make such
certificate or certificates for the Securities available for checking by the Purchasers at least 24 hours prior to the Closing Date.

 

4.            Representations
and Warranties by the Purchasers.

 

(a)            Each
Purchaser acknowledges that the Securities have not been and will not be registered under the Act and may not be offered or sold within
the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Act. The Commission has not endorsed the merits of this offering.

 

(b)            Each
Purchaser acknowledges that there is no public market for the Securities, and transfers and resales are, and will be, severely restricted
due to both certain contractual restrictions and applicable securities law restrictions and may not be transferred or resold except as
permitted under the Act and other applicable securities laws or pursuant to registration or exemption therefrom. There is no public trading
market for the Securities, so holders must be prepared to hold their investment indefinitely.

 

    13

    

    

 

(c)            Each
Purchaser, severally and not jointly, represents and warrants to and agrees with the Company and the Guarantors, that:

 

(i)              it
has not offered or sold, and will not offer or sell, any Securities within the United States or to, or for the account or benefit of,
U.S. persons (x) as part of their distribution at any time or (y) otherwise until 40 days after the later of the commencement
of the offering and the date of closing of the offering except:

 

(A)            to
those persons whom it reasonably believes to be “qualified institutional buyers” (as defined in Rule 144A under the Act)
or if any such person is buying for one or more institutional accounts for which such person is acting as a fiduciary or agent, only when
such person has represented to it that each such account is a qualified institutional buyer to whom notice has been given that such sale
or delivery is being made in reliance on Rule 144A and, in each case, in transactions in accordance with Rule 144A; or

 

(B)            in
accordance with Rule 903 of Regulation S;

 

(ii)             neither
it nor any person acting on its behalf has made or will make offers or sales of the Securities in the United States by means of any form
of general solicitation or general advertising (within the meaning of Regulation D) in the United States or in any manner involving a
public offering within the meaning of Section 4(a)(2) of the Act;

 

(iii)            in
connection with any sale pursuant to Section 4(c)(i)(A), it has taken or will take reasonable steps to ensure that the purchaser
of such Securities is aware that such sale is being made in reliance on Rule 144A under the Act;

 

(iv)            neither
it, nor any of its Affiliates nor any person acting on its or their behalf has engaged or will engage in any directed selling efforts
(within the meaning of Regulation S) with respect to the Securities; and

 

(v)             it
is an “accredited investor” (as defined in 501(a) of Regulation D).

 

    14

    

    

 

5.            Agreements.
Each of the Company and the Guarantors agrees with each Purchaser as follows:

 

(a)           During
the period from the Closing Date until two years after the Closing Date, the Company will not, and will use reasonable efforts to cause
its Affiliate subsidiaries not to, resell any Securities that have been acquired by any of them except for Securities resold in a transaction
registered under the Act.

 

(b)           The
Company agrees that it will not, and will use reasonable efforts to cause its Affiliates and any person acting on their behalf not to,
make offers or sales of any security (as defined in the Act), or solicit offers to buy any security, under circumstances that could be
integrated with the sale of the Securities in a manner that would reasonably be expected to require the registration of the Securities
under the Act.

 

(c)           None
of the Company and its Affiliates and any person acting on their behalf will engage in any form of general solicitation or general advertising
(within the meaning of Regulation D) in connection with any offer or sale of the Securities in the United States.

 

(d)           So
long as any of the Securities are “restricted securities” within the meaning of Rule 144(a)(3) under the Act, the
Company and each of the Guarantors will, unless they are subject to and comply with Section 13 or 15(d) of the Exchange Act
or file the periodic reports contemplated by such provisions pursuant to the terms of the Indenture[s], provide to each holder of such
restricted securities and to each prospective purchaser (as designated by such holder) of such restricted securities, upon the request
of such holder or prospective purchaser, any information required to be provided by Rule 144A(d)(4) under the Act. This covenant
is intended to be for the benefit of the holders, and the prospective purchasers designated by such holders, from time to time of such
restricted securities.

 

(e)           None
of the Company and its Affiliates and any person acting on their behalf will engage in any directed selling efforts with respect to the
Securities, and each of them will comply with the offering restrictions requirement of Regulation S. Terms used in this paragraph have
the meanings given to them by Regulation S.

 

(f)           The
Company will cooperate with the Purchasers and use its commercially reasonable efforts to permit the Securities to be eligible for clearance
and settlement through DTC.

 

(g)           The
Company will cooperate with the Purchasers and use its commercially reasonable efforts to obtain CUSIP and ISIN numbers for the Securities
and use its commercially reasonable efforts to assist the Purchasers in causing the Securities (and related CUSIP and ISIN Numbers) to
be quoted by Bloomberg.

 

    15

    

    

 

(h)            The
Company agrees to pay the costs and expenses relating to the following matters: (i) the reasonable, documented fees of the Trustee,
the Collateral Agent and any paying agent (and their counsel); (ii) any stamp or other issuance or transfer taxes or duties or other
similar fees or charges imposed by any governmental authority in connection with the original issuance and sale of the Notes, save for
any such taxes, duties, fees or charges which arise or are increased as a result of any document effecting the registration, issue or
delivery of the Notes either being signed or executed in the United Kingdom or being brought into the United Kingdom; (iii) the approval
of the Securities for book-entry transfer by DTC; (iv) the fees and expenses of the Company’s counsel; (v) the costs of
reproducing and distributing each of the Transaction Documents; and (vi) all other costs and expenses incident to the performance
by the Company and the Guarantors of their obligations hereunder.

 

(i)             Each
Guarantor (i) shall execute the Security Documents to which it is a party within the Collateral Perfection Periods, (ii) shall
complete all filings and other similar actions required in connection with the perfection or priority of security interests in the Collateral,
in each case, as and to the extent contemplated by the [Secured Notes] Indenture and the Security Documents within the Collateral Perfection
Periods and (iii) shall take all actions necessary to maintain such security interests in the Collateral and to perfect or secure
the priority of security interests in any Collateral acquired after the Closing Date, in each case as and to the extent contemplated by
the [Secured Notes] Indenture and the Security Documents.

 

(j)             In
addition to the written opinions to be delivered on the Closing Date by local counsel of the Company and the Guarantors pursuant to Section 6(c) below,
the Company and the Secured Guarantors shall use commercially reasonable efforts to cause applicable local counsel to deliver a post-closing
written opinion in respect of the Collateral in such local counsel’s jurisdiction (the “Perfection Opinions”),
dated on or about the date such granting or perfection of security interests is completed in accordance with the Collateral Perfection
Periods, in form and substance reasonably satisfactory to the Collateral Agent, provided that no such post-closing written opinion shall
be required for such local counsel that, in the Collateral Agent’s judgment, include the Perfection Opinions in such local counsel’s
written opinion that is furnished to the Collateral Agent on the Closing Date pursuant to Section 6(c).

 

6.            Conditions
to the Obligations of the Purchasers. The obligations of the Purchasers to purchase the Securities shall be subject to the accuracy
in all material respects (except to the extent already qualified by materiality, in which case such obligations shall be subject to the
accuracy in all respects) of the representations and warranties of the Company and the Guarantors contained herein at the Closing Date
and the following additional conditions:

 

    16

    

    

 

(a)            No
Event of Default (as defined under any of the Company Material Debt Instruments) shall have occurred and be continuing at the Closing
Date under any of the Company Material Debt Instruments. As used in this Agreement, “Company Material Debt Instruments”
means, as of any date of determination, the indentures, credit agreements and loan agreements listed in the Index to Exhibits of the Form 10-K
of Norwegian Cruise Line Holdings Ltd. for the fiscal year ended December 31, 2021 to the extent they are still in effect as of the
Closing Date, and any additional indentures, credit agreements and loan agreements entered into subsequently to the extent such debt instruments
would be required to be listed in the Index to Exhibits of the Form 10-K of Norwegian Cruise Line Holdings Ltd. for a subsequent
fiscal year and to the extent they are still in effect as of the Closing Date.

 

(b)            The
Company shall have requested and used commercially reasonable efforts to cause (i) Kirkland & Ellis LLP, counsel for the
Company and the Guarantors, to furnish to the Purchasers an opinion letter dated the Closing Date and in form and substance reasonably
satisfactory to the Purchasers and (ii) Paul, Weiss, Rifkind, Wharton & Garrison LLP, counsel for the Company and the Guarantors,
to furnish to the Purchasers an opinion letter dated the Closing Date and in form and substance reasonably satisfactory to the Purchasers.

 

(c)            The
Company and the Guarantors shall have requested and used commercially reasonable efforts to cause (i) Walkers, British Virgin Islands
counsel for the Company and certain of the Guarantors, to have furnished to the Purchasers its written opinion, dated the Closing Date
and addressed to the Purchasers, in form and substance reasonably satisfactory to the Purchasers, (ii) Graham Thompson Attorneys,
Bahamas counsel for the Company and certain of the Guarantors, to have furnished to the Purchasers its written opinion, dated the Closing
Date and addressed to the Purchasers, in form and substance reasonably satisfactory to the Purchasers, (iii) Kirkland &
Ellis International LLP, English counsel for the Company and certain of the Guarantors, to have furnished to the Purchasers its written
opinion, dated the Closing Date and addressed to the Purchasers, in form and substance reasonably satisfactory to the Purchasers, (iv) Arias,
Fábrega & Fábrega, Panama counsel for the Company and certain of the Guarantors, to have furnished to the Purchasers
its written opinion, dated the Closing Date and addressed to the Purchasers, in form and substance reasonably satisfactory to the Purchasers,
(v) Cains Advocates Limited, Isle of Man counsel for the Company and certain of the Guarantors, to have furnished to the Purchasers
its written opinion, dated the Closing Date and addressed to the Purchasers, in form and substance reasonably satisfactory to the Purchasers,
and (vi) Walkers (Bermuda) Limited, Bermuda counsel for the Company and certain of the Guarantors, to have furnished to the Purchasers
its written opinion, dated the Closing Date and addressed to the Purchasers, in form and substance reasonably satisfactory to the Purchasers.

 

(d)            On
the Closing Date, the Notes shall have been duly executed and delivered on behalf of the Company by a duly authorized officer and duly
authenticated by the Trustee.

 

    17

    

    

 

(e)            On
the Closing Date, the Purchasers shall have received fully executed copies of the Transaction Documents required to be delivered on the
Closing Date.

 

(f)             Prior
to the Closing Date, the Company shall have taken all action reasonably required to be taken by it to have the Securities eligible for
clearance and settlement through DTC.

 

(g)            Unless
otherwise agreed upon and subject to any exceptions permitted or contemplated by the Indenture[s] and the Security Documents, the Company
shall provide the Purchasers and the Collateral Agent with UCC financing statements (or the equivalent filing in each other jurisdiction
of a Guarantor required to be perfected on the Closing Date) necessary to perfect the security interests in the Collateral, other than
Great Stirrup Cay Island and Harvest Caye Island, on a first-priority basis for the benefit of the holders of the Securities, in form
for filing in the appropriate jurisdictions, and, as applicable, intellectual property security agreements in form for filing in the U.S.
Patent and Trademark Office and the U.S. Copyright Office (or the equivalent filing office in each other jurisdiction of a Guarantor required
to be perfected on the Closing Date) in order to perfect the security interests in the intellectual property which is part of the Collateral
for the benefit of the holders of the Securities, with the priority required by the Security Documents.

 

(h)            The
Company shall use commercially reasonable efforts to provide the Purchasers with the results of a recent customary lien search in each
of (i) the British Virgin Islands, with respect to Krystalsea Limited, (ii) The Bahamas, with respect to Great Stirrup Cay Limited
and Great Stirrup Cay Island, (iii) Bermuda, with respect to NCL Corporation Ltd. and NCL (Bahamas) Ltd., (iv) Belize, with
respect to Harvest Caye Island, (v) St. Lucia, with respect to Belize Investments Limited, as parent of Krystalsea Limited, (vi) Isle
of Man, with respect to Arrasas Limited, (vii) Panama, with respect to Prestige Cruises International S. de R. L., Prestige Cruise
Holdings S. de R.L., Oceania Cruises S. de R.L. and Seven Seas Cruises S. de R.L., (viii) England and Wales, with respect to NCL
UK IP Co Ltd., and (ix) Delaware, with respect to NCL US IP Co 1, LLC and NCL US IP Co 2, LLC, in each case where such lien search
is reasonably available, and such search shall reveal no liens on any of the assets of the Company and the Guarantors or their respective
subsidiaries except for (x) in the case of Liens on the Collateral, the Permitted Collateral Liens and (y) otherwise, Permitted
Liens.

 

(i)             The
Company and each Guarantor shall have delivered to the Purchasers and the Trustee a certificate of its secretary or assistant secretary
or other officer, dated the Closing Date, certifying as to (i) the resolutions attached thereto and other corporate proceedings relating
to the authorization, execution and delivery of the Transaction Documents and (ii) its organizational documents as then in effect.

 

    18

    

    

 

 

(j)            All
fees, expenses (including reasonable, documented, out-of-pocket legal fees and expenses), charges, disbursements and other compensation
payable to each Purchaser by the Company shall have been paid (or shall concurrently be paid) on the Closing Date (which may be deducted
from the proceeds payable by the Purchasers) to the extent then due; provided that, in the case of costs and expenses, an invoice of
such costs and expenses shall have been presented not less than one Business Day prior to the Closing Date.

 

The documents required to be delivered by this
Section 6 will be available for inspection by the Purchasers on the Business Day prior to the Closing Date.

 

7.            Representations
and Indemnities to Survive. The respective agreements, representations, warranties, indemnities and other statements of each of the
Company, the Guarantors or their respective officers and of the Purchasers set forth in or made pursuant to this Agreement will remain
in full force and effect, regardless of any investigation made by or on behalf of the Purchasers, the Company or the Guarantors, and
will survive delivery of and payment for the Securities. The provisions of Section 5(h) and Section 18 hereof shall survive
the termination or cancellation of this Agreement.

 

8.            Notices.
All communications hereunder will be in writing and effective only on receipt, and:

 

(a)            if
to the Purchasers, shall be sent by hand delivery, mail, overnight courier or facsimile transmission to:

 

[Apollo Global Management, Inc. 

9 West 57th Street 

New York, New York 10019 

Attention: #### 

Facsimile: ####

 

With a copy to (which copy shall be delivered as an
accommodation and shall not constitute notice):

 

Milbank LLP 

55 Hudson Yards 

New York, NY 10001 

Attention: Al Pisa and Dennis Dunne 

Email: APisa@milbank.com, DDunne@milbank.com]

 

(b)            if
to the Company shall be sent by mail, telex, overnight courier or facsimile transmission to:

 

NCL Corporation Ltd.

7665 Corporate Center Drive

Miami, Florida 33126

Attention: General Counsel

Facsimile: ####

 

    19

     

    

 

With
a copy to:

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York 10022

Attention: Sophia Hudson

Facsimile: (212) 446-4900

 

9.            Successors.
This Agreement will inure to the benefit of and be binding upon the parties hereto and at and after the Closing Date, the Company, the
Guarantors and their respective successors and its successors and, except as expressly set forth in Section 5(d) hereof or
Section 16 hereof, no other person will have any right or obligation hereunder. No purchaser of Securities from any Purchaser shall
be deemed to be a successor merely by reason of such purchase.

 

10.           GOVERNING
LAW; WAIVER OF JURY TRIAL. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE RELATING TO OR ARISING OUT OF THIS AGREEMENT SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS PRINCIPLES OF CONFLICTS OF
LAWS. THE COMPANY, THE GUARANTORS AND YOU HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL AND NEW YORK STATE COURTS LOCATED
IN THE CITY OF NEW YORK IN CONNECTION WITH ANY DISPUTE RELATING TO THIS AGREEMENT OR ANY MATTERS CONTEMPLATED HEREBY. EACH OF THE PARTIES
HERETO HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

11.          Submission
to Jurisdiction; Appointment of Agent for Service of Process. Each of the Company and the Guarantors hereby irrevocably designates,
appoints and empowers Corporate Creations International, Inc. as its designee, appointee and agent to receive, accept and acknowledge
for and on its behalf, and its properties, assets and revenues, service of any and all legal process, summons, notices and documents
that may be served in any action, suit or proceeding brought against it in any such United States or state court located in the County
of New York with respect to its obligations, liabilities or any other matter arising out of or in connection with this Agreement and
that may be made on such designee, appointee and agent in accordance with legal procedures prescribed for such courts. If for any reason
such designee, appointee and agent hereunder shall cease to be available to act as such, each of the Company and the Guarantors agrees
to designate a new designee, appointee and agent in the County of New York on the terms and for the purposes of this Section 11
satisfactory to the Trustee. Each of the Company and the Guarantors further hereby irrevocably consents and agrees to the service of
any and all legal process, summons, notices and documents in any such action, suit or proceeding against them by serving a copy thereof
upon the relevant agent for service of process referred to in this Section 11 (whether or not the appointment of such agent shall
for any reason prove to be ineffective or such agent shall accept or acknowledge such service) or by mailing copies thereof by registered
or certified air mail, postage prepaid, to the Company and the Guarantors, at the address specified in or designated pursuant to this
Agreement. Each of the Company and the Guarantors agrees that the failure of any such designee, appointee and agent to give any notice
of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding
based thereon. Nothing herein shall in any way be deemed to limit the ability of the Trustee or the Collateral Agent to service any such
legal process, summons, notices and documents in any other manner permitted by applicable law or to obtain jurisdiction over the Company
or any Guarantor or bring actions, suits or proceedings against them in such other jurisdictions, and in such manner, as may be permitted
by applicable law. Each of the Company and the Guarantors hereby irrevocably and unconditionally waives, to the fullest extent permitted
by law, any objection that it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings
arising out of or in connection with this Agreement brought in the United States federal courts located in the County of New York or
the courts of the State of New York located in the County of New York and hereby further irrevocably and unconditionally waives and agrees
not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient
forum.

 

    20

     

    

 

12.            Waiver
of Immunities. To the extent that any of the Company, the Guarantors or any of their respective properties, assets or revenues may
have or may hereafter become entitled to, or have attributed to them, any right of immunity, on the grounds of sovereignty, from any
legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any court, from service of process, from attachment
upon or prior to judgment, or from attachment in aid of execution of judgment, or from execution of judgment, or other legal process
or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any
time be commenced, with respect to their obligations, liabilities or any other matter under or arising out of or in connection with this
Agreement, each of the Company and the Guarantors hereby irrevocably and unconditionally, to the extent permitted by applicable law,
waives and agrees not to plead or claim any such immunity and consents to such relief and enforcement.

 

13.            Counterparts.
This Agreement may be signed in one or more counterparts (which may be delivered in original form or facsimile or “pdf” file
thereof), each of which when so executed shall constitute an original and all of which together shall constitute one and the same agreement.
The words “execution,” “signed,” “signature,” and words of like import in this Agreement or in any
other certificate, agreement or document related to this Agreement, if any, shall include images of manually executed signatures transmitted
by facsimile or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”) and
other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic
records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic
means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping
system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state
law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

 

    21

     

    

 

14.            Headings.
The section headings used herein are for convenience only and shall not affect the construction hereof.

 

15.            Amendments;
Waivers. Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed
by the Company and each Purchaser. No knowledge, investigation or inquiry, or failure or delay by the Company, any Purchaser or any representative
thereof in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude
any other or further exercise of any other right hereunder. No waiver of any right or remedy hereunder shall be deemed to be a continuing
waiver in the future or a waiver of any rights or remedies arising thereafter.

 

16.            Assignment.
This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective permitted assigns and successors
under this Agreement and the Transaction Documents. Neither this Agreement nor any of the rights, interests or obligations of the Company
or the Purchasers hereunder may be assigned by the Company without the prior written consent of each Purchaser or, in the case of an
assignment by a Purchaser (except for an assignment to an Affiliate or managed fund thereof), without the prior written consent of the
Company. Any assignment or transfer in violation of this Section 16 shall be null and void.

 

17.            Severability.
In the event that any provision of this Agreement or the application thereof becomes or is declared by a court of competent jurisdiction
to be illegal, void, invalid or unenforceable, the remainder of this Agreement shall continue in full force and effect and the application
of such provision to other Persons or circumstances shall be interpreted so as reasonably to effect the intent of the Parties. The Parties
further agree to replace such illegal, void, invalid or unenforceable provision of this Agreement with a legal, valid and enforceable
provision that achieves, to the extent possible, the economic, business and other purposes of such illegal, void, invalid or unenforceable
provision.

 

    22

     

    

 

18.            Expenses.
Each of the Issuer and the Guarantors agrees (a) to pay or reimburse the Purchasers for all reasonable documented out-of-pocket
costs and expenses incurred in connection with the preparation, negotiation and execution of this Agreement and the Note Documents and
the consummation and administration of the transactions contemplated hereby and thereby, including the reasonable documented out-of-pocket
legal expenses incurred by one firm of counsel for all Purchasers, taken as a whole (and, if necessary, by a single firm of local counsel
in each appropriate jurisdiction for all Purchasers, taken as a whole) and (b) to pay or reimburse the Purchasers for all reasonable
documented out-of-pocket costs and expenses incurred in connection with the enforcement of any rights or remedies under this Agreement
or the Note Documents (including all such costs and expenses incurred during any legal proceeding, including any proceeding under any
Bankruptcy Law or in connection with any workout or restructuring), including the fees, disbursements and other charges of counsel (limited
to the reasonable documented out-of-pocket legal expenses incurred by one firm of counsel for all Purchasers, taken as a whole (and,
if necessary, by a single firm of local counsel in each appropriate jurisdiction for all Purchasers, taken as a whole)). The foregoing
costs and expenses shall include all search, filing, recording, title insurance and appraisal charges and fees and taxes related thereto.

 

19.            Indemnification.

 

(a)            Each
of the Company and the Guarantors, jointly and severally, agrees to indemnify and hold harmless each Purchaser and its Affiliates and
their respective officers, directors, employees, agents, controlling persons, members and representatives and the successors and assigns
of each of the foregoing (each, an “Indemnified Person”) against all losses, claims, damages, liabilities and expenses,
joint or several, to which any such Indemnified Person may become subject arising out of or in connection with this Agreement, the use
or intended use of the proceeds of the Notes or any related transaction or any actual or threatened claim, actions, suits, inquiries,
litigation, investigation or proceeding (any such claim, actions, suits, inquiries, litigation, investigation or proceeding, a “Proceeding”)
relating to any of the foregoing, regardless of whether any such Indemnified Person is a party thereto (and regardless of whether such
matter is initiated by the Company, the Company’s equity holders, creditors, affiliates or any other third party), and to reimburse
each such Indemnified Person promptly upon demand for any reasonable documented out-of-pocket legal expenses incurred in connection with
investigating or defending any of the foregoing by one firm of counsel for all Indemnified Persons, taken as a whole (and, if necessary,
by a single firm of local counsel in each appropriate jurisdiction for all Indemnified Persons, taken as a whole (and, in the case of
an actual or perceived conflict of interest where the Indemnified Person affected by such conflict informs the Company of such conflict
and thereafter retains its own counsel with the Company’s prior consent (not to be unreasonably withheld or delayed), of another
firm of counsel (and local counsel, if applicable) for such affected Indemnified Person)) or other reasonable documented out-of-pocket
expenses incurred in connection with investigating or defending any of the foregoing or in connection with the enforcement of any provision
of this Agreement; provided, however, that the foregoing indemnity will not, as to any Indemnified Person, apply to (A) losses,
claims, damages, liabilities or related expenses (i) to the extent they are found in a final, non-appealable judgment of a court
of competent jurisdiction to have resulted from the willful misconduct or bad faith of such Indemnified Person or any of such Indemnified
Person’s controlled or controlling Affiliates or any of its or their respective officers, directors, employees, agents, controlling
persons, members or representatives (collectively, such Indemnified Person’s “Related Persons”) (provided
that each reference to “representatives” pertains solely to such representatives involved in the negotiation of this
Agreement), or (ii) arising out of a material breach by such Indemnified Person (or any of such Indemnified Person’s Related
Persons) of its obligations under this Agreement (as determined by a court of competent jurisdiction in a final and non-appealable judgment),
or (iii) arising out of any claim, actions, suits, inquiries, litigation, investigation or proceeding that does not involve an act
or omission of the Company or any of its Affiliates and that is brought by an Indemnified Person against any other Indemnified Person
or (B) any settlement entered into by such Indemnified Person (or any of such Indemnified Person’s Related Persons) without
written consent of the Company or any Guarantor (such consent not to be unreasonably withheld, delayed or conditioned), provided,
however, that the foregoing indemnity will apply to any such settlement in the event that the Company was offered the ability
to assume the defense of the action that was the subject matter of such settlement and elected not to assume such defense. This indemnity
agreement will be in addition to any liability that the Company and the Guarantors may otherwise have.

 

    23

     

    

 

(b)            It
is further agreed that the Purchasers shall have no liability to any person other than the Company, and the Company shall have no liability
to any person other than the Purchasers and the Indemnified Persons in connection with this Agreement. No Indemnified Person shall be
liable for any damages arising from the use by others of any information or other materials obtained through internet, electronic, telecommunications
or other information transmission systems except to the extent they are found in a final, non-appealable judgment of a court of competent
jurisdiction to have resulted from the willful misconduct or bad faith of such Indemnified Person or any of its Related Persons. None
of the Indemnified Persons or (except solely as a result of the Company’s indemnification obligations set forth above to the extent
an Indemnified Person is found so liable) the Company and the Guarantors, or any of their respective affiliates or the respective directors,
officers, employees, advisors, and agents of the foregoing shall be liable for any indirect, special, punitive or consequential damages
in connection with this Agreement or the transactions contemplated hereby.

 

(c)            None
of the Company and the Guarantors shall, without the prior written consent of each applicable Indemnified Person (which consent, except
with respect to a settlement including a statement of the type referred to in clause (b) below, shall not be unreasonably withheld
or delayed), effect any settlement of any pending or threatened Proceedings in respect of which indemnity could have been sought hereunder
by such Indemnified Person unless such settlement (a) includes an unconditional release of such Indemnified Person in form and substance
reasonably satisfactory to such Indemnified Person from all liability on claims that are the subject matter of such Proceedings, (b) does
not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person
and (c) includes customary confidentiality and non-disparagement agreements.

 

    24

     

    

 

20.            Definitions.
The terms that follow, when used in this Agreement, shall have the meanings indicated.

 

“Act” shall mean the Securities
Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder.

 

“Agreement” shall mean this
Note Purchase Agreement.

 

“Affiliate” shall have the
meaning specified in Rule 501(b) of Regulation D.

 

“Business Day” shall mean
any day other than a Saturday, a Sunday or a legal holiday or a day on which commercial banking institutions or trust companies are authorized
or required by law to close in New York City.

 

“Commission” shall mean the
Securities and Exchange Commission.

 

“Exchange Act” shall mean
the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder.

 

“Investment Company Act” shall
mean the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission promulgated thereunder.

 

“Material
Adverse Effect” means a material adverse effect on (i) the condition (financial or otherwise), business or results of
operations of the Company and its subsidiaries, taken as a whole, or (ii) the value of the Collateral taken as a whole.

 

“Regulation D” shall mean
Regulation D under the Act.

 

“Regulation S” shall mean
Regulation S under the Act.

 

“Trust Indenture Act” shall
mean the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission promulgated thereunder.

 

    25

     

    

 

If the foregoing is in accordance with your understanding
of our agreement, please sign and return to us the enclosed duplicate hereof, where upon this letter and your acceptance shall represent
a binding agreement among the Company the Guarantors and the several Purchasers.

 

	 	Very truly yours,

    

    NCL CORPORATION LTD.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:  
	 	 	 
	 	Krystalsea
    Limited, as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	GREAT STIRRUP CAY LIMITED,
    as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	NCL US IP CO 1, LLC,
    as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Note Purchase Agreement]

 

     

     

    

 

	 	NCL UK IP CO LTD.,
    as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	NCL US IP CO 2 LLC, as
    Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	PRESTIGE CRUISE HOLDINGS S.
    DE R.L., as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	OCEANIA CRUISES S. DE R.L.,
    as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	SEVEN SEAS CRUISES S. DE R.L.,
    as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Note Purchase Agreement]

 

     

     

    

 

	 	ARRASAS LIMITED,
    as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	NCL (BAHAMAS)
    LTD., as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	PRESTIGE
    CRUISES INTERNATIONAL S. DE R.L., as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Note Purchase Agreement]

 

     

     

    

 

The foregoing Agreement is hereby confirmed and
accepted as of the date first above written.

 

	 	[PURCHASERS]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Note Purchase Agreement]

 

     

     

    

 

Schedule I

 

	Purchaser	 	Principal Amount

    of Securities To 

    Be Purchased	 
	[Purchaser]	 	 	[_]	 
	[Purchaser]	 	 	[_]	 
	[Purchaser]	 	 	[_]	 
	[Purchaser]	 	 	[_]	 
	Total	 	$	    [_]	 

 

     

     

    

 

[Schedule
I

 

	Purchaser	 	Principal Amount
    
 of Secured 
 Securities To Be 
 Purchased	 
	[Purchaser]	 	 	[_]	 
	[Purchaser]	 	 	[_]	 
	[Purchaser]	 	 	[_]	 
	[Purchaser]	 	 	[_]	 
	Total	 	$	    [_]	 

 

	Purchaser	 	Principal Amount
    
 of Unsecured 
 Securities To Be
 Purchased	 
	[Purchaser]	 	 	[_]	 
	[Purchaser]	 	 	[_]	 
	[Purchaser]	 	 	[_]	 
	[Purchaser]	 	 	[_]	 
	Total	 	$	    [_]]	 

 

     

     

    

 

Annex A

 

Guarantors

 

	Name of Guarantor	Jurisdiction of Incorporation / 
 Organization
	Krystalsea Limited	British Virgin Islands
	Great Stirrup Cay Limited	Bahamas
	NCL US IP Co 1, LLC	Delaware
	NCL UK IP Co Ltd.	UK
	NCL US IP Co 2, LLC	Delaware
	Prestige Cruise Holdings S. de R.L.	Panama
	Oceania Cruises S. de R.L.	Panama
	Seven Seas Cruises S. de R.L.	Panama
	Arrasas Limited	Isle of Man
	NCL (Bahamas) Ltd.	Bermuda
	Prestige Cruises International S. de R.L.	Panama

 

     

     

    

 

Annex B

 

Security Documents

 

		1.	Collateral
                                            Agreement, to be dated as of the Closing Date, by and among the Guarantors party thereto
                                            and the Collateral Agent

 

		2.	Intellectual
                                            Property Security Agreement, to be dated as of the Closing Date, by and among NCL US IP Co
                                            2, LLC and the Collateral Agent

 

		3.	Intellectual
                                            Property Security Agreement, to be dated as of the Closing Date, by and among NCL UK IP Co
                                            Ltd and the Collateral Agent

 

		4.	Intellectual
                                            Property Security Agreement, to be dated as of the Closing Date, by and among Seven Seas
                                            Cruises S. de R.L., Prestige Cruise Holdings S. de R.L., Oceania Cruises S. de R.L. and the
                                            Collateral Agent

 

		5.	Share charge over the shares in NCL UK IP Co Ltd, to be dated as
                                            of the Closing Date, by and among NCL US IP Co 1, LLC and the Collateral Agent

 

		6.	Equitable
                                            Share Mortgage in Respect of Shares of Krystalsea
                                            Limited, to be dated as of the Closing Date, by and among Belize Investments
                                            Limited, Krystalsea Limited and the Collateral
                                            Agent

 

		7.	Share
                                            Pledge in Respect of Shares of Great Stirrup Cay Limited, to be executed on the Closing
                                            Date and dated as of the Closing Date or as soon as reasonably practicable thereafter, between
                                            NCL (Bahamas) Ltd. and the Collateral Agent

 

		8.	Mortgage
                                            in respect of the island owned by Great Stirrup Cay Limited, to be executed after the Closing
                                            Date by Great Stirrup Cay Limited and the Collateral Agent

 

		9.	Mortgage
                                            in respect of the island owned by Krystalsea Limited,
                                            to be executed after the Closing Date by Krystalsea
                                            Limited and the Collateral Agent

 

     

     

    

 

Exhibit A

 

Form of Access Agreement

 

[Attached.]

 

     

     

    

 

Exhibit B-1

 

Amended and Restated Trade and Asset Transfer
Agreement (US IPCo)

 

[Attached.]

 

     

     

    

 

Exhibit B-2

 

Amended and Restated Trade and Asset Transfer
Agreement (U.S. Branch of UK IPCo)

 

[Attached.]

 

     

     

    

 

Exhibit B-3

 

Amended and Restated Marketing Services and Trademark
License Agreement (US IPCo)

 

[Attached.]

 

     

     

    

 

Exhibit B-4

 

Amended and Restated Marketing Services and Trademark
License Agreement (U.S. Branch of UK IPCo)

 

[Attached.]

 

     

     

    

 

Exhibit C-1

 

Collateral Agreement

 

[Attached.]

 

     

     

    

 

EXHIBIT B

 

Form of Secured Indenture

 

[Attached.]

 

[Amended and Restated Commitment Letter]

 

    Exhibit B

     

    

 

NCL
CORPORATION LTD.,

as Issuer,

 

U.S.
BANK TRUST COMPANY, NATIONAL ASSOCIATION,

as Trustee, Principal Paying Agent, Transfer Agent,

Registrar and Security Agent,

 

INDENTURE

 

Dated as of [●], 202[2][3]

 

8.00% SENIOR SECURED NOTES DUE 2025

 

     

     

    

 

TABLE OF CONTENTS

 

 

 

Page

 

	 	Article One	 
	 	Definitions
    and Incorporation by Reference	 
	 	 	 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	32
	Section 1.03	Rules of Construction	34
	 	 	 
	 	Article Two	 
	 	The
    Notes	 
	 	 	 
	Section 2.01	The Notes	34
	Section 2.02	Execution and Authentication	35
	Section 2.03	Registrar, Transfer Agent
    and Paying Agent	36
	Section 2.04	Paying Agent to Hold Money	37
	Section 2.05	Holder Lists	37
	Section 2.06	Transfer and Exchange	38
	Section 2.07	Replacement Notes	40
	Section 2.08	Outstanding Notes	41
	Section 2.09	Notes Held by Issuer	41
	Section 2.10	Definitive Registered Notes	41
	Section 2.11	Cancellation	42
	Section 2.12	Defaulted Interest	42
	Section 2.13	Computation of Interest	43
	Section 2.14	ISIN and CUSIP Numbers	43
	Section 2.15	Issuance of Additional
    Notes	43
	 	 	 
	 	Article Three	 
	 	Redemption;
    Offers to Purchase	 
	 	 	 
	Section 3.01	Right of Redemption	43
	Section 3.02	Notices to Trustee	43
	Section 3.03	Selection of Notes to Be
    Redeemed	44
	Section 3.04	Notice of Redemption	44
	Section 3.05	Deposit of Redemption Price	45
	Section 3.06	[Reserved]	45
	Section 3.07	Payment of Notes Called
    for Redemption	45
	Section 3.08	Notes Redeemed in Part	46
	Section 3.09	Redemption for Changes
    in Taxes	46
	 	 	 
	 	Article Four	 
	 	Covenants	 
	 	 	 
	Section 4.01	Payment of Notes	47
	Section 4.02	Corporate Existence	47
	Section 4.03	Maintenance of Properties	48
	Section 4.04	Insurance	48

 

    i

     

    

 

	Section 4.05	Statement as
    to Compliance	48
	Section 4.06	Incurrence of Indebtedness
    and Issuance of Preferred Stock or Preference Shares	48
	Section 4.07	Liens	54
	Section 4.08	Restricted Payments	55
	Section 4.09	Asset Sales	59
	Section 4.10	Transactions with Affiliates	62
	Section 4.11	Purchase of Notes upon
    a Change of Control	64
	Section 4.12	Additional Amounts	66
	Section 4.13	[Reserved]	68
	Section 4.14	Note Guarantees and Security
    Interests	68
	Section 4.15	Additional Guarantees	68
	Section 4.16	Dividend and Other Payment
    Restrictions Affecting Restricted Subsidiaries	69
	Section 4.17	Designation of Restricted
    and Unrestricted Subsidiaries	71
	Section 4.18	Amendments to other Agreements	72
	Section 4.19	Reports to Holders	72
	Section 4.20	Further Assurances	73
	Section 4.21	[Reserved]	74
	Section 4.22	Impairment of Security
    Interest	74
	Section 4.23	After-Acquired Property	74
	Section 4.24	Collection Accounts	75
	Section 4.25	Intellectual Property	75
	 	 	 
	 	Article Five	 
	 	Merger,
    Amalgamation, Consolidation or Sale of Assets	 
	 	 	 
	Section 5.01	Merger, Amalgamation, Consolidation
    or Sale of Assets	75
	Section 5.02	Successor Substituted	77
	 	 	 
	 	Article Six	 
	 	Defaults
    and Remedies	 
	 	 	 
	Section 6.01	Events of Default	77
	Section 6.02	Acceleration	79
	Section 6.03	Other Remedies	82
	Section 6.04	Waiver of Past Defaults	82
	Section 6.05	Control by Majority	82
	Section 6.06	Limitation on Suits	83
	Section 6.07	Unconditional Right of
    Holders to Bring Suit for Payment	83
	Section 6.08	Collection Suit by Trustee	83
	Section 6.09	Trustee May File Proofs
    of Claim	84
	Section 6.10	Application of Money Collected	84
	Section 6.11	Undertaking for Costs	84
	Section 6.12	Restoration of Rights and
    Remedies	85
	Section 6.13	Rights and Remedies Cumulative	85
	Section 6.14	Delay or Omission Not Waiver	85
	Section 6.15	Record Date	85
	Section 6.16	Waiver of Stay or Extension
    Laws	85

 

    ii

     

    

 

	 	Article Seven	 
	 	Trustee
    and Security Agent	 
	 	 	 
	Section 7.01	Duties of Trustee and the
    Security Agent	86
	Section 7.02	Certain Rights of Trustee
    and the Security Agent	87
	Section 7.03	Individual Rights of Trustee
    and the Security Agent	91
	Section 7.04	Disclaimer of Trustee and
    Security Agent	91
	Section 7.05	Compensation and Indemnity	92
	Section 7.06	Replacement of Trustee
    or Security Agent	93
	Section 7.07	Successor Trustee or Security
    Agent by Merger	94
	Section 7.08	Appointment of Security
    Agent and Supplemental Security Agents	95
	Section 7.09	Eligibility; Disqualification	96
	Section 7.10	Appointment of Co-Trustee	96
	Section 7.11	Resignation of Agents	97
	Section 7.12	Agents General Provisions	97
	 	 	 
	 	Article Eight	 
	 	Defeasance;
    Satisfaction and Discharge	 
	 	 	 
	Section 8.01	Issuer’s Option to
    Effect Defeasance or Covenant Defeasance	99
	Section 8.02	Defeasance and Discharge	99
	Section 8.03	Covenant Defeasance	99
	Section 8.04	Conditions to Defeasance	99
	Section 8.05	Satisfaction and Discharge
    of Indenture	101
	Section 8.06	Survival of Certain Obligations	101
	Section 8.07	Acknowledgment of Discharge
    by Trustee	101
	Section 8.08	Application of Trust Money	101
	Section 8.09	Repayment to Issuer	102
	Section 8.10	Indemnity for Government
    Securities	102
	Section 8.11	Reinstatement	102
	 	 	 
	 	Article Nine	 
	 	Amendments
    and Waivers	 
	 	 	 
	Section 9.01	Without Consent of Holders	102
	Section 9.02	With Consent of Holders	103
	Section 9.03	Effect of Supplemental
    Indentures	105
	Section 9.04	Notation on or Exchange
    of Notes	105
	Section 9.05	[Reserved]	105
	Section 9.06	Notice of Amendment or
    Waiver	105
	Section 9.07	Trustee to Sign Amendments,
    Etc.	105
	Section 9.08	Additional Voting Terms;
    Calculation of Principal Amount	105
	 	 	 
	 	Article Ten	 
	 	Guarantee	 
	 	 	 
	Section 10.01	Note Guarantees	106
	Section 10.02	Subrogation	107
	Section 10.03	Release of Note Guarantees	107
	Section 10.04	Limitation and Effectiveness
    of Note Guarantees	108
	Section 10.05	Notation Not Required	108

 

    iii

     

    

 

	Section 10.06	Successors
    and Assigns	108
	Section 10.07	No Waiver	108
	Section 10.08	Modification	108
	 	 	 
	 	Article Eleven	 
	 	Security	 
	 	 	 
	Section 11.01	Security; Security Documents	108
	Section 11.02	Authorization of Actions
    to Be Taken by the Security Agent Under the Security Documents	112
	Section 11.03	Authorization of Receipt
    of Funds by the Security Agent Under the Security Documents	113
	Section 11.04	Release of the Collateral	113
	 	 	 
	 	Article Twelve	 
	 	Miscellaneous	 
	 	 	 
	Section 12.01	Notices	114
	Section 12.02	Certificate and Opinion
    as to Conditions Precedent	115
	Section 12.03	Statements Required in
    Certificate or Opinion	116
	Section 12.04	Rules by Trustee,
    Paying Agent and Registrar	116
	Section 12.05	No Personal Liability of
    Directors, Officers, Employees and Shareholders	116
	Section 12.06	Legal Holidays	116
	Section 12.07	Governing Law	116
	Section 12.08	Jurisdiction	116
	Section 12.09	No Recourse Against Others	117
	Section 12.10	Successors	117
	Section 12.11	Counterparts	117
	Section 12.12	Table of Contents and Headings	117
	Section 12.13	Severability	117
	Section 12.14	Currency Indemnity	118

 

Schedules

 

	Schedule
    I	–	Guarantors
	Schedule II	–	Security Documents
	Schedule III	–	Agreed Security Principles
	Schedule IV	–	Collection Accounts

 

Exhibits

 

	Exhibit A	–	Form of
    Note 
	Exhibit B	–	Form of Transfer
    Certificate for Transfer from Restricted Global Note to Regulation S Global Note 
	Exhibit C	–	Form of Transfer
    Certificate for Transfer from Regulation S Global Note to Restricted Global Note
	Exhibit D	–	Form of Supplemental
    Indenture

 

    iv

     

    

 

INDENTURE,
dated as of [●], 202[2][3], among NCL Corporation Ltd., an exempted company incorporated under the laws of Bermuda and tax resident
in the United Kingdom (the “Issuer”), the Guarantors party hereto and U.S. Bank Trust Company, National Association,
a national banking association organized and existing under the laws of the United States of America, as trustee (in such capacity, the
 “Trustee”), as Principal Paying Agent, as Transfer Agent, as Registrar and as Security Agent (in such capacity, the
 “Security Agent”).

 

RECITALS

 

The Issuer has duly authorized
the execution and delivery of this Indenture to provide for the issuance of its 8.00% Senior Secured Notes due 2025 issued on the date
hereof (the “Original Notes”) and any Additional Notes that may be issued after the Issue Date in compliance with
this Indenture. The Original Notes and the Additional Notes together are referred to herein as the “Notes”. The Issuer
has received good and valuable consideration for the execution and delivery of this Indenture. All necessary acts and things have been
done to make (i) the Notes, when duly issued and executed by the Issuer and authenticated and delivered hereunder, the legal, valid
and binding obligations of the Issuer and (ii) this Indenture a legal, valid and binding agreement of the Issuer in accordance with
the terms of this Indenture.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

Article One

Definitions and Incorporation by Reference

 

Section 1.01     Definitions.

 

“Access Agreement”
means each of the following agreements entered into as of the Issue Date, pursuant to which Great Stirrup Cay Limited and Krystalsea
Limited, as applicable, shall earn fees in exchange for providing the Issuer and its Restricted Subsidiaries access to Great Stirrup
Cay Island and Harvest Caye Island, as applicable: (i) the Access Agreement among Great Stirrup Cay Limited, NCL (Bahamas), Oceania
Cruises and Seven Seas; and (ii) the Access Agreement among Krystalsea Limited, NCL (Bahamas), Oceania Cruises and Seven Seas, in
each case, in substantially the forms attached to the Original Note Purchase Agreement.

 

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

 

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

 

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

 

“Additional Notes”
means additional senior secured notes issued hereunder subsequent to the Issue Date, which Additional Notes shall constitute part of
the same series together with the Original Notes issued on the Issue Date and shall be on all of the same terms (other than the terms
in respect of issuance price) of the Original Notes.

 

     

     

    

 

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

 

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

 

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

 

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

 

“ARCA”
means the Fifth Amended and Restated Credit Agreement, dated as of May 8, 2020, among NCL Corporation Ltd., as borrower, Voyager
Vessel Company, LLC, as co-borrower, the subsidiary guarantors party thereto, JPMorgan Chase Bank, N.A., as administrative agent and
collateral agent, and a syndicate of other banks party thereto as joint bookrunners, arrangers, co-documentation agents and lenders,
as amended by that certain Amendment No. 1, dated as of January 29, 2021, by that certain Amendment No. 2, dated as of
March 25, 2021, and by that certain Amendment No. 3, dated as of November 12, 2021, and as may further be 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 any successor or replacement
agreement or agreements or increasing the amount loaned thereunder (in each case subject to compliance with Section 4.06)
or altering the maturity thereof.

 

“Asset Sale”
means:

 

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

 

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

 

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

 

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

 

    2

     

    

 

(b)           (x) a
sale, lease, conveyance or other disposition of assets or Equity Interests other than Collateral between or among the Issuer and any
Restricted Subsidiary and (y) a sale, lease, conveyance or other disposition of assets or Equity Interests constituting Collateral
between or among Secured Guarantors;

 

(c)           an
issuance of Equity Interests by a Restricted Subsidiary to the Issuer or to a Restricted Subsidiary other than an issuance of Equity
Interests by any Specified Guarantor to a Restricted Subsidiary that is not a Specified Guarantor;

 

(d)           the
sale, lease, conveyance or other disposition of inventory, insurance proceeds or other assets other than Collateral in the ordinary course
of business and any sale or other disposition of damaged, worn-out or obsolete assets or assets other than Collateral that are no longer
useful in the conduct of the business of the Issuer and its Restricted Subsidiaries; provided that Great Stirrup Cay Limited and
Krystalsea Limited may dispose of assets (other than real property held by them) no longer useful in the conduct of their respective
businesses as reasonably determined by them in good faith;

 

(e)           licenses
and sublicenses by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business (provided that with respect to
any Collateral, such licenses and sublicenses shall be non-exclusive);

 

(f)            any
surrender or waiver of contract rights or settlement, release, recovery on or surrender of contract, tort or other claims of any kind
(except for any surrender or waiver of any right under any Access Agreement or IP License);

 

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

 

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

 

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

 

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

 

(k)           the
foreclosure, condemnation or any similar action with respect to any property or other assets other than Collateral;

 

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

 

(m)          time
charters and other similar arrangements with respect to any Vessel in the ordinary course of business; and

 

(n)           the
abandonment or lapse of any immaterial Intellectual Property rights registered with a government agency or third party registrar in the
reasonable business judgment of the Issuer or any of its Restricted Subsidiaries.

 

    3

     

    

 

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

 

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

 

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

 

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

 

“Board of Directors”
means:

 

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

 

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

 

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

 

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

 

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

 

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

 

    4

     

    

 

“BVI Act”
means the BVI Business Companies Act, 2004 (as amended).

 

“BVI Register of
Charges” means the register of charges of Krystalsea Limited maintained by Krystalsea Limited in accordance with Section 162
of the BVI Act.

 

“BVI Registrar of
Corporate Affairs” means the Registrar of Corporate Affairs of the British Virgin Islands appointed under Section 229
of the BVI Act.

 

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

 

“Capital Stock”
means:

 

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

 

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

 

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

 

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

 

(e)            in
the case of a company incorporated in the Isle of Man, shares (of any class) of the company or in its capital;

 

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

 

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

 

“Cash Equivalents”
means:

 

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

 

    5

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Clearstream”
means Clearstream Banking, société anonyme.

 

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

 

“Collateral”
means the following:

 

    6

     

    

 

(a)            all
assets (other than certain excluded assets to be set forth in the Security Documents) of Great Stirrup Cay Limited, a company organized
under the laws of the Bahamas (“Great Stirrup Cay Limited”), Krystalsea Limited,
a BVI business company incorporated under the laws of the British Virgin Islands with company number 1056308 and with its registered
office address at Tortola Pier Park, Building 1, Second Floor, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands (“Krystalsea
Limited”), NCL US IP Co 1, LLC, a Delaware limited liability company (“IPCo Parent”), NCL US IP Co 2, LLC,
a Delaware limited liability company (“US IPCo”), and the U.S. Branch of NCL UK IP Co Ltd, a private limited company
organized under the laws of England and Wales (“UK IPCo”);

 

(b)            all
Customer Data and other Intellectual Property owned and controlled by Seven Seas Cruises S. de R.L., a company organized under the laws
of Panama (“Seven Seas”), Oceania Cruises S. de R.L., a company organized under the laws of Panama (“Oceania
Cruises”), and Prestige Cruise Holdings S. de R.L., a company organized under the laws of Panama (“Prestige Holdings”);

 

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

 

(d)            a
share charge granted by NCL (Bahamas) Ltd., an exempted company incorporated under the laws of Bermuda (“NCL (Bahamas)”),
over the entire issued shares of Great Stirrup Cay Limited (the “Great Stirrup Pledged Equity”).

 

“Collection Account”
means any deposit or securities account into which (i) payments to the Specified Guarantors under any IP License or Access Agreement
or (ii) Net Proceeds from an Event of Loss relating to the Collateral, to the extent pending reinvestment in accordance with this
Indenture, are paid, deposited or maintained. As of the Issue Date, each Collection Account is listed on Schedule IV hereto.

 

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

 

“Committed Unsecured
Notes” means any unsecured notes issued after the Issue Date pursuant to the Commitment Letter, dated as of July 26, 2022,
among the Issuer and the purchasers party thereto.

 

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

 

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

 

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

 

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

 

(4)            business
optimization expenses and other restructuring charges (which, for the avoidance of doubt, shall include, without limitation, the effect
of optimization programs, facility closures, retention, severance, systems establishment costs and excess pension charges);

 

    7

     

    

 

(5)            any
other non-cash charges; provided that, for purposes of this subclause (5) of this clause (a), any non-cash charges or losses
shall be treated as cash charges or losses in any subsequent period during which cash disbursements attributable thereto are made; and

 

(6)            the
amount of management, consulting, monitoring, transaction and advisory fees and related expenses paid to any Affiliate (or any accruals
related to such fees and related expenses) during such period not in contravention of the provisions described under Section 4.10,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)           any
increase in amortization or depreciation or any non-cash charges or increases or reductions in net income resulting from purchase accounting
in connection with any acquisition that is consummated on or after the Issue Date shall be excluded;

 

    8

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    9

     

    

 

 

“Control Agreement”
means a control or other security agreement or arrangement, in form and substance reasonably satisfactory to the Security Agent, as may
be appropriate under the laws of any relevant jurisdiction with respect to a Collection Account and which shall provide that prior to
the delivery of an activation notice thereunder by the Security Agent, the applicable Secured Guarantor shall retain the right to direct
the disposition of funds from the applicable Collection Account.

 

“Copyrights”
means all copyrights, copyright registrations and applications for copyright registrations, including all renewals and extensions thereof,
all rights to recover for past, present or future infringements thereof and all other rights whatsoever accruing thereunder or pertaining
thereto, and all renewals in respect of any of the foregoing.

 

“Credit Facilities”
means one or more debt facilities, instruments or arrangements incurred by the Issuer or any Restricted Subsidiary (including but not
limited to the ARCA) with banks, other institutions or investors providing for revolving credit loans, term loans, receivables financing
(including through the sale of receivables to such institutions or to special purpose entities formed to borrow from such institutions
against such receivables), letters of credit, notes or other Indebtedness, in each case, as amended, restated, modified, renewed, refunded,
replaced, restructured, refinanced, repaid, increased or extended in whole or in part from time to time (and whether in whole or in part
and whether or not with the original administrative agent and lenders or another administrative agent or agents or trustees or other banks
or institutions and whether provided under the ARCA or one or more other credit or other agreements, indentures, financing agreements
or otherwise) and in each case including all agreements, instruments and documents executed and delivered pursuant to or in connection
with the foregoing (including any notes and letters of credit issued pursuant thereto and any Guarantee and collateral agreement, patent
and trademark security agreement, mortgages or letter of credit applications and other Guarantees, pledges, agreements, security agreements
and collateral documents). Without limiting the generality of the foregoing, the term “Credit Facilities” shall include any
agreement or instrument (1) changing the maturity of any Indebtedness incurred thereunder or contemplated thereby, (2) adding
Subsidiaries of the Issuer as additional borrowers, issuers or guarantors thereunder, (3) increasing the amount of Indebtedness incurred
thereunder or available to be borrowed thereunder or (4) otherwise altering the terms and conditions thereof.

 

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

 

“Customary Intercreditor
Agreement” means an intercreditor agreement providing for payment subordination or lien priority, payment blockage and enforcement
limitation terms with respect which are customary in the good faith judgment of the Issuer as evidenced in an Officer’s Certificate.

 

“Customer Data”
means all of the rights in customer data created or updated during or after 2008 through April 2, 2025 (or such earlier date on which
the Notes shall be satisfied and discharged) held by (a) US IPCo with respect to U.S. residents, (b) the U.S. Branch of UK IPCo
with respect to U.K. residents, and (c) Seven Seas, Oceania Cruises and Prestige Holdings with respect to residents in any jurisdiction,
in each case of (a) through (c), including all intellectual property rights in or with respect to the foregoing.

 

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

 

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

 

    10

     

    

 

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

 

“DTC” means
The Depository Trust Company, a New York corporation, its nominees and successors.

 

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

 

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

 

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

 

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

 

“Euroclear”
means Euroclear SA/NV.

 

“Event of Loss”
means the actual or constructive total loss, arranged or compromised total loss, casualty, destruction, condemnation, confiscation, requisition,
seizure or forfeiture of, or other taking of title or use of, any Vessel or any property or asset constituting Collateral, as applicable.

 

“Existing Exchangeable
Notes” means the 6.00% exchangeable senior notes due 2024 issued by the Issuer, the 5.375% exchangeable senior notes due 2025
issued by the Issuer, the 1.125% exchangeable senior notes due 2027 issued by the Issuer and the 2.50% exchangeable senior notes due 2027
issued by the Issuer, each as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the
existing holders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement
or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness
under such agreement or agreements or any successor or replacement agreement or agreements or increasing the amount of notes issued thereunder
(in each case subject to compliance with Section 4.06) or altering the maturity thereof.

 

    11

     

    

 

“Existing Indebtedness”
means all Indebtedness of the Issuer and its Restricted Subsidiaries in existence on the Issue Date (but not including any Committed Unsecured
Notes).

 

“Existing Notes”
means the Existing Secured Notes, the Existing Exchangeable Notes and the Existing Unsecured Notes, collectively.

 

“Existing Secured
Notes” means the 5.875% senior secured notes due 2027 issued by the Issuer, as amended, restated, supplemented, waived, replaced
(whether or not upon termination, and whether with the existing holders or otherwise), restructured, repaid, refunded, refinanced or otherwise
modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring
all or any portion of the Indebtedness under such agreement or agreements or any successor or replacement agreement or agreements or increasing
the amount of notes issued thereunder (in each case subject to compliance with Section 4.06) or altering the maturity thereof.

 

“Existing Unsecured
Notes” means the 3.625% senior notes due 2024 issued by the Issuer, the 5.875% senior notes due 2026 issued by the Issuer, the
6.125% senior notes due 2028 issued by NCL Finance, Ltd. and the 7.750% senior notes due 2029 issued by the Issuer, each as amended,
restated, supplemented, waived, replaced (whether or not upon termination, and whether with the existing holders or otherwise), restructured,
repaid, refunded, refinanced or otherwise modified from time to time, including any agreement or indenture extending the maturity thereof,
refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or any successor
or replacement agreement or agreements or increasing the amount of notes issued thereunder (in each case subject to compliance with Section 4.06)
or altering the maturity thereof.

 

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

 

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

 

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

 

“Fitch”
means Fitch Ratings Inc.

 

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

 

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

 

    12

     

    

 

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

 

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

 

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

 

    13

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    14

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“H.15”
has the meaning assigned to such term in the definition of “Treasury Rate.”

 

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

 

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

 

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

 

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

 

(d)            Capital
Lease Obligations of such Person;

 

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

 

    15

     

    

 

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

 

(g)           Attributable
Debt of such Person;

 

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

 

The term “Indebtedness”
shall not include:

 

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

 

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

 

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

 

(d)            deferred
or prepaid revenues;

 

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

 

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

 

(g)            [reserved];
or

 

(h)            any
Capital Stock.

 

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

 

“Intellectual Property”
means:

 

(a)            with
respect to each Specified Guarantor, collectively, all Copyrights, all Patents and all Trademarks, in each case, whether now owned or
hereafter acquired by such Specified Guarantor, together with (i) all inventions, processes, production methods, proprietary information,
know-how and trade secrets; (ii) all licenses or user or other agreements granted to such Specified Guarantor with respect to any
of the foregoing, in each case, whether now or hereafter owned or used; (iii) all information, customer lists, identification of
suppliers, data, plans, blueprints, specifications, designs, drawings, recorded knowledge, surveys, engineering reports, test reports,
manuals, materials standards, processing standards, performance standards, catalogs, computer and automatic machinery software and programs;
(iv) all field repair data, sales data and other information relating to sales or service of products now or hereafter manufactured;
(v) all accounting information and all media in which or on which any information or knowledge or data or records may be recorded
or stored and all computer programs used for the compilation or printout of such information, knowledge, records or data; (vi) all
licenses, consents, permits, variances, certifications and approvals of governmental agencies now or hereafter held by such Specified
Guarantor; and (vii) all causes of action, claims and warranties now or hereafter owned or acquired by such Specified Guarantor in
respect of any of the items listed above; and

 

    16

     

    

 

(b)            with
respect to each of Oceania Cruises, Seven Seas and Prestige Holdings, collectively, all Copyrights, all Patents and all Trademarks
in any jurisdiction throughout the world, in each case, to the extent registered or subject to application for registration that is pending,
whether now owned or hereafter acquired by such Secured Guarantor, together with (i) lists of existing or prospective customers and
all data or information relating thereto; (ii) all licenses or user or other agreements granted to such Secured Guarantor with respect
to any of the foregoing, in each case whether now or hereafter owned or used; and (iii) all causes of action, claims and warranties
now or hereafter owned or acquired by such Secured Guarantor in respect of any of the items listed above.

 

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

 

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

 

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

 

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

 

“Issue Date”
means [●], 202[2][3].

 

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

 

    17

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Mortgaged Property”
means each of (i) Great Stirrup Cay Island and (ii) Harvest Caye Island.

 

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

 

“Net Book Value”
means, with respect to any asset or property at any time, the net book value of such asset or property as reflected on the most recent
balance sheet of the Issuer at such time, determined on a consolidated basis in accordance with GAAP.

 

“Net
Proceeds” means (a) with respect to any Asset Sale or Event of Loss, including any sale, lease, conveyance or other disposition
by the Issuer or any of its Restricted Subsidiaries of, or any Event of Loss relating to, any assets comprising part of the Collateral,
the aggregate cash proceeds and Cash Equivalents received by the Issuer or any of its Restricted Subsidiaries in respect of such Asset
Sale or Event of Loss (including, without limitation, any cash or Cash Equivalents received upon the sale or other disposition of any
non-cash consideration received in any Asset Sale); provided that such amount shall be net of the direct costs relating to such
Asset Sale or Event of Loss, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and
any relocation expenses incurred as a result of the Asset Sale or Event of Loss, taxes paid or payable as a result of the Asset Sale or
Event of Loss, any charges, payments or expenses incurred in connection with an Asset Sale or Event of Loss (including, without limitation,
(i) any exit or disposal costs, (ii) any repair, restoration or environmental remediation costs, charges or payments, (iii) any
penalties or fines resulting from such Event of Loss, (iv) any severance costs resulting from such Event of Loss, (v) any costs
related to salvage, scrapping or related activities and (vi) any fees, settlement payments or other charges related to any litigation
or administrative proceeding resulting from such Event of Loss) and any reserve for adjustment or indemnification obligations in respect
of the sale price of such asset or assets established in accordance with GAAP; provided, further, that if no Event
of Default exists, the Issuer may, promptly following receipt of any cash proceeds or Cash Equivalents in respect of any Event of Loss
relating to any real property or related assets comprising part of the Collateral, deliver an Officer’s Certificate to the Trustee
setting forth the Issuer’s intention to use any portion of such proceeds to repair or rebuild such assets of the applicable Secured
Guarantor within 450 days after the receipt thereof, in which case such proceeds shall not constitute Net Proceeds subject to Section 3.01(b) (provided
that any portion of such proceeds not actually used for such repair or rebuild shall constitute Net Proceeds subject to Section 3.01(b));
provided, further, still that any such Net Proceeds shall be maintained in a Collection Account subject to a Control
Agreement pending reinvestment in accordance with the preceding proviso and (b) with respect to any issuance or incurrence of Indebtedness
of the Issuer or any of its Restricted Subsidiaries, the cash proceeds thereof, net of (i) any fees, underwriting discounts and commissions,
premiums and other costs and expenses incurred in connection with such issuance and (ii) attorney’s fees, investment banking
fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes,
other customary expenses, and brokerage, consultant, accountant, and other customary fees. To the extent the amounts that must be netted
against any cash proceeds and Cash Equivalents cannot be reasonably determined by the Issuer with respect to any Asset Sale or Event of
Loss not relating to the Collateral, such cash proceeds and Cash Equivalents shall not be deemed received until such amounts to be netted
are known by the Issuer.

 

    18

     

    

 

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

 

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

 

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

 

“Note Documents”
means the Notes, any Additional Notes, the Note Guarantees, this Indenture, the Security Documents, each IP License, each Access Agreement
and any other agreements, documents or instruments related to any of the foregoing, as they may be amended, restated, modified, renewed,
supplemented, refunded, replaced or refinanced, from time to time.

 

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

 

“Note Obligations”
means the Obligations of the Issuer and the Guarantors under the Note Documents.

 

“Obligations”
means any principal, interest, penalties, fees, premiums (including Redemption Premiums), indemnifications, reimbursements, damages and
other liabilities payable under the documentation governing any Indebtedness.

 

“Officer”
means, with respect to any Person, the Chairman or Vice-Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial
Officer, the President, an Executive Vice President, a Senior Vice President or Vice President, the Treasurer, an Assistant Treasurer,
the Controller, an Assistant Controller, the Secretary, an Assistant Secretary, or any individual designated by the Board of Directors,
of such Person.

 

    19

     

    

 

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

 

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

 

“Original Note Purchase
Agreement” means the Note Purchase Agreement entered into prior to the Issue Date for the purchase and sale of the Original
Notes.

 

“Par Call Date”
means March 3, 2025.

 

“Patents”
means all patents and patent applications, including the inventions and improvements described and claimed therein, and all improvements
thereto, together with the parents, reissues, divisionals, provisionals, continuations, re-examinations, renewals, extensions and continuations
in part thereof, all income, royalties, damages and payments now or hereafter due and/or payable with respect thereto, all damages and
payments for past or future infringements thereof and rights to sue therefor, and all rights corresponding thereto throughout the world.

 

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

 

“Permitted Collateral
Liens” means:

 

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

 

(b)            Liens
on the Collateral, other than Liens to secure Indebtedness for borrowed money, in an aggregate amount of up to $25.0 million;

 

(c)            certain
perpetual licenses granted under each IP License; and

 

(d)            the
existing mortgage dated February 17, 1986 on Great Stirrup Cay Island, provided that such mortgage secures no outstanding
obligations.

 

“Permitted Intercompany
Debt” means any Indebtedness incurred by a Specified Guarantor from the Issuer or one of its Restricted Subsidiaries to finance
the operations of such Specified Guarantor provided that such Indebtedness (i) is unsecured, (ii) is expressly subordinated
to the prior payment in full in cash of all Note Obligations and (iii) may not be repaid in cash except to the extent no Event of
Default has occurred and is continuing, by such Specified Guarantor with cash in its Collection Account in accordance with Section 4.08
or Section 4.09, as applicable.

 

    20

     

    

 

“Permitted Investments”
means:

 

(a)            (i) any
Investment by the Issuer or any Restricted Subsidiary that is not a Specified Guarantor in the Issuer or any of its Restricted Subsidiaries
and (ii) any Investment by any Specified Guarantor in any other Specified Guarantor or, if no Event of Default exists, in the Issuer
or any of its Restricted Subsidiaries; provided that any Investment by any Specified Guarantor in the Issuer or any of its Restricted
Subsidiaries shall be limited to such Specified Guarantor’s cash in its Collection Accounts (other than Net Proceeds required to
be held therein pursuant to this Indenture) and shall be used for working capital purposes of the Issuer or any of its Restricted Subsidiaries,
including debt service and shipbuilding payments;

 

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

 

(c)           any
Investment by the Issuer or any Restricted Subsidiary in a Person that is not a Restricted Subsidiary, if as a result of such Investment:

 

(i)            such
Person becomes a Restricted Subsidiary; or

 

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

 

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

 

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

 

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

 

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

 

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

 

(i)            repurchases
of Indebtedness not constituting a Restricted Payment (other than any Permitted Investment permitted pursuant to this clause (i));

 

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

 

    21

     

    

 

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

 

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

 

(m)           Management
Advances;

 

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

 

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

 

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

 

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

 

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

 

(s)             additional
Investments in additional joint ventures held by the Issuer or any Restricted Subsidiary engaged in a Permitted Business.

 

    22

     

    

 

Notwithstanding anything to
the contrary set forth herein, no Investment shall constitute a Permitted Investment if the effect of such Investment is to cause (i) the
sale, lease, transfer or other disposition, directly or indirectly, of assets or property constituting Collateral by a Secured Guarantor
to any Subsidiary of the Issuer other than a Secured Guarantor or (ii) any Collateral of any Specified Guarantor to be held by any
Subsidiary of the Issuer other than a Specified Guarantor. Notwithstanding the preceding sentence, if no Event of Default exists, a Specified
Guarantor shall be permitted to make any Investment in the Issuer or any of its Restricted Subsidiaries provided such Investment
is limited to such Specified Guarantor’s cash in its Collection Accounts (other than Net Proceeds required to be held therein pursuant
to this Indenture) and is used for working capital purposes of the Issuer or any of its Restricted Subsidiaries, including debt service
and shipbuilding payments.

 

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

 

“Permitted Liens”
means:

 

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

 

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

 

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

 

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

 

    23

     

    

 

(e)            Liens
existing on the Issue Date;

 

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

 

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

 

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

 

(i)            Liens
created for the benefit of (and to secure) the Notes (or the Note Guarantees) and all other Obligations;

 

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

 

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

 

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

 

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

 

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

 

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

 

(p)           [reserved];

 

    24

     

    

 

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

 

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

 

(s)            Liens
on Unearned Customer Deposits (i) in favor of payment processors pursuant to agreements therewith consistent with industry practice
or (ii) in favor of customers;

 

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

 

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

 

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

 

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

 

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

 

(y)           Liens
incurred by the Issuer or any Restricted Subsidiary with respect to obligations that do not exceed the greater of $200.0 million and 1.25%
of Total Tangible Assets at any one time outstanding;

 

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

 

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

 

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

 

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

 

    25

     

    

 

(dd)         any
extension, renewal, refinancing or replacement, in whole or in part, of any Lien described in the foregoing clauses (a) through (cc);
provided that (x) any such Lien is limited to all or part of the same property or assets (plus improvements, accessions,
proceeds, products or dividends or distributions in respect thereof) that secured (or, under the written arrangements under which the
original Lien arose, could secure) the Indebtedness being extended, renewed, refinanced or replaced and (y) the Indebtedness secured
by such Lien at such time is not increased to any amount greater than the sum of the outstanding principal amount or, if greater, committed
amount of such Indebtedness at the time the original Lien became a Permitted Lien under this Indenture and an amount necessary to pay
any fees and expenses, including premiums, related to such extension, renewal, refinancing or replacement.

 

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

 

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

 

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

 

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

 

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

 

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

 

    26

     

    

 

“Pledged IP”
means all Intellectual Property of the Secured Guarantors to the extent included under clauses (a) or (b) in the definition
of “Collateral.”

 

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

 

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

 

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

 

“Rating Agencies”
means any of Moody’s, S&P or Fitch, or any of their respective successors or, if any of the foregoing shall cease to provide
a corporate or issuer credit rating (or the equivalent) of the Issuer or a rating of the Notes, as applicable, for reasons outside the
control of the Issuer, a nationally recognized statistical rating agency selected by the Issuer to substitute for such Rating Agency.

 

“Rating Event”
means:

 

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

 

(b)            if
the Notes are rated Investment Grade by at least two of the Rating Agencies on the first day of the Trigger Period, the Notes are downgraded
to below Investment Grade (i.e., below BBB- or Baa3) by at least two of such Rating Agencies on any date during the Trigger Period;
provided that a Rating Event otherwise arising by virtue of a particular downgrade in rating shall not be deemed to have occurred
in respect of a particular Change of Control (and thus shall not be deemed a Rating Event for purposes of the definition of Change of
Control Triggering Event hereunder) if the Rating Agency making the reduction in rating to which this definition would otherwise apply
does not announce or publicly confirm or inform the Issuer that the reduction was the result, in whole or in part, of any event or circumstance
comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control
shall have occurred at the time of the Rating Event). For the avoidance of doubt, no Change of Control Triggering Event will be deemed
to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated.

 

    27

     

    

 

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

 

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

 

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

 

“Redemption Price”
means, when used with respect to any Note to be redeemed, the price at which it is to be redeemed pursuant to this Indenture and such
Note (which price shall include, with respect to any redemption of any Notes prior to the Par Call Date, whether by optional redemption,
by mandatory redemption or upon an acceleration of the Notes on or after an Event of Default, the Redemption Premium).

 

“Redemption Premium”
means, with respect to any redemption of any Notes prior to the Par Call Date, whether by optional redemption, by mandatory redemption
or upon an acceleration of the Notes on or after an Event of Default, the premium on such Notes equal to the excess of the Redemption
Price applicable to such Notes on such Redemption Date calculated in a manner consistent with the calculation set forth in Section 6
of the Notes, over the Redemption Price of such Notes on such Redemption Date if such redemption were at par.

 

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

 

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

 

“Remaining Life”
has the meaning assigned to such term in the definition of “Treasury Rate.”

 

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

 

    28

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Secured Guarantor”
means collectively (i) Krystalsea Limited, (ii) Great Stirrup Cay Limited, (iii) IPCo Parent, (iv) US IPCo, (v) UK
IPCo, (vi) Oceania Cruises, (vii) Seven Seas and (viii) Prestige Holdings.

 

“Secured Parties”
means, collectively, the Holders, the Trustee, any Paying Agent, any Transfer Agent, the Security Agent and any other holder from time
to time of any of the Note Obligations and, in each case, their respective successors and assigns.

 

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

 

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

 

“Significant Subsidiary”
means, at the date of determination, any Restricted Subsidiary that together with its Subsidiaries which are Restricted Subsidiaries (i) for
the most recent fiscal year, accounted for more than 10% of the consolidated revenues of the Issuer or (ii) as of the end of the
most recent fiscal year, was the owner of more than 10% of the consolidated assets of the Issuer; provided that notwithstanding
the foregoing, each Secured Guarantor shall be deemed a Significant Subsidiary hereunder.

 

“Specified Guarantor”
means collectively (i) Krystalsea Limited, (ii) Great Stirrup Cay Limited, (iii) IPCo Parent, (iv) US IPCo and (v) UK
IPCo.

 

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

 

    29

     

    

 

 

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

 

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

 

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

 

“Supplemental Indenture”
means a supplemental indenture to this Indenture in form and substance reasonably satisfactory to the Trustee.

 

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

 

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

 

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

 

“Trademark”
means all trademarks, service marks, corporate names, company names, business names, fictitious business names, trade styles, trade dress,
logos, other source or business identifiers, and designs, and any and all registrations and applications for registration filed in connection
therewith, and all renewals thereof, and all rights to recover for all past, present and future infringements thereof and all
rights to sue therefor, and all rights corresponding thereto throughout the world, all domain names, whether or not trademarks or service
marks, web addresses, web pages, websites and related content, accounts with Twitter, Facebook and other social media companies and the
content found thereon and related thereto, and URLs, and registrations thereof, and all goodwill associated or symbolized by the foregoing.

 

“Treasury
Rate” means, with respect to any Redemption Date, the yield determined by the Issuer in accordance with the following two paragraphs.

 

    30

    

    

 

The Treasury Rate shall be
determined by the Issuer after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily
by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the Redemption Date based upon the yield
or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board
of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation
or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal”
(or any successor caption or heading). In determining the Treasury Rate, the Issuer shall select, as applicable: (1) the yield for
the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the “Remaining
Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields
 – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the
Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a
straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if
there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury
constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or
maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury
constant maturity from the Redemption Date.

 

If on the third Business
Day preceding the Redemption Date H.15 or any successor designation or publication is no longer published, the Issuer shall calculate
the Treasury Rate based on the rate per annum equal to the quarterly equivalent yield to maturity at 11:00 a.m., New York City time,
on the second Business Day preceding such Redemption Date of the United States Treasury security maturing on, or with a maturity that
is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there
are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date
preceding the Par Call Date and one with a maturity date following the Par Call Date, the Issuer shall select the United States Treasury
security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the
Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Issuer shall select
from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based
upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining
the Treasury Rate in accordance with the terms of this paragraph, the quarterly yield to maturity of the applicable United States Treasury
security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New
York City time, of such United States Treasury security, and rounded to three decimal places.

 

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

 

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

 

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

 

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

 

    31

    

    

 

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

 

(c)            does
not own or exclusively license any Collateral or Intellectual Property or real property that would constitute Collateral if owned by
the Secured Guarantors.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 1.02     Other
Definitions.

 

	Term
	 	Section

	“Additional
    Amounts”	 	4.12(a)
	“Affiliate
    Transaction”	 	4.10(a)
	“Agents”	 	2.03
	“Applicable
    Procedures”	 	2.06(b)(ii)

 

    32

    

    

 

	Term
	 	Section

	“Asset
    Sale Offer”	 	4.09(c)
	“Authorized
    Agent”	 	12.08
	“Central
    Bank Approval”	 	11.01(c)(iv)
	“Change
    in Tax Law”	 	3.09(b)
	“Change
    of Control Offer”	 	4.11(a)
	“Change
    of Control Purchase Date”	 	4.11(a)
	“Change
    of Control Purchase Price”	 	4.11(a)
	“Covenant
    Defeasance”	 	8.03
	“Deemed
    Date”	 	4.06(e)
	“Defaulted
    Interest”	 	2.12
	“Event
    of Default”	 	6.01(a)
	“Excess
    Proceeds”	 	4.09(c)
	“Global
    Notes”	 	2.01(c)
	“Great
    Stirrup Cay Island”	 	11.01(f)(i)
	“Great
    Stirrup Mortgage”	 	11.01(f)(i)
	“Great
    Stirrup Share Pledge”	 	11.01(c)(iv)
	“Harvest
    Caye Island”	 	11.01(f)(ii)
	“Harvest
    Caye Mortgage”	 	11.01(f)(ii)
	“Increased
    Amount”	 	4.07(b)
	“incur”	 	4.06(a)
	“Investments
    Board Permit”	 	11.01(f)(i)
	“Issuer”	 	Preamble
	“Judgment
    Currency”	 	12.14
	“Legal
    Defeasance”	 	8.02
	“Mandatory
    Redemption Event”	 	3.01(b)
	“Notes”	 	Recitals
	“Notes
    Offer”	 	4.09(b)(i)
	“Original
    Notes”	 	Recitals
	“Participants”	 	2.01(c)
	“Paying
    Agent”	 	2.03
	“Permitted
    Debt”	 	4.06(b)
	“Permitted
    Payments”	 	4.08(b)
	“Principal
    Paying Agent”	 	2.03
	“Registrar”	 	2.03
	“Regulation
    S Global Note”	 	2.01(b)
	“Reporting
    Entity”	 	4.19(a)
	“Required
    Currency”	 	12.14
	“Restricted
    Global Note”	 	2.01(b)
	“Restricted
    Payments”	 	4.08(a)(iv)
	“Security
    Register”	 	2.03
	“Supplemental
    Security Agent”	 	7.08(b)
	“Supplemental
    Security Agents”	 	7.08(b)
	“Tax
    Jurisdiction”	 	4.12(a)
	“Tax
    Redemption Date”	 	3.09
	“TIA”	 	1.03(i)
	“Transfer
    Agent”	 	2.03
	“Triggering
    Lien”	 	4.07(a)(ii)
	“Trustee”	 	Preamble

 

    33

    

    

 

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

 

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

 

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

 

(c)            “or”
is not exclusive;

 

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

 

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

 

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

 

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

 

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

 

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

 

Article Two

The Notes

 

Section 2.01     The
Notes.

 

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

 

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

 

    34

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

The Issuer shall execute
and, upon receipt of an Issuer Order, the Trustee shall authenticate (whether itself or via the authenticating agent) (a) Original
Notes, on the date hereof, for original issue an aggregate principal amount of $[●] and (b) Additional Notes, from time to
time, solely in exchange for Committed Unsecured Notes in accordance with Section 2(b) of the Original Note Purchase Agreement
and subject to compliance at the time of issuance of such Additional Notes with the provisions of Section 4.06 and Section 4.07.
Any Additional Notes may not have the same CUSIP number and/or ISIN (or be represented by the same Global Note or Global Notes) as the
Notes unless the Additional Notes are fungible with the Notes for U.S. federal income tax purposes. The Issuer will issue Notes in denominations
of $2,000 and integral multiples of $1,000 in excess thereof.

 

    35

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    36

    

    

 

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

 

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

 

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

 

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

 

    37

    

    

 

Section 2.06     Transfer
and Exchange.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    38

    

    

 

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

 

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

 

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

 

    39

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    40

    

    

 

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

 

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

 

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

 

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

 

Section 2.10     Definitive
Registered Notes.

 

(a)            A
Global Note deposited with a custodian for DTC pursuant to Section 2.01 shall be transferred in whole to the beneficial owners thereof
in the form of Definitive Registered Notes only if such transfer complies with Section 2.06 and (i) DTC notifies the Issuer
that it is unwilling or unable to continue to act as depositary for such Global Note or DTC ceases to be registered as a clearing agency
under the Exchange Act, and in each case a successor depositary is not appointed by the Issuer within 90 days of such notice, (ii) the
Issuer, at its option, executes and delivers to the Trustee an Officer’s Certificate stating that such Global Note shall be so
exchangeable or (iii) the owner of a Book-Entry Interest requests such an exchange in writing delivered through DTC following an
Event of Default under this Indenture. Notice of any such transfer shall be given by the Issuer in accordance with the provisions of
Section 12.01(b).

 

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

 

    41

    

    

 

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

 

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

 

Section 2.12     Defaulted
Interest. Any interest on any Note that is payable, but is not punctually paid or duly provided for, on the dates and in the manner
provided in the Notes and in Section 4.01 of this Indenture (all such interest herein called “Defaulted Interest”)
shall forthwith cease to be payable to the Holder on the relevant Record Date by virtue of having been such Holder, and such Defaulted
Interest may be paid by the Issuer, at its election in each case, as provided in clause (a) or (b) below:

 

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

 

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

 

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

 

    42

    

    

 

Section 2.13     Computation
of Interest. Interest on and any duration fees with respect to the Notes shall be computed on the basis of a 360-day year of twelve
30-day months.

 

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

 

Section 2.15     Issuance
of Additional Notes. The Issuer may, subject to Section 4.06 and Section 4.07 of this Indenture, issue Additional Notes
under this Indenture in exchange for Committed Unsecured Notes when required by Section 2(b) of the Original Note Purchase
Agreement in accordance with the procedures of Section 2.02. The Original Notes issued on the Issue Date and any Additional Notes
subsequently issued shall be treated as a single class for all purposes under this Indenture.

 

Article Three

Redemption; Offers to Purchase

 

Section 3.01     Right
of Redemption and Mandatory Redemptions.

 

(a)            The
Issuer may redeem all or any portion of the Notes upon the terms and at the Redemption Prices set forth in the Notes (an “Optional
Redemption”).

 

(b)            Upon
the Issuer or any of its Restricted Subsidiaries (i) receiving Net Proceeds from the issuance or incurrence of any Indebtedness
of the Issuer or any of its Restricted Subsidiaries (other than with respect to any Indebtedness permitted to be incurred pursuant to
Section 4.06) or (ii) receiving Net Proceeds equal to or greater than $10.0 million from the sale, lease, conveyance or other
disposition by the Issuer or any of its Restricted Subsidiaries of, or Event of Loss relating to, any assets comprising part of the Collateral
(each of the events set forth in the foregoing clauses (i) and (ii), a “Mandatory Redemption Event”), the Issuer
will cause the amount of such Net Proceeds to be applied to redeem all or any portion of the Notes upon the terms and at the Redemption
Prices set forth in the Notes no later than 30 days after the applicable Mandatory Redemption Event.

 

(c)            Any
redemption pursuant to this Section 3.01 shall be made pursuant to the provisions of this Article Three.

 

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

 

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

 

    43

    

    

 

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

 

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

 

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

 

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

 

Section 3.04     Notice
of Redemption.

 

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

 

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

 

(i)            the
Redemption Date and the record date;

 

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

 

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

 

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

 

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

 

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

 

    44

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 3.06     [Reserved].

 

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

 

    45

    

    

 

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

 

Section 3.08     Notes
Redeemed in Part.

 

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

 

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

 

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

 

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

 

(b)            any
change in, or amendment to, the official application, administration or interpretation of such laws, regulations or rulings (including
by virtue of a holding, judgment or order by a court of competent jurisdiction or a change in published practice or revenue guidance),
which change or amendment is announced and becomes effective after the 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 (a) and (b), a “Change
in Tax Law”).

 

    46

    

    

 

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

 

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

 

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

 

Article Four

Covenants

 

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

 

The Issuer or the Guarantors
shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at a rate that
is 2.00% higher than the then applicable interest rate on the Notes and shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest, premium (including the Redemption Premium), if any, and Additional Amounts,
if any, at the same stepped-up rate to the extent lawful.

 

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

 

    47

    

    

 

Section 4.03     Maintenance
of Properties. The Issuer shall cause all properties owned by it or any Guarantor, including each Mortgaged Property, or used or
held for use in the conduct of its business or the business of any Guarantor to be maintained and kept in good condition, repair and
working order and supplied with all necessary equipment and shall cause to be made all necessary repairs, renewals, replacements, betterments
and improvements thereof, all as in the judgment of the Issuer may be necessary so that the business carried on in connection therewith
may be properly and advantageously conducted at all times; provided that nothing in this Section 4.03 shall prevent the Issuer
from discontinuing the maintenance of any such properties, other than any Mortgaged Property, if such discontinuance is, in the judgment
of the Issuer, desirable in the conduct of the business of the Issuer and the Guarantors as a whole. Each of Krystalsea and Great Stirrup
Cay Limited shall, and the Issuer shall cause each such Secured Guarantor to, (i) maintain in full force and effect each Access
Agreement to which it is a party and (ii) exercise all rights available to it under such Access Agreement in a commercially reasonable
manner and not in any manner which would impair the interest of the Secured Parties in such Collateral, including demanding the punctual
payment of all amounts due thereunder.

 

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

 

Section 4.05     Statement
as to Compliance.

 

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

 

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

 

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

 

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

 

    48

    

    

 

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

 

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

 

(ii)           the
incurrence by the Issuer and its Restricted Subsidiaries of Existing Indebtedness (other than Indebtedness under the ARCA) and any Committed
Unsecured Notes;

 

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

 

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

 

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

 

(vi)          Permitted
Refinancing Indebtedness in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge,
any Indebtedness (other than intercompany Indebtedness, Disqualified Stock or preferred stock or preference shares) that was permitted
to be incurred under Section 4.06(a) or clause (i), (ii), (iii), (iv), (v), (vi), (xii) or (xviii) of this Section 4.06(b);

 

    49

    

    

 

 

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

 

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

 

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

 

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

 

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

 

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

 

    50

    

    

 

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

 

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

 

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

 

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

 

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

 

    51

    

    

 

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

 

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

 

(xviii)          the
incurrence of Indebtedness by the Issuer or any Restricted Subsidiary of Indebtedness, the issuance by the Issuer or any Restricted Subsidiary
of Disqualified Stock and the issuance by any Restricted Subsidiary of preferred stock or preference shares in an aggregate principal
amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing Indebtedness incurred to renew,
refund, refinance, replace, defease or discharge any Indebtedness incurred or Disqualified Stock, preferred stock or preference shares
issued pursuant to this clause (xviii), not to exceed the greater of $750.0 million and 4.50% of Total Tangible Assets; and

 

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

 

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

 

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

 

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

 

    52

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    53

    

    

 

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

 

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

 

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

 

Notwithstanding anything
herein to the contrary, no Specified Guarantor shall, and the Issuer shall not permit any Specified Guarantor to, incur or assume any
Indebtedness, or Guarantees of Indebtedness, other than (i) the Note Obligations, (ii) Committed Unsecured Notes, (iii) Permitted
Intercompany Debt and (iv) Indebtedness, other than Indebtedness for borrowed money, not exceeding in the aggregate $10.0 million
at any time outstanding.

 

Section 4.07     Liens.

 

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

 

(i)            in
the case of any property or assets that constitute Collateral, Permitted Collateral Liens, which may be secured on a pari passu
basis with or junior to the Liens on the Collateral securing the Notes and the Note Guarantees; provided, that Permitted Collateral
Liens described in (1) clause (d) of the definition of “Permitted Collateral Liens” and (2) clause (f) of
the definition of “Permitted Liens” may be secured on a senior basis to the Liens on the Collateral securing the Notes and
the Note Guarantees; and

 

(ii)            in
the case of any property or assets that do not constitute Collateral, (A) Permitted Liens and (B) a Lien on such property or
assets that is not a Permitted Lien (each Lien under clause (B), a “Triggering Lien”) if, contemporaneously with (or
prior to) the incurrence of such Triggering Lien, all Note Obligations are secured on an equal and ratable basis with or on a senior
basis to the obligations so secured until such time as such obligations are no longer secured by such Triggering Lien; provided that,
if the Indebtedness secured by such Triggering Lien is subordinate or junior in right of payment to the Notes or a Note Guarantee, as
the case may be, then such Triggering Lien securing such Indebtedness shall be subordinate or junior in priority to the Lien securing
the Note Obligations.

 

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

 

    54

    

    

 

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

 

(d)            For
purposes of determining compliance with this Section 4.07, (A) Liens securing Indebtedness and obligations need not be incurred
solely by reference to one category of Permitted Liens (or subparts thereof) but are permitted to be incurred in part under any combination
thereof, and (B) in the event that a Lien meets the criteria of one or more of the categories of Permitted Liens (or subparts thereof),
the Issuer may, in its sole discretion, classify, divide or later reclassify or redivide (as if incurred at such later time) such Liens
(or any portions thereof) in any manner that complies with the definition of Permitted Liens, and such Liens (or portions thereof, as
applicable) will be treated as having been incurred pursuant to such clause, clauses or subparts of the definition of Permitted Liens
(and in the case of a subsequent division, classification or reclassification, such Liens shall cease to be divided or classified as
it was prior to such subsequent division, classification or reclassification).

 

(e)            To
the extent that any Liens are imposed pursuant to Section 4.07(a)(ii)(B) above on any assets or property to secure the Note
Obligations, (i) Permitted Liens may be of any priority (including senior in priority) relative to any Liens imposed under Section 4.07(a)(ii)(B),
and (ii) additional Liens may be granted on any such asset or property, which additional Liens may be pari passu or junior
in priority to the Liens on such asset or property securing the Note Obligations, in each case subject to any limitations or requirements
set forth in Section 4.07(a)(ii)(B). The Trustee (or any applicable security agent following the imposition of such Liens under
Section 4.07(a)(ii)(B)) shall enter (at the sole expense and cost of the Issuer, including legal fees and expenses of the Trustee
or any applicable security agent) into a Customary Intercreditor Agreement with respect to such Permitted Liens and Liens imposed pursuant
to Section 4.07(a)(ii)(B), if any, in each case, upon being provided with an Officer’s Certificate and an Opinion of Counsel
stating that such Customary Intercreditor Agreement is permitted under the Indenture, each in form and substance reasonably satisfactory
to the Trustee (or the applicable security agent) and upon which the Trustee (or the applicable security agent) may conclusively rely.

 

Section 4.08     Restricted
Payments.

 

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

 

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

 

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

 

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

 

    55

    

    

 

(iv)          make
any Restricted Investment;

 

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

 

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

 

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

 

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

 

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

 

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

 

    56

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

(ii)           the
making of any Restricted Payment in exchange for, or out of or with the net cash proceeds of the substantially concurrent sale (other
than to a Subsidiary of the Issuer) of, Equity Interests of the Issuer or any direct or indirect parent of the Issuer (other than Disqualified
Stock) or from the substantially concurrent contribution of common equity capital to the Issuer; provided that the amount of any
such net cash proceeds that are utilized for any such Restricted Payment will be excluded from Section 4.08(a)(iv)(C)(2);

 

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

 

    57

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

(x)            any
Permitted Tax Distributions;

 

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

 

    58

    

    

 

(xii)          other
Restricted Payments in an aggregate amount not to exceed $250.0 million since the Issue Date so long as, immediately after giving effect
to such Restricted Payment, no Default or Event of Default has occurred and is continuing; and

 

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

 

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

 

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

 

Notwithstanding anything
to the contrary set forth herein, the Issuer shall not, and shall not cause or permit any of its Restricted Subsidiaries to, make any
Restricted Payment if the effect of such Restricted Payment is to cause (i) the sale, lease, transfer or other conveyance, directly
or indirectly, of any assets or property constituting Collateral by a Secured Guarantor to any Person other than a Secured Guarantor
or (ii) any Collateral of any Specified Guarantor to be held by any Subsidiary of the Issuer other than a Specified Guarantor. Notwithstanding
the preceding sentence, if no Event of Default exists, a Specified Guarantor shall be permitted to make any Restricted Payment to the
Issuer or any of its Restricted Subsidiaries provided such Restricted Payment is limited to, and paid from, such Specified Guarantor’s
cash in its Collection Accounts (other than Net Proceeds required to be held therein pursuant to this Indenture) and such Restricted
Payment (i) is distributed to the Issuer or any of its Restricted Subsidiaries and applied by them for working capital purposes
of the Issuer or any of its Restricted Subsidiaries, including debt service and shipbuilding payments, or (ii) is applied by such
Specified Guarantor to repay Permitted Intercompany Debt.

 

Section 4.09     Asset
Sales.

 

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

 

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

 

    59

    

    

 

(ii)            (x) in
the case of any Asset Sale of assets or property constituting Collateral, (1) such Asset Sale is with an unaffiliated third party
and (2) 100% of the consideration received in the Asset Sale by the Issuer or such Restricted Subsidiary is in the form of cash
or Cash Equivalents and (y) in the case of any other Asset Sale, at least 75% of the consideration received in the Asset Sale by
the Issuer or such Restricted Subsidiary is in the form of cash, Cash Equivalents or Replacement Assets or a combination thereof (which
determination may be made by the Issuer, at its option, either (1) at the time such Asset Sale is approved by the Issuer’s
Board of Directors or (2) at the time the Asset Sale is completed). For purposes of this clause (ii)(y), each of the following will
be deemed to be cash:

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)            Within
450 days after the receipt of any Net Proceeds from an Asset Sale or any Event of Loss, the Issuer (or the applicable Restricted Subsidiary,
as the case may be) may apply such Net Proceeds (other than Net Proceeds that must be applied as set forth in Section 3.01(b)):

 

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

 

(ii)            to
acquire all or substantially all of the assets of, or any Capital Stock of, another Permitted Business; provided that after giving
effect to any such acquisition of Capital Stock, the Permitted Business is or becomes a Restricted Subsidiary;

 

(iii)           to
make a capital expenditure;

 

    60

    

    

 

(iv)          to
acquire other assets (other than Capital Stock) not classified as current assets under GAAP that are used or useful in a Permitted Business;

 

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

 

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

 

(vii)         any
combination of the foregoing.

 

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

 

(c)            Any
Net Proceeds from Asset Sales or an Event of Loss (other than Net Proceeds that must be applied as set forth in Section 3.01(b))
that are not applied or invested as provided in Section 4.09(b) (it being understood that any portion of such Net Proceeds
used to make an offer to purchase Notes as described in Section 4.09(b)(i) or (v) above shall be deemed to have been applied
or invested whether or not such Notes Offer is accepted) will constitute “Excess Proceeds.” When the aggregate amount
of Excess Proceeds exceeds $100.0 million (or at an earlier time, at the option of the Issuer), within ten Business Days thereof, the
Issuer will make an offer (an “Asset Sale Offer”) to all Holders and may make an offer to all holders of other Indebtedness
that is pari passu in right of payment with the Notes or any Note Guarantees with respect to offers to purchase, prepay or redeem
with the proceeds of sales of assets or events of loss to purchase, prepay or redeem the maximum principal amount of Notes and such other
pari passu Indebtedness (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including
premiums, incurred in connection therewith) that may be purchased, prepaid or redeemed out of the Excess Proceeds. The offer price for
the Notes in any Asset Sale Offer will be equal to 100% of the principal amount, plus accrued and unpaid interest and Additional
Amounts, if any, to the date of purchase, prepayment or redemption, subject to the rights of Holders on the relevant Record Date to receive
interest due on the relevant Interest Payment Date, and will be payable in cash. If any Excess Proceeds remain after consummation of
an Asset Sale Offer, the Issuer or a Restricted Subsidiary may use those Excess Proceeds for any purpose not otherwise prohibited by
this Indenture. If the aggregate principal amount of Notes and such other pari passu Indebtedness tendered into (or to be prepaid
or redeemed in connection with) such Asset Sale Offer exceeds the amount of Excess Proceeds, or if the aggregate amount of Notes tendered
pursuant to a Notes Offer exceeds the amount of the Net Proceeds so applied, the Trustee will select the Notes and such other pari
passu Indebtedness, if applicable, to be purchased on a pro rata basis (or in the manner provided in Section 3.03), based on
the amounts tendered or required to be prepaid or redeemed. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will
be reset at zero.

 

    61

    

    

 

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

 

Notwithstanding anything
to the contrary set forth herein, the Issuer shall not, and shall not cause or permit any of its Restricted Subsidiaries to, (i) sell,
lease, transfer or otherwise dispose, directly or indirectly, of any assets or property constituting Collateral to the Issuer or any
Subsidiary of the Issuer other than a Secured Guarantor or (ii) permit any Collateral of any Specified Guarantor to be held by any
Subsidiary of the Issuer other than a Specified Guarantor. Notwithstanding the preceding sentence, if no Event of Default exists, a Specified
Guarantor shall be permitted to dispose of such Specified Guarantor’s cash in its Collection Accounts (other than Net Proceeds
required to be held therein pursuant to this Indenture) to the Issuer or any of its Restricted Subsidiaries provided such cash
(i) is disposed of to the Issuer or any of its Restricted Subsidiaries and applied by them for working capital purposes of the Issuer
or any of its Restricted Subsidiaries, including debt service and shipbuilding payments, or (ii) is applied by such Specified Guarantor
to repay Permitted Intercompany Debt.

 

Section 4.10     Transactions
with Affiliates.

 

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

 

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

 

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

 

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

 

    62

    

    

 

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

 

(ii)            (x) with
respect to transactions not involving the Collateral, transactions between or among the Issuer and/or its Restricted Subsidiaries and
(y) with respect to transactions involving the Collateral, (A) transactions between or among the Issuer and/or its Restricted
Subsidiaries that are not Secured Guarantors, (B) transactions between or among Secured Guarantors and (C) transactions between
or among the Issuer and/or its Restricted Subsidiaries that are not Secured Guarantors, on the one hand, and Secured Guarantors, on the
other hand, to the extent otherwise expressly permitted by the terms of this Indenture;

 

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

 

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

 

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

 

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

 

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

 

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

 

(ix)          Management
Advances;

 

(x)            transactions
with customers, clients, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of business and
otherwise in compliance with the terms of this Indenture that are fair to the Issuer or the Restricted Subsidiaries in the reasonable
determination of the members of the Board of Directors of the Issuer or the senior management thereof, or are on terms at least as favorable
as might reasonably have been obtained at such time from an unaffiliated Person;

 

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

 

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

 

(xiii)         pledges
of Equity Interests of Unrestricted Subsidiaries;

 

    63

    

    

 

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

 

(xv)        transactions
under any Access Agreement or IP License; and

 

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

 

Section 4.11     Purchase
of Notes upon a Change of Control.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    64

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    65

    

    

 

Section 4.12     Additional
Amounts.

 

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

 

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

 

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

 

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

 

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

 

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

 

    66

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    67

    

    

 

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

 

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

 

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

 

Section 4.13     [Reserved].

 

Section 4.14     Note
Guarantees and Security Interests. Subject to the Agreed Security Principles (except to the extent set forth in Section 11.01(e),
Section 11.01(f) and Section 11.01(g)), the Issuer shall, and shall cause each Guarantor to, (i) complete all filings
and other similar actions required in connection with the creation and perfection of the security interests in the Collateral owned by
it in favor of the Holders, the Trustee (on its own behalf and on behalf of the Holders) and/or the Security Agent (on behalf of itself,
the Trustee and the Holders), as applicable, as and to the extent contemplated by the Security Documents set forth on Schedule II attached
hereto within the time periods set forth in Section 11.01(e), Section 11.01(f) and Section 11.01(g) and deliver,
and cause each Guarantor to deliver, such other agreements, instruments, certificates and opinions of counsel that may be reasonably
requested by the Security Agent in connection therewith and (ii) take all actions necessary to maintain such security interests.
For the avoidance of doubt, a Paying Agent shall be held harmless by the Issuer and have no liability with respect to payments or disbursements
to be made by such Paying Agent for which payment instructions are not made or that are not otherwise deposited by the respective times
set forth in this Indenture.

 

Section 4.15     Additional
Guarantees.

 

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

 

    68

    

    

 

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

 

Section 4.16     Dividend
and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

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

 

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

 

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

 

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

 

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

 

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

 

(i)             agreements
or instruments governing or relating to Existing Indebtedness, any Committed Unsecured Notes, any IP License or any Access Agreement
and, in each case, any amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those
agreements; provided that the amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings
are not materially less favorable, taken as a whole, to the Holder with respect to such dividend and other payment restrictions than
those contained in those agreements or instruments on the Issue Date (as determined in good faith by the Issuer);

 

(ii)            the
Note Documents;

 

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

 

    69

    

    

 

 

 

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

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    70

     

    

 

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

 

(xvi)         [reserved];
and

 

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

 

Section 4.17           Designation
of Restricted and Unrestricted Subsidiaries.

 

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

 

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

 

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

 

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

 

    71

     

    

 

Section 4.18           Amendments
to other Agreements. The Issuer will not, and will not permit any of its Restricted Subsidiaries to, amend, supplement, modify or
change, or permit to be amended, supplemented, modified or changed, in any manner that would be materially adverse to the rights of the
Security Agent under the Security Documents, the certificate of incorporation, by-laws, operating, management or partnership agreement
or other organizational documents of the Issuer or any of the Guarantors.

 

Section 4.19           Reports
to Holders.

 

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

 

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

 

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

 

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

 

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

 

Notwithstanding the foregoing,
(A) neither the Issuer nor another Reporting Entity will be required to furnish any information, certificates or reports that would
otherwise be required by Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307 or 308 of Regulation
S-K, (B) such reports will not be required to contain financial information required by Rule 3-10 or Rule 3-16 of Regulation
S-X, (C) such reports shall be subject to exceptions, exclusions and other differences consistent with the Issuer’s historical
practice and shall not be required to present compensation or beneficial ownership information and (D) the Issuer’s determination
that it is a “foreign private issuer” (as such term is defined in the Securities Act or the Exchange Act) shall be conclusive
with respect to the determination of which Exchange Act form or forms of reports, information and documents are required to be provided
pursuant to this covenant, until such time as the Issuer or the Commission determines that the Issuer does not qualify as a “foreign
private issuer” (as so defined) for purposes of providing such reports, information and documents.

 

    72

     

    

 

The financial statements, information
and other documents required to be provided as described in this Section 4.19 may be those of (i) the Issuer or (ii) any
direct or indirect parent of the Issuer (any such entity, a “Reporting Entity”), so long as in the case of (ii) such
direct or indirect parent of the Issuer shall not conduct, transact or otherwise engage, or commit to conduct, transact or otherwise
engage, in any business or operations other than its direct or indirect ownership of all of the Equity Interests in, and its management
of the Issuer; provided that, if the financial information so furnished relates to such direct or indirect parent of the Issuer,
the same is accompanied by a reasonably detailed description of the quantitative differences between the information relating to such
parent, on the one hand, and the information relating to the Issuer and its Subsidiaries on a standalone basis, on the other hand.

  

(b)            The
requirements set forth in Section 4.19(a) may be satisfied by delivering such information to the Trustee and posting copies
of such information on a website or on IntraLinks or any comparable online data system or website.

 

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

 

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

 

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

 

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

 

Section 4.20           Further
Assurances. Subject to the Agreed Security Principles, the Issuer and its Restricted Subsidiaries will promptly execute, and use
commercially reasonable efforts to cause any third party to execute, any and all further documents, financing statements, agreements
and instruments, and take, or use commercially reasonable efforts to cause the taking of, all such further actions (including the filing
and recording of financing statements, fixture filings, mortgages, vessel mortgages, deeds of covenants and other documents and recordings
of Liens in stock, or any other, registries), that may be required under any applicable law, or that the Security Agent may reasonably
request, (i) for registering any of the Security Documents in any required register and for granting, perfecting, preserving or
protecting the security intended to be afforded by such Security Documents and (ii) in connection with an exercise of remedies,
for facilitating the realization of all or any part of the assets which are subject to such Security Documents and for facilitating the
exercise of all powers, authorities and discretions vested in the Security Agent or in any receiver of all or any part of those assets,
all at the expense of the Issuer, and provide to the Security Agent from time to time upon reasonable request of the Security Agent,
evidence reasonably satisfactory to the Security Agent as to the perfection and priority of the Liens created or intended to be created
by the Security Documents.

 

    73

     

    

 

Section 4.21           [Reserved].

 

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

 

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

 

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

 

    74

     

    

 

Section 4.24          Collection
Accounts. None of the Specified Guarantors shall, and the Issuer shall not permit the relevant Specified Guarantors to, (i) add
any bank account not listed on Schedule IV as of the Issue Date as a Collection Account with respect to payments under any IP License
or Access Agreement unless the Security Agent shall have previously approved and received duly executed copies of all Control Agreements
and/or amendments thereto covering each such new account, (ii) terminate any such Collection Account or related Control Agreement
without the prior written consent of the Security Agent (at the direction of Holders of not less than a majority in aggregate principal
amount of the Notes then outstanding), in each case, only if all of the payments from the Issuer or any other Person that were being
sent to such Collection Account will, upon termination of such Collection Account and at all times thereafter, be deposited in another
Collection Account covered by a Control Agreement or (iii) amend, supplement or otherwise modify any Control Agreement without the
prior written consent of Security Agent.

 

Section 4.25           Intellectual
Property. Each Secured Guarantor shall use its commercially reasonable efforts to cause its licensees or its sublicensees to, with
respect to any material Intellectual Property included in the Pledged IP, (i) maintain such Intellectual Property in full force
free from any adjudication of abandonment or invalidity for non-use, (ii) maintain substantially the same or better quality of products
and services as offered under such Intellectual Property as of the Issue Date, (iii) display such Intellectual Property with notice
of federal or foreign registration or claim of trademark or service mark as required under applicable law and (iv) not knowingly
use or knowingly permit its licensees’ use of such Intellectual Property in violation of any third-party rights. In addition to
the foregoing, each of US IPCo and UK IPCo shall (i) maintain in full force and effect each IP License to which it is a party and
(ii) exercise all rights available to it under any IP License, including demanding the punctual payment of all amounts due thereunder.
Each Secured Guarantor shall cause its licensees and sublicensees not to take or fail to take any action in connection with the requirements
described in (i)-(iv) above in a manner that would materially breach the applicable license agreement with such licensee or sublicensee.

 

Article Five

Merger, Amalgamation, Consolidation or Sale of Assets

 

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

 

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

 

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

 

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

 

    75

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

(ii)            either:

 

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

 

(B)            such
sale, assignment, transfer, lease, conveyance or other disposition of assets does not violate the provisions of this Indenture (including
Section 4.09) and any Net Proceeds therefrom are applied as required by this Indenture (including, in the case of the sale of Collateral,
Section 3.01(b)); and

 

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

 

    76

     

    

 

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

 

Notwithstanding anything
to the contrary set forth herein, the Issuer shall not, and shall not cause or permit any of its Restricted Subsidiaries to, consolidate,
amalgamate or merge with or into another Person (whether or not such Guarantor is the surviving company or corporation) if the effect
of such transaction is to cause (i) the sale, lease, transfer or other conveyance of any assets or property constituting Collateral
to any Subsidiary of the Issuer other than a Secured Guarantor or (ii) any Collateral of any Specified Guarantor to be held by any
Subsidiary of the Issuer other than a Specified Guarantor.

 

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

 

Article Six

Defaults and Remedies

 

Section 6.01           Events
of Default.

 

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

 

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

 

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

 

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

 

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

 

    77

     

    

 

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

 

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

 

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

 

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

 

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

 

(vii)         any
security interest under the Security Documents on any Collateral having a Fair Market Value in excess of $25.0 million shall, at any
time, cease to be in full force and effect (other than as a result of any action or inaction by the Security Agent and other than in
accordance with the terms of the relevant Security Document and this Indenture) for any reason other than the satisfaction in full of
all obligations under this Indenture or the release or amendment of any such security interest in accordance with the terms of this Indenture
or such Security Document or any such security interest created thereunder shall be declared invalid or unenforceable in a final non-appealable
decision of a court of competent jurisdiction or the Issuer or any Guarantor shall assert in writing that any such security interest
is invalid or unenforceable and any such Default continues for ten (10) days;

 

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

 

    78

     

    

 

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

 

(b)            If
a Default or an Event of Default occurs and is continuing and is actually known to a Responsible Officer of the Trustee, the Trustee
shall deliver to each Holder notice of the Default or Event of Default within the earlier of 90 days after its occurrence or 30 days
after it received actual knowledge thereof by registered or certified mail or facsimile transmission of an Officer’s Certificate
specifying such event, notice or other action, its status and what action the Issuer is taking or proposes to take with respect thereto.
The Trustee shall not be deemed to have knowledge of a Default unless a Responsible Officer has actual knowledge of such Default or a
Responsible Officer receives a notice of default at its corporate trust officer and such notice specifies the Default or Event of Default
and the applicable section(s) of this Indenture and/or Security Documents subject to such Default or Event of Default. The Issuer
shall also notify the Trustee within 30 days of the occurrence of any Default stating what action, if any, they are taking with respect
to that Default.

 

(c)            If
any report or conference call required by Section 4.19 is provided before the 90th day after the deadlines indicated for such report
or conference call, the provision of such report or conference call shall cure a Default caused by the failure to provide such report
or conference call prior to the deadlines indicated, so long as no Event of Default shall have occurred and be continuing as a result
of such failure.

 

Section 6.02           Acceleration.

 

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

 

    79

     

    

 

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

 

(c)            Upon
the Notes becoming due and payable upon an Event of Default, whether automatically or by declaration, such Notes will immediately become
due and payable and, if prior to the Par Call Date, shall be payable together with the Redemption Premium thereon. If the Notes are otherwise
satisfied, released or discharged through foreclosure, whether by power of judicial proceeding, deed in lieu of foreclosure or by any
other means, and/or upon the satisfaction, release, payment, restructuring, reorganization, replacement, reinstatement or compromise
of the Notes in any insolvency or liquidation proceeding on or before the Par Call Date, such Notes will immediately become due and payable
together with the Redemption Premium thereon.

 

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

 

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

 

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

 

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

 

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

 

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

 

    80

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    81

     

    

 

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

  

Section 6.03           Other
Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy at law or in equity to collect
the payment of principal of, or interest if any, on the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    82

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    83

     

    

 

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

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    84

     

    

 

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

 

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

 

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

 

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

 

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

 

    85

     

    

 

Article Seven

Trustee and Security Agent

 

Section 7.01           Duties
of Trustee and the Security Agent.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    86

     

    

 

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

 

 

Section 7.02          Certain
Rights of Trustee and the Security Agent.

 

(a)            Subject
to ‎‎Section 7.01:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    87

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    88

     

    

 

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

 

(xx)           neither
the Trustee nor the Security Agent shall have any obligation to enter into an agreement contemplated by this Indenture or any Security
Documents and shall have the right to decline signing such an agreement if, after being advised by counsel, the Trustee determines in
good faith that such action would expose the Trustee to liability or if doing so is not consistent with its rights, privileges, protections
and immunities set forth in this Indenture or the Security Documents.

 

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

 

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

 

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

 

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

 

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

 

    89

     

    

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    90

     

    

 

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

  

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

 

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

 

    91

     

    

 

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

 

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

 

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

 

    92

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    93

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    94

     

    

 

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

  

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

 

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

 

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

 

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

 

    95

     

    

 

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

  

Section 7.10     Appointment
of Co-Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

    96

     

    

 

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

  

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

 

Section 7.11     Resignation
of Agents.

 

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

 

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

 

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

 

Section 7.12     Agents
General Provisions.

 

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

 

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

 

    97

     

    

 

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

 

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

 

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

 

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

 

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

 

(h)            Tax
Withholding.

 

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

 

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

 

    98

     

    

 

Article Eight

Defeasance; Satisfaction and Discharge

  

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

 

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

 

Section 8.03     Covenant
Defeasance. Upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.03, the Issuer
and the Guarantors shall be released from their obligations under any covenant contained in Sections 4.04 through 4.11, 4.14 through
4.25 and 5.01 with respect to the Notes on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant
Defeasance”). For this purpose, such Covenant Defeasance means that, the Issuer may omit to comply with and shall have no liability
in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a Default or an Event of Default, but, except as specified above, the remainder
of this Indenture and such Notes shall be unaffected thereby.

 

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

 

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

 

    99

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    100

     

    

 

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

  

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

 

(a)            either:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    101

     

    

 

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

 

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

 

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

 

Article Nine

Amendments and Waivers

 

Section 9.01     Without
Consent of Holders.

 

(a)            The
Issuer, the Guarantors, the Security Agent and the Trustee, as applicable, may modify, amend or supplement any IP License or Access Agreement
without consent of any Holder to cure any ambiguity, omission, error, defect or inconsistency. The Issuer, the Guarantors, the Security
Agent and the Trustee, as applicable, may modify, amend or supplement the Note Documents (other than any IP License or Access Agreement)
without consent of any Holder:

 

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

 

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

 

    102

     

    

 

(iii)            to
make any change that would provide any additional rights or benefits to the Holders of Notes;

 

(iv)            to
provide for any Restricted Subsidiary to provide a Note Guarantee in accordance with Section 4.06 and Section 4.15, to add
security to or for the benefit of the Notes or to confirm and evidence the release, termination, discharge or retaking of any Note Guarantee
or Lien (including the Collateral and the Security Documents) or any amendment in respect thereof with respect to or securing the Notes
when such release, termination, discharge or retaking or amendment is expressly provided for under and in accordance with this Indenture
and the Security Documents;

 

(v)             in
the case of the Security Documents, to mortgage, charge, pledge, hypothecate or grant a security interest in favor of any other party
that is granted a Lien on Collateral in accordance with the terms of this Indenture, in each case, in any property which is required
by the documents governing such Indebtedness to be mortgaged, charged, pledged or hypothecated, or in which a security interest is required
to be granted to the Security Agent, or to the extent necessary to grant a security interest for the benefit of any Person; provided
that the granting of such security interest is not prohibited by this Indenture and ‎‎Section 4.22
is complied with;

 

(vi)            to
provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the Issue Date;

 

(vii)          to
allow any Guarantor to execute a Supplemental Indenture and a Note Guarantee with respect to the Notes;

 

(viii)         to
provide for uncertificated Notes in addition to or in place of Definitive Registered Notes (provided that the uncertificated Notes
are issued in registered form for purposes of Section 163(f) of the Code); or

 

(ix)            to
evidence and provide the acceptance of the appointment of a successor Trustee under this Indenture.

 

(b)            In
connection with any proposed amendment or supplement in respect of such matters, the Trustee will be entitled to receive, and rely conclusively
on, an Opinion of Counsel and/or an Officer’s Certificate.

 

(c)            The
Issuer shall provide Holders prompt written notice of any amendment, modification or supplement to any Note Document made in accordance
with this Section 9.01. The failure to give such notice to Holders, or any defect therein, shall not impair or affect the validity
of an amendment, modification or supplement under this Section 9.01.

 

For the avoidance of doubt
(and without limiting the generality of any other statements in this Indenture), the provisions of the Trust Indenture Act of 1939, as
amended, shall not apply to any amendments to or waivers or consents under this Indenture.

 

Section 9.02     With
Consent of Holders.

 

(a)            Except
as provided in Section 9.02(b) below and Section 6.04 and without prejudice to Section 9.01, the Note Documents may
be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding
(including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), and
any existing Default or Event of Default or compliance with any provision of this Indenture, the Notes or the Note Guarantees may be
waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without
limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes).

 

    103

     

    

 

(b)            Without
the consent of each Holder affected, an amendment, supplement or waiver may not (with respect to any Notes held by a non-consenting Holder):

 

(i)             reduce
the principal amount of Notes whose holders must consent to an amendment, supplement or waiver;

 

(ii)            reduce
the principal of or change the fixed maturity of any Note or reduce the premium payable upon the redemption of any such Note or change
the time at which such Note may be redeemed;

 

(iii)           reduce
the rate of or change the time for payment of interest, including default interest, on any Note;

 

(iv)           impair
the right of any Holder to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes or any Note
Guarantee in respect thereof;

 

(v)            waive
a Default or Event of Default in the payment of principal of, or interest, Additional Amounts or premium, if any, on, the Notes (except
a rescission of acceleration of the Notes by the holders of at least a majority in aggregate principal amount of the then outstanding
Notes and a waiver of the payment default that resulted from such acceleration);

 

(vi)           make
any Note payable in money other than that stated in the Notes;

 

(vii)          make
any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive payments
of principal of, or interest, Additional Amounts or premium, if any, on, the Notes;

 

(viii)         waive
a redemption payment with respect to any Note (other than a payment required by Section 4.09 or Section 4.11);

 

(ix)           make
any change to or modify the ranking of the Notes as to contractual right of payment in a manner that would adversely affect the holders
thereof;

 

(x)            release
any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this Indenture;

 

(xi)           other
than pursuant to the terms of the Security Documents or this Indenture, as applicable, release or subordinate the security interests
in all or substantially all of the Collateral granted for the benefit of the Trustee and the Holders, provided that, notwithstanding
the foregoing, the Liens on the Collateral or the Note Obligations may be subordinated to other Indebtedness solely to the extent that
such Indebtedness is provided by one or more existing Holders and each Holder is offered a right to participate on not less than five
(5) Business Days’ notice; or

 

(xii)          make
any change in the preceding amendment and waiver provisions.

 

    104

     

    

 

(c)            The
consent of the Holders shall not be necessary under this Indenture to approve the particular form of any proposed amendment, modification,
supplement, waiver or consent. It is sufficient if such consent approves the substance of the proposed amendment, modification, supplement,
waiver or consent. A consent to any amendment or waiver under this Indenture by any Holder given in connection with a tender of such
Holder’s Notes will not be rendered invalid by such tender.

  

Section 9.03     Effect
of Supplemental Indentures. Upon the execution of any Supplemental Indenture under this Article Nine, this Indenture shall be
modified in accordance therewith, and such Supplemental Indenture shall form a part of this Indenture for all purposes; and every Holder
theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

 

Section 9.04     Notation
on or Exchange of Notes. If an amendment, modification or supplement changes the terms of a Note, the Issuer or the Trustee may require
the Holder to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note and on any Note subsequently authenticated
regarding the changed terms and return it to the Holder.

 

Alternatively, if the Issuer
so determines, the Issuer in exchange for the Note shall issue, and the Trustee shall authenticate, a new Note that reflects the changed
terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment, modification
or supplement.

 

Section 9.05     [Reserved].

 

Section 9.06     Notice
of Amendment or Waiver. Promptly after the execution by the Issuer and the Trustee of any Supplemental Indenture or waiver pursuant
to the provisions of Section 9.02, the Issuer shall give notice thereof to the Holders of each outstanding Note affected, in the
manner provided for in Section 12.01(b), setting forth in general terms the substance of such Supplemental Indenture or waiver.

 

Section 9.07     Trustee
to Sign Amendments, Etc. The Trustee or the Security Agent, as the case may be, shall execute any amendment, supplement or waiver
authorized pursuant and adopted in accordance with this Article Nine; provided that the Trustee or the Security Agent, as
the case may be, may, but shall not be obligated to, execute any such amendment, supplement or waiver which affects the Trustee’s
or Security Agent’s, as the case may be, own rights, duties or immunities under this Indenture. The Trustee and the Security Agent
shall receive, if requested, an indemnity and/or security (including by way of pre-funding) satisfactory to it and to receive, and shall
be fully protected in relying upon, an Opinion of Counsel and an Officer’s Certificate each stating that the execution of any amendment,
supplement or waiver authorized pursuant to this Article Nine is authorized or permitted by this Indenture and that such amendment
has been duly authorized, executed and delivered and is the legally valid and binding obligation of the Issuer enforceable against them
in accordance with its terms (for the avoidance of doubt, such Opinion of Counsel is not required with respect to any Guarantor). Such
Opinion of Counsel shall be an expense of the Issuer.

 

Section 9.08     Additional
Voting Terms; Calculation of Principal Amount.

 

(a)            All
Notes issued under this Indenture shall vote and consent together on all matters (as to which any of such Notes may vote) as one class
and no series of Notes will have the right to vote or consent as a separate series on any matter; provided, however, that if any
amendment, waiver or other modification will only affect one series of Notes, only the consent of the Holders of not less than a majority
in principal amount of the affected series of Notes then outstanding (and not the consent of the Holders of at least a majority of all
Notes), shall be required. Determinations as to whether Holders of the requisite aggregate principal amount of Notes have concurred in
any direction, waiver or consent shall be made in accordance with this Article Nine.

 

    105

     

    

 

(b)            The
aggregate principal amount of the Notes, at any date of determination, shall be the principal amount of the Notes at such date of determination.
With respect to any matter requiring consent, waiver, approval or other action of the Holders of a specified percentage of the principal
amount of all the Notes, such percentage shall be calculated, on the relevant date of determination, by dividing (i) the principal
amount, as of such date of determination, of Notes, the Holders of which have so consented by (ii) the aggregate principal amount,
as of such date of determination, of the Notes then outstanding, in each case, as determined in accordance with the preceding sentence,
Section 2.08 and Section 2.09 of this Indenture. Any such calculation made pursuant to this Section 9.08(b) shall
be made by the Issuer and delivered to the Trustee pursuant to an Officer’s Certificate.

 

Article Ten

Guarantee

 

Section 10.01     Note
Guarantees.

 

(a)            The
Guarantors, either by execution of this Indenture or a Supplemental Indenture, fully and, subject to the limitations on the effectiveness
and enforceability set forth in this Indenture or such Supplemental Indenture, as applicable, unconditionally guarantee, on a joint and
several basis to each Holder and to the Trustee and its successors and assigns on behalf of each Holder, the full payment of all Note
Obligations. The Guarantors further agree that the Note Obligations may be extended or renewed, in whole or in part, without notice or
further assent from the Guarantors and that the Guarantors shall remain bound under this Article Ten notwithstanding any extension
or renewal of any Note Obligation. All payments under each Note Guarantee will be made in U.S. dollars. Notwithstanding the foregoing,
the guarantees of the Note Obligations of certain of the Guarantors shall be limited to the maximum guarantee amount set forth on Schedule
I.

 

(b)            The
Guarantors hereby agree that their obligations hereunder shall be as if they were each principal debtor and not merely surety, unaffected
by, and irrespective of, any invalidity, irregularity or unenforceability of any Note or this Indenture, any failure to enforce the provisions
of any Note or this Indenture, any waiver, modification or indulgence granted to the Issuer with respect thereto by the Holders or the
Trustee, or any other circumstance which may otherwise constitute a legal or equitable discharge of a surety or guarantor (except payment
in full); provided that notwithstanding the foregoing, no such waiver, modification, indulgence or circumstance shall without
the written consent of the Guarantors increase the principal amount of a Note or the interest rate thereon or change the currency of
payment with respect to any Note, or alter the Stated Maturity thereof. The Guarantors hereby waive diligence, presentment, demand of
payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require that the Trustee pursue
or exhaust its legal or equitable remedies against the Issuer prior to exercising its rights under a Note Guarantee (including, for the
avoidance of doubt, any right which a Guarantor may have to require the seizure and sale of the assets of the Issuer to satisfy the outstanding
principal of, interest on or any other amount payable under each Note prior to recourse against such Guarantor or its assets), protest
or notice with respect to any Note or the Indebtedness evidenced thereby and all demands whatsoever, and each covenant that their Note
Guarantee will not be discharged with respect to any Note except by payment in full of the principal thereof and interest thereon or
as otherwise provided in this Indenture, including Section 10.04. If at any time any payment of principal of, premium, if any, interest,
if any, or Additional Amounts, if any, on such Note is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy
or reorganization of the Issuer, the Guarantors’ obligations hereunder with respect to such payment shall be reinstated as of the
date of such rescission, restoration or returns as though such payment had become due but had not been made at such times.

 

(c)            The
Guarantors also agree to pay any and all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or any
Holder in enforcing any rights under this Section 10.01.

 

    106

     

    

 

Section 10.02     Subrogation.

  

(a)            Each
Guarantor shall be subrogated to all rights of the Holders against the Issuer in respect of any amounts paid to such Holders by such
Guarantor pursuant to the provisions of its Note Guarantee.

 

(b)            The
Guarantors agree that they shall not be entitled to any right of subrogation in relation to the Holders in respect of any Obligations
guaranteed hereby until payment in full of all Obligations. The Guarantors further agree that, as between them, on the one hand, and
the Holders and the Trustee, on the other hand, (x) the maturity of the Obligations guaranteed hereby may be accelerated as provided
in Section 6.02 for the purposes of the Note Guarantees herein, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the Obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such
Obligations as provided in Section 6.02, such Obligations (whether or not due and payable) shall forthwith become due and payable
by the Guarantors for the purposes of this Section 10.02.

 

Section 10.03     Release
of Note Guarantees. The Note Guarantee of a Guarantor shall automatically be released:

 

(a)            in
connection with any sale or other disposition of all or substantially all of the assets of such Guarantor (including by way of merger,
consolidation, amalgamation or combination) to a Person that is not (either before or after giving effect to such transaction) the Issuer
or a Restricted Subsidiary, if the sale or other disposition does not violate Section 4.09;

 

(b)            in
connection with any sale or other disposition of Capital Stock of that Guarantor to a Person that is not (either before or after giving
effect to such transaction) the Issuer or a Restricted Subsidiary, if the sale or other disposition does not violate Section 4.09
and the Guarantor ceases to be a Restricted Subsidiary as a result of such sale or other disposition; provided that any such release
of a Guarantor shall only be permitted if, at the time of such release, such Guarantor does not own, or exclusively license, any Collateral;

 

(c)            if
the Issuer designates such Guarantor to be an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture;

 

(d)            upon
the full and final payment of the Notes and performance of all Obligations (in each case, other than contingent or unliquidated obligations
or liabilities) of the Issuer and the Guarantors under this Indenture, the Notes and the Note Guarantees;

 

(e)            upon
Legal Defeasance, Covenant Defeasance or satisfaction and discharge of the Notes, the Note Guarantees and this Indenture as provided
under Article Eight; and

 

(f)            as
described under Article Nine;

 

provided
that, in each case, such Guarantor has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating
that all conditions precedent provided for in this Indenture relating to such release have been complied with.

 

The Trustee shall take all
necessary actions at the request of the Issuer to effectuate any release of a Note Guarantee in accordance with these provisions.

 

Each of the releases set
forth above shall be effected by the Trustee without the consent of the Holders and will not require any other action or consent on the
part of the Trustee.

 

    107

     

    

 

Section 10.04     Limitation
and Effectiveness of Note Guarantees. Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the
intention of all such parties that the Guarantee of such Guarantor does not constitute a fraudulent conveyance or a fraudulent transfer
for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or
state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors
hereby irrevocably agree that the obligations of each Guarantor under its Guarantee will be limited to the maximum amount as will, after
giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or payments
made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee or pursuant to
its contribution obligations under this Indenture, result in the obligations of such Guarantor under its Guarantee not constituting a
fraudulent conveyance or fraudulent transfer under federal or state law and not otherwise being void or voidable under any similar laws
affecting the rights of creditors generally. Each Guarantor that makes a payment under its Guarantee shall be entitled upon payment in
full of all guaranteed obligations under this Indenture to a contribution from each other Guarantor in an amount equal to such other
Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors at the time of such
payment determined in accordance with accounting principles generally accepted in the United States.

 

Section 10.05     Notation
Not Required. Neither the Issuer nor any Guarantor shall be required to make a notation on the Notes to reflect any Note Guarantee
or any release, termination or discharge thereof.

 

Section 10.06     Successors
and Assigns. This Article Ten shall be binding upon the Guarantors and each of their successors and assigns and shall inure
to the benefit of the successors and assigns of the Trustee, the Security Agent and the Holders and, in the event of any transfer or
assignment of rights by any Holder or the Trustee or the Security Agent, the rights and privileges conferred upon that party in this
Indenture and in the Notes shall automatically extend to and be vested in such transferee or assigns, all subject to the terms and conditions
of this Indenture.

 

Section 10.07     No
Waiver. Neither a failure nor a delay on the part of the Trustee, the Security Agent or the Holders in exercising any right, power
or privilege under this Article Ten shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any
other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee, the Security Agent and
the Holders herein expressly specified are cumulative and are not exclusive of any other rights, remedies or benefits which either may
have under this Article Ten at law, in equity, by statute or otherwise.

 

Section 10.08     Modification.
No modification, amendment or waiver of any provision of this Article Ten, nor the consent to any departure by any Guarantor therefrom,
shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall
be effective only in the specific instance and for the purpose for which given. No notice to or demand on any Guarantor in any case shall
entitle such Guarantor to any other or further notice or demand in the same, similar or other circumstance.

 

Article Eleven

Security

 

Section 11.01     Security;
Security Documents.

 

(a)            The
due and punctual payment of the principal of, interest and premium (including the Redemption Premium), if any, on and Additional Amounts,
if any, on the Notes and the Note Guarantees when and as the same shall be due and payable, whether on an Interest Payment Date, at maturity,
by acceleration, repurchase, redemption or otherwise, interest on the overdue principal of and interest (to the extent permitted by law),
if any, on the Notes and Note Guarantees and performance of all other obligations under this Indenture, shall be secured as provided
in the Security Documents. The Trustee, the Security Agent, the Issuer and the Guarantors hereby agree that, subject to Permitted Collateral
Liens, the Security Agent is hereby appointed as trustee and shall hold the Collateral in trust for the benefit of itself, the Trustee
and all of the Holders pursuant to the terms of the Security Documents, and shall act as mortgagee or security holder under all mortgages
or standard securities, beneficiary under all deeds of trust and as secured party under the applicable security agreements. The Security
Agent hereby accepts its appointment as trustee of the Collateral with effect from the date of this Agreement and declares that it holds
the Collateral in trust for the benefit of itself, the Trustee and all the other Holders in accordance with this Agreement and the other
provisions of the Security Documents.

 

    108

     

    

 

(b)            Each
Holder of the Notes, by its acceptance thereof, consents and agrees to the terms of the Security Documents (including, without limitation,
the provisions providing for foreclosure and release of Collateral) as the same may be in effect or may be amended from time to time
in accordance with their terms and authorizes and directs the Security Agent to perform its respective obligations and exercise its rights
thereunder in accordance therewith.

 

(c)            The
Trustee, the Security Agent and each Holder, by accepting the Notes and the Note Guarantees, acknowledges that, as more fully set forth
in the Security Documents, the Collateral as now or hereafter constituted shall be held for the benefit of all the Holders under the
Security Documents, and that the Lien of this Indenture and the Security Documents in respect of the Security Agent and the Holders is
subject to and qualified and limited in all respects by the Security Documents and actions that may be taken thereunder.

 

(d)            Notwithstanding
(i) anything to the contrary contained in this Indenture, the Security Documents, the Notes, the Note Guarantees or any other instrument
governing, evidencing or relating to any Indebtedness, (ii) the time, order or method of attachment of any Liens, (iii) the
time or order of filing or recording of financing statements or other documents filed or recorded to perfect any Lien upon any Collateral,
(iv) the time of taking possession or control over any Collateral or (v) the rules for determining priority under any
law of any relevant jurisdiction governing relative priorities of secured creditors:

 

(i)             the
Liens will rank equally and ratably with all valid, enforceable and perfected Liens, whenever granted upon any present or future Collateral,
but only to the extent such Liens are permitted under this Indenture to exist and to rank equally and ratably with the Notes and the
Note Guarantees; and

 

(ii)            all
proceeds of the Collateral applied under the Security Documents shall be allocated and distributed as set forth in the Security Documents.

 

(e)            Subject
to ‎Section 11.01(g) and notwithstanding anything to the contrary in the Agreed
Security Principles, the Security Agent’s Liens on the Collateral are required to be perfected within the following time frames
(unless a later date is otherwise agreed by the Security Agent acting upon the written direction of the Trustee (in turn acting on the
written direction of Holders of at least a majority in aggregate principal amount of the Notes then outstanding)):

 

(i)             in
the case of the Collateral described in clauses (a) and (b) of the definition of “Collateral,” the applicable Secured
Guarantors must (A) make (x) all necessary UCC filings against such assets on the Issue Date, (y) PPSA filings in the
applicable Canadian provinces with respect to Secured Guarantors that own Pledged IP in Canada on the first Business Day after the Issue
Date and (z) other filings as may be necessary in other jurisdictions with respect of the Pledged IP if required pursuant to the
Agreed Security Principles and (B) within one hundred and twenty (120) days of the Issue Date, establish and deliver to the Security
Agent, and thereafter continue to maintain Control Agreements with respect to each Collection Account;

 

    109

     

    

 

(ii)            in
the case of the Collateral described in clause (a) of the definition of “Collateral” assigned or pledged by Krystalsea
Limited, it is not necessary under the laws of the British Virgin Islands that any of the relevant security interests be registered or
recorded in any public office or elsewhere in the British Virgin Islands in order to ensure the validity or enforceability thereof; however,
(x) in order to protect their priority as a matter of the laws of the British Virgin Islands, Krystalsea Limited or the Security
Agent must, promptly, and in any event within seven Business Days after execution of the relevant Security Documents, register the relevant
security interests with the BVI Registrar of Corporate Affairs pursuant to section 163 of the BVI Act and further (y) Krystalsea
Limited must, as required by the BVI Act, create and maintain a BVI Register of Charges for Krystalsea Limited in accordance with section
162 of the BVI Act (to the extent this has not already been done) by promptly entering particulars of the relevant security interests
as required by the BVI Act in the BVI Register of Charges (and shall in any event take such actions within 14 days of the date of the
relevant Security Documents) and (z) promptly after entry of such particulars has been made, provide the Security Agent with a certified
true copy of the updated BVI Register of Charges within three days of such entry;

 

(iii)          in
the case of the Krystalsea Pledged Equity, it is not necessary under the laws of the British Virgin Islands that the Krystalsea Pledged
Equity be registered or recorded in any public office or elsewhere in the British Virgin Islands in order to ensure the validity or enforceability
of the Pledged Equity; however, pursuant to the BVI Equitable Mortgage, not later than 10 Business Days after the Issue Date, Krystalsea
Limited shall ensure that, and Belize Investments Limited shall procure that, a notation of the relevant security interests be entered
on the register of members of Krystalsea Limited and that a copy of such annotated register of members be filed and registered with the
BVI Registrar pursuant to section 43A of the BVI Act;

 

(iv)           in
the case of the Great Stirrup Pledged Equity, Great Stirrup Cay Limited shall (x) use commercially reasonable efforts to, as soon
as reasonably practicable following the Issue Date, obtain approval of the Exchange Control Department of the Central Bank of The Bahamas
with respect to the Great Stirrup Pledged Equity (the “Great Stirrup Cay Pledged Equity Central Bank Approval”), with
respect to Great Stirrup Cay Limited, (y) use commercially reasonable efforts to, as soon as reasonably practicable and in any event
within 30 days after receipt of the Great Stirrup Cay Pledged Equity Central Bank Approval with respect to Great Stirrup Cay Limited
and the Security Agent Pledged Equity Central Bank Approval (as defined below) with respect to the Security Agent, cause the share pledge
in respect of the Great Stirrup Pledged Equity (the “Great Stirrup Share Pledge”) to be duly executed, notarized and
apostilled, and as soon as reasonably practicable thereafter, cause the Great Stirrup Share Pledge to be submitted to the Department
of Inland Revenue for full payment of applicable value added tax thereon (payable by the Issuer or Great Stirrup Cay Limited, as applicable,
to the Department of Inland Revenue) (it being understood that if the Great Stirrup Share Pledge is submitted together with the Great
Stirrup Mortgage and the full amount of value added tax is paid on the Great Stirrup Mortgage then no additional value added tax would
be payable on the Great Stirrup Share Pledge in accordance with the Value Added Tax (Amendment) Act, 2022) and (z) promptly thereafter,
deliver the original Great Stirrup Share Pledge to Bahamian counsel of the Security Agent to record the same at the Registry of Records;
provided, however, that notwithstanding anything herein to the contrary, the steps required by this clause (z) shall be completed
no later than 90 days after receipt by the Security Agent of the requisite Central Bank Approval with respect to the Security Agent (“Security
Agent Pledged Equity Central Bank Approval”) and in any event no later than 120 days after the Issue Date; and provided,
further, for clarification purposes, that it shall be an Event of Default if the steps required by this clause (z) are not completed
in the timeframe set forth in the immediately preceding proviso except to the extent such failure is the result of the Security Agent
failing to receive Security Agent Pledged Equity Central Bank Approval with respect to itself. No steps are required under the laws of
Bermuda to perfect the security interest in the Great Stirrup Pledged Equity; however, in order to secure its ranking in point of priority,
as soon as reasonably practicable after the delivery set forth in clause (z) above, the Great Stirrup Share Pledge will be registered
with the Registrar of Companies in Bermuda pursuant to section 55 of the Companies Act 1981 of Bermuda. In addition, (x) as soon
as reasonably practicable, Great Stirrup Cay Limited will ensure that a notation of the Great Stirrup Pledged Equity be entered on the
register of members of Great Stirrup Cay Limited and (y) as soon as reasonably practicable and in any event within 30 Business Days
after the receipt of the Great Stirrup Cay Pledged Equity Central Bank Approval, Great Stirrup Cay Limited will ensure that a register
of mortgages and charges for Great Stirrup Cay Limited be maintained, kept current (to the extent this has not already been done) and
a copy thereof be filed in Great Stirrup Cay Limited’s file with the Registrar of Companies in The Bahamas; and

 

    110

    

    

 

(v)            in
the case of the Pledged IP, (x) not later than the Issue Date with respect to recordings with the United States Patent and Trademark
Office or the United States Copyright Office of registered intellectual property, as applicable, and (y) not later than one Business
Day after the Issue Date with respect to recordings with the Canadian Intellectual Property Office.

 

(f)            Subject
to ‎Section 11.01(g), the applicable Guarantor shall:

 

(i)             in
the case of certain real estate situated on Great Stirrup Cay in the Commonwealth of The Bahamas (the “Great Stirrup Cay Island”),
(w) use commercially reasonable efforts to, as soon as reasonably practicable after the Issue Date, obtain the requisite approval
of the Central Bank of The Bahamas (the “Great Stirrup Cay Mortgage Central Bank Approval”) with respect to the mortgage
on Great Stirrup Cay Limited, (x) use commercially reasonable efforts to, as soon as practicable after receipt of the Great Stirrup
Cay Mortgage Central Bank Approval with respect to Great Stirrup Cay Limited and the Security Agent Governmental Mortgage Approvals,
with respect to the Security Agent, cause the Deed of Mortgage with respect to Great Stirrup Cay Island (the “Great Stirrup
Mortgage”) by Great Stirrup Cay Limited in favor of the Security Agent, to be duly executed, notarized and apostilled and within
10 Business Days thereafter cause the original Great Stirrup Mortgage to be submitted to the Department of Inland Revenue together with
the Great Stirrup Share Pledge for payment of value added tax (if any) (it being understood that if the Great Stirrup Mortgage is executed
and delivered simultaneously with the Great Stirrup Share Pledge and presented to the Department of Inland Revenue at the same time,
no additional value added tax would be payable on the Great Stirrup Mortgage) provided that the full amount of value added tax was paid
on the Great Stirrup Share Pledge in accordance with the Value Added Tax (Amendment) Act, 2022), (y) use commercially reasonable
efforts to, within 10 Business Days thereafter deliver to counsel of the Holders the duly executed, notarized and apostilled original
Deed of Mortgage together with applicable value added tax paid thereon to record the same in the Registry of Records within 5 Business
Days thereafter; provided, however, that notwithstanding anything herein to the contrary, the steps required by this clause (y) shall
be completed no later than 90 days after receipt of by the Security Agent of the requisite International Persons Landholding Permit pursuant
to the International Persons Landholding Act, 1993, as amended (the “Investments Board Permit”), and Security Agent
Central Bank Approval (collectively, the “Security Agent Governmental Mortgage Approvals”) with respect to the Security
Agent, and in any event a valid mortgage with respect to Great Stirrup Cay Island shall be in place no later than 120 days after the
Issue Date; provided, further, for clarification purposes, that it shall be an Event of Default if a valid mortgage with respect
to Great Stirrup Cay Island is not in place in the timeframe set forth in the immediately preceding proviso except to the extent such
failure is the result of the Security Agent failing to receive Security Agent Governmental Mortgage Approvals with respect to itself;
and (z) use commercially reasonable efforts to deliver such surveys, title policies, opinions of counsel, abstracts, appraisals
and other documents as the Security Agent (at the direction of Holders of at least a majority in aggregate principal amount of the Notes
then outstanding) may reasonably request; and

 

    111

    

    

 

(ii)            in
the case of certain real estate of Krystalsea Limited situated on Harvest Caye in Belize (the “Harvest Caye Island”)
(v) use commercially reasonable efforts to, as soon as reasonably practicable after the Issue Date, obtain and deliver to the Security
Agent (1) all necessary and advisable documentation required for the creation and registration of the Harvest Caye Mortgage, as
determined reasonably and in good faith by Belizean counsel of the Holders in consultation with Belizean counsel of the Issuer, with
respect to Krystalsea Limited and Harvest Caye Island and (2) the requisite approvals of the Central Bank of Belize (“Belize
Central Bank Approval”), (w)  upon receipt of the Belize Central Bank Approval, use commercially reasonable efforts to
deliver to the Belizean counsel of the Holders (A) in triplicate, the duly executed and notarized original Mortgage Debenture by
Krystalsea Limited in favor of the Security Agent (the “Harvest Caye Mortgage”) for filing, together with applicable
stamp duties and filing fees (payable by the Issuer or by Krystalsea Limited, as applicable) and (B) the original title deed for
Harvest Caye Island, (x) within 30 days thereafter, cause the Harvest Caye Mortgage to be lodged for record in the Land Titles Unit
of Belize; (y) use commercially reasonable efforts to cause Particulars of Mortgage or Charge in relation to the Harvest Caye Mortgage
to be registered at the Belize Companies and Corporate Affairs Registry within 21 days of the date of the Harvest Caye Mortgage; provided,
however, that notwithstanding anything herein to the contrary, a valid and enforceable Harvest Caye Mortgage shall be in place no later
than 180 days after the Issue Date; provided, further, for clarification purposes, that it shall be an Event of Default
if the Harvest Caye Mortgage, has not been lodged for record in the Land Titles Unit in Belize on or prior to 180 days after the Issue
Date and (z) use commercially reasonable efforts to deliver such surveys, title policies, opinions of counsel, abstracts, appraisals
and other documents as Belizean counsel to the Holders may reasonably request.

 

(g)            With
respect to all time periods set forth in Section 11.01(e) or (f), the Issuer shall promptly notify the Trustee, the Security
Agent and the Holders in writing if such time periods are exceeded. In addition, with respect to all time periods set forth in Section 11.01(e) or
(f), (x) to the extent any date for a required action falls on a day that is not a business or working day in the relevant jurisdiction,
the required date shall instead be the next business or working day in such jurisdiction and (y) if any government office required
for an action is closed (or closed on a practical basis due to then prevailing circumstances, including the unavailability of public
transportation) on one or more days on which it would normally be open, the applicable time periods set forth in Section 11.01(e) or
(f) shall not commence until the business or working day following the latest date such government office was closed on a day on
which it would normally be open.

 

Section 11.02     Authorization
of Actions to Be Taken by the Security Agent Under the Security Documents. The Security Agent shall be the representative on behalf
of the Holders and shall act upon the written direction of the Trustee (in turn, acting on written direction of the Holders) with regard
to all voting, consent and other rights granted to the Trustee and the Holders under the Security Documents. Subject to the provisions
of the Security Documents, the Security Agent may, in its sole discretion and without the consent of the Holders, on behalf of the Holders,
take all actions it deems necessary or appropriate in order to (a) enforce any of its rights or any of the rights of the Holders
under the Security Documents and (b) receive any and all amounts payable from the Collateral in respect of the obligations of the
Issuer and the Guarantors hereunder.

 

    112

    

    

 

Subject
to the provisions of the Security Documents, the Security Agent shall have the power to institute and to maintain such suits and proceedings
as it may deem expedient to prevent any impairment of the Collateral by any acts of impairment that may be unlawful or in violation of
the Security Documents or this Indenture, and such suits and proceedings as the Security Agent (after consultation with the Trustee,
where appropriate) may deem expedient to preserve or protect its interest and the interests of the Holders in the Collateral (including
power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental
enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment,
rule or order would impair the security interest hereunder or be prejudicial to the interests of the Holders or the Security Agent).
The Security Agent is hereby irrevocably authorized by each Holder of the Notes to effect any release of Liens or Collateral authorized
by ‎‎Section 11.04 hereof or by the terms of the Security Documents.

 

Each Holder, by accepting
a Note, shall be deemed (i) to have irrevocably appointed U.S. Bank Trust Company, National Association as Security Agent, (ii) to
have irrevocably authorized the Security Agent and the Trustee to (a) perform the duties and exercise the rights, powers and discretions
that are specifically given to each of them under the Security Documents or other documents to which the Security Agent and/or the Trustee
is a party, together with any other incidental rights, power and discretions and (b) execute each document expressed to be executed
by the Security Agent and/or the Trustee on its behalf.

 

Section 11.03     Authorization
of Receipt of Funds by the Security Agent Under the Security Documents. The Security Agent is authorized to receive and distribute
any funds for the benefit of the Holders under the Security Documents, and to make further distributions of such funds to the Holders
according to the provisions of this Indenture and the Security Documents.

 

Section 11.04     Release
of the Collateral.

 

(a)            To
the extent a release is permitted by a Security Document, the Security Agent shall automatically release, and the Trustee, if so required
by the requisite Holders under this Indenture (if applicable) or pursuant to a court order (if applicable), shall be deemed to direct
the Security Agent to automatically release, without the need for consent of the Holders of the Notes or any further action, Liens on
the Collateral securing the Notes:

 

(i)             as
to all of the Collateral, upon payment in full of principal of, interest, premium (including the Redemption Premium), if any, and all
other Additional Amounts (in each case, other than contingent or unliquidated obligations or liabilities) on the Notes issued under this
Indenture and all other Obligations hereunder;

 

(ii)            as
to any Collateral, upon any sale or other transfer by any Guarantor of any Collateral that is permitted under the Indenture to any person
that is not a Guarantor (but excluding any transaction subject to ‎‎Article Five);

 

(iii)          as
may be permitted by ‎‎Section 9.01 or ‎Section ‎9.02;

 

(iv)          upon
Legal Defeasance, Covenant Defeasance or satisfaction and discharge of the Notes, the Note Guarantees and this Indenture as provided
under ‎Article Eight; and

 

(v)            in
order to effectuate a merger, consolidation, amalgamation, conveyance, transfer or other business combination conducted in compliance
with ‎‎Section 5.01.

 

    113

    

    

 

Each of the foregoing releases shall be automatic
without any further action by the Security Agent and without the consent of the Holders of the Notes or any action on the part of the
Trustee.

 

(b)            Any
release of Collateral made in compliance with this ‎‎Section 11.04 shall not
be deemed to impair the Lien under the Security Documents or the Collateral thereunder in contravention of the provisions of this Indenture
or the Security Documents (including ‎‎Section 4.22 hereof).

 

(c)            Upon
the Issuer’s or any Guarantor’s request, the Security Agent shall execute, deliver or acknowledge any necessary or proper
instruments of termination, satisfaction or release to evidence the release of any Collateral permitted to be released pursuant to this
Indenture; provided that the Issuer or such Guarantor shall have delivered an Officer’s Certificate (which the Trustee and Security
Agent may rely upon in connection with such release) to the Trustee and the Security Agent setting forth that the specified release complies
with the terms of this Indenture.

 

Article Twelve

Miscellaneous

 

Section 12.01     Notices.

 

(a)            Any
notice or communication shall be in writing and delivered in person or mailed by first class mail or sent by facsimile transmission addressed
as follows:

 

if to the Issuer or the Guarantors:

 

NCL Corporation Ltd.

7665 Corporate Center Drive

Miami, FL 33126-1201

Telephone: (305) 436-4000

Facsimile: (305) 436-4117

Attn: General Counsel

 

if to the Trustee, Principal
Paying Agent, Security Agent or Transfer Agent:

 

U.S. Bank Trust Company, National Association

Global Corporate Trust

West Side Flats

60 Livingston Avenue

St. Paul, MN 55107-1419

Telephone: (651) 466-6309

Facsimile: (651) 466-7430

Attn: Norwegian Cruise Lines (“NCL”) Corporate Trust Administrator

 

The Issuer, the Guarantors
or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 

(b)            Notices
regarding the Notes shall be:

 

(i)            delivered
to Holders electronically or mailed by first-class mail, postage paid; and

 

(ii)           in
the case of Definitive Registered Notes, delivered to each Holder by first-class mail at such Holder’s respective address as it
appears on the registration books of the Registrar.

 

    114

    

    

 

Notices given by first-class
mail shall be deemed given five calendar days after mailing and notices given by publication shall be deemed given on the first date
on which publication is made. Failure to deliver a notice or communication to a Holder or any defect in it shall not affect its sufficiency
with respect to other Holders. If a notice or communication is delivered in the manner provided above, it is duly given, whether or not
the addressee receives it.

 

In case by reason of the
suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification
as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

 

(c)            If
and so long as the Notes are represented by Global Notes, notice to Holders, in lieu of being given in accordance with Section 12.01(b) above,
may be given by delivery of the relevant notice to DTC for communication.

 

(d)            Where
this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed
with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

(e)            All
notices, approvals, consents, requests and any communications hereunder must be in writing (provided that any communication sent
to Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign
(or such other digital signature provider as specified in writing to Trustee by the authorized representative), in English). The Issuer
and Guarantors agree to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications
to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse
by third parties.

 

Section 12.02     Certificate
and Opinion as to Conditions Precedent. Upon any request or application by the Issuer or any Guarantor to the Trustee or the Security
Agent to take or refrain from taking any action under this Indenture (except in connection with the original issuance of the Original
Notes on the date hereof), the Issuer or any Guarantor, as the case may be, shall furnish upon request to the Trustee or the Security
Agent:

 

(a)            an
Officer’s Certificate in form reasonably satisfactory to the Trustee or the Security Agent stating that, in the opinion of the
Officer, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and

 

(b)            an
Opinion of Counsel in form reasonably satisfactory to the Trustee or the Security Agent stating that, in the opinion of such counsel,
all such conditions precedent have been complied with.

 

Any Officer’s Certificate
may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, unless the Officer signing such certificate knows,
or in the exercise of reasonable care should know, that such Opinion of Counsel with respect to the matters upon which such Officer’s
Certificate is based are erroneous. Any Opinion of Counsel may be based and may state that it is so based, insofar as it relates to factual
matters, upon certificates of public officials or an Officer’s Certificate stating that the information with respect to such factual
matters is in the possession of the Issuer, unless the counsel signing such Opinion of Counsel knows, or in the exercise of reasonable
care should know, that the Officer’s Certificate with respect to the matters upon which such Opinion of Counsel is based are erroneous.

 

    115

    

    

 

Section 12.03     Statements
Required in Certificate or Opinion. Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include:

 

(a)            a
statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating
thereto;

 

(b)            a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based;

 

(c)            a
statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to
express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(d)            a
statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 

Section 12.04     Rules by
Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar
and the Paying Agent may make reasonable rules for their functions.

 

Section 12.05     No
Personal Liability of Directors, Officers, Employees and Shareholders. No director, officer, employee, incorporator, shareholder
or stockholder of the Issuer or any Guarantor, as such, shall have any liability for any obligations of the Issuer or the Guarantors
under the Notes, this Indenture and the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or
their creation. Each Holder of Notes by accepting a Note waives and releases all such liability.

 

Section 12.06     Legal
Holidays. If an Interest Payment Date or other payment date is not a Business Day, payment shall be made on the next succeeding day
that is a Business Day, and no interest shall accrue for the intervening period. If a Record Date is not a Business Day, the Record Date
shall not be affected.

 

Section 12.07     Governing
Law. THIS INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section 12.08     Jurisdiction.
The Issuer and each Guarantor agree that any suit, action or proceeding against the Issuer or any Guarantor brought by any Holder or
the Trustee or the Security Agent arising out of or based upon this Indenture, the Notes or the Note Guarantees may be instituted in
any state or Federal court in the Borough of Manhattan, New York, New York, and any appellate court from any thereof, and each of them
irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. Each of the Issuer and the Guarantors
irrevocably waives, to the fullest extent permitted by law, any objection to any suit, action, or proceeding that may be brought in connection
with this Indenture, the Notes or the Note Guarantees, including such actions, suits or proceedings relating to securities laws of the
United States of America or any state thereof, in such courts whether on the grounds of venue, residence or domicile or on the ground
that any such suit, action or proceeding has been brought in an inconvenient forum. The Issuer and the Guarantors agree that final judgment
in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Issuer or any Guarantor, as the
case may be, and may be enforced in any court to the jurisdiction of which the Issuer or any Guarantor, as the case may be, are subject
by a suit upon such judgment; provided that service of process is effected upon the Issuer or any Guarantor, as the case may be,
in the manner provided by this Indenture. Each of the Issuer and the Guarantors not resident in the United States has appointed Corporate
Creations International, Inc., located at 801 US Highway 1, North Palm Beach, Florida 33408, or any successor so long as such successor
is resident in the United States and can act for this purpose, as its authorized agent (the “Authorized Agent”), upon
whom process may be served in any suit, action or proceeding arising out of or based upon this Indenture, the Notes or the Note Guarantees
or the transactions contemplated herein which may be instituted in any state or Federal court in the Borough of Manhattan, New York,
New York, by any Holder or the Trustee, and expressly accepts the non- exclusive jurisdiction of any such court in respect of any such
suit, action or proceeding. National Registered Agents, Inc. has hereby accepted such appointment and has agreed to act as said
agent for service of process, and the Issuer agrees to take any and all action, including the filing of any and all documents that may
be necessary to continue such respective appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent
shall be deemed, in every respect, effective service of process upon the Issuer. Notwithstanding the foregoing, any action involving
the Issuer arising out of or based upon this Indenture, the Notes or the Note Guarantees may be instituted by any Holder or the Trustee
or the Security Agent in any other court of competent jurisdiction. The Issuer expressly consents to the jurisdiction of any such court
in respect of any such action and waives any other requirements of or objections to personal jurisdiction with respect thereto.

 

    116

    

    

 

EACH OF THE ISSUER, THE
GUARANTORS AND THE TRUSTEE, AND EACH HOLDER OF A NOTE BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF
OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

Section 12.09    No
Recourse Against Others. A director, officer, employee, incorporator, member or shareholder, as such, of the Issuer or any Guarantor
shall not have any liability for any obligations of the Issuer or any Guarantor under this Indenture, the Notes or any Note Guarantee
or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder shall waive
and release all such liability. The waiver and release shall be part of the consideration for the issue of the Notes. Such waiver and
release may not be effective to waive liabilities under the U.S. federal securities laws.

 

Section 12.10     Successors.
All agreements of the Issuer and any Guarantor in this Indenture and the Notes shall bind their respective successors. All agreements
of the Trustee in this Indenture shall bind its successors.

 

Section 12.11     Counterparts.
The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement. One signed copy is enough to prove this Indenture. The exchange of copies of this Indenture and of signature pages by
facsimile or other electronic transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto.
Signatures of the parties hereto transmitted by facsimile or other electronic transmission shall be deemed to be their original signatures
for all purposes. For the avoidance of doubt, the words “execution,” “signed,” “signature,” “delivery,”
and words of like import in or relating to this Indenture or any document to be signed in connection with this Indenture shall be deemed
to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system,
as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

 

Section 12.12     Table
of Contents and Headings. The table of contents and headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions
hereof.

 

Section 12.13     Severability.
In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

    117

    

    

 

Section 12.14     Currency
Indemnity. Any payment on account of an amount that is payable in U.S. dollars (the “Required Currency”) which
is made to or for the account of any holder or the Trustee in lawful currency of any other jurisdiction (the “Judgment Currency”),
whether as a result of any judgment or order or the enforcement thereof or the liquidation of the Issuer or any Guarantor, shall constitute
a discharge of the Issuer’s or the Guarantors’ obligation under this Indenture and the Notes or Note Guarantee, as the case
may be, only to the extent of the amount of the Required Currency with such holder or the Trustee, as the case may be, could purchase
in the London foreign exchange markets with the amount of the Judgment Currency in accordance with normal banking procedures at the rate
of exchange prevailing on the first Business Day following receipt of the payment in the Judgment Currency. If the amount of the Required
Currency that could be so purchased is less than the amount of the Required Currency originally due to such holder or the Trustee, as
the case may be, the Issuer and the Guarantors shall indemnify and hold harmless the holder or the Trustee, as the case may be, from
and against all loss or damage arising out of, or as a result of, such deficiency. This indemnity shall constitute an obligation separate
and independent from the other obligations contained in this Indenture or the Notes, shall give rise to a separate and independent cause
of action, shall apply irrespective of any indulgence granted by any holder or the Trustee from time to time and shall continue in full
force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due hereunder or under any judgment
or order.

 

[Remainder of Page Intentionally Left Blank]

 

    118

    

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Indenture to be duly executed as of the date first written above.

 

	 	NCL CORPORATION LTD. 
	 	as Issuer

 

	 	By:	
	 	 	Name:
	 	 	Title:

 

	 	KRYSTALSEA LIMITED
	 	as Guarantor

 

	 	By:	
	 	 	Name:
	 	 	Title:

 

	 	GREAT STIRRUP CAY LIMITED
	 	as Guarantor

 

	 	By:	
	 	 	Name:
	 	 	Title:

 

	 	NCL US IP CO 1, LLC
	 	as Guarantor

 

	 	By:	
	 	 	Name:
	 	 	Title:

 

	 	NCL UK IP CO LTD
	 	as Guarantor

 

	 	By:	
	 	 	Name:
	 	 	Title:

 

[Signature Page to Indenture]

 

     

     

    

 

	 	NCL US IP CO 2, LLC
	 	as Guarantor

 

	 	By:	
	 	 	Name:
	 	 	Title:

 

	 	SEVEN SEAS CRUISES S. DE R. L.
	 	as Guarantor

 

	 	By:	
	 	 	Name:
	 	 	Title:

 

	 	OCEANIA CRUISES S. DE. R. L.

                                                  as Guarantor

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	
	 
	 	PRESTIGE CRUISE HOLDINGS S. DE. R. L.

                                                  as Guarantor

	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	PRESTIGE CRUISES INTERNATIONAL S. DE. R. L.

                                                  as Guarantor

	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Indenture]

 

     

     

    

 

	 	ARRASAS LIMITED

                                                  as Guarantor

	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	NCL (BAHAMAS) LTD.

                                                  as Guarantor

	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Indenture]

 

     

     

    

 

	 	U.S. BANK TRUST
    COMPANY, NATIONAL ASSOCIATION
	 	as Trustee, Principal Paying
    Agent, Transfer
	 	Agent, Registrar and Security
    Agent

 

	 	By:	
	 	 	Name:
	 	 	Title:

 

[Signature Page to Indenture]

 

     

     

    

 

Schedule I

 

GUARANTORS

 

	Entity
	Jurisdiction
	Guarantee Limit

	KRYSTALSEA
    LIMITED	British
    Virgin Islands	$143
    million
	Great
    Stirrup Cay Limited	Bahamas	$143
    million
	NCL
    US IP Co 1, LLC	Delaware	No
    limit
	NCL
    US IP Co 2, LLC	Delaware	No
    limit
	NCL
    UK IP Co Ltd	England
    and Wales	No
    limit
	Seven
    Seas Cruises S. de R.L.	Panama	No
    limit
	Oceania
    Cruises S. de R.L.	Panama	No
    limit
	Prestige
    Cruise Holdings S. de R.L.	Panama
    	No
    limit
	Prestige
    Cruises International S. de R.L.	Panama	No
    limit
	Arrasas
    Limited	Isle
    of Man	No
    limit
	NCL
    (Bahamas) Ltd.	Bermuda	$143
    million

 

    I-1

    

    

 

Schedule II

 

SECURITY DOCUMENTS

 

		1.	Collateral
                                            Agreement, to be dated as of the Issue Date, by and among the Guarantors party thereto
                                            and the Security Agent

 

		2.	Intellectual
                                            Property Security Agreement, to be dated as of the Issue Date, by and among NCL US IP Co
                                            2, LLC and the Security Agent

 

		3.	Intellectual
                                            Property Security Agreement, to be dated as of the Issue Date, by and among NCL UK IP Co
                                            Ltd and the Security Agent

 

		4.	Intellectual
                                            Property Security Agreement, to be dated as of the Issue Date, by and among Seven Seas Cruises
                                            S. de R.L., Prestige Cruise Holdings S. de R.L., Oceania Cruises S. de R.L. and the Security
                                            Agent

 

		5.	Share charge over the shares in NCL UK IP Co Ltd, to be dated as
                                            of the Issue Date, by and among NCL US IP Co 1, LLC and the Collateral Agent

 

		6.	Equitable
                                            Share Mortgage in Respect of Shares of Krystalsea
                                            Limited, to be dated as of the Issue Date, by and among Belize Investments
                                            Limited, Krystalsea Limited and the Security
                                            Agent

 

		7.	Share
                                            Pledge in Respect of Shares of Great Stirrup Cay Limited, to be executed on the Issue
                                            Date and dated as of the Issue Date or as soon as reasonably practicable thereafter, between
                                            NCL (Bahamas) Ltd. and the Security Agent

 

		8.	Mortgage
                                            in respect of the island owned by Great Stirrup Cay Limited, to be executed after the Issue
                                            Date by Great Stirrup Cay Limited and the Security Agent

 

		9.	Mortgage
                                            in respect of the island owned by Krystalsea Limited,
                                            to be executed after the Issue Date by Krystalsea
                                            Limited and the Security Agent

 

    II-1

    

    

 

Schedule III

 

AGREED SECURITY PRINCIPLES

 

		1.	Agreed security principles

 

The security to be provided under and
in connection with this Indenture will be given in accordance with the security principles set out in this Schedule (the Agreed Security
Principles).

 

		2.	General principles

 

		2.1.	The Agreed Security Principles embody a recognition
                                            by all parties that there may be certain legal and practical difficulties in obtaining effective
                                            security from the Issuer and its Subsidiaries (collectively, the NCL Group) in certain
                                            jurisdictions. In particular:

 

		(a)	general statutory limitations, capital
                                            maintenance, financial assistance, corporate benefit, fraudulent preference, “thin
                                            capitalisation” rules, retention of title claims, regulatory restrictions and similar
                                            principles may limit the ability of a member of the NCL Group to provide security or may
                                            require that the security be limited by an amount or otherwise; provided that the NCL Group
                                            will use commercially reasonable efforts to overcome any such obstacle and assist in demonstrating
                                            that adequate corporate benefit accrues to the NCL Group and each relevant Secured Guarantor.
                                            If any such limit applies, the security provided will be limited to the maximum amount which
                                            the relevant member of the NCL Group may provide having regard to applicable law and determined
                                            in consultation with Holders of a majority in aggregate principal amount of the then outstanding
                                            Notes;

 

		(b)	a factor in determining whether or not
                                            security shall be taken is the applicable cost which shall not be disproportionate to the
                                            benefit to the Holders of the Notes (or any other beneficiary of the security) of obtaining
                                            such security, which determination shall be made in consultation with Holders of a majority
                                            in aggregate principal amount of the then outstanding Notes. For these purposes, “cost”
                                            includes, but is not limited to, income or corporate tax cost, registration taxes payable
                                            on the creation or enforcement or for the continuance of any security, notary costs, stamp
                                            duties, out-of-pocket expenses and other fees and expenses directly incurred by the relevant
                                            grantor of security or any of its direct or indirect owners, subsidiaries or Affiliates;

 

		(c)	except in the case of the Secured Guarantors,
                                            unless each consent required by law, statute, the terms of any applicable contract, instrument
                                            or constitutional document or otherwise from the minority shareholders in, or any relevant
                                            corporate body of, any member of the NCL Group which is not wholly owned (directly or indirectly)
                                            by another member of the NCL Group is obtained, such member shall not be required to grant
                                            security; provided that the relevant company and the Issuer have used commercially reasonable
                                            efforts to obtain such consent, it being acknowledged that commercially reasonable efforts
                                            shall not require the payment by the Issuer or the relevant company of any monetary consent
                                            or waiver excluding any reasonable legal fees that may be payable;

 

		(d)	security shall not be created or perfected
                                            to the extent that it would result in the directors or officers of the relevant grantor being
                                            in contravention of any statutory duty in such capacity or their fiduciary duties and/or
                                            which could reasonably be expected to result in personal, civil or criminal liability on
                                            the part of any such director or officer; provided that the relevant member of the NCL Group
                                            shall use commercially reasonable efforts to overcome any such obstacle, it being acknowledged
                                            that commercially reasonable efforts shall not require the payment by the Issuer or the relevant
                                            company of any monetary consent or waiver;

 

    III-1

     

    

 

		(e)	any assets subject to third party arrangements
                                            (including shareholder agreements or joint venture agreements) which are permitted by the
                                            terms of the Indenture and which would prevent or prohibit those assets from being subject
                                            to legal, valid, binding and enforceable security will be excluded from the security created
                                            by any relevant security document; provided that the relevant member of the NCL Group has
                                            used commercially reasonable efforts to obtain any necessary consent or waiver if the asset
                                            is material, it being acknowledged that commercially reasonable efforts shall not require
                                            the payment by the Issuer or the relevant company of any monetary consent or waiver excluding
                                            any reasonable legal fees that may be payable;

 

		(f)	where a class of assets to be secured
                                            includes material and immaterial assets, if the cost of granting security over the immaterial
                                            assets is disproportionate to the benefit of such security, security will be granted over
                                            the material assets only;

 

		(g)	the granting of security or the perfection
                                            of the security granted will not be required if:

 

		(i)	it has or is reasonably likely to have a
                                            material adverse effect on the ability of the relevant member of the NCL Group to conduct
                                            its operations and business in the ordinary course as otherwise permitted by the Indenture;
                                            or

 

		(ii)	it has or is reasonably likely to have
                                            a material adverse effect on the tax arrangements of the NCL Group or any member of the NCL
                                            Group, provided that, in each case, the relevant member of the NCL Group shall use commercially
                                            reasonable efforts to overcome such obstacle. The secured obligations will be limited where
                                            necessary to prevent any material additional tax liability of any member of the NCL Group;

 

		(h)	in the case of any security granted by
                                            any member of the NCL Group, no fixed security will be given over hedging or intellectual
                                            property registered and applied for outside of the United States and Canada, which instead
                                            in each case shall be subject to floating security to the extent applicable under the laws
                                            of the jurisdiction governing the relevant security agreement. Nothing in this paragraph
                                            will restrict any provision permitting the crystallisation of any floating charge in certain
                                            circumstances as set out in the security documents; and

 

		(i)	other than in respect of: (i) UCC
                                            financing statements and intellectual property security agreements to be filed in the applicable
                                            jurisdictions (to the extent described herein) and (ii) any other notifications expressly
                                            contemplated in these Agreed Security Principles, no perfection action will be required in
                                            jurisdictions in which Secured Guarantors are not located.

 

		3.	Security

 

Security will be for all liabilities
of the relevant members of the NCL Group (including the Secured Guarantors) under the Notes and the Indenture, in accordance with, and
subject to, the requirements of the Agreed Security Principles in each relevant jurisdiction.

 

    III-2

     

    

 

		4.	Terms of security documents

 

		4.1.	Security will be first ranking, to the extent
                                            legally possible (and subject to certain liens mandatorily preferred by applicable laws).

 

		4.2.	Security shall (to the extent legally possible,
                                            subject to the general principles above) be created in favour of the Security Agent, the
                                            Trustee and the holders of the Notes or the Security Agent on behalf of or as trustee for
                                            the Trustee and the holders of the Notes (it being anticipated that the latter option shall
                                            be appropriate in most cases), to secure all of the obligations of the party giving the relevant
                                            security as well as all liabilities under the Indenture and the Notes (to the extent permitted
                                            by local law) and provided that “parallel debt” provisions may be used where
                                            necessary.

 

		4.3.	The security documents should only operate
                                            to create security rather than to impose new commercial obligations other than to the extent
                                            required by local law in order to create, enforce or perfect the security interest expressed
                                            to be created thereby, or to deal with requirements directly related thereto. Accordingly,
                                            subject to customary representations and undertakings as to Customer Data or intellectual
                                            property, representations and undertakings (such as in respect of insurance, maintenance
                                            of assets, information or the payment of costs) shall be limited to those necessary for the
                                            creation, registration and/or perfection of the security and maintenance of the Collateral,
                                            will not unreasonably interfere with the normal running of the business and shall not operate
                                            so as to prevent transactions which are otherwise permitted under this Indenture or to require
                                            additional consents or authorizations or to impose commercial obligations, in each case other
                                            than to the extent required to maintain the Collateral or by local law in order to create,
                                            enforce or perfect the security interest expressed to be created thereby, or to deal with
                                            requirements directly related thereto.

 

		4.4.	Unless otherwise required under applicable
                                            law, if a member of the NCL Group grants security over any asset it shall, subject to the
                                            terms of the Indenture and the Notes, be free to deal with that asset in the ordinary course
                                            of its business and as permitted by this Indenture until an Event of Default has occurred.

 

		4.5.	The following principles will be reflected
                                            in the terms of any security taken as part of this transaction:

 

		(a)	security will not be enforceable in respect
                                            of the Notes until an Event of Default has occurred and is continuing;

 

		(b)	information, such as lists of assets,
                                            will be provided if, in the opinion of counsel to the Security Agent or the Trustee, these
                                            are required by local law to be provided to perfect or register the security or to ensure
                                            the security can be enforced and, unless in the opinion of counsel to the Security Agent
                                            or the Trustee required to be provided by local law more frequently, be provided annually
                                            or, following an Event of Default which is continuing, on the Security Agent’s or the
                                            Trustee’s reasonable request; and

 

		(c)	each of the Trustee, the Security Agent
                                            and the holders of the Notes should only be able to exercise any power of attorney granted
                                            to it under the security documents following an Event of Default.

 

		5.	Bank accounts

 

Security will be given over each Collection
Account. A Control Agreement shall be required with respect to each Collection Account, to the extent applicable in the relevant jurisdiction.

 

    III-3

     

    

 

		6.	Real estate

 

Subject to Section 11.01(f) of
this Indenture, the Issuer will cause (1) a mortgage to be registered in respect of Harvest Caye and (2) a mortgage to be registered
in respect of Great Stirrup Cay Island executed and delivered by Krystalsea Limited and Great Stirrup Cay Limited, respectively, as soon
as reasonably practicable after the Issue Date.

 

No security will be given over land,
building and improvements or other real estate other than Harvest Caye Island and Great Stirrup Cay Island.

 

		7.	Security in respect of Vessels

 

No security will be given over any
Vessels.

 

		8.	[Reserved.]

 

		9.	Intellectual property

 

		9.1.	Security will only be granted over intellectual
                                            property to the extent expressly required under the Indenture and subject to these Agreed
                                            Security Principles. No security shall be granted over any licensed intellectual property
                                            which cannot be secured under the terms of the relevant licensing agreement. Notwithstanding
                                            the foregoing, all intellectual property covered by any IP License shall be pledged. No notice
                                            shall be prepared or given to any third party from whom intellectual property is licensed
                                            until an Event of Default has occurred.

 

		9.2.	The
                                            security documents for the Pledged IP will not be required to be registered outside of the
                                            United States and Canada. No perfection step, further assurance step, filing, recordation,
                                            registration or other formalities will be required in relation to the creation, perfection
                                            or priority of any security over intellectual property and in relation to any relevant security
                                            document, other than the security documents that are required to be recorded with:

 

		(a)	the
                                            United States Patent and Trademark Office, the United States Copyright Office or applicable
                                            jurisdictions by way of UCC financing statements, as applicable; and

 

		(b)	the
                                            Canadian Intellectual Property Office.

 

		9.3.	Any intellectual property required to be
                                            secured in accordance with the Indenture will only be required to be secured under a security
                                            document governed by the laws of the United States (or any state or district thereof) irrespective
                                            of the jurisdiction of incorporation of the relevant member of the NCL Group which holds
                                            the interest in the intellectual property, the location of the intellectual property or otherwise.

 

		10.	Shares and partnership interests

 

		10.1.	The following share pledges will be given
                                            over all shares and partnership interests in the Secured Guarantors listed below on the Issue
                                            Date (or, in the case of the pledge shares in Great Stirrup Cay Limited, as soon as reasonably
                                            practicable thereafter):

 

	Restricted
    Subsidiary	Name
    of shareholder/partners	Governing
    law
	Krystalsea
    Limited	Belize
Investments Limited
	British
    Virgin Islands
	Great
    Stirrup Cay Limited	NCL
    (Bahamas) Ltd.	Bahamas
	NCL
    UK IP Co Ltd	NCL
    US IP Co 1, LLC	England
    and Wales
	NCL
    US IP Co 2, LLC	NCL
    US IP Co 1, LLC	New
    York

 

    III-4

     

    

 

		10.2.	Until an Event of Default has occurred,
                                            the securing person will be permitted to retain dividends and other payments to which they
                                            may be entitled as shareholders or partners and to exercise voting rights to any shares or
                                            partnership interests pledged by it in a manner which does not adversely affect the validity
                                            or enforceability of the security or cause an Event of Default to occur and the company whose
                                            shares or partnership interests have been pledged will, subject to the terms of the Indenture,
                                            be permitted to pay dividends.

 

		10.3.	Unless the restriction is required or advisable
                                            by law, the constitutional documents of the company whose shares have been charged will be
                                            amended to remove any restriction on the transfer or the registration of the transfer of
                                            the shares on enforcement of the security granted over them and/or pre-emption rights to
                                            the extent these would materially and adversely affect the security interests created under
                                            the security documents.

 

		10.4.	Where customary and applicable as a matter
                                            of law, at the time of execution of the applicable security document, a copy of the share
                                            certificate (or other documents evidencing title to the relevant shares) and a signed but
                                            undated copy of the stock/share transfer form will be provided to the Security Agent and
                                            where required by law the shareholders’ register will be written up to annotate the
                                            existence of the pledge, it being agreed that original share certificate, original undated
                                            stock/share transfer form and registered agent certified true copy of the annotated shareholders’
                                            register shall be supplied to the Security Agent as soon as practicable following execution
                                            of the applicable security document (having regard to the current logistical difficulties
                                            caused by the impact of COVID-19).

 

		11.	English Law Overriding Principle

 

Notwithstanding
anything to the contrary in the Indenture or these Agreed Security Principles, the parties agree, and the overriding intention is, that
no security will be required to be granted by any member of the NCL Group under a security document governed by English law except (i) pursuant
to the share charge over the shares in NCL UK IP Co Ltd, by and among NCL US IP Co 1, LLC and the Collateral Agent, (ii) pursuant
to a Control Agreement relating to any Collection Account and (iii) pursuant to a customary debenture granted by NCL UK IP Co Ltd
in favor of the Security Agent.

 

		12.	Business Day Overriding Principle

 

With respect to all time periods set
forth herein, (x) to the extent any date for a required action falls on a day that is not a business or working day in the relevant
jurisdiction, the required date shall instead be the next business or working day in such jurisdiction and (y) if any government
office required for any action is closed on one or more days on which it would normally be open, the applicable time periods set forth
herein shall not commence until the business or working day following the latest date such government office was closed on a day on which
it would normally be open.

 

    III-5

     

    

 

 

 

Schedule IV

 

COLLECTION ACCOUNTS

 

[TO BE UPDATED]

 

    IV-1

     

    

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

NCL CORPORATION LTD.

 

[If Regulation S Global Note – CUSIP Number
[●]1 / ISIN [●]2] 

[If Restricted Global Note – CUSIP Number
[●]3 / ISIN [●]4] 

No. [●]

 

[Include if Global Note —
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THIS NOTE IS A GLOBAL NOTE
WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF DTC OR A NOMINEE OF DTC OR A SUCCESSOR DEPOSITARY. THIS NOTE IS NOT
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE
OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY)
MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.]

 

 

1 Issue Date Regulation S CUSIP: [●]

2 Issue Date Regulation S ISIN: [●]

3 Issue Date Rule 144A CUSIP: [●]

4 Issue Date Rule 144A ISIN: [●]

 

    A-1

     

    

 

THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH
IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: REPRESENTS THAT (A) IT IS A
 “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”) OR (B) IT IS
NOT A U.S. PERSON, IS NOT ACQUIRING THIS NOTE FOR THE ACCOUNT OR FOR THE BENEFIT OF A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN
OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, AND AGREES THAT IT WILL NOT WITHIN [IN THE CASE OF RULE
144A NOTES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER
WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE)] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE DATE
WHEN THE NOTES WERE FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS IN RELIANCE ON REGULATION S AND THE DATE OF THE COMPLETION OF THE
DISTRIBUTION] RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) IN THE UNITED STATES
TO A PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A QIB IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED
STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION
PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT (PROVIDED THAT PRIOR TO A TRANSFER PURSUANT TO CLAUSE (D) OR (E), THE TRUSTEE IS FURNISHED WITH AN OPINION
OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT) OR (F) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, AND
AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED (OTHER THAN A TRANSFER PURSUANT TO CLAUSE
(D) OR (F) ABOVE) A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

 

THE HOLDER OF THIS NOTE, BY
ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES THAT IT SHALL
NOT TRANSFER THE SECURITIES IN AN AMOUNT LESS THAN $2,000.

 

    A-2

     

    

 

8.00% SENIOR SECURED NOTES DUE 2025

 

NCL Corporation Ltd., a Bermuda
exempted company, for value received, promises to pay to [●] or registered assigns the principal sum of $[●] (as such amount
may be increased or decreased as indicated in Schedule A (Schedule of Principal Amount in the Global Note) of this Note) on April 2,
2025.

 

From [●], 202[2][3]
or from the most recent Interest Payment Date to which interest has been paid or provided for, cash interest on this Note will accrue
at 8.00%, payable quarterly on [●], [●], [●] and [●] of each year, beginning on [●], 202[2][3], to the Person
in whose name this Note (or any predecessor Note) is registered at the close of business on the preceding [●], [●], [●]
or [●], as the case may be. Interest on overdue principal and interest, including premium (including the Redemption Premium) and
Additional Amounts, if any, will accrue at a rate that is 2.00% higher than the interest rate on the Notes.

 

THIS NOTE SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW RULES THEREOF.

 

Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature of an authorized signatory,
this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

Reference is hereby made to
the further provisions of this Note set forth on the reverse hereof and to the provisions of the Indenture, which provisions shall for
all purposes have the same effect as if set forth at this place.

 

    A-3

     

    

 

IN WITNESS WHEREOF, NCL Corporation
Ltd. has caused this Note to be signed manually or by facsimile by its duly authorized signatory.

 

Dated: [●], 20[●]

 

	 	NCL CORPORATION LTD.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-4

     

    

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes referred to in the Indenture.

 

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

as Trustee

 

	By:		 
	 	Authorized Officer	 

 

    A-5

     

    

 

[FORM OF REVERSE SIDE OF NOTE]

8.00% Senior Secured Notes due 2025

 

1.            Interest

 

NCL Corporation Ltd., a Bermuda
exempted company (together with its successors and assigns under the Indenture, the “Issuer”), for value received,
promises to pay interest on the principal amount of this Note from [●], 202[2][3] or from the most recent Interest Payment Date
to which interest has been paid or provided for at the rate per annum shown above. Interest will be computed on the basis of a 360-day
year of twelve 30-day months. The Issuer shall pay interest on overdue principal at the interest rate borne by the Notes compounded quarterly,
and it shall pay interest on other overdue amounts at the same rate to the extent lawful. Any interest paid on this Note shall be increased
to the extent necessary to pay Additional Amounts as set forth in this Note.

 

2.            Additional
Amounts

 

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

 

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

 

(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);

 

    A-6

     

    

 

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

 

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

 

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

 

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

 

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

 

(8)            any
Taxes imposed by the United States, any state thereof or the District of Columbia, or any subdivision thereof or territory thereof, including
any U.S. federal withholding taxes and any Taxes that are imposed pursuant to current Section 1471 through 1474 of the Internal Revenue
Code of 1986, as amended (the “Code”), or any amended or successor version that is substantively comparable and not
materially more onerous to comply with, any regulations promulgated thereunder, any official interpretations thereof, any intergovernmental
agreement between a non-U.S. jurisdiction and the United States (or any related law or administrative practices or procedures) implementing
the foregoing or any agreements entered into pursuant to current Section 1471(b)(1) of the Code (or any amended or successor
version described above); or

 

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

 

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

 

    A-7

     

    

 

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

 

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

 

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

 

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

 

3.            Method
of Payment

 

The Issuer shall pay interest
on this Note (except Defaulted Interest) to the Holder at the close of business on the Record Date for the next Interest Payment Date
even if this Note is cancelled after the Record Date and on or before the Interest Payment Date. The Issuer shall pay principal, premium
(including the Redemption Premium), if any, and interest (including Defaulted Interest, if any) in U.S. dollars in immediately available
funds that at the time of payment is legal tender for payment of public and private debts; provided that payment of interest may
be made at the option of the Issuer by check mailed to the Holder.

 

The amount of payments in
respect of interest on each Interest Payment Date shall correspond to the aggregate principal amount of Notes represented by this Note,
as established by the Registrar at the close of business on the relevant Record Date. Payments of principal shall be made upon surrender
of this Note to the Paying Agent.

 

    A-8

     

    

 

4.            Paying
Agent and Registrar

 

Initially, U.S. Bank Trust
Company, National Association or one of its Affiliates will act as Principal Paying Agent and Registrar. The Issuer or any of its Affiliates
may act as Paying Agent, Registrar or co-Registrar.

 

5.            Indenture

 

The Issuer issued this Note
under an indenture dated as of [●], 202[2][3] (as amended, supplemented or otherwise modified from time to time, the “Indenture”),
among the Issuer, the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”)
and as Security Agent. The terms of this Note include those stated in the Indenture. Terms defined in the Indenture and not defined herein
have the meanings ascribed thereto in the Indenture. To the extent any provision of this Note conflicts with the express provisions of
the Indenture, the provisions of the Indenture shall govern and be controlling.

 

6.            Redemption

 

(a)          Prior
to March 3, 2025 (the “Par Call Date”), the Issuer may redeem the Notes at its option, in whole or in part, at
any time and from time to time, upon giving not less than 10 nor more than 60 days’ notice, at a Redemption Price (expressed as
a percentage of the principal amount to be redeemed and rounded to three decimal places) equal to the greater of:

 

(1) (a) the sum of the present
values of the remaining scheduled payments of principal and interest thereon (including any duration fees as provided below) discounted
to the Redemption Date (assuming the Notes matured on the Par Call Date) on a quarterly basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 50 basis points less (b) interest accrued to the Redemption Date, and

 

(2) 100% of the principal amount
of the Notes to be redeemed,

 

plus,
in either case, accrued and unpaid interest and Additional Amounts, if any, to, but excluding, the Redemption Date, subject to the rights
of Holders of the Notes on the relevant Record Date to receive interest due on the relevant Interest Payment Date. For all purposes
under this Section 6, including the calculation of the Redemption Price, any duration fee payable on any Note shall be deemed to
constitute interest thereon.

 

(b)           On
or after the Par Call Date, the Issuer may redeem the Notes at its option, in whole or in part, at any time and from time to time, upon
giving not less than 10 nor more than 60 days’ notice, at a Redemption Price equal to 100% of the principal amount of the Notes
to be redeemed, plus accrued and unpaid interest and Additional Amounts, if any, to, but excluding, the Redemption Date, subject to the
rights of Holders of the Notes on the relevant Record Date to receive interest due on the relevant Interest Payment Date.

 

(c)           Upon
the Issuer or any of its Restricted Subsidiaries (i) receiving Net Proceeds from the issuance or incurrence of any Indebtedness of
the Issuer or any of its Restricted Subsidiaries (other than with respect to any Indebtedness permitted to be incurred pursuant to Section 4.06)
or (ii) receiving Net Proceeds equal to or greater than $10.0 million from the sale, lease, conveyance or other disposition by the
Issuer or any of its Restricted Subsidiaries of, or Event of Loss relating to, any assets comprising part of the Collateral (each of the
events set forth in the foregoing clauses (i) and (ii), a “Mandatory Redemption Event”), the Issuer will cause
the amount of such Net Proceeds (the “Redemption Amount”) to be applied to redeem all or any portion of the Notes no
later than 30 days after the applicable Mandatory Redemption Event. The principal amount of Notes to be redeemed shall equal the maximum
principal amount of Notes that can be redeemed with the Redemption Amount at the price set forth in clause (a) of this paragraph
6.

 

    A-9

     

    

 

Notwithstanding the foregoing,
in connection with any tender offer for the Notes, including a Change of Control Offer or Asset Sale Offer, if Holders of not less than
90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the
Issuer, or any third party making such tender offer in lieu of the Issuer, purchases all of the Notes validly tendered and not withdrawn
by such Holders, the Issuer or such third party will have the right upon not less than 10 nor more than 60 days’ prior notice, given
not more than 30 days following such purchase date, to redeem all Notes that remain outstanding following such purchase at the Redemption
Price plus accrued and unpaid interest and Additional Amounts, if any, thereon, to, but excluding, the date of such redemption.

 

7.            Redemption
for Changes in Taxes

 

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

 

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

 

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

 

The foregoing provisions of
this paragraph 7 will apply, mutatis mutandis, to any successor of the Issuer (or any Guarantor) with respect to a Change in Tax
Law occurring after the time such Person becomes successor to the Issuer (or any Guarantor).

 

    A-10

     

    

 

8.            Repurchase
at the Option of Holders

 

(a)          Upon
a Change of Control Triggering Event, the Holders shall have the right to require the Issuer to offer to repurchase the Notes pursuant
to Section 4.11 of the Indenture.

 

(b)          The
Notes may also be subject to Asset Sale Offers pursuant to Section 4.09 of the Indenture.

 

9.            Denominations

 

The Notes (including this
Note) are in denominations of $2,000 and integral multiples of $1,000 in excess thereof of principal amount at maturity. The transfer
of Notes (including this Note) may be registered, and Notes (including this Note) may be exchanged, as provided in the Indenture. The
Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and
fees required by law or permitted by the Indenture.

 

10.          Unclaimed
Money

 

All moneys paid by the Issuer
or the Guarantors to the Trustee or a Paying Agent for the payment of the principal of, or premium, if any, or interest on, this Note
or any other Note that remain unclaimed at the end of two years after such principal, premium or interest has become due and payable may
be repaid to the Issuer or the Guarantors, subject to applicable law, and the Holder of such Note thereafter may look only to the Issuer
or the Guarantors for payment thereof.

 

11.          Discharge
and Defeasance

 

The Notes shall be subject
to defeasance, satisfaction and discharge as provided in Article Eight of the Indenture.

 

12.          Amendment,
Supplement and Waiver

 

The Notes, the Note Guarantees,
the Indenture and the Security Documents may be amended or modified as provided in Article Nine of the Indenture.

 

13.          Defaults
and Remedies

 

This Note and the other Notes
have the Events of Default as set forth in Section 6.01 of the Indenture.

 

14.          Security.

 

This Note and the other Notes
will be secured by the Liens on the Collateral, subject to Permitted Collateral Liens, as set forth in Article Eleven of the Indenture.

 

15.          Trustee
and Security Agent Dealings with the Issuer

 

The Trustee and the Security
Agent under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with
and collect obligations owed to it by the Issuer, the Guarantors or any of their Affiliates with the same rights it would have if it were
not Trustee or Security Agent. Any Paying Agent, Registrar, co-Registrar or co-Paying Agent may do the same with like rights.

 

    A-11

     

    

 

16.          No
Recourse Against Others

 

A director, officer, employee,
incorporator, member or shareholder, as such, of the Issuer or the Guarantors shall not have any liability for any obligations of the
Issuer or the Guarantors under this Note, the other Notes, the Note Guarantees or the Indenture or for any claim based on, in respect
of, or by reason of, such obligations or their creation. By accepting a Note, each Holder shall waive and release all such liability.
The waiver and release are part of the consideration for issuance of the Notes.

 

17.          Authentication

 

This Note shall not be valid
until an authorized officer of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other
side of this Note.

 

18.          Abbreviations

 

Customary abbreviations may
be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN
(= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act).

 

19.          ISIN
and/or CUSIP Numbers

 

The Issuer may cause ISIN
and/or CUSIP numbers to be printed on the Notes, and if so the Trustee shall use ISIN and/or CUSIP numbers in notices of redemption as
a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained
in any notice of redemption, and reliance may be placed only on the other identification numbers placed on the Notes.

 

20.          Governing
Law

 

THIS NOTE SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW RULES THEREOF.

 

    A-12

     

    

 

ASSIGNMENT FORM

 

	To assign and transfer this Note, fill in the form below:
	 
	(I) or (the Issuer) assign and transfer this Note to
	 
	(Insert assignee’s social security or tax I.D. no.)
	 
	(Print or type assignee’s name, address and postal code)
	 
	and irrevocably appoint ____________________ agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

 

	Your Signature:	 
	 	   (Sign exactly as your name appears on the
other side of this Note)

 

	Signature Guarantee: 	
	 	  (Participant in a recognized signature guarantee
medallion program)  

 

	Date:	 	 

 

Certifying Signature

 

In connection with any transfer
of any Notes evidenced by this certificate occurring prior to the date that is one year after the later of the date of original issuance
of such Notes and the last date, if any, on which the Notes were owned by the Issuer or any of its Affiliates, the undersigned confirms
that such Notes are being transferred in accordance with the transfer restrictions set forth in such Notes and:

 

CHECK ONE BOX BELOW

 

(1)      ̈     to
the Issuer or any Subsidiary; or

 

(2)      ̈     pursuant
to an effective registration statement under the U.S. Securities Act of 1933; or

 

(3)      ̈     pursuant
to and in compliance with Rule 144A under the U.S. Securities Act of 1933; or

 

(4)      ̈     pursuant
to and in compliance with Regulation S under the U.S. Securities Act of 1933; or

 

(5)      ̈     pursuant
to another available exemption from the registration requirements of the U.S. Securities Act of 1933.

 

    A-13

     

    

 

Unless one of the boxes is
checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any person other than the registered
Holder thereof; provided, however, that if box (3) is checked, by executing this form, the Transferor is deemed to
have certified that such Notes are being transferred to a person it reasonably believes is a “qualified institutional buyer”
as defined in Rule 144A under the U.S. Securities Act of 1933 who has received notice that such transfer is being made in reliance
on Rule 144A; if box (4) is checked, by executing this form, the Transferor is deemed to have certified that such transfer is
made pursuant to an offer and sale that occurred outside the United States in compliance with Regulation S under the U.S. Securities Act;
and if box (5) is checked, the Trustee may require, prior to registering any such transfer of the Notes, such legal opinions, certifications
and other information as the Issuer reasonably requests to confirm that such transfer is being made pursuant to an exemption from or in
a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933.

 

	Signature: 	 

 

	Signature Guarantee:	
	 	(Participant in a recognized signature
guarantee medallion program)
	 	 
	Certifying Signature:		Date:	 
	 	 	 	 
	Signature Guarantee:	
	 	(Participant in a recognized signature guarantee medallion program)

 

    A-14

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If
you want to elect to have this Note or a portion thereof repurchased pursuant to Section 4.09 or 4.11 of the Indenture, check the
box:  ̈

 

If the purchase is in part,
indicate the portion (in denominations of $2,000 or any integral multiple of $1,000 in excess thereof) to be purchased:

 

	Your Signature:	
	 	   (Sign exactly as your name appears on the
other side of this Note)

 

	Date:	 

 

	Certifying Signature:	 

 

    A-15

     

    

 

SCHEDULE A

 

SCHEDULE OF PRINCIPAL AMOUNT IN THE GLOBAL NOTE

 

The following exchanges of
a part of this Global Note for an interest in another Global Note or for a Definitive Registered Note, or exchanges of a part of another
Global Note or Definitive Registered Note for an interest in this Global Note, have been made:

 

	Date of

 Decrease/Increase	 	Amount of Decrease 

in Principal 

Amount	 	Amount of Increase

 in Principal 

Amount	 	Principal Amount

 Following such

 Decrease/Increase	 	Signature of

 Authorized Officer 

of Registrar
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    A-16

     

    

 

EXHIBIT B

 

FORM OF TRANSFER CERTIFICATE FOR TRANSFER
FROM RESTRICTED

GLOBAL NOTE TO REGULATION S GLOBAL NOTE5

 

(Transfers pursuant to § 2.06(b)(ii) of
the Indenture)

 

U.S. Bank Trust Company, National Association 

U.S. Bank Global Corporate Trust Services 

60 Livingston Avenue 

St. Paul, Minnesota 55017 

EP-MN-WS3C

 

Attention: Transfer Agent

 

Re: 8.00% Senior Secured Notes
due 2025 (the “Notes”)

 

Reference is hereby made to
the Indenture dated as of [●], 202[2][3] (as amended, supplemented or otherwise modified from time to time, the “Indenture”)
among NCL Corporation Ltd., a Bermuda exempted company, as Issuer, the guarantors party thereto, as Guarantors, and U.S. Bank Trust Company,
National Association, as Trustee and as Security Agent. Capitalized terms used but not defined herein shall have the meanings given them
in the Indenture.

 

This letter relates to $____________
aggregate principal amount of Notes that are held as a beneficial interest in the form of the Restricted Global Note (CUSIP No.: [●]6;
ISIN No: [●] 7) with DTC in the name of [name of transferor] (the “Transferor”). The Transferor
has requested an exchange or transfer of such beneficial interest for an equivalent beneficial interest in the Regulation S Global Note
(CUSIP No.: [●]8; ISIN No: [●]9).

 

In connection with such request,
the Transferor does hereby certify that such transfer has been effected in accordance with the transfer restrictions set forth in the
Notes and:

 

(a)          with
respect to transfers made in reliance on Regulation S (“Regulation S”) under the United States Securities Act of 1933,
as amended (the “U.S. Securities Act”), does certify that:

 

(i)           the
offer of the Notes was not made to a person in the United States;

 

(ii)          either
(i) at the time the buy order is originated the transferee is outside the United States or the Transferor and any person acting on
its behalf reasonably believe that the transferee is outside the United States; or (ii) the transaction was executed in, on or through
the facilities of a designated offshore securities market described in paragraph (b) of Rule 902 of Regulation S and neither
the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;

 

 

5 If the Note is a Definitive Registered Note, appropriate
changes need to be made to the form of this transfer certificate.

6 Issue Date Rule 144A CUSIP: [●]

7 Issue Date Rule 144A ISIN: [●]

8 Issue Date Regulation S CUSIP: [●]

9 Issue Date Regulation S ISIN: [●]

 

    B-1

     

    

 

(iii)         no
directed selling efforts have been made in the United States by the Transferor, an Affiliate thereof or any person on its behalf in contravention
of the requirements of Rule 903 or 904 of Regulation S, as applicable;

 

(iv)         the
transaction is not part of a plan or scheme to evade the registration requirements of the U.S. Securities Act; and

 

(v)          the
Transferor is not the Issuer, a distributor of the Notes, an Affiliate of the Issuer or any such distributor (except any officer or director
who is an Affiliate solely by virtue of holding such position) or a person acting on behalf of any of the foregoing.

 

(b)          with
respect to transfers made in reliance on Rule 144 the Transferor certifies that the Notes are being transferred in a transaction
permitted by Rule 144 under the U.S. Securities Act.

 

You, the Issuer, the Guarantors
and the Trustee are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate
have the meanings set forth in Regulation S.

 

	 	[Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 	Date:

 

cc:

 

Attention:

 

    B-2

     

    

 

EXHIBIT C

 

[FORM OF TRANSFER CERTIFICATE FOR TRANSFER
FROM REGULATION S

GLOBAL NOTE TO RESTRICTED GLOBAL NOTE]

 

(Transfers pursuant to § 2.06(b)(iii) of
the Indenture)

 

U.S. Bank Trust Company, National Association 

U.S. Bank Global Corporate Trust Services 

60 Livingston Avenue 

St. Paul, Minnesota 55017 

EP-MN-WS3C 

Attention: Transfer Agent

 

Re: 8.00% Senior Secured Notes
due 2025 (the “Notes”)

 

Reference is hereby made to
the Indenture dated as of [●], 202[2][3] (as amended, supplemented or otherwise modified from time to time, the “Indenture”)
among NCL Corporation Ltd., a Bermuda exempted company, as Issuer, the guarantors party thereto, as Guarantors, and U.S. Bank Trust Company,
National Association, as Trustee and as Security Agent. Capitalized terms used but not defined herein shall have the meanings given them
in the Indenture.

 

This letter relates to $_____________
aggregate principal amount at maturity of Notes that are held in the form of the Regulation S Global Note with DTC (CUSIP No.: [●]10
ISIN No.: [●]11) in the name of [name of transferor] (the “Transferor”) to effect the transfer of
the Notes in exchange for an equivalent beneficial interest in the Restricted Global Note (CUSIP No.: [●]12; ISIN No.:
[●]13).

 

In connection with such request,
and in respect of such Notes the Transferor does hereby certify that such Notes are being transferred in accordance with the transfer
restrictions set forth in the Notes and that:

 

CHECK ONE BOX BELOW:

 

		 ̈	the Transferor is relying on Rule 144A under the U.S. Securities Act for exemption from the registration
requirements thereunder; it is transferring such Notes to a person it reasonably believes is a QIB as defined in Rule 144A that purchases
for its own account, or for the account of a qualified institutional buyer, and to whom the Transferor has given notice that the transfer
is made in reliance on Rule 144A and the transfer is being made in accordance with any applicable securities laws of any state of
the United States; or

 

 

10 Issue Date Regulation S CUSIP: [●]

11 Issue Date Regulation S ISIN: [●]

12 Issue Date Rule 144A CUSIP: [●]

13 Issue Date Rule 144A ISIN: [●]

 

    C-1

     

    

 

		 ̈	the Transferor is relying on an exemption other than Rule 144A from the registration requirements
of the U.S. Securities Act, subject to the Issuer’s and the Trustee’s right prior to any such offer, sale or transfer to require
the delivery of an Opinion of Counsel, certification and/or other information satisfactory to each of them.

 

You, the Issuer, the Guarantors,
and the Trustee are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.

 

	 	[Name of Transferor]
	 	 
	 	By:	                         
	 	Name:
	 	Title:
	 	 
	 	Date:

 

cc:

 

Attention:

 

    C-2

     

    

 

EXHIBIT D

 

FORM OF SUPPLEMENTAL INDENTURE

 

SUPPLEMENTAL INDENTURE dated
as of [●], 20[●] (this “Supplemental Indenture”) by and among NCL Corporation Ltd. (the “Issuer”),
the other parties listed as New Guarantors on the signature pages hereto (each, a “New Guarantor” and, collectively,
the “New Guarantors”) and U.S. Bank Trust Company, National Association, as trustee (in such capacity, the “Trustee”).

 

W I T N E S E T H

 

WHEREAS, the Issuer, the Trustee
and the other parties thereto have heretofore executed and delivered an Indenture, dated as of [●], 202[2][3] (as amended, supplemented
or otherwise modified from time to time, the “Indenture”), providing for the issuance of 8.00% Senior Secured Notes
due 2025 of the Issuer (the “Notes”), initially in the aggregate principal amount of $[●];

 

WHEREAS, pursuant to Section 9.01
of the Indenture, the Issuer and the Trustee are authorized to execute and deliver this Supplemental Indenture; and

 

WHEREAS, all necessary acts
have been done to make this Supplemental Indenture a legal, valid and binding agreement of each New Guarantor in accordance with the terms
of this Supplemental Indenture.

 

NOW THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant
and agree for the equal and ratable benefit of the Holders as follows:

 

Article I

Definitions

 

Section 1.01     Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

Article II

AGREEMENT TO BE BOUND

 

Section 2.01     Agreement
to Guarantee. The New Guarantor acknowledges that it has received and reviewed a copy of the Indenture and all other documents it
deems necessary to review in order to enter into this Supplemental Indenture, and acknowledges and agrees to (i) join and become
a party to the Indenture as indicated by its signature below; (ii) be bound by the Indenture, as of the date hereof, as if made by,
and with respect to, each signatory hereto; and (i) perform all obligations and duties required of a Guarantor pursuant to the Indenture.
The New Guarantor hereby agrees to provide a Note Guarantee on the terms and subject to the conditions set forth in the Indenture, including,
but not limited to, Article Ten thereof.

 

Section 2.02     Execution
and Delivery. The New Guarantor agrees that the Note Guarantee shall remain in full force and effect notwithstanding the absence of
the endorsement of any notation of such Note Guarantee on the Notes.

 

Section 2.03     [Section 2.03.     Guarantee
Limitations. Schedule IV of the Indenture is hereby amended by adding the following:

 

    D-1

     

    

 

[New Guarantee Limitation
Language].]

 

Article III

Miscellaneous

 

Section 3.01     Governing
Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section 3.02     Severability.
In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 3.03     Ratification.
Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions
thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every
Holder heretofore or hereafter shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency
of this Supplemental Indenture.

 

Section 3.04     Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement. One signed copy is enough to prove this Supplemental Indenture. The exchange of copies of this Supplemental
Indenture and of signature pages by facsimile or other electronic transmission shall constitute effective execution and delivery
of this Supplemental Indenture as to the parties hereto. Signatures of the parties hereto transmitted by facsimile or other electronic
transmission shall be deemed to be their original signatures for all purposes.

 

Section 3.05     Effect
of Headings. The headings herein are convenience of reference only and shall not affect the construction hereof.

 

Section 3.06     The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental
Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the New Guarantor.

 

Section 3.07     Benefits
Acknowledged. The New Guarantor’s Note Guarantee is subject to the terms and conditions set forth in the Indenture. The New
Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture
and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to its Note Guarantee and this Supplemental Indenture
are knowingly made in contemplation of such benefits.

 

Section 3.08     Successors.
All agreements of the New Guarantor in this Supplemental Indenture shall bind its successors, except as otherwise provided in this
Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors.

 

[Remainder of Page Intentionally Left Blank]

 

    D-2

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Supplemental Indenture to be duly executed, all as of the date first above written.

  

	 	ISSUER:
	 	 
	 	NCL CORPORATION LTD.
	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title:
	 	 
	 	NEW GUARANTORS:
	 	 
	 	[NEW GUARANTORS]
	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title:
	 	 
	 	TRUSTEE:
	 	 
	 	U.S. BANK TRUST COMPANY, NATIONAL
    ASSOCIATION, as Trustee
	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title:

 

    D-3

     

    

 

 

EXHIBIT C

 

Form of
Unsecured Indenture

 

[Attached.]

 

[Amended and Restated Commitment Letter]

 

    Exhibit C

     

    

  

NCL
CORPORATION LTD.,

as Issuer,

 

U.S.
BANK TRUST COMPANY, NATIONAL ASSOCIATION,

as Trustee, Principal Paying Agent, Transfer Agent and

Registrar,

 

INDENTURE

 

Dated
as of [●], 202[2][3]

 

8.00%
SENIOR NOTES DUE 202[5][6]

 

     

     

    

 

TABLE
OF CONTENTS

________________________

 

Page

  

Article One

Definitions
and Incorporation by Reference

 

	Section 1.01	 	Definitions	1
	Section 1.02	 	Other
    Definitions	32
	Section 1.03	 	Rules of Construction	32

 

Article Two

The
Notes

 

	Section 2.01	 	The
    Notes	33
	Section 2.02	 	Execution
    and Authentication	34
	Section 2.03	 	Registrar,
    Transfer Agent and Paying Agent	35
	Section 2.04	 	Paying
    Agent to Hold Money	36
	Section 2.05	 	Holder
    Lists	36
	Section 2.06	 	Transfer
    and Exchange	36
	Section 2.07	 	Replacement
    Notes	39
	Section 2.08	 	Outstanding
    Notes	39
	Section 2.09	 	Notes
    Held by Issuer	40
	Section 2.10	 	Definitive
    Registered Notes	40
	Section 2.11	 	Cancellation	40
	Section 2.12	 	Defaulted
    Interest	41
	Section 2.13	 	Computation of Interest	41
	Section 2.14	 	ISIN
    and CUSIP Numbers	41

 

Article Three

Redemption;
Offers to Purchase

 

	Section 3.01	 	Right of
    Redemption	42
	Section 3.02	 	Notices
    to Trustee	42
	Section 3.03	 	Selection
    of Notes to Be Redeemed	42
	Section 3.04	 	Notice of Redemption	42
	Section 3.05	 	Deposit of Redemption
    Price	44
	Section 3.06	 	[Reserved]	44
	Section 3.07	 	Payment
    of Notes Called for Redemption	44
	Section 3.08	 	Notes
    Redeemed in Part	44
	Section 3.09	 	Redemption
    for Changes in Taxes	44

 

    i

     

    

 

Article Four

Covenants

 

	Section 4.01	 	Payment of
    Notes	45
	Section 4.02	 	Corporate
    Existence	46
	Section 4.03	 	Maintenance of Properties	46
	Section 4.04	 	Insurance	46
	Section 4.05	 	Statement
    as to Compliance	46
	Section 4.06	 	Incurrence
    of Indebtedness and Issuance of Preferred Stock or Preference Shares	47
	Section 4.07	 	Liens	52
	Section 4.08	 	Restricted
    Payments	53
	Section 4.09	 	Asset
    Sales	58
	Section 4.10	 	Transactions
    with Affiliates	61
	Section 4.11	 	Purchase
    of Notes upon a Change of Control	63
	Section 4.12	 	Additional
    Amounts	64
	Section 4.13	 	[Reserved]	67
	Section 4.14	 	[Reserved]	67
	Section 4.15	 	Additional
    Guarantees	67
	Section 4.16	 	Dividend
    and Other Payment Restrictions Affecting Restricted Subsidiaries	67
	Section 4.17	 	Designation
    of Restricted and Unrestricted Subsidiaries	69
	Section 4.18	 	[Reserved]	70
	Section 4.19	 	Reports
    to Holders	70
	Section 4.20	 	Intellectual
    Property	72

 

Article Five

Merger,
Amalgamation, Consolidation or Sale of Assets

 

	Section 5.01	 	Merger,
    Amalgamation, Consolidation or Sale of Assets	72
	Section 5.02	 	Successor
    Substituted	74

 

Article Six

Defaults
and Remedies

 

	Section 6.01	 	Events of
    Default	74
	Section 6.02	 	Acceleration	76
	Section 6.03	 	Other
    Remedies	78
	Section 6.04	 	Waiver
    of Past Defaults	78
	Section 6.05	 	Control
    by Majority	79
	Section 6.06	 	Limitation
    on Suits	79
	Section 6.07	 	Unconditional
    Right of Holders to Bring Suit for Payment	80
	Section 6.08	 	Collection
    Suit by Trustee	80
	Section 6.09	 	Trustee
    May File Proofs of Claim	80
	Section 6.10	 	Application
    of Money Collected	81
	Section 6.11	 	Undertaking
    for Costs	81
	Section 6.12	 	Restoration
    of Rights and Remedies	81
	Section 6.13	 	Rights
    and Remedies Cumulative	81
	Section 6.14	 	Delay
    or Omission Not Waiver	81
	Section 6.15	 	Record
    Date	82
	Section 6.16	 	Waiver
    of Stay or Extension Laws	82

 

    ii

     

    

 

Article Seven

Trustee

 

	Section 7.01	 	Duties of
    Trustee	82
	Section 7.02	 	Certain
    Rights of Trustee	83
	Section 7.03	 	Individual
    Rights of Trustee	86
	Section 7.04	 	Disclaimer of Trustee	86
	Section 7.05	 	Compensation
    and Indemnity	86
	Section 7.06	 	Replacement of Trustee	87
	Section 7.07	 	Successor
    Trustee by Merger	88
	Section 7.08	 	[Reserved]	88
	Section 7.09	 	Eligibility;
    Disqualification	88
	Section 7.10	 	Appointment of Co-Trustee	88
	Section 7.11	 	Resignation of Agents	89
	Section 7.12	 	Agents
    General Provisions	90

 

Article Eight

Defeasance;
Satisfaction and Discharge

 
  

	Section 8.01	 	Issuer’s
    Option to Effect Defeasance or Covenant Defeasance	91
	Section 8.02	 	Defeasance
    and Discharge	91
	Section 8.03	 	Covenant
    Defeasance	92
	Section 8.04	 	Conditions
    to Defeasance	92
	Section 8.05	 	Satisfaction
    and Discharge of Indenture	93
	Section 8.06	 	Survival
    of Certain Obligations	94
	Section 8.07	 	Acknowledgment
    of Discharge by Trustee	94
	Section 8.08	 	Application
    of Trust Money	94
	Section 8.09	 	Repayment
    to Issuer	94
	Section 8.10	 	Indemnity
    for Government Securities	94
	Section 8.11	 	Reinstatement	95

 

Article Nine

Amendments
and Waivers

 

	Section 9.01	 	Without
    Consent of Holders	95
	Section 9.02	 	With
    Consent of Holders	96
	Section 9.03	 	Effect
    of Supplemental Indentures	97
	Section 9.04	 	Notation
    on or Exchange of Notes	97
	Section 9.05	 	[Reserved]	97
	Section 9.06	 	Notice
    of Amendment or Waiver	97
	Section 9.07	 	Trustee
    to Sign Amendments, Etc.	97
	Section 9.08	 	Additional
    Voting Terms; Calculation of Principal Amount	98
	 	 	 	 
	Article Ten

                                                                                                                               Guarantee 

	 	 	 	 
	Section 10.01	 	Note
    Guarantees	98
	Section 10.02	 	Subrogation	99
	Section 10.03	 	Release
    of Note Guarantees	99
	Section 10.04	 	Limitation
    and Effectiveness of Note Guarantees	100
	Section 10.05	 	Notation
    Not Required	100
	Section 10.06	 	Successors
    and Assigns	100
	Section 10.07	 	No
    Waiver	100
	Section 10.08	 	Modification	100

 

    iii

     

    

 

Article Eleven

[Reserved]

 
      

Article Twelve

Miscellaneous 

 

	Section 12.01	 	Notices	101
	Section 12.02	 	Certificate
    and Opinion as to Conditions Precedent	102
	Section 12.03	 	Statements
    Required in Certificate or Opinion	102
	Section 12.04	 	Rules by
    Trustee, Paying Agent and Registrar	103
	Section 12.05	 	No
    Personal Liability of Directors, Officers, Employees and Shareholders	103
	Section 12.06	 	Legal
    Holidays	103
	Section 12.07	 	Governing
    Law	103
	Section 12.08	 	Jurisdiction	103
	Section 12.09	 	No
    Recourse Against Others	104
	Section 12.10	 	Successors	104
	Section 12.11	 	Counterparts	104
	Section 12.12	 	Table
    of Contents and Headings	104
	Section 12.13	 	Severability	104
	Section 12.14	 	Currency
    Indemnity	105

 

Schedules

 

	Schedule
    I	–	Guarantors

 

Exhibits

 

	Exhibit A	–	Form of
    Note 
	Exhibit B	–	Form of
    Transfer Certificate for Transfer from Restricted Global Note to Regulation S Global Note 
	Exhibit C	–	Form of
    Transfer Certificate for Transfer from Regulation S Global Note to Restricted Global Note
	Exhibit D	–	Form of
    Supplemental Indenture

 

    iv

     

    

 

INDENTURE,
dated as of [●], 202[2][3], among NCL Corporation Ltd., an exempted company incorporated under the laws of Bermuda and tax resident
in the United Kingdom (the “Issuer”), the Guarantors party hereto and U.S. Bank Trust Company, National Association,
a national banking association organized and existing under the laws of the United States of America, as trustee (in such capacity, the
 “Trustee”), as Principal Paying Agent, as Transfer Agent and as Registrar.

 

RECITALS

 

The
Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance of its 8.00% Senior Notes due 202[5][6]
issued on the date hereof (the “Notes”). The Issuer has received good and valuable consideration for the execution
and delivery of this Indenture. All necessary acts and things have been done to make (i) the Notes, when duly issued and executed
by the Issuer and authenticated and delivered hereunder, the legal, valid and binding obligations of the Issuer and (ii) this Indenture
a legal, valid and binding agreement of the Issuer in accordance with the terms of this Indenture.

 

NOW,
THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

Article One

Definitions and Incorporation by Reference

 

Section 1.01     Definitions.

 

“Access
Agreement” means each of the following agreements entered into
as of the Issue Date, pursuant to which Great Stirrup Cay Limited and Krystalsea Limited, as applicable, shall earn fees in exchange
for providing the Issuer and its Restricted Subsidiaries access to Great Stirrup Cay Island and Harvest Caye Island, as applicable: (i) the
Access Agreement among Great Stirrup Cay Limited, NCL (Bahamas) Ltd., Oceania Cruises and Seven Seas; and (ii) the Access Agreement
among Krystalsea Limited, NCL (Bahamas) Ltd., Oceania Cruises and Seven Seas, in each case, in substantially the forms attached to the
Note Purchase Agreement.

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

“ARCA”
means the Fifth Amended and Restated Credit Agreement, dated as of May 8, 2020, among NCL Corporation Ltd., as borrower, Voyager
Vessel Company, LLC, as co-borrower, the subsidiary guarantors party thereto, JPMorgan Chase Bank, N.A., as administrative agent and
collateral agent, and a syndicate of other banks party thereto as joint bookrunners, arrangers, co-documentation agents and lenders,
as amended by that certain Amendment No. 1, dated as of January 29, 2021, by that certain Amendment No. 2, dated as of
March 25, 2021, and by that certain Amendment No. 3, dated as of November 12, 2021, and as may further be 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 any successor or replacement
agreement or agreements or increasing the amount loaned thereunder (in each case subject to compliance with Section 4.06) or altering
the maturity thereof.

 

“Asset
Sale” means:

 

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

 

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

 

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

 

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

 

(b)            (x) a
sale, lease, conveyance or other disposition of assets or Equity Interests other than Specified Assets between or among the Issuer and
any Restricted Subsidiary and (y) a sale, lease, conveyance or other disposition of assets or Equity Interests constituting Specified
Assets between or among Specified Guarantors;

 

(c)            an
issuance of Equity Interests by a Restricted Subsidiary to the Issuer or to a Restricted Subsidiary other than an issuance of Equity
Interests by any Restricted Specified Guarantor to a Restricted Subsidiary that is not a Restricted Specified Guarantor;

 

(d)            the
sale, lease, conveyance or other disposition of inventory, insurance proceeds or other assets other than Specified Assets in the ordinary
course of business and any sale or other disposition of damaged, worn-out or obsolete assets or assets other than Specified Assets that
are no longer useful in the conduct of the business of the Issuer and its Restricted Subsidiaries; provided that Great Stirrup
Cay Limited and Krystalsea Limited may dispose of assets (other than real property held by them) no longer useful in the conduct of their
respective businesses as reasonably determined by them in good faith;

 

    2

     

    

 

(e)            licenses
and sublicenses by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business (provided that with respect to
any Specified Assets, such licenses and sublicenses shall be non-exclusive);

  

(f)            any
surrender or waiver of contract rights or settlement, release, recovery on or surrender of contract, tort or other claims of any kind
(except for any surrender or waiver of any right under any Access Agreement or IP License);

 

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

 

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

 

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

 

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

 

(k)            the
foreclosure, condemnation or any similar action with respect to any property or other assets other than Specified Assets;

 

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

 

(m)           time
charters and other similar arrangements with respect to any Vessel in the ordinary course of business; and

 

(n)            the
abandonment or lapse of any immaterial Intellectual Property rights registered with a government agency or third party registrar in the
reasonable business judgment of the Issuer or any of its Restricted Subsidiaries.

 

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

 

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

 

    3

     

    

 

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

  

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

 

“Board
of Directors” means:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Capital
Stock” means:

 

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

 

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

 

    4

     

    

 

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

  

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

 

(e)            in
the case of a company incorporated in the Isle of Man, shares (of any class) of the company or in its capital;

 

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

 

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

 

“Cash
Equivalents” means:

 

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

 

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

 

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

 

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

 

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

 

    5

     

    

 

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

  

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

 

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

 

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

 

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

 

“Clearstream”
means Clearstream Banking, société anonyme.

 

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

 

“Collection
Account” means any deposit or securities account into which (i) payments to the Restricted Specified Guarantors under
any IP License or Access Agreement or (ii) Net Proceeds from an Event of Loss relating to the Specified Assets, to the extent pending
reinvestment in accordance with this Indenture, are paid, deposited or maintained.

 

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

 

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

 

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

 

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

 

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

 

(4)            business
optimization expenses and other restructuring charges (which, for the avoidance of doubt, shall include, without limitation, the effect
of optimization programs, facility closures, retention, severance, systems establishment costs and excess pension charges);

 

    6

     

    

 

(5)            any
other non-cash charges; provided that, for purposes of this subclause (5) of this clause (a), any non-cash charges or losses
shall be treated as cash charges or losses in any subsequent period during which cash disbursements attributable thereto are made; and

  

(6)            the
amount of management, consulting, monitoring, transaction and advisory fees and related expenses paid to any Affiliate (or any accruals
related to such fees and related expenses) during such period not in contravention of the provisions described under Section 4.10,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)            any
increase in amortization or depreciation or any non-cash charges or increases or reductions in net income resulting from purchase accounting
in connection with any acquisition that is consummated on or after the Issue Date shall be excluded;

 

    7

     

    

 

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

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    8

     

    

 

“Copyrights”
means all copyrights, copyright registrations and applications for copyright registrations, including all renewals and extensions thereof,
all rights to recover for past, present or future infringements thereof and all other rights whatsoever accruing thereunder or pertaining
thereto, and all renewals in respect of any of the foregoing.

  

“Credit
Facilities” means one or more debt facilities, instruments or arrangements incurred by the Issuer or any Restricted Subsidiary
(including but not limited to the ARCA) with banks, other institutions or investors providing for revolving credit loans, term loans,
receivables financing (including through the sale of receivables to such institutions or to special purpose entities formed to borrow
from such institutions against such receivables), letters of credit, notes or other Indebtedness, in each case, as amended, restated,
modified, renewed, refunded, replaced, restructured, refinanced, repaid, increased or extended in whole or in part from time to time
(and whether in whole or in part and whether or not with the original administrative agent and lenders or another administrative agent
or agents or trustees or other banks or institutions and whether provided under the ARCA or one or more other credit or other agreements,
indentures, financing agreements or otherwise) and in each case including all agreements, instruments and documents executed and delivered
pursuant to or in connection with the foregoing (including any notes and letters of credit issued pursuant thereto and any Guarantee
and collateral agreement, patent and trademark security agreement, mortgages or letter of credit applications and other Guarantees, pledges,
agreements, security agreements and collateral documents). Without limiting the generality of the foregoing, the term “Credit Facilities”
shall include any agreement or instrument (1) changing the maturity of any Indebtedness incurred thereunder or contemplated thereby,
(2) adding Subsidiaries of the Issuer as additional borrowers, issuers or guarantors thereunder, (3) increasing the amount
of Indebtedness incurred thereunder or available to be borrowed thereunder or (4) otherwise altering the terms and conditions thereof.

 

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

 

“Customary
Intercreditor Agreement” means an intercreditor agreement providing for payment subordination or lien priority, payment blockage
and enforcement limitation terms with respect which are customary in the good faith judgment of the Issuer as evidenced in an Officer’s
Certificate.

 

“Customer
Data” means all of the rights in customer data created or updated during or after 2008 through [●], 202[5][6] (or such
earlier date on which the Notes shall be satisfied and discharged) held by (a) US IPCo with respect to U.S. residents, (b) the
U.S. Branch of UK IPCo with respect to U.K. residents, and (c) Seven Seas, Oceania Cruises and Prestige Holdings with respect to
residents in any jurisdiction, in each case of (a) through (c), including all intellectual property rights in or with respect to
the foregoing.

 

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

 

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

 

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

 

    9

     

    

  

“DTC”
means The Depository Trust Company, a New York corporation, its nominees and successors.

 

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

 

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

 

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

 

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

 

“Euroclear”
means Euroclear SA/NV.

 

“Event
of Loss” means the actual or constructive total loss, arranged or compromised total loss, casualty, destruction, condemnation,
confiscation, requisition, seizure or forfeiture of, or other taking of title or use of, any
Vessel or any property or asset constituting Specified Assets, as applicable.

 

“Existing
Exchangeable Notes” means the 6.00% exchangeable senior notes due 2024 issued by the Issuer, the 5.375% exchangeable senior
notes due 2025 issued by the Issuer, the 1.125% exchangeable senior notes due 2027 issued by the Issuer and the 2.50% exchangeable senior
notes due 2027 issued by the Issuer, each as amended, restated, supplemented, waived, replaced (whether or not upon termination, and
whether with the existing holders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time,
including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion
of the Indebtedness under such agreement or agreements or any successor or replacement agreement or agreements or increasing the amount
of notes issued thereunder (in each case subject to compliance with Section 4.06) or altering the maturity thereof.

 

“Existing
Indebtedness” means all Indebtedness of the Issuer and its Restricted Subsidiaries in existence on the Issue Date (but not
including any New Secured Notes).

 

“Existing
Notes” means the Existing Secured Notes, the Existing Exchangeable Notes and the Existing Unsecured Notes, collectively.

 

    10

     

    

 

“Existing
Secured Notes” means the 5.875% senior secured notes due 2027 issued by the Issuer, as amended, restated, supplemented, waived,
replaced (whether or not upon termination, and whether with the existing holders or otherwise), restructured, repaid, refunded, refinanced
or otherwise modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing
or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or any successor or replacement
agreement or agreements or increasing the amount of notes issued thereunder (in each case subject to compliance with Section 4.06)
or altering the maturity thereof.

  

“Existing
Unsecured Notes” means the 3.625% senior notes due 2024 issued by the Issuer, the 5.875% senior notes due 2026 issued by the
Issuer, the 6.125% senior notes due 2028 issued by NCL Finance, Ltd. and the 7.750% senior notes due 2029 issued by the Issuer,
each as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the existing holders or
otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement or indenture
extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement
or agreements or any successor or replacement agreement or agreements or increasing the amount of notes issued thereunder (in each case
subject to compliance with Section 4.06) or altering the maturity thereof.

 

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

 

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

 

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

 

“Fitch”
means Fitch Ratings Inc.

 

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

 

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

 

    11

     

    

 

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

 

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

 

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

 

    12

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    13

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Holder”
means each Person in whose name the Notes are registered on the Registrar’s books, which shall initially be the nominee of DTC,
Euroclear or Clearstream.

 

“H.15”
has the meaning assigned to such term in the definition of “Treasury Rate.”

 

“Indebtedness”
means, with respect to any specified Person (excluding accrued expenses and trade payables), without duplication:

 

(a)            the
principal amount of indebtedness of such Person in respect of borrowed money;

 

(b)            the
principal amount of obligations of such Person evidenced by bonds, notes, debentures or similar instruments for which such Person is responsible
or liable;

 

(c)             reimbursement
obligations of such Person in respect of letters of credit, bankers’ acceptances or similar instruments (except to the extent such
reimbursement obligations relate to trade payables and such obligations are satisfied within 30 days of incurrence), in each case only
to the extent that the underlying obligation in respect of which the instrument was issued would be treated as Indebtedness;

 

(d)            Capital
Lease Obligations of such Person;

 

(e)            the
principal component of all obligations of such Person to pay the balance deferred and unpaid of the purchase price of any property or
services due more than one year after such property is acquired or such services are completed;

 

(f)             net
obligations of such Person under Hedging Obligations (the amount of any such obligations to be equal at any time to the termination value
of such agreement or arrangement giving rise to such obligation that would be payable by such Person at such time); and

 

(g)            Attributable
Debt of such Person;

 

    14

     

    

 

if and to the extent any of
the preceding items (other than letters of credit, Attributable Debt and Hedging Obligations) would appear as a liability upon a balance
sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness
of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person)
and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person.

  

The term “Indebtedness”
shall not include:

 

(a)            anything
accounted for as an operating lease in accordance with GAAP as at the Issue Date;

 

(b)            contingent
obligations in the ordinary course of business;

 

(c)            in
connection with the purchase by the Issuer or any Restricted Subsidiary of any business, any post-closing payment adjustments to which
the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment depends on the
performance of such business after the closing;

 

(d)            deferred
or prepaid revenues;

 

(e)            purchase
price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the
applicable seller;

 

(f)            any
contingent obligations in respect of workers’ compensation claims, early retirement or termination obligations, pension fund obligations
or contributions or similar claims, obligations or contributions or social security or wage Taxes;

 

(g)            [reserved];
or

 

(h)            any
Capital Stock.

 

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof.

 

“Intellectual Property”
means:

 

(a) with respect to each
Restricted Specified Guarantor, collectively, all Copyrights, all Patents and all Trademarks, in each case, whether now owned or hereafter
acquired by such Restricted Specified Guarantor, together with (i) all inventions, processes, production methods, proprietary information,
know-how and trade secrets; (ii) all licenses or user or other agreements granted to such Restricted Specified Guarantor with respect
to any of the foregoing, in each case, whether now or hereafter owned or used; (iii) all information, customer lists, identification
of suppliers, data, plans, blueprints, specifications, designs, drawings, recorded knowledge, surveys, engineering reports, test reports,
manuals, materials standards, processing standards, performance standards, catalogs, computer and automatic machinery software and programs;
(iv) all field repair data, sales data and other information relating to sales or service of products now or hereafter manufactured;
(v) all accounting information and all media in which or on which any information or knowledge or data or records may be recorded
or stored and all computer programs used for the compilation or printout of such information, knowledge, records or data; (vi) all
licenses, consents, permits, variances, certifications and approvals of governmental agencies now or hereafter held by such Restricted
Specified Guarantor; and (vii) all causes of action, claims and warranties now or hereafter owned or acquired by such Restricted
Specified Guarantor in respect of any of the items listed above; and

 

    15

     

    

  

(b) with
respect to each of Oceania Cruises, Seven Seas and Prestige Holdings, collectively, all Copyrights, all Patents and all Trademarks
in any jurisdiction throughout the world, in each case, to the extent registered or subject to application for registration that is pending,
whether now owned or hereafter acquired by such Specified Guarantor, together with (i) lists of existing or prospective customers
and all data or information relating thereto; (ii) all licenses or user or other agreements granted to such Specified Guarantor with
respect to any of the foregoing, in each case whether now or hereafter owned or used; and (iii) all causes of action, claims and
warranties now or hereafter owned or acquired by such Specified Guarantor in respect of any of the items listed above.

 

“Interest Payment
Date” means the Stated Maturity of an installment of interest on the Notes.

 

“Investment Grade”
means (1) with respect to S&P or Fitch, a rating equal to or higher than BBB- (or the equivalent), (2) with respect to Moody’s,
a rating equal to or higher than Baa3 (or the equivalent) and (3) with respect to any additional Rating Agency or Rating Agencies
selected by the Issuer, the equivalent investment grade credit rating.

 

“Investments”
means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms
of loans (including Guarantees or other obligations, but excluding advances or extensions of credit to customers or suppliers made in
the ordinary course of business), advances or capital contributions (excluding commission, travel and similar advances to officers and
employees made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests
or other securities, together with all items that are or would be classified as Investments on a balance sheet prepared in accordance
with GAAP. The acquisition by the Issuer or any Restricted Subsidiary of a Person that holds an Investment in a third Person will be deemed
to be an Investment by the Issuer or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the
Investments held by the acquired Person in such third Person in an amount determined as provided in the final paragraph of Section 4.08.
Except as otherwise provided in this Indenture, the amount of an Investment will be determined at the time the Investment is made and
without giving effect to subsequent changes in value.

 

“IP
License” means each of the following agreements entered into as of the Issue Date, pursuant to which the Issuer received
a license to certain of the Specified IP from US IPCo or the U.S. Branch of UK IPCo, as applicable: (i) the Amended and Restated
Trade and Asset Transfer Agreement between the Issuer and US IPCo; (ii) the Amended and Restated Trade and Asset Transfer Agreement
between the Issuer and the U.S. Branch of UK IPCo; (iii) the Amended and Restated Marketing Services and Trademark License Agreement
between the Issuer and US IPCo; and (iv) the Amended and Restated Marketing Services and Trademark License Agreement between the
Issuer and the U.S. Branch of UK IPCo.

 

“Issue Date”
means [●], 202[2][3].

 

“Issuer Order”
means a written order signed in the name of the Issuer by any Person authorized by a resolution of the Board of Directors of the Issuer.

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such
asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention
agreement or any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or
agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.

 

    16

     

    

 

“Management Advances”
means loans or advances made to, or Guarantees with respect to loans or advances made to, directors, officers or employees of the Issuer
or any Restricted Subsidiary:

 

(a)            in
respect of travel, entertainment or moving (including tax equalization) related expenses incurred in the ordinary course of business;

 

(b)            in
respect of moving (including tax equalization) related expenses incurred in connection with any closing or consolidation of any office;
or

 

(c)            in
the ordinary course of business and (in the case of this clause (c)) not exceeding $5.0 million in the aggregate outstanding at any time.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“NCL Holdings”
means Norwegian Cruise Line Holdings Ltd., the direct parent company of the Issuer.

 

“Net Book Value”
means, with respect to any asset or property at any time, the net book value of such asset or property as reflected on the most recent
balance sheet of the Issuer at such time, determined on a consolidated basis in accordance with GAAP.

 

“Net
Proceeds” means, with respect to any Asset Sale or Event of Loss, including any sale, lease, conveyance or other disposition
by the Issuer or any of its Restricted Subsidiaries of, or any Event of Loss relating to, any assets comprising part of the Specified
Assets, the aggregate cash proceeds and Cash Equivalents received by the Issuer or any of its Restricted Subsidiaries in respect of such
Asset Sale or Event of Loss (including, without limitation, any cash or Cash Equivalents received upon the sale or other disposition of
any non-cash consideration received in any Asset Sale); provided that such amount shall be net of the direct costs relating to
such Asset Sale or Event of Loss, including, without limitation, legal, accounting and investment banking fees, and sales commissions,
and any relocation expenses incurred as a result of the Asset Sale or Event of Loss, taxes paid or payable as a result of the Asset Sale
or Event of Loss, any charges, payments or expenses incurred in connection with an Asset Sale or Event of Loss (including, without limitation,
(i) any exit or disposal costs, (ii) any repair, restoration or environmental remediation costs, charges or payments, (iii) any
penalties or fines resulting from such Event of Loss, (iv) any severance costs resulting from such Event of Loss, (v) any costs
related to salvage, scrapping or related activities and (vi) any fees, settlement payments or other charges related to any litigation
or administrative proceeding resulting from such Event of Loss) and any reserve for adjustment or indemnification obligations in respect
of the sale price of such asset or assets established in accordance with GAAP; provided, further, that if no Event of Default
exists, the Issuer may, promptly following receipt of any cash proceeds or Cash Equivalents in respect of any Event of Loss relating to
any real property or related assets comprising part of the Specified Assets, deliver an Officer’s Certificate to the Trustee setting
forth the Issuer’s intention to use any portion of such proceeds to repair or rebuild such assets of the applicable Specified Guarantor
within 450 days after the receipt thereof, in which case such proceeds shall not constitute Net Proceeds subject to Section 4.09(d) (provided
that any portion of such proceeds not actually used for such repair or rebuild shall constitute Net Proceeds subject to Section 4.09(d));
provided, further, still that any such Net Proceeds shall be maintained in a Collection Account pending reinvestment
in accordance with the preceding proviso. To the extent the amounts that must be netted against any cash proceeds and Cash Equivalents
cannot be reasonably determined by the Issuer with respect to any Asset Sale or Event of Loss not relating to the Specified Assets, such
cash proceeds and Cash Equivalents shall not be deemed received until such amounts to be netted are known by the Issuer.

 

    17

     

    

  

“New Secured Notes”
means the 8.00% senior secured notes due 2025 issued by the Issuer, as amended, restated, supplemented or otherwise modified from time
to time, but for the avoidance of doubt, not including any refinancing thereof so long as the Notes hereunder are outstanding.

 

“New Vessel Aggregate
Secured Debt Cap” means the sum of each of the New Vessel Secured Debt Caps (with such New Vessel Aggregate Secured Debt Cap
to be expressed as the sum of the euro and U.S. dollar denominations of the New Vessel Secured Debt Caps reflected in the New Vessel Aggregate
Secured Debt Cap).

 

“New Vessel Financing”
means any financing arrangement (including but not limited to a sale and leaseback transaction or bareboat charter or lease or an arrangement
whereby a Vessel under construction is pledged as collateral to secure the indebtedness of a shipbuilder), entered into by the Issuer
or a Restricted Subsidiary for the purpose of financing or refinancing all or any part of the purchase price, cost of design or construction
of a Vessel or Vessels or the acquisition of Capital Stock of entities owning or to own Vessels, provided that any Vessel contracted
for construction, under construction or completed on the Issue Date is not a Vessel to which this definition applies.

 

“New Vessel Secured
Debt Cap” means, in respect of a New Vessel Financing, no more than 90% of the contract price (including any amendment to the
contract price) for the acquisition and any other Ready for Sea Cost of the related Vessel (and 100% of any related export credit insurance
premium), expressed in euros or U.S. dollars, as the case may be, being financed by such New Vessel Financing.

 

“Note Documents”
means the Notes, the Note Guarantees, this Indenture, each IP License, each Access Agreement and any other agreements, documents or instruments
related to any of the foregoing, as they may be amended, restated, modified, renewed, supplemented, refunded, replaced or refinanced,
from time to time.

 

“Note Guarantee”
means the Guarantee by each Guarantor of the Issuer’s obligations under this Indenture and the Notes, executed pursuant to the provisions
of this Indenture.

 

“Note Obligations”
means the Obligations of the Issuer and the Guarantors under the Note Documents.

 

“Note Purchase Agreement”
means the Note Purchase Agreement entered into prior to the Issue Date for the purchase and sale of the Notes.

 

“Obligations”
means any principal, interest, penalties, fees, premiums (including Redemption Premiums), indemnifications, reimbursements, damages and
other liabilities payable under the documentation governing any Indebtedness.

 

“Officer”
means, with respect to any Person, the Chairman or Vice-Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial
Officer, the President, an Executive Vice President, a Senior Vice President or Vice President, the Treasurer, an Assistant Treasurer,
the Controller, an Assistant Controller, the Secretary, an Assistant Secretary, or any individual designated by the Board of Directors,
of such Person.

 

“Officer’s
Certificate” means a certificate signed on behalf of the Issuer by an Officer.

 

    18

     

    

 

“Opinion of Counsel”
means a written opinion from legal counsel, subject to customary exceptions and qualifications. The counsel may be an employee of or counsel
to the Issuer.

 

“Par Call Date”
means [●], 202[5][6].1

 

“Patents”
means all patents and patent applications, including the inventions and improvements described and claimed therein, and all improvements
thereto, together with the parents, reissues, divisionals, provisionals, continuations, re-examinations, renewals, extensions and continuations
in part thereof, all income, royalties, damages and payments now or hereafter due and/or payable with respect thereto, all damages and
payments for past or future infringements thereof and rights to sue therefor, and all rights corresponding thereto throughout the world.

 

“Permitted Business”
means (a) in respect of the Issuer and its Restricted Subsidiaries, any businesses, services or activities engaged in by the Issuer
or any of the Restricted Subsidiaries on the Issue Date and (b) any businesses, services and activities engaged in by the Issuer
or any of its Restricted Subsidiaries that are related, complementary, incidental, ancillary or similar to any of the foregoing or are
extensions or developments of any thereof.

 

“Permitted Intercompany
Debt” means any Indebtedness incurred by a Restricted Specified Guarantor from the Issuer or one of its Restricted Subsidiaries
to finance the operations of such Restricted Specified Guarantor provided that such Indebtedness (i) is unsecured, (ii) is
expressly subordinated to the prior payment in full in cash of all Note Obligations and (iii) may not be repaid in cash except to
the extent no Event of Default has occurred and is continuing, by such Restricted Specified Guarantor with cash in its Collection Account
in accordance with Section 4.08 or Section 4.09, as applicable.

 

“Permitted Investments”
means:

 

(a)            (i) any
Investment by the Issuer or any Restricted Subsidiary that is not a Restricted Specified Guarantor in the Issuer or any of its Restricted
Subsidiaries and (ii) any Investment by any Restricted Specified Guarantor in any other Restricted Specified Guarantor or, if no
Event of Default exists, in the Issuer or any of its Restricted Subsidiaries; provided that any Investment by any Restricted Specified
Guarantor in the Issuer or any of its Restricted Subsidiaries shall be limited to such Restricted Specified Guarantor’s cash in
its Collection Accounts (other than Net Proceeds required to be held therein pursuant to this Indenture) and shall be used for
working capital purposes of the Issuer or any of its Restricted Subsidiaries, including debt service and shipbuilding payments;

 

(b)            any
Investment in cash in U.S. dollars, euros, Swiss francs, U.K. pounds sterling or Australian dollars, and Cash Equivalents;

 

(c)            any
Investment by the Issuer or any Restricted Subsidiary in a Person that is not a Restricted Subsidiary, if as a result of such Investment:

 

(i)            such
Person becomes a Restricted Subsidiary; or

 

(ii)           such
Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated
into, the Issuer or a Restricted Subsidiary;

 

 

1 To be 30 days prior to the maturity date.

 

    19

     

    

 

(d)            any
Investment made as a result of the receipt of non-cash consideration from an Asset Sale with respect to assets or property other than
Specified Assets that was made pursuant to and in compliance with Section 4.09 or any other disposition of assets other than Specified
Assets not constituting an Asset Sale;

 

(e)            any
acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the
Issuer;

 

(f)            any
Investments received in compromise or resolution of (A) obligations of trade creditors or customers that were incurred in the ordinary
course of business of the Issuer or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement
upon the bankruptcy or insolvency of any trade creditor or customer; or (B) litigation, arbitration or other disputes with Persons
who are not Affiliates;

 

(g)            Investments
in receivables owing to the Issuer or any Restricted Subsidiary created or acquired in the ordinary course of business;

 

(h)            Investments
represented by Hedging Obligations, which obligations are permitted to be incurred under Section 4.06(b)(ix);

 

(i)            repurchases
of Indebtedness not constituting a Restricted Payment (other than any Permitted Investment permitted pursuant to this clause (i));

 

(j)             any
Guarantee of Indebtedness permitted to be incurred under Section 4.06 other than a Guarantee of Indebtedness of an Affiliate of the
Issuer that is not a Restricted Subsidiary;

 

(k)             any
Investment existing on, or made pursuant to binding commitments existing on, the Issue Date and any Investment consisting of an extension,
modification or renewal of any Investment existing on, or made pursuant to a binding commitment existing on, the Issue Date; provided
that the amount of any such Investment may be increased (a) as required by the terms of such Investment as in existence on the
Issue Date or (b) as otherwise permitted under this Indenture;

 

(l)            Investments
acquired after the Issue Date as a result of the acquisition by the Issuer or any Restricted Subsidiary of another Person, including by
way of a merger, amalgamation or consolidation with or into the Issuer or any of its Restricted Subsidiaries in a transaction that is
not prohibited by Article Five after the Issue Date to the extent that such Investments were not made in contemplation of such acquisition,
merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation;

 

(m)           Management
Advances;

 

(n)            Investments
consisting of the non-exclusive licensing of intellectual property rights pursuant to joint marketing arrangements with other Persons
in the ordinary course of business;

 

(o)            Investments
consisting of, or to finance the acquisition, purchase, charter or leasing or the construction, installation or the making of any improvement
with respect to any asset (including Vessels) or purchases and acquisitions of inventory, supplies, materials, services or equipment or
purchases of contract rights, licenses or leases of intellectual property rights (including prepaid expenses and advances to suppliers),
in each case, in the ordinary course of business (including, for the avoidance of doubt any deposits made to secure the acquisition, purchase
or construction of, or any options to acquire, any vessel);

 

    20

     

    

 

(p)            other
Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving
effect to subsequent changes in value) made on or after the first anniversary of the Issue Date, when taken together with all other Investments
made pursuant to this clause (p) that are at the time outstanding not to exceed the greater of $300.0 million and 2.00% of Total
Tangible Assets of the Issuer; provided that if an Investment is made pursuant to this clause in a Person that is not a Restricted
Subsidiary and such Person subsequently becomes a Restricted Subsidiary or is subsequently designated a Restricted Subsidiary pursuant
to Section 4.08, such Investment, if applicable, shall thereafter be deemed to have been made pursuant to clause (a) or (c) of
the definition of “Permitted Investments” and not this clause;

 

(q)            other
Investments in joint ventures having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving
effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (q) that are
at the time outstanding, not to exceed the greater of $150.0 million and 1.00% of Total Tangible Assets of the Issuer; provided that
if an Investment is made pursuant to this clause in a Person that is not a Restricted Subsidiary and such Person subsequently becomes
a Restricted Subsidiary or is subsequently designated a Restricted Subsidiary pursuant to Section 4.08, such Investment, if applicable,
shall thereafter be deemed to have been made pursuant to clause (a) or (c) of the definition of “Permitted Investments”
and not this clause;

 

(r)            additional
Investments in joint ventures in which the Issuer or any of its Restricted Subsidiaries holds an Investment existing on the Issue Date,
provided such Investments are made in the ordinary course of business; and

 

(s)            additional
Investments in additional joint ventures held by the Issuer or any Restricted Subsidiary engaged in a Permitted Business; provided that
the Equity Interests held by the Issuer or such Restricted Subsidiary in such Investments or joint ventures are pledged to secure the
applicable series of Existing Secured Notes or New Secured Notes, to the extent such pledge is required by such relevant instrument.

 

Notwithstanding
anything to the contrary set forth herein, no Investment shall constitute a Permitted Investment if the effect of such Investment is to
cause (i) the sale, lease, transfer or other disposition, directly or indirectly, of assets or property constituting Specified Assets
by a Specified Guarantor to any Subsidiary of the Issuer other than a Specified Guarantor or (ii) any Specified Assets of any Restricted
Specified Guarantor to be held by any Subsidiary of the Issuer other than a Restricted Specified Guarantor. Notwithstanding the preceding
sentence, if no Event of Default exists, a Restricted Specified Guarantor shall be permitted to make any Investment in the Issuer or any
of its Restricted Subsidiaries provided such Investment is limited to such Restricted Specified Guarantor’s cash in its Collection
Accounts (other than Net Proceeds required to be held therein pursuant to this Indenture) and is used for working capital purposes
of the Issuer or any of its Restricted Subsidiaries, including debt service and shipbuilding payments.

 

“Permitted Jurisdictions”
means (i) any state of the United States of America, the District of Columbia or any subdivision thereof or territory of the United
States of America, (ii) Panama, (iii) Bermuda, (iv) the Commonwealth of The Bahamas, (v) the Isle of Man, (vi) the
Marshall Islands, (vii) Liberia, (viii) Barbados and (ix) the Cayman Islands.

 

“Permitted Liens”
means:

 

(a)            Liens
in favor of the Issuer or any of the Guarantors;

 

    21

     

    

 

(b)           Liens
on property (including Capital Stock) of a Person existing at the time such Person becomes a Restricted Subsidiary or is merged with or
into, amalgamated with or consolidated with the Issuer or any Restricted Subsidiary; provided that such Liens were in existence
prior to the contemplation of such Person becoming a Restricted Subsidiary or such merger, amalgamation or consolidation, were not incurred
in contemplation thereof and do not extend to any assets other than those of the Person (or the Capital Stock of such Person) that becomes
a Restricted Subsidiary or is merged with or into, amalgamated with or consolidated with the Issuer or any Restricted Subsidiary;

  

(c)            Liens
to secure the performance of statutory obligations, insurance, surety, bid, performance, travel or appeal bonds, credit card processing
arrangements, workers compensation obligations, performance bonds or other obligations of a like nature incurred in the ordinary course
of business (including Liens to secure letters of credit or similar instruments issued to assure payment of such obligations or for the
protection of customer deposits or credit card payments);

 

(d)            Liens
on any property or assets of the Issuer or any Restricted Subsidiary for the purpose of securing Capital Lease Obligations, purchase money
obligations, mortgage financings or other Indebtedness, in each case, incurred pursuant to Section 4.06(b)(iv) in connection
with the financing of all or any part of the purchase price, lease expense, rental payments or cost of design, construction, installation,
repair, replacement or improvement of property, plant or equipment or other assets (including Capital Stock) used in the business of the
Issuer or any of its Restricted Subsidiaries; provided that any such Lien may not extend to any assets or property owned by the
Issuer or any of its Restricted Subsidiaries at the time the Lien is incurred other than (i) the assets (including Vessels) and property
acquired, improved, constructed, leased or financed and improvements, accessions, proceeds, products, dividends and distributions in respect
thereof (provided that to the extent any such Capital Lease Obligations, purchase money obligations, mortgage financings or other
Indebtedness relate to multiple assets or properties, then all such assets and properties may secure any such Capital Lease Obligations,
purchase money obligations, mortgage financings or other Indebtedness) and (ii) to the extent such Lien secures financing in connection
with the purchase of a Vessel, Related Vessel Property; provided further that any such assets or property subject to such
Lien do not constitute Specified Assets;

 

(e)            Liens
existing on the Issue Date;

 

(f)            Liens
for taxes, assessments or governmental charges or claims that (x) are not yet overdue by more than 30 days or (y) if overdue
by more than 30 days are being contested in good faith by appropriate proceedings that have the effect of preventing the forfeiture or
sale of the property subject to any such Lien and for which adequate reserves are being maintained to the extent required by GAAP;

 

(g)            Liens
imposed by law, such as carriers’, warehousemen’s, landlord’s and mechanics’, materialmen’s, repairmen’s,
construction or other like Liens arising in the ordinary course of business and with respect to amounts not yet delinquent or being contested
in good faith by appropriate proceedings and in respect of which, if applicable, the Issuer or any Restricted Subsidiary shall have set
aside on its books reserves in accordance with GAAP; and with respect to Vessels: (i) Liens fully covered (in excess of customary
deductibles) by valid policies of insurance and (ii) Liens for general average and salvage, including contract salvage; or Liens
arising solely by virtue of any statutory or common law provisions relating to attorneys’ liens or bankers’ liens, rights
of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depositary institution;

 

(h)           survey
exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone
lines and other similar purposes, or zoning or other restrictions as to the use of real property that were not incurred in connection
with Indebtedness and that do not in the aggregate materially adversely affect the value of said properties or materially impair their
use in the operation of the business of such Person;

 

    22

     

    

  

(i)            Liens
created for the benefit of (and to secure) the Notes (or the Note Guarantees) and all other Obligations;

 

(j)            Liens
securing Indebtedness under Hedging Obligations, which obligations are permitted to be incurred under Section 4.06(b)(ix);

 

(k)            Liens
on insurance policies and proceeds thereof, or other deposits, to secure insurance premium financings;

 

(l)            Liens
arising out of judgments or awards not constituting an Event of Default and notices of lis pendens and associated rights related
to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made;

 

(m)          Liens
on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or redemption of Indebtedness;

 

(n)            Liens
on specific items of inventory or other goods (and the proceeds thereof) of any Person securing such Person’s obligations in respect
of bankers’ acceptances issued or created in the ordinary course of business for the account of such Person to facilitate the purchase,
shipment or storage of such inventory or other goods;

 

(o)            leases,
licenses, subleases and sublicenses of assets in the ordinary course of business and Liens arising out of conditional sale, title retention,
consignment or similar arrangements for the sale of assets entered into in the ordinary course of business;

 

(p)            [reserved];

 

(q)            (i) mortgages,
liens, security interests, restrictions, encumbrances or any other matters of record that have been placed by any developer, landlord
or other third party on property over which the Issuer or any Restricted Subsidiary has easement rights or on any real property leased
by the Issuer or any Restricted Subsidiary and subordination or similar agreements relating thereto and (ii) any condemnation or
eminent domain proceedings or compulsory purchase order affecting real property;

 

(r)            Liens
securing or arising by reason of any netting or set-off arrangement entered into in the ordinary course of banking or other trading activities;

 

(s)            Liens
on Unearned Customer Deposits (i) in favor of payment processors pursuant to agreements therewith consistent with industry practice
or (ii) in favor of customers;

 

(t)            pledges
of goods, the related documents of title and/or other related documents arising or created in the ordinary course of the Issuer’s
or any Restricted Subsidiary’s business or operations as Liens only for Indebtedness to a bank or financial institution directly
relating to the goods or documents on or over which the pledge exists;

 

(u)            Liens
over cash paid into an escrow account pursuant to any purchase price retention arrangement as part of any permitted disposal by the Issuer
or a Restricted Subsidiary on condition that the cash paid into such escrow account in relation to a disposal does not represent more
than 15.0% of the net proceeds of such disposal;

 

    23

     

    

 

(v)            Liens
incurred in the ordinary course of business of the Issuer or any Restricted Subsidiary arising from Vessel chartering, dry-docking, maintenance,
repair, refurbishment, the furnishing of supplies and bunkers to Vessels or masters’, officers’ or crews’ wages and
maritime Liens, in the case of each of the foregoing, which were not incurred or created to secure the payment of Indebtedness;

  

(w)           Liens
securing an aggregate principal amount of Indebtedness not to exceed the aggregate amount of Indebtedness permitted to be incurred pursuant
to Section 4.06(b)(v); provided that such Lien extends only to (i) the assets (including Vessels), purchase price or
cost of design, construction, installation or improvement of which is financed or refinanced thereby and any improvements, accessions,
proceeds, products, dividends and distributions in respect thereof, (ii) any Related Vessel Property or (iii) the Capital Stock
of a Vessel Holding Issuer;

 

(x)            Liens
created on any asset of the Issuer or a Restricted Subsidiary established to hold assets of any stock option plan or any other management
or employee benefit or incentive plan or unit trust of the Issuer or a Restricted Subsidiary securing any loan to finance the acquisition
of such assets;

 

(y)            Liens
incurred by the Issuer or any Restricted Subsidiary with respect to obligations that do not exceed the greater of $200.0 million and 1.25%
of Total Tangible Assets at any one time outstanding;

 

(z)            Liens
arising from financing statement filings (or similar filings in any applicable jurisdiction) regarding operating leases entered into by
the Issuer and its Restricted Subsidiaries in the ordinary course of business;

 

(aa)        any
interest or title of a lessor under any Capital Lease Obligation or an operating lease;

 

(bb)       Liens
on the Equity Interests of Unrestricted Subsidiaries;

 

(cc)        Liens
on Vessels under construction securing Indebtedness of shipyard owners and operators;

 

(dd)       Liens
that secure the New Secured Notes; and

 

(ee)      any
extension, renewal, refinancing or replacement, in whole or in part, of any Lien described in the foregoing clauses (a) through (dd);
provided that (x) any such Lien is limited to all or part of the same property or assets (plus improvements, accessions,
proceeds, products or dividends or distributions in respect thereof) that secured (or, under the written arrangements under which the
original Lien arose, could secure) the Indebtedness being extended, renewed, refinanced or replaced and (y) the Indebtedness secured
by such Lien at such time is not increased to any amount greater than the sum of the outstanding principal amount or, if greater, committed
amount of such Indebtedness at the time the original Lien became a Permitted Lien under this Indenture and an amount necessary to pay
any fees and expenses, including premiums, related to such extension, renewal, refinancing or replacement.

 

“Permitted Refinancing
Indebtedness” means any Indebtedness incurred by the Issuer or any of its Restricted Subsidiaries, any Disqualified Stock issued
by the Issuer or any of its Restricted Subsidiaries and any preferred stock issued by any Restricted Subsidiary, in each case, in exchange
for, or the net proceeds of which are used to renew, refund, refinance, replace, exchange, defease or discharge other Indebtedness of
the Issuer or any of its Restricted Subsidiaries (other than intercompany Indebtedness), including Permitted Refinancing Indebtedness;
provided that:

 

(a)            the
aggregate principal amount (or accreted value, if applicable, or if issued with original issue discount, aggregate issue price, or, if
greater, committed amount (only to the extent the committed amount could have been incurred on the date of initial incurrence)) of such
new Indebtedness, the liquidation preference of such new Disqualified Stock or the amount of such new preferred stock does not exceed
the principal amount (or accreted value, if applicable, or if issued with original issue discount, aggregate issue price or, if greater,
committed amount (only to the extent the committed amount could have been incurred on the date of initial incurrence)) of the Indebtedness,
the liquidation preference of the Disqualified Stock or the amount of the preferred stock (plus in each case the amount of accrued and
unpaid interest or dividends on and the amount of all fees and expenses, including premiums, incurred in connection with the incurrence
or issuance of, such Indebtedness, Disqualified Stock or preferred stock) renewed, refunded, refinanced, replaced, exchanged, defeased
or discharged;

 

    24

     

    

 

(b)            such
Permitted Refinancing Indebtedness has (a) a final maturity date that is either (i) no earlier than the final maturity date
of the Indebtedness being renewed, refunded, refinanced, replaced, exchanged, defeased or discharged or (ii) after the final maturity
date of the Notes and (b) has a Weighted Average Life to Maturity that is equal to or greater than the Weighted Average Life to Maturity
of the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged;

 

(c)            if
the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in right of payment to the Notes
or the Note Guarantees, as the case may be, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes or
the Note Guarantees, as the case may be, on terms at least as favorable to the holders of Notes or the Note Guarantees, as the case may
be, as those contained in the documentation governing the Indebtedness being renewed, refunded, refinanced, replaced, exchanged, defeased
or discharged; and

 

(d)            if
such Indebtedness is incurred either by the Issuer (if the Issuer was the obligor on the Indebtedness being renewed, refunded, refinanced,
replaced, defeased or discharged) or by the Restricted Subsidiary that was the obligor on the Indebtedness being renewed, refunded, refinanced,
replaced, defeased or discharged, such Indebtedness is guaranteed only by Persons who were obligors on the Indebtedness being renewed,
refunded, refinanced, replaced, defeased or discharged.

 

“Permitted Specified
Asset Liens” means:

 

(a)            Liens
on the Specified Assets described in one or more of clauses (f), (g), (h), (i), (l), (n), (o) and (dd) (but to the extent related
to the foregoing clauses) of the definition of “Permitted Liens” (it being understood that clause (o) shall be limited
solely to such licenses and sublicenses described in clause (o) that are non-exclusive);

 

(b)            Liens
on the Specified Assets, other than Liens to secure Indebtedness for borrowed money, in an aggregate amount of up to $25.0 million;

 

(c)            certain
perpetual licenses granted under each IP License;

 

(d)            the
existing mortgage dated February 17, 1986 on Great Stirrup Cay Island, provided that such mortgage secures no outstanding
obligations; and

 

(e)            Liens
on the Specified Assets that secure the New Secured Notes.

 

    25

     

    

 

“Permitted Tax Distributions”
means (i) dividends or other distributions to pay any U.S. federal, state, local or non-U.S. income taxes actually payable by the
direct or indirect holders of the Issuer’s Capital Stock (or, in the case of any such holder that owns any assets other than the
Issuer’s Capital Stock at any applicable time, the U.S. federal, state, local or non-U.S. income taxes that would have been actually
payable had such holder owned no other assets) by virtue of the fact that the Issuer is a pass-through entity for U.S. federal, state,
local or non-U.S. income tax purposes (as applicable), for any such taxable year (or portion thereof) ending after December 31, 2011
and, to the extent resulting from audit adjustments after the Issue Date, for any such taxable year (or portion thereof) ending prior
to December 31, 2011 and (ii) for any taxable year (or portion thereof) for which the Issuer is a member of a group filing a
consolidated, group, affiliated, combined or unitary tax return (including any such group or similar group under U.S. federal, state,
local or non-U.S. law) with any parent entity, any dividends or other distributions to fund any U.S. federal, state, local or non-U.S.
income taxes that are attributable to the income, revenue, receipts or capital of the Issuer and its Subsidiaries for which such parent
entity is liable up to an amount not to exceed with respect to such taxes the amount of any such taxes that the Issuer and its Subsidiaries
would have been required to pay on a separate company basis or on a consolidated basis calculated as if the Issuer and its Subsidiaries
had paid tax on a consolidated, combined, group, affiliated or unitary basis on behalf of an affiliated group (or similar group) consisting
only of the Issuer and its Subsidiaries.

  

“Person”
means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited
liability company or government or other entity, whether or not having separate legal personality.

 

“Productive Asset
Lease” means any lease or charter of one or more Vessels (other than leases or charters required to be classified and accounted
for as capital leases under GAAP).

 

“QIB” means
a “Qualified Institutional Buyer” as defined in Rule 144A.

 

“Rating Agencies”
means any of Moody’s, S&P or Fitch, or any of their respective successors or, if any of the foregoing shall cease to provide
a corporate or issuer credit rating (or the equivalent) of the Issuer or a rating of the Notes, as applicable, for reasons outside the
control of the Issuer, a nationally recognized statistical rating agency selected by the Issuer to substitute for such Rating Agency.

 

“Rating Event”
means:

 

(a)            if
the Notes are not rated Investment Grade by at least two of the Rating Agencies on the first day of the Trigger Period, the Notes are
downgraded by at least one rating category (e.g., from BB+ to BB or Ba1 to Ba2) from the applicable rating of the Notes on the
first day of the Trigger Period by at least two of such Rating Agencies on any date during the Trigger Period; or

 

(b)            if
the Notes are rated Investment Grade by at least two of the Rating Agencies on the first day of the Trigger Period, the Notes are downgraded
to below Investment Grade (i.e., below BBB- or Baa3) by at least two of such Rating Agencies on any date during the Trigger Period;
provided that a Rating Event otherwise arising by virtue of a particular downgrade in rating shall not be deemed to have occurred
in respect of a particular Change of Control (and thus shall not be deemed a Rating Event for purposes of the definition of Change of
Control Triggering Event hereunder) if the Rating Agency making the reduction in rating to which this definition would otherwise apply
does not announce or publicly confirm or inform the Issuer that the reduction was the result, in whole or in part, of any event or circumstance
comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control
shall have occurred at the time of the Rating Event). For the avoidance of doubt, no Change of Control Triggering Event will be deemed
to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated.

 

“Ready for Sea Cost”
means with respect to a Vessel to be acquired, constructed or leased (pursuant to a Capital Lease Obligation) by the Issuer or any Restricted
Subsidiary, the aggregate amount of all expenditures incurred to acquire or construct and bring such Vessel to the condition and location
necessary for its intended use, including any and all inspections, appraisals, repairs, modifications, additions, permits and licenses
in connection with such acquisition or lease, which would be classified as “property, plant and equipment” in accordance
with GAAP and any assets relating to such Vessel.

 

    26

     

    

  

“Record Date,”
for the interest payable on any Interest Payment Date, means the [●] and [●] (in each case, whether or not a Business Day)
preceding such Interest Payment Date.

 

“Redemption Date”
means, when used with respect to any Note to be redeemed, in whole or in part, the date fixed for such redemption by or pursuant to this
Indenture, or the date of any redemption as a result of an acceleration or otherwise.

 

“Redemption Price”
means, when used with respect to any Note to be redeemed, the price at which it is to be redeemed pursuant to this Indenture and such
Note (which price shall include, with respect to any redemption of any Notes prior to the Par Call Date, whether by optional redemption
or upon an acceleration of the Notes on or after an Event of Default, the Redemption Premium).

 

“Redemption Premium”
means, with respect to any redemption of any Notes prior to the Par Call Date, whether by optional redemption or upon an acceleration
of the Notes on or after an Event of Default, the premium on such Notes equal to the excess of the Redemption Price applicable to such
Notes on such Redemption Date calculated in a manner consistent with the calculation set forth in Section 6 of the Notes, over the
Redemption Price of such Notes on such Redemption Date if such redemption were at par.

 

“Regulation S”
means Regulation S under the U.S. Securities Act (including any successor regulation thereto), as it may be amended from time to time.

 

“Related Vessel Property”
means, with respect to any Vessel (i) any insurance policies on such Vessel, (ii) any requisition compensation payable in respect
of any compulsory acquisition thereof, (iii) any earnings derived from the use or operation thereof and/or any earnings account with
respect to such earnings, and (iv) any charters, operating leases, licenses and related agreements entered into in respect of the
Vessel and any security or guarantee in respect of the relevant charterer’s or lessee’s obligations under any relevant charter,
operating lease, license or related agreement, (v) any cash collateral account established with respect to such Vessel pursuant to
the financing arrangements with respect thereto, (vi) any inter-company loan or facility agreements relating to the financing of
the acquisition of, and/or the leasing arrangements (pursuant to Capital Lease Obligations) with respect to, such Vessel, (vii) any
building or conversion contracts relating to such Vessel and any security or guarantee in respect of the builder’s obligations under
such contracts, (viii) any interest rate swap, foreign currency hedge, exchange or similar agreement incurred in connection with
the financing of such Vessel and required to be assigned by the lender and (ix) any security interest in, or agreement or assignment
relating to, any of the foregoing or any mortgage in respect of such Vessel.

 

“Remaining Life”
has the meaning assigned to such term in the definition of “Treasury Rate.”

 

“Replacement Assets”
means (1) assets not classified as current assets under GAAP that will be used or useful in a Permitted Business or (2) substantially
all the assets of a Permitted Business or a majority of the Voting Stock of any Person engaged in a Permitted Business that will become
on the date of acquisition thereof a Restricted Subsidiary.

 

“Responsible Officer”
means any officer within the agency and corporate trust group, division or section of the Trustee (however named, or any successor group
of the Trustee) and also means, with respect to any particular corporate trust matter, any other officer to whom such matter is referred
because of his knowledge of and familiarity with the particular subject, who, in each case, shall have direct responsibility for the administration
of this Indenture.

 

    27

     

    

 

“Restricted Investment”
means an Investment other than a Permitted Investment.

  

“Restricted Specified
Guarantor” means each of (i) Krystalsea Limited, (ii) Great Stirrup Cay Limited, (iii) IPCo Parent, (iv) US
IPCo and (v) UK IPCo, and “Restricted Specified Guarantors” means the collective reference to all of them.

 

“Restricted Subsidiary”
means any Subsidiary of the Issuer that is not an Unrestricted Subsidiary.

 

“Rule 144”
means Rule 144 under the U.S. Securities Act (including any successor regulation thereto), as it may be amended from time to time.

 

“Rule 144A”
means Rule 144A under the U.S. Securities Act (including any successor regulation thereto), as it may be amended from time to time.

 

“S&P”
means Standard & Poor’s Ratings Group.

 

“Significant Subsidiary”
means, at the date of determination, any Restricted Subsidiary that together with its Subsidiaries which are Restricted Subsidiaries (i) for
the most recent fiscal year, accounted for more than 10% of the consolidated revenues of the Issuer or (ii) as of the end of the
most recent fiscal year, was the owner of more than 10% of the consolidated assets of the Issuer; provided that notwithstanding the foregoing,
each Specified Guarantor shall be deemed a Significant Subsidiary hereunder.

 

“Specified Assets”
means the following:

 

(a)            all
assets (other than certain assets excluded from the “Collateral” under and as defined in the indenture and related note documents
for the New Secured Notes as of their original issue date), including, without limitation. all real property, of Great Stirrup Cay Limited,
a company organized under the laws of the Bahamas (“Great Stirrup Cay Limited”), KRYSTALSEA LIMITED, a BVI business
company incorporated under the laws of the British Virgin Islands with company number 1056308 and with its registered office address at
Tortola Pier Park, Building 1, Second Floor, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands (“Krystalsea Limited”),
NCL US IP Co 1, LLC, a Delaware limited liability company (“IPCo Parent”), NCL US IP Co 2, LLC, a Delaware limited
liability company (“US IPCo”), and the U.S. Branch of NCL UK IP Co Ltd, a private limited company organized under the
laws of England and Wales (“UK IPCo”);

 

(b)            all
Customer Data and other Intellectual Property owned and controlled by Seven Seas Cruises S. de R.L., a company organized under the laws
of Panama (“Seven Seas”), Oceania Cruises S. de R.L., a company organized under the laws of Panama (“Oceania
Cruises”), and Prestige Cruise Holdings S. de R.L., a company organized under the laws of Panama (“Prestige Holdings”);

 

(c)            all
of the issued shares of Krystalsea Limited; and

 

(d)            the
entire issued shares of Great Stirrup Cay Limited.

 

“Specified Guarantor”
means collectively (i) Krystalsea Limited, (ii) Great Stirrup Cay Limited, (iii) IPCo Parent, (iv) US IPCo, (v) UK
IPCo, (vi) Oceania Cruises, (vii) Seven Seas and (viii) Prestige Holdings.

 

“Specified
IP” means all Intellectual Property of the Specified Guarantors to the extent included under clauses (a) or (b) in
the definition of “Specified Assets.”

 

    28

     

    

 

“Specified
Real Property” means each of (i) Great Stirrup Cay Island and (ii) Harvest Caye Island.

 

“Stated Maturity”
means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest
or principal was scheduled to be paid in the documentation governing such Indebtedness as of the Issue Date, and will not include any
contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment
thereof.

 

“Subsidiary”
means, with respect to any specified Person:

 

(a)            any
corporation, company, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement, shareholders’ agreement
or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees of
the corporation, company, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person
or one or more of the other Subsidiaries of that Person (or a combination thereof); and

 

(b)            any
partnership or limited liability company of which (a) more than 50% of the capital accounts, distribution rights, total equity and
voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such
Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special
or limited partnership interests or otherwise, and (b) such Person or any Subsidiary of such Person is a controlling general partner
or otherwise controls such entity.

 

“Supplemental Indenture”
means a supplemental indenture to this Indenture in form and substance reasonably satisfactory to the Trustee.

 

“Tax” or
 “Taxes” means any tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and
additions to tax related thereto, and, for the avoidance of doubt, including any withholding or deduction for or on account of Tax).

 

“Total Assets”
means the total assets of the Issuer and its Subsidiaries that are Restricted Subsidiaries, as shown on the most recent balance sheet
of the Issuer, determined on a consolidated basis in accordance with GAAP, calculated after giving effect to pro forma adjustments
as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Fixed Charge Coverage
Ratio.”

 

“Total Tangible Assets”
means the Total Assets excluding consolidated intangible assets, calculated after giving effect to pro forma adjustments as are
appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Fixed Charge Coverage
Ratio.”

 

“Trademark”
means all trademarks, service marks, corporate names, company names, business names, fictitious business names, trade styles, trade dress,
logos, other source or business identifiers, and designs, and any and all registrations and applications for registration filed in connection
therewith, and all renewals thereof, and all rights to recover for all past, present and future infringements thereof and all rights to
sue therefor, and all rights corresponding thereto throughout the world, all domain names, whether or not trademarks or service marks,
web addresses, web pages, websites and related content, accounts with Twitter, Facebook and other social media companies and the content
found thereon and related thereto, and URLs, and registrations thereof, and all goodwill associated or symbolized by the foregoing.

 

    29

     

    

 

“Treasury
Rate” means, with respect to any Redemption Date, the yield determined by the Issuer in accordance with the following two paragraphs.

  

The Treasury Rate shall be
determined by the Issuer after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily
by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the Redemption Date based upon the yield
or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board
of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation
or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal”
(or any successor caption or heading). In determining the Treasury Rate, the Issuer shall select, as applicable: (1) the yield for
the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the “Remaining
Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields
 – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the
Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a
straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if
there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury
constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or
maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury
constant maturity from the Redemption Date.

 

If on the third Business Day
preceding the Redemption Date H.15 or any successor designation or publication is no longer published, the Issuer shall calculate the
Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on
the second Business Day preceding such Redemption Date of the United States Treasury security maturing on, or with a maturity that is
closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are
two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding
the Par Call Date and one with a maturity date following the Par Call Date, the Issuer shall select the United States Treasury security
with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call
Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Issuer shall select from among
these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the
average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury
Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security
shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City
time, of such United States Treasury security, and rounded to three decimal places.

 

“Trigger Period”
means the period commencing on the first public announcement by the Issuer of an arrangement that could result in a Change of Control
until the end of the 60-day period following public notice of the occurrence of the Change of Control; provided, that if the rating
of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies, such 60-day period shall
be extended until the first to occur of (x) the date that such Rating Agency announces the results of its review and (y) the
date that is 180 days after consummation of the Change of Control.

 

“Unearned Customer
Deposits” means amounts paid to the Issuer or any of its Subsidiaries representing customer deposits for unsailed bookings (whether
paid directly by the customer or by a credit card company).

 

    30

     

    

 

“Unrestricted Subsidiary”
means any Subsidiary of the Issuer that is designated by the Board of Directors of the Issuer as an Unrestricted Subsidiary pursuant to
a resolution of the Board of Directors of the Issuer but only to the extent that such Subsidiary:

 

(a)            except
as permitted by Section 4.10, is not party to any agreement, contract, arrangement or understanding with the Issuer or any Restricted
Subsidiary unless the terms of any such agreement, contract, arrangement or understanding are, taken as a whole, no less favorable to
the Issuer or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Issuer;

 

(b)            is
a Person with respect to which neither the Issuer nor any Restricted Subsidiary has any direct or indirect obligation (a) to subscribe
for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to
achieve any specified levels of operating results; and

 

(c)            does
not own or exclusively license any Specified Assets or Intellectual Property or real property that would constitute Specified Assets if
owned by the Specified Guarantors.

 

“U.S. dollar”
or “$” means the lawful currency of the United States of America.

 

“U.S. Exchange Act”
means the U.S. Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated by
the Commission thereunder.

 

“U.S. Securities
Act” means the U.S. Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated
by the Commission thereunder.

 

“Vessel”
means a passenger cruise vessel which is owned by and registered (or to be owned by and registered) in the name of the Issuer or any of
its Restricted Subsidiaries or operated or to be operated by the Issuer or any of its Restricted Subsidiaries, in each case together with
all related spares, equipment and any additions or improvements.

 

“Vessel Holding Issuer”
means a Subsidiary of the Issuer, the assets of which consist solely of one or more Vessels and the corresponding Related Vessel Property
and whose activities are limited to the ownership of such Vessels and Related Vessel Property and any other asset reasonably related to
or resulting from the acquisition, purchase, charter, leasing, rental, construction, ownership, operation, improvement, expansion and
maintenance of such Vessel, the leasing of such Vessels and any activities reasonably incidental to the foregoing.

 

“Voting Stock”
of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of
the Board of Directors of such Person.

 

“Weighted Average
Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

 

(a)            the
sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other
required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated
to the nearest one-twelfth) that will elapse between such date and the making of such payment; by

 

(b)            the
then outstanding principal amounts of such Indebtedness.

 

    31

     

    

 

Section 1.02     Other
Definitions.

 

	Term	 	Section
	“Additional Amounts”	 	4.12(a)
	“Affiliate Transaction”	 	4.10(a)
	“Agents”	 	2.03
	“Applicable Procedures”	 	2.06(b)(ii)
	“Asset Sale Offer”	 	4.09(c)
	“Authorized Agent”	 	12.08
	“Change in Tax Law”	 	3.09(b)
	“Change of Control Offer”	 	4.11(a)
	“Change of Control Purchase Date”	 	4.11(a)
	“Change of Control Purchase Price”	 	4.11(a)
	“Covenant Defeasance”	 	8.03
	“Deemed Date”	 	4.06(e)
	“Defaulted Interest”	 	2.12
	“Event of Default”	 	6.01(a)
	“Excess Proceeds”	 	4.09(c)
	“Global Notes”	 	2.01(c)
	“Increased Amount”	 	4.07(b)
	“incur”	 	4.06(a)
	“Issuer”	 	Preamble
	“Judgment Currency”	 	12.14
	“Legal Defeasance”	 	8.02
	“Notes”	 	Recitals
	“Notes Offer”	 	4.09(b)(i)
	“Original Notes”	 	Recitals
	“Participants”	 	2.01(c)
	“Paying Agent”	 	2.03
	“Permitted Debt”	 	4.06(b)
	“Permitted Payments”	 	4.08(b)
	“Principal Paying Agent”	 	2.03
	“Registrar”	 	2.03
	“Regulation S Global Note”	 	2.01(b)
	“Reporting Entity”	 	4.19(a)
	“Required Currency”	 	12.14
	“Restricted Global Note”	 	2.01(b)
	“Restricted Payments”	 	4.08(a)(iv)
	“Security Register”	 	2.03
	“Specified Asset Sale Offer”	 	4.09(d)
	“Tax Jurisdiction”	 	4.12(a)
	“Tax Redemption Date”	 	3.09
	“TIA”	 	1.03(i)
	“Transfer Agent”	 	2.03
	“Triggering Lien”	 	4.07(a)(ii)
	“Trustee”	 	Preamble

 

Section 1.03     Rules of
Construction. Unless the context otherwise requires:

 

(a)            a
term has the meaning assigned to it;

 

    32 

     

    

 

(b)            an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(c)            “or”
is not exclusive;

 

(d)            “including”
or “include” means including or include without limitation;

 

(e)            words
in the singular include the plural and words in the plural include the singular;

 

(f)            unsecured
or unguaranteed Indebtedness shall not be deemed to be subordinate or junior to secured or guaranteed Indebtedness merely by virtue of
its nature as unsecured or unguaranteed Indebtedness;

 

(g)            any
Indebtedness secured by a Lien ranking junior to any of the Liens securing other Indebtedness shall not be deemed to be subordinate or
junior to such other Indebtedness by virtue of the ranking of such Liens;

 

(h)            the
words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section, clause or other subdivision; and

 

(i)             the
Trust Indenture Act of 1939, as amended (the “TIA”), shall not apply to this Indenture, the Notes, the Note Guarantees
or any documents or instruments related thereto, and no terms used in any of the foregoing shall have meanings given to them by the TIA.

 

Article Two

The Notes

 

Section 2.01     The
Notes.

 

(a)            Form and
Dating. The Notes and the Trustee’s (or the authenticating agent’s) certificate of authentication shall be substantially
in the form of Exhibit A attached hereto with such appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture. The Notes may have notations, legends or endorsements required by law, the rules of any
securities exchange agreements to which the Issuer is subject, if any, or usage; provided that any such notation, legend or endorsement
is in form reasonably acceptable to the Issuer. The Issuer shall approve the form of the Notes. Each Note shall be dated the date of
its authentication. The terms and provisions contained in the form of the Notes shall constitute and are hereby expressly made a part
of this Indenture. The Notes shall be issued only in registered form without coupons and only in minimum denominations of $2,000 in principal
amount and any integral multiples of $1,000 in excess thereof.

 

(b)            Global
Notes. Notes offered and sold to QIBs in reliance on Rule 144A shall be issued initially in the form of one or more Global Notes
substantially in the form of Exhibit A attached hereto, with such applicable legends as are provided in Exhibit A attached
hereto, except as otherwise permitted herein (the “Restricted Global Note”), which shall be deposited on behalf of
the purchasers of the Notes represented thereby with a custodian for DTC, and registered in the name of DTC or its nominee, duly executed
by the Issuer and authenticated by the Trustee (or its authenticating agent in accordance with Section 2.02) as hereinafter provided.
The aggregate principal amount of the Restricted Global Note may from time to time be increased or decreased by adjustments made by the
Registrar on Schedule A to the Restricted Global Note and recorded in the Security Register, as hereinafter provided.

 

    33 

     

    

 

Notes offered and sold in
reliance on Regulation S shall be issued initially in the form of one or more Global Notes substantially in the form of Exhibit A
attached hereto, with such applicable legends as are provided in Exhibit A attached hereto, except as otherwise permitted herein
(the “Regulation S Global Note”), which shall be deposited on behalf of the purchasers of the Notes represented thereby
with a custodian for DTC, and registered in the name of DTC or its nominee, duly executed by the Issuer and authenticated by the Trustee
(or its authenticating agent in accordance with Section 2.02) as hereinafter provided. The aggregate principal amount of the Regulation
S Global Note may from time to time be increased or decreased by adjustments made by the Registrar on Schedule A to the Regulation S
Global Note and recorded in the Security Register, as hereinafter provided.

 

(c)            Book-Entry
Provisions. This Section 2.01(c) shall apply to the Regulation S Global Notes and the Restricted Global Notes (together,
the “Global Notes”) deposited with or on behalf of DTC.

 

Members of, or participants
and account holders in, DTC (including Euroclear and Clearstream) (“Participants”) shall have no rights under this
Indenture with respect to any Global Note held on their behalf by DTC or by the Trustee or any custodian of DTC or under such Global
Note, and DTC or its nominees may be treated by the Issuer, a Guarantor, the Trustee and any agent of the Issuer, a Guarantor or the
Trustee as the sole owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent
the Issuer, a Guarantor, the Trustee or any agent of the Issuer, a Guarantor or the Trustee from giving effect to any written certification,
proxy or other authorization furnished by DTC or impair, as between DTC, on the one hand, and the Participants, on the other, the operation
of customary practices of such persons governing the exercise of the rights of a Holder of a beneficial interest in any Global Note.

 

Subject to the provisions
of Section 2.10(b), the registered Holder of a Global Note may grant proxies and otherwise authorize any Person, including Participants
and Persons that may hold interests through Participants, to take any action that a Holder is entitled to take under this Indenture or
the Notes.

 

Except as provided in Section 2.10,
owners of a beneficial interest in Global Notes will not be entitled to receive physical delivery of Definitive Registered Notes.

 

Section 2.02     Execution
and Authentication. An authorized member of the Issuer’s Board of Directors or an executive officer of the Issuer shall sign
the Notes on behalf of the Issuer by manual, electronic or facsimile signature.

 

If an authorized member of
the Issuer’s Board of Directors or an executive officer whose signature is on a Note no longer holds that office at the time the
Trustee (or its authenticating agent) authenticates the Note, the Note shall be valid nevertheless.

 

A Note shall not be valid
or obligatory for any purpose until an authorized signatory of the Trustee (or its authenticating agent) manually signs the certificate
of authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture.

 

The Issuer shall execute
and, upon receipt of an Issuer Order, the Trustee shall authenticate (whether itself or via the authenticating agent) Notes, on the date
hereof, for original issue an aggregate principal amount of $[●]. The Issuer will issue Notes in denominations of $2,000 and integral
multiples of $1,000 in excess thereof.

 

The Trustee may appoint an
authenticating agent reasonably acceptable to the Issuer to authenticate the Notes. Unless limited by the terms of such appointment,
any such authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication
by the Trustee includes authentication by any such agent. An authenticating agent has the same rights as any Registrar, co-Registrar,
Transfer Agent or Paying Agent to deal with the Issuer or an Affiliate of the Issuer.

 

    34 

     

    

 

The Trustee shall have the
right to decline to authenticate and deliver any Notes under this Section 2.02 if the Trustee, being advised by counsel, determines
that such action may not lawfully be taken or if the Trustee in good faith shall determine that such action would expose the Trustee
to personal liability to existing Holders.

 

Section 2.03     Registrar,
Transfer Agent and Paying Agent. The Issuer shall maintain an office or agency for the registration of the Notes and of their transfer
or exchange (the “Registrar”), an office or agency where Notes may be transferred or exchanged (the “Transfer
Agent”), an office or agency where the Notes may be presented for payment (the “Paying Agent” and references
to the Paying Agent shall include the Principal Paying Agent) and an office or agency where notices or demands to or upon the Issuer
in respect of the Notes may be served.

 

The Issuer may appoint one
or more Transfer Agents, one or more co-Registrars and one or more additional Paying Agents.

 

The Issuer or any of its
Affiliates may act as Transfer Agent, Registrar, co-Registrar, Paying Agent and agent for service of notices and demands in connection
with the Notes; provided that neither the Issuer nor any of its Affiliates shall act as Paying Agent for the purposes of Articles Three
and Eight and Sections 4.09 and 4.11.

 

The Issuer hereby appoints
(i) U.S. Bank Trust Company, National Association, located at 60 Livingston Avenue, St. Paul, MN 55107 (the “Principal
Paying Agent”) and (ii) U.S. Bank Trust Company, National Association, located at 60 Livingston Avenue, St. Paul, MN 55107,
as Registrar. Each hereby accepts such appointments. The Transfer Agent, Principal Paying Agent and Registrar and any authenticating
agent are collectively referred to in this Indenture as the “Agents”. The roles, duties and functions of the Agents
are of a mechanical nature and each Agent shall only perform those acts and duties as specifically set out in this Indenture and no other
acts, covenants, obligations or duties shall be implied or read into this Indenture against any of the Agents. For the avoidance of doubt,
a Paying Agent’s obligation to disburse any funds shall be subject to prior receipt by it of those funds to be disbursed.

 

Subject to any applicable
laws and regulations, the Issuer shall cause the Registrar to keep a register (the “Security Register”) at its corporate
trust office in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of ownership,
exchange, and transfer of the Notes. Such registration in the Security Register shall be conclusive evidence of the ownership of Notes.
Included in the books and records for the Notes shall be notations as to whether such Notes have been paid, exchanged or transferred,
canceled, lost, stolen, mutilated or destroyed and whether such Notes have been replaced. In the case of the replacement of any of the
Notes, the Registrar shall keep a record of the Note so replaced and the Note issued in replacement thereof. In the case of the cancellation
of any of the Notes, the Registrar shall keep a record of the Note so canceled and the date on which such Note was canceled.

 

The Issuer shall enter into
an appropriate agency agreement with any Paying Agent or co-Registrar not a party to this Indenture. The agreement shall implement the
provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee of the name and address of any such agent.
If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee may appoint a suitably qualified and reputable party to act
as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.05.

 

    35 

     

    

 

Section 2.04     Paying
Agent to Hold Money. Not later than 12:00 p.m. (New York, New York time) on each due date of the principal, premium (including
the Redemption Premium), if any, and interest on any Notes, the Issuer shall deposit with the Principal Paying Agent money in immediately
available funds in U.S. dollars, sufficient to pay such principal, premium (including the Redemption Premium), if any, and interest so
becoming due on the due date for payment under the Notes. The Issuer shall procure payment confirmation on or prior to the third Business
Day preceding payment. The Principal Paying Agent (and, if applicable, each other Paying Agent) shall remit such payment in a timely
manner to the Holders on the relevant due date for payment, it being acknowledged by each Holder that if the Issuer deposits such money
with the Principal Paying Agent after the time specified in the immediately preceding sentence, the Principal Paying Agent shall remit
such money to the Holders on the relevant due date for payment, unless such remittance is impracticable having regard to applicable banking
procedures and timing constraints, in which case the Principal Paying Agent shall remit such money to the Holders on the next Business
Day, but without liability for any interest resulting from such late payment. For the avoidance of doubt, the Principal Paying Agent
shall only be obliged to remit money to Holders if it has actually received such money from the Issuer in clear funds. The Principal
Paying Agent shall promptly notify the Trustee of any default by the Issuer (or any other obligor on the Notes) in making any payment.
The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and
the Trustee may at any time during the continuance of any payment default, upon written request to a Paying Agent, require such Paying
Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon doing so, the Paying Agent shall have no
further liability for the money so paid over to the Trustee. If the Issuer or any Affiliate of the Issuer acts as Paying Agent, it shall,
on or before each due date of any principal, premium (including the Redemption Premium), if any, or interest on the Notes, segregate
and hold in a separate trust fund for the benefit of the Holders a sum of money sufficient to pay such principal, premium (including
the Redemption Premium), if any, or interest so becoming due until such sum of money shall be paid to such Holders or otherwise disposed
of as provided in this Indenture, and shall promptly notify the Trustee of its action or failure to act.

 

The Trustee may, if the Issuer
has notified it in writing that the Issuer intends to effect a defeasance or to satisfy and discharge this Indenture in accordance with
the provisions of Article Eight, notify the Paying Agent in writing of this fact and require the Paying Agent (until notified by
the Trustee to the contrary) to act thereafter as Paying Agent of the Trustee and not the Issuer in relation to any amounts deposited
with it in accordance with the provisions of Article Eight.

 

Section 2.05     Holder
Lists. The Registrar shall preserve in as current a form as is reasonably practicable the most recent list available to it of the
names and addresses of Holders. If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee, in writing no later than
the Record Date for each Interest Payment Date and at such other times as the Trustee may request in writing, a list, in such form and
as of such Record Date as the Trustee may reasonably require, of the names and addresses of Holders, including the aggregate principal
amount of Notes held by each Holder.

 

Section 2.06     Transfer
and Exchange.

 

(a)            Where
Notes are presented to the Registrar or a co-Registrar with a request to register a transfer or to exchange them for an equal principal
amount of Notes of other denominations, the Registrar shall register the transfer or make the exchange in accordance with the requirements
of this Section 2.06. To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee (or the authenticating
agent) shall, upon receipt of an Issuer Order, authenticate and deliver, in the name of the designated transferee or transferees, one
or more new Notes, of any authorized denominations and of a like aggregate principal amount, at the Registrar’s request; provided
that no Note of less than $2,000 may be transferred or exchanged. No service charge shall be made for any registration of transfer
or exchange of Notes (except as otherwise expressly permitted herein), but the Issuer may require payment of a sum sufficient to cover
any agency fee or similar charge payable in connection with any such registration of transfer or exchange of Notes (other than any agency
fee or similar charge payable in connection with any redemption of the Notes or upon exchanges pursuant to Sections 3.07, 3.08 or 9.04)
or in accordance with an Asset Sale Offer or Specified Asset Sale Offer pursuant to Section 4.09 or Change of Control Offer pursuant
to Section 4.11, not involving a transfer.

 

    36 

     

    

 

Upon presentation for exchange
or transfer of any Note as permitted by the terms of this Indenture and by any legend appearing on such Note, such Note shall be exchanged
or transferred upon the Security Register and one or more new Notes shall be authenticated and issued in the name of the Holder (in the
case of exchanges only) or the transferee, as the case may be. No exchange or transfer of a Note shall be effective under this Indenture
unless and until such Note has been registered in the name of such Person in the Security Register.

 

Furthermore, the exchange
or transfer of any Note shall not be effective under this Indenture unless the request for such exchange or transfer is made by the Holder
or by a duly authorized attorney-in-fact at the office of the Registrar.

 

Every Note presented or surrendered
for registration of transfer or for exchange shall (if so required by the Issuer or the Registrar) be duly endorsed, or be accompanied
by a written instrument of transfer, in form satisfactory to the Issuer and the Registrar, duly executed by the Holder thereof or his
attorney duly authorized in writing.

 

All Notes issued upon any
registration of transfer or exchange of Notes shall be the valid obligations of the Issuer evidencing the same indebtedness, and entitled
to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.

 

Neither the Issuer nor the
Trustee, Registrar or any Paying Agent shall be required (i) to issue, register the transfer of, or exchange any Note during a period
beginning at the opening of 15 days before the day of the delivery of a notice of redemption of Notes selected for redemption under Section 3.02
and ending at the close of business on the day of such delivery, or (ii) to register the transfer of or exchange any Note so selected
for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part.

 

(b)            Notwithstanding
any provision to the contrary herein, so long as a Global Note remains outstanding and is held by or on behalf of DTC, transfers of a
Global Note, in whole or in part, or of any beneficial interest therein, shall only be made in accordance with Section 2.01(c),
Section 2.06(a) and this Section 2.06(b); provided that a beneficial interest in a Global Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in the same Global Note in accordance with the transfer restrictions
set forth in the restricted Note legend on the Note, if any.

 

(i)            Except
for transfers or exchanges made in accordance with either of clauses (ii) or (iii) of this Section 2.06(b), transfers
of a Global Note shall be limited to transfers of such Global Note in whole, but not in part, to nominees of DTC or to a successor of
DTC or such successor’s nominee.

 

(ii)           Restricted
Global Note to Regulation S Global Note. If the holder of a beneficial interest in the Restricted Global Note at any time wishes to exchange
its interest in such Restricted Global Note for an interest in the Regulation S Global Note, or to transfer its interest in such Restricted
Global Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Regulation S Global Note, such
transfer or exchange may be effected, only in accordance with this clause (ii) and the rules and procedures of DTC, in each
case to the extent applicable (the “Applicable Procedures”). Upon receipt by the Registrar from the Transfer Agent
of (A) written instructions directing the Registrar to credit or cause to be credited an interest in the Regulation S Global Note
in a specified principal amount and to cause to be debited an interest in the Restricted Global Note in such specified principal amount,
and (B) a certificate in the form of Exhibit B attached hereto given by the holder of such beneficial interest stating that
the transfer of such interest has been made in compliance with the transfer restrictions applicable to the Global Notes and (x) pursuant
to and in accordance with Regulation S or (y) that the interest in the Restricted Global Note being transferred is being transferred
in a transaction permitted by Rule 144, then the Registrar shall reduce or cause to be reduced the principal amount of the Restricted
Global Note and shall cause DTC to increase or cause to be increased the principal amount of the Regulation S Global Note by the aggregate
principal amount of the interest in the Restricted Global Note to be exchanged or transferred.

 

    37 

     

    

 

(iii)            Regulation
S Global Note to Restricted Global Note. If the holder of a beneficial interest in the Regulation S Global Note at any time wishes to
transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Restricted Global
Note, such transfer may be effected only in accordance with this clause (iii) and the Applicable Procedures. Upon receipt by the
Registrar from the Transfer Agent of (A) written instructions directing the Registrar to credit or cause to be credited an interest
in the Restricted Global Note in a specified principal amount and to cause to be debited an interest in the Regulation S Global Note
in such specified principal amount, and (B) a certificate in the form of Exhibit C attached hereto given by the holder of such
beneficial interest stating that the transfer of such interest has been made in compliance with the transfer restrictions applicable
to the Global Notes and stating that (x) the Person transferring such interest reasonably believes that the Person acquiring such
interest is a QIB and is obtaining such interest in a transaction meeting the requirements of Rule 144A and any applicable securities
laws of any state of the United States or (y) that the Person transferring such interest is relying on an exemption other than Rule 144A
from the registration requirements of the U.S. Securities Act and, in such circumstances, such Opinion of Counsel as the Issuer or the
Trustee may reasonably request to ensure that the requested transfer or exchange is being made pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the U.S. Securities Act, then the Registrar shall reduce or cause to be
reduced the principal amount of the Regulation S Global Note and to increase or cause to be increased the principal amount of the Restricted
Global Note by the aggregate principal amount of the interest in such Regulation S Global Note to be exchanged or transferred.

 

(c)            If
Notes are issued upon the transfer, exchange or replacement of Notes bearing the restricted Notes legends set forth in Exhibit A
attached hereto, the Notes so issued shall bear the restricted Notes legends, and a request to remove such restricted Notes legends from
Notes shall not be honored unless there is delivered to the Issuer such satisfactory evidence, which may include an Opinion of Counsel
licensed to practice law in the State of New York, as may be reasonably required by the Issuer, that neither the legend nor the restrictions
on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A or Rule 144
under the U.S. Securities Act. Upon provision of such satisfactory evidence, the Trustee, at the direction of the Issuer, shall (or shall
direct the authenticating agent to) authenticate and deliver Notes that do not bear the legend.

 

(d)            The
Trustee and the Agents shall have no responsibility for any actions taken or not taken by DTC, Euroclear or Clearstream, as the case
may be.

 

(e)            The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between
or among Participants, members or beneficial owners of interests in any Global Note) other than to require delivery of such certificates
and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture,
and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

    38 

     

    

 

(f)            In
connection with any proposed exchange of a Global Note for a Definitive Registered Note, the Issuer or DTC or its Participants shall
provide or cause to be provided to the Trustee all information reasonably requested by the Trustee that is necessary to allow the Trustee
to comply with any applicable tax reporting obligations. The Trustee may rely on information provided to it and shall have no responsibility
to verify or ensure the accuracy of such information.

 

(g)            Notwithstanding
anything to the contrary in this Section 2.06, the Issuer is not required to register the transfer of any Definitive Registered
Notes:

 

(i)            for
a period of 15 days prior to any date fixed for the redemption of the Notes;

 

(ii)           for
a period of 15 days immediately prior to the date fixed for selection of Notes to be redeemed in part;

 

(iii)          for
a period of 15 days prior to the Record Date with respect to any Interest Payment Date;

 

(iv)          which
the Holder has tendered (and not withdrawn) for repurchase in connection with a Change of Control Offer, an Asset Sale Offer or a Specified
Asset Sale Offer.

 

Section 2.07     Replacement
Notes. If a mutilated Definitive Registered Note is surrendered to the Registrar or if the Holder claims that the Note has been lost,
destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall (or shall direct the authenticating agent to), upon receipt
of an Issuer Order, authenticate a replacement Note in such form as the Note mutilated, lost, destroyed or wrongfully taken if the Holder
satisfies any other reasonable requirements of the Issuer and any requirement of the Trustee. If required by the Trustee or the Issuer,
such Holder shall furnish an indemnity bond sufficient in the judgment of the Issuer and the Trustee to protect the Issuer, the Trustee,
the Paying Agent, the Transfer Agent, the Registrar and any co-Registrar, and any authenticating agent, from any loss that any of them
may suffer if a Note is replaced. The Issuer and the Trustee may charge the Holder for their expenses in replacing a Note.

 

In the event any such mutilated,
lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Issuer in its discretion may pay such
Note instead of issuing a new Note in replacement thereof.

 

Every replacement Note shall
be an additional obligation of the Issuer.

 

The provisions of this Section 2.07
are exclusive and will preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or wrongfully taken Notes.

 

Section 2.08     Outstanding
Notes. Notes outstanding at any time are all Notes authenticated by or on behalf of the Trustee except for those cancelled by it,
those delivered to it for cancellation and those described in this Section 2.08 as not outstanding. Subject to Section 2.09,
a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note.

 

If a Note is replaced pursuant
to Section 2.07, it ceases to be outstanding unless the Trustee and the Issuer receive proof satisfactory to them that the Note
that has been replaced is held by a bona fide purchaser.

 

    39 

     

    

 

If the Paying Agent holds,
in accordance with this Indenture, on a Redemption Date or maturity date money sufficient to pay all principal, interest and Additional
Amounts, if any, payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be,
and the Paying Agent is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture, then
on and after that date such Notes (or portions thereof) cease to be outstanding and interest on them ceases to accrue.

 

Section 2.09     Notes
Held by Issuer. In determining whether the Holders of the required principal amount of Notes have concurred in any direction or consent
or any amendment, modification or other change to this Indenture, Notes owned by the Issuer or by any of its Affiliates shall be disregarded
and treated as if they were not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying
on any such direction, waiver or consent or any amendment, modification or other change to this Indenture, only Notes which a Responsible
Officer of the Trustee actually knows are so owned shall be so disregarded. Notes so owned which have been pledged in good faith shall
not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to
the Notes and that the pledgee is not the Issuer or any of its Affiliates.

 

Section 2.10     Definitive
Registered Notes.

 

(a)            A
Global Note deposited with a custodian for DTC pursuant to Section 2.01 shall be transferred in whole to the beneficial owners thereof
in the form of Definitive Registered Notes only if such transfer complies with Section 2.06 and (i) DTC notifies the Issuer
that it is unwilling or unable to continue to act as depositary for such Global Note or DTC ceases to be registered as a clearing agency
under the Exchange Act, and in each case a successor depositary is not appointed by the Issuer within 90 days of such notice, (ii) the
Issuer, at its option, executes and delivers to the Trustee an Officer’s Certificate stating that such Global Note shall be so
exchangeable or (iii) the owner of a Book-Entry Interest requests such an exchange in writing delivered through DTC following an
Event of Default under this Indenture. Notice of any such transfer shall be given by the Issuer in accordance with the provisions of
Section 12.01(b).

 

(b)            Any
Global Note that is transferable to the beneficial owners thereof in the form of Definitive Registered Notes pursuant to this Section 2.10
shall be surrendered by the custodian for DTC, to the Transfer Agent, to be so transferred, in whole or from time to time in part, without
charge, and the Trustee shall itself or via the authenticating agent authenticate and deliver, upon such transfer of each portion of
such Global Note, an equal aggregate principal amount at maturity of Notes of authorized denominations in the form of Definitive Registered
Notes. Any portion of a Global Note transferred or exchanged pursuant to this Section 2.10 shall be executed, authenticated and
delivered only in registered form in minimum denominations of $2,000 and any integral multiples of $1,000 in excess thereof and registered
in such names as DTC may direct. Subject to the foregoing, a Global Note is not exchangeable except for a Global Note of like denomination
to be registered in the name of DTC or its nominee. In the event that a Global Note becomes exchangeable for Definitive Registered Notes,
payment of principal, premium, if any, and interest on the Definitive Registered Notes will be payable, and the transfer of the Definitive
Registered Notes will be registrable, at the office or agency of the Issuer maintained for such purposes in accordance with Section 2.03.
Such Definitive Registered Notes shall bear the applicable legends set forth in Exhibit A attached hereto.

 

(c)            In
the event of the occurrence of any of the events specified in Section 2.10(a), the Issuer shall promptly make available to the Trustee
and the authenticating agent a reasonable supply of Definitive Registered Notes in definitive, fully registered form without interest
coupons.

 

Section 2.11     Cancellation.
The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee
any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee, in accordance with its customary procedures,
and no one else shall cancel (subject to the record retention requirements of the Exchange Act and the Trustee’s retention policy)
all Notes surrendered for registration of transfer, exchange, payment or cancellation and dispose of such cancelled Notes in its customary
manner. Except as otherwise provided in this Indenture, the Issuer may not issue new Notes to replace Notes it has redeemed, paid or
delivered to the Trustee for cancellation.

 

    40 

     

    

 

Section 2.12     Defaulted
Interest. Any interest on any Note that is payable, but is not punctually paid or duly provided for, on the dates and in the manner
provided in the Notes and in Section 4.01 of this Indenture (all such interest herein called “Defaulted Interest”)
shall forthwith cease to be payable to the Holder on the relevant Record Date by virtue of having been such Holder, and such Defaulted
Interest may be paid by the Issuer, at its election in each case, as provided in clause (a) or (b) below:

 

(a)            The
Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes are registered at the close of business
on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Issuer shall notify
the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and the date of the proposed payment, and
at the same time the Issuer may deposit with the Paying Agent an amount of money equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest; or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the
proposed payment, such money when deposited to be held for the benefit of the Persons entitled to such Defaulted Interest as provided
in this clause. In addition, the Issuer shall fix a special record date for the payment of such Defaulted Interest, such date to be not
more than 15 days and not less than 10 days prior to the proposed payment date and not less than 15 days after the receipt by the Trustee
of the notice of the proposed payment date. The Issuer shall promptly but, in any event, not less than 15 days prior to the special record
date, notify the Trustee of such special record date and, in the name and at the expense of the Issuer, the Trustee shall cause notice
of the proposed payment date of such Defaulted Interest and the special record date therefor to be delivered first-class, postage prepaid
to each Holder as such Holder’s address appears in the Security Register, not less than 10 days prior to such special record date.
Notice of the proposed payment date of such Defaulted Interest and the special record date therefor having been so delivered, such Defaulted
Interest shall be paid to the Persons in whose names the Notes are registered at the close of business on such special record date and
shall no longer be payable pursuant to clause (b) below.

 

(b)            The
Issuer may make payment of any Defaulted Interest on the Notes in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after notice given
by the Issuer to the Trustee of the proposed payment date pursuant to this clause, such manner of payment shall be deemed reasonably
practicable.

 

Subject to the foregoing
provisions of this Section 2.12, each Note delivered under this Indenture upon registration of transfer of or in exchange for or
in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note.

 

Section 2.13     Computation
of Interest. Interest on and any duration fees with respect to the Notes shall be computed on the basis of a 360-day year of twelve
30-day months.

 

Section 2.14     ISIN
and CUSIP Numbers. The Issuer in issuing the Notes may use ISIN and CUSIP numbers (if then generally in use), and, if so, the Trustee
shall use ISIN and CUSIP numbers, as appropriate, in notices of redemption as a convenience to Holders; provided that any such
notice may state that no representation is made as to the correctness of such numbers or codes either as printed on the Notes or as contained
in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any
such redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall promptly notify the Trustee of any
change in the ISIN or CUSIP numbers.

 

    41 

     

    

 

Article Three

Redemption; Offers to Purchase

 

Section 3.01     Right
of Redemption. The Issuer may redeem all or any portion of the Notes upon the terms and at the Redemption Prices set forth in the
Notes. Any redemption pursuant to this Section 3.01 shall be made pursuant to the provisions of this Article Three.

 

Section 3.02     Notices
to Trustee. If the Issuer redeems Notes pursuant to Section 3.01, it shall notify the Trustee in writing of the Redemption Date
and the record date, the principal amount of Notes to be redeemed, the Redemption Price and the paragraph of the Notes pursuant to which
the redemption will occur.

 

The Issuer shall give each
notice to the Trustee provided for in this Section 3.02 in writing at least 10 days before the date notice is delivered to the Holders
pursuant to Section 3.04 unless the Trustee consents to a shorter period. Such notice shall be accompanied by an Officer’s
Certificate from the Issuer to the effect that such redemption will comply with the conditions herein. If fewer than all the Notes are
to be redeemed, the record date relating to such redemption shall be selected by the Issuer and given to the Trustee, which record date
shall be not less than 15 days after the date of notice to the Trustee.

 

Section 3.03     Selection
of Notes to Be Redeemed. If fewer than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes to be
redeemed by a method that complies with the requirements, as certified to it by the Issuer, of the principal securities exchange, if
any, on which the Notes are listed at such time, and in compliance with the requirements of the relevant clearing system or, if the Notes
are not listed on a securities exchange, or such securities exchange prescribes no method of selection and the Notes are not held through
clearing system or the clearing system prescribes no method of selection, on a pro rata basis, by lot or by such other method
as the Trustee deems fair and appropriate; provided, however, that no such partial redemption shall reduce the portion
of the principal amount of a Note not redeemed to less than $2,000.

 

The Trustee shall make the
selection from the Notes outstanding and not previously called for redemption. The Trustee may select for redemption portions equal to
$1,000 in principal amount and any integral multiple thereof; provided that no Notes of $2,000 in principal amount or less may
be redeemed in part. Provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for
redemption. The Trustee shall notify the Issuer promptly in writing of the Notes or portions of Notes to be called for redemption.

 

The Trustee shall not be
liable for selections made in accordance with the provisions of this Section 3.03 or for selections made by DTC.

 

Any redemption and notice
may, in the Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent.

 

Section 3.04     Notice
of Redemption.

 

(a)            At
least 10 days but not more than 60 days before a date for redemption of the Notes, the Issuer shall deliver a notice of redemption by
first-class mail to each Holder to be redeemed at its address contained in the Security Register, except that redemption notices may
be delivered more than 60 days prior to a Redemption Date if the notice is issued in connection with a defeasance of the Notes or a satisfaction
and discharge of this Indenture, and shall comply with the provisions of Section 12.01(b).

 

    42 

     

    

 

(b)            The
notice shall identify the Notes to be redeemed (including ISIN and CUSIP numbers) and shall state:

 

(i)            the
Redemption Date and the record date;

 

(ii)           the
appropriate calculation of the Redemption Price and the amount of accrued interest, if any, and Additional Amounts, if any, to be paid;

 

(iii)          the
name and address of the Paying Agent;

 

(iv)          that
Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price plus accrued interest, if
any, and Additional Amounts, if any;

 

(v)           that,
if any Note is being redeemed in part, the portion of the principal amount (equal to $1,000 in principal amount or any integral multiple
thereof) of such Note to be redeemed and that, on and after the Redemption Date, upon surrender of such Note, a new Note or Notes in
principal amount equal to the unredeemed portion thereof will be reissued;

 

(vi)          that,
if any Note contains an ISIN or CUSIP number, no representation is being made as to the correctness of such ISIN or CUSIP number either
as printed on the Notes or as contained in the notice of redemption and that reliance may be placed only on the other identification
numbers printed on the Notes;

 

(vii)         that,
unless the Issuer and the Guarantors default in making such redemption payment, interest on the Notes (or portion thereof) called for
redemption shall cease to accrue on and after the Redemption Date; and

 

(viii)        the
paragraph of the Notes or section of this Indenture pursuant to which the Notes called for redemption are being redeemed.

 

At the Issuer’s written
request, the Trustee shall give a notice of redemption in the Issuer’s name and at the Issuer’s expense. In such event, the
Issuer shall provide the Trustee with the notice and the other information required by this Section 3.04.

 

For Notes which are represented
by global certificates held on behalf of DTC, notices may be given by delivery of the relevant notices to DTC for communication to entitled
account holders in substitution for the aforesaid delivery.

 

(c)            In
connection with any redemption of Notes described in this Section 3.04, any such redemption and/or notice of redemption may, at
the Issuer’s discretion, be subject to one or more conditions precedent, including the completion of any related refinancing or
a Change of Control. In addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice
shall state that, in the Issuer’s discretion, the Redemption Date may be delayed until such time as any or all such conditions
shall be satisfied or waived, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions
shall not have been satisfied or waived by the Redemption Date, or by the Redemption Date so delayed. For the avoidance of doubt, the
calculation of any Redemption Price shall not be an obligation or duty of the Trustee, the Registrar or any Paying Agent.

 

    43 

     

    

 

Section 3.05     Deposit
of Redemption Price. By no later than 12:00 p.m. (New York, New York time) on any Redemption Date, the Issuer shall deposit
or cause to be deposited with the Paying Agent (or, if the Issuer or any of its Affiliates is the Paying Agent, shall segregate and hold
in trust) a sum in same day funds sufficient to pay the Redemption Price of and accrued interest and Additional Amounts, if any, on all
Notes to be redeemed on that date other than Notes or portions of Notes called for redemption that have previously been delivered by
the Issuer to the Trustee for cancellation. The Paying Agent shall return to the Issuer following a written request by the Issuer any
money so deposited that is not required for that purpose.

 

Section 3.06     [Reserved].

 

Section 3.07     Payment
of Notes Called for Redemption. If notice of redemption has been given in the manner provided below, the Notes or portion of Notes
specified in such notice to be redeemed shall become due and payable on the Redemption Date at the Redemption Price stated therein, together
with accrued interest to such Redemption Date, and on and after such date (unless the Issuer shall default in the payment of such Notes
at the Redemption Price and accrued interest to the Redemption Date, in which case the principal, until paid, shall bear interest from
the Redemption Date at the rate prescribed in the Notes) such Notes shall cease to accrue interest. Upon surrender of any Note for redemption
in accordance with a notice of redemption, such Note shall be paid and redeemed by the Issuer at the Redemption Price, together with
accrued interest, if any, to the Redemption Date; provided that installments of interest whose Stated Maturity is on or prior
to the Redemption Date shall be payable to the Holders registered as such at the close of business on the relevant Record Date.

 

Notice of redemption shall
be deemed to be given when delivered, whether or not the Holder receives the notice. In any event, failure to give such notice, or any
defect therein, shall not affect the validity of the proceedings for the redemption of Notes held by Holders to whom such notice was
properly given.

 

Section 3.08     Notes
Redeemed in Part.

 

(a)            Upon
surrender of a Global Note that is redeemed in part, the Paying Agent shall forward such Global Note to the Registrar who shall make
a notation on the Security Register to reduce the principal amount of such Global Note to an amount equal to the unredeemed portion of
the Global Note surrendered; provided that each such Global Note shall be in a principal amount at final Stated Maturity of $2,000
or an integral multiple of $1,000 in excess thereof.

 

(b)            Upon
surrender and cancellation of a Definitive Registered Note that is redeemed in part, the Issuer shall execute and the Trustee shall authenticate
for the Holder (at the Issuer’s expense) a new Note equal in principal amount to the unredeemed portion of the Note surrendered
and canceled; provided that each such Definitive Registered Note shall be in a principal amount at final Stated Maturity of $2,000
or an integral multiple of $1,000 in excess thereof.

 

Section 3.09     Redemption
for Changes in Taxes. The Issuer may redeem the Notes, in whole but not in part, at its discretion at any time upon giving not less
than 10 nor more than 60 days’ prior written notice to the Holders of the Notes (which notice shall be irrevocable and given in
accordance with the procedures set forth under Section 3.04), at a Redemption Price equal to 100% of the principal amount thereof,
together with accrued and unpaid interest, if any, to the date fixed by the Issuer for redemption (a “Tax Redemption Date”)
and all Additional Amounts (if any) then due or which will become due on the Tax Redemption Date as a result of the redemption or otherwise
(subject to the right of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date and Additional
Amounts (if any) in respect thereof), if on the next date on which any amount would be payable in respect of the Notes or Note Guarantee,
the Issuer or any Guarantor is or would be required to pay Additional Amounts (but, in the case of a Guarantor, only if the payment giving
rise to such requirement cannot be made by the Issuer or another Guarantor without the obligation to pay Additional Amounts), and the
Issuer or the relevant Guarantor cannot avoid any such payment obligation by taking reasonable measures available (including, for the
avoidance of doubt, appointment of a new Paying Agent but excluding the reincorporation or reorganization of the Issuer or any Guarantor),
and the requirement arises as a result of:

 

(a)            any
change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of the relevant Tax Jurisdiction which change
or amendment is announced and becomes effective after the Issue Date (or if the applicable Tax Jurisdiction became a Tax Jurisdiction
on a date after the Issue Date, after such later date); or

 

    44 

     

    

 

(b)            any
change in, or amendment to, the official application, administration or interpretation of such laws, regulations or rulings (including
by virtue of a holding, judgment or order by a court of competent jurisdiction or a change in published practice or revenue guidance),
which change or amendment is announced and becomes effective after the 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 (a) and (b), a “Change
in Tax Law”).

 

The Issuer shall not give
any such notice of redemption earlier than 60 days prior to the earliest date on which the Issuer or the relevant Guarantor would be
obligated to make such payment or Additional Amounts if a payment in respect of the Notes or Note Guarantee were then due and at the
time such notice is given, the obligation to pay Additional Amounts must remain in effect. Prior to the publication or, where relevant,
delivery of any notice of redemption of the Notes pursuant to the foregoing, the Issuer shall deliver the Trustee an opinion of independent
tax counsel of recognized standing qualified under the laws of the relevant Tax Jurisdiction (which counsel shall be reasonably acceptable
to the Trustee) to the effect that there has been a Change in Tax Law which would entitle the Issuer to redeem the Notes hereunder. In
addition, before the Issuer delivers a notice of redemption of the Notes as described above, it shall deliver to the Trustee an Officer’s
Certificate to the effect that it cannot avoid its obligation to pay Additional Amounts by the Issuer or the relevant Guarantor taking
reasonable measures available to it.

 

The Trustee will accept and
shall be entitled to rely on such Officer’s Certificate and Opinion of Counsel as sufficient evidence of the existence and satisfaction
of the conditions as described above, in which event it will be conclusive and binding on all of the Holders.

 

The foregoing provisions
of this Section 3.09 will apply, mutatis mutandis, to any successor of the Issuer (or any Guarantor) with respect to a Change
in Tax Law occurring after the time such Person becomes successor to the Issuer (or any Guarantor).

 

Article Four

Covenants

 

Section 4.01     Payment
of Notes. The Issuer and the Guarantors, jointly and severally, covenant and agree for the benefit of the Holders that they shall
duly and punctually pay the principal of, premium (including the Redemption Premium), if any, interest and Additional Amounts, if any,
on the Notes on the dates and in the manner provided in the Notes and in this Indenture. Subject to Section 2.04, principal, premium
(including the Redemption Premium), if any, interest and Additional Amounts, if any, shall be considered paid on the date due if on such
date the Trustee or the Paying Agent (other than the Issuer or any of its Affiliates) holds, as of 10:00 a.m. (New York, New York
time) on the due date, in accordance with this Indenture, money sufficient to pay all principal, premium (including the Redemption Premium),
if any, interest and Additional Amounts, if any, then due. If the Issuer or any of its Affiliates acts as Paying Agent, principal, premium
(including the Redemption Premium), if any, interest and Additional Amounts, if any, shall be considered paid on the due date if the
entity acting as Paying Agent complies with Section 2.04.

 

    45 

     

    

  

The Issuer or the Guarantors
shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at a rate that
is 2.00% higher than the then applicable interest rate on the Notes and shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest, premium (including the Redemption Premium), if any, and Additional Amounts,
if any, at the same stepped-up rate to the extent lawful.

 

Section 4.02     Corporate
Existence. Subject to Article Five, the Issuer and each Guarantor shall do or cause to be done all things necessary to preserve
and keep in full force and effect their corporate, partnership, limited liability company or other existence and the rights (charter
and statutory), licenses and franchises of the Issuer and each Guarantor; provided that the Issuer shall not be required to preserve
any such right, license or franchise if the Board of Directors of the Issuer shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Issuer and the Guarantors as a whole.

 

Section 4.03     Maintenance
of Properties. The Issuer shall cause all properties owned by it or any Guarantor, including each Specified Real Property, or used
or held for use in the conduct of its business or the business of any Guarantor to be maintained and kept in good condition, repair and
working order and supplied with all necessary equipment and shall cause to be made all necessary repairs, renewals, replacements, betterments
and improvements thereof, all as in the judgment of the Issuer may be necessary so that the business carried on in connection therewith
may be properly and advantageously conducted at all times; provided that nothing in this Section 4.03 shall prevent the Issuer
from discontinuing the maintenance of any such properties, other than any Specified Real Property, if such discontinuance is, in the
judgment of the Issuer, desirable in the conduct of the business of the Issuer and the Guarantors as a whole. Each of Krystalsea and
Great Stirrup Cay Limited shall, and the Issuer shall cause each such Specified Guarantor to, (i) maintain in full force and effect
each Access Agreement to which it is a party and (ii) exercise all rights available to it under such Access Agreement in a commercially
reasonable manner and not in any manner which would impair the benefit to the Holders from the Note Guarantees of the Specified Guarantors,
including demanding the punctual payment of all amounts due thereunder.

 

Section 4.04     Insurance.
The Issuer shall maintain, and shall cause the Guarantors to maintain, insurance with carriers believed by the Issuer to be responsible,
against such risks and in such amounts, and with such deductibles, retentions, self-insured amounts and coinsurance provisions, as the
Issuer believes are customarily carried by businesses similarly situated and owning like properties, including as appropriate general
liability, property and casualty loss insurance (but on the basis that the Issuer and the Guarantors self-insure Vessels for certain
war risks); provided that in no event shall the Issuer and the Guarantors be required to obtain any business interruption, loss
of hire or delay in delivery insurance.

 

Section 4.05     Statement
as to Compliance.

 

(a)            The
Issuer shall deliver to the Trustee, within 120 days after the end of each fiscal year or within 14 days of written request by the Trustee,
an Officer’s Certificate stating that in the course of the performance by the signer of its duties as an Officer of the Issuer
he would normally have knowledge of any Default and whether or not the signer knows of any Default that occurred during such period and,
if any, specifying such Default, its status and what action the Issuer is taking or proposed to take with respect thereto. For purposes
of this Section 4.05(a), such compliance shall be determined without regard to any period of grace or requirement of notice under
this Indenture.

 

(b)            If
the Issuer shall become aware that (i) any Default or Event of Default has occurred and is continuing or (ii) any Holder seeks
to exercise any remedy hereunder with respect to a claimed Default under this Indenture or the Notes, the Issuer shall promptly, and
in any event within 30 days, deliver to the Trustee an Officer’s Certificate specifying such event, notice or other action (including
any action the Issuer is taking or propose to take in respect thereof).

 

    46 

     

    

 

Section 4.06     Incurrence
of Indebtedness and Issuance of Preferred Stock or Preference Shares.

 

(a)            The
Issuer will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”)
any Indebtedness (including Acquired Debt), and the Issuer will not and will not permit any Restricted Subsidiary to issue any Disqualified
Stock and will not permit any of its Restricted Subsidiaries to issue any shares of preferred stock or preference shares; provided,
however, that the Issuer may incur Indebtedness (including Acquired Debt) or issue Disqualified Stock, and the Restricted Subsidiaries
may incur Indebtedness (including Acquired Debt) or issue Disqualified Stock, preferred stock or preference shares, if the Fixed Charge
Coverage Ratio for the Issuer’s most recently ended four full fiscal quarters for which internal financial statements are available
immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or such preferred stock is
or preference shares are issued, as the case may be, would have been at least 2.0 to 1.0, determined on a pro forma basis (including
a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified
Stock or the preferred stock or preference shares had been issued, as the case may be, at the beginning of such four-quarter period.

 

(b)            Section 4.06(a) shall
not, however, prohibit the incurrence of any of the following items of Indebtedness, without duplication (collectively, “Permitted
Debt”):

 

(i)            Indebtedness
under Credit Facilities and ECA Facilities in an aggregate principal amount at any time outstanding not to exceed $16,340.8 million;

 

(ii)           the
incurrence by the Issuer and its Restricted Subsidiaries of Existing Indebtedness (other than Indebtedness under the ARCA) and any New
Secured Notes;

 

(iii)          the
incurrence by the Issuer and the Guarantors of Indebtedness represented by the Notes issued on the Issue Date and the related Note Guarantees;

 

(iv)          the
incurrence by the Issuer or any Restricted Subsidiary of Indebtedness represented by Attributable Debt, Capital Lease Obligations, mortgage
financings or purchase money obligations, the issuance by the Issuer or any Restricted Subsidiary of Disqualified Stock and the issuance
by any Restricted Subsidiary of preferred stock or preference shares, in each case, incurred or issued for the purpose of financing all
or any part of the purchase price, lease expense, rental payments or cost of design, construction, installation, repair, replacement
or improvement of property (including Vessels), plant or equipment or other assets (including Capital Stock) used in the business of
the Issuer or any of its Restricted Subsidiaries, in an aggregate principal amount or liquidation preference, including all Permitted
Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred or Disqualified
Stock or preferred stock or preference shares issued pursuant to this clause (iv), not to exceed the greater of $250.0 million and 1.75%
of Total Tangible Assets at any time outstanding (it being understood that any such Indebtedness may be incurred and such Disqualified
Stock and preferred stock or preference shares may be issued after the acquisition, purchase, charter, leasing or rental or the design,
construction, installation, repair, replacement or the making of any improvement with respect to any asset (including Vessels)); provided
that any such property (including Vessels), plant or equipment or other assets do not constitute Specified Assets; provided, further,
that the principal amount of any Indebtedness, Disqualified Stock or preferred stock or preference shares permitted under this clause
(iv) did not in each case at the time of incurrence exceed, together with amounts previously incurred and outstanding under this
clause (iv) with respect to any such applicable Vessel, (A) in the case of a completed Vessel, the greater of the Net Book
Value and the Appraised Value and (B) in the case of an uncompleted Vessel, 90% of the contract price for the acquisition or construction
of such Vessel, in the case of this clause (B), as determined on the date on which the agreement for acquisition or construction of such
Vessel was entered into by the Issuer or its Restricted Subsidiary, plus any other Ready for Sea Cost of such Vessel plus 100%
of any related export credit insurance premium;

 

    47 

     

    

 

(v)           the
incurrence by the Issuer or any Restricted Subsidiary of Indebtedness, the issuance by the Issuer or any Restricted Subsidiary of Disqualified
Stock and the issuance by any Restricted Subsidiary of preferred stock or preference shares in connection with any New Vessel Financing
in an aggregate principal amount at any one time outstanding (including all Permitted Refinancing Indebtedness incurred to renew, refund,
refinance, replace, defease or discharge any Indebtedness incurred or Disqualified Stock or preferred stock or preference shares issued
under this clause (v)) not exceeding the New Vessel Aggregate Secured Debt Cap as calculated on the date of the relevant incurrence under
this clause (v);

 

(vi)          Permitted
Refinancing Indebtedness in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge,
any Indebtedness (other than intercompany Indebtedness, Disqualified Stock or preferred stock or preference shares) that was permitted
to be incurred under Section 4.06(a) or clause (i), (ii), (iii), (iv), (v), (vi), (xii) or (xviii) of this Section 4.06(b);

 

(vii)         the
incurrence by the Issuer or any Restricted Subsidiary of intercompany Indebtedness between or among the Issuer or any Restricted Subsidiary;
provided that:

 

(A)            if
the Issuer or any Guarantor is the obligor on such Indebtedness and the payee is not the Issuer or a Guarantor, such Indebtedness must
be unsecured and ((i) except in respect of the intercompany current liabilities incurred in the ordinary course of business in connection
with the cash management operations of the Issuer and its Restricted Subsidiaries and (ii) only to the extent legally permitted
(the Issuer and its Restricted Subsidiaries having completed all procedures required in the reasonable judgment of directors or officers
of the obligee or obligor to protect such Persons from any penalty or civil or criminal liability in connection with the subordination
of such Indebtedness)) expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the Notes,
in the case of the Issuer, or the Note Guarantee, in the case of a Guarantor; and

 

(B)            (i) any
subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the Issuer
or a Restricted Subsidiary and (ii) any sale or other transfer of any such Indebtedness to a Person that is not either the Issuer
or a Restricted Subsidiary, will be deemed, in each case, to constitute an incurrence of such Indebtedness by the Issuer or such Restricted
Subsidiary, as the case may be, that was not permitted by this clause (vii);

 

(viii)         the
issuance by any Restricted Subsidiary to the Issuer or to any of its Restricted Subsidiaries of Disqualified Stock, preferred stock or
preference shares; provided that (A) any subsequent issuance or transfer of Equity Interests that results in any such Disqualified
Stock, preferred stock or preference shares being held by a Person other than the Issuer or a Restricted Subsidiary and (B) any
sale or other transfer of any such Disqualified Stock, preferred stock or preference shares to a Person that is not either the Issuer
or a Restricted Subsidiary, will be deemed, in each case, to constitute an issuance of such Disqualified Stock, preferred stock or preference
shares by such Restricted Subsidiary that was not permitted by this clause (viii);

 

    48 

     

    

 

(ix)           the
incurrence by the Issuer or any Restricted Subsidiary of Hedging Obligations that are not for speculative purposes;

 

(x)            the
Guarantee by the Issuer or any Restricted Subsidiary of Indebtedness of the Issuer or any Restricted Subsidiary to the extent that the
guaranteed Indebtedness was permitted to be incurred by another provision of this Section 4.06; provided that, in each case,
if the Indebtedness being guaranteed is subordinated to or pari passu with the Notes or a Note Guarantee, then the Guarantee must
be subordinated or pari passu, as applicable, to the same extent as the Indebtedness guaranteed;

 

(xi)           the
incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness (A) in respect of workers’ compensation claims,
self-insurance obligations, captive insurance companies and bankers’ acceptances in the ordinary course of business; (B) in
respect of letters of credit, surety, bid, performance, travel or appeal bonds, completion guarantees, judgment, advance payment, customs,
VAT or other tax guarantees or similar instruments issued in the ordinary course of business of such Person or consistent with past practice
or industry practice (including as required by any governmental authority) and not in connection with the borrowing of money, including
letters of credit or similar instruments in respect of self-insurance and workers compensation obligations, or for the protection of
customer deposits or credit card payments; provided, however, that upon the drawing of such letters of credit or other
instrument, such obligations are reimbursed within 30 days following such drawing; (C) arising from the honoring by a bank or other
financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Indebtedness
is covered within 30 days; and (D) consisting of (x) the financing of insurance premiums or (y) take-or-pay obligations
contained in supply agreements, in each case, in the ordinary course of business;

 

(xii)          Indebtedness,
Disqualified Stock, preferred stock or preference shares (A) of any Person outstanding on the date on which such Person becomes
a Restricted Subsidiary or is merged, consolidated, amalgamated or otherwise combined with (including pursuant to any acquisition of
assets and assumption of related liabilities) the Issuer or any Restricted Subsidiary or (B) incurred or issued to provide all or
any portion of the funds used to consummate the transaction or series of related transactions pursuant to which such Person became a
Restricted Subsidiary or was otherwise acquired by the Issuer or a Restricted Subsidiary; provided, however, with respect
to this clause (xii), that at the time of the acquisition or other transaction pursuant to which such Indebtedness, Disqualified Stock,
preferred stock or preference shares were deemed to be incurred or issued, (x) the Issuer would have been able to incur $1.00 of
additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.06(a) after giving pro forma
effect to the relevant acquisition or other transaction and the incurrence of such Indebtedness or issuance of such Disqualified
Stock, preferred stock or preference shares pursuant to this clause (xii) or (y) the Fixed Charge Coverage Ratio for the Issuer’s
most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on
which such additional Indebtedness is incurred or Disqualified Stock or preferred stock is, or preference shares are, issued pursuant
to this clause (xii), taken as one period, would not be less than it was immediately prior to giving pro forma effect to such
acquisition or other transaction and the incurrence of such Indebtedness or issuance of such Disqualified Stock, preferred stock or preference
shares;

 

    49 

     

    

 

(xiii)            Indebtedness
arising from agreements of the Issuer or a Restricted Subsidiary providing for customary indemnification, obligations in respect of earnouts
or other adjustments of purchase price or, in each case, similar obligations, in each case, incurred or assumed in connection with the
acquisition or disposition of any business or assets or Person or any Equity Interests of a Subsidiary; provided that (in the
case of a disposition) the maximum liability of the Issuer and its Restricted Subsidiaries in respect of all such Indebtedness shall
at no time exceed the gross proceeds, including the Fair Market Value of non-cash proceeds (measured at the time received and without
giving effect to any subsequent changes in value), actually received by the Issuer and its Restricted Subsidiaries in connection with
such disposition;

 

(xiv)            the
incurrence by the Issuer or any Restricted Subsidiary of Indebtedness in the form of Unearned Customer Deposits and advance payments
received in the ordinary course of business from customers for goods and services purchased in the ordinary course of business;

 

(xv)             Indebtedness
of the Issuer or any Restricted Subsidiary incurred in connection with credit card processing arrangements or other similar payment processing
arrangements entered into in the ordinary course of business;

 

(xvi)            the
incurrence by the Issuer or any Restricted Subsidiary of Indebtedness, the issuance by the Issuer or any Restricted Subsidiary of Disqualified
Stock and the issuance by any Restricted Subsidiary of preferred stock or preference shares to finance the replacement (through construction
or acquisition) of a Vessel upon an Event of Loss of such Vessel in an aggregate amount no greater than the Ready for Sea Cost for such
replacement Vessel, in each case less all compensation, damages and other payments (including insurance proceeds other than in respect
of business interruption insurance) received by the Issuer or any of its Restricted Subsidiaries from any Person in connection with such
Event of Loss in excess of amounts actually used to repay Indebtedness secured by the Vessel subject to such Event of Loss and any costs
and expenses incurred by the Issuer or any of its Restricted Subsidiaries in connection with such Event of Loss;

 

(xvii)           the
incurrence by the Issuer or any Restricted Subsidiary of Indebtedness in relation to (A) regular maintenance required on any of
the Vessels owned or chartered by the Issuer or any of its Restricted Subsidiaries, and (B) any expenditures that are, or are reasonably
expected to be, recoverable from insurance on such Vessels;

 

(xviii)          the
incurrence of Indebtedness by the Issuer or any Restricted Subsidiary of Indebtedness, the issuance by the Issuer or any Restricted Subsidiary
of Disqualified Stock and the issuance by any Restricted Subsidiary of preferred stock or preference shares in an aggregate principal
amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing Indebtedness incurred to renew,
refund, refinance, replace, defease or discharge any Indebtedness incurred or Disqualified Stock, preferred stock or preference shares
issued pursuant to this clause (xviii), not to exceed the greater of $750.0 million and 4.50% of Total Tangible Assets; and

 

(xix)            Indebtedness
existing solely by reason of Permitted Liens described in clause (cc) of the definition thereof.

 

(c)            Neither
the Issuer nor any Guarantor will incur any Indebtedness (including Permitted Debt) that is contractually subordinated in right of payment
to any other Indebtedness of the Issuer or such Guarantor unless such Indebtedness is also contractually subordinated in right of payment
to the Notes and the applicable Note Guarantee on substantially identical terms; provided, however, that no Indebtedness
will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Issuer or any Guarantor solely by
virtue of being unsecured.

 

    50 

     

    

 

(d)            For
purposes of determining compliance with this Section 4.06, in the event that an item of Indebtedness meets the criteria of more
than one of the categories of Permitted Debt described in clauses (i) through (xix) of Section 4.06(b), or is entitled
to be incurred pursuant to Section 4.06(a), the Issuer, in its sole discretion, will be permitted to classify such item of Indebtedness
on the date of its incurrence and only be required to include the amount and type of such Indebtedness in one of such clauses and will
be permitted on the date of such incurrence to divide and classify an item of Indebtedness in more than one of the types of Indebtedness
described in Sections 4.06(a) and 4.06(b) and from time to time to reclassify all or a portion of such item of Indebtedness,
in any manner that complies with this Section 4.06.

 

(e)            In
connection with the incurrence or issuance, as applicable, of (x) revolving loan Indebtedness or (y) any commitment relating
to the incurrence or issuance of Indebtedness, Disqualified Stock, preferred stock or preference shares, in each case, in compliance
with this Section 4.06, and the granting of any Lien to secure such Indebtedness, the Issuer or applicable Restricted Subsidiary
may, at its option, designate such incurrence or issuance and the granting of any Lien therefor as having occurred on the date of first
incurrence of such revolving loan Indebtedness or commitment (such date, the “Deemed Date”), and any related subsequent
actual incurrence or issuance and granting of such Lien therefor will be deemed for all purposes under this Indenture to have been incurred
or issued and granted on such Deemed Date, including, without limitation, for purposes of calculating the Fixed Charge Coverage Ratio,
usage of any baskets described herein (if applicable), the Consolidated Total Leverage Ratio and Consolidated EBITDA (and all such calculations
on and after the Deemed Date until the termination or funding of such commitment shall be made on a pro forma basis giving effect
to the deemed incurrence or issuance, the granting of any Lien therefor and related transactions in connection therewith).

 

(f)            The
accrual of interest or preferred stock or preference share dividends, the accretion or amortization of original issue discount, the payment
of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of preferred stock or
preference shares as Indebtedness due to a change in accounting principles, the payment of dividends on preferred stock, preference shares
or Disqualified Stock in the form of additional shares of the same class of preferred stock, preference shares or Disqualified Stock,
the accretion of liquidation preference and the increase in the amount of Indebtedness outstanding solely as a result of fluctuations
in exchange rates or currency values will not be deemed to be an incurrence of Indebtedness or an issuance of preferred stock, preference
shares or Disqualified Stock for purposes of this Section 4.06; provided, in each such case, that the amount of any such
accrual, accretion, amortization, payment, reclassification or increase is included in the Fixed Charges of the Issuer as accrued.

 

(g)            For
purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent
principal amount of Indebtedness denominated in a different currency shall be utilized, calculated based on the relevant currency exchange
rate in effect on the date such Indebtedness was incurred or, in the case of Indebtedness incurred under a revolving credit facility
and at the option of the Issuer, first committed; provided that (a) if such Indebtedness is incurred to refinance other Indebtedness
denominated in a currency other than U.S. dollars, and such refinancing would cause the applicable U.S. dollar-denominated restriction
to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated
restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing indebtedness does not exceed
the aggregate principal amount of such Indebtedness being refinanced; and (b) if and for so long as any Indebtedness is subject
to a Hedging Obligation with respect to the currency in which such Indebtedness is denominated covering principal amounts payable on
such Indebtedness, the amount of such Indebtedness, if denominated in U.S. dollars, will be the amount of the principal payment required
to be made under such Hedging Obligation and, otherwise, the U.S. dollar-equivalent of such amount plus the U.S. dollar-equivalent
of any premium which is at such time due and payable but is not covered by such Hedging Obligation.

 

    51 

     

    

 

 

(h)            Notwithstanding
any other provision of this Section 4.06, the maximum amount of Indebtedness that the Issuer or any Restricted Subsidiary may incur
pursuant to this Section 4.06 shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency
values. The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the
Indebtedness being refinanced, will be calculated based on the currency exchange rate applicable to the currencies in which such Permitted
Refinancing Indebtedness is denominated that is in effect on the date of such refinancing.

 

(i)            The
amount of any Indebtedness outstanding as of any date will be:

 

(i)            in
the case of any Indebtedness issued with original issue discount, the amount of the liability in respect thereof determined in accordance
with GAAP;

 

(ii)           the
principal amount of the Indebtedness, in the case of any other Indebtedness; and

 

(iii)         in
respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:

 

(A)            the
Fair Market Value of such assets at the date of determination; and

 

(B)            the
amount of the Indebtedness of the other Person.

 

Notwithstanding anything
herein to the contrary, no Restricted Specified Guarantor shall, and the Issuer shall not permit any Restricted Specified Guarantor to,
incur or assume any Indebtedness, or Guarantees of Indebtedness, other than (i) the Note Obligations, (ii) the New Secured
Notes, (iii) Permitted Intercompany Debt and (iv) Indebtedness, other than Indebtedness for borrowed money, not exceeding in
the aggregate $10.0 million at any time outstanding.

 

Section 4.07           Liens.

 

(a)            The
Issuer shall not and shall not cause or permit any Guarantor to, directly or indirectly, create, incur, assume or otherwise cause to
exist or become effective any Lien of any kind securing Indebtedness upon any of their property or assets, now owned or hereafter acquired,
except:

 

(i)            in
the case of any property or assets that constitute Specified Assets, Permitted Specified Asset Liens; and

 

(ii)           in
the case of any property or assets that do not constitute Specified Assets, (A) Permitted Liens and (B) a Lien on such property
or assets that is not a Permitted Lien (each Lien under clause (B), a “Triggering Lien”) if, contemporaneously with
(or prior to) the incurrence of such Triggering Lien, all Note Obligations are secured on an equal and ratable basis with or on a senior
basis to the obligations so secured until such time as such obligations are no longer secured by such Triggering Lien; provided that,
if the Indebtedness secured by such Triggering Lien is subordinate or junior in right of payment to the Notes or a Note Guarantee, as
the case may be, then such Triggering Lien securing such Indebtedness shall be subordinate or junior in priority to the Lien securing
the Note Obligations.

 

    52

     

    

 

(b)            With
respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the incurrence of such Indebtedness,
such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any
Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual of interest, the accretion of
accreted value, the accretion or amortization of original issue discount, the payment of interest in the form of additional Indebtedness
with the same terms or in the form of common shares of the Issuer or any direct or indirect parent entity of the Issuer, the payment
of dividends on preferred stock or preference shares in the form of additional shares of preferred stock or preference shares of the
same class, the accretion of liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations
in the exchange rate of currencies or increases in the value of property securing Indebtedness. For the avoidance of doubt, any Lien
that is permitted under this Indenture to secure Indebtedness shall also be permitted to secure any obligations related to such Indebtedness.

 

(c)            Any
Lien created in favor of this Indenture and the Notes or a Note Guarantee pursuant to Section 4.07(a)(ii)(B) will be automatically
and unconditionally released and discharged upon the release and discharge of the Triggering Lien to which it relates.

 

(d)            For
purposes of determining compliance with this Section 4.07, (A) Liens securing Indebtedness and obligations need not be incurred
solely by reference to one category of Permitted Liens (or subparts thereof) but are permitted to be incurred in part under any combination
thereof, and (B) in the event that a Lien meets the criteria of one or more of the categories of Permitted Liens (or subparts thereof),
the Issuer may, in its sole discretion, classify, divide or later reclassify or redivide (as if incurred at such later time) such Liens
(or any portions thereof) in any manner that complies with the definition of Permitted Liens, and such Liens (or portions thereof, as
applicable) will be treated as having been incurred pursuant to such clause, clauses or subparts of the definition of Permitted Liens
(and in the case of a subsequent division, classification or reclassification, such Liens shall cease to be divided or classified as
it was prior to such subsequent division, classification or reclassification).

 

(e)            To
the extent that any Liens are imposed pursuant to Section 4.07(a)(ii)(B) above on any assets or property to secure the Note
Obligations, (i) Permitted Liens may be of any priority (including senior in priority) relative to any Liens imposed under Section 4.07(a)(ii)(B),
and (ii) additional Liens may be granted on any such asset or property, which additional Liens may be pari passu or junior in priority
to the Liens on such asset or property securing the Note Obligations, in each case subject to any limitations or requirements set forth
in Section 4.07(a)(ii)(B). The Trustee (or any applicable security agent following the imposition of such Liens under Section 4.07(a)(ii)(B))
shall enter (at the sole expense and cost of the Issuer, including legal fees and expenses of the Trustee or any applicable security
agent) into a Customary Intercreditor Agreement with respect to such Permitted Liens and Liens imposed pursuant to Section 4.07(a)(ii)(B),
if any, in each case, upon being provided with an Officer’s Certificate and an Opinion of Counsel stating that such Customary Intercreditor
Agreement is permitted under the Indenture, each in form and substance reasonably satisfactory to the Trustee (or the applicable security
agent) and upon which the Trustee (or the applicable security agent) may conclusively rely.

 

Section 4.08           Restricted
Payments.

 

(a)            The
Issuer shall not, and shall not cause or permit any of its Restricted Subsidiaries to, directly or indirectly:

 

(i)            declare
or pay any dividend or make any other payment or distribution on account of the Issuer’s or any of its Restricted Subsidiaries’
Equity Interests (including, without limitation, any payment in connection with any merger, amalgamation or consolidation involving the
Issuer or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Issuer’s or any of its Restricted Subsidiaries’
Equity Interests in their capacity as holders (in each case, other than dividends or distributions payable in Equity Interests (other
than Disqualified Stock) of the Issuer and other than dividends or distributions payable to the Issuer or a Restricted Subsidiary );

 

    53

     

    

 

(ii)           purchase,
redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger, amalgamation or consolidation
involving the Issuer) any Equity Interests of the Issuer or any direct or indirect parent entity of the Issuer;

 

(iii)        make
any principal payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value, any Indebtedness
of the Issuer or any Guarantor that is expressly contractually subordinated in right of payment to the Notes or to any Note Guarantee
(excluding any intercompany Indebtedness between or among the Issuer and any of its Restricted Subsidiaries), except (A) a payment
of principal at the Stated Maturity thereof or (B) the purchase, repurchase, redemption, defeasance or other acquisition of Indebtedness
purchased in anticipation of satisfying a sinking fund obligation, principal installment or scheduled maturity, in each case due within
one year of the date of such purchase, repurchase, redemption, defeasance or other acquisition; or

 

(iv)           make
any Restricted Investment;

 

(all such payments and other
actions set forth in these clauses (i) through (iv) above being collectively referred to as “Restricted Payments”),
unless, at the time of such Restricted Payment:

 

(A)            no
Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment;

 

(B)            the
Issuer would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment had
been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness
pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.06(a);

 

(C)            such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries
since the Issue Date (excluding Restricted Payments permitted by clauses (i) (without duplication of amounts paid pursuant to any
other clause of Section 4.08(b)), (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix), (x), (xi) and (xii) of Section 4.08(b)),
is less than the sum, without duplication, of:

 

(1)            50%
of the Consolidated Net Income of the Issuer for the period (taken as one accounting period) from the first day of the fiscal quarter
commencing immediately following the fiscal quarter in which the Issue Date occurs to the end of the Issuer’s most recently ended
fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated
Net Income for such period is a deficit, less 100% of such deficit); plus

 

(2)            100%
of the aggregate net cash proceeds and the Fair Market Value of other assets received by the Issuer since the Issue Date as a contribution
to its common equity capital or from the issue or sale of Equity Interests of the Issuer (other than Disqualified Stock) or from the
issue or sale of convertible or exchangeable Disqualified Stock of the Issuer or any Restricted Subsidiary or convertible or exchangeable
debt securities of the Issuer or any Restricted Subsidiary, in each case that have been converted into or exchanged for Equity Interests
of the Issuer (other than (x) net cash proceeds and marketable securities received from an issuance or sale of Equity Interests,
Disqualified Stock or convertible or exchangeable debt securities sold to a Subsidiary of the Issuer, (y) net cash proceeds and
marketable securities received from an issuance or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable
debt securities that have been converted into, exchanged or redeemed for Disqualified Stock and (z) net cash proceeds and marketable
securities to the extent any Restricted Payment has been made from such proceeds pursuant to Section 4.08(b)(iv)); plus

 

    54

     

    

 

(3)            to
the extent that any Restricted Investment that was made after the Issue Date is (i) sold, disposed of or otherwise cancelled, liquidated
or repaid, 100% of the aggregate amount received in cash and the Fair Market Value of marketable securities received; or (ii) made
in an entity that subsequently becomes a Restricted Subsidiary, 100% of the Fair Market Value of such Restricted Investment as of the
date such entity becomes a Restricted Subsidiary; plus

 

(4)            to
the extent that any Unrestricted Subsidiary of the Issuer designated as such after the Issue Date is redesignated as a Restricted Subsidiary,
or is merged, amalgamated or consolidated into the Issuer or a Restricted Subsidiary, or all of the assets of such Unrestricted Subsidiary
are transferred to the Issuer or a Restricted Subsidiary, in each case, after the Issue Date, the Fair Market Value of the Issuer’s
Restricted Investment in such Subsidiary as of the date of such redesignation, merger, amalgamation, consolidation or transfer of assets
to the extent such Investments reduced the Restricted Payments capacity under this clause (4) and were not previously repaid or
otherwise reduced; provided, however, that no amount will be included in Consolidated Net Income of the Issuer for purposes
of the preceding clause (1) to the extent that it is included under this clause (4); plus

 

(5)            100%
of any dividends or distributions received by the Issuer or a Restricted Subsidiary after the Issue Date from an Unrestricted Subsidiary
to the extent that such dividends or distributions were not otherwise included in the Consolidated Net Income of the Issuer for such
period (excluding, for the avoidance of doubt, repayments of, or interest payments in respect of, any Permitted Investment pursuant to
clause (p) of the definition thereof); and

 

(D)            at
least one year shall have elapsed since the Issue Date, and (x) in the case of a Restricted Payment made on or after the first anniversary
of the Issue Date and before the second anniversary of the Issue Date, the Consolidated Total Leverage Ratio of the Issuer and its Restricted
Subsidiaries would not have been greater than 6.0:1.0 on a pro forma basis and (y) in the case of a Restricted Payment made on or
after the second anniversary of the Issue Date, the Consolidated Total Leverage Ratio of the Issuer and its Restricted Subsidiaries would
not have been greater than 5.0:1.0 on a pro forma basis; provided that neither clause (x) nor clause (y) shall apply to the
making of any Restricted Payment that is a Restricted Investment.

 

    55

     

    

 

(b)            The
preceding provisions will not prohibit the following (“Permitted Payments”):

 

(i)             the
payment of any dividend or distribution or the consummation of any redemption within 60 days after the date of declaration of the dividend
or distribution or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend or distribution
or redemption payment would have complied with the provisions of this Indenture;

 

(ii)            the
making of any Restricted Payment in exchange for, or out of or with the net cash proceeds of the substantially concurrent sale (other
than to a Subsidiary of the Issuer) of, Equity Interests of the Issuer or any direct or indirect parent of the Issuer (other than Disqualified
Stock) or from the substantially concurrent contribution of common equity capital to the Issuer; provided that the amount of any
such net cash proceeds that are utilized for any such Restricted Payment will be excluded from Section 4.08(a)(iv)(C)(2);

 

(iii)         the
purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness of the Issuer or any Guarantor
that is contractually subordinated to the Notes or to any Note Guarantee with the net cash proceeds from an incurrence of Permitted Refinancing
Indebtedness;

 

(iv)          so
long as no Default or Event of Default has occurred and is continuing, the purchase, repurchase, redemption or other acquisition or retirement
for value of any Equity Interests of the Issuer, any direct or indirect parent of the Issuer or any Restricted Subsidiary held by any
current or former officer, director, employee or consultant of the Issuer, any direct or indirect parent of the Issuer or any of its
Restricted Subsidiaries pursuant to any equity subscription agreement, stock option agreement, restricted stock grant, shareholders’
agreement or similar agreement; provided that the aggregate price paid for all such purchased, repurchased, redeemed, acquired
or retired Equity Interests may not exceed $10.0 million in the aggregate in any twelve-month period with unused amounts being carried
over to any subsequent twelve-month period subject to a maximum aggregate amount of $20.0 million being available in any twelve-month
period; and provided, further, that such amount in any twelve-month period may be increased by an amount not to exceed
the cash proceeds from the sale of Equity Interests of the Issuer or any direct or indirect parent of the Issuer, in each case, received
by the Issuer during such twelve-month period, in each case to members of management, directors or consultants of the Issuer, any direct
or indirect parent of the Issuer or any Restricted Subsidiaries to the extent the cash proceeds from the sale of such Equity Interests
have not otherwise been applied to the making of Restricted Payments pursuant to Section 4.08(a)(iv)(C)(3) or clause (ii) of
this Section 4.08(b);

 

(v)            the
repurchase of Equity Interests deemed to occur upon the exercise of stock or share options to the extent such Equity Interests represent
a portion of the exercise price of those stock or share options;

 

(vi)          so
long as no Default or Event of Default has occurred and is continuing, the declaration and payment of regularly scheduled or accrued
dividends to holders of any class or series of Disqualified Stock of the Issuer or any preferred stock or preference shares of any Restricted
Subsidiary issued on or after the Issue Date in accordance with Section 4.06;

 

(vii)         payments
of cash, dividends, distributions, advances or other Restricted Payments by the Issuer or any of its Restricted Subsidiaries to allow
the payment of cash in lieu of the issuance of fractional shares upon (i) the exercise of options or warrants or (ii) the conversion
or exchange of Capital Stock of any such Person;

 

    56

     

    

 

(viii)         the
payment of any dividend (or, in the case of any partnership or limited liability company, any similar distribution) by a Restricted Subsidiary
to the holders of its Equity Interests (other than the Issuer or any Restricted Subsidiary) on no more than a pro rata basis;

 

(ix)            the
making of (i) cash payments made by the Issuer or any of its Restricted Subsidiaries in satisfaction of the conversion obligation
upon conversion of convertible Indebtedness issued in a convertible notes offering and (ii) any payments by the Issuer or any of
its Restricted Subsidiaries pursuant to the exercise, settlement or termination of any related capped call, hedge, warrant or other similar
transactions;

 

(x)             any
Permitted Tax Distributions;

 

(xi)            any
dividends or other distributions or payments (directly or indirectly) to any direct or indirect parent of the Issuer in the ordinary
course of business in respect of franchise or similar Taxes and other fees and expenses in connection with the maintenance of its existence
and its direct or indirect ownership of the Issuer;

 

(xii)          other
Restricted Payments in an aggregate amount not to exceed $250.0 million since the Issue Date so long as, immediately after giving effect
to such Restricted Payment, no Default or Event of Default has occurred and is continuing; and

 

(xiii)         other
Restricted Payments made on or after the first anniversary of the Issue Date, in an aggregate amount not to exceed $200.0 million since
the Issue Date, provided that (x) in the case of a Restricted Payment made pursuant to this clause (xiii) on or after the first
anniversary of the Issue Date and before the second anniversary of the Issue Date, the Consolidated Total Leverage Ratio of the Issuer
and its Restricted Subsidiaries would not have been greater than 6.0:1.0 on a pro forma basis and (y) in the case of a Restricted
Payment made pursuant to this clause (xiii) on or after the second anniversary of the Issue Date, the Consolidated Total Leverage
Ratio of the Issuer and its Restricted Subsidiaries would not have been greater than 5.0:1.0 on a pro forma basis.

 

The amount of all Restricted
Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities proposed
to be transferred or issued by the Issuer or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment.

 

For purposes of determining
compliance with this covenant, (1) in the event that a proposed Restricted Payment (or portion thereof) meets the criteria of one
or more categories (or subparts thereof) of Permitted Payments or Permitted Investments, or is entitled to be incurred pursuant to the
first paragraph of this covenant, the Issuer will be entitled to classify or re-classify such payment (or portion thereof) based on circumstances
existing on the date of such reclassification in any manner that complies with this covenant, and such payment (or portion thereof) will
be treated as having been made pursuant to the first paragraph of this covenant or such clause or clauses (or subparts thereof) in the
definition of Permitted Payments or Permitted Investments and (2) the amount of any return of or on capital from any Investment
shall be netted against the amount of such Investment for purposes of determining compliance with this covenant.

 

Notwithstanding
anything to the contrary set forth herein, the Issuer shall not, and shall not cause or permit any of its Restricted Subsidiaries to,
make any Restricted Payment if the effect of such Restricted Payment is to cause (i) the sale, lease, transfer or other conveyance,
directly or indirectly, of any assets or property constituting Specified Assets by a Specified Guarantor to any Person other than a Specified
Guarantor or (ii) any Specified Assets of any Restricted Specified Guarantor to be held by any Subsidiary of the Issuer other than
a Restricted Specified Guarantor. Notwithstanding the preceding sentence, if no Event of Default exists, a Restricted Specified
Guarantor shall be permitted to make any Restricted Payment to the Issuer or any of its Restricted Subsidiaries provided such
Restricted Payment is limited to, and paid from, such Restricted Specified Guarantor’s cash in its Collection Accounts (other than
Net Proceeds required to be held therein pursuant to this Indenture) and such Restricted Payment (i) is distributed to the Issuer
or any of its Restricted Subsidiaries and applied by them for working capital purposes of the Issuer or any of its Restricted Subsidiaries,
including debt service and shipbuilding payments, or (ii) is applied by such Restricted Specified Guarantor to repay Permitted Intercompany
Debt.

 

    57

     

    

 

Section 4.09            Asset
Sales.

 

(a)            The
Issuer shall not, and shall not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, consummate an Asset Sale
unless:

 

(i)            the
Issuer (or the Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least equal to the
Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and

 

(ii)           (x) in
the case of any Asset Sale of assets or property constituting Specified Assets, (1) such Asset Sale is with an unaffiliated third
party and (2) 100% of the consideration received in the Asset Sale by the Issuer or such Restricted Subsidiary is in the form of
cash or Cash Equivalents and (y) in the case of any other Asset Sale, at least 75% of the consideration received in the Asset Sale
by the Issuer or such Restricted Subsidiary is in the form of cash, Cash Equivalents or Replacement Assets or a combination thereof (which
determination may be made by the Issuer, at its option, either (1) at the time such Asset Sale is approved by the Issuer’s
Board of Directors or (2) at the time the Asset Sale is completed). For purposes of this clause (ii)(y), each of the following will
be deemed to be cash:

 

(A)            any
liabilities, as recorded on the balance sheet of the Issuer or any Restricted Subsidiary (other than contingent liabilities or liabilities
that are by their terms subordinated to the Notes or the Note Guarantees), that are assumed by the transferee of any such assets and
as a result of which the Issuer and its Restricted Subsidiaries are no longer obligated with respect to such liabilities or are indemnified
against further liabilities or that are otherwise retired or repaid;

 

(B)            any
securities, notes or other obligations received by the Issuer or any such Restricted Subsidiary from such transferee that are converted
by the Issuer or such Restricted Subsidiary into cash or Cash Equivalents within 180 days following the closing of the Asset Sale, to
the extent of the cash or Cash Equivalents received in that conversion;

 

(C)            any
Capital Stock or assets of the kind referred to in Section 4.09(b)(ii) or (iv);

 

(D)            Indebtedness
(other than Indebtedness that is by its terms subordinated to the Notes or the Note Guarantees) of any Restricted Subsidiary that is
no longer a Restricted Subsidiary as a result of such Asset Sale, to the extent that each Restricted Subsidiary is released from any
Guarantee of such Indebtedness in connection with such Asset Sale;

 

(E)            consideration
consisting of Indebtedness of the Issuer or any Guarantor received from Persons who are not the Issuer or any Restricted Subsidiary;
and

 

(F)            consideration
other than cash, Cash Equivalents or Replacement Assets received by the Issuer or any Restricted Subsidiary in Asset Sales with a Fair
Market Value not exceeding $125.0 million in the aggregate outstanding at any one time.

 

    58

     

    

 

(b)            Within
450 days after the receipt of any Net Proceeds from an Asset Sale or any Event of Loss, the Issuer (or the applicable Restricted Subsidiary,
as the case may be) may apply such Net Proceeds (other than Net Proceeds that must be applied as set forth in Section 4.09(d)):

 

(i)             to
repurchase the Notes pursuant to an offer to all Holders at a purchase price equal to 100% of the principal amount thereof, plus accrued
and unpaid interest to (but not including) the date of purchase (a “Notes Offer”);

 

(ii)            to
acquire all or substantially all of the assets of, or any Capital Stock of, another Permitted Business; provided that after giving
effect to any such acquisition of Capital Stock, the Permitted Business is or becomes a Restricted Subsidiary;

 

(iii)          to
make a capital expenditure;

 

(iv)          to
acquire other assets (other than Capital Stock) not classified as current assets under GAAP that are used or useful in a Permitted Business;

 

(v)            to
repurchase, prepay, redeem or repay Indebtedness (A) of the Issuer or a Restricted Subsidiary which is not a Guarantor (other than
Indebtedness owed to the Issuer or a Restricted Subsidiary), (B) of the Issuer or any Guarantor that is secured by a Lien on the
assets that were the subject of such Asset Sale or Event of Loss or (C) of the Issuer or a Guarantor that is pari passu in
right of payment with the Notes or any Note Guarantee; provided that, in the case of this clause (C), the Issuer (or the applicable
Restricted Subsidiary) may repurchase, prepay, redeem or repay such pari passu Indebtedness only if the Issuer (or the applicable
Restricted Subsidiary) makes an offer to all Holders to purchase their Notes in accordance with the provisions set forth below for an
Asset Sale Offer for an aggregate principal amount of Notes at least equal to the proportion that (x) the total aggregate principal
amount of Notes outstanding bears to (y) the sum of the total aggregate principal amount of Notes outstanding plus the total
aggregate principal amount outstanding of such pari passu Indebtedness;

 

(vi)           to
enter into a binding commitment to apply the Net Proceeds pursuant to clause (ii), (iii) or (iv) of this Section 4.09(b);
provided that such binding commitment (or any subsequent commitments replacing the initial commitment that may be cancelled or
terminated) shall be treated as a permitted application of the Net Proceeds from the date of such commitment until the earlier of (x) the
date on which such acquisition or expenditure is consummated and (y) the 180th day following the expiration of the aforementioned
450 day period; or

 

(vii)          any
combination of the foregoing.

 

Pending the final application
of any Net Proceeds subject to Section 4.09(b)(y), the Issuer (or the applicable Restricted Subsidiary) may temporarily reduce borrowings
under any revolving credit facility, or otherwise invest the Net Proceeds in any manner that is not prohibited by this Indenture.

 

    59

     

    

 

(c)            Any
Net Proceeds from Asset Sales or an Event of Loss (other than Net Proceeds that must be applied as set forth in Section 4.09(d))
that are not applied or invested as provided in Section 4.09(b) (it being understood that any portion of such Net Proceeds
used to make an offer to purchase Notes as described in Section 4.09(b)(i) or (v) above shall be deemed to have been applied
or invested whether or not such Notes Offer is accepted) will constitute “Excess Proceeds.” When the aggregate amount
of Excess Proceeds exceeds $100.0 million (or at an earlier time, at the option of the Issuer), within ten Business Days thereof, the
Issuer will make an offer (an “Asset Sale Offer”) to all Holders and may make an offer to all holders of other Indebtedness
that is pari passu in right of payment with the Notes or any Note Guarantees with respect to offers to purchase, prepay or redeem
with the proceeds of sales of assets or events of loss to purchase, prepay or redeem the maximum principal amount of Notes and such other
pari passu Indebtedness (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including
premiums, incurred in connection therewith) that may be purchased, prepaid or redeemed out of the Excess Proceeds. The offer price for
the Notes in any Asset Sale Offer will be equal to 100% of the principal amount, plus accrued and unpaid interest and Additional
Amounts, if any, to the date of purchase, prepayment or redemption, subject to the rights of Holders on the relevant Record Date to receive
interest due on the relevant Interest Payment Date, and will be payable in cash. If any Excess Proceeds remain after consummation of
an Asset Sale Offer, the Issuer or a Restricted Subsidiary may use those Excess Proceeds for any purpose not otherwise prohibited by
this Indenture. If the aggregate principal amount of Notes and such other pari passu Indebtedness tendered into (or to be prepaid
or redeemed in connection with) such Asset Sale Offer exceeds the amount of Excess Proceeds, or if the aggregate amount of Notes tendered
pursuant to a Notes Offer exceeds the amount of the Net Proceeds so applied, the Trustee will select the Notes and such other pari
passu Indebtedness, if applicable, to be purchased on a pro rata basis (or in the manner provided in Section 3.03), based on
the amounts tendered or required to be prepaid or redeemed. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will
be reset at zero.

 

(d)            Any
Net Proceeds equal to or greater than $10.0 million from the sale, lease, conveyance or other disposition by the Issuer or any
of its Restricted Subsidiaries of, or Event of Loss relating to, any assets comprising part of the Specified Assets shall be applied
by the Issuer (i) to the extent any New Secured Notes are outstanding, as required under the indenture for the New Secured Notes
and (ii) to the extent the New Secured Notes have been redeemed or repaid in full, to make an offer (a “Specified Asset
Sale Offer”) within ten Business Days of receipt of such Net Proceeds to all Holders to purchase, prepay or redeem the maximum
principal amount of Notes (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums,
incurred in connection therewith) that may be purchased, prepaid or redeemed out of such Net Proceeds. The offer price for the Notes
in any Specified Asset Sale Offer will be equal to 100% of the principal amount, plus accrued and unpaid interest and Additional
Amounts, if any, to the date of purchase, prepayment or redemption, subject to the rights of Holders on the relevant Record Date to receive
interest due on the relevant Interest Payment Date, and will be payable in cash. If any Net Proceeds subject to this Section 4.09(d) remain
after consummation of a Specified Asset Sale Offer, the Issuer or a Restricted Subsidiary may use those Net Proceeds for reinvestment
in assets or property constituting Specified Assets or that are used or useful in the respective businesses of the Specified Guarantors;
provided that any such Net Proceeds received or generated by a Specified Guarantor must be reinvested in assets or property constituting
Specified Assets or that are used or useful in the respective businesses of the Specified Guarantors. If the aggregate principal amount
of Notes tendered into (or to be prepaid or redeemed in connection with) such Specified Asset Sale Offer exceeds the amount of applicable
Net Proceeds, or if the aggregate amount of Notes tendered pursuant to a Notes Offer exceeds the amount of the Net Proceeds so applied,
the Trustee will select the Notes to be purchased on a pro rata basis (or in the manner provided in Section 3.03), based on the
amounts tendered or required to be prepaid or redeemed.

 

The Issuer will comply with
the requirements of Rule 14e-1 under the U.S. Exchange Act and any other securities laws and regulations (and rules of any
exchange on which the Notes are then listed) to the extent those laws, regulations or rules are applicable in connection with each
repurchase of Notes pursuant to an Asset Sale Offer, a Specified Asset Sale Offer or a Notes Offer. To the extent that the provisions
of any securities laws or regulations or exchange rules conflict with the Asset Sale or Notes Offer provisions of this Indenture,
the Issuer will comply with the applicable securities laws, regulations and rules and will not be deemed to have breached its obligations
under the Asset Sale or Notes Offer provisions of this Indenture by virtue of such compliance.

 

    60

     

    

 

Notwithstanding anything
to the contrary set forth herein, the Issuer shall not, and shall not cause or permit any of its Restricted Subsidiaries to, (i) sell,
lease, transfer or otherwise dispose, directly or indirectly, of any assets or property constituting Specified Assets to the Issuer or
any Subsidiary of the Issuer other than a Specified Guarantor or (ii) permit any Specified Assets of any Restricted Specified Guarantor
to be held by any Subsidiary of the Issuer other than a Restricted Specified Guarantor. Notwithstanding the preceding sentence, if no
Event of Default exists, a Restricted Specified Guarantor shall be permitted to dispose of such Restricted Specified Guarantor’s
cash in its Collection Accounts (other than Net Proceeds required to be held therein pursuant to this Indenture) to the Issuer or any
of its Restricted Subsidiaries provided such cash (i) is disposed of to the Issuer or any of its Restricted Subsidiaries
and applied by them for working capital purposes of the Issuer or any of its Restricted Subsidiaries, including debt service and shipbuilding
payments, or (ii) is applied by such Restricted Specified Guarantor to repay Permitted Intercompany Debt.

 

Section 4.10           Transactions
with Affiliates.

 

(a)            The
Issuer shall not, and shall not cause or permit any of its Restricted Subsidiaries to, make any payment to or sell, lease, transfer or
otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any
transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Issuer
(each, an “Affiliate Transaction”) involving (x) the Specified Assets or (y) aggregate payments or consideration
in excess of $50.0 million, unless:

 

(i)            the
Affiliate Transaction is on terms that are, taken as a whole, no less favorable to the Issuer or the relevant Restricted Subsidiary than
those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with a Person who is not
such an Affiliate; and

 

(ii)           the
Issuer delivers to the Trustee, with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $125.0 million, a resolution of the Board of Directors of the Issuer set forth in an Officer’s Certificate
certifying that such Affiliate Transaction complies with this Section 4.10 and that such Affiliate Transaction has been approved
by a majority of the disinterested members of the Board of Directors of the Issuer (or in the event there is only one disinterested director,
by such disinterested director, or, in the event there are no disinterested directors, by unanimous approval of the members of the Board
of Directors of the Issuer).

 

(b)            Notwithstanding
the foregoing, the following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions
of Section 4.10(a):

 

(i)            any
employment agreement, collective bargaining agreement, consulting agreement or employee benefit arrangements with any employee, consultant,
officer or director of the Issuer or any Restricted Subsidiary, including under any stock option, stock appreciation rights, stock incentive
or similar plans, entered into in the ordinary course of business;

 

(ii)           (x) with
respect to transactions not involving the Specified Assets, transactions between or among the Issuer and/or its Restricted Subsidiaries
and (y) with respect to transactions involving the Specified Assets, (A) transactions between or among the Issuer and/or its
Restricted Subsidiaries that are not Specified Guarantors, (B) transactions between or among Specified Guarantors and (C) transactions
between or among the Issuer and/or its Restricted Subsidiaries that are not Specified Guarantors, on the one hand, and Specified Guarantors,
on the other hand, to the extent otherwise expressly permitted by the terms of this Indenture;

 

    61

     

    

 

(iii)          except
with respect to transactions involving the Specified Assets, transactions with a Person (other than an Unrestricted Subsidiary of the
Issuer) that is an Affiliate of the Issuer solely because the Issuer owns, directly or through a Restricted Subsidiary, an Equity Interest
in, or controls, such Person;

 

(iv)          payment
of reasonable and customary fees, salaries, bonuses, compensation, other employee benefits and reimbursements of expenses (pursuant to
indemnity arrangements or otherwise) of Officers, directors, employees or consultants of the Issuer or any of its Restricted Subsidiaries;

 

(v)             any
issuance of Equity Interests (other than Disqualified Stock) of the Issuer to Affiliates of the Issuer;

 

(vi)           Restricted
Payments that do not violate Section 4.08;

 

(vii)          transactions
pursuant to or contemplated by any agreement in effect on the Issue Date and transactions pursuant to any amendment, modification or
extension to such agreement, so long as such amendment, modification or extension, taken as a whole, is not materially more disadvantageous
to the Holders than the original agreement as in effect on the Issue Date;

 

(viii)         Permitted
Investments (other than Permitted Investments described in clauses (c), (d), (e), (o), (p), (q) and (r) of the definition thereof);

 

(ix)            Management
Advances;

 

(x)            transactions
with customers, clients, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of business and
otherwise in compliance with the terms of this Indenture that are fair to the Issuer or the Restricted Subsidiaries in the reasonable
determination of the members of the Board of Directors of the Issuer or the senior management thereof, or are on terms at least as favorable
as might reasonably have been obtained at such time from an unaffiliated Person;

 

(xi)           the
granting and performance of any registration rights for the Issuer’s Capital Stock;

 

(xii)          any
contribution to the capital of the Issuer;

 

(xiii)         pledges
of Equity Interests of Unrestricted Subsidiaries;

 

(xiv)         transactions
with respect to which the Issuer has obtained an opinion of an accounting, appraisal or investment banking firm of international standing,
or other recognized independent expert of international standing with experience appraising the terms and conditions of the type of transaction
or series of related transactions for which an opinion is required, stating that the transaction or series of related transactions is
(A) fair from a financial point of view taking into account all relevant circumstances or (B) on terms not less favorable than
might have been obtained in a comparable transaction at such time on an arm’s-length basis from a Person who is not an Affiliate;

 

    62

     

    

 

(xv)          transactions
under any Access Agreement or IP License; and

 

(xvi)         transactions
not involving the Specified Assets undertaken in good faith (as certified by a responsible financial or accounting officer of the Issuer
in an Officer’s Certificate) between the Issuer and any other Person or a Restricted Subsidiary and any other Person with which
the Issuer or any of its Restricted Subsidiaries files a combined, consolidated, unitary or similar group tax return or which the Issuer
or any of its Restricted Subsidiaries is part of a group for tax purposes that are effected for the purpose of improving the combined,
consolidated, unitary or similar group tax efficiency of the Issuer and its Subsidiaries and not for the purpose of circumventing any
provision of this Indenture.

 

Section 4.11            Purchase
of Notes upon a Change of Control.

 

(a)            If
a Change of Control Triggering Event occurs at any time, then the Issuer shall make an offer (a “Change of Control Offer”)
to each Holder to purchase such Holder’s Notes, at a purchase price (the “Change of Control Purchase Price”)
in cash in an amount equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase
(the “Change of Control Purchase Date”) (subject to the rights of Holders on the relevant Record Dates to receive
interest due on the relevant Interest Payment Date).

 

(b)            Within
30 days following any Change of Control Triggering Event, the Issuer shall deliver a notice to each Holder of the Notes at such Holder’s
registered address or otherwise deliver a notice in accordance with the procedures set forth in Section 3.04, which notice shall
state:

 

(i)              that
a Change of Control Triggering Event has occurred, and the date it occurred, and that a Change of Control Offer is being made;

 

(ii)            the
circumstances and relevant facts regarding such Change of Control (including, but not limited to, applicable information with respect
to pro forma historical income, cash flow and capitalization after giving effect to the Change of Control);

 

(iii)           the
Change of Control Purchase Price and the Change of Control Purchase Date, which shall be a Business Day no earlier than 10 days nor later
than 60 days from the date such notice is delivered, pursuant to the procedures required by this Indenture and described in such notice;

 

(iv)            that
any Note accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Purchase
Date unless the Change of Control Purchase Price is not paid;

 

(v)            that
any Note (or part thereof) not tendered shall continue to accrue interest; and

 

(vi)           any
other procedures that a Holder must follow to accept a Change of Control Offer or to withdraw such acceptance.

 

(c)            On
the Change of Control Purchase Date, the Issuer shall, to the extent lawful:

 

(i)             accept
for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer;

 

    63

     

    

 

(ii)            deposit
with the Paying Agent an amount equal to the Change of Control Purchase Price in respect of all Notes or portions of Notes properly tendered;
and

 

(iii)           deliver
or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate
principal amount of Notes or portions of Notes being purchased by the Issuer.

 

(d)           The
Paying Agent shall promptly deliver to each Holder which has properly tendered and so accepted the Change of Control Offer for such Notes,
and the Trustee (or an authenticating agent appointed by the Issuer) shall promptly authenticate and deliver (or cause to be transferred
by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any. Any Note
so accepted for payment will cease to accrue interest on or after the Change of Control Purchase Date. The Issuer shall publicly announce
the results of the Change of Control Offer on or as soon as practicable after the Change of Control Purchase Date.

 

(e)           This
Section 4.11 will be applicable whether or not any other provisions of this Indenture are applicable.

 

(f)            If
the Change of Control Purchase Date is on or after an interest Record Date and on or before the related Interest Payment Date, any accrued
and unpaid interest, if any, shall be paid to the Person in whose name a Note is registered at the close of business on such Record Date,
and no additional interest shall be payable to Holders who tender pursuant to the Change of Control Offer.

 

(g)           The
Issuer will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if (1) a third party makes
the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture
applicable to a Change of Control Offer made by the Issuer and purchases all Notes properly tendered and not withdrawn under the Change
of Control Offer or (2) a notice of redemption has been given pursuant to the provisions of paragraph 6 of the Notes, unless and
until there is a default in payment of the applicable Redemption Price. Notwithstanding anything to the contrary contained herein, a
Change of Control Offer may be made in advance of a Change of Control, conditioned upon the consummation of such Change of Control, if
a definitive agreement is in place for the Change of Control at the time the Change of Control Offer is made.

 

(h)           The
Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations (and
rules of any exchange on which the Notes are then listed) to the extent those laws, regulations or rules are applicable in
connection with the repurchase of the Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities
laws or regulations or exchange rules conflict with the Change of Control provisions of this Indenture, the Issuer shall comply
with the applicable securities laws, regulations and rules and will not be deemed to have breached its obligations under this Indenture
by virtue of such compliance.

 

Section 4.12     Additional
Amounts.

 

(a)            All
payments made by or on behalf of the Issuer or any of the Guarantors (including, in each case, any successor entity) under or with respect
to the Notes or any Note Guarantee shall be made free and clear of and without withholding or deduction for, or on account of, any present
or future Taxes unless the withholding or deduction of such Taxes is then required by law. If the Issuer, any Guarantor or any other
applicable withholding agent is required by law to withhold or deduct any amount for, or on account of, any Taxes imposed or levied by
or on behalf of (1) any jurisdiction in which the Issuer or any Guarantor is or was incorporated, engaged in business, organized
or resident for tax purposes or any political subdivision thereof or therein or (2) any jurisdiction from or through which any payment
is made by or on behalf of the Issuer or any Guarantor (including, without limitation, the jurisdiction of any Paying Agent) or any political
subdivision thereof or therein (each of (1) and (2), a “Tax Jurisdiction”) in respect of any payments under or
with respect to the Notes or any Note Guarantee, including, without limitation, payments of principal, Redemption Price, purchase price,
interest, duration fees or premium, the Issuer or the relevant Guarantor, as applicable, shall pay such additional amounts (the “Additional
Amounts”) as may be necessary in order that the net amounts received in respect of such payments by each Holder after such
withholding or deduction will equal the respective amounts that would have been received by each Holder in respect of such payments in
the absence of such withholding or deduction; provided, however, that no Additional Amounts shall be payable with respect
to:

 

    64

     

    

 

(i)            any
Taxes, to the extent such Taxes would not have been imposed but for the holder or the beneficial owner of the Notes (or a fiduciary,
settlor, beneficiary, partner of, member or shareholder of, or possessor of a power over, the relevant Holder or beneficial owner, if
the relevant Holder or beneficial owner is an estate, trust, nominee, partnership, limited liability company or corporation) being or
having been a citizen or resident or national of, or incorporated, engaged in a trade or business in, being or having been physically
present in or having a permanent establishment in, the relevant Tax Jurisdiction or having or having had any other present or former
connection with the relevant Tax Jurisdiction, other than any connection arising solely from the acquisition, ownership or disposition
of Notes, the exercise or enforcement of rights under such Note, such Note Guarantee or this Indenture, or the receipt of payments in
respect of such Note or Note Guarantee;

 

(ii)           any
Taxes, to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation is required) more
than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder would
have been entitled to Additional Amounts had the Note been presented on the last day of such 30 day period);

 

(iii)          any
estate, inheritance, gift, sale, transfer, personal property or similar Taxes;

 

(iv)          any
Taxes payable other than by deduction or withholding from payments under, or with respect to, the Notes or any Note Guarantee;

 

(v)           any
Taxes to the extent such Taxes would not have been imposed or withheld but for the failure of the Holder or beneficial owner of the Notes,
following the Issuer’s reasonable written request addressed to the Holder at least 30 days before any such withholding or deduction
would be imposed, to comply with any certification, identification, information or other reporting requirements, whether required by
statute, treaty, regulation or administrative practice of a Tax Jurisdiction, as a precondition to exemption from, or reduction in the
rate of deduction or withholding of, Taxes imposed by the Tax Jurisdiction (including, without limitation, a certification that the Holder
or beneficial owner is not resident in the Tax Jurisdiction), but in each case, only to the extent the Holder or beneficial owner is
legally eligible to provide such certification or documentation;

 

(vi)          any
Taxes imposed in connection with a Note presented for payment (where presentation is permitted or required for payment) by or on behalf
of a Holder or beneficial owner of the Notes to the extent such Taxes could have been avoided by presenting the relevant Note to, or
otherwise accepting payment from, another Paying Agent;

 

(vii)         any
Taxes imposed on or with respect to any payment by the Issuer or any of the Guarantors to the Holder of the Notes if such Holder is a
fiduciary or partnership or any person other than the sole beneficial owner of such payment to the extent that such Taxes would not have
been imposed on such payments had such Holder been the sole beneficial owner of such Note;

 

    65

     

    

 

(viii)        any
Taxes imposed by the United States, any state thereof or the District of Columbia, or any subdivision thereof or territory thereof, including
any U.S. federal withholding taxes and any Taxes that are imposed pursuant to current Sections 1471 through 1474 of the Code or any amended
or successor version that is substantively comparable and not materially more onerous to comply with, any regulations promulgated thereunder,
any official interpretations thereof, any intergovernmental agreement between a non-U.S. jurisdiction and the United States (or any related
law or administrative practices or procedures) implementing the foregoing or any agreements entered into pursuant to current Section 1471(b)(1) of
the Code (or any amended or successor version described above); or

 

(ix)           any
combination of clauses (i) through (viii) above.

 

In addition to the foregoing,
the Issuer and the Guarantors will also pay and indemnify the holder for any present or future stamp, issue, registration, value added,
transfer, court or documentary Taxes, or any other excise or property taxes, charges or similar levies (including penalties, interest
and additions to tax related thereto) which are levied by any relevant Tax Jurisdiction on the execution, delivery, issuance, or registration
of any of the Notes, this Indenture, any Note Guarantee or any other document referred to therein, or the receipt of any payments with
respect thereto, or enforcement of, any of the Notes or any Note Guarantee (limited, solely in the case of Taxes attributable to the
receipt of any payments or that are imposed on or result from a sale or other transfer or disposition of a Note by a Holder or a beneficial
owner, to any such Taxes imposed in a Tax Jurisdiction that are not excluded under clauses (i) through (iii) or (v) through
(ix) above or any combination thereof), save in each case for any such taxes, charges or levies which arise or are increased as
a result of any document effecting the registration, issue or delivery of any of the notes either being signed or executed in the United
Kingdom or being brought into the United Kingdom.

 

(b)            If
the Issuer or any Guarantor, as the case may be, becomes aware that it will be obligated to pay Additional Amounts with respect to any
payment under or with respect to the Notes or any Note Guarantee, the Issuer or the relevant Guarantor, as the case may be, shall deliver
to the Trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts
arises after the 30th day prior to that payment date, in which case the Issuer or the relevant Guarantor shall notify the Trustee promptly
thereafter) an Officer’s Certificate stating the fact that Additional Amounts will be payable and the amount estimated to be so
payable. The Officer’s Certificates must also set forth any other information reasonably necessary to enable the Paying Agents
to pay Additional Amounts to Holders on the relevant payment date. The Issuer or the relevant Guarantor will provide the Trustee with
documentation reasonably satisfactory to the Trustee evidencing the payment of Additional Amounts. The Trustee shall be entitled to rely
absolutely on an Officer’s Certificate as conclusive proof that such payments are necessary.

 

(c)            The
Issuer or the relevant Guarantor, if it is the applicable withholding agent, shall make all withholdings and deductions (within the time
period) required by law and shall remit the full amount deducted or withheld to the relevant Tax authority in accordance with applicable
law. The Issuer or the relevant Guarantor shall use its reasonable efforts to obtain Tax receipts from each Tax authority evidencing
the payment of any Taxes so deducted or withheld. The Issuer or the relevant Guarantor shall furnish to the Trustee (or to a Holder of
the Notes upon request), within 60 days after the date the payment of any Taxes so deducted or withheld is made, certified copies of
Tax receipts evidencing payment by the Issuer or a Guarantor, as the case may be, or if, notwithstanding such entity’s efforts
to obtain receipts, receipts are not obtained, other evidence of payments (reasonably satisfactory to the Trustee) by such entity.

 

    66

     

    

 

(d)            Whenever
in this Indenture or the Notes there is mentioned, in any context, the payment of amounts based upon the principal amount of the Notes
or of principal, interest or of any other amount payable under, or with respect to, any of the Notes or any Note Guarantee, such mention
shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are,
were or would be payable in respect thereof.

 

(e)            This
Section 4.12 shall survive any termination, defeasance or discharge of this Indenture, any transfer by a Holder or beneficial owner
of its Notes, and will apply, mutatis mutandis, to any jurisdiction in which any successor Person to the Issuer (or any Guarantor)
is incorporated, engaged in business, organized or resident for tax purposes, or any jurisdiction from or through which payment is made
under or with respect to the Notes (or any Note Guarantee) by or on behalf of such Person and, in each case, any political subdivision
thereof or therein.

 

Section 4.13           [Reserved].

 

Section 4.14           [Reserved].

 

Section 4.15            Additional
Guarantees. The Issuer may, at its option, elect to cause any of its Restricted Subsidiaries that is not a Guarantor to Guarantee
the payment of the Notes by executing and delivering a Supplemental Indenture providing for the Note Guarantee of the payment of the
Notes by such Restricted Subsidiary which Note Guarantee may be senior to or pari passu in right of payment with such Restricted
Subsidiary’s Guarantee of other permitted Indebtedness and with respect to any Guarantee of Indebtedness that is expressly contractually
subordinated in right of payment to the Notes or to any Note Guarantee by such Restricted Subsidiary, any such Guarantee will be subordinated
to such Restricted Subsidiary’s Note Guarantee at least to the same extent as such subordinated Indebtedness is subordinated to
the Notes.

 

Section 4.16           Dividend
and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)            The
Issuer shall not, and shall not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist
or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:

 

(i)             pay
dividends or make any other distributions on its Capital Stock to the Issuer or any Restricted Subsidiary, or with respect to any other
interest or participation in, or measured by, its profits, or pay any Indebtedness owed to the Issuer or any Restricted Subsidiary;

 

(ii)            make
loans or advances to the Issuer or any Restricted Subsidiary; or

 

(iii)          sell,
lease or transfer any of its properties or assets to the Issuer or any Restricted Subsidiary;

 

provided
that (x) the priority of any preferred stock or preference shares in receiving dividends or liquidating distributions
prior to dividends or liquidating distributions being paid on common stock or ordinary shares, (y) the subordination of (including
the application of any standstill period to) loans or advances made to the Issuer or any Restricted Subsidiary to other Indebtedness
incurred by the Issuer or any Restricted Subsidiary and (z) the provisions contained in documentation governing or relating to Indebtedness
requiring transactions between or among the Issuer and any Restricted Subsidiary or between or among any Restricted Subsidiaries to be
on fair and reasonable terms or on an arm’s-length basis, in each case, shall not be deemed to constitute such an encumbrance or
restriction.

 

    67

     

    

 

(b)            The
provisions of Section 4.16(a) above shall not apply to encumbrances or restrictions existing under or by reason of:

 

(i)            agreements
or instruments governing or relating to Existing Indebtedness or the New Secured Notes, any IP License or any Access Agreement and, in
each case, any amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements;
provided that the amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings are
not materially less favorable, taken as a whole, to the Holder with respect to such dividend and other payment restrictions than those
contained in those agreements or instruments on the Issue Date (as determined in good faith by the Issuer);

 

(ii)           the
Note Documents;

 

(iii)          agreements
or instruments governing other Indebtedness permitted to be incurred under Section 4.06 and any amendments, restatements, modifications,
renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the Issuer determines at the
time of the incurrence of such Indebtedness that such encumbrances or restrictions will not adversely affect, in any material respect,
the Issuer’s ability to make principal or interest payments on the Notes;

 

(iv)         applicable
law, rule, regulation or order or the terms of any license, authorization, concession or permit;

 

(v)           any
agreement or instrument governing or relating to Indebtedness or Capital Stock of a Person acquired by the Issuer or any of its Restricted
Subsidiaries as in effect at the time of such acquisition (other than any agreement or instrument entered into in connection with or
in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets
of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in the case of Indebtedness,
such Indebtedness was permitted by the terms of this Indenture to be incurred;

 

(vi)          customary
non-assignment and similar provisions in contracts, leases and licenses entered into in the ordinary course of business;

 

(vii)        purchase
money obligations for property acquired in the ordinary course of business and Capital Lease Obligations that impose restrictions on
the property purchased or leased of the nature set forth in Section 4.16(a)(iii) or any encumbrance or restriction pursuant
to a joint venture agreement that imposes restrictions on the transfer of the assets of the joint venture;

 

(viii)       any
agreement for the sale or other disposition of Capital Stock other than Specified Assets or all or substantially all of the property
and assets of a Restricted Subsidiary other than Specified Assets that restricts distributions by that Restricted Subsidiary pending
its sale or other disposition;

 

(ix)          Permitted
Refinancing Indebtedness; provided that either (i) the restrictions contained in the agreements or instruments governing
such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements
or instruments governing the Indebtedness being refinanced or (ii) the Issuer determines at the time of the incurrence of such Indebtedness
that such encumbrances or restrictions will not adversely effect, in any material respect, the Issuer’s ability to make principal
or interest payments on the Notes;

 

    68

     

    

 

(x)            Liens
permitted to be incurred under Section 4.07 that limit the right of the debtor to dispose of the assets subject to such Liens;

 

(xi)           provisions
limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements,
stock sale agreements and other similar agreements (including agreements entered into in connection with a Restricted Investment or Permitted
Investment) entered into with the approval of the Issuer’s Board of Directors, which limitation is applicable only to the assets
that are the subject of such agreements;

 

(xii)          restrictions
on cash or other deposits or net worth imposed by customers or suppliers or required by insurance, surety or bonding companies, in each
case, under contracts entered into in the ordinary course of business;

 

(xiii)        any
customary Productive Asset Leases for Vessels and other assets used in the ordinary course of business; provided that such encumbrance
or restriction only extends to the Vessel or other asset financed in such Productive Asset Lease;

 

(xiv)         any
encumbrance or restriction existing with respect to any Unrestricted Subsidiary or the property or assets of such Unrestricted Subsidiary
that is designated as a Restricted Subsidiary in accordance with the terms of this Indenture at the time of such designation and not
incurred in contemplation of such designation, which encumbrances or restrictions are not applicable to any Person other than such Unrestricted
Subsidiary or the property or assets of such Unrestricted Subsidiary; provided that the encumbrances or restrictions are customary
for the business of such Unrestricted Subsidiary and would not, at the time agreed to, be expected to affect the ability of the Issuer
and the Guarantors to make payments under the Notes, the Note Guarantees and this Indenture, as the case may be;

 

(xv)         customary
encumbrances or restrictions contained in agreements in connection with Hedging Obligations permitted under this Indenture;

 

(xvi)        [reserved];
and

 

(xvii)        any
encumbrance or restriction existing under any agreement that extends, renews, refinances, replaces, amends, modifies, restates or supplements
the agreements containing the encumbrances or restrictions in the foregoing clauses (i) through (xvi), or in this clause (xvii);
provided that the terms and conditions of any such encumbrances or restrictions are no more restrictive in any material respect
than those under or pursuant to the agreement so extended, renewed, refinanced, replaced, amended, modified, restated or supplemented.

 

Section 4.17           Designation
of Restricted and Unrestricted Subsidiaries.

 

(a)            The
Board of Directors of the Issuer may designate any Restricted Subsidiary other than a Specified Guarantor to be an Unrestricted Subsidiary
if that designation would not cause a Default.

 

(b)            If
a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned
by the Issuer and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be an Investment
made as of the time of the designation and will reduce the amount available for Restricted Payments under Section 4.08 or under
one or more clauses of the definition of “Permitted Investments,” as determined by the Issuer. The designation of a Restricted
Subsidiary as an Unrestricted Subsidiary will only be permitted if the deemed Investment resulting from such designation would be permitted
at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.

 

    69

     

    

 

(c)            The
Issuer may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation would not cause a Default.

 

(d)            Any
designation of a Subsidiary of the Issuer as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a
copy of a resolution of the Board of Directors of the Issuer giving effect to such designation and an Officer’s Certificate certifying
that such designation complied with the preceding conditions and was permitted by Section 4.08. If, at any time, any Unrestricted
Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted
Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary
as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.06, the Issuer will be
in default of such Section 4.06. The Board of Directors of the Issuer may at any time designate any Unrestricted Subsidiary to be
a Restricted Subsidiary; provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary
of any outstanding Indebtedness of such Unrestricted Subsidiary, and such designation will only be permitted if (i) such Indebtedness
is permitted under Section 4.06, calculated on a pro forma basis as if such designation had occurred at the beginning of
the applicable reference period; and (ii) no Default or Event of Default would be in existence following such designation.

 

Section 4.18            [Reserved].

 

Section 4.19            Reports
to Holders.

 

(a)            So
long as any Notes are outstanding, notwithstanding that a Reporting Entity may not be subject to the reporting requirements of Section 13
or 15(d) of the Exchange Act or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly
reporting pursuant to the rules and regulations promulgated by the Commission, the Reporting Entity will file with the Commission
within the time periods specified in the Commission’s rules and regulations that are then applicable to the Reporting Entity
(or if the Reporting Entity is not then subject to the reporting requirements of the Exchange Act, then the time periods for filing applicable
to a filer that is not an “accelerated filer” as defined in such rules and regulations) (in either case, including any
extension as would be permitted by Rule 12b-25 under the Exchange Act or any special order of the Commission):

 

(i)             all
financial information that would be required to be contained in an annual report on Form 10-K, or any successor or comparable form,
filed with the Commission, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
section and a report on the annual financial statements by the Reporting Entity’s independent registered public accounting firm;

 

(ii)            all
financial information that would be required to be contained in a quarterly report on Form 10-Q, or any successor or comparable
form, filed with the Commission, including a “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” section; and

 

(iii)           all
current reports that would be required to be filed with the Commission on Form 8-K, or any successor or comparable form, if the
Reporting Entity were required to file such reports,

 

in each case in a manner that complies in all material respects with
the requirements specified in such form provided, however, that the Trustee shall have no responsibility whatsoever to
determine if such filing has occurred.

 

    70

     

    

 

Notwithstanding the foregoing,
(A) neither the Issuer nor another Reporting Entity will be required to furnish any information, certificates or reports that would
otherwise be required by Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307 or 308 of Regulation
S-K, (B) such reports will not be required to contain financial information required by Rule 3-10 or Rule 3-16 of Regulation
S-X, (C) such reports shall be subject to exceptions, exclusions and other differences consistent with the Issuer’s historical
practice and shall not be required to present compensation or beneficial ownership information and (D) the Issuer’s determination
that it is a “foreign private issuer” (as such term is defined in the Securities Act or the Exchange Act) shall be conclusive
with respect to the determination of which Exchange Act form or forms of reports, information and documents are required to be provided
pursuant to this covenant, until such time as the Issuer or the Commission determines that the Issuer does not qualify as a “foreign
private issuer” (as so defined) for purposes of providing such reports, information and documents.

 

The financial statements, information
and other documents required to be provided as described in this Section 4.19 may be those of (i) the Issuer or (ii) any
direct or indirect parent of the Issuer (any such entity, a “Reporting Entity”), so long as in the case of (ii) such
direct or indirect parent of the Issuer shall not conduct, transact or otherwise engage, or commit to conduct, transact or otherwise
engage, in any business or operations other than its direct or indirect ownership of all of the Equity Interests in, and its management
of the Issuer; provided that, if the financial information so furnished relates to such direct or indirect parent of the Issuer,
the same is accompanied by a reasonably detailed description of the quantitative differences between the information relating to such
parent, on the one hand, and the information relating to the Issuer and its Subsidiaries on a standalone basis, on the other hand.

 

(b)            The
requirements set forth in Section 4.19(a) may be satisfied by delivering such information to the Trustee and posting copies
of such information on a website or on IntraLinks or any comparable online data system or website.

 

(c)            Not
later than ten Business Days after the furnishing of each such report discussed in ‎‎Section 4.19(a)(i) or
‎(ii), the Issuer will hold a conference call related to the report. Details regarding
access to such conference call will be posted at least 24 hours prior to the commencement of such call on the website, IntraLinks
or other online data system or website on which the report is posted.

 

(d)            The
Issuer will make the information described in ‎‎Section 4.19(a) available
electronically to prospective investors upon request. For so long as any Notes remain outstanding during any period when it is not or
the Issuer is not subject to Section 13 or 15(d) of the Exchange Act, or otherwise permitted to furnish the Commission with
certain information pursuant to Rule 12g3-2(b) of the Exchange Act, it will furnish to the holders of the Notes and to prospective
investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the U.S. Securities
Act.

 

(e)            Notwithstanding
the foregoing clauses ‎‎(a) through ‎‎(d) of
this ‎‎Section 4.19, the Issuer will be deemed to have delivered such reports
and information referred to above to the holders, prospective investors, market makers, securities analysts and the Trustee for all purposes
of this Indenture if the Reporting Entity has filed such reports with the Commission via the EDGAR filing system (or any successor system)
and such reports are publicly available.

 

(f)            Delivery
of reports, information and documents to the Trustee is for informational purposes only, and its receipt of such reports, information
and documents shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Issuer’s, any Guarantor’s or any other Person’s compliance with any of its covenants under this
Indenture or the Notes (as to which the Trustee is entitled to rely exclusively on the Officer’s Certificates delivered pursuant
to this Indenture). The Trustee shall have no liability or responsibility for the content, filing or timeliness of any report delivered
or filed under or in connection with this Indenture or the transactions contemplated thereunder.

 

    71

     

    

 

 

Section 4.20     Intellectual
Property. Each Specified Guarantor shall use its commercially reasonable efforts to cause its licensees or its sublicensees to, with
respect to any material Intellectual Property included in the Specified IP, (i) maintain such Intellectual Property in full force
free from any adjudication of abandonment or invalidity for non-use, (ii) maintain substantially the same or better quality of products
and services as offered under such Intellectual Property as of the Issue Date, (iii) display such Intellectual Property with notice
of federal or foreign registration or claim of trademark or service mark as required under applicable law and (iv) not knowingly
use or knowingly permit its licensees’ use of such Intellectual Property in violation of any third-party rights. In addition to
the foregoing, each of US IPCo and UK IPCo shall (i) maintain in full force and effect each IP License to which it is a party and
(ii) exercise all rights available to it under any IP License, including demanding the punctual payment of all amounts due thereunder.
Each Specified Guarantor shall cause its licensees and sublicensees not to take or fail to take any action in connection with the requirements
described in (i)-(iv) above in a manner that would materially breach the applicable license agreement with such licensee or sublicensee.

 

Article Five

Merger, Amalgamation, Consolidation or Sale of Assets

 

Section 5.01     Merger,
Amalgamation, Consolidation or Sale of Assets.

 

(a)            The
Issuer will not, directly or indirectly: (1) consolidate, amalgamate or merge with or into another Person (whether or not the Issuer
is the surviving company or corporation), or (2) sell, assign, transfer, lease, convey or otherwise dispose of all or substantially
all of the properties or assets of the Issuer and its Restricted Subsidiaries taken as a whole, in one or more related transactions,
to another Person, unless:

 

(i)            either:
(A) the Issuer is the surviving company or corporation; or (B) the Person formed by or surviving any such consolidation, amalgamation
or merger (if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition has been made
is an entity incorporated, organized or existing under the laws of any Permitted Jurisdiction;

 

(ii)           the
Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Issuer) or the Person to which such sale,
assignment, transfer, lease, conveyance or other disposition has been made assumes, by a Supplemental Indenture entered into with the
Trustee, all obligations of the Issuer under the Notes and this Indenture;

 

(iii)          immediately
after such transaction, no Default or Event of Default is continuing;

 

(iv)          the
Issuer or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Issuer), or to which such
sale, assignment, transfer, lease, conveyance or other disposition has been made would, on the date of such transaction after giving
pro forma effect thereto and any related financing transactions as if the same had occurred at the beginning of the applicable
four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test
set forth in Section 4.06(a); and

 

    72

     

    

 

(v)            the
Issuer delivers to the Trustee an Officer’s Certificate and Opinion of Counsel, in each case, stating that such consolidation,
amalgamation, merger or transfer and, in the case in which a Supplemental Indenture is entered into, such Supplemental Indenture, comply
with this Section 5.01 and that all conditions precedent provided for in this Indenture relating to such transaction have been complied
with.

 

Clause (iv) of this
Section 5.01(a) shall not apply to any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially
all of the assets to or merger, amalgamation or consolidation of the Issuer with or into a Guarantor or to any sale, assignment, transfer,
lease, conveyance or other disposition of all or substantially all of the assets to or merger, amalgamation or consolidation of the Issuer
with or into an Affiliate solely for the purpose of reincorporating or continuing the Issuer in another jurisdiction for tax reasons.

 

(b)            A
Guarantor will not, directly or indirectly: (1) consolidate, amalgamate or merge with or into another Person (whether or not such
Guarantor is the surviving company or corporation), or (2) sell, assign, transfer, lease, convey or otherwise dispose of all or
substantially all of the properties or assets of such Guarantor and its Subsidiaries which are Restricted Subsidiaries taken as a whole,
in one or more related transactions, to another Person, unless:

 

(i)            immediately
after giving effect to that transaction, no Default or Event of Default is continuing;

 

(ii)           either:

 

(A)            the
Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation, amalgamation
or merger assumes all the obligations of that Guarantor under its Note Guarantee and this Indenture pursuant to a Supplemental Indenture;
or

 

(B)            such
sale, assignment, transfer, lease, conveyance or other disposition of assets does not violate the provisions of this Indenture (including
Section 4.09) and any Net Proceeds therefrom are applied as required by this Indenture (including, in the case of the sale of Specified
Assets, Section 4.09(d)); and

 

(iii)          the
Issuer delivers to the Trustee an Officer’s Certificate and Opinion of Counsel, in each case, stating that such consolidation,
amalgamation, merger or transfer and, in the case in which a Supplemental Indenture is entered into, such Supplemental Indenture, comply
with this Section 5.01 and that all conditions precedent provided for in this Indenture relating to such transaction have been complied
with.

 

(c)            Notwithstanding
the provisions of paragraph (b) above, (x) (a) any Restricted Subsidiary (other than a Specified Guarantor) may consolidate,
amalgamate or merge with or into or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties
and assets to any Guarantor (provided that such Guarantor is the surviving entity), (b) any Specified Guarantor (other than a Restricted
Specified Guarantor) may consolidate, amalgamate or merge with or into or sell, assign, transfer, lease, convey or otherwise dispose
of all or substantially all of the properties and assets of such Specified Guarantor to another Specified Guarantor and (c) any
Restricted Specified Guarantor may consolidate, amalgamate or merge with or into or sell, assign, transfer, lease, convey or otherwise
dispose of all or substantially all of the properties and assets of such Restricted Specified Guarantor to another Restricted Specified
Guarantor and (y) any Restricted Subsidiary (other than a Specified Guarantor) may consolidate, amalgamate or merge with or into
an Affiliate incorporated or organized for the purpose of changing the legal domicile of such Restricted Subsidiary, reincorporating
or continuing such Restricted Subsidiary in another jurisdiction or changing the legal form of such Restricted Subsidiary.

 

    73

     

    

 

Notwithstanding anything
to the contrary set forth herein, the Issuer shall not, and shall not cause or permit any of its Restricted Subsidiaries to, consolidate,
amalgamate or merge with or into another Person (whether or not such Guarantor is the surviving company or corporation) if the effect
of such transaction is to cause (i) the sale, lease, transfer or other conveyance of any assets or property constituting Specified
Assets to any Subsidiary of the Issuer other than a Specified Guarantor or (ii) any Specified Assets of any Restricted Specified
Guarantor to be held by any Subsidiary of the Issuer other than a Restricted Specified Guarantor.

 

Section 5.02     Successor
Substituted. Upon any consolidation, amalgamation or merger, or any sale, conveyance, transfer, lease or other disposition of all
or substantially all of the property and assets of the Issuer in accordance with Section 5.01 of this Indenture, any surviving entity
formed by such consolidation or amalgamation or into which the Issuer is merged or to which such sale, conveyance, transfer, lease or
other disposition is made, shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this
Indenture with the same effect as if such surviving entity had been named as the Issuer herein; provided that the Issuer shall
not be released from its obligation to pay the principal of, premium (including the Redemption Premium), if any, or interest and Additional
Amounts, if any, on the Notes in the case of a lease of all or substantially all of its property and assets.

 

Article Six

Defaults and Remedies

 

Section 6.01     Events
of Default.

 

(a)            Each
of the following shall be an “Event of Default”:

 

(i)            default
for 30 days in the payment when due of interest or Additional Amounts, if any, with respect to the Notes;

 

(ii)           default
in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium (including the Redemption Premium),
if any, on, the Notes;

 

(iii)          failure
by the Issuer or relevant Guarantor to comply with Sections 4.11 or 5.01;

 

(iv)          failure
by the Issuer or relevant Guarantor for 60 days after written notice to the Issuer by the Trustee or the Holders of at least 30% in aggregate
principal amount of the Notes then outstanding voting as a single class to comply with any of the agreements in this Indenture (other
than a default in performance, or breach, or a covenant or agreement which is specifically dealt with in clause (i), (ii) or (iii) above);

 

(v)           default
under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness
for money borrowed by the Issuer or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Issuer or any of
its Restricted Subsidiaries), other than Indebtedness owed to the Issuer or any of its Restricted Subsidiaries, whether such Indebtedness
or Guarantee now exists, or is created after the Issue Date, if that default:

 

    74

     

    

 

(A)            is
caused by a failure to pay principal of such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on
the date of such default; or

 

(B)            results
in the acceleration of such Indebtedness prior to its express maturity,

 

and, in each case,
the principal amount of any such Indebtedness that is due and has not been paid, together with the principal amount of any other such
Indebtedness that is due and has not been paid or the maturity of which has been so accelerated, equals or exceeds $125.0 million in
aggregate;

 

(vi)            failure
by the Issuer or any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together,
would constitute a Significant Subsidiary, to pay final judgments entered by a court or courts of competent jurisdiction aggregating
in excess of $125.0 million (exclusive of any amounts for which a solvent insurance company has acknowledged liability), which judgments
shall not have been discharged or waived and there shall have been a period of 60 consecutive days during which a stay of enforcement
of such judgment or order, by reason of an appeal, waiver or otherwise, shall not have been in effect;

 

(vii)            [reserved];

 

(viii)           except
as permitted by this Indenture (including with respect to any limitations), any Note Guarantee is held in any judicial proceeding to
be unenforceable or invalid or ceases for any reason to be in full force and effect, or any Guarantor or any Person acting on behalf
of any such Guarantor, denies or disaffirms its obligations under its Note Guarantee and such Default continues for 30 days; or

 

(ix)            (A) a
court having jurisdiction over the Issuer, a Guarantor or a Significant Subsidiary enters (x) a decree or order for relief in respect
of the Issuer, any Guarantor or any of the Issuer’s Restricted Subsidiaries that is a Significant Subsidiary or any group of its
Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary in an involuntary case or proceeding under any
Bankruptcy Law or (y) a decree or order adjudging the Issuer, any Guarantor or any of the Issuer’s Restricted Subsidiaries
that is a Significant Subsidiary, or any group of its Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary,
as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of
or in respect of the Issuer, any such Guarantor or any such Subsidiary or group of Restricted Subsidiaries under any Bankruptcy Law,
or appointing a Custodian of the Issuer, any such Guarantor or any such Subsidiary or group of Restricted Subsidiaries or of any substantial
part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief
or any such other decree or order unstayed and in effect for a period of 60 consecutive days or (B) the Issuer, any Guarantor or
any of the Issuer’s Restricted Subsidiaries that is a Significant Subsidiary or any group of its Restricted Subsidiaries that,
taken together, would constitute a Significant Subsidiary (i) commences a voluntary case under any Bankruptcy Law or consents to
the entry of an order for relief in an involuntary case under any Bankruptcy Law, (ii) consents to the appointment of or taking
possession by a Custodian of the Issuer, any such Guarantor or any such Subsidiary or group of Restricted Subsidiaries or for all or
substantially all the property and assets of the Issuer, any such Guarantor or any such Subsidiary or group of Restricted Subsidiaries,
(iii) effects any general assignment for the benefit of creditors or (iv) admits in writing that it generally is not paying
its debts as they become due or is found by a court of competent jurisdiction not to be so paying such debts.

 

    75

     

    

 

(b)            If
a Default or an Event of Default occurs and is continuing and is actually known to a Responsible Officer of the Trustee, the Trustee
shall deliver to each Holder notice of the Default or Event of Default within the earlier of 90 days after its occurrence or 30 days
after it received actual knowledge thereof by registered or certified mail or facsimile transmission of an Officer’s Certificate
specifying such event, notice or other action, its status and what action the Issuer is taking or proposes to take with respect thereto.
The Trustee shall not be deemed to have knowledge of a Default unless a Responsible Officer has actual knowledge of such Default or a
Responsible Officer receives a notice of default at its corporate trust officer and such notice specifies the Default or Event of Default
and the applicable section(s) of this Indenture subject to such Default or Event of Default. The Issuer shall also notify the Trustee
within 30 days of the occurrence of any Default stating what action, if any, they are taking with respect to that Default.

 

(c)            If
any report or conference call required by Section 4.19 is provided before the 90th day after the deadlines indicated for such report
or conference call, the provision of such report or conference call shall cure a Default caused by the failure to provide such report
or conference call prior to the deadlines indicated, so long as no Event of Default shall have occurred and be continuing as a result
of such failure.

 

Section 6.02     Acceleration.

 

(a)            If
an Event of Default (other than an Event of Default specified in Section 6.01(a)(ix)) occurs and is continuing, the Trustee may,
or the Holders of at least 30% in aggregate principal amount of the then outstanding Notes by written notice to the Issuer (and to the
Trustee if such notice is given by the Holders) may and the Trustee shall, if so directed by the Holders of at least 30% in aggregate
principal amount of the then outstanding Notes, declare all the Notes to be due and payable immediately. In the event a declaration of
acceleration of the Notes pursuant to Section 6.01(a)(v) has occurred and is continuing, the declaration of acceleration of
the Notes shall be automatically annulled if the Event of Default or payment default triggering such Event of Default pursuant to Section 6.01(a)(v) shall
be remedied or cured, or waived by the Holders of the relevant Indebtedness, or the Indebtedness that gave rise to such Event of Default
shall have been discharged in full, within 30 days after the declaration of acceleration with respect thereto and if the annulment of
the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction.

 

(b)            In
the case of an Event of Default arising under Section 6.01(a)(ix), with respect to the Issuer, any Restricted Subsidiary that is
a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, all
outstanding Notes will become due and payable immediately without further action or notice.

 

(c)            Upon
the Notes becoming due and payable upon an Event of Default, whether automatically or by declaration, such Notes will immediately become
due and payable and, if prior to the Par Call Date, shall be payable together with the Redemption Premium thereon. If the Notes are otherwise
satisfied, released or discharged through foreclosure, whether by power of judicial proceeding, deed in lieu of foreclosure or by any
other means, and/or upon the satisfaction, release, payment, restructuring, reorganization, replacement, reinstatement or compromise
of the Notes in any insolvency or liquidation proceeding on or before the Par Call Date, such Notes will immediately become due and payable
together with the Redemption Premium thereon.

 

    76

     

    

 

(d)            Without
limiting the generality of the foregoing, it is understood and agreed that if the Notes are accelerated or otherwise become due prior
to their maturity date, in each case, in respect of any Event of Default (including an Event of Default relating to certain events of
bankruptcy, insolvency or reorganization (including the acceleration of claims by operation of law)), the Redemption Premium applicable
with respect to an optional redemption of the Notes will also be due and payable as though the Notes were optionally redeemed and shall
constitute part of the Obligations on the Notes, in view of the impracticability and extreme difficulty of ascertaining actual damages
and by mutual agreement of the parties as to a reasonable calculation of each Holder’s lost profits as a result thereof. Any Redemption
Premium payable above shall be presumed to be the liquidated damages sustained by each Holder as the result of the early redemption and
the Issuer and each Guarantor agree that it is reasonable under the circumstances currently existing. THE ISSUER AND EACH GUARANTOR EXPRESSLY
WAIVE (TO THE FULLEST EXTENT IT MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT
THE COLLECTION OF THE FOREGOING PREMIUM IN CONNECTION WITH ANY SUCH ACCELERATION. The Issuer and each Guarantor expressly agree (to the
fullest extent it may lawfully do so) that:

 

(i)            the
Redemption Premium is reasonable and is the product of an arm’s length transaction between sophisticated business people, ably
represented by counsel;

 

(ii)           the
Redemption Premium shall be payable notwithstanding the then prevailing market rates at the time payment is made;

 

(iii)          there
has been a course of conduct between Holders and the Issuer and the Guarantors giving specific consideration in this transaction for
such agreement to pay the Redemption Premium; and

 

(iv)          the
Issuer and each Guarantor shall be estopped hereafter from claiming differently than as agreed to in this ‎‎Section 6.02(d).
The Issuer and each Guarantor expressly acknowledge that the agreement to pay the Redemption Premium to Holders as herein described is
a material inducement to Holders to purchase the Notes.

 

(e)            The
Holders of not less than a majority in aggregate principal amount of the Notes outstanding by notice to the Trustee may, on behalf of
the Holders of all outstanding Notes, rescind acceleration or waive any existing Default or Event of Default and its consequences under
this Indenture, except a continuing Default or Event of Default:

 

(i)            in
the payment of the principal of, premium (including the Redemption Premium), if any, any Additional Amounts or interest on any Note held
by a non-consenting Holder (which may only be waived with the consent of each Holder of Notes affected); or

 

(ii)           for
any Note held by a non-consenting Holder, in respect of a covenant or provision which under this Indenture cannot be modified or amended
without the consent of the Holder of each Note affected by such modification or amendment.

 

Upon any such rescission
or waiver in accordance with this Indenture, such Default shall cease to exist and any Event of Default arising therefrom shall be deemed
to have been cured for every purpose under this Indenture except as otherwise set forth in such rescission or waiver, but no such waiver
shall extend to any subsequent or other Default or impair any right consequent thereon.

 

    77

     

    

 

(f)            Holders
of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding
for exercising any remedy available to the Trustee or in its exercise of any trust or power conferred on it. However, the Trustee may
refuse to follow any direction that conflicts with applicable law or this Indenture, that the Trustee determines may be unduly prejudicial
to the rights of other Holders of the Notes (it being understood that the Trustee does not have an affirmative duty to ascertain whether
or not any such directions are unduly prejudicial to such Holders) or that may involve the Trustee in personal liability. The Trustee
may withhold from Holders of the Notes notice of any continuing Default or Event of Default if it determines that withholding notice
is in their interest, except a Default or Event of Default relating to the payment of principal, interest or Additional Amounts or premium,
if any.

 

(g)            Subject
to the provisions of Article Seven, in case an Event of Default occurs and is continuing, the Trustee will be under no obligation
to exercise any of the rights or powers under this Indenture at the request or direction of any Holders unless such Holders have offered
to the Trustee indemnity or security satisfactory to the Trustee against any loss, liability or expense. Except (subject to the provisions
of Article Nine) to enforce the right to receive payment of principal, premium, if any, or interest or Additional Amounts when due,
no Holder of a Note may pursue any remedy with respect to this Indenture or the Notes unless:

 

(i)            such
Holder has previously given the Trustee written notice that an Event of Default is continuing;

 

(ii)           Holders
of at least 30% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee to pursue the remedy;

 

(iii)          such
Holders have offered, and if requested, provide to the Trustee reasonable security or indemnity against any loss, liability or expense;

 

(iv)          the
Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity; and

 

(v)            Holders
of a majority in aggregate principal amount of the then outstanding Notes have not given the Trustee a direction inconsistent with such
request within such 60-day period.

 

(h)            Within
30 days of the occurrence of any Default or Event of Default, the Issuer is required to deliver to the Trustee a statement specifying
such Default or Event of Default.

 

Section 6.03     Other
Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy at law or in equity to collect
the payment of principal of, or interest if any, on the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 

All rights of action and
claims under this Indenture or the Notes may be prosecuted and enforced by the Trustee without the possession of any of the Notes or
the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its
own name and as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders in respect of
which such judgment has been recovered. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon
an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy
is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law.

 

Section 6.04     Waiver
of Past Defaults. The Holders of not less than a majority in aggregate principal amount of the outstanding Notes may, by written
notice to the Trustee, on behalf of the Holders of all the Notes, waive any past Default hereunder and its consequences, except a Default:

 

    78

     

    

 

(a)            in
the payment of the principal of, premium, if any, Additional Amounts, if any, or interest on any Note; or

 

(b)            in
respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the holders
of each Note affected by such modification or amendment.

 

Upon any such waiver, such
Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.

 

Section 6.05     Control
by Majority. The Holders of a majority in aggregate principal amount of the Notes may direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee under this Indenture;
provided that:

 

(a)            the
Trustee may refuse to follow any direction that conflicts with law, this Indenture or that the Trustee determines, without obligation,
in good faith may be unduly prejudicial to the rights of Holders not joining in the giving of such direction;

 

(b)            the
Trustee may refuse to follow any direction that the Trustee determines is unduly prejudicial to the rights of other Holders or would
involve the Trustee in personal liability; and

 

(c)            the
Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction.

 

Section 6.06     Limitation
on Suits. A Holder may not institute any proceedings or pursue any remedy with respect to this Indenture or the Notes unless:

 

(a)            Such
Holder has previously given the Trustee written notice that an Event of Default is continuing;

 

(b)            the
Holders of at least 30% in aggregate principal amount of outstanding Notes shall have made a written request to the Trustee to pursue
such remedy;

 

(c)            such
Holder or Holders offer the Trustee indemnity and/or security (including by way of pre-funding) reasonably satisfactory to the Trustee
against any costs, liability or expense;

 

(d)            the
Trustee does not comply with the request within 30 days after receipt of the request and the offer of indemnity and/or security (including
by way of pre-funding); and

 

(e)            during
such 30-day period, the Holders of a majority in aggregate principal amount of the outstanding Notes do not give the Trustee a direction
that is inconsistent with the request.

 

The limitations in the foregoing
provisions of this Section 6.06, however, do not apply to a suit instituted by a Holder for the enforcement of the payment of the
principal of, premium, if any, Additional Amounts, if any, or interest, if any, on such Note on or after the respective due dates expressed
in such Note.

 

A Holder may not use this
Indenture to prejudice the rights of any other Holder or to obtain a preference or priority over another Holder.

 

    79

     

    

 

Section 6.07     Unconditional
Right of Holders to Bring Suit for Payment.

 

Notwithstanding any other
provision of this Indenture, the right of any Holder to bring suit for the enforcement of payment of principal, premium, if any, Additional
Amounts, if any, and interest, if any, on the Notes held by such Holder, on or after the respective due dates expressed in the Notes
shall not be impaired or affected without the consent of such Holder.

 

Section 6.08     Collection
Suit by Trustee. The Issuer covenants that if default is made in the payment of:

 

(a)            any
installment of interest on any Note when such interest becomes due and payable and such default continues for a period of 30 days, or

 

(b)            the
principal of (or premium, if any, on) any Note at the Stated Maturity thereof,

 

the Issuer shall, upon demand of the Trustee,
pay to the Trustee, for the benefit of the Holders of such Notes, the whole amount then due and payable on such Notes for principal (and
premium, if any), Additional Amounts, if any and interest, and interest on any overdue principal (and premium, if any) and Additional
Amounts, if any and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installment of interest,
at the rate borne by the Notes, and, in addition thereto, such further amount as shall be sufficient to cover the amounts provided for
in Section 7.05 and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

If the Issuer fails to pay
such amounts forthwith upon such demand, the Trustee, in its own name as trustee of an express trust, may institute a judicial proceeding
for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same
against the Issuer or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided
by law out of the property of the Issuer or any other obligor upon the Notes, wherever situated.

 

Section 6.09     Trustee
May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable
in order to have the claims of the Trustee (including any claim for the properly incurred compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.05) and the Holders allowed in any
judicial proceedings relative to any of the Issuer or Guarantors, their creditors or their property and, unless prohibited by law or
applicable regulations, may vote on behalf of the Holders at their direction in any election of a trustee in bankruptcy or other Person
performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments
to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due to it for the properly incurred compensation, expenses, disbursements and advances of the Trustee, its agents
and its counsel, and any other amounts due the Trustee under Section 7.05. To the extent that the payment of any such compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due to the Trustee under Section 7.05
hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and
shall be paid out of, any and all distributions, dividends, money securities and other properties which the Holders may be entitled to
receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.

 

    80

     

    

 

Nothing herein contained
shall be deemed to empower the Trustee to authorize or consent to, or accept or adopt on behalf of any Holder, any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding.

 

Section 6.10     Application
of Money Collected. If the Trustee collects any money or property pursuant to this Article Six, it shall pay out the money or
property in the following order:

 

FIRST: to the Trustee
and any Agent for amounts due under Section 7.05;

 

SECOND: to Holders
for amounts due and unpaid on the Notes for principal of, premium, if any, interest, if any, and Additional Amounts, if any, ratably,
without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, interest,
if any, and Additional Amounts, if any, respectively; and

 

THIRD: to the Issuer,
any Guarantor or any other obligors of the Notes, as their interests may appear, or as a court of competent jurisdiction may direct.

 

The Trustee may fix a record
date and payment date for any payment to Holders pursuant to this Section 6.10. At least 30 days before such record date, the Issuer
shall deliver to each Holder and the Trustee a notice that states the record date, the payment date and amount to be paid.

 

Section 6.11     Undertaking
for Costs. A court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture or
in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in the suit of an
undertaking to pay the costs of such suit, and such court may in its discretion assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by the party
litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by Holders of more than 10% in aggregate principal amount
of the outstanding Notes or to any suit by any Holder pursuant to Section 6.07.

 

Section 6.12     Restoration
of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture
and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder,
then and in every such case, subject to any determination in such proceeding, the Issuer, any Guarantor, the Trustee and the Holders
shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee
and the Holders shall continue as though no such proceeding had been instituted.

 

Section 6.13     Rights
and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Notes in Section 2.07, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended
to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right
or remedy.

 

Section 6.14     Delay
or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Note to exercise any right or remedy accruing
upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence
therein. Every right and remedy given by this Article Six or by law to the Trustee or to the Holders may be exercised from time
to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

    81

     

    

 

Section 6.15     Record
Date. The Issuer may set a record date for purposes of determining the identity of Holders entitled to vote or to consent to any
action by vote or consent authorized or permitted by Sections 6.04 and 6.05. Unless this Indenture provides otherwise, such record date
shall be the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders furnished
to the Trustee pursuant to Section 2.05 prior to such solicitation.

 

Section 6.16     Waiver
of Stay or Extension Laws. Each Issuer covenants (to the extent that it may lawfully do so) that it shall not at any time insist
upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now
or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Issuer (to the extent
that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it shall not hinder,
delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power
as though no such law had been enacted.

 

Article Seven

Trustee

 

Section 7.01     Duties
of Trustee.

 

(a)            If
an Event of Default has occurred and is continuing of which a Responsible Officer of the Trustee has actual knowledge, the Trustee shall
exercise such of the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as
a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

 

(b)            Subject
to the provisions of ‎‎Section 7.01(a), (i) the Trustee undertakes
to perform such duties and only such duties as are specifically set forth in this Indenture and no others and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and (ii) in the absence of bad faith on its part, the Trustee
may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or
opinions furnished to the Trustee and conforming to the requirements of this Indenture. In the case of any such certificates or opinions
which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine same to determine
whether they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations
or other facts stated therein).

 

(c)            [Reserved].

 

(d)            The
Trustee shall not be relieved from liability for its own grossly negligent action, its own grossly negligent failure to act or its own
willful misconduct, except that:

 

(i)            this
paragraph does not limit the effect of paragraph ‎(b) of this ‎‎Section 7.01;

 

(ii)           the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Trustee unless it is proved
that the Trustee was grossly negligent in ascertaining the pertinent facts; and

 

(iii)          the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to ‎Section ‎6.02
or ‎‎6.05.

 

(e)            The
Trustee and any Paying Agent shall not be liable for interest on any money received by it except as the Trustee and any Paying Agent
may agree in writing with the Issuer or the Guarantors. Money held by the Trustee or the Principal Paying Agent need not be segregated
from other funds except to the extent required by law and, for the avoidance of doubt, shall not be held in accordance with the UK client
money rules.

 

    82

     

    

 

(f)            No
provision of this Indenture shall require the Trustee, each Agent or the Principal Paying Agent to expend or risk its own funds or otherwise
incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it
shall have grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not assured to it.

 

(g)            Any
provisions hereof relating to the conduct or affecting the liability of or affording protection to the Trustee or each Agent, as the
case may be, shall be subject to the provisions of this ‎‎Section 7.01.

 

Section 7.02     Certain
Rights of Trustee.

 

(a)            Subject
to ‎‎Section 7.01:

 

(i)            following
the occurrence of a Default or an Event of Default, the Trustee is entitled to require all Agents to act under its direction;

 

(ii)           the
Trustee may rely conclusively, and shall be protected in acting or refraining from acting, upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other
paper or document believed by it to be genuine and to have been signed or presented by the proper person;

 

(iii)          before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both, which shall
conform to ‎‎Section 12.04. The Trustee shall not be liable for
any action it takes or omits to take in good faith in reliance on such certificate or opinion and such certificate or opinion will be
equal to complete authorization;

 

(iv)          the
Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any attorney or agent
appointed with due care by it hereunder;

 

(v)           the
Trustee shall not be under any obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders, unless such Holders shall have offered to the Trustee an indemnity (including by way of pre-funding) satisfactory
to it against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction;

 

(vi)          unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer will be sufficient if signed
by an officer of such Issuer;

 

(vii)         the
Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within its rights
or powers;

 

(viii)        whenever,
in the administration of this Indenture, the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence
of bad faith on its part, rely upon an Officer’s Certificate;

 

    83

     

    

 

(ix)            the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or
document, but the Trustee may (without a corresponding duty to do so) make such further inquiry or investigation into such facts or matters
as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine
the books, records and premises of the Issuer personally or by agent or attorney;

 

(x)             the
Trustee shall not be required to give any bond or surety with respect to the performance of its duties or the exercise of its powers
under this Indenture;

 

(xi)            in
the event the Trustee receives inconsistent or conflicting requests and indemnity from two or more groups of Holders, each representing
less than a majority in aggregate principal amount of the Notes then outstanding, pursuant to the provisions of this Indenture, the Trustee
may determine what action, if any, will be taken and shall incur no liability for its failure to act until such inconsistency or conflict
is, in its reasonable opinion, resolved;

 

(xii)           the
permissive rights of the Trustee to take the actions permitted by this Indenture will not be construed as an obligation or duty to do
so;

 

(xiii)          delivery
of reports, information and documents to the Trustee under ‎‎Section 4.19
is for informational purposes only and the Trustee’s receipt of the foregoing will not constitute actual or constructive notice
of any information contained therein or determinable from information contained therein, including the Issuer’s or any of its Restricted
Subsidiary’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s
Certificates);

 

(xiv)           the
rights, privileges, protections, immunities and benefits given to the Trustee in this Indenture, including, without limitation, its rights
to be indemnified and compensated, are extended to, and will be enforceable by the Trustee in each of its capacities hereunder, the Registrar,
the Agents, and each agent, custodian and other Person employed to act hereunder;

 

(xv)           the
Trustee may consult with counsel or other professional advisors and the advice of such counsel or professional advisor or any Opinion
of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted
by it hereunder in good faith and in reliance thereon;

 

(xvi)           the
Trustee shall have no duty to inquire as to the performance of the covenants of the Issuer and/or its Restricted Subsidiaries in ‎‎Article Four
hereof;

 

(xvii)          the
Trustee shall not have any obligation or duty to monitor, determine or inquire as to compliance, and shall not be responsible or liable
for compliance with restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable, of minimum denominations imposed
under this Indenture or under applicable law or regulation with respect to any transfer, exchange, redemption, purchase or repurchase,
as applicable, of any interest in any Notes, but may at its sole discretion, choose to do so;

 

(xviii)         in
no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of, or caused by, directly or indirectly, forces beyond its control, including, without limitation, acts of war or terrorism, civil
or military disturbances, public health emergencies, nuclear or natural catastrophes, pandemics or acts of God; it being understood that
the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as
soon as practicable under the circumstances; and

 

    84

     

    

 

(xix)            the
Trustee shall not under any circumstance be liable for any indirect or consequential loss, special or punitive damages (including loss
of business, goodwill or reputation, opportunity or profit of any kind) of the Issuer, any Guarantor or any Restricted Subsidiary even
if advised of it in advance and even if foreseeable.

 

(b)            The
Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of the individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed
by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate
previously delivered and not superseded.

 

(c)            [Reserved].

 

(d)            [Reserved].

 

(e)            [Reserved].

 

(f)            [Reserved].

 

(g)            The
Trustee shall not be required to give any bond or surety with respect to the performance of its duties or the exercise of its powers
under this Indenture or the Notes.

 

(h)            The
Trustee will not be liable to any person if prevented or delayed in performing any of its obligations or discretionary functions under
this Indenture by reason of any present or future law applicable to it, by any governmental or regulatory authority or by any circumstances
beyond its control.

 

(i)            No
provision of this Indenture shall require the Trustee to do anything which, in its opinion, may be illegal or contrary to applicable
law or regulation.

 

(j)            The
Trustee may refrain from taking any action in any jurisdiction if the taking of such action in that jurisdiction would, in its opinion,
based upon legal advice in the relevant jurisdiction, be contrary to any law of that jurisdiction or, to the extent applicable, the State
of New York and may without liability (other than in respect of actions constituting willful misconduct or gross negligence) do anything
which is, in its opinion, necessary to comply with any such law, directive or regulation.

 

(k)            The
Trustee may assume without inquiry in the absence of actual knowledge that the Issuer is duly complying with its obligations contained
in this Indenture required to be performed and observed by it, and that no Default or Event of Default or other event which would require
repayment of the Notes has occurred.

 

(l)            [Reserved].

 

(m)           In
addition to the foregoing, the Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Indenture sent
by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods, provided that any communication
sent to the Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by
DocuSign (or such other digital signature provider as specified in writing to Trustee by the authorized representative). If the party
elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion
elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee
shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance
with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party
providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions
and directions to the Trustee, including without limitation the risk of the Trustee, acting on unauthorized instructions, and the risk
or interception and misuse by third parties.

 

    85

     

    

 

Section 7.03     Individual
Rights of Trustee . The Trustee, any Transfer Agent, any Paying Agent, any Registrar or any other agent of the Issuer or of the Trustee,
in its individual or any other capacity, may become the owner or pledgee of Notes and, may otherwise deal with the Issuer with the same
rights it would have if it were not Trustee, Paying Agent, Transfer Agent, Registrar or such other agent. The Trustee may accept deposits
from, lend money to, and generally engage in any kind of banking, trust or other business with the Issuer or any of its Affiliates or
Subsidiaries as if it were not performing the duties specified herein, and may accept fees and other consideration from the Issuer for
services in connection with this Indenture and otherwise without having to account for the same to the Trustee or to the Holders from
time to time.

 

Section 7.04     Disclaimer
of Trustee. The recitals contained herein and in the Notes, except for the Trustee’s certificates of authentication, shall
be taken as the statements of the Issuer, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations
as to the validity or sufficiency of this Indenture or the Notes. The Trustee shall not be accountable for the Issuer’s use of
the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture
nor shall it be responsible for the use or application of any money received by any Paying Agent other than the Trustee and it will not
be responsible for any statement or recital herein or any statement on the Notes or any other document in connection with the sale of
the Notes or pursuant to this Indenture other than the Trustee’s certificate of authentication.

 

Section 7.05     Compensation
and Indemnity. The Issuer and the Guarantors, jointly and severally, shall pay to the Trustee (acting in any capacity hereunder)
such compensation as shall be agreed in writing for its services hereunder. The Trustee’s compensation shall not be limited by
any law on compensation of a trustee of an express trust. The Issuer and the Guarantors, jointly and severally, shall reimburse the Trustee
promptly upon request for all properly incurred disbursements, advances or expenses incurred or made by it, including costs of collection,
in addition to the compensation for their services. Such expenses shall include the properly incurred compensation, disbursements, charges,
advances and expenses of the Trustee’s agents and counsel.

 

The
Issuer and the Guarantors, jointly and severally, shall indemnify the Trustee (acting in any capacity hereunder) and each of its officers,
directors, employees and agents against any and all loss, liability or expense (including attorneys’ fees and expenses) incurred
by either of them without willful misconduct or gross negligence on their part arising out of or in connection with the administration
of this trust and the performance of their duties hereunder (including the costs and expenses of enforcing this Indenture against the
Issuer and the Guarantors (including this ‎‎Section 7.05) and defending themselves
against any claim, whether asserted by the Issuer, the Guarantors, any Holder or any other Person, or liability in connection with the
execution and performance of any of their powers and duties hereunder). The Trustee shall notify the Issuer promptly of any claim for
which it may seek indemnity. Failure by the Trustee to so notify the Issuer shall not relieve the Issuer or any Guarantor of its obligations
hereunder. The Issuer shall, at the sole discretion of the Trustee, defend the claim and the Trustee may cooperate and may participate
at the Issuer’s expense in such defense. Alternatively, the Trustee may at its option have separate counsel of its own choosing
and the Issuer shall pay the properly incurred fees and expenses of such counsel. The Issuer need not pay for any settlement made without
its consent, which consent may not be unreasonably withheld. The Issuer shall not reimburse any expense or indemnify against any loss,
liability or expense incurred by the Trustee through the Trustee’s own willful misconduct or gross negligence.

 

    86

     

    

 

To
secure the Issuer’s payment obligations in this ‎‎Section 7.05, the Trustee
shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, in its capacity as Trustee, except money
or property held in trust to pay principal of, premium, if any, Additional Amounts, if any, and interest on particular Notes. Such Lien
shall survive the satisfaction and discharge of all Notes under this Indenture.

 

When
the Trustee incurs expenses after the occurrence of a Default specified in ‎‎Section 6.01(a)(ix) with
respect to the Issuer, the Guarantors, or any Restricted Subsidiary, the expenses are intended to constitute expenses of administration
under Bankruptcy Law.

 

The
Issuer’s obligations under this ‎‎Section 7.05 and any claim or Lien arising
hereunder shall survive the resignation or removal of any Trustee, the satisfaction and discharge of the Issuer’s obligations pursuant
to ‎‎Article Eight and any rejection or termination under any Bankruptcy Law, and the
termination of this Indenture.

 

Section 7.06     Replacement
of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor
Trustee’s acceptance of appointment as provided in this ‎‎Section 7.06.

 

The Trustee may resign at
any time without giving any reason by so notifying the Issuer. The Holders of a majority in outstanding principal amount of the outstanding
Notes may remove the Trustee by so notifying the Trustee and the Issuer. The Issuer shall remove the Trustee if:

 

(a)            the
Trustee fails to comply with ‎‎Section 7.09;

 

(b)            the
Trustee is adjudged bankrupt or insolvent;

 

(c)            a
receiver or other public officer takes charge of the Trustee or its property; or

 

(d)            the
Trustee otherwise becomes incapable of acting.

 

If
the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for any reason, the Issuer shall promptly appoint
a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the outstanding
Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuer. If the successor Trustee does not deliver
its written acceptance required by the next succeeding paragraph of this ‎‎Section 7.06
within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or the Holders of a majority in principal
amount of the outstanding Notes may, at the expense of the Issuer, petition any court of competent jurisdiction for the appointment of
a successor Trustee.

 

A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee, as the case may be, and to the Issuer.
Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee under this Indenture. The successor Trustee shall deliver a notice of its succession to Holders. The
retiring Trustee shall, at the expense of the Issuer, promptly transfer all property held by it as Trustee to the successor Trustee;
provided that all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in ‎‎Section 7.05.

 

    87

     

    

 

If a successor Trustee does
not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or the Holders of at
least 30% in outstanding principal amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor
Trustee at the expense of the Issuer. Without prejudice to the right of the Issuer to appoint a successor Trustee in accordance with
the provisions of this Indenture, the retiring Trustee may appoint a successor Trustee at any time prior to the date on which a successor
Trustee takes office.

 

If
the Trustee fails to comply with ‎‎Section 7.09, any Holder who has been a bona
fide Holder of a Note for at least six months may petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee.

 

Notwithstanding
the replacement of the Trustee pursuant to this ‎‎Section 7.06, the Issuer’s
and the Guarantors’ obligations under ‎‎Section 7.05 shall continue for the benefit
of the retiring Trustee.

 

Section 7.07     Successor
Trustee by Merger. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding
to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder; provided
such corporation shall be otherwise qualified and eligible under this ‎‎Article Seven,
without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Notes shall have
been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating
Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself
authenticated such Notes. In case at that time any of the Notes shall not have been authenticated, any successor Trustee may authenticate
such Notes either in the name of any predecessor hereunder or in the name of the successor Trustee. In all such cases such certificates
shall have the full force and effect which this Indenture provides for the certificate of authentication of the Trustee shall have; provided
that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Notes in the name of any predecessor
Trustee shall apply only to its successor or successors by merger, conversion or consolidation.

 

Section 7.08     [Reserved].

 

Section 7.09     Eligibility;
Disqualification. There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws
of England and Wales or the United States of America or of any state thereof that is authorized under such laws to exercise corporate
trustee power and which is generally recognized as a corporation which customarily performs such corporate trustee roles and provides
such corporate trustee services in transactions similar in nature to the offering of the Notes. The Trustee shall have a combined capital
and surplus of at least $50,000,000, as set forth in its most recent published annual report of condition.

 

Section 7.10     Appointment
of Co-Trustee.

 

(a)            It
is the purpose of this Indenture that there shall be no violation of any law of any jurisdiction denying or restricting the right of
banking corporations or associations to transact business as trustee in such jurisdiction. It is recognized that in case of litigation
under this Indenture, and in particular in case of the enforcement thereof on Default, or in the case the Trustee deems that by reason
of any present or future law of any jurisdiction it may not exercise any of the powers, rights or remedies herein granted to the Trustee
or hold title to the properties, in trust, as herein granted or take any action which may be desirable or necessary in connection therewith,
it may be necessary that the Trustee appoint an individual or institution as a separate or co-trustee. The following provisions of this
‎‎Section 7.10 are adopted to these ends.

 

    88

     

    

 

(b)            In
the event that the Trustee appoints an additional individual or institution as a separate or co-trustee, each and every remedy, power,
right, claim, demand, cause of action, immunity, estate, title, interest and Lien expressed or intended by this Indenture to be exercised
by or vested in or conveyed to the Trustee with respect thereto shall be exercisable by and vest in such separate or co-trustee but only
to the extent necessary to enable such separate or co-trustee to exercise such powers, rights and remedies, and only to the extent that
the Trustee by the laws of any jurisdiction is incapable of exercising such powers, rights and remedies, and every covenant and obligation
necessary to the exercise thereof by such separate or co-trustee shall run to and be enforceable by either of them.

 

(c)            Should
any instrument in writing from the Issuer be required by the separate or co-trustee so appointed by the Trustee for more fully and certainly
vesting in and confirming to him or it such properties, rights, powers, trusts, duties and obligations, any and all such instruments
in writing shall to the extent permitted by the laws of the State of New York and the jurisdictions of organization of the Issuer, on
request, be executed, acknowledged and delivered by the Issuer; provided that if an Event of Default shall have occurred and be
continuing, if the Issuer do not execute any such instrument within 15 days after request therefor, the Trustee shall be empowered as
an attorney-in-fact for the Issuer to execute any such instrument in the Issuer’s name and stead. In case any separate or co-trustee
or a successor to either shall die, become incapable of acting, resign or be removed, all the estates, properties, rights, powers, trusts,
duties and obligations of such separate or co-trustee, so far as permitted by law, shall vest in and be exercised by the Trustee until
the appointment of a new trustee or successor to such separate or co-trustee.

 

(d)            Each
separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

 

(i)            all
rights and powers, conferred or imposed upon the Trustee shall be conferred or imposed upon and may be exercised or performed by such
separate trustee or co-trustee; and

 

(ii)           no
trustee hereunder shall be liable by reason of any act or omission of any other trustee hereunder.

 

(e)            Any
notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture
and the conditions of this ‎‎Article Seven.

 

(f)            Any
separate trustee or co-trustee may at any time appoint the Trustee as its agent or attorney-in-fact with full power and authority, to
the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate
trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and
trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successors
trustee.

 

Section 7.11     Resignation
of Agents.

 

(a)            Any
Agent may resign its appointment hereunder at any time without the need to give any reason and without being responsible for any costs
associated therewith by giving to the Issuer and the Trustee and (except in the case of resignation of the Principal Paying Agent) the
Principal Paying Agent 30 days’ written notice to that effect (waivable by the Issuer and the Trustee); provided that in
the case of resignation of the Principal Paying Agent no such resignation shall take effect until a new Principal Paying Agent (approved
in advance in writing by the Trustee) shall have been appointed by the Issuer to exercise the powers and undertake the duties hereby
conferred and imposed upon the Principal Paying Agent. Following receipt of a notice of resignation from any Agent, the Issuer shall
promptly give notice thereof to the Holders in accordance with ‎‎Section 12.01.
Such notice shall expire at least 30 days before or after any due date for payment in respect of the Notes.

 

    89

     

    

 

(b)            If
any Agent gives notice of its resignation in accordance with this ‎‎Section 7.11
and a replacement Agent is required and by the tenth day before the expiration of such notice such replacement has not been duly appointed,
such Agent may itself appoint as its replacement any reputable and experienced financial institution. Immediately following such appointment,
the Issuer shall give notice of such appointment to the Trustee, the remaining Agents and the Holders whereupon the Issuer, the Trustee,
the remaining Agents and the replacement Agent shall acquire and become subject to the same rights and obligations between themselves
as if they had entered into an agreement in the form mutatis mutandis of this Indenture.

 

(c)            Upon
its resignation becoming effective the Principal Paying Agent shall forthwith transfer all moneys held by it hereunder hereof to the
successor Principal Paying Agent or, if none, the Trustee or to the Trustee’s order, but shall have no other duties or responsibilities
hereunder, and shall be entitled to the payment by the Issuer of its remuneration for the services previously rendered hereunder and
to the reimbursement of all reasonable expenses (including legal fees) incurred in connection therewith.

 

Section 7.12     Agents
General Provisions.

 

(a)            Actions
of Agents. The rights, powers, duties and obligations and actions of each Agent under this Indenture are several and not joint or joint
and several.

 

(b)            Agents
of Trustee. The Issuer and the Agents acknowledge and agree that in the event of a Default or Event of Default, the Trustee may, by notice
in writing to the Issuer and the Agents, require that the Agents act as agents of, and take instructions exclusively from, the Trustee.
Prior to receiving such written notification from the Trustee, the Agents shall be the agents of the Issuer and need have no concern
for the interests of the Holders.

 

(c)            Funds
held by Agents. The Agents will hold all funds subject to the terms of this Indenture.

 

(d)            Publication
of Notices. Any obligation the Agents may have to publish a notice to Holders of Global Notes on behalf of the Issuer will be met upon
delivery of the notice to DTC.

 

(e)            Instructions.
In the event that instructions given to any Agent are not reasonably clear, then such Agent shall be entitled to seek clarification from
the Issuer or other party entitled to give the Agents instructions under this Indenture by written request promptly, and in any event
within one Business Day of receipt by such Agent of such instructions. If an Agent has sought clarification in accordance with this ‎‎Section 7.12,
then such Agent shall be entitled to take no action until such clarification is provided, and shall not incur any liability for not taking
any action pending receipt of such clarification.

 

(f)            No
Fiduciary Duty. No Agent shall be under any fiduciary duty or other obligation towards, or have any relationship of agency or trust,
for or with any person.

 

    90

     

    

 

(g)            Mutual
Undertaking. Each party shall, within ten Business Days of a written request by another party, supply to that other party such forms,
documentation and other information relating to it, its operations, or the Notes as that other party reasonably requests for the purposes
of that other party’s compliance with applicable law and shall notify the relevant other party reasonably promptly in the event
that it becomes aware that any of the forms, documentation or other information provided by such party is (or becomes) inaccurate in
any material respect; provided, however, that no party shall be required to provide any forms, documentation or other information
pursuant to this ‎‎Section 7.12(g) to the extent that: (i) any
such form, documentation or other information (or the information required to be provided on such form or documentation) is not reasonably
available to such party and cannot be obtained by such party using reasonable efforts; or (ii) doing so would or might in the reasonable
opinion of such party constitute a breach of any: (A) applicable law or (B) duty of confidentiality. For purposes of this ‎‎Section 7.12(g),
 “applicable law” shall be deemed to include (iii) any rule or practice of any regulatory or governmental authority
by which any party is bound or with which it is accustomed to comply; (iv) any agreement between any Authorities; and (v) any
agreement between any regulatory or governmental authority and any party that is customarily entered into by institutions of a similar
nature.

 

(h)            Tax
Withholding.

 

(i)            In
order to enable the Issuer and the Agents to comply with any of their obligations with respect to this Indenture and the Notes under
FATCA, each of the Issuer and each Agent shall provide each other such reasonable information that is within its possession and is reasonably
requested by the other to assist the other in determining whether it has tax related obligations under FATCA.

 

(ii)           Notwithstanding
any other provision of this Indenture, each Agent shall be entitled to make a deduction or withholding from any payment which it makes
under the Notes for or on account of any Tax, if and only to the extent so required by an Authority, in which event the Agent shall make
such payment after such deduction or withholding has been made and shall account to the relevant Authority within the time allowed for
the amount so deducted or withheld or, at its option, shall reasonably promptly after making such payment return to the Issuer the amount
so deducted or withheld and provide the Issuer with the reason for such deduction or withholding, in which case, the Issuer shall so
account to the relevant Authority for such amount. For the avoidance of doubt, FATCA Withholding is a deduction or withholding which
is deemed to be required by an Authority for the purposes of this ‎Section 7.12(h)(ii).

 

Article Eight

Defeasance; Satisfaction and Discharge

 

Section 8.01     Issuer’s
Option to Effect Defeasance or Covenant Defeasance. The Issuer may, at its option and at any time prior to the Stated Maturity of
the Notes, by a resolution of its Board of Directors, elect to have either Section 8.02 or Section 8.03 be applied to all outstanding
Notes upon compliance with the conditions set forth below in this Article Eight.

 

Section 8.02     Defeasance
and Discharge. Upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.02, the Issuer
and the Guarantors shall be deemed to have been discharged from their obligations with respect to the Notes on the date the conditions
set forth in Section 8.04 are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance
means that the Issuer shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes and to
have satisfied all of its other obligations under the Notes and this Indenture (and the Trustee, at the expense of the Issuer, shall
execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated
or discharged hereunder: (a) the rights of Holders of outstanding Notes to receive, solely from the trust fund described in Section 8.08
and as more fully set forth in such Section, payments in respect of the principal of (and premium (including the Redemption Premium),
if any, on) and interest (including Additional Amounts) on such Notes when such payments are due, (b) the Issuer’s obligations
with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the
maintenance of an office or agency for payment and money for security payments held in trust, (c) the rights, powers, trusts, duties
and immunities of the Trustee hereunder and the Issuer’s and the Guarantors’ obligations in connection therewith and (d) the
provisions of this Article Eight. Subject to compliance with this Article Eight, the Issuer may exercise its option under this
Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 below with respect to the Notes. If the Issuer
exercises its Legal Defeasance option, payment of the Notes may not be accelerated because of an Event of Default.

 

    91

     

    

 

 

Section 8.03     Covenant
Defeasance. Upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.03, the Issuer
and the Guarantors shall be released from their obligations under any covenant contained in Sections 4.04 through 4.11, 4.15 through
4.17, 4.19, 4.20 and 5.01 with respect to the Notes on and after the date the conditions set forth below are satisfied (hereinafter,
 “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, the Issuer may omit to comply with
and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly,
by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision
herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default, but, except as specified
above, the remainder of this Indenture and such Notes shall be unaffected thereby.

 

Section 8.04     Conditions
to Defeasance. In order to exercise either Legal Defeasance or Covenant Defeasance:

 

(a)            the
Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the holders of the Notes, cash in U.S. dollars, non-callable
Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts as will be sufficient,
in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants, to pay the principal
of, or interest (including Additional Amounts and premium (including the Redemption Premium), if any) on the outstanding Notes on the
stated date for payment thereof or on the applicable Redemption Date, as the case may be, and the Issuer must specify whether the Notes
are being defeased to such stated date for payment or to a particular Redemption Date;

 

(b)            in
the case of Legal Defeasance, the Issuer must deliver to the Trustee:

 

(i)            an
opinion of United States counsel, which counsel is reasonably acceptable to the Trustee, confirming that (i) the Issuer has received
from, or there has been published by, the U.S. Internal Revenue Service a ruling or (ii) since the Issue Date, there has been a
change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel will
confirm that, the beneficial owners of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes
as a result of such Legal Defeasance and will be subject to tax on the same amounts, in the same manner and at the same times as would
have been the case if such Legal Defeasance had not occurred; and

 

(ii)           an
Opinion of Counsel in the jurisdiction of incorporation of the Issuer, which counsel is reasonably acceptable to the Trustee, to the
effect that the holders of the Notes will not recognize income, gain or loss for tax purposes of such jurisdiction as a result of such
deposit and defeasance and will be subject to tax in such jurisdiction on the same amounts and in the same manner and at the same times
as would have been the case if such deposit and defeasance had not occurred;

 

(c)            in
the case of Covenant Defeasance, the Issuer must deliver to the Trustee:

 

(i)            an
opinion of United States counsel, which counsel is reasonably acceptable to the Trustee, confirming that the beneficial owners of the
outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance
and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case
if such Covenant Defeasance had not occurred; and

 

    92

     

    

 

(ii)           an
Opinion of Counsel in the jurisdiction of incorporation of the Issuer, which counsel is reasonably acceptable to the Trustee, to the
effect that the beneficial owners of the Notes will not recognize income, gain or loss for tax purposes of such jurisdiction as a result
of such deposit and defeasance and will be subject to tax in such jurisdiction on the same amounts and in the same manner and at the
same times as would have been the case if such deposit and defeasance had not occurred;

 

(d)            no
Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default resulting
from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Indebtedness), and the
granting of Liens to secure such borrowings);

 

(e)            such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement
or instrument (other than this Indenture and the agreements governing any other Indebtedness being defeased, discharged or replaced)
to which the Issuer or any of the Guarantors is a party or by which the Issuer or any of the Guarantors is bound;

 

(f)            the
Issuer must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer with the intent
of preferring the holders of Notes over the other creditors of the Issuer with the intent of defeating, hindering, delaying or defrauding
any creditors of the Issuer or others; and

 

(g)            the
Issuer must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent
relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

If the funds deposited with
the Trustee to effect Covenant Defeasance are insufficient to pay the principal of, premium (including the Redemption Premium), if any,
and interest on the Notes when due because of any acceleration occurring after an Event of Default, then the Issuer and the Guarantors
shall remain liable for such payments.

 

Section 8.05     Satisfaction
and Discharge of Indenture. This Indenture, and the rights of the Trustee and the Holders of the Notes hereunder, shall be discharged
and shall cease to be of further effect as to all Notes issued thereunder, when:

 

(a)            either:

 

(i)            all
Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment
money has been deposited in trust and thereafter repaid to the Issuer, have been delivered to the Trustee for cancellation; or

 

(ii)           all
Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the delivery of a notice
of redemption or otherwise or will become due and payable within one year and the Issuer or any Guarantor has irrevocably deposited or
caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the holders, cash in U.S. dollars, non-callable
Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts as will be sufficient,
without consideration of any reinvestment or interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the
Trustee for cancellation for principal, premium and Additional Amounts, if any, and accrued interest to the date of maturity or redemption;

 

    93

     

    

 

(b)            the
Issuer or any Guarantor has paid or caused to be paid all sums payable by it under this Indenture;

 

(c)            the
Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of
the Notes at maturity or on the Redemption Date, as the case may be; and

 

(d)            the
Issuer has delivered an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to
satisfaction and discharge have been satisfied; provided that any such counsel may rely on any Officer’s Certificate as
to matters of fact (including as to compliance with the foregoing clauses (a), (b) and (c)).

 

Section 8.06     Survival
of Certain Obligations. Notwithstanding Sections 8.01     and 8.03, any obligations of the Issuer and
the Guarantors in Sections 2.02 through 2.14, 6.07, 7.05 and 7.06 shall survive until the Notes have been paid in full. Thereafter, any
obligations of the Issuer or the Guarantors in Section 7.05 shall survive such satisfaction and discharge. Nothing contained in
this Article Eight shall abrogate any of the obligations or duties of the Trustee under this Indenture.

 

Section 8.07     Acknowledgment
of Discharge by Trustee. Subject to Section 8.09, after the conditions of Section 8.02 or 8.03 have been satisfied, the
Trustee upon written request shall acknowledge in writing the discharge of all of the Issuer’s and Guarantor’s obligations
under this Indenture except for those surviving obligations specified in this Article Eight.

 

Section 8.08     Application
of Trust Money. Subject to Section 8.09, the Trustee shall hold in trust cash in U.S. dollars or U.S. Government Obligations
deposited with it pursuant to this Article Eight. It shall apply the deposited cash or Government Securities through the Paying
Agent and in accordance with this Indenture to the payment of principal of, premium, if any, interest, and Additional Amounts, if any,
on the Notes; but such money need not be segregated from other funds except to the extent required by law.

 

Section 8.09     Repayment
to Issuer. Subject to Sections 7.05, and 8.01 through 8.04, the Trustee and the Paying Agent shall promptly pay to the Issuer upon
request set forth in an Officer’s Certificate any excess money held by them at any time and thereupon shall be relieved from all
liability with respect to such money. The Trustee and the Paying Agent shall pay to the Issuer upon request any money held by them for
the payment of principal, premium, if any, interest or Additional Amounts, if any, that remains unclaimed for two years; provided
that the Trustee or Paying Agent before being required to make any payment may cause to be published through the newswire service
of Bloomberg or, if Bloomberg does not then operate, any similar agency or deliver to each Holder entitled to such money at such Holder’s
address (as set forth in the Security Register) notice that such money remains unclaimed and that after a date specified therein (which
shall be at least 30 days from the date of such publication or delivery) any unclaimed balance of such money then remaining will be repaid
to the Issuer. After payment to the Issuer, Holders entitled to such money must look to the Issuer for payment as general creditors unless
an applicable law designates another Person, and all liability of the Trustee and such Paying Agent with respect to such money shall
cease.

 

Section 8.10     Indemnity
for Government Securities. The Issuer shall pay and shall indemnify the Trustee and the Paying Agent against any tax, fee or other
charge imposed on or assessed against deposited Government Securities or the principal, premium, if any, interest, if any, and Additional
Amounts, if any, received on such Government Securities.

 

    94

     

    

 

Section 8.11     Reinstatement.
If the Trustee or Paying Agent is unable to apply cash in dollars or Government Securities in accordance with this Article Eight
by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the Issuer’s and the Guarantors’ obligations under this Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to this Article Eight until such time as the Trustee
or any such Paying Agent is permitted to apply all such cash or Government Securities in accordance with this Article Eight; provided
that, if the Issuer has made any payment of principal of, premium, if any, interest, if any, and Additional Amounts, if any, on any
Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive
such payment from the cash in dollars or Government Securities held by the Trustee or Paying Agent.

 

Article Nine

Amendments and Waivers

 

Section 9.01     Without
Consent of Holders.

 

(a)            The
Issuer, the Guarantors and the Trustee, as applicable, may modify, amend or supplement any IP License or Access Agreement without consent
of any Holder to cure any ambiguity, omission, error, defect or inconsistency. The Issuer, the Guarantors and the Trustee, as applicable,
may modify, amend or supplement the Note Documents (other than any IP License or Access Agreement) without consent of any Holder:

 

(i)            to
cure any ambiguity, omission, error, defect or inconsistency;

 

(ii)           to
provide for the assumption of the Issuer’s or a Guarantor’s obligations to Holders of Notes and Note Guarantees in the case
of a consolidation, amalgamation or merger or sale, assignment, transfer, lease, conveyance or other disposition of all or substantially
all of the Issuer’s or such Guarantor’s assets, as applicable;

 

(iii)          to
make any change that would provide any additional rights or benefits to the Holders of Notes;

 

(iv)          to
provide for any Restricted Subsidiary to provide a Note Guarantee in accordance with Section 4.06 and Section 4.15, to add
security to or for the benefit of the Notes or to confirm and evidence the release, termination, discharge or retaking of any Note Guarantee
or Lien or any amendment in respect thereof with respect to or securing the Notes when such release, termination, discharge or retaking
or amendment is expressly provided for under and in accordance with this Indenture;

 

(v)           to
mortgage, charge, pledge, hypothecate or grant a security interest in favor of or to the benefit of Holders of Note Obligations;

 

(vi)          [reserved];

 

(vii)         to
allow any Guarantor to execute a Supplemental Indenture and a Note Guarantee with respect to the Notes;

 

    95

     

    

 

(viii)        to
provide for uncertificated Notes in addition to or in place of Definitive Registered Notes (provided that the uncertificated Notes
are issued in registered form for purposes of Section 163(f) of the Code); or

 

(ix)           to
evidence and provide the acceptance of the appointment of a successor Trustee under this Indenture.

 

(b)            In
connection with any proposed amendment or supplement in respect of such matters, the Trustee will be entitled to receive, and rely conclusively
on, an Opinion of Counsel and/or an Officer’s Certificate.

 

(c)            The
Issuer shall provide Holders prompt written notice of any amendment, modification or supplement to any Note Document made in accordance
with this Section 9.01. The failure to give such notice to Holders, or any defect therein, shall not impair or affect the validity
of an amendment, modification or supplement under this Section 9.01.

 

For the avoidance of doubt
(and without limiting the generality of any other statements in this Indenture), the provisions of the Trust Indenture Act of 1939, as
amended, shall not apply to any amendments to or waivers or consents under this Indenture.

 

Section 9.02     With
Consent of Holders.

 

(a)            Except
as provided in Section 9.02(b) below and Section 6.04 and without prejudice to Section 9.01, the Note Documents may
be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding
(including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), and
any existing Default or Event of Default or compliance with any provision of this Indenture, the Notes or the Note Guarantees may be
waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without
limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes).

 

(b)            Without
the consent of each Holder affected, an amendment, supplement or waiver may not (with respect to any Notes held by a non-consenting Holder):

 

(i)            reduce
the principal amount of Notes whose holders must consent to an amendment, supplement or waiver;

 

(ii)           reduce
the principal of or change the fixed maturity of any Note or reduce the premium payable upon the redemption of any such Note or change
the time at which such Note may be redeemed;

 

(iii)          reduce
the rate of or change the time for payment of interest, including default interest, on any Note;

 

(iv)          impair
the right of any Holder to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes or any Note
Guarantee in respect thereof;

 

(v)           waive
a Default or Event of Default in the payment of principal of, or interest, Additional Amounts or premium, if any, on, the Notes (except
a rescission of acceleration of the Notes by the holders of at least a majority in aggregate principal amount of the then outstanding
Notes and a waiver of the payment default that resulted from such acceleration);

 

    96

     

    

 

(vi)          make
any Note payable in money other than that stated in the Notes;

 

(vii)         make
any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive payments
of principal of, or interest, Additional Amounts or premium, if any, on, the Notes;

 

(viii)        waive
a redemption payment with respect to any Note (other than a payment required by Section 4.09 or Section 4.11);

 

(ix)          make
any change to or modify the ranking of the Notes as to contractual right of payment in a manner that would adversely affect the holders
thereof;

 

(x)            release
any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this Indenture;
or

 

(xi)          make
any change in the preceding amendment and waiver provisions.

 

(c)            The
consent of the Holders shall not be necessary under this Indenture to approve the particular form of any proposed amendment, modification,
supplement, waiver or consent. It is sufficient if such consent approves the substance of the proposed amendment, modification, supplement,
waiver or consent. A consent to any amendment or waiver under this Indenture by any Holder given in connection with a tender of such
Holder’s Notes will not be rendered invalid by such tender.

 

Section 9.03     Effect
of Supplemental Indentures. Upon the execution of any Supplemental Indenture under this Article Nine, this Indenture shall be
modified in accordance therewith, and such Supplemental Indenture shall form a part of this Indenture for all purposes; and every Holder
theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

 

Section 9.04     Notation
on or Exchange of Notes. If an amendment, modification or supplement changes the terms of a Note, the Issuer or the Trustee may require
the Holder to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note and on any Note subsequently authenticated
regarding the changed terms and return it to the Holder.

 

Alternatively, if the Issuer
so determines, the Issuer in exchange for the Note shall issue, and the Trustee shall authenticate, a new Note that reflects the changed
terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment, modification
or supplement.

 

Section 9.05     [Reserved].

 

Section 9.06     Notice
of Amendment or Waiver. Promptly after the execution by the Issuer and the Trustee of any Supplemental Indenture or waiver pursuant
to the provisions of Section 9.02, the Issuer shall give notice thereof to the Holders of each outstanding Note affected, in the
manner provided for in Section 12.01(b), setting forth in general terms the substance of such Supplemental Indenture or waiver.

 

Section 9.07     Trustee
to Sign Amendments, Etc. The Trustee shall execute any amendment, supplement or waiver authorized pursuant and adopted in accordance
with this Article Nine; provided that the Trustee may, but shall not be obligated to, execute any such amendment, supplement
or waiver which affects the Trustee’s own rights, duties or immunities under this Indenture. The Trustee shall receive, if requested,
an indemnity and/or security (including by way of pre-funding) satisfactory to it and to receive, and shall be fully protected in relying
upon, an Opinion of Counsel and an Officer’s Certificate each stating that the execution of any amendment, supplement or waiver
authorized pursuant to this Article Nine is authorized or permitted by this Indenture and that such amendment has been duly authorized,
executed and delivered and is the legally valid and binding obligation of the Issuer enforceable against them in accordance with its
terms (for the avoidance of doubt, such Opinion of Counsel is not required with respect to any Guarantor). Such Opinion of Counsel shall
be an expense of the Issuer.

 

    97

     

    

 

Section 9.08     Additional
Voting Terms; Calculation of Principal Amount.

 

(a)            All
Notes issued under this Indenture shall vote and consent together on all matters (as to which any of such Notes may vote) as one class
and no series of Notes will have the right to vote or consent as a separate series on any matter; provided, however, that if any
amendment, waiver or other modification will only affect one series of Notes, only the consent of the Holders of not less than a majority
in principal amount of the affected series of Notes then outstanding (and not the consent of the Holders of at least a majority of all
Notes), shall be required. Determinations as to whether Holders of the requisite aggregate principal amount of Notes have concurred in
any direction, waiver or consent shall be made in accordance with this Article Nine.

 

(b)            The
aggregate principal amount of the Notes, at any date of determination, shall be the principal amount of the Notes at such date of determination.
With respect to any matter requiring consent, waiver, approval or other action of the Holders of a specified percentage of the principal
amount of all the Notes, such percentage shall be calculated, on the relevant date of determination, by dividing (i) the principal
amount, as of such date of determination, of Notes, the Holders of which have so consented by (ii) the aggregate principal amount,
as of such date of determination, of the Notes then outstanding, in each case, as determined in accordance with the preceding sentence,
Section 2.08 and Section 2.09 of this Indenture. Any such calculation made pursuant to this Section 9.08(b) shall
be made by the Issuer and delivered to the Trustee pursuant to an Officer’s Certificate.

 

Article Ten

Guarantee

 

Section 10.01     Note
Guarantees.

 

(a)            The
Guarantors, either by execution of this Indenture or a Supplemental Indenture, fully and, subject to the limitations on the effectiveness
and enforceability set forth in this Indenture or such Supplemental Indenture, as applicable, unconditionally guarantee, on a joint and
several basis to each Holder and to the Trustee and its successors and assigns on behalf of each Holder, the full payment of all Note
Obligations. The Guarantors further agree that the Note Obligations may be extended or renewed, in whole or in part, without notice or
further assent from the Guarantors and that the Guarantors shall remain bound under this Article Ten notwithstanding any extension
or renewal of any Note Obligation. All payments under each Note Guarantee will be made in U.S. dollars.

 

(b)            The
Guarantors hereby agree that their obligations hereunder shall be as if they were each principal debtor and not merely surety, unaffected
by, and irrespective of, any invalidity, irregularity or unenforceability of any Note or this Indenture, any failure to enforce the provisions
of any Note or this Indenture, any waiver, modification or indulgence granted to the Issuer with respect thereto by the Holders or the
Trustee, or any other circumstance which may otherwise constitute a legal or equitable discharge of a surety or guarantor (except payment
in full); provided that notwithstanding the foregoing, no such waiver, modification, indulgence or circumstance shall without
the written consent of the Guarantors increase the principal amount of a Note or the interest rate thereon or change the currency of
payment with respect to any Note, or alter the Stated Maturity thereof. The Guarantors hereby waive diligence, presentment, demand of
payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require that the Trustee pursue
or exhaust its legal or equitable remedies against the Issuer prior to exercising its rights under a Note Guarantee (including, for the
avoidance of doubt, any right which a Guarantor may have to require the seizure and sale of the assets of the Issuer to satisfy the outstanding
principal of, interest on or any other amount payable under each Note prior to recourse against such Guarantor or its assets), protest
or notice with respect to any Note or the Indebtedness evidenced thereby and all demands whatsoever, and each covenant that their Note
Guarantee will not be discharged with respect to any Note except by payment in full of the principal thereof and interest thereon or
as otherwise provided in this Indenture, including Section 10.04. If at any time any payment of principal of, premium, if any, interest,
if any, or Additional Amounts, if any, on such Note is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy
or reorganization of the Issuer, the Guarantors’ obligations hereunder with respect to such payment shall be reinstated as of the
date of such rescission, restoration or returns as though such payment had become due but had not been made at such times.

 

    98

     

    

 

(c)            The
Guarantors also agree to pay any and all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or any
Holder in enforcing any rights under this Section 10.01.

 

Section 10.02     Subrogation.

 

(a)            Each
Guarantor shall be subrogated to all rights of the Holders against the Issuer in respect of any amounts paid to such Holders by such
Guarantor pursuant to the provisions of its Note Guarantee.

 

(b)            The
Guarantors agree that they shall not be entitled to any right of subrogation in relation to the Holders in respect of any Obligations
guaranteed hereby until payment in full of all Obligations. The Guarantors further agree that, as between them, on the one hand, and
the Holders and the Trustee, on the other hand, (x) the maturity of the Obligations guaranteed hereby may be accelerated as provided
in Section 6.02 for the purposes of the Note Guarantees herein, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the Obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such
Obligations as provided in Section 6.02, such Obligations (whether or not due and payable) shall forthwith become due and payable
by the Guarantors for the purposes of this Section 10.02.

 

Section 10.03     Release
of Note Guarantees. The Note Guarantee of a Guarantor shall automatically be released:

 

(a)            in
connection with any sale or other disposition of all or substantially all of the assets of such Guarantor (including by way of merger,
consolidation, amalgamation or combination) to a Person that is not (either before or after giving effect to such transaction) the Issuer
or a Restricted Subsidiary, if the sale or other disposition does not violate Section 4.09;

 

(b)            in
connection with any sale or other disposition of Capital Stock of that Guarantor to a Person that is not (either before or after giving
effect to such transaction) the Issuer or a Restricted Subsidiary, if the sale or other disposition does not violate Section 4.09
and the Guarantor ceases to be a Restricted Subsidiary as a result of such sale or other disposition; provided that any
such release of a Guarantor shall only be permitted if, at the time of such release, such Guarantor does not own, or exclusively license,
any Specified Assets;

 

(c)            if
the Issuer designates such Guarantor to be an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture;

 

(d)            upon
the full and final payment of the Notes and performance of all Obligations (in each case, other than contingent or unliquidated obligations
or liabilities) of the Issuer and the Guarantors under this Indenture, the Notes and the Note Guarantees;

 

    99

     

    

 

(e)           upon
Legal Defeasance, Covenant Defeasance or satisfaction and discharge of the Notes, the Note Guarantees and this Indenture as provided
under Article Eight; and

 

(f)            as
described under Article Nine;

 

provided
that, in each case, such Guarantor has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating
that all conditions precedent provided for in this Indenture relating to such release have been complied with.

 

The Trustee shall take all
necessary actions at the request of the Issuer to effectuate any release of a Note Guarantee in accordance with these provisions.

 

Each of the releases set
forth above shall be effected by the Trustee without the consent of the Holders and will not require any other action or consent on the
part of the Trustee.

 

Section 10.04     Limitation
and Effectiveness of Note Guarantees. Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the
intention of all such parties that the Guarantee of such Guarantor does not constitute a fraudulent conveyance or a fraudulent transfer
for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or
state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors
hereby irrevocably agree that the obligations of each Guarantor under its Guarantee will be limited to the maximum amount as will, after
giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or payments
made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee or pursuant to
its contribution obligations under this Indenture, result in the obligations of such Guarantor under its Guarantee not constituting a
fraudulent conveyance or fraudulent transfer under federal or state law and not otherwise being void or voidable under any similar laws
affecting the rights of creditors generally. Each Guarantor that makes a payment under its Guarantee shall be entitled upon payment in
full of all guaranteed obligations under this Indenture to a contribution from each other Guarantor in an amount equal to such other
Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors at the time of such
payment determined in accordance with accounting principles generally accepted in the United States.

 

Section 10.05     Notation
Not Required. Neither the Issuer nor any Guarantor shall be required to make a notation on the Notes to reflect any Note Guarantee
or any release, termination or discharge thereof.

 

Section 10.06     Successors
and Assigns. This Article Ten shall be binding upon the Guarantors and each of their successors and assigns and shall inure
to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights
by any Holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and in the Notes shall automatically
extend to and be vested in such transferee or assigns, all subject to the terms and conditions of this Indenture.

 

Section 10.07     No
Waiver. Neither a failure nor a delay on the part of the Trustee or the Holders in exercising any right, power or privilege under
this Article Ten shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further
exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and the Holders herein expressly specified
are cumulative and are not exclusive of any other rights, remedies or benefits which either may have under this Article Ten at law,
in equity, by statute or otherwise.

 

Section 10.08     Modification.
No modification, amendment or waiver of any provision of this Article Ten, nor the consent to any departure by any Guarantor therefrom,
shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall
be effective only in the specific instance and for the purpose for which given. No notice to or demand on any Guarantor in any case shall
entitle such Guarantor to any other or further notice or demand in the same, similar or other circumstance.

 

    100

     

    

 

Article Eleven

[Reserved]

 

Article Twelve

Miscellaneous

 

Section 12.01     Notices.

 

(a)            Any
notice or communication shall be in writing and delivered in person or mailed by first class mail or sent by facsimile transmission addressed
as follows:

 

if to the Issuer or the Guarantors:

 

NCL Corporation Ltd.

7665 Corporate Center Drive

Miami, FL 33126-1201

Telephone: (305) 436-4000

Facsimile: (305) 436-4117

Attn: General Counsel

 

if to the Trustee, Principal
Paying Agent or Transfer Agent:

 

U.S. Bank Trust Company, National Association

Global Corporate Trust

West Side Flats

60 Livingston Avenue

St. Paul, MN 55107-1419

Telephone: (651) 466-6309

Facsimile: (651) 466-7430

Attn: Norwegian Cruise Lines (“NCL”) Corporate Trust Administrator

 

The Issuer, the Guarantors
or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 

(b)            Notices
regarding the Notes shall be:

 

(i)            delivered
to Holders electronically or mailed by first-class mail, postage paid; and

 

(ii)           in
the case of Definitive Registered Notes, delivered to each Holder by first-class mail at such Holder’s respective address as it
appears on the registration books of the Registrar.

 

Notices given by first-class
mail shall be deemed given five calendar days after mailing and notices given by publication shall be deemed given on the first date
on which publication is made. Failure to deliver a notice or communication to a Holder or any defect in it shall not affect its sufficiency
with respect to other Holders. If a notice or communication is delivered in the manner provided above, it is duly given, whether or not
the addressee receives it.

 

    101

     

    

 

In case by reason of the
suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification
as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

 

(c)            If
and so long as the Notes are represented by Global Notes, notice to Holders, in lieu of being given in accordance with Section 12.01(b) above,
may be given by delivery of the relevant notice to DTC for communication.

 

(d)            Where
this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed
with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

(e)            All
notices, approvals, consents, requests and any communications hereunder must be in writing (provided that any communication sent
to Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign
(or such other digital signature provider as specified in writing to Trustee by the authorized representative), in English). The Issuer
and Guarantors agree to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications
to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse
by third parties.

 

Section 12.02     Certificate
and Opinion as to Conditions Precedent. Upon any request or application by the Issuer or any Guarantor to the Trustee to take or
refrain from taking any action under this Indenture (except in connection with the original issuance of the Notes on the date hereof),
the Issuer or any Guarantor, as the case may be, shall furnish upon request to the Trustee:

 

(a)            an
Officer’s Certificate in form reasonably satisfactory to the Trustee stating that, in the opinion of the Officer, all conditions
precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and

 

(b)            an
Opinion of Counsel in form reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent
have been complied with.

 

Any Officer’s Certificate
may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, unless the Officer signing such certificate knows,
or in the exercise of reasonable care should know, that such Opinion of Counsel with respect to the matters upon which such Officer’s
Certificate is based are erroneous. Any Opinion of Counsel may be based and may state that it is so based, insofar as it relates to factual
matters, upon certificates of public officials or an Officer’s Certificate stating that the information with respect to such factual
matters is in the possession of the Issuer, unless the counsel signing such Opinion of Counsel knows, or in the exercise of reasonable
care should know, that the Officer’s Certificate with respect to the matters upon which such Opinion of Counsel is based are erroneous.

 

Section 12.03     Statements
Required in Certificate or Opinion. Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include:

 

(a)            a
statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating
thereto;

 

(b)            a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based;

 

    102

     

    

 

(c)            a
statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to
express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(d)            a
statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 

Section 12.04     Rules by
Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar
and the Paying Agent may make reasonable rules for their functions.

 

Section 12.05     No
Personal Liability of Directors, Officers, Employees and Shareholders. No director, officer, employee, incorporator, shareholder
or stockholder of the Issuer or any Guarantor, as such, shall have any liability for any obligations of the Issuer or the Guarantors
under the Notes, this Indenture and the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or
their creation. Each Holder of Notes by accepting a Note waives and releases all such liability.

 

Section 12.06     Legal
Holidays. If an Interest Payment Date or other payment date is not a Business Day, payment shall be made on the next succeeding day
that is a Business Day, and no interest shall accrue for the intervening period. If a Record Date is not a Business Day, the Record Date
shall not be affected.

 

Section 12.07     Governing
Law. THIS INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section 12.08     Jurisdiction.
The Issuer and each Guarantor agree that any suit, action or proceeding against the Issuer or any Guarantor brought by any Holder or
the Trustee arising out of or based upon this Indenture, the Notes or the Note Guarantees may be instituted in any state or Federal court
in the Borough of Manhattan, New York, New York, and any appellate court from any thereof, and each of them irrevocably submits to the
non-exclusive jurisdiction of such courts in any suit, action or proceeding. Each of the Issuer and the Guarantors irrevocably waives,
to the fullest extent permitted by law, any objection to any suit, action, or proceeding that may be brought in connection with this
Indenture, the Notes or the Note Guarantees, including such actions, suits or proceedings relating to securities laws of the United States
of America or any state thereof, in such courts whether on the grounds of venue, residence or domicile or on the ground that any such
suit, action or proceeding has been brought in an inconvenient forum. The Issuer and the Guarantors agree that final judgment in any
such suit, action or proceeding brought in such court shall be conclusive and binding upon the Issuer or any Guarantor, as the case may
be, and may be enforced in any court to the jurisdiction of which the Issuer or any Guarantor, as the case may be, are subject by a suit
upon such judgment; provided that service of process is effected upon the Issuer or any Guarantor, as the case may be, in the
manner provided by this Indenture. Each of the Issuer and the Guarantors not resident in the United States has appointed Corporate Creations
International, Inc., located at 801 US Highway 1, North Palm Beach, Florida 33408, or any successor so long as such successor is
resident in the United States and can act for this purpose, as its authorized agent (the “Authorized Agent”), upon
whom process may be served in any suit, action or proceeding arising out of or based upon this Indenture, the Notes or the Note Guarantees
or the transactions contemplated herein which may be instituted in any state or Federal court in the Borough of Manhattan, New York,
New York, by any Holder or the Trustee, and expressly accepts the non-exclusive jurisdiction of any such court in respect of any such
suit, action or proceeding. National Registered Agents, Inc. has hereby accepted such appointment and has agreed to act as said
agent for service of process, and the Issuer agrees to take any and all action, including the filing of any and all documents that may
be necessary to continue such respective appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent
shall be deemed, in every respect, effective service of process upon the Issuer. Notwithstanding the foregoing, any action involving
the Issuer arising out of or based upon this Indenture, the Notes or the Note Guarantees may be instituted by any Holder or the Trustee
in any other court of competent jurisdiction. The Issuer expressly consents to the jurisdiction of any such court in respect of any such
action and waives any other requirements of or objections to personal jurisdiction with respect thereto.

 

    103

     

    

 

EACH OF THE ISSUER, THE
GUARANTORS AND THE TRUSTEE, AND EACH HOLDER OF A NOTE BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF
OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

Section 12.09     No
Recourse Against Others. A director, officer, employee, incorporator, member or shareholder, as such, of the Issuer or any Guarantor
shall not have any liability for any obligations of the Issuer or any Guarantor under this Indenture, the Notes or any Note Guarantee
or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder shall waive
and release all such liability. The waiver and release shall be part of the consideration for the issue of the Notes. Such waiver and
release may not be effective to waive liabilities under the U.S. federal securities laws.

 

Section 12.10     Successors.
All agreements of the Issuer and any Guarantor in this Indenture and the Notes shall bind their respective successors. All agreements
of the Trustee in this Indenture shall bind its successors.

 

Section 12.11     Counterparts.
The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement. One signed copy is enough to prove this Indenture. The exchange of copies of this Indenture and of signature pages by
facsimile or other electronic transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto.
Signatures of the parties hereto transmitted by facsimile or other electronic transmission shall be deemed to be their original signatures
for all purposes. For the avoidance of doubt, the words “execution,” “signed,” “signature,” “delivery,”
and words of like import in or relating to this Indenture or any document to be signed in connection with this Indenture shall be deemed
to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system,
as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

 

Section 12.12     Table
of Contents and Headings. The table of contents and headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions
hereof.

 

Section 12.13     Severability.
In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

    104

     

    

 

Section 12.14     Currency
Indemnity. Any payment on account of an amount that is payable in U.S. dollars (the “Required Currency”) which
is made to or for the account of any holder or the Trustee in lawful currency of any other jurisdiction (the “Judgment Currency”),
whether as a result of any judgment or order or the enforcement thereof or the liquidation of the Issuer or any Guarantor, shall constitute
a discharge of the Issuer’s or the Guarantors’ obligation under this Indenture and the Notes or Note Guarantee, as the case
may be, only to the extent of the amount of the Required Currency with such holder or the Trustee, as the case may be, could purchase
in the London foreign exchange markets with the amount of the Judgment Currency in accordance with normal banking procedures at the rate
of exchange prevailing on the first Business Day following receipt of the payment in the Judgment Currency. If the amount of the Required
Currency that could be so purchased is less than the amount of the Required Currency originally due to such holder or the Trustee, as
the case may be, the Issuer and the Guarantors shall indemnify and hold harmless the holder or the Trustee, as the case may be, from
and against all loss or damage arising out of, or as a result of, such deficiency. This indemnity shall constitute an obligation separate
and independent from the other obligations contained in this Indenture or the Notes, shall give rise to a separate and independent cause
of action, shall apply irrespective of any indulgence granted by any holder or the Trustee from time to time and shall continue in full
force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due hereunder or under any judgment
or order.

 

[Remainder of Page Intentionally Left Blank]

 

    105

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Indenture to be duly executed as of the date first written above.

 

	 	NCL CORPORATION LTD.
	 	as Issuer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	KRYSTALSEA LIMITED
	 	as Guarantor
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	GREAT STIRRUP CAY LIMITED
	 	as Guarantor
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	NCL US IP CO 1, LLC
	 	as Guarantor
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	NCL UK IP CO LTD
	 	as Guarantor
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Indenture]

 

     

     

    

 

	 	NCL US IP CO 2, LLC
	 	as Guarantor
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	SEVEN SEAS CRUISES S. DE R. L.
 as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	OCEANIA CRUISES S. DE. R. L.
 as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	   	 
	 	PRESTIGE CRUISE HOLDINGS S. DE. R. L.

    as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	PRESTIGE CRUISES INTERNATIONAL S. DE. R.
    L.
 as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Indenture]

 

     

     

    

 

	 	ARRASAS LIMITED
 as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	NCL (BAHAMAS)
    LTD.

    as Guarantor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Indenture]

     

     

    

 

	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION
 as Trustee, Principal Paying Agent,
    Transfer
 Agent and Registrar
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Indenture]

 

     

     

    

 

Schedule I

 

GUARANTORS

 

	Entity	 	Jurisdiction
	KRYSTALSEA LIMITED	 	British Virgin Islands
	Great Stirrup Cay Limited	 	Bahamas
	NCL US IP Co 1, LLC	 	Delaware
	NCL US IP Co 2, LLC	 	Delaware
	NCL UK IP Co Ltd	 	England and Wales
	Seven Seas Cruises S. de R.L.	 	Panama
	Oceania Cruises S. de R.L.	 	Panama
	Prestige Cruise Holdings S.
    de R.L.	 	Panama
	Prestige Cruises International
    S. de R.L.	 	Panama
	Arrasas Limited	 	Isle of Man
	NCL (Bahamas) Ltd.	 	Bermuda

 

    I-1

     

    

 

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

NCL CORPORATION LTD.

 

[If Regulation S Global Note – CUSIP Number
[●]2 / ISIN [●]3]

[If Restricted Global Note – CUSIP Number
[●]4 / ISIN [●]5]

No. [●]

 

[Include if Global Note —
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THIS NOTE IS A GLOBAL NOTE
WITHIN THE MEANING OF THE INDENTURE AND IS REGISTERED IN THE NAME OF DTC OR A NOMINEE OF DTC OR A SUCCESSOR DEPOSITARY. THIS NOTE IS
NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY DTC TO A NOMINEE OF DTC OR
BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.]

 

 

 

2 Issue Date Regulation S CUSIP: [●] 

3 Issue Date Regulation S ISIN: [●] 

4 Issue Date Rule 144A CUSIP: [●] 

5 Issue Date Rule 144A ISIN: [●]

 

    A-1

     

    

 

THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET
FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: REPRESENTS THAT (A) IT
IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”) OR (B) IT
IS NOT A U.S. PERSON, IS NOT ACQUIRING THIS NOTE FOR THE ACCOUNT OR FOR THE BENEFIT OF A U.S. PERSON AND IS ACQUIRING THIS NOTE
IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, AND AGREES THAT IT WILL NOT WITHIN [IN THE CASE
OF RULE 144A NOTES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE
OF THE ISSUER WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE)] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER
OF THE DATE WHEN THE NOTES WERE FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS IN RELIANCE ON REGULATION S AND THE DATE OF THE COMPLETION
OF THE DISTRIBUTION] RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) IN THE
UNITED STATES TO A PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A QIB IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE
THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION
FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT (PROVIDED THAT PRIOR TO A TRANSFER PURSUANT TO CLAUSE (D) OR (E), THE TRUSTEE IS FURNISHED WITH
AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT) OR (F) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS, AND AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED (OTHER THAN A TRANSFER PURSUANT
TO CLAUSE (D) OR (F) ABOVE) A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

 

THE HOLDER OF THIS NOTE,
BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES THAT IT
SHALL NOT TRANSFER THE SECURITIES IN AN AMOUNT LESS THAN $2,000.

 

    A-2

     

    

 

8.00% SENIOR NOTES DUE 202[5][6]

 

NCL Corporation Ltd., a Bermuda
exempted company, for value received, promises to pay to [●] or registered assigns the principal sum of $[●] (as such amount
may be increased or decreased as indicated in Schedule A (Schedule of Principal Amount in the Global Note) of this Note) on [●],
202[5][6].

 

From [●], 202[2][3]
or from the most recent Interest Payment Date to which interest has been paid or provided for, cash interest on this Note will accrue
at 8.00%, payable semi-annually on [●] and [●] of each year, beginning on [●], 2023, to the Person in whose name this
Note (or any predecessor Note) is registered at the close of business on the preceding [●] and [●], as the case may be. Interest
on overdue principal and interest, including premium (including the Redemption Premium) and Additional Amounts, if any, will accrue at
a rate that is 2.00% higher than the interest rate on the Notes.

 

THIS NOTE SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW RULES THEREOF.

 

Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature of an authorized signatory,
this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

Reference is hereby made
to the further provisions of this Note set forth on the reverse hereof and to the provisions of the Indenture, which provisions shall
for all purposes have the same effect as if set forth at this place.

 

    A-3

     

    

 

IN WITNESS WHEREOF, NCL Corporation
Ltd. has caused this Note to be signed manually or by facsimile by its duly authorized signatory.

 

Dated: [●], 20[●]

 

	 	NCL CORPORATION LTD.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-4

     

    

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes referred to in the Indenture.

 

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

as Trustee

 

	By:	 	 
	 	Authorized
                                            Officer	 

 

    A-5

     

    

 

[FORM OF REVERSE SIDE OF NOTE]

8.00% Senior Notes due 202[5][6]

 

1.              Interest

 

NCL Corporation Ltd., a Bermuda
exempted company (together with its successors and assigns under the Indenture, the “Issuer”), for value received,
promises to pay interest on the principal amount of this Note from [●], 202[2][3] or from the most recent Interest Payment Date
to which interest has been paid or provided for at the rate per annum shown above. Interest will be computed on the basis of a 360-day
year of twelve 30-day months. The Issuer shall pay interest on overdue principal at the interest rate borne by the Notes compounded semi-annually,
and it shall pay interest on other overdue amounts at the same rate to the extent lawful. Any interest paid on this Note shall be increased
to the extent necessary to pay Additional Amounts as set forth in this Note.

 

2.              Additional
Amounts

 

(a)            All
payments made by or on behalf of the Issuer or any of the Guarantors (including, in each case, any successor entity) under or with respect
to the Notes or any Note Guarantee shall be made free and clear of and without withholding or deduction for, or on account of, any present
or future Taxes unless the withholding or deduction of such Taxes is then required by law. If the Issuer, any Guarantor or any other
applicable withholding agent is required by law to withhold or deduct any amount for, or on account of, any Taxes imposed or levied by
or on behalf of (1) any jurisdiction in which the Issuer or any Guarantor is or was incorporated, engaged in business, organized
or resident for tax purposes or any political subdivision thereof or therein or (2) any jurisdiction from or through which any payment
is made by or on behalf of the Issuer or any Guarantor (including, without limitation, the jurisdiction of any Paying Agent) or any political
subdivision thereof or therein (each of (1) and (2), a “Tax Jurisdiction”) in respect of any payments under or
with respect to the Notes or any Note Guarantee, including, without limitation, payments of principal, Redemption Price, purchase price,
interest, duration fees or premium, the Issuer or the relevant Guarantor, as applicable, shall pay such additional amounts (the “Additional
Amounts”) as may be necessary in order that the net amounts received in respect of such payments by each Holder after such
withholding or deduction will equal the respective amounts that would have been received by each Holder in respect of such payments in
the absence of such withholding or deduction; provided, however, that no Additional Amounts shall be payable with respect
to:

 

(1)            any
Taxes, to the extent such Taxes would not have been imposed but for the holder or the beneficial owner of the Notes (or a fiduciary,
settlor, beneficiary, partner of, member or shareholder of, or possessor of a power over, the relevant Holder or beneficial owner, if
the relevant Holder or beneficial owner is an estate, trust, nominee, partnership, limited liability company or corporation) being or
having been a citizen or resident or national of, or incorporated, engaged in a trade or business in, being or having been physically
present in or having a permanent establishment in, the relevant Tax Jurisdiction or having or having had any other present or former
connection with the relevant Tax Jurisdiction, other than any connection arising solely from the acquisition, ownership or disposition
of Notes, the exercise or enforcement of rights under such Note, the Indenture or a Note Guarantee, or the receipt of payments in respect
of such Note or a Note Guarantee;

 

(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);

 

    A-6

     

    

 

(3)            any
estate, inheritance, gift, sale, transfer, personal property or similar Taxes;

 

(4)            any
Taxes payable other than by deduction or withholding from payments under, or with respect to, the Notes or any Note Guarantee;

 

(5)            any
Taxes to the extent such Taxes would not have been imposed or withheld but for the failure of the Holder or beneficial owner of the Notes,
following the Issuer’s reasonable written request addressed to the Holder at least 30 days before any such withholding or deduction
would be imposed, to comply with any certification, identification, information or other reporting requirements, whether required by
statute, treaty, regulation or administrative practice of a Tax Jurisdiction, as a precondition to exemption from, or reduction in the
rate of deduction or withholding of, Taxes imposed by the Tax Jurisdiction (including, without limitation, a certification that the Holder
or beneficial owner is not resident in the Tax Jurisdiction), but in each case, only to the extent the Holder or beneficial owner is
legally eligible to provide such certification or documentation;

 

(6)            any
Taxes imposed in connection with a Note presented for payment (where presentation is permitted or required for payment) by or on behalf
of a Holder or beneficial owner of the Notes to the extent such Taxes could have been avoided by presenting the relevant Note to, or
otherwise accepting payment from, another Paying Agent;

 

(7)            any
Taxes imposed on or with respect to any payment by the Issuer or any of the Guarantors to the Holder of the Notes if such Holder is a
fiduciary or partnership or any person other than the sole beneficial owner of such payment to the extent that such Taxes would not have
been imposed on such payments had such Holder been the sole beneficial owner of such Note;

 

(8)            any
Taxes imposed by the United States, any state thereof or the District of Columbia, or any subdivision thereof or territory thereof, including
any U.S. federal withholding taxes and any Taxes that are imposed pursuant to current Section 1471 through 1474 of the Internal
Revenue Code of 1986, as amended (the “Code”), or any amended or successor version that is substantively comparable
and not materially more onerous to comply with, any regulations promulgated thereunder, any official interpretations thereof, any intergovernmental
agreement between a non-U.S. jurisdiction and the United States (or any related law or administrative practices or procedures) implementing
the foregoing or any agreements entered into pursuant to current Section 1471(b)(1) of the Code (or any amended or successor
version described above); or

 

(9)            any
combination of clauses (1) through (8) above.

 

In addition to the foregoing, the Issuer and
the Guarantors will also pay and indemnify the holder for any present or future stamp, issue, registration, value added, transfer, court
or documentary Taxes, or any other excise or property taxes, charges or similar levies (including penalties, interest and additions to
tax related thereto) which are levied by any relevant Tax Jurisdiction on the execution, delivery, issuance, or registration of any of
the Notes, the Indenture, any Note Guarantee or any other document referred to therein, or the receipt of any payments with respect thereto,
or enforcement of, any of the Notes or any Note Guarantee (limited, solely in the case of Taxes attributable to the receipt of any payments
or that are imposed on or result from a sale or other transfer or disposition of a Note by a Holder or a beneficial owner, to any such
Taxes imposed in a Tax Jurisdiction that are not excluded under clauses (1) through (3) or (5) through (9) above
or any combination thereof), save in each case for any such taxes, charges or levies which arise or are increased as a result of any
document effecting the registration, issue or delivery of any of the notes either being signed or executed in the United Kingdom or being
brought into the United Kingdom.

 

    A-7

     

    

 

(b)           If
the Issuer or any Guarantor, as the case may be, becomes aware that it will be obligated to pay Additional Amounts with respect to any
payment under or with respect to the Notes or any Note Guarantee, the Issuer or the relevant Guarantor, as the case may be, shall deliver
to the Trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts
arises after the 30th day prior to that payment date, in which case the Issuer or the relevant Guarantor shall notify the Trustee promptly
thereafter) an Officer’s Certificate stating the fact that Additional Amounts will be payable and the amount estimated to be so
payable. The Officer’s Certificates must also set forth any other information reasonably necessary to enable the Paying Agents
to pay Additional Amounts to Holders on the relevant payment date. The Issuer or the relevant Guarantor will provide the Trustee with
documentation reasonably satisfactory to the Trustee evidencing the payment of Additional Amounts. The Trustee shall be entitled to rely
absolutely on an Officer’s Certificate as conclusive proof that such payments are necessary.

 

(c)           The
Issuer or the relevant Guarantor, if it is the applicable withholding agent, will make all withholdings and deductions (within the time
period) required by law and will remit the full amount deducted or withheld to the relevant Tax authority in accordance with applicable
law. The Issuer or the relevant Guarantor will use its reasonable efforts to obtain Tax receipts from each Tax authority evidencing the
payment of any Taxes so deducted or withheld. The Issuer or the relevant Guarantor will furnish to the Trustee (or to a Holder of this
Note upon request), within 60 days after the date the payment of any Taxes so deducted or withheld is made, certified copies of Tax receipts
evidencing payment by the Issuer or a Guarantor, as the case may be, or if, notwithstanding such entity’s efforts to obtain receipts,
receipts are not obtained, other evidence of payments (reasonably satisfactory to the Trustee) by such entity.

 

(d)           Whenever
in the Indenture or this Note there is mentioned, in any context, the payment of amounts based upon the principal amount of the Notes
or of principal, interest or of any other amount payable under, or with respect to, any of the Notes or any Note Guarantee, such mention
shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are,
were or would be payable in respect thereof.

 

(e)           The
preceding obligations will survive any termination, defeasance or discharge of the Indenture, any transfer by a Holder or beneficial
owner of its Notes, and will apply, mutatis mutandis, to any jurisdiction in which any successor Person to the Issuer (or any
Guarantor) is incorporated, engaged in business, organized or resident for tax purposes, or any jurisdiction from or through which payment
is made under or with respect to the Notes (or any Note Guarantee) by or on behalf of such Person and, in each case, any political subdivision
thereof or therein.

 

3.              Method
of Payment

 

The Issuer shall pay interest
on this Note (except Defaulted Interest) to the Holder at the close of business on the Record Date for the next Interest Payment Date
even if this Note is cancelled after the Record Date and on or before the Interest Payment Date. The Issuer shall pay principal, premium
(including the Redemption Premium), if any, and interest (including Defaulted Interest, if any) in U.S. dollars in immediately available
funds that at the time of payment is legal tender for payment of public and private debts; provided that payment of interest may
be made at the option of the Issuer by check mailed to the Holder.

 

The amount of payments in
respect of interest on each Interest Payment Date shall correspond to the aggregate principal amount of Notes represented by this Note,
as established by the Registrar at the close of business on the relevant Record Date. Payments of principal shall be made upon surrender
of this Note to the Paying Agent.

 

    A-8

     

    

 

4.              Paying
Agent and Registrar

 

Initially, U.S. Bank Trust
Company, National Association or one of its Affiliates will act as Principal Paying Agent and Registrar. The Issuer or any of its Affiliates
may act as Paying Agent, Registrar or co-Registrar.

 

5.              Indenture

 

The Issuer issued this Note
under an indenture dated as of [●], 202[2][3] (as amended, supplemented or otherwise modified from time to time, the “Indenture”),
among the Issuer, the guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
The terms of this Note include those stated in the Indenture. Terms defined in the Indenture and not defined herein have the meanings
ascribed thereto in the Indenture. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling.

 

6.    
         Optional Redemption

 

(a)            Prior
to [●], 202[5][6]6 (the “Par Call Date”), the Issuer may redeem the Notes at its option, in whole
or in part, at any time and from time to time, upon giving not less than 10 nor more than 60 days’ notice, at a Redemption Price
(expressed as a percentage of the principal amount to be redeemed and rounded to three decimal places) equal to the greater of:

 

(1) (a) the sum of the present
values of the remaining scheduled payments of principal and interest thereon (including any duration fees as provided below) discounted
to the Redemption Date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Rate plus 50 basis points less (b) interest accrued to the Redemption Date, and

 

(2) 100% of the principal amount
of the Notes to be redeemed,

 

plus,
in either case, accrued and unpaid interest and Additional Amounts, if any, to, but excluding, the Redemption Date, subject to the rights
of Holders of the Notes on the relevant Record Date to receive interest due on the relevant Interest Payment Date. For all purposes
under this Section 6, including the calculation of the Redemption Price, any duration fee payable on any Note shall be deemed to
constitute interest thereon.

 

(b)            On
or after the Par Call Date, the Issuer may redeem the Notes at its option, in whole or in part, at any time and from time to time, upon
giving not less than 10 nor more than 60 days’ notice, at a Redemption Price equal to 100% of the principal amount of the Notes
to be redeemed, plus accrued and unpaid interest and Additional Amounts, if any, to, but excluding, the Redemption Date, subject to the
rights of Holders of the Notes on the relevant Record Date to receive interest due on the relevant Interest Payment Date.

 

Notwithstanding the foregoing,
in connection with any tender offer for the Notes, including a Change of Control Offer, Asset Sale Offer or Specified Asset Sale Offer,
if Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes
in such tender offer and the Issuer, or any third party making such tender offer in lieu of the Issuer, purchases all of the Notes validly
tendered and not withdrawn by such Holders, the Issuer or such third party will have the right upon not less than 10 nor more than 60
days’ prior notice, given not more than 30 days following such purchase date, to redeem all Notes that remain outstanding following
such purchase at the Redemption Price plus accrued and unpaid interest and Additional Amounts, if any, thereon, to, but excluding,
the date of such redemption.

 

 

 

6 To be 30 days prior to the maturity date.

 

    A-9

     

    

 

7.             Redemption
for Changes in Taxes

 

The Issuer may redeem the
Notes, in whole but not in part, at its discretion at any time upon giving not less than 10 nor more than 60 days’ prior written
notice to the Holders of the Notes (which notice shall be irrevocable and given in accordance with the procedures set forth under Section 3.04
of the Indenture), at a Redemption Price equal to 100% of the principal amount thereof, together with accrued and unpaid interest, if
any, to the date fixed by the Issuer for redemption (a “Tax Redemption Date”) and all Additional Amounts (if any)
then due or which will become due on the Tax Redemption Date as a result of the redemption or otherwise (subject to the right of Holders
on the relevant Record Date to receive interest due on the relevant Interest Payment Date and Additional Amounts (if any) in respect
thereof), if on the next date on which any amount would be payable in respect of the Notes or Note Guarantee, the Issuer or any Guarantor
is or would be required to pay Additional Amounts (but, in the case of a Guarantor, only if the payment giving rise to such requirement
cannot be made by the Issuer or another Guarantor without the obligation to pay Additional Amounts), and the Issuer or the relevant Guarantor
cannot avoid any such payment obligation by taking reasonable measures available (including, for the avoidance of doubt, appointment
of a new Paying Agent but excluding the reincorporation or reorganization of the Issuer or any Guarantor), and the requirement arises
as a result of a Change in Tax Law.

 

The Issuer shall not give
any such notice of redemption earlier than 60 days prior to the earliest date on which the Issuer or the relevant Guarantor would be
obligated to make such payment or Additional Amounts if a payment in respect of the Notes or Note Guarantee were then due and at the
time such notice is given, the obligation to pay Additional Amounts must remain in effect. Prior to the publication or, where relevant,
delivery of any notice of redemption of the Notes pursuant to the foregoing, the Issuer shall deliver the Trustee an opinion of independent
tax counsel of recognized standing qualified under the laws of the relevant Tax Jurisdiction (which counsel shall be reasonably acceptable
to the Trustee) to the effect that there has been a Change in Tax Law which would entitle the Issuer to redeem the Notes hereunder. In
addition, before the Issuer delivers a notice of redemption of the Notes as described above, it shall deliver to the Trustee an Officer’s
Certificate to the effect that it cannot avoid its obligation to pay Additional Amounts by the Issuer or the relevant Guarantor taking
reasonable measures available to it.

 

The Trustee will accept and
shall be entitled to rely on such Officer’s Certificate and Opinion of Counsel as sufficient evidence of the existence and satisfaction
of the conditions as described above, in which event it will be conclusive and binding on all of the Holders.

 

The foregoing provisions
of this paragraph 7 will apply, mutatis mutandis, to any successor of the Issuer (or any Guarantor) with respect to a Change in
Tax Law occurring after the time such Person becomes successor to the Issuer (or any Guarantor).

 

8.             Repurchase
at the Option of Holders

 

(a)            Upon
a Change of Control Triggering Event, the Holders shall have the right to require the Issuer to offer to repurchase the Notes pursuant
to Section 4.11 of the Indenture.

 

(b)            The
Notes may also be subject to Asset Sale Offers and Specified Asset Sale Offers pursuant to Section 4.09 of the Indenture.

 

    A-10

     

    

 

9.             Denominations

 

The Notes (including this
Note) are in denominations of $2,000 and integral multiples of $1,000 in excess thereof of principal amount at maturity. The transfer
of Notes (including this Note) may be registered, and Notes (including this Note) may be exchanged, as provided in the Indenture. The
Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and
fees required by law or permitted by the Indenture.

 

10.            Unclaimed
Money

 

All moneys paid by the Issuer
or the Guarantors to the Trustee or a Paying Agent for the payment of the principal of, or premium, if any, or interest on, this Note
or any other Note that remain unclaimed at the end of two years after such principal, premium or interest has become due and payable
may be repaid to the Issuer or the Guarantors, subject to applicable law, and the Holder of such Note thereafter may look only to the
Issuer or the Guarantors for payment thereof.

 

11.            Discharge
and Defeasance

 

The Notes shall be subject
to defeasance, satisfaction and discharge as provided in Article Eight of the Indenture.

 

12.            Amendment,
Supplement and Waiver

 

The Notes, the Note Guarantees
and the Indenture may be amended or modified as provided in Article Nine of the Indenture.

 

13.            Defaults
and Remedies

 

This Note and the other Notes
have the Events of Default as set forth in Section 6.01 of the Indenture.

 

14.            [Reserved].

 

15.           Trustee
Dealings with the Issuer

 

The Trustee under the Indenture,
in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations
owed to it by the Issuer, the Guarantors or any of their Affiliates with the same rights it would have if it were not Trustee. Any Paying
Agent, Registrar, co-Registrar or co-Paying Agent may do the same with like rights.

 

16.            No
Recourse Against Others

 

A director, officer, employee,
incorporator, member or shareholder, as such, of the Issuer or the Guarantors shall not have any liability for any obligations of the
Issuer or the Guarantors under this Note, the other Notes, the Note Guarantees or the Indenture or for any claim based on, in respect
of, or by reason of, such obligations or their creation. By accepting a Note, each Holder shall waive and release all such liability.
The waiver and release are part of the consideration for issuance of the Notes.

 

17.            Authentication

 

This Note shall not be valid
until an authorized officer of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other
side of this Note.

 

    A-11

     

    

 

18.            Abbreviations

 

Customary abbreviations may
be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN
(= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act).

 

19.            ISIN
and/or CUSIP Numbers

 

The Issuer may cause ISIN
and/or CUSIP numbers to be printed on the Notes, and if so the Trustee shall use ISIN and/or CUSIP numbers in notices of redemption as
a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained
in any notice of redemption, and reliance may be placed only on the other identification numbers placed on the Notes.

 

20.            Governing
Law

 

THIS NOTE SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW RULES THEREOF.

 

    A-12

     

    

 

ASSIGNMENT FORM

 

	To assign and transfer this Note,
    fill in the form below:
	 
	(I) or (the Issuer) assign and transfer this Note
    to
	 
	(Insert assignee’s
    social security or tax I.D. no.)
	 
	(Print or type assignee’s
    name, address and postal code)
	 
	and irrevocably appoint ____________________ agent
    to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

 

	Your Signature:	 
	 	(Sign exactly as your name appears on the other side of this Note)

 

	Signature Guarantee:	 
	 	(Participant in a recognized signature guarantee medallion program)  

 

	Date:	 	 
	 	 	 
	Certifying Signature

 

In connection with any transfer
of any Notes evidenced by this certificate occurring prior to the date that is one year after the later of the date of original issuance
of such Notes and the last date, if any, on which the Notes were owned by the Issuer or any of its Affiliates, the undersigned confirms
that such Notes are being transferred in accordance with the transfer restrictions set forth in such Notes and:

 

CHECK ONE BOX BELOW

 

(1)      ̈     to
the Issuer or any Subsidiary; or

 

(2)      ̈     pursuant
to an effective registration statement under the U.S. Securities Act of 1933; or

 

(3)      ̈     pursuant
to and in compliance with Rule 144A under the U.S. Securities Act of 1933; or

 

(4)      ̈     pursuant
to and in compliance with Regulation S under the U.S. Securities Act of 1933; or

 

(5)      ̈     pursuant
to another available exemption from the registration requirements of the U.S. Securities Act of 1933.

 

    A-13

     

    

 

Unless one of the boxes is
checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any person other than the
registered Holder thereof; provided, however, that if box (3) is checked, by executing this form, the Transferor is
deemed to have certified that such Notes are being transferred to a person it reasonably believes is a “qualified institutional
buyer” as defined in Rule 144A under the U.S. Securities Act of 1933 who has received notice that such transfer is being made
in reliance on Rule 144A; if box (4) is checked, by executing this form, the Transferor is deemed to have certified that such
transfer is made pursuant to an offer and sale that occurred outside the United States in compliance with Regulation S under the U.S.
Securities Act; and if box (5) is checked, the Trustee may require, prior to registering any such transfer of the Notes, such legal
opinions, certifications and other information as the Issuer reasonably requests to confirm that such transfer is being made pursuant
to an exemption from or in a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933.

 

	Signature:	 

 

	Signature Guarantee:	 
	 	(Participant in a recognized signature guarantee medallion program)

 

	Certifying Signature:	 	 	Date:	 

 

	Signature Guarantee:	 
	 	(Participant in a recognized signature guarantee medallion program)

 

    A-14

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If
you want to elect to have this Note or a portion thereof repurchased pursuant to Section 4.09 or 4.11 of the Indenture, check the
box:  ̈

 

If the purchase is in part,
indicate the portion (in denominations of $2,000 or any integral multiple of $1,000 in excess thereof) to be purchased:

 

	Your Signature:	 
	 	(Sign exactly as your name appears on the other side of this Note)

 

	Date:	 

 

	Certifying Signature:	 

 

    A-15

     

    

 

SCHEDULE A

 

SCHEDULE OF PRINCIPAL AMOUNT IN THE GLOBAL
NOTE

 

The following exchanges of
a part of this Global Note for an interest in another Global Note or for a Definitive Registered Note, or exchanges of a part of another
Global Note or Definitive Registered Note for an interest in this Global Note, have been made:

 

	Date of 
 Decrease/Increase	 	Amount of Decrease

    in Principal
 Amount	 	Amount of Increase

    in Principal 
 Amount	 	Principal Amount

    Following such
 Decrease/Increase	 	Signature of
 Authorized
    Officer
 of Registrar
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    A-16

     

    

 

 

EXHIBIT B

 

FORM OF TRANSFER CERTIFICATE FOR TRANSFER
FROM RESTRICTED

GLOBAL NOTE TO REGULATION S GLOBAL NOTE7

 

(Transfers pursuant to § 2.06(b)(ii) of
the Indenture)

 

U.S. Bank Trust Company, National Association

U.S. Bank Global Corporate Trust Services

60 Livingston Avenue

St. Paul, Minnesota 55017

EP-MN-WS3C

Attention: Transfer Agent

 

Re: 8.00% Senior Notes due
202[5][6] (the “Notes”)

 

Reference is hereby made to
the Indenture dated as of [●], 202[2][3] (as amended, supplemented or otherwise modified from time to time, the “Indenture”)
among NCL Corporation Ltd., a Bermuda exempted company, as Issuer, the guarantors party thereto, as Guarantors, and U.S. Bank Trust Company,
National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given them in the Indenture.

 

This letter relates to $____________
aggregate principal amount of Notes that are held as a beneficial interest in the form of the Restricted Global Note (CUSIP No.: [●]8;
ISIN No: [●]9) with DTC in the name of [name of transferor] (the “Transferor”). The Transferor
has requested an exchange or transfer of such beneficial interest for an equivalent beneficial interest in the Regulation S Global Note
(CUSIP No.: [●]10; ISIN No: [●]11).

 

In connection with such request,
the Transferor does hereby certify that such transfer has been effected in accordance with the transfer restrictions set forth in the
Notes and:

 

(a)           with
respect to transfers made in reliance on Regulation S (“Regulation S”) under the United States Securities Act of 1933,
as amended (the “U.S. Securities Act”), does certify that:

 

(i)            the
offer of the Notes was not made to a person in the United States;

 

(ii)           either
(i) at the time the buy order is originated the transferee is outside the United States or the Transferor and any person acting on
its behalf reasonably believe that the transferee is outside the United States; or (ii) the transaction was executed in, on or through
the facilities of a designated offshore securities market described in paragraph (b) of Rule 902 of Regulation S and neither
the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;

 

 

 

	7	If the Note is a Definitive Registered Note, appropriate changes need to be made to the form of this transfer certificate.
	8	Issue Date Rule 144A CUSIP: [●]  
	9	Issue Date Rule 144A ISIN: [●]  
	10	Issue Date Regulation S CUSIP: [●]  
	11	Issue Date Regulation S ISIN: [●]  

 

    B-1

     

    

 

(iii)          no
directed selling efforts have been made in the United States by the Transferor, an Affiliate thereof or any person on its behalf in contravention
of the requirements of Rule 903 or 904 of Regulation S, as applicable;

 

(iv)          the
transaction is not part of a plan or scheme to evade the registration requirements of the U.S. Securities Act; and

 

(v)          the
Transferor is not the Issuer, a distributor of the Notes, an Affiliate of the Issuer or any such distributor (except any officer or director
who is an Affiliate solely by virtue of holding such position) or a person acting on behalf of any of the foregoing.

 

(b)           with
respect to transfers made in reliance on Rule 144 the Transferor certifies that the Notes are being transferred in a transaction
permitted by Rule 144 under the U.S. Securities Act.

 

You, the Issuer, the Guarantors
and the Trustee are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate
have the meanings set forth in Regulation S.

 

	 	[Name of Transferor]
	 	 
	 	By:	                      
	 	 	Name:
	 	 	Title:
	 	 
	 	 	Date:

 

cc:

 

Attention:

 

    B-2

     

    

 

EXHIBIT C

 

[FORM OF TRANSFER CERTIFICATE FOR TRANSFER
FROM REGULATION S

GLOBAL NOTE TO RESTRICTED GLOBAL NOTE]

 

(Transfers pursuant to § 2.06(b)(iii) of
the Indenture)

 

U.S. Bank Trust Company, National Association

U.S. Bank Global Corporate Trust Services

60 Livingston Avenue

St. Paul, Minnesota 55017

EP-MN-WS3C

Attention: Transfer Agent

 

Re: 8.00% Senior Notes due
202[5][6] (the “Notes”)

 

Reference is hereby made to
the Indenture dated as of [●], 202[2][3] (as amended, supplemented or otherwise modified from time to time, the “Indenture”)
among NCL Corporation Ltd., a Bermuda exempted company, as Issuer, the guarantors party thereto, as Guarantors, and U.S. Bank Trust Company,
National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given them in the Indenture.

 

This letter relates to $_____________
aggregate principal amount at maturity of Notes that are held in the form of the Regulation S Global Note with DTC (CUSIP No.: [●]12
ISIN No.: [●]13) in the name of [name of transferor] (the “Transferor”) to effect the transfer of
the Notes in exchange for an equivalent beneficial interest in the Restricted Global Note (CUSIP No.: [●]14; ISIN No.:
[●]15).

 

In connection with such request,
and in respect of such Notes the Transferor does hereby certify that such Notes are being transferred in accordance with the transfer
restrictions set forth in the Notes and that:

 

CHECK ONE BOX BELOW:

 

		 ̈	the Transferor is relying on Rule 144A under the U.S. Securities Act for exemption from the registration
requirements thereunder; it is transferring such Notes to a person it reasonably believes is a QIB as defined in Rule 144A that purchases
for its own account, or for the account of a qualified institutional buyer, and to whom the Transferor has given notice that the transfer
is made in reliance on Rule 144A and the transfer is being made in accordance with any applicable securities laws of any state of
the United States; or

 

 

 

		12	Issue Date Regulation S CUSIP: [●]

		13	Issue Date Regulation S ISIN: [●]

		14	Issue Date Rule 144A CUSIP: [●]

		15	Issue Date Rule 144A ISIN: [●]

 

    C-1

     

    

 

		 ̈	the Transferor is relying on an exemption other than Rule 144A from the registration requirements
of the U.S. Securities Act, subject to the Issuer’s and the Trustee’s right prior to any such offer, sale or transfer to require
the delivery of an Opinion of Counsel, certification and/or other information satisfactory to each of them.

 

You, the Issuer, the Guarantors,
and the Trustee are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.

 

	 	[Name of Transferor]
	 	 
	 	By:	                  
	 	Name:
	 	Title:
	 	 
	 	Date:

 

cc:

 

Attention:

 

    C-2

     

    

 

EXHIBIT D

 

FORM OF SUPPLEMENTAL INDENTURE

 

SUPPLEMENTAL INDENTURE dated
as of [●], 20[●] (this “Supplemental Indenture”) by and among NCL Corporation Ltd. (the “Issuer”),
the other parties listed as New Guarantors on the signature pages hereto (each, a “New Guarantor” and, collectively,
the “New Guarantors”) and U.S. Bank Trust Company, National Association, as trustee (in such capacity, the “Trustee”).

 

W I T N E S E T H

 

WHEREAS, the Issuer, the Trustee
and the other parties thereto have heretofore executed and delivered an Indenture, dated as of [●], 202[2][3] (as amended, supplemented
or otherwise modified from time to time, the “Indenture”), providing for the issuance of 8.00% Senior Notes due 202[5][6]
of the Issuer (the “Notes”), initially in the aggregate principal amount of $[●];

 

WHEREAS, pursuant to Section 9.01
of the Indenture, the Issuer and the Trustee are authorized to execute and deliver this Supplemental Indenture; and

 

WHEREAS, all necessary acts
have been done to make this Supplemental Indenture a legal, valid and binding agreement of each New Guarantor in accordance with the terms
of this Supplemental Indenture.

 

NOW THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant
and agree for the equal and ratable benefit of the Holders as follows:

 

Article I

Definitions

 

Section 1.01     Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

Article II

AGREEMENT TO BE BOUND

 

Section 2.01     Agreement
to Guarantee. The New Guarantor acknowledges that it has received and reviewed a copy of the Indenture and all other documents it
deems necessary to review in order to enter into this Supplemental Indenture, and acknowledges and agrees to (i) join and become
a party to the Indenture as indicated by its signature below; (ii) be bound by the Indenture, as of the date hereof, as if made by,
and with respect to, each signatory hereto; and (i) perform all obligations and duties required of a Guarantor pursuant to the Indenture.
The New Guarantor hereby agrees to provide a Note Guarantee on the terms and subject to the conditions set forth in the Indenture, including,
but not limited to, Article Ten thereof.

 

Section 2.02     Execution
and Delivery. The New Guarantor agrees that the Note Guarantee shall remain in full force and effect notwithstanding the absence of
the endorsement of any notation of such Note Guarantee on the Notes.

 

    D-1

     

    

 

Article III

Miscellaneous

 

Section 3.01     Governing
Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section 3.02     Severability.
In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 3.03     Ratification.
Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions
thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every
Holder heretofore or hereafter shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency
of this Supplemental Indenture.

 

Section 3.04     Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement. One signed copy is enough to prove this Supplemental Indenture. The exchange of copies of this Supplemental
Indenture and of signature pages by facsimile or other electronic transmission shall constitute effective execution and delivery
of this Supplemental Indenture as to the parties hereto. Signatures of the parties hereto transmitted by facsimile or other electronic
transmission shall be deemed to be their original signatures for all purposes.

 

Section 3.05     Effect
of Headings. The headings herein are convenience of reference only and shall not affect the construction hereof.

 

Section 3.06     The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental
Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the New Guarantor.

 

Section 3.07     Benefits
Acknowledged. The New Guarantor’s Note Guarantee is subject to the terms and conditions set forth in the Indenture. The New
Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture
and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to its Note Guarantee and this Supplemental Indenture
are knowingly made in contemplation of such benefits.

 

Section 3.08     Successors.
All agreements of the New Guarantor in this Supplemental Indenture shall bind its successors, except as otherwise provided in this
Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors.

 

[Remainder of Page Intentionally Left Blank]

 

    D-2

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Supplemental Indenture to be duly executed, all as of the date first above written.

 

	 	ISSUER:
	 	 
	 	NCL CORPORATION LTD.
	 	 
	 	By:	                       
	 	 	Name:
	 	 	Title:

 

	 	NEW GUARANTORS:
	 	 
	 	[NEW GUARANTORS]
	 	 
	 	By:	                       
	 	 	Name:
	 	 	Title:

 

	 	TRUSTEE:
	 	 
	 	U.S. BANK TRUST COMPANY, NATIONAL
    ASSOCIATION, as Trustee
	 	 
	 	By:	           
	 	 	Name:
	 	 	Title:

 

    D-3

     

    

 

EXHIBIT D

Form of Notice to Purchasers

 

[Attached.]

 

Exhibit D

 

    [Amended and Restated Commitment Letter]

     

    

 

EXHIBIT D

 

NCL

$1,000,000,000 Senior Bridge Facility

Form of Purchase Notice

 

[PURCHASER]

[_____]

[_____]

 

[______], [____]

 

Ladies and Gentlemen:

 

Reference is made to that certain
Amended and Restated Commitment Letter, dated as of July 26, 2022 (the “Commitment Letter”), between NCL Corporation
Ltd., an exempted company incorporated in Bermuda with limited liability and tax resident in the United Kingdom (the “Company”)
and each Purchaser listed on Annex I thereto (the “Purchasers”). Capitalized terms used herein without definition shall
have the meanings provided therefor in the Commitment Letter.

 

This letter constitutes notice
pursuant to Section 1 of the Commitment Letter that the Company hereby requests that the Purchaser execute and deliver to the Company
within five Business Days after receipt of this letter the Note Purchase Agreement with respect of [all Secured Note Commitments] [and]
[all Unsecured Note Commitments] as of the date hereof.

 

	 	Very truly yours,
	 	 
	 	NCL CORPORATION LTD.
	 	 
	 	By:	                         
	 	Name:
	 	Title:EX-4.4

 Exhibit 4.4 

WARRANT AGREEMENT 

GLOBAL STAR ACQUISITION, INC. 

and 
 CONTINENTAL STOCK
TRANSFER & TRUST COMPANY 
 This Warrant Agreement (this “Agreement”), is made as of
[     ], 2022, between Global Star Acquisition, Inc., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a limited purpose trust company, as warrant agent (in
such capacity, the “Warrant Agent”). 
 WHEREAS, the Company is engaged in an initial public offering
(the “Public Offering”) of units of the Company’s equity securities, each such unit comprised of one share of Class A common stock of the Company, par value $0.0001 per share (“Common
Stock”), and one redeemable Public Warrant (as defined below) (the “Public Units”) and, in connection therewith, has determined to issue and deliver up to 7,500,000 warrants (or up to 8,625,000 warrants if the
Over-allotment Option (as defined below) is exercised in full) to public investors in the Offering (the “Public Warrants”). Each whole Warrant entitles the holder thereof to purchase three-fourths of a share of Common Stock
for $11.50 per share, subject to adjustment as described herein; and 
 WHEREAS, on
[                ], 2022, the Company entered into agreement that certain Placement Unit Purchase Agreement with Global Link Global Star Acquisition 1 LLC, a Delaware
limited liability company (the “Sponsor”), pursuant to which the Sponsor agreed to purchase an aggregate of 464,375 private placement units (or up to 505,625 private placement units if the underwriters in the Offering
exercise their Over-allotment Option in full) simultaneously with the closing of the Offering (and the closing the Over-allotment Option, if applicable) (the “Private Placement Units” and, together with the Public Units, the
“Units”) at a purchase price of $10.00 per Unit, and, in connection therewith, will issue and deliver up to an aggregate of 464,375 warrants (or up to 505,625 warrants if the Over-allotment Option is exercised in full)
underlying such Private Placement Units bearing the legend set forth in Exhibit B hereto (“Private Placement Warrants”); and 

WHEREAS, in order to finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined
below), the Sponsor or an affiliate of the Sponsor or certain of the Company’s executive officers and directors may, but are not obligated to, loan to the Company funds as the Company may require, of which up to $1,500,000 of such loans may be
convertible into up to an additional 150,000 Units at a price of $10.00 per Unit, and, in connection therewith, will issue and deliver up to an aggregate of 150,000 warrants (the “Working Capital Warrants”); and 

WHEREAS, in order to extend the period of time the Company has to consummate a Business Combination (defined below) as described in the
Prospectus (defined below), the Sponsor or its affiliates or designees may, but are not obligated to loan the Company funds as the Company may require to extend the period beyond 15 months in which the Company must complete its initial business
combination one time , for an additional three months, up to 18 months, for $1.000,000, or $1,150,000 if the underwriters’ over-allotment option is exercised in full ($0.10 per unit in either case), and such loans may be convertible into up to
an additional 100,000 units or 1,150,000 if underwriters’ over-allotment option is exercised in full, at a price of $10.00 per unit, and, in connection therewith, will issue and deliver up to an aggregate of 100,000 warrants, or 115,500
warrants if underwriters’ over-allotment option is exercised in full, (the “Extension Warrants”); and 

WHEREAS, following consummation of the Offering, the Company may issue additional warrants (“Post IPO Warrants,” and,
together with the Private Placement Warrants, the Working Capital Warrants, the Extension Warrants and the Public Warrants, the “Warrants”) in connection with, or following the consummation by the Company of, a Business
Combination (defined below); and 
 WHEREAS, the Company has filed with the Securities and Exchange Commission (the
“Commission”) a registration statement on Form S-1, File No. [xxx-xxxx] (the “Registration Statement”) and prospectus (the “Prospectus”),
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Public Units, and the Public Warrants and the Common Stock included in the Public Units; and 

 WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the
Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and 

WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and 

WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and
countersigned by or on behalf of the Warrant Agent (if a physical certificate is issued), as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 

1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the
Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement. 

2. Warrants. 

2.1 Form of Warrant. Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit
A hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board of Directors or Chief Executive Officer and the Chief Financial Officer, Treasurer, Secretary or
Assistant Secretary of the Company and shall bear a facsimile of the Company’s seal. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the
Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance. 

2.2 Uncertificated Warrants. Notwithstanding anything herein to the contrary, any Warrant, or portion thereof, may be
issued as part of, and be represented by, a Unit, and any Warrant may be issued in uncertificated or book-entry form through the Warrant Agent and/or the facilities of The Depository Trust Company or other book-entry depositary system, in each case
as determined by the Board of Directors of the Company or by an authorized committee thereof. Any Warrant so issued shall have the same terms, force and effect as a certificated Warrant that has been duly countersigned by the Warrant Agent in
accordance with the terms of this Agreement. 
 2.3 Effect of Countersignature. If a physical certificate is issued,
unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant represented by such physical certificate shall be invalid and of no effect and may not be exercised by the holder thereof. 

2.4 Registration. 

2.4.1 Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the
registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book entry form, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof
in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the Public Warrants shall be shown on, and the transfer of such ownership shall be effected
through, records maintained by institutions that have accounts with the Depository Trust Company (the “Depositary”) (such institution, with respect to a Warrant in its account, a “Participant”). 

 If the Depositary subsequently ceases to make its book-entry settlement system available for
the Public Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the Public Warrants
available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent to deliver to the
Depositary definitive certificates in physical form evidencing such Warrants which shall be in the form annexed hereto as Exhibit A. 

Physical certificates, if issued, shall be signed by, or bear the facsimile signature of, the Chairman of the Board, Chief Executive Officer,
Chief Financial Officer, Secretary, or other principal officer of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant
before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance. 

2.4.2 Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the
Warrant Agent may deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner of such Warrant and of each Warrant represented thereby
(notwithstanding any notation of ownership or other writing on any physical certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the
Warrant Agent shall be affected by any notice to the contrary. 
 2.5 Detachability of Warrants. The Common Stock and
the Public Warrants comprising the Public Units shall begin separate trading on the 52nd day following the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New York City
are generally open for normal business (a “Business Day”), then on the immediately succeeding Business Day following such date, or earlier (the “Detachment Date”) with the consent of EF Hutton,
division of Benchmark Investments, LLC, (“EF Hutton”), as the representative of the several underwriters for the Offering, but in no event shall the Common Stock and the Public Warrants comprising the Public Units be
separately traded until (A) the Company has filed a current report on Form 8-K with the Commission containing an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the
Offering, including the proceeds received by the Company from the exercise by the underwriters of their right to purchase additional Public Units in the Offering (the “Over-allotment Option”), if the Over-allotment Option is
exercised prior to the filing of the Form 8-K, and (B) the Company issues a press release and files with the Commission a current report on Form 8-K announcing when
such separate trading shall begin. If the Over-allotment Option is exercised following the filing of a current report on Form 8-K pursuant to (A) above, a second or amended current report on Form 8-K will be filed to provide updated financial information to reflect the exercise of the Over-allotment Option. 

2.6 Fractional Warrants. The Company shall not issue fractional Warrants, other than as the Units, each of which
consists of one Class A ordinary share and three-quarters of a whole Public Warrant. If for any other reason a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number the
number of Warrants to be issued to such holder. 
 2.7 Private Placement Warrants, Working Capital Warrants, and Extension
Warrants Attributes. The Private Placement Warrants, Working Capital Warrants, and Extension Warrants will be issued in the same form as the Public Warrants. 

2.8 Post IPO Warrants. The Post IPO Warrants, when and if issued, shall have the same terms and be in the same form as
the Public Warrants except as may be agreed upon by the Company. 
 3. Terms and Exercise of Warrants. 

 3.1 Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent (if a
physical certificate is issued), entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $11.50 per
share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement shall mean the price per share at which shares of
Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business
Days, provided, that the Company shall provide at least twenty (20) days prior written notice of such reduction to Registered Holders of the Warrants and, provided further that any such reduction shall be applied consistently to all of the
Warrants. 
 3.2 Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise
Period”) commencing on the later of: (i) the date that is thirty (30) days from the date on which the Company completes a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business
combination, involving the Company and one or more businesses (a “Business Combination”), and (ii) the date that is twelve (12) months from the date of the closing of the Offering, and terminating at 5:00 p.m., New
York City time on the earlier to occur of: (w) the date that is five (5) years after the date on which the Company completes its Business Combination, (x) the liquidation of the Company in accordance with the Company’s amended
and restated certificate of incorporation, as amended from time to time, if the Company fails to complete a Business Combination, or (y) the Redemption Date (as defined below) as provided in Section 6.2 hereof (the
“Expiration Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below with respect to an effective
registration statement. Except with respect to the right to receive the Redemption Price (as defined below), in the event of a redemption (as set forth in Section 6 hereof), each outstanding Warrant not exercised on or before the Expiration
Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants
by delaying the Expiration Date; provided, that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be applied
consistently to all of the Warrants. 
 3.3 Exercise of Warrants. 

3.3.1 Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered
Holder thereof by delivering to the Warrant Agent at its corporate trust department (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised, or, in the case of a Warrant represented by a book-entry, the Warrants to be
exercised (the “Book-Entry Warrants”) on the records of the Depositary to an account of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant Agent to the Depositary from
time to time, (ii) an election to purchase (“Election to Purchase”) any Common Stock pursuant to the exercise of a Warrant, properly completed and executed by the Registered Holder on the reverse of the
Definitive Warrant Certificate or, in the case of a Book-Entry Warrant, properly delivered by the Participant in accordance with the Depositary’s procedures, and (iii) the payment in full of the Warrant Price for each share of Common Stock
as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the Common Stock and the issuance of such Common Stock , as follows: 

(a) in lawful money of the United States, in good, certified check or good bank draft payable to the order of the Warrant
Agent; 
 (b) in the event of a redemption pursuant to Section 6 hereof in which the Company’s
board of directors (the “Board”) has elected to require all holders of the Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of Common Stock equal
to the quotient obtained by dividing (x) the product of the number of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value”, as defined in this subsection 3.3.1(b), over the Warrant Price by
(y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(b) and Section 6.2, the “Fair Market Value” shall mean the average last reported sale price of the
Common Stock for the ten (10) trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of the Warrants, pursuant to Section 6 hereof; or 

 (c) as provided in Section 7.4 hereof. 

3.3.2 Issuance of Shares of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the
clearance of the funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number of
full shares of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned Warrant, as
applicable, for the number of shares of Common Stock as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, in no event will the Company be required to net cash settle the Warrant exercise. No Warrant shall be
exercisable for cash and the Company shall not be obligated to deliver any shares of Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities
Act with respect to the shares of Common Stock underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4. No
Warrant shall be exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the Common Stock issuable upon such Warrant exercise has been registered, qualified, or deemed to be exempt from
registration or qualification under the securities laws of the state of residence of the Registered Holder of the Warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Warrant, the
holder of such Warrant shall not be entitled to exercise such Warrant and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing such Public Warrants shall have paid the full purchase price for the Unit
solely for the shares of Common Stock underlying such Unit. The Company may require holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4. If, by reason of any exercise of
warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share of Common Stock, the Company shall round down to the nearest whole number, the
number of shares of Common Stock to be issued to such holder. 
 3.3.3 Valid Issuance. All shares of Common Stock
issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and non-assessable. 

3.3.4 Date of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for shares of
Common Stock is issued shall for all purposes be deemed to have become the holder of record of such shares of Common Stock on the date on which the Warrant, or book-entry position representing such Warrant, was surrendered and payment of the Warrant
Price was made, irrespective of the date of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such surrender and payment is a date when the share transfer books of the Company or book-entry system of the
Warrant Agent are closed, such person shall be deemed to have become the holder of such shares of Common Stock at the close of business on the next succeeding date on which the share transfer books or book-entry system are open. 

3.3.5 Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject
to the provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not
effect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person and any of its affiliates or any other person subject to
aggregation with such person for purposes of the “beneficial ownership” test under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any “group” (within the
meaning of Section 13 of the Exchange Act) of which such person is or may be deemed to be a part, would beneficially own (within the meaning of Section 13 of the Exchange Act) (or to the extent that for any reason the equivalent
calculation under Section 16 of the Exchange Act and the rules and regulations thereunder would result in a higher ownership percentage, such higher percentage would be) in excess of 4.9% or 9.8% (as specified by the holder) (the
“Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by
such person and its 

 
affiliates or any such other person or group shall include the number of shares of Common Stock issuable upon exercise of the Warrant with respect to which the determination of such sentence is
being made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the
unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation
on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange
Act. For purposes of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the Commission as the case may be,
(2) a more recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written request of the
holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be
determined after giving effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. By written notice to the
Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that any such increase shall not be effective until the
sixty-first (61st) day after such notice is delivered to the Company. 
 4. Adjustments. 

4.1 Share Capitalizations. 

4.1.1 Stock Dividends. If after the date hereof, and subject to the provisions of Section 4.5
below, the number of issued and outstanding Common Stock is increased by a capitalization or share dividend of Common Stock , or by a sub-division of Common Stock or other similar event, then, on the effective
date of such share capitalization, sub-division or similar event, the number of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in the issued and outstanding
Common Stock. A rights offering made to all or substantially all holders of Common Stock entitling holders to purchase Common Stock at a price less than the “Historical Fair Market Value” (as defined below) shall be deemed a
capitalization of a number of Common Stock equal to the product of (i) the number of Common Stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or
exercisable for the Common Stock ) multiplied by (ii) one (1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the Historical Fair Market Value. For purposes of this
subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Common Stock , in determining the price payable for Common Stock , there shall be taken into account any consideration received for such
rights, as well as any additional amount payable upon exercise or conversion and (ii) “Historical Fair Market Value” means the volume weighted average price of the Common Stock during the ten (10) trading day period
ending on the trading day prior to the first date on which the Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. No Common Stock shall be issued at less than their par
value. 
 4.1.2 Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired,
pays to all or substantially all of the holders of the Common Stock a dividend or make a distribution in cash, securities or other assets on account of such Common Stock (or other shares into which the Warrants are convertible), other than
(a) as described in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the Common Stock in connection with a proposed initial Business Combination,
(d) to satisfy the redemption rights of the holders of the Common Stock in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation (i) to affect the substance or timing of the
Company’s obligation to provide for the redemption of Class A Common Stock in connection with an initial Business Combination or to redeem 100% of the Company’s public shares if the Company does not consummate its initial Business
Combination 

 
within the time period set forth in the Company’s amended and restated certificate of incorporation or (ii) with respect to any other provisions relating to stockholders’ rights or
pre-initial business combination activity or (e) in connection with the redemption of public shares upon the failure of the Company to complete its initial Business Combination and any subsequent
distribution of its assets upon its liquidation (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be
decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Company’s board of directors (the “Board”),
in good faith) of any securities or other assets paid on each share of Common Stock in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash Dividends” means any
cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other cash dividends and cash distributions paid on the Common Stock during the 365-day period
ending on the date of declaration of such dividend or distribution to the extent it does not exceed $0.50 (which amount shall be adjusted to appropriately reflect any of the events referred to in other subsections of this
Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of Common Stock issuable on exercise of each Warrant). 

4.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 4.6 hereof, the
number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination,
reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock. 

4.3 Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is
adjusted, as provided in subsection 4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction
(x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so
purchasable immediately thereafter. 
 4.4 Replacement of Securities upon Reorganization, etc. In case of any reclassification or
reorganization of the issued and outstanding Common Stock (other than a change covered by Section 4.1 or Section 4.2 hereof or that solely affects the par value of such Common Stock ), or in the
case of any merger or consolidation of the Company with or into another entity (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the issued
and outstanding Common Stock ), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is
dissolved, the Registered Holder of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Common Stock of the Company immediately
theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares or stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or
consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event; and if any reclassification or
reorganization also results in a change in Common Stock covered by Section 4.1 or Section 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this
Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event shall the
Warrant Price be reduced to less than the par value per share issuable upon exercise of such Warrant. 
 4.5 Issuance in Connection with
a Business Combination. If (x) the Company issues additional shares of Common Stock or securities convertible into or exercisable or exchangeable for shares of Common Stock for capital raising purposes in connection with the closing of its
initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Common Stock (as adjusted for stock splits, stock dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the
like), with such issue price or effective issue price to be determined in good faith by the Board (and in the case of any such issuance to the initial stockholders (as defined in the Prospectus) or their affiliates, without taking into account any
founder shares held by such stockholders or their 

 
affiliates, as applicable, prior to such issuance)(the “New Issuance Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total
equity proceeds, and interest thereon, available for the funding of its initial business combination on the date of the consummation of its initial business combination (net of redemptions), and (z) the volume weighted average trading price of
common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial business combination (such price, the “Market Value”) is below $9.20 per share (as
adjusted for stock splits, stock dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like), then the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market Value and
the New Issuance Price and the Redemption Trigger Price (as defined below) will be adjusted (to the nearest cent) to 180% of the greater of the Market Value and the New Issuance Price. 

4.6 Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a
Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the
exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3, 4.4 or
4.5, the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to
give such notice, or any defect therein, shall not affect the legality or validity of such event. 
 4.7 No Fractional Shares.
Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional shares of Common Stock upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this
Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round down to the nearest whole number the
number of shares of Common Stock to be issued to such holder. 
 4.8 Form of Warrant. The form of Warrant need not be changed because
of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares of Common Stock as is stated in the Warrants initially issued pursuant to this Agreement;
provided, however, that the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or
countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 
 4.9
Other Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants
in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint a firm of independent public accountants, investment banking or
other appraisal firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they
determine that an adjustment is necessary, the terms of such adjustment. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion. 

4.10 No Adjustment. For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result of an
adjustment to the conversion ratio of the Class B Common Stock into shares of Common Stock or the conversion of the shares of Class B Common Stock into shares of Common Stock, in each case, pursuant to the Company’s Amended and
Restated Certificate of Incorporation, as further amended from time to time. 
 5. Transfer and Exchange of Warrants. 

5.1 Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the
Warrant Register, upon surrender of such Warrant for transfer, in the case of certificated warrants, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new
Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the
Company from time to time upon request. 

 5.2 Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant
Agent, either in certificated form or book entry position together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of
the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement Warrants, the Working
Capital Warrants, and the Extension Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be
made and indicating whether the new Warrants must also bear a restrictive legend. 
 5.3 Fractional Warrants. The Warrant Agent shall
not be required to effect any registration of transfer or exchange which shall result in the issuance of a warrant certificate or book-entry position for a fraction of a warrant, except as part of the Units. 

5.4 Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants. 

5.5. Warrant Execution and Countersignature. If a physical certificate is issued, the Warrant Agent is hereby authorized to countersign
and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued, pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with
Warrants duly executed on behalf of the Company for such purpose. 
 5.6. Private Placement Warrants, the Working Capital Warrants,
and the Extension Warrants. The Warrant Agent shall not register any transfer of Private Placement Warrants, the Working Capital Warrants, or the Extension Warrants until 30 days after the consummation by the Company of an initial Business
Combination, except for transfers (i) among the initial shareholders or to the initial shareholders’ or the Company’s officers, directors, consultants or their affiliates, (ii) to a holder’s shareholders or members upon the
holder’s liquidation, in each case if the holder is an entity, (iii) by bona fide gift to a member of the holder’s immediate family or to a trust, the beneficiary of which is the holder or a member of the holder’s immediate
family, in each case for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations order, (vi) to the Company for no value for cancellation in
connection with the consummation of a Business Combination, (vii) in connection with the consummation of a Business Combination by private sales, (viii) in the event of the Company’s liquidation prior to its consummation of an initial
Business Combination or (ix) in the event that, subsequent to the consummation of an initial Business Combination, the Company completes a liquidation, merger, share exchange or other similar transaction which results in all of the
Company’s shareholders having the right to exchange their Common Stock for cash, securities or other property, in each case (except for clauses (vi), (viii) or (ix) or with the Company’s prior written consent) on the condition that
prior to such registration for transfer, the Warrant Agent shall be presented with written documentation pursuant to which each transferee (each, a “Permitted Transferee”) or the trustee or legal guardian for such transferee agrees
to be bound by the transfer restrictions contained in this section and any other applicable agreement the transferor is bound by. 
 5.7
Transfer Prior to Detachment. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a
transfer or exchange of such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.6
shall have no effect on any transfer of Warrants on and after the Detachment Date. 
 6. Redemption. 

6.1 Redemption of Warrants for Cash. Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed,
at the option of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.2 below, at the price (the
“Redemption Price”) of $0.01 per Warrant, provided that the last reported sales price of the Common Stock reported has been at least $18.00 per share (subject to adjustment in compliance with Section 4 hereof) (the
“Redemption Trigger Price”), on each of twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which notice of
the redemption is given and provided 

 
that there is an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in Section 6.2 below) or the Company has elected to require the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1; provided, however,
that if and when the Warrants become redeemable by the Company, the Company may not exercise such redemption right if the issuance of shares of Common Stock upon exercise of the Warrants is not exempt from registration or qualification under
applicable state blue sky laws or the Company is unable to effect such registration or qualification. 
 6.2 Date Fixed for, and Notice
of, Redemption; Redemption Price; Reference Value. In the event that the Company elects to redeem the Warrants pursuant to Sections 6.1, the Company shall fix a date for the redemption (the “Redemption
Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (the
“30-day Redemption Period”) to the Registered Holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice
mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such notice. As used in this Agreement, (a) “Redemption Price”
shall mean the price per Warrant at which any Warrants are redeemed pursuant to Sections 6.1 and (b) “Reference Value” shall mean the last reported sales price of the Common Stock for any twenty
(20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which notice of the redemption is given. 

6.3 Exercise after Notice of Redemption. The Warrants, except Private Placement Warrants, may be exercised, for cash. All Warrants may
be exercised on a “cashless basis” in accordance with subsection 3.3.1(b) of this Agreement at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the Redemption Date.
In the event that the Company determines to require all holders of Warrants to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1, the notice of redemption shall contain the information necessary to calculate the
number of shares of Common Stock to be received upon exercise of the Warrants, including the “Fair Market Value” (as such term is defined in subsection 3.3.1(b) hereof) in such case. On and after the Redemption Date, the record holder of
the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price. 
 7. Other Provisions Relating to
Rights of Holders of Warrants. 
 7.1 No Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any
of the rights of a stockholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as a stockholder in respect of the
meetings of stockholders or the election of directors of the Company or any other matter. 
 7.2 Lost, Stolen, Mutilated, or Destroyed
Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include
the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether the
allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone. 
 7.3 Reservation of Common
Stock. The Company shall always reserve and keep available a number of its authorized but unissued shares of Common Stock that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement. 

7.4 Registration of Common Stock; Cashless Exercise at Company’s Option. 

7.4.1. Registration of the Common Stock. The Company agrees that as soon as practicable, but in no event later than
twenty (20) Business Days after the closing of its initial Business Combination, it shall use its commercially reasonable efforts to file with the Commission a registration statement for the registration, under the Securities Act, of the Common
Stock issuable upon exercise of the Warrants. The Company shall use its commercially reasonable efforts to cause the same to become effective within sixty (60) Business Days following the closing of its initial Business Combination and to
maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or redemption of 

 
the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not been declared effective by the sixtieth (60th) Business Day following the
closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the sixty-first (61st) Business Day after the closing of the Business Combination and ending upon such registration statement
being declared effective by the Commission, and during any other period when the Company shall fail to have maintained an effective registration statement covering the issuance of the Common Stock issuable upon exercise of the Warrants, to exercise
such Warrants on a “cashless basis,” by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act or another exemption) for that number of Common Stock equal to the lesser of the quotient obtained by dividing
(x) the product of the number of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this
subsection 7.4.1, “Fair Market Value” shall mean the volume-weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the date that notice of
exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary. The date that notice of “cashless exercise” is received by the Warrant Agent shall be conclusively determined by the
Warrant Agent. In connection with the “cashless exercise” of a Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law
experience) stating that (i) the exercise of the Warrants on a “cashless basis” in accordance with this subsection 7.4.1 is not required to be registered under the Securities Act and (ii) the Common Stock issued upon such
exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act) of the Company and, accordingly, shall not be required to bear a
restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of doubt, unless and until all of the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with its registration
obligations under the first three sentences of this The provisions of this Section 7.4 may not be modified, amended, or deleted without the prior written consent of EF Hutton. 

7.4.2. Cashless Exercise at Company’s Option. If the Common Stock is at the time of any exercise of a Public
Warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act (or any successor rule), the Company may, at its
option, (i) require holders of Public Warrants who exercise Public Warrants to exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act (or any successor
rule) as described in subsection 7.4.1 and (ii) in the event the Company so elects, the Company shall not be required to file or maintain in effect a registration statement for the registration, under the Securities Act, of the Common Stock
issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary. If the Company does not elect at the time of exercise to require a holder of Public Warrants who exercises Public Warrants to exercise such Public
Warrants on a “cashless basis,” it agrees to use its best efforts to register or qualify for sale the Common Stock issuable upon exercise of the Public Warrant under the blue sky laws of the state of residence in those states in which the
Public Warrants were initially offered by the Company of the exercising Public Warrant holder to the extent an exemption is not available. 

7.5 Public Stockholders’ Warrants. Each warrant entitles the registered holder to purchase one share of our Class A common stock at
a price of $11.50 per share, subject to applicable adjustment at any time commencing on the later of 15 months from the closing of this offering and 30 days after the completion of our initial business combination. The warrants will expire five
years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. 
 8.
Concerning the Warrant Agent and Other Matters. 
 8.1 Payment of Taxes. The Company shall from time to time promptly pay all
taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes in
respect of the Warrants or such shares of Common Stock. 
 8.2 Resignation, Consolidation, or Merger of Warrant Agent. 

 8.2.1 Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to
it hereafter appointed, may resign its duties, and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by
resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it has
been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of a Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to
the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation
organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject
to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect
as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument
transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all
instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations. 

8.2.2 Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice
thereof to the predecessor Warrant Agent and the Transfer Agent for the Common Stock not later than the effective date of any such appointment. 

8.2.3 Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be
consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act. 

8.3 Fees and Expenses of Warrant Agent. 

8.3.1 Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant
Agent hereunder and shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 

8.3.2. Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed,
executed, acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement. 

8.4 Liability of Warrant Agent. 

8.4.1. Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it
necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
to be conclusively proved and established by a statement signed by the Chief Executive Officer, Chief Financial Officer, Secretary or Chairman of the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such
statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement. 
 8.4.2. Indemnity. The
Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and
reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent’s gross negligence, willful misconduct or bad faith. 

 8.4.3 Exclusions. The Warrant Agent shall have no responsibility with respect to the
validity of this Agreement or with respect to the validity or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any covenant or condition contained in this
Agreement or in any Warrant. The Warrant Agent shall not be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the
existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this
Agreement or any Warrant or as to whether any shares of Common Stock shall, when issued, be valid and fully paid and non-assessable. 

8.4.4. Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same
upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the
purchase of shares of Common Stock through the exercise of the Warrants. 
 8.4.5 Waiver. The Warrant Agent has no right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement,
dated as of the date hereof, by and between the Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.
The Warrant Agent hereby waives all Claims against the Trust Account and any and all rights to seek access to the Trust Account. 
 9. Miscellaneous
Provisions. 
 9.1 Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the
Warrant Agent shall bind and inure to the benefit of their respective successors and assigns. 
 9.2 Notices. Any notice, statement
or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or
private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows: 

Global Star Acquisition, Inc. 

1641 International Drive Unit 208 

McLean, VA 22012. 
 Attn.: Anthony
Ang, Chief Executive Officer 
 Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the
Company to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid,
addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows: 
 Continental Stock
Transfer & Trust Company 
 1 State Street, 30th Floor 

New York, NY 10004 
 Attn:
Compliance Department 
 9.3 Applicable Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and
of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The

 
Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the City of New York,
County of New York, State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive, forum for any such action, proceeding or claim. The
Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any liability or duty
created by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum. 

Any person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented to
the forum provisions in this Section 9.3. If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court other than a court located within the State of New York or the United States District Court
for the Southern District of New York (a “foreign action”) in the name of any warrant holder, such warrant holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts
located within the State of New York or the United States District Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum provisions (an “enforcement action”),
and (y) having service of process made upon such warrant holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder. 

9.4 Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person or
corporation other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants,
conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the Warrants. 

9.5 Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the
Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit such holder’s Warrant for inspection by the Warrant Agent.

 9.6 Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

9.7 Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect
the interpretation thereof. 
 9.8 Amendments. This Agreement may be amended by the parties hereto without the consent of any
Registered Holder for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this Agreement
as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the Registered Holders. All other modifications or amendments, including any amendment to increase the Warrant Price or shorten the
Exercise Period, shall require the vote or written consent of the Registered Holders of 50% of the then-outstanding Public Warrants and, solely with respect to any amendment to the terms of the Private Placement Warrants, the Working Capital
Warrants, the Extension Warrants or the Post-IPO Warrants or any provision of this Agreement with respect to the Private Placement Warrants, the Working Capital Warrants, or the Extension Warrants, 50% of the
number of the then outstanding Private Placement Warrants, Working Capital Warrants, or Extension Warrants, as applicable. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant
to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders. The provisions of this Section 9.8 may not be modified, amended or deleted without the prior written consent of EF Hutton. 

 9.9 Severability. This Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties
hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

Exhibit A — Form of Warrant Certificate 
 Exhibit B —
Legend — Private Placement Warrants, Working Capital Warrants, and Extension Warrants 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written. 
  

			
	GLOBAL STAR ACQUISITION, INC.
		
	By:	 	 /s/

	Name: Anthony Ang
	Title: Chief Executive Officer

  

			
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, 
as Warrant Agent
		
	By:	 	 /s/

	Name:
	Title: Vice President

 [signature page to Warrant Agreement] 

 EXHIBIT A 

Form of Warrant Certificate 

[FACE] 
 Number 

Warrants 
 THIS WARRANT
SHALL BE VOID IF NOT EXERCISED PRIOR TO 
 THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR 

IN THE WARRANT AGREEMENT DESCRIBED BELOW 

Global Star Acquisition, Inc. 

Incorporated Under the Laws of the State of Delaware 

CUSIP: [ ] 
 Warrant
Certificate 
 This Warrant Certificate certifies that [ ], or registered assigns, is the registered holder of [ ]
warrant(s) (the “Warrants” and each, a “Warrant”) to purchase Class A Common Stock , $0.0001 par value (“Common Stock ”), of Global Star Acquisition, Inc., a Delaware
corporation (the “Company”). Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and nonassessable
Common Stock as set forth below, at the exercise price (the “Exercise Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided for in
the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the
Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 

Each Warrant is initially exercisable for three-fourths of fully paid and non-assessable share of
Common Stock. Fractional shares shall not be issued upon exercise of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in a share of Common Stock, the Company shall, upon exercise, round down
to the nearest whole number the number of Common Stock to be issued to the Warrant holder. The number of Common Stock issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events as set forth in the Warrant
Agreement. 
 The initial Exercise Price per share of Common Stock for any Warrant is equal to $11.50 per share. The Exercise Price is
subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement. 
 Subject to the conditions set forth in
the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of such Exercise Period, such Warrants shall become void. The Warrants may be redeemed, subject to certain conditions, as
set forth in the Warrant Agreement. 
 Reference is hereby made to the further provisions of this Warrant Certificate set forth on the
reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This
Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement. This Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New
York. 

 [Form of Warrant Certificate] 

[Reverse] 
 The Warrants
evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive [ ] shares of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of [•], 2022
(the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a limited purpose trust company, as warrant agent (the “Warrant Agent”),
which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent,
the Company and the holders (the words “holders” or “holder” meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by the
holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 

Warrants may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this
Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of Election to Purchase set forth hereon properly completed and executed, together with payment of the Exercise Price as specified in the Warrant Agreement
or through “cashless exercise” as provided for in the Warrant Agreement at the principal corporate trust office of the Warrant Agent. In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised shall
be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised. 

Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise
(i) a registration statement covering the issuance of the Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating to the Common Stock is current, except through “cashless
exercise” as provided for in the Warrant Agreement. 
 The Warrant Agreement provides that upon the occurrence of certain events the
number of Common Stock issuable upon exercise of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to receive a fractional interest in a
share of Common Stock, the Company shall, upon exercise, round down to the nearest whole number of Common Stock to be issued to the holder of the Warrant. 

The Company reserves the right to call the Warrant at any time prior to its exercise with a notice of call in writing to the holders of record
of the Warrant, pursuant to the terms set forth in the Warrant Agreement. 
 Warrant Certificates, when surrendered at the principal
corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant
Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants. 

Upon due presentation for registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or
Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge
except for any tax or other governmental charge imposed in connection therewith. 
 The Company and the Warrant Agent may deem and treat the
Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof,
and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company.

 Election to Purchase 

(To Be Executed Upon Exercise of Warrant) 

The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive [ ] Common Stock and
herewith tenders payment for such Common Stock to the order of Global Star Acquisition, Inc. (the “Company”) in the amount of $[ ] in accordance with the terms hereof. The undersigned requests that a certificate for such
Common Stock be registered in the name of [ ], whose address is [ ] and that such Common Stock be delivered to [ ] whose address is [ ]. If said [ ] number of Common Stock is less than all of the Common Stock purchasable hereunder, the undersigned
requests that a new Warrant Certificate representing the remaining balance of such Common Stock be registered in the name of [ ], whose address is [ ] and that such Warrant Certificate be delivered to [ ], whose address is [ ]. 

In the event that the Warrant is to be exercised on a “cashless” basis pursuant to Section 7.4 of the
Warrant Agreement, the number of Common Stock that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement. 

In the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number
of Common Stock that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The
undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive Common Stock . If said number of shares is less than all of the
Common Stock purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such Common Stock be registered in the name of [ ], whose address is [ ]
and that such Warrant Certificate be delivered to [ ], whose address is [ ]. 
 (Signature Page Follows) 

Date: [ ], 2022 
  

	
	  

(Signature)

	 (Address)

	(Tax Identification Number)

 Signature
Guaranteed:                                     

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED). 

 EXHIBIT B 

PRIVATE PLACEMENT WARRANTS WORKING CAPITAL WARRANTS, AND EXTENSION WARRANTS LEGEND 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND
MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY
ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG GLOBAL STAR ACQUISITION, INC. (THE “COMPANY”), GLOBAL STAR ACQUISITION 1 LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS
CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT
TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS. 

SECURITIES EVIDENCED BY THIS CERTIFICATE AND SHARES OF CLASS A COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO
REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.” 
 No. Warrants

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]