Document:

Exhibit 4.1

 

Execution Version

 

LINDBLAD EXPEDITIONS, LLC,

as Issuer,

 

LINDBLAD EXPEDITIONS HOLDINGS, INC.,

as Parent,

 

EACH OF THE OTHER GUARANTORS PARTY HERETO

 

and

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee, Principal Paying Agent, Transfer Agent, Registrar and Collateral Trustee

 

 

 

INDENTURE

 

Dated as of February 4, 2022

 

 

 

$360,000,000 6.750% SENIOR SECURED NOTES DUE 2027

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	Article One DEFINITIONS AND INCORPORATION BY REFERENCE 	1
	 	 	 
	Section 1.01	Definitions	1
	 	 	 
	Section 1.02	Other Definitions	42
	 	 	 
	Section 1.03	Rules of Construction	43
	 	 	 
	Article Two THE NOTES	44
	 	 	 
	Section 2.01	The Notes	44
	 	 	 
	Section 2.02	Execution and Authentication	45
	 	 	 
	Section 2.03	Registrar, Transfer Agent and Paying Agent	46
	 	 	 
	Section 2.04	Paying Agent to Hold Money	47
	 	 	 
	Section 2.05	Holder Lists	48
	 	 	 
	Section 2.06	Transfer and Exchange	48
	 	 	 
	Section 2.07	Replacement Notes	51
	 	 	 
	Section 2.08	Outstanding Notes	51
	 	 	 
	Section 2.09	Notes Held by Issuer	51
	 	 	 
	Section 2.10	Definitive Registered Notes	52
	 	 	 
	Section 2.11	Cancellation	52
	 	 	 
	Section 2.12	Defaulted Interest	53
	 	 	 
	Section 2.13	Computation of Interest	54
	 	 	 
	Section 2.14	ISIN and CUSIP Numbers	54
	 	 	 
	Section 2.15	Issuance of Additional Notes	54
	 	 	 
	Article Three REDEMPTION; OFFERS TO PURCHASE 	54
	 	 	 
	Section 3.01	Right of Redemption	54
	 	 	 
	Section 3.02	Notices to Trustee	54

 

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	Section 3.03	Selection of Notes to Be Redeemed	54
	 	 	 
	Section 3.04	Notice of Redemption	55
	 	 	 
	Section 3.05	Deposit of Redemption Price	56
	 	 	 
	Section 3.06	Optional Redemption	57
	 	 	 
	Section 3.07	Payment of Notes Called for Redemption	58
	 	 	 
	Section 3.08	Notes Redeemed in Part	58
	 	 	 
	Section 3.09	Redemption for Changes in Taxes	59
	 	 	 
	Article Four COVENANTS 	 	60
	 	 	 
	Section 4.01	Payment of Notes	60
	 	 	 
	Section 4.02	Company Existence	60
	 	 	 
	Section 4.03	Maintenance of Properties	60
	 	 	 
	Section 4.04	[Reserved]	60
	 	 	 
	Section 4.05	Statement as to Compliance	60
	 	 	 
	Section 4.06	Incurrence of Indebtedness and Issuance of Preferred Stock	61
	 	 	 
	Section 4.07	Liens	67
	 	 	 
	Section 4.08	Restricted Payments	68
	 	 	 
	Section 4.09	Asset Sales	72
	 	 	 
	Section 4.10	Transactions with Affiliates	75
	 	 	 
	Section 4.11	Offer to Repurchase upon a Change of Control	77
	 	 	 
	Section 4.12	Additional Amounts	80
	 	 	 
	Section 4.13	[Reserved]	82
	 	 	 
	Section 4.14	Note Guarantees and Security Interests; Further Assurances	82
	 	 	 
	Section 4.15	[Reserved]	83
	 	 	 
	Section 4.16	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	83
	 	 	 
	Section 4.17	Designation of Restricted and Unrestricted Subsidiaries	85

 

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	Section 4.18	Payment of Taxes and Other Claims	86
	 	 	 
	Section 4.19	Reports to Holders	86
	 	 	 
	Section 4.20	[Reserved]	88
	 	 	 
	Section 4.21	Limitation on Issuance of Guarantees of Indebtedness	88
	 	 	 
	Section 4.22	Impairment of Security Interest	89
	 	 	 
	Section 4.23	After-Acquired Property	90
	 	 	 
	Section 4.24	Re-flagging of Vessels	90
	 	 	 
	Section 4.25	Financial Calculations for Limited Condition Transactions; Certain Calculations	91
	 	 	 
	Article Five MERGER, CONSOLIDATION OR SALE OF ASSETS 	92
	 	 	 
	Section 5.01	Merger, Consolidation or Sale of Assets	92
	 	 	 
	Section 5.02	Successor Substituted	94
	 	 	 
	Article Six DEFAULTS AND REMEDIES 	94
	 	 	 
	Section 6.01	Events of Default	94
	 	 	 
	Section 6.02	Acceleration	96
	 	 	 
	Section 6.03	Other Remedies	97
	 	 	 
	Section 6.04	Waiver of Past Defaults	98
	 	 	 
	Section 6.05	Control by Majority	98
	 	 	 
	Section 6.06	Limitation on Suits	98
	 	 	 
	Section 6.07	Unconditional Right of Holders to Bring Suit for Payment	99
	 	 	 
	Section 6.08	Collection Suit by Trustee	99
	 	 	 
	Section 6.09	Trustee May File Proofs of Claim	100
	 	 	 
	Section 6.10	Application of Money Collected	100
	 	 	 
	Section 6.11	Undertaking for Costs	100
	 	 	 
	Section 6.12	Restoration of Rights and Remedies	101
	 	 	 
	Section 6.13	Rights and Remedies Cumulative	101

 

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	Section 6.14	Delay or Omission Not Waiver	101
	 	 	 
	Section 6.15	Record Date	101
	 	 	 
	Section 6.16	Waiver of Stay or Extension Laws	101
	 	 	 
	Article Seven TRUSTEE AND COLLATERAL TRUSTEE 	102
	 	 	 
	Section 7.01	Duties of Trustee and Collateral Trustee	102
	 	 	 
	Section 7.02	Rights of Trustee and Collateral Trustee	103
	 	 	 
	Section 7.03	Individual Rights of Trustee and the Collateral Trustee	107
	 	 	 
	Section 7.04	Disclaimer	108
	 	 	 
	Section 7.05	Notice of Defaults	108
	 	 	 
	Section 7.06	Compensation and Indemnity	108
	 	 	 
	Section 7.07	Replacement of Trustee or Collateral Trustee	109
	 	 	 
	Section 7.08	Successor Trustee by Merger, etc.	110
	 	 	 
	Section 7.09	Eligibility; Disqualification	110
	 	 	 
	Article Eight DEFEASANCE; SATISFACTION AND DISCHARGE 	111
	 	 	 
	Section 8.01	Issuer’s Option to Effect Defeasance or Covenant Defeasance	111
	 	 	 
	Section 8.02	Defeasance and Discharge	111
	 	 	 
	Section 8.03	Covenant Defeasance	112
	 	 	 
	Section 8.04	Conditions to Defeasance	112
	 	 	 
	Section 8.05	Satisfaction and Discharge of Indenture	113
	 	 	 
	Section 8.06	Survival of Certain Obligations	114
	 	 	 
	Section 8.07	Acknowledgment of Discharge by Trustee	114
	 	 	 
	Section 8.08	Application of Trust Money	114
	 	 	 
	Section 8.09	Repayment to Issuer	115
	 	 	 
	Section 8.10	Indemnity for Government Securities	115

 

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	Article Nine AMENDMENTS AND WAIVERS 	115
	 	 	 
	Section 9.01	Without Consent of Holders	115
	 	 	 
	Section 9.02	With Consent of Holders	117
	 	 	 
	Section 9.03	Effect of Supplemental Indentures	118
	 	 	 
	Section 9.04	Notation on or Exchange of Notes	118
	 	 	 
	Section 9.05	Payments for Consents	119
	 	 	 
	Section 9.06	Notice of Amendment or Waiver	119
	 	 	 
	Section 9.07	Trustee to Sign Amendments, Etc	119
	 	 	 
	Article Ten GUARANTEE 	120
	 	 	 
	Section 10.01	Note Guarantees	120
	 	 	 
	Section 10.02	Subrogation	121
	 	 	 
	Section 10.03	Release of Note Guarantees	121
	 	 	 
	Section 10.04	Limitation and Effectiveness of Note Guarantees	122
	 	 	 
	Section 10.05	Notation Not Required	122
	 	 	 
	Section 10.06	Successors and Assigns	122
	 	 	 
	Section 10.07	No Waiver	123
	 	 	 
	Section 10.08	Modification	123
	 	 	 
	Article Eleven SECURITY 	 	123
	 	 	 
	Section 11.01	Security; Security Documents	123
	 	 	 
	Section 11.02	Authorization of Actions to be Taken by the Collateral Trustee under the Security Documents	124
	 	 	 
	Section 11.03	Post-Closing Actions	125
	 	 	 
	Section 11.04	Release of Liens	125
	 	 	 
	Article Twelve MISCELLANEOUS 	126
	 	 	 
	Section 12.01	Notices	126
	 	 	 
	Section 12.02	Certificate and Opinion as to Conditions Precedent	127

 

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	Section 12.03	Statements Required in Certificate or Opinion	128
	 	 	 
	Section 12.04	Rules by Trustee, Paying Agent and Registrar	128
	 	 	 
	Section 12.05	No Personal Liability of Directors, Officers, Employees and Stockholders	128
	 	 	 
	Section 12.06	Legal Holidays	128
	 	 	 
	Section 12.07	Governing Law	129
	 	 	 
	Section 12.08	Jurisdiction	129
	 	 	 
	Section 12.09	No Recourse Against Others	130
	 	 	 
	Section 12.10	Successors	130
	 	 	 
	Section 12.11	Counterparts	130
	 	 	 
	Section 12.12	Table of Contents and Headings	130
	 	 	 
	Section 12.13	Severability	130
	 	 	 
	Section 12.14	Currency Indemnity	131

 

Exhibits

 

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

 

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INDENTURE, dated as of February 4, 2022, among
Lindblad Expeditions, LLC, a Delaware limited liability company (the “Issuer”), Lindblad Expeditions Holdings, Inc.,
a Delaware corporation (the “Parent Guarantor”), the other Guarantors party hereto and Wilmington Trust, National Association,
as trustee (in such capacity, the “Trustee”), as Principal Paying Agent, as Transfer Agent, as Registrar and as collateral
trustee (in such capacity, the “Collateral Trustee”).

 

RECITALS

 

The Issuer has duly authorized the execution and
delivery of this Indenture to provide for the issuance of its 6.750% Senior Secured Notes due 2027 issued on the date hereof (the “Original
Notes”) and any additional 6.750% Senior Secured Notes due 2027 (the “Additional Notes”) that may be issued
after the Issue Date in compliance with this Indenture. The Original Notes and the Additional Notes together are referred to herein as
the “Notes”. The Issuer has received good and valuable consideration for the execution and delivery of this Indenture.
All necessary acts and things have been done to make (i) the Notes, when duly issued and executed by the Issuer and authenticated
and delivered hereunder, the legal, valid and binding obligations of the Issuer and (ii) this Indenture a legal, valid and binding
agreement of the Issuer in accordance with the terms of this Indenture.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

Article One

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01              Definitions.

 

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

 

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

 

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

 

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

 

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“After-Acquired Property” means
(a) any Related Vessel Property acquired from time to time relating to the Mortgaged Vessels, (b) any Replacement Vessel (and
the Related Vessel Property pertaining thereto) which either (i) replaces a Mortgaged Vessel that was subject to an Event of Loss
or (ii) replaces a Mortgaged Vessel that was sold in an Asset Sale to any Person other than the Parent Guarantor or a Restricted
Subsidiary and (c) any other asset of the same type as any of the Issuer’s or such Guarantor’s assets that were intended
to be a part of the Collateral as of the Issue Date.

 

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

 

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

 

(2)            the
excess of:

 

(a)            the
present value at such redemption date of (i) the redemption price of the Note at February 15, 2024 (such redemption price set
forth in the table appearing in Section 3.06(d)) plus (ii) all required interest payments due on the Note through February 15,
2024 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such
redemption date plus 50 basis points; over

 

(b)            the
principal amount of the Notes.

 

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

 

“Approved Intercreditor Agreement”
means (i) with respect to Indebtedness secured on a pari passu basis with the First Lien Debt, the Collateral Trust Agreement (or
any other collateral trust agreement or intercreditor agreement reasonably acceptable to the Collateral Trustee acting at the direction
of the requisite secured parties) and (ii) with respect to any Indebtedness secured on a junior basis to the First Lien Debt, an
intercreditor agreement the terms of which are consistent with market terms governing security arrangements for the sharing of liens or
arrangements relating to the distribution of payments, as applicable, at the time the intercreditor agreement is proposed to be established
in light of the type of Indebtedness subject thereto.

 

“Asset Sale” means:

 

(a)            the
sale, lease, conveyance or other disposition of any assets by the Parent Guarantor 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 Parent Guarantor 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

 

    	 	2	 

     

    

 

(b)            the
issuance of Equity Interests by any Restricted Subsidiary or the sale by the Parent Guarantor 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 having a Fair Market Value of less than the greater of (i) $10.0
million and (ii) 1.0% of Total Tangible Assets of the Parent Guarantor at the end of the most recent Calculation Period, determined
at the time of the making of such disposition;

 

(b)            a
transfer of assets or Equity Interests between or among the Parent Guarantor and any Restricted Subsidiary;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(l)             the
disposition of assets to a Person who is providing services (the provision of which have been or are to be outsourced by the Parent Guarantor
or any Restricted Subsidiary to such Person) related to such assets;

 

    	 	3	 

     

    

 

 

(m)            the
sale of any property in a sale and leaseback transaction that does not violate the terms of this Indenture;

 

(n)            bareboat
and time charters, leases and other similar arrangements in the ordinary course of business;

 

(b)            sales,
transfers and other dispositions of Investments in joint ventures or similar arrangements made in the ordinary course of business or to
the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture
arrangements and similar binding arrangements; and

 

(c)            any
Total Loss (including an Event of Loss).

 

“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 Parent Guarantor to be the interest rate implicit in
the lease determined in accordance with GAAP, or, if not known, at the Parent Guarantor’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.”

 

“Bankruptcy Code” means Title
11, U.S. Code or any similar federal or state law for the relief of debtors.

 

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

 

“Board of Directors” means:

 

(a)            with
respect to a corporation, the board of directors of the corporation 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;

 

    	 	4	 

     

    

 

(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.

 

“Calculation Period” means,
as of any date of determination, the most recently ended four full fiscal quarters of the Parent Guarantor for which internal financial
statements are available.

 

“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 finance 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; provided, that all obligations of any Person that
are or would have been treated as operating leases for purposes of GAAP prior to the issuance by the Financial Accounting Standards Board
on February 25, 2016 of an Accounting Standards Update (the “ASU”) shall continue to be accounted for as operating leases
for purposes of all financial definitions and calculations for purposes of this Indenture (whether or not such operating lease obligations
were in effect on such date) notwithstanding the fact that such obligations are required in accordance with the ASU (on a prospective
or retroactive basis or otherwise) to be treated as Capitalized Lease Obligations in the Person’s financial statements.

 

“Capital Markets Indebtedness”
means any Indebtedness consisting of bonds, debentures, notes or other similar debt securities issued in (1) a public offering registered
under the U.S. Securities Act, (2) a private placement to institutional investors that is resold in accordance with Rule 144A
or Regulation S under the U.S. Securities Act, whether or not it includes registration rights entitling the holders of such debt securities
to registration thereof or (3) a private placement to institutional investors. For the avoidance of doubt, the term “Capital
Markets Indebtedness” does not include any Indebtedness under commercial bank facilities, Indebtedness incurred in connection
with a sale and leaseback transaction, Indebtedness incurred in the ordinary course of business, Capital Lease Obligations, purchase
money obligations or any other type of Indebtedness incurred in a manner not customarily viewed as a “securities offering.”

 

“Capital Stock” means:

 

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

 

    	 	5	 

     

    

 

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

 

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

 

(d)            in
the case of an exempted company, any and all shares in the capital of the company; and

 

(e)            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 government
of a member state of the European Union, the United States of America, the United Kingdom, Australia, Switzerland or Canada (including,
in each case, any agency or instrumentality thereof), as the case may be, the payment of which is backed by the full faith and credit
of the relevant member state of the European Union or the United States of America, the United Kingdom, Australia, Switzerland or Canada,
as the case may be, and which are not callable or redeemable at the Parent Guarantor’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 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;

 

    	 	6	 

     

    

 

(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 Parent Guarantor and its Subsidiaries now or in the future operate, in such amounts as the Parent Guarantor
determines to be necessary in the ordinary course of their business.

 

“Cash Management Obligations”
means, as to any Person, any and all obligations of such person, whether absolute or contingent and however and whenever created, arising,
evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under any agreement or
arrangement to provide cash management services, including treasury, depository, overdraft, credit or debit card, stored value card, electronic
funds transfer, purchasing cards, netting services, check drawing services, automated payment services (including depository, overdraft,
controlled disbursement, ACH transactions, return items and interstate depository network services), positive pay service, employee credit
card programs, cash pooling services and any arrangements or services similar to any of the foregoing and/or otherwise in connection with
cash management and deposit accounts.

 

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

 

(a)            the
direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the properties or assets of the Parent Guarantor and its Restricted Subsidiaries
taken as a whole to any Person (including any “person” (as that term is used in Section 13(d)(3) of the U.S. Exchange
Act)) other than a Principal or a Related Party of a Principal;

 

(b)            the
consummation of any transaction (including, without limitation, any merger or consolidation), the result of which is that any Person (including
any “person” as defined above), other than the Principal and/or any of its Related Parties, becomes the Beneficial Owner,
directly or indirectly, of 50% or more of the issued and outstanding Voting Stock of the Parent Guarantor measured by voting power rather
than number of shares; or

 

(c)            the
Parent Guarantor ceases to beneficially own, directly or indirectly, 100% of the Voting Stock of the Issuer, other than director’s
qualifying shares and other shares required to be issued by law.

 

“Clearstream” means Clearstream
Banking, société anonyme.

 

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

 

    	 	7	 

     

    

 

“Collateral” means the following
assets, subject to the exceptions set forth in the Security Documents and Permitted Liens:

 

(a)            each
of the Vessels owned by the Issuer and the Guarantors on the Issue Date, as set forth in the definition of Mortgaged Vessels and, in each
case, an assignment (w) of insurance claims, (x) of interests in any requisition compensation or other compensation paid by
any governmental authority for the requisition of title, confiscation or compulsory acquisition, (y) of interests in all charterhire
payable to the Issuer or the applicable Guarantor in respect of charters as well as all other earnings, remunerations and compensation
of any nature arising out of the use or employment of a Vessel and (z) or rights and interests in all warranty claims of the Issuer
or applicable Guarantor under the shipbuilding contract, in each case, in respect of such Vessels;

 

(b)            shares
of Capital Stock of each Restricted Subsidiary of the Parent Guarantor (other than the Capital Stock of Excluded Vessel Subsidiaries);

 

(c)            material
intellectual property owned or controlled by the Issuer and the Guarantors; and

 

(d)            in
the case of the Issuer, the Parent Guarantor and the Subsidiary Guarantors incorporated or organized under the laws of the United States
of America, any State thereof or the District of Columbia, substantially all other assets, including, but not limited to, cash and Cash
Equivalents, inventory, trade receivables and intangibles.

 

“Collateral Agreement” means
that certain collateral agreement, dated as of the Issue Date, between the Issuer, the Guarantors and the Collateral Trustee.

 

“Collateral Trust Agreement”
means the Collateral Trust Agreement, dated as of February 4, 2022, among the Issuer, the Guarantors, the Trustee, the Credit Agreement
Administrative Agent, the Collateral Trustee and the other parties thereto from time to time, as such agreement may be amended, restated,
supplemented, modified and/or replaced from time to time.

 

“Consolidated EBITDA” means,
with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period plus the following to
the extent deducted in calculating such Consolidated Net Income (other than in the case of clauses (d), (i), (n) and (o) below),
without duplication:

 

(a)            provision
for taxes based on income or profits or capital, including state, local and franchise taxes (or the non-U.S. equivalent thereof) of such
Person and its Subsidiaries which are Restricted Subsidiaries for such period (including tax expenses of foreign Subsidiaries and foreign
withholding taxes paid or accrued for such period); plus

 

(b)            the
Fixed Charges of such Person and its Subsidiaries which are Restricted Subsidiaries for such period and any losses on Hedging Obligations
or other derivative instruments entered into for the purpose of hedging interest rate risk; plus

 

    	 	8	 

     

    

 

(c)            the
total amount of depreciation and amortization expenses (including amortization of goodwill and other intangibles, and all expenditures
in respect of licensed or purchased software or internally developed software and software enhancements that are, or are required to
be reflected as, capitalized costs, but excluding amortization of prepaid cash expenses that were paid in a prior period) and other non-cash
charges, expenses or losses (excluding any such non-cash charge, expense or loss to the extent that it represents an accrual of or reserve
for cash charges, expenses or losses in any future period or amortization of a prepaid cash charge or expense that was paid in a prior
period) of such Person and its Subsidiaries which are Restricted Subsidiaries for such period; plus

 

(d)            cash
receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated Net Income in any period to
the extent non-cash gains relating to such income were deducted in the calculation of Consolidated Net Income for any previous period;
plus

 

(e)            any
non-cash impairment charge or asset write-off or write-down, including impairment charges or asset write-offs or write downs related to
intangible assets, long-lived assets, investments in debt and equity securities or otherwise as a result of a change in law or regulation;
plus

 

(f)            any
net loss from discontinued operations (so long as such operations remain discontinued) and any net loss on disposal of discontinued operations
and any expenses, charges, accruals or reserves related to the closure and/or consolidation of offices and facilities (including in connection
with discontinued operations); plus

 

(g)            any
losses attributable to the extinguishment of any (i) Indebtedness or (ii) derivative instruments of the Parent Guarantor or
any of the Restricted Subsidiaries; plus

 

(h)            any
fees, expenses, costs or charges (including all transaction, restructuring and transition costs, fees and expenses (including diligence
costs, cash severance costs, retention payments to employees, lease termination costs and reserves)) or any amortization thereof, related
to any Restricted Payment, acquisition, asset disposition, equity offer or issuance, recapitalization, reorganization or incurrence of
Indebtedness permitted hereunder (in each case, including any such transaction undertaken but not completed) or any amendment or modification
hereof or thereof; plus

 

(i)            any
extraordinary, non-recurring or unusual losses, expenses or charges (including costs, and payments, in connection with actual or prospective
litigation, legal settlements, fines, judgments or orders); plus

 

(j)            any
expenses, charges or other costs related to any Equity Offering permitted by this Indenture or relating to the offering of the Notes,
in each case, as determined in good faith by the Parent Guarantor; plus

 

(k)            the
amount of any management, monitoring, consulting and advisory fees and related expenses paid in such period to consultants and advisors;
plus

 

    	 	9	 

     

    

 

(l)            any
costs or expense incurred pursuant to any management equity plan, long term incentive plan or share or unit option plan or any other
management or employee benefit plan or agreement or any share our unit subscription or shareholder or similar agreement, to the extent
that such costs or expense are funded with cash proceeds contributed to the capital of the Parent Guarantor or net cash proceeds of an
issuance of Equity Interest of the Parent Guarantor (other than Disqualified Stock) solely to the extent that such net cash proceeds
are excluded from the calculation set forth in Section 4.08(a)(iii)(B); plus

 

(m)            the
amount of any minority interest expense consisting of income attributable to minority equity interests of third parties in any non-wholly
owned Restricted Subsidiary in such period or any prior period, except to the extent of dividends declared or paid on, or other cash payments
in respect of, Equity Interests held by such parties; plus

 

(n)            the
amount of “run rate” cost savings, operating expense reductions, restructuring charges and expenses and synergies related
to any acquisition, divestiture, investment, restructurings, cost savings initiatives and other initiatives after the Issue Date and projected
by the Parent Guarantor in good faith to result from actions taken, committed to be taken or expected to be taken no later than 18 months
after the end of such period (which “run rate” cost savings, operating expense reductions, restructuring charges and expenses
and synergies shall be calculated on a pro forma basis as though such “run rate” cost savings, operating expense reductions,
restructuring charges and expenses and synergies had been realized on the first day of the period for which Consolidated EBITDA is being
determined), net of the amount of actual benefits realized during such period from such actions; provided that such “run rate”
cost savings, operating expense reductions, restructuring charges and expenses and synergies are reasonably identifiable and factually
supportable (in the good faith determination of the Parent Guarantor); provided, further, that the aggregate amount of add backs made
pursuant to this clause (n) shall not exceed an amount equal to 25% of Consolidated EBITDA for the applicable period for which Consolidated
EBITDA is being determined (and such determination shall be made prior to the making of, and without giving effect to, any adjustments
pursuant to this clause (n)); plus

 

(o)            any
earn-out obligation and contingent consideration obligations (including adjustments thereof and purchase price adjustments) incurred in
connection with any Investment made in compliance with this Indenture or any Investment consummated prior to the Issue Date, which is
paid or accrued during such period; plus

 

(p)            the
amount of Consolidated EBITDA for a four fiscal quarter period reasonably expected by the Parent Guarantor to be realized from any marine
vessel owned by, or leased by, the Parent Guarantor and the Restricted Subsidiaries that has entered into service during such period
within 12 months following the commencement of service, calculated on a pro forma basis as though such Consolidated EBITDA had been realized
on the first day of the applicable period and was realized during the entirety of such period (net of any actual Consolidated EBITDA
generated as a result of such entry into service for the same period); provided, that (A) such amount is reasonably identifiable
(in the good faith determination of the Parent Guarantor) and (B) such marine vessel shall have actually commenced entry into service;
minus

 

    	 	10	 

     

    

 

(q)            non-cash
gains increasing such Consolidated Net Income for such period (other than any non-cash items increasing such Consolidated Net Income pursuant
to clauses (a) through (m) of the definition of Consolidated Net Income), other than the reversal of a reserve for cash charges
in a future period in the ordinary course of business,

 

in each case, on a consolidated basis and determined
in accordance with GAAP.

 

In addition, to the extent not already included
in the Consolidated Net Income of the Parent Guarantor and its Restricted Subsidiaries, notwithstanding anything to the contrary in the
foregoing, Consolidated EBITDA shall include the amount of proceeds received (or reasonably expected to be received) from business interruption
insurance and reimbursements of any expenses and charges that are covered by indemnification or other reimbursement provisions in connection
with any Investment, any acquisition, any Asset Sale (or other disposition) or otherwise. Furthermore, Consolidated EBITDA shall be calculated
without regard to (1) the cumulative effect of a change in accounting principles and changes as a result of the adoption or modification
of accounting policies during such period, and (2) effects of adjustments pursuant to GAAP resulting from the application of purchase
accounting in relation to any acquisition.

 

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

 

(a)            any
goodwill or other intangible asset impairment, charges will be excluded;

 

(b)            the
net income (loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting will be
included only to the extent of the amount of dividends or similar distributions paid in cash or Cash Equivalents (or converted into cash
or Cash Equivalents) to the specified Person or a Restricted Subsidiary which is a Subsidiary of the Person;

 

(c)            solely
for the purpose of determining the amount available for Restricted Payments under Section 4.08(a)(iii)(A), any net income (loss)
of any Restricted Subsidiary (other than any Guarantor) will be excluded if such Subsidiary is subject to restrictions, directly or indirectly,
on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Issuer (or any
Guarantor that holds the Equity Interests of such Restricted Subsidiary, as applicable) by operation of the terms of such Restricted
Subsidiary’s charter or any agreement, instrument, judgment, decree, order, statute or governmental rule or regulation applicable
to such Restricted Subsidiary or its shareholders (other than (a) restrictions that have been waived or otherwise released and (b) restrictions
pursuant to the Notes, this Indenture, the Credit Agreement or any other First Lien Debt); except that the Issuer’s equity in the
net income of any such Restricted Subsidiary for such period will be included in such Consolidated Net Income up to the aggregate amount
of cash or Cash Equivalents actually distributed or that could have been distributed (or converted into cash or Cash Equivalents) by
such Restricted Subsidiary during such period to the Parent Guarantor or another Restricted Subsidiary as a dividend or other distribution
(subject, in the case of a dividend to another Restricted Subsidiary (other than any Guarantor), to the limitation contained in this
clause);

 

    	 	11	 

     

    

 

(d)            any
net gain (or loss) realized upon the sale or other disposition of any asset or disposed operations of the Parent Guarantor or any Restricted
Subsidiaries (including pursuant to any sale leaseback transaction) which is not sold or otherwise disposed of in the ordinary course
of business (as determined in good faith by the Parent Guarantor) or in connection with the sale or disposition of securities will be
excluded;

 

(e)            any
extraordinary, non-recurring, unusual or exceptional, gain, loss or charge or any profit or loss on the disposal of property, investments
and businesses, asset impairments, or any non-cash charges or reserves in respect of any restructuring, redundancy, integration or severance
or any expenses, charges, reserves or other costs related to acquisitions will be excluded;

 

(f)            any
non-cash compensation charge or expense arising from any grant of stock, stock options or other equity-based awards will be excluded;

 

(g)            all
deferred financing costs written off and premium paid or other expenses incurred directly in connection with any early extinguishment
of Indebtedness and any net gain (loss) from any write-off or forgiveness of Indebtedness will be excluded;

 

(h)            any
one time non-cash charges or any increases in amortization or depreciation resulting from purchase accounting, in each case, in relation
to any acquisition of another Person or business or resulting from any reorganization or restructuring involving the Parent Guarantor
or its Subsidiaries will be excluded;

 

(i)            any
unrealized gains or losses in respect of Hedging Obligations or any ineffectiveness recognized in earnings related to qualifying hedge
transactions or the fair value or changes therein recognized in earnings for derivatives that do not qualify as hedge transactions, in
each case, in respect of Hedging Obligations will be excluded; provided that any such gains or losses shall be included during the period
in which they are realized;

 

(j)            (x) any
unrealized foreign currency transaction gains or losses in respect of Indebtedness of any Person denominated in a currency other than
the functional currency of such Person and (y) any unrealized foreign exchange gains or losses relating to translation of assets
and liabilities denominated in foreign currencies will be excluded;

 

(k)            any
unrealized foreign currency translation or transaction gains or losses in respect of Indebtedness or other obligations of the Parent Guarantor
or any Restricted Subsidiary owing to the Parent Guarantor or any Restricted Subsidiary will be excluded;

 

    	 	12	 

     

    

 

(l)            the
cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies
during such period will be excluded; and

 

(m)            any
gains (losses) resulting from the return of surplus assets of any Plan shall be excluded.

 

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

 

“Corporate Trust Office” means
the address of the Trustee or the Collateral Trustee, as applicable, specified in Section 12.01 hereof or such other address as to
which the Trustee or the Collateral Trustee, as applicable, may give notice to the Parent Guarantor or the Issuer.

 

“Convertible Debt” means Indebtedness
of the Parent Guarantor, any of its Restricted Subsidiaries or any direct or indirect parent of the Parent Guarantor issued after the
Issue Date that is convertible or exchangeable into Capital Stock of any such entity (or any direct or indirect parent) and/or cash based
on the value of such Capital Stock.

 

“Credit Agreement” means the
revolving credit facility provided for in the Credit Agreement, dated as of the Issue Date, entered into by and among Lindblad Expeditions,
LLC, as borrower, the Parent Guarantor, the lenders and other financial institutions from time to time party thereto and Credit Suisse
AG, Cayman Islands Branch, as administrative agent (in such capacity, the “Credit Agreement Administrative Agent”),
as amended and restated, modified, renewed, extended, supplemented, refunded, replaced, restructured in any manner (whether upon or after
termination or otherwise) or in part from time to time, in one or more instances and including any amendment increasing the amount of
Indebtedness incurred or available to be borrowed thereunder, extending the maturity of any Indebtedness incurred thereunder or contemplated
thereby or deleting, adding or substituting one or more parties thereto (whether or not such added or substituted parties are banks or
other institutional lenders), including one or more agreements, facilities (whether or not in the form of a debt facility or commercial
paper facility), securities or instruments, in each case, whether any such amendment, restatement, modification, renewal, extension, supplement,
restructuring, refunding, replacement or refinancing occurs simultaneously or not with the termination or repayment of a prior Credit
Agreement.

 

“Credit Agreement Obligations”
means Indebtedness and other Obligations under the Credit Agreement.

 

    	 	13	 

     

    

 

“Credit Facilities” means one
or more debt facilities or commercial paper facilities or debt securities or other forms of debt financing (including, for the avoidance
of doubt, the Credit Agreement), in each case, providing for revolving credit loans, term loans, receivables financing (including through
the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables),
bankers acceptances, letters of credit, or debt securities, including any related notes, guarantees, collateral documents, indentures,
agreements relating to Hedging Obligations or Cash Management Obligations, and other instruments, agreements and documents executed in
connection therewith, in each case as amended and restated, modified, renewed, extended, supplemented, refunded, replaced, restructured
in any manner (whether upon or after termination or otherwise) or in part from time to time, in one or more instances and including any
amendment increasing the amount of Indebtedness incurred or available to be borrowed thereunder, extending the maturity of any Indebtedness
incurred thereunder or contemplated thereby or deleting, adding or substituting one or more parties thereto (whether or not such added
or substituted parties are banks or other institutional lenders), including one or more agreements, facilities (whether or not in the
form of a debt facility or commercial paper facility), securities or instruments, in each case, whether any such amendment, restatement,
modification, renewal, extension, supplement, restructuring, refunding, replacement or refinancing occurs simultaneously or not with
the termination or repayment of a prior Credit Facility.

 

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

 

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

 

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

 

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

 

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

 

“ERISA” means the Employee Retirement
Income Security Act of 1974, as the same may be amended from time to time.

 

    	 	14	 

     

    

 

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

 

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

 

“Equity Offering” means a public
or private sale of the Equity Interests (other than Disqualified Stock and other than offerings registered on Form S-8 (or any successor
form) under the U.S. Securities Act or any similar offering in other jurisdictions) of the Parent Guarantor.

 

“Euroclear” means Euroclear
SA/NV.

 

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

 

“Excluded Account” means a Deposit
Account or a Securities Account (in each case, as defined in the UCC) (i) which is used for the sole purpose of making payroll and
withholding tax payments related thereto and other employee wage and benefit payments and accrued and unpaid employee compensation (including
salaries, wages, benefits and expense reimbursements), (ii) which is used for paying taxes, including sales taxes, (iii) which
is used as an escrow account or as a fiduciary or trust account or (iv) which, (A) individually has an average daily balance
for any fiscal month of less than $150,000, or (B) together with all other Deposit Accounts and Securities Accounts that are Excluded
Accounts pursuant to this clause (iv), have an average daily balance for any fiscal month of less than $750,000 in the aggregate.

 

“Excluded Assets” means:

 

(a)            any
owned real property having a value less than $1,000,000 and all leased real property (it being agreed that no landlord lien waivers, estoppels
or collateral access letters shall be required) or any fixtures affixed to any real property to the extent (A) such real property
does not constitute Collateral and (B) a security interest in such fixtures may not be perfected by a UCC financing statement in
the jurisdiction of organization of the Issuer or applicable Guarantor;

 

(b)            interests
in partnerships, joint ventures and non-wholly owned Subsidiaries which cannot be pledged without the consent of one or more third parties
(which consent has not been obtained);

 

(c)            any
property subject to a capital lease, purchase money security interest or, in the case of after-acquired property, pre-existing secured
Indebtedness to the extent the granting of a security interest in such assets would violate the terms of the agreement with respect thereto;

 

    	 	15	 

     

    

 

(d)            any
lease, license or other agreement or purchase money or similar arrangement to the extent that a grant of a security interest therein
would violate or invalidate such lease, license or agreement or purchase money or similar arrangement or create a right of termination
in favor of any other party thereto (other than the Issuer or a Guarantor) after giving effect to the applicable anti-assignment provisions
of the UCC, other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the UCC notwithstanding
such prohibition;

 

(e)            pledges
and security interests prohibited by applicable law, rule or regulation or agreements with any Governmental Authority or which would
require governmental (including regulatory) consent, approval, license or authorization to provide such security interest unless such
consent, approval, license or authorization has been received;

 

(f)            any
 “intent-to-use” application for registration of a trademark filed pursuant to Section 1(b) of the Lanham Act, 15
U.S.C. § 1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d), or an “Amendment to Allege
Use” pursuant to Section 1(c), of the Lanham Act, to the extent that, and during the period, if any, in which, the grant of
a security interest therein would impair the validity or enforceability of any registration that issues from such intent-to-use application
under applicable federal laws;

 

(g)            any
commercial tort claims that, in the reasonable determination of the Issuer, are not expected to result in a judgment in excess of $5,000,000;

 

(h)            any
letter of credit rights (other than to the extent consisting of supporting obligations that can be perfected solely by the filing of a
UCC financing statement (it being understood that no actions shall be required to perfect a security interest in letter of credit rights
other than filing of a UCC financing statement));

 

(i)            any
acquired property (including property acquired through acquisition or merger of or amalgamation with another entity), whether before or
after the Issue Date, if at the time of such acquisition the granting of a security interest therein or the pledge thereof is prohibited
by any contract or other agreement (in each case, not created in contemplation thereof) to the extent and for so long as such contract
or other agreement prohibits such security interest or pledge;

 

(j)            the
Capital Stock of any Unrestricted Subsidiary;

 

(k)            assets
subject to certificates of title or ownership (other than property covered by, or subject to the Lien of, a Mortgage on a Mortgaged Vessel);

 

(l)            Excluded
Vessel Assets;

 

(m)            assets
of Guarantors not incorporated or organized under the laws of the United States of America, any State thereof or the District of Columbia,
other than assets specifically described in clauses (i) through (iii) of the definition of “Collateral;”

 

    	 	16	 

     

    

 

(n)            Excluded
Accounts; and

 

(o)            those
assets as to which the Parent Guarantor reasonably determines that the costs of obtaining such a security interest or perfection thereof
are excessive in relation to the benefit to the Holders of Notes of the security to be afforded thereby. Notwithstanding anything to the
contrary, “Excluded Assets” shall not include any proceeds, substitutions or replacements of any “Excluded Assets”
referred to in clauses (a) through (n) (unless such proceeds, substitutions or replacements would constitute “Excluded
Assets” referred to in any of clauses (a) through (n)).

 

“Excluded Subsidiary” means
any Subsidiary of the Parent Guarantor that is: (a) a joint venture or a Subsidiary that is not otherwise a wholly owned Restricted
Subsidiary (other than with respect to directors’ qualifying or nominee shares); (b) [Reserved]; (c) an Immaterial Subsidiary;
(d) an Unrestricted Subsidiary; (e) not-for-profit Subsidiary; (f) prohibited by applicable law or contractual obligation
(including any contractual obligation governing Indebtedness) from guaranteeing or granting Liens to secure the Notes or with respect
to which any consent, approval, license or authorization from any governmental authority would be required for the provision of any such
guarantee (but in the case of such guarantee being prohibited due to a contractual obligation, such contractual obligation shall have
been in place prior to the Issue Date or at the time such Subsidiary became a Restricted Subsidiary) and is not created in contemplation
of or in connection with such person becoming a Restricted Subsidiary; provided that each such Restricted Subsidiary shall cease to be
an Excluded Subsidiary solely pursuant to this clause (f) if such consent, approval, license or authorization has been obtained;
provided, further, that the Parent Guarantor will use commercially reasonable efforts to overcome or eliminate any such restrictions in
this clause (f), including (x) using any reasonably available “whitewash” procedures or similar procedures that would
be required and/or (y) demonstrating that corporate benefits will be derived from the transaction; (g) any Subsidiary with respect
to which providing a guarantee would result in material adverse tax consequences to the Parent Guarantor and its Subsidiaries (taken as
a whole) as reasonably determined by the Parent Guarantor; (h) a Subsidiary with respect to which the Parent Guarantor reasonably
determines that the costs or other consequences (including adverse tax consequences) of providing a guarantee of the Notes are excessive
in relation to the benefits to the Holders; or (i) an Excluded Vessel Subsidiary.

 

“Excluded Vessel Assets” shall
mean any property or assets of an Excluded Vessel Subsidiary and the Capital Stock issued by such Excluded Vessel Subsidiary.

 

“Excluded Vessel Subsidiary”
shall mean (a) LEX Endurance Ltd. and Lindblad Bluewater II Limited, (b) any other entity or special purpose vehicle established
for the purpose of (i) acquiring, constructing, improving, owning, operating, replacing or repairing marine vessels and (ii) entering
into and negotiating all agreements and other arrangements in connection with New Vessel Financings and (c) any other entity or special
purpose vehicle established for the purpose of owning an entity or special purpose vehicle described in clause (b); provided that
no Person shall be designated as or shall be an Excluded Vessel Subsidiary if it owns a Vessel that is, or is intended as of the Issue
Date to be, a Mortgaged Vessel.

 

    	 	17	 

     

    

 

“Existing Indebtedness” means
all Indebtedness (including the Export Credit Facilities) of the Parent Guarantor and its Restricted Subsidiaries in existence on the
Issue Date.

 

“Export Credit Facilities” means
each of the credit facilities provided for in (i) the senior secured credit agreement, dated as of January 8, 2018, among the
Parent, LEX Endurance Ltd., as borrower, Citibank, N.A., London Branch, as mandated lead arranger, global co-ordinator, ECA agent, and
collateral agent, Citibank Europe plc, UK Branch, as administrative agent, Eksportkreditt Norge AS, as a lender, and the banks and financial
institutions party thereto, in their capacities as commercial tranche lenders, GIEK-covered tranche lenders and credit support providers,
as applicable (together, the “Finance Parties”), and (ii) the senior secured credit agreement, dated as of April 8,
2019, among the Parent, Lindblad Bluewater II Limited, as borrower, and the Finance Parties, in each case, as amended and restated, modified,
renewed, extended, supplemented, refunded, replaced, restructured in any manner (whether upon or after termination or otherwise) or in
part from time to time, in one or more instances and including any amendment increasing the amount of Indebtedness incurred or available
to be borrowed thereunder, extending the maturity of any Indebtedness incurred thereunder or contemplated thereby or deleting, adding
or substituting one or more parties thereto (whether or not such added or substituted parties are banks or other institutional lenders),
including one or more agreements, facilities (whether or not in the form of a debt facility or commercial paper facility), securities
or instruments, in each case, whether any such amendment, restatement, modification, renewal, extension, supplement, restructuring, refunding,
replacement or refinancing occurs simultaneously or not with the termination or repayment of a prior credit agreement.

 

“Fair Market Value” means the
value that would be paid by a willing buyer to an unaffiliated willing seller, determined in good faith by a responsible accounting or
financial officer of the Parent Guarantor.

 

“First Lien Debt” means:

 

(a)            the
Notes issued by the Issuer on the Issue Date together with the related Note Guarantees of the Guarantors;

 

(b)            the
Credit Agreement Obligations and the related guarantees;

 

(c)            any
other Pari Passu Debt;

 

(d)            all
fees, expenses and all other obligations under the First Lien Documents, whether or not allowed or allowable in an Insolvency or Liquidation
Proceeding; and

 

(e)            all
obligations arising with respect to any of the foregoing, including, without limitation, principal, premium, interest (including post-petition
interest at the rate provided in the relevant First Lien Document, whether or not a claim for post-petition interest is allowable in an
applicable Insolvency or Liquidation Proceeding), fees, indemnifications, expenses and other obligations and guarantees of the foregoing.

 

“First Lien Documents” means,
collectively, the Credit Agreement, this Indenture and each of the other agreements, documents and instruments providing for or evidencing
any First Lien Debt, and any other document or instrument executed or delivered at any time in connection with any First Lien Debt, including
any security documents securing any First Lien Debt and any intercreditor or joinder agreement among holders of First Lien Debt, to the
extent such are effective at the time, in each case as may be amended, restated, supplemented, modified, renewed, extended or refinanced
from time to time.

 

    	 	18	 

     

    

 

“First Lien Obligations” means
First Lien Debt and all Obligations in respect thereof.

 

“Fixed Charge Coverage Ratio”
means with respect to any specified Person for any period, the ratio of the Consolidated EBITDA of such Person for such period to the
Fixed Charges of such Person for such period. In the event that the specified Person or any of its Subsidiaries which are Restricted Subsidiaries
incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness or issues, repurchases or
redeems preferred stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and
on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation
Date”), then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect (as determined in good faith by a responsible
accounting or financial officer of the Issuer) to such incurrence, assumption, guarantee, repayment, repurchase, redemption, defeasance
or other discharge of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom,
as if the same had occurred at the beginning of the applicable 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 Calculation Date pursuant to Section 4.06(b) or
(ii) the discharge on the Calculation Date of any Indebtedness to the extent that such discharge results from the proceeds of Permitted
Debt.

 

In addition, for purposes
of calculating the Fixed Charge Coverage Ratio:

 

(a)            acquisitions
that have been made by the specified Person or any of its Subsidiaries which are Restricted Subsidiaries, including through mergers or
consolidations, or any Person or any of its Subsidiaries which are Restricted Subsidiaries acquired by the specified Person or any of
its Subsidiaries which are Restricted Subsidiaries, and including all related financing transactions and including increases in ownership
of Subsidiaries which are Restricted Subsidiaries, during the four-quarter reference period or subsequent to such reference period and
on or prior to the Calculation Date, or that are to be made on the Calculation Date, will be given pro forma effect (as determined in
good faith by a responsible accounting or financial officer of the Parent Guarantor and may include anticipated expense and cost reduction
synergies that would be permitted to be included in a pro forma prepared in accordance with Regulation S-X under the U.S. Securities Act)
as if they had occurred on the first day of the four-quarter reference period;

 

(b)            the
Consolidated EBITDA attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and
ownership interests therein) disposed of prior to the Calculation Date, will be excluded;

 

    	 	19	 

     

    

 

(c)            the
Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership
interests therein) disposed of prior to the Calculation Date, will be excluded, but only to the extent that the obligations giving rise
to such Fixed Charges will not be obligations of the specified Person or any of its Subsidiaries which are Restricted Subsidiaries following
the Calculation Date;

 

(d)            any
Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been a Restricted Subsidiary at all times during
such four-quarter period;

 

(e)            any
Person that is not a Restricted Subsidiary on the Calculation Date will be deemed not to have been a Restricted Subsidiary at any time
during such four-quarter period; and

 

(f)            if
any Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness will be calculated as if the rate in effect
on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligation applicable to such
Indebtedness if such Hedging Obligation has a remaining term as at the Calculation Date in excess of 12 months, or, if shorter, at least
equal to the remaining term of such Indebtedness).

 

“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 Subsidiaries which are Restricted Subsidiaries for such
period, 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, the interest component of all payments associated with Capital
Lease 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 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 Parent Guarantor or a Restricted Subsidiary, times (b) a
fraction, the numerator of which is one and the denominator of which is one minus the 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.

 

    	 	20	 

     

    

 

Notwithstanding any of the foregoing, Fixed Charges
shall not include any payments on any operating leases.

 

“GAAP” means generally accepted
accounting principles 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 from time to time.

 

“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.

 

“Governmental Authority” shall
mean any Federal, state, local or foreign court or governmental agency, authority, instrumentality or regulatory body.

 

“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 of the Parent Guarantor that guarantees the Notes in accordance with the provisions of this Indenture, and their respective
successors and assigns, in each case, 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 the Person in
whose name a Note is registered on the Registrar’s books.

 

“Immaterial Subsidiary” means,
on any date of determination, any Subsidiary with (i) consolidated total assets equal to or less than 2.5% of total assets of the
Parent Guarantor and its Restricted Subsidiaries on a consolidated basis and (ii) consolidated gross revenues equal to or less than
2.5% of total consolidated gross revenues of the Parent Guarantor and its Restricted Subsidiaries, in each case as determined in accordance
with GAAP, and with respect to revenue, for the immediately preceding four fiscal quarter period for which financial statements have
been delivered pursuant to Section 4.19; provided, that at no time shall all Immaterial Subsidiaries so designated by the
Parent Guarantor have (i) consolidated total assets equal to or greater than 5.0% of total assets of the Parent Guarantor and its
Restricted Subsidiaries on a consolidated basis and (ii) consolidated gross revenues equal to or greater than 5.0% of total consolidated
gross revenues of the Parent Guarantor and its Restricted Subsidiaries, in each case, as determined in accordance with GAAP, and with
respect to revenue, for the immediately preceding four fiscal quarter period for which financial statements have been delivered pursuant
Section 4.19.

 

    	 	21	 

     

    

 

“Indebtedness” means, with respect
to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables):

 

(a)            in
respect of borrowed money;

 

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

 

(c)            representing
reimbursement obligations 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);

 

(d)            representing
Capital Lease Obligations;

 

(e)            representing
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)            representing
any Hedging Obligations; and

 

(g)            representing
Attributable Debt;

 

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 date of this Indenture;

 

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

 

(c)            in
connection with the purchase by the Parent Guarantor 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;

 

    	 	22	 

     

    

 

(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; or

 

(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.

 

“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.

 

“Insolvency or Liquidation Proceeding”
means (1) any voluntary or involuntary case or proceeding under the Bankruptcy Code with respect to the Issuer or any Guarantor;
(2) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation,
reorganization or other similar case or proceeding with respect to the Issuer or any Guarantor or with respect to a material portion of
their respective assets; (3) any liquidation, dissolution, reorganization or winding up of the Issuer or any Guarantor whether voluntary
or involuntary and whether or not involving insolvency or bankruptcy; or (4) any assignment for the benefit of creditors or any other
marshalling of assets and liabilities of the Issuer or any Guarantor.

 

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

 

“Investment Grade Rating” means
a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or an equivalent rating
by any other Rating Agency.

 

“Investment Grade Securities”
means:

 

(1)            securities
issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof (other than
Cash Equivalents);

 

(2)            debt
securities or debt instruments with an Investment Grade Rating, but excluding any debt securities or instruments constituting loans or
advances among the Parent Guarantor and its Subsidiaries;

 

(3)            investments
in any fund that invests exclusively in investments of the type described in clauses (1) and (2) which fund may also hold immaterial
amounts of cash pending investment or distribution; and

 

(4)            corresponding
instruments in countries other than the United States customarily utilized for high quality investments and in each case with maturities
not exceeding two years from the date of acquisition.

 

    	 	23	 

     

    

 

 

“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. If the Parent
Guarantor or any Restricted Subsidiary sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary
such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary, the Parent Guarantor
will be deemed to have made an Investment on the date of any such sale or disposition equal to the Fair Market Value of the Parent Guarantor’s
Investments in such Restricted Subsidiary that were not sold or disposed of in an amount determined as provided in Section 4.08(d).
The acquisition by the Parent Guarantor or any Restricted Subsidiary of a Person that holds an Investment in a third Person will be deemed
to be an Investment by the Parent Guarantor 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 Section 4.08(d). 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.

 

“Issue Date” means February 4,
2022.

 

“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.

 

“Limited Condition Transaction”
means (i) any Investment or acquisition (whether by merger, amalgamation, consolidation or other business combination or the acquisition
of Capital Stock or otherwise and which may include, for the avoidance of doubt, a transaction that may constitute a Change of Control)
or other transaction, whose consummation is not conditioned on the availability of, or on obtaining, third party financing, (ii) any
redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness, Disqualified Stock or preferred stock, (iii) any
Restricted Payment requiring irrevocable notice in advance thereof and (iv) any Asset Sale or a disposition excluded from the definition
of “Asset Sale.”

 

“Management Advances” means
loans and advances to future, present or former directors, employees, officers, members of management and consultants, their respective
estates, executors, administrators, heirs, family members, legatees, distributees, spouses, former spouses, domestic partners and former
domestic partners of the Parent Guarantor and its Restricted Subsidiaries (i) for bona fide business purposes, (ii) to purchase
Equity Interests of the Parent Guarantor, in an aggregate amount for all such loans and advances made by the Parent Guarantor and the
Restricted Subsidiaries not to exceed $1.5 million at any time outstanding and (iii) to purchase Equity Interests of the Parent Guarantor
(other than Disqualified Stock), so long as, in the case of this clause (iii), a cash amount equal to such loans or advances is promptly
reinvested in the Parent Guarantor.

 

    	 	24	 

     

    

 

“Moody’s” means Moody’s
Investors Service, Inc. or any successor thereto.

 

“Mortgaged Vessels” shall mean,
at any time, the marine vessels of the Issuer and the Guarantors that are subject to a Lien under the Security Documents. The Mortgaged
Vessels shall consist of the following marine vessels (as defined in the respective Mortgage) as of the Issue Date:

 

	Vessel Name	Flag
	 	 
	National Geographic Sea Bird	USA
	 	 
	National Geographic Sea Lion	USA
	 	 
	National Geographic Endeavour II	Ecuador
	 	 
	National Geographic Islander	Ecuador
	 	 
	National Geographic Explorer	Bahamas
	 	 
	National Geographic Orion	Bahamas
	 	 
	National Geographic Quest	USA
	 	 
	National Geographic Venture	USA

 

“Mortgages” shall mean (a) the
mortgages, charges, deeds of trust, assignments of leases and rents, modifications and other security documents delivered on or around
the Issue Date and (b) the mortgages and other security documents granting a Lien on any Mortgaged Vessel to secure the Obligations
in respect of the Notes.

 

“Net Proceeds” means the aggregate
cash proceeds and Cash Equivalents received by the Parent Guarantor or any of its Restricted Subsidiaries in respect of any 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), 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 such Asset Sale
or Event of Loss, taxes paid or payable as a result of such Asset Sale or 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.

 

“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).

 

    	 	25	 

     

    

 

“New Vessel Financing” means
any financing arrangement (including any sale and leaseback transaction) entered into by the Parent Guarantor or any Restricted Subsidiary
for the purpose of financing or refinancing all or any part of the purchase price, cost of design or construction and any related Ready
for Sea Costs of a Vessel or Vessels or the acquisition of Capital Stock of Persons owning or to own a Vessel or Vessels.

 

“New Vessel Secured Debt Cap”
means, in respect of a New Vessel Financing, no more than 80% of the contract price or prices, as applicable, or, in the case of a refinancing,
80% of the Fair Market Value, in respect of the Vessel or Vessels and any other Ready for Sea Cost of the related Vessel or Vessels (and
100% of any related export credit insurance premium), expressed in euros or U.S. dollars, as the case may be, being financed or refinanced
by such New Vessel Financing.

 

“Non-Guarantor Subsidiary” means
Parent Guarantor’s Subsidiaries that do not Guarantee the Notes (including the Excluded Vessel Subsidiaries).

 

“Non-Recourse Debt” means Indebtedness
as to which neither the Parent Guarantor nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including
any undertaking, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable as a guarantor
or otherwise.

 

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

 

“Obligations” means any principal,
interest, fees, expenses, (including any interest, fees, expenses and other amounts accruing subsequent to the filing of a petition in
bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such
interest, fees, expenses and other amounts are allowed or allowable claims under applicable state, federal or foreign law), penalties,
indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and bankers’
acceptances), damages and other liabilities payable under the documentation governing any Indebtedness; provided that Obligations with
respect to the Notes shall not include fees or indemnifications in favor of third parties other than the Trustee, the Collateral Trustee
and the Holders of the Notes.

 

“Offering Memorandum” means
the final offering memorandum in respect of the Notes dated January 20, 2022.

 

“Officer”
means, with respect to any Person, the President, the Chief Executive Officer, the Chief Financial Officer, the General Counsel,
an Assistant General Counsel, an Executive Vice President, a 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 or the Parent Guarantor, as applicable, by an Officer thereof.

 

    	 	26	 

     

    

 

“Opinion
of Counsel” means an opinion, subject to customary qualifications and assumptions with respect to the provision under
which such opinion is being delivered, from legal counsel who is reasonably acceptable to the Trustee and/or Collateral Trustee, as applicable,
that meets the requirements set forth in this Indenture. The counsel may be an employee of or counsel to the Parent Guarantor or any Subsidiary
of the Parent Guarantor who is reasonably acceptable to the Trustee and/or Collateral Trustee, as applicable.

 

“Pari Passu Debt” means any
Indebtedness of the Issuer or the Guarantors that is secured equally and ratably by a lien on substantially the same assets which secure
the Notes (including the Credit Agreement (together with the related guarantees of the guarantors thereof)) and any Additional Notes issued
under this Indenture.

 

“Permitted Bond Hedge Transaction”
means any call options or capped call options referencing the Capital Stock of the Parent Guarantor or any direct or indirect parent of
the Parent Guarantor purchased by the issuer of Convertible Debt to hedge such entity’s obligations to deliver Capital Stock and/or
pay cash under such Convertible Debt, which call options are either “capped” or are purchased concurrently with the entry
by the Parent Guarantor or any direct or indirect parent of the Parent Guarantor into a Permitted Warrant Transaction, in either case
on terms that are customary for “call spread” transactions entered in connection with the issuance of convertible or exchangeable
debt securities.

 

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

 

“Permitted Investments” means:

 

(a)           any
Investment in the Parent Guarantor or any Restricted Subsidiary;

 

(b)           any
Investment in cash, Cash Equivalents or Investment Grade Securities;

 

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

 

(i)            such
Person becomes a Restricted Subsidiary; or

 

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

 

(d)           any
Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with
Section 4.09;

 

    	 	27	 

     

    

 

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

 

(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 Parent Guarantor 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 Parent Guarantor 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)(xi);

 

(i)            repurchases
of the Notes;

 

(j)            any
Guarantee of Indebtedness permitted to be incurred under Section 4.06;

 

(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 (except to the extent such modification is permitted under this Indenture) 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 Parent Guarantor or any Restricted Subsidiary of another Person, including
by way of a merger, amalgamation or consolidation with or into the Parent Guarantor 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)           (i) Management
Advances and (ii) advances of payroll payments to directors, officers, employees, members of management and consultants in the ordinary
course of business;

 

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

 

    	 	28	 

     

    

 

(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, 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)           Investments
in joint ventures or Unrestricted Subsidiaries; provided that the aggregate amount of all such Investments (without any adjustments for
increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment, loan or advance) minus the amount
of cash (and the fair market value of other assets) returned or repaid with respect to such Investments shall not exceed the greater of
(i) $20.0 million and (ii) 2.5% of Total Tangible Assets of the Parent Guarantor for the most recently ended Calculation Period
at the time of such Investment;

 

(q)           Investments
in joint ventures or similar arrangements in which the Parent Guarantor or any of its Restricted Subsidiaries holds an Investment existing
on the Issue Date; provided that such Investments are made in the ordinary course of business;

 

(r)            guarantees
of passenger volume or port fees in the ordinary course of business;

 

(s)           any
bareboat charter, lease or similar arrangements between or among the Parent Guarantor, any of its Restricted Subsidiaries and/or any joint
venture or similar arrangement;

 

(t)            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), when taken together with all other Investments made pursuant to this clause (z) that are
at the time outstanding not to exceed (A) with respect to any Investment made on or before the first anniversary of the Issue Date,
the greater of (i) $25.0 million and (ii) 2.5% of Total Tangible Assets of the Parent Guarantor for the most recently ended
Calculation Period at the time of such Investment and (B) with respect to any Investment made thereafter, the greater of (i) $60.0
million and (ii) 5.0% of Total Tangible Assets of the Parent Guarantor for the most recently ended Calculation Period at the time
of such Investment; 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 Section 4.17,
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; and

 

(u)           other
Investments in an amount such that the Total Net Leverage Ratio on a pro forma basis as of the last day of the most recently ended Calculation
Period at the time of such Investment, is less than or equal to 2.50 to 1.00; 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 4.17, 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.

 

    	 	29	 

     

    

 

“Permitted
Jurisdiction” means (i) any state of the United States of America, the District of Columbia or any territory of
the United States of America, (ii) the Commonwealth of The Bahamas, (iii) the Cayman Islands, (iv) Ecuador and (v) Panama.

 

“Permitted Liens” means:

 

(a)           Liens
securing Indebtedness permitted to be incurred pursuant to Section 4.06(b)(i);

 

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

 

(c)           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 or consolidated with the Parent Guarantor 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 or consolidation, were not incurred in contemplation
thereof and do not extend to any assets other than those of the Person that becomes a Restricted Subsidiary or is merged with or into
or consolidated with the Parent Guarantor or any Restricted Subsidiary;

 

(d)           Liens
to secure the performance of statutory obligations, insurance, surety, or appeal bonds, workers compensation obligations, performance
bonds, credit card processing arrangements (including in connection with any cash collateral, escrow or reserve requirements) or other
obligations of a like nature incurred in the ordinary course of business (including Liens to secure letters of credit, bankers’
acceptances or similar instruments issued to assure payment of such obligations);

 

(e)           Liens
on any property or assets (other than Mortgaged Vessels) of the Parent Guarantor 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)(v) in
connection with the financing of all or any part of the purchase price, lease expense, rental payments or cost of design, construction,
installation or improvement of property, plant or equipment or other assets (including Capital Stock) used in the business of the Parent
Guarantor or any of its Restricted Subsidiaries; provided that any such Lien may not extend to any assets or property owned by
the Parent Guarantor 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 (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;

 

    	 	30	 

     

    

 

(f)            Liens
existing on the Issue Date (other than Liens securing the Notes and the Guarantees thereof);

 

(g)           Liens
for taxes, assessments or governmental charges or claims that (x) are not yet due and payable or (y) 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;

 

(h)           (a) 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 Parent Guarantor or any Restricted Subsidiary shall
have set aside on its books reserves in accordance with GAAP; (b) with respect to Vessels: (i) Liens fully covered (in excess
of customary deductibles) by valid policies of insurance and (ii) Liens for crew’s wages and general average and salvage, including
contract salvage; (c) Liens arising solely by virtue of any statutory or common law provisions relating to attorney’s liens
or bankers’ liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor
depositary institution; (d) pledges and deposits made in the ordinary course of business in compliance with workmen’s compensation,
unemployment insurance and other social security laws or regulations or in connection with performance bonds, surety bonds or statutory
obligations or letters of credit to support the same, or with respect to workers’ compensation claims; (e) deposits to secure
the performance of bids, sales, tenders, trade contracts (other than for Indebtedness), liability to insurance carriers, leases (other
than Capital Lease Obligations), statutory obligations, surety, release, appeal or similar bonds, performance bonds, self-insurance programs
and other obligations of a like nature incurred in the ordinary course of business; zoning restrictions, easements, rights-of-way, restrictions
on use of real property and other similar encumbrances incurred in the ordinary course of business which, in the aggregate, are not substantial
in amount and do not materially interfere with the ordinary conduct of the business of the Parent Guarantor or any of its Subsidiaries
and (f) utility and similar deposits in the ordinary course of business;

 

(i)            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;

 

(j)            Liens
created for the benefit of (or to secure) the Notes (or the Note Guarantee) issued on the Issue Date;

 

(k)           Liens
securing Indebtedness under (i) Hedging Obligations, which obligations are permitted to be incurred under Section 4.06(b)(xi) and
(ii) Cash Management Obligations, which obligations are permitted by Section 4.06(b)(xvii);

 

    	 	31	 

     

    

 

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

 

(m)          Liens
arising out of judgments, attachments 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;

 

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

 

(o)           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;

 

(p)           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;

 

(q)           Liens
on cash deposited in a bank account owned by the Parent Guarantor or a Restricted Subsidiary to secure Indebtedness represented by letters
of credit of the Parent Guarantor or such Restricted Subsidiary that is permitted to be incurred pursuant to Section 4.06(b)(iii);

 

(r)            (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 Parent Guarantor or any Restricted Subsidiary has easement rights or on any real property
leased by the Parent Guarantor 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;

 

(s)           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;

 

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

 

(u)           pledges
of goods, the related documents of title and/or other related documents arising or created in the ordinary course of the Parent Guarantor
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; (ii) Liens of a collection bank arising under Section 4-210
of the UCC on items in the course of collection; (iii) rights of setoff or bankers’ liens upon deposits of cash in favor of
banks or other financial institutions in the ordinary course of business; and (iv) Liens arising from precautionary UCC financing
statements regarding operating leases or consignments;

 

    	 	32	 

     

    

 

(v)           Liens
over cash paid into an escrow account pursuant to any purchase price retention arrangement as part of any permitted disposal by the Parent
Guarantor 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% of the net proceeds of such disposal; and (ii) Liens on deposits or other amounts held in escrow to secure contractual
payments (contingent or otherwise) payable by the Parent Guarantor or any of its Restricted Subsidiaries to a seller after the consummation
of an acquisition;

 

(w)          Liens
incurred in the ordinary course of business of the Parent Guarantor or any Restricted Subsidiary arising from vessel chartering, maintenance,
the furnishing of supplies and bunkers to vessels;

 

(x)           Liens
on any property or assets of the Parent Guarantor or any of its Restricted Subsidiaries securing Indebtedness permitted to be incurred
pursuant to Section 4.06(b)(xviii); provided that such Lien extends only to (i) the assets (including Vessels), purchase
price, lease expense, rental payments or cost of design, construction, installation or improvement of which is financed thereby and any
proceeds or products thereof, (ii) to the extent such Lien secures financing in connection with the purchase of a Vessel, Related
Vessel Property and (iii) if such purchase is made by an Excluded Vessel Subsidiary, Excluded Vessel Assets;

 

(y)           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)(vi); provided that such Lien extends only to Vessels, Excluded Vessel Assets, Related Vessel Property and
related purchase price, lease expense, rental payments or cost of design, construction, installation or improvement and any proceeds or
products thereof;

 

(z)           Liens
created on any asset of the Parent Guarantor 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 Parent Guarantor or a Restricted Subsidiary securing any loan to
finance the acquisition of such assets;

 

(aa)         any
Lien consisting of rights reserved to or vested in any Governmental Authority by any statutory provision or regulation;

 

(bb)        the
rights reserved or vested in persons by the terms of any lease, license, franchise, grant or permit held by the Parent Guarantor or any
of its Restricted Subsidiaries or by a statutory provision, term terminate any such lease, license, franchise, grant or permit, or to
require annual or periodic payments as a condition to the continuance thereof;

 

(cc)         (i) contractual
or statutory Liens of landlords to the extent relating to the property and assets relating to any lease agreements with such landlord,
(ii) contractual Liens of suppliers (including sellers of goods) to the extent limited to property or assets relating to such contract,
(iii) contractual or statutory Liens of governmental or other customers to the extent limited to the property or assets relating
to such contract, and (iv) Liens in favor of governmental bodies to secure advance or progress payments pursuant to any contract
or statute;

 

    	 	33	 

     

    

 

(dd)        Liens
(i) on Equity Interests in joint ventures, Unrestricted Subsidiaries or Excluded Vessel Subsidiaries; provided such Liens secure
Indebtedness of such joint venture, Unrestricted Subsidiary or Excluded Vessel Subsidiary, as applicable, (ii) consisting of customary
rights of first refusal and tag, drag and similar rights in joint venture agreements and agreements with respect to non-wholly owned Subsidiaries
and (iii) consisting of any encumbrance or restriction (including put and call arrangements) in favor of a joint venture party with
respect to Equity Interests of, or assets owned by, any joint venture or similar arrangement pursuant to any joint venture or similar
agreement;

 

(ee)         Liens
incurred by the Parent Guarantor or any Restricted Subsidiary with respect to obligations that do not exceed the greater of (i) $20.0
million and (ii) 2.5% of Total Tangible Assets at any one time outstanding;

 

(ff)          Liens
securing an aggregate principal amount of Indebtedness not to exceed the maximum principal amount of Indebtedness that, as of the date
such Indebtedness was incurred, and after giving effect to the incurrence of such Indebtedness and the application of proceeds therefrom
on such date, would not cause the Secured Net Leverage Ratio of the Parent Guarantor to be greater than 3.25 to 1.00;

 

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

 

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

 

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

 

(jj)           Liens
arising by operation of law as the result of the furnishing of necessaries for any Vessel so long as the same are discharged in the ordinary
course of business or are being diligently contested in good faith by appropriate proceedings; and

 

(kk)         any
extension, renewal, refinancing or replacement, in whole or in part, of any Lien described in the foregoing clauses (a) through (jj)
(but excluded clauses (e), (q), and (ee)); provided that (x) any such Lien is (i) limited to all or part of the same
property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured (or, under
the written arrangements under which the original Lien arose, could secure) the Indebtedness being refinanced or (ii) in the case
of Liens securing Indebtedness incurred pursuant to Section 4.06(b)(vi) is limited to Vessels, Excluded Vessel Assets, Related
Vessel Property and related purchase price, lease expense, rental payments or cost of design, construction, installation or improvement
and any proceeds or products thereof and (y) the Indebtedness secured by such Lien at such time (i) 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 or (ii) would otherwise be permitted to be incurred under Section 4.06(b)(vi) and
secured by a Lien pursuant to section (y) above; provided, further, however, that in the case of any Liens to secure any extension,
renewal, refinancing or replacement of Indebtedness secured by a Lien referred to in clause (y) above, the principal amount of any
Indebtedness incurred for such extension, renewal, refinancing or replacement shall be deemed secured by a Lien under clause (y) above
and not this clause (kk) for purposes of determining the principal amount of Indebtedness permitted to be secured by Liens pursuant to
clause (y) above.

 

    	 	34	 

     

    

 

For purposes of determining compliance with this definition, (u) a
Lien need not be incurred solely by reference to one category of Permitted Liens described in this definition but may be incurred under
any combination of such categories (including in part under one such category and in part under any other such category), (v) in
the event that a Lien (or any portion thereof) meets the criteria of one or more of such categories of Permitted Liens, the Issuer may
classify or reclassify such Lien (or any portion thereof) in any manner that complies with this definition, (w) the principal amount
of Indebtedness secured by a Lien outstanding under any category of Permitted Liens shall be determined after giving effect to the application
of proceeds of any such Indebtedness to refinance any such other Indebtedness, (x) any Lien securing Indebtedness that was permitted
to secure such Indebtedness at the time of the incurrence of such Indebtedness shall also be permitted to secure any increase in the amount
of such Indebtedness in connection with the accrual of interest and the accretion of accreted value, (y) if any Indebtedness or other
obligation is secured by any Lien outstanding under any category of Permitted Liens measured by reference to a percentage of Total Tangible
Assets at the time of incurrence of such Indebtedness or other obligations, and is refinanced by any Indebtedness or other obligation
secured by any Lien incurred by reference to such category of Permitted Liens, and such refinancing would cause the percentage of Total
Tangible Assets to be exceeded if calculated based on the Total Tangible Assets on the date of such refinancing, such percentage of Total
Tangible Assets shall not be deemed to be exceeded (and such refinancing Lien shall be deemed permitted) so long as the principal amount
of such refinancing Indebtedness or other obligation does not exceed an amount equal to the principal amount (or accreted value, if applicable,
or if issued with original issue discount, aggregate issue price) of such Indebtedness or other obligation being refinanced, plus the
aggregate amount of fees, underwriting discounts, premiums and other costs and expenses (including accrued and unpaid interest) incurred
or payable in connection with such refinancing and (z) if any Indebtedness or other obligation is secured by any Lien outstanding
under any category of Permitted Liens measured by reference to a dollar amount, and is refinanced by any Indebtedness or other obligation
secured by any Lien incurred by reference to such category of Permitted Liens, and such refinancing would cause such dollar amount to
be exceeded, such dollar amount shall not be deemed to be exceeded (and such refinancing Lien shall be deemed permitted) so long as the
principal amount of such refinancing Indebtedness or other obligation does not exceed an amount equal to the principal amount (or accreted
value, if applicable, or if issued with original issue discount, aggregate issue price) of such Indebtedness being refinanced, plus the
aggregate amount of fees, underwriting discounts, premiums and other costs and expenses (including accrued and unpaid interest) incurred
or payable in connection with such refinancing.

 

    	 	35	 

     

    

 

“Permitted Refinancing Indebtedness”
means any Indebtedness of the Parent Guarantor or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which
are used to renew, refund, refinance, replace, exchange, defease or discharge other Indebtedness of the Parent Guarantor or any of its
Restricted Subsidiaries (other than intercompany 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
Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable, or if issued with original
issue discount, aggregate issue price) of the Indebtedness renewed, refunded, refinanced, replaced, exchanged, defeased or discharged
(plus the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses (including accrued and unpaid interest)
incurred or payable in connection with such refinancing);

 

(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)           such
Indebtedness is not incurred (other than by way of a guarantee) by a Restricted Subsidiary that is not a Guarantor if the Issuer or a
Guarantor is the issuer or other primary obligor on the Indebtedness being renewed, refunded, refinanced, replaced, exchanged, defeased
or discharged.

 

“Permitted Re-Flagging Jurisdiction”
means (i) any state of the United States of America, the District of Columbia or any territory of the United States of America, (ii) the
Commonwealth of The Bahamas, (iii) the Cayman Islands, (iv) Ecuador (v) Panama, (vi) Bermuda, (vii) the Isle
of Man, (viii) the Marshall Islands, (ix) Malta, (x) the United Kingdom, (xi) Curaçao, (xii) Liberia,
(xiii) Barbados, (xiv) Singapore, (xv) Hong Kong, (xvi) the Commonwealth of Australia, (xvii) Cypress, and (xviii) any
member state of the European Economic Area as of the Issue Date and any states that may accede to the European Economic Area following
the Issue Date.

 

    	 	36	 

     

    

 

“Permitted Warrant Transaction”
means any call option in respect of the Capital Stock of the Parent Guarantor or any direct or indirect parent of the Parent Guarantor
sold by the Parent Guarantor (or any such parent) concurrently with any Permitted Bond Hedge Transaction.

 

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

 

“Plan” means any employee pension
benefit plan (other than a multiemployer plan (as defined in Section 4001(a)(3) of ERISA)) subject to the provisions of Title
IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Parent Guarantor or any ERISA Affiliate
is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in
Section 3(5) of ERISA.

 

“Principal” means Mr. Sven-Olof
Lindblad.

 

“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 Agency” means (1) each
of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate debt securities or debt instruments, a “nationally
recognized statistical rating organization” within the meaning of Rule 15c3-l(c)(2)(vi)(F) under the U.S. Exchange Act
selected by the Issuer as a replacement agency for Moody’s or S&P, as the case may be.

 

“Ready for Sea Cost” means with
respect to a Vessel to be acquired, constructed or leased (pursuant to a Capital Lease Obligation) by the Parent Guarantor 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 February 1 and August 1 (in each case, whether or not a Business Day) next preceding
such Interest Payment Date.

 

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

 

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

 

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

 

    	 	37	 

     

    

 

“Related Party”
means:

 

(a)           any
immediate family member of the Principal; or

 

(b)           any
trust, corporation, partnership, limited liability company or other entity, the beneficiaries, stockholders, partners, members, owners
or Persons beneficially holding a majority (and controlling) interest of which consists of the Principal and/or such other Persons referred
to in the immediately preceding clause (a).

 

“Related
Vessel Property” means (w) any cash deposited in a bank account owned by the Parent Guarantor or a Restricted Subsidiary
representing prepayments of principal and interest of the relevant financing for up to one year, (x) any insurance policies or proceeds
relating to such Vessel (whether incurred by way of pledge or assignment of such policies or proceeds thereof or otherwise) and (y) any
warranty claims of the Parent Guarantor or a Restricted Subsidiary (whether incurred by way of pledge or assignment of such claims or
otherwise) against a contractor or developer of any such Vessel.

 

“Replacement Assets” means (i) non-current
assets that will be used or useful in a Permitted Business or (ii) 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.
To the extent that the assets that were the subject of the Asset Sale constituted Collateral, such Replacement Assets shall also constitute
Collateral.

 

“Replacement Vessel” means a
Vessel that has a Fair Market Value equal to or greater than the Vessel subject to such Asset Sale or Event of Loss.

 

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

 

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

 

“Restricted Subsidiary” means
any Subsidiary of the Parent Guarantor (including 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 S&P Global
Ratings or any successor thereto.

 

“SEC” means the Securities and
Exchange Commission.

 

    	 	38	 

     

    

 

“Secured Net Leverage Ratio”
shall mean, on any date of determination, with respect to the Parent Guarantor and its Restricted Subsidiaries on a consolidated basis,
the ratio of (a) Total Debt of the Parent Guarantor and its Restricted Subsidiaries secured by a Lien on any asset or property of
the Issuer or any Guarantors on such date less the unrestricted cash and Cash Equivalents of Parent Guarantor and its Restricted Subsidiaries
as of such date to (b) the Consolidated EBITDA of the Parent Guarantor and its Restricted Subsidiaries for the Calculation Period
most recently ended.

 

“Security Documents” means the
Collateral Agreement, the Mortgages, the Collateral Trust Agreement, account control agreements, the other security agreements, pledge
agreements, charge agreements, collateral assignments, promissory notes, allonges, and any other instrument and document executed and
delivered pursuant to this Indenture, the Collateral Agreement, or otherwise or any of the foregoing, as the same may be amended, supplemented
or otherwise modified from time to time, creating or perfecting 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 Parent Guarantor 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 Parent Guarantor.

 

“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, 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 or stockholders’ agreement
that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation, 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 substantially in the form of Exhibit D attached hereto.

 

    	 	39	 

     

    

 

“Tax” or “Taxes”
means any tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and any other additional liabilities
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 Parent Guarantor and its Subsidiaries that are Restricted Subsidiaries, as shown on the most recent balance sheet of the
Parent Guarantor, determined on a consolidated basis in accordance with GAAP.

 

“Total Debt” shall mean, at
any time, the total aggregate principal amount of all Indebtedness for borrowed money, unreimbursed obligations in respect of drawn letters
of credit that have not been reimbursed within two (2) Business Days after the date of such drawing, Capital Lease Obligations and
other purchase money Indebtedness of the Parent Guarantor and its Restricted Subsidiaries that would appear on a balance sheet at such
time, determined on a consolidated basis in accordance with GAAP.

 

“Total Net Leverage Ratio” shall
mean, on any date of determination, with respect to the Parent Guarantor and its Restricted Subsidiaries on a consolidated basis, the
ratio of (a) Total Debt of the Parent Guarantor and its Restricted Subsidiaries on such date less the unrestricted cash and Cash
Equivalents of Parent Guarantor and its Restricted Subsidiaries as of such date to (b) the Consolidated EBITDA of the Parent Guarantor
and its Restricted Subsidiaries for the Calculation Period most recently ended.

 

“Total Tangible Assets” means
the Total Assets excluding consolidated intangible assets.

 

“Treasury Rate” means, as of
any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as
compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two
business days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar
market data)) most nearly equal to the period from the redemption date to February 15, 2024; provided, however, that
if the period from the redemption date to February 15, 2024, is less than one year, the weekly average yield on actually traded United
States Treasury securities adjusted to a constant maturity of one year will be used.

 

“UCC” shall mean the Uniform
Commercial Code (or any similar or equivalent legislation) as in effect in any applicable jurisdiction.

 

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

 

    	 	40	 

     

    

 

“Unrestricted Subsidiary” means
(a) any Subsidiary of the Parent Guarantor that is designated by the Board of Directors of the Parent Guarantor as an Unrestricted
Subsidiary in the manner described below and (b) any Subsidiary of an Unrestricted Subsidiary. The Board of Directors of the Parent
Guarantor may designate any Subsidiary (other than the Issuer) of the Parent Guarantor as an Unrestricted Subsidiary pursuant to a resolution
of the Board of Directors but only to the extent that such Subsidiary:

 

(a)           has
no Indebtedness other than Non-Recourse Debt or a Lien described in clause (hh) of the definition of “Permitted Liens”;

 

(b)           except
as permitted by Section 4.10, is not party to any agreement, contract, arrangement or understanding with the Parent Guarantor 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 Parent Guarantor or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not
Affiliates of the Parent Guarantor; and

 

(c)            is
a Person with respect to which neither the Parent Guarantor 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.

 

Notwithstanding the foregoing, in no event shall the Issuer or any
parent company of the Issuer be an Unrestricted Subsidiary.

 

“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 SEC
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 SEC 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 Parent Guarantor or any of its Restricted
Subsidiaries or operated or to be operated by the Parent Guarantor or any of its Restricted Subsidiaries, in each case together with all
related spares, equipment and any additions or improvements.

 

“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.

 

    	 	41	 

     

    

 

Section 1.02              Other
Definitions.

 

	Term	 	Section
	“Additional Amounts”    	 	4.12(a)
	“Additional Notes”    	 	Recitals
	“Affiliate Transaction”    	 	4.10(a)
	“Agents”    	 	2.03
	“Applicable Procedures”    	 	2.06(b)(ii)
	“Asset Sale Offer”    	 	4.09(c)
	“Authorized Agent”    	 	12.08
	“Change in Tax Law”    	 	3.09(b)
	“Change of Control Offer”    	 	4.11(a)
	“Change of Control Payment”    	 	4.11(a)
	“Change of Control Payment Date”    	 	4.11(b)(iii)
	“Covenant Defeasance”    	 	8.03
	“Defaulted Interest”    	 	2.12
	“Elected Amount”    	 	4.06(d)(ii)
	“Event of Default”    	 	6.01(a)
	“Excess Proceeds”    	 	4.09(c)
	“Global Notes”    	 	2.01(c)
	“incur”    	 	4.06(a)
	“Issuer”    	 	Preamble
	“Judgment Currency”    	 	12.14
	“LCT Election”    	 	4.25(a)
	“LCT Test Date”    	 	4.25(a)
	“Legal Defeasance”    	 	8.02
	“Note Obligations”    	 	10.01(a)
	“Notes”    	 	Recitals
	“Notes Offer”    	 	4.09(b)(i)
	“Original Notes”    	 	Recitals
	“Overdue Rate”    	 	4.01
	“Participants”    	 	2.01(c)
	“Paying Agent”    	 	2.03
	“Permitted Debt”    	 	4.06(b)
	“Principal Paying Agent”    	 	2.03
	“Registrar”    	 	2.03
	“Regulation S Global Note”    	 	2.01(b)
	“Relevant Tax Jurisdiction”    	 	4.12(a)
	“Required Currency”    	 	12.14
	“Restricted Global Note”    	 	2.01(b)
	“Restricted Payments”    	 	4.08(a)
	“Security Document Order”    	 	11.01
	“Security Register”    	 	2.03
	“Subsidiary Guarantor”    	 	4.14(a)
	“Tax Jurisdiction”    	 	4.12(a)
	“Tax Redemption Date”    	 	3.09

 

    	 	42	 

     

    

 

	Term	 	Section
	“TIA”    	 	1.03(i)
	“Total Loss”    	 	4.06(b)(xviii)
	“Transfer Agent”    	 	2.03
	“Trustee”    	 	Preamble

 

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

 

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

 

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

 

(c)           “or”
is not exclusive;

 

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

 

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

 

(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;

 

(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; and

 

(j)            unless
otherwise provided herein or in any other Notes Document, the words “execute”, “execution”, “signed”,
and “signature” and words of similar import used in or related to any document to be signed in connection with this Indenture,
any other Notes Document or any of the transactions contemplated hereby (including amendments, waivers, consents and other modifications)
shall be deemed to include electronic signatures and 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 in ink or the use of a paper-based recordkeeping system, as applicable,
to the fullest extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, and any other similar state laws based on the Uniform Electronic Transactions
Act, provided that, notwithstanding anything herein to the contrary, neither the Trustee nor the Collateral Trustee is under any obligation
to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Trustee or the Collateral Trustee
pursuant to procedures approved by the Trustee or the Collateral Trustee.

 

    	 	43	 

     

    

 

 

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.

 

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.

 

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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 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 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), which such authentication shall be
by manual signature (a) Original Notes, on the date hereof, for original issue up to an aggregate principal amount of $360,000,000
and (b) Additional Notes, from time to time, subject to compliance at the time of issuance of such Additional Notes with the provisions
of this Indenture, including Section 4.06 and Section 4.07. The Issuer is permitted to issue Additional Notes as part of a
further issue under this Indenture, from time to time; provided, however, that any Additional Notes may not have the same CUSIP
or other identification number (or be represented by the same Global Note or Global Notes) as the Original Notes unless either (1) the
Additional Notes are treated as part of the same issue for U.S. federal income tax purposes or (2) both the Notes and the additional
Notes are issued with no (or less than a de minimis amount of) original issue discount for U.S. federal income tax purposes. The Issuer
will issue Notes in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

    	 	45	 

     

    

 

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 Article Three and Eight and
Sections 4.09 and 4.11.

 

The Issuer hereby appoints (i) the Trustee,
located at its Corporate Trust Office, as principal paying agent (the “Principal Paying Agent”) and Transfer Agent
and (ii) the Trustee, located at its Corporate Trust Office, as Registrar. Each hereby accepts such appointment; provided
that neither the Principal Paying Agent nor the Registrar shall be deemed an agent of the Issuer for service of legal process. 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.

 

    	 	46	 

     

    

 

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 shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.06.

 

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

 

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.

 

    	 	47	 

     

    

 

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 2.10, 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 Corporate Trust 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.

 

    	 	48	 

     

    

 

(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 such interest for an interest in the Regulation S Global Note, or to transfer such interest 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.

 

    	 	49	 

     

    

 

(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 herein and 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
in an Issuer Order, shall (or shall direct the authenticating agent to) authenticate and deliver Notes that do not bear the legend.

 

(d)            The
Trustee, the Collateral 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)            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; or

 

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

 

(f)            Notwithstanding
anything contained herein to the contrary, neither the Trustee nor the Registrar shall be responsible for ascertaining whether any transfer
complies with the registration provisions of or exemptions from the Securities Act or applicable state securities laws.

 

    	 	50	 

     

    

 

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 Collateral 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.

 

If the Paying Agent holds, in accordance with
this Indenture, on a Redemption Date or maturity date money sufficient to pay all principal, interest, premium, if any, 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.

 

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Section 2.10              Definitive
Registered Notes.

 

(a)            A
Global Note deposited with a custodian for DTC pursuant to Section 2.01 shall be transferred in whole to the Beneficial Owners thereof
in the form of Definitive Registered Notes only if such transfer complies with Section 2.06 and (i) DTC notifies the Issuer
that it is unwilling or unable to continue to act as depositary for such Global Note or DTC ceases to be registered as a clearing agency
under the U.S. 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(a).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Notwithstanding the foregoing, any interest which
is paid prior to the expiration of the 30-day period set forth in Section 6.01(a)(i) shall be paid to Holders as of the record
date for the Interest Payment Date for which interest has not been paid.

 

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Section 2.13              Computation
of Interest. Interest on the Notes shall be computed on the basis of a 360-day year comprised 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 the Trustee
shall not be responsible for the use of ISIN or CUSIP numbers on any Note, notice or elsewhere and 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 the provisions of this Indenture, including Sections 4.06 and 4.07, issue Additional
Notes from time to time under this Indenture in accordance with the procedures of Section 2.02. The Original Notes issued on the
Issue Date and any Additional Notes subsequently issued shall be treated as a single class for all purposes under this Indenture.

 

Article Three

REDEMPTION; OFFERS TO PURCHASE

 

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

 

Section 3.02              Notices
to Trustee. If the Issuer elects to redeem all or a portion of the Notes pursuant to Section 3.01, it shall notify the Trustee
in writing of the Redemption Date and the record date (if applicable), 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 five days before the date notice is delivered to the Holders pursuant to Section 3.04
or such shorter period as shall be acceptable to the Trustee. 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 notified 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 and in accordance with the Applicable Procedures of DTC; provided, however, that no such partial
redemption shall reduce the portion of the principal amount of a Note not redeemed to less than $2,000.

 

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The Trustee shall make the selection from the
Notes outstanding and not previously called for redemption. The Trustee may select for redemption portions equal to $2,000 in principal
amount and any integral multiple of $1,000 in excess 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 send a notice of redemption to each
Holder to be redeemed at its address contained in the Security Register (with a copy to the Trustee), 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 such notice 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 $2,000 in principal amount or any integral multiple
of $1,000 in excess 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;

 

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(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 such Notes called for redemption are being redeemed.

 

At the Issuer’s written request in an Officer’s
Certificate delivered to the Trustee at least five Business Days (or such shorter period as shall be acceptable to the Trustee) before
the requested date of delivery, the Trustee shall give a notice of redemption in the Issuer’s name and at the Issuer’s expense.
In such event, the Issuer shall provide the Trustee with the notice and the other information required by this Section 3.04.

 

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

 

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

 

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

 

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Section 3.06              Optional
Redemption.

 

(a)            At
any time prior to February 15, 2024, the Issuer may on any one or more occasions redeem up to 40% of the aggregate principal amount
of Notes (including any Additional Notes) issued under this Indenture, upon prior notice in accordance with Section 3.04 hereof,
at a Redemption Price equal to 106.750% of the principal amount of the Notes redeemed, plus accrued and unpaid interest and Additional
Amounts, if any, to but not including the Redemption Date (subject to the rights of Holders of Notes on the relevant Record Date to receive
interest due on the relevant Interest Payment Date), with an amount equal to the net cash proceeds of an Equity Offering; provided
that:

 

(i)            at
least 55% of the aggregate principal amount of the Original Notes (excluding Notes held by the Parent Guarantor and its Subsidiaries)
remains outstanding immediately after the occurrence of such redemption (except to the extent that all remaining outstanding Notes are
substantially concurrently repurchased or redeemed in full, or are to be repurchased or redeemed in full and for which a notice of repurchase
or redemption has been issued, in accordance with another provision of this Indenture); and

 

(ii)            the
redemption occurs within 180 days of the date of the closing of such Equity Offering.

 

(b)            At
any time prior to February 15, 2024, the Issuer may on any one or more occasions redeem all or a part of the Notes, upon prior notice
in accordance with Section 3.04 hereof, at a Redemption Price equal to 100% of the principal amount of the Notes redeemed, plus
the Applicable Premium (as calculated by the Issuer) as of, and accrued and unpaid interest and Additional Amounts, if any, to but not
including 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)            Except
pursuant to Sections 3.06(a), 3.06(b) and 3.09, the Notes will not be redeemable at the Issuer’s option prior to February 15,
2024.

 

(d)            On
or after February 15, 2024, the Issuer may on any one or more occasions redeem all or a part of the Notes, upon prior notice in
accordance with Section 3.04 hereof, at the redemption prices (expressed as percentages of principal amount) set forth below, plus
accrued and unpaid interest and Additional Amounts, if any, on the Notes redeemed, to, but not including the applicable Redemption Date,
if redeemed during the twelve-month period beginning on February 15 of the years indicated below, subject to the rights of Holders
of Notes on the relevant Record Date to receive interest on the relevant Interest Payment Date:

 

	Year	 	 	Redemption Year Price	 
	2024	 	 	 	103.375	%
	2025	 	 	 	101.688	%
	2026 and thereafter	 	 	 	100.000	%

 

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

 

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

 

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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
called for redemption 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, but not including, 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 cause
a reduction in 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, upon receipt of an
Issuer Order, 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.

 

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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, with a copy to the Trustee (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, but excluding, 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 of the Notes 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 applicable Relevant Tax Jurisdiction,
which change or amendment is announced and becomes effective after the date of the Offering Memorandum (or if the applicable Relevant
Tax Jurisdiction became a Relevant Tax Jurisdiction on a date after the date of the Offering Memorandum, 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) of the applicable Relevant
Tax Jurisdiction, which change or amendment is announced and becomes effective after the date of the Offering Memorandum (or if the applicable
Relevant Tax Jurisdiction became a Relevant Tax Jurisdiction on a date after the date of the Offering Memorandum, after such later date)
(each of the foregoing clauses (a) and (b), a “Change in Tax Law”).

 

The Issuer shall not give any such notice of redemption
earlier than 60 days prior to the earliest date on which the Issuer or the relevant Guarantor would be obligated to make such payment
or Additional Amounts if a payment in respect of the Notes or Note Guarantee were then due and at the time such notice is given, the
obligation to pay Additional Amounts must remain in effect. Prior to the mailing of any notice of redemption of the Notes pursuant to
the foregoing, the Issuer shall deliver the Trustee an opinion of an independent tax advisor of recognized standing qualified under the
laws of the relevant Tax Jurisdiction (which advisor shall be reasonably acceptable to the Trustee) to the effect that there has been
a Change in Tax Law which would entitle the Issuer to redeem the Notes hereunder. In addition, before the Issuer mails 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).

 

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Article Four

COVENANTS

 

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

 

The Issuer shall pay interest on overdue principal
at the rate specified therefor in the Notes (the “Overdue Rate”) in excess of the interest rate applicable to such
Notes and it shall pay interest on overdue installments of interest at the same rate to the extent lawful.

 

Section 4.02              Company
Existence. Subject to Article Five, the Parent Guarantor and the Issuer shall do or cause to be done all things necessary to
preserve and keep in full force and effect their legal existence as a company.

 

Section 4.03              Maintenance
of Properties. Each of the Parent Guarantor and Issuer shall cause all properties owned by it or any other Restricted Subsidiary
or used or held for use in the conduct of its business or the business of the Parent Guarantor and its Restricted Subsidiaries 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 applicable Person discontinuing the maintenance of any such properties if such discontinuance
is, in the judgment of the Parent Guarantor, desirable in the conduct of the business of the Parent Guarantor and its Restricted Subsidiaries,
taken as a whole.

 

Section 4.04              [Reserved].

 

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).

 

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Section 4.06              Incurrence
of Indebtedness and Issuance of Preferred Stock.

 

(a)            The
Parent Guarantor shall not, and shall 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 Parent Guarantor 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;
provided, however, that the Parent Guarantor may incur Indebtedness (including Acquired Debt) or issue Disqualified Stock,
and the Issuer and its Restricted Subsidiaries (other than Excluded Vessel Subsidiaries) may incur Indebtedness (including Acquired Debt)
or issue preferred stock, if the Fixed Charge Coverage Ratio for the Parent Guarantor’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 issued, as the case may be, would have been at least 2.00 to 1.00, 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 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 (collectively, “Permitted Debt”):

 

(i)             the
incurrence of Indebtedness under Credit Facilities by the Parent Guarantor or any Restricted Subsidiary (other than an Excluded Vessel
Subsidiary) up to an aggregate principal amount equal to $95.0 million at any time outstanding; provided, however, that the maximum
amount permitted to be outstanding under this clause (i) shall not be deemed to limit additional Indebtedness under the Credit Facilities
to the extent the incurrence of such additional Indebtedness is permitted pursuant to any of the other provisions under this covenant;

 

(ii)            the
incurrence by the Parent Guarantor and its Restricted Subsidiaries of Existing Indebtedness;

 

(iii)           the
incurrence by the Parent Guarantor and any Restricted Subsidiary of Indebtedness represented by letters of credit in an aggregate principal
amount at any time outstanding not to exceed the greater of $10.0 million or 1.0% of Total Tangible Assets (with letters of credit being
deemed to have a principal amount equal to the maximum potential liability of the Parent Guarantor and its Restricted Subsidiaries thereunder);

 

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

 

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(v)           the
incurrence by the Parent Guarantor or any Restricted Subsidiary of Indebtedness represented by Attributable Debt, Capital Lease Obligations,
mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase
price, lease expense, rental payments or cost of design, construction, installation or improvement of property (including Vessels), plant
or equipment or other assets (including Capital Stock) used in the business of the Parent Guarantor or any of its Restricted Subsidiaries,
in an aggregate principal amount, including all Permitted Refinancing Indebtedness, incurred to renew, refund, refinance, replace, defease
or discharge any Indebtedness incurred pursuant to this clause (v), not to exceed the greater of (i) $20.0 million and (ii) 2.5%
of Total Tangible Assets at any time outstanding (it being understood that any such Indebtedness may be incurred after the acquisition,
purchase, charter or leasing or the construction, installation or the making of any improvement with respect to any asset (including
Vessels));

 

(vi)          the
incurrence by the Parent Guarantor or any Restricted Subsidiary of Indebtedness in connection with New Vessel Financings in an aggregate
principal amount at any one time outstanding, not exceeding the New Vessel Aggregate Secured Debt Cap as calculated on the date of the
relevant incurrence under this clause (vi);

 

(vii)         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) that was permitted to be incurred under Section 4.06(a) or clauses
(ii), (iv), (vi), (vii), (viii), (xiv) or (xviii) of this Section 4.06(b);

 

(viii)        Indebtedness
or Disqualified Stock of the Parent Guarantor and Indebtedness or Disqualified Stock or preferred stock of any Restricted Subsidiary
in an aggregate principal amount or liquidation preference up to 100% of the net cash proceeds received by the Parent Guarantor since
the Issue Date from the issue or sale of Equity Interests of the Issuer or cash contributed to the capital of the Issuer (in each case,
other than proceeds of Disqualified Stock or preferred stock or sales of Equity Interests to the Parent Guarantor or any of its Subsidiaries)
as determined in accordance with Section 4.08(a)(iii)(B) to the extent such net cash proceeds or cash have not been applied
pursuant to such clauses to make Restricted Payments pursuant to Section 4.08(b) or to make Permitted Investments (other than
Permitted Investments specified in clause (c) of the definition thereof);

 

(ix)           the
incurrence by the Parent Guarantor or any Restricted Subsidiary of intercompany Indebtedness between or among the Parent Guarantor 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 (except in respect of the intercompany current liabilities incurred in the ordinary course of business in connection
with the cash management operations of the Parent Guarantor and its Restricted Subsidiaries) 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

 

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

 

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

 

(xi)           the
incurrence by the Parent Guarantor or any Restricted Subsidiary of Hedging Obligations not for speculative purposes;

 

(xii)          the
Guarantee by the Issuer or any Guarantor of Indebtedness of the Issuer or any Guarantor to the extent that the guaranteed Indebtedness
was permitted to be incurred by another provision of this Section 4.06; provided that 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;

 

(xiii)         the
incurrence by the Parent Guarantor or any of its Restricted Subsidiaries of Indebtedness (A) in respect of workers’ compensation
claims, self-insurance obligations, captive insurance companies, bankers’ acceptances, performance and surety bonds in the ordinary
course of business; (B) in respect of letters of credit, surety, performance 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 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; 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; (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;
(E) arising in connection with endorsements of instruments for deposit in the ordinary course of business; and (F) unsecured
Indebtedness arising out of judgments not constituting an Event of Default.

 

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(xiv)        (x) Indebtedness
or Disqualified Stock of the Parent Guarantor and Indebtedness, Disqualified Stock or Preferred Stock of a Restricted Subsidiary incurred
or issued to finance an acquisition (or other purchase of assets) or (y) Indebtedness, Disqualified Stock or Preferred Stock of
Persons that are acquired by the Parent Guarantor or any Restricted Subsidiary or merged into or consolidated with the Parent Guarantor
or a Restricted Subsidiary in accordance with the terms of this Indenture; provided that, in the case of subclauses (x) and (y),
after giving effect to such acquisition, merger or consolidation, either (a) the Parent Guarantor would be permitted to incur at
least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the first sentence of this covenant
or (b) the Fixed Charge Coverage Ratio of the Parent Guarantor and the Restricted Subsidiaries is greater than immediately prior
to such acquisition;

 

(xv)         Indebtedness
arising from agreements of the Parent Guarantor 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
the maximum liability of the Parent Guarantor 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 Parent Guarantor and its Restricted Subsidiaries in connection with such disposition;

 

(xvi)        the
incurrence by the Parent Guarantor 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;

 

(xvii)       Indebtedness
of the Parent Guarantor or any Restricted Subsidiary incurred in connection with credit card processing arrangements and other Cash Management
Obligations entered into in the ordinary course of business;

 

(xviii)      the
incurrence by the Parent Guarantor or any Restricted Subsidiary of Indebtedness to finance the replacement (through construction or acquisition)
of a Vessel upon the total loss, destruction, condemnation, confiscation, requisition, seizure or forfeiture of, or other taking of title
or use of, such Vessel (collectively, a “Total Loss”) 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 Parent Guarantor or any of its Restricted Subsidiaries from any Person
in connection with such Total Loss in excess of amounts actually used to repay Indebtedness secured by the Vessel subject to such Total
Loss and any costs and expenses incurred by the Parent Guarantor or any of its Restricted Subsidiaries in connection with such Total
Loss;

 

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

 

(xx)          Indebtedness
incurred in connection with any Management Advances;

 

(xxi)         Indebtedness
of the Parent Guarantor or any Restricted Subsidiary in respect of overdrafts and related liabilities and/or arising from cash management
services (including treasury, depository, overdraft, credit, purchasing or debit card, electronic funds transfer, netting, ACH services
and other cash management arrangements), incurred in the ordinary course of business and Indebtedness arising from the honoring by a
bank or other financial institution of a check, draft or similar instrument inadvertently (except in the case of a daylight overdraft)
drawn against insufficient funds in the ordinary course of business;

 

(xxii)        Indebtedness
representing deferred compensation, severance, pension, and health and welfare retirement benefits or the equivalent to current and former
employees of the Parent Guarantor its Restricted Subsidiaries incurred in the ordinary course of business or existing on the Issue Date;
and

 

(xxiii)       the
incurrence of Indebtedness or the issuance of Disqualified Stock by the Parent Guarantor or any Restricted Subsidiary in an aggregate
principal amount (or accreted value, as applicable) at any time outstanding, including all Indebtedness incurred to renew, refund, refinance,
replace, defease or discharge any Indebtedness incurred pursuant to this clause (xxiii), not to exceed the greater of (i) $40.0 million
and (ii) 5.0% of Total Tangible Assets;

 

(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 or having a junior priority with respect to the same collateral or because it is not guaranteed or guaranteed
by other obligors.

 

(d)           For
purposes of determining compliance with this Section 4.06:

 

(i)            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
(xxiii) 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;

 

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(ii)           In
connection with the Parent Guarantor’s or a Restricted Subsidiary’s entry into an instrument containing a binding commitment
in respect of any revolving Indebtedness, the Issuer may elect, pursuant to an Officer’s Certificate delivered to the Trustee,
to treat all or any portion of such commitment (any such amount elected until revoked as described below, an “Elected Amount”)
under any Indebtedness which is to be incurred (or any commitment in respect thereof) or secured by a Lien, as the case may be, as being
incurred as of such election date, and (i) any subsequent incurrence of Indebtedness under such commitment (so long as the total
amount under such Indebtedness does not exceed the Elected Amount) shall not be deemed, for purposes of any calculation under this Indenture,
to be an incurrence of additional Indebtedness or an additional Lien at such subsequent time and (ii) the Issuer may revoke an election
of an Elected Amount at any time pursuant to an Officer’s Certificate delivered to the Trustee; and

 

(iii)          The
principal amount of Indebtedness outstanding under any clause of this covenant shall be determined after giving effect to the application
of proceeds of any such Indebtedness to refinance any such other Indebtedness.

 

(e)           The
accrual of interest or preferred stock 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 as Indebtedness
due to a change in accounting principles, and the payment of dividends on preferred stock or Disqualified Stock in the form of additional
shares of the same class of preferred stock or Disqualified Stock will not be deemed to be an incurrence of Indebtedness or an issuance
of preferred stock or Disqualified Stock for purposes of this Section 4.06; provided, in each such case, that the amount
of any such accrual, accretion or payment is included in the Fixed Charges of the Parent Guarantor as accrued. Guarantees of, or obligations
in respect of letters of credit relating to, Indebtedness which is otherwise included in the determination of a particular amount
of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided that the Incurrence of the
Indebtedness represented by such guarantee or letter of credit, as the case may be, was in compliance with this covenant.

 

(f)            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. However, if the Indebtedness is incurred to refinance other Indebtedness denominated
in a foreign currency, and the 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 the refinancing, the U.S. dollar-denominated restriction will be deemed
not to have been exceeded so long as the principal amount of the refinancing Indebtedness does not exceed the principal amount of the
Indebtedness being refinanced (plus the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses (including
accrued and unpaid interest) incurred or payable in connection with such refinancing).

 

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(g)           Notwithstanding
any other provision of this Section 4.06, the maximum amount of Indebtedness that the Parent Guarantor 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.

 

(h)           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.

 

Section 4.07       Liens.

 

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

 

(ii)           in
the case of any property or assets that constitute Collateral, Permitted Liens.

 

(b)           Any
Lien created in favor of this Indenture and the Notes or a Note Guarantee pursuant to Section 4.07(a)(i)(B) shall be automatically
and unconditionally released and discharged (i) upon the release and discharge of the initial Lien to which it relates and (ii) otherwise
in accordance with Section 11.04.

 

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Section 4.08       Restricted
Payments.

 

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

 

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

 

(B)           purchase,
redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation involving
the Parent Guarantor) any Equity Interests of the Parent Guarantor;

 

(C)           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 Parent Guarantor and any of its Restricted Subsidiaries), except (i) a payment
of principal at the Stated Maturity thereof or (ii) 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

 

(D)           make
any Restricted Investment;

 

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

 

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

 

(ii)           the
Parent Guarantor 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); and

 

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(iii)          such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Parent Guarantor and its Restricted
Subsidiaries after the Issue Date (excluding Restricted Payments permitted by clauses (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:

 

(A)           50%
of the Consolidated Net Income of the Parent Guarantor for the period (taken as one accounting period) from the first day of the first
fiscal quarter ending one year after the Issue Date to the end of the Parent Guarantor’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

 

(B)           100%
of the aggregate net cash proceeds and the Fair Market Value of marketable securities received by the Parent Guarantor after the Issue
Date as a contribution to its common equity capital or from the issue or sale of Equity Interests of the Parent Guarantor (other than
Disqualified Stock) or from the issue or sale of convertible or exchangeable Disqualified Stock of the Parent Guarantor or convertible
or exchangeable debt securities of the Parent Guarantor, in each case that have been converted into or exchanged for Equity Interests
of the Parent Guarantor (other than Equity Interests (or Disqualified Stock or debt securities) sold to a Subsidiary of the Parent Guarantor);
plus

 

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

 

(D)           to
the extent that any Unrestricted Subsidiary of the Parent Guarantor designated as such after the Issue Date is redesignated as a Restricted
Subsidiary, or is merged or consolidated into the Parent Guarantor or a Restricted Subsidiary, or all of the assets of such Unrestricted
Subsidiary are transferred to the Parent Guarantor or a Restricted Subsidiary, in each case, after the Issue Date, the Fair Market Value
of the Parent Guarantor’s Restricted Investment in such Subsidiary as of the date of such redesignation, merger, consolidation
or transfer of assets to the extent such investments reduced the restricted payments capacity under this clause (iii) and were not
previously repaid or otherwise reduced; plus

 

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(E)           100%
of any dividends or distributions received by the Parent Guarantor 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 Parent
Guarantor for such period (excluding, for the avoidance of doubt, repayments of, or interest payments in respect of, any Permitted Investment
made pursuant to clause (xx) of the definition thereof).

 

(b)           The
provisions of Section 4.08(a) shall not prohibit the following:

 

(i)            the
payment of any dividend or the consummation of any redemption within 60 days after the date of declaration of the dividend or giving
of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend 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 Parent Guarantor) of, Equity Interests of the Parent Guarantor (other than Disqualified Stock) or from the
substantially concurrent contribution of common equity capital to the Parent Guarantor; 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)(iii)(B) and will not
be considered to be net cash proceeds from an Equity Offering for purposes of Section 3.06 of this Indenture;

 

(iii)          the
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 repurchase, redemption or other acquisition or retirement
for value of any Equity Interests of the Parent Guarantor or any Restricted Subsidiary held by any current or former officer, director,
employee or consultant of the Parent Guarantor 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 repurchased, redeemed, acquired or retired Equity Interests may not exceed $5.0 million in the aggregate in any twelve-month
period with unused amounts being carried over to succeeding twelve-month periods subject to a maximum of $10.0 million; 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 Parent Guarantor received by the Parent Guarantor during such twelve-month period, in each case to members
of management, directors or consultants of the Parent Guarantor, any of its Restricted Subsidiaries or any of its direct or indirect
parent entities to the extent the cash proceeds from the sale of Equity Interests have not otherwise been applied to the making of Restricted
Payments pursuant to Section 4.08(a)(iii) or clause (ii) of this Section 4.08(b) or to an optional redemption
pursuant to Section 3.06;

 

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(v)           the
repurchase of Equity Interests deemed to occur upon the exercise of stock options to the extent such Equity Interests represent a portion
of the exercise price of those stock 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 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 Parent Guarantor or any of its Restricted Subsidiaries
to allow the payment of cash in lieu of the issuance of fractional shares upon (A) the exercise of options or warrants or (B) 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 Parent Guarantor or any Restricted Subsidiary) on no more than a pro rata basis;

 

(ix)          payments
made or expected to be made by the Parent Guarantor or any Restricted Subsidiary in respect of withholding, employment or similar taxes
payable by any current or former directors, officers, employees or consultants and any repurchases of Equity Interests deemed to occur
upon exercise, vesting or settlement of, or payment with respect to, any equity or equity-based award, including, without limitation,
stock or other equity options, stock or other equity appreciation rights, warrants, restricted equity units, restricted equity, deferred
equity units or similar rights if such Equity Interests are used by the holder of such award to pay a portion of the exercise price of
such options, appreciation rights, warrants or similar rights or to satisfy any required withholding or similar taxes with respect to
any such award;

 

(x)            the
declaration and payment of regularly scheduled or accrued dividends to holders of preferred stock (including any additional shares of
preferred stock that have or may be paid-in-kind pursuant to the terms of such preferred stock) of the Parent Guarantor issued prior
to the Issue Date;

 

(xi)          so
long as no Default or Event of Default has occurred and is continuing, other Restricted Payments in an aggregate amount taken together
with all other Restricted Payments made pursuant to this clause (xi) not to exceed (as of the date any such Restricted Payment is
made) (A) with respect to any Restricted Payment made on or before the first anniversary of the Issue Date, the greater of (i) $10.0
million and (ii) 1.0% of Total Tangible Assets of the Parent Guarantor for the most recently ended Calculation Period and (B) with
respect to any Restricted Payment made thereafter (together with any Restricted Payment made pursuant to this clause (xi) on or
prior to the first anniversary of the Issue Date), the greater of (i) $25.0 million and (ii) 2.5% of Total Tangible Assets
of the Parent Guarantor for the most recently ended Calculation Period; or

 

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(xii)         (i) any
Restricted Payment made in connection with the entry into, or otherwise pursuant to the terms of, a Permitted Bond Hedge Transaction
and (ii) any cash payment made in connection with the exercise or early termination of any Permitted Warrant Transaction.

 

(c)           The
amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment or, at the Issuer’s
election, the date a commitment is made to make such Restricted Payment, of the asset(s) or securities proposed to be transferred
or issued by the Parent Guarantor or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment.

 

(d)           For
purposes of determining compliance with this covenant, in the event that a proposed Restricted Payment (or a portion thereof) meets the
criteria of clauses (i) through (xii) of Section 4.08(b) or is entitled to be made pursuant to Section 4.08(a) or
one or more clauses in the definition of “Permitted Investments,” the Issuer will be entitled to divide or classify or later
divide or reclassify (based on circumstances existing on the date of such reclassification) such Restricted Payment (or portion thereof)
among such clauses (a) through (l), the definition of “Permitted Investments” and such first paragraph in a manner that
complies with this covenant; provided that if any Investment pursuant to clause (xi) above or clause (t) or (u) of
the definition of “Permitted Investments” is made in any 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 4.17, 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 such clause.

 

Section 4.09       Asset
Sales.

 

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

 

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

 

(ii)           at
least 75% of the consideration for such Asset Sale, together with all other Asset Sales since the Issue Date (on a cumulative basis)
is in the form of cash, Cash Equivalents, Replacement Assets or a combination thereof. For purposes of this clause (ii), each of the
following will be deemed to be cash:

 

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

 

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(B)            any
securities, notes or other obligations received by the Parent Guarantor or any such Restricted Subsidiary from such transferee that are
converted by the Parent Guarantor 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)            Indebtedness
of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Sale, to the extent that the Parent
Guarantor and each other Restricted Subsidiary are released from any Guarantee of such Indebtedness in connection with such Asset Sale;

 

(D)           consideration
consisting of Indebtedness of the Issuer or any Guarantor (other than Indebtedness subordinated to the Notes or the Notes Guarantees)
received from Persons who are not the Issuer or any Restricted Subsidiary; and

 

(E)            consideration
other than cash, Cash Equivalents or Replacement Assets received by the Parent Guarantor or any Restricted Subsidiary in such Asset Sale
with a Fair Market Value, taken together with all other consideration received pursuant to this clause (e) that is at the time outstanding,
not to exceed the greater of (i) $10.0 million and (ii) 1.0% of Total Tangible Assets at the time of the receipt of such consideration,
with the Fair Market Value of each item of such consideration being measured at the time received and without giving effect to subsequent
changes in value.

 

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

 

(i)            to
purchase 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 (x) after
giving effect to any such acquisition of Capital Stock, the Permitted Business is or becomes a Restricted Subsidiary and (y) to
the extent the assets that were the subject of such Asset Sale or Event of Loss comprised part of the Collateral, such Restricted Subsidiary
is or becomes a Guarantor and the assets comprising such Permitted Business shall be pledged (or subjected to an equitable mortgage or
other security interest) as Collateral in accordance with, but subject to the limitations set forth in, the Security Documents;

 

(iii)          upon
the sale of assets that do not constitute Collateral, to make capital expenditures;

 

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(iv)          to
acquire other assets (other than Capital Stock) not classified as current assets under GAAP that are used or useful in a Permitted Business;
provided that to the extent the assets that were the subject of such Asset Sale or Event of Loss comprised part of the Collateral,
the assets being acquired shall be owned by a Guarantor and pledged as Collateral in accordance with, but subject to the limitations
set forth in, the Security Documents;

 

(v)           upon
the sale of assets that constitute Collateral, to repurchase, prepay, redeem or repay First Lien Obligations; provided, however, that
if the Parent Guarantor or a Restricted Subsidiary shall so repurchase, prepay, redeem, or repay First Lien Obligations pursuant to this
clause (v), the Parent Guarantor will make a Notes 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 First Lien Obligations; provided further that the
Parent Guarantor shall be deemed to have satisfied its obligation to make a Notes Offer if it otherwise equally and ratably reduces obligations
under the Notes through (x) open market purchases (to the extent such purchases are at or above 100% of the principal amount thereof)
or (y) as provided under Sections 3.06 or Section 3.09;

 

(vi)          upon
the sale of assets that do not constitute Collateral, (a) to permanently reduce or repay secured Indebtedness and to correspondingly
reduce any outstanding commitments with respect thereto, (b) to repurchase, prepay, redeem or repay Indebtedness of a Restricted
Subsidiary which is not the Issuer or a Guarantor, or Indebtedness of the Issuer or any Guarantor that is secured by a Lien on such assets
or (c) to repurchase, prepay, redeem or repay Indebtedness of the Issuer or a Guarantor which is pari passu in right of payment
with the Notes or any Note Guarantee; or

 

(vii)         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.

 

Pending the final application of any Net Proceeds
from an Asset Sale or Event of Loss, the Parent Guarantor (or the applicable Restricted Subsidiary) may temporarily reduce revolving
credit borrowings or otherwise invest the Net Proceeds in any manner that is not prohibited by this Indenture.

 

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(c)           Any
Net Proceeds from an Asset Sale or Event of Loss that are not applied or invested as provided in Section 4.09(b) (it being
understood that any portion of such Net Proceeds used to make an offer to purchase Notes as described in Section 4.09(b)(i) or
(v) above shall be deemed to have been invested whether or not such Notes Offer is accepted) will constitute “Excess Proceeds.”
When the aggregate amount of Excess Proceeds exceeds $30.0 million, within ten Business Days thereof, the Issuer will make an offer (an
 “Asset Sale Offer”) to all Holders of Notes and, if required by the terms of any Pari Passu Debt, to all holders of
such Pari Passu Debt with respect to offers to purchase, prepay or redeem with the proceeds of sales of assets to purchase, prepay or
redeem the maximum principal amount of Notes and such other Pari Passu Debt (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 (or, in respect of such Pari Passu Debt, such other price, if any, as may be provided
for by the terms of such Pari Passu Debt), to, but not including, 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, the Parent Guarantor or the applicable Restricted Subsidiary
may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes
and other Pari Passu Debt 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 Issuer will select the Notes and such other Pari Passu Debt, 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. The Issuer, the Parent Guarantor or the applicable Restricted Subsidiary
may satisfy the foregoing obligations with respect to any Net Proceeds from an Asset Sale or Event of Loss by making an Asset Sale Offer
with respect to such Net Proceeds prior to the expiration of the relevant 450 days (or such longer period provided above) or with respect
to Excess Proceeds of $30.0 million or less.

 

(d)           The
Issuer shall comply with the requirements of Rule 14e-1 under the U.S. Exchange Act and any other applicable securities laws and
regulations to the extent those laws and regulations 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 conflict with the Asset Sale Offer
or Notes Offer provisions of this Indenture, the Issuer will comply with the applicable securities laws and regulations and will not
be deemed to have breached its obligations under the Asset Sale Offer or Notes Offer provisions of this Indenture by virtue of such compliance.

 

Section 4.10       Transactions
with Affiliates.

 

(a)           The
Parent Guarantor 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
Parent Guarantor (each, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $10.0
million, unless:

 

(i)            the
Affiliate Transaction is on terms that are, taken as a whole, no less favorable to the Parent Guarantor or the relevant Restricted Subsidiary
than those that would have been obtained in a comparable transaction by the Parent Guarantor or such Restricted Subsidiary with an unrelated
Person; and

 

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(ii)            the
Issuer delivers to the Trustee with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $20.0 million, a resolution of the Board of Directors of the Parent Guarantor 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 Parent Guarantor (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 Parent Guarantor).

 

(b)           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, consultant or employee benefit arrangements with any employee, consultant, officer
or director of the Parent Guarantor or any Restricted Subsidiary, including under any stock option, stock appreciation rights, stock
incentive or similar plans, entered into in the ordinary course of business;

 

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

 

(iii)           transactions
with a Person (other than an Unrestricted Subsidiary of the Parent Guarantor) that is an Affiliate of the Parent Guarantor solely because
the Parent Guarantor 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 Parent Guarantor or any of its Restricted
Subsidiaries;

 

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

 

(vi)          Restricted
Payments (or transfers or issuances that would constitute Restricted Payments but for the exclusions from the definition thereof) 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;

 

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(viii)        Permitted
Investments;

 

(ix)           Management
Advances;

 

(x)            (a) 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 Parent Guarantor or the Restricted Subsidiaries in the
reasonable determination of the members of the Board of Directors of the Parent Guarantor 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 or (b) transactions
with joint ventures or Unrestricted Subsidiaries entered into in the ordinary course of business and consistent with past practice or
industry norm;

 

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

 

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

 

(xiii)         pledges
of (or equitable mortgages or other security interests granted in) Equity Interests of Unrestricted Subsidiaries; and

 

(xiv)        transactions
undertaken in good faith (as certified by a responsible financial or accounting officer of the Parent Guarantor in an Officer’s
Certificate) between the Parent Guarantor and any other Person or a Restricted Subsidiary of the Parent Guarantor and any other Person
with which the Parent Guarantor or any of its Restricted Subsidiaries files a consolidated tax return or which the Parent Guarantor or
any of its Restricted Subsidiaries is part of a group for tax purposes that are effected for the purpose of improving the consolidated
tax efficiency of the Parent Guarantor and its Subsidiaries and not for the purpose of circumventing any provision of this Indenture;
provided that any such tax sharing arrangement does not permit or require payments in excess of the amount of tax that would be
payable by the Parent Guarantor and its Restricted Subsidiaries on a stand-alone basis.

 

Section 4.11       Offer
to Repurchase upon a Change of Control.

 

(a)           If
a Change of Control occurs, except as set forth in Section 4.11(g), each Holder will have the right to require the Issuer to repurchase
all or any part (equal to a minimum of $2,000 or an integral multiple of $1,000 in excess thereof) of the Holder’s Notes pursuant
to an offer (a “Change of Control Offer”) on the terms set forth herein. In the Change of Control Offer, the Issuer
will offer a payment in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest and
Additional Amounts, if any, on the Notes repurchased to but not including the date of purchase (the “Change of Control Payment”),
subject to the rights of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date.

 

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(b)           Within
30 days following any Change of Control, the Issuer shall mail 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 (with a copy to the Trustee) stating
that:

 

(i)            that
a Change of Control 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
amount of the Change of Control Payment and the date of purchase (the “Change of Control Payment Date”), which date
shall be a Business Day no earlier than 30 days no later than 60 days from the date such notice is mailed or 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 Payment
Date unless the Change of Control Payment 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 Payment Date, the Issuer shall, to the extent lawful:

 

(i)            accept
for payment all Notes or portions of Notes properly tendered and not withdrawn pursuant to the Change of Control Offer;

 

(ii)           deposit
with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes so accepted for payment;
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 mail (or cause to be delivered) to each Holder which has properly tendered and so accepted the Change of
Control Payment 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 Payment
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 Payment Date.

 

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(e)           This
Section 4.11 will be applicable whether or not any other provisions of this Indenture are applicable. A Change of Control Offer
may be made in advance of a Change of Control, and conditioned upon such Change of Control, if a definitive agreement is in place for
the Change of Control at the time of making of the Change of Control Offer.

 

(f)            If
the Change of Control Payment 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 if (i) 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 (ii) a notice of redemption has been given pursuant to Section 3.06 or Section 3.09, 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)            Notwithstanding
the foregoing clauses (a) through (g), in connection with any Change of Control 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 Change of Control Offer and the Issuer,
or any third party making such a Change of Control 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
(except as otherwise set forth in Section 3.04), given not more than 30 days following such purchase date, to redeem all Notes that
remain outstanding following such purchase at a price equal to the price offered to each other Holder in the Change of Control Offer
plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date.

 

(i)            The
Issuer shall 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 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.

 

(j)            The
provisions of this Section 4.11 relating to the Issuer’s obligation to make an offer to repurchase the Notes as a result of
a Change of Control may be waived or modified with the consent of Holders of a majority in principal amount of the Notes prior to the
occurrence of the Change of Control.

 

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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 (a) any jurisdiction (other than the United States or any political subdivision thereof or therein) 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 and, in the case of any successor entity, wherein such successor entity assumes the obligations of the Notes, the
Guarantees and this Indenture following a merger, consolidation or transfer, lease or conveyance of substantially all of the assets and
properties of the Issuer or the applicable Guarantor or (b) 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 (a) and (b), a “Tax Jurisdiction”, and (a) a “Relevant Tax Jurisdiction”)
in respect of any payments under or with respect to the Notes or any Note Guarantee, including, without limitation, payments of principal,
redemption price, purchase price, interest or premium, the Issuer or the relevant Guarantor, as applicable, shall pay such additional
amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received in respect of such payments
by each beneficial owner of Notes after such withholding or deduction will equal the respective amounts that would have been received
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 being or having been
a citizen or resident or national of, or incorporated, engaged in a trade or business in, being or having been physically present in
or having a permanent establishment in, the relevant Tax Jurisdiction or having or having had any other present or former connection
with the relevant Tax Jurisdiction, other than any connection arising solely from the acquisition, ownership or disposition of Notes,
the exercise or enforcement of rights under such Note, this Indenture or a Note Guarantee, or the receipt of payments in respect of such
Note or a Note Guarantee;

 

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

 

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

 

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(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 60 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;

 

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

 

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

 

        Notwithstanding the foregoing, the limitations
on the obligations of the Issuer or any Guarantor to pay Additional Amounts set forth in item (v) above will not apply if the provision
of any certification, identification, information, or other reporting requirement described in such item (v) would be materially
more onerous, in form, in procedure or in the substance of information disclosed, to a holder or beneficial owner of a Note than comparable
information or other reporting requirements imposed under U.S. tax law, regulations, treaty and administrative practice (such as U.S.
Internal Revenue Service Forms W-8BEN and W-9).

 

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In addition to the foregoing, the Issuer and the
Guarantors shall also pay and indemnify the holder and the Trustee for any present or future stamp, issue, registration, value added,
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 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,
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).

 

(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 Agent 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 such 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 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; Further Assurances.

 

(a)           The
Notes will be guaranteed on a senior secured basis by (i) the Parent Guarantor and each of its existing and future Restricted Subsidiaries
(other than the Issuer and the Excluded Subsidiaries) and (ii) any Restricted Subsidiary of the Parent Guarantor (other than the
Issuer) that incurs or guarantees (x) Indebtedness under Credit Facilities incurred under Section 4.06(b)(i) or (y) Capital
Markets Indebtedness having an aggregate principal amount outstanding in excess of $25.0 million, in each case subject to the limitations
provided in Section 4.21 and the terms and conditions set forth in Article 10 (each, a “Subsidiary Guarantor”).

 

(b)           The
Parent Guarantor and the Issuer shall, and shall cause each Subsidiary 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 the Collateral Trustee (on behalf of itself, the Trustee and
the Holders), as applicable, as and to the extent contemplated by the Security Documents within the time periods set forth therein and
deliver, and cause each Guarantor to deliver, such other agreements, instruments, certificates and Opinions of Counsel that are necessary
or advisable to maintain such security interests or as may be reasonably requested by the Collateral Trustee in connection therewith
and (ii) take all actions necessary or advisable to maintain such security interests.

 

(c)           The
Issuer and the Guarantors shall, at their own expense, execute and do all such acts and things and provide such assurances as may be
necessary or advisable or as the Collateral Trustee may reasonably request: (1) 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 (2) for facilitating the exercise of all powers, authorities and discretions vested in the Collateral Trustee or in any receiver
of all or any part of those assets. The Issuer and the Guarantors shall execute all transfers, conveyances, assignments and releases
of that property whether to the Collateral Trustee or to its nominees and give all notices, orders and directions as are necessary or
which the Collateral Trustee may reasonably request.

 

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Section 4.15     [Reserved].

 

Section 4.16     Dividend
and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)            The
Parent Guarantor 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 Parent Guarantor 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 Guarantor;

 

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

 

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

 

provided
that (x) the priority of any preferred stock in receiving dividends or liquidating distributions prior to dividends or
liquidating distributions being paid on common stock and (y) the subordination of (including the application of any standstill period
to) loans or advances made to the Parent Guarantor or any Restricted Subsidiary to other Indebtedness incurred by the Parent Guarantor
or any Restricted Subsidiary, 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
governing Indebtedness (including Existing Indebtedness), charter documents and shareholder agreement as in effect on the Issue Date
and any amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements;
provided that the amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings are
not materially less favorable to the holders of the Notes, taken as a whole, with respect to such dividend and other payment restrictions
than those contained in those agreements on the Issue Date (as determined in good faith by the Parent Guarantor);

 

(ii)           this
Indenture, the Notes, the Note Guarantees and the Security Documents;

 

(iii)          agreements
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 restrictions therein are not materially
less favorable to the holders of the Notes than is customary in comparable financings (as determined in good faith by the Issuer) and
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;

 

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

 

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(v)          any
instrument governing Indebtedness or Capital Stock of a Person acquired by the Parent Guarantor or any of its Restricted Subsidiaries
as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred 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);

 

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

 

(ix)          Permitted
Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing Indebtedness
are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced;

 

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

 

(xi)          provisions
limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements,
stock sale agreements and other similar agreements (including agreements entered into in connection with a Restricted Investment) entered
into with the approval of the Parent Guarantor’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
Restricted Investment not prohibited by Section 4.08 and any Permitted Investment;

 

(xv)         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 (as determined in good faith by the
Issuer) to affect the ability of the Issuer and the Guarantors to make payments under the Notes, the Note Guarantees and this Indenture,
as applicable;

 

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(xvi)        customary
encumbrances or restrictions contained in agreements in connection with Hedging Obligations and Cash Management Obligations permitted
under this Indenture; 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 Parent Guarantor may designate any Restricted Subsidiary (other than the Issuer) 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 Parent Guarantor 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 Parent Guarantor. That designation
will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition
of an Unrestricted Subsidiary.

 

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

 

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Section 4.18     Payment
of Taxes and Other Claims. The Parent Guarantor shall pay or discharge and shall cause each of its Subsidiaries to pay or discharge,
or cause to be paid or discharged, before the same shall become delinquent all material taxes, assessments and governmental charges levied
or imposed upon the Parent Guarantor or any such Subsidiary; provided that the Parent Guarantor shall not be required to pay or
discharge, or cause to be paid or discharged, any such tax, assessment or charge, the amount, applicability or validity of which is being
contested in good faith by appropriate proceedings or for which adequate reserves have been established or where the failure to effect
such payment or discharge is not adverse in any material respect to the Holders.

 

Section 4.19     Reports
to Holders.

 

(a)            Whether
or not required by the U.S. Exchange Act and the rules and regulations of the SEC, so long as any Notes are outstanding, the Parent
Guarantor shall furnish to the Holders of the Notes (with a copy to the Trustee) within the time periods specified in the SEC’s
rules and regulations that are then applicable to the Parent Guarantor (or, if the Parent Guarantor is not then subject to the reporting
requirements of the U.S. 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):

 

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

 

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

 

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(iii)          all
current reports that would be required to be filed with the SEC on Form 8-K under Items 1.03, 2.01, 2.05, 2.06, 4.01, 4.02, 5.01
and 5.02(b) and (c) (other than with respect to information otherwise required or contemplated by Item 402 of Regulation S-K),
or any successor or comparable form, if the Parent Guarantor were required to file such reports to file such reports; provided, however,
that (A) no such current report will be required to include as an exhibit, or to include a summary of the terms of, any employment
or compensatory arrangement agreement, plan or understanding between the Parent Guarantor (or any of its Subsidiaries) and any director,
manager or executive officer, of the Parent Guarantor (or any of its Subsidiaries), (B) the Parent Guarantor shall not be required
to make available any information regarding the occurrence of any of the events set forth in this clause (3) if the Parent Guarantor
determines in its good faith judgment that the event that would otherwise be required to be disclosed is not material to the holders
of the notes or the business, assets, operations, financial positions or prospects of the Parent Guarantor and its Restricted Subsidiaries
taken as a whole, (C) no such current report will be required to comply with Regulation G under the U.S. Exchange Act or Item 10(e) of
Regulation S-K with respect to any “non-GAAP” financial information contained therein (other than providing reconciliations
of such non-GAAP information to extent included in the offering memorandum), (D) no current report will be required to comply with
Rule 3-10 or 3-16 or Article 11 of Regulation S-X and (E) no such current report will be required to provide any information
that is not otherwise similar to information currently included in the offering memorandum,

 

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.

 

(b)            Notwithstanding
Section 4.19(a), the Parent Guarantor 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 Parent Guarantor
has filed such reports with the SEC via the EDGAR filing system (or any successor system) and such reports are publicly available;

 

(c)            Not
later than ten Business Days after the furnishing of each such report discussed in Section 4.19(a)(i) and (ii), the Parent
Guarantor 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. Notwithstanding the foregoing, the Parent Guarantor will be deemed to have satisfied the requirements of this paragraph if
the Parent Guarantor has held quarterly earnings calls (which may precede the furnishing of the applicable annual or quarterly report)
and posted details regarding access to such earnings calls in the manner substantially consistent with past practice.

 

(d)            The
reports set forth in Section 4.19(a)(i) and (ii) shall include disclosure with respect to the Non-Guarantor Subsidiary
similar to what was included in this Offering Memorandum if such Non-Guarantor Subsidiaries, taken together as one Subsidiary, would
constitute a Significant Subsidiary.

 

(e)            The
Parent Guarantor 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 the Parent Guarantor is not subject to Section 13 or
15(d) of the U.S. Exchange Act, or otherwise permitted to furnish the SEC with certain information pursuant to Rule 12g3-2(b) of
the U.S. 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.

 

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(f)            To
the extent that any reports or other information is not furnished within the time periods specified in this Section 4.19 and such
reports or other information is subsequently furnished, the Parent Guarantor will be deemed to have satisfied its obligations with respect
thereto and any Default or Event of Default with respect thereto shall be deemed to have been cured.

 

(g)            Delivery
of reports, information and documents to the Trustee is for informational purposes only, and its receipt of such reports, information
and documents shall not constitute actual or constructive notice or knowledge of any information contained therein or determinable from
information contained therein, including the Issuer’s, the Guarantors’ or any other Person’s compliance with any of
its covenants under this Indenture or the Notes (as to which the Trustee is entitled to rely exclusively on the Officer’s Certificates
delivered pursuant to this Indenture). The Trustee shall have no liability or responsibility for the content, filing or timeliness of
any report delivered or filed under or in connection with this Indenture or the transactions contemplated thereunder. The Trustee shall
not be obligated to monitor or confirm, on a continuing basis or otherwise, the Parent Guarantor’s or the or the Issuer’s
compliance with the covenants or with respect to any reports or other documents filed with the SEC or EDGAR or any website under this
Indenture, or to participate in any conference calls. The Trustee shall have no duty to review or analyze reports delivered to it.

 

Section 4.20     [Reserved].

 

Section 4.21     Limitation
on Issuance of Guarantees of Indebtedness.

 

(a)            The
Parent Guarantor shall not permit any Non-Guarantor Subsidiary (unless that Subsidiary is an Unrestricted Subsidiary) to, directly or
indirectly, Guarantee the payment of any (x) Indebtedness under Credit Facilities incurred under Section 4.06(b)(i) or
(y) Capital Markets Indebtedness having an aggregate principal amount outstanding in excess of $25.0 million, in each case, unless,
within 30 calendar days of the incurrence of such Guarantee, such Subsidiary executes and delivers a Supplemental Indenture providing
for the Note Guarantee by such Subsidiary, which Guarantee will be senior to or pari passu with such Subsidiary’s guarantee of
such other Indebtedness and with respect to any guarantee of Indebtedness that is expressly contractually subordinated in right of payment
to the Notes or to any such Note Guarantee by such Subsidiary, any such guarantee will be subordinated to such Subsidiary’s Note
Guarantee at least to the same extent as such subordinated Indebtedness is subordinated to the Notes.

 

(b)            Each
Note Guarantee shall be released in accordance with the provisions of this Indenture as described under Section 10.03.

 

(c)            Section 4.21(a) shall
not be applicable to any guarantees of any Subsidiary of the Parent Guarantor:

 

(i)            existing
on the Issue Date;

 

(ii)            that
existed at the time such Person became a Subsidiary of the Parent Guarantor if the guarantee was not incurred in connection with, or
in contemplation of, such Person becoming a Subsidiary of the Parent Guarantor; or

 

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(iii)            arising
solely due to granting of a Permitted Lien that would not otherwise constitute a guarantee of Indebtedness of the Parent Guarantor or
any Restricted Subsidiary.

 

(d)            Each
additional Note Guarantee shall be limited as necessary to recognize certain defenses generally available to guarantors or sureties (including
those that relate to fraudulent conveyance or transfer, voidable preference, financial assistance, corporate purpose, capital maintenance
or similar laws, regulations or defenses affecting the rights of creditors generally) or other considerations under applicable law.

 

(e)            Notwithstanding
the foregoing, the Parent Guarantor shall not be obligated to cause such Restricted Subsidiary to guarantee the Notes to the extent that
such guarantee by such Restricted Subsidiary would reasonably be expected to give rise to or result in (x) any liability for the
officers, directors or shareholders of such Restricted Subsidiary, (y) any violation of applicable law that cannot be prevented
or otherwise avoided through measures reasonably available to the Parent Guarantor or the Restricted Subsidiary or (z) any significant
cost, expense, liability or obligation (including with respect to any Taxes) other than reasonable out-of-pocket expenses and other than
reasonable expenses incurred in connection with any governmental or regulatory filings required as a result of, or any measures pursuant
to clause (y) undertaken in connection with such Note Guarantee which cannot be avoided through measures reasonably available to
the Parent Guarantor or the Restricted Subsidiary.

 

Section 4.22     Impairment
of Security Interest. The Parent Guarantor and the Issuer shall not, and shall not permit any Guarantor 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
in favor of the Collateral Trustee (it being understood that the incurrence of Permitted Liens shall under no circumstances be deemed
to materially impair the security interest with respect to the Collateral). The Parent Guarantor and the Issuer shall not, and shall
not permit any Guarantor to, suffer to exist or grant to any Person other than the Collateral Trustee, for the benefit of the secured
parties, any Lien over any of the Collateral that is prohibited by Section 4.07, but may suffer to exist or grant, and permit any
Guarantor to grant or suffer to exist, Permitted Liens as permitted by such covenant, and may discharge, and permit any Guarantor to
discharge, the Collateral may be discharged or released in accordance with Section 11.04 of this Indenture and the applicable Security
Documents.

 

Subject to the foregoing,
the Security Documents may be amended, extended, renewed, restated or otherwise modified without the consent of the Holders to (1) provide
for Permitted Liens; (2) add to the Collateral; or (3) 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 Liens or to add to the Collateral for the benefit of the Collateral Trustee 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 Parent Guarantor delivers to the Collateral
Trustee and the Trustee: (A) an Officer’s Certificate of the relevant Person which states that all conditions precedent in
this Indenture and the Security Documents relating to any such action have been complied with; and (B) an Opinion of Counsel confirming
that, after giving effect to any transactions related to such amendment, extension, renewal, restatement or other modification, the Lien
or Liens securing the Notes created under the Security Document so amended, extended, renewed, restated or modified are valid and perfected
Liens and that all conditions precedent in this Indenture and the Security Documents relating to any such action have been complied with.
In the event that the Issuer and the Guarantors comply with the requirements of this covenant, the Collateral Trustee and, as applicable,
the Trustee shall (subject to customary protections and indemnifications) consent to such amendments without the need for instructions
from the Holders of the Notes; provided that neither the Collateral Trustee nor the Trustee shall be obligated to enter into any
such amendment that adversely affects its own rights, duties, liabilities or immunities.

 

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Section 4.23     After-Acquired
Property. As promptly as practicable following the acquisition by the Issuer or any Guarantor of any After-Acquired Property, the
Issuer or such Guarantor, as applicable, shall execute and deliver such pledges, equitable mortgages, security instruments, financing
statements and certificates as shall be reasonably necessary or advisable to vest in the Collateral Trustee a perfected security interest
in such After-Acquired Property and to have such After-Acquired Property added to the Collateral, and thereupon all provisions of this
Indenture and the Security Documents relating to the Collateral shall be deemed to relate to such After-Acquired Property to the same
extent and with the same force and effect.

 

Section 4.24     Re-flagging
of Vessels. Notwithstanding anything to the contrary herein, the Issuer or a Guarantor may re-flag a Vessel that it owns or bareboat
charters or reconstitute or continue itself in another jurisdiction, or amalgamate or merge with or into another Guarantor, for the purpose
of re-flagging a vessel that it owns or bareboat charters so long as at all times each Person remains organized under the laws of any
Permitted Re-Flagging Jurisdiction; provided that as promptly as practicable following the transactions required to complete the
re-flagging of such vessel, to the extent that any Liens on the Collateral securing the Notes were released as provided for under Section 11.04
(x) the Issuer or the relevant Guarantor grants a Lien of at least equivalent ranking over the same assets and (y) the Issuer
delivers to the Trustee and the Collateral Trustee, (1) either (x) a solvency opinion from an independent financial advisor
or appraiser or investment bank which confirms the solvency of the Parent Guarantor and its Subsidiaries, taken as a whole, after giving
effect to any transactions related to such re-flagging or (y) an Officer’s Certificate of the relevant Person which confirms
the solvency of the Person granting such Lien after giving effect to any transactions related to such re-flagging and states that all
covenants and conditions precedent to the re-flagging set forth in this Indenture and the Security Documents, if any, have been complied
with, and (2) an Opinion of Counsel (subject to any qualifications customary for this type of Opinion of Counsel) stating that all
covenants and conditions precedent to the re-flagging set forth in this Indenture and the Security Documents, if any, have been complied
with and confirming that, after giving effect to any transactions related to such re-flagging, the Lien or Liens created under the Security
Document, as so released and retaken, are valid and perfected Liens. For the avoidance of doubt, the provisions of Article Five
will not apply to a reconstitution, amalgamation or merger permitted under this Section 4.24.

 

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Section 4.25     Financial
Calculations for Limited Condition Transactions; Certain Calculations.

 

(a)            When
calculating the availability under any basket, test or ratio under this Indenture or compliance with any provision of this Indenture
in connection with any Limited Condition Transaction and any actions or transactions related thereto, at the option of the Parent Guarantor
(the Parent Guarantor’s election to exercise such option in connection with any Limited Condition Transaction, an “LCT
Election”), the date of determination of whether any such action is permitted, shall be deemed to be the date the definitive
agreements for such Limited Condition Transaction are entered into (the “LCT Test Date”), and if, after giving pro
forma effect to the Limited Condition Transaction and the other transactions to be entered into in connection therewith (including
any incurrence of Indebtedness and the use of proceeds thereof) as if they had occurred at the beginning of the most recent Calculation
Period ending prior to the LCT Test Date, the Parent Guarantor could have taken such action on the relevant LCT Test Date in compliance
with such ratio or basket, such ratio or basket shall be deemed to have been complied with.

 

(b)            For
the avoidance of doubt, (x) if the Parent Guarantor has made an LCT Election and any of the baskets, tests or ratios for which compliance
was determined or tested as of the LCT Test Date are thereafter exceeded as a result of fluctuations in any such basket, test or ratio
(including due to fluctuations of the Parent Guarantor or the target of any Limited Condition Transaction) at or prior to the consummation
of the relevant transaction or action, such baskets or ratios shall not be deemed to have been exceeded as a result of such fluctuations
(provided, however, that if any tests or ratios improve or baskets increase as a result of such fluctuations, such improved test, ratios
or baskets may be utilized) and (y) such baskets, tests or ratios shall not be tested at the time of consummation of such Limited
Condition Acquisition or related transactions. If the Parent Guarantor has made an LCT Election for any Limited Condition Transaction,
then in connection with any subsequent calculation of any basket, test or ratio on or following the relevant LCT Test Date and prior
to the earlier of (i) the date on which such Limited Condition Transaction is consummated or (ii) the date that the definitive
agreement for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction,
any such basket, test or ratio shall be calculated on a pro forma basis assuming such Limited Condition Transaction and other
transactions in connection therewith (including any incurrence of debt and the use of proceeds thereof) had been consummated.

 

(c)            For
purposes of determining the permissibility of any action, change, transaction or event that requires a calculation of any financial ratio
or test (including any leverage ratio or the amount of Consolidated EBITDA, Consolidated Net Income or Total Tangible Assets), such financial
ratio or test shall be calculated at the time such action is taken, such change is made, such transaction is consummated or such event
occurs, as the case may be, and no default or event of default shall be deemed to have occurred solely as a result of a change in such
financial ratio or test occurring after the time such action is taken, such change is made, such transaction is consummated or such event
occurs, as the case may be.

 

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Article Five

MERGER, CONSOLIDATION OR SALE OF ASSETS

 

Section 5.01     Merger,
Consolidation or Sale of Assets.

 

(a)            Neither
the Parent Guarantor, nor the Issuer shall, directly or indirectly: (1) consolidate or merge with or into another Person (whether
or not the Parent Guarantor or the Issuer, as applicable, is the surviving corporation) or (2) sell, assign, transfer, lease, convey
or otherwise dispose of all or substantially all of the properties or assets of the Parent Guarantor and its Subsidiaries which are Restricted
Subsidiaries taken as a whole, in one or more related transactions, to another Person, unless:

 

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

 

(ii)           the
Person formed by or surviving any such consolidation or merger (if other than the Parent Guarantor or the Issuer, as applicable) or the
Person to which such sale, assignment, transfer, conveyance, lease or other disposition has been made assumes (A) by a Supplemental
Indenture entered into with the Trustee, all the obligations of the Parent Guarantor or the Issuer, as applicable, under the Notes and
this Indenture (including the Parent Guarantor’s Note Guarantee, if applicable) and (B) by joinder or other reasonably necessary
documentation, all obligations of the Parent Guarantor or the Issuer, as applicable, under the Security Documents,

 

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

 

(iv)         the
Parent Guarantor or the Issuer, as applicable, or the Person formed by or surviving any such consolidation or merger (if other than the
Parent Guarantor or the Issuer, as applicable), or to which such sale, assignment, transfer, conveyance, lease 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,
merger or transfer and, in the case in which a Supplemental Indenture, joinder or other documentation is entered into, such Supplemental
Indenture and joinder or other documentation, comply with this Section 5.01 and that all conditions precedent provided for in this
Indenture and the Security Documents, if any, relating to such transaction have been complied with.

 

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Clauses (iii) and (iv) of this Section 5.01(a) shall
not apply to any sale, assignment, transfer, conveyance, lease or other disposition of all or substantially all of the assets or merger
or consolidation of the Parent Guarantor or the Issuer, as applicable, with or into the Issuer or a Guarantor and clause (iv) of
this Section 5.01(a) will not apply to any sale, assignment, transfer, conveyance, lease or other disposition of all or substantially
all of the assets or merger or consolidation of the Parent Guarantor or the Issuer, as applicable, with or into an Affiliate solely for
the purpose of (i) reincorporating the Parent Guarantor or the Issuer, as applicable, in another jurisdiction for tax reasons and/or
(ii) converting into a corporation, partnership or limited liability company.

 

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

 

(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 or merger assumes
all the obligations of that Subsidiary Guarantor under its Note Guarantee and this Indenture and the Securities Documents to which the
Subsidiary Guarantor is a party, pursuant to a Supplemental Indenture, joinder or other reasonably necessary documentation; or

 

(B)            the
Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture; and

 

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

 

(c)            Notwithstanding
the provisions of Section 5.01(b), (1) a Subsidiary Guarantor may merge, amalgamate or consolidate with an Affiliate incorporated
solely for the purpose of reincorporating such Subsidiary Guarantor in a Permitted Jurisdiction or may convert into a limited liability
company, corporation, partnership or similar entity organized or existing under the laws of any Permitted Jurisdiction and (2) a
Subsidiary Guarantor may merge, amalgamate or consolidate with the Issuer or another Guarantor.

 

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

 

Article Six

DEFAULTS AND REMEDIES

 

Section 6.01     Events
of Default.

 

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

 

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

 

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

 

(iii)          failure
by the Issuer or relevant Guarantor to comply with Section 4.11 or Section 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 clauses (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 Parent Guarantor or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Parent
Guarantor 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 or cure 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,

 

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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, aggregates $25.0 million or more;

 

(vi)         failure
by the Parent Guarantor 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 $25.0 million, 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 $10.0 million shall, at any
time, cease to be in full force and effect (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 30 days;

 

(viii)       except
as permitted by this Indenture (including with respect to any limitations), the Note Guarantee of the Parent Guarantor or a Significant
Subsidiary or any group of the Parent Guarantor’s Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary, is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect,
or the Parent Guarantor or any Guarantor which is a Significant Subsidiary or any group of its Restricted Subsidiaries that, taken together,
would constitute a Significant Subsidiary, 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, the Parent Guarantor or a Significant Subsidiary enters (x) a decree or order for relief
in respect of the Issuer, the Parent Guarantor or any of its 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, the Parent Guarantor or any of its 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, the Parent Guarantor or any such Subsidiary or group of Restricted Subsidiaries under any Bankruptcy Law,
or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer, the Parent
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, the Parent Guarantor or any of its Restricted Subsidiaries
that is a Significant Subsidiary or any group of its Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary
(i) commences a voluntary case under any Bankruptcy Law or consents to the entry of an order for relief in an involuntary case under
any Bankruptcy Law, (ii) consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the Issuer, the Parent Guarantor or any such Subsidiary or group of Restricted Subsidiaries or for
all or substantially all the property and assets of the Issuer, the Parent Guarantor or any such Subsidiary or group of Restricted Subsidiaries,
(iii) effects any general assignment for the benefit of creditors or (iv) generally is not paying its debts as they become
due.

 

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(b)           If
a Default or an Event of Default occurs and is continuing and a Responsible Officer has received written notice of such Default or Event
of Default, the Trustee shall deliver to each Holder notice of the Default or Event of Default within 15 Business Days after receiving
such written notice by registered or certified mail or facsimile transmission. Except in the case of a Default or an Event of Default
in payment of principal of, premium, if any, and Additional Amounts or interest on any Notes, the Trustee may withhold the notice to
the Holders of such Notes if it in good faith determines that withholding the notice is in the interests of the Holders. The Trustee
shall not be deemed to have knowledge of a Default unless a Responsible Officer has received written notice of such Default at the Corporate
Trust Office and such notice references this Indenture and the Notes and states that it is a notice of Default or Event of Default.

 

Section 6.02     Acceleration.

 

(a)            If
an Event of Default specified in Section 6.01(a)(ix) occurs, with respect to the Parent Guarantor, 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.

 

(b)            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 declare all the Notes to be due and payable immediately by written notice to the
Issuer (with a copy of such notice being delivered to the Collateral Trustee). Upon the effectiveness of such declaration, the principal
and interest and Additional Amounts, if any, on the Notes shall be due and payable immediately.

 

(c)            In
the event of a declaration of acceleration of the Notes pursuant to Section 6.01(a)(v) has occurred and is continuing, the
declaration of acceleration of the Notes shall be automatically annulled if the event of default or payment default triggering such Event
of Default pursuant to Section 6.01(a)(v) shall be remedied or cured, or waived by the Holders of the relevant Indebtedness,
or the Indebtedness that gave rise to such Event of Default shall have been discharged in full, within 30 days after the declaration
of acceleration with respect thereto and if the annulment of the acceleration of the Notes would not conflict with any judgment or decree
of a court of competent jurisdiction.

 

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(d)            The
Trustee will be under no obligation to exercise any of its rights or powers under this Indenture at the request or direction of any Holders
of Notes unless such Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against any loss, liability
or expense. The Collateral Trustee will be under no obligation to exercise any of its rights or powers under this Indenture or the Security
Documents, as applicable, at the request or direction of any holders of Notes unless such holders have offered to the Collateral Trustee
indemnity or security satisfactory to it against any loss, liability or expense.

 

(e)            The
Issuer shall deliver written notice to the Trustee and the Collateral Trustee within 30 days of becoming aware of the occurrence of a
Default or an Event of Default. 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.

 

Section 6.03     Other
Remedies. If an Event of Default occurs and is continuing, the Trustee may (but shall not be obligated to) in its discretion proceed
to protect and enforce its rights and the rights of the Holders by such appropriate judicial proceedings as the Trustee shall deem most
effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture
or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. The Trustee may direct the Collateral Trustee
to take enforcement action with respect to the Collateral if any amount is declared or becomes due and payable pursuant to Section 6.02
(but not otherwise), subject to the limitations set forth in the Collateral Trust Agreement.

 

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 Collateral Trustee (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 Collateral 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 or the Collateral
Trustee, their agents and counsel, be for the ratable benefit of the Holders in respect of which such judgment has been recovered.

 

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Section 6.04     Waiver
of Past Defaults. The Holders of not less than a majority in aggregate principal amount of the Notes outstanding, by written notice
to the Trustee and the Collateral Trustee may, on behalf of the Holders of all outstanding Notes, waive any existing Default or Event
of Default and its consequences under this Indenture, except a continuing Default or Event of Default:

 

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

 

(b)            for
any Note held by a non-consenting Holder, in respect of a covenant or provision hereof which under this Indenture 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 under this Indenture; but no
such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

Section 6.05     Control
by Majority. The 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 the Collateral Trustee pursuant to this Indenture
or the Security Documents, as applicable, or exercising any trust or power conferred on the Trustee or the Collateral Trustee under this
Indenture or the Security Documents, as applicable; provided that:

 

(a)            the
Trustee or the Collateral Trustee may refuse to follow any direction that conflicts with applicable law, this Indenture or the Security
Documents, that the Trustee or Collateral Trustee determines in good faith may be unduly prejudicial to the rights of Holders of Notes
not joining in the giving of such direction (it being understood that neither the Trustee nor the Collateral Trustee has an affirmative
duty to ascertain whether or not any such directions are unduly prejudicial to such Holders) or that would involve the Trustee or the
Collateral Trustee in personal liability; and

 

(b)            the
Trustee or the Collateral Trustee may take any other action deemed proper by the Trustee or the Collateral 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, the Notes or any Security
Document unless:

 

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

 

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

 

(c)            such
Holder or Holders have offered, and if requested, provided to the Trustee or the Collateral Trustee, as applicable, indemnity and/or
security satisfactory to the Trustee or the Collateral Trustee against any loss, liability or expense;

 

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(d)            the
Trustee or the Collateral Trustee, as applicable, has not complied with the request within 60 days after receipt of the request and the
offer of security or indemnity; and

 

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

 

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

 

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 the 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 7.06
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.

 

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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 compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under this Indenture) 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 compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee
under Section 7.06. 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 7.06 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 or pursuant to the Security Documents,
it shall pay out the money or property in the following order:

 

FIRST: to the Trustee, any Agent, and the Collateral
Trustee and their respective agents and counsel for amounts due under this Indenture and the Security Documents;

 

SECOND: to the Holders for amounts due and unpaid
on the Notes for principal of, premium, if any, interest (with interest (to the extent that such interest has been collected by the Trustee
and is permitted by applicable law) upon the overdue installments of interest and overdue principal at the Overdue Rate), 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 Collateral Trustee for any action taken or omitted by it as Trustee or as the Collateral 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 or
the Collateral 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.

 

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Section 6.12     Restoration
of Rights and Remedies. If the Trustee or the Collateral 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 the Collateral Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding,
the Issuer, any Guarantor, the Trustee, the Collateral Trustee and the Holders shall be restored severally and respectively to their
former positions hereunder and thereafter all rights and remedies of the Trustee, the Collateral 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 in Section 2.07, no right or remedy herein conferred upon or reserved to the Trustee, or the Collateral 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 the Collateral 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 the Collateral
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.

 

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. The 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 Collateral Trustee, but shall suffer and permit the execution
of every such power as though no such law had been enacted.

 

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Article Seven

TRUSTEE AND COLLATERAL TRUSTEE

 

Section 7.01     Duties
of Trustee and Collateral Trustee

 

(a)     .
If an Event of Default has occurred and is continuing of which the Trustee has received written notice, the Trustee 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 its
exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

 

(b)            With
respect to the Trustee, except during the continuance of an Event of Default, and at all times with respect to the Collateral Trustee:

 

(1)            the
duties of the Trustee and the Collateral Trustee will be determined solely by the express provisions of this Indenture, the Collateral
Trust Agreement and the Security Documents to which the Trustee and Collateral Trustee are a party and the Trustee and the Collateral
Trustee need perform only those duties that are specifically set forth in this Indenture, the Collateral Trust Agreement and the Security
Documents to which the Trustee and Collateral Trustee are a party and no others, and no implied covenants or obligations shall be read
into this Indenture against the Trustee and the Collateral Trustee; and

 

(2)            in
the absence of gross negligence on its part, each of the Trustee and the Collateral 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/or the
Collateral Trustee and conforming to the requirements of this Indenture, the Collateral Trust Agreement and the Security Documents. However,
the Trustee or the Collateral Trustee, as applicable, will examine the certificates and opinions to determine whether or not they conform
to the requirements of this Indenture, the Collateral Trust Agreement and the Security Documents (but need not confirm or investigate
the accuracy of mathematical calculations or other facts stated therein).

 

(c)            Neither
the Trustee nor the Collateral Trustee 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:

 

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

 

(2)            the
Trustee and the Collateral Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless
it is proved that the Trustee or Collateral Trustee, as applicable, was grossly negligent in ascertaining the pertinent facts; and

 

    	 	102	 

     

    

 

(3)            neither
the Trustee nor the Collateral Trustee shall 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 Section 6.05.

 

(d)            Liabilities
of the Collateral Trustee shall be limited as provided in the Collateral Trust Agreement.

 

(e)            Whether
or not therein expressly so provided, every provision of this Indenture and the Security Documents, as applicable, that in any way relates
to the Trustee or the Collateral Trustee is subject to this Section 7.01 and Section 7.02.

 

(f)            No
provision of this Indenture, the Collateral Trust Agreement and the Security Documents, as applicable, will require the Trustee or the
Collateral Trustee to expend or risk its own funds or incur any liability. Neither the Trustee nor the Collateral Trustee will be under
any obligation to exercise any of its rights or powers under this Indenture, the Collateral Trust Agreement and the Security Documents,
as applicable, at the request of any Holders, unless such Holder has offered to the Trustee or the Collateral Trustee security or indemnity
satisfactory to it against any loss, liability or expense.

 

(g)            Neither
the Trustee nor the Collateral Trustee will be liable for interest on any money received by it except as the Trustee or the Collateral
Trustee may agree in writing with the Issuer. Money held in trust by the Trustee or the Collateral Trustee need not be segregated from
other funds except to the extent required by law.

 

Section 7.02            Rights
of Trustee and Collateral Trustee.

 

(a)            Each
of the Trustee and the Collateral Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon
any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, judgment, 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. Neither the Trustee nor the Collateral Trustee needs investigate any fact or matter stated in the document.

 

(b)            Before
the Trustee or the Collateral Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel
or both. Neither the Trustee nor the Collateral Trustee will be liable for any action it takes or omits to take in good faith in reliance
on such Officer’s Certificate or Opinion of Counsel. Each of the Trustee and the Collateral Trustee may consult with counsel reasonably
selected by it and the advice of such counsel 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.

 

(c)            Each
of the Trustee and the Collateral Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence
of any agent appointed with due care.

 

(d)            Each
of the Trustee and the Collateral Trustee will not be liable for any action it takes or omits to take in good faith that it believes to
be authorized or within the rights or powers conferred upon it by this Indenture, the Collateral Trust Agreement and the Security Documents.

 

    	 	103	 

     

    

 

(e)            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 the Issuer or the Parent Guarantor.

 

(f)            Each
of the Trustee and the Collateral Trustee will be under no 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 have offered to the Trustee or the Collateral Trustee, as applicable,
indemnity or security satisfactory to the Trustee or the Collateral Trustee, as applicable, against the losses, liabilities and expenses
that might be incurred by it in compliance with such request or direction.

 

(g)            Each
of the Trustee or the Collateral Trustee may employ or retain accountants, appraisers or other experts or advisers as it may reasonably
require for purposes of determining and discharging its rights and duties hereunder and shall not be responsible for any misconduct on
the party of any of them.

 

(h)            In
no event shall the Trustee nor the Collateral Trustee be responsible or liable for special, indirect, incidental, punitive or consequential
loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee or the Collateral
Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

(i)            Neither
the Trustee nor the Collateral Trustee shall be deemed to have notice of any Default or Event of Default unless a Responsible Officer
of the Trustee or the Collateral Trustee, as applicable, has actual knowledge thereof or unless written notice of such a Default or Event
of Default is received by the Trustee or the Collateral Trustee, as applicable, at the Corporate Trust Office of the Trustee or the Collateral
Trustee, as applicable, and such notice references the Notes and this Indenture.

 

(j)            The
rights, privileges, protections, immunities and benefits given to the Trustee and the Collateral Trustee, including, without limitation,
its right to be indemnified, are extended to, and shall be enforceable by, the Trustee and the Collateral Trustee, as applicable, in each
of its capacities hereunder and whenever acting in any capacity under the Collateral Trust Agreement, the Security Documents and the other
First Lien Documents, as applicable, and each agent, custodian and other Person employed to act hereunder or under the Collateral Trust
Agreement or any Security Document; provided that upon the occurrence and during the continuance of an Event of Default, only the
Trustee shall be subject to the prudent person standard.

 

(k)            Each
of the Trustee and the Collateral Trustee may request that the Issuer deliver a certificate setting forth the names of individuals and/or
titles of officers authorized at such time to take specified actions pursuant to this Indenture (i.e. an incumbency certificate).

 

(l)            Neither
the Trustee nor the Collateral Trustee shall be required to give any bond or surety in respect of the performance of its powers and duties
hereunder.

 

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(m)            The
Trustee and the Collateral Trustee shall not be bound to make any investigation into (i) the performance or observance of any of
the covenants, agreements or other terms or conditions set forth herein, in the Collateral Trust Agreement or in any Security Documents,
(ii) the occurrence of any default, or the validity, enforceability, effectiveness or genuineness of this Indenture, the Collateral
Trust Agreement, the Security Documents or any other agreement, instrument or document, (iii) the creation, perfection or priority
of any Lien purported to be created by the Security Documents, (iv) the value or the sufficiency of any Collateral or (v) the
satisfaction of any condition set forth in any Security Documents, other than to confirm receipt of items expressly required to be delivered
to the Collateral Trustee.

 

(n)            Neither
the Trustee nor the Collateral Trustee shall have any obligation whatsoever to assure that the Collateral exists or is owned by any Issuer
or Guarantor or is cared for, protected, or insured or has been encumbered, or that the Collateral Trustee’s Liens have been properly
or sufficiently or lawfully created, perfected, protected, maintained or enforced or are entitled to any particular priority, or to determine
whether all of the Issuer’s or the Guarantors’ property constituting collateral intended to be subject to the Lien and security
interest of the Security Documents has been properly and completely listed or delivered, as the case may be, or the genuineness, validity,
marketability or sufficiency thereof or title thereto, or to exercise at all or in any particular manner or under any duty of care, disclosure,
or fidelity, or to continue exercising, any of the rights, authorities, and powers granted or available to the Collateral Trustee pursuant
to this Indenture, the Collateral Trust Agreement or any Security Document other than pursuant to the instructions of the Holders of a
majority in aggregate principal amount of the Notes in accordance with this Indenture or as otherwise provided in the Collateral Trust
Agreement or the Security Documents, it being understood and agreed that in respect of the Collateral, or any act, omission, or event
related thereto, the Collateral Trustee shall have no other duty or liability whatsoever to the Trustee or any Holder as to any of the
foregoing.

 

(o)            Neither
the Trustee nor the Collateral Trustee shall be responsible or liable for any failure or delay in the performance of its obligations under
this Indenture, the Collateral Trust Agreement or the Security Documents arising out of or caused, directly or indirectly, by circumstances
beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military
disturbances; sabotage; epidemics; pandemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software)
or communication services; accidents; labor disputes; and acts of civil or military authorities and governmental action or the unavailability
of the Federal Reserve Bank wire or telex or other wire or communication facility.

 

(p)            Neither
the Trustee nor the Collateral Trustee shall be responsible or liable for the environmental condition or any contamination of any property
secured by any mortgage or deed of trust or for any diminution in value of any such property as a result of any contamination of the property
by any hazardous substance, hazardous material, pollutant or contaminant. Neither the Trustee nor the Collateral Trustee shall be liable
for any claims by or on behalf of the Holders or any other person or entity arising from contamination of the property by any hazardous
substance, hazardous material, pollutant or contaminant, and shall have no duty or obligation to assess the environmental condition of
any such property or with respect to compliance of any such property under state or federal laws pertaining to the transport, storage,
treatment or disposal of, hazardous substances, hazardous materials, pollutants, or contaminants or regulations, permits or licenses issued
under such laws.

 

    	 	105	 

     

    

 

(q)            Neither
the Trustee nor the Collateral Trustee shall be under any obligation to effect or maintain insurance or to renew any policies of insurance
or to inquire or make any determination as to the sufficiency of any policies of insurance carried by the Issuer or any Guarantor, or
to report, or make or file claims or proof of loss for, any loss or damage insured against or that may occur, or to keep itself informed
or advised as to the payment of any taxes or assessments, or to require any such payment to be made.

 

(r)            Neither
the Trustee nor the Collateral Trustee shall assume, be responsible for or otherwise be obligated for any liabilities, claims, causes
of actions, suits, losses, allegations, requests, demands, penalties, fines, settlements, damages (including foreseeable and unforeseeable),
judgments, expenses and costs (including, but not limited to, any remediation, corrective action, response, removal or remedial action,
or investigation, operations and maintenance or monitoring costs, for personal injury or property damages, real or personal) of any kind
whatsoever, pursuant to any environmental laws as a result of this Indenture, the Collateral Trust Agreement or the other Security Documents.
The parties hereto acknowledge that in the exercise of its rights under this Indenture, the Collateral Trust Agreement or the other Security
Documents, the Collateral Trustee or the Trustee may hold or obtain indicia of ownership primarily to protect the security interest of
the Collateral Trustee or the Trustee in the Collateral and that any such actions taken by the Collateral Trustee or the shall not be
construed or otherwise constitute any participation in in the management of such Collateral. Neither the Trustee nor the Collateral Trustee
shall be obligated to acquire possession of or take any action with respect to any property secured by a mortgage or deed of trust, if
as a result of such action, the Trustee or the Collateral Trustee would be considered to hold title to, to be a “mortgagee in possession
of”, or to be an “owner” or “operator” of such property within the meaning of the Comprehensive Environmental
Responsibility Cleanup and Liability Act of 1980 (“CERCLA”), as amended from time to time, or otherwise cause the Trustee
or the Collateral Trustee to incur liability under CERCLA or any other federal, state or local law and the Collateral Trustee and the
Trustee reserve the right, instead of taking such action, to either resign as Collateral Trustee or Trustee or arrange for the transfer
of title or control of the asset to a court-appointed receiver. Neither the Collateral Trustee nor the Trustee shall be liable to the
Issuers, the Guarantors or any other Person for any environmental claims or contribution actions under any federal, state or local law,
rule or regulation by reason of the Collateral Trustee’s or the Trustee’s actions and conduct as authorized, empowered
and directed hereunder or relating to the discharge, release or threatened release of hazardous materials into the environment. If at
any time it is necessary or advisable for property to be possessed, owned, operated or managed by any Person (including Collateral Trustee
or the Trustee) other than the Issuers or the Guarantors, subject to the terms of the Security Documents, a majority in interest of Holders
shall direct the Collateral Trustee or the Trustee to appoint an appropriately qualified Person (excluding the Collateral Trustee or the
Trustee) who they shall designate to possess, own, operate or manage, as the case may be, the property. Notwithstanding the foregoing,
before taking any such action, the Trustee or the Collateral Trustee may require that a satisfactory indemnity bond or environmental impairment
insurance be furnished to it for the payment or reimbursement of all expenses to which it may be put and to protect it against all liability
resulting from any claims, judgments, damages, losses, fees, penalties or expenses which may result from such action.

 

    	 	106	 

     

    

 

(s)            Neither
the Trustee nor the Collateral Trustee shall have any obligation to give, execute, deliver, file, record, authorize or obtain any financing
statements, notices, instruments, documents, agreements, consents or other papers as shall be necessary to (i) create, preserve,
perfect or validate the security interest granted to the Collateral Trustee pursuant to the Collateral Trust Agreement or (ii) enable
the Trustee or the Collateral Trustee, as applicable, to exercise and enforce its rights under the this Indenture, the Collateral Trust
Agreement, the other Security Documents or any other First Lien Documents with respect to such pledge and security interest. In addition,
neither the Trustee nor the Collateral Trustee shall have any responsibility or liability (i) in connection with the acts or omissions
of the Issuer or any Guarantor in respect of the foregoing or (ii) for or with respect to the legality, validity and enforceability
of any security interest created in the Collateral or the perfection and priority of such security interest.

 

(t)            Neither
the Trustee nor any Agent shall have any obligation or duty to monitor, determine or inquire as to compliance by the Issuer or the Holders
with or with respect to any securities or tax laws (including but not limited to any United States federal or state or other securities
or tax laws), or, except as specifically provided herein, obtain documentation on any transfers or exchanges of the Notes. Nothing in
this provision shall be deemed to limit the Trustee’s or any Agent’s duty to comply with any obligations it may have pursuant
to applicable law.

 

(u)            The
Trustee shall not be liable for any act, omission, breach, misconduct or liability whatsoever of the Collateral Trustee and the Collateral
Trustee shall not be liable for any act, omission, breach, misconduct or liability whatsoever of the Trustee.

 

(v)            The
provisions of this Section 7.02 shall survive satisfaction and discharge or the termination, for any reason, of this Indenture the
resignation and/or removal of the Trustee or the Collateral Trustee, as applicable, and with respect to the Collateral Trustee, the termination
of the Collateral Trust Agreement and winding up of the trust formed thereby.

 

(w)           The
permissive rights of the Trustee and Collateral Trustee under this Indenture, the Collateral Trust Agreement and the Security Documents
shall not be construed as duties.

 

(x)            The
Trustee and the Collateral Trustee shall be permitted to use overnight carriers to transmit possessory collateral and should not be liable
for any items lost or damaged in transit.

 

Section 7.03            Individual
Rights of Trustee and the Collateral Trustee.

 

The Trustee or the Collateral Trustee in its individual
or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer with
the same rights it would have if it were not Trustee or Collateral Trustee. However, in the event that the Trustee acquires any conflicting
interest (as defined in the TIA) after a Default has occurred and is continuing, it must eliminate such conflict within 90 days, apply
to the SEC for permission to continue as trustee (if this Indenture has been qualified under the TIA) or resign. Any Agent may do the
same with like rights and duties. The Trustee is also subject to Sections 7.08 and 7.09 hereof.

 

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Section 7.04            Disclaimer.

 

Neither the Trustee nor the Collateral Trustee
will be responsible for and each makes no representation as to the validity or adequacy of this Indenture, the Notes, the Collateral Trust
Agreement or the Security Documents, 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, will not be responsible for the use or application
of any money received by any Paying Agent other than the Trustee (in the case of the Trustee), and will not be responsible for any statement
or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture
other than its certificate of authentication.

 

Section 7.05            Notice
of Defaults.

 

If a Default or Event of Default occurs and is
continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee will send to Holders of the Notes and the
Collateral Trustee a notice of the Default or Event of Default within 90 days after it is actually known by a Responsible Officer of the
Trustee or written notice of it is received by the Trustee. Except in the case of a Default or Event of Default in payment of principal
of, or premium or interest, if any, on, any Note, the Trustee may withhold the notice if and so long as it in good faith determines that
withholding the notice is in the interests of the Holders of the Notes.

 

Section 7.06            Compensation
and Indemnity.

 

(a)            The
Issuer will pay to the Trustee and the Collateral Trustee compensation for its acceptance of this Indenture and services hereunder and
under the Security Documents as the parties shall agree in writing from time to time. Neither the Trustee’s nor the Collateral Trustee’s
compensation will be limited by any law on compensation of a trustee of an express trust. The Issuer will reimburse the Trustee and the
Collateral Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to
the compensation for its services as agreed to in writing by the parties. Such expenses will include the reasonable compensation, disbursements
and expenses of the Trustee’s or the Collateral Trustee’s agents and counsel.

 

(b)            The
Issuer and the Guarantors will jointly and severally defend, release and indemnify each of the Trustee and the Collateral Trustee and
each of their respective directors, officers, agents and employees and hold each of them harmless against any and all losses, liabilities,
actions, suits, proceedings at law or in equity and any other fees (including attorneys’ fees), charges or expenses incurred by
it of any character or nature arising out of or in connection with the acceptance or administration of its duties under this Indenture
and the Security Documents, including the costs and expenses of enforcing this Indenture and the Security Documents against the Issuer
and the Guarantors (including this Section 7.06) and defending itself against any claim (whether asserted by the Issuer, the Guarantors,
any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder,
except to the extent any such loss, liability action, suit, proceeding, fee, charge or expense may be attributable to its gross negligence
or willful misconduct as determined by a final, non-appealable decision of a court of competent jurisdiction. Each of the Trustee and
the Collateral Trustee will notify the Issuer promptly of any third party claim for which it may seek indemnity. Failure by the Trustee
or the Collateral Trustee to so notify the Issuer will not relieve the Issuer or any of the Guarantors of their obligations hereunder.
The Issuer or such Guarantor will defend the claim and the Trustee and the Collateral Trustee, as applicable, will cooperate in the defense.
Each of the Trustee and the Collateral Trustee may have separate counsel and the Issuer will pay the reasonable fees and expenses of such
counsel. Neither the Issuer nor any Guarantor need pay for any settlement made without its consent, which consent will not be unreasonably
withheld. Notwithstanding anything herein to the contrary, the Issuer need not reimburse any expense or indemnity against any loss, liability
or expense incurred by the Trustee or the Collateral Trustee through the Trustee’s or the Collateral Trustee’s own willful
misconduct or gross negligence as determined by a final, non-appealable decision court of competent jurisdiction

 

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(c)            The
obligations of the Issuer and the Guarantors under this Section 7.06 will survive the satisfaction and discharge of this Indenture,
the repayment of the Notes and the resignation or removal of the Trustee or the Collateral Trustee and, with respect to the Collateral
Trustee, the termination of the Collateral Trust Agreement and winding up of the trust formed thereby.

 

(d)            To
secure the Issuer’s and the Guarantors’ payment obligations in this Section 7.06, the Trustee and the Collateral Trustee
will have a Lien prior to the Notes on all money or property held or collected by the Trustee and the Collateral Trustee, except that
held in trust to pay principal of, premium or interest, if any, on, particular Notes. Such Lien will survive the satisfaction and discharge
of this Indenture.

 

Section 7.07            Replacement
of Trustee or Collateral Trustee.

 

(a)            A
resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.07. A resignation or removal of the Collateral Trustee and appointment of
a successor Collateral Trustee will become effective only in accordance with the Collateral Trust Agreement.

 

(b)            The
Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Issuer in writing not less
than 30 days prior to the effective date of such resignation. The Holders of a majority in aggregate principal amount of the then outstanding
Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing not less than 30 days prior to the effective date of
such removal. The Issuer may remove the Trustee if:

 

(1)            the
Trustee fails to comply with Section 7.09 hereof;

 

(2)            the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Code;

 

(3)            a
custodian or public officer takes charge of the Trustee or the Collateral Trustee or its property; or

 

    	 	109	 

     

    

 

(4)            the
Trustee becomes incapable of acting.

 

(c)            If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer will promptly appoint a successor
Trustee. Within one year after the successor Trustee takes office, in the case of the successor Trustee the Holders of a majority in aggregate
principal amount of the then outstanding Notes may, at the Issuer’s expense, appoint a successor Trustee to replace the successor
Trustee appointed by the Issuer.

 

(d)            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 in the case of the successor Trustee the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may, at
the Issuer’s expense, petition any court of competent jurisdiction for the appointment of a successor Trustee: (1) authorized
to exercise corporate trust powers, and (2) having a combined capital and surplus of at least $50,000,000.

 

(e)            If
the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.09
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee.

 

(f)            A
successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the resignation
or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the
Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring Trustee will promptly
transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been
paid and subject to the Lien provided for in Section 7.06 hereof.

 

Notwithstanding replacement of the Trustee or Collateral
Trustee pursuant to this Section 7.07 or the Collateral Trust Agreement, as applicable, the Issuer’s and Guarantors’
obligations under Section 7.06 hereof will continue for the benefit of the retiring Trustee or Collateral Trustee.

 

(g)            Upon
the retirement or removal of the Trustee or Collateral Trustee, the retired or removed Trustee or Collateral Trustee shall have no responsibility
or liability for any action or inaction of a successor Trustee or Collateral Trustee.

 

Section 7.08            Successor
Trustee by Merger, etc..

 

If the Trustee or the Collateral Trustee consolidates,
merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor
corporation without any further act will be the successor Trustee or successor Collateral Trustee, as applicable.

 

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 the United States of America or of any state thereof that is authorized
under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and
that has a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition.

 

    	 	110	 

     

    

 

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, (1) the
Issuer shall be deemed to have all of its obligations discharged with respect to the outstanding Notes all obligations of the Guarantors
discharged with respect to their Note Guarantees and (2) to have all Liens on the Collateral and obligations under the Security Documents
released on the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Legal Defeasance”).
For this purpose, such Legal Defeasance means that the Issuer shall be deemed to have paid and discharged the entire Indebtedness represented
by the outstanding Notes and to have satisfied all their other obligations under the Notes and this Indenture (and the Trustee, at the
expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive
until otherwise terminated or discharged hereunder:

 

(a) (1)
the rights of holders of outstanding Notes to receive payments in respect of the principal of, or interest (including
Additional Amounts) or premium, if any, on, such Notes when such payments are due from the trust referred to in
Section 8.08;

 

(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, indemnities and immunities of the Trustee and the Collateral 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 with respect to the Notes, payment of the Notes may
not be accelerated because of an Event of Default.

 

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Section 8.03            Covenant
Defeasance. Upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.03, the obligations
of the Issuer and the Guarantors, including all Liens on the Collateral and obligations under the Security Documents, shall be released
with respect to any covenant contained in Sections 4.04 through 4.11, 4.14 through 4.17, 4.19 through 4.24 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 with respect to the Notes:

 

(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) or 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 Counsel of United States counsel, which counsel is reasonably acceptable to the Trustee, confirming that (A) the Issuer
has received from, or there has been published by, the U.S. Internal Revenue Service a ruling or (B) 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 Holders 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 Counsel of United States counsel, which counsel is reasonably acceptable to the Trustee, confirming that the Holders 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

 

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

 

(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, 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 Collateral Trustee and the Holders of the Notes under
the Notes, the Note Guarantees and the Security Documents, shall be discharged and shall cease to be of further effect as to all Notes
issued thereunder (other than such terms that expressly survive satisfaction and discharge), and all Liens on the Collateral in favor
of the Collateral Trustee will no longer secure the obligations under this Indenture, the Notes and the Note Guarantees and all Note Guarantees
will be automatically released and discharged, 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

 

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(ii)           all
Notes that have not been delivered to the Trustee for cancellation (A) have become due and payable by reason of the mailing of a
notice of redemption or otherwise, (B) will become due and payable within one year, or (C) are to be called for redemption within
one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the
expense, of the Issuer, and in each case, the Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee
as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination
of cash in U.S. dollars and non-callable Government Securities, in amounts as will be sufficient, in the opinion of a nationally recognized
investment bank, appraisal firm or firm of independent public accountants, without consideration of any reinvestment of interest, to pay
and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal, Additional Amounts and
premium, 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 and the Security Documents;

 

(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)            in
the case of a discharge pursuant to clause (a) above, the Issuer shall deliver 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 7.06 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 Section 8.03 and Section 8.04
have been satisfied, the Trustee upon written request shall acknowledge in writing the discharge of all of the Issuer’s and the
Guarantors’ 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.

 

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Section 8.09            Repayment
to Issuer. Subject to Sections 7.06, 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. Subject to applicable law, 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. 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.

 

Article Nine

AMENDMENTS AND WAIVERS

 

Section 9.01            Without
Consent of Holders.

 

(a)            The
Issuer, when authorized by a resolution of its Board of Directors (as evidenced by the delivery of such resolutions to the Trustee), the
Guarantors, the Collateral Trustee and the Trustee (as applicable and to the extent each is a party to the relevant document) may modify,
amend or supplement this Indenture, the Notes, the Note Guarantees and the Security Documents without notice to or consent of any Holder:

 

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

 

(ii)           to
provide for uncertificated Notes in addition to or in place of certificated Notes (provided that the uncertificated Notes are issued in
registered form for purposes of Section 163(f) of the Code);

 

(iii)          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 merger or consolidation or sale of all or substantially all of the Issuer’s or such Guarantor’s assets, as applicable;

 

(iv)          to
make any change that would provide any additional rights or benefits to the Holders of Notes or that does not adversely affect the legal
rights under this Indenture of any such Holder in any material respect;

 

(v)           to
conform the text of this Indenture, the Note Guarantees, the Notes of the Security Documents to any provision of the section entitled
 “Description of Notes” in the Offering Memorandum to the extent that such provision in the “Description of Notes”
was intended to be a verbatim recitation of a provision of this Indenture, the Note Guarantees, the Notes or the Security Documents (as
evidenced by an Officer’s Certificate delivered to the Trustee and the Collateral Trustee, as applicable);

 

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(vi)          to
provide for any Restricted Subsidiary to provide a Note Guarantee in accordance with Section 4.06, Section 4.14 and Section 4.21,
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 Liens on the Collateral or Liens granted pursuant to the Security Documents) or any amendment in respect
thereof with respect to or securing the Notes when such release, termination, discharge or retaking or amendment is permitted under this
Indenture and the Security Documents;

 

(vii)         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 Collateral Trustee , 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;

 

(viii)        as
provided under Section 4.22;

 

(ix)          to
provide for the issuance of additional Notes in accordance with the limitations set forth in this Indenture as of the Issue Date;

 

(x)           to
allow any Guarantor to execute a Supplemental Indenture and a Note Guarantee with respect to the Notes;

 

(xi)          to
comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA (if this Indenture
in the future is so qualified under the TIA);

 

(xii)         to
evidence and provide the acceptance of the appointment of a successor Trustee or Collateral Trustee under this Indenture;

 

(xiii)        to
release Collateral as permitted by this Indenture and the Security Documents;

 

(xiv)        to
add additional secured creditors holding other First Lien Obligations or other junior Lien obligations so long as such obligations are
not prohibited by this Indenture or the Security Documents; and

 

(xv)         to
provide for the accession of any parties to the Security Documents and Approved Intercreditor Agreements (and other amendments that are
administrative or ministerial in nature) in connection with an incurrence of additional secured Indebtedness permitted by this Indenture.

 

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(b)            In
connection with any proposed amendment, supplement or waiver in respect of such matters, the Trustee and the Collateral Trustee will be
entitled to receive, and rely conclusively on, an Opinion of Counsel and an Officer’s Certificate, each stating that such amendment
or supplement is authorized or permitted by the terms of this Indenture, the Notes, the Note Guarantees and the Security Documents, as
applicable, and that all conditions precedent provided in this Indenture, the Notes, the Note Guarantees and the Security Documents, as
applicable, relating to the execution and delivery of such amendment have been complied with and, with respect to such Opinion of Counsel,
that the amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer and the applicable Guarantors, enforceable
against them in accordance with its terms. Notwithstanding the foregoing, neither the Collateral Trustee nor the Trustee shall have any
obligation to enter into any amendment, waiver, supplement or other modification that affects its own rights, protections, duties, indemnities
or immunities under this Indenture, the Security Documents or any other agreement.

 

Section 9.02            With
Consent of Holders.

 

(a)            Except
as provided in Section 9.02(b) below and Section 6.04, and without prejudice to Section 9.01, this Indenture, the
Notes, the Note Guarantees and the Security Documents may be amended or supplemented with the consent of the Holders of at least a majority
in aggregate principal amount of the then outstanding Notes (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 or the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount
of the then outstanding Notes (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Notes); provided that any such amendment, supplement or waiver to release the security
interests in the Collateral granted in favor of the Collateral Trustee for the benefit of the Trustee and the Holders of Notes (other
than pursuant to the terms of the Security Documents or this Indenture, as applicable) shall (i) in respect of all or substantially
all of the Collateral, require the consent of the Holders of at least 75% in aggregate principal amount of the Notes and (ii) in
respect of Collateral with a Fair Market Value greater than $100 million (but, for the avoidance of doubt, less than all or substantially
all of the Collateral), require the consent of the Holders of at least 66 2/3% in aggregate principal amount of the Notes.

 

(b)            Without
the consent of each Holder of Notes 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 alter the provisions with respect to the redemption of the Notes (other than
provisions relating to the notice period for a redemption);

 

(iii)          reduce
the rate of or change the time for payment of interest, including default interest, on any Note;

 

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(iv)          make
any change to the contractual right expressly set forth in this Indenture or the Notes 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 to the contractual right expressly set forth in
this Indenture or the Notes any of Holder 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;

 

(ix)          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

 

(x)           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
of Notes 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, upon receipt of an Issuer Order, 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.

 

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Section 9.05            Payments
for Consents. The Parent Guarantor shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly,
pay or cause to be paid any consideration to or for the benefit of any Holder of Notes for or as an inducement to any consent, waiver
or amendment of any of the terms of the provisions of the Indenture or the Notes unless such consideration is offered to be paid and is
paid to all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating
to such consent, waiver or agreement. Notwithstanding the foregoing, the Parent Guarantor and its Restricted Subsidiaries shall be permitted,
in any offer or payment of consideration for, or as an inducement to, any consent, waiver or amendment of any of the terms or provisions
of the Indenture, to exclude Holders of Notes in any jurisdiction where (A)(i) the solicitation of such consent, waiver or amendment,
including in connection with an offer to purchase for cash, or (ii) the payment of the consideration therefor would require the Parent
Guarantor or any of its Restricted Subsidiaries to file a registration statement, prospectus or similar document under any applicable
securities laws (including, but not limited to, the United States federal securities laws and the laws of the European Union or its member
states), which the Parent Guarantor in its sole discretion determines (acting in good faith) would be materially burdensome (it being
understood that it would not be materially burdensome to file the consent document(s) used in other jurisdictions, any substantially
similar documents or any summary thereof with the securities or financial services authorities in such jurisdiction); or (B) such
solicitation would otherwise not be permitted under applicable law in such jurisdiction.

 

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, in the manner provided
for in Section 12.01(b), setting forth in general terms the substance of such Supplemental Indenture or waiver. Failure to make the
appropriate notice will not affect the validity and effect of such amendment, supplement or waiver.

 

Section 9.07            Trustee
to Sign Amendments, Etc. The Trustee or the Collateral Trustee, 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 Collateral Trustee,
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 Collateral Trustee’s, as the case may be, own rights, duties or immunities under this Indenture. The Trustee and the Collateral
Trustee shall receive 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, that all conditions precedent
in connection with such amendment, supplement or waiver have been satisfied, and that such amendment has been duly authorized, executed
and delivered and is the legally valid and binding obligation of the Issuer enforceable against it in accordance with its terms. Such
Opinion of Counsel and Officer’s Certificate shall be an expense of the Issuer. Notwithstanding the foregoing, neither an Opinion
of Counsel nor a resolution, shall be required for the Trustee or the Collateral Trustee to execute any Supplemental Indenture to this
Indenture, the form of which is attached as Exhibit D hereto, adding a new Guarantor under this Indenture.

 

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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 the Collateral Trustee and their respective successors and assigns on behalf of each
Holder, the full payment of principal of, premium, if any, interest, if any, and Additional Amounts, if any, on, and all other monetary
obligations of the Issuer under this Indenture and the Notes (including obligations to the Trustee and the Collateral Trustee and the
obligations to pay Additional Amounts, if any) with respect to, each Note authenticated and delivered by the Trustee or its agent pursuant
to and in accordance with this Indenture, in accordance with the terms of this Indenture (all the foregoing being hereinafter collectively
called the “Note Obligations”). The Guarantors further agree that the Note Obligations may be extended or renewed,
in whole or in part, without notice or further assent from the Guarantors and that the Guarantors shall remain bound under this Article Ten
notwithstanding any extension or renewal of any Note Obligation. All payments under each Note Guarantee shall 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 shall 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.

 

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(c)            The
Guarantors also agree to pay any and all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee, the
Collateral 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, the Trustee and the Collateral 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 Subsidiary Guarantor shall automatically be released:

 

(a)            in
connection with any sale or other disposition of all or substantially all of the assets of such Subsidiary Guarantor (including by way
of merger, consolidation, amalgamation or combination) to a Person that is not (either before or after giving effect to such transaction)
the Parent Guarantor or a Restricted Subsidiary, if the sale or other disposition does not violate Section 4.09;

 

(b)            in
connection with any sale or other disposition of Capital Stock of that Subsidiary Guarantor to a Person that is not (either before or
after giving effect to such transaction) the Parent Guarantor or a Restricted Subsidiary, if the sale or other disposition does not violate
Section 4.09 and the Subsidiary Guarantor ceases to be a Restricted Subsidiary as a result of the sale or other disposition;

 

(c)            if
the Issuer designates such Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance with the applicable provisions of this
Indenture;

 

(d)            the
Subsidiary Guarantor becomes an Excluded Subsidiary under clauses (f) or (g) of such definition;

 

(e)            upon
repayment of the Notes; or

 

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(f)            upon
legal defeasance, covenant defeasance or satisfaction and discharge of this Indenture as provided under Article Eight;

 

provided
that, in each case, the Issuer, or such Subsidiary Guarantor has delivered to the Trustee and the Collateral Trustee an Officer’s
Certificate (which may be combined with any other Officer’s Certificate required to be delivered pursuant to other provisions referenced
in the foregoing clauses) and an Opinion of Counsel stating that all conditions precedent provided for in this Indenture relating to such
release have been complied with.

 

Upon receipt of the Officer’s
Certificate and the Opinion of Counsel referred to in the preceding paragraph, the Trustee and the Collateral Trustee shall take all necessary
actions at the request of the Issuer, including the granting of releases or waivers under the Collateral Trust Agreement, 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
or the Collateral Trustee without the consent of the Holders and will not require any other action or consent on the part of the Trustee
or the Collateral 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 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, state or
foreign law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Collateral 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, state or foreign 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 Collateral Trustee and the Holders and, in the event of any transfer or
assignment of rights by any Holder or the Trustee or the Collateral 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.

 

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Section 10.07              No
Waiver. Neither a failure nor a delay on the part of the Trustee, the Collateral 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, the Collateral 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.

 

Article Eleven

SECURITY

 

Section 11.01              Security;
Security Documents.

 

(a)           The
due and punctual payment of the principal of, interest on and Additional Amounts, if any, on the Notes and the Note Guarantees when and
as the same shall be due and payable, whether on an Interest Payment Date, at maturity, by acceleration, repurchase, redemption or otherwise,
interest on the overdue principal of and interest (to the extent permitted by law), if any, on the Notes and Note Guarantees and performance
of all other obligations under this Indenture, shall be secured by the Collateral as provided in the Security Documents and subject to
limitations set forth therein. The Trustee, the Collateral Trustee, the Issuer and the Guarantors hereby agree that, subject to Permitted
Liens, the Collateral Trustee 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 Collateral Trust Agreement, 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.

 

(b)           Each
Holder of the Notes, by its acceptance thereof, will be deemed to have:

 

(i)          irrevocably
appointed Wilmington Trust, National Association, as Collateral Trustee, to act as its collateral trustee under the Security Documents
and the Collateral Trust Agreement and the other relevant documents to which the Collateral Trustee is a party (including, without limitation,
the Security Documents);

 

(ii)         irrevocably
authorized the Collateral Trustee and the Trustee to (i) perform the duties and exercise the rights, powers and discretions that
are specifically given to each of them under the Security Documents, the Collateral Trust Agreement or other documents to which the Collateral
Trustee and/or the Trustee is a party, together with any other incidental rights, power and discretions and (ii) execute each document
expressed to be executed by the Collateral Trustee and/or the Trustee on its behalf; and

 

    	 	123	 

     

    

 

(iii)        accepted
the terms and conditions of the Collateral Trust Agreement.

 

In addition, the terms of
the Security Documents and/or the nature of the security interest granted may provide for (or result in) certain assets originally the
subject of a security interest being released from that security without the need for a formal release. Further, assets which may not
be validly secured or assets which are already subject to certain types of Permitted Liens may be excluded from the security created by
certain Security Documents.

 

Unless otherwise directed
by the Applicable Parity Lien Representative (as defined in the Collateral Trust Agreement), upon receipt by the Collateral Trustee of
a written request signed by an Officer of the Issuer (a “Security Document Order”), the Collateral Trustee is hereby
authorized to execute and enter into, and if satisfactory in form to the Collateral Trustee, shall execute and enter into, without further
consent of any Holder or the Trustee, any Security Document to be executed after the Issue Date. Such Security Document Order shall (i) state
that it is being delivered to the Collateral Trustee pursuant to the First Lien Documents, and is a Security Document Order referred to
in this Section 11.01, (ii) instruct the Collateral Trustee to execute and enter into such Security Document and (iii) certify
that all conditions precedent under the extant First Lien Documents to the execution and delivery of the Security Document have been satisfied.
The Holders, by their acceptance of the Notes, hereby authorize and direct the Collateral Trustee to execute such Security Documents.

 

Section 11.02              Authorization
of Actions to be Taken by the Collateral Trustee under the Security Documents. The Collateral Trustee 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
of a majority in aggregate principal amount of the Notes) with regard to all voting, consent and other rights granted to the Trustee
and the Holders of Notes under the Security Documents. Subject to the provisions of the Collateral Trust Agreement and the Security Documents
and the limitations set forth herein and therein, the Collateral Trustee may (without obligation), in its sole discretion and without
the consent of the Holders, on behalf of the Holders, take all actions it deems necessary or appropriate in order to (a) enforce
any of its rights or any of the rights of the Holders under the Security Documents and (b) receive any and all amounts payable from
the Collateral in respect of the obligations of the Issuer and the Guarantors hereunder. Subject to the provisions of the Collateral
Trust Agreement and the Security Documents, the Collateral Trustee 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 Collateral Trustee (after consultation with the Trustee,
where appropriate) may deem reasonably 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 Collateral Trustee). The Collateral Trustee is hereby irrevocably authorized by each Holder of the Notes to effect any release
of Liens or Collateral contemplated by Section 11.04 hereof or by the terms of the Security Documents.

 

    	 	124	 

     

    

 

Section 11.03              Post-Closing
Actions. The Issuer will use commercially reasonable efforts to perfect on the Issue Date the security interests in the Collateral
for the benefit of the Holders of the Notes that are created on the Issue Date, but to the extent any such security interest cannot be
perfected by such date, the Issuer will do or cause to be done all commercially reasonable acts and things that may be required to have
all security interests in the Collateral for the benefit of the holders of the Notes duly created and enforceable and perfected, to the
extent required by the Collateral Documents, promptly following the Issue Date. Notwithstanding the foregoing, perfection actions with
respect to the National Geographic Explorer II will not be taken until the National Geographic Explorer II is re-flagged in Ecuador.

 

Section 11.04              Release
of Liens.

 

(a)           The
Liens on the Collateral will be released or will no longer secure the obligations under the Indenture, the Notes and the Note Guarantees,
automatically and without the need for any further action by any Person:

 

(i)          upon
payment in full of principal, interest and all other Obligations on the Notes or satisfaction and discharge of the Indenture or defeasance
(including covenant defeasance of the Notes);

 

(ii)         upon
release of a Note Guarantee (with respect to the Liens securing such Note Guarantee granted by such Guarantor) in accordance with the
applicable provisions of this Indenture;

 

(iii)        in
connection with any disposition of Collateral to any Person other than the Issuer or any Guarantor (but excluding any transaction subject
to the covenant described in Article Five where the recipient becomes an obligor) that is not prohibited by the Indenture (with respect
to the Lien on such Collateral); provided that if the Collateral is disposed of to the Issuer or a Guarantor, the relevant Collateral
becomes immediately subject to a substantially equivalent Lien in favor of the Collateral Trustee securing the Notes;

 

(iv)       with
respect to any asset constituting Collateral that becomes an Excluded Asset under clause (e) of such definition;

 

(v)        with
the consent of the requisite Holders of the Notes in accordance with the provisions under Article Nine including consents obtained
in connection with a tender offer or exchange offer for, or purchase of, Notes; and

 

(vi)       in
order to effectuate a reconstitution or merger for the purpose of re-flagging a vessel in compliance with the covenant described under
Section 4.24.

 

    	 	125	 

     

    

 

Each of the foregoing releases shall be effected
by the Collateral Trustee without the consent of the Holders of the Notes. Upon compliance by the Issuer or any Guarantor, as the case
may be, with the conditions precedent required by the Indenture and the Security Documents and delivery to the Trustee and the Collateral
Trustee of an Officer’s Certificate and an Opinion of Counsel that all conditions precedent required by the Indenture and the Security
Documents have been complied with, the Trustee or the Collateral Trustee shall promptly cause the released Collateral to be released and
re-conveyed to the Issuer or the Guarantor, as the case may be and take all other actions reasonably requested by the Issuer in connection
therewith.

 

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:

 

Lindblad Expeditions Holdings, Inc.

96 Morton Street, 9th Floor

New York, New York 10014

Attn: Craig Felenstein, Chief Financial Officer and Alexis Freeman, General Counsel

 

with a copy to:

 

Skadden, Arps, Slate, Meagher & Flom LLP 

One Manhattan West 

New York, NY 10001 

Telecopy No.: (212) 735-3497 

Attn: Laura Kaufmann Belkhayat

 

if to the Trustee, Collateral Trustee, Principal Paying Agent
or Transfer Agent:

 

Wilmington Trust, National Association

Global Capital Markets

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402

Facsimile No.: (612) 217-5651

Attention: Lindblad Expeditions, LLC, Notes 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

 

    	 	126	 

     

    

 

(ii)         in
the case of Definitive Registered Notes, delivered to each Holder by first-class mail at such Holder’s respective address as it
appears on the registration books of the Registrar.

 

Notices given by first-class mail shall be deemed
given five calendar days after mailing and notices given by publication shall be deemed given on the first date on which publication is
made. Failure to deliver a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other
Holders. If a notice or communication is delivered in the manner provided above, it is duly given, whether or not the addressee receives
it.

 

In case by reason of the suspension of regular
mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be
made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

 

(c)           If
and so long as the Notes are represented by Global Notes, notice to Holders, in lieu of being given in accordance with Section 12.01(b) above,
may be given by delivery of the relevant notice to DTC for communication.

 

(d)           Where
this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed
with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

(e)           All
notices, approvals, consents, requests and any communications hereunder must be in writing (provided that any communication sent to Trustee
hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other
digital signature provider as approved by procedures of the Trustee), 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 Collateral
Trustee to take or refrain from taking any action under this Indenture or the Security Documents, the Issuer or any Guarantor, as the
case may be, shall furnish upon request to the Trustee or the Collateral Trustee:

 

(a)           an
Officer’s Certificate in form reasonably satisfactory to the Trustee or the Collateral Trustee stating that, in the opinion of the
Officer, all conditions precedent, if any, provided for in this Indenture and the Security Documents, if applicable, relating to the proposed
action have been complied with; and

 

(b)           an
Opinion of Counsel in form reasonably satisfactory to the Trustee or the Collateral Trustee stating that, in the opinion of such counsel,
all such conditions precedent have been complied with (except in connection with execution of any Supplemental Indenture to this Indenture,
the form of which is attached as Exhibit D hereto, adding a new Guarantor under this Indenture).

 

    	 	127	 

     

    

 

Any Officer’s Certificate may be based, insofar
as it relates to legal matters, upon an Opinion of Counsel, unless the Officer signing such certificate knows, or in the exercise of reasonable
care should know, that such Opinion of Counsel with respect to the matters upon which such Officer’s Certificate is based are erroneous.
Any Opinion of Counsel may be based and may state that it is so based, insofar as it relates to factual matters, upon certificates of
public officials or an Officer’s Certificate stating that the information with respect to such factual matters is in the possession
of the Issuer, unless the counsel signing such Opinion of Counsel knows, or in the exercise of reasonable care should know, that the Officer’s
Certificate with respect to the matters upon which such Opinion of Counsel is based are erroneous.

 

Section 12.03              Statements
Required in Certificate or Opinion. Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include:

 

(a)           a
statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating
thereto;

 

(b)           a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based;

 

(c)           a
statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to
express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(d)           a
statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 

Section 12.04              Rules by
Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar
and the Paying Agent may make reasonable rules for their functions.

 

Section 12.05              No
Personal Liability of Directors, Officers, Employees and Stockholders. No director, officer, employee, incorporator 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, the Note Guarantees and the Security Documents 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. The waiver and release are part of
the consideration for the issuance of the Notes.

 

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.

 

    	 	128	 

     

    

 

Section 12.07              Governing
Law. THIS INDENTURE, THE NOTES, THE NOTE GUARANTEES AND THE COLLATERAL TRUST AGREEMENT 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 Collateral Trustee arising out of or based upon this Indenture, the Notes, the Note Guarantees or the Security Documents
may be instituted in any state or Federal court located in the City of 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, the Note Guarantees or the Security Documents, 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 Guarantors not resident in the United States has appointed
Corporation Service Company, located at its office at 19 West 44th Street, Suite 200, New York, New York 10036, 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, the Note Guarantees or the Security Documents or the transactions contemplated herein which may be instituted in any state or
Federal court in the City of 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. Corporation Service Company has 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 or any Guarantor arising out of or based upon this Indenture, the Notes, the Note Guarantees or the Security Documents may
be instituted by any Holder or the Trustee or the Collateral Trustee in any other court of competent jurisdiction. The Issuer and each
Guarantor 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.

 

    	 	129	 

     

    

 

EACH
OF THE ISSUER, THE GUARANTORS, THE TRUSTEE AND THE COLLATERAL 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, any Note Guarantee or
Security Documents 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 will be an original, but all of them together represent
the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or other electronic format (i.e.,
 “pdf” or “tif” or any electronic signature complying with the U.S. federal ESIGN Act of 2000) shall constitute
effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all
purposes. Signatures of the parties hereto transmitted by facsimile or other electronic format (i.e., “pdf” or “tif”
or any electronic signature complying with the U.S. federal ESIGN Act of 2000) shall be deemed to be their original signatures for all
purposes. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered
signed or executed by such authorized officer on behalf of the applicable Person. Neither the Trustee nor the Collateral Trustee shall
have any duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled
to conclusively rely on any such electronic signature without any liability with respect thereto.

 

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.

 

    	 	130	 

     

    

 

Section 12.14              Currency
Indemnity. Any payment on account of an amount that is payable in U.S. dollars (the “Required Currency”) which
is made to or for the account of any holder or the Trustee in lawful currency of any other jurisdiction (the “Judgment Currency”),
whether as a result of any judgment or order or the enforcement thereof or the liquidation of the Issuer or any Guarantor, shall constitute
a discharge of the Issuer or the 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 which could be purchased 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]

 

    	 	131	 

     

    

 

IN WITNESS WHEREOF, the parties have caused this
Indenture to be duly executed as of the date first written above.

 

	 	LINDBLAD EXPEDITIONS, LLC,
	 	as Issuer
	 	 	 
	 	By: 	/s/ Craig Felenstein
	 		Name: Craig Felenstein
	 		Title: Chief Financial Officer
	 	 	 
	 	LINDBLAD EXPEDITIONS HOLDINGS, INC.,
	 	as Parent Guarantor
	 	 	 
	 	By: 	/s/ Craig Felenstein
	 		Name: Craig Felenstein
	 		Title: Chief Financial Officer
	 	 	 
	 	LINDBLAD MARITIME VENTURES, INC.,
	 	as Guarantor
	 	 	 
	 	By:	/s/ Craig Felenstein
	 		Name: Craig Felenstein
	 		Title: Chief Financial Officer
	 	 	 
	 	SPEX SEA BIRD LTD.,
	 	as Guarantor
	 	 	 
	 	By: 	/s/ Craig Felenstein
	 		Name:
    Craig Felenstein
	 		Title: Chief Financial Officer
	 	 	 
	 	SPEX SEA LION LTD.,
	 	as Guarantor
	 	 	 
	 	By: 	/s/ Craig Felenstein
	 		Name: Craig Felenstein
	 		Title: Chief Financial Officer

 

[Signature Page to Indenture]

 

    

     

    

 

	 	LEX EXPLORER LLC,
	 	as Guarantor
	 	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: Craig Felenstein
	 	 	Title: Chief Financial Officer
	 	 	 
	 	LEX GALAPAGOS PARTNERS I LLC,
	 	as Guarantor
	 	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: Craig Felenstein
	 	 	Title: Chief Financial Officer
	 	 	 
	 	LEX GALAPAGOS PARTNERS II LLC,
	 	as Guarantor
	 	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: Craig Felenstein
	 	 	Title: Chief Financial Officer
	 	 	 
	 	LEX GALAPAGOS PARTNERS III LLC,
	 	as Guarantor
	 	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: Craig Felenstein
	 	 	Title: Chief Financial Officer
	 	 	 
	 	LEX QUEST LLC,
	 	as Guarantor
	 	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: Craig Felenstein
	 	 	Title: Chief Financial Officer

 

[Signature Page to Indenture]

 

    

     

    

 

	 	LEX VENTURE LLC,
	 	as Guarantor
	 	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: Craig Felenstein
	 	 	Title: Chief Financial Officer
	 	 	 
	 	FILLMORE PEARL HOLDING, LTD.,
	 	as Guarantor
	 	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: Craig Felenstein
	 	 	Title: Chief Financial Officer
	 	 	 
	 	FILLMORE PEARL (CAYMAN) II, LTD.,
	 	as Guarantor
	 	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: Craig Felenstein
	 	 	Title: Chief Financial Officer
	 	 	 
	 	LEX ESPRIT LTD.,
	 	as Guarantor
	 	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: Craig Felenstein
	 	 	Title: Chief Financial Officer
	 	 	 
	 	LINDBLAD MARITIME ENTERPRISES, LTD.,
	 	as Guarantor
	 	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: Craig Felenstein
	 	 	Title: Chief Financial Officer

 

[Signature Page to Indenture]

 

    

     

    

 

	 	MARVENTURA DE TURISMO CIA. LTDA.,
	 	as Guarantor
	 	 	 
	 	By: 	/s/ Pablo Peña
	 	 	Name: Pablo Peña
	 	 	Title: Executive President
	 	 	 
	 	METROHOTEL CIA. LTDA.,
	 	as Guarantor
	 	 	 
	 	By: 	/s/ Pablo Peña
	 	 	Name: Pablo Peña
	 	 	Title: Executive President

 

[Signature Page to Indenture]

 

    

     

    

 

	 	NAVILUSAL CIA. LTDA.,
	 	as Guarantor
	 	 	 
	 	By: 	/s/ Diego Medina
	 	 	Name: Diego Median
	 	 	Title: Executive President

 

[Signature Page to Indenture]

 

    

     

    

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee, Principal Paying Agent, Transfer Agent and Registrar
	 	 	 
	 	By: 	/s/ Sarah Vilhauer
	 	 	Name: Sarah Vilhauer
	 	 	Title: Banking Officer
	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Collateral Trustee
	 	 	 
	 	By: 	/s/ Sarah Vilhauer
	 	 	Name: Sarah Vilhauer
	 	 	Title: Banking Officer

 

[Signature Page to Indenture]

 

    

     

    

 

Exhibit A

 

[FORM OF FACE OF NOTE]

 

LINDBLAD EXPEDITIONS, LLC

 

[If Regulation S Global Note – CUSIP Number U5347L AA9 / ISIN
USU5347LAA99] 

[If Restricted Global Note – CUSIP Number 53523L AA8 / ISIN US53523LAA89]

 

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 IN AS MUCH 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.]

 

    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.

 

6.750% SENIOR SECURED NOTE DUE 2027

 

Lindblad Expeditions, LLC, a Delaware limited liability
company, for value received, promises to pay to Cede & Co. 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 February 15, 2027.

 

From February 4, 2022 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 6.750%, payable semi-annually
in arrears on February 15 and August 15 of each year, beginning on August 15, 2022 to the Person in whose name this Note
(or any predecessor Note) is registered at the close of business on the preceding February 1 or August 1, as the case may be.
Interest on overdue principal and interest, including Additional Amounts, if any, will accrue at a rate that is 1.0% higher than the interest
rate on the Notes.

 

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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.

 

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IN WITNESS WHEREOF, Lindblad Expeditions, LLC,
has caused this Note to be signed manually, electronically or by facsimile by its duly authorized signatory.

 

	Dated:	 
	 	 
	 	LINDBLAD EXPEDITIONS, LLC
	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

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CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes referred to
in the Indenture.

 

	WILMINGTON TRUST, NATIONAL ASSOCIATION,	 
	as Trustee	 
	 	 
	By: 	 	 	 
	 	 	Authorized Officer	 
	 	 
	Date:	 
	 

 

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[FORM OF REVERSE SIDE OF NOTE]

6.750% Senior Secured Note due 2027

 

1.            Interest

 

Lindblad Expeditions, LLC, a Delaware limited liability
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 February 4, 2022 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 interest on overdue principal and interest, including Additional Amounts, if any, will accrue
at a rate that is 1.0% higher than the interest rate on the Notes. 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 (other than the United States or any political subdivision thereof or therein) 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 and, in the case of any successor entity, wherein such successor entity assumes the obligations of the Notes, the Guarantees and
the Indenture following a merger, consolidation or transfer, lease or conveyance of substantially all of the assets and properties of
the Issuer or the applicable Guarantor 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”, and (1) a “Relevant Tax Jurisdiction”) in
respect of any payments under or with respect to the Notes or any Note Guarantee, including, without limitation, payments of principal,
redemption price, purchase price, interest or premium, the Issuer or the relevant Guarantor, as applicable, shall pay such additional
amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received in respect of such payments
by each beneficial owner of Notes after such withholding or deduction shall equal the respective amounts that would have been received
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 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;

 

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

 

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

 

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

 

(5)            any
Taxes to the extent such Taxes would not have been imposed or withheld but for the failure of the holder or beneficial owner of the Notes,
following the Issuer’s reasonable written request addressed to the holder at least 60 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 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

 

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

 

Notwithstanding the foregoing, the limitations
on the obligations of the Issuer or any Guarantor to pay Additional Amounts set forth in item (5) above will not apply if the provision
of any certification, identification, information, or other reporting requirement described in such item (5) would be materially
more onerous, in form, in procedure or in the substance of information disclosed, to a holder or beneficial owner of a Note than comparable
information or other reporting requirements imposed under U.S. tax law, regulations, treaty and administrative practice (such as U.S.
Internal Revenue Service Forms W-8BEN and W-9).

 

In addition to the foregoing, the Issuer and the
Guarantors will also pay and indemnify the holder and the Trustee for any present or future stamp, issue, registration, value added, 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 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, 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).

 

(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, will deliver
to the Trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises
after the 30th day prior to that payment date, in which case the 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 Agent 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 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 by such entity.

 

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

 

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

 

3.            Method
of Payment

 

The Issuer shall pay interest on this Note (except
defaulted interest) to the Holder at the close of business on the Record Date for the next Interest Payment Date even if this Note is
cancelled after the Record Date and on or before the Interest Payment Date. The Issuer shall pay principal and interest in dollars in
immediately available funds that at the time of payment is legal tender for payment of public and private debts; provided that
payment of interest may be made at the option of the Issuer by check mailed to the Holder.

 

The amount of payments in respect of interest on
each Interest Payment Date shall correspond to the aggregate principal amount of Notes represented by this Note, as established by the
Registrar at the close of business on the relevant Record Date. Payments of principal shall be made upon surrender of this Note to the
Paying Agent.

 

4.            Paying
Agent and Registrar

 

Initially, Wilmington Trust, 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 February 4, 2022 (as amended, supplemented or otherwise modified from time to time, the “Indenture”),
among, inter alios, the Issuer, the Guarantors and Wilmington Trust, National Association., as trustee (the “Trustee”)
and as Principal Paying Agent, Transfer Agent, Registrar and Collateral 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.

 

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6.            Optional
Redemption

 

(a)            At
any time prior to February 15, 2024, the Issuer may on any one or more occasions redeem up to 40% of the aggregate principal amount
of Notes issued under the Indenture, upon giving not less than 10 nor more than 60 days’ (except as otherwise set forth in the Indenture),
at a redemption price equal to 106.750% of the principal amount of Notes redeemed, plus accrued and unpaid interest and Additional Amounts,
if any, to but not including the date of redemption (subject to the rights of holders of Notes on the relevant record date to receive
interest on the relevant interest payment date), with an amount equal to the net cash proceeds of an Equity Offering; provided that:

 

(1) at
least 55% of the aggregate principal amount of the Notes originally issued under the Indenture (excluding Notes held by the Parent
Guarantor and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption (except to the extent that
all remaining outstanding Notes are substantially concurrently repurchased or redeemed in full, or are to be repurchased or redeemed
in full and for which a notice of repurchase or redemption has been issued, in accordance with another provision of the Indenture);
and

 

(2) the
redemption occurs within 180 days of the date of the closing of such Equity Offering.

 

(b)            At
any time prior to February 15, 2024, the Issuer may on any one or more occasions redeem all or a part of the Notes, upon giving not
less than 10 nor more than 60 days’ notice (except as otherwise set forth in the Indenture), at a redemption price equal to 100%
of the principal amount of the Notes redeemed, plus the Applicable Premium (as calculated by the Issuer) as of, and accrued and unpaid
interest and Additional Amounts, if any, to but not including the date of redemption, subject to the rights of holders of the Notes on
the relevant record date to receive interest due on the relevant interest payment date.

 

(c)            Except
pursuant to the preceding two paragraphs, the Notes will not be redeemable at the Issuer’s option prior to February 15, 2024.

 

(d)            On
or after February 15, 2024, the Issuer may on any one or more occasions redeem all or a part of the Notes, upon not less than 15
nor more than 60 days’ notice (except as otherwise set forth in the Indenture), at the redemption prices (expressed as percentages
of principal amount) set forth below, plus accrued and unpaid interest and Additional Amounts, if any, on the Notes redeemed, to, but
not including the applicable date of redemption, if redeemed during the twelve-month period beginning on February 15 of the years
indicated below, subject to the rights of holders of Notes on the relevant record date to receive interest on the relevant interest payment
date:

 

	Year	 	 	Redemption Year Price	 
	2024	 	 	 	103.375	%
	2025	 	 	 	101.688	%
	2026 and thereafter	 	 	 	100.000	%

 

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

 

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

 

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

 

(1) 1.00%
of the principal amount of the Note; and

 

(2) the
excess of: (a) the present value at such redemption date of (i) the redemption price of the Note at February 15, 2024
(such redemption price being set forth in the table appearing above under the caption “Optional Redemption”) plus
(ii) all required interest payments due on the Note through February 15, 2024 (excluding accrued but unpaid interest to
the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points;
over (b) the principal amount of the Notes.

 

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

 

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

 

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, with a copy to the Trustee (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, but excluding, 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 of the Notes 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 Guarantees,
the Issuer or any Guarantor is or would be required to pay Additional Amounts (but, in the case of a Guarantor, only if the payment giving
rise to such requirement cannot be made by the Issuer or another Guarantor without the obligation to pay Additional Amounts), and the
Issuer or the relevant Guarantor cannot avoid any such payment obligation by taking reasonable measures available (including, for the
avoidance of doubt, appointment of a new Paying Agent but excluding the reincorporation or reorganization of the Issuer or any Guarantor),
and the requirement arises as a result of: (1) any change in, or amendment to, the laws (or any regulations or rulings promulgated
thereunder) of the applicable Relevant Tax Jurisdiction, which change or amendment is announced and becomes effective after the date
of the Offering Memorandum (or if the applicable Relevant Tax Jurisdiction became a Relevant Tax Jurisdiction on a date after the date
of the Offering Memorandum, after such later date); or (2) any change in, or amendment to, the official application, administration
or interpretation of such laws, regulations or rulings (including by virtue of a holding, judgment or order by a court of competent jurisdiction
or a change in published practice) of the applicable Relevant Tax Jurisdiction, which change or amendment is announced and becomes effective
after the date of the Offering Memorandum (or if the applicable Relevant Tax Jurisdiction became a Relevant Tax Jurisdiction on a date
after the date of the Offering Memorandum, after such later date) (each of the foregoing clauses (1) and (2), a “Change
in Tax Law”).

 

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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 Guarantees were then due and at the time such notice is given, the
obligation to pay Additional Amounts must remain in effect. Prior to the delivery of any notice of redemption of the Notes pursuant to
the foregoing, the Issuer shall deliver the Trustee an opinion of an independent tax advisor 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 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.            [Reserved]

 

9.            Repurchase
at the Option of Holders

 

(a)            Upon
a Change of Control, 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.

 

10.          Denominations

 

The Notes (including this Note) are in minimum
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.

 

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11.           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.

 

12.           Discharge
and Defeasance

 

The Notes shall be subject to defeasance, satisfaction
and discharge as provided in Article Eight of the Indenture.

 

13.           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.

 

14.           Defaults
and Remedies

 

This Note and the other Notes have the Events of
Default as set forth in Section 6.01 of the Indenture.

 

15.           Security

 

This Note and the other Notes will be secured by
the Security Interests in the Collateral, subject to limitation on the extent to which the Collateral secures the Obligations contemplated
by the Security Documents, as set forth in Article Eleven of the Indenture.

 

16.           Trustee
and Collateral Trustee Dealings with the Issuer

 

The Trustee and the Collateral 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 or the Collateral
Trustee. Any Paying Agent, Registrar, co-Registrar or co-Paying Agent may do the same with like rights.

 

17.           No
Recourse Against Others

 

A director, officer, employee, incorporator, shareholder,
as such, of the Parent Guarantor, the Issuer or any Subsidiary Guarantors shall not have any liability for any obligations of the Parent
Guarantor, the Issuer or any Subsidiary 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.

 

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18.           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.

 

19.           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).

 

20.           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.

 

21.           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.

 

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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-15

     

    

 

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-16

     

    

 

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-17

     

    

 

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

 

		*	This schedule should be included only if the Note is issued in global form.

 

    Schedule A-1

     

    

 

Exhibit B

 

FORM OF TRANSFER CERTIFICATE FOR TRANSFER
FROM RESTRICTED GLOBAL NOTE TO REGULATIONS GLOBAL NOTE 1

 

(Transfers pursuant to § 2.06(b)(ii) of the Indenture)

 

Wilmington Trust, National Association,

Global Capital Markets

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402

Facsimile No.: (612) 217-5651

Attention: Lindblad Expeditions, LLC, Notes Administrator

 

Re: Lindblad Expeditions Senior Secured Notes (the “Notes”)

 

Reference is hereby made to the Indenture dated
as of February 4, 2022 (as amended, supplemented or otherwise modified from time to time, the “Indenture”) among,
inter alios, Lindblad Expeditions, LLC, a Delaware limited liability company, as Issuer, the guarantors party thereto, as Guarantors,
and Wilmington Trust, National Association, as Trustee and as Collateral 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.: 53523L AA8; ISIN No: US53523LAA89) 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.: U5347L AA9; ISIN No: USU5347LAA99).

 

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;

 

 

1
If the Note is a Definitive Registered Note, appropriate changes need to be made to the form of this transfer certificate.

 

    B-1

     

    

 

		(iii)	no directed selling efforts have been made in the United States by the Transferor, an affiliate thereof or any person their behalf
in contravention of the requirements of Rule 903 or 904 of Regulation S, as applicable;

 

		(iv)	the transaction is not part of a plan or scheme to evade the registration requirements of the U.S. Securities Act; and

 

		(v)	the Transferor is not the Issuer, a distributor of the Notes, an affiliate of the Issuer or any such distributor (except any officer
or director who is an affiliate solely by virtue of holding such position) or a person acting on behalf of any of the foregoing.

 

		(b)	with respect to transfers made in reliance on Rule 144 the Transferor certifies that the Notes are being transferred in a transaction
permitted by Rule 144 under the U.S. Securities Act.

 

You, the Issuer, the Guarantors and the Trustee
are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in
any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate
have the meanings set forth in Regulation S.

 

		[Name of Transferor]

 

 

		By:	 
	 	 	Name:
	 	 	Title:

 

		Date:	

 

 

Signature Guarantee:  ___________________________________________________________________________________

(Participant in a recognized signature guarantee
medallion program)

 

cc:

 

Attn:

 

    B-2

     

    

 

Exhibit C

 

FORM OF TRANSFER CERTIFICATE FOR TRANSFER
FROM REGULATION S GLOBAL NOTE TO RESTRICTED GLOBAL NOTE

 

(Transfers pursuant to § 2.06(b)(iii) of the Indenture)

 

Wilmington Trust, National Association

Global Capital Markets

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402

Facsimile No.: (612) 217-5651

Attention: Lindblad Expeditions, LLC, Notes Administrator

 

Re: Lindblad Expeditions Senior Secured Notes (the “Notes”)

 

Reference is hereby made to the Indenture dated
as of February 4, 2022 (as amended, supplemented or otherwise modified from time to time, the “Indenture”) among,
inter alios, Lindblad Expeditions, LLC, a Delaware limited liability company, as Issuer, the guarantors party thereto, as Guarantors,
and Wilmington Trust, National Association, as Trustee and as Collateral 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.: U5347L AA9; ISIN
No.: USU5347LAA99) 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.: 53523L AA8; ISIN No.: US53523LAA89).

 

In connection with such request, and in respect
of such Notes the Transferor does hereby certify that such Notes are being transferred in accordance with the transfer restrictions set
forth in the Notes and that:

 

	CHECK ONE BOX BELOW:
	 
	 ̈	the Transferor is relying on Rule 144A under the Securities Act for exemption from such Act’s registration requirements; it is transferring such Notes to a person it reasonably believes is a QIB as defined in Rule 144A that purchases for its own account, or for the account of a qualified institutional buyer, and to whom the Transferor has given notice that the transfer is made in reliance on Rule 144A and the transfer is being made in accordance with any applicable securities laws of any state of the United States; or  
	 	 
	 ̈	the Transferor is relying on an exemption other than Rule 144A from the registration requirements of the Securities Act, subject to the Issuer’s and the Trustee’s right prior to any such offer, sale or transfer to require the delivery of an Opinion of Counsel, certification and/or other information satisfactory to each of them.

 

    C-1

     

    

 

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:	

 

 

Signature Guarantee:  ___________________________________________________________________________________

(Participant in a recognized signature guarantee
medallion program)

 

cc:

 

Attn:

 

    C-2

     

    

 

Exhibit D

 

FORM OF SUPPLEMENTAL INDENTURE

 

SUPPLEMENTAL INDENTURE dated as of [●], 20[●]
(this “Supplemental Indenture”) by and among Lindblad Expeditions, LLC (the “Issuer”), the other
parties listed as New Guarantors on the signature pages hereto (each, a “New Guarantor” and, collectively, the
 “New Guarantors”) and Wilmington Trust, 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 February 4, 2022 (as amended, supplemented or otherwise
modified from time to time, the “Indenture”), providing for the issuance by the Issuer of $360,000,000 aggregate principal
amount of 6.750% Senior Secured Notes due 2027 (the “Notes”).

 

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 1.1 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 2.1 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 (iii) 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 2.2 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 3.1 Governing Law. THIS SUPPLEMENTAL
INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 3.2 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 3.3 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 3.4 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 3.5 Effect of Headings. The
headings herein are convenience of reference only and shall not affect the construction hereof.

 

SECTION 3.6 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 3.7 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 3.8 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.

 

    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:

 

 

		LINDBLAD EXPEDITIONS, LLC

 

 

		By:	
	 	 	Name:
	 	 	Title:

 

 

		NEW
GUARANTORS:
	 	 
	 	 
	 	[NEW GUARANTORS]
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	TRUSTEE:
	 	 
	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: 

 

    D-3Exhibit 10.1

 

EXECUTION VERSION

 

COLLATERAL TRUST AGREEMENT

 

Dated as of February 4, 2022

 

among

 

LINDBLAD EXPEDITIONS, LLC,

as the Company,

 

THE OTHER GRANTORS PARTY HERETO,

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as trustee under the Note Indenture,

 

CREDIT SUISSE AG, CAYMAN ISLANDS
BRANCH,

as administrative agent under the Credit Agreement,

 

Each Additional Authorized Representative
from time to time party hereto,

 

and

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Collateral Trustee

 

     

     

    

 

TABLE OF CONTENTS

 

PAGE

 

	Section 1.   Definitions	2
	Section 2.   The Trust Estate	10
	Section 3.   Actionable Default; Remedies; Administration of Trust Property	13
	Section 4.   Collateral Account; Application of Moneys	19
	Section 5.   Agreements with the Collateral Trustee	22
	Section 6.   The Collateral Trustee	24
	Section 7.   Conditions to Release of Collateral; Release Procedure	33
	Section 8.   Amendments, Supplements and Waivers	35
	Section 9.   Notices	37
	Section 10.   Headings	38
	Section 11.   Severability	38
	Section 12.   Treatment of Payee or Indorsee by Collateral Trustee	38
	Section 13.   Dealings with the Grantors	39
	Section 14.   Binding Effect; Successors and Assigns	39
	Section 15.   Applicable Law	39
	Section 16.   Jurisdiction; Consent to Service of Process	39
	Section 17.   WAIVER OF JURY TRIAL	40
	Section 18.   Force Majeure	40
	Section 19.   Consequential Damages	40
	Section 20.   Termination	40
	Section 21.   Counterparts	41
	Section 22.   Incorporation by Reference	41
	Section 23.   [Reserved]	41

 

    i 

     

    

 

	Section 24.   USA PATRIOT Act	41
	Section 25.   Concerning The Trustee	41
	Section 26.   Concerning The Credit Agreement Administrative Agent	41
	Section 27.   Concerning The Collateral Trustee	42

EXHIBIT A - Form of Supplement to Collateral Trust Agreement

 

EXHIBIT B - Form of Collateral Trust Joinder

 

    ii 

     

    

 

This COLLATERAL TRUST AGREEMENT,
dated as of February 4, 2022, by and among Lindblad Expeditions, LLC, a Delaware limited liability company (the “Company”),
the entities listed on the signature pages under the heading “GRANTORS” and the Additional Grantors described herein party
hereto from time to time (the Company, the entities listed under the heading “GRANTORS” and the Additional Grantors being,
collectively, the “Grantors”), Wilmington Trust, National Association, as trustee under the Note Indenture described
herein (in such capacity, together with its successors and assigns from time to time, the “Trustee”), Credit
Suisse AG, Cayman Islands Branch, as administrative agent under the Credit Agreement described herein (in such capacity, together with
its successors and assigns from time to time, the “Credit Agreement Administrative Agent”), Wilmington Trust,
National Association, as collateral trustee (in such capacity, together with its successors and assigns from time to time, the “Collateral
Trustee”) for the Secured Parties, and each Additional Authorized Representative party hereto from time to time. Capitalized
terms not otherwise defined shall have the meanings set forth in Section 1 below.

 

WHEREAS, the Company (i) has
entered into the Note Indenture described in Section 1 hereof, pursuant to which the Company has issued its 6.750% Senior
Secured Notes due 2027 (including any Additional Notes (as defined in the Note Indenture), the “Notes”), (ii)
has caused certain of the Parent’s Subsidiaries to guarantee the Note Obligations (as defined below) pursuant to Note Guarantees
(collectively, the “Guarantors”) and (iii) will secure the Note Obligations and will cause the Guarantors to
secure such guarantees by granting Transaction Liens on certain of their respective assets to the Collateral Trustee as provided in the
Security Documents;

 

WHEREAS, the Company has entered
into the Credit Agreement described in Section 1 hereof, pursuant to which the Company may borrow under a $45.0 million
senior secured revolving credit facility, including a $5.0 million letter of credit sub-facility. The Credit Agreement Obligations (including
the Secured Cash Management Obligations and the Secured Hedging Obligations) are guaranteed by the Guarantors and secured by the Transaction
Liens on a pari passu basis with the Note Obligations;

 

WHEREAS, the Company and the
Guarantors may, from time to time, incur and guarantee additional indebtedness permitted to be secured on an equal and ratable basis with
the Note Obligations and the Credit Agreement Obligations, which other indebtedness the Company shall designate as having a security interest
in the Collateral and shall be incurred under an Additional Parity Lien Facility, in each case in accordance with this Agreement, the
other Security Documents and the other Parity Lien Documents;

 

WHEREAS, the Transaction Liens
securing the obligations of the applicable Grantors in respect of any Additional Parity Lien Facility shall be granted pursuant to the
Security Documents; and

 

WHEREAS, the Collateral Trustee
has agreed to act on behalf of all Secured Parties with respect to the Collateral.

 

NOW, THEREFORE, in consideration
of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

 

    

     

    

 

Section
1.      Definitions.

 

(a)              
Defined Terms. All terms used in this Agreement that are defined in Article 1, 8 or 9, as the case may be, of the UCC and
not otherwise defined herein have the meanings assigned to them in Article 1, 8 or 9, as the case may be of the UCC. As used in this Agreement,
the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and the plural forms
of the terms defined):

 

“Actionable Default”
shall mean an “Event of Default” under and as defined in the Credit Agreement, the Note Indenture and/or any Additional Parity
Lien Debt Documents; provided that, upon delivery of a Notice of Actionable Default, the Collateral Trustee may assume that an
Actionable Default shall be deemed to be continuing unless the Notice of Actionable Default delivered with respect thereto shall have
been withdrawn in a written notice delivered to the Collateral Trustee by the Applicable Parity Lien Authorized Representative, prior
to the first date on which the Collateral Trustee commences the exercise of any remedy with respect to the Collateral following the receipt
of such Notice of Actionable Default.

 

“Additional Authorized
Representative” shall mean (a) any agent or trustee for, or other representative of, the lenders or holders of obligations,
as applicable, under an Additional Parity Lien Facility, together with its successors and permitted assigns, or (b) an Additional Secured
Party, solely to the extent that such Additional Secured Party (i) is the sole lender or other holder of obligations under a particular
Additional Parity Lien Facility and (ii) is not represented by an agent, trustee or other representative.

 

“Additional Grantor”
shall have the meaning assigned to such term in Section 5(g).

 

“Additional Parity
Lien Debt Documents” shall mean, collectively, with respect to any Additional Parity Lien Facility, the agreements, documents
and instruments providing for or evidencing any related Additional Parity Lien Obligations, including the definitive documentation in
respect of such Additional Parity Lien Facility, the Security Documents and any intercreditor or joinder agreement among any Additional
Secured Parties with respect to such Additional Parity Lien Facility (or binding upon through one or more of their representatives), to
the extent such are effective at the relevant time, as each may be amended, restated, modified or Refinanced from time to time in accordance
with the terms thereof, the Credit Agreement and the Note Indenture.

 

“Additional Parity
Lien Facility” shall mean any credit facility, indenture or similar debt facility entered into by the Parent or any of its
Subsidiaries after the date hereof, if any, pursuant to which the Parent or any of its Subsidiaries will incur Additional Parity Lien
Obligations (and which has been designated as an Additional Parity Lien Facility in accordance with Section 2(b)).

 

“Additional Parity
Lien Obligations” shall mean all obligations of any of the Grantors from time to time after the date of this Agreement arising
under or in respect of the due and punctual payment of (i) the principal of and premium, if any, and interest (including any Post-Petition
Interest) on the indebtedness for borrowed money outstanding under each Additional Parity Lien Facility, when and as due, whether at maturity,
by acceleration or otherwise, and (ii) all other monetary obligations, including fees, costs, expenses and indemnities, whether primary,
secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any Insolvency or Liquidation
Proceeding with respect to any Grantor, regardless of whether allowed or allowable in such proceeding), of the Grantors under the Additional
Parity Lien Debt Documents owing to the Additional Secured Parties (in their capacity as such).

 

    2

     

    

 

“Additional Secured
Parties” shall mean, at any time, subject to Section 2(b), the holders of any Additional Parity Lien Obligations
at such time and each applicable Additional Authorized Representative.

 

“Affiliate”
shall mean, with respect to any specified Person, any other Person who directly or indirectly through one or more intermediaries controls,
or is controlled by, or is under common control with, such specified Person. The term “control” means the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership
of voting securities, by contract or otherwise. For purposes of this definition, the terms “controlling”, “controlled
by” and “under common control with” have correlative meanings.

 

“After-Acquired
Property” shall have the meaning assigned to such term in the Credit Agreement and the Note Indenture.

 

“Agreement”
shall mean this Agreement, as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof.

 

“Applicable Agent
Date” shall mean the earliest of (a) the Discharge of Parity Lien Obligations with respect to the Credit Agreement, (b)
the date on which the aggregate amount of the Loans and the Commitments (each such term as defined in the Credit Agreement) outstanding
under the Credit Agreement is less than $30,000,000 and (c) the Non-Controlling Authorized Representative Enforcement Date.

 

“Applicable Parity
Lien Representative” shall mean at any time (a) until the Applicable Agent Date, the Credit Agreement Administrative Agent
and (b) from the Applicable Agent Date, the Major Non-Controlling Authorized Representative.

 

“Authorized Representatives”
shall mean the Credit Agreement Administrative Agent, the Trustee and each Additional Authorized Representative.

 

“Bankruptcy Code”
shall mean the United States Bankruptcy Code (11 U.S.C. §101 et seq.), as amended from time to time, and any successor statute.

 

“Business Day”
shall mean any day that is not a Saturday, Sunday or other day that is a legal holiday under the laws of the State of New York or on which
banking institutions in the State of New York are required or authorized by law or other governmental action to close.

 

“Cash Equivalents”
shall have the meaning assigned to such term in the Credit Agreement.

 

“Class”,
when used in reference to (a) any Parity Lien Obligations, refers to whether such Parity Lien Obligations are the Credit Agreement Obligations,
the Note Obligations or the Additional Parity Lien Obligations of any Series, (b) any Authorized Representative, refers to whether such
Authorized Representative is the Credit Agreement Administrative Agent, the Trustee or the Additional Authorized Representative with respect
to the Additional Parity Lien Obligations of any Series, (c) any Secured Parties, refers to whether such Secured Parties are the Credit
Agreement Secured Parties, the Note Secured Parties or the holders of the Additional Parity Lien Obligations of any Series and (d) any
Parity Lien Documents, refers to whether such Parity Lien Documents are the Credit Agreement Documents, the Note Documents or the Additional
Parity Lien Debt Documents with respect to Additional Parity Lien Obligations of any Series.

 

    3

     

    

 

“Collateral”
shall mean all property of each Grantor, whether now owned or hereafter acquired by such Grantor or in which such Grantor now has or at
any time in the future may acquire any right, title or interests, including any asset or properties that, but for the application of Section
552 of the Bankruptcy Code, would constitute Collateral, on which a Lien is granted or purports to be granted to the Collateral Trustee
pursuant to the Security Documents to secure any Parity Lien Obligations and shall exclude any properties and assets in which the Collateral
Trustee is required to release its Liens pursuant to Section 7 (from and after the time such release is required). For the
avoidance of doubt, in no event shall “Collateral” include any Excluded Assets.

 

“Collateral Account”
shall have the meaning assigned to such term in Section 4.

 

“Collateral Agreement”
shall mean the Collateral Agreement, dated as of the date hereof, among the Grantors, each other grantor party from time to time thereto
and the Collateral Trustee, as amended, supplemented or modified from time to time in accordance with its terms.

 

“Collateral Trustee”
shall have the meaning assigned to such term in the preamble hereto.

 

“Collateral Trustee’s
Fees” shall mean all fees, costs, expenses and indemnities of the Collateral Trustee (or any co-collateral trustee thereof)
of the type described in Sections 5(c), 5(d), 5(e) and 5(f) of this Agreement.

 

“Collateral Trust Joinder” shall mean a joinder agreement substantially in the form
of Exhibit B.

 

“Contingent Secured
Obligation” shall mean, at any time, any Parity Lien Obligation (or portion thereof) that is contingent in nature at such
time, including any Parity Lien Obligation that is any contingent indemnification, expense reimbursement or other obligation (including
any guarantee) in respect of which no written assertion of liability and no written claim or demand for payment has been made.

 

“Controlling Secured
Parties” shall mean, at any time with respect to any Collateral, the Secured Parties of the same Class as the Authorized
Representative that is the Applicable Parity Lien Representative at such time.

 

“Credit Agreement”
shall mean that certain revolving credit agreement, dated as of the date hereof, by and among the Company, Lindblad Expeditions Holdings,
Inc., a Delaware corporation, the lenders and issuing banks from time to time party thereto, the Credit Agreement Administrative Agent
and the Collateral Trustee, as the same may be amended, supplemented, modified or Refinanced from time to time in accordance with the
terms thereof, the other Credit Agreement Documents and the Note Documents.

 

    4

     

    

 

“Credit Agreement
Administrative Agent” shall have the meaning assigned to such term in the preamble hereto.

 

“Credit Agreement
Documents” shall mean, collectively, the Credit Agreement, the Credit Agreement Guarantees, the Security Documents and each
of the other agreements, documents and instruments providing for or evidencing any Credit Agreement Obligation, any other document or
instrument executed or delivered at any time in connection with any Credit Agreement Obligation, including pursuant to the Security Documents,
and any intercreditor or joinder agreement among holders of Credit Agreement Obligations (or binding upon one or more of them through
their representatives), to the extent such are effective at the relevant time, as each may be amended, supplemented, modified or Refinanced
from time to time in accordance with the terms thereof, the Note Documents and any Additional Parity Lien Debt Documents.

 

“Credit Agreement
Guarantees” shall mean one or more guarantees made by the Guarantors in favor of the Credit Agreement Secured Parties.

 

“Credit Agreement
Obligations” shall mean all “Obligations” (as such term is defined in the Credit Agreement) of the Company and
any other obligor under the Credit Agreement or any of the other Credit Agreement Documents, including any Guarantor, to pay principal,
premium, if any, and interest (including any Post-Petition Interest) when due and payable, and all other monetary obligations, including
fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations
incurred during the pendency of any Insolvency or Liquidation Proceeding with respect to the Company or any Guarantor, regardless of whether
allowed or allowable in such proceeding), of the Company and the Guarantors under the Credit Agreement Documents owing to the Credit Agreement
Secured Parties (in their capacity as such), including the Secured Hedging Obligations and the Secured Cash Management Obligations.

 

“Credit Agreement
Secured Parties” shall mean the holders from time to time of the Credit Agreement Obligations, the Credit Agreement Administrative
Agent and the Collateral Trustee.

 

“Discharge of
Parity Lien Obligations” shall mean (1) payment in full in cash of the principal of and interest (including interest accruing
on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest would be allowed in such Insolvency
or Liquidation Proceeding) and premium (if any), on all Parity Lien Obligations; (2) payment in full in cash of all other Parity Lien
Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid (other
than any indemnification obligations for which no claim or demand for payment, whether oral or written, has been made at such time and
Secured Hedging Obligations and Secured Cash Management Obligations); (3) termination or expiration of all commitments, if any, to extend
credit that would constitute Parity Lien Obligations; and (4) termination or cash collateralization (in a reasonably satisfactory amount
and manner, but in no event greater than the lower of (i) 105% of the aggregate undrawn face amount and (ii) the percentage of the aggregate
undrawn face amount required for release of liens under the terms of the applicable Parity Lien Document) of all outstanding letters of
credit issued under the Parity Lien Documents and constituting Parity Lien Obligations.

 

    5

     

    

 

“Excluded Assets”
shall have the meaning assigned to the term “Excluded Property” in the Credit Agreement and the Note Indenture.

 

“Grantors”
shall have the meaning assigned to such term in the preamble hereto.

 

“Guarantors”
shall have the meaning assigned to such term in the introductory statements hereto.

 

“Insolvency or
Liquidation Proceeding” shall mean (1) any voluntary or involuntary case or proceeding under the Bankruptcy Code with respect
to the Company or any Grantor; (2) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or
any receivership, liquidation, reorganization or other similar case or proceeding with respect to the Company or any Grantor or with respect
to a material portion of its respective assets; (3) any liquidation, dissolution, reorganization or winding up of the Company or any Grantor
whether voluntary or involuntary and whether or not involving insolvency or bankruptcy; or (4) any assignment for the benefit of creditors
or any other marshalling of assets and liabilities of the Company or any Grantor.

 

“Joinder Agreement”
shall mean each joinder agreement or other documentation, including each supplement in the form of Exhibit A to the Collateral Agreement,
pursuant to which any Additional Grantor becomes a party to the applicable Security Document as a grantor, mortgagor and/or pledgor, as
applicable, of Liens over its Collateral under such Security Document.

 

“Lien”
shall mean any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any conditional sale or other title
retention agreement).

 

“Major Non-Controlling
Authorized Representative” shall mean the Authorized Representative of the Class of the Parity Lien Obligations (other than
the Credit Agreement Obligations), the aggregate amount of which exceeds the aggregate amount of Parity Lien Obligations of any other
Class (other than the Credit Agreement Obligations).

 

“Non-Contingent
Secured Obligation” shall mean at any time any Parity Lien Obligation (or portion thereof) that is not a Contingent Secured
Obligation at such time.

 

“Non-Controlling
Authorized Representative” shall mean any Authorized Representative that is not the Applicable Parity Lien Representative
at such time.

 

“Non-Controlling
Authorized Representative Enforcement Date” shall mean the date that is 180 days after the occurrence and during the continuance
of both (a) an Event of Default (under and as defined in any Parity Lien Documents) and (b) the Collateral Trustee’s and each other
Authorized Representative’s receipt of written notice from the applicable Non-Controlling Authorized Representative with respect
to such Parity Lien Documents certifying that (i) such Non-Controlling Authorized Representative is the Major Non-Controlling Authorized
Representative with respect to the Collateral and that an Event of Default (as defined above in this definition) has occurred and is continuing
and (ii) the Parity Lien Obligations with respect to which such Non-Controlling Authorized Representative is the Authorized Representative
are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the applicable
Parity Lien Debt Documents; provided that the Non-Controlling Authorized Representative Enforcement Date shall be stayed and shall
not occur (and shall be deemed not to have occurred for all purposes hereof) with respect to the Collateral (A) at any time the Collateral
Trustee has commenced and is diligently pursuing any enforcement action with respect to such Collateral (or the Applicable Parity Lien
Representative with respect to such Collateral shall have instructed the Collateral Trustee to do the same) or (B) at any time the applicable
Grantor that has granted a security interest in such Collateral is then a debtor under or with respect to (or otherwise subject to) any
Insolvency or Liquidation Proceeding.

 

    6

     

    

 

“Noteholders”
shall mean the holders from time to time of the Notes.

 

“Note Documents”
shall mean, collectively, the Note Indenture, the Notes, the Note Guarantees, the Security Documents and each of the other agreements,
documents and instruments providing for or evidencing any Note Obligation, any other document or instrument executed or delivered at any
time in connection with any Note Obligation, including pursuant to the Security Documents, and any intercreditor or joinder agreement
among holders of Note Obligations (or binding upon one or more of them through their representatives), to the extent such are effective
at the relevant time, as each may be amended, supplemented, modified or Refinanced from time to time in accordance with the terms thereof,
the Credit Agreement Documents and the Additional Parity Lien Debt Documents.

 

“Note Guarantees”
shall mean the guarantee made by the Guarantors in favor of the Note Secured Parties.

 

“Note Indenture”
shall mean that certain Indenture dated as of February 4, 2022, among the Company as the issuer, the Guarantors party thereto and Wilmington
Trust, National Association, as Trustee and Collateral Trustee, as the same may be amended, supplemented, modified or Refinanced from
time to time in accordance with the terms thereof, the other Note Documents, the Credit Agreement Documents and the Additional Parity
Lien Debt Documents.

 

“Note Obligations”
shall mean all “Obligations” (as such term is defined in the Note Indenture) in respect of the Notes of the Company and any
other obligor under the Note Indenture or any of the other Note Documents, including any Guarantor, to pay principal, premium, if any,
and interest (including any Post-Petition Interest) when due and payable, and all other amounts due or to become due under or in connection
with the Note Documents and the performance of all other Obligations of the Company and the Guarantors to the Trustee, the Collateral
Trustee and the holders of the Notes under the Note Documents, according to the respective terms thereof.

 

“Notes”
shall have the meaning assigned to such term in the introductory statements hereto.

 

“Note Secured
Parties” shall mean the holders from time to time of the Note Obligations, including the Trustee and the Collateral Trustee.

 

“Notice of Actionable
Default” shall mean a notice in writing delivered to the Collateral Trustee by or with the written consent of the Applicable
Parity Lien Representative notifying the Collateral Trustee of an Actionable Default under the applicable Parity Lien Documents. Such
notice shall reference this Agreement and the applicable Parity Lien Documents and shall state that it is a “Notice of Actionable
Default.”

 

    7

     

    

 

“Officer’s
Certificate” shall mean a certificate of the Company, with respect to compliance with a condition or covenant provided for
in this Agreement, signed on behalf of the Company, by the principal executive officer, the principal financial officer, the treasurer
or the principal accounting officer of the Company.

 

“Opinion of Counsel”
means an opinion, subject to customary qualifications and assumptions with respect to the provision under which such opinion is being
delivered, from legal counsel who is reasonably acceptable to the Collateral Trustee that meets the requirements set forth in this Agreement.
The counsel may be an employee of or counsel to the Parent or any Subsidiary of the Parent who is reasonably acceptable to the Collateral
Trustee.

 

“Parent” shall mean Lindblad
Expedition Holdings, Inc., a Delaware corporation.

 

“Parity Lien Debt”
shall have the meaning assigned to the term “First Lien Debt” in the Note Indenture and the Credit Agreement.

 

“Parity Lien Debt
Agreements” shall mean, collectively, (i) the Credit Agreement, (ii) the Note Indenture and (iii) each Additional Parity
Lien Facility.

 

“Parity Lien Documents”
shall mean, collectively, the Credit Agreement Documents, the Note Documents and the Additional Parity Lien Debt Documents.

 

“Parity Lien Obligations”
shall mean (a) the Credit Agreement Obligations (including Secured Hedging Obligations and Secured Cash Management Obligations), (b) the
Note Obligations and (c) the Additional Parity Lien Obligations.

 

“Permitted Liens”
shall mean Liens permitted by the Credit Agreement, the Note Indenture and each Additional Parity Lien Facility.

 

“Person”
shall mean any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization,
limited liability company or government or other entity.

 

“Post-Petition
Interest” shall mean any interest and fees that accrue after the commencement of an Insolvency or Liquidation Proceeding
of any one or more of the Grantors, whether or not such interest is allowed or allowable as a claim in any such proceeding.

 

“Proceeds”
shall have the meaning assigned to such term in the UCC.

 

“Refinance”
shall mean, in respect of any indebtedness or other obligation, to refinance, extend, renew, defease, amend and restate, restructure,
replace, refund or repay, or to issue other indebtedness or other obligation in exchange or replacement for, such indebtedness or other
obligation in whole or in part. “Refinancing” shall have a correlative meaning.

 

“Release Conditions”
shall mean such times as all Non-Contingent Parity Lien Obligations shall have been paid in full in cash or, in respect of any Class of
Parity Lien Obligations not so paid, the applicable Parity Lien Documents authorize such release or the holders thereof have consented
thereto, or, in the case of the Note Obligations, the satisfaction and discharge of the Note Indenture in accordance with Section 8.05
of the Note Indenture, or, in the case of the Credit Agreement Obligations, the Termination Date (as defined in the Credit Agreement Documents)
has occurred.

 

    8

     

    

 

“Required Controlling
Secured Parties” shall mean, at any time, the Controlling Secured Parties owed or holding more than 50% of the aggregate
principal amount of indebtedness constituting Parity Lien Obligations of all Controlling Secured Parties, at such time or such other requisite
percentage or number of holders of such Parity Lien Obligations as set forth in the applicable Parity Lien Debt Agreement.

 

“Required Secured
Parties” shall mean, at any time, such requisite percentage or number of holders of such Parity Lien Obligations as set
forth in the applicable Parity Lien Debt Agreement, or if no such requisite percentage or number of holders of such Parity Lien Obligations
is set forth in the applicable Parity Lien Debt Agreement, the Secured Parties of any Class owed or holding more than 50% of the aggregate
principal amount of indebtedness constituting Parity Lien Obligations of all Secured Parties of such Class at such time.

 

“Secured Hedging
Obligations” shall have the meaning assigned to such term under the Credit Agreement Documents.

 

“Secured Cash
Management Obligations” shall have the meaning assigned to such term under the Credit Agreement Documents.

 

“Secured Parties”
shall mean, collectively, the Credit Agreement Secured Parties, the Note Secured Parties and any Additional Secured Parties.

 

“Securities”
shall mean any stock, shares, partnership interests, voting trust certificates, certificates of interests or participation in any profit-sharing
agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences or indebtedness, secured or unsecured, convertible,
subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares
or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire,
any of the foregoing.

 

“Security Documents”
shall mean, collectively, the Collateral Agreement, the Vessel Mortgages, each Joinder Agreement, each Collateral Trust Joinder and each
other Security Document (as defined in the Parity Lien Documents).

 

“Series”,
when used in reference to any Parity Lien Obligations, refers to such Parity Lien Obligations as shall have been issued or incurred pursuant
to the same indenture, credit agreement or similar agreement and with respect to which the same Person acts as the Authorized Representative.

 

“Subsidiary”
shall have the meaning assigned to such term in the Credit Agreement.

 

“Transaction Liens”
shall mean the Liens granted by the Grantors to the Collateral Trustee under the Security Documents.

 

    9

     

    

 

“Trust Estate”
shall have the meaning assigned to such term in Section 2(a).

 

“Trustee”
shall have the meaning assigned to such term in the preamble hereto.

 

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

 

“Vessel Mortgages”
shall mean the “Mortgages” as defined in the Credit Agreement and the Note Indenture.

 

(a)              
Terms Generally. The definitions in Section 1 shall apply equally to both the singular and plural forms
of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.
The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”;
and the words “asset” and “property” shall be construed as having the same meaning and effect and to refer to
any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. All references herein
to Sections, Exhibits and Schedules shall be deemed references to Sections of, and Exhibits and Schedules to, this Agreement unless the
context shall otherwise require. All references herein to any Person shall be construed to include such Person’s successors and
permitted assigns. Unless otherwise indicated, any reference to any agreement or instrument will be deemed to include a reference to that
agreement or instrument as assigned, amended, supplemented, amended and restated, or otherwise modified and in effect from time to time
or replaced in accordance with the terms of this Agreement.

 

Section
2.      The Trust
Estate.

 

(a)            Declaration
of Trust.

 

(i)                
To secure the payment and performance of the Parity Lien Obligations, each of the Grantors has granted to the Collateral Trustee,
pursuant to the Collateral Agreement, the Vessel Mortgages and (as applicable) the other Security Documents, and the Collateral Trustee
has accepted and agreed to hold, in trust thereunder and under this Agreement for the benefit of all present and future Secured Parties,
all of such Grantor’s right, title and interest in, to and under the Collateral for the benefit of all present and future Secured
Parties, together with all of the Collateral Trustee’s right, title and interest in, to and under the Security Documents and all
interests, rights, powers and remedies of the Collateral Trustee thereunder or in respect thereof and all cash and non-cash proceeds thereof
constituting Collateral (collectively, the “Trust Estate”).

 

(ii)             
The Collateral Trustee and its successors and assigns under this Agreement will hold the Trust Estate in trust for the benefit
solely and exclusively of all present and future Secured Parties as security for the payment of all present and future Parity Lien Obligations;
provided, however, that if at any time the Company, the Grantors and their successors or assigns, shall satisfy the applicable
conditions set forth in Section 7 in connection with the release of all Transaction Liens, then this Agreement, and the
estates and rights assigned in the Security Documents, shall cease, terminate and be void; otherwise they shall remain and be in full
force and effect in accordance with their respective terms; provided, further, that notwithstanding the foregoing, all provisions
set forth in Sections 5(c), 5(d), 5(e) and 5(f) that are enforceable by the Collateral
Trustee or any of its co-collateral trustees (whether in an individual or representative capacity) will remain enforceable in accordance
with their terms, notwithstanding any such release.

 

    10

     

    

 

(iii)           
The parties to this Agreement further covenant and declare that the Trust Estate will be held and distributed by the Collateral
Trustee, subject to the further covenants, conditions and agreements hereinafter set forth.

 

(b)           Additional Parity Lien Facilities.

 

(i)                
The Collateral Trustee will act as agent hereunder for, and perform its duties set forth in this Agreement on behalf of, each holder
of Parity Lien Obligations in respect of indebtedness that is issued or incurred after the date hereof that:

 

(A)            
holds Additional Parity Lien Obligations that are identified as such in accordance with the procedures set forth in clause (ii)
of this Section 2(b); and

 

(B)             
signs, through its designated Additional Authorized Representative identified pursuant to clause (ii) of this Section 2(b),
a Collateral Trust Joinder and delivers the same to the Collateral Trustee.

 

(ii)             
The Company or any other Grantor will be permitted to incur indebtedness in respect of an Additional Parity Lien Facility and to
designate as an additional holder of Parity Lien Obligations hereunder the lenders and/or noteholders, agents and each Additional Authorized
Representative, as applicable, under such Additional Parity Lien Facility, in each case only to the extent such indebtedness is designated
by the Company and documents are delivered, in each case, in accordance with the following sentence and only to the extent such incurrence
is permitted under the terms of all then outstanding Parity Lien Documents. The Company may only effect such designation by delivering
to the Collateral Trustee (with copies to the Credit Agreement Administrative Agent, the Trustee and to each previously identified Additional
Authorized Representative), each of the following:

 

(A)            
on or prior to the date on which such Additional Parity Lien Facility is incurred, an Officer’s Certificate stating that
each applicable Grantor intends to incur additional indebtedness under such Additional Parity Lien Facility, and certifying that (1) such
incurrence is permitted and does not violate or result in any default under the Credit Agreement Documents, the Note Documents or any
then existing Additional Parity Lien Debt Documents (other than any incurrence of Additional Parity Lien Obligations that would simultaneously
repay all Parity Lien Obligations (other than Contingent Secured Obligations) of any Class under the Parity Lien Documents of such Class,
under which such default would arise), (2) the definitive documentation associated with such Additional Parity Lien Facility contains
a written agreement of the holders of such indebtedness, for the enforceable benefit of all other holders of existing and future Parity
Lien Obligations, and each existing and future Credit Agreement Administrative Agent, each existing and future Trustee and each existing
and future Additional Authorized Representative substantially as follows: (x) that all Parity Lien Obligations will be and are secured
equally and ratably by all Transaction Liens granted by any Grantor to the Collateral Trustee, for the benefit of the Secured Parties,
at any time granted by any Grantor to secure any Parity Lien Obligations whether or not upon property otherwise constituting collateral
to such Parity Lien Obligations and that all Transaction Liens granted pursuant to the Security Documents will be enforceable by the Collateral
Trustee for the benefit of all holders of Parity Lien Obligations equally and ratably as contemplated by this Agreement, (y) that the
holders of Parity Lien Obligations in respect of such Additional Parity Lien Facility are bound by the provisions of, and deemed to have
agreed to the terms of, this Agreement, and (z) consenting to and directing the Collateral Trustee to perform its obligations under this
Agreement and the other Security Documents, and (3) the Company and each other Grantor has duly authorized, executed (if applicable) (including
following the incurrence of such indebtedness on a post-closing basis if provided by the terms thereof) and recorded (or caused to be
recorded), or intends to authorize, execute and record (if applicable), in each appropriate governmental office all relevant filings and
recordations, if any, necessary to ensure that the Additional Parity Lien Obligations in respect of such Additional Parity Lien Facility
are secured by the Collateral to the extent set forth in and required by the Security Documents and in accordance with this Agreement
and the other Security Documents;

 

    11

     

    

 

(B)             
an executed Collateral Trust Joinder referred to in clause (i) of this Section 2(b), executed by the applicable Additional
Authorized Representative (on behalf of each Additional Secured Party represented by it and the other parties thereto);

 

(C)             
amendments to the Security Documents or new Security Documents, along with all relevant filings and recordations, if any, that
are necessary or advisable to ensure that the Additional Parity Lien Obligations in respect of such Additional Parity Lien Facility are
secured by the Collateral, including, but not limited to, any necessary or advisable amendments to the Vessel Mortgages;

 

(D)            
an Officer’s Certificate and an Opinion of Counsel stating that all covenants and conditions precedent to the execution and
delivery by the Collateral Trustee of such Collateral Trust Joinder under the Parity Lien Documents have been complied with.

 

(iii)           
Although the Grantors shall be required to deliver a copy of each of the foregoing documents described in clauses (A) through (D)
of Section 2(b)(ii) to the Credit Agreement Administrative Agent, the Trustee and to each then existing Additional Authorized
Representative, the failure to so deliver a copy of any such document to the Credit Agreement Administrative Agent, the Trustee and to
any such Additional Authorized Representative (other than the certification described in clause (A) of Section 2(b)(ii)
and the Collateral Trust Joinder referred to in clause (C) of Section 2(b)(ii), which shall in all cases be required and
which shall be delivered to each of the Credit Agreement Administrative Agent, the Trustee and to each then existing Additional Authorized
Representative on or prior to the incurrence of indebtedness under the applicable Additional Parity Lien Facility) shall not affect the
status of such Additional Parity Lien Facility as Additional Parity Lien Obligations or Parity Lien Obligations entitled to the benefits
of this Agreement and the other Security Documents if the other requirements of this Section 2(b) are complied with.

 

    12

     

    

 

(c)            Acknowledgment
of Security Interests.

 

(i)                
Each of the Trustee, for itself and on behalf of each Note Secured Party, the Credit Agreement Administrative Agent, for itself
and on behalf of each Credit Agreement Secured Party, and each Additional Authorized Representative, for itself and on behalf of each
Additional Secured Party represented by it, acknowledges and agrees that, pursuant to the Security Documents, each of the Grantors has
granted to the Collateral Trustee, for the benefit of the Secured Parties, a security interest in all such Grantor’s rights, title
and interest in, to and under the Collateral to secure the payment and performance of all present and future Parity Lien Obligations.
Each of the Trustee, for itself and on behalf of each Note Secured Party, the Credit Agreement Administrative Agent, for itself and on
behalf of each Credit Agreement Secured Party, and each Additional Authorized Representative, for itself and on behalf of each Additional
Secured Party represented by it, acknowledges and agrees that, pursuant to the Security Documents, the aforementioned security interest
granted to the Collateral Trustee, for the benefit of the Secured Parties, shall (subject to Section 7(a)(v)) for all purposes
and at all times secure the Note Obligations, the Credit Agreement Obligations and the Additional Parity Lien Obligations (if any) on
an equal and ratable basis.

 

(ii)             
The Collateral Trustee and its successors and assigns under this Agreement will act and will hold the Collateral and the Transaction
Liens thereon for the benefit solely and exclusively of all present and future Secured Parties as security for the payment and performance
of all present and future Parity Lien Obligations, in each case, under terms and conditions of this Agreement and the other Security Documents.

 

Section
3.      Actionable
Default; Remedies; Administration of Trust Property.

 

(a)           
Notice of Default; Written Instructions.

 

(i)                
Upon receipt of a Notice of Actionable Default, the Collateral Trustee shall, within five Business Days thereafter, send a copy
thereof to the Company, the Credit Agreement Administrative Agent, the Trustee and each Additional Authorized Representative (if any)
of such receipt.

 

(ii)             
Upon receipt of any written directions pursuant to Section 3(h)(i), the Collateral Trustee shall, within five Business
Days thereafter, send a copy thereof to the Company, the Credit Agreement Administrative Agent, the Trustee and each Additional Authorized
Representative (if any).

 

    13

     

    

 

(iii)           
The Collateral Trustee shall not be charged with knowledge of (A) any events or other information or (B) any defaults under this
Agreement or any other agreement unless it has received a Notice of Actionable Default.

 

(b)           Remedies.

 

(i)                
If an Actionable Default shall have occurred and be continuing and if the Collateral Trustee shall have received a Notice of Actionable
Default with respect thereto which has not been withdrawn in a written notice delivered to the Collateral Trustee by the Applicable Parity
Lien Representative, the Collateral Trustee may, but shall not be obligated to, exercise the rights and remedies provided in this Agreement
and the other Security Documents.

 

(ii)             
To the extent permitted by applicable law, the Grantors hereby waive presentment, demand, protest or any notice of any kind in
connection with this Agreement, any Collateral or any Security Document.

 

(c)           Administration of Collateral.

 

(i)                
Each Secured Party (acting through the Credit Agreement Administrative Agent, the Trustee or its applicable Additional Authorized
Representative, as applicable) hereby appoints the Collateral Trustee to serve as Collateral Trustee and agent hereunder on the terms
and conditions set forth herein. Subject to, and in accordance with, this Agreement, the Collateral Trustee will serve as Collateral Trustee
hereunder, for the benefit solely and exclusively of the present and future Secured Parties, and, subject to the Credit Agreement, the
Note Indenture and each Additional Parity Lien Facility, as applicable:

 

(A)            
will accept, enter into, hold, maintain, administer and may (but shall not be obligated to) enforce all Security Documents, including
all Collateral subject thereto, and all Transaction Liens created thereunder, perform its obligations under the Security Documents and
protect, and may (but shall not be obligated to) exercise and enforce the interests, rights, powers and remedies granted or available
to it under, pursuant to or in connection with the Security Documents;

 

(B)             
will take all lawful and commercially reasonable actions permitted under the Security Documents that it may deem reasonably necessary
to protect or preserve its interest in the Collateral subject thereto and such interests, rights, powers and remedies;

 

(C)             
will deliver and receive notices pursuant to the Security Documents;

 

(D)            
may (but shall not be obligated to) sell, assign, collect, assemble, foreclose on, institute legal proceedings with respect to,
or otherwise exercise or enforce the rights and remedies of a secured party (including a mortgagee, trust deed beneficiary and insurance
beneficiary or loss payee) with respect to the Collateral under the Security Documents and its other interests, rights, powers and remedies;

 

    14

     

    

 

(E)             
will remit as provided in Section 4(d) all cash proceeds received by the Collateral Trustee from the collection,
foreclosure or enforcement of its interest in the Collateral under the Security Documents or any of its other interests, rights, powers
or remedies;

 

(F)             
will execute and deliver the Vessel Mortgages and the other Security Documents, including any Vessel Mortgages and any other Security
Documents with respect to After-Acquired Property as authorized under Section 3(c)(iv);

 

(G)            
will execute and deliver amendments to this Agreement and the Security Documents as from time to time authorized pursuant to Section
8 accompanied by an Officer’s Certificate and an Opinion of Counsel to the effect that the amendment was permitted under
Section 8; and

 

(H)            
will release or subordinate any Transaction Lien granted to it by any Security Document upon any Collateral if and as required
by Section 7.

 

(ii)            Each
Secured Party (acting through the Credit Agreement Administrative Agent, the Trustee or its applicable Additional Authorized Representative,
as applicable) acknowledges and consents to the undertaking of the Collateral Trustee set forth in Section 3(c)(i) and
agrees to each of the other provisions of this Agreement applicable to the Collateral Trustee.

 

(iii)           Each Secured Party (acting through the Credit Agreement Administrative Agent, the Trustee or its applicable Additional Authorized
Representative, as applicable) acknowledges and agrees that the payment and satisfaction of all of the Parity Lien Obligations will be
secured equally and ratably by the Transaction Liens established in favor of the Collateral Trustee for the benefit of the Secured Parties.

 

(iv)           Each Secured Party (acting through the Credit Agreement Administrative Agent, the Trustee or its applicable Additional Authorized
Representative, as applicable) hereby authorizes the Collateral Trustee to execute and deliver, for and on behalf of each such Secured
Party, on or about the date of this Agreement and at any time following the date of this Agreement, the Vessel Mortgages and the other
Security Documents, including any Vessel Mortgages and any other Security Documents with respect to After-Acquired Property.

 

(d)           
Power of Attorney. The Grantors hereby irrevocably constitute and appoint the Collateral Trustee and any officer or agent
thereof, with full power of substitution, as their true and lawful attorney-in-fact with full power and authority in the name of the Company
and the other Grantors or in its own name, from time to time but only upon the occurrence and during the continuance of an Actionable
Default, for the purpose of carrying out the terms of this Agreement and the Security Documents, to take any and all appropriate action
and to execute any and all documents and instruments that may be necessary to accomplish the purposes hereof and thereof and, without
limiting the generality of the foregoing, hereby gives the Collateral Trustee the power and right, but not the obligation, on behalf of
the Grantors, upon the occurrence and during the continuance of an Actionable Default, without notice to or assent by any Grantor to do
the following:

 

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(i)                
to ask for, demand, sue for, collect, receive, recover, compromise and give acquittance and receipts for any and all moneys due
or to become due upon or by virtue hereof and thereof,

 

(ii)             
to receive, take, endorse, assign and deliver any and all checks, notes, drafts, acceptances, documents and other negotiable and
non-negotiable instruments and chattel paper taken or received by the Collateral Trustee in connection herewith and therewith,

 

(iii)           
to commence, file, institute, prosecute, defend, settle, compromise or adjust any claim, suit, action or proceeding with respect
hereto and thereto or in connection herewith and therewith,

 

(iv)            
to sell, transfer, assign or otherwise deal in or with the Collateral or any part thereof as fully and effectually as if the Collateral
Trustee were the absolute owner thereof, and

 

(v)              
to do or not to do, at its option and at the expense and for the account of the Grantors, at any time or from time to time, all
acts and things that the Collateral Trustee deems necessary to protect or preserve the Collateral or the Trust Estate and to realize upon
the Collateral, subject to the terms of this Agreement and the applicable Security Documents.

 

(e)            Right to Initiate Judicial Proceedings, Etc. If an Actionable Default shall have occurred and be continuing and if the Collateral
Trustee shall have received a Notice of Actionable Default with respect thereto which has not been withdrawn in a written notice delivered
to the Collateral Trustee by the Applicable Parity Lien Representative:

 

(i)                
the Collateral Trustee shall have the right and power, but not the obligation, to institute and maintain such suits and proceedings
as it may deem appropriate to protect and enforce the rights vested in it by this Agreement and each Security Document to the fullest
extent permitted by applicable law, and

 

(ii)             
the Collateral Trustee may, but shall not be obligated to, either after entry or without entry, proceed by suit or suits at law
or in equity to enforce such rights and to foreclose upon the Collateral and to sell all or, from time to time, any of the Trust Estate
under the judgment or decree of a court of competent jurisdiction to the fullest extent permitted by applicable law.

 

(f)            Appointment of a Receiver. If a receiver of the Trust Estate shall be appointed in judicial proceedings, the Collateral
Trustee may be appointed as such receiver. Notwithstanding the appointment of a receiver, the Collateral Trustee shall be entitled to
retain possession and control of all cash held by or deposited with it or its agents pursuant to any provision of this Agreement or any
Security Document.

 

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(g)          
Exercise of Powers. All of the powers, remedies and rights of the Collateral Trustee as set forth in this Agreement may
be exercised by the Collateral Trustee in respect of any Security Document as though set forth at length therein and all the powers, remedies
and rights of the Collateral Trustee and the Secured Parties as set forth in any Security Document may be exercised from time to time
as herein and therein provided.

 

(h)          
Control by Secured Parties.

 

(i)                
Subject to Section 3(h)(ii), if an Actionable Default shall have occurred and be continuing and if the Collateral
Trustee shall have received a Notice of Actionable Default with respect thereto, the Applicable Parity Lien Representative shall have
the right, by an instrument in writing executed and delivered to the Collateral Trustee, to direct the time, method and place of conducting
any proceeding for any right or remedy available to the Collateral Trustee, or of exercising any trust or power conferred on the Collateral
Trustee, or for the appointment of a receiver, or for the taking of any action authorized by Section 3. It is understood
and agreed that the Applicable Parity Lien Representative shall deliver any written instruction that is contemplated to be delivered,
and shall take or refrain from taking any action that is contemplated to be taken, by the Applicable Parity Lien Representative to the
Collateral Trustee hereunder upon receipt of approval of such instruction from the Required Controlling Secured Parties (to the extent
required by the terms of the applicable Parity Lien Documents).

 

(ii)             
The Collateral Trustee shall not follow any written directions received pursuant to Section 3(h)(i) to the extent
such written directions are known by the Collateral Trustee to be in conflict with any provisions of law or if the Collateral Trustee
shall have received from independent counsel advice or an opinion to the effect that following such written directions would result in
a breach of a provision or covenant contained in the Credit Agreement, the Note Indenture or any Additional Parity Lien Facility or impose
individual liability on the Collateral Trustee.

 

(iii)           
Nothing in this Section 3(h) shall impair the right of the Collateral Trustee in its discretion to take or omit to
take any action deemed proper by the Collateral Trustee and which action or omission is not inconsistent with the direction of the Secured
Parties entitled to direct the Collateral Trustee pursuant to this Section 3(h); provided, however, that the Collateral
Trustee shall not be under any obligation to take any action that is discretionary with the Collateral Trustee under the provisions of
this Agreement or under any Security Document.

 

(i)             Remedies
Not Exclusive.

 

(i)                
No remedy conferred upon or reserved to the Collateral Trustee in this Agreement or in any Security Document is intended to be
exclusive of any other remedy or remedies, but every such remedy shall be cumulative and shall be in addition to every other remedy conferred
in this Agreement or in any Security Document or now or hereafter existing at law or in equity or by statute.

 

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(ii)             
No delay or omission of the Collateral Trustee to exercise any right, remedy or power accruing upon any Actionable Default shall
impair any such right, remedy or power or shall be construed to be a waiver of any such Actionable Default or an acquiescence therein;
and every right, power and remedy given by this Agreement or any Security Document to the Collateral Trustee may be exercised from time
to time and as often as may be deemed expedient by the Collateral Trustee.

 

(iii)           
In case the Collateral Trustee shall have proceeded to enforce any right, remedy or power under this Agreement or any Security
Document and the proceeding for the enforcement thereof shall have been discontinued or abandoned for any reason or shall have been determined
adversely to the Collateral Trustee, then and in every such case the Grantors, the Collateral Trustee and the Secured Parties shall, subject
to any determination in such proceeding, severally and respectively be restored to their former positions and rights, under this Agreement
and under such Security Document with respect to the Trust Estate and in all other respects, and thereafter all rights, remedies and powers
of the Collateral Trustee shall continue as though no such proceeding had been taken.

 

(iv)            
All rights of action and rights to assert claims upon or under this Agreement and the Security Documents may be enforced by the
Collateral Trustee without the possession of any Parity Lien Document or the production thereof in any trial or other proceeding relative
thereto, and any such suit or proceeding instituted by the Collateral Trustee shall be brought in its name as Collateral Trustee and any
recovery of judgment shall be held as part of the Trust Estate.

 

(j)            Waiver of Certain Rights. The Grantors, to the extent they may lawfully do so, expressly waive and release any, every and
all rights to demand or to have any marshaling of the Trust Estate upon any sale, whether made under any power of sale herein granted
or pursuant to judicial proceedings or upon any foreclosure or any enforcement of this Agreement and consents and agrees that all the
Trust Estate may at any such sale be offered and sold as an entirety.

 

(k)           Limitation
on Collateral Trustee’s Duties in Respect of Collateral. Beyond its duties set forth in this Agreement and the Security Documents
as to the custody thereof and the accounting to the Grantors and the Secured Parties for moneys received by it hereunder, and except
as otherwise required by applicable law or expressly required by any Parity Lien Document to which the Collateral Trustee is a party,
the Collateral Trustee shall not have any duty to the Grantors and the Secured Parties as to any Collateral in its possession or control
or in the possession or control of any agent or nominee of it or any income thereon or as to the preservation of rights against prior
parties or any other rights pertaining thereto. To the extent, however, that the Collateral Trustee or any agent or nominee thereof maintains
possession or control of any of the Collateral, the Collateral Trustee shall, and shall instruct such agent or nominee to, grant the
Grantors access to and use of such Collateral that the Grantors may require for the conduct of their business; provided, that
such rights may be limited as provided in this Agreement and the other Security Documents if an Actionable Default shall have occurred
and be continuing and if the Collateral Trustee shall have received a Notice of Actionable Default with respect thereto which has not
been withdrawn in a written notice delivered to the Collateral Trustee by the Applicable Parity Lien Representative.

 

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(l)            Limitation by Law. All rights, remedies and powers provided by this Section 3 may be exercised only to the
extent that the exercise thereof does not violate any applicable provision of law in the premises, and all the provisions of this Section
3 are intended to be subject to all applicable mandatory provisions of law that may be controlling in the premises and to be limited
to the extent necessary so that they will not render this Agreement invalid, unenforceable in whole or in part or not entitled to be recorded,
registered, or filed under the provisions of any applicable law.

 

(m)          Absolute Rights of Secured Parties. Notwithstanding any other provision of this Agreement (other than Section 3(b))
or any provision of any Security Document, but subject to the provisions of the Party Lien Documents, the right of each Secured Party,
which is absolute and unconditional, to receive payments of the Parity Lien Obligations held by such Secured Party on or after the due
date thereof as therein expressed, to seek adequate protection in respect of its interest in this Agreement and the Collateral, to institute
suit for the enforcement of such payment on or after such due date, or to assert its position and views as a secured creditor in an Insolvency
or Liquidation Proceeding, or the obligation of the Grantors, which is also absolute and unconditional, to pay in full and otherwise perform
all Parity Lien Obligations at the time and place expressed therein shall not be impaired or affected without the consent of such Secured
Party.

 

Section
4.      Collateral
Account; Application of Moneys.

 

(a)           The Collateral Account. On the date hereof there shall be established and, at all times thereafter until this Agreement
shall have terminated, there shall be maintained with the Collateral Trustee an account that shall be entitled the “Lindblad
Expeditions, LLC Collateral” (the “Collateral Account”). The Collateral Account shall be established
and maintained by the Collateral Trustee. All moneys that are received by the Collateral Trustee after the occurrence and during the continuance
of an Actionable Default in connection with any collection, sale, foreclosure or other realization upon any Collateral shall be deposited
in the Collateral Account and thereafter shall be held and applied by the Collateral Trustee in accordance with the terms of this Agreement
and the other Security Documents. To the extent necessary, appropriate or desirable, the Collateral Trustee from time to time may establish
sub- accounts as part of the Collateral Account for the purpose of better identifying and maintaining proceeds of Collateral, all of which
sub-accounts shall be treated as and be deemed equivalent to, the Collateral Account for all purposes hereof.

 

(b)           Control of Collateral Account. All right, title and interest in and to the Collateral Account shall vest in the Collateral
Trustee, and funds on deposit in the Collateral Account shall constitute part of the Trust Estate. The Collateral Account shall be subject
to the exclusive dominion and control of the Collateral Trustee.

 

(c)           Investment of Funds Deposited in Collateral Account. At the written direction of the Applicable Parity Lien Representative,
the Collateral Trustee shall invest and reinvest moneys on deposit in the Collateral Account at any time in money market funds investing
in Cash Equivalents (with the particular fund to be specified in writing by the Applicable Parity Lien Representative). All such investments
and the interest and income received thereon and therefrom and the net proceeds realized on the sale thereof shall be held in the Collateral
Account, as applicable, as part of the Trust Estate. In the absence of the written investment direction of the Applicable Parity Lien
Representative, all moneys on deposit in the Collateral Account shall remain uninvested and the Collateral Trustee shall have no obligation
for interest thereon. The Collateral Trustee shall have no responsibility or liability for any loss which may result from any investment
or sale of investment pursuant to this Agreement. The Collateral Trustee is hereby authorized, in making or disposing of any investment
permitted by this Agreement, to deal with itself (in its individual capacity) or with any one or more of its Affiliates, which it or any
such Affiliate is acting as an agent of the Collateral Trustee or for any third person or dealing as principal for its own account. The
parties acknowledge that the Collateral Trustee is not providing investment supervision, recommendation or advice.

 

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(d)              
Application of Moneys in Collateral Account. Subject to Section 4(e), all moneys or other property held by
the Collateral Trustee in the Collateral Account shall, to the extent available for distribution, be distributed (or deposited in a separate
account for the benefit of the Credit Agreement Administrative Agent, the Trustee and any Additional Authorized Representative pursuant
to Section 4(e)) by the Collateral Trustee as follows:

 

First: to the payment
of all amounts payable under this Agreement or any Parity Lien Document on account of the Collateral Trustee’s Fees, costs, expenses
and indemnities (including the fees, costs and expenses of the Collateral Trustee’s agents, attorneys and advisors), under the Credit
Agreement on account of the Credit Agreement Administrative Agent’s fees, costs, expenses and indemnities (including the fees, costs
and expenses of the Credit Agreement Administrative Agent’s agents, attorneys and advisors), under the Note Indenture on account
of the Trustee’s fees, costs, expenses and indemnities (including the fees, costs and expenses of the Trustee’s agents, attorneys
and advisors) and under any other Parity Lien Debt Agreement on account of the applicable Authorized Representative’s fees, costs,
expenses and indemnities (including the fees, costs and expenses of the applicable Authorized Representative’s agents, attorneys
and advisors);

 

Second: to the repayment
of indebtedness and other obligations (other than (1) Parity Lien Debt and (2) obligations subordinated in right of payment to the Parity
Lien Debt) secured by a Permitted Lien on the Collateral (other than obligations secured by a Permitted Lien that is junior or subordinated
to the Transaction Liens) sold or realized upon, to the extent that such other indebtedness or obligation is (or is required) to be discharged
in connection with such sale or other realization;

 

Third: to the respective
Authorized Representatives equally and ratably for application to the payment of all outstanding Parity Lien Debt and any other Parity
Lien Obligations that are then due and payable in such order as may be provided in the Parity Lien Documents in an amount sufficient to
pay in full in cash all outstanding Parity Lien Debt and all other Parity Lien Obligations that are then due and payable (including, to
the extent legally permitted, all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate,
including any applicable post- default rate, specified in the Parity Lien Documents, even if such interest is not enforceable, allowable
or allowed as a claim in such proceeding), and including the discharge or cash collateralization (at the lower of (1) 105% of the aggregate
undrawn amount and (2) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable
Parity Lien Document) of all outstanding letters of credit constituting Parity Lien Debt); and

 

    20

     

    

 

Fourth: any surplus
remaining after the payment in full in cash of the amounts described in the preceding clauses will be paid to the Company or the applicable
Grantor, as the case may be, or its successors or assigns, or as a court of competent jurisdiction may direct.

 

In connection with the application of proceeds
pursuant to this Section 4(d), except as otherwise directed in writing by the Applicable Parity Lien Representative, the
Collateral Trustee may sell any non-cash proceeds for cash prior to the application of the proceeds thereof.

 

In making the determinations and allocations in
accordance with this Section 4(d), the Collateral Trustee may conclusively and without liability rely upon information supplied
by the relevant Authorized Representative as to the amounts of unpaid principal and interest and other amounts outstanding with respect
to such Authorized Representative’s respective Parity Lien Debt and any other applicable Parity Lien Obligations, and if such Authorized
Representative does not provide such information to the Collateral Trustee, then the Collateral Trustee may conclusively and without liability
rely upon such information provided by the Grantors.

 

(e)              
Application of Moneys Distributable to Secured Parties. If at any time any moneys collected or received by the Collateral
Trustee pursuant to this Agreement or any Security Document are distributable pursuant to Section 4(d) to the Credit Agreement
Administrative Agent, the Trustee or any Additional Authorized Representatives, and if the Credit Agreement Administrative Agent, the
Trustee or such Additional Authorized Representative shall notify the Collateral Trustee that no provision is made under the applicable
the Credit Agreement Documents, Note Documents or Additional Parity Lien Debt Documents, as applicable, (i) for the application by the
Credit Agreement Administrative Agent, the Trustee or such Additional Authorized Representative, as applicable, of such amounts so distributable
(whether by virtue of the Credit Agreement Obligations, the Note Obligations or the applicable Additional Parity Lien Obligations not
having become due and payable or otherwise) or (ii) for the receipt and the holding by the Credit Agreement Administrative Agent, the
Trustee or such Additional Authorized Representative, as applicable, of such amounts pending the application thereof, then the Collateral
Trustee shall invest, at the written direction of the Credit Agreement Administrative Agent, the Trustee or such Additional Authorized
Representative, as applicable, all such amounts applicable to the Credit Agreement Obligations, the Note Obligations or the Additional
Parity Lien Obligations in obligations of the kinds referred to in Section 4(c) (with the particular investment specified
in writing by the Credit Agreement Administrative Agent, the Trustee or such Additional Authorized Representative), or in the absence
of such direction hold such amounts uninvested as provided in Section 4(c), and shall hold all such amounts so distributable,
and all such investments and the proceeds thereof, in trust solely for the Credit Agreement Administrative Agent, the Trustee and/or such
Additional Authorized Representative and for no other purpose until such time as the Credit Agreement Administrative Agent, the Trustee
or such Additional Authorized Representative shall request the delivery thereof by the Collateral Trustee to the Credit Agreement Administrative
Agent, the Trustee or such Additional Authorized Representative, as applicable, for application by it pursuant to the Credit Agreement
Documents, the Note Documents or the Additional Parity Lien Debt Documents, as applicable.

 

This Section 4 is intended for the
benefit of, and will be enforceable as a third-party beneficiary by, each present and future holder of Parity Lien Obligations, each present
and future Credit Agreement Administrative Agent, each present and future Trustee, each present and future Additional Authorized Representative
and the Collateral Trustee as a Secured Party.

 

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Section
5.      Agreements
with the Collateral Trustee.

 

(a)           Delivery of Parity Lien Documents. Concurrently with the execution of this Agreement on the date hereof, the Company will,
or will cause the applicable Grantor to, deliver to the Collateral Trustee a true and complete copy of each of the Parity Lien Documents
then in effect. The Company agrees that, promptly upon the execution thereof, the Company will, or will cause the applicable Grantor to,
deliver to the Collateral Trustee a true and complete copy of (i) any and all amendments, modifications or supplements to any Parity Lien
Document and (ii) any Parity Lien Documents, entered into subsequent to the date hereof. Unless and until the Collateral Trustee actually
receives such copies it shall not be deemed to have knowledge of them. Notwithstanding the foregoing, the failure of the Company or any
Grantor to deliver any such documents will not result in a default, event of default or similar action under this Agreement or any other
Parity Lien Documents.

 

(b)           Information as to Secured Parties. The Company agrees that it shall deliver to the Collateral Trustee from time to time
upon the reasonable request of the Collateral Trustee a list setting forth, by each Parity Lien Document then in effect:

 

(i)                
the aggregate amount outstanding thereunder, and

 

(ii)             
the interest rates then in effect thereunder.

 

Each Authorized Representative
(and, in the case of clause (D) below, the Company) will deliver to the Collateral Trustee upon the reasonable request of the Collateral
Trustee:

 

(A)            
in the case of the Trustee, the unpaid principal amount owing to the Noteholders;

 

(B)             
in the case of the Credit Agreement Administrative Agent, the unpaid principal amount owing to the Credit Agreement Secured Parties;

 

(C)             
in the case of any Additional Authorized Representative, the unpaid principal amount owing in respect of such Additional Parity
Lien Obligations; and

 

(D)            
to the extent known to the Company, the unpaid aggregate amounts owing to any other Secured Party.

 

Each Authorized Representative
(and the Company in respect of any Grantor) will furnish to the Collateral Trustee periodically if notice addresses and/or addresses change,
a list setting forth the name and address set forth in Section 9 of each party to whom notices must be sent under the Parity
Lien Documents. At all times the Collateral Trustee may assume without inquiry that the most recent list it has received remains current.

 

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(c)           Compensation and Expenses. The Grantors, jointly and severally, agree to pay to the Collateral Trustee, from time to time
following receipt of a reasonably detailed invoice therefor:

 

(i)                
such compensation as has been or shall be agreed by the Company and the Collateral Trustee in writing (which shall not be limited
by any provision of law in regard to compensation of a trustee of an express trust) for its services hereunder, under the Security Documents
and for administering the Trust Estate; and

 

(ii)             
all of the compensation pursuant to subclause (i) above and all of the fees, and reasonable out-of-pocket costs and expenses of
the Collateral Trustee (including, without limitation, the reasonable fees, expenses and disbursements of counsel, agents and advisors)
(A) arising in connection with the negotiation, preparation, execution, delivery, modification and termination of, or consent or waiver
to, this Agreement and each Security Document or the enforcement of any of the provisions hereof or thereof or (B) incurred or required
to be advanced in connection with the administration of the Trust Estate, the sale or other disposition of Collateral pursuant to any
Security Document and the preservation, protection or defense of the Collateral Trustee’s rights under this Agreement and in and
to the Collateral and the Trust Estate, and all out-of-pocket costs and expenses incurred by the Collateral Trustee and its agents in
creating, perfecting, preserving, releasing or enforcing the Collateral Trustee’s Transaction Liens on the Collateral; provided,
however, that in no event shall the Company or the Grantors be obligated to pay fees and expenses for more than one primary counsel to
the Collateral Trustee (and up to one local counsel in each applicable jurisdiction and, to the extent necessary, maritime counsel).

 

The obligations of the Grantors
under this Section 5(c) shall survive the termination of the other provisions of this Agreement and the resignation or removal
of the Collateral Trustee.

 

(d)           Stamp and Other Similar Taxes. The Grantors, jointly and severally, agree to indemnify and hold harmless the Collateral
Trustee and each Secured Party (and their respective agents) from any present or future claim for liability for any stamp or other similar
tax and any penalties or interest with respect thereto that may be assessed, levied or collected by any jurisdiction in connection with
this Agreement, any Security Document, the Trust Estate or any Collateral. The obligations of the Grantors under this Section 5(d)
shall survive the termination of the other provisions of this Agreement and the resignation or removal of the Collateral Trustee.

 

(e)           Filing Fees, Excise Taxes, etc. The Grantors, jointly and severally, agree to pay or to reimburse the Collateral
Trustee and its agents for any and all amounts in respect of all search, filing, recording and registration fees, excise taxes and other
similar imposts that are payable in respect of the execution, delivery, modification, performance, enforcement and termination of this
Agreement and each Security Document. The obligations of the Grantors under this Section 5(e) shall survive the termination
of the other provisions of this Agreement and the resignation or removal of the Collateral Trustee.

 

(f)            Indemnification. The Grantors, jointly and severally, agree to pay, indemnify, and hold the Collateral Trustee and its officers,
directors, employees and agents harmless from and against any and all liabilities, obligations, losses, damages, claims (whether brought
by the Grantors, the holders of any Parity Lien Obligations or any third party), penalties, actions, judgments, suits, proceedings at
law or in equity costs, expenses or disbursements of any kind or nature whatsoever (including, without limitation, attorneys’ fees
and expenses and the costs of enforcement of its right to indemnity under this Agreement) with respect to the execution, delivery, enforcement,
performance and administration of this Agreement and the Security Documents (including, but not limited to, actions by the Collateral
Trustee to enforce its rights with respect to the Collateral), unless arising from the gross negligence or willful misconduct (in either
case, as determined by a final judgment of a court of competent jurisdiction) of the Collateral Trustee or such of the agents as are seeking
indemnification; provided, however, that in no event shall the Company or the Grantors be obligated to pay fees and expenses for more
than one primary counsel to the Collateral Trustee (and up to one local counsel in each applicable jurisdiction and, to the extent necessary,
maritime counsel). The foregoing indemnities in this Section 5(f) shall survive the resignation or removal of the Collateral
Trustee or the termination of this Agreement.

 

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(g)           Further Assurances; Notation on Financial Statements.

 

(i)                
At any time and from time to time, as necessary (or upon the written request of the Collateral Trustee), and, at the sole expense
of the Grantors, the Grantors will promptly execute and deliver any and all such further instruments and documents and take such further
action as is reasonably necessary (or as the Collateral Trustee shall reasonably request) in obtaining the full benefits of this Agreement,
the Security Documents and the other Parity Lien Documents and of the rights and powers herein and therein granted. To the extent required
by law, the Grantors shall, in all of their financial statements, indicate by footnote or otherwise that the Parity Lien Obligations are
secured pursuant to this Agreement and the Security Documents.

 

(ii)             
Pursuant to the Parity Lien Debt Agreements, from time to time, additional direct or indirect subsidiaries of the Parent are required
to become parties to the Security Documents. In connection with any such subsidiary becoming party to the Security Documents, such subsidiary
(an “Additional Grantor”) shall execute (i) a Supplement to Collateral Trust Agreement in the form of Exhibit
A hereto and upon such execution shall become a Grantor hereunder with all applicable rights and responsibilities and (ii) a Joinder Agreement.
Upon receipt of an executed Supplement to the Collateral Trust Agreement and an executed Joinder Agreement, the Collateral Trustee and
each Authorized Representative (with respect to the Supplement to the Collateral Trust Agreement) shall acknowledge the same

 

Section
6.      The Collateral
Trustee.

 

(a)           Acceptance of Trust; Powers of the Collateral Trustee.

 

(i)                
The Collateral Trustee, for itself and its successors, hereby accepts the duties created by this Agreement upon the terms and conditions
hereof, including those contained in this Section 6.

 

(ii)             
The Collateral Trustee is authorized and empowered to enter into and perform its obligations and protect, perfect, exercise and
enforce its interests, rights, powers and remedies under this Agreement and the Security Documents and applicable law and in equity and
to act as set forth in this Agreement or as requested in any lawful directions given to it from time to time in respect of any matter
by a written notice of the Applicable Parity Lien Representative in accordance with the terms of this Agreement.

 

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(iii)           
None of the Credit Agreement Administrative Agent, the Trustee or any Additional Authorized Representative or any other holder
of Parity Lien Obligations will have any liability whatsoever for any act or omission of the Collateral Trustee and the Collateral Trustee
shall not have any liability whatsoever for any act or omission of the Credit Agreement Administrative Agent, the Trustee or any Additional
Authorized Representative or any other holder of Parity Lien Obligations.

 

(iv)            
The Collateral Trustee will accept, hold, administer and enforce all Transaction Liens on the Collateral at any time transferred
or delivered to it and all other interests, rights, powers and remedies at any time granted to or enforceable by the Collateral Trustee
and all other property of the Trust Estates in trust solely and exclusively for the benefit of all present and future holders of Parity
Lien Obligations, and will distribute all proceeds received by it in realization thereon or from enforcement thereof solely and exclusively
pursuant to the provisions of Section 4(d).

 

(v)              
No provision of this Agreement shall require the Collateral Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers.

 

(b)           Exculpatory Provisions.

 

(i)                
The Collateral Trustee shall not be responsible in any manner whatsoever for the correctness of any recitals, statements, representations
or warranties of any other Person contained in this Agreement or in any Security Document, all of which are made solely by the Grantors.
The Collateral Trustee makes no representations as to the value or condition of the Trust Estate or any part thereof, or as to the title
of the Grantors thereto or as to the security afforded by any Security Document or this Agreement, or as to the validity, execution (except
its own execution), enforceability, legality or sufficiency of this Agreement, any Security Document or the Parity Lien Obligations secured
hereby and thereby, and the Collateral Trustee shall incur no liability or responsibility in respect of any such matters. The Collateral
Trustee shall not be responsible for insuring the Trust Estate or for the payment of taxes, charges, assessments or liens upon the Trust
Estate or otherwise as to the maintenance of the Trust Estate, except that in the event the Collateral Trustee enters into possession
of a part or all of the Trust Estate, the Collateral Trustee shall preserve the part in its possession.

 

(ii)             
The Collateral Trustee shall not be required to ascertain or inquire as to the performance by the Grantors of any of the covenants
or agreements contained in this Agreement, any Security Document or in any other Parity Lien Document. Whenever it is necessary, or in
the opinion of the Collateral Trustee advisable, for the Collateral Trustee to ascertain the amount of Parity Lien Obligations then held
by a Secured Party, the Collateral Trustee may conclusively and without liability rely on a certificate of such Secured Party or its representative
(including any applicable Authorized Representative) as to such amount, and if any such Secured Party or representative shall not give
such information to the Collateral Trustee, such Secured Party shall not be entitled to receive distributions hereunder (in which case
such distributions shall be held in trust for such Secured Party) until it has given such information to the Collateral Trustee.

 

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(iii)           
The Collateral Trustee shall not be liable for any action taken or omitted to be taken by it in accordance with this Agreement
or any Security Document except for its own gross negligence or willful misconduct.

 

(iv)            
The Collateral Trustee shall have no obligation to give, execute, deliver, file, record, authorize or obtain any financing statements,
continuation statements, financing statement amendments, notices, instruments, documents, agreements, consents or other papers as shall
be necessary to (i) create, preserve, perfect or validate the security interest granted to the Collateral Trustee pursuant to this Agreement
or (ii) enable the Collateral Trustee to exercise and enforce its rights under this Agreement with respect to such pledge and security
interest. In addition, the Collateral Trustee shall have no responsibility or liability (x) in connection with the acts or omissions of
the Grantors in respect of the foregoing or (y) for or with respect to the legality, validity and enforceability of any security interest
created in the Collateral or the perfection and priority of such security interest.

 

(v)              
The Collateral Trustee shall neither be responsible for, nor chargeable with, knowledge of the terms and conditions of any other
agreement, instrument, or document to which it is not a party, whether or not an original or a copy of such agreement has been provided
to the Collateral Trustee.

 

(c)           Delegation of Duties. The Collateral Trustee may execute any of its duties or powers hereof and perform any duty hereunder
either directly or by or through agents or attorneys-in-fact, which may include officers and employees of the Grantors. The Collateral
Trustee shall be entitled to advice of counsel of its selection, at the reasonable expense of the Grantors, concerning all matters pertaining
to its rights, powers and duties. The Collateral Trustee shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact
selected by it without gross negligence or willful misconduct.

 

(d)           Reliance by Collateral Trustee.

 

(i)                
Whenever in the exercise of its rights or powers and the performance of its duties under this Agreement the Collateral Trustee
shall deem it reasonably necessary that a matter be proved or established in connection with the taking, suffering or omitting any action
hereunder by the Collateral Trustee, such matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
to be conclusively provided or established by an Officer’s Certificate of any Grantor delivered to the Collateral Trustee, and such
Officer’s Certificate shall be full warranty to the Collateral Trustee for any action taken, suffered or omitted in reliance thereon,
subject, however, to the provisions of Section 6(e).

 

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(ii)             
The Collateral Trustee may, at the expense of the Grantors, request, rely on and act in accordance with Officer’s Certificates
and/or Opinions of Counsel, and shall incur no liability and shall be fully protected in acting or refraining from acting in accordance
with such Officer’s Certificates or Opinions of Counsel.

 

(iii)           
The Collateral Trustee may consult with counsel of its selection, and the advice of such counsel, or any opinion of counsel, shall
be full and complete authorization and protection in respect of any action taken or suffered by it hereunder in accordance therewith.
The Collateral Trustee shall have the right at any time to seek instructions concerning the administration of the Trust Estate from any
court of competent jurisdiction.

 

(iv)            
The Collateral Trustee may conclusively rely, and shall be fully protected in acting, upon any resolution, statement, certificate,
instrument, opinion, report, notice, request, consent, order, judgment, bond or other paper or document that it has no reason to believe
to be other than genuine and to have been signed or presented by the proper party or parties or, in the case of cables, telecopies and
telexes, to have been sent by the proper party or parties. In the absence of its gross negligence or willful misconduct, the Collateral
Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates
or opinions furnished to the Collateral Trustee and conforming to the requirements of this Agreement or any Security Document. Without
limitation to the foregoing, the Collateral Trustee may conclusively rely as provided in this Section 6(d) on any Officer’s
Certificate provided by the Company pursuant this Agreement (including but not limited to Section 2(b) hereof), and may
deem such information correct until such time as it receives any written modification of any such certificate from the Company in respect
thereof. The Collateral Trustee shall have no liability for any action taken, or errors in judgment made, in good faith by it or any of
its officers, employees or agents, unless it shall have been grossly negligent in ascertaining the pertinent facts.

 

(v)              
The Collateral Trustee shall not be under any obligation to exercise any of the rights or powers vested in the Collateral Trustee
by this Agreement at the request or direction of the Applicable Parity Lien Representative pursuant to this Agreement or any Security
Document, unless the Collateral Trustee shall have been provided adequate security and indemnity satisfactory to it against the costs,
expenses and liabilities that may be incurred by it in compliance with such request or direction, including such reasonable advances as
may be requested by the Collateral Trustee.

 

(vi)            
Unless otherwise directed by the Applicable Parity Lien Representative, upon receipt by the Collateral Trustee of a written request
of the Company signed by an officer (a “Security Document Order”), the Collateral Trustee is hereby authorized to execute
and enter into, and if satisfactory in form to the Collateral Trustee, shall execute and enter into, without further consent of any other
Secured Party, any Security Document to be executed after the date hereof. Such Security Document Order shall (i) state that it is being
delivered to the Collateral Trustee pursuant to the Parity Lien Documents, and is a Security Document Order referred to in this Section
6(d)(vi), (ii) instruct the Collateral Trustee to execute and enter into such Security Document and (iii) certify that all conditions
precedent under the extant Parity Lien Documents to the execution and delivery of the Security Document have been satisfied. Each of the
holders of Parity Lien Obligations, by their acceptance thereof, authorize and direct the Collateral Trustee to execute such Security
Documents.

 

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(e)           Rights of the Collateral Trustee. In the event of any conflict between any terms and provisions set forth in this Agreement
and those set forth in any other Parity Lien Document, the terms and provisions of this Agreement shall supersede and control the terms
and provisions of such other Parity Lien Document. In the event there is any bona fide, good faith disagreement between the other parties
to this Agreement or any of the other Parity Lien Documents resulting in adverse claims being made in connection with Collateral held
by the Collateral Trustee and the terms of this Agreement or any of the other Parity Lien Documents do not unambiguously mandate the action
the Collateral Trustee is to take or not to take in connection therewith under the circumstances then existing, or the Collateral Trustee
is in doubt as to what action it is required to take or not to take hereunder or under the other Parity Lien Documents, 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.

 

(f)            Limitations on Duties of Collateral Trustee.

 

(i)                
The Collateral Trustee will not have any fiduciary duties nor shall it be obliged to perform any duties other than such duties
as are specifically set forth in this Agreement or in any Security Document, and no implied covenants or obligations shall be read into
this Agreement or any Security Document against the Collateral Trustee and the Collateral Trustee shall not be liable with respect to
any action taken or omitted by it in accordance with the direction of the Applicable Parity Lien Representative pursuant to Section
3(h). The Collateral Trustee will not be required to take any action that is contrary to applicable law or any provision of this
Agreement or the other Parity Lien Documents.

 

(ii)             
Except as herein otherwise expressly provided, the Collateral Trustee shall not be under any obligation to take any action that
is discretionary with the Collateral Trustee under the provisions hereof or under any Security Document except upon the written request,
accompanied by satisfactory indemnity, of the Applicable Parity Lien Representative pursuant to Section 3(h). The Collateral
Trustee may at any time solicit written confirmatory instructions, in the form of, including but not limited to, an Officer’s Certificate,
written instructions from the Applicable Parity Lien Representative 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
Agreement or the other Parity Lien Documents. The Collateral Trustee shall make available for inspection and copying by the Credit Agreement
Administrative Agent, the Trustee and each Additional Authorized Representative, each certificate or other paper furnished to the Collateral
Trustee by the Company or any other Grantor under or in respect of this Agreement, any Security Document or any of the Trust Estate.

 

(iii)           
Notwithstanding anything to the contrary, whenever reference is made in this Agreement to any action by, consent, designation,
specification, requirement of approval of, notice, request or other communication from, or other direction given or action to be undertaken
or to be (or not to be) suffered or omitted by the Collateral Trustee or to any election, decision, opinion, acceptance, use of judgment,
expression of satisfaction or other exercise of discretion, rights or remedies to be made (or not to be made) by the Collateral Trustee,
it is understood that in all cases the Collateral Trustee shall, except as otherwise expressly provided in this Agreement, be acting,
giving, withholding, suffering, omitting, taking or otherwise undertaking and exercising the same (or shall not be undertaking and exercising
the same) as directed by the Applicable Parity Lien Representative, along with the provision of a satisfactory indemnity The Collateral
Trustee shall have no liability for any failure or delay in taking any actions contemplated above as a result of the failure or delay
on the part of the Applicable Parity Lien Representative This provision is intended solely for the benefit of the Collateral Trustee and
its successors and permitted assigns and is not intended to and will not entitle the other parties hereto to any defense, claim or counterclaim,
or confer any rights or benefits on any party hereto.

 

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(iv)            
As to any matter not expressly provided for by this Agreement or the other Parity Lien Documents, the Collateral Trustee will act
or refrain from acting as directed by the Applicable Parity Lien Representative, and will be fully protected if it does so, and any action
taken, suffered or omitted pursuant hereto or thereto shall be binding on the Secured Parties. The Collateral Trustee shall not be liable
for any action it takes or omits to take in good faith in accordance with a direction from the Applicable Parity Lien Representative.

 

(v)              
Beyond the exercise of reasonable care in the custody of Collateral in its possession or control, the Collateral Trustee will have
no duty 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 Collateral Trustee will 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 Liens on the Collateral. The Collateral Trustee will 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 the Collateral Trustee will not be liable or responsible for any loss or diminution in the value
of any of the Collateral (including possessory Collateral) by reason of the act or omission of any carrier, forwarding agency or other
agent or bailee selected by the Collateral Trustee in good faith.

 

(vi)            
Except as provided in Section 6(f)(v) above, the Collateral Trustee will not be responsible for the existence, genuineness
or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, for
the validity, value, genuineness, ownership, transferability or sufficiency of the Collateral or any agreement or assignment contained
therein, for the validity of the title of any Grantor to the Collateral, for insuring the Collateral or for the payment of taxes, charges,
assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Collateral Trustee hereby disclaims
any representation or warranty to the current and future holders of the Parity Lien Obligations concerning the perfection of the security
interests granted to it or in the value of any Collateral. The Collateral Trustee shall not be under any obligation to the Credit Agreement
Administrative Agent, the Trustee or any holder of Parity Lien Debt to ascertain or to inquire as to the observance or performance of
any of the agreements contained in, or conditions of, this Agreement or any other Parity Lien Document or to inspect the properties, books
or records of any Grantor.

 

    29

     

    

 

(vii)         
In no event shall the Collateral Trustee be required to execute and deliver any landlord lien waiver, estoppel or collateral access
letter, or any account control agreement or any instruction or direction letter delivered in connection with such document that the Collateral
Trustee determines adversely affects it or otherwise subjects it to personal liability, including without limitation agreements to indemnify
any contractual counterparty, in each case, unless the Collateral Trustee receives satisfactory indemnity therefor.

 

(g)           Moneys to Be Held in Trust. All moneys received by the Collateral Trustee under or pursuant to any provision of this Agreement
or any Security Document shall be held in trust for the purposes for which they were paid or are held.

 

(h)           Resignation and Removal of the Collateral Trustee.

 

(i)                
The Collateral Trustee may at any time, by giving 30 days’ prior written notice to the Company, the Credit Agreement Administrative
Agent, the Trustee and each Additional Authorized Representative (if any), resign and be discharged of the responsibilities hereby created,
such resignation to become effective upon the earlier of: (A) 30 days from the date of such notice and (B) the appointment of a successor
Collateral Trustee or agents by the Company, the acceptance of such appointment by such successor collateral trustee or trustees, and
the approval of such successor collateral trustee or trustees by each Authorized Representative; provided that no resignation shall
become effective unless and until a successor collateral trustee has been appointed as provided herein. Upon 30 days’ prior written
notice, the Collateral Trustee may be removed at any time and a successor collateral trustee or collateral trustees appointed by each
of the Authorized Representatives; provided that the Collateral Trustee shall be paid its fees and expenses pursuant to Section
5(c) and all other amounts owed to it under this Agreement to the date of removal. Any successor Collateral Trustee appointed
pursuant to this Section 6(h) shall (x) have a combined capital and surplus of at least $25,000,000 as set forth in its
most recent published annual report of condition or (y) be any other Person that is acceptable to the Company and the Required Secured
Parties of each Class of Parity Lien Obligations. If no successor collateral trustee or trustees shall be appointed and approved within
30 days from the date of the giving of the aforesaid notice of resignation or removal, the Collateral Trustee, the Credit Agreement Administrative
Agent, the Trustee, any Additional Authorized Representative or any other Secured Party may, apply to any court of competent jurisdiction,
at the reasonable expense of the Company, to appoint a successor collateral trustee or trustees (which may be an individual or individuals)
to act until such time, if any, as a successor collateral trustee or trustees shall have been appointed as above provided. Any successor
collateral trustee or trustees so appointed by such court shall immediately and without further act be superseded by any successor collateral
trustee or trustees appointed by the Authorized Representatives as above provided.

 

(ii)             
If at any time the Collateral Trustee shall resign or be removed or otherwise become incapable of acting, or if at any time, a
vacancy shall occur in the office of the Collateral Trustee for any other cause, a successor collateral trustee or trustees may be appointed
by the Authorized Representatives, and the powers, duties, authority and title of the predecessor collateral trustee or trustees terminated
and canceled without procuring the resignation of such predecessor collateral trustee or trustees, and without any other formality (except
as may be required by applicable law) than appointment and designation of a successor collateral trustee or trustees in writing, duly
acknowledged, delivered to the predecessor collateral trustee or trustees and the Company, and filed for record in each public office,
if any, in which this Agreement is required to be filed.

 

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(iii)           
The appointment and designation referred to in Section 6(h)(ii) shall, after any required filing, be full evidence
of the right and authority to make the same and of all the facts therein recited, and this Agreement shall vest in such successor collateral
trustee or trustees, without any further act, deed or conveyance, all of the estate and title of its predecessor, and upon such filing
for record the successor collateral trustee or trustees shall become fully vested with all the estates, properties, rights, powers, trusts,
duties, authority and title of its predecessor; but such predecessor shall, nevertheless, on the written request of the Applicable Parity
Lien Representative, the Company or the successor collateral trustee or trustees, execute and deliver an instrument transferring to such
successor or successors all the estates, properties, rights, powers, trusts, duties, authority and title of such predecessor or predecessors
hereunder and shall deliver all Securities and moneys held by it to such successor collateral trustee or trustees. Should any deed, conveyance
or other instrument in writing from any Grantor be required by any successor collateral trustee or trustees for more fully and certainly
vesting in such successor collateral trustee or trustees the estates, properties, rights, powers, trusts, duties, authority and title
vested or intended to be vested in the predecessor collateral trustee or trustees, any and all such deeds, conveyances and other instruments
in writing shall, on request of such successor collateral trustee or trustees, be executed, acknowledged and delivered by such Grantor.

 

(iv)            
Any required filing for record of the instrument appointing a successor collateral trustee or trustees as hereinabove provided
shall be at the sole expense of the Grantors. The resignation of any collateral trustee or trustees and the instrument or instruments
removing any collateral trustee or trustees, together with all other instruments, deeds and conveyances provided for in this Section
6 shall, if permitted by law, be forthwith recorded, registered and filed by and at the reasonable expense of the Grantors, wherever
this Agreement is recorded, registered and filed.

 

(i)            Merger of the Collateral Trustee. Any corporation into which the Collateral Trustee may be merged, or with which it may
be consolidated, or any corporation resulting from any merger or consolidation to which the Collateral Trustee shall be a party, or any
corporation to which the Collateral Trustee shall transfer all or substantially all of its corporate trust business (including the administration
of this Agreement) shall be Collateral Trustee under this Agreement without the execution or filing of any paper or any further act on
the part of the parties hereto; provided however that if any Secured Party or any Grantor deems it necessary or advisable for the
Collateral Trustee to make any filings or amendments in connection with any of the Security Documents, the Collateral Trustee shall execute
any such filings or amendments at the sole cost and expense of the Grantors.

 

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(j)            Co-Collateral Trustee, Separate Collateral Trustee.

 

(i)                
If at any time or times it shall be necessary or prudent in order to conform to any law of any jurisdiction in which any of the
Collateral shall be located, or the Collateral Trustee shall be advised by counsel, satisfactory to it, that it is reasonably necessary
in the interest of the Secured Parties, or the Applicable Parity Lien Representative shall in writing so request the Collateral Trustee
and the Grantors, or the Collateral Trustee shall deem it desirable for its own protection in the performance of its duties hereunder,
the Collateral Trustee and the Grantors shall, at the reasonable request of the Collateral Trustee, execute and deliver all instruments
and agreements necessary or proper to constitute another bank or trust company, or one or more persons approved by the Collateral Trustee
and the Grantors, either to act as co-collateral trustee or co-collateral trustees of all or any of the Collateral, jointly with the Collateral
Trustee originally named herein or any successor or successors, or to act as separate collateral trustee or collateral trustees of any
such property. In the event the Grantors shall not have joined in the execution of such instruments and agreements within 30 days after
the receipt of a written request from the Collateral Trustee so to do, or in case an Actionable Default shall have occurred and be continuing,
the Collateral Trustee may act under the foregoing provisions of this Section 6(j) without the concurrence of the Grantors,
and the Grantors hereby appoint the Collateral Trustee as its agent and attorney to act for it under the foregoing provisions of this
Section 6(j) in either of such contingencies.

 

(ii)           Every separate collateral trustee and every co-collateral trustee, other than any collateral trustee that may be appointed as successor
to the Collateral Trustee, shall, to the extent permitted by law, be appointed and act and be such, subject to the following provisions
and conditions, namely:

 

(A)            
all rights, powers, duties and obligations conferred upon the Collateral Trustee in respect of the custody, control and management
of moneys, papers or Securities shall be exercised solely by the Collateral Trustee, or its successors as collateral trustee hereunder;

 

(B)             
all rights, powers, duties, immunities, indemnities and obligations conferred or imposed upon the Collateral Trustee hereunder
shall be conferred or imposed and exercised or performed by the Collateral Trustee and such separate collateral trustee or separate collateral
trustees or co-collateral trustee or co-collateral trustees, jointly, as shall be provided in the instrument appointing such separate
collateral trustee or separate collateral trustees or co-collateral trustee or co-collateral trustees, except to the extent that under
any law of any jurisdiction in which any particular act or acts are to be performed the Collateral Trustee shall be incompetent or unqualified
to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed by such separate
collateral trustee or separate collateral trustees or co-collateral trustee or co-collateral trustees;

 

(C)             
no power given hereby to, or that it is provided hereby may be exercised by, any such co-collateral trustee or co-collateral trustees
or separate collateral trustee or separate collateral trustees, shall be exercised hereunder by such co-collateral trustee or co-collateral
trustees or separate collateral trustee or separate collateral trustees, except jointly with, or with the consent in writing of, the Collateral
Trustee, anything herein contained to the contrary notwithstanding;

 

    32

     

    

 

(D)            
no collateral trustee hereunder shall be liable by reason of any act or omission of any other collateral trustee hereunder; and

 

(E)             
the Grantors and the Collateral Trustee, at any time by an instrument in writing, executed by them, may accept the resignation
of or remove any such separate collateral trustee or co-collateral trustees, and in that case, by an instrument in writing executed by
the Grantors and the Collateral Trustee jointly, may appoint a successor to such separate collateral trustee or co-collateral trustee,
as the case may be, anything herein contained to the contrary notwithstanding. In the event that the Grantors shall not have joined in
the execution of any such instrument within ten days after the receipt of a written request from the Collateral Trustee so to do, or in
case an Actionable Default shall have occurred and be continuing, the Collateral Trustee shall have the power to accept the resignation
of or remove any such separate collateral trustee or co-collateral trustee and to appoint a successor without the concurrence of the Grantors,
the Grantors hereby appointing the Collateral Trustee its agent and attorney to act for it in such connection in either of such contingencies.
In the event that the Collateral Trustee shall have appointed a separate collateral trustee or separate collateral trustees or co-collateral
trustee or co-collateral trustees as above provided, it may at any time, by an instrument in writing, accept the resignation of or remove
any such separate collateral trustee or co-collateral trustees, the successor to any such separate collateral trustee or co-collateral
trustee to be appointed by the Grantors and the Collateral Trustee, or by the Collateral Trustee alone, as provided in this Section
6(j).

 

Section
7.      Conditions
to Release of Collateral; Release Procedure.

 

(a)           Subject
to any restrictions and conditions in the Credit Agreement, the Note Indenture and each Additional Parity Lien Facility, as applicable,
the Collateral Trustee’s Transaction Liens upon the Collateral will be automatically released or subordinated under the following
circumstances:

 

(i)                
The Transaction Liens granted by a Grantor securing any Parity Lien Obligation shall terminate when all of its guarantees of Parity
Lien Obligations are released pursuant to the terms thereof;

 

(ii)             
Subject to Section 7(b), the Transaction Liens granted by all Grantors shall terminate when the Release Conditions
are satisfied; provided that the Company shall have delivered an Officer’s Certificate to the Collateral Trustee certifying
that the Release Conditions have been met and that such release of the Collateral is permitted under, and does not violate the terms of,
any Parity Lien Document;

 

(iii)           
[reserved];

 

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(iv)            
As to any Collateral that is sold, leased, exchanged, assigned, transferred or otherwise disposed of by any Grantor to a Person
that is not (either before or after such sale, transfer or disposition) the Company or another Grantor in a transaction or other circumstance
that does not violate any of the Parity Lien Documents (excluding any such sale, lease, exchange, assignment, transfer or dispositions
to a Person that becomes or is required to become a Grantor), the Transaction Lien as to such Collateral shall be released automatically
at the time of such sale, lease, exchange, assignment, transfer or other disposition to the extent of the interest sold, leased, exchanged,
assigned, transferred or otherwise disposed of; provided that, to the extent provided in the Security Documents, the Collateral
Trustee’s Transaction Liens will attach to the Proceeds received in respect of any such sale, transfer or other disposition, subject
to Section 4(d); and provided, further that if any Collateral is sold, leased, exchanged, assigned, transferred or
otherwise disposed of by any Grantor to the Company or another Grantor, such Collateral shall immediately be subject to a substantially
equivalent Transaction Lien;

 

(v)              
At any time before the Release Conditions are satisfied, the Collateral Trustee shall, at the written request of the Company, release
any or all of the Collateral (1) with respect to any Class of Parity Lien Obligations, if consent to the release of such Transaction Liens
of the Collateral Trustee on such Collateral has been given by, as applicable, the requisite percentage or number of Noteholders (or the
Trustee, on behalf and at the direction of such Noteholders pursuant to the Note Indenture), the requisite percentage or number of the
lenders under the Credit Agreement (or the Credit Agreement Administrative Agent, on behalf and at the direction of such lenders pursuant
to the Credit Agreement) or the requisite percentage or number of holders of indebtedness in respect of each other Series of Additional
Parity Lien Obligations (or the Additional Authorized Representative on behalf of such holders) as permitted by, and in accordance with,
the applicable Parity Lien Documents and evidence of such consent shall have been provided to the Collateral Trustee and (2) if the Company
shall have delivered an Officer’s Certificate to the Collateral Trustee certifying that the conditions described in this clause
(v)(1) have been met;

 

(vi)            
In order to effectuate a reconstitution or merger for the purpose of re-flagging a vessel in accordance with Section 6.08 of the
Credit Agreement and Section 4.24 of the Note Indenture; and

 

(vii)         
If any Collateral becomes an Excluded Asset under clause (e) of the related definition in the Note Indenture and the Credit Agreement;
and

 

(viii)       
If any part of the Collateral is subject to any Permitted Lien that is senior to the Liens securing the Collateral as a matter
of law, the Collateral Trustee will execute any document reasonably requested in writing by the Company to evidence such subordination
if the Company shall have delivered an Officer’s Certificate and an Opinion of Counsel to the Collateral Trustee that such document
is authorized or permitted by this Agreement and each Parity Lien Document.

 

(b)           The Transaction Liens on the Collateral shall not be released pursuant to Section 7(a)(ii) unless and until all fees
and other amounts owing to the Collateral Trustee under this Agreement and the other Security Documents (other than any indemnification
obligations for which no known written claim or demand for payment has been made) and all amounts owing to the Collateral Trustee under
each Parity Lien Document shall have been paid in full.

 

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(c)              
Upon the release of the Collateral, or any portion thereof, in each case in accordance with the provisions hereof, all right, title
and interest of the Collateral Trustee in, to and under the Trust Estate in respect of the Collateral or portion thereof so released,
and the Security Documents in respect of such Collateral (but for the avoidance of doubt, not in respect of the proceeds therefrom), shall
automatically terminate and shall automatically revert to the respective Grantors, their successors and assigns, and the estate, right,
title and interest of the Collateral Trustee therein shall thereupon cease, determine and become void. Upon the written request of the
respective Grantors, their successors or assigns, and at the reasonable cost and expense of the Grantors, their successors or assigns,
upon receipt by the Collateral Trustee of an Officer’s Certificate and Opinion of Counsel, in respect of the Collateral so released
stating that all conditions precedent in this Agreement and the other Parity Lien Documents, as applicable, to such release have been
satisfied, the Collateral Trustee shall, without representation, recourse or warranty, execute documents evidencing the satisfaction of
the Security Documents and such instruments as are reasonably necessary and requested by the Grantors to evidence such release and to
terminate and remove of record any documents constituting public notice of the Security Documents and the security interests and assignments
granted thereunder and shall assign and transfer, or cause to be assigned and transferred, and shall deliver or cause to be delivered
to the Grantors, in respect of the Collateral so released, all property, including all moneys, instruments and Securities (if any), of
the Grantors then held by the Collateral Trustee. The cancellation and satisfaction of the Security Documents shall be without prejudice
to the rights of the Collateral Trustee or any successor collateral trustee to charge and be reimbursed for any expenditures that it may
thereafter incur in connection therewith.

 

(d)              
Collateral Trustee not Required to Serve, File or Record. The Collateral Trustee is not required to serve, file, register
or record any instrument releasing or subordinating its Liens on any Collateral.

 

Section
8.      Amendments,
Supplements and Waivers.

 

(a)              
No failure or delay on the part of any party hereto in exercising any right or power hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right
or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties
hereto are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this
Agreement or consent to any departure by any party therefrom shall in any event be effective unless the same shall be permitted by paragraph
(b) of this Section or is otherwise permitted by the terms of the Parity Lien Documents, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given. No notice or demand on any party hereto in any case shall entitle such
party to any other or further notice or demand in similar or other circumstances.

 

(b)              
Subject to Section 8(c) and the terms of the other Party Lien Documents, neither this Agreement nor any provision
hereof may be waived, amended or otherwise modified except pursuant to an agreement or agreements in writing entered into by the Trustee,
the Credit Agreement Administrative Agent, each Additional Authorized Representative and the Collateral Trustee, in each case, upon an
affirmative vote of the Required Secured Parties of the relevant Class to the extent required by the terms of the applicable Parity Lien
Documents, and evidence of such consents have been provided to the Collateral Trustee; provided that no such agreement shall by its terms
amend, modify or otherwise affect the rights or obligations of any Grantor without the Company’s prior written consent; provided,
further that in connection with any Refinancing of Parity Lien Obligations of any Class, or the incurrence of Additional Parity Lien Obligations
in compliance with Section 2(b), the Collateral Trustee and the relevant Authorized Representative shall enter (and are
hereby authorized to enter without the consent of any other Secured Party), into such amendments, supplements, modifications or restatements
of this Agreement as are reasonably necessary or appropriate to reflect and facilitate such Refinancing or such incurrence (and subject
to the reasonable satisfaction of the Collateral Trustee and such Authorized Representative).

 

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(c)           [reserved].

 

(d)           Without the consent of any Secured Party, the Collateral Trustee and the Grantors, at any time and from time to time, may enter
into additional pledge or Security Documents or one or more amendments or agreements supplemental hereto or to any Security Document,
in form reasonably satisfactory to the Collateral Trustee (it being understood that any supplement in the form of Exhibits A
and B shall be deemed to be satisfactory to the Collateral Trustee):

 

(i)                
to add to the covenants of the Grantors, for the benefit of the Secured Parties, or to surrender any right or power herein conferred
upon the Grantors;

 

(ii)             
to pledge or grant a security interest in any property or assets that are required to be pledged, or in which a security interest
is required to be granted, to the Collateral Trustee pursuant to any Security Document or any other applicable Parity Lien Document (including
for the avoidance of doubt, in connection with entering into definitive documentation for the Additional Parity Lien Facility);

 

(iii)           
to cure any ambiguity or omission, to correct or to supplement any provision herein or in any Security Document that may be defective
or inconsistent with any other provision herein or therein, or to make any other provisions with respect to matters or questions arising
hereunder or under any Security Document that shall not be inconsistent with any provision hereof or of any Security Document;

 

(iv)            
to add an Additional Grantor; and

 

(v)              
to add an Additional Authorized Representative.

 

(e)           In executing, or accepting the additional duties created by, any amendment, supplement or waiver hereto or to any other Security
Document, permitted by this Agreement or such Security Document, the Collateral Trustee shall receive and shall be fully protected in
conclusively relying upon, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amendment, supplement
or waiver is authorized or permitted by the applicable Parity Lien Documents, this Agreement or such Security Document. The Collateral
Trustee may, but shall not be obligated to, enter into any amendment, supplement or waiver, which adversely affects the Collateral Trustee’s
own rights, duties or immunities under this Agreement, such Security Document or otherwise.

 

    36

     

    

 

Section
9.      Notices.
   All notices, requests, demands and other communications provided for or permitted hereunder shall be in writing and shall be sent by
mail, telecopy or hand delivery:

 

		(a)	If to any Grantor, to it at the address of the Company at:

 

96 Morton Street

9th Floor

New York, NY 10014

Attention: Craig Felenstein, Chief Financial Officer

 

with a copy to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West

New York, NY 10001

Attention: Steven Messina

 

		(b)	If to the Collateral Trustee, to it at its address at:

 

Wilmington Trust, National Association

Global Capital Markets

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402

Facsimile: (612)-217-5651

Attention: Lindblad Expeditions, LLC Administrator

 

or at such other address as shall be
designated by it in a written notice to the Company and each Authorized Representative.

 

		(c)	If to the Credit Agreement Administrative Agent, to it at its
address at:

 

Eleven Madison Avenue

9th Floor

New York, NY 10010

Facsimile: (212) 322-2291

Attention: Loan Operations – Agency Manager

 

or at such other address
as shall be designated by it in writing to the Collateral Trustee.

 

    37

     

    

 

		(d)	If to the Trustee, to it at its address at:

 

Wilmington Trust, National Association

Global Capital Markets

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402

Telephone: (612)-217-5666

Facsimile: (612)-217-5651

Attention: Lindblad Expeditions, LLC Notes Administrator

 

or at such other address as
shall be designated by it in writing to the Collateral Trustee.

 

(e)              
If to any Additional Authorized Representative, to it at its address as designated in the Collateral Trust Joinder to which it
is a party, or at such other address as shall be designated by it in writing to the Collateral Trustee.

 

All such notices, requests, demands and communications
shall be deemed to have been duly given or made, when delivered by hand or five Business Days after being deposited in the mail, postage
prepaid, or when telecopied or electronically transmitted, receipt acknowledged; provided, however, that any notice, request, demand or
other communication to the Collateral Trustee shall not be effective until received.

 

Section
10.  Headings. Section, subsection
and other headings used in this Agreement are for convenience only and shall not affect the construction of this Agreement.

 

Section
11.  Severability.   In the event any
one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby
(it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the
validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid,
illegal or unenforceable provisions.

 

Section
12.  Treatment of Payee or Indorsee by
Collateral Trustee.

 

(a)              
The Collateral Trustee may treat the registered holder of any registered note, and the payee or indorsee of any note or debenture
that is not registered, as the absolute owner thereof for all purposes hereunder and shall not be affected by any notice to the contrary,
whether such promissory note or debenture shall be past due or not.

 

(b)              
Any person, firm, corporation or other entity that shall be designated as the duly authorized representative of one or more Secured
Parties to act as such in connection with any matters pertaining to this Agreement or any Security Document or the Collateral shall present
to the Collateral Trustee such documents, including, without limitation, opinions of counsel, as the Collateral Trustee may reasonably
require, in order to demonstrate to the Collateral Trustee the authority of such person, firm, corporation or other entity to act as the
representative of such Secured Parties.

 

    38

     

    

 

Section
13.  Dealings with the Grantors.

 

(a)              
Upon any application or demand by any Grantor to the Collateral Trustee to take or permit any action under any of the provisions
of this Agreement, such Grantor shall furnish to the Collateral Trustee an Officer’s Certificate and an Opinion of Counsel stating
that all conditions precedent, if any, provided for in this Agreement relating to the proposed action have been complied with, except
that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision
of this Agreement relating to such particular application or demand, no additional Officer’s Certificate or Opinion of Counsel need
be furnished.

 

(b)              
Any Opinion of Counsel may be based, insofar as it relates to factual matters, upon an Officer’s Certificate filed with the
Collateral Trustee.

 

Section
14.  Binding Effect; Successors and Assigns.
  This Agreement shall be binding upon and inure to the benefit of each of the Secured Parties, and their respective successors and assigns,
and nothing herein or in any Security Document is intended or shall be construed to give any other person any right, remedy or claim
under, to or in respect of this Agreement, any Security Document, the Collateral or the Trust Estate. All obligations of the Grantors
hereunder will inure to the sole and exclusive benefit of, and be enforceable by, the Collateral Trustee, the Credit Agreement Administrative
Agent, the Trustee, each Additional Authorized Representative and each present and future holder of Parity Lien Obligations, each of
whom will be entitled to enforce this Agreement as a third-party beneficiary hereof, and all of their respective successors and assigns.

 

Section
15.  Applicable Law.   This Agreement
shall be construed in accordance with and governed by the laws of the State of New York.

 

Section
16.  Jurisdiction; Consent to Service
of Process.

 

(a)              
Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of
any New York State court or Federal court of the United States of America sitting in the Borough of Manhattan in New York City, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Parity Lien Documents,
or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law,
in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall
affect any right that the Collateral Trustee or any Secured Party may otherwise have to bring any enforcement action or proceeding relating
to this Agreement or the other Parity Lien Documents against any Grantor or its properties in the courts of any jurisdiction.

 

(b)              
Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement or the other Parity Lien Documents in any New York State or Federal court. Each of the parties hereto hereby irrevocably waives,
to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such
court.

 

    39

     

    

 

(c)              
Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.
Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

 

Section
17.  WAIVER OF JURY TRIAL.  EACH PARTY
HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER PARITY LIEN DOCUMENTS. EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER SECURED DEBT DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 17.

 

Section
18.  Force Majeure. In no event shall
the Collateral 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, strikes, work stoppages, accidents,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware) services, pandemics, epidemics or the unavailability of
the Federal Reserve Bank wire or telex or other wire or communication facility; it being understood that the Collateral Trustee shall
use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable
under the circumstances.

 

Section
19.  Consequential Damages. In no
event shall the Collateral Trustee be responsible or liable for special, indirect, incidental, punitive or consequential loss or damage
of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Collateral Trustee has been advised
of the likelihood of such loss or damage and regardless of the form of action.

 

Section
20.  Termination. This Agreement
shall terminate on the date upon which the Collateral Trustee shall have released the Transaction Liens on the Collateral pursuant to
Section 7(a)(ii); provided, however, that (x) this Agreement shall continue to be effective or be reinstated, as the case may
be, if at any time payment of any Parity Lien Obligation, or any part thereof, is rescinded or must otherwise be restored by the Collateral
Trustee, any Secured Party, the Company or any other Grantor in any Insolvency or Liquidation Proceeding of the Company, any other Grantor
or otherwise, and (y) the provisions of clauses (c) through (f) of Section 5 and Section 6 shall survive termination of
this Agreement.

 

    40

     

    

 

Section
21.  Counterparts. This Agreement
may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original
but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by
facsimile or PDF transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. Signatures of the
parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. The words “executed,”
 “signed,” “signature,” and words of like import in this Agreement shall be deemed to include electronic signatures
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 or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable
law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything herein
to the contrary, the Collateral Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format
unless expressly agreed to by the Collateral Trustee pursuant to procedures approved by the Collateral Trustee. For the avoidance of
doubt, the foregoing also applies to any amendment, amendment and restatement or modification of this Agreement.

 

Section
22.  Incorporation by Reference.
In connection with its execution and acting as agent or trustee (as applicable) hereunder, each of the Collateral Trustee, the Credit
Agreement Administrative Agent, the Trustee and other Authorized Representatives are entitled to all rights, privileges, protections,
immunities, benefits and indemnities provided to them under the Security Documents and any other applicable Parity Lien Documents.

 

Section
23.  [Reserved].

 

Section
24.  USA PATRIOT Act. The parties
hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Collateral Trustee is required to obtain, verify,
and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Collateral
Trustee. The parties to this Indenture agree that they will provide the Collateral Trustee with such information as it may request in
order for the Collateral Trustee to satisfy the requirements of the USA PATRIOT Act.

 

Section
25.  Concerning The Trustee. In executing
this Agreement as the Trustee, this Agreement has been accepted, executed and delivered by Wilmington Trust, National Association, in
its capacity as Trustee under and pursuant to the terms of the Note Indenture. The Trustee shall be entitled to all rights, privileges,
immunities, indemnities and protections set forth in the Note Indenture in the acceptance, execution, delivery and performance of this
Agreement as though fully set forth herein.

 

Section
26.  Concerning The Credit Agreement
Administrative Agent. In executing this Agreement as the Credit Agreement Administrative Agent, this Agreement has been accepted,
executed and delivered by Credit Suisse AG, Cayman Islands Branch, in its capacity as Credit Agreement Administrative Agent under and
pursuant to the terms of the Credit Agreement. The Credit Agreement Administrative Agent shall be entitled to all rights, privileges,
immunities, indemnities and protections set forth in the Credit Agreement in the acceptance, execution, delivery and performance of this
Agreement as though fully set forth herein.

 

Section
27.  Concerning The Collateral Trustee.
In executing this Agreement and any other Parity Lien Documents to which it is a party as the Collateral Trustee shall be entitled to
all rights, privileges, immunities, indemnities and protections set forth in the Parity Lien Documents in the acceptance, execution,
delivery and performance of this Agreement and any Parity Lien Document as though fully set forth herein

 

[Remainder of Page Intentionally Left Blank]

 

    41

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement or caused this Agreement to be duly executed by their respective officers thereunto duly authorized
as of the day and year first above written.

 

	 	WILMINGTON TRUST, NATIONAL
	 	ASSOCIATION, as Collateral Trustee
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Sarah Vilhauer
	 	 	Name: 	Sarah Vilhauer
	 	 	Title: 	Banking Officer
	 	 	 	 
	 	 	 	 
	 	WILMINGTON TRUST, NATIONAL
	 	ASSOCIATION, as Trustee
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Sarah Vilhauer
	 	 	Name: 	Sarah Vilhauer
	 	 	Title: 	Banking Officer

 

Signature Page-Collateral Trust
Agreement

 

    

     

    

 

	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Credit Agreement Administrative Agent
	 	 	 	 
	 	By:	/s/William O’Daly
	 	 	Name: 	William O’Daly
	 	 	Title: 	Authorized Signatory
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Nawshaer Safi
	 	 	Name: 	Nawshaer Safi
	 	 	Title: 	Authorized Signatory

 

Signature Page-Collateral Trust
Agreement

 

    

     

    

 

	 	GRANTORS:	 
	 	 	 
	 	LINDBLAD EXPEDITIONS, LLC, as the Company
	 	 	 
	 	 	 
	 	By: 	/s/ Craig Felenstein
	 	Name: 	Craig Felenstein
	 	Title: 	Chief Financial Officer
	 	 	 
	 	 	 
	 	LINDBLAD EXPEDITIONS HOLDINGS, INC.
	 	 	 
	 	 	 
	 	By: 	/s/ Craig Felenstein
	 	Name: 	Craig Felenstein
	 	Title: 	Chief Financial Officer

 

Signature Page-Collateral Trust
Agreement

 

    

     

    

 

	 	LINDBLAD MARITIME VENTURES, INC.
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: 	Craig Felenstein
	 	 	Title: 	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	LEX EXPLORER LLC
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: 	Craig Felenstein
	 	 	Title: 	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	LEX GALAPAGOS PARTNERS I LLC
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: 	Craig Felenstein
	 	 	Title: 	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	LEX GALAPAGOS PARTNERS II LLC
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: 	Craig Felenstein
	 	 	Title: 	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	LEX GALAPAGOS PARTNERS III LLC
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: 	Craig Felenstein
	 	 	Title: 	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	LEX QUEST LLC
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: 	Craig Felenstein
	 	 	Title: 	Chief Financial Officer

  

Signature Page-Collateral Trust
Agreement

 

    

     

    

 

	 	LEX VENTURE LLC
	 	 
	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: 	Craig Felenstein
	 	 	Title: 	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	SPEX SEA BIRD LTD.
	 	 
	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: 	Craig Felenstein
	 	 	Title: 	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	SPEX SEA LION LTD.
	 	 
	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: 	Craig Felenstein
	 	 	Title: 	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	FILLMORE PEARL (CAYMAN) II, LTD.
	 	 
	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name:	Craig Felenstein
	 	 	Title: 	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	FILLMORE PEARL HOLDING, LTD.
	 	 
	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: 	Craig Felenstein
	 	 	Title: 	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	LINDBLAD MARITIME ENTERPRISES, LTD.
	 	 
	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name: 	Craig Felenstein
	 	 	Title: 	Chief Financial Officer

 

Signature Page-Collateral Trust
Agreement

 

    

     

    

 

 

	 	LEX ESPRIT LTD.
	 	 
	 	 
	 	By: 	/s/ Craig Felenstein
	 	 	Name:	Craig Felenstein
	 	 	Title: 	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	MARVENTURA DE TURISMO CIA. LTDA.
	 	 
	 	 
	 	By: 	/s/ Pablo Peña
	 	 	Name: 	Pablo Peña
	 	 	Title: 	Executive President
	 	 	 	 
	 	 	 	 
	 	METROHOTEL CIA. LTDA. 
	 	 
	 	 
	 	By: 	/s/ Pablo Peña
	 	 	Name: 	Pablo Peña
	 	 	Title: 	Executive President
	 	 	 	 
	 	 	 	 
	 	NAVILUSAL CIA. LTDA. 
	 	 
	 	 
	 	By: 	/s/ Diego Medina
	 		Name: 	Diego Medina
	 	 	Title: 	Executive President

 

Signature Page-Collateral Trust
Agreement

 

    

     

    

 

EXHIBIT A

 

TO COLLATERAL TRUST AGREEMENT

 

[FORM OF] SUPPLEMENT TO COLLATERAL TRUST AGREEMENT

 

Reference is made to the Collateral
Trust Agreement, dated as of February 4, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the “Collateral
Trust Agreement”), among Lindblad Expeditions, LLC, a Delaware limited liability company (the “Company”),
the subsidiaries of the Parent listed on the signature pages thereto (the “Subsidiary Grantors” and, together
with the Company, collectively, the “Grantors”), Wilmington Trust, National Association, as Trustee,
Credit Suisse AG, Cayman Islands Branch, as Credit Agreement Administrative Agent, Wilmington Trust, National Association, as Collateral
Trustee, and each other Person party thereto from time to time. Terms defined in the Collateral Trust Agreement and not otherwise defined
herein are as defined in the Collateral Trust Agreement.

 

This Supplement to Collateral
Trust Agreement, dated as of ______________, 20__ (this “Supplement to Collateral Trust Agreement”), is being
delivered pursuant to Section 5(g) of the Collateral Trust Agreement.

 

The undersigned, ______________,
a ______________ (the “Additional Grantor”) hereby agrees to become a party to the Collateral Trust Agreement
as a Grantor thereunder, for all purposes thereof on the terms set forth therein, and to be bound by all of the terms and provisions of
the Collateral Trust Agreement as fully as if the Additional Grantor had executed and delivered the Collateral Trust Agreement as of the
date thereof.

 

This Supplement to Collateral
Trust Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Supplement
to Collateral Trust Agreement by facsimile or PDF transmission shall be as effective as delivery of a manually signed counterpart of this
Supplement to Collateral Trust Agreement. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their
original signatures for all purposes. The words “executed,” “signed,” “signature,” and words of like
import in this Supplement to Collateral Trust Agreement shall be deemed to include electronic signatures 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 or the use
of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar
state laws based on the Uniform Electronic Transactions Act. For the avoidance of doubt, the foregoing also applies to any amendment,
amendment and restatement or modification of this Supplement to Collateral Trust Agreement.

 

This Supplement to Collateral
Trust Agreement shall be construed in accordance with and governed by the laws of the State of New York.

 

[Signature Pages Follow]

 

    A-1

     

    

 

IN WITNESS WHEREOF, the Additional
Grantor has caused this Supplement to Collateral Trust Agreement to be duly executed by its authorized representative as of the day and
year first above written.

 

	 	[ADDITIONAL GRANTOR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Acknowledged and agreed:
	 	 	 
	 	LINDBLAD EXPEDITIONS, LLC
	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[SUBSIDIARY GRANTORS]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: 

 

    A-2

     

    

 

The Collateral Trustee acknowledges
receipt of this Supplement to Collateral Trust Agreement and agrees to act as Collateral Trustee with respect to the Collateral pledged
by the Additional Grantor, as of the day and year first above written.

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	 	as Collateral Trustee
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	Acknowledged and agreed:
	 	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	 	as Credit Agreement Administrative Agent
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    A-3

     

    

 

EXHIBIT B

 

TO COLLATERAL TRUST AGREEMENT

 

[FORM OF] COLLATERAL TRUST JOINDER

 

Reference is made to the Collateral
Trust Agreement, dated as of February 4, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the “Collateral
Trust Agreement”), among Lindblad Expeditions, LLC, a Delaware limited liability company (the “Company”),
the entities listed under the heading “GRANTORS” on the signature pages thereto and any Additional Grantor, as defined therein
(such entities and any Additional Grantors, collectively, the “Subsidiary Grantors” and, together with the Company,
collectively, the “Grantors”), Wilmington Trust, National Association, as Trustee, Credit Suisse AG, Cayman
Islands Branch, as Credit Agreement Administrative Agent, Wilmington Trust, National Association, as collateral trustee, and each other
Person party thereto from time to time. Terms defined in the Collateral Trust Agreement and not otherwise defined herein are as defined
in the Collateral Trust Agreement; provided, however, that “Collateral Trustee” shall mean Wilmington Trust, National Association,
as collateral trustee under the Collateral Trust Agreement, as amended and modified by this Collateral Trust Joinder.

 

This Collateral Trust Joinder,
dated as of ____________, 20__ (this “Collateral Trust Joinder”), is being delivered pursuant to Section
2(b) of the Collateral Trust Agreement as a condition precedent to the incurrence of the indebtedness for which the New Representative
(as defined below) is acting as agent being entitled to the benefits of being Additional Parity Lien Obligations under the Collateral
Trust Agreement.

 

1.       Joinder.
The undersigned, _______________, a ________________ (the “New Representative”) as [trustee, administrative
agent] under that certain [describe Additional Parity Lien Facility] (the “Additional Parity Lien Facility”)
hereby agrees to become party as an Additional Authorized Representative and a Secured Party under the Collateral Trust Agreement for
all purposes thereof on the terms set forth therein, and to be bound by the terms, conditions and provisions of the Collateral Trust Agreement
as fully as if the undersigned had executed and delivered the Collateral Trust Agreement as of the date thereof.

 

2.       Lien
Sharing and Priority Confirmation. [The undersigned New Representative, on behalf of itself and each holder of obligations in respect
of the Additional Parity Lien Facility (together with the Additional Authorized Representative, the “New Secured Parties”),
hereby agrees, for the enforceable benefit of all existing and future Additional Authorized Representatives, each existing and future
Credit Agreement Administrative Agent, each existing and future Trustee and each existing and future Secured Party, and as a condition
to being treated as Parity Lien Obligations under the Collateral Trust Agreement that:

 

(a)       all
Parity Lien Obligations will be and are secured equally and ratably by all Transaction Liens granted to the Collateral Trustee, for the
benefit of the Secured Parties, which are at any time granted by any Grantor to secure any Parity Lien Obligations whether or not upon
property otherwise constituting collateral for such Additional Parity Lien Facility, and that all Transaction Liens granted pursuant to
the Security Documents will be enforceable by the Collateral Trustee for the benefit of all holders of Parity Lien Obligations equally
and ratably as contemplated by the Collateral Trust Agreement;

 

    B-1

     

    

 

(b)       the
New Representative and each other New Secured Party is bound by the terms, conditions and provisions of the Collateral Trust Agreement
and the Security Documents, including, without limitation, the provisions relating to the ranking of Transaction Liens and the order of
application of proceeds from the enforcement of Transaction Liens; and

 

(c)       the
New Representative shall perform its obligations under the Collateral Trust Agreement and the Security Documents.][1]

 

3.       Appointment
of Collateral Trustee. The New Representative, on behalf of itself and the New Secured Parties, hereby (a) irrevocably appoints [Wilmington
Trust, National Association][2] as Collateral
Trustee for purposes of the Collateral Trust Agreement as amended by this Collateral Trust Joinder and the Security Documents, (b) irrevocably
authorizes the Collateral Trustee to take such actions on its behalf and to exercise such powers as are delegated to the Collateral Trustee
in the Collateral Trust Agreement and the Security Documents, together with such actions and powers as are reasonably incidental thereto,
and authorizes the Collateral Trustee to execute any Security Documents on behalf of all Secured Parties and to take such other actions
to maintain and preserve the security interests granted pursuant to any Security Documents, and (c) acknowledges that it has received
and reviewed the Collateral Trust Agreement and the Security Documents and agrees to be bound by the terms thereof. The New Representative,
on behalf of the New Secured Parties, and the Collateral Trustee, on behalf of the existing Secured Parties, each hereby acknowledges
and agrees that the Collateral Trustee in its capacity as such shall be agent on behalf of the New Representative and on behalf of all
other Secured Parties.

 

4.       Consent.
The New Representative, on behalf of itself and the New Secured Parties, consents to and directs the Collateral Trustee to perform its
obligations under the Collateral Trust Agreement and the Security Documents.

 

5.       Authority
as Agent. The New Representative represents, warrants and acknowledges that it has the authority to bind each of the New Secured Parties
to the Collateral Trust Agreement and such New Secured Parties are hereby bound by the terms, conditions and provisions of the Collateral
Trust Agreement, including, without limitation, the provisions relating to the ranking of Transaction Liens and the order of application
of proceeds from the enforcement of Transaction Liens.

 

6.       Additional
Authorized Representative. The Additional Authorized Representative in respect of the Additional Parity Lien Facility is [insert name
of New Representative]. The address of the Additional Authorized Representative in respect of the Additional Parity Lien Facility for
purposes of all notices and other communications hereunder and under the Collateral Trust Agreement is ____________, ________, Attention
of ____________ (Facsimile No. ___________, electronic mail address: ___________).

 

 

 

[1]
To be used for an Additional Parity Lien Facility.

[2]
If a successor Collateral Trustee has been appointed, replace with name such successor Collateral Trustee and update signature blocks
accordingly.

 

    B-2

     

    

 

7.       Officer’s
Certificate. Each of the Grantors hereby certifies that the Grantors have previously delivered the Officer’s Certificate contemplated
by Section 2(b)(ii) of the Collateral Trust Agreement and all other information, evidence and documentation required by
Section 2(b) of the Collateral Trust Agreement, in each case in accordance with the terms of the Collateral Trust Agreement.

 

8.       Reaffirmation
of Security Interest. By acknowledging and agreeing to this Collateral Trust Joinder, each of the Grantors hereby (a) confirms and
reaffirms the security interests pledged and granted pursuant to the Security Documents and grants a security interest in all of its right,
title and interest in the Collateral (as defined in the Collateral Agreement) and other Collateral (as defined in the other applicable
Security Documents), whether now owned or hereafter acquired to secure the Parity Lien Obligations, and agrees that such pledges and grants
of security interests shall continue to be in full force and effect, (b) confirms and reaffirms all of its obligations under its guarantees
pursuant to the applicable Note Documents and the Additional Parity Lien Debt Documents and agrees that such guarantees shall continue
to be in full force and effect, and (c) authorizes the filing of any financing statements describing the Collateral (as defined in the
applicable Security Documents) in the same manner as described in the applicable Security Documents or in any other manner reasonably
necessary to ensure the perfection of the security interests in the Collateral (as defined in the applicable Security Documents) granted
to the Collateral Trustee hereunder or under the applicable Security Documents, including without limitation describing or indicting the
collateral in such financing statements as all assets of such Grantor, whether now owned or hereafter acquired or arising or words of
similar meaning.

 

9.       Counterparts.
This Collateral Trust Joinder may be executed in counterparts (and by different parties hereto on different counterparts), each of which
shall constitute an original but all of which when taken together shall constitute a single contract. This Collateral Trust Joinder may
be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original but
all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Collateral Trust Joinder
by facsimile or PDF transmission shall be as effective as delivery of a manually signed counterpart of this Collateral Trust Joinder.
Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. The
words “executed,” “signed,” “signature,” and words of like import in this Collateral Trust Joinder
shall be deemed to include electronic signatures 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 or the use of a paper-based recordkeeping system, as the case may
be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions
Act. For the avoidance of doubt, the foregoing also applies to any amendment, amendment and restatement or modification of this Collateral
Trust Joinder.

 

10.       Governing
Law. This Collateral Trust Joinder shall be construed in accordance with and governed by the laws of the State of New York.

 

11.       Miscellaneous.
The provisions of Sections 8 through 24 of the Collateral Trust Agreement shall apply with like effect to this Collateral Trust Joinder.

 

[Signature Pages Follow]

 

    B-3

     

    

 

IN WITNESS WHEREOF, the New
Representative has caused this Collateral Trust Joinder to be duly executed by its authorized representative, and each Grantor party hereto
have caused the same to be accepted by their respective authorized representatives, as of the day and year first above written.

 

	 	[NEW REPRESENTATIVE]
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	Acknowledged and agreed:
	 	 	 	 
	 	LINDBLAD EXPEDITIONS, LLC
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	[SUBSIDIARY GRANTORS]
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title: 	 

 

    B-4

     

    

 

The Collateral Trustee acknowledges
receipt of this Collateral Trust Joinder and agrees to act as Collateral Trustee with respect to the Additional Parity Lien Facility in
accordance with the terms of the Collateral Trust Agreement and the Security Documents.

 

Dated: ____________, 20__

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	 	as Collateral Trustee
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	Acknowledged and agreed:
	 	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	 	as Credit Agreement Administrative Agent
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title: 	 

 

    B-5

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