Document:

EX-4.7

 Exhibit 4.7 

DELTA APPAREL, INC. and 

                , as Trustee 

SUBORDINATED INDENTURE 

Dated as of 

                    ,
                     
 Providing
for the Issuance of Subordinated Debt Securities 

 CROSS-REFERENCE TABLE* 

 

					
	 Trust Indenture Act Section
	  	Indenture Section	 
	 310(a)(1)
	  	 	6.09	 
	 (a)(2)
	  	 	6.09	 
	 (a)(3)
	  	 	N.A.	 
	 (a)(4)
	  	 	N.A.	 
	 (a)(5)
	  	 	6.08	 
	 (b)
	  	 	6.08	 
	 311(a)
	  	 	6.13	 
	 (b)
	  	 	6.13	 
	 312(a)
	  	 	7.01; 7.02	 
	 (b)
	  	 	7.02	 
	 (c)
	  	 	7.02	 
	 313(a)
	  	 	7.03	 
	 (b)(2)
	  	 	7.03	 
	 (c)
	  	 	7.03	 
	 (d)
	  	 	7.03	 
	 314(a)
	  	 	7.04; 1.02	 
	 (c)(1)
	  	 	1.02	 
	 (c)(2)
	  	 	1.02	 
	 (c)(3)
	  	 	N.A.	 
	 (e)
	  	 	1.02	 
	 (f)
	  	 	N.A.	 
	 315(a)
	  	 	6.01	 
	 (b)
	  	 	6.02; 1.06	 
	 (c)
	  	 	6.01	 
	 (d)
	  	 	6.01	 
	 (e)
	  	 	5.14	 
	 316(a)(last sentence)
	  	 	1.01	 
	 (a)(1)(A)
	  	 	5.12	 
	 (a)(1)(B)
	  	 	5.02; 5.13	 
	 (a)(2)
	  	 	N.A.	 
	 (b)
	  	 	5.08	 
	 (c)
	  	 	3.07; 3.08; 1.04	 
	 317(a)(1)
	  	 	5.03	 
	 (a)(2)
	  	 	5.04	 
	 (b)
	  	 	4.06; 10.03	 
	 318(a)
	  	 	1.07	 
	 (b)
	  	 	N.A.	 
	 (c)
	  	 	1.07	 

 N.A means not applicable. 

	*	 This Cross Reference Table is not part of the Indenture. 

 TABLE OF CONTENTS 

 

					
	 ARTICLE I
	  			
	 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	1	 
		
	 Section 1.01 Definitions.
	  	 	1	 
	 Section 1.02 Officers’ Certificates and Opinions.
	  	 	7	 
	 Section 1.03 Form of Documents Delivered to Trustee.
	  	 	7	 
	 Section 1.04 Acts of Securityholders.
	  	 	8	 
	 Section 1.05 Notices, etc. to Trustee and Company.
	  	 	9	 
	 Section 1.06 Notice to Securityholders; Waiver.
	  	 	9	 
	 Section 1.07 Conflict with Trust Indenture Act.
	  	 	10	 
	 Section 1.08 Effect of Headings and Table of Contents.
	  	 	10	 
	 Section 1.09 Successors and Assigns.
	  	 	10	 
	 Section 1.10 Separability Clause.
	  	 	10	 
	 Section 1.11 Benefits of Indenture.
	  	 	10	 
	 Section 1.12 Governing Law.
	  	 	10	 
	 Section 1.13 Counterparts.
	  	 	10	 
	 Section 1.14 Judgment Currency.
	  	 	10	 
	 Section 1.15 Legal Holidays.
	  	 	11	 
		
	 ARTICLE II
	  			
	 SECURITY FORMS
	  	 	11	 
		
	 Section 2.01 Forms Generally.
	  	 	11	 
	 Section 2.02 Forms of Securities.
	  	 	11	 
	 Section 2.03 Securities in Global Form.
	  	 	12	 
	 Section 2.04 Form of Trustee’s Certificate of Authentication.
	  	 	12	 
		
	 ARTICLE III
	  			
	 THE SECURITIES
	  	 	12	 
		
	 Section 3.01 General Title; General Limitations; Issuable in Series; Terms of Particular
Series.
	  	 	12	 
	 Section 3.02 Denominations and Currency.
	  	 	16	 
	 Section 3.03 Execution, Authentication and Delivery, and Dating.
	  	 	16	 
	 Section 3.04 Temporary Securities.
	  	 	18	 
	 Section 3.05 Registration, Transfer and Exchange.
	  	 	18	 
	 Section 3.06 Mutilated, Destroyed, Lost and Stolen Securities.
	  	 	20	 
	 Section 3.07 Payment of Interest; Interest Rights Preserved.
	  	 	21	 
	 Section 3.08 Persons Deemed Owners.
	  	 	22	 
	 Section 3.09 Cancellation.
	  	 	22	 
	 Section 3.10 Computation of Interest.
	  	 	22	 
		
	 ARTICLE IV
	  			
	 SATISFACTION AND DISCHARGE
	  	 	23	 
		
	 Section 4.01 Satisfaction and Discharge of Indenture.
	  	 	23	 
	 Section 4.02 Discharge and Defeasance.
	  	 	24	 
	 Section 4.03 Covenant Defeasance.
	  	 	24	 
	 Section 4.04 Conditions to Defeasance or Covenant Defeasance.
	  	 	25	 
	 Section 4.05 Application of Trust Money; Excess Funds.
	  	 	26	 

  
 i 

					
	 Section 4.06 Paying Agent to Repay Moneys Held.
	  	 	27	 
	 Section 4.07 Return of Unclaimed Amounts.
	  	 	27	 
		
	 ARTICLE V
	  			
	 REMEDIES
	  	 	27	 
		
	 Section 5.01 Events of Default.
	  	 	27	 
	 Section 5.02 Acceleration of Maturity; Rescission, and Annulment.
	  	 	28	 
	 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Trustee.
	  	 	29	 
	 Section 5.04 Trustee May File Proofs of Claim.
	  	 	30	 
	 Section 5.05 Trustee May Enforce Claims Without Possession of Securities.
	  	 	31	 
	 Section 5.06 Application of Money Collected.
	  	 	31	 
	 Section 5.07 Limitation on Suits.
	  	 	31	 
	 Section 5.08 Unconditional Right of Securityholders to Receive Principal, Premium, and
Interest.
	  	 	32	 
	 Section 5.09 Restoration of Rights and Remedies.
	  	 	32	 
	 Section 5.10 Rights and Remedies Cumulative.
	  	 	32	 
	 Section 5.11 Delay or Omission Not Waiver.
	  	 	32	 
	 Section 5.12 Control by Securityholders.
	  	 	32	 
	 Section 5.13 Waiver of Past Defaults.
	  	 	33	 
	 Section 5.14 Undertaking for Costs.
	  	 	33	 
	 Section 5.15 Waiver of Stay or Extension Laws.
	  	 	33	 
		
	 ARTICLE VI
	  			
	 THE TRUSTEE
	  	 	33	 
		
	 Section 6.01 Certain Duties and Responsibilities of Trustee.
	  	 	33	 
	 Section 6.02 Notice of Defaults.
	  	 	35	 
	 Section 6.03 Certain Rights of Trustee.
	  	 	35	 
	 Section 6.04 Not Responsible for Recitals or Issuance of Securities.
	  	 	36	 
	 Section 6.05 May Hold Securities.
	  	 	36	 
	 Section 6.06 Money Held in Trust.
	  	 	36	 
	 Section 6.07 Compensation and Reimbursement.
	  	 	36	 
	 Section 6.08 Disqualification; Conflicting Interests.
	  	 	37	 
	 Section 6.09 Corporate Trustee Required; Eligibility.
	  	 	37	 
	 Section 6.10 Resignation and Removal; Appointment of Successor.
	  	 	37	 
	 Section 6.11 Acceptance of Appointment by Successor.
	  	 	38	 
	 Section 6.12 Merger, Conversion, Consolidation or Succession to Business.
	  	 	39	 
	 Section 6.13 Preferential Collection of Claims Against Company.
	  	 	40	 
	 Section 6.14 Appointment of Authenticating Agent.
	  	 	40	 
		
	 ARTICLE VII
	  			
	 SECURITYHOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	 	41	 
		
	 Section 7.01 Company to Furnish Trustee Names and Addresses of Securityholders
	  	 	41	 
	 Section 7.02 Preservation of Information; Communications to Securityholders.
	  	 	41	 
	 Section 7.03 Reports by Trustee.
	  	 	42	 
	 Section 7.04 Reports by Company.
	  	 	43	 
		
	 ARTICLE VIII
	  			
	 CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER
	  	 	43	 

  
 ii 

					
	 Section 8.01 Company May Consolidate, etc., Only on Certain Terms.
	  	 	43	 
	 Section 8.02 Successor Corporation Substituted.
	  	 	44	 
		
	 ARTICLE IX
	  			
	 SUPPLEMENTAL INDENTURES
	  	 	44	 
		
	 Section 9.01 Supplemental Indentures Without Consent of Securityholders.
	  	 	44	 
	 Section 9.02 Supplemental Indentures With Consent of Securityholders.
	  	 	45	 
	 Section 9.03 Execution of Supplemental Indentures.
	  	 	46	 
	 Section 9.04 Effect of Supplemental Indentures.
	  	 	46	 
	 Section 9.05 Conformity With Trust Indenture Act.
	  	 	47	 
	 Section 9.06 Reference in Securities to Supplemental Indentures.
	  	 	47	 
		
	 ARTICLE X
	  			
	 COVENANTS
	  	 	47	 
		
	 Section 10.01 Payment of Principal, Premium and Interest.
	  	 	47	 
	 Section 10.02 Maintenance of Office or Agency.
	  	 	47	 
	 Section 10.03 Money or Security Payments to Be Held in Trust.
	  	 	47	 
	 Section 10.04 Certificate to Trustee.
	  	 	48	 
	 Section 10.05 Corporate Existence.
	  	 	48	 
		
	 ARTICLE XI
	  			
	 REDEMPTION OF SECURITIES
	  	 	49	 
		
	 Section 11.01 Applicability of Article.
	  	 	49	 
	 Section 11.02 Election to Redeem; Notice to Trustee.
	  	 	49	 
	 Section 11.03 Selection by Trustee of Securities to be Redeemed.
	  	 	49	 
	 Section 11.04 Notice of Redemption.
	  	 	49	 
	 Section 11.05 Deposit of Redemption Price.
	  	 	50	 
	 Section 11.06 Securities Payable on Redemption Date.
	  	 	50	 
	 Section 11.07 Securities Redeemed in Part.
	  	 	51	 
	 Section 11.08 Provisions with Respect to any Sinking Funds.
	  	 	51	 
		
	 ARTICLE XII
	  			
	 REPAYMENT AT OPTION OF HOLDERS
	  	 	52	 
		
	 Section 12.01 Applicability of Article.
	  	 	52	 
	 Section 12.02 Repayment of Securities.
	  	 	52	 
	 Section 12.03 Exercise of Option.
	  	 	52	 
	 Section 12.04 When Securities Presented for Repayment Become Due and Payable.
	  	 	53	 
	 Section 12.05 Securities Repaid in Part.
	  	 	53	 
		
	 ARTICLE XIII
	  			
	 SUBORDINATION
	  	 	53	 
		
	 Section 13.01 Agreement to Subordinate.
	  	 	53	 
	 Section 13.02 Payments to Securityholders.
	  	 	53	 
	 Section 13.03 Subrogation.
	  	 	55	 
	 Section 13.04 Authorization by Securityholders.
	  	 	56	 
	 Section 13.05 Notice to Trustee.
	  	 	56	 

  
 iii 

					
	 Section 13.06 Trustee’s Relation to Senior Indebtedness.
	  	 	57	 
	 Section 13.07 No Impairment of Subordination.
	  	 	57	 

  
 iv 

 THIS SUBORDINATED INDENTURE, between Delta Apparel, Inc., a Georgia corporation (hereinafter
called the “Company”) having its principal office at 322 South Main Street, Greenville, South Carolina 29601, and
                        ,
a                     , as trustee (hereinafter called the “Trustee”), is made and entered into as of this    
day of                 ,             . 

Recitals of the Company 

The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of its subordinated unsecured
debentures, notes, bonds, and other evidences of indebtedness, to be issued in one or more fully registered series. 
 All things necessary
to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 
 Agreements of the Parties

 To set forth or to provide for the establishment of the terms and conditions upon which the Securities (as hereinafter defined) are
and are to be authenticated, issued, and delivered, and in consideration of the premises thereof, and the purchase of Securities by the Holders (as hereinafter defined) thereof, it is mutually covenanted and agreed as follows, for the equal and
proportionate benefit of all Holders from time to time of the Securities or of any series thereof, as the case may be: 
 ARTICLE I

 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.01 Definitions. 

For all purposes of this Indenture and of any indenture supplemental hereto, except as otherwise expressly provided or unless the context
otherwise requires: 
 (a)    the terms defined in this Article have the meanings assigned to them in this Article, and
include the plural as well as the singular; 
 (b)    all other terms used herein which are defined in the Trust
Indenture Act (as hereinafter defined), either directly or by reference therein, have the meanings assigned to them therein; 

(c)    all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally
accepted accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as
are generally accepted in the United States of America at the date of such computation; 
 (d)    all references in this
instrument to designated “Articles”, “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this instrument as originally executed. 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, or other subdivision; and 

  
 1 

 (e)    the following terms will have the meanings set forth below: 

“Act”, when used with respect to any Securityholder (as hereinafter defined), has the meaning specified in Section 1.04.

 “Affiliate” of any specified Person (as hereinafter defined) means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting securities, by contract, or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Authenticating Agent” means any Person authorized by the Trustee to authenticate Securities of one or more series under
Section 6.14. 
 “Authentication Order” has the meaning specified in Section 3.03. 

“Board of Directors” means (i) the board of directors of the Company, (ii) any duly authorized committee of
that board, or (iii) any officer, director, or authorized representative of the Company, in each case duly authorized by such Board to act hereunder. 

“Board Resolution” means a copy of a resolution certified by the secretary or an assistant secretary of the Company to have
been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day” means (except, with respect to any particular series of Securities, as may be otherwise provided in the form
of such Securities) any day other than a Saturday or Sunday that is neither a legal holiday nor a day on which banking institutions are authorized or required by law, regulation, or executive order to be closed in the applicable Place of Payment (if
there is no applicable Place of Payment, then the City of New York in the State of New York shall be applicable for purposes of this definition). 

“Capital Stock” means, with respect to any Person, any capital stock (including preferred stock), shares, interests,
participations or other ownership interests (however designated) of such Person and any rights (other than debt securities convertible or exchangeable for corporate stock), warrants or options to purchase any thereof. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities
Exchange Act of 1934, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such date. 

“Company” means Delta Apparel, Inc., unless and until a successor corporation shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter “Company” shall mean such successor corporation. 

“Company Request”, “Company Order”, and “Company Consent” mean, respectively, a written
request, order, or consent signed in the name of the Company by the chairman of the Board of Directors, the chief executive officer, the chief financial officer, the treasurer or the controller of the Company, or by any other officer or officers of
the Company pursuant to an applicable Board Resolution, and delivered to the Trustee. 

  
 2 

 “Corporate Trust Office” means the office of the Trustee at which at any
particular time its corporate trust business shall be principally administered, which office at the date hereof is located at
                        . 

“Corporation” means a corporation, association, company, joint-stock company, limited liability company or business trust.

 “Covenant Defeasance” has the meaning specified in Section 4.03. 

“Defaulted Interest” has the meaning specified in Section 3.07. 

“Defeasance” has the meaning specified in Section 4.02. 

“Depositary” means with respect to the Securities of any series issuable or issued in whole or in part in global form, the
Person designated as Depositary by the Company pursuant to Section 3.01, unless and until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Depositary” shall
mean or include each Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Securities of any such series shall mean the
“Depositary” with respect to the Securities of that series. 
 “Equivalent Government Securities” means,
in relation to Securities denominated in a currency other than U.S. dollars, securities of the government that issued the currency in which such Securities are denominated or securities of government agencies backed by the full faith and credit of
such government. 
 “Event of Default” has the meaning specified in Article 5. 

“Holder”, “Securityholder” and “Holder of Securities” means a Person in whose name a
Security is registered in the Security Register (as hereinafter defined). 
 “Guarantee” by any Person means any
obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Indebtedness or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or
otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase
assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered into for the purpose of assuring
in any other manner the obligee of such Indebtedness or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part), provided that the term Guarantee shall not include endorsements for
collection or deposit in the ordinary course of business. The term “Guarantee” when used as a verb has a corresponding meaning. 

“Indebtedness” with respect to any Person means (1) any liability of such Person (a) for borrowed money, or
(b) evidenced by a bond, note, debenture or similar instrument (including purchase money obligations but excluding Trade Payables), or (c) for the payment of money relating to a lease that is required to be classified as a capitalized
lease obligation in accordance with generally accepted accounting principles; (2) mandatorily redeemable preferred or preference stock of a Subsidiary held by Persons other than the Company or a Subsidiary; (3) any liability of others
described in the preceding clause (1) that such Person has Guaranteed, that is recourse to such Person or that is otherwise such Person’s legal liability; and (4) any amendment, supplement, modification, deferral, renewal, extension
or refunding of any liability of the types referred to in clauses (1), (2) and (3) above. 

  
 3 

 “Indenture” or “this 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 and shall include the terms of any particular series of Securities
established as contemplated by Section 3.01. 
 “Interest Payment Date”, when used with respect to any series of
Securities, means any date on which an installment of interest on those Securities is scheduled to be paid. 
 “Maturity”,
when used with respect to any Security, means the date on which the principal amount outstanding under such Security or an installment of principal amount outstanding under such Security becomes due and payable, as therein or herein provided,
whether on the Scheduled Maturity Date (as hereinafter defined), by declaration of acceleration, call for redemption, or otherwise. 

“Officers’ Certificate” means a certificate signed by any two of the chairman of the Board of Directors, the chief
executive officer, the president, any vice president or the treasurer of the Company or by any other officer or officers of the Company pursuant to an applicable Board Resolution, and delivered to the Trustee. 

“Opinion of Counsel” means a written opinion of counsel to the Company, which counsel may be an employee of the Company or
other counsel who shall be reasonably acceptable to the Trustee. 
 “Option to Elect Repayment” has the meaning specified
in Section 12.03. 
 “Original Issue Discount Security” means any Security which is initially sold at a discount from
the principal amount thereof and the terms of which provide that upon redemption or acceleration of the Maturity thereof, an amount less than the principal amount thereof would become due and payable. 

“Outstanding”, when used with respect to any particular Securities or to the Securities of any particular series means, as of
the date of determination, all such Securities theretofore authenticated and delivered under this Indenture, except: 

(i)    such Securities theretofore canceled by the Trustee or delivered by the Company to the Trustee for
cancellation; 
 (ii)    such Securities, or portions thereof, for whose payment or redemption money in
the necessary amount has been theretofore deposited in trust with the Trustee or with any Paying Agent (as hereinafter defined) other than the Company, or, if the Company shall act as its own Paying Agent, has been set aside and segregated in trust
by the Company; provided, in any case, that if such Securities are to be redeemed prior to their Scheduled Maturity Date, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has
been made; and 
 (iii)    such Securities in exchange for or in lieu of which other Securities have been
authenticated and delivered pursuant to this Indenture, or which shall have been paid, in each case, pursuant to the terms of Section 3.06 (except with respect to any such Security as to which proof satisfactory to the Trustee is presented that
such Security is held by a Person in whose hands such Security is a legal, valid, and binding obligation of the Company). 

  
 4 

 In determining whether the Holders of the requisite principal amount of such Securities
Outstanding have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of any Original Issue Discount Security that shall be deemed to be Outstanding shall be the amount of the principal
thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof. In determining whether the Holders of the requisite principal amount of such Securities Outstanding have given a
direction concerning the time, method, and place of conducting any proceeding for any remedy available to the Trustee, or concerning the exercise of any trust or power conferred upon the Trustee under this Indenture, or concerning a consent on
behalf of the Holders of any series of Securities to the waiver of any past default and its consequences, Securities owned by the Company, any other obligor upon the Securities, or any Affiliate of the Company or such other obligor shall be
disregarded and deemed not to be Outstanding. In determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, or waiver, only Securities which a Responsible Officer assigned
to the corporate trust department of the Trustee knows to be owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or such other obligor shall be so disregarded. Securities so owned which have been pledged in
good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to act as owner with respect to such Securities and that the pledgee is not the Company or any other obligor upon the
Securities or any Affiliate of the Company or such other obligor. 
 “Paying Agent” means, with respect to any Securities,
any Person appointed by the Company to distribute amounts payable by the Company on such Securities. If at any time there shall be more than one such Person, “Paying Agent” as used with respect to the Securities of any particular series
shall mean the Paying Agent with respect to Securities of that series. As of the date of this Indenture, the Company has appointed
                         as Paying Agent with respect to all Securities issuable hereunder. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock
company, trust, unincorporated organization, or government, or any agency or political subdivision thereof. 
 “Place of
Payment” means with respect to any series of Securities issued hereunder the city or political subdivision so designated with respect to the series of Securities in question in accordance with the provisions of Section 3.01. 

“Predecessor Securities” of any particular Security means every previous Security evidencing all or a portion of the same
debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in lieu of a lost, destroyed, mutilated, or stolen Security shall be deemed to evidence
the same debt as the lost, destroyed, mutilated, or stolen Security. 
 “Record Date” means any date as of which the Holder
of a Security will be determined for any purpose described herein, such determination to be made as of the close of business on such date by reference to the Security Register. 

“Redemption Date”, when used with respect to any Security to be redeemed, means the date fixed for such redemption by or
pursuant to this Indenture. 
 “Redemption Price”, when used with respect to any Security to be redeemed, means the price
specified in the Security at which it is to be redeemed pursuant to this Indenture. 
 “Repayment Date”, when used with
respect to any Security to be repaid, means the date fixed for such repayment pursuant to such Security. 

  
 5 

 “Repayment Price”, when used with respect to any Security to be repaid,
means the price at which it is to be repaid pursuant to such Security. 
 “Responsible Officer”, when used with respect to
the Trustee, shall mean an officer or assistant officer of the Trustee in the Corporate Trust Office, having direct responsibility for the administration of this Indenture, and also, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 

“Scheduled Maturity Date”, when used with respect to any Security, means the date specified in such Security as the date on
which all outstanding principal and interest will be due and payable. 
 “Security” or “Securities” means
any subordinated note or notes, bond or bonds, debenture or debentures, or any other evidences of indebtedness, as the case may be, of any series authenticated and delivered from time to time under this Indenture. 

“Security Register” shall have the meaning specified in Section 3.05. 

“Security Registrar” means the Person who maintains the Security Register, which Person shall be the Trustee unless and until
a successor Security Registrar is appointed by the Company. 
 “Senior Indebtedness” means all Indebtedness of, or
Guaranteed or assumed by, the Company, whether or not represented by bonds, debentures notes or similar instruments, for borrowed money, and any amendments, renewals, extensions, modifications and refundings of any such Indebtedness, unless in the
instrument creating or evidencing any such Indebtedness or pursuant to which the same is outstanding it is specifically stated, at or prior to the time the Company becomes liable in respect thereof, that any such Indebtedness or such amendment,
renewal, extension, modification and refunding thereof is not Senior Indebtedness. 
 “Significant Subsidiary” means each
Subsidiary which is a “significant subsidiary” as defined in Rule 1-02 (w) of Regulation S-X, as amended or modified and in effect from time to time. 

“Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to
Section 3.07. 
 “Specified Currency” has the meaning specified in Section 3.01. 

“Subsidiary” means any corporation, partnership or other entity of which at the time of determination the Company owns or
controls directly or indirectly more than 50% of the shares of Voting Stock or equivalent interest. 
 “Trade Payables”
means accounts payable or any other Indebtedness or monetary obligations to trade creditors created or assumed in the ordinary course of business in connection with the obtaining of materials, finished products, inventory or services. 

“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as in force as of the date hereof,
except as provided in Section 9.05. 
 “Trustee” means the party named as such above until a successor becomes such
pursuant to this Indenture and thereafter means or includes each party who is then a trustee hereunder, and if at any time there is more than one such party, “Trustee” as used with respect to the Securities of any series means the Trustee
with respect to Securities of that series. If Trustees with respect to different series of Securities 

  
 6 

 
are trustees under this Indenture, nothing herein shall constitute the Trustees co-trustees of the same trust, and each Trustee shall be the trustee of a
trust separate and apart from any trust administered by any other Trustee with respect to a different series of Securities. 
 “U.S.
Government Obligations” means (i) securities that are direct obligations of the United States of America, the payment of which is unconditionally Guaranteed by the full faith and credit of the United States of America and
(ii) securities that are obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is unconditionally Guaranteed by the full faith and credit of the
United States of America, and also includes depository receipts issued by a bank or trust company as custodian with respect to any of the securities described in the preceding clauses (i) and (ii), and any payment of interest or principal
payable under any of the securities described in the preceding clauses (i) and (ii) that is held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized
to make any deduction from the amount payable to the holder of such depository receipt, or from any amount received by the custodian in respect of such securities, or from any specific payment of interest or principal payable under the securities
evidenced by such depository receipt. 
 “Voting Stock”, as applied to the stock of any corporation, means stock of any
class or classes (however designated), the outstanding shares of which have, by the terms thereof, ordinary voting power to elect a majority of the members of the board of directors (or other governing body) of such corporation, other than stock
having such power only by reason of the happening of a contingency. 
 Section 1.02 Officers’ Certificates and
Opinions. 
 Every Officers’ Certificate, Opinion of Counsel, and other certificate or opinion to be delivered to the Trustee under
this Indenture with respect to any action to be taken by the Trustee (except for the Officers’ Certificate required by Section 10.04) shall include the following: 

(a)    a statement that each individual signing such certificate or opinion has read all covenants and conditions of this
Indenture relating to such proposed action, including 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 or she has made such examination or investigation as
is necessary to enable him or her 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 1.03 Form of Documents Delivered to Trustee. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to the other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

  
 7 

 Any certificate or opinion of an officer of the Company may be based, insofar as it relates
to legal matters, upon a certificate or opinion of, or representations by, legal counsel, unless such officer knows that any such certificate, opinion, or representation is erroneous. Any opinion of counsel for the Company may be based, insofar as
it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company, unless such counsel knows that any such certificate, opinion, or representation is erroneous. 

Where any Person is required to make, give, or execute two or more applications, requests, consents, certificates, statements, opinions, or
other instruments under this Indenture, such instruments may, but need not, be consolidated and form a single instrument. 

Section 1.04 Acts of Securityholders. 

(a)    Any request, demand, authorization, direction, notice, consent, waiver, or other action provided by this Indenture
to be given or taken by Securityholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Securityholders in person or by an agent of such Securityholders duly appointed in writing; and, except
as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and (if expressly required by the applicable terms of this Indenture) to the Company. If any Securities are
denominated in coin or currency other than that of the United States, then for the purposes of determining whether the Holders of the requisite principal amount of Securities have taken any action as herein described, the principal amount of such
Securities shall be deemed to be that amount of United States dollars that could be obtained for such principal amount on the basis of the spot rate of exchange into United States dollars for the currency in which such Securities are denominated (as
evidenced to the Trustee by a certificate provided by a financial institution, selected by the Company, that maintains an active trade in the currency in question, acting as conversion agent) as of the date the taking of such action by the Holders
of such requisite principal amount is evidenced to the Trustee as provided in the immediately preceding sentence. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of the Securityholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to
Section 6.01) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. 

(b)    The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit
of a witness to such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him or her the execution
thereof. Where such execution is by an officer of a corporation or a member of a partnership, on behalf of such corporation or partnership, such certificate or affidavit shall also constitute sufficient proof of his or her authority. The fact and
date of the execution of any such instrument or writing, or the authority of the person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

(c)    The ownership of Securities shall for all purposes be determined by reference to the Security Register, as such
register shall exist as of the applicable date. 
 (d)    If the Company shall solicit from the Holders any request,
demand, authorization, direction, notice, consent, waiver or other action, the Company may, at its option, by Board Resolution, fix in advance a Record Date for the determination of Holders entitled to give such request, demand, authorization,
direction, notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such Record Date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be given before or after
such Record Date, but only the Holders of record at 

  
 8 

 
the close of business on such Record Date shall be deemed to be Holders for the purpose of determining whether Holders of the requisite proportion of Securities Outstanding have authorized or
agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Securities Outstanding shall be computed as of such Record Date; provided that no such authorization,
agreement or consent by the Holders on such Record Date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after such Record Date. 

(e)    Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any
Security shall bind each subsequent Holder of such Security, and each Holder of any Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, with respect to anything done or suffered to be done by the
Trustee or the Company in reliance upon such action, whether or not notation of such action is made upon such Security. 
 Section 1.05
Notices, etc. to Trustee and Company. 
 Any request, order, authorization, direction, consent, waiver, or other action to be taken by
the Trustee, the Company, or the Securityholders hereunder (including any Authentication Order), and any notice to be given to the Trustee or the Company with respect to any action taken or to be taken by the Trustee, the Company, or the
Securityholders hereunder, shall be sufficient if made in writing and 
 (a)    (if to be furnished or delivered to or
filed with the Trustee by the Company or any Securityholder) delivered to the Trustee at its Corporate Trust Office, Attention:                 ; or 

(b)    (if to be furnished or delivered to the Company by the Trustee or any Securityholder, and except as otherwise
provided in Section 5.01(d) and, in the case of a request for repayment, except as specified in the Security carrying the right to repayment) mailed to the Company, first-class postage prepaid, at its principal office (as specified in the first
paragraph of this instrument), Attention: Chief Financial Officer, or at any other address hereafter furnished in writing by the Company to the Trustee. 

Section 1.06 Notice to Securityholders; Waiver. 

Where this Indenture or any Security provides for notice to Securityholders of any event, such notice shall be sufficiently given (unless
otherwise expressly provided herein or in such Security) if in writing and mailed, first-class postage prepaid, to each Securityholder affected by such event, at his or her address as it appears in the Security Register as of the applicable Record
Date, not later than the latest date or earlier than the earliest date prescribed by this Indenture or such Security for the giving of such notice. In any case where notice to Securityholders is given by mail, neither the failure to mail such notice
nor any defect in any notice so mailed to any particular Securityholder shall affect the sufficiency of such notice with respect to other Securityholders. Where this Indenture or any Security 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 Securityholders 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. 
 In case, by reason of the suspension of
regular mail service as a result of a strike, work stoppage or otherwise, it shall be impractical to mail notice of any event to any Securityholder when such notice is required to be given pursuant to any provision of this Indenture or the
applicable Security, then any method of notification as shall be satisfactory to the Trustee and the Company shall be deemed to be sufficient for the giving of such notice. 

  
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 Section 1.07 Conflict with Trust Indenture Act. 

If any provision hereof limits, qualifies or conflicts with another provision hereof which is required to be included in this Indenture by any
of the provisions of the TIA, such provision required by the TIA shall control. 
 Section 1.08 Effect of Headings and Table of
Contents. 
 The Article and Section headings herein and the Table of Contents hereof are for convenience only and shall not affect the
construction of any provision of this Indenture. 
 Section 1.09 Successors and Assigns. 

All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 

Section 1.10 Separability Clause. 

In case any provision in this Indenture or in the Securities 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 1.11 Benefits of
Indenture. 
 Nothing in this Indenture or in any Securities, express or implied, shall give to any Person, other than the parties
hereto, their successors hereunder, the Authenticating Agent, the Security Registrar, any Paying Agent, and the Holders of Securities (or such of them as may be affected thereby), any benefit or any legal or equitable right, remedy or claim under
this Indenture. 
 Section 1.12 Governing Law. 

This Indenture shall be governed by and construed in accordance with the laws of the State of
                         . 

Section 1.13 Counterparts. 

This instrument may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all of
which shall together constitute but one and the same instrument. 
 Section 1.14 Judgment Currency. 

The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining
judgment in any court with respect to the Securities of any series it is necessary to convert the sum due in respect of the principal, premium, if any, or interest, if any, payable with respect to such Securities into a currency in which a judgment
can be rendered (the “Judgment Currency”), the rate of exchange from the currency in which payments under such Securities is payable (the “Required Currency”) into the Judgment Currency shall be the highest bid
quotation (assuming European-style quotation - i.e., Required Currency per Judgment Currency) received by the Company 

  
 10 

 
from three recognized foreign exchange dealers in the City of                  for the purchase of the aggregate
amount of the judgment (as denominated in the Judgment Currency) on the Business Day preceding the date on which a final nonappealable judgment is rendered, for settlement on such payment date, and at which the applicable dealer timely commits to
execute a contract, and (b) the Company’s obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or by any recovery pursuant to any judgment (whether or not
entered in accordance with the preceding clause (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt by the judgment creditor of the full amount of the Required
Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt
shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. 

Section 1.15 Legal Holidays. 

In any case where any Interest Payment Date, Redemption Date, Repayment Date or Maturity of any Security shall not be a Business Day at any
Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities) payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding
Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption Date or Repayment Date or at Maturity, provided that no interest shall accrue for the period from and after such Interest
Payment Date, Redemption Date, Repayment Date or Maturity, as the case may be. 
 ARTICLE II 

SECURITY FORMS 

Section 2.01 Forms Generally. 

The Securities of each series shall have such appropriate insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may be required to comply with the rules of any securities exchange, or as may, consistently
herewith, be determined by the officers executing such Securities, as evidenced by their execution of the Securities. Any portion of the text of any Security may be set forth on the reverse thereof, with an appropriate reference thereto on the face
of the Security. 
 The definitive Securities, if any, shall be printed, lithographed or engraved or produced by any combination of these
methods on steel engraved borders or may be produced in any other manner permitted by the rules of any securities exchange, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 

Section 2.02 Forms of Securities. 

Each Security shall be in one of the forms approved from time to time by or pursuant to any Board Resolution, or established in one or more
indentures supplemental hereto. Prior to the delivery to the Trustee for authentication of any Security in any form approved by or pursuant to a Board Resolution, the Company shall deliver to the Trustee a copy of such Board Resolution, together
with a true and correct copy of the form of Security which has been approved thereby, or, if a Board Resolution authorizes a specific officer or officers to approve a form of Security, together with a certificate of such

  
 11 

 
officer or officers approving the form of Security attached thereto, provided, however, that with respect to all Securities issued pursuant to the same Board Resolution, the
required copy of such Board Resolution, together with the appropriate attachment, need be delivered only once. Any form of Security approved by or pursuant to a Board Resolution must be acceptable as to form to the Trustee, such acceptance to be
evidenced by the Trustee’s authentication of Securities in that form or by a certificate signed by a Responsible Officer of the Trustee and delivered to the Company. 

Section 2.03 Securities in Global Form. 

If Securities of a series are issuable in whole or in part in global form, the global security representing such Securities may provide that it
shall represent the aggregate amount of Outstanding Securities from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time be reduced to reflect exchanges or
increased to reflect the issuance of additional Securities. Any endorsement of a Security in global form to reflect the amount (or any increase or decrease in the amount) of Outstanding Securities represented thereby shall be made in such manner and
by such Person or Persons as shall be specified therein or in the Authentication Order delivered to the Trustee pursuant to Section 3.03 hereof. 

Section 2.04 Form of Trustee’s Certificate of Authentication. 

The form of Trustee’s Certificate of Authentication for any Security issued pursuant to this Indenture shall be substantially as follows:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

                         
   , as Trustee 
 By: 
 Authorized Officer: 

ARTICLE III 
 THE
SECURITIES 
 Section 3.01 General Title; General Limitations; Issuable in Series; Terms of Particular Series. 

(a)    The aggregate principal amount of Securities that may be authenticated, delivered, and Outstanding at any time under
this Indenture is not limited. 
 (b)    The Securities may be issued in one or more series in such aggregate principal
amount as may from time to time be authorized by the Board of Directors. All Securities of a series issued under this Indenture shall in all respects be equally and ratably entitled to the benefits hereof, without preference, priority, or
distinction on account of the actual time of the authentication and delivery or Scheduled Maturity Date thereof, but all Securities issued hereunder shall be subordinate and junior in right and payment, to the extent and in the manner set forth in
Article XIII, to all Senior Indebtedness of the Company. 

  
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 (c)    Each series of Securities shall be created either by or pursuant
to one or more Board Resolutions, by an Officers’ Certificate or by one or more indentures supplemental hereto. Any such Board Resolution or supplemental indenture (or, in the case of a series of Securities created pursuant to a Board
Resolution, any officer or officers authorized by such Board Resolution) shall establish the terms of any such series of Securities, including the following (as and to such extent as may be applicable): 

(1)    the title of such series; 

(2)    the limit, if any, upon the aggregate principal amount or issue price of the Securities of such
series; 
 (3)    the issue date or issue dates of the Securities of such series; 

(4)    the Scheduled Maturity Date of the Securities of such series; 

(5)    the place or places where the principal, premium, if any, interest, if any, and additional amounts,
if any, payable with respect to the Securities of such series shall be payable; 
 (6)    whether the
Securities of such series will be issued at par or at a premium over or a discount from their face amount; 

(7)    the rate or rates (which may be fixed or variable) at which the Securities of such series shall bear
interest, if any, and, if applicable, the method by which such rate or rates may be determined; 

(8)    the date or dates (or the method by which such date or dates may be determined) from which interest,
if any, shall accrue, and the Interest Payment Dates on which such interest shall be payable; 

(9)    the rights, if any, to defer payments of interest on the Securities by extending the interest
payment periods and the duration of such extension; 
 (10)    the period or periods within which, the
Redemption Price(s) or Repayment Price(s) at which, and any other terms and conditions upon which the Securities of such series may be redeemed or repaid, in whole or in part, by the Company; 

(11)    the obligation, if any, of the Company to redeem, repay, or purchase any of the Securities of such
series pursuant to any sinking fund, mandatory redemption, purchase obligation, or analogous provision at the option of a Holder thereof, and the period or periods within which, the Redemption Price(s) or Repayment Price(s) or other price or prices
at which, and any other terms and conditions upon which the Securities of such series shall be redeemed, repaid, or purchased, in whole or in part, pursuant to such obligation; 

(12)    the issuance of the Securities of such series in whole or in part in global form and, if so, the
identity of the Depositary for such global security and the terms and conditions, if any, upon which interests in the Securities represented by such global security may be exchanged, in whole or in part, for the individual Securities represented
thereby (if other than as provided in Section 3.05); 

  
 13 

 (13)    the denominations in which the Securities of
such series will be issued (which may be any denomination as set forth in the terms of such Securities) if other than U.S. $1,000 or an integral multiple thereof; 

(14)    whether and under what circumstances additional amounts on the Securities of such series shall be
payable in respect of any taxes, assessments, or other governmental charges withheld or deducted and, if so, whether the Company will have the option to redeem such Securities rather than pay such additional amounts; 

(15)    the basis upon which interest shall be calculated; 

(16)    if the Securities of such series are to be issuable in definitive form (whether upon original issue
or upon exchange of a temporary Security for a definitive Security of such series) only upon receipt of certain certificates or other documents or upon satisfaction of other conditions, then the form and terms of such certificates, documents, and/or
conditions; 
 (17)    the exchange or conversion of the Securities of that series, whether or not at the
option of the Holders thereof, for or into new Securities of a different series or for or into any other securities which may include shares of Capital Stock of the Company or any Subsidiary of the Company or securities directly or indirectly
convertible into or exchangeable for any such shares or securities of entities unaffiliated with the Company or any Subsidiary of the Company; 

(18)    if other than U.S. dollars, the foreign or composite currency or currencies (each such currency a
“Specified Currency”) in which the Securities of such series shall be denominated and in which payments of principal, premium, if any, interest, if any, or additional amounts, if any, payable with respect to such Securities shall or
may be payable; 
 (19)    if the principal, premium, if any, interest, if any, or additional amounts, if
any, payable with respect to the Securities of such series are to be payable in any currency other than that in which the Securities are stated to be payable, whether at the election of the Company or of a Holder thereof, the period or periods
within which, and the terms and conditions upon which, such election may be made; 
 (20)    if the
amount of any payment of principal, premium, if any, interest, if any, or other sum payable with respect to the Securities of such series may be determined by reference to the relative value of one or more Specified Currencies, commodities,
securities, or instruments, the level of one or more financial or non-financial indices, or any other designated factors or formulas, the manner in which such amounts shall be determined; 

(21)    the exchange of Securities of such series, at the option of the Holders thereof, for other
Securities of the same series of the same aggregate principal amount of a different authorized kind or different authorized denomination or denominations, or both; 

(22)    the appointment by the Trustee of an Authenticating Agent in one or more places other than the
Corporate Trust Office of the Trustee, with power to act on behalf of the Trustee, and subject to its direction, in the authentication and delivery of the Securities of such series; 

  
 14 

 (23)    any trustees, depositaries, paying agents,
transfer agents, exchange agents, conversion agents, registrars, or other agents with respect to the Securities of such series if other than the Trustee, Paying Agent and Security Registrar named herein; 

(24)    the portion of the principal amount of Securities of such series, if other than the principal
amount thereof, that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02 or provable in bankruptcy pursuant to Section 5.04; 

(25)    any Event of Default with respect to the Securities of such series, if not set forth herein, or any
modification of any Event of Default set forth herein with respect to such series; 
 (26)    any
covenant solely for the benefit of the Securities of such series; 
 (27)    the inapplicability of
Section 4.02 and Section 4.03 of this Indenture to the Securities of such series and if Section 4.03 is applicable, the covenants subject to Covenant Defeasance under Section 4.03; and 

(28)    any other terms of the securities of such series (which terms shall not be inconsistent with the
provisions of this Indenture, but which may modify or delete any provision of this Indenture insofar as it applies to such series). 
 If
all of the Securities issuable by or pursuant to any Board Resolution are not to be issued at one time, it shall not be necessary to deliver the Officers’ Certificate and Opinion of Counsel required by Section 3.03 hereof at the time of
issuance of each such Security, but such Officers’ Certificate and Opinion of Counsel shall be delivered at or before the time of issuance of the first such Security. 

If any series of Securities shall be established by action taken pursuant to any Board Resolution, the execution by the officer or officers
authorized by such Board Resolution of an Authentication Order (as defined in Section 3.03 below) with respect to the first Security of such series to be issued, and the delivery of such Authentication Order to the Trustee at or before the time
of issuance of the first Security of such series, shall constitute a sufficient record of such action. Except as otherwise permitted by Section 3.03, if all of the Securities of any such series are not to be issued at one time, the Company
shall deliver an Authentication Order with respect to each subsequent issuance of Securities of such series, but such Authentication Orders may be executed by any authorized officer or officers of the Company, whether or not such officer or officers
would have been authorized to establish such series pursuant to the aforementioned Board Resolution. 
 Unless otherwise provided by or
pursuant to the Board Resolution or supplemental indenture creating such series (i) a series may be reopened for issuances of additional Securities of such series, and (ii) all Securities of the same series shall be substantially
identical, except for the initial Interest Payment Date, issue price, initial interest accrual date and the amount of the first interest payment. 

The form of the Securities of each series shall be established in a supplemental indenture or by or pursuant to the Board Resolution creating
such series. The Securities of each series shall be distinguished from the Securities of each other series in such manner as the Board of Directors or its authorized representative or representatives may determine. 

  
 15 

 Unless otherwise provided with respect to Securities of a particular series, the Securities
of any series may only be issuable in registered form, without coupons. 
 Section 3.02 Denominations and Currency. 

The Securities of each series shall be issuable in such denominations and currency as shall be provided in the provisions of this Indenture or
by or pursuant to the Board Resolution or supplemental indenture creating such series. In the absence of any such provisions with respect to the Securities of any series, the Securities of that series shall be issuable only in fully registered form
in denominations of U.S. $1,000 and any integral multiple thereof. 
 Section 3.03 Execution, Authentication and Delivery, and
Dating. 
 The Securities shall be executed on behalf of the Company by the president, the chief executive officer, the chief financial
officer, any vice president, the treasurer or any assistant treasurer and attested by the secretary or any one of its assistant secretaries, under its corporate seal. The signature of any of these officers on the Securities may be manual or
facsimile. The seal of the Company, if set forth thereon, may be in the form of a facsimile thereof and may be impressed, affixed, imprinted, or otherwise reproduced on the Securities. Typographical and other minor errors or defects in any such
reproduction of the seal or any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee. 

Unless otherwise provided in the form of Security for any series, all Securities shall be dated the date of their authentication. 

Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the
Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities to the Trustee for
authentication, together with a Company Order for authentication and delivery (such Order an “Authentication Order”) with respect to such Securities, and the Trustee shall, upon receipt of such Authentication Order, in accordance
with procedures acceptable to the Trustee set forth in the Authentication Order, and subject to the provisions hereof, authenticate and deliver such Securities to such recipients as may be specified from time to time pursuant to such Authentication
Order. The material terms of such Securities shall be determinable by reference to such Authentication Order and procedures. If provided for in such procedures, such Authentication Order may authorize authentication and delivery of such Securities
pursuant to oral instructions from the Company or its duly authorized agent, which instructions shall be promptly confirmed in writing. In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation
to such Securities, the Trustee shall be entitled to receive, and (subject to the provisions of Section 6.01 hereof) shall be fully protected in relying upon: 

(1)    an executed supplemental indenture, if any; 

(2)    an Officers’ Certificate, certifying as to the authorized form or forms and terms of such Securities; and 

  
 16 

 (3)    an Opinion of Counsel, stating that: 

(a)    the form or forms and terms of such Securities have been established by and in conformity with the provisions of
this Indenture; provided that if all such Securities are not to be issued at the same time, such Opinion of Counsel may state that such terms will be established in conformity with the provisions of this Indenture, subject to any conditions
specified in such Opinion of Counsel; and 
 (b)    such Securities, when authenticated and delivered by the Trustee and
issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy,
insolvency, moratorium, reorganization, and other laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general principles of equity; 

provided, however, that if all Securities issuable by or pursuant to a Board Resolution or supplemental indenture are not to be originally
issued at one time, it shall not be necessary to deliver the Officers’ Certificate or Opinion of Counsel otherwise required pursuant to this paragraph at or prior to the time of authentication of each such Security if such documents are
delivered at or prior to the time of authentication upon original issuance of the first such Security to be issued. After the original issuance of the first such Security to be issued, any separate request by the Company that the Trustee
authenticates such Securities for original issuance will be deemed to be a certification by the Company that it is in compliance with all conditions precedent provided for in this Indenture relating to the authentication and delivery of such
Securities. 
 The Trustee shall not be required to authenticate such Securities if the issue thereof will adversely affect the
Trustee’s own rights, duties, or immunities under the Securities and this Indenture. 
 If the Company shall establish pursuant to
Section 3.01 that Securities of a series may be issued in whole or in part in global form, then the Company shall execute, and the Trustee shall (in accordance with this Section 3.03 and the Authentication Order with respect to such
series) authenticate and deliver, one or more Securities in global form that (i) shall represent and shall be denominated in an aggregate amount equal to the aggregate principal amount of the Outstanding Securities of such series to be
represented by such one or more Securities in global form, (ii) shall be registered, in the name of the Depositary for such Security or Securities in global form, or in the name of a nominee of such Depositary, (iii) shall be delivered to
such Depositary or pursuant to such Depositary’s instruction, and (iv) shall bear a legend substantially as follows: “Unless and until it is exchanged in whole or in part for Securities in certificated form, this Security may not be
transferred except as a whole by the Depositary to a nominee of the Depositary, or by a nominee of the Depositary to the Depositary or another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee
of such successor Depositary.” Each Depositary designated pursuant to Section 3.01 for a Security in global form must, at the time of its designation and at all times while it serves as Depositary, be a clearing agency registered under the
Securities Exchange Act of 1934 and any other applicable statute or regulation. 
 No Security shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature of an authorized officer, and such
certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. 

  
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 Section 3.04 Temporary Securities. 

Pending the preparation of definitive Securities of any series, the Company may execute, and, upon receipt of the documents required by
Sections 2.02, 3.01 and 3.03 hereof, together with an Authentication Order, the Trustee shall authenticate and deliver, temporary Securities of such series that are printed, lithographed, typewritten, mimeographed, or otherwise produced, in any
authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued in registered form, without coupons, and with such appropriate insertions, omissions, substitutions, and other variations as the
officers executing such Securities may determine, as evidenced by their execution of such Securities. In the case of Securities of any series for which a temporary Security may be issued in global form, such temporary global security shall represent
all of the Outstanding Securities of such series and tenor. 
 Except in the case of temporary Securities in global form, which shall be
exchanged in accordance with the provisions thereof, if temporary Securities of any series are issued, the Company will cause definitive Securities of such series to be prepared without unreasonable delay. After the preparation of definitive
Securities, the temporary Securities of such series shall be exchangeable, at the Corporate Trust Office of the Trustee, or at such other office or agency as may be maintained by the Company in a Place of Payment pursuant to Section 10.02
hereof, for definitive Securities of such series having identical terms and provisions, upon surrender of the temporary Securities of such series, at the Company’s own expense and without charge to the Holder; and upon surrender for
cancellation of any one or more temporary Securities of any series, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of such series in authorized
denominations containing identical terms and provisions. Unless otherwise specified as contemplated by Section 3.01 with respect to a temporary Security in global form, until so exchanged, the temporary Securities of such series shall in all
respects be entitled to the same benefits under this Indenture as definitive Securities of such series. 
 Section 3.05
Registration, Transfer and Exchange. 
 With respect to the Securities of each series, the Trustee shall keep a register (herein
sometimes referred to as the “Security Register”) which shall provide for the registration of Securities of such series, and for transfers of Securities of such series, in accordance with information to be provided to the Trustee by
the Company, subject to such reasonable regulations as the Trustee may prescribe. Such register shall be in written form or in any other form capable of being converted into written form within a reasonable time. At all reasonable times the
information contained in such register or registers shall be available for inspection at the Corporate Trust Office of the Trustee or at such other office or agency to be maintained by the Company pursuant to Section 10.02 hereof. 

Upon due presentation for registration of transfer of any Security of any series at the Corporate Trust Office of the Trustee or at any other
office or agency maintained by the Company with respect to that series pursuant to Section 10.02 hereof, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or
more new Securities of such series of any authorized denominations, of like aggregate principal amount, tenor, terms and Scheduled Maturity Date. 

Any other provision of this Section 3.05 notwithstanding, unless and until it is exchanged in whole or in part for the individual
Securities represented thereby, in definitive form, a Security in global form representing all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a nominee of such Depositary, or
by a nominee of such Depositary to such Depositary or another nominee of such Depositary, or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary. 

  
 18 

 At the option of the Holder, Securities of any series may be exchanged for other Securities
of such series of any authorized denominations, of like aggregate principal amount, tenor, terms and Scheduled Maturity Date, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Securityholder making the exchange is entitled to receive. 

If at any time the Depositary for the Securities of a series represented by one or more Securities in global form notifies the Company that it
is unwilling or unable to continue as Depositary for the Securities of such series, or if at any time the Depositary for the Securities of such series shall no longer be eligible under Section 3.03 hereof, the Company, by Company Order, shall
appoint a successor Depositary with respect to the Securities of such series. If a successor Depositary for the Securities of such series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such
ineligibility, the Company’s election pursuant to Section 3.01 that such Securities be represented by one or more Securities in global form shall no longer be effective with respect to the Securities of such series and the Company will
execute, and the Trustee, upon receipt of an Authentication Order for the authentication and delivery of definitive Securities of such series, will authenticate and deliver Securities of such series in definitive form, in authorized denominations,
in an aggregate principal amount, and of like terms and tenor, equal to the principal amount of the Security or Securities in global form representing such series, in exchange for such Security or Securities in global form. 

The Company may at any time and in its sole discretion and subject to the procedures of the Depositary determine that individual Securities of
any series issued in global form shall no longer be represented by such Security or Securities in global form. In such event the Company will execute, and the Trustee, upon receipt of an Authentication Order for the authentication and delivery of
definitive Securities of such series and of the same terms and tenor, will authenticate and deliver Securities of such series in definitive form, in authorized denominations, and in aggregate principal amount equal to the principal amount of the
Security or Securities in global form representing such series in exchange for such Security or Securities in global form. 
 If specified
by the Company pursuant to Section 3.01 with respect to a series of Securities issued in global form, the Depositary for such series of Securities may surrender a Security in global form for such series of Securities in exchange in whole or in
part for Securities of such series in definitive form and of like terms and tenor on such terms as are acceptable to the Company and such Depositary. Thereupon, the Company shall execute, and the Trustee upon receipt of an Authentication Order for
the authentication and delivery of definitive Securities of such series, shall authenticate and deliver, without service charge: 

(a)    to each Person specified by such Depositary, a new definitive Security or Securities of the same series and of the
same tenor and terms, in authorized denominations, in aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Security in global form; and 

(b)    to such Depositary, a new Security in global form in a denomination equal to the difference, if any, between the
principal amount of the surrendered Security in global form and the aggregate principal amount of the definitive Securities delivered to Holders pursuant to clause (a) above. 

Upon the exchange of a Security in global form for Securities in definitive form, such Security in global form shall be canceled by the
Trustee or an agent of the Company or the Trustee. Securities issued in definitive form in exchange for a Security in global form pursuant to this Section 3.05 shall be registered in such names and in such authorized denominations as the
Depositary for such Security in global form, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the 

  
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Trustee or an agent of the Company or the Trustee in writing. The Trustee or such agent shall deliver such Securities to or as directed by the Persons in whose names such Securities are so
registered or to the Depositary. 
 Whenever any securities are so surrendered for exchange, the Company shall execute, and the Trustee
shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 
 All Securities issued upon
any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange.

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

 Unless otherwise provided in the Security to be transferred or exchanged, no service charge shall be imposed for any registration of
transfer or exchange of Securities, but the Company may (unless otherwise provided in such Security) require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of
Securities, other than exchanges pursuant to Section 3.04, 3.06, 9.06 and 11.07 hereof not involving any transfer. 
 The Company shall
not be required to (i) issue, register the transfer of, or exchange any Security of any series during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Securities of such series
selected for redemption under Section 11.03 and ending at the close of business on the date of such mailing, or (ii) register the transfer of or exchange any Security so selected for redemption in whole or in part, except in the case of
any Security to be redeemed in part, the portion thereof not to be redeemed. 
 Section 3.06 Mutilated, Destroyed, Lost and Stolen
Securities. 
 If (i) any mutilated Security is surrendered to the Trustee, or the Company and the Trustee receive evidence to their
satisfaction of the destruction, loss or theft of any Security, and (ii) there is delivered to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to
the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company may in its discretion execute and upon request of the Company the Trustee shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Security, a new Security of like tenor, terms, series, Scheduled Maturity Date, and principal amount, bearing a number not contemporaneously outstanding. 

In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion
may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any new Security under this Section, the Company may
require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Security issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other
Securities of the same series duly issued hereunder. 

  
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 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

Section 3.07 Payment of Interest; Interest Rights Preserved. 

Interest on any Security which is payable and is punctually paid or duly provided for on any Interest Payment Date shall, if so provided in
such Security, be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the applicable Record Date, notwithstanding any transfer or exchange of such Security subsequent to
such Record Date and prior to such Interest Payment Date (unless such Interest Payment Date is also the date of Maturity of such Security). 

Any interest on any Security which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called
“Defaulted Interest”) shall forthwith cease to be payable to the registered Holder on the applicable Record Date by virtue of having been such Holder; and, except as hereinafter provided, such Defaulted Interest may be paid by the
Company, at its election in each case, as provided in clause (a) or clause (b) below: 
 (a)    The Company
may elect to make payment of any Defaulted Interest to the Persons in whose names any such Securities (or their respective Predecessor Securities) 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 Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the
Company shall deposit with the Trustee 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 in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted
Interest which shall be not more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company
of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to the Holder of
each such Security at his or her address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been
mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable
pursuant to the following clause (b). 
 (b)    The Company may make payment of any Defaulted Interest in any other
lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed
payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 

  
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 Interest on Securities of any series that bear interest may be paid by mailing a check to
the address of the Person entitled thereto at such address as shall appear in the Securities Register for such series or by such other means as may be specified in the form of such Security. 

Subject to the foregoing provisions of this Section 3.07 and the provisions of Section 3.05 hereof, each Security delivered under
this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

Section 3.08 Persons Deemed Owners. 

Prior to due presentment of a Security for registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may
treat the Person in whose name any Security is registered on the applicable Record Date(s) as the owner of such Security for the purpose of receiving payment of principal, premium, if any, interest, if any (subject to Sections 3.05 and 3.07 hereof),
and any additional amounts payable with respect to such Security, and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee, nor any agent of the Company or the Trustee shall be affected by
notice to the contrary. 
 None of the Company, the Trustee, any Authenticating Agent, any Paying Agent, the Security Registrar, or any co-Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Security in global form or for
maintaining, supervising or reviewing any records relating to such beneficial ownership interests and each of them may act or refrain from acting without liability on any information relating to such records provided by the Depositary. 

Section 3.09 Cancellation. 

All Securities surrendered for payment, redemption, registration of transfer, exchange, or credit against a sinking or analogous fund shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee and, if not already canceled, shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated
and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly canceled by the Trustee. Acquisition of such Securities by the Company shall not operate as a redemption or
satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation. No Security shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this
Section, except as expressly permitted by this Indenture. The Trustee shall dispose of all canceled Securities in accordance with its customary procedures and deliver a certificate of such disposition to the Company. 

Section 3.10 Computation of Interest. 

Unless otherwise provided as contemplated in Section 3.01, interest on the Securities shall be calculated on the basis of a 360-day year of twelve 30-day months. 

  
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 ARTICLE IV 

SATISFACTION AND DISCHARGE 

Section 4.01 Satisfaction and Discharge of Indenture. 

This Indenture shall cease to be of further effect with respect to any series of Securities (except as to any surviving rights of conversion or
transfer or exchange of Securities of such series expressly provided for herein or in the form of Security for such series and obligations described as surviving below), and the Trustee, on demand of and at the expense of the Company, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture as to such series, when 
 (a)    either

 (i)    all Securities of that series theretofore authenticated and delivered (other than
(A) Securities of such series which have been destroyed, lost, or stolen and which have been replaced or paid as provided in Section 3.06, and (B) Securities of such series for whose payment money has theretofore been deposited in
trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 4.07) have been delivered to the Trustee canceled or for cancellation; or 

(ii)    all such Securities of that series not theretofore delivered to the Trustee canceled or for
cancellation 
 (A)    have become due and payable, or 

(B)    will, in accordance with their Scheduled Maturity Date, 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 Company, and, in any of the cases described in subparagraphs (A), (B), or (C) above, the Company has irrevocably deposited or caused to be deposited
with the Trustee, as trust funds in trust for the purpose, (x) an amount in money sufficient, (y) U.S. Government Obligations or Equivalent Government Securities which through the payment of interest and principal in respect thereof in
accordance with their terms will provide, not later than one day before the due date of any payment, money sufficient, or (z) a combination of (x) and (y) sufficient, in the opinion with respect to (y) and (z) of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge the entire indebtedness on such Securities with respect to principal, premium, if any, and interest, if
any, to the date of such deposit (in the case of Securities which have become due and payable), or to the Scheduled Maturity Date or Redemption Date, as the case may be; provided, however, that if such U.S. Government Obligations or
Equivalent Government Securities are callable or redeemable at the option of the issuer thereof, the amount of such money, U.S. Government Obligations, and Equivalent Government Securities deposited with the Trustee must be sufficient to pay and
discharge the entire indebtedness referred to above if such issuer elects to exercise such call or redemption provisions at any time prior to the Scheduled Maturity Date or Redemption Date, as the case may be, and the Company, but not the Trustee,
shall be responsible for monitoring any such call or redemption provision; and 

  
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 (b)    the Company has paid or caused to be paid all other sums payable
hereunder by the Company with respect to the Securities of such series; and 
 (c)    the Company has delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to the Securities of such series have been
complied with. 
 Notwithstanding the satisfaction and discharge of this Indenture with respect to any series of Securities, the obligations
of the Company under paragraph (a) of this Section 4.01 and its obligations to the Trustee with respect to that series under Section 6.07 shall survive, and the obligations of the Trustee under Sections 4.05, 4.07 and 10.03 shall
survive. 
 Section 4.02 Discharge and Defeasance. 

The provisions of this Section and Section 4.04 (insofar as relating to this Section) shall apply to the Securities of each series unless
specifically otherwise provided in a Board Resolution or indenture supplemental hereto provided pursuant to Section 3.01. In addition to discharge of this Indenture pursuant to Section 4.01, in the case of any series of Securities with
respect to which the exact amount described in subparagraph (a) of Section 4.04 can be determined at the time of making the deposit referred to in such subparagraph (a), the Company shall be deemed to have paid and discharged the
entire indebtedness on all the Securities of such a series as provided in this Section on and after the date the conditions set forth in Section 4.04 are satisfied, and the provisions of this Indenture with respect to the Securities of such
series shall no longer be in effect (except as to (i) rights of registration of transfer and exchange of Securities of such series, (ii) substitution of mutilated, destroyed, lost or stolen Securities of such series, (iii) rights of
Holders of Securities of such series to receive, solely from the trust fund described in subparagraph (a) of Section 4.04, payments of principal thereof, premium, if any, and interest, if any, thereon upon the original stated due dates or
upon the Redemption Dates therefor (but not upon acceleration), and remaining rights of the Holders of Securities of such series to receive mandatory sinking fund payments, if any, (iv) the rights, obligations, duties and immunities of the
Trustee hereunder, (v) this Section 4.02, Section 4.07, Section 10.02 and Section 10.03 and (vi) the rights of the Holders of Securities of such series as beneficiaries hereof with respect to the property so deposited
with the Trustee payable to all or any of them) (hereinafter called “Defeasance”), and the Trustee at the cost and expense of the Company, shall execute proper instruments acknowledging the same. 

Section 4.03 Covenant Defeasance. 

The provisions of this Section and Section 4.04 (insofar as relating to this Section) shall apply to the Securities of each series unless
specifically otherwise provided in a Board Resolution or indenture supplemental hereto provided pursuant to Section 3.01. In the case of any series of Securities with respect to which the exact amount described in subparagraph (a) of
Section 4.04 can be determined at the time of making the deposit referred to in such subparagraph (a), (i) the Company shall be released from its obligations under any covenants specified in or pursuant to Section 3.01 as being
subject to Covenant Defeasance with respect to such series (except as to (a) rights of registration of transfer and exchange of Securities of such series and rights under Section 4.07, Section 10.02 and Section 10.03,
(b) substitution of mutilated, destroyed, lost or stolen Securities of such series, (c) rights of Holders of Securities of such series to receive, from the Company pursuant to Section 10.01, payments of principal thereof and interest,
if any, thereon upon the original stated due dates or upon the Redemption Dates therefor (but not upon acceleration), and remaining rights of the Holders of Securities of such series to receive mandatory

  
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sinking fund payments, if any, (d) the rights, obligations, duties and immunities of the Trustee hereunder and (e) the rights of the Holders of Securities of such series as
beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them), and (ii) the occurrence of any event specified in Section 5.01(d) (with respect to any of the covenants specified in or
pursuant to Section 3.01 as being subject to Covenant Defeasance with respect to such series) shall be deemed not to be or result in a default or an Event of Default, in each case with respect to the Outstanding Securities of such series as
provided in this Section on and after the date the conditions set forth in Section 4.04 are satisfied (hereinafter called “Covenant Defeasance”), and the Trustee at the cost and expense of the Company, shall execute proper
instruments acknowledging the same. For this purpose, such Covenant Defeasance means that the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant (to the extent
so specified in the case of Section 5.01(d)), 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, but the remainder of this Indenture and the Securities of such series shall be unaffected thereby. 
 Section 4.04
Conditions to Defeasance or Covenant Defeasance. 
 The following shall be the conditions to application of either Section 4.02
or Section 4.03 to the Outstanding Securities: 
 (a)    with reference to Section 4.02 or Section 4.03,
the Company has irrevocably deposited or caused to be irrevocably deposited with the Trustee as funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of Securities of such series (i) money in
an amount, or (ii) U.S. Government Obligations or Equivalent Government Securities which through the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one day before the due date of
any payment, money in an amount, or (iii) a combination of (i) and (ii), sufficient, in the opinion (with respect to (ii) and (iii)) of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge each installment of principal (including mandatory sinking fund payments) of, premium, if any, and interest on, the Outstanding Securities of such series on the dates such
installments of interest, premium or principal are due, including upon redemption; provided, however, that if such U.S. Government Obligations and Equivalent Government Securities are callable or redeemable at the option of the issuer
thereof, the amount of such money, U.S. Government Obligations, and/or Equivalent Government Securities deposited with the Trustee must be sufficient to pay and discharge the entire indebtedness referred to above if the issuer of any such U.S.
Government Obligations or Equivalent Government Securities elects to exercise such call or redemption provisions at any time prior to the Scheduled Maturity Date or Redemption Date of such Securities, as the case may be. The Company, but not the
Trustee, shall be responsible for monitoring any such call or redemption provision. 
 (b)    in the case of Defeasance
under Section 4.02, the Company has delivered to the Trustee an Opinion of Counsel based on the fact that (x) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (y) since the date
hereof, there has been a change in the applicable United States federal income tax law, in either case to the effect that, and such opinion shall confirm that, the Holders of the Securities of such series will not recognize income, gain or loss for
federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit, Defeasance and
discharge had not occurred; 

  
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 (c)    in the case of Covenant Defeasance under Section 4.03, the
Company has delivered to the Trustee an Opinion of Counsel to the effect that, and such opinion shall confirm that, the Holders of the Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of
such deposit and Covenant Defeasance and will be subject to federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit and Covenant Defeasance had not occurred; 

(d)    no Event of Default or event which, with notice or lapse of time or both, would become an Event of Default with
respect to the Securities of such series shall have occurred and be continuing on the date of such deposit, after giving effect to such deposit or, in the case of a Defeasance under Section 4.02, no Event of Default specified in
Section 5.01(e) or Section 5.01(f) shall have occurred, at any time during the period ending on the 91st day after the date of such deposit or, if longer, ending on the day following the expiration of the longest preference period
applicable to the Company in respect of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period); 

(e)    such Defeasance or Covenant Defeasance will not cause the Trustee to have a conflicting interest within the meaning
of the TIA assuming all Securities of a series were in default within the meaning of the TIA; 
 (f)    such Defeasance
or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any agreement or instrument to which the Company is a party or by which it is bound; 

(g)    such Defeasance or Covenant Defeasance will not result in the trust arising from such deposit constituting an
investment company within the meaning of the Investment Company Act of 1940, as amended, unless the trust is registered under such Act or exempt from registration; 

(h)    if the Securities of such series are to be redeemed prior to their Stated Maturity Date (other than from mandatory
sinking fund payments or analogous payments), notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee shall have been made; and 

(i)    the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that all conditions precedent provided for herein relating to such Defeasance or Covenant Defeasance, as the case may be, have been complied with. 

Section 4.05 Application of Trust Money; Excess Funds. 

All money and U.S. Government Obligations or Equivalent Government Securities (including the proceeds thereof) deposited with the Trustee
pursuant to Section 4.01 or Section 4.04 hereof shall be held in trust and applied by it, in accordance with the provisions of this Indenture and of the series of Securities in respect of which it was deposited, to the payment, either
directly or through any Paying Agent (including the Company acting as its own Paying Agent), as the Trustee may determine, to the Persons entitled thereto, of the principal, premium, if any, and interest, if any, for whose payment such money has
been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 
 The Company
will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations or Equivalent Government Securities deposited pursuant to Section 4.01 or Section 4.04 hereof or
the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the Outstanding Securities. 

  
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 Anything in this Article 4 to the contrary notwithstanding, the Trustee shall deliver or pay
to the Company from time to time upon Company Request any money or U.S. Governmental Obligations or Equivalent Government Securities held by it as provided in Section 4.01 or Section 4.04 which, in the opinion of a nationally recognized
investment bank, appraisal firm or firm of independent public accountants, expressed in a written certification thereof delivered to the Trustee, (which may be the opinion delivered under Section 4.01 or Section 4.04, as applicable), are
in excess of the amount thereof that would then be required to be deposited to effect an equivalent satisfaction and discharge, Covenant Defeasance or Defeasance of the applicable series. 

Section 4.06 Paying Agent to Repay Moneys Held. 

Upon the satisfaction and discharge of this Indenture, all moneys then held by any Paying Agent of the Securities (other than the Trustee)
shall, upon demand of the Company, be repaid to it or paid to the Trustee, and thereupon such Paying Agent shall be released from all further liability with respect to such moneys. 

Section 4.07 Return of Unclaimed Amounts. 

Any amounts deposited with or paid to the Trustee or any Paying Agent or then held by the Company, in trust for payment of the principal of,
premium, if any, or interest, if any, on the Securities and not applied but remaining unclaimed by the Holders of such Securities for two years after the date upon which the principal of, premium, if any, or interest, if any, on such Securities, as
the case may be, shall have become due and payable, shall be repaid to the Company by the Trustee on Company Request or (if then held by the Company) shall be discharged from such trust; and the Holder of any of such Securities shall thereafter look
only to the Company for any payment which such Holder may be entitled to collect (until such time as such unclaimed amounts shall escheat, if at all, to the State of
                    ) and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company
as trustee thereof, shall thereupon cease. Notwithstanding the foregoing, the Trustee or Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once a week for two successive weeks (in
each case on any day of the week) in a newspaper printed in the English language and customarily published at least once a day at least five days in each calendar week and of general circulation in the City of
                     and State of
                    , a notice that said amounts have not been so applied and that after a date named therein any unclaimed balance of said amounts
then remaining will be promptly returned to the Company. 
 ARTICLE V 

REMEDIES 

Section 5.01 Events of Default. 

“Event of Default”, wherever used herein, means with respect to any series of Securities any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body), unless such event is either inapplicable to a particular series or it is specifically deleted or modified in the manner contemplated by Section 3.01: 

(a)    default in the payment of any interest on any Security of such series when it becomes due and payable, and
continuance of such default for a period of 30 days; or 

  
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 (b)    default in the payment of the principal amount of (or premium, if
any, on) any Security of such series as and when the same shall become due, either at Maturity, upon redemption, by declaration, or otherwise; or 

(c)    default in the payment of any sinking or purchase fund or analogous obligation when the same becomes due by the
terms of the Securities of such series and continuance of such default for a period of 30 days; or 
 (d)    default in
the performance or breach of any covenant or warranty of the Company in this Indenture in respect of the Securities of such series (other than a covenant or warranty in respect of the Securities of such series a default in the performance of which
or the breach of which is elsewhere in this Section specifically dealt with), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the
Company and the Trustee by the Holders of at least 25% in the principal amount of the Outstanding Securities of such series, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a
“Notice of Default” hereunder; or 
 (e)    the entry of an order for relief against the Company under the
Federal Bankruptcy Act by a court having jurisdiction in the premises or a decree or order by a court having jurisdiction in the premises adjudging the Company a bankrupt or insolvent under any other applicable Federal or State law, or the entry of
a decree or order approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under the Federal Bankruptcy Code or any other applicable Federal or State law, or appointing a
receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company 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
unstayed and in effect for a period of 90 consecutive days; or 
 (f)    the consent by the Company to the institution
of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under the Federal Bankruptcy Code or any other applicable Federal or State law, or the consent by it to the
filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit
of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such action; or 

(g)    any other Event of Default provided for with respect to the Securities of such series in accordance with
Section 3.01. 
 A default under any indebtedness of the Company other than the Securities will not constitute an Event of Default
under this Indenture, and a default under one series of Securities will not constitute a default under any other series of Securities. The Trustee shall not be charged with knowledge of an Event of Default unless a Responsible Officer at the
Corporate Trust Office has actual knowledge thereof. 
 Section 5.02 Acceleration of Maturity; Rescission, and Annulment. 

If any Event of Default described in Section 5.01 above (other than Event of Default described in Section 5.01(e) and
Section 5.01(f)) shall have occurred and be continuing with respect to any series, then and in each and every such case, unless the principal of all the Securities of such series shall have already become due and payable, either the Trustee or
the Holders of not less than 51% in aggregate principal amount of the Securities of such series then Outstanding hereunder, by notice in writing to the Company 

  
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(and to the Trustee if given by Holders), may declare the principal amount (or, if the Securities of such series are Original Issue Discount Securities, such portion of the principal amount as
may be specified in the terms of that series) of all the Securities of such series and any and all accrued interest thereon to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and
payable, any provision of this Indenture or the Securities of such series to the contrary notwithstanding. If an Event of Default specified in Section 5.01(e) or Section 5.01(f) occurs, the principal amount of the Securities of such series
and any and all accrued interest thereon shall immediately become and be due and payable without any declaration or other act on the part of the Trustee or any Holder. No declaration of acceleration by the Trustee with respect to any series of
Securities shall constitute a declaration of acceleration by the Trustee with respect to any other series of Securities, and no declaration of acceleration by the Holders of at least 51% in aggregate principal amount of the Outstanding Securities of
any series shall constitute a declaration of acceleration or other action by any of the Holders of any other series of Securities, in each case whether or not the Event of Default on which such declaration is based shall have occurred and be
continuing with respect to more than one series of Securities, and whether or not any Holders of the Securities of any such affected series shall also be Holders of Securities of any other such affected series. 

At any time after such a declaration of acceleration has been made with respect to the Securities of any series and before a judgment or
decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of not less than a majority of the aggregate principal amount of the Outstanding Securities of such series, by written notice
to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default with respect to such series of Securities, other than the nonpayment of the principal of the Securities of such series which have
become due solely by such acceleration, have been cured or waived as provided in Section 5.13, if such cure or waiver does not conflict with any judgment or decree set forth in Section 5.01(e) and Section 5.01(f) and if all sums paid
or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel have been paid. 

No such rescission shall affect any subsequent default or impair any right consequent thereon. 

Section 5.03 Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Company covenants that if: 

(a)    default is made in the payment of any installment of interest on any Security of any series when such interest
becomes due and payable, or 
 (b)    default is made in the payment of the principal of (or premium, if any, on) any
Security at the Maturity thereof, or 
 (c)    default is made in the payment of any sinking or purchase fund or
analogous obligation when the same becomes due by the terms of the Securities of any series, and 
 (d)    any such
default continues for any period of grace provided in relation to such default pursuant to Section 5.01, then, with respect to the Securities of such series, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holder
of any such Security (or the Holders of any such series in the case of clause (c) above), the whole amount then due and payable on any such Security (or on the Securities of any such series in the case of clause (c) above) for principal
(and premium, if any) and interest, if any, with interest (to the extent that payment of such interest shall be legally enforceable) upon the overdue principal (and premium, if any) and upon overdue installments of

  
 29 

 
interest, if any, at such rate or rates as may be prescribed therefor by the terms of any such Security (or of Securities of any such series in the case of clause (c) above); and, in
addition thereto, 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 and all other amounts due
the Trustee under Section 6.07. 
 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name
and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other
obligor upon the Securities of such series and collect the money adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 

If an Event of Default with respect to any series of Securities occurs and is continuing, the Trustee may in its discretion proceed to protect
and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effective 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. 

Section 5.04 Trustee May File Proofs of Claim. 

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition, or
other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be
due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention
in such proceedings or otherwise, 
 (a)    to file and prove a claim for the whole amount of principal (or, with
respect to Original Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities), premium, if any, and interest, if any, owing and unpaid in respect of the Securities, and to file such other papers
or documents as may be necessary and advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents and counsel, and all other amounts due
the Trustee under Section 6.07) and of the Securityholders allowed in such judicial proceedings, and 
 (b)    to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is
hereby authorized by each Securityholder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Securityholders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee and its agent and counsel, and any other amounts due the Trustee under Section 6.07 hereof. 

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

  
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 Section 5.05 Trustee May Enforce Claims Without Possession of Securities. 

All rights of action and claims under this Indenture or the Securities of any series may be prosecuted and enforced by the Trustee without the
possession of any of the Securities of such series or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name 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 and its agents and counsel, be for the ratable benefit of the Holders of the Securities, of the series in respect of
which such judgment has been recovered. 
 Section 5.06 Application of Money Collected. 

Any money collected by the Trustee with respect to a series of Securities pursuant to this Article shall be applied in the following order, at
the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal, premium, if any, or interest, if any, upon presentation of the Securities of such series and the notation thereon of the payment, if only
partially paid, and upon surrender thereof, if fully paid: 
 First: To the payment of all amounts due the Trustee under
Section 6.07 hereof. 
 Second: To the payment of the amounts then due and unpaid upon the Securities of that series for
principal, premium, if any, interest, if any, and additional amounts, if any, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind. 

Section 5.07 Limitation on Suits. 

No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 
 (a)    such
Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to Securities of such series; 

(b)    the Holders of not less than 51% in principal amount of the Outstanding Securities of such series shall have made
written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(c)    such Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities
to be incurred in compliance with such request; 
 (d)    the Trustee for 60 days after its receipt of such notice,
request, and offer of indemnity has failed to institute any such proceeding; and 
 (e)    no direction inconsistent
with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of such series; it being understood and intended
that no one or more Holders of Securities of such series shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Securities of
such series, or to obtain or to seek to obtain priority or preference over any other such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and proportionate benefit of all the Holders of
all Securities of such series. 

  
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 Section 5.08 Unconditional Right of Securityholders to Receive Principal, Premium,
and Interest. 
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is
absolute and unconditional, to receive payment of the principal, premium, if any, and (subject to Section 3.07) interest, if any, (and additional amounts, if any) on such Security on or after the respective payment dates expressed in such
Security (or, in the case of redemption or repayment, on the Redemption Date or Repayment Date, as the case may be) and to institute suit for the enforcement of any such payment on or after such respective date, and such right shall not be impaired
or affected without the consent of such Holder. 
 Section 5.09 Restoration of Rights and Remedies. 

If the Trustee or any Securityholder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has
been discontinued or abandoned for any reason, then and in every such case the Company, the Trustee and the Securityholders shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions
hereunder, and thereafter all rights and remedies of the Trustee and the Securityholders shall continue as though no such proceeding had been instituted. 

Section 5.10 Rights and Remedies Cumulative. 

No right or remedy herein conferred upon or reserved to the Trustee or to the Securityholders is intended to be exclusive of any other right or
remedy, and every right or 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 or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 5.11 Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Security 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 or by law to the Trustee or to the Securityholders may be exercised from time to time, and
as often as may be deemed expedient, by the Trustee or by the Securityholders, as the case may be. 
 Section 5.12 Control by
Securityholders. 
 The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to
direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Securities of such series, provided that 

(a)    the Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by counsel,
determines that the action so directed may not lawfully be taken or would conflict with this Indenture or if the Trustee in good faith shall, by a Responsible Officer, determine that the proceedings so directed would involve it in personal liability
or be unjustly prejudicial to the Holders not taking part in such direction, and 
 (b)    the Trustee may take any
other action deemed proper by the Trustee which is not inconsistent with such direction. 

  
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 Section 5.13 Waiver of Past Defaults. 

The Holders of not less than a majority in principal amount of the Outstanding Securities of any series may, on behalf of the Holders of all
the Securities of such series, waive any past default hereunder with respect to such series and its consequences, except a default not theretofore cured: 

(a)    in the payment of principal of, premium, if any, on or interest, if any, on any Security of such series, or in the
payment of any sinking or purchase fund or analogous obligation with respect to the Securities of such series, or 

(b)    in respect of a covenant or provision in this Indenture which, under Article Nine hereof, cannot be modified or
amended without the consent of the Holder of each Outstanding Security of such series. 
 Upon any such waiver, such default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

Section 5.14 Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Security by such Holder’s acceptance thereof shall be deemed to have agreed,
that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that 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 such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder or group of Securityholders holding in the aggregate
more than 10% in principal amount of the Outstanding Securities of any series to which the suit relates, or to any suit instituted by any Securityholder for the enforcement of the payment of principal of, premium, if any, on or interest, if any, on
any Security on or after the respective payment dates expressed in such Security (or, in the case of redemption or repayment, on or after the Redemption Date or Repayment Date). 

Section 5.15 Waiver of Stay or Extension Laws. 

The Company covenants (to the extent that it may lawfully do so) that it will 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 (other than any bankruptcy law) wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the
Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and
permit the execution of every such power as though no such law had been enacted. 
 ARTICLE VI 

THE TRUSTEE 

Section 6.01 Certain Duties and Responsibilities of Trustee. 

(a)    Except during the continuance of an Event of Default with respect to any series of Securities, 

  
 33 

 (i)    the Trustee undertakes to perform such duties and
only such duties as are specifically set forth in this Indenture with respect to the Securities of such series, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii)    in the absence of bad faith on its part, the Trustee may, with respect to Securities of such
series, conclusively rely upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be
furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of calculations or other
facts stated therein). 
 (b)    If an Event of Default with respect to any series of Securities actually known to a
Responsible Officer of the Trustee has occurred and is continuing, the Trustee shall exercise, with respect to the Securities of such series, such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in
their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 

(c)    No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent
action, its own negligent failure to act, or its own willful misconduct, except that 
 (i)    this
Subsection shall not be construed to limit the effect of Subsection (a) of this Section; 

(ii)    the Trustee shall not be liable for any error of judgment made in good faith by a Responsible
Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(iii)    the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in
good faith in accordance with the direction of the Holders of not less than a majority in principal amount of the Outstanding Securities of any series relating to the time, method, and place of conducting any proceeding for any remedy available to
the Trustee with respect to the Securities of such series, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and 

(iv)    no provision of this Indenture shall require the 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, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it. 
 (d)    Whether or not therein expressly so provided, every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 

  
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 Section 6.02 Notice of Defaults. 

Within 90 days after receipt of notice of the occurrence of any default hereunder with respect to Securities of any series, the Trustee shall
transmit by mail to all Securityholders of such series, as their names and addresses appear in the Security Register, notice of such default hereunder known to the Trustee, unless such default shall have been cured or waived; provided,
however, that, except in the case of a default in the payment of the principal of, premium, if any, on or interest, if any, on any Security of such series or in the payment of any sinking or purchase fund installment or analogous obligation
with respect to Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in
good faith determine that the withholding of such notice is in the interests of the Securityholders of such series and; provided, further, that, in the case of any default of the character specified in Section 5.01(d) with respect
to Securities of such series, no such notice to Securityholders of such series shall be given until at least 60 days after the occurrence thereof. For the purpose of this Section, the term “default”, with respect to Securities of any
series, means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series. 

Section 6.03 Certain Rights of Trustee. 

Except as otherwise provided in Section 6.01 above: 

(a)    the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(b)    any request, direction or order of the Company mentioned herein shall be sufficiently evidenced by a Company
Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

(c)    whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate or Opinion of
Counsel or both, and shall not be liable for any action it takes or omits to take in good faith reliance on such certificate or opinion; 

(d)    the Trustee may consult with counsel of its selection and the advice or opinion of such counsel as to matters of
law shall 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; 

(e)    the Trustee shall 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 Securityholders pursuant to this Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities
which might be incurred by it in compliance with such request or direction; 
 (f)    the Trustee shall not be bound to
make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Company, personally or by agent or attorney; and 

  
 35 

 (g)    the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. 

Section 6.04 Not Responsible for Recitals or Issuance of Securities. 

The recitals contained herein and in the Securities, except the certificates of authentication, shall be taken as the statements of the
Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. The Trustee shall not be accountable for the use or application
by the Company of Securities or the proceeds thereof. 
 Section 6.05 May Hold Securities. 

The Trustee or any Paying Agent, Security Registrar, or other agent of the Company, in its individual or any other capacity, may become the
owner or pledgee of Securities and, subject to Sections 6.08 and 6.13 hereof, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent, Security Registrar, or such other agent. 

Section 6.06 Money Held in Trust. 

Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be
under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company. 
 Section 6.07
Compensation and Reimbursement. 
 The Company covenants and agrees 

(a)    to pay the Trustee from time to time, and the Trustee shall be entitled to, reasonable compensation for all
services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(b)    except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the reasonable expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its negligence or bad faith; and 
 (c)    to indemnify the
Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of this trust, including the reasonable costs
and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. 

  
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 Without prejudice to any other rights available to the Trustee under applicable law, when
the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 5.01(e) and Section 5.01(f) above, such expenses (including the reasonable charges and expenses of its counsel) and compensation
for such services are intended to constitute expenses of administration under any applicable Federal or State bankruptcy, insolvency, reorganization, or other similar law. 

The Trustee shall have a lien prior to the Securities upon all property and funds held or collected by it as such for any amount owing to it
or any predecessor Trustee pursuant to this Section 6.07, except with respect to funds held in trust for the benefit of the Holders of particular Securities. 

The provisions of this Section shall survive the satisfaction and discharge of this Indenture. 

Section 6.08 Disqualification; Conflicting Interests. 

If the Trustee has or shall acquire any conflicting interest within the meaning of the Trust Indenture Act, it shall either eliminate such
interest or resign as Trustee with respect to one or more series of Securities, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by the Trust Indenture
Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one series. 

Section 6.09 Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee hereunder with respect to each series of Securities that shall be a corporation organized and doing
business under the laws of the United States of America or of any State or Territory thereof or of the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least
$50,000,000, and subject to supervision or examination by Federal or State authority and having its principal office and place of business in the
                    , if there be such a corporation having its principal office and place of business in said
                     and willing to act as Trustee on customary and usual terms. If such corporation publishes reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. If at any time the Trustee with respect to any series of Securities shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the
manner and with the effect hereinafter specified in this Article. 
 Section 6.10 Resignation and Removal; Appointment of
Successor. 
 (a)    No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to
this Article shall become effective until the acceptance of appointment by the successor Trustee under Section 6.11. 

(b)    The Trustee may resign with respect to any one or more series of Securities at any time by giving at least 60
days’ written notice thereof to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition
any court of competent jurisdiction for the appointment of a successor Trustee. 
 (c)    The Trustee may be removed
with respect to any series of Securities at any time by Act of the Holders of 66 2/3% in principal amount of the Outstanding Securities of that series, delivered to the Trustee and to the Company. 

  
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 (d)    If at any time: 

(i)    the Trustee shall fail to comply with Section 6.08 above with respect to any series of
Securities after written request therefor by the Company or by any Securityholder who has been a bona fide Holder of a Security of that series for at least six months, or 

(ii)    the Trustee shall cease to be eligible under Section 6.09 above with respect to any series of
Securities and shall fail to resign after written request therefor by the Company or by any such Securityholder, or 

(iii)    the Trustee shall become incapable of acting with respect to any series of Securities, or 

(iv)    the Trustee shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its
property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case (A) the Company may remove the
Trustee, with respect to the series or, in the case of clause (iv), with respect to all series, or (B) subject to Section 5.14, any Securityholder who has been a bona fide Holder of a Security of such series for at least 6 months may,
on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to the series or, in the case of clause (iv),
with respect to all series. 
 (e)    If the Trustee shall resign, be removed or become incapable of acting with respect
to any series of Securities, or if a vacancy shall occur in the office of Trustee with respect to any series of Securities for any cause, the Company shall promptly appoint a successor Trustee for that series of Securities. If, within one year after
such resignation, removal or incapacity, or the occurrence of such vacancy, a successor Trustee with respect to such series of Securities shall be appointed by Act of the Holders of 66 2/3% in principal amount of the Outstanding Securities of such
series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee with respect to such series and supersede the successor Trustee
appointed by the Company with respect to such series. If no successor Trustee with respect to such series shall have been so appointed by the Company or the Securityholders of such series and accepted appointment in the manner hereinafter provided,
any Securityholder who has been a bona fide Holder of a Security of that series for at least six months may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a
successor Trustee with respect to such series. 
 (f)    The Company shall give notice of each resignation and each
removal of the Trustee with respect to any series and each appointment of a successor Trustee with respect to any series by mailing written notice of such event by first-class mail, postage prepaid, to the Holders of Securities of that series as
their names and addresses appear in the Security Register. Each notice shall include the name of the successor Trustee and the address of its principal Corporate Trust Office. 

Section 6.11 Acceptance of Appointment by Successor. 

Every successor Trustee appointed hereunder with respect to all series of Securities shall execute, acknowledge and deliver to the Company and
to the predecessor Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the predecessor Trustee shall become effective, 

  
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and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the predecessor Trustee with respect to any such
series; but, on request of the Company or the successor Trustee, such predecessor Trustee shall, upon payment of its reasonable charges, if any, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and
trusts of the predecessor Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such predecessor Trustee hereunder. 

In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company,
the predecessor Trustee and each successor Trustee with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which (1) shall contain such provisions as shall be deemed necessary or
desirable to transfer and to conform to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the predecessor Trustee with respect to the Securities of any series as to which the appointment of such successor Trustee
relates and (2) if the predecessor Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor
Trustee with respect to the Securities of any series as to which the predecessor Trustee is not being succeeded shall continue to be vested in the predecessor Trustee, and (3) shall add to or change any of the provisions of this Indenture as
shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the
execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; and, on request of the Company or any successor Trustee,
such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates. 
 Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and
certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. 

No successor Trustee with respect to any series of Securities shall accept its appointment unless at the time of such acceptance such
successor Trustee shall be qualified and eligible with respect to that series under this Article. 
 Notwithstanding replacement of the
Trustee pursuant to this Section, the Company’s obligations under Section 6.07 hereof shall continue for the benefit of the retiring Trustee. 

Section 6.12 Merger, Conversion, Consolidation or Succession to Business. 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided
that such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but
not delivered, by the Trustee then in office, any successor Trustee by merger, 

  
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conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities. 
 Section 6.13 Preferential Collection of Claims Against Company. 

If and when the Trustee shall be or shall become a creditor, of the Company (or of any other obligor upon the Securities), the Trustee shall be
subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or against any such other obligor, as the case may be). 

Section 6.14 Appointment of Authenticating Agent. 

At any time when any of the Securities remain Outstanding the Trustee, with the approval of the Company, may appoint an Authenticating Agent or
Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, registration of transfer or partial redemption thereof or pursuant to
Section 3.06, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to
the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a
certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the
United States of America, any State thereof or the District of Columbia, authorized under such laws to act as an Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by
Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital
and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with
the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 

Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 

An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and, if other than the Company, to the Company.
The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and, if other than the Company, to the Company. Upon receiving such a notice of resignation or upon such a
termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee, with the approval of the Company, may appoint a successor Authenticating Agent which shall be
acceptable to the Company and shall mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Securities of the series with respect to which such Authenticating Agent will serve, as their names and addresses
appear in the Security Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with 

  
 40 

 
all the rights, powers and duties of its predecessor hereunder, with like effect as originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless
eligible under the provisions of this Section. 
 The Company agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section. 
 If an appointment with respect to one or more series is made pursuant to this Section,
the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form: 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

                    , as Trustee 

 

			
		
	By:	 	  

		 	As Authenticating Agent:

  

			
		
	By:	 	  

		 	As Authenticating Officer:

 ARTICLE VII 

SECURITYHOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 

Section 7.01 Company to Furnish Trustee Names and Addresses of Securityholders.    The Company will furnish or
cause to be furnished to the Trustee: 
 (a)    semiannually, not more than 15 days after January 1 and July 1
in each year, in such form as the Trustee may reasonably require, a list of the names and addresses of the Holders of Securities of each series as of such date, and 

(b)    at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any
such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, provided that if the Trustee shall be the Security Registrar for such series, such list shall not be required to be
furnished. 
 Section 7.02 Preservation of Information; Communications to Securityholders. 

(a)    The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders of
Securities contained in the most recent list furnished to the Trustee as provided in Section 7.01 and the names and addresses of Holders of Securities received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any
list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished. 
 (b)    If three or
more Holders of Securities of any series (hereinafter referred to as “applicants”) apply in writing to the Trustee, and furnish to the Trustee reasonable proof that each such applicant has owned a Security of such series for a
period of at least six months preceding the date of such application, and such application states that the applicants desire to communicate with other Holders of Securities of such series or with the Holders of all Securities with respect to their
rights under this 

  
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Indenture or under such Securities and is accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit, then the Trustee shall, within five Business
Days after the receipt of such application, at its election, either: 
 (i)    afford such applicants
access to the information preserved at the time by the Trustee in accordance with Section 7.02(a), or 

(ii)    inform such applicants as to the approximate number of Holders of Securities of such series or all
Securities, as the case may be, whose names and addresses appear in the information preserved at the time by the Trustee in accordance with Section 7.02(a), and as to the approximate cost of mailing to such Securityholders the form of proxy or
other communication, if any, specified in such application. 
 If the Trustee shall elect not to afford such applicants access to such
information, the Trustee shall, upon the written request of such applicants, mail to each Holder of a Security of such series or to all Securityholders, as the case may be, whose names and addresses appear in the information preserved at the time by
the Trustee in accordance with Section 7.02(a), a copy of the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or
provision for the payment, of the reasonable expenses of mailing, unless within five days after such tender, the Trustee shall mail to such applicants and file with the Commission, together with a copy of the material to be mailed, a written
statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to the best interests of the Holders of Securities of such series or all Securityholders, as the case may be, or would be in violation of applicable law.
Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or
if, after the entry of an order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have been met and shall enter an order so declaring, the Trustee
shall mail copies of such material to all Securityholders of such series or all Securityholders, as the case may be, with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of
any obligation or duty to such applicants respecting their application. 
 (c)    Every Holder of Securities, by
receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Securities
in accordance with Section 7.02 (b), regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 7.02(b).

 Section 7.03 Reports by Trustee. 

(a)    The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as
may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the Trustee shall, within 60 days after each June 1 following the date
of this Indenture, deliver to each Holder, as provided in Trust Indenture Act Section 313(c), a brief report dated as of such June 1, which complies with the provisions of such Section 313 (a). 

  
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 (b)    A copy of each such report shall, at the time of such
transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission and with the Company as required by Trust Indenture Act Section 313(d). The Company will promptly notify the
Trustee when any Securities are listed on any stock exchange. 
 Section 7.04 Reports by Company. 

The Company will: 

(a)    file with the Trustee, within 30 days after the Company is required to file the same with the Commission, copies of
the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934; or, if the Company is not required to file information, documents or reports pursuant to either of said Sections, then it will file with the Trustee
and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the
Securities Exchange Act of 1934 in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; 

(b)    file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by
the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 

(c)    transmit by mail to all Securityholders, as their names and addresses appear in the Security Register, within 30
days after the filing thereof with the Trustee, such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs (a) and (b) of this Section as may be required by rules and regulations
prescribed from time to time by the Commission. 
 ARTICLE VIII 

CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER 

Section 8.01 Company May Consolidate, etc., Only on Certain Terms. 

The Company shall not consolidate with or merge into any other corporation or convey or transfer all or substantially all of its properties and
assets and the properties and assets of the Subsidiaries, taken as a whole, to any Person, unless: 
 (a)    either the
Company shall be the continuing corporation, or the corporation formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer all or substantially all of the properties and assets of the
Company and the Subsidiaries, taken as a whole, shall be a corporation organized and existing under the laws of the United States of America or any State or the District of Columbia, and shall expressly assume, by an indenture supplemental hereto,
executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, premium, if any, on and interest, if any, on all the Securities and the performance of every covenant of this Indenture on
the part of the Company to be performed or observed; 

  
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 (b)    immediately after giving effect to such transaction, no Event of
Default, or event which, after notice or lapse of time, or both, would become an Event of Default, shall have happened and be continuing; and 

(c)    the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that
any such consolidation, merger, conveyance or transfer and any assumption permitted or required by this Article complies with the provisions of this Article. 

Section 8.02 Successor Corporation Substituted. 

Upon any consolidation or merger, or any conveyance or transfer of all or substantially all of the properties and assets of the Company in
accordance with Section 8.01, the successor corporation formed by such consolidation or into which the Company is merged or the Person to which such conveyance or transfer is made shall succeed to, and be substituted for, and may exercise every
right and power of, the Company under this Indenture with the same effect as if such successor corporation had been named as the Company herein and the Company shall thereupon be released from all obligations hereunder and under the Securities. Such
successor corporation thereupon may cause to be signed and may issue any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such successor
corporation, instead of the Company, and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities which previously shall have been signed and delivered by the
officers of the Company to the Trustee for authentication, and any Securities which such successor corporation thereafter shall cause to be signed and delivered to the Trustee for that purpose. All of the Securities so issued shall in all respects
have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities had been issued at the date of the execution hereof. 

In case of any such consolidation, merger, sale or conveyance such changes in phraseology and form (but not in substance) may be made in the
Securities thereafter to be issued as may be appropriate. 
 ARTICLE IX 

SUPPLEMENTAL INDENTURES 

Section 9.01 Supplemental Indentures Without Consent of Securityholders. 

Without the consent of the Holders of any Securities, the Company and the Trustee, at any time and from time to time, may enter into one or
more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of execution thereof), in form satisfactory to the Trustee, for any of the following purposes: 

(a)    to evidence the succession of another corporation to the Company, or successive successions, and the assumption by
any such successor of the covenants, agreements and obligations of the Company pursuant to Article 8 hereof; or 

(b)    to add to the covenants of the Company such further covenants, restrictions or conditions for the protection of the
Holders of the Securities of any or all series as the Company and the Trustee shall consider to be for the protection of the Holders of the Securities of any or all series or to surrender any right or power herein conferred upon the Company (and if
such covenants or the surrender of such right or power are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included or such surrenders are expressly being made solely for the benefit of
one or more specified series); or 

  
 44 

 (c)    to cure any ambiguity, to correct or supplement any provision
herein which may be inconsistent with any other provision herein or in any supplemental indenture, or to make any other provisions with respect to matters or questions arising under this Indenture that do not adversely affect the interests of the
Holders of Securities of any series in any material respect; or 
 (d)    to add to this Indenture such provisions as
may be expressly permitted by the Trust Indenture Act, excluding, however, the provisions referred to in Section 316(a)(2) of the Trust Indenture Act as in effect at the date as of which this instrument is executed or any corresponding
provision in any similar federal statute hereafter enacted; or 
 (e)    to secure any series of Securities; or 

(f)    to establish any form of Security, as provided in Article 2 hereof, and to provide for the issuance of any series
of Securities, as provided in Article 3 hereof, and to set forth the terms thereof, and/or to add to the rights of the Holders of the Securities of any series; or 

(g)    to evidence and provide for the acceptance of appointment by another corporation as a successor Trustee hereunder
with respect to one or more series of Securities and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to
Section 6.11 hereof; or 
 (h)    to add any additional Events of Default in respect of the Securities of any or
all series (and if such additional Events of Default are to be in respect of less than all series of Securities, stating that such Events of Default are expressly being included solely for the benefit of one or more specified series); or 

(i)    to comply with the requirements of the Commission in connection with the qualification of this Indenture under the
Trust Indenture Act; or 
 (j)    to make any change in any series of Securities that does not adversely affect in any
material respect the interests of the Holders of such Securities. 
 Section 9.02 Supplemental Indentures With Consent of
Securityholders. 
 With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each
series affected by such supplemental indenture or indentures, by Act of said Holders delivered to the Company and the Trustee, the Company and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental
hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Securities of each
such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby: 

(a)    change the Scheduled Maturity Date or the stated payment date of any payment of premium or interest payable on any
Security, or reduce the principal amount thereof, or any amount of interest or premium payable thereon, or 

(b)    change the method of computing the amount of principal of any Security or any interest payable thereon on any date,
or change any Place of Payment where, or the coin or currency in which, any Security or any payment of premium or interest thereon is payable, or 

  
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 (c)    impair the right to institute suit for the enforcement of any
payment described in clauses (a) or (b) on or after the same shall become due and payable, whether at Maturity or, in the case of redemption or repayment, on or after the Redemption Date or the Repayment Date, as the case may be; or 

(d)    change or waive the redemption or repayment provisions of any series; 

(e)    reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders
is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences, provided for in this Indenture;
or 
 (f)    modify any of the provisions of this Section or Section 5.13, except to increase any such percentage
or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; provided, however, that this clause shall not be deemed to require the
consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section, or the deletion of this proviso, in accordance with the requirements of Sections 6.11 and 9.01(g); or 

(g)    adversely affect the ranking or priority of any series; or 

(h)    waive any Event of Default pursuant to Section 5.01(a), Section 5.01(b) or Section 5.01(c) hereof
with respect to such Security. 
 A supplemental indenture that changes or eliminates any covenant or other provision of this Indenture that
has expressly been included solely for the benefit of one or more particular series of Securities, or that modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to
affect the rights under this Indenture of the Holders of Securities of any other series. 
 It shall not be necessary for any Act of
Securityholders under this Section 9.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

Section 9.03 Execution of Supplemental Indentures. 

Upon request of the Company and upon filing with the Trustee of evidence of an Act of Securityholders as aforementioned, the Trustee shall join
with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, powers, trusts, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its
discretion, but shall not be obligated to, enter into such supplemental indenture. In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created
by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by
this Indenture. 
 Section 9.04 Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture under this Article, this Indenture shall be and be deemed to be modified and amended in
accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and the respective rights, limitation of rights, duties, powers, trusts and immunities under this Indenture of the Trustee, the Company, and
every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be determined, exercised and enforced thereunder to the extent provided therein. 

  
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 Section 9.05 Conformity With Trust Indenture Act. 

Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.

 Section 9.06 Reference in Securities to Supplemental Indentures. 

Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall
if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities so modified as to conform, in the opinion of the Trustee and
the Company, to any modification of this Indenture contained in any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities. 

ARTICLE X 
 COVENANTS

 Section 10.01 Payment of Principal, Premium and Interest. 

With respect to each series of Securities, the Company will duly and punctually pay or cause to be paid the principal of, premium, if any, on
and interest, if any, on such Securities in accordance with their terms and this Indenture, and will duly comply with all the other terms, agreements and conditions contained in the Indenture for the benefit of the Securities of such series. 

Section 10.02 Maintenance of Office or Agency. 

So long as any of the Securities remain outstanding, the Company will maintain an office or agency in each Place of Payment where Securities
may be presented or surrendered for payment, where Securities may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The
Company will give prompt written notice to the Trustee of the location, and of any change in the location, of such office or agency. If at any time the Company shall fail to maintain such office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee its agent to receive all such presentations, surrenders, notices
and demands. 
 Section 10.03 Money or Security Payments to Be Held in Trust. 

If the Company shall at any time act as its own Paying Agent for any series of Securities, it will, on or before each due date of the principal
of, premium, if any, on or interest, if any, on any of the Securities of such series, segregate and hold in trust for the benefit of the Holders of the Securities of such series a sum sufficient to pay such principal, premium, or interest so
becoming due until such sums shall be paid to such Holders of such Securities or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure so to act. 

  
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 Whenever the Company shall have one or more Paying Agents for any series of Securities, it
will, on or prior to each due date of the principal of, premium, if any, on or interest, if any, on any Securities of such series, deposit with a Paying Agent a sum sufficient to pay such principal, premium, or interest so becoming due, such sum to
be held in trust for the benefit of the Holders of the Securities entitled to the same and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 

The Company will cause each Paying Agent other than the Trustee for any series of Securities to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 

(a)    hold all sums held by it for the payment of principal of, premium, if any, on or interest, if any, on Securities of
such series in trust for the benefit of the Holders of the Securities entitled thereto until such sums shall be paid to such Holders of such Securities or otherwise disposed of as herein provided; 

(b)    give the Trustee notice of any default by the Company (or any other obligor upon the Securities of such series) in
the making of any such payment of principal of, premium, if any, on or interest, if any, on the Securities of such series; and 

(c)    at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to
the Trustee all sums so held in trust by such Paying Agent. 
 The Company may, at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture with respect to any series of Securities or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent in respect of each
and every series of Securities as to which it seeks to discharge this Indenture or, if for any other purpose, all sums so held in trust by the Company in respect of all Securities, such sums to be held by the Trustee upon the same trusts as those
upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Section 10.04 Certificate to Trustee. 

The Company will deliver to the Trustee within 120 days after the end of each fiscal year, an Officers’ Certificate, one of whose
signatories shall be the Company’s principal executive, accounting or financial officer, stating that in the course of the performance by the signers of their duties as officers of the Company they would normally have knowledge of any default
by the Company in the performance of any of its covenants, conditions or agreements contained herein (without regard to any period of grace or requirement of notice provided hereunder), stating whether or not they have knowledge of any such default
and, if so, specifying each such default of which the signers have knowledge and the nature thereof. 
 Section 10.05 Corporate
Existence. 
 Subject to Article 8, the Company will do or cause to be done all things necessary to preserve and keep in full force and
effect its corporate existence. 

  
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 ARTICLE XI 

REDEMPTION OF SECURITIES 

Section 11.01 Applicability of Article. 

The Company may reserve the right to redeem and pay before the Scheduled Maturity Date all or any part of the Securities of any series, either
by optional redemption, sinking or purchase fund or analogous obligation or otherwise, by provision therefor in the form of Security for such series established and approved pursuant to Section 2.02 and 2.03 or as otherwise provided in
Section 3.01, and on such terms as are specified in such form or in the indenture supplemental hereto with respect to Securities of such series as provided in Section 3.01. Redemption of Securities of any series shall be made in accordance
with the terms of such Securities and, to the extent that this Article does not conflict with such terms, the succeeding Sections of this Article. 

Section 11.02 Election to Redeem; Notice to Trustee. 

In case of any redemption at the election of the Company, the Company shall, at least 60 days prior to the Redemption Date fixed by the
Company (unless a shorter notice shall be satisfactory to the Trustee) notify the Trustee in writing of such Redemption Date and of the principal amount of Securities of such series to be redeemed. In the case of any redemption of Securities
(a) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, or (b) pursuant to an election of the Company which is subject to a condition specified in the terms
of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction or condition. 

Section 11.03 Selection by Trustee of Securities to be Redeemed. 

If fewer than all the Securities of any series are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60
days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate, which may include provision for the selection for
redemption of portions of the principal of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series. Unless otherwise provided in the terms of a particular series of Securities, the
portions of the principal of Securities so selected for partial redemption shall be equal to the minimum authorized denomination of the Securities of such series, or an integral multiple thereof, and the principal amount which remains outstanding
shall not be less than the minimum authorized denomination for Securities of such series. 
 The Trustee shall promptly notify the Company
in writing of the Securities selected for redemption and, in the case of any Security selected for partial redemption, the principal amount thereof to be redeemed. 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall
relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal of such Security which has been or is to be redeemed. 

Section 11.04 Notice of Redemption. 

Notice of redemption shall be given by first-class mail, postage prepaid, mailed not fewer than 30 nor more than 60 days prior to the
Redemption Date, to each Holder of Securities to be redeemed, at such Holder’s address appearing in the Security Register on the applicable Record Date. 

  
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 All notices of redemption shall state: 

(1)    the Redemption Date; 

(2)    the Redemption Price, or if not then ascertainable, the manner of calculation thereof; 

(3)    if fewer than all Outstanding Securities of any series are to be redeemed, the identification (and,
in the case of partial redemption, the respective principal amounts) of the Securities to be redeemed, from the Holder to whom the notice is given and that on and after the date fixed for redemption, upon surrender of such Security, a new Security
or Securities of the same series in the aggregate principal amount equal to the unredeemed portion thereof will be issued in accordance with Section 11.07; 

(4)    that on the Redemption Date the Redemption Price will become due and payable upon each such
Security, and that interest, if any, thereon shall cease to accrue from and after said date; 

(5)    the place where such Securities are to be surrendered for payment of the Redemption Price, which
shall be the office or agency maintained by the Company in the Place of Payment pursuant to Section 10.02 hereof; and 

(6)    that the redemption is on account of a sinking or purchase fund, or other analogous obligation, if
that be the case. 
 Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at
the Company’s request, made at least five Business Days prior to the date on which notice is to be given, by the Trustee in the name and at the expense of the Company. 

Section 11.05 Deposit of Redemption Price. 

On or prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money, in immediately available funds, sufficient to pay the Redemption Price of all the Securities which are to be redeemed on that date. 

Section 11.06 Securities Payable on Redemption Date. 

Notice of Redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at
the Redemption Price therein specified and from and after such date (unless the Company shall default in the payment of the Redemption Price) such Securities shall cease to bear interest. Upon surrender of such Securities for redemption in
accordance with the notice, such Securities shall be paid by the Company at the Redemption Price. Any installment of interest due and payable on or prior to the Redemption Date shall be payable to the Holders of such Securities registered as such on
the relevant Record Date according to the terms and the provisions of Section 3.07 above; unless, with respect to an Interest Payment Date that falls on a Redemption Date, such Securities provide that interest due on such date is to be paid to
the Person to whom principal is payable. 
 If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal shall, until paid, bear interest from the Redemption Date at the rate borne by the Security, or as otherwise provided in such Security. 

  
 50 

 Section 11.07 Securities Redeemed in Part. 

Any Security that is to be redeemed only in part shall be surrendered at the office or agency maintained by the Company in the Place of Payment
pursuant to Section 10.02 hereof with respect to that series (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the
Holder thereof or his or her attorney duly authorized in writing) and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge and at the expense of the Company, a new Security or
Securities of the same series, tenor, terms and Scheduled Maturity Date, of any authorized denomination as requested by such Holders in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security
so surrendered. 
 Section 11.08 Provisions with Respect to any Sinking Funds. 

Unless the form or terms of any series of Securities shall provide otherwise, in lieu of making all or any part of any mandatory sinking fund
payment with respect to such series of Securities in cash, the Company may at its option (a) deliver to the Trustee for cancellation any Securities of such series theretofore acquired by the Company, or (b) receive credit for any
Securities of such series (not previously so credited) acquired or redeemed by the Company (other than through operation of a mandatory sinking fund) and theretofore delivered to the Trustee for cancellation, and if it does so then
(i) Securities so delivered or credited shall be credited at the applicable sinking fund Redemption Price with respect to Securities of such series, and (ii) on or before the 60th day next preceding each sinking fund Redemption Date with
respect to such series of Securities, the Company will deliver to the Trustee (A) an Officers’ Certificate specifying the portions of such sinking fund payment to be satisfied by payment of cash and by the delivery or credit of Securities
of such series acquired or redeemed by the Company, and (B) such Securities, to the extent not previously surrendered. Such Officers’ Certificate shall also state the basis for any such credit and that the Securities for which the Company
elects to receive credit have not been previously so credited and were not acquired by the Company through operation of the mandatory sinking fund, if any, provided with respect to such Securities and shall also state that no Event of Default with
respect to Securities of such series has occurred and is continuing. All Securities so delivered to the Trustee shall be canceled by the Trustee and no Securities shall be authenticated in lieu thereof. 

If the sinking fund payment or payments (mandatory or optional) with respect to any series of Securities made in cash plus any unused balance
of any preceding sinking fund payments with respect to Securities of such series made in cash shall exceed $50,000 (or a lesser sum if the Company shall so request), unless otherwise provided by the terms of such series of Securities, that cash
shall be applied by the Trustee on the sinking fund Redemption Date with respect to Securities of such series next following the date of such payment to the redemption of Securities of such series at the applicable sinking fund Redemption Price with
respect to Securities of such series, together with accrued interest, if any, to the date fixed for redemption, with the effect provided in Section 11.06. The Trustee shall select, in the manner provided in Section 11.03, for redemption on
such sinking fund Redemption Date a sufficient principal amount of Securities of such series to utilize that cash and shall thereupon cause notice of redemption of the Securities of such series for the sinking fund to be given in the manner provided
in Section 11.04 (and with the effect provided in Section 11.06) for the redemption of Securities in part at the option of the Company. Any sinking fund moneys not so applied or allocated by the Trustee to the redemption of Securities of
such series shall be added to the next cash sinking fund payment with respect to Securities of such series received by the Trustee and, together with such payment, shall be applied in accordance with the provisions of this Section 11.08. Any
and all sinking fund moneys with respect to Securities of any series held by the Trustee at the Maturity of Securities of such series, and not held for the payment or redemption of particular Securities of such series, shall be applied by the
Trustee, together with other moneys, if necessary, be deposited sufficient for the purpose, to the payment of the principal of the Securities of such series at Maturity. 

  
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 On or before each sinking fund Redemption Date provided with respect to Securities of any
series, the Company shall pay to the Trustee in cash a sum equal to all accrued interest, if any, to the date fixed for redemption on Securities to be redeemed on such sinking fund Redemption Date pursuant to this Section 11.08. 

The Trustee shall not redeem any Securities with sinking fund moneys or give any notice of redemption of Securities by operation of the
applicable sinking fund during the continuance of a default in payment of interest on Securities of such series or of any Event of Default with respect to such series, except that if the notice of redemption of any Securities shall theretofore have
been mailed in accordance with the provisions hereof, the Trustee shall redeem such Securities if cash sufficient for that purpose shall be deposited with the Trustee for that purpose in accordance with the terms of this Article 11. Except as
aforesaid, any moneys in the sinking fund with respect to Securities of any series at the time when any such default or Event of Default with respect to such series shall occur, and any moneys thereafter paid into such sinking fund shall, during the
continuance of such default or Event of Default with respect to such series, be held as security for the payment of all Securities of such series; provided, however, that in case such default or Event of Default with respect to such
series shall have been cured or waived as provided herein, such moneys shall thereafter be applied on the next sinking fund payment date on which such moneys may be applied pursuant to the provisions of this Section 11.08. 

ARTICLE XII 
 REPAYMENT
AT OPTION OF HOLDERS 
 Section 12.01 Applicability of Article. 

Repayment of Securities of any series before their Scheduled Maturity Date at the option of Holders thereof shall be made in accordance with
the terms of such Securities and (except as otherwise specified as contemplated by Section 3.01 for Securities of any series) in accordance with this Article. 

Section 12.02 Repayment of Securities. 

Securities of any series subject to repayment in whole or in part at the option of the Holders thereof will, unless otherwise provided in the
terms of such Securities, be repaid at a price equal to the principal amount thereof, together with interest thereon accrued to the Repayment Date specified in the terms of such Securities. On or before the Repayment Date, the Company will deposit
with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money, in immediately available funds, sufficient to pay the Repayment Price
of all the Securities which are to be repaid on such date. 
 Section 12.03 Exercise of Option. 

Securities of any series subject to repayment at the option of the Holders thereof will contain an “Option to Elect Repayment”
form on the reverse of such Securities. To be repaid at the option of the Holder, any Security so providing for such repayment, with the “Option to Elect Repayment” form on the reverse of such Security duly completed by the Holder,
must be received by the Company at the Place of Payment therefor specified in the terms of such Security (or at such other place or places of which the Company shall from time to time notify the Holders of such Securities) not earlier than 30 days
nor later than 15 days prior to the Repayment Date. If less than the entire principal amount of such Security is to be repaid in accordance with the terms of such Security, the principal amount of such Security to be

  
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repaid, in increments of $1,000 unless otherwise specified in the terms of such Security, and the denomination or denominations of the Security or Securities to be issued to the Holder for the
portion of the principal amount of such Security surrendered that is not to be repaid must be specified. The principal amount of any Security providing for repayment at the option of the Holder thereof may not be repaid in part, if, following such
repayment, the unpaid principal amount of such Security would be less than the minimum authorized denomination of Securities of the series of which such Security to be repaid is a part. Except as otherwise may be provided by the terms of any
Security providing for repayment at the option of the Holder thereof, exercise of the repayment option by the Holder shall be irrevocable unless waived by the Company. 

Section 12.04 When Securities Presented for Repayment Become Due and Payable. 

If Securities of any series providing for repayment at the option of the Holders thereof shall have been surrendered as provided in this
Article and as provided by the terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become due and payable and shall be paid by the Company on the Repayment Date therein specified, and on and
after such Repayment Date (unless the Company shall default in the payment of such Securities on such Repayment Date) interest on such Securities or the portions thereof, as the case may be, shall cease to accrue. 

Section 12.05 Securities Repaid in Part. 

Upon surrender of any Security which is to be repaid in part only, the Company shall execute and the Trustee shall authenticate and deliver to
the Holder of such Security, without service charge and at the expense of the Company, a new Security or Securities of the same series, tenor, terms and Scheduled Maturity Date, of any authorized denomination specified by the Holder, in an aggregate
principal amount equal to and in exchange for the portion of the principal of such Security so surrendered which is not to be repaid. 

ARTICLE XIII 

SUBORDINATION 

Section 13.01 Agreement to Subordinate. 

The Company covenants and agrees, and each Holder of a Security issued hereunder, by such Holder’s acceptance thereof, likewise covenants
and agrees, that all Securities issued hereunder shall be issued subject to the provisions of this Article; and each Person holding any Security issued hereunder, whether upon original issue or upon transfer, assignment or exchange thereof, accepts
and agrees that the principal of and interest on all Securities issued hereunder shall, to the extent and in the manner herein set forth, be subordinated and subject in right of payment to the prior payment in full of all Senior Indebtedness, and
that the subordination is for the benefit of the holders of the Senior Indebtedness. 
 Section 13.02 Payments to
Securityholders. 
 As to each series of Securities, if any, issued hereunder, in the event (a) of any insolvency or bankruptcy
proceedings, or any receivership, dissolution, winding-up, total or partial liquidation, reorganization or other similar proceedings in respect of the Company or a substantial part of its property, whether
voluntary or involuntary, or (b) that (i) a default shall have occurred with respect to the payment of principal of or premium, if any, or interest, if any, on or other monetary amounts due and payable with respect to any Senior Indebtedness,
or (ii) there shall have occurred an event of default (other than a default in the payment of principal of or premium, if any, on or interest, if any, on or other monetary amounts due and payable) in respect of any Senior Indebtedness, as
defined in such Senior Indebtedness 

  
 53 

 
or in the instrument under which the same is outstanding, permitting the holder or holders thereof to accelerate the maturity thereof, and such default or event of default shall not be cured or
was continued beyond the period of grace, if any, in respect thereof, and such default or event of default shall not have been waived or shall not have ceased to exist, or (c) separately with respect to each series of Securities issued
hereunder, that the principal of or premium, if any, on and accrued interest, if any, on such Securities shall have been declared due and payable pursuant to Section 5.02 and such declaration shall not have been rescinded and annulled as
provided in Section 5.02, then the holders of all Senior Indebtedness shall first be entitled to receive payment in full of all amounts due or to become due thereon, or provision shall be made, in accordance with the terms of such Senior
Indebtedness, for such payment in money or money’s worth, before the Holders of such series of Securities issued hereunder are entitled to receive a payment on account of the principal of or premium, if any, on or interest, if any, on the
indebtedness evidenced by such series of Securities, including, without limitation, any payments made pursuant to Article XI, or any cash payments to purchase such series of Securities at the option of the Holders thereof. 

Upon any such insolvency or bankruptcy proceeding, receivership, dissolution, winding-up, total or
partial liquidation, reorganization, or other similar proceeding referred to in clause (a) of the immediately preceding paragraph, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or
securities, to which the Holders of the Securities or the Trustee under this Indenture would be entitled, except for the provisions hereof, shall be paid by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other
Person making such payment or distribution or, to the extent required by the next succeeding paragraph, by the Holders of the Securities or the Trustee, if received by them or it, directly to the holders of Senior Indebtedness (pro rata to such
holders on the basis of the respective amounts of Senior Indebtedness held by such holders) or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior
Indebtedness may have been issued, as their respective interests may appear, to the extent necessary to pay all Senior Indebtedness in full after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness,
before any payment or distribution is made to the Holders of the Indebtedness evidenced by the Securities issued hereunder (including any cash payments to repurchase such Securities at the option of the Holders thereof) or to the Trustee under this
Indenture. 
 In the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, prohibited by the foregoing provisions of this Section, shall be received by the Trustee under this Indenture or the Holders of the Securities before all Senior Indebtedness is paid in full or
provision is made for such payment in accordance with its terms, and if such fact shall, at or prior to the time of such payment or distribution, have been known to the Trustee, then such payment or distribution shall be held in trust for the
benefit of and shall be paid over or delivered to the holders of such Senior Indebtedness or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior
Indebtedness may have been issued, as their respective interests may appear, for application to the payment of all Senior Indebtedness remaining unpaid until all such Senior Indebtedness shall have been paid in full in accordance with its terms,
after giving effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness. 
 For purposes of this
Article only, the words, “cash, property or securities” shall not be deemed to include shares of stock of the Company as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of
arrangement, reorganization or readjustment, the payment of which is subordinated (at least to the extent provided in this Article with respect to the Securities) to the payment of all Senior Indebtedness which may at the time be outstanding;
provided that (i) the Senior Indebtedness is assumed by the new corporation, if any, resulting from any such arrangement, 

  
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reorganization or readjustment, and (ii) the rights of the holders of the Senior Indebtedness are not, without the consent of such holders, altered by such arrangement, reorganization or
readjustment. The consolidation of the Company with, or the merger of the Company with or into, another corporation or the liquidation or dissolution of the Company following the conveyance or transfer of all or substantially all of its assets to
another corporation upon the terms and conditions provided in Article VIII shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section if such other
corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article VIII. Nothing in this Section shall apply to claims of, or payments to, the Trustee under or pursuant to Article VI,
except as expressly provided therein. This Section shall be subject to the further provisions of Section 13.05. 
 Section 13.03
Subrogation. 
 Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities subject to the provisions of
Section 13.02 shall be subrogated (equally and ratably with the holders of all obligations of the Company which by their express terms are subordinated to Senior Indebtedness of the Company to the same extent as the Securities are subordinated
and which are entitled to like rights of subrogation) to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property or securities of the Company applicable to the Senior Indebtedness until the principal
of or, premium, if any, on and interest, if any, on such Securities shall be paid in full; and, for the purpose of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which
the Holders of such Securities or the Trustee on their behalf would be entitled except for the provisions of this Article, and no payment over pursuant to the provisions of this Article to the holders of Senior Indebtedness by Holders of such
Securities or the Trustee on their behalf, shall, as between the Company, its creditors other than holders of Senior Indebtedness, and the Holders of such Securities, be deemed to be a payment by the Company to or on account of the Senior
Indebtedness; and no payments or distributions of cash, property or securities to or for the benefit of the Holders of the Securities pursuant to the subrogation provision of this Article, which would otherwise have been paid to the holders of
Senior Indebtedness, shall be deemed to be a payment by the Company to or for the account of such Securities. The provisions of this Article are intended solely for the purpose of defining the relative rights of the Holders of the Securities, on the
one hand, and the holders of the Senior Indebtedness, on the other hand. 
 Nothing contained in this Article or elsewhere in this Indenture
or in the Securities is intended to or shall impair, as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the Securities, the obligation of the Company, which is absolute and unconditional, to pay
to the Holders of the Securities the principal of or premium, if any, on and interest, if any, on the Securities as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights
against the Company of the Holders of the Securities and creditors of the Company other than the holders of Senior Indebtedness, nor shall anything herein or therein prevent the Holder of any Security or the Trustee on his or her behalf from
exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article of the holders of Senior Indebtedness in respect of cash, property or securities of the Company
received upon the exercise of any such remedy. 
 Upon any payment or distribution of assets of the Company referred to in this Article, the
Trustee, subject to the provisions of Section 6.01 and Section 6.03, and the Holders of the Securities shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which such insolvency, bankruptcy,
dissolution, winding-up, liquidation, arrangement or reorganization proceedings are pending, or a certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such
payment or distribution, delivered to the Trustee or to the Holders of the Securities, 

  
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for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other Indebtedness of the Company, the amount thereof or
payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article. 

Section 13.04 Authorization by Securityholders. 

Each Holder of a Security by his or her acceptance thereof authorizes the Trustee on such Holder’s behalf to take such action as may be
necessary or appropriate to effectuate the subordination provided in this Article and appoints the Trustee his or her attorney-in-fact for any and all such purposes.

 Section 13.05 Notice to Trustee. 

The Company shall give prompt written notice to the Trustee and to any Paying Agent of any fact known to the Company which would prohibit the
making of any payment of monies to or by the Trustee or any Paying Agent in respect of the Securities pursuant to the provisions of this Article. Regardless of anything to the contrary contained in this Article or elsewhere in this Indenture, the
Trustee shall not be charged with knowledge of the existence of any Senior Indebtedness or of any default or event of default with respect to any Senior Indebtedness or of any other facts which would prohibit the making of any payment of monies to
or by the Trustee in respect of the Securities, unless and until the Trustee shall have received notice in writing (which may be by telegram, telecopy or other similar writing) at its Corporate Trust Office to that effect signed by an officer of the
Company, or by a holder or agent of a holder of Senior Indebtedness who shall have been certified by the Company or otherwise established to the reasonable satisfaction of the Trustee to be such holder or agent, or by the trustee under any indenture
pursuant to which Senior Indebtedness shall be outstanding, and, prior to the receipt of any such written notice, the Trustee shall, subject to Section 6.01 and Section 6.03, be entitled to assume that no such facts exist; provided that if
on a date at least two Business Days prior to the date upon which by the terms hereof any such monies shall become payable for any purpose (including, without limitation, the payment of the principal of or premium, if any, on or interest, if any, on
any Security) the Trustee shall not have received with respect to such monies the notice provided for in this Section, then, regardless of anything herein to the contrary, the Trustee shall have full power and authority to receive such monies and to
apply the same to the purpose for which they were received, and shall not be affected by any notice to the contrary which may be received by it on or after such prior date. 

Regardless of anything to the contrary herein (but subject, in the case of clause (a) of this paragraph, to the second paragraph of
Section 13.02), nothing shall prevent (a) any payment by the Company or the Trustee to the Securityholders of amounts in connection with a redemption of Securities if (i) notice of such redemption has been given pursuant to Article XI
prior to the receipt by the Trustee of written notice as aforesaid, and (ii) such notice of redemption is given not earlier than 60 days before any redemption date, or (b) any payment by the Trustee to the Securityholders of amounts
deposited with it pursuant to Section 4.01, provided, that, in the case of Section 4.02, the applicable Securities are deemed to have been paid and discharged, and in the case of Section 4.01, the Trustee shall not have received, by
at least two Business Days prior to the date of execution of instruments acknowledging the satisfaction of and discharge of this Indenture with respect to the applicable Securities, the notice provided in the preceding paragraph. 

Subject to Section 6.01 and Section 6.03, the Trustee shall be entitled to rely on the delivery to it of a written notice by a
Person representing himself or herself to be a holder of Senior Indebtedness (or a trustee on behalf of such holder) to establish that such notice has been given by a holder of Senior Indebtedness or a trustee on behalf of any such holder. In the
event that the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article, the Trustee may

  
 56 

 
request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to
participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article, and if such evidence is not furnished the Trustee may defer any payment to such Person pending judicial determination as to
the right of such Person to receive such payment. 
 Section 13.06 Trustee’s Relation to Senior Indebtedness.

 The Trustee and any agent of the Company or the Trustee shall be entitled to all the rights set forth in this Article with respect to any
Senior Indebtedness which may at any time be held by it in its individual or any other capacity to the same extent as any other holder of Senior Indebtedness and nothing in this Indenture shall deprive the Trustee or any such agent of any of its
rights as such holder. Nothing in this Article shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.07. 

With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations
as are specifically set forth in this Article, and no implied covenants or obligations with respect to the holders of Senior Indebtedness shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary
duty to the holders of Senior Indebtedness and, subject to the provisions of Section 6.01 and Section 6.03, the Trustee shall not be liable to any holder of Senior Indebtedness if it shall in good faith pay over or deliver to Holders of
Securities, the Company or any other Person monies or assets to which any holder of Senior Indebtedness shall be entitled by virtue of this Article or otherwise. 

Section 13.07 No Impairment of Subordination. 

No right of any present or future holder of any Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be
prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms, provisions and covenants of this Indenture,
regardless of any knowledge thereof which any such holder may have or otherwise be charged with. 
 (signature page follows) 

  
 57 

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

			
	DELTA APPAREL, INC.

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	                    , TRUSTEE

			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 58Exhibit
10.1

 

	Private
    & Confidential 	 
	 	Dated
      13 December   2019	 

Palmeraie
Finance Limited

as Existing Borrower

 

ROYAL
CARIBBEAN CRUISES LTD.

as New Borrower  

 

citibank
europe plC, uk branch

as Facility Agent  

 

Citicorp
trustee company limited

as Security Trustee

 

CITIBANK
N.A., LONDON BRANCH 

as Global Coordinator 

 

HSBC
FRANCE

as
French Coordinating Bank  

 

HSBC
FRANCE

as ECA Agent

 

CITIBANK
EUROPE PLC, HSBC France, banco santander s.a., banco bilbao vizcaya argentaria S.A., paris branch, bnp paribas sa, sumitomo mitsui
banking corporation europe limited, paris BRANCH, societe generale and unicredit bank
ag

 as
Mandated Lead Arrangers

 

and

 

THE
BANKS AND FINANCIAL INSTITUTIONS LISTED IN SCHEDULE 1
 as Original Lenders
 

 

	 	 	 

 

NOVATION
AGREEMENT

relating to a secured credit facility agreement for Hull No. A35 at
 Chantiers de l’Atlantique
S.A.

	 	 	 

 

 

 

     

     

    

 

Contents

 

	Clause	 	Page
	 	 	 
	1	Definitions	2
	2	Consent and agreement
    of the Finance Parties	4
	3	Assumption of liability
    and obligations	4
	4	Amendment and restatement
    of Principal Agreement	6
	5	Loan currency, Additional
    Advances and undrawn Commitments under the Principal Agreement	6
	6	Conditions	9
	7	Fixed rate	10
	8	Representations
    and warranties	10
	9	Covenants	11
	10	Commitment and cancellation
    by the New Borrower	12
	11	Satisfaction of
    Receivable, releases and BpiFAE Insurance Policy	14
	12	Assignment and transfers	15
	13	Miscellaneous and
    notices	15
	14	Governing law and
    jurisdiction	16
	Schedule 1
    The Original Lenders	17
	Schedule 2
    Conditions precedent	22
	Schedule 3
    Form of Novated Credit Agreement	24

 

     

     

    

 

THIS
NOVATION AGREEMENT is dated 13 December 2019 and made BETWEEN:

 

	(1)	PALMERAIE
                                 FINANCE LIMITED as transferor (the Existing Borrower);

 

	(2)	ROYAL
                                 CARIBBEAN CRUISES LTD. as transferee (the New Borrower);

 

	(3)	CITIBANK
                                 EUROPE PLC, UK BRANCH as facility agent for the other Finance Parties (the Facility Agent);

 

	(4)	CITICORP
                                 TRUSTEE COMPANY LIMITED as security trustee for the other Finance Parties (the Security
                                 Trustee);

 

	(5)	CITIBANK
                                 N.A. LONDON BRANCH as global coordinator (the Global Coordinator);
	 	 
	(6)	HSBC
                                         FRANCE as French coordinating bank (the French Coordinating Bank);

 

	(7)	HSBC FRANCE as ECA agent (the
                                 ECA Agent);

 

	(8)	CITIBANK
                                 EUROPE PLC, , UK BRANCH HSBC FRANCE, BANCO SANTANDER S.A., BANCO BILBAO VIZCAYA ARGENTARIA S.A.,
                                 PARIS BRANCH, BNP PARIBAS SA, SUMITOMO MITSUI BANKING CORPORATION EUROPE LIMITED, PARIS BRANCH,
                                 SOCIÉTÉ GÉNÉRALE and UNICREDIT BANK AG as Mandated Lead Arrangers;
                                 and

 

	(9)	THE BANKS AND FINANCIAL INSTITUTIONS
                                 listed in Schedule 1 as Original Lenders.

 

WHEREAS:

 

	(A)	By a
                                 facility agreement dated on or about the date of this Agreement (the Principal Agreement)
                                 and made between (1) the Existing Borrower as borrower, (2) the banks and financial institutions
                                 named therein as original lenders, (3) the Mandated Lead Arrangers as mandated lead arrangers,
                                 (4) the Facility Agent as facility agent, (5) the Security Trustee as security trustee (6) the
                                 Global Coordinator as global coordinator, (7) the French Coordinating Bank as French coordinating
                                 bank and (8) HSBC France as ECA agent, the Lenders have agreed to make available a loan of up
                                 to €1,126,400,000 to the Existing Borrower in connection with the purchase by the Existing
                                 Borrower of the Receivable from the Seller pursuant to the Receivable Purchase Agreement.

 

	(B)	It is
                                 intended that on the Actual Delivery Date, and subject to the delivery of the Vessel to, and
                                 acceptance of the Vessel by, the New Borrower or the Nominated Owner (as defined below) on its
                                 behalf) under the Building Contract and by way of satisfying the obligation of the New Borrower
                                 to pay the Receivable to the Existing Borrower (as purchaser of the Receivable from the Seller
                                 pursuant to the Receivable Purchase Agreement), all of the rights and obligations of the Existing
                                 Borrower in respect of the Principal Agreement shall be transferred by novation by the Existing
                                 Borrower to the New Borrower.

 

	(C)	The parties
                                 have also agreed that on the date of the novation contemplated in Recital (B) the Novated Loan
                                 Balance at such date shall be converted into Dollars, certain additional advances shall be made
                                 to the New Borrower and the Principal Agreement shall be amended and restated (in the form of
                                 the Novated Credit Agreement) pursuant to the terms of this Agreement.

 

	(D)	This
                                 Agreement sets out the terms and conditions upon which (i) the parties hereto shall agree to
                                 such novation, amendment and restatement of the Principal Agreement and (ii) the Lenders shall
                                 agree to make additional advances to the New Borrower.

 

    1

     

    

 

NOW
IT IS HEREBY AGREED as follows:

 

	1	Definitions

 

	1.1	Definitions

 

Words
and expressions defined in the Principal Agreement shall have the same meaning when used in this Agreement, except insofar as
the context otherwise requires or as otherwise defined in this Agreement:

 

Additional
Advances has the meaning given to it in clause 5.2.

 

Change
Orders has the meaning given to it in the Receivable Purchase Agreement.

 

BpiFAE
Premium has the meaning given to it in the Novated Credit Agreement.

 

Dollars
has the meaning given to it in the Novated Credit Agreement.

 

Initial
Effective Date has the meaning given to it in the Receivable Purchase Agreement.

 

Maximum
Loan Amount has the meaning given to it in the Novated Credit Agreement.

 

Mortgage
means the first ranking ship construction mortgage over the Vessel granted or, as the case may be, to be granted by the New
Borrower in favour of the Security Trustee and certain other parties in the form scheduled to the Buyer Consent Agreement.

 

Nominated
Owner has the meaning given to it in the Novated Credit Agreement.

 

Non-Yard
Costs has the meaning given to it in the Novated Credit Agreement.

 

Novated
Credit Agreement means the Principal Agreement as novated, amended and restated by this Agreement.

 

Novated
Loan Balance means, subject to clause 10.2 and subject to the approval of the New Borrower pursuant to clause 3.5, the outstanding
principal amount of the Loan owing by the Existing Borrower on the Novation Effective Date (and reflecting the amount of any Advances
drawndown or deemed drawndown by the Existing Borrower in accordance with the terms of the Principal Agreement on such date but
excluding any Unsecured Advances) up to the amount not exceeding the lower of:

 

		(a)	the
                                         amount of the Final Payment after any deductions permitted under the Buyer Consent Agreement;

 

		(b)	€1,126,400,000;
                                         and

 

		(c)	the
                                         amount referred to in clause 2.1(c) of the Principal Agreement.

 

Novation
Effective Date means, when the Novation Effective Time has occurred, the date on which the Novation Effective Time so occurs.

 

Novation
Effective Time means the time at which the Vessel is delivered to, and accepted by, the New Borrower or the Nominated Owner
(on its behalf (in each case, as buyer) under the Building Contract (as evidenced by the protocol of delivery and acceptance for
the Vessel), save that the “Novation Effective Time” shall not occur hereunder unless:

 

		(a)	the
                                         Facility Agent has notified the parties in writing that it has received all of the documents
                                         and other evidence referred to in clause 6; and

 

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		(b)	such
                                         time falls before the Back Stop Date (as defined in the Receivable Purchase Agreement
                                         and subject to clause 10.2).

 

NYC
Applicable Rate means the USD-to-EUR rate used by the New Borrower to convert the relevant Dollar amount of the Non-Yard Costs
into euro for the purpose of the Seller invoicing the same to the New Borrower in euro in accordance with the Building Contract.

 

Other
Basic Contract Price Increases means any increase in the Basic Contract Price pursuant to the following Articles of the Building
Contract: I.5.7 and I.5.8 (choice of suppliers), II.1 (in relation to the Non-Exercise Premium as defined in that Article), III.2.3
(speed bonus) and III.6.2 (extra cabins), in the amount provided for in the Building Contract or as reasonably determined by the
New Borrower and, in each case, evidenced to the reasonable satisfaction of the Facility Agent, but (for the purpose of calculating
the Maximum Loan Amount and the Additional Advance in respect of such items) in an aggregate amount not exceeding €30,500,000.

 

Signing
Date means the date of this Agreement.

 

Spot
Rate of Exchange means, for the purposes of determining an equivalent amount in EUR of Dollars on any relevant date, the mid
FX Rate EUR/USD (published on the basis of the 1:00pm London Bloomberg BFIX rate) two (2) Banking Days before that date.

 

Unsecured
Advances has the meaning given to it in the Buyer Consent Agreement.

 

US
Dollar Equivalent has the meaning given to it in the Novated Credit Agreement.

 

Weighted
Average Rate of Exchange means the weighted average rate of exchange that the New Borrower has agreed, either in the spot
or forward currency markets, to pay its counterparties for the purchase of the relevant amounts of euro with Dollars for the payment
of the euro amount of the Contract Price (including the portion thereof comprising the Change Orders, any Other Basic Contract
Price Increases and the Non-Yard Costs) and including in such weighted average calculation (a) the NYC Applicable Rate in relation
to the portion of the Contract Price comprising the Non-Yard Costs and (b) the spot rates for any other euro amounts that have
not been hedged by the New Borrower.

 

	1.2	Headings

 

Clause headings
and the table of contents are inserted for convenience of reference only and shall be ignored in the interpretation of this Agreement.

 

	1.3	Construction
                                         

 

Clause 1.4
of the Principal Agreement shall apply to this Agreement as if set out herein.

 

	1.4	References
                                         to Novated Credit Agreement

 

Unless
a contrary indication appears, any reference in this Agreement to a term defined in, or an article or section of, or an exhibit
to, the Novated Credit Agreement, shall refer to such term defined in, or article or section of, or exhibit to, the agreement
set out in Schedule 3 notwithstanding that such agreement is not yet effective, it being agreed that articles and sections
of the Novated Credit Agreement, where so incorporated into, or which are to apply for the purpose of, this Agreement, shall be
effective and apply under this Agreement notwithstanding that for the purpose of the Novated Credit Agreement they shall only
apply from the Novation Effective Time.

 

	1.5	References
                                         to Security Trustee and Finance Parties

 

It
is agreed that as the Security Trustee will not be a party to the Novated Credit Agreement and accordingly have no responsibilities
thereunder, the Security Trustee is a party to this Agreement for the purpose of approving the novation and allowing the Novation
Effective Date to occur but it

 

    3

     

    

 

shall
have no responsibilities in respect of the Novated Credit Agreement or have rights or obligations under this Agreement in respect
of the Novated Credit Agreement. Accordingly, references to parties or the Finance Parties in clauses 3.2, 5.3, 5.4, 5.5 and 8.3
shall not include the Security Trustee.

 

	2	Consent
                                 and agreement of the Finance Parties

 

Subject
to the other provisions of this Agreement and upon reliance of each of the representations and warranties in clause 8, the Facility
Agent, the Security Trustee, the Global Coordinator, the French Coordinating Bank, the ECA Agent, the Mandated Lead Arrangers,
the Arrangers and the Lenders agree with the Existing Borrower and the New Borrower on the Novation Effective Date (and at the
Novation Effective Time), that they consent to the novation, amendment and restatement of the Principal Agreement on the terms
set out in clauses 3 and 4 and to the conversion of the currency of the Loan and to the making of the Additional Advances in accordance
with clause 5.

 

	3	Assumption
                                 of liability and obligations

 

	3.1	Substitution

 

It
is hereby agreed that, as and with effect from the Novation Effective Time:

 

		(a)	the
                                         New Borrower shall be, and is hereby made, a party to the Principal Agreement in substitution
                                         for the Existing Borrower; and

 

		(b)	the
                                         Principal Agreement shall be amended and restated as set out in clause 4.

 

	3.2	Assumption
                                         of liability

 

The
New Borrower hereby agrees with the Finance Parties that, as and with effect from the Novation Effective Time, it shall be indebted
to the Finance Parties for the full amount of the Novated Loan Balance and, when drawn pursuant to clause 5.2 (and as adjusted
pursuant to clause 5.3), the Additional Advances and the New Borrower further agrees that from the Novation Effective Time it
shall duly and punctually perform all the liabilities and obligations to be performed or discharged in respect of the Novated
Loan Balance under the Novated Credit Agreement and shall be bound by the terms of the Novated Credit Agreement from the Novation
Effective Time as the “Borrower” thereunder.

 

	3.3	Release

 

The
Existing Borrower and the Finance Parties hereby agree that, as and with effect from the Novation Effective Time, they shall each
mutually release and discharge each other from all liabilities, obligations, claims and demands whatsoever under or touching or
concerning the Principal Agreement and in respect of anything done or omitted to be done under or in connection therewith except
that if at the Novation Effective Time there are any outstanding liabilities of the Existing Borrower under the Principal Agreement
which are the subject of an indemnity claim against the Seller pursuant to clause 7 of the Receivable Purchase Agreement, to prevent
the Finance Parties losing the ability to recover those claims against the Seller, such liabilities shall be preserved against
the Existing Borrower until such claims are satisfied.

 

	3.4	No
                                         liability

 

The
Finance Parties hereby confirm to the New Borrower, that except for the obligations in respect of the Novated Loan Balance which
are, with effect from the Novation Effective Time, to be assumed by the New Borrower pursuant to clause 3.2, the New Borrower
shall have no liability, and the Finance Parties shall have no recourse whatsoever to the New Borrower or any of its assets, in
respect of any liabilities, obligations, claims and demands whatsoever under or touching or concerning the Principal Agreement
or in respect of anything done or omitted to be done under or in connection therewith.

 

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	3.5	Novated
                                         Loan Balance

 

The
Facility Agent agrees that:

 

		(a)	following
                                         each Drawdown Date (and at any other time upon reasonable request), it will provide the
                                         New Borrower with an update in relation to the amount of the outstanding Loan;

 

		(b)	not
                                         less than ten Banking Days prior to the anticipated Actual Delivery Date, it will consult
                                         with the New Borrower regarding the anticipated amount of the Novated Loan Balance as
                                         at the anticipated Novation Effective Time to enable the New Borrower to confirm and
                                         verify this amount (having regard to paragraphs (a) and (b) of the definition of Novated
                                         Loan Balance) and satisfy itself that it is an amount which reflects the expected drawdown
                                         of the Loan during the period prior to the Actual Delivery Date and that the same does
                                         not include any Unsecured Advances. The New Borrower shall promptly confirm its acceptance
                                         of the amount or, if applicable, raise any questions as to the calculation of this amount
                                         with the Facility Agent so that the amount can be approved prior to the Novation Effective
                                         Time; and

 

		(c)	as
                                         part of the process of agreeing the Novated Loan Balance it will participate in the preparation
                                         of the delivery funds flow agreement referred to in clause 13.6 of the Buyer Consent
                                         Agreement.

 

	3.6	Prepayment
                                         in respect of overpaid Purchase Price

 

If
at the Novation Effective Time the Seller has become liable to make a refund of the Purchase Price pursuant to clause 2.5 of the
Receivable Purchase Agreement and has not made payment of that refund such that a partial prepayment of the Loan in an amount
equal to that refund (the Refund Prepayment Amount) has not been made, the New Borrower shall prepay an amount of the Novated
Loan Balance corresponding to that Refund Prepayment Amount on the Novation Effective Date, such prepayment to be without premium,
penalty or breakage costs, and shall be by way of a regularly scheduled required prepayment (and not a requirement to make payment
prior to the scheduled maturity thereof).

 

Where
any such prepayment is required by the New Borrower pursuant to this clause 3.6:

 

		(a)	the
                                         relevant amount of such prepayment may, if requested by the New Borrower, be deducted
                                         from the amount of the Additional Advances to be made available to the New Borrower on
                                         the Novation Effective Date and, where the New Borrower has requested that the prepayment
                                         required under this clause 3.6 be deducted from the Additional Advances, an actual payment
                                         shall only be required by the New Borrower if the prepayment amount exceeds the aggregate
                                         amount of the Additional Advances to be advanced to the New Borrower; and

 

		(b)	the
                                         New Borrower shall be entitled to exercise its rights under clause 13.2(b) of the Buyer
                                         Consent Agreement.

 

It
is agreed that the liability of the New Borrower in respect of the Refund Prepayment Amount under this clause shall not exceed
the amounts referred to in clause 13.2(a) of the Buyer Consent Agreement.

 

	3.7	Notification
                                         of set-off

 

Where
clause 7.5 (Set-off for unpaid amounts) of the Receivable Purchase Agreement applies and an amount is to be deducted from
the Payment Amount due to the Seller in relation to any amount due and owing by the Seller to the Existing Borrower or the Finance
Parties under the Transaction Documents which remains unpaid at the Drawdown Date for an Advance (an unpaid amount) and
that unpaid amount will consequently be retained from the relevant Advance under clause 2.2(d) of the Principal Agreement, the
Facility Agent shall notify the New Borrower before the relevant Drawdown Date of the unpaid amount (together with reasonable

 

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details
of the type, amount and the manner in which such amount, and all components thereof, have been calculated).

 

	4	Amendment
                                 and restatement of Principal Agreement

 

The
Principal Agreement shall, with effect on and from the Novation Effective Time, be (and it is hereby) amended and restated so
as to read in accordance with the form of the Novated Credit Agreement set out in Schedule 3 and (as so amended and restated)
will be binding upon each of the parties thereto in accordance with its terms as so amended and restated.

 

	5	Loan
                                 currency, Additional Advances and undrawn Commitments under the Principal Agreement

 

	5.1	Currency
                                         conversion

 

On
the Novation Effective Date the Additional Advances to be drawndown by the New Borrower on the Novation Effective Date shall be
made available in Dollars in accordance with the following provisions of this clause 5 and the Novated Credit Agreement and thereafter
the Novated Loan Balance shall be converted from euro to Dollars by reference to the US Dollar Equivalent (as defined in the Novated
Credit Agreement) of such amount.

 

	5.2	Additional
                                         Advances

 

Subject
to the terms and conditions of this Agreement, on the Novation Effective Date, the New Borrower shall be entitled to borrow further
advances (the Additional Advances) in Dollars in respect of the following amounts:

 

		(a)	an
                                         amount of up to 80% of the incurred Non-Yard Costs (of up to €120,000,000) and the
                                         Other Basic Contract Price Increases paid or to be paid by the New Borrower under the
                                         Building Contract of up to €30,500,000 ; and

 

		(b)	an
                                         amount equal to 100% of the BpiFAE Premium as calculated in accordance with Section 11.13.1(b)
                                         of the Novated Credit Agreement as at the Novation Effective Time, which amount shall
                                         be divided into two parts:

 

		(i)	the
                                         amount payable by the New Borrower to BpiFAE in respect of such part of the BpiFAE Premium
                                         which remains payable to BpiFAE at the Novation Effective Date; and

 

		(ii)	the
                                         balance, which shall, subject to the New Borrower’s set-off rights referred to
                                         in clause 13.3 of the Buyer Consent Agreement, be payable by the New Borrower to the
                                         Seller in reimbursement of the amounts which have been deducted from the Payment Amounts
                                         in respect of the BpiFAE Premium pursuant to the Receivable Purchase Agreement,

 

provided
however that the aggregate amount of the Additional Advances (as adjusted, where relevant, under clause 5.3), when added to the
Novated Loan Balance (or, if different and to the extent applicable, the aggregate of any amounts advanced in respect of the Facility
(and not of the Additional Advances) in the manner contemplated by clause 5.4), shall not exceed the Maximum Loan Amount.

 

The
Weighted Average Rate of Exchange shall be used to calculate the Dollar amount of the Additional Advance referred to in clause
5.2(a) and the Spot Rate of Exchange shall be used to calculate the Dollar amount of the Additional Advance referred to in clause
5.2(b).

 

The
Additional Advance referred to in clause 5.2(b)(i) shall be paid directly to BpiFAE in the manner described in Section 2.3(d)
of the Novated Credit Agreement.

 

    6

     

    

 

 

	5.3	Adjustment of Additional Advances

 

On the Novation Effective Date,
the parties hereby agree that the aggregate amount of the Additional Advances (other than the amount referred to in clause 5.2(b)(i))
shall be adjusted, as applicable, by a Dollar amount (the Adjustment Amount) equal to the product of:

 

		(a)	the difference obtained by subtracting the Spot Rate of Exchange on the Actual Delivery Date from
the Weighted Average Rate of Exchange; and

 

		(b)	the Novated Loan Balance.

 

If the Adjustment Amount is
a positive number, the aggregate amount of the Additional Advances to be drawn in Dollars shall be increased by such Adjustment
Amount.

 

Conversely, if the Adjustment
Amount is a negative number, the aggregate amount of the Additional Advances to be drawn in Dollars shall be decreased by such
Adjustment Amount, provided however, if such Adjustment Amount exceeds the amount of the Additional Advances that would have been
advanced in Dollars but for the operation of this clause (and subject to any agreement reached to the contrary in the delivery
funds flow agreement referred to in clause 3.5(c)), no Dollar Additional Advances will be made and the New Borrower shall prepay
(in Dollars) an amount of the Novated Loan Balance corresponding to that excess amount on the Novation Effective Date (a Section
5.3 Prepayment), such prepayment to be without premium, penalty or breakage costs, and shall be by way of a regularly scheduled
required prepayment (and not a requirement to make payment prior to the scheduled maturity thereof). Any failure by the New Borrower
to make the Section 5.3 Prepayment on the Novation Effective Date shall be capable of giving rise to an Event of Default under
Section 8.1.1 of the Novated Credit Agreement unless waived by, or alternative arrangements are agreed with, the Required Lenders
(as defined in the Novated Credit Agreement) acting on the instructions of BpiFAE.

 

	5.4	Undrawn Commitments under the Principal Agreement

 

In the event that either:

 

		(a)	the Existing Borrower has not drawn the full amount of the Total Commitments under the Principal
Agreement at the Novation Effective Date; or

 

		(b)	the Total Commitments under the Principal Agreement have been cancelled or reduced before the Novation
Effective Date and this is not as a result of a cancellation of the Building Contract by the Seller due to a Buyer Specified Event;
or

 

		(c)	it is not possible for the Facility to be made available to the Existing Borrower to the satisfaction
of the Seller and the New Borrower,

 

the Finance Parties agree that
if the Vessel continues to be constructed by the Seller in France and the BpiFAE Insurance Policy continues to be maintained (or,
if applicable, reinstated or reissued) then, if required by the New Borrower, the Facility will continue to be available to the
New Borrower and the amount of the Facility shall be the amount that it would otherwise have been but for the occurrence of the
events referred to in (a) to (c) above and such Facility shall include, without limitation, amounts to finance or refinance any
reasonable completion expenses (the Completion Expenses) incurred by the New Borrower in completing the Vessel (of the type
contemplated by Article XI 5 of the Building Contract and, where applicable, up to the amount of such Completion Expenses agreed
pursuant to clause 10.2 of the Buyer Consent Agreement).

 

If this clause applies and the
New Borrower exercises its rights to continue to have the Facility made available to it on the Actual Delivery Date or (with the
prior consent of BpiFAE, not to be unreasonably withheld and having regard to the provisions relating to BpiFAE below) before the
Actual Delivery Date this will either be through a novation, amendment and restatement of the Principal Agreement in the manner
contemplated by clauses 3 and 4 or through the execution of a new credit agreement based substantially on the terms of the Novated
Credit Agreement, but in each case updated to the extent necessary to reflect the additional amounts which would

 

    7

     

    

 

need to be made
available thereunder in addition to the Additional Advances and, when applicable, in respect of the Completion Expenses, to allow
the New Borrower to draw and/or assume by way of novation an amount in aggregate up to the Maximum Loan Amount and to reflect any
agreed changes related to the New Borrower’s hedging arrangements in respect of the Contract Price. In these circumstances
the Finance Parties and the New Borrower shall, in good faith, agree such changes to this Agreement and/or the Novated Credit Agreement
or agree and thereafter enter into a new credit agreement of the type referred to above, so as to place the New Borrower in all
material respects in the same position it would have been had the Facility been fully available during the pre-delivery period
in the manner set out in the Transaction Documents.

 

Where this clause applies, the
amount of the Facility available to the New Borrower shall not exceed the Maximum Loan Amount and the amount of the indebtedness
of the Existing Borrower under the Principal Agreement which the New Borrower may be required to assume by way of novation shall
not exceed an amount equal to the Novated Loan Balance at the relevant time.

 

It is acknowledged that BpiFAE
have confirmed that they will agree to continue, reinstate or reissue the BpiFAE cover in circumstances where this clause applies
and the New Borrower is to draw the Facility on the Actual Delivery Date. Formal consent of BpiFAE will be required in relation
to (i) any availability of the Facility to the New Borrower before the Actual Delivery Date and (ii) the arrangements and the terms
of any new or novated facility agreement, such consent not to be unreasonably withheld. The New Borrower and the Finance Parties
agree to co-operate in good faith and use reasonable efforts to procure such consent.

 

In addition, where this clause
applies, the New Borrower agrees that:

 

		(A)	the amounts payable to the Lenders in respect of arrangement fees in respect of the Facility (as
set out in the relevant Fee Letter attached to any Fee Letter signed by the New Borrower) and the BpiFAE Premium payable to BpiFAE,
shall continue to be payable in full and the New Borrower shall be required, where it does not currently have responsibility for
the full payment of all those amounts, to assume responsibility for the payment of such amounts (it being acknowledged that the
New Borrower shall not have any responsibility for payment of amounts of BpiFAE Premium already paid to BpiFAE pursuant to the
Receivable Purchase Agreement where these amounts have not been (or will not be) refunded due to the cancellation of the Facility);
and

 

		(B)	it shall be liable to pay commitment fees on the basis set out in Section 3.4 (Commitment Fees)
of the Novated Credit Agreement (but without double counting in relation to any amounts due under clause 10.1).

 

The Finance Parties agree that
this clause 5.4 shall apply notwithstanding that the Initial Effective Date may not occur.

 

	5.5	Borrowing procedure for Additional Advances

 

The New Borrower and the Finance
Parties agree that the procedures set out in Article II (Commitments and borrowing procedures) of the Novated Credit Agreement
shall apply in relation to the borrowing of the Additional Advances and, if applicable (and subject to any agreed amendments arising
pursuant to clause 5.4), any amounts under clause 5.4.

 

	5.6	Notification of New Borrower’s hedging arrangements

 

		(a)	In connection with the calculation of the Weighted Average Rate of Exchange, the New Borrower agrees
to provide the Facility Agent with the information referred to in this clause 5.6. The New Borrower and the Facility Agent agree
to have an initial discussion in relation to the calculation by no later than the date falling 60 days before the anticipated Actual
Delivery Date and thereafter, following the invoicing of the Non-Yard Costs to the Builder (on or about the date falling 30 days
before the anticipated Actual Delivery Date), 

 

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	 	 	the New Borrower and the Facility Agent will further discuss the calculation of the
Weighted Average Rate of Exchange during the period up to the Novation Effective Time.

 

		(b)	The New Borrower shall deliver to the Facility Agent (who shall promptly forward the same to the
Lenders and BpiFAE), on a quarterly basis following the Signing Date, a schedule of the Weighted Average Rate, accompanied by copies
of confirmations or screen shots evidencing the entry into, termination or modification of any trades or fixings effected during
such quarter (or, in respect of the first quarter, during the period falling prior to the end of that first quarter) under any
agreements entered into by the New Borrower from time to time in spot or forward currency markets for the purchase of euros with
Dollars in order to pay the Contract Price or fix the NYC Applicable Rate.

 

		(c)	Notwithstanding paragraph (b) above, on or between the tenth and second Banking Days prior to the
date on which the New Borrower intends to deliver the Loan Request (as defined in the Novated Credit Agreement) to the Facility
Agent, the New Borrower shall deliver to the Facility Agent (who shall promptly forward the same to the Lenders and BpiFAE) the
New Borrower's preliminary written calculation in reasonable detail of the Weighted Average Rate of Exchange (to the extent not
previously provided) and the New Borrower shall also provide copies or other evidence of such currency hedges as the Facility Agent
may reasonably require.

 

	6	Conditions

 

	6.1	Documents and evidence

 

The agreement of the Finance
Parties referred to in clause 2 and the obligation of the Lenders to contribute to any advances in respect of the Facility to be
made in accordance with this Agreement shall be subject to the condition that:

 

		(a)	by no later than the Signing Date, the Facility Agent, or its duly authorised representative, shall
have received the documents and evidence specified in Part 1 of Schedule 2 in form and substance satisfactory to the Facility
Agent (acting on the instructions of the Lenders and BpiFAE);

 

		(b)	by no later than the Initial Effective Date, the Facility Agent, or its duly authorised representative,
shall have received the documents and evidence specified in Part 2 of Schedule 2 in form and substance satisfactory to the
Facility Agent (acting on the instructions of the Lenders and BpiFAE); and

 

		(c)	by no later than the Novation Effective Time, the Facility Agent, or its duly authorised representative,
shall have received each of the documents and evidence set out in section 5.1 of the Novated Credit Agreement (but subject to the
proviso to Section 5.1.10) and confirmation in writing from the New Borrower to the Facility Agent that it (or the Nominated Owner
on its behalf) will take delivery of the Vessel under the Building Contract and the actual date on which delivery shall occur,
which confirmation shall be given immediately prior to the occurrence of the Novation Effective Time.

 

	6.2	General conditions precedent

 

The agreement of the Finance
Parties referred to in clause 2 and the obligation of each Lender to contribute to any advances in respect of the Facility to be
made under this Agreement shall be subject to the further conditions that on the Novation Effective Date:

 

		(a)	the representations and warranties of the New Borrower contained in clause 8 are true and
correct in all material respects (except for such representations and warranties that are qualified by materiality or non-existence
of a material adverse effect which shall be accurate in all respects) on and as of each such time as if each was made with respect
to the facts and circumstances existing at such time; and

 

    9

     

    

 

		(b)	no Event of Default and no Prepayment Event (each as defined in the Novated Credit Agreement) shall
have occurred and be continuing or would result from the novation of the Principal Agreement or the making of the Additional Advances
pursuant to this Agreement.

 

	6.3	Waiver of conditions precedent
	 	 

The conditions specified in
this clause 6 are inserted solely for the benefit of the Lenders and may be waived on their behalf in whole or in part and
with or without conditions by the Facility Agent acting on the instructions of the Majority Lenders and BpiFAE.

 

	6.4	Confirmation of conditions precedent
	 	 

Once the conditions set out
in this clause 6 have been satisfied (or waived) as provided above, the Facility Agent shall confirm the same by written notice
to the other parties to this Agreement.

 

	7	Fixed rate
	 	 

It is acknowledged and agreed
that the Fixed Rate (as defined in the Novated Credit Agreement) shall apply under the Novated Credit Agreement. If the Initial
Effective Date does not occur by 13 August 2020 the stabilisation based funding rate component (being 2.55% per annum) of the Fixed
Rate (as defined in the Novated Credit Agreement) may be revised (only upward), if Natixis so requires, and the Fixed Rate shall
then be the aggregate of the replacement stabilisation based funding rate provided by Natixis as at the Initial Effective Date
as notified by Natixis to the Facility Agent at such time plus a margin of 0.45% per annum.

 

	8	Representations and warranties

 

	8.1	Existing Borrower representations and warranties

 

The Existing Borrower shall
be deemed to repeat the representations and warranties:

 

		(a)	in clause 7.1 of the Principal Agreement on (i) the date of this Agreement and (ii) the Initial
Effective Date; and

 

		(b)	in clauses 7.1(a), 7.1(b), 7.1(c), 7.1(d) and 7.1(j) of the Principal Agreement on the Novation
Effective Date,

 

in each case, as if made with
reference to the facts and circumstances existing on such dates.

 

	8.2	New Borrower representations and warranties 

 

The New Borrower represents
and warrants to the Finance Parties that the representations and warranties set out in Sections 6.1 (Organization, etc.),
6.2 (Due Authorization, Non-Contravention, etc.), 6.3 (Government Approval, Regulation, etc.), 6.5. (Validity,
etc.), 6.9(a) (Obligations rank pari passu), 6.10 (Withholding, etc.), 6.11 (No Filing, etc. Required),
6.12 (No Immunity) and 6.13 (Investment Company Act) of Article VI of the Novated Credit Agreement are true and correct
as if made on (a) the date of this Agreement and (b) the Initial Effective Date with reference to the facts and circumstances existing
on such day (and as if references therein to “this Agreement” were to this Agreement and to “the Novation Effective
Date” were references to (a) the Signing Date and (b) the Initial Effective Date).

 

The New Borrower shall be deemed
to make the representations and warranties set out in the said Article VI on the Novation Effective Date in accordance with the
terms of the Novated Credit Agreement (and as if references therein to “this Agreement” were to this Agreement and
the Novated Credit Agreement).

 

	8.3	Novation Effective Date representations by existing parties

 

On the Novation Effective Date,
each of the Existing Borrower and the Finance Parties shall be deemed to represent to each other party to this Agreement that:

 

    10

     

    

 

		(a)	it has not transferred (whether by way of security or otherwise) any of its rights or obligations
under the Principal Agreement (other than (i) any transfers or assignments by a Lender in accordance with the provisions of clause
14 (Assignment, transfer and Facility Office) of the Principal Agreement or (ii) any replacement of the Facility Agent,
Security Trustee, the French Coordinating Bank or the ECA Agent in accordance with the applicable provisions of the Agency and
Trust Deed and the Security Trust Deed, which in each case, have previously been disclosed to the New Borrower where consent or
approval of the New Borrower is not otherwise required in relation to any such assignments or transfers); and

 

		(b)	it has duly performed all of its obligations under the Principal Agreement.

 

	9	Covenants

 

	9.1	New Borrower covenants 

 

The New Borrower undertakes
with each of the Finance Parties that, from the date of this Agreement, the New Borrower will comply with its obligations under
the following Sections of the Novated Credit Agreement (as if references in those Sections to the “Novation Effective Date”
referred to the Signing Date):

 

		(a)	Section 7.1.1a) and b) (Annual and quarterly financial information);

 

		(b)	Section 7.1.2 (Approvals and other consents);

 

		(c)	Section 7.1.3 (Compliance with laws, etc.); and

 

		(d)	the first sentence of Section 7.1.7 (BpiFAE insurance policy/French authority requirements).

 

	9.2	Notification of increased costs, etc.

 

Each Lender
shall (through the Facility Agent) notify the New Borrower at least three months before the anticipated Novation Effective Date
if:

 

		(a)	it intends to claim for any increased cost under Sections 4.3 (Increased LIBO Rate Loan Costs,
etc.) or 4.5 (Increased capital costs) or for any Covered Taxes (as defined in the Novated Credit Agreement) under Section
4.6 (Taxes) or reserve costs under Section 4.7 (Reserve costs) of the Novated Credit Agreement for the period falling
after the Novation Effective Date; or

 

		(b)	any of the circumstances referred to in Sections 4.1 (LIBO Rate lending unlawful) or 4.2
(Deposits unavailable) apply to it,

 

it being
acknowledged that the New Borrower shall have no liability in respect of any such increased costs or amounts incurred or arising
in respect of the period prior to the Novation Effective Time. Such notice shall include the relevant details referred to in those
Sections.

 

	9.3	Notification of anticipated buffer claims

 

Following
completion of sea trials for the Vessel, each Lender shall (through the Facility Agent) notify the New Borrower if there are any
accrued claims outstanding against the Seller or other amounts that it anticipates will or may be deducted from the Pre-delivery
Buffer on the Actual Delivery Date and shall (if reasonably requested by the New Borrower) provide the New Borrower with a notice
of such anticipated amounts at any other time.

 

    11

     

    

 

	9.4	Interest stabilisation

 

Each Lender
agrees with the New Borrower that it will, from the date of this Agreement, comply with its obligations under Section 3.3.3 (Interest
stabilisation) of the Novated Credit Agreement.

 

	10	Commitment and cancellation by the New Borrower

 

	10.1	Commitment Fees

 

The New Borrower agrees to pay
to the Facility Agent for the account of each Lender a commitment fee on its daily unused portion of the Maximum Loan Amount (as
such amount may be adjusted from time to time) on the basis of and at the times set out in Section 3.4 (Commitment Fees)
of the Novated Credit Agreement. In calculating the amount of commitment fee due to each Lender on each Commitment Fee Payment
Date (as defined in Section 3.4), the Facility Agent shall take into account whether any Lender was a Defaulting Lender at any
time during the period since the previous Commitment Fee Payment Date. For this purpose, each Lender agrees that it will notify
the Facility Agent, the other Lenders and the New Borrower if it becomes a Defaulting Lender. In the event that a Lender becomes
a Defaulting Lender and the other Lenders have not confirmed to the New Borrower within five Banking Days of receiving the notice
referred to above that they will honour the commitment of any Defaulting Lender, no commitment fee shall be payable to the Facility
Agent for the account of a Lender on any unused portion of the Maximum Loan Amount of that Lender for any day on which that Lender
was a Defaulting Lender. If the other Lenders (or any of them) have confirmed within such five Banking Day period that they will
honour all or part of a Defaulting Lender’s commitment, the commitment fee shall continue to be payable in respect of the
relevant portion of the Defaulting Lender’s commitment so honoured.

 

	10.2	Cancellation

 

The New Borrower may, by written
notice to the Facility Agent at any time prior to the date falling not less than ten days prior to the anticipated Actual Delivery
Date (and which shall also be a minimum period of not less than 10 Banking Days prior to the proposed date of cancellation set
out in the New Borrower’s notice, the Notified Cancellation Date), without premium or penalty (except as may be required
by clause 10.5), terminate, or from time to time reduce, the Commitment (as defined in the Novated Credit Agreement). Any such
termination or reduction of the Commitment shall be applied to the respective Commitments of the Lenders, pro rata according to
the amounts of their respective Commitments. Where the Commitment is cancelled in full or in part the New Borrower shall pay on
the date of such cancellation all amounts, including any fees and commissions which have accrued but remain unpaid at such date
and any breakage costs payable pursuant to clause 10.5, which are due and owing by the New Borrower to the Finance Parties at such
date pursuant to this Agreement or any Fee Letter or any mandate letter entered into in connection with the Transaction Documents
to which the New Borrower is a party to the extent that such amounts are the subject of invoices from the Facility Agent to the
New Borrower received by the New Borrower not less than two Banking Days prior to the date of such cancellation (the Invoiced
Amounts). It is acknowledged and agreed that where the Commitment is cancelled in full the effectiveness of any such proposed
cancellation shall be conditional on the payment of the Invoiced Amounts (but on the basis that commitment fees under clause 10.1
shall cease on the Notified Cancellation Date). The ECA Agent (in relation to any break costs of the type referred to in paragraph
(a) of the definition of Fixed Rate Break Costs) and/or the Facility Agent (in relation to any break costs of the type referred
to in paragraph (b) of the definition of Fixed Rate Break Costs, together with any Floating Rate Break Costs payable pursuant to
clause 4.2 and/or Schedule 5 of the Principal Agreement) shall (respectively) in such circumstances use reasonable endeavours to
provide the New Borrower with both an indicative calculation of any such potential breakage costs arising from the proposed cancellation
as soon as practicable following receipt of the cancellation notice and an invoice in respect of any actual breakage amounts as
soon as practicable prior to the Notified Cancellation Date. If no invoices have been issued for any such amounts (the Non-Invoiced
Amounts), such Non-Invoiced Amounts shall be payable by the New Borrower following the Notified Cancellation Date upon the
second Banking Day following receipt of the relevant invoices. Where the Commitment is cancelled in part, the allocation of

 

    12

     

    

 

such
cancellation between the Novated Loan Balance and the Additional Advances shall be determined at the relevant time of cancellation
at the New Borrower’s election made in its discretion after consultation with the other parties concerned including Natixis
DAI and BpiFAE (but on the basis that any allocation of any such partial cancellation cannot cause the Novated Loan Balance to
be reduced to zero and will be subject to BpiFAE confirming it has no objection to such allocation). In addition, where the Commitment
is cancelled in part, any amounts required to be paid by the New Borrower under this clause in respect of such cancellation which
remain outstanding at the Novation Effective Time shall be treated as a liability on the New Borrower under the Novated Credit
Agreement.

 

	10.3	Prepayment of Loan under the Principal Agreement 

 

Where a cancellation notice
in respect of the full amount of the Commitment is given by the New Borrower in accordance with 10.2:

 

		(a)	the provisions of clause 3 shall not apply and accordingly the Novation Effective Time shall not
be capable of occurring; and

 

		(b)	the Existing Borrower and the Finance Parties hereby acknowledge that the Loan will be prepaid
in full on the Actual Delivery Date in accordance with clause 4.3(e) of the Principal Agreement but that the Principal Agreement
shall otherwise continue in force in accordance with its terms and the Facility will continue to be available to the Existing Borrower
pursuant to the terms of the Principal Agreement.

 

	10.4	BpiFAE Premium

 

It is acknowledged
by the parties that if the New Borrower voluntarily cancels all or any of the Commitment under clause 10.2, the New Borrower shall
not be obliged to pay (or reimburse the Existing Borrower or the Seller for) all or any part of the BpiFAE Premium.

 

	10.5	Fixed rate breakage costs

 

If the New Borrower:

 

		(a)	voluntarily cancels all or any of the Commitment under clause 10.2;

 

		(b)	voluntarily cancels all or any of the Commitment after it has exercised its rights under clause
4.3 of the Buyer Consent Agreement; or

 

		(c)	subject to the proviso below, does not borrow the Maximum Loan Amount as a result of the Contract
Price being reduced in accordance with Article III of the Building Contract (resulting in a corresponding cancellation of part
of the Commitment),

 

the New
Borrower shall pay to the Facility Agent breakage costs in the amount notified to it following a calculation of such breakage costs
based on the methodology referred to in Section 4.4.1b) of the Novated Credit Agreement and on the basis that for this purpose
references in such clause to prepayment and prepay shall be treated as references to cancellation and the basis for the calculation
of any breakage costs shall be determined by reference to:

 

		(i)	if:

 

		(A)	the Commitment is cancelled in full, 80% of €1,280,000,000; or

 

		(B)	the Commitment is partially cancelled, the amount which is 80% of €1,280,000,000 minus the
un-cancelled Commitment; and

 

		(ii)	24 assumed semi-annual repayment instalments starting from the Expected Delivery Date at the Signing
Date.

 

    13

     

    

 

Provided
however that no breakage costs will be charged under clauses 10.5(a), 10.5(b) or 10.5(c) above if the Loan (as defined in the Novated
Credit Agreement) assumed by and/or advanced to the New Borrower on the Novation Effective Date or otherwise pursuant to any restated
or new credit agreement entered into in accordance with clause 5.4 equals or exceeds the US Dollar Equivalent of €1,024,000,000
(being 80% of €1,280,000,000).

 

For the
purpose of calculating the Dollar amount of the breakage costs under this clause, the notional amount of the Loan shall be converted
to a corresponding Dollar amount on the basis of the Spot Rate of Exchange on the date which is two Banking Days prior to the date
of effective cancellation.

 

It is acknowledged
and agreed for all purposes of this Agreement and the Novated Credit Agreement that the New Borrower shall not be liable to pay
(or indemnify any Indemnified Party under Section 11.4 of the Novated Credit Agreement in respect of) any breakage costs related
to the Fixed Rate in the event the Fixed Rate is not available as a result of any of the conditions precedent set forth in Section
5.1.10 of the Novated Credit Agreement not being satisfied for any reason other than due to the New Borrower’s own breach
of the terms of this Agreement.

 

	11	Satisfaction of Receivable, releases and BpiFAE Insurance Policy

 

	11.1	Receivable 

 

The Existing
Borrower and the New Borrower agree that the assumption by the New Borrower of the Existing Borrower’s obligation to repay
the Novated Loan Balance on the Novation Effective Date shall satisfy the obligation of the New Borrower to pay the Receivable
to the Existing Borrower (as purchaser of the Receivable from the Seller pursuant to the Receivable Purchase Agreement).

 

	11.2	Release of Security Documents on Novation Effective Date

 

It is acknowledged
that on the Novation Effective Date (and subject to satisfaction of the conditions precedent referred to in this Agreement and
the other Transaction Documents):

 

		(a)	the Mortgage will be released (but without prejudice to the Finance Parties’ obligation to
release the Mortgage in accordance with clause 11.1 of the Buyer Consent Agreement);

 

		(b)	the Borrower Assignment (and any security assigned thereunder) and the Share Security will be released;

 

		(c)	the Security Trustee will be released from its obligations under the Security Trust Deed and the
Agency and Trust Deed;

 

		(d)	the Facility Agent, the French Coordinating Bank and the ECA Agent will be released from their
respective obligations under the Agency and Trust Deed (on the basis that the provisions of Article X of the Novated Credit Agreement
will then apply) ; and

 

		(e)	the Facility Guarantors shall be released from their obligations under the Facility Guarantees,

 

and the
parties to such documents agree to enter into such documentation as the Facility Agent or any other party may reasonably require
in order to effect such releases and discharges.

 

	11.3	BpiFAE Insurance Policy

 

It is acknowledged
that the BpiFAE Insurance Policy will remain in full force and effect notwithstanding the occurrence of the Novation Effective
Date.

 

    14

     

    

 

	12	Assignment and transfers

 

The provisions of clause 14
(Assignment, transfer and facility office) of the Principal Agreement shall apply with equal effect to the Existing Borrower
and the Finance Parties in relation to this Agreement as if the same were expressly stated herein and references therein to “the
Agreement” shall be construed as references to this Agreement. Except to the extent permitted under section 7.2.6 of the
Novated Credit Agreement, the New Borrower may not assign or transfer any of its rights or obligations under this Agreement.

 

	13	Miscellaneous and notices

 

	13.1	Notices

 

The provisions of clauses 17.1
and 17.2 (Notices) of the Principal Agreement shall extend and apply to the giving or making of notices or demands hereunder
as if the same were expressly stated herein and for this purpose notices to the New Borrower shall be sent to it at:

 

1050 Caribbean Way

Miami

Florida 33132

 

	Fax no:	+1 (305) 539-0562
	Attn:	Vice President, Treasurer
	Copy to:	General Counsel

 

	13.2	Counterparts

 

This Agreement may be executed
in any number of original counterparts and by facsimile provided that original signed copies are provided within a reasonable period
of time thereafter. All such counterparts shall, once executed, constitute a single document.

 

	13.3	Contracts (Rights of Third Parties) Act 1999

 

		(a)	With the exception of BpiFAE, no term of this Agreement is enforceable under the Contracts (Rights
of Third Parties) Act 1999 by a person who is not a party to this Agreement.

 

		(b)	Notwithstanding any term of this Agreement, the consent of any person who is not a party to this
Agreement is not required to amend or vary this Agreement at any time.

 

	13.4	Rights of New Borrower under the Principal Agreement

 

It is agreed where any rights
are expressed to be conferred on the New Borrower (as Buyer) under the Principal Agreement, the New Borrower shall be entitled
to the benefit of such rights as if it were a party to the Principal Agreement for the sole purpose of those rights (and clause
17.7 of the Principal Agreement shall be deemed to be modified accordingly).

 

	13.5	New Borrower payments

 

The provisions of section 3.3.4
(Post Maturity Rates) and 4.6 (Taxes) of the Novated Credit Agreement shall be deemed to apply in relation to any
non-payment or, as the case may be, payments of amounts required to be made by the New Borrower to any of the Finance Parties under
this Agreement as if the same was expressly incorporated herein and references therein to “the Agreement” shall be
construed as references to this Agreement.

 

    15

     

    

 

	13.6	Confidentiality

 

The Lenders agree to be bound
by the terms of clause 24 of the Buyer Consent Agreement as if the same were set out in full herein and as if references to a Party
in that clause included a Lender.

 

	14	Governing law and jurisdiction

 

	14.1	Law

 

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

 

	14.2	Submission to jurisdiction

 

The Existing Borrower and the
New Borrower agree, for the benefit of the Finance Parties, that any legal action or proceedings arising out of or in connection
with this Agreement against the Existing Borrower and/or the New Borrower or any of its assets (including any non-contractual obligations)
may be brought in the English courts. Each of the Existing Borrower and the New Borrower irrevocably and unconditionally submits
to the jurisdiction of such courts and irrevocably designates, appoints and empowers the following person to receive for it and
on its behalf, service of process issued out of the English courts in any such legal action or proceedings:

 

	Existing Borrower	Walkers London office at present of 6 Gracechurch Street, London EC3V 0AT
	New Borrower	RCL Cruises Ltd., Building 3, The Heights – Brooklands, Weybridge, Surrey, KT13  ONY, Attention: General Counsel

 

The submission to such jurisdiction
shall not (and shall not be construed so as to) limit the right of the Finance Parties to take proceedings against the Existing
Borrower and/or the New Borrower in the courts of any other competent jurisdiction nor shall the taking of proceedings in any one
or more jurisdictions preclude the taking of proceedings in any other jurisdiction, whether concurrently or not.

 

The parties further agree that
only the courts of England and not those of any other country shall have jurisdiction to determine any claim which the Existing
Borrower and/or the New Borrower may have against any of the Finance Parties arising out of or in connection with this Agreement.

 

	14.3	Waiver of immunity 

 

To the extent that the Existing
Borrower or the New Borrower has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process
(whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with
respect to itself or its assets, each of the Existing Borrower and the New Borrower hereby irrevocably waives such immunity in
respect of its obligations under this Agreement.

 

IN WITNESS whereof the parties
to this Agreement have caused this Agreement to be duly executed on the date first above written.

 

    16

     

    

 

Schedule 1

The Original Lenders

 

	Original Lender	Facility Office and contact details	Commitment

€	Commitment

%
	
        Citibank Europe plc

         

         

         

         

         

         

         
	
        1 North Wall Quay

        Dublin 1

        D01T8Y1

        Ireland

         

        Attention:    Wei-Fong Chan

        Kara Catt

        Romina Coates

        Antoine Paycha

         

         

        Fax No:      +44
        20 7986 4881

        Tel No:        +44
        20 7986 3036 /

        +44 20 7508 0344 /

        +44 20 7986 4824 /

        +44 20 7500 0907

         

        E-mail:

        weifong.chan@citi.com 

        kara.catt@citi.com

        romina.coates@citi.com

        antoine.paycha@citi.com
	192,630,600	15%
	HSBC France	
        HSBC France – Global Banking Agency
        Operations (GBAO) Transaction Manager Unit

        103 avenue des Champs Elysées

        75008 Paris

        France

         

        Attention:Florencia Thomas

        Alexandra Penda

         

        Fax No:         +33
        1 40 70 28 80

        Tel No:           +33
        1 40 70 73 81 /

        +33 1 41 02 67 50

         

        Email:               florencia.thomas@hsbc.fr

        alexandra.penda@hsbc.fr

         

        Copy to:

         

        HSBC France

        103 avenue des Champs Elysées

        75008 Paris

        France

         

        Attention:      Celine Karsenty / Julie Bellais

         

        Fax No:         +33
        1 40 70 78 93

        Tel No:           +33
        1 40 70 28 59 /

        +33 1 40 70 22 97

         

        Email:           celine.karsenty@hsbc.fr
	192,630,600	15%

 

    17

     

    

 

	Original Lender	Facility Office and contact details	Commitment

€	Commitment

%
	 	   julie.bellais@hsbc.fr	 	 
	Banco Santander S.A.	
        Ciudad Grupo Santander.

        Avda. Cantabria s/n 28660

        Boadilla del Monte

        SPAIN

         

        For Operational / Servicing matters

        Attention:      José Manuel Herrero

        Ana Sanz Gómez

        Carmen Molina Rodes

         

        Tel No:           +91
        2573221 /

        +91 2891790 /

        +91 1752530

        

        Email:

        sindicadossan@gruposantander.com

        josema.herrero@gruposantander.com

        anasanz@gruposantander.com

        cmolinar@gruposantander.com

         

        For Credit matters 

        Attention:      Elise Regnault

        Tel No:          +34
        91 289 3722 /

        +34 615 90 2718

        Email:

        elise.regnault@gruposantander.com

         

        Attention:      Angela Rabanal

        Tel No:          +1
        212 297 2942

        Email:           arabanal@santander.us

         

        Attention:      Ecaterina Mucuta

        Tel No:          +33
        1 53 53 70 46 /

        +33 7 76 04 97 30

        Email:

        ecaterina.mucuta@gruposantander.com

         
	166,946,520	13%
	
        Banco Bilbao Vizcaya Argentaria S.A., Paris
        Branch

         
	
        29 avenue de l'Opéra

        75001 Paris

        France

         

        Attention:      David Albagli

        Alessandro Aiello

        Laura Luca de Tena

               Natalia Herzner

               Shirin Arabsolghar

         

         

        Fax No:         +33
1 44 86 84 45

        Tel No:          +39
        02 76296 246 /

                +33
        1 44 86 83 21

         

        Email:           david.albagli@bbva.com

          laura.luca@bbva.com

        alessandro.aiello@bbva.com
	166,946,520	13%

 

    18

     

    

 

	Original
    Lender	Facility
    Office and contact details	Commitment

    €	Commitment

    %
	 	natalia.herzner@bbva.com

        shirin.arabsolghar@bbva.com
	 	 
	BNP
    Paribas SA	16
        Boulevard des Italiens

        75009
        Paris

        France

         

        For
        Operational / Servicing matters

        Attention :     Thierry
        ANEZO

         

        Tel
        No:         +33 1 43 16 81 57

        Email:           Thierry.anezo@bnpparibas.com

         

        Attention :     Estelle
        FARNY

        Tel
No :          +33 1 40 14 59 84

        Email :           Estelle.farny@bnpparibas.com

         

        For
        Credit matters 

         

        Attention:      Mauricio
        GONZALEZ

        Fax
        No :        +1 212 841 2421

        Tel
        No :         +1 212 841 3888

        Email :                mauricio.gonzalez@us.bnpparibas.com

         

        Attention :     Alexandre
        DE VATHAIRE

        Fax
        No:         +33 1 42 98 13 15

        Tel
        No:          +33 1 42 98 00 29

        Email :                  alexandre.devathaire@bnpparibas.com

         
	166,946,520	13%
	Sumitomo
    Mitsui Banking Corporation Europe Limited	1/3/5
        rue Paul Cézanne

        75008
        Paris

        France

         

        For
        Operational / Servicing matters

        PRIMARY
        CONTACT

        Attention:
             European Loan Operations

        Address:
              Sumitomo Mitsui Banking

        Corporation
Europe Limited,

        99
        Queen Victoria Street

        London
        EC4V 4EH

        United
        Kingdom

        Fax
        No:         +44 20 7786 1569

        Tel
        No:          +44 20 7786 1789 / 1588

        Email:
        

        GBLOOADLOANELO@gb.smbcgroup.com

        Note:
        notices to be sent by Fax only

         

        SECONDARY
        CONTACT

        Attention:      Guillaume
        Branco / Helene Ly

        Address:       Transportation
        Department -

        Maritime

        1/3/5
        rue Paul Cézanne

        75008
        Paris

        France

        Tel
        No:          +33 1 44 90 48 71 / 
	166,946,520	13%

 

    19

     

    

 

	Original
    Lender	Facility
    Office and contact details	Commitment

    €	Commitment

    %
	 	+33
        1 44 90 48 76

        Email:

        guillaume_branco@fr.smbcgroup.com

        helene_ly@fr.smbcgroup.com

         

        For
        Credit matters

        Attention:      Guillaume
        Branco

        Helene
        Ly

        Hervé
        Billi

        Claire
        Lucien

        Fax
        No:         +33 1 44 90 48 01

        Tel
        No:          +33 1 44 90 48 71 /

        +33
        1 44 90 48 76 /

        +33
        1 44 90 48 48 /

        +33
        1 44 90 48 49

         

        Email:

        guillaume_branco@fr.smbcgroup.com

        helene_ly@fr.smbcgroup.com

        FRPAGTFD@fr.smbcgroup.com

         
	 	 
	Société
    Générale	29
        Boulevard Haussmann

        75009
        Paris

        France

         

        For
        Credit Matters

         

        Attention:      Patricia
        SACCO  

        Muriel
        BAUMANN

        Address:       189,
        rue d’Aubervilliers

        75886
        Paris

        CEDEX
        18

        OPER/FIN/SMO/EXT

        Tel
        No:          +33 1 42 14 58 15 /

        +33
        1 58 98 22 76

        Email:            patricia.sacco@sgcib.com

        muriel.baumann@sgcib.com

         

        For
        Operational Matters

        Attention:      Paul
        Rousseau

        Address:       189,
        rue d’Aubervilliers

        75886
        Paris

        CEDEX
        18

        OPER/FIN/STR/DMT6

        Tel
        No:          +33 1 58 98 50 93

        Email:           par-oper-caf-dmt6@sgcib.com

         
	166,946,520	13%
	UniCredit
    Bank AG	Arabellastrasse
        12

        81925
        Munich

        Germany

         

        For
        Credit matters

        Attention:      Thomas
        Stuhrmann /

        Burcu
        Arslan

        Tel
        No:          +49 89 378 25693 / 25207

        Email:
                  thomas.stuhrmann@unicredit.de  
	64,210,200	5%

 

    20

     

    

 

	Original
    Lender	Facility
    Office and contact details	Commitment

    €	Commitment

    %
	 	Burcu.arslan@unicredit.de

         

        For
        Operational matters

        Attention:      Agnieszka
        Karolina Starska /

        Manuela Zuddas /

        Michele
        Angelo Pappalettera

         

        Tel
        No:          +39 0288 629 985

        Email:

        munich_buyerscredit.uc@unicredit.eu

         
	 	 
	 	Total:	1,284,204,000	100

 

    21

     

    

 

Schedule 2

Conditions precedent

 

Part 1

 

Documents and evidence to be delivered
to the Facility Agent not later than the Signing Date

 

	1	Evidence that the conditions precedent set out in clause 9.1(a) of, and Schedule 3 Part 1 to, the
Principal Agreement have been satisfied in full or waived in accordance with clause 9.4 of the Principal Agreement.

 

	2	Documents equivalent to those referred to in Section 5.1.1 (Resolutions, etc.) of the Novated
Credit Agreement in relation to the New Borrower and its execution of this Agreement, the Buyer Consent Agreement and any other
Transaction Documents to which it is a party.

 

    22

     

    

 

Part 2

 

Documents and evidence to be delivered
to the Facility Agent not later than the Initial Effective Date

 

	1	Evidence that the conditions precedent set out in clause 9.1(b) of, and Schedule 3 Part 2 to, the
Principal Agreement have been satisfied in full or waived in accordance with clause 9.4 of the Principal Agreement.

 

    23

     

    

 

Schedule 3

Form of Novated Credit Agreement

 

    24

     

    

 

 

 

HULL NO. A35 CREDIT AGREEMENT

 

 

 

dated 13 December 2019 as novated, amended
and restated
 on the Actual Delivery Date pursuant to
 a novation agreement dated 13 December 2019

 

BETWEEN

 

Royal Caribbean Cruises Ltd.

as the Borrower,

 

the Lenders from time to time party hereto,

 

Citibank N.A., London Branch

as Global Coordinator

 

HSBC France as ECA Agent

 

and

 

Citibank Europe plc, UK Branch as Facility
Agent

 

and

 

Citibank Europe plc, HSBC France, Banco
Santander S.A., Banco Bilbao Vizcaya Argentaria S.A., Paris Branch, BNP Paribas SA, Sumitomo Mitsui Banking Corporation Europe
Limited, Paris Branch, Société Générale and Unicredit Bank AG as Mandated Lead Arrangers

 

     

     

    

 

TABLE OF CONTENTS

 

PAGE

 

	ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	SECTION 1.1. Defined Terms	10
	SECTION 1.2. Use of Defined Terms	23
	SECTION 1.3. Cross-References	24
	SECTION 1.4. Accounting and Financial Determinations	24
	ARTICLE II COMMITMENTS AND BORROWING PROCEDURES
	SECTION 2.1. Commitment	25
	SECTION 2.2. Commitment of the Lenders; Termination and Reduction of Commitments	25
	SECTION 2.3. Borrowing Procedure	25
	SECTION 2.4. Funding	28
	ARTICLE III REPAYMENTS, PREPAYMENTS, INTEREST AND FEES
	SECTION 3.1. Repayments	28
	SECTION 3.2. Prepayment	28
	SECTION 3.3. Interest Provisions	29
	SECTION 3.3.1. Rates	29
	SECTION 3.3.2. [Intentionally omitted]	30
	SECTION 3.3.3. Interest stabilisation	30
	SECTION 3.3.4. Post-Maturity Rates	30
	SECTION 3.3.5. Payment Dates	30
	SECTION 3.3.6. Interest Rate Determination; Replacement Reference Banks	30
	SECTION 3.3.7. Unavailability of LIBO	31
	SECTION 3.4. Commitment Fees	32
	SECTION 3.4.1. Payment	32

 

    1

     

    

 

	SECTION 3.5. Other Fees	33
	ARTICLE IV CERTAIN LIBO RATE AND OTHER PROVISIONS
	SECTION 4.1. LIBO Rate Lending Unlawful	33
	SECTION 4.2. Deposits Unavailable	33
	SECTION 4.3. Increased LIBO Rate Loan Costs, etc.	34
	SECTION 4.4. Funding Losses	35
	SECTION 4.4.1. Indemnity	35
	SECTION 4.4.2. Exclusion	37
	SECTION 4.5. Increased Capital Costs	37
	SECTION 4.6. Taxes	38
	SECTION 4.7. Reserve Costs	40
	SECTION 4.8. Payments, Computations, etc.	41
	SECTION 4.9. Replacement Lenders, etc.	41
	SECTION 4.10. Sharing of Payments	42
	SECTION 4.10.1. Payments to Lenders	42
	SECTION 4.10.2. Redistribution of payments	42
	SECTION 4.10.3. Recovering Lender's rights	42
	SECTION 4.10.4. Reversal of redistribution	43
	SECTION 4.10.5. Exceptions	43
	SECTION 4.11. Set-off	43
	SECTION 4.12. Use of Proceeds	43
	SECTION 4.13. FATCA Information	44
	SECTION 4.14. Resignation of the Facility Agent	45
	ARTICLE V CONDITIONS TO BORROWING
	SECTION 5.1. Advance of the Loan	45
	SECTION 5.1.1. Resolutions, etc.	45

 

    2

     

    

 

	SECTION 5.1.2. Opinions of Counsel	46
	SECTION 5.1.3. BpiFAE Insurance Policy	46
	SECTION 5.1.4. Closing Fees, Expenses, etc.	46
	SECTION 5.1.5. Compliance with Warranties, No Default, etc.	46
	SECTION 5.1.6. Loan Request	47
	SECTION 5.1.7. Foreign Exchange Counterparty Confirmations	47
	SECTION 5.1.8. Protocol of delivery	47
	SECTION 5.1.9. Title to Purchased Vessel	47
	SECTION 5.1.10. Interest Stabilisation	47
	SECTION 5.1.11. Escrow Account Security	49
	ARTICLE VI REPRESENTATIONS AND WARRANTIES
	SECTION 6.1. Organization, etc.	49
	SECTION 6.2. Due Authorization, Non-Contravention, etc.	49
	SECTION 6.3. Government Approval, Regulation, etc.	49
	SECTION 6.4. Compliance with Environmental Laws	50
	SECTION 6.5. Validity, etc.	50
	SECTION 6.6. No Default, Event of Default or Prepayment Event	50
	SECTION 6.7. Litigation	50
	SECTION 6.8. The Purchased Vessel	50
	SECTION 6.9. Obligations rank pari passu; Liens	51
	SECTION 6.10. Withholding, etc.	51
	SECTION 6.11. No Filing, etc. Required	51
	SECTION 6.12. No Immunity	51
	SECTION 6.13. Investment Company Act	51
	SECTION 6.14. Regulation U	51
	SECTION 6.15. Accuracy of Information	51

 

    3

     

    

 

	SECTION 6.16. Compliance with Laws	52
	ARTICLE VII COVENANTS
	SECTION 7.1. Affirmative Covenants	52
	SECTION 7.1.1. Financial Information, Reports, Notices, etc.	52
	SECTION 7.1.2. Approvals and Other Consents	53
	SECTION 7.1.3. Compliance with Laws, etc.	54
	SECTION 7.1.4. The Purchased Vessel	54
	SECTION 7.1.5. Insurance	55
	SECTION 7.1.6. Books and Records	55
	SECTION 7.1.7. BpiFAE Insurance Policy/French Authority Requirements	55
	SECTION 7.2. Negative Covenants	55
	SECTION 7.2.1. Business Activities	55
	SECTION 7.2.2. Indebtedness	56
	SECTION 7.2.3. Liens	56
	SECTION 7.2.4. Financial Condition	58
	SECTION 7.2.5. [Intentionally Omitted]	59
	SECTION 7.2.6. Consolidation, Merger, etc.	59
	SECTION 7.2.7. Asset Dispositions, etc.	60
	SECTION 7.3. Lender incorporated in the Federal Republic of Germany	60
	ARTICLE VIII EVENTS OF DEFAULT
	SECTION 8.1. Listing of Events of Default	60
	SECTION 8.1.1. Non-Payment of Obligations	60
	SECTION 8.1.2. Breach of Warranty	60
	SECTION 8.1.3. Non-Performance of Certain Covenants and Obligations	60
	SECTION 8.1.4. Default on Other Indebtedness	60
	SECTION 8.1.5. Bankruptcy, Insolvency, etc.	61

 

    4

     

    

 

	SECTION 8.2. Action if Bankruptcy	62
	SECTION 8.3. Action if Other Event of Default	62
	ARTICLE IX PREPAYMENT EVENTS
	SECTION 9.1. Listing of Prepayment Events	62
	SECTION 9.1.1. Change of Control	62
	SECTION 9.1.2. Unenforceability	62
	SECTION 9.1.3. Approvals	63
	SECTION 9.1.4. Non-Performance of Certain Covenants and Obligations	63
	SECTION 9.1.5. Judgments	63
	SECTION 9.1.6. Condemnation, etc.	63
	SECTION 9.1.7. Arrest	63
	SECTION 9.1.8. Sale/Disposal of the Purchased Vessel	63
	SECTION 9.1.9. BpiFAE Insurance Policy	63
	SECTION 9.1.10. Illegality	63
	SECTION 9.2. Mandatory Prepayment	64
	SECTION 9.3. Mitigation	64
	ARTICLE X THE FACILITY AGENT AND THE ECA AGENT
	SECTION 10.1. Actions	64
	SECTION 10.2. Indemnity	64
	SECTION 10.3. Funding Reliance, etc.	65
	SECTION 10.4. Exculpation	65
	SECTION 10.5. Successor	66
	SECTION 10.6. Loans by the Facility Agent	67
	SECTION 10.7. Credit Decisions	67
	SECTION 10.8. Copies, etc.	67
	SECTION 10.9. The Agents’ Rights	67

 

    5

     

    

 

	SECTION 10.10. The Facility Agent’s Duties	68
	SECTION 10.11. Employment of Agents	68
	SECTION 10.12. Distribution of Payments	68
	SECTION 10.13. Reimbursement	68
	SECTION 10.14. Instructions	69
	SECTION 10.15. Payments	69
	SECTION 10.16. “Know your customer” Checks	69
	SECTION 10.17. No Fiduciary Relationship	69
	SECTION 10.18. Illegality	69
	ARTICLE XI MISCELLANEOUS PROVISIONS
	SECTION 11.1. Waivers, Amendments, etc.	69
	SECTION 11.2. Notices	71
	SECTION 11.3. Payment of Costs and Expenses	72
	SECTION 11.4. Indemnification	72
	SECTION 11.5. Survival	74
	SECTION 11.6. Severability	74
	SECTION 11.7. Headings	74
	SECTION 11.8. Execution in Counterparts, Effectiveness, etc.	74
	SECTION 11.9. Third Party Rights	74
	SECTION 11.10. Successors and Assigns	74
	SECTION 11.11. Sale and Transfer of the Loan; Participations in the Loan	75
	SECTION 11.11.1. Assignments	75
	SECTION 11.11.2. Participations	77
	SECTION 11.11.3. Register	78
	SECTION 11.11.4. Rights of BpiFAE to payments	78
	SECTION 11.12. Other Transactions	78

 

    6

     

    

 

	SECTION 11.13. BpiFAE Insurance Policy	79
	SECTION 11.13.1. Terms of BpiFAE Insurance Policy	79
	SECTION 11.13.2. Obligations of the Borrower	79
	SECTION 11.13.3. Obligations of the ECA Agent and the Lenders	79
	SECTION 11.14. Law and Jurisdiction	80
	SECTION 11.14.1. Governing Law	80
	SECTION 11.14.2. Jurisdiction	80
	SECTION 11.14.3. Alternative Jurisdiction	80
	SECTION 11.14.4. Service of Process	81
	SECTION 11.15. Confidentiality	81
	SECTION 11.16. French Authority Requirements	82
	SECTION 11.17. Waiver of immunity	82
	SECTION 11.18. Acknowledgement and Consent to Bail-In of EEA Financial Institutions	82

 

    7

     

    

 

EXHIBITS

 

	Exhibit
    A	-	Form
    of Loan Request
	Exhibit B-1  	-	Form of Opinion
    of Liberian Counsel to Borrower
	Exhibit B-2  	-	Form of Opinion
    of English Counsel to the Facility Agent and the Lenders
	Exhibit B-3  	-	Form of Opinion
    of French Counsel to the Facility Agent and the Lenders
	Exhibit B-4  	-	Form of Opinion
    of US Tax Counsel to the Lenders
	Exhibit C  	-	Form of Lender Assignment
    Agreement
	Exhibit D  	-	Form of Certificate
    of French Content
	Exhibit E-1  	-	Form of Delivery
    Non-Yard Costs Certificate
	Exhibit E-2	-	Form of Final Non-Yard Costs Certificate

 

    8

     

    

 

CREDIT AGREEMENT

 

HULL NO. A35 CREDIT
AGREEMENT, dated 13 December 2019 as novated, amended and restated on the Actual Delivery Date (as defined below), is
among Royal Caribbean Cruises Ltd., a Liberian corporation (the “Borrower”), HSBC France in its capacity as
agent for the Lenders referred to below in respect of BpiFAE-related matters (in such capacity, the “ECA Agent”),
Citibank Europe plc, UK Branch in its capacity as facility agent (in such capacity, the “Facility Agent”) and
the financial institutions listed in Schedule 1 to the Novation Agreement (as defined below) as lenders (in such capacity, together
with each of the other Persons that shall become a “Lender” in accordance with clause 12 of the Novation Agreement
or Section 11.11.1 hereof, each of them individually a “Lender” and, collectively, the “Lenders”).

 

W I T N E S S E T H:

 

WHEREAS,

 

		(A)	The Borrower and Chantiers de l’Atlantique S.A. (previously known as STX France S.A.) (the
“Builder”) have entered on 30 September 2016 into a Contract for the Construction and Sale of Hull No. A35 (as
amended from time to time, including, as at the date of this Agreement, by way of addenda respectively numbered 1 to 7, the “Construction
Contract”) pursuant to which the Builder has agreed to design , construct, equip, complete, sell and deliver the passenger
cruise vessel bearing Builder’s hull number A35 and which shall be owned by the Nominated Owner (the “Purchased
Vessel”);

 

		(B)	The Lenders have agreed to make available to the Borrower, upon the terms and conditions contained
herein, a US dollar loan facility calculated on the amount (the “Maximum Loan Amount”) equal to the EUR sum
of:

 

		(i)	eighty per cent (80%) of the Contract Price (as defined below) of the Purchased Vessel, and including
Non-Yard Costs of up to EUR 120,000,000 (the “Maximum Non-Yard Costs Amount”), and the Other Basic Contract Price Increases
(as defined below) for the Purchased Vessel of up to EUR 30,500,000, and all of which amounts shall not exceed in aggregate EUR
1,430,500,000;

 

		(ii)	eighty per cent (80%) of the change orders of up to EUR 128,000,000 effected in accordance with
the Construction Contract; and

 

		(iii)	100% of the BpiFAE Premium (as defined below),

 

being an
amount no greater than EUR 1,284,204,000 and being made available in the US Dollar Equivalent of that Maximum Loan Amount (as such
Dollar amount may be adjusted pursuant to clause 5.3 of the Novation Agreement);

 

		(C)	Of the amounts referred to in recital (B)(i) and (ii) above, the Lenders have made certain amounts
available to the Original Borrower during the period prior to the Actual Delivery Date pursuant to this Agreement (the liability
for which amount has been assumed by the Borrower following the novation of this 

 

    9

     

    

 

	 	 	Agreement pursuant to the Novation Agreement)
and, in relation to the amount referred to in recital (B)(i), the balance has been or shall be made available to the Borrower as
an Additional Advance pursuant to the Novation Agreement and this Agreement.

 

NOW, THEREFORE, the
parties hereto agree as follows:

 

ARTICLE
I

DEFINITIONS AND ACCOUNTING TERMS

 

SECTION
1.1. Defined Terms. The following terms (whether or not underscored) when used in this Agreement, including its preamble
and recitals, shall, when capitalized, except where the context otherwise requires, have the following meanings (such meanings
to be equally applicable to the singular and plural forms thereof):

 

“Accumulated
Other Comprehensive Income (Loss)” means at any date the Borrower’s accumulated other comprehensive income (loss)
on such date, determined in accordance with GAAP.

 

“Actual Delivery
Date” means the date on which the Purchased Vessel is delivered by the Builder to, and accepted by, the Borrower under
the Construction Contract, being also the date on which the final balance of the Loan is advanced by way of the Additional Advances.

 

“Additional
Advances” is defined in the Novation Agreement.

 

“Affiliate”
of any Person means any other Person which, directly or indirectly, controls, is controlled by or is under common control with
such Person. A Person shall be deemed to be “controlled by” any other Person if such other Person possesses, directly
or indirectly, power to direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

“Agent”
means either the ECA Agent or the Facility Agent and “Agents” means both of them.

 

“Agreement”
means, on any date, this credit agreement as originally in effect on the Signing Date and as novated, amended and restated by the
Novation Agreement and as thereafter from time to time amended, supplemented, amended and restated, or otherwise modified and in
effect on such date.

 

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

 

“Anticipated
Delivery Date” means the Expected Delivery Date (as defined in the Receivable Purchase Agreement) as at the Signing Date,
namely 16 November 2023.

 

“Applicable
Commitment Rate” means (x) from the Signing Date up to and including the date falling two years prior to the Anticipated
Delivery Date, 0.15% per annum, (y) from the day following the date falling two years prior to the Anticipated Delivery Date up
to and

 

    10

     

    

 

including the date falling one year prior to the Anticipated Delivery Date, 0.25% per annum, and (z) from the day following
the date falling one year prior to the Anticipated Delivery Date until the Commitment Fee Termination Date, 0.30% per annum.

 

“Applicable
Jurisdiction” means the jurisdiction or jurisdictions under which the Borrower is organized, domiciled or resident or
from which any of its business activities are conducted or in which any of its properties are located and which has jurisdiction
over the subject matter being addressed.

 

“Approved
Appraiser” means any of the following: Barry Rogliano Salles, Paris, H Clarkson & Co. Ltd., London, R.S. Platou Shipbrokers,
Norway, or Fearnley AS, Norway.

 

“Assignee
Lender” is defined in Section 11.11.1.

 

“Authorized
Officer” means those officers of the Borrower authorized to act with respect to the Loan Documents and whose signatures
and incumbency shall have been certified to the Facility Agent by the Secretary or an Assistant Secretary of the Borrower.

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of
an EEA Financial Institution.

 

“Bail-In Legislation”
means: (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and
of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in
the EU Bail-In Legislation Schedule; and (b) in relation to any state other than such an EEA Member Country or (to the extent that
the United Kingdom is not such an EEA Member Country) the United Kingdom, any analogous law or regulation from time to time which
requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation

 

“Bank of Nova
Scotia Agreement” means the U.S. $1,428,000,000 amended and restated credit agreement dated as of 4 December 2017 (as
further amended on 5 April 2019 in order to, amongst other things, increase the loan amount to U.S. $1,725,000,000) among the Borrower,
as borrower, the various financial institutions as are or shall become parties thereto, as lenders, and The Bank of Nova Scotia,
as administrative agent, as amended, restated, supplemented or otherwise modified from time to time.

 

“Basic Contract
Price” is as defined in the Construction Contract.

 

“Borrower”
is defined in the preamble.

 

“BpiFAE”
means BpiFrance Assurance Export, the French export credit agency, a French société par action simplifiée
à associé unique with its registered office at 27-31, avenue du Général Leclerc, 94710 Maisons-Alfort
Cedex, France, registered at the trade and companies registry of Créteil under number 815 276 308 and includes its successors
in title or any other person succeeding to BpiFrance Assurance Export in the role as export credit agency of the Republic of France
to manage and provide under its control, on its behalf and in its name the public export guarantees as provided by article L 432-1
of the French insurance code.

 

    11

     

    

 

“BpiFAE Enhanced
Guarantee” means the enhanced guarantee (garantie rehaussée) issued or to be issued by BpiFAE to the benefit
of CAFFIL in accordance with article 84 of the French Amending Finance Law 2012 (as amended) in relation to the refinancing of
SFIL’s participation and Commitments under the Loan, and any other documents (including any security) entered into or to
be entered into by SFIL with CAFFIL and/or BpiFAE in relation thereto.

 

“BpiFAE Insurance
Policy” means the export credit insurance policy in respect of the Loan issued by BpiFAE for the benefit of the Lenders.

 

“BpiFAE Premium”
means the premium payable to BpiFAE under and in respect of the BpiFAE Insurance Policy.

 

“Builder”
is defined in the preamble.

 

“Business
Day” means any day which is neither a Saturday or Sunday nor a legal holiday on which banks are authorized or required
to be closed in New York City, London, Madrid or Paris and if the applicable Business Day relates to an advance of all or part
of the Loan, an Interest Period, prepayment or conversion, in each case with respect to the Loan bearing interest by reference
to the LIBO Rate, a day on which dealings in deposits in Dollars are carried on in the London interbank market.

 

“B34 Facility
Amendment Date” means 20 March 2018, the effective date of the third supplemental agreement dated 16 March 2018 to (among
other things) a credit facility supported by BpiFAE (pertaining to Hull No. B34) reflecting the alignment of certain provisions
and covenants with the Borrower’s revolving credit facility refinanced on 12 October 2017.

 

“CAFFIL”
means Caisse Française de Financement Local, a French société anonyme, with its registered office at
1-3 rue du Passeur de Boulogne, 92130 Issy-les-Moulineaux, France, registered at the trade and companies registry of Nanterre under
number 421 318 064.

 

“Capital Lease
Obligations” means obligations of the Borrower or any Subsidiary of the Borrower under any leasing or similar arrangement
which, in accordance with GAAP, would be classified as capitalized leases.

 

“Capitalization”
means, at any date, the sum of (a) Net Debt on such date, plus (b) Stockholders’ Equity on such date.

 

“Capitalized
Lease Liabilities” means the principal portion of all monetary obligations of the Borrower or any of its Subsidiaries
under any leasing or similar arrangement which, in accordance with GAAP, would be classified as capitalized leases, and, for purposes
of this Agreement and each other Loan Document, the amount of such obligations shall be the capitalized amount thereof, determined
in accordance with GAAP.

 

“Cash Equivalents”
means all amounts other than cash that are included in the “cash and cash equivalents” shown on the Borrower’s
balance sheet prepared in accordance with GAAP.

 

    12

     

    

 

“Change
of Control” means an event or series of events by which (a) any “person” or “group” (as such
terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such
person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator
of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange
Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such
person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such
right, an “option right”)), directly or indirectly, of 50% or more of the equity securities of the Borrower entitled
to vote for members of the board of directors or equivalent governing body of the Borrower on a fully-diluted basis (and taking
into account all such securities that such person or group has the right to acquire pursuant to any option right); or (b) during
any period of 24 consecutive months, a majority of the members of the board of directors or other equivalent governing body of
the Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day
of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred
to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent
governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals
referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board
or equivalent governing body.

 

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

 

“Commitment”
is defined in Section 2.2 and means, relative to any Lender, such Lender’s obligation to make the Loan pursuant to
Section 2.1.

 

“Commitment Fees”
is defined in Section 3.4.

 

“Commitment Fee Termination
Date” is defined in Section 3.4.

 

“Commitment
Termination Date” means the Back Stop Date (as defined in the Receivable Purchase Agreement) (or such later date as the
Lenders and BpiFAE may agree).

 

“Construction
Contract” is defined in the preamble.

 

“Contract
Price” is as defined in the Construction Contract and which includes a lump sum amount in respect of the Non-Yard Costs.

 

“Contractual
Delivery Date” means, at any time, the date which at such time is the date specified for delivery of the Purchased Vessel
under the Construction Contract, as such date may be modified from time to time pursuant to the terms of the Construction Contract.

 

“Covered Taxes”
is defined in Section 4.6.

 

“Default”
means any Event of Default or any condition, occurrence or event which, after notice or lapse of time or both, would constitute
an Event of Default.

 

    13

     

    

 

“Delivery
Non-Yard Costs Certificate” means the certificate to be provided to the Facility Agent in the form of Exhibit E-1 on
or prior to the Actual Delivery Date certifying the amount in EUR of the Paid Non-Yard Costs and the Unpaid Non-Yard Costs as at
the Actual Delivery Date, duly signed by the Borrower and endorsed by the Builder.

 

“Dollar”
and the sign “$” mean lawful money of the United States.

 

“ECA Agent”
is defined in the preamble.

 

“EEA Financial
Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject
to the supervision of a Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution
described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary
of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

 

“EEA Member
Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“Effective
Date” means the date this Agreement becomes effective pursuant to Section 11.8.

 

“Effective
Time” means the Novation Effective Time as defined in the Novation Agreement.

 

“Environmental
Laws” means all applicable federal, state, local or foreign statutes, laws, ordinances, codes, rules and regulations
(including consent decrees and administrative orders) relating to the protection of the environment.

 

“Escrow Account”
means the Dollar escrow account of the Borrower opened or to be opened with the Escrow Account Bank for the purpose of receiving
the relevant amount of the Additional Advances in respect of Unpaid Non-Yard Costs in accordance with Section 2.3f).

 

“Escrow Account
Bank” means Citibank N.A., London Branch of Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB.

 

“Escrow Account
Security” means the account security in respect of the Escrow Account executed or, as the context may require, to be
executed by the Borrower in favour of the Security Trustee in the form agreed by the Lenders and the Borrower on or about the Signing
Date.

 

“Escrow Agency
and Trust Deed” means the agency and trust deed executed or, as the context may require, to be executed by, amongst others,
the Borrower, the parties to this Agreement and the Security Trustee.

 

“EU Bail-In
Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor
Person), as in effect from time to time.

 

    14

     

    

 

“EUR”,
“Euro” and the sign “€” mean the currency of participating member states of the European
Monetary Union pursuant to Council Regulation (EC) 974/98 of 3 May 1998, as amended from time to time.

 

“Event of
Default” is defined in Section 8.1.

 

“Existing
Principal Subsidiaries” means each Subsidiary of the Borrower that is a Principal Subsidiary on the Signing Date.

 

“Facility
Agent” is defined in the preamble and includes each other Person as shall have subsequently been appointed as the successor
Facility Agent, and as shall have accepted such appointment, pursuant to Section 10.5.

 

“FATCA”
means (a) Sections 1471 through 1474 of the Code, as in effect at the date hereof, and any current or future regulations promulgated
thereunder or official interpretations thereof, (b) any treaty, law or regulation of any other jurisdiction, or relating to an
intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of
any law or regulation referred to in paragraph (a) above; or (c) any agreement pursuant to the implementation of any treaty, law
or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental
or taxation authority in any other jurisdiction.

 

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

 

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

 

“Fee Letter”
means any letter entered into by reference to this Agreement between any or all of the Facility Agent, the ECA Agent, the Mandated
Lead Arrangers, the Arrangers, the Lenders and/or the Borrower setting out the amount of certain fees referred to in, or payable
in connection with, this Agreement.

 

“Final Maturity”
means twelve (12) years after the Actual Delivery Date.

 

“Final Non-Yard
Costs Certificate” means the certificate to be provided to the Facility Agent in the form of Exhibit E-2 on or prior
to the NYC Cut Off Date certifying the amount in Euro of the Paid Non-Yard Costs as at the date of that certificate, duly signed
by the Borrower.

 

“Fiscal Quarter”
means any quarter of a Fiscal Year.

 

“Fiscal Year”
means any annual fiscal reporting period of the Borrower.

 

“Fixed Charge
Coverage Ratio” means, as of the end of any Fiscal Quarter, the ratio computed for the period of four consecutive Fiscal
Quarters ending on the close of such Fiscal Quarter of:

 

    15

     

    

 

		a)	net cash from operating activities (determined in accordance with GAAP) for such period, as shown
in the Borrower’s consolidated statement of cash flow for such period, to

 

		b)	the sum of:

 

i)       dividends
actually paid by the Borrower during such period (including, without limitation, dividends in respect of preferred stock of the
Borrower); plus

 

ii)       scheduled
payments of principal of all debt less New Financings (determined in accordance with GAAP, but in any event including Capitalized
Lease Liabilities) of the Borrower and its Subsidiaries for such period.

 

“Fixed Rate”
means 3.00% per annum (reflecting a stabilisation based funding rate of 2.55% per annum and a margin of 0.45% per annum).

 

“Floating
Rate” means a rate per annum equal to the sum of the LIBO Rate plus the Floating Rate Margin.

 

“Floating
Rate Margin” means, for each Interest Period 0.85% per annum.

 

“F.R.S. Board”
means the Board of Governors of the Federal Reserve System or any successor thereto.

 

“French Authorities”
means the Direction Générale du Trésor of the French Ministry of Economy and Finance, any successors
thereto, or any other governmental authority in or of France involved in the provision, management or regulation of the terms,
conditions and issuance of export credits including, among others, such entities to whom authority in respect of the extension
or administration of export financing matters have been delegated, such as BpiFAE and Natixis DAI.

 

“Funding Losses
Event” is defined in Section 4.4.1.

 

“GAAP”
is defined in Section 1.4.

 

“Government-related
Obligations” means obligations of the Borrower or any Subsidiary of the Borrower under, or Indebtedness incurred by the
Borrower or any Subsidiary of the Borrower to satisfy obligations under, any governmental requirement imposed by any Applicable
Jurisdiction that must be complied with to enable the Borrower and its Subsidiaries to continue their business in such Applicable
Jurisdiction, excluding, in any event, any taxes imposed on the Borrower or any Subsidiary of the Borrower.

 

“Hedging Instruments”
means options, caps, floors, collars, swaps, forwards, futures and any other agreements, options or instruments substantially similar
thereto or any series or combination thereof used to hedge interest, foreign currency and commodity exposures.

 

“herein”,
“hereof”, “hereto”, “hereunder” and similar terms contained in this Agreement
or any other Loan Document refer to this Agreement or such other Loan

 

    16

     

    

 

Document, as the case may be, as a whole and not to any particular
Section, paragraph or provision of this Agreement or such other Loan Document.

 

“Historic
Screen Rate” means, in relation to the Loan, the most applicable recent rate which appeared on Thomson Reuters LIBOR
01 Page (or any replacement page) for the currency of the Loan and for a period equal to the applicable Interest Period for the
Loan and which is no more than 7 days before the commencement of the applicable Interest Period for which such rate may be applicable.

 

“Illegality
Notice” is defined in Section 3.2(b).

 

“Indebtedness”
means, for any Person: (a) obligations created, issued or incurred by such Person for borrowed money (whether by loan, the issuance
and sale of debt securities or the sale of property to another Person subject to an understanding or agreement, contingent or otherwise,
to repurchase such property from such Person); (b) obligations of such Person to pay the deferred purchase or acquisition price
of property or services, other than (i) trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred,
in the ordinary course of business so long as such trade accounts payable are payable within 180 days of the date the respective
goods are delivered or the respective services are rendered and (ii) any purchase price adjustment, earnout or deferred payment
of a similar nature incurred in connection with an acquisition (but only to the extent that no payment has at the time accrued
pursuant to such purchase price adjustment, earnout or deferred payment obligation); (c) Indebtedness of others secured by a Lien
on the property of such Person, whether or not the respective indebtedness so secured has been assumed by such Person; (d) obligations
of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other financial institutions
for the account of such Person; (e) Capital Lease Obligations of such Person; (f) guarantees by such Person of Indebtedness of
others, up to the amount of Indebtedness so guaranteed; (g) obligations of such Person in respect of surety bonds and similar obligations;
and (h) liabilities arising under Hedging Instruments.

 

“Indemnified
Liabilities” is defined in Section 11.4.

 

“Indemnified
Parties” is defined in Section 11.4.

 

“Interest
Payment Date” means each Repayment Date.

 

“Interest
Period” means the period between the Actual Delivery Date and the first Repayment Date, and subsequently each succeeding
period between two consecutive Repayment Dates.

 

“Interest
Stabilisation Agreement” means an agreement on interest stabilisation entered into between Natixis and each Lender (other
than BpiFAE or CAFFIL as assignee of all or any of SFIL’s rights as Lender following the enforcement of any security granted
pursuant to paragraph (iv) of Section 11.11.1 in connection with the BpiFAE Enhanced Guarantee, subject as provided in Section
11.11.1) in connection with the Loan.

 

    17

     

    

 

“Investment
Grade” means, with respect to Moody’s, a Senior Debt Rating of Baa3 or better and, with respect to S&P, a Senior
Debt Rating of BBB- or better.

 

“Lender Assignment
Agreement” means any Lender Assignment Agreement substantially in the form of Exhibit C.

 

“Lender”
and “Lenders” are defined in the preamble.

 

“Lending Office”
means, relative to any Lender, the office of such Lender designated as such below its signature hereto or designated in a Lender
Assignment Agreement or such other office of a Lender as designated from time to time by notice from such Lender to the Borrower
and the Facility Agent, whether or not outside the United States but subject in all cases to the agreement of Natixis DAI in relation
to the Fixed Rate, which shall be making or maintaining the Loan of such Lender hereunder.

 

“LIBO Rate”
means the rate per annum of the offered quotation for deposits in Dollars for six months (or for such other period as shall be
agreed by the Borrower and the Facility Agent) which appears on Thomson Reuters LIBOR01 Page (or any successor page) at or about
11:00 a.m. (London time) two (2) Business Days before the commencement of the relevant Interest Period; provided that:

 

		a)	subject to Section 3.3.6, if no such offered quotation appears on Thomson Reuters LIBOR01
Page (or any successor page) at the relevant time the LIBO Rate shall be the Historic Screen Rate or, if it is not possible to
calculate an Historic Screen Rate, it shall be the rate per annum certified by the Facility Agent to be the average of the rates
quoted by the Reference Banks as the rate at which each of the Reference Banks was (or would have been) offered deposits of Dollars
by prime banks in the London interbank market in an amount approximately equal to the amount of the Loan and for a period of six
months;

 

		b)	for the purposes of determining the post-maturity rate of interest under Section 3.3.4,
the LIBO Rate shall be determined by reference to deposits on an overnight or call basis or for such other period or periods as
the Facility Agent may determine after consultation with the Lenders, which period shall be no longer than one month unless the
Borrower otherwise agrees; and

 

		c)	if that rate is less than zero, the LIBO Rate shall be deemed to be zero.

 

“Lien”
means any security interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or
otherwise), charge against or interest in property to secure payment of a debt or performance of an obligation or other priority
or preferential arrangement of any kind or nature whatsoever.

 

“Lien Basket
Amount” is defined in Section 7.2.3.b)

 

“Loan”
means the advances made by the Lenders under this Agreement from time to time or, as the case may be, the aggregate outstanding
amount of such advances from time to time.

 

    18

     

    

 

 

“Loan Documents”
means this Agreement, the Novation Agreement, the Escrow Agency and Trust Deed, the Fee Letters and the Escrow Account Security.

 

“Loan Request”
means the loan request and certificate duly executed by an Authorized Officer of the Borrower, substantially in the form of Exhibit
A hereto.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, operations or financial condition of the Borrower
and its Subsidiaries taken as a whole, (b) the rights and remedies of the Facility Agent or any Lender under the Loan Documents
or (c) the ability of the Borrower to perform its payment Obligations under the Loan Documents.

 

“Material
Litigation” is defined in Section 6.7.

 

“Maximum Loan
Amount” is defined in the preamble.

 

“Maximum Non-Yard
Costs Amount” is defined in the preamble.

 

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

 

“Natixis”
means Natixis, a French société anonyme with its registered office at 30, avenue Pierre Mendès France,
75013 Paris, France, registered with the Paris Commercial and Companies Registry under number 542 044 524 RCS Paris.

 

“Natixis DAI”
means Natixis DAI Direction des Activités Institutionnelles.

 

“Net Debt”
means, at any time, the aggregate outstanding principal amount of all debt (including, without limitation, the principal portion
of all capitalized leases) of the Borrower and its Subsidiaries (determined on a consolidated basis in accordance with GAAP) less
the sum of (without duplication);

 

a)       all
cash on hand of the Borrower and its Subsidiaries; plus

 

b)       all
Cash Equivalents.

 

“Net Debt
to Capitalization Ratio” means, as at any date, the ratio of (a) Net Debt on such date to (b) Capitalization on such
date.

 

“New Financings”
means proceeds from:

 

a)       borrowed
money (whether by loan or issuance and sale of debt securities), including drawings under this Agreement and any revolving credit
facilities of the Borrower, and

 

b)       the
issuance and sale of equity securities.

 

“Nominated
Owner” means a Subsidiary of the Borrower to be nominated by the Borrower prior to the Actual Delivery Date to take delivery
of the Vessel under the Construction Contract.

 

“Non-Yard
Costs” has the meaning assigned to “NYC Allowance” in paragraph 1.5 of Article II of the Construction Contract
and, when such expression is prefaced by the word

 

    19

     

    

 

“incurred”, shall mean such amount of the Non-Yard Costs, not exceeding
EUR 120,000,000, as shall at the relevant time have been paid, or become payable, to the Builder by the Borrower under the Construction
Contract as part of the Contract Price.

 

“Nordea Agreement”
means the U.S. $1,150,000,000 amended and restated credit agreement dated as of October 12, 2017, among the Borrower, as the borrower,
the various financial institutions as are or shall become parties thereto and Nordea Bank AB (publ), New York Branch as administrative
agent, as amended, restated, supplemented or otherwise modified from time to time.

 

“Novated Loan
Balance” is as defined in the Novation Agreement.

 

“Novation
Agreement” means the novation agreement dated 13 December2019 and made between the Original Borrower and the parties
hereto pursuant to which (amongst other things) this Agreement was novated, amended and restated.

 

“NYC Cut Off
Date” means the date falling 60 days after the Actual Delivery Date or such later date as the Lenders (with the approval
of BpiFAE) may agree.

 

“Obligations”
means all obligations (payment or otherwise) of the Borrower arising under or in connection with this Agreement.

 

"Option Period"
is defined in Section 3.2(c).

 

“Organic Document”
means, relative to the Borrower, its articles of incorporation (inclusive of any articles of amendment to its articles of incorporation)
and its by-laws.

 

“Original
Borrower” means Palmeraie Finance Limited of Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman KY1-9008,
Cayman Islands.

 

“Other Basic
Contract Price Increases” is defined in the Novation Agreement.

 

“Paid Non-Yard
Costs” means as at any relevant date, the amount in Euro of the Non-Yard Costs which have been paid for by the Borrower
and, where applicable, supplied, installed and completed on the Purchased Vessel and as determined in accordance with the relevant
amounts certified in the Delivery Non-Yard Costs Certificate or, as the case may be, the Final Non-Yard Costs Certificate as at
such time.

 

“Participant”
is defined in Section 11.11.2.

 

“Participant
Register” is defined in Section 11.11.2.

 

“Percentage”
means, relative to any Lender, the percentage set forth opposite its signature hereto or as set out in the applicable Lender Assignment
Agreement, as such percentage may be adjusted from time to time pursuant to Section 4.9 or pursuant to Lender Assignment
Agreement(s) executed by such Lender and its Assignee Lender(s) and delivered pursuant to Section 11.11.1.

 

    20

     

    

 

“Person”
means any natural person, corporation, limited liability company, partnership, firm, association, trust, government, governmental
agency or any other entity, whether acting in an individual, fiduciary or other capacity.

 

“Prepayment
Event” is defined in Section 9.1.

 

“Principal
Subsidiary” means any Subsidiary of the Borrower that owns a Vessel.

 

“Purchased
Vessel” is defined in the preamble.

 

“Receivable
Purchase Agreement” is as defined in the Novation Agreement.

 

“Reference
Banks” means, at any time where the Floating Rate applies, three leading international banks active in the European or
United States interbank market appointed by the Facility Agent and which are acceptable to the Borrower (acting reasonably).

 

“Register”
is defined in Section 11.11.3.

 

“Repayment
Date” means, subject to Section 4.8(c), each of the dates for payment of the repayment installments of the Loan
pursuant to Section 3.1.

 

“Required
Lenders” means (a) at any time when SFIL is a Lender, SFIL and at least one other Lender that in the aggregate with SFIL
hold more than 50% of the aggregate unpaid principal amount of the Loan or (b) or at any other time, Lenders that in the aggregate
hold more than 50% of the aggregate unpaid principal amount of the Loan, and in each case, if no such principal amount is then
outstanding, Lenders that in the aggregate have more than 50% of the Commitments.

 

“Resolution
Authority” means any body which has authority to exercise any Write-down and Conversion Powers.

 

“S&P”
means Standard & Poor's Financial Services LLC, a wholly-owned subsidiary of The McGraw-Hill Financial Inc.

 

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

 

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

 

“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the
Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations
Security Council, the European Union or any European Union member state, or any person owned or controlled by any such Person or
Persons, or (b) any Person operating, organized or resident in a Sanctioned Country.

 

    21

     

    

 

“SEC”
means the United States Securities and Exchange Commission and any successor thereto.

 

“Security
Trustee” means Citicorp Trustee Company Limited of Citigroup Centre, Canada Square, London E14 5LB in its capacity as
security trustee for the purpose of the Escrow Account Security.

 

“Senior
Debt Rating” means, as of any date,
(a) the implied senior debt rating of the Borrower for debt pari passu in right of payment and in right of collateral security
with the Obligations as given by Moody's and S&P or (b) in the event the Borrower receives an actual unsecured senior debt
rating (apart from an implied rating) from Moody's and/or S&P, such actual rating or ratings, as the case may be (and in such
case the Senior Debt Rating shall not be determined by reference to any implied senior debt rating from either agency). 

 

“SFIL”
means SFIL, a French société anonyme with is registered office at 1-3 rue du Passeur de Boulogne, 92130 Issy-les-Moulineaux,
France, registered at the trade and companies registry of Nanterre under number 428 782 585.

 

“Signing Date”
means the date of the Novation Agreement.

 

“Spot Rate
of Exchange” is as defined in the Novation Agreement.

 

“Stockholders’
Equity” means, as at any date, the Borrower’s stockholders’ equity on such date, excluding Accumulated Other
Comprehensive Income (Loss), determined in accordance with GAAP, provided that any non-cash charge to Stockholders’
Equity resulting (directly or indirectly) from a change after the Signing Date in GAAP or in the interpretation thereof shall be
disregarded in the computation of Stockholders’ Equity such that the amount of any reduction thereof resulting from such
change shall be added back to Stockholders’ Equity.

 

“Subsidiary”
means, with respect to any Person, any corporation of which more than 50% of the outstanding capital stock having ordinary voting
power to elect a majority of the board of directors of such corporation (irrespective of whether at the time capital stock of any
other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency) is at the time
directly or indirectly owned by such Person, by such Person and one or more other Subsidiaries of such Person, or by one or more
other Subsidiaries of such Person.

 

“UK Bail-In
Legislation” means (to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements,
Article 55 of Directive 2014/59/EU) Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in
the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or
their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

 

“Unpaid Non-Yard
Costs” means, as at the Actual Delivery Date, the amount in Euro of the Non-Yard Costs which have not been paid for by
the Borrower and/or where applicable, supplied, installed and completed on the Purchased Vessel as at the Actual Delivery Date
and as determined in accordance with the relevant amounts certified in the Delivery Non-Yard Costs Certificate.

 

    22

     

    

 

“US Dollar
Equivalent” means (i) for all EUR amounts payable in respect of the Additional Advances for the amount of the Non-Yard
Costs or the Other Basic Contract Price Increases referred to in clause 5.2(a) of the Novation Agreement (and disregarding for
the purposes of this definition that the Additional Advance in respect of such amounts shall be drawn in Dollars), such EUR amounts
converted to a corresponding Dollar amount at the Weighted Average Rate of Exchange and (ii) for the EUR amount payable in respect
of the Additional Advance for the BpiFAE Premium referred to in clause 5.2(b) of the Novation Agreement and for the calculation
and payment of the Novated Loan Balance (as defined in the Novation Agreement), the amount thereof in EUR converted to a corresponding
Dollar amount as determined by the Facility Agent on the basis of the Spot Rate of Exchange. Such rate of exchange under (i) above
shall be evidenced by foreign exchange counterparty confirmations to the extent applicable. The US Dollar Equivalent of the Maximum
Loan Amount shall be calculated by the Borrower in consultation with the Facility Agent no less than two (2) Business Days prior
to the proposed Actual Delivery Date.

 

“United States”
or “U.S.” means the United States of America, its fifty States and the District of Columbia.

 

“Vessel”
means a passenger cruise vessel owned by the Borrower or one of its Subsidiaries.

 

“Weighted
Average Rate of Exchange” means the weighted average rate of exchange that the Borrower has agreed, either in the spot
or forward currency markets, to pay its counterparties for the purchase of the relevant amounts of euro with Dollars for the payment
of the euro amount of the Contract Price (including the portion thereof comprising the change orders, any Other Basic Contract
Price Increases and the Non-Yard Costs) and including in such weighted average calculation (a) the NYC Applicable Rate (as defined
in the Novation Agreement) in relation to the portion of the Contract Price comprising the Non-Yard Costs and (b) the spot rates
for any other euro amounts that have not been hedged by the Borrower.

 

“Write-Down
and Conversion Powers” means: (a) with respect to any Resolution Authority, the write-down and conversion powers of such
Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule; and (b) in relation to any UK Bail-In Legislation: (i)
any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment
firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce,
modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert
all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such
contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and (ii)
any similar or analogous powers under that UK Bail-In Legislation.

 

SECTION
1.2. Use of Defined Terms. Unless otherwise defined or the context otherwise requires, terms for which meanings are provided
in this Agreement shall, when capitalized, have such meanings when used in the Loan Request and each notice

 

    23

     

    

 

and other communication
delivered from time to time in connection with this Agreement or any other Loan Document.

 

SECTION
1.3. Cross-References. Unless otherwise specified, references in this Agreement and in each other Loan Document to any Article
or Section are references to such Article or Section of this Agreement or such other Loan Document, as the case may be, and, unless
otherwise specified, references in any Article, Section or definition to any clause are references to such clause of such Article,
Section or definition.

 

SECTION 1.4. Accounting
and Financial Determinations. Unless otherwise specified, all accounting terms used herein or in any other Loan Document shall
be interpreted, all accounting determinations and computations hereunder or thereunder (including under Section 7.2.4)
shall be made, and all financial statements required to be delivered hereunder or thereunder shall be prepared, in accordance
with United States generally accepted accounting principles (“GAAP”) consistently applied (or, if not consistently
applied, accompanied by details of the inconsistencies); provided that if the Borrower elects to apply or is required to
apply International Financial Reporting Standards (“IFRS”) accounting principles in lieu of GAAP, upon any
such election and notice to the Facility Agent, references herein to GAAP shall thereafter be construed to mean IFRS (except as
otherwise provided in this Agreement); provided further that if, as a result of (i) any change in GAAP or IFRS
or in the interpretation thereof or (ii) the application by the Borrower of IFRS in lieu of GAAP, in each case, after the date
of the financial statements referred to in Section 6.15, there is a change in the manner of determining any of the items
referred to herein or thereunder that are to be determined by reference to GAAP, and the effect of such change would (in the reasonable
opinion of the Borrower or the Facility Agent) be such as to affect the basis or efficacy of the financial covenants contained
in Section 7.2.4 in ascertaining the consolidated financial condition of the Borrower and its Subsidiaries and the Borrower
notifies the Facility Agent that the Borrower requests an amendment to any provision hereof to eliminate such change occurring
after the date hereof in GAAP or the application thereof on the operation of such provision (or if the Facility Agent notifies
the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), then such item shall for
the purposes of Section 7.2.4 continue to be determined in accordance with GAAP relating thereto as if GAAP were applied
immediately prior to such change in GAAP or in the interpretation thereof until such notice shall have been withdrawn or such
provision amended in accordance herewith. Notwithstanding the foregoing, all obligations of any person that are or would be characterized
as operating lease obligations in accordance with GAAP on the B34 Facility Amendment Date (whether or not such operating lease
obligations were in effect on such date) shall continue to be accounted for as operating lease obligations for the purposes of
this Agreement regardless of any change in GAAP following the B34 Facility Amendment Date that would otherwise require such obligations
to be recharacterized (on a prospective or retroactive basis or otherwise) as capital leases, provided
that, for clarification purposes, operating leases recorded as liabilities on the balance sheet due to a change in accounting
treatment, or otherwise, shall for all purposes not be treated as Indebtedness, Capital Lease Obligations or Capitalized Lease
Liabilities.

 

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ARTICLE
II

 

COMMITMENTS AND BORROWING PROCEDURES

 

SECTION
2.1. Commitment. On the terms and subject to the conditions of this Agreement (including Article V), each Lender
severally agrees to make its portion of the Loan pursuant to its Commitment described in Section 2.2. No Lender’s
obligation to make its portion of the Loan shall be affected by any other Lender’s failure to make its portion of the Loan.

 

SECTION
2.2. Commitment of the Lenders; Termination and Reduction of Commitments.

 

		a)	Each Lender will make its portion of the Loan available to the Borrower in accordance with Section
2.3 on the Actual Delivery Date. The commitment of each Lender described in this Section 2.2 (herein referred to as
its “Commitment”) shall be the commitment of such Lender to make available to the Borrower its portion of the
Loan hereunder expressed as the initial amount set forth opposite such Lender’s name on its signature page attached hereto
or, in the case of any Lender that becomes a Lender pursuant to an assignment pursuant to Section 11.11.1, the amount set
forth as such Lender’s Commitment in the related Lender Assignment Agreement, in each case as such amount may be reduced
from time to time pursuant clause 10.2 of the Novation Agreement or reduced or increased from time to time pursuant to assignments
by or to such Lender pursuant to Section 11.11.1. Notwithstanding the foregoing, each Lender’s Commitment shall terminate
on the earlier of (i) the Commitment Termination Date if the Purchased Vessel is not delivered prior to such date and (ii) the
Actual Delivery Date.

 

		b)	If any Lender shall default in its obligations under Section 2.1, the Facility Agent shall,
at the request of the Borrower, use reasonable efforts to assist the Borrower in finding a bank or financial institution acceptable
to the Borrower to replace such Lender.

 

SECTION
2.3. Borrowing Procedure.

 

		a)	Part of the Loan in an amount equal to the Novated Loan Balance shall be assumed by the Borrower
and be deemed to be advanced to, and borrowed by the Borrower, pursuant to the provisions of clause 3 of the Novation Agreement
and thereafter converted into Dollars pursuant to clause 5.1 of the Novation Agreement.

 

		b)	In relation to the amount of the Loan comprised by the Additional Advances, the Borrower shall
deliver a Loan Request and the documents required to be delivered pursuant to Section 5.1.1(a) to the Facility Agent on
or before 3:00 p.m., London time, not less than two (2) Business Days prior to the anticipated Actual Delivery Date. The Additional
Advances shall be drawn in Dollars.

 

		c)	The Facility Agent shall promptly notify each Lender of the Loan Request in respect of the Additional
Advances by forwarding a copy thereof to each Lender, together with its attachments. On the terms and subject to the conditions
of this Agreement, the portion of the Loan in respect of the Additional Advances shall be made on the 

 

    25

     

    

 

	 	 	Actual Delivery Date. On
or before 11:00 a.m., London time, on the Actual Delivery Date, the Lenders shall, without any set-off or counterclaim, deposit
with the Facility Agent same day funds in an amount equal to such Lender’s Percentage of the requested portion of the Additional
Advances in Dollars. Such deposits will be made to such account which the Facility Agent shall specify from time to time by notice
to the Lenders. To the extent funds are so received from the Lenders (and having regard, where applicable, to Sections 2.3d), e)
and f) below), the Facility Agent shall, without any set-off or counterclaim, make such funds available to the Borrower on the
Actual Delivery Date by wire transfer of same day funds to the accounts the Borrower shall have specified in its Loan Request.

 

		d)	If the Borrower elects to finance that part of the BpiFAE Premium payable by the Borrower with
an Additional Advance under clause 5.2(b)(i) of the Novation Agreement, the Borrower shall indicate such election in the Loan Request.
The amount of the advance in Dollars (the “US Dollar BpiFAE Advance Amount”) that will fund the BpiFAE Premium
shall be equal to the Dollar amount that corresponds to the EUR amount of the BpiFAE Premium to be financed with such advance,
which amount shall be determined by the Facility Agent based on the Spot Rate of Exchange. The Facility Agent shall notify the
Borrower and the Lenders of the US Dollar BpiFAE Advance Amount on the date such Loan Request is delivered, and the Lenders shall
deposit such US Dollar BpiFAE Advance Amount with the Facility Agent in accordance with Section 2.3.c). The Facility Agent shall
furnish a certificate to the Borrower on the date such Loan Request is delivered setting forth such Spot Rate of Exchange, its
derivation and the calculation of the US Dollar BpiFAE Advance Amount. If the Borrower elects to so finance the BpiFAE Premium,
the Borrower will be deemed to have directed the Facility Agent to pay over directly to BpiFAE on behalf of the Borrower that portion
of the EUR amount of the BpiFAE Premium to be financed with the proceeds of the advance on the Actual Delivery Date and to retain
for its own account deposits made by the Lenders in Dollars in an amount equal to the portion of the US Dollar BpiFAE Advance Amount
attributable to the BpiFAE Premium paid by the Facility Agent to BpiFAE on behalf of the Borrower.

 

		e)	If the Borrower elects to finance that part of the BpiFAE Premium payable by the Borrower with
an Additional Advance under clause 5.2(b)(ii) of the Novation Agreement, the Borrower shall indicate such election in the Loan
Request (and whether it wishes to receive such amount in EUR or in Dollars). The amount of the advance in Dollars (the “US
Dollar BpiFAE Balance Amount”) that will fund the BpiFAE Premium shall be equal to the Dollar amount that corresponds
to the EUR amount of the BpiFAE Premium to be financed with such advance, which amount shall be determined by the Facility Agent
based on the Spot Rate of Exchange. The Facility Agent shall notify the Borrower and the Lenders of the US Dollar BpiFAE Balance
Amount on the date such Loan Request is delivered, and the Lenders shall deposit such US Dollar BpiFAE Balance Amount with the
Facility Agent in accordance with Section 2.3 c). The Facility Agent shall furnish a certificate to the Borrower on the date such
Loan Request is delivered setting forth such Spot Rate of Exchange, its derivation and the calculation of the US Dollar BpiFAE
Balance Amount. If the Borrower elects to so finance the BpiFAE Premium and receive the proceeds in EUR, the Borrower will be deemed
to have directed the Facility Agent to 

 

    26

     

    

 

	 	 	pay over to the Borrower that portion of the EUR amount of the BpiFAE Premium to be financed
with the proceeds of the advance on the Actual Delivery Date and to retain for its own account deposits made by the Lenders in
Dollars in an amount equal to the US Dollar BpiFAE Balance Amount.

 

		f)	In relation to any Additional Advance that is to be advanced to the Borrower in respect of the
Non-Yard Costs it is agreed that:

 

		i)	an amount equal to the US Dollar Equivalent of eighty per cent (80%) of the Paid Non-Yard Costs
shall be advanced to the Borrower on the Actual Delivery Date in accordance with the provisions of Section 2.3 c), which
amount shall be determined by the Facility Agent based on the amounts contained in the Delivery Non-Yard Costs Certificate; and

 

		ii)	an amount equal to the US Dollar Equivalent of eighty per cent (80%) of the Unpaid Non-Yard Costs,
which amount shall be determined by the Facility Agent based on the amounts contained in the Delivery Non-Yard Costs Certificate
(the “Escrow Amount”), shall be remitted by the Facility Agent (and the Borrower hereby instructs the Facility
Agent to make such remittance) to the Escrow Account and such amount shall be regulated in accordance with the following provisions
of this Section 2.3 f) and the Escrow Account Security,

 

subject
to the aggregate of the amounts referred to in i) and ii) above not exceeding the Maximum Non-Yard Costs Amount.

 

Where an
Escrow Amount payment is made to the Escrow Account pursuant to ii) above, the Borrower shall be entitled at any time prior to
the NYC Cut Off Date to provide the Facility Agent with the Final Non-Yard Cost Certificate setting out the final amount of the
Paid Non-Yard Costs. Where the Final Non-Yard Costs Certificate is so received by the Facility Agent, the Facility Agent shall
determine promptly the US Dollar Equivalent of the EUR amount of the Paid Non-Yard Costs and within one Business Day thereafter
shall authorize the release of the Escrow Amount (or, if less, an amount equal to the US Dollar Equivalent of eighty per cent of
the final amount of the Paid Non-Yard Costs (as determined above) less the amount previously advanced to the Borrower under i)
above) to the Borrower. Any interest accruing on the Escrow Account shall be released to the Borrower at the same time as the release
of the Escrow Amount (or, if applicable, part thereof) to the Borrower pursuant to this provision.

 

If any amount
of the Escrow Amount remains on the Escrow Account on the day falling immediately after the NYC Cut Off Date (having regard to
any applicable permitted release of moneys from the Escrow Account to the Borrower referred to above) then on the Business Day
thereafter the Facility Agent shall be entitled to request the withdrawal of that amount from the Escrow Account and shall apply
the amount so received, on behalf of the Borrower, in or towards prepayment of the Loan.

 

The basis
on which the Escrow Account Security is held by the Security Trustee for the benefit of the Lenders is regulated under the Escrow
Agency and Trust Deed.

 

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SECTION
2.4. Funding. Each Lender may, if it so elects, fulfill its obligation to make or continue its portion of the Loan hereunder
by causing a branch or Affiliate (or an international banking facility created by such Lender) other than that indicated next to
its signature to this Agreement or, as the case may be, in the relevant Lender Assignment Agreement, to make or maintain such portion
of the Loan; provided that such portion of the Loan shall nonetheless be deemed to have been made and to be held by such
Lender, and the obligation of the Borrower to repay such portion of the Loan shall nevertheless be to such Lender for the account
of such foreign branch, Affiliate or international banking facility; provided, further, that the Borrower shall not
be required to pay any amount under Sections 4.2(c), 4.3, 4.4, 4.5, 4.6 and 4.7 that
is greater than the amount which it would have been required to pay had the Lender not caused such branch or Affiliate (or international
banking facility) to make or maintain such portion of the Loan.

 

ARTICLE
III

 

REPAYMENTS, PREPAYMENTS,
INTEREST AND FEES

 

SECTION
3.1. Repayments.

 

		a)	The Borrower shall repay the Loan in 24 equal semi-annual installments, with the first installment
to fall due on the date falling six (6) months after the Actual Delivery Date and the final installment to fall due on the date
of Final Maturity.

 

		b)	No such amounts repaid by the Borrower pursuant to this Section 3.1 may be re-borrowed under
the terms of this Agreement.

 

SECTION
3.2. Prepayment.

 

		a)	The Borrower

 

		i)	may, from time to time on any Business Day, make a voluntary prepayment, in whole or in part, of
the outstanding principal amount of the Loan; provided that:

 

		(A)	all such voluntary prepayments shall require at least five (5) Business Days’ prior written
notice to the Facility Agent; and

 

		(B)	all such voluntary partial prepayments shall be in an aggregate minimum amount of $10,000,000 and
a multiple of $1,000,000 (or in the remaining amount of the Loan) and shall be applied in inverse order of maturity or ratably
among all remaining installments, as the Borrower shall designate to the Facility Agent, in satisfaction of the remaining repayment
installments of the Loan; and

 

		ii)	shall, immediately upon any acceleration of the repayment of the installments of the Loan pursuant
to Section 8.2 or 8.3 or the mandatory prepayment of the Loan pursuant to Section 9.2, repay the Loan.

 

		b)	If it becomes unlawful in any jurisdiction for any Lender to perform any of its obligations under
the Loan Documents or to maintain or fund its portion of the Loan, 

 

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	 	 	the affected Lender may give written notice (the "Illegality
Notice") to the Borrower and the Facility Agent of such event, including reasonable details of the relevant circumstances.

 

		c)	If an affected Lender delivers an Illegality Notice, the Borrower, the Facility Agent and the affected
Lender shall discuss in good faith (but without obligation) what steps may be open to the relevant Lender to mitigate or remove
such circumstances but, if they are unable to agree such steps within 20 Business Days or if the Borrower so elects, the Borrower
shall have the right, but not the obligation, exercisable at any time within 50 days after receipt of such Illegality Notice or,
if earlier, the date upon which the unlawful event referred to in (b) above will apply (but not being a date falling earlier than
the end of the 20 Business Day period referred to above) (the "Option Period"), either (1) to prepay the portion of the
Loan held by such Lender in full on or before the expiry of the Option Period, together with all unpaid interest and fees thereon
accrued to but excluding the date of such prepayment, or (2) to replace such Lender on or before the expiry of the Option Period
with one or more financial institutions (I) acceptable to the Facility Agent (such consent not to be unreasonably withheld or delayed)
and (II) where relevant, eligible to benefit from an Interest Stabilisation Agreement, pursuant to assignment(s) notified to and
consented in writing by BpiFAE and, where relevant Natixis DAI, provided that (x) in the case of a single assignment, any such
assignment shall be either an assignment of all of the rights and obligations of the assigning Lender under this Agreement or,
in the case of more than one assignment, an assignment of a portion of such rights and obligations made concurrently with another
such assignment or other such assignments that collectively cover all of the rights and obligations of the assigning Lender under
this Agreement and (y) no Lender shall be obliged to make any such assignment as a result of an election by the Borrower pursuant
to this Section 3.2(c) unless and until such Lender shall have received one or more payments from one or more Assignee Lenders
and/or the Borrower in an aggregate amount at least equal to the portion of the Loan held by such Lender, together with all unpaid
interest and fees thereon accrued to but excluding the date of such assignment (and all other amounts then owing to such Lender
under this Agreement).

 

Each prepayment of the Loan made pursuant
to this Section shall be without premium or penalty, except as may be required by Section 4.4. No amounts prepaid by the
Borrower may be re-borrowed under the terms of this Agreement.

 

SECTION
3.3. Interest Provisions. Interest on the outstanding principal amount of the Loan shall accrue and be payable in accordance
with this Section 3.3.

 

SECTION
3.3.1. Rates. The Loan shall accrue interest from the Actual Delivery Date to the date of repayment or prepayment of the
Loan in full to the Lenders at either the Fixed Rate or, where the proviso to Section 5.1.10 applies, the Floating Rate. Interest
calculated at the Fixed Rate or the Floating Rate shall be payable in arrears on each Repayment Date. The Loan shall bear interest
from and including the first day of the applicable Interest Period to (but not including) the last day of such Interest Period
at the interest rate determined as applicable to the Loan. All interest shall be calculated on the basis of the actual number of
days elapsed over a year comprised of 360 days.

 

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SECTION
3.3.2. [Intentionally omitted]

 

SECTION
3.3.3. Interest stabilisation. Each Lender who is a party hereto on the Signing Date represents and warrants to the Borrower
that it has entered into an Interest Stabilisation Agreement or is in all respects eligible and authorised to enter into and shall
enter into an Interest Stabilisation Agreement promptly after the Signing Date and by no later than the Initial Effective Date
(as defined in the Receivable Purchase Agreement), and any Lender not a party hereto on the Signing Date (other than BpiFAE or
CAFFIL as assignee of all or any of SFIL’s rights as Lender following the enforcement of the security granted pursuant to
paragraph (iv) of Section 11.11.1 in connection with the BpiFAE Enhanced Guarantee, subject as provided in Section 11.11.1(iv))
represents and warrants to the Borrower on the date that such Lender becomes a party hereto that it has entered into an Interest
Stabilisation Agreement on or prior to becoming a party hereto.

 

SECTION
3.3.4. Post-Maturity Rates. After the date any principal amount of the Loan is due and payable (whether on any Repayment
Date, upon acceleration or otherwise), or after any other monetary Obligation of the Borrower shall have become due and payable,
the Borrower shall pay, but only to the extent permitted by law, interest (after as well as before judgment) on such amounts for
each day during the period of such default at a rate per annum certified by the Facility Agent to the Borrower (which certification
shall be conclusive in the absence of manifest error) to be equal to the sum of the Floating Rate plus 1.5% per annum.

 

SECTION
3.3.5. Payment Dates. Interest accrued on the Loan shall be payable, without duplication, on the earliest of:

 

		a)	each Interest Payment Date;

 

		b)	each Repayment Date;

 

		c)	the date of any prepayment, in whole or in part, of principal outstanding on the Loan (but only
on the principal so prepaid); and

 

		d)	on that portion of the Loan the repayment of which is accelerated pursuant to Section 8.2
or Section 8.3, immediately upon such acceleration.

 

SECTION
3.3.6. Interest Rate Determination; Replacement Reference Banks. Where Section 3.3.4 or the Floating Rate applies,
the Facility Agent shall obtain from each Reference Bank timely information for the purpose of determining the LIBO Rate in the
event that no offered quotation appears on Thomson Reuters LIBOR01 Page (or any successor page) and the LIBO Rate is to be determined
by reference to quotations supplied by the Reference Banks and not by reference to the Historic Screen Rate. If any one or more
of the Reference Banks shall fail to furnish in a timely manner such information to the Facility Agent for any such interest rate,
the Facility Agent shall determine such interest rate on the basis of the information furnished by the remaining Reference Banks.
If the Borrower elects to add an additional Reference Bank hereunder or a Reference Bank ceases for any reason to be able and willing
to act as such, the Facility Agent shall, at the direction of the Required Lenders and after consultation with the Borrower and
the Lenders, appoint a replacement for such Reference Bank reasonably acceptable to the 

 

    30

     

    

 

Borrower, and such replaced Reference Bank
shall cease to be a Reference Bank hereunder. The Facility Agent shall furnish to the Borrower and to the Lenders each determination
of the LIBO Rate made by reference to quotations of interest rates furnished by Reference Banks (it being understood that the Facility
Agent shall not be required to disclose to any party hereto (other than the Borrower) any information regarding any Reference Bank
or any rate quoted by a Reference Bank, including, without limitation, whether a Reference Bank has provided a rate or the rate
provided by any individual Reference Bank).

 

Interest accrued on
the Loan or other monetary Obligations arising under this Agreement or any other Loan Document after the date such amount is due
and payable (whether upon acceleration or otherwise) shall be payable upon demand.

 

SECTION 3.3.7.
Unavailability of LIBO.

 

Notwithstanding anything to
the contrary in this Agreement or any other Loan Documents, if the Facility Agent determines (which determination shall, in the
absence of manifest error, be conclusive) or the Borrower or the Required Lenders notify the Facility Agent (with, in the case
of the Required Lenders, a copy to Borrower) that the Borrower or the Required Lenders (as applicable) have determined that:

 

		a)	adequate and reasonable means would not exist for ascertaining (should the Floating Rate apply)
LIBO for the relevant Interest Period including, without limitation, because the LIBO Rate is not available or published on a current
basis and such circumstances are unlikely to be temporary; or

 

		b)	the administrator of the LIBO Rate or a governmental authority having jurisdiction over the Facility
Agent has made a public statement identifying a specific date after which LIBO or the LIBO Rate shall no longer be made available
or used for determining the interest rate of loans (such specific date, the “Scheduled Unavailability Date”); or

 

		c)	syndicated loans currently being executed, or existing syndicated loans that include language similar
to that contained in this section 3.3.7, are being executed and/or amended (as applicable) to incorporate or adopt a new benchmark
interest rate to replace LIBO,

 

then, reasonably promptly after
such determination by the Facility Agent or receipt by the Facility Agent of such notice, as applicable, or if the Borrower otherwise
requests, the Facility Agent and the Borrower may amend this Agreement to replace LIBO with an alternate benchmark rate (including
any mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration to any evolving
or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks (any
such proposed rate, a “LIBO Successor Rate”), and also together with any proposed LIBO Successor Rate Conforming Changes
(as defined below) and any such amendment shall become effective at 5:00 P.M. (London time) on the fifth (5) Business Day after
the Facility Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders
comprising the Required Lenders have delivered to the Facility Agent written notice that such Required Lenders do not accept such
amendment. Such LIBO Successor Rate shall be applied in a manner consistent with market practice; provided

 

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that to the extent such
market practice is not administratively feasible for the Facility Agent, such LIBO Successor Rate shall be applied in a manner
as otherwise reasonably determined by the Facility Agent.

 

If no LIBO
Successor Rate has been determined and the circumstances under paragraph a) above exist or the Scheduled Unavailability Date has
occurred (as applicable), the Facility Agent will promptly notify the Borrower and each Lender. Thereafter, the obligation of the
Lenders to fund or maintain the relevant portion of the Loan at the LIBO Rate (to the extent of the affected part of the Loan or
Interest Periods) shall be suspended. Upon receipt of such notice, the Borrower may revoke any pending request for a borrowing
of, conversion to or continuation of any part of the Loan (to the extent of the affected part of the Loan or Interest Periods).

 

Notwithstanding
anything else herein, any definition of LIBO Successor Rate shall provide that in no event shall such LIBO Successor Rate be less
than zero for purposes of this Agreement.

 

For the
purposes of this Agreement, “LIBO Successor Rate Conforming Changes” means, with respect to any proposed LIBO Successor
Rate, any conforming changes to the definition of Floating Rate, Interest Period, timing and frequency of determining rates and
making payments of interest and other administrative matters as may be appropriate, in the discretion of the Facility Agent in
consultation with the Borrower, to reflect the adoption of such LIBO Successor Rate and to permit the administration thereof by
the Facility Agent in a manner substantially consistent with market practice (or, if the Facility Agent determines that adoption
of any portion of such market practice is not administratively feasible or that no market practice for the administration of such
LIBO Successor Rate exists, in such other manner of administration as the Facility Agent determines is reasonably necessary in
connection with the administration of this Agreement).

 

SECTION
3.4. Commitment Fees. Subject to clause 10.1 of the Novation Agreement, the Borrower agrees to pay to the Facility Agent
for the account of each Lender a commitment fee (the “Commitment Fee”) on its daily unused portion of Maximum Loan
Amount (as such amount may be adjusted from time to time), for the period commencing on the Signing Date and continuing through
the earliest to occur (the “Commitment Fee Termination Date”) of (i) the Actual Delivery Date, (ii) the date upon which
the Facility Agent has provided the Borrower with written notice that the Lenders will not advance the Loan because the Commitments
have been terminated pursuant to Section 8.2 or 8.3, (iii) the Commitment Termination Date and (iv) the date the Commitments shall
have been terminated in full pursuant to clause 10.2 of the Novation Agreement.

 

SECTION 3.4.1.
Payment. The Commitment Fee shall be payable by the Borrower to the Facility Agent for the account of each Lender six-monthly
in arrears, with the first such payment (the “First Commitment Fee Payment”) to be made on the day falling six months
following the Signing Date and the final such payment to be made on the Commitment Fee Termination Date (each date on which a Commitment
Fee payment is required to be made in accordance with this Section 3.4.1 referred to herein as a “Commitment Fee Payment
Date”). The Commitment Fee shall be in the amount in EUR equal to the product of the Applicable Commitment Rate, multiplied
by, for each day elapsed

 

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since the preceding Commitment Fee Payment Date (or, in the case of the First Commitment Fee Payment,
the Signing Date), 75% of the daily unused portion of Maximum Loan Amount (as such amount may be adjusted from time to time), divided
by 360 days.

 

SECTION
3.5. Other Fees. The Borrower agrees to pay to the Facility Agent and the ECA Agent the agreed-upon fees set forth in the
Fee Letters on the dates and in the amounts set forth therein.

 

ARTICLE
IV

 

CERTAIN LIBO RATE AND
OTHER PROVISIONS

 

SECTION 4.1. LIBO
Rate Lending Unlawful. If after the Signing Date the introduction of or any change in or in the interpretation of any law
makes it unlawful, or any central bank or other governmental authority having jurisdiction over such Lender asserts that it is
unlawful for such Lender to make, continue or maintain its portion of the Loan where the relevant Lender has funded itself in
the interbank market at a rate based on the LIBO Rate, the obligation of such Lender to make, continue or maintain its portion
of the Loan shall, upon notice thereof to the Borrower, the Facility Agent and each other Lender, forthwith be suspended until
the circumstances causing such suspension no longer exist, provided that such Lender’s obligation to make, continue
and maintain its portion of the Loan hereunder shall be automatically converted into an obligation to make, continue and maintain
its portion of the Loan bearing interest at a rate to be negotiated between such Lender and the Borrower that is the equivalent
of the sum of the LIBO Rate for the relevant Interest Period plus the Floating Rate Margin.

 

 

SECTION
4.2. Deposits Unavailable. If any Lender has funded itself in the interbank market and the Facility Agent shall have determined
that:

 

		a)	Dollar deposits in the relevant amount and for the relevant Interest Period are not available to
each Reference Bank in its relevant market, or

 

		b)	by reason of circumstances affecting the Reference Banks’ relevant markets, adequate means
do not exist for ascertaining the interest rate applicable hereunder to LIBO Rate loans for the relevant Interest Period, or

 

		c)	the cost to Lenders that in the aggregate hold more than 50% of the aggregate outstanding principal
amount of the Loan then held by Lenders of obtaining matching deposits in the relevant interbank market for the relevant Interest
Period would be in excess of the LIBO Rate, (provided, that no Lender may exercise its rights under this Section 4.2
c) for amounts up to the difference between such Lender’s cost of obtaining matching deposits on the date such Lender
becomes a Lender hereunder less the LIBO Rate on such date),

 

then the Facility Agent
shall give notice of such determination (hereinafter called a “Determination Notice”) to the Borrower and each
of the Lenders. The Borrower, the Lenders and the Facility Agent shall then negotiate in good faith in order to agree upon a mutually
satisfactory interest rate and interest period (or interest periods) to be substituted for those which would otherwise have applied
under this Agreement. If the Borrower, the Lenders and the Facility Agent are unable to agree upon an interest rate (or rates)
and interest

 

    33

     

    

 

period (or interest periods) prior to the date occurring fifteen (15) Business Days after the giving of such Determination
Notice, the Facility Agent shall (after consultation with the Lenders) set an interest rate and an interest period (or interest
periods), in each case to take effect at the end of the Interest Period current at the date of the Determination Notice, which
rate (or rates) shall be equal to the sum of the Floating Rate Margin and the weighted average of the corresponding interest
rates at or about 11:00 a.m. (London time) two (2) Business Days before the commencement of the relevant Interest Period on Thomson
Reuters’ pages KLIEMMM, GARBIC01 and FINA01 (or such other pages as may replace Thomson Reuters’ pages KLIEMMM, GARBIC01
or FINA01 on Thomson Reuters’ service) (or, in the case of clause (c) above, the lesser of (x) the respective cost to
the Lenders of funding the respective portions of the Loan held by the Lenders and (y) such weighted average). The Facility
Agent shall furnish a certificate to the Borrower as soon as reasonably practicable after the Facility Agent has given such Determination
Notice setting forth such rate(s). In the event that the circumstances described in this Section 4.2 shall extend beyond
the end of an interest period agreed or set pursuant hereto, the foregoing procedure shall be repeated as often as may be necessary.

 

SECTION
4.3. Increased LIBO Rate Loan Costs, etc. If after the Signing Date a change in any applicable treaty, law, regulation or
regulatory requirement or in the interpretation thereof or in its application to the Borrower, or if compliance by any Lender with
any applicable direction, request, requirement or guideline (whether or not having the force of law) of any governmental or other
authority including, without limitation, any agency of the European Union or similar monetary or multinational authority insofar
as it may be changed or imposed after the date hereof, shall:

 

		a)	subject any Lender to any taxes, levies, duties, charges, fees, deductions or withholdings of any
nature with respect to its portion of the Loan or any part thereof imposed, levied, collected, withheld or assessed by any jurisdiction
or any political subdivision or taxing authority thereof (other than taxation on overall net income and, to the extent such taxes
are described in Section 4.6, withholding taxes); or

 

		b)	change the basis of taxation to any Lender (other than a change in taxation on the overall net
income of any Lender) of payments of principal or interest or any other payment due or to become due pursuant to this Agreement;
or

 

		c)	impose, modify or deem applicable any reserve or capital adequacy requirements (other than the
increased capital costs described in Section 4.5 and the reserve costs described in Section 4.7) or other banking
or monetary controls or requirements which affect the manner in which a Lender shall allocate its capital resources to its obligations
hereunder or require the making of any special deposits against or in respect of any assets or liabilities of, deposits with or
for the account of, or loans by, any Lender (provided that such Lender shall, unless prohibited by law, allocate its capital
resources to its obligations hereunder in a manner which is consistent with its present treatment of the allocation of its capital
resources); or

 

		d)	impose on any Lender any other condition affecting its portion of the Loan or any part thereof,

 

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and the result of any of the foregoing
is either (i) to increase the cost to such Lender of making its portion of the Loan or maintaining its portion of the Loan or
any part thereof, (ii) to reduce the amount of any payment received by such Lender or its effective return hereunder or on its
capital or (iii) to cause such Lender to make any payment or to forego any return based on any amount received or receivable by
such Lender hereunder, then and in any such case if such increase or reduction in the opinion of such Lender materially affects
the interests of such Lender, (A) such Lender shall (through the Facility Agent) notify the Borrower of the occurrence of such
event and use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions and the terms of the
BpiFAE Insurance Policy and (if the Fixed Rate applies) the arrangements with Natixis DAI relating to the Fixed Rate) to designate
a different Lending Office if the making of such a designation would avoid the effects of such law, regulation or regulatory requirement
or any change therein or in the interpretation thereof and would not, in the reasonable judgment of such Lender, be otherwise
disadvantageous to such Lender and (B) the Borrower shall forthwith upon such demand pay to the Facility Agent for the account
of such Lender such amount as is necessary to compensate such Lender for such additional cost or such reduction and ancillary
expenses, including taxes, incurred as a result of such adjustment. Such notice shall (i) describe in reasonable detail the event
leading to such additional cost, together with the approximate date of the effectiveness thereof, (ii) set forth the amount of
such additional cost, (iii) describe the manner in which such amount has been calculated, (iv) certify that the method used to
calculate such amount is such Lender’s standard method of calculating such amount, (v) certify that such request is consistent
with its treatment of other borrowers that are subject to similar provisions, and (vi) certify that, to the best of its knowledge,
such change in circumstance is of general application to the commercial banking industry in such Lender’s jurisdiction of
organization or in the relevant jurisdiction in which such Lender does business. Failure or delay on the part of any Lender to
demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation;
provided that in relation to increased costs or reductions arising after the Effective Date the Borrower shall not be required
to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than three months prior to
the date that such Lender notifies the Borrower of the circumstance giving rise to such increased costs or reductions and of such
Lender’s intention to claim compensation therefor; provided further that, if the circumstance giving
rise to such increased costs or reductions is retroactive, then the three-month period referred to above shall be extended to
include the period of retroactive effect thereof, but not more than six months prior to the date that such Lender notifies the
Borrower of the circumstance giving rise to such cost or reductions and of such Lender’s intention to claim compensation
therefor.

 

It is acknowledged that the Borrower shall
have no liability to compensate any Lender under this Section for amounts of increased costs that accrue before the Effective Time
on the Actual Delivery Date (with any such amounts arising before the Effective Time being the responsibility of the Original Borrower).

 

SECTION
4.4. Funding Losses.

 

SECTION 4.4.1.
Indemnity. In the event any Lender shall incur any loss or expense (for the avoidance of doubt excluding loss of profit)
by reason of the liquidation or re-employment (at not less than the market rate) of deposits or other funds

 

    35

     

    

 

acquired by such Lender,
to make, continue or maintain any portion of the principal amount of its portion of the Loan as a result of:

 

	i)	any repayment or prepayment or acceleration of the principal amount of such Lender’s portion
of the Loan, other than any repayment made on the date scheduled for such repayment or (if the Floating Rate applies) any repayment
or prepayment or acceleration on a date other than the scheduled last day of an Interest Period or otherwise scheduled date for
repayment or payment; or

 

	ii)	the relevant portion of the Loan not being made in accordance with the Loan Request therefor due
to the fault of the Borrower or as a result of any of the conditions precedent set forth in clause 6.1(c) of the Novation Agreement
and Article V not being satisfied,

 

(a “Funding Losses Event”)
then, upon the written notice of such Lender to the Borrower (with a copy to the Facility Agent), the Borrower shall, within three
(3) days of its receipt thereof:

 

		a)	if at that time interest is calculated at the Floating Rate on such Lender’s portion of the
Loan, pay directly to the Facility Agent for the account of such Lender an amount equal to the amount by which:

 

		(i)	interest calculated at the Floating Rate (excluding the Floating Rate Margin) which such Lender
would have received on its share of the amount of the Loan subject to such Funding Losses Event for the period from the date of
receipt of any part of its share in the Loan to the last day of the applicable Interest Period,

 

exceeds:

 

		(ii)	the amount which such Lender would be able to obtain by placing an amount equal to the amount received
by it on deposit with a leading bank in the appropriate interbank market for a period starting on the Business Day following receipt
and ending on the last day of the applicable Interest Period; or

 

		b)	if at that time interest is calculated at the Fixed Rate on such Lender’s portion of the
Loan, pay to the Facility Agent the amount notified to it following the calculation referred to in the next paragraph.

 

Since the Lenders commit themselves
irrevocably to the French Authorities in charge of monitoring the Fixed Rate mechanism, any prepayment (whether voluntary, involuntary
or mandatory, including following the acceleration of the Loan) will be subject to the mandatory payment by the Borrower of the
amount calculated in liaison with the French Authorities two (2) Business Days prior to the prepayment date by taking into account
the differential (the “Rate Differential”) between the Fixed Rate (but, for this purpose, not including the
margin element of 0.45%) and the prevailing market yield (currently ISDAFIX) for each installment to be prepaid and applying such
Rate Differential to the

 

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remaining residual period of such installment and discounting to the net present value as described below.
Each of these Rate Differentials will be applied to the corresponding installment to be prepaid during the period starting on the
date on which such prepayment is required to be made and ending on the original Repayment Date (as adjusted following any previous
prepayments) for such installment and:

 

		(A)	the net present value of each corresponding amount resulting from the above calculation will be
determined at the corresponding market yield; and

 

		(B)	if the cumulated amount of such present values is negative, no amount shall be due to the Borrower
or from the Borrower.

 

Such written notice shall include calculations
in reasonable detail setting forth the loss or expense to such Lender.

 

SECTION 4.4.2.
Exclusion In the event that a Lender’s wilful misconduct or gross negligence has caused the loss or cancellation of
the BpiFAE Insurance Policy, the Borrower shall not be liable to indemnify that Lender under Section 4.4.1 for its loss
or expense arising due to the occurrence of the Prepayment Event referred to in Section 9.1.9.

 

SECTION
4.5. Increased Capital Costs. If after the Signing Date any change in, or the introduction, adoption, effectiveness, interpretation,
reinterpretation or phase-in of, any law or regulation, directive, guideline, decision or request (whether or not having the force
of law) of any court, central bank, regulator or other governmental authority increases the amount of capital required to be maintained
by any Lender or any Person controlling such Lender, and the rate of return on its or such controlling Person’s capital as
a consequence of its Commitment or its portion of the Loan made by such Lender is reduced to a level below that which such Lender
or such controlling Person would have achieved but for the occurrence of any such change in circumstance, then, in any such case
upon notice from time to time by such Lender to the Borrower, the Borrower shall immediately pay directly to such Lender additional
amounts sufficient to compensate such Lender or such controlling Person for such reduction in rate of return. Any such notice shall
(i) describe in reasonable detail the capital adequacy requirements which have been imposed, together with the approximate
date of the effectiveness thereof, (ii) set forth the amount of such lowered return, (iii) describe the manner in which
such amount has been calculated, (iv) certify that the method used to calculate such amount is such Lender’s standard
method of calculating such amount, (v) certify that such request for such additional amounts is consistent with its treatment
of other borrowers that are subject to similar provisions and (vi) certify that, to the best of its knowledge, such change
in circumstances is of general application to the commercial banking industry in the jurisdictions in which such Lender does business.
In determining such amount, such Lender may use any method of averaging and attribution that it shall, subject to the foregoing
sentence, deem applicable. Each Lender agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory
restrictions and the terms of the BpiFAE Insurance Policy and (if the Fixed Rate applies) the arrangements with Natixis DAI relating
to the Fixed Rate) to designate a different Lending Office if the making of such a designation would avoid such reduction in such
rate of return and would

 

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not, in the reasonable
judgment of such Lender, be otherwise disadvantageous to such Lender. Failure or delay on the part of any Lender to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided
that in relation to increased costs or reductions arising after the Effective Date the Borrower shall not be required to compensate
a Lender pursuant to this Section for any increased costs or reductions incurred more than three months prior to the date that
such Lender notifies the Borrower of the circumstance giving rise to such reductions and of such Lender’s intention to claim
compensation therefor; provided further that, if the circumstance giving rise to such reductions is retroactive,
then the three-month period referred to above shall be extended to include the period of retroactive effect thereof, but not more
than six months prior to the date that such Lender notifies the Borrower of the circumstance giving rise to such reductions and
of such Lender’s intention to claim compensation therefor.

 

It is acknowledged that
the Borrower shall have no liability to compensate any Lender under this Section for reduced returns that accrue before the Effective
Time on the Actual Delivery Date (with any compensation liability to the Lenders arising before the Effective Time being the responsibility
of the Original Borrower).

 

SECTION
4.6. Taxes. All payments by the Borrower of principal of, and interest on, the Loan and all other amounts payable hereunder
shall be made free and clear of and without deduction for any present or future income, excise, stamp or franchise taxes and other
taxes, fees, duties, withholdings or other charges of any nature whatsoever imposed by any taxing authority, but excluding franchise
taxes and taxes imposed on or measured by any Lender’s net income or receipts of such Lender and franchise taxes imposed
in lieu of net income taxes or taxes on receipts, by the jurisdiction under the laws of which such Lender is organized or any political
subdivision thereof or the jurisdiction of such Lender’s Lending Office or any political subdivision thereof or any other
jurisdiction unless such net income taxes are imposed solely as a result of the Borrower’s activities in such other jurisdiction,
and any taxes imposed under FATCA (such non-excluded items being called “Covered Taxes”). In the event that
any withholding or deduction from any payment to be made by the Borrower hereunder is required in respect of any Covered Taxes
pursuant to any applicable law, rule or regulation, then the Borrower will:

 

		a)	pay directly to the relevant authority the full amount required to be so withheld or deducted;

 

		b)	promptly forward to the Facility Agent an official receipt or other documentation satisfactory
to the Facility Agent evidencing such payment to such authority; and

 

		c)	pay to the Facility Agent for the account of the Lenders such additional amount or amounts as is
necessary to ensure that the net amount actually received by each Lender will equal the full amount such Lender would have received
had no such withholding or deduction been required.

 

Moreover, if any Covered Taxes are directly
asserted against the Facility Agent or any Lender with respect to any payment received or paid by the Facility Agent or such Lender
hereunder, the Facility Agent or such Lender may pay such Covered Taxes and the Borrower will promptly pay such additional amounts
(including any penalties, interest or expenses) as is necessary in order that the net amount received by such person after the
payment of such

 

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Covered Taxes (including any Covered Taxes on such additional amount) shall equal the amount such person would
have received had no such Covered Taxes been asserted.

 

Any Lender claiming
any additional amounts payable pursuant to this Section agrees to use reasonable efforts (consistent with its internal policy and
legal and regulatory restrictions and the terms of the BpiFAE Insurance Policy and (if the Fixed Rate applies) the arrangements
with Natixis DAI relating to the Fixed Rate) to change the jurisdiction of its Lending Office if the making of such a change would
avoid the need for, or reduce the amount of, any such additional amounts that may thereafter accrue and would not, in the reasonable
judgment of such Lender, be otherwise disadvantageous to such Lender.

 

If the Borrower fails
to pay any Covered Taxes when due to the appropriate taxing authority or fails to remit to the Facility Agent for the account of
the respective Lenders the required receipts or other required documentary evidence, the Borrower shall indemnify the Lenders for
any incremental withholding Covered Taxes, interest or penalties that may become payable by any Lender as a result of any such
failure (so long as such amount did not become payable as a result of the failure of such Lender to provide timely notice to the
Borrower of the assertion of a liability related to the payment of Covered Taxes). For purposes of this Section 4.6, a distribution
hereunder by the Facility Agent or any Lender to or for the account of any Lender shall be deemed a payment by the Borrower.

 

If any Lender is entitled
to any refund, credit, deduction or other reduction in tax by reason of any payment made by the Borrower in respect of any Covered
Tax under this Section 4.6 or by reason of any payment made by the Borrower pursuant to Section 4.3, such Lender
shall use reasonable efforts to obtain such refund, credit, deduction or other reduction and, promptly after receipt thereof, will
pay to the Borrower such amount (plus any interest received by such Lender in connection with such refund, credit, deduction or
reduction) as is equal to the net after-tax value to such Lender of such part of such refund, credit, deduction or reduction as
such Lender reasonably determines is allocable to such Covered Tax or such payment (less out-of-pocket expenses incurred by such
Lender), provided that no Lender shall be obligated to disclose to the Borrower any information regarding its tax affairs
or tax computations.

 

Each Lender (and each
Participant) agrees with the Borrower and the Facility Agent that it will (i) in the case of a Lender or a Participant organized
under the laws of a jurisdiction other than the United States (a) provide to the Facility Agent and the Borrower an appropriately
executed copy of Internal Revenue Service Form W-8ECI certifying that any payments made to or for the benefit of such Lender or
such Participant are effectively connected with a trade or business in the United States (or alternatively, an Internal Revenue
Service Form W-8BEN claiming the benefits of a tax treaty, but only if the applicable treaty described in such form provides for
a complete exemption from U.S. federal income tax withholding), or any successor form, on or prior to the date hereof (or, in the
case of any Assignee Lender or Participant, on or prior to the date of the relevant assignment or participation), in each case
attached to an Internal Revenue Service Form W-8IMY, if appropriate, (b) notify the Facility Agent and the Borrower if the certifications
made on any form provided pursuant to this paragraph are no longer accurate and true in all material respects and (c) without prejudice
to its obligations under Section 4.13, provide such other tax forms or other documents as shall be prescribed by applicable
law, if any, or as otherwise reasonably requested, to demonstrate, to the extent applicable, that payments to such Lender

 

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Party
(or Participant) hereunder are exempt from withholding under FATCA, and (ii) in all cases, provide such forms, certificates or
other documents, as and when reasonably requested by the Borrower, necessary to claim any applicable exemption from, or reduction
of, Covered Taxes or any payments made to or for benefit of such Lender Party or such Participant, provided that the Lender
Party or Participant is legally able to deliver such forms, certificates or other documents. For any period with respect to which
a Lender (or Assignee Lender or Participant) has failed to provide the Borrower with the foregoing forms (other than if such failure
is due to a change in law occurring after the date on which a form originally was required to be provided (which, in the case of
an Assignee Lender, would be the date on which the original assignor was required to provide such form) or if such form otherwise
is not required hereunder) such Lender (or Assignee Lender or Participant) shall not be entitled to the benefits of this Section
4.6 with respect to Covered Taxes imposed by reason of such failure.

 

All fees and expenses
payable pursuant to Section 11.3 shall be paid together with value added tax or any similar tax (if any) properly chargeable
thereon. Any value added tax chargeable in respect of any services supplied by a Lender or an Agent under this Agreement shall,
on delivery of the value added tax invoice, be paid in addition to any sum agreed to be paid hereunder.

 

SECTION
4.7. Reserve Costs. Without in any way limiting the Borrower’s obligations under Section 4.3, the Borrower
shall, with effect from the Effective Time, pay to the Facility Agent for the account of each Lender on the last day of each Interest
Period, so long as the relevant Lending Office of such Lender is required to maintain reserves against “Eurocurrency liabilities”
under Regulation D of the F.R.S. Board, upon notice from such Lender, an additional amount equal to the product of the following
for the Loan for each day during such Interest Period:

 

(i)                
the principal amount of the Loan outstanding on such day; and

 

(ii)             
the remainder of (x) a fraction the numerator of which is the rate (expressed as a decimal) at which interest accrues on
the Loan for such Interest Period as provided in this Agreement (less, if applicable, the Floating Rate Margin) and the denominator
of which is one minus any increase after the Signing Date in the effective rate (expressed as a decimal) at which such reserve
requirements are imposed on such Lender minus (y) such numerator; and

 

(iii)           
1/360.

 

Such notice shall (i) describe in
reasonable detail the reserve requirement that has been imposed, together with the approximate date of the effectiveness thereof,
(ii) set forth the applicable reserve percentage, (iii) certify that such request is consistent with such Lender’s
treatment of other borrowers that are subject to similar provisions and (iv) certify that, to the best of its knowledge, such
requirements are of general application in the commercial banking industry in the United States.

 

Each Lender agrees to use reasonable efforts
(consistent with its internal policy and legal and regulatory restrictions and the terms of the BpiFAE Insurance Policy and (if
the Fixed Rate applies) the arrangements with Natixis DAI relating to the Fixed Rate) to avoid the

 

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requirement of maintaining such
reserves (including by designating a different Lending Office) if such efforts would not, in the reasonable judgment of such Lender,
be otherwise disadvantageous to such Lender.

 

SECTION
4.8. Payments, Computations, etc.

 

		a)	Unless otherwise expressly provided, all payments by the Borrower pursuant to this Agreement or
any other Loan Document shall be made by the Borrower to the Facility Agent for the pro rata account of the Lenders entitled to
receive such payment. All such payments required to be made to the Facility Agent shall be made, without set-off, deduction or
counterclaim, not later than 11:00 a.m., New York time, on the date due, in same day or immediately available funds through the
New York Clearing House Interbank Payments System (or such other funds as may be customary for the settlement of international
banking transactions in Dollars), to such account as the Facility Agent shall specify from time to time by notice to the Borrower.
Funds received after that time shall be deemed to have been received by the Lenders on the next succeeding Business Day.

 

		b)	Each Lender hereby instructs the Facility Agent, with respect to any portion of the Loan held by
such Lender, to pay directly to such Lender interest thereon at the Fixed Rate or (if the proviso to Section 5.1.10 applies) the
Floating Rate, on the basis that (if the Fixed Rate applies) such Lender will, where amounts are payable to Natixis by that Lender
under the Interest Stabilisation Agreement, account directly to Natixis for any such amounts payable by that Lender under the Interest
Stabilisation Agreement to which such Lender is a party.

 

		c)	The Facility Agent shall promptly (but in any event on the same Business Day that the same are
received or, as contemplated in clause (a) of this Section, deemed received) remit in same day funds to each Lender its share,
if any, of such payments received by the Facility Agent for the account of such Lender without any set-off, deduction or counterclaim.
All interest and fees shall be computed on the basis of the actual number of days (including the first day but excluding the last
day) occurring during the period for which such interest or fee is payable over a year comprised of 360 days. Whenever any payment
to be made shall otherwise be due on a day which is not a Business Day, such payment shall be made on the next succeeding Business
Day and such extension of time shall be included in computing interest and fees, if any, in connection with such payment.

 

SECTION
4.9. Replacement Lenders, etc. If the Borrower shall be required to make any payment to any Lender pursuant to Section
4.2(c), 4.3, 4.4, 4.5, 4.6 or 4.7, the Borrower shall be entitled at any time (so long as
no Default and no Prepayment Event shall have occurred and be continuing) within 180 days after receipt of notice from such Lender
of such required payment to (a) terminate such Lender’s Commitment (where upon the Percentage of each other Lender shall
automatically be adjusted to an amount equal to such Lender’s ratable share of the remaining Commitments), (b) prepay the
affected portion of such Lender’s Loan in full, together with accrued interest thereon through the date of such prepayment
(provided that the Borrower shall not terminate any Lender’s Commitment pursuant to clause (a) or prepay any such
Lender pursuant to this clause (b) without replacing such Lender pursuant to the following clause (c) until a 30-day period shall

 

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have elapsed during which the Borrower and the Facility Agent shall have attempted in good faith to replace such Lender), and/or
(c) replace such Lender with another financial institution reasonably acceptable to the Facility Agent and (if the Fixed Rate applies)
Natixis DAI, provided that (i) each such transfer shall be either a transfer of all of the rights and obligations of the
transferring Lender under this Agreement or a transfer of a portion of such rights and obligations made concurrently with another
such transfer or other such transfers that together cover all of the rights and obligations of the transferring Lender under this
Agreement and (ii) no Lender shall be obligated to make any such transfer as a result of a demand by the Borrower pursuant to this
Section unless and until such Lender shall have received one or more payments from either the Borrower or one or more Assignee
Lenders in an aggregate amount at least equal to the aggregate outstanding principal amount of the Loan owing to such Lender, together
with accrued interest thereon to the date of payment of such principal amount and all other amounts payable to such Lender under
this Agreement. Each Lender represents and warrants to the Borrower that, as of the Signing Date (or, with respect to any Lender
not a party hereto on the Signing Date, on the date that such Lender becomes a party hereto), there is no existing treaty, law,
regulation, regulatory requirement, interpretation, directive, guideline, decision or request pursuant to which such Lender would
be entitled to request any payments under any of Sections 4.3, 4.4, 4.5, 4.6 and 4.7 to or for
account of such Lender.

 SECTION
4.10. Sharing of Payments.

 

SECTION 4.10.1. Payments
to Lenders. If a Lender (a "Recovering Lender") receives or recovers any amount from the Borrower other than
in accordance with Section 4.8 (Payments, Computations, etc.) (a "Recovered Amount") and applies that amount
to a payment due under the Loan Documents then:

 

		a)	the Recovering Lender shall, within three (3) Business Days, notify details of the receipt or recovery
to the Facility Agent;

 

		b)	the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the
Recovering Lender would have been paid had the receipt or recovery been received or made by the Facility Agent and distributed
in accordance with the said Section 4.8, without taking account of any taxes which would be imposed on the Facility Agent in relation
to the receipt, recovery or distribution; and

 

		c)	the Recovering Lender shall, within three (3) Business Days of demand by the Facility Agent, pay
to the Facility Agent an amount (the "Sharing Payment") equal to such receipt or recovery less any amount which
the Facility Agent determines may be retained by the Recovering Lender as its share of any payment to be made, in accordance with
any applicable provisions of this Agreement.

 

SECTION 4.10.2. Redistribution
of payments. The Facility Agent shall treat the Sharing Payment as if it had been paid by the Borrower and distribute it between
the Lenders (other than the Recovering Lender) (the "Sharing Lenders") in accordance with the provisions of this
Agreement towards the obligations of the Borrower to the Sharing Lenders.

 

SECTION 4.10.3. Recovering
Lender's rights. On a distribution by the Facility Agent under Section 4.10.2 of a payment received by a Recovering
Lender from the

 

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Borrower, as between the Borrower and the Recovering Lender, an amount of the Recovered Amount equal to the Sharing
Payment will be treated as not having been paid by the Borrower.

 

SECTION 4.10.4. Reversal
of redistribution If any part of the Sharing Payment received or recovered by a Recovering Lender becomes repayable and is
repaid by that Recovering Lender, then:

 

		a)	each Sharing Lender shall, upon request of the Facility Agent, pay to the Facility Agent for the
account of that Recovering Lender an amount equal to the appropriate part of its share of the Sharing Payment (together with an
amount as is necessary to reimburse that Recovering Lender for its proportion of any interest on the Sharing Payment which that
Recovering Lender is required to pay) (the "Redistributed Amount"); and

 

		b)	as between the Borrower and each relevant Sharing Lender, an amount equal to the relevant Redistributed
Amount will be treated as not having been paid by the Borrower.

 

SECTION
4.10.5. Exceptions.

 

		a)	This Section 4.10 shall not apply to the extent that the Recovering Lender would not, after making
any payment pursuant to this Section 4.10, have a valid and enforceable claim against the Borrower.

 

		b)	A Recovering Lender is not obliged to share with any other Lender any amount which the Recovering
Lender has received or recovered as a result of taking legal or arbitration proceedings, if:

 

		(i)	it notified the other Lender of the legal or arbitration proceedings; and

 

		(ii)	the other Lender had an opportunity to participate in those legal or arbitration proceedings but
did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.

 

SECTION
4.11. Set-off. Upon the occurrence and during the continuance of an Event of Default or a Prepayment Event, each Lender
shall have, to the extent permitted by applicable law, the right to appropriate and apply to the payment of the Obligations then
due and owing to it any and all balances, credits, deposits, accounts or moneys of the Borrower then or thereafter maintained with
such Lender; provided that any such appropriation and application shall be subject to the provisions of Section 4.10.
Each Lender agrees promptly to notify the Borrower and the Facility Agent after any such set-off and application made by such Lender;
provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights
of each Lender under this Section are in addition to other rights and remedies (including other rights of set-off under applicable
law or otherwise) which such Lender may have.

 

SECTION
4.12. Use of Proceeds. The Borrower shall apply the proceeds of the Loan made available to the Borrower in respect of the
Additional Advances for the purpose of making payments of, or reimbursing the Borrower for payments already

 

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made for, the amounts
referred to in clauses 5.2, 5.3 and/or 5.4 of the Novation Agreement and, without limiting the foregoing, no proceeds of the Loan
will be used to acquire any equity security of a class which is registered pursuant to Section 12 of the Securities Exchange Act
of 1934 or any “margin stock”, as defined in F.R.S. Board Regulation U.

 

SECTION
4.13. FATCA Information.

 

		a)	Subject to paragraph c) below, each party (other than the Borrower) shall, within ten Business
Days of a reasonable request by another party (other than the Borrower):

 

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

 

		(A)	a FATCA Exempt Party; or

 

		(B)	not a FATCA Exempt Party;

 

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

 

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

 

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

 

		c)	Paragraph a) above shall not oblige any Lender or the Facility Agent to do anything, and paragraph
a)(iii) above shall not oblige any other party to do anything, which would or might in its reasonable opinion constitute a breach
of:

 

(i)                
any law or regulation;

 

(ii)             
any fiduciary duty; or

 

(iii)           
any duty of confidentiality.

 

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

 

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		e)	Each party may make a FATCA Deduction from a payment under this Agreement that it is required to
be made by FATCA, and any payment required in connection with that FATCA Deduction, and no party shall be required to increase
any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA
Deduction.

 

SECTION
4.14. Resignation of the Facility Agent. The Facility Agent shall resign (and, to the extent applicable, shall use reasonable
endeavours to appoint a successor Facility Agent) if, either:

 

		a)	the Facility Agent fails to respond to a request under Section 4.13 and a Lender reasonably
believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party;

 

		b)	the information supplied by the Facility Agent pursuant to Section 4.13 indicates that the Facility
Agent will not be (or will have ceased to be) a FATCA Exempt Party; or

 

		c)	the Facility Agent notifies the Lenders that the Facility Agent will not be (or will have ceased
to be) a FATCA Exempt Party;

 

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

 

ARTICLE
V

CONDITIONS TO BORROWING

 

SECTION
5.1. Advance of the Loan. The obligation of the Lenders to fund the relevant portion of the Loan to be made available on
the Actual Delivery Date shall be subject to the prior or concurrent satisfaction of each of the conditions precedent set forth
in this Section 5.1. The Facility Agent shall advise the Lenders of the satisfaction of the conditions precedent set forth
in this Section 5.1 prior to funding on the Actual Delivery Date.

 

SECTION 5.1.1.
Resolutions, etc. The Facility Agent shall have received from the Borrower:

 

		a)	a certificate of its Secretary or Assistant Secretary as to the incumbency and signatures of those
of its officers authorized to act with respect to this Agreement and each other Loan Document and as to the truth and completeness
of the attached:

 

(x) resolutions
of its Board of Directors then in full force and effect authorizing the execution, delivery and performance of this Agreement and
each other Loan Document, and

 

(y) Organic
Documents of the Borrower,

 

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and upon which certificate the
Lenders may conclusively rely until the Facility Agent shall have received a further certificate of the Secretary or Assistant
Secretary of the Borrower canceling or amending such prior certificate; and

 

		b)	a Certificate of Good Standing issued by the relevant Liberian authorities in respect of the Borrower.

 

SECTION 5.1.2.
Opinions of Counsel. The Facility Agent shall have received opinions, addressed to the Facility Agent, the Security Trustee
(in relation to a) and b) below) and each Lender from:

 

		a)	Watson Farley & Williams LLP, counsel to the Borrower, as to Liberian Law, covering the matters
set forth in Exhibit B-1 hereto;

 

		b)	Norton Rose Fulbright LLP, counsel to the Facility Agent and the Lenders, covering the matters
set forth in Exhibit B-2 hereto and, if the BpiFAE Insurance Policy is to be re-issued or replaced on or about the Actual
Delivery Date, Exhibit B-3 hereto; and

 

		c)	Clifford Chance US LLP, United States tax counsel to the Facility Agent for the benefit of the
Lenders, covering the matters set forth in Exhibit B-4 hereto,

 

each such opinion to be updated
to take into account all relevant and applicable Loan Documents at the time of issue thereof.

 

SECTION 5.1.3.
BpiFAE Insurance Policy. The Facility Agent or the ECA Agent shall have received the BpiFAE Insurance Policy duly issued
and BpiFAE shall not have, prior to the advance of the Loan, delivered to the Facility Agent or the ECA Agent any notice seeking
the cancellation, suspension or termination of the BpiFAE Insurance Policy or the suspension of the drawing of the Additional Advances
under this Agreement.

 

SECTION 5.1.4.
Closing Fees, Expenses, etc. The Facility Agent shall have received for its own account, or for the account of each Lender
or BpiFAE, as the case may be, all fees that the Borrower shall have agreed in writing to pay to the Facility Agent (whether for
its own account or for the account of any of the Lenders) that are due and owing as of the date of such funding and all invoiced
expenses of the Facility Agent (including the agreed fees and expenses of counsel to the Facility Agent and the BpiFAE Premium)
required to be paid by the Borrower pursuant to Section 11.3 or that the Borrower has otherwise agreed in writing to pay
to the Facility Agent, in each case on or prior to the date of such funding.

 

SECTION 5.1.5.
Compliance with Warranties, No Default, etc. Both before and after giving effect to the funding of the Loan the following
statements shall be true and correct:

 

		a)	the representations and warranties set forth in Article VI (excluding, however, those set
forth in Section 6.10) shall be true and correct in all material respects except for those representations and warranties that
are qualified by materiality or 

 

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		 	Material Adverse Effect, which
shall be true and correct, with the same effect as if then made; and
	 	 	 

		b)	no Default and no Prepayment Event and no event which (with notice or lapse of time or both) would
become a Prepayment Event shall have then occurred and be continuing.

 

SECTION 5.1.6.
Loan Request. The Facility Agent shall have received a Loan Request duly executed by the Borrower together with:

 

		a)	where an Additional Advance is requested in respect of the Non-Yard Costs, the Delivery Non-Yard
Costs Certificate;

 

		b)	certified as true (by the Builder) copies of the invoice and supporting documents received by the
Builder from the Borrower pursuant to Appendix C of the Construction Contract in relation to the Paid Non-Yard Costs to be financed
as at the time of issue and a declaration from the Borrower in substantially the form set forth in Exhibit D hereto that the requirements
for a minimum 10% French content in respect of Non-Yard Costs have been fulfilled;

 

		c)	a copy of the final commercial invoice from the Builder showing the amount of the Contract Price
(including the Non-Yard Costs and the Other Basic Contract Price Increases) and the portion thereof payable to the Builder on the
Actual Delivery Date under the Construction Contract; and

 

		d)	copies of the wire transfers for all payments by the Borrower to the Builder under the Construction
Contract in respect of the Basic Contract Price to the extent not already provided as part of the drawdown conditions for drawdowns
made by the Original Borrower.

 

SECTION 5.1.7.
Foreign Exchange Counterparty Confirmations. The Facility Agent shall have received the documentation and other information
referred to in clause 5.6 of the Novation Agreement.

 

SECTION 5.1.8.
Protocol of delivery. The Facility Agent shall have received a copy of the protocol of delivery and acceptance under the
Construction Contract duly signed by the Builder and the Borrower or the Nominated Owner to be notified to the Facility Agent.

 

SECTION 5.1.9.
Title to Purchased Vessel. The Facility Agent shall have received evidence that the Purchased Vessel is legally and beneficially
owned by the Borrower or the Nominated Owner (as the case may be), free of all recorded Liens, other than Liens permitted
by Section 7.2.3 and, to the extent not yet discharged, the Mortgage (as defined in the Novation Agreement).

 

SECTION 5.1.10.
Interest Stabilisation. The ECA Agent shall have received a duly executed fixed rate approval from Natixis DAI issued to
the Lenders in respect of the Fixed Rate applicable to the Loan and shall have been informed by the French Authorities of the conditions
of the interest make-up mechanisms (stabilisation du taux d'intérêt) applicable to the Loan under the applicable
Interest Stabilisation Agreement in

 

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respect of the Lenders, such conditions to specify, among other things, that the Fixed Rate
has been retained under the interest make-up mechanisms applicable to the Loan.

 

In relation to Section
5.1.10, if a Lender (an “Ineligible Lender”) becomes ineligible or otherwise ceases to be a party to an Interest
Stabilisation Agreement, it shall promptly upon becoming aware thereof (and by no later than 15 Business Days before the anticipated
Actual Delivery Date) notify the Borrower, the ECA Agent and the Facility Agent.

 

Following receipt of
such a notice, the ECA Agent (through the Facility Agent) shall give to the Borrower at least 10 Business Days’ prior notice
stating if the condition precedent in Section 5.1.10 will not be satisfied due to the Ineligible Lender but would be satisfied
by the replacement of the Ineligible Lender as set out below, with such replacement to take effect for the purpose of this Section
on the Actual Delivery Date.

 

On its receipt of such
notice from the ECA Agent, the Borrower shall be entitled, at any time thereafter and without prejudice to any rights and remedies
it may have against such Ineligible Lender pursuant to Section 3.3.3,to replace such Ineligible Lender with another bank or financial
institution reasonably acceptable to the Facility Agent, BpiFAE and Natixis DAI with effect from the Actual Delivery Date, provided
that (i) each such transfer shall be either a transfer of all of the rights and obligations of the Ineligible Lender under this
Agreement or a transfer of a portion of such rights and obligations made concurrently with another such transfer or other such
transfers that together cover all of the rights and obligations of the Ineligible Lender under this Agreement and (ii) no Lender
shall be obligated to make effective any such transfer as a result of a demand by the Borrower pursuant to this Section unless
and until such Lender shall have received one or more payments from one or more Assignee Lenders in an aggregate amount equal to
the aggregate outstanding principal amount of the portion of the Novated Loan Balance which, immediately following the Novation
Effective Time, would have been owing to such Lender pursuant to Section 2.3(a) had that Lender not been replaced prior to the
Novation Effective Time. The ECA Agent and the Facility Agent shall, at the request of the Borrower, use reasonable efforts to
assist the Borrower in finding a bank or financial institution acceptable to the Borrower to replace such Ineligible Lender, and
taking such other steps that may be reasonably required and which are within the control of the ECA Agent and the Facility Agent
to assist with the satisfaction of the condition precedent in Section 5.1.10 prior to funding on the Actual Delivery Date.

 

Provided however the
Borrower shall be entitled, without prejudice to its rights and remedies pursuant to Section 3.3.3, to elect that if at the Actual
Delivery Date the condition precedent in Section 5.1.10 is not satisfied the Floating Rate should apply to the Loan, such election
to be made by notice in writing to the Facility Agent not less than five (5) Business Days prior to the anticipated Actual Delivery
Date in which event, subject to the approval of BpiFAE, the Loan shall bear interest at the Floating Rate and the condition set
out in Section 5.1.10 shall be deemed waived by the Lenders.

 

The ECA Agent (through
the Facility Agent) shall, promptly after the Borrower’s request, advise the Borrower whether it is aware (based solely on
information obtained from Natixis DAI and other French Authorities and/or received from the Lenders at the time of any such request
and without any liability on the ECA Agent for the accuracy of that information)

 

    48

     

    

 

 

that the condition precedent in Section 5.1.10
will not or may not be satisfied as required by Section 5.1.10.

 

SECTION 5.1.11.
Escrow Account Security. The Facility Agent shall have received the Escrow Account Security duly executed by the Borrower
together with a duly executed notice of charge and acknowledgement thereto executed by the Borrower and the Escrow Account Bank
respectively.

 

ARTICLE
VI

REPRESENTATIONS AND WARRANTIES

 

To induce the Lenders
and the Facility Agent to enter into this Agreement and to make the Loan hereunder, the Borrower represents and warrants to the
Facility Agent and each Lender as set forth in this Article VI as of the Actual Delivery Date (except as otherwise stated).

 

SECTION
6.1. Organization, etc. The Borrower is a corporation validly organized and existing and in good standing under the laws
of its jurisdiction of incorporation; the Borrower is duly qualified to do business and is in good standing as a foreign corporation
in each jurisdiction where the nature of its business requires such qualification, except where the failure to be so qualified
would not have a Material Adverse Effect; and the Borrower has full power and authority, has taken all corporate action and holds
all governmental and creditors’ licenses, permits, consents and other approvals necessary to enter into each Loan Document
and to perform the Obligations.

 

SECTION
6.2. Due Authorization, Non-Contravention, etc. The execution, delivery and performance by the Borrower of this Agreement
and each other Loan Document, are within the Borrower’s corporate powers, have been duly authorized by all necessary corporate
action, and do not:

 

		a)	contravene the Borrower’s Organic Documents;

 

		b)	contravene any law or governmental regulation of any Applicable Jurisdiction except as would not
reasonably be expected to result in a Material Adverse Effect;

 

		c)	contravene any court decree or order binding on the Borrower or any of its property except as would
not reasonably be expected to result in a Material Adverse Effect;

 

		d)	contravene any contractual restriction binding on the Borrower or any of its property except as
would not reasonably be expected to result in a Material Adverse Effect; or

 

		e)	result in, or require the creation or imposition of, any Lien on any of the Borrower’s properties
except as would not reasonably be expected to result in a Material Adverse Effect.

 

SECTION
6.3. Government Approval, Regulation, etc. No authorization or approval or other action by, and no notice to or filing with,
any governmental

 

    49

     

    

 

authority or regulatory body or other Person is required for the due execution, delivery or performance by the
Borrower of this Agreement or any other Loan Document (except for authorizations or approvals not required to be obtained on or
prior to the Actual Delivery Date or that have been obtained or actions not required to be taken on or prior to the Actual Delivery
Date or that have been taken). The Borrower holds all governmental licenses, permits and other approvals required to conduct its
business as conducted by it on the Actual Delivery Date, except to the extent the failure to hold any such licenses, permits or
other approvals would not have a Material Adverse Effect.

 

SECTION
6.4. Compliance with Environmental Laws. The Borrower is in compliance with all applicable Environmental Laws, except to
the extent that the failure to so comply would not have a Material Adverse Effect.

 

SECTION
6.5. Validity, etc. This Agreement constitutes the legal, valid and binding obligation of the Borrower enforceable in accordance
with its terms, except as the enforceability hereof may be limited by bankruptcy, insolvency or similar laws affecting the enforcement
of creditors’ rights generally or by general equitable principles.

 

SECTION
6.6. No Default, Event of Default or Prepayment Event. No Default, Event of Default or Prepayment Event has occurred and
is continuing.

 

SECTION
6.7. Litigation. There is no action, suit, litigation, investigation or proceeding pending or, to the knowledge of the Borrower,
threatened against the Borrower, that (i) except as set forth in filings made by the Borrower with the SEC in the Borrower’s
reasonable opinion might reasonably be expected to materially adversely affect the business, operations or financial condition
of the Borrower and its Subsidiaries (taken as a whole) (collectively, “Material Litigation”) or (ii) purports
to affect the legality, validity or enforceability of the Loan Documents or the consummation of the transactions contemplated hereby.

 

SECTION
6.8. The Purchased Vessel. Immediately following the delivery of the Purchased Vessel to the Borrower under the Construction
Contract, the Purchased Vessel will be:

 

		a)	legally and beneficially owned by the Borrower or one of the Borrower’s wholly owned Subsidiaries,

 

		b)	registered in the name of the Borrower or one of the Borrower’s wholly owned Subsidiaries
under the Bahamian or Maltese flag or such other flag as the parties may mutually agree,

 

		c)	classed as required by Section 7.1.4(b),

 

		d)	free of all recorded Liens, other than Liens permitted by Section 7.2.3,

 

		e)	insured against loss or damage in compliance with Section 7.1.5, and

 

		f)	exclusively operated by or chartered to the Borrower or one of the Borrower’s wholly owned
Subsidiaries.

 

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SECTION
6.9. Obligations rank pari passu; Liens.

 

		a)	The Obligations rank at least pari passu in right of payment and in all other respects with
all other unsecured unsubordinated Indebtedness of the Borrower other than Indebtedness preferred as a matter of law.

 

		b)	As at the date of this Agreement, the provisions of this Agreement which permit or restrict the
granting of Liens are no less favorable than the provisions permitting or restricting the granting of Liens in any other agreement
entered into by the Borrower with any other person providing financing or credit to the Borrower.

 

SECTION
6.10. Withholding, etc.. As of the Signing Date, no payment to be made by the Borrower under any Loan Document is subject
to any withholding or like tax imposed by any Applicable Jurisdiction.

 

SECTION
6.11. No Filing, etc. Required. No filing, recording or registration and no payment of any stamp, registration or similar
tax is necessary under the laws of any Applicable Jurisdiction to ensure the legality, validity, enforceability, priority or admissibility
in evidence of this Agreement or the other Loan Documents (except for filings, recordings, registrations or payments not required
to be made on or prior to the Actual Delivery Date or that have been made).

 

SECTION
6.12. No Immunity. The Borrower is subject to civil and commercial law with respect to the Obligations. Neither the Borrower
nor any of its properties or revenues is entitled to any right of immunity in any Applicable Jurisdiction from suit, court jurisdiction,
judgment, attachment (whether before or after judgment), set-off or execution of a judgment or from any other legal process or
remedy relating to the Obligations (to the extent such suit, court jurisdiction, judgment, attachment, set-off, execution, legal
process or remedy would otherwise be permitted or exist).

 

SECTION
6.13. Investment Company Act. The Borrower is not required to register as an “investment company” within the
meaning of the Investment Company Act of 1940, as amended.

 

SECTION
6.14. Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying
margin stock, and no proceeds of the Loan will be used for a purpose which violates, or would be inconsistent with, F.R.S. Board
Regulation U. Terms for which meanings are provided in F.R.S. Board Regulation U or any regulations substituted therefor, as from
time to time in effect, are used in this Section with such meanings.

 

SECTION
6.15. Accuracy of Information. The financial and other information (other than financial projections or other forward looking
information) furnished to the Facility Agent and the Lenders in writing by or on behalf of the Borrower by its chief financial
officer, treasurer or corporate controller in connection with the negotiation of this Agreement is, when taken as a whole, to the
best knowledge and belief of the Borrower, true and correct and contains no misstatement of a fact of a material nature. All financial
projections, if any, that have been furnished to the Facility Agent and the Lenders in writing by or on behalf of the Borrower
by its chief financial officer, treasurer or corporate controller

 

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in connection with this Agreement have been or will be prepared
in good faith based upon assumptions believed by the Borrower to be reasonable at the time made (it being understood that such
projections are subject to significant uncertainties and contingencies, many of which are beyond the Borrower’s control,
and that no assurance can be given that the projections will be realized). All financial and other information furnished to the
Facility Agent and the Lenders in writing by or on behalf of the Borrower by its chief financial officer, treasurer or corporate
controller after the date of this Agreement shall have been prepared by the Borrower in good faith.

 

SECTION
6.16. Compliance with Laws. The Borrower is in compliance with all applicable laws, rules, regulations and orders, except
to the extent that the failure to so comply does not and could not reasonably be expected to have a Material Adverse Effect, and
the Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its
Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.
The Borrower and its Subsidiaries and, to the knowledge of the Borrower, their respective officers, employees, directors and agents,
are in compliance with Anti-Corruption Laws and applicable Sanctions, in all material respects and are not knowingly engaged in
any activity that would reasonably be expected to result in Borrower being designated as a Sanctioned Person. None of (a) the Borrower,
any Subsidiary or to the knowledge of the Borrower or such Subsidiary any of their respective directors, officers or employees,
or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection
with or benefit from the credit facility established hereby, is a Sanctioned Person.

 

ARTICLE
VII

COVENANTS

 

SECTION
7.1. Affirmative Covenants. The Borrower agrees with the Facility Agent and each Lender that, from the Effective Date (or,
where applicable, from such time as may be stated in any applicable provision below) until all Commitments have terminated and
all Obligations have been paid in full, the Borrower will perform the obligations set forth in this Section 7.1.

 

SECTION 7.1.1.
Financial Information, Reports, Notices, etc. The Borrower will furnish, or will cause to be furnished, to the Facility
Agent (with sufficient copies for distribution to each Lender) the following financial statements, reports, notices and information:

 

		a)	as soon as available and in any event within 60 days after the end of each of the first three Fiscal
Quarters of each Fiscal Year of the Borrower, a copy of the Borrower’s report on Form 10-Q (or any successor form) as filed
by the Borrower with the SEC for such Fiscal Quarter, containing unaudited consolidated financial statements of the Borrower for
such Fiscal Quarter (including a balance sheet and profit and loss statement) prepared in accordance with GAAP, subject to normal
year-end audit adjustments;

 

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		b)	as soon as available and in any event within 120 days after the end of each Fiscal Year of the
Borrower, a copy of the Borrower’s annual report on Form 10-K (or any successor form) as filed by the Borrower with the SEC
for such Fiscal Year, containing audited consolidated financial statements of the Borrower for such Fiscal Year prepared in accordance
with GAAP (including a balance sheet and profit and loss statement) and audited by PricewaterhouseCoopers LLP or another firm of
independent public accountants of similar standing;

 

		c)	together with each of the statements delivered pursuant to the foregoing clause (a) or (b), a certificate,
executed by the chief financial officer, the treasurer or the corporate controller of the Borrower, showing, as of the last day
of the relevant Fiscal Quarter or Fiscal Year compliance with the covenants set forth in Section 7.2.4 (in reasonable detail
and with appropriate calculations and computations in all respects reasonably satisfactory to the Facility Agent);

 

		d)	as soon as possible after the occurrence of a Default or Prepayment Event, a statement of the chief
financial officer of the Borrower setting forth details of such Default or Prepayment Event (as the case may be) and the action
which the Borrower has taken and proposes to take with respect thereto;

 

		e)	as soon as the Borrower becomes aware thereof, notice of any Material Litigation except to the
extent that such Material Litigation is disclosed by the Borrower in filings with the SEC;

 

		f)	as soon as the Borrower becomes aware thereof, notice of any event which, in its reasonable opinion,
would be expected to materially adversely affect the business, operations or financial condition of the Borrower and its Subsidiaries
taken as a whole;

 

		g)	promptly after the sending or filing thereof, copies of all reports which the Borrower sends to
all holders of each security issued by the Borrower, and all registration statements which the Borrower or any of its Subsidiaries
files with the SEC or any national securities exchange; and

 

		h)	such other information respecting the condition or operations, financial or otherwise, of the Borrower
or any of its Subsidiaries as any Lender through the Facility Agent may from time to time reasonably request (including an update
to any information and projections previously provided to the Lenders where these have been prepared and are available);

 

provided that
information required to be furnished to the Facility Agent under subsections (a), (b) and (g) of this Section 7.1.1 shall
be deemed furnished to the Facility Agent when available free of charge on the Borrower’s website at http://www.rclinvestor.com
or the SEC’s website at http://www.sec.gov.

 

SECTION 7.1.2.
Approvals and Other Consents. The Borrower will obtain (or cause to be obtained) all such governmental licenses, authorizations,
consents, permits and approvals as may be required for (a) the Borrower to perform its obligations under this Agreement and the
other Loan Documents and (b) the operation of the Purchased Vessel in compliance with all applicable laws, except, in each case,
to the extent that failure

 

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to obtain (or cause to be obtained) such governmental licenses, authorizations, consents, permits and
approvals would not be expected to have a Material Adverse Effect.

 

SECTION 7.1.3.
Compliance with Laws, etc. The Borrower will, and will cause each of its Subsidiaries to, comply in all material respects
with all applicable laws, rules, regulations and orders, except (other than as described in clauses (a) and (f) below) to the extent
that the failure to so comply would not have a Material Adverse Effect, which compliance shall in any case include (but not be
limited to):

 

		a)	in the case of the Borrower, the maintenance and preservation of its corporate existence (subject
to the provisions of Section 7.2.6);

 

		b)	in the case of the Borrower, maintenance of its qualification as a foreign corporation in the State
of Florida;

 

		c)	the payment, before the same become delinquent, of all taxes, assessments and governmental charges
imposed upon it or upon its property, except to the extent being diligently contested in good faith by appropriate proceedings;

 

		d)	compliance with all applicable Environmental Laws;

 

		e)	compliance with all anti-money laundering and anti-corrupt practices laws applicable to the Borrower,
including by not making or causing to be made any offer, gift or payment, consideration or benefit of any kind to anyone, either
directly or indirectly, as an inducement or reward for the performance of any of the transactions contemplated by this agreement
to the extent the same would be in contravention of such applicable laws; and

 

		f)	the Borrower will maintain in effect policies and procedures designed to ensure compliance by the
Borrower, its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions.

 

SECTION 7.1.4.
The Purchased Vessel. The Borrower will:

 

		a)	cause the Purchased Vessel to be exclusively operated
by or chartered to the Borrower or one of the Borrower’s wholly owned Subsidiaries, provided that the Borrower or
such Subsidiary may charter out the Purchased Vessel (i) to entities other than the Borrower and the Borrower’s wholly owned
Subsidiaries and (ii) on a time charter with a stated duration not in excess of one year;

 

		b)	cause the Purchased Vessel to be kept in such condition
as will entitle her to classification by a classification society of recognized standing;

 

		c)	provide the following to the Facility Agent with respect to the Purchased Vessel:

 

(i)                
evidence as to the ownership of the Purchased Vessel by the Borrower, the Nominated Owner or one of the Borrower’s
wholly owned Subsidiaries; and

 

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(ii)             
evidence of no recorded Liens on the Purchased Vessel, other than Liens permitted pursuant to Section 7.2.3;

 

		d)	within seven days after the Actual Delivery Date, provide
the following to the Facility Agent with respect to the Purchased Vessel:

 

(i)                
evidence of the class of the Purchased Vessel; and

 

(ii)             
evidence as to all required insurance being in effect with respect to the Purchased Vessel.

 

SECTION 7.1.5.
Insurance. The Borrower will maintain or cause to be maintained with responsible insurance companies insurance with respect
to the Purchased Vessel against such casualties, third-party liabilities and contingencies and in such amounts, in each case, as
is customary for other businesses of similar size in the passenger cruise line industry (provided that in no event will
the Borrower or any Subsidiary be required to obtain any business interruption, loss of hire or delay in delivery insurance) and
will, upon request of the Facility Agent, furnish to the Facility Agent (with sufficient copies for distribution to each Lender)
at reasonable intervals a certificate of a senior officer of the Borrower setting forth the nature and extent of all insurance
maintained by the Borrower and certifying as to compliance with this Section.

 

SECTION 7.1.6.
Books and Records. The Borrower will keep books and records that accurately reflect all of its business affairs and transactions
and permit the Facility Agent and each Lender or any of their respective representatives, at reasonable times and intervals and
upon reasonable prior notice, to visit each of its offices, to discuss its financial matters with its officers and to examine any
of its books or other corporate records.

 

SECTION 7.1.7.
BpiFAE Insurance Policy/French Authority Requirements. The Borrower shall, on the reasonable request of the ECA Agent or
the Facility Agent, provide such other information as required under the BpiFAE Insurance Policy and/or the Interest Stabilisation
Agreement as necessary to enable the ECA Agent or the Facility Agent to obtain the full support of the relevant French Authority
pursuant to the BpiFAE Insurance Policy and/or the Interest Stabilisation Agreement (as the case may be). The Borrower must pay
to the ECA Agent or the Facility Agent the amount of all reasonable costs and expenses reasonably incurred by the ECA Agent or
the Facility Agent in connection with complying with a request by any French Authority for any additional information necessary
or desirable in connection with the BpiFAE Insurance Policy or the Interest Stabilisation Agreement (as the case may be); provided
that the Borrower is consulted before the ECA Agent or Natixis incurs any such cost or expense.

 

SECTION
7.2. Negative Covenants. The Borrower agrees with the Facility Agent and each Lender that, from the Effective Date until
all Commitments have terminated and all Obligations have been paid and performed in full, the Borrower will perform the obligations
set forth in this Section 7.2.

 

SECTION 7.2.1.
Business Activities. The Borrower will not, and will not permit any of its Subsidiaries to, engage in any principal business
activity other than those engaged in by the Borrower and its Subsidiaries on the date hereof and other business

 

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activities reasonably
related, ancillary or complimentary thereto or that are reasonable extensions thereof.

 

SECTION 7.2.2.
Indebtedness. The Borrower will not permit any of the Existing Principal Subsidiaries to create, incur, assume or suffer
to exist or otherwise become or be liable in respect of any Indebtedness, other than, without duplication, the following:

 

		a)	Indebtedness secured by Liens of the type described in Section 7.2.3;

 

		b)	Indebtedness owing to the Borrower or a direct or indirect Subsidiary of the Borrower;

 

		c)	Indebtedness incurred to finance, refinance or refund the cost (including the cost of construction)
of assets acquired after the Effective Date;

 

		d)	Indebtedness in an aggregate principal amount, together with (but without duplication of) Indebtedness
permitted to be secured under Section 7.2.3(b), at any one time outstanding not exceeding (determined at the time of creation
of such Lien or the incurrence by any Existing Principal Subsidiary of such Indebtedness, as applicable) 10% of the total assets
of the Borrower and its Subsidiaries taken as a whole as determined in accordance with GAAP as at the last day of the most recent
ended Fiscal Quarter; and

 

		e)	obligations in respect of Hedging Instruments entered into for the purpose of managing interest
rate, foreign currency exchange or commodity exposure risk and not for speculative purposes.

 

SECTION 7.2.3.
Liens. The Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any
Lien upon any of its property, revenues or assets, whether now owned or hereafter acquired, except:

 

		a)	Liens on assets (including, without limitation, shares of capital stock of corporations and assets
owned by any corporation that becomes a Subsidiary of the Borrower after the Effective Date) acquired after the Effective Date
(whether by purchase, construction or otherwise) by the Borrower or any of its Subsidiaries (other than (x) an Existing Principal
Subsidiary or (y) any other Principal Subsidiary which, at any time, after three months after the acquisition of a Vessel, owns
a Vessel free of any mortgage Lien), which Liens were created solely for the purpose of securing Indebtedness representing, or
incurred to finance, refinance or refund, the cost (including the cost of construction) of such assets, so long as (i) the acquisition
of such assets is not otherwise prohibited by the terms of this Agreement and (ii) each such Lien is created within three months
after the acquisition of the relevant assets;

 

		b)	in addition to other Liens permitted under this Section
7.2.3, Liens securing Indebtedness in an aggregate principal amount, together with (but without duplication of) Indebtedness
permitted under Section 7.2.2(d), at any one time outstanding not exceeding (determined at the time of creation of such
Lien or the incurrence by any Existing Principal Subsidiary of such indebtedness, as 

 

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			applicable) 10%
of the total assets of the Borrower and its Subsidiaries (the “Lien Basket Amount”) taken as a whole as determined
in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter; provided, however that, if, at any time, the
Senior Debt Rating of the Borrower is less than Investment Grade as given by both Moody’s and S&P, the Lien Basket Amount
shall be the greater of (x) 5.0% of the total assets of the Borrower and its Subsidiaries taken as a whole as determined in accordance
with GAAP as at the last day of the most recent ended Fiscal Quarter and (y) $735,000,000;

 

		c)	Liens on assets acquired after the Effective Date by the Borrower or any of its Subsidiaries (other
than by (x) any Subsidiary that is an Existing Principal Subsidiary or (y) any other Principal Subsidiary which, at any time, owns
a Vessel free of any mortgage Lien) so long as (i) the acquisition of such assets is not otherwise prohibited by the terms of this
Agreement and (ii) each of such Liens existed on such assets before the time of its acquisition and was not created by the Borrower
or any of its Subsidiaries in anticipation thereof;

 

		d)	Liens on any asset of any corporation that becomes a Subsidiary of the Borrower (other than a corporation
that also becomes a Subsidiary of an Existing Principal Subsidiary) after the Effective Date so long as (i) the acquisition or
creation of such corporation by the Borrower is not otherwise prohibited by the terms of this Agreement and (ii) such Liens are
in existence at the time such corporation becomes a Subsidiary of the Borrower and were not created by the Borrower or any of its
Subsidiaries in anticipation thereof;

 

		e)	Liens securing Government-related Obligations;

 

		f)	Liens for taxes, assessments or other governmental charges or levies not at the time delinquent
or thereafter payable without penalty or being diligently contested in good faith by appropriate proceedings;

 

		g)	Liens of carriers, warehousemen, mechanics, material-men and landlords incurred in the ordinary
course of business for sums not overdue by more than 60 days or being diligently contested in good faith by appropriate proceedings;

 

		h)	Liens incurred in the ordinary course of business in connection with workers’ compensation,
unemployment insurance or other forms of governmental insurance or benefits;

 

		i)	Liens for current crew’s wages and salvage;

 

		j)	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;

 

		k)	Liens on Vessels that:

 

(i)                
secure obligations covered (or reasonably expected to be covered) by insurance;

 

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(ii)             
were incurred in the course of or incidental to trading such Vessel in connection with repairs or other work to such Vessel;
or

 

(iii)           
were incurred in connection with work to such Vessel that is required to be performed pursuant to applicable law, rule,
regulation or order;

 

provided that, in each
case described in this clause (k), such Liens are either (x) discharged in the ordinary course of business or (y) being
diligently contested in good faith by appropriate proceedings;

 

		l)	normal and customary rights of set-off upon deposits of cash or other Liens originating solely
by virtue of any statutory or common law provision relating to bankers’ liens, rights of set-off or similar rights in favor
of banks or other depository institutions;

 

		m)	Liens in respect of rights of set-off, recoupment and holdback in favor of credit card processors
securing obligations in connection with credit card processing services incurred in the ordinary course of business;

 

		n)	Liens on cash or Cash Equivalents or marketable securities securing obligations in respect of Hedging
Instruments not incurred for speculative purposes or securing letters of credit that support such obligations;

 

		o)	deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety
and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business and
deposits securing liabilities to insurance carriers under insurance or self-insurance arrangements;

 

		p)	easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed
by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract
from the value of the affected property or interfere with the ordinary conduct of business of the Borrower or any Subsidiary; and

 

		q)	licenses, sublicenses, leases or subleases granted to other Persons not materially interfering
with the conduct of the business of the Borrower or any of its Subsidiaries.

 

SECTION 7.2.4.
Financial Condition. The Borrower will not permit:

 

		a)	Net Debt to Capitalization Ratio, as at the end of any Fiscal Quarter, to be greater than 0.625
to 1.

 

		b)	Fixed Charge Coverage Ratio to be less than 1.25 to 1 as at the last day of any Fiscal Quarter.

 

In addition, if, at any time, the Senior
Debt Rating of the Borrower is less than Investment Grade as given by both Moody’s and S&P, the Borrower will not permit
Stockholders’ Equity to be less than, as at the last day of any Fiscal Quarter, the sum of (i) $4,150,000,000

 

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plus
(ii) 50% of the consolidated net income of the Borrower and its Subsidiaries for the period commencing on January 1, 2007 and ending
on the last day of the Fiscal Quarter most recently ended (treated for these purposes as a single accounting period, but in any
event excluding any Fiscal Quarters for which the Borrower and its Subsidiaries have a consolidated net loss).

 

SECTION 7.2.5.
[Intentionally Omitted].

 

SECTION 7.2.6.
Consolidation, Merger, etc. The Borrower will not, and will not permit any of its Subsidiaries to, liquidate or dissolve,
consolidate with, or merge into or with, any other corporation, except:

 

		a)	any such Subsidiary may (i) liquidate or dissolve voluntarily into, and may merge with and into,
the Borrower or any other Subsidiary, and the assets or stock of any Subsidiary may be purchased or otherwise acquired by the Borrower
or any other Subsidiary or (ii) merge with and into another Person in connection with a sale or other disposition permitted by
Section 7.2.7; and

 

		b)	so long as no Event of Default has occurred and is continuing or would occur after giving effect
thereto, the Borrower or any of its Subsidiaries may merge into any other Person, or any other Person may merge into the Borrower
or any such Subsidiary, or the Borrower or any of its Subsidiaries may purchase or otherwise acquire all or substantially all of
the assets of any Person, in each case so long as:

 

(i)                after giving effect thereto, the Stockholders’ Equity of the Borrower and its Subsidiaries is at least equal to 90%
of such Stockholders’ Equity immediately prior thereto; and

 

(ii)             
in the case of a merger involving the Borrower where the Borrower is not the surviving corporation, (and without prejudice
to the provisions of Sections 3.2b) and c) and 9.1.10, which shall not restrict the proposed merger but which can still apply to
the extent that the proposed merger would give rise to any of the events or circumstances contemplated by such Sections):

 

		(A)	the surviving corporation shall have assumed in writing, delivered to the Facility Agent, all of
the Borrower’s obligations hereunder and under the other Loan Documents; and

 

		(B)	the surviving corporation shall, promptly upon the request of the Facility Agent or any Lender,
supply such documentation and other evidence as is reasonably requested by the Facility Agent or any Lender in order for the Facility
Agent or such Lender to carry out and be satisfied it has complied with the results of all necessary “know your customer”
or other similar checks under all applicable laws and regulations.

 

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SECTION 7.2.7.
Asset Dispositions, etc. The Borrower will not, and will not permit any of its Subsidiaries to, sell, transfer, contribute
or otherwise convey, or grant options, warrants or other rights with respect to, all or substantially all of the assets of (a)
the Borrower or (b) the Subsidiaries of the Borrower, taken as a whole, except sales of assets between or among the Borrower and
Subsidiaries of the Borrower.

 

SECTION
7.3. Lender incorporated in the Federal Republic of Germany. The representations and warranties and covenants given in Sections
6.16 and 7.1.3(f) respectively shall only be given, and be applicable to, a Lender incorporated in the Federal Republic of Germany
insofar as the giving of and compliance with such representations and warranties do not result in a violation of or conflict with
section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung) (in conjunction with section 4 paragraph 1
a no.3 foreign trade law (AWG) (Außenwirtschaftsgesetz)), any provision of Council Regulation (EC) 2271/1996 or any similar
applicable anti-boycott law or regulation.

 

ARTICLE
VIII

 

EVENTS OF DEFAULT

 

SECTION
8.1. Listing of Events of Default. Each of the following events or occurrences described in this Section 8.1 shall
constitute an “Event of Default”.

 

SECTION 8.1.1. Non-Payment
of Obligations. The Borrower shall default in the payment when due of any principal of or interest on the Loan or any Commitment
Fee, or the Borrower shall default in the payment of any fee due and payable under the Fee Letter, provided that, in the
case of any default in the payment of any interest on the Loan or of any Commitment Fee, such default shall continue unremedied
for a period of at least five (5) Business Days after notice thereof shall have been given to the Borrower by the Facility Agent;
and provided further that, in the case of any default in the payment of any fee due and payable under the Fee
Letter, such default shall continue unremedied for a period of at least ten days after notice thereof shall have been given to
the Borrower by the Facility Agent.

 

SECTION 8.1.2.
Breach of Warranty. Any representation or warranty of the Borrower made or deemed to be made hereunder (including any certificates
delivered pursuant to Article V) is or shall be incorrect in any material respect when made.

 

SECTION 8.1.3.
Non-Performance of Certain Covenants and Obligations. The Borrower shall default in the due performance and observance of
any other agreement contained herein or in any other Loan Document (other than the covenants set forth in Section 7.2.4
and the obligations referred to in Section 8.1.1) and such default shall continue unremedied for a period of five days after
notice thereof shall have been given to the Borrower by the Facility Agent or any Lender (or, if (a) such default is capable of
being remedied within 30 days (commencing on the first day following such five-day period) and (b) the Borrower is actively seeking
to remedy the same during such period, such default shall continue unremedied for at least 35 days after such notice to the Borrower).

 

SECTION 8.1.4.
Default on Other Indebtedness. (a) The Borrower or any of its Principal Subsidiaries shall fail to pay any Indebtedness
that is outstanding in a

 

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principal amount of at least $100,000,000 (or the equivalent in other currencies) in the aggregate (but
excluding Indebtedness hereunder or with respect to Hedging Instruments) when the same becomes due and payable (whether by scheduled
maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period,
if any, specified in the agreement or instrument relating to such Indebtedness; (b) the occurrence under any Hedging Instrument
of an Early Termination Date (as defined in such Hedging Instrument) resulting from (A) any event of default under such Hedging
Instrument as to which the Borrower is the Defaulting Party (as defined in such Hedging Instrument) or (B) any Termination Event
(as so defined) as to which the Borrower is an Affected Party (as so defined) and, in either event, the termination value with
respect to any such Hedging Instrument owed by the Borrower as a result thereof is greater than $100,000,000 and the Borrower fails
to pay such termination value when due after applicable grace periods; or (c) any other event shall occur or condition shall exist
under any agreement or instrument evidencing, securing or relating to any such Indebtedness and shall continue after the applicable
grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to cause or permit
the holder or holders of such Indebtedness to cause such Indebtedness to become due and payable prior to its scheduled maturity;
or (d) any such Indebtedness shall be declared to be due and payable or required to be prepaid or redeemed (other than by a regularly
scheduled required prepayment or redemption or by voluntary agreement), purchased or defeased, or an offer to prepay, redeem, purchase
or defease such Indebtedness is required to be made, in each case prior to the scheduled maturity thereof (other than as a result
of any sale or other disposition of any property or assets under the terms of such Indebtedness); provided that any required prepayment
or right to require prepayment triggered by terms that are certified by the Borrower to be unique to, but customary in, ship financings
shall not constitute an Event of Default under this Section 8.1.4 so long as any required prepayment is made when due. For purposes
of determining Indebtedness for any Hedging Instrument, the principal amount of the obligations under any such instrument at any
time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or any Principal Subsidiary
would be required to pay if such instrument were terminated at such time.

 

SECTION 8.1.5.
Bankruptcy, Insolvency, etc. The Borrower or any of the Principal Subsidiaries (or any of its other Subsidiaries to the
extent that the relevant event described below would have a Material Adverse Effect) shall:

 

		a)	generally fail to pay, or admit in writing its inability to pay, its debts as they become due;

 

		b)	apply for, consent to, or acquiesce in, the appointment of a trustee, receiver, sequestrator or
other custodian for it or any of its property, or make a general assignment for the benefit of creditors;

 

		c)	in the absence of such application, consent or acquiescence, permit or suffer to exist the appointment
of a trustee, receiver, sequestrator or other custodian for it or for a substantial part of its property, and such trustee, receiver,
sequestrator or other custodian shall not be discharged within 60 days, provided that in the case of such an event in respect
of the Borrower, the Borrower hereby expressly authorizes the Facility Agent and each Lender to appear in any court conducting

 

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	 	 	any relevant proceeding during such 60-day period to preserve, protect and defend their respective rights under the Loan Documents;  

 

		d)	permit or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement
or other case or proceeding under any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, in
respect of the Borrower or any of such Subsidiaries, and, if any such case or proceeding is not commenced by the Borrower or such
Subsidiary, such case or proceeding shall be consented to or acquiesced in by the Borrower or such Subsidiary or shall result in
the entry of an order for relief or shall remain for 60 days undismissed, provided that the Borrower hereby expressly authorizes
the Facility Agent and each Lender to appear in any court conducting any such case or proceeding during such 60-day period to preserve,
protect and defend their respective rights under the Loan Documents; or

 

		e)	take any corporate action authorizing, or in furtherance of, any of the foregoing.

 

SECTION
8.2. Action if Bankruptcy. If any Event of Default described in clauses (b) through (d) of Section 8.1.5
shall occur with respect to the Borrower, the Commitments (if not theretofore terminated) shall automatically terminate and the
outstanding principal amount of the Loan and all other Obligations shall automatically be and become immediately due and payable,
without notice or demand.

 

SECTION
8.3. Action if Other Event of Default. If any Event of Default (other than any Event of Default described in clauses
(b) through (d) of Section 8.1.5 with respect to the Borrower) shall occur for any reason, whether voluntary
or involuntary, and be continuing, the Facility Agent, upon the direction of the Required Lenders (after consultation with BpiFAE
who shall have the right to instruct the Lenders to waive such Event of Default), shall by notice to the Borrower declare all of
the outstanding principal amount of the Loan and other Obligations to be due and payable and/or the Commitments (if not theretofore
terminated) to be terminated, whereupon the full unpaid amount of the Loan and other Obligations shall be and become immediately
due and payable, without further notice, demand or presentment, and/or, as the case may be, the Commitments shall terminate.

 

ARTICLE
IX

 

PREPAYMENT EVENTS

 

SECTION
9.1. Listing of Prepayment Events. Each of the following events or occurrences described in this Section 9.1 shall
constitute a “Prepayment Event”.

 

SECTION 9.1.1.
Change of Control. There occurs any Change of Control.

 

SECTION 9.1.2.
Unenforceability. Any Loan Document shall cease to be the legally valid, binding and enforceable obligation of the Borrower
(in each case, other than with respect to provisions of any Loan Document (i) identified as unenforceable in the form of the opinion
of the Borrower’s counsel set forth as Exhibit B-1 or (ii) that a court of competent jurisdiction has determined are not
material) and such event

 

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shall continue unremedied for 15 days after notice thereof has been given to the Borrower by the Facility
Agent.

 

SECTION 9.1.3.
Approvals. Any material license, consent, authorization, registration or approval at any time necessary to enable the Borrower
or any Principal Subsidiary to conduct its business shall be revoked, withdrawn or otherwise cease to be in full force and effect,
unless the same would not have a Material Adverse Effect.

 

SECTION 9.1.4.
Non-Performance of Certain Covenants and Obligations. The Borrower shall default in the due performance and observance of
any of the covenants set forth in Sections 4.12 or 7.2.4.

 

SECTION 9.1.5.
Judgments. Any judgment or order for the payment of money in excess of $100,000,000 shall be rendered against the Borrower
or any of the Principal Subsidiaries by a court of competent jurisdiction and the Borrower or such Principal Subsidiary shall have
failed to satisfy such judgment and either:

 

		a)	enforcement proceedings in respect of any material assets of the Borrower or such Principal Subsidiary
shall have been commenced by any creditor upon such judgment or order and shall not have been stayed or enjoined within five (5)
Business Days after the commencement of such enforcement proceedings; or

 

		b)	there shall be any period of 30 consecutive days during which a stay of enforcement of such judgment
or order, by reason of a pending appeal or otherwise, shall not be in effect.

 

SECTION 9.1.6.
Condemnation, etc.. The Purchased Vessel shall be condemned or otherwise taken under color of law or requisitioned and the
same shall continue unremedied for at least 20 days, unless such condemnation or other taking would not have a Material Adverse
Effect.

 

SECTION 9.1.7.
Arrest. The Purchased Vessel shall be arrested and the same shall continue unremedied for at least 20 days, unless such
arrest would not have a Material Adverse Effect.

 

SECTION 9.1.8.
Sale/Disposal of the Purchased Vessel. The Purchased Vessel is sold to a company which is not the Borrower or any other
Subsidiary of the Borrower (other than for the purpose of a lease back to the Borrower or any other Subsidiary of the Borrower).

 

SECTION 9.1.9.
BpiFAE Insurance Policy. The BpiFAE Insurance Policy is cancelled for any reason or ceases to be in full force and effect.

 

SECTION 9.1.10.
Illegality. No later than the close of business on the last day of the Option Period related to the giving of any Illegality
Notice by an affected Lender pursuant to Section 3.2(b), either: (x) the Borrower has not elected to take an action specified in
clause (1) or (2) of Section 3.2(c) or (y) if any such election shall have been made, the Borrower has failed to take the action
required in respect of such election. In such circumstances the Facility Agent (at the direction of the affected Lender) shall
by notice to the Borrower require the Borrower to prepay in full all principal and interest and all other

 

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Obligations owing to
such Lender either (i) forthwith or, as the case may be, (ii) on a future specified date not being earlier than the latest date
permitted by the relevant law.

 

SECTION
9.2. Mandatory Prepayment. If any Prepayment Event (other than a Prepayment Event under Section 9.1.10) shall occur
and be continuing, the Facility Agent, upon the direction of the Required Lenders, shall by notice to the Borrower require the
Borrower to prepay in full on the date of such notice all principal of and interest on the Loan and all other Obligations (and,
in such event, the Borrower agrees to so pay the full unpaid amount of the Loan and all accrued and unpaid interest thereon and
all other Obligations).

 

SECTION
9.3. Mitigation. If the ECA Agent, the Facility Agent or any of the Lenders become aware that an event or circumstance has
arisen which will cause the BpiFAE Insurance Policy to be cancelled for any reason or no longer remain in full force and effect
they shall notify the Borrower and the Lenders, the Borrower, the ECA Agent and the Facility Agent shall negotiate in good faith
for a period of up to 30 days or, if less, the date by which the BpiFAE Insurance Policy shall be terminated or cease to be in
full force and effect to determine whether the facility can be restructured and/or the Loan refinanced in a manner acceptable to
each of the Lenders in their absolute discretion. The Lenders will use reasonable efforts to involve BpiFAE in such negotiations.

 

ARTICLE
X

 

THE FACILITY AGENT AND THE ECA AGENT

 

SECTION
10.1. Actions. Each Lender hereby appoints Citibank Europe plc, UK Branch, as Facility Agent and HSBC France as ECA Agent,
as its agent under and for purposes of this Agreement and each other Loan Document (for purposes of this Article X, the
Facility Agent and the ECA Agent are referred to collectively as the “Agents”). Each Lender authorizes the Agents
to act on behalf of such Lender under this Agreement and each other Loan Document and, in the absence of other written instructions
from the Required Lenders received from time to time by the Agents (with respect to which each Agent agrees that it will comply,
except as otherwise provided in this Section 10.1 or as otherwise advised by counsel or as otherwise instructed by any French
Authority, it being understood and agreed that any instructions provided by a French Authority shall prevail), to exercise such
powers hereunder and thereunder as are specifically delegated to or required of the Agents by the terms hereof and thereof, together
with such powers as may be reasonably incidental thereto. Neither Agent shall be obliged to act on the instructions of any Lender
or the Required Lenders if to do so would, in the opinion of such Agent, be contrary to any provision of this Agreement or any
other Loan Document or the BpiFAE Insurance Policy or to any law or the conflicting instructions of any French Authority, or would
expose such Agent to any actual or potential liability to any third party. As between the Lenders and the Agents, it is acknowledged
that each Agent’s duties under this Agreement and the other Loan Documents are solely mechanical and administrative in nature.

 

SECTION
10.2. Indemnity. Each Lender hereby indemnifies (which indemnity shall survive any termination of this Agreement) each Agent,
pro rata according to such Lender’s Percentage, from and against any and all claims, damages, losses, liabilities and expenses
(including, without limitation, reasonable fees and disbursements of

 

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counsel) that be incurred by or asserted or awarded against,
such Agent in any way relating to or arising out of this Agreement and any other Loan Document or any action taken or omitted by
such Agent under this Agreement or any other Loan Document; provided that no Lender shall be liable for the payment of any
portion of such claims, damages, losses, liabilities and expenses which have resulted from such Agent’s gross negligence
or willful misconduct. Without limitation of the foregoing, each Lender agrees to reimburse each Agent promptly upon demand for
its ratable share of any out-of-pocket expenses (including reasonable counsel fees) incurred by such Agent in connection with the
preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings
or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, to the extent that such Agent
is not reimbursed for such expenses by the Borrower. In the case of any investigation, litigation or proceeding giving rise to
any such indemnified costs, this Section applies whether any such investigation, litigation or proceeding is brought by any Agent,
any Lender or a third party. Neither Agent shall be required to take any action hereunder or under any other Loan Document, or
to prosecute or defend any suit in respect of this Agreement or any other Loan Document, unless it is expressly required to do
so under this Agreement or is indemnified hereunder to its satisfaction. If any indemnity in favor of an Agent shall be or become,
in such Agent’s determination, inadequate, such Agent may call for additional indemnification from the Lenders and cease
to do the acts indemnified against hereunder until such additional indemnity is given.

 

SECTION
10.3. Funding Reliance, etc. Each Lender shall notify the Facility Agent by 4:00 p.m., London time, one day prior to the
advance of the Loan if it is not able to fund the following day. Unless the Facility Agent shall have been notified by telephone,
confirmed in writing, by any Lender by 4:00 p.m., London time, on the day prior to the advance of the Loan that such Lender will
not make available the amount which would constitute its Percentage of the Loan on the date specified therefor, the Facility Agent
may assume that such Lender has made such amount available to the Facility Agent and, in reliance upon such assumption, may, but
shall not be obliged to, make available to the Borrower a corresponding amount. If and to the extent that such Lender shall not
have made such amount available to the Facility Agent, such Lender and the Borrower severally agree to repay the Facility Agent
forthwith on demand such corresponding amount together with interest thereon, for each day from the date the Facility Agent made
such amount available to the Borrower to the date such amount is repaid to the Facility Agent, at the interest rate applicable
at the time to the Loan without premium or penalty.

 

SECTION
10.4. Exculpation. Neither of the Agents nor any of their respective directors, officers, employees or agents shall be liable
to any Lender for any action taken or omitted to be taken by it under this Agreement or any other Loan Document, or in connection
herewith or therewith, except for its own willful misconduct or gross negligence. Without limitation of the generality of the foregoing,
each Agent (i) may consult with legal counsel (including counsel for the Borrower), independent public accountants and other experts
selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it and in accordance with the
advice of such counsel, accountants or experts, (ii) makes no warranty or representation to any Lender and shall not be responsible
to any Lender for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement,
(iii) shall not have any duty to ascertain or to inquire as to the performance, observance or satisfaction of any of the terms,
covenants or conditions of

 

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this Agreement on the part of the Borrower or the existence at any time of any Default or Prepayment
Event or to inspect the property (including the books and records) of the Borrower, (iv) shall not be responsible to any Lender
for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument
or document furnished pursuant hereto, (v) shall incur no liability under or in respect of this Agreement by action upon any notice,
consent, certificate or other instrument or writing (which may be by telecopier) believed by it to be genuine and signed or sent
by the proper party or parties, and (vi) shall have no responsibility to the Borrower or any Lender on account of (A) the failure
of a Lender or the Borrower to perform any of its obligations under this Agreement or any Loan Document; (B) the financial condition
of the Borrower; (C) the completeness or accuracy of any statements, representations or warranties made in or pursuant to this
Agreement or any Loan Document, or in or pursuant to any document delivered pursuant to or in connection with this Agreement or
any Loan Document; or (D) the negotiation, execution, effectiveness, genuineness, validity, enforceability, admissibility in evidence
or sufficiency of this Agreement or any Loan Document or of any document executed or delivered pursuant to or in connection with
any Loan Document.

 

SECTION
10.5. Successor. The Facility Agent may resign as such at any time upon at least 30 days’ prior notice to the Borrower
and all Lenders and shall resign where required to do in accordance with Section 4.14, provided that any such resignation
shall not become effective until a successor Facility Agent has been appointed as provided in this Section 10.5 and such
successor Facility Agent has accepted such appointment. If the Facility Agent at any time shall resign, the Required Lenders shall,
subject to the immediately preceding proviso and subject to the consent of the Borrower (such consent not to be unreasonably withheld),
appoint another Lender as a successor to the Facility Agent which shall thereupon become such Facility Agent’s successor
hereunder (provided that the Required Lenders shall, subject to the consent of the Borrower unless an Event or Default or
a Prepayment Event shall have occurred and be continuing (such consent not to be unreasonably withheld or delayed) offer to each
of the other Lenders in turn, in the order of their respective Percentages of the Loan, the right to become successor Facility
Agent). If no successor Facility Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment,
within 30 days after the Facility Agent’s giving notice of resignation, then the Facility Agent may, on behalf of the Lenders,
appoint a successor Facility Agent, which shall be one of the Lenders or a commercial banking institution having a combined capital
and surplus of at least $1,000,000,000 (or the equivalent in other currencies), subject, in each case, to the consent of the Borrower
(such consent not to be unreasonably withheld). Upon the acceptance of any appointment as Facility Agent hereunder by a successor
Facility Agent, such successor Facility Agent shall be entitled to receive from the resigning Facility Agent such documents of
transfer and assignment as such successor Facility Agent may reasonably request, and shall thereupon succeed to and become vested
with all rights, powers, privileges and duties of the resigning Facility Agent, and the resigning Facility Agent shall be discharged
from its duties and obligations under this Agreement. After any resigning Facility Agent’s resignation hereunder as the Facility
Agent, the provisions of:

 

		a)	this Article X shall inure to its benefit as to any actions taken or omitted to be taken by it
while it was the Facility Agent under this Agreement; and

 

		b)	Section 11.3 and Section 11.4 shall continue to inure to its benefit.

 

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If a Lender acting as the Facility Agent
assigns its Loan to one of its Affiliates, such Facility Agent may, subject to the consent of the Borrower (such consent not to
be unreasonably withheld or delayed) assign its rights and obligations as Facility Agent to such Affiliate.

 

SECTION
10.6. Loans by the Facility Agent. The Facility Agent shall have the same rights and powers with respect to the Loan made
by it or any of its Affiliates. The Facility Agent and its Affiliates may accept deposits from, lend money to, and generally engage
in any kind of business with the Borrower or any Affiliate of the Borrower as if the Facility Agent were not the Facility Agent
hereunder and without any duty to account therefor to the Lenders. The Facility Agent shall have no duty to disclose information
obtained or received by it or any of its Affiliates relating to the Borrower or its Subsidiaries to the extent such information
was obtained or received in any capacity other than as the Facility Agent.

 

SECTION
10.7. Credit Decisions. Each Lender acknowledges that it has, independently of each Agent and each other Lender, and based
on such Lender’s review of the financial information of the Borrower, this Agreement, the other Loan Documents (the terms
and provisions of which being satisfactory to such Lender) and such other documents, information and investigations as such Lender
has deemed appropriate, made its own credit decision to extend its Commitment. Each Lender also acknowledges that it will, independently
of each Agent and each other Lender, and based on such other documents, information and investigations as it shall deem appropriate
at any time, continue to make its own credit decisions as to exercising or not exercising from time to time any rights and privileges
available to it under this Agreement or any other Loan Document.

 

SECTION
10.8. Copies, etc. Each Agent shall give prompt notice to each Lender of each notice or request required or permitted to
be given to such Agent by the Borrower pursuant to the terms of this Agreement (unless concurrently delivered to the Lenders by
the Borrower). Each Agent will distribute to each Lender each document or instrument received for its account and copies of all
other communications received by such Agent from the Borrower for distribution to the Lenders by such Agent in accordance with
the terms of this Agreement.

 

SECTION
10.9. The Agents’ Rights. Each Agent may (i) assume that all representations or warranties made or deemed repeated
by the Borrower in or pursuant to this Agreement or any Loan Document are true and complete, unless, in its capacity as the Facility
Agent, it has acquired actual knowledge to the contrary, (ii) assume that no Default has occurred unless, in its capacity as an
Agent, it has acquired actual knowledge to the contrary, (iii) rely on any document or notice believed by it to be genuine, (iv)
rely as to legal or other professional matters on opinions and statements of any legal or other professional advisers selected
or approved by it, (v) rely as to any factual matters which might reasonably be expected to be within the knowledge of the Borrower
on a certificate signed by or on behalf of the Borrower and (vi) refrain from exercising any right, power, discretion or remedy
unless and until instructed to exercise that right, power, discretion or remedy and as to the manner of its exercise by the Lenders
(or, where applicable, by the Required Lenders) and unless and until such Agent has received from the Lenders any payment which
such Agent may require on account of, or any security which such Agent may require for, any costs, claims, expenses (including
legal and other professional fees) and liabilities which it considers it may incur or sustain in complying with those instructions.

 

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SECTION
10.10. The Facility Agent’s Duties. The Facility Agent shall (i) if requested in writing to do so by a Lender, make
enquiry and advise the Lenders as to the performance or observance of any of the provisions of this Agreement or any Loan Document
by the Borrower or as to the existence of an Event of Default and (ii) inform the Lenders promptly of any Event of Default
of which the Facility Agent has actual knowledge.

 

The Facility Agent
shall not be deemed to have actual knowledge of the falsehood or incompleteness of any representation or warranty made or deemed
repeated by the Borrower or actual knowledge of the occurrence of any Default unless a Lender or the Borrower shall have given
written notice thereof to the Facility Agent in its capacity as the Facility Agent. Any information acquired by the Facility Agent
other than specifically in its capacity as the Facility Agent shall not be deemed to be information acquired by the Facility Agent
in its capacity as the Facility Agent.

 

The Facility Agent
may, without any liability to account to the Lenders, generally engage in any kind of banking or trust business with the Borrower
or with the Borrower’s subsidiaries or associated companies or with a Lender as if it were not the Facility Agent.

 

SECTION
10.11. Employment of Agents. In performing its duties and exercising its rights, powers, discretions and remedies under
or pursuant to this Agreement or the Loan Documents, each Agent shall be entitled to employ and pay agents to do anything which
such Agent is empowered to do under or pursuant to this Agreement or the Loan Documents (including the receipt of money and documents
and the payment of money); provided that, unless otherwise provided herein, including without limitation Section 11.3,
the employment of such agents shall be for such Agent’s account, and to act or refrain from taking action in reliance on
the opinion of, or advice or information obtained from, any lawyer, banker, broker, accountant, valuer or any other person believed
by such Agent in good faith to be competent to give such opinion, advice or information.

 

SECTION
10.12. Distribution of Payments. The Facility Agent shall pay promptly to the order of each Lender that Lender’s percentage
share of every sum of money received by the Facility Agent pursuant to this Agreement or the Loan Documents (including, without
limitation, any amounts payable pursuant to Section 4.4.1 but not including any amounts payable pursuant to the Fee Letter
and any amounts which, by the terms of this Agreement or the Loan Documents, are paid to the Facility Agent for the account of
the Facility Agent alone or specifically for the account of one or more Lenders) and until so paid such amount shall be held by
the Facility Agent on trust absolutely for that Lender.

 

SECTION
10.13. Reimbursement. The Facility Agent shall have no liability to pay any sum to a Lender until it has itself received
payment of that sum. If, however, the Facility Agent does pay any sum to a Lender on account of any amount prospectively due to
that Lender pursuant to Section 10.12 before it has itself received payment of that amount, and the Facility Agent does
not in fact receive payment within two (2) Business Days after the date on which that payment was required to be made by the terms
of this Agreement or the Loan Documents, that Lender will, on demand by the Facility Agent, refund to the Facility Agent an amount
equal to the amount received by it, together with an amount sufficient to reimburse the Facility Agent for any amount which the
Facility Agent may certify that it has been required to pay by way of interest on money borrowed to

 

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fund the amount in question
during the period beginning on the date on which that amount was required to be paid by the terms of this Agreement or the Loan
Documents and ending on the date on which the Facility Agent receives reimbursement.

 

SECTION
10.14. Instructions. Where an Agent is authorized or directed to act or refrain from acting in accordance with the instructions
of the Lenders or of the Required Lenders each of the Lenders shall provide such Agent with instructions within three (3) Business
Days of such Agent’s request (which request may be made orally or in writing). If a Lender does not provide such Agent with
instructions within that period, that Lender shall be bound by the decision of such Agent. Nothing in this Section 10.14
shall limit the right of such Agent to take, or refrain from taking, any action without obtaining the instructions of the Lenders
or the Required Lenders if such Agent in its discretion considers it necessary or appropriate to take, or refrain from taking,
such action in order to preserve the rights of the Lenders under or in connection with this Agreement or the Loan Documents. In
that event, such Agent will notify the Lenders of the action taken by it as soon as reasonably practicable, and the Lenders agree
to ratify any action taken by the Facility Agent pursuant to this Section 10.14.

 

SECTION
10.15. Payments. All amounts payable to a Lender under this Section 10 shall be paid to such account at such
bank as that Lender may from time to time direct in writing to the Facility Agent.

 

SECTION
10.16. “Know your customer” Checks. Each Lender shall promptly upon the request of the Facility Agent supply,
or procure the supply of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself) in
order for the Facility Agent to carry out and be satisfied it has complied with all necessary “know your customer”
or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in this Agreement or
the Loan Documents.

 

SECTION
10.17. No Fiduciary Relationship. Except as provided in Section 10.12, no Agent shall have any fiduciary relationship
with or be deemed to be a trustee of or for any other person and nothing contained in this Agreement or any Loan Document shall
constitute a partnership between any two or more Lenders or between either Agent and any other person.

 

SECTION
10.18. Illegality. The Agent shall refrain from doing anything which it reasonably believes would be contrary to any law
of any jurisdiction (including but not limited to England and Wales, the United States of America or any jurisdiction forming part
of it) or any regulation or directive of any agency of such state or jurisdiction or which would or might render it liable to any
person and may without liability do anything which is, in its opinion, necessary to comply with any such law, directive or regulation.

 

ARTICLE
XI

MISCELLANEOUS PROVISIONS

 

SECTION
11.1. Waivers, Amendments, etc. The provisions of this Agreement and of each other Loan Document may from time to time be
amended, modified or waived, if such amendment, modification or waiver is in writing and consented to by the

 

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Borrower and the Required
Lenders; provided that no such amendment, modification or waiver which would:

 

		a)	contravene or be in breach of the terms of the BpiFAE Insurance Policy or the arrangements with
Natixis DAI relating to the Fixed Rate (if the Fixed Rate applies) shall be effective unless consented to by, as applicable, BpiFAE
and/or Natixis DAI;

 

		b)	modify any requirement hereunder that any particular action be taken by all the Lenders or by the
Required Lenders shall be effective unless consented to by each Lender;

 

		c)	modify this Section 11.1 or change the definition of “Required Lenders” shall
be made without the consent of each Lender;

 

		d)	increase the Commitment of any Lender shall be made without the consent of such Lender;

 

		e)	reduce any fees described in Article III payable to any Lender shall be made without the
consent of such Lender;

 

		f)	extend the Commitment Termination Date of any Lender shall be made without the consent of such
Lender;

 

		g)	extend the due date for, or reduce the amount of, any scheduled repayment or prepayment of principal
of or interest on the Loan (or reduce the principal amount of or rate of interest on the Loan) owed to any Lender shall be made
without the consent of such Lender; or

 

		h)	affect adversely the interests, rights or obligations of the Facility Agent or the ECA Agent in
its capacity as such shall be made without consent of the Facility Agent or the ECA Agent (respectively) .

 

No failure or delay on the part of the
Facility Agent, the ECA Agent or any Lender in exercising any power or right under this Agreement or any other Loan Document shall
operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further
exercise thereof or the exercise of any other power or right. No notice to or demand on the Borrower in any case shall entitle
it to any notice or demand in similar or other circumstances. No waiver or approval by any the Facility Agent, the ECA Agent or
any Lender under this Agreement or any other Loan Document shall, except as may be otherwise stated in such waiver or approval,
be applicable to subsequent transactions. No waiver or approval hereunder shall require any similar or dissimilar waiver or approval
thereafter to be granted hereunder. The Lenders hereby agree, at any time and from time to time that the Nordea Agreement or the
Bank of Nova Scotia Agreement is amended or refinanced, to negotiate in good faith to amend this Agreement to conform any representations,
warranties, covenants or events of default in this Agreement to the amendments made to any substantively comparable provisions
in the Nordea Agreement or the Bank of Nova Scotia Agreement or any refinancing thereof.

 

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Neither the Borrower’s rights nor
its obligations under the Loan Documents shall be changed, directly or indirectly, as a result of any amendment, supplement, modification,
variance or novation of the BpiFAE Insurance Policy, except any amendments, supplements, modifications, variances or novations,
as the case may be, which occur (i) with the Borrower’s consent, (ii) at the Borrower’s request or (iii) in order to
conform to amendments, supplements, modifications, variances or novations effected in respect of the Loan Documents in accordance
with their terms.

 

SECTION
11.2. Notices.

 

		a)	All notices and other communications provided to any party hereto under this Agreement or any other
Loan Document shall be in writing, by facsimile or by electronic mail and addressed, delivered or transmitted to such party at
its address, facsimile number or electronic mail address set forth below its signature hereto or set forth in the Lender Assignment
Agreement or at such other address, or facsimile number as may be designated by such party in a notice to the other parties. Any
notice, if mailed and properly addressed with postage prepaid or if properly addressed and sent by pre-paid courier service, shall
be deemed given when received; any notice, if transmitted by facsimile, shall be deemed given when transmitted provided it is received
in legible form; any notice, if transmitted by electronic mail, shall be deemed given upon acknowledgment of receipt by the recipient.

 

		b)	So long as Citibank Europe plc, UK Branch is the Facility Agent, the Borrower may provide to the
Facility Agent all information, documents and other materials that it furnishes to the Facility Agent hereunder or any other Loan
Document (and any guaranties, security agreements and other agreements relating thereto), including, without limitation, all notices,
requests, financial statements, financial and other reports, certificates and other materials, but excluding any such communication
that (i) relates to a request for a new, or a conversion of an existing advance or other extension of credit (including any election
of an interest rate or interest period relating thereto), (ii) relates to the payment of any principal or other amount due hereunder
or any other Loan Document prior to the scheduled date therefor, (iii) provides notice of any Default or Event of Default or (iv)
is required to be delivered to satisfy any condition precedent to the effectiveness of the Agreement and/or any advance or other
extension of credit hereunder (all such non-excluded communications being referred to herein collectively as “Communications”),
by transmitting the Communications in an electronic/soft medium in a format acceptable to the Facility Agent to such email address
notified by the Facility Agent to the Borrower; provided that any Communication requested pursuant to Section 7.1.1(h)
shall be in a format acceptable to the Borrower and the Facility Agent.

 

		c)	The Borrower agrees that the Facility Agent may make such items included in the Communications
as the Borrower may specifically agree available to the Lenders by posting such notices, at the option of the Borrower, on Debt
Domain or any similar such platform (the “Platform”) acceptable to the Borrower. Although the primary web portal
is secured with a dual firewall and a User ID/Password Authorization System and the Platform is secured through a single user per
deal 

 

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	 	 	authorization method whereby each user may access the Platform only on a deal-by-deal basis, the Borrower acknowledges that
(i) the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and
other risks associated with such distribution, (ii) the Platform is provided “as is” and “as available”
and (iii) neither the Facility Agent nor any of its Affiliates warrants the accuracy, adequacy or completeness of the Communications
or the Platform and each expressly disclaims liability for errors or omissions in the Communications or the Platform. No warranty
of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular
purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by the Facility Agent or
any of its Affiliates in connection with the Platform.

 

		d)	The Facility Agent agrees that the receipt of Communications by the Facility Agent at its e-mail
address set forth above shall constitute effective delivery of such Communications to the Facility Agent for purposes hereunder
and any other Loan Document (and any guaranties, security agreements and other agreements relating thereto).

 

SECTION
11.3. Payment of Costs and Expenses. The Borrower agrees to pay on demand all reasonable expenses of the Facility Agent
(including the reasonable fees and out-of-pocket expenses of counsel to the Facility Agent and of local counsel, if any, who may
be retained by counsel to the Facility Agent) in connection with any amendments, waivers, consents, supplements or other modifications
to, this Agreement or any other Loan Document as may from time to time hereafter be required, whether or not the transactions contemplated
hereby are consummated, together with any documented costs and expenses incurred by the Facility Agent to the provider of the Platform
(as defined in Section 11.2.c)) in connection with the operation and/or use of the Platform. The Borrower further agrees to pay,
and to save the Facility Agent and the Lenders harmless from all liability for, any stamp, recording, documentary or other similar
taxes arising from the execution, delivery or enforcement of this Agreement or the borrowing hereunder or any other Loan Documents.
The Borrower also agrees to reimburse the Facility Agent and each Lender upon demand for all reasonable out-of-pocket expenses
(including reasonable attorneys’ fees and legal expenses) incurred by the Facility Agent or such Lender in connection with
(x) the negotiation of any restructuring or “work-out”, whether or not consummated, of any Obligations and (y) the
enforcement of any Obligations.

 

SECTION
11.4. Indemnification. In consideration of the execution and delivery of this Agreement by each Lender and the extension
of the Commitments, the Borrower hereby indemnifies and holds harmless the Facility Agent, the ECA Agent each Lender and each of
their respective Affiliates and their respective officers, advisors, directors and employees (collectively, the “Indemnified
Parties”) from and against any and all claims, damages, losses, liabilities and expenses (including, without limitation,
reasonable fees and disbursements of counsel), joint or several, that may be incurred by or asserted or awarded against any Indemnified
Party (including, without limitation, in connection with any investigation, litigation or proceeding or the preparation of a defense
in connection therewith), in each case arising out of or in connection with or by reason of this Agreement or the other Loan Documents
or the transactions contemplated hereby or thereby or any actual or proposed use of the proceeds of the Loans (collectively, the
“Indemnified Liabilities”),

 

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except to the extent such claim, damage, loss, liability or expense is found in
a final, non-appealable judgment by a court of competent jurisdiction to have resulted primarily from such Indemnified Party’s
gross negligence or willful misconduct or the material breach by such Indemnified Party of its obligations under this Agreement,
any other Loan Document, the BpiFAE Insurance Policy or Interest Stabilisation Agreement and which breach is not attributable to
the Borrower’s own breach of the terms of this Agreement or any other Loan Document or is a claim, damage, loss, liability
or expense which would have been compensated under other provisions of the Loan Documents but for any exclusions applicable thereunder.

 

In the case of an investigation,
litigation or other proceeding to which the indemnity in this paragraph applies, such indemnity shall be effective whether or not
such investigation, litigation or proceeding is brought by the Borrower, any of its directors, security holders or creditors, an
Indemnified Party or any other person or an Indemnified Party is otherwise a party thereto. Each Indemnified Party shall (a) furnish
the Borrower with prompt notice of any action, suit or other claim covered by this Section 11.4, (b) not agree to any settlement
or compromise of any such action, suit or claim without the Borrower’s prior consent, (c) shall cooperate fully in the Borrower’s
defense of any such action, suit or other claim (provided that the Borrower shall reimburse such indemnified party for its
reasonable out-of-pocket expenses incurred pursuant hereto) and (d) at the Borrower’s request, permit the Borrower to assume
control of the defense of any such claim, other than regulatory, supervisory or similar investigations, provided that (i)
the Borrower acknowledges in writing its obligations to indemnify the Indemnified Party in accordance with the terms herein in
connection with such claims, (ii) the Borrower shall keep the Indemnified Party fully informed with respect to the conduct of the
defense of such claim, (iii) the Borrower shall consult in good faith with the Indemnified Party (from time to time and before
taking any material decision) about the conduct of the defense of such claim, (iv) the Borrower shall conduct the defense of such
claim properly and diligently taking into account its own interests and those of the Indemnified Party, (v) the Borrower shall
employ counsel reasonably acceptable to the Indemnified Party and at the Borrower’s expense, and (vi) the Borrower shall
not enter into a settlement with respect to such claim unless either (A) such settlement involves only the payment of a monetary
sum, does not include any performance by or an admission of liability or responsibility on the part of the Indemnified Party, and
contains a provision unconditionally releasing the Indemnified Party and each other indemnified party from, and holding all such
persons harmless, against, all liability in respect of claims by any releasing party or (B) the Indemnified Party provides written
consent to such settlement (such consent not to be unreasonably withheld or delayed). Notwithstanding the Borrower’s election
to assume the defense of such action, the Indemnified Party shall have the right to employ separate counsel and to participate
in the defense of such action and the Borrower shall bear the fees, costs and expenses of such separate counsel if (i) the use
of counsel chosen by the Borrower to represent the Indemnified Party would present such counsel with an actual or potential conflict
of interest, (ii) the actual or potential defendants in, or targets of, any such action include both the Borrower and the Indemnified
Party and the Indemnified Party shall have concluded that there may be legal defenses available to it which are different from
or additional to those available to the Borrower and determined that it is necessary to employ separate counsel in order to pursue
such defenses (in which case the Borrower shall not have the right to assume the defense of such action on the Indemnified Party’s
behalf), (iii) the Borrower shall not have employed counsel reasonably acceptable to the Indemnified Party to represent the Indemnified
Party within a reasonable time after notice of the institution of such

 

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action, or (iv) the Borrower authorizes the Indemnified
Party to employ separate counsel at the Borrower’s expense. The Borrower acknowledges that none of the Indemnified Parties
shall have any liability (whether direct or indirect, in contract, tort or otherwise) to the Borrower or any of its security holders
or creditors for or in connection with the transactions contemplated hereby, except to the extent such liability is determined
in a final non-appealable judgment by a court of competent jurisdiction to have resulted primarily from such Indemnified Party’s
gross negligence or willful misconduct. In no event, however, shall any Indemnified Party be liable on any theory of liability
for any special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated
savings). If and to the extent that the foregoing undertaking may be unenforceable for any reason, the Borrower hereby agrees to
make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under
applicable law.

 

SECTION
11.5. Survival. The obligations of the Borrower under Sections 4.3, 4.4, 4.5, 4.6, 4.7,
11.3 and 11.4 and the obligations of the Lenders under Section 10.1, shall in each case survive any termination
of this Agreement and the payment in full of all Obligations. The representations and warranties made by the Borrower in this Agreement
and in each other Loan Document shall survive the execution and delivery of this Agreement and each such other Loan Document.

 

SECTION
11.6. Severability. Any provision of this Agreement or any other Loan Document which is prohibited or unenforceable in any
jurisdiction shall, as to such provision and such jurisdiction, be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions of this Agreement or such Loan Document or affecting the validity or enforceability
of such provision in any other jurisdiction.

 

SECTION
11.7. Headings. The various headings of this Agreement and of each other Loan Document are inserted for convenience only
and shall not affect the meaning or interpretation of this Agreement or such other Loan Document or any provisions hereof or thereof.

 

SECTION
11.8. Execution in Counterparts, Effectiveness, etc. This Agreement may be executed by the parties hereto in several counterparts,
each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement. This
Agreement, as a novated and amended Agreement, shall become effective upon the occurrence of the Novation Effective Time under,
and as defined in, the Novation Agreement.

 

SECTION
11.9. Third Party Rights. Notwithstanding the provisions of the Contracts (Rights of Third Parties) Act 1999, no term of
this Agreement is enforceable by a person who is not a party to it with the exception of BpiFAE and Natixis.

 

SECTION
11.10. Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto
and their respective successors and assigns; provided that:

 

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		a)	except to the extent permitted under Section 7.2.6, the Borrower may not assign or transfer
its rights or obligations hereunder without the prior written consent of the Facility Agent, each Lender and BpiFAE; and

 

		b)	the rights of sale, assignment and transfer of the Lenders are subject to Section 11.11.

 

SECTION
11.11. Sale and Transfer of the Loan; Participations in the Loan. Each Lender may assign its Percentage or portion of the
Loan to one or more other Persons (a “New Lender”), or sell participations in its Percentage or portion of the
Loan to one or more other Persons; provided that, in the case of assignments where the Fixed Rate applies, such New Lender
(other than BpiFAE or CAFFIL as assignee of all or any of SFIL’s rights as Lender following the enforcement of the security
granted pursuant to paragraph (iv) of Section 11.11.1 in connection with the BpiFAE Enhanced Guarantee, and subject as provided
in Section 11.11.1(iv)) enters into an Interest Stabilisation Agreement.

 

SECTION 11.11.1.
Assignments

 

(i) Any Lender with
the prior written consents of the Borrower and the Facility Agent (which consents shall not be unreasonably delayed or withheld
and which consent, in the case of the Borrower, shall be deemed to have been given in the absence of a written notice delivered
by the Borrower to the Facility Agent, on or before the fifth Business Day after receipt by the Borrower of such Lender’s
request for consent, stating, in reasonable detail, the reasons why the Borrower proposes to withhold such consent) may at any
time (and from time to time) assign or transfer to one or more commercial banks or other financial institutions all or any fraction
of such Lender’s portion of the Loan.

 

(ii) Any Lender,
with notice to the Borrower and the Facility Agent, and, notwithstanding the foregoing clause (i), without the consent of
the Borrower, or the Facility Agent may assign or transfer (A) to any of its Affiliates, (B) to SFIL or (C) following the occurrence
and during the continuance of an Event of Default under Sections 8.1.1, 8.1.4(a) or 8.1.5, to any other Person, in each case, all
or any fraction of such Lender’s portion of the Loan.

 

(iii) Any Lender
may (notwithstanding the foregoing clauses, and without notice to, or consent from, the Borrower or the Facility Agent) assign
or charge all or any fraction of its portion of the Loan to any federal reserve or central bank as collateral security in connection
with the extension of credit or support by such federal reserve or central bank to such Lender.

 

(iv) SFIL may (notwithstanding
the foregoing clauses, and without notice to, or consent from, the Borrower or the Facility Agent) assign, charge or otherwise
grant security over all or any fraction of its portion of the Loan and of its rights as Lender to CAFFIL as collateral security
in connection with the extension of credit or support by CAFFIL to SFIL in respect of this Agreement and the BpiFAE Enhanced Guarantee,
provided that at the time of the assignment, charge or grant of security CAFFIL is an Affiliate of SFIL and that such assignment,
charge or other security is on terms that (i) CAFFIL shall not have any rights to assign, charge or grant any security over such
rights to any other person (other than to BpiFAE pursuant to and in accordance with the BpiFAE Enhanced Guarantee) without the
prior written consent of the Borrower, (ii) CAFFIL shall only be entitled to enforce its rights

 

    75

     

    

 

under such assignment, charge or
other security without the prior written consent of the Borrower if at that time it remains an Affiliate of SFIL, (iii) prior to
any enforcement such assignment, charge or other security, the Borrower and the Facility Agent shall continue to deal solely and
directly with SFIL in connection with its rights and obligations as Lender under this Agreement and other Loan Documents (subject
to any payment instructions given by SFIL), (iv) for the avoidance of doubt, the Borrower’s rights and obligations under
this Agreement shall not be increased or affected (including, without limitation, the right to pay Fixed Rate under Section 3.3.1)
as a result of such assignment, charge or security or any enforcement thereof, (v) the Borrower shall not be liable to pay any
amount under Sections 4.2(c), 4.3, 4.4, 4.5, 4.6 and 4.7 that is greater than the amount which it would have been required to pay
to SFIL had no such assignment, charge or other security been granted and (vi) without prejudice to SFIL’s obligations under
that Section, CAFFIL shall be bound by the confidentiality provisions set forth in Section 11.15. in relation to any information
to which it applies to the same extent as required of the Lenders. For the avoidance of doubt: (A) if CAFFIL becomes a Lender under
this Agreement in respect of any portion of the Loan following enforcement of any assignment, charge or other security granted
to it by SFIL pursuant to this Section 11.11.1(iv), it shall have the same rights to assign or transfer all or any fraction of
such portion of the Loan on and subject to the same terms and conditions as are set forth in this Agreement for assignments and
transfers by other Lenders and (B) CAFFIL may not enforce its rights under any such assignment, charge or other security by assigning
or transferring all or any fraction of SFIL’s portion of the Loan or any of its rights or obligations under this Agreement
or other Loan Documents except pursuant to an assignment or transfer to a commercial bank or other financial institution on and
subject to the same terms and conditions as are set forth in this Agreement for assignments and transfers by Lenders.

 

(v) No Lender may (notwithstanding
the foregoing clauses) assign or transfer any of its rights under this Agreement unless it has given prior written notification
of the transfer to BpiFAE and (if the Loan is accruing interest at the Fixed Rate) Natixis DAI and has obtained a prior written
consent from BpiFAE and Natixis DAI and any Assignee Lender (other than BpiFAE and CAFFIL as assignee of all or any of SFIL’s
rights as Lender following the enforcement of the security granted pursuant to paragraph (iv) of Section 11.11.1 in connection
with the BpiFAE Enhanced Guarantee, subject as provided in Section 11.11.1(iv)) is, if the Fixed Rate applies, eligible
to benefit from the Fixed Rate stabilisation. Any assignment or transfer shall comply with the terms of the BpiFAE Insurance Policy.

 

(vi) Nothing in this
Section 11.11.1 shall prejudice the right of the Lender to assign its rights under this Agreement to BpiFAE, if such assignment
is required to be made by that Lender to BpiFAE in accordance with the BpiFAE Insurance Policy or the BpiFAE Enhanced Guarantee
or, if the Lender is SFIL, to CAFFIL (but only if CAFFIL is, at that time, an Affiliate of SFIL) upon the enforcement of any security
granted pursuant, and subject to the provisions of paragraph (iv) of Section 11.11.1, in connection with the BpiFAE Enhanced Guarantee.

 

Each Person described
in the foregoing clauses as being the Person to whom such assignment or transfer is to be made, is hereinafter referred to as an
“Assignee Lender”. Assignments in a minimum aggregate amount of $25,000,000 (or, if less, all of such Lender’s
portion of the Loan and Commitment) (which assignment or transfer shall be of a constant, and not a varying, percentage of such
Lender’s portion of the Loan) are permitted; provided

 

    76

     

    

 

that the Borrower and the Facility Agent shall be entitled to
continue to deal solely and directly with such Lender in connection with the interests so assigned or transferred to an Assignee
Lender until:

 

		a)	written notice of such assignment or transfer, together with payment instructions, addresses and
related information with respect to such Assignee Lender, shall have been given to the Borrower and the Facility Agent by such
Lender and such Assignee Lender;

 

		b)	such Assignee Lender shall have executed and delivered to the Borrower and the Facility Agent a
Lender Assignment Agreement, accepted by the Facility Agent and any other agreements required by the Facility Agent or, if the
Fixed Rate applies, Natixis in connection therewith; and

 

		c)	the processing fees described below shall have been paid.

 

From and after the date that the Facility
Agent accepts such Lender Assignment Agreement, (x) the Assignee Lender thereunder shall be deemed automatically to have become
a party hereto and to the extent that rights and obligations hereunder have been assigned or transferred to such Assignee Lender
in connection with such Lender Assignment Agreement, shall have the rights and obligations of a Lender hereunder and under the
other Loan Documents, and (y) the assignor Lender, to the extent that rights and obligations hereunder have been assigned or transferred
by it, shall be released from its obligations hereunder and under the other Loan Documents, other than any obligations arising
prior to the effective date of such assignment. Except to the extent resulting from a subsequent change in law, in no event shall
the Borrower be required to pay to any Assignee Lender any amount under Sections 4.2(c), 4.3, 4.4, 4.5,
4.6 and 4.7 that is greater than the amount which it would have been required to pay had no such assignment been
made. Such assignor Lender or such Assignee Lender must also pay a processing fee to the Facility Agent upon delivery of any Lender
Assignment Agreement in the amount of $5,000 (and shall also reimburse the Facility Agent and Natixis for any reasonable out-of-pocket
costs, including reasonable attorneys’ fees and expenses, incurred in connection with the assignment).

 

SECTION 11.11.2.
Participations. Any Lender may at any time sell to one or more commercial banks or other financial institutions (each of
such commercial banks and other financial institutions being herein called a “Participant”) participating interests
in its Loan; provided that:

 

		a)	no participation contemplated in this Section 11.11.2 shall relieve such Lender from its
obligations hereunder;

 

		b)	such Lender shall remain solely responsible for the performance of its obligations hereunder;

 

		c)	the Borrower and the Facility Agent shall continue to deal solely and directly with such Lender
in connection with such Lender’s rights and obligations under this Agreement and each of the other Loan Documents;

 

		d)	no Participant, unless such Participant
is an Affiliate of such Lender, shall be entitled to require such Lender to take or refrain from taking any action hereunder

 

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	 	 	or under any other Loan Document, except that such Lender may agree
with any Participant that such Lender will not, without such Participant’s consent, take any actions of the type described
in clauses (b) through (f) of Section 11.1;

 

		e)	the Borrower shall not be required to pay any amount under Sections 4.2(c), 4.3,
4.4, 4.5, 4.6 and 4.7 that is greater than the amount which it would have been required to pay had
no participating interest been sold; and

 

		f)	each Lender that sells a participation under this Section 11.11.2 shall, acting solely for
this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant
and the principal amounts of (and stated interest on) each of the Participant’s interest in that Lender’s portion of
the Loan, Commitments or other interests hereunder (the “Participant Register”). The entries in the Participant
Register shall be conclusive absent manifest error, and such Lender may treat each person whose name is recorded in the Participant
Register as the owner of such participation for all purposes hereunder.

 

The Borrower acknowledges and agrees that
each Participant, for purposes of Sections 4.2(c), 4.3, 4.4, 4.5, 4.6 and clause (e)
of 7.1.1, shall be considered a Lender.

 

SECTION 11.11.3.
Register. The Facility Agent shall maintain at its address referred to in Section 11.2 a copy of each Lender Assignment
Agreement delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and the
Commitment(s) of, and principal amount of the Loan owing to, each Lender from time to time (the “Register”).
The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Facility
Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this
Agreement. The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to
time upon reasonable prior notice.

 

SECTION 11.11.4.
Rights of BpiFAE to payments. The Borrower acknowledges that, immediately upon any payment by BpiFAE (i) of any amounts
to a Lender under the BpiFAE Insurance Policy, BpiFAE will be automatically subrogated to the extent of such payment to the rights
of that Lender under the Loan Documents or (ii) of any amount under the BpiFAE Enhanced Guarantee and the enforcement of any related
security granted by SFIL to any of its Affiliates, which may benefit BpiFAE after payment by BpiFAE under the BpiFAE Enhanced Guarantee,
BpiFAE will be automatically entitled to receive the payments normally due to SFIL under the Loan Documents( but, for the avoidance
of doubt, such payments shall continue to be made by the Borrower to the Facility Agent in accordance with the provisions of Section
4.8 or any other relevant provisions of this Agreement, as applicable).

 

SECTION
11.12. Other Transactions. Nothing contained herein shall preclude the Facility Agent or any Lender from engaging in any
transaction, in addition to those contemplated by this Agreement or any other Loan Document, with the Borrower or any of its Affiliates
in which the Borrower or such Affiliate is not restricted hereby from engaging with any other Person.

 

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SECTION
11.13. BpiFAE Insurance Policy.

 

SECTION 11.13.1.
Terms of BpiFAE Insurance Policy

 

		a)	The BpiFAE Insurance Policy will cover 100% of the Loan.

 

		b)	The BpiFAE Premium will equal 3% of the aggregate principal
amount of the Loan as at the Actual Delivery Date.

 

		c)	If, after the Actual Delivery Date, the Borrower prepays
all or part of the Loan in accordance with this Agreement, BpiFAE shall reimburse to the ECA Agent for the account of the Borrower
an amount equal to 80% of all or a corresponding proportion of the unexpired portion of the BpiFAE Premium, having regard to the
amount of the prepayment and the remaining term of the Loan, such amount to be calculated in accordance with the following formula:

 

R = P
x (1 – (1 / (1+3%)) x (N / (12 * 365)) x 80%

 

where:

 

“R”
means the amount of the refund;

 

“P”
means the amount of the prepayment;

 

“N”
means the number of days between the effective prepayment date and Final Maturity; and

 

P x (1
– (1 / (1+3%)) corresponds to the share of the financed BpiFAE Premium corresponding to P.

 

SECTION 11.13.2.
Obligations of the Borrower. Provided that the BpiFAE Insurance Policy complies with Section 11.13.1 and remains
in full force and effect, the Borrower shall pay the balance of the BpiFAE Premium calculated in accordance with Section 11.3.1(b)
and still owing to BpiFAE on the Actual Delivery Date to BpiFAE on the Actual Delivery Date by directing the Agent in the Loan
Request to pay the Additional Advance in respect of the BpiFAE Premium directly to BpiFAE.

 

SECTION 11.13.3.
Obligations of the ECA Agent and the Lenders.

 

		a)	Promptly upon receipt of the BpiFAE Insurance Policy from BpiFAE, the ECA Agent shall (subject
to any confidentiality undertakings given to BpiFAE by the ECA Agent pursuant to the terms of the BpiFAE Insurance Policy) send
a copy thereof to the Borrower.

 

		b)	The ECA Agent shall perform such acts or provide such information, which are, acting reasonably,
within its power so to perform or so to provide, as required by BpiFAE under the BpiFAE Insurance Policy as necessary to ensure
that the Lenders obtain the support of BpiFAE pursuant to the BpiFAE Insurance Policy.

 

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		c)	Each Lender will co-operate with the ECA Agent, the Facility Agent and each other Lender, and take
such action and/or refrain from taking such action as may be reasonably necessary, to ensure that the BpiFAE Insurance Policy and
each Interest Stabilisation Agreement continues in full force and effect and shall indemnify and hold harmless each other Lender
in the event that the BpiFAE Insurance Policy or such Interest Stabilisation Agreement (as the case may be) does not continue in
full force and effect due to its gross negligence or willful default or due to a voluntary change in status which results in it
no longer being eligible for Fixed Rate interest stabilisation.

 

		d)	The ECA Agent, in conjunction with the Facility Agent, shall:

 

(i)         make
written requests to BpiFAE seeking a reimbursement of the BpiFAE Premium in the circumstances described in Section 11.13.1(c)
promptly after the relevant cancellation or prepayment and (subject to any confidentiality undertakings given to BpiFAE by the
ECA Agent pursuant to the terms of the BpiFAE Insurance Policy) provide a copy of the request to the Borrower;

 

(ii)        use
its reasonable endeavours to seek any reimbursement of the BpiFAE Premium to which the ECA Agent is entitled;

 

(iii)       pay
to the Borrower (in the same currency as the refund received from BpiFAE) the full amount of any reimbursement of the BpiFAE Premium
that the ECA Agent receives from BpiFAE within two (2) Business Days of receipt; and

 

(iv)       relay
the good faith concerns of the Borrower to BpiFAE regarding the amount of any reimbursement to which the ECA Agent is entitled,
it being agreed that the ECA Agent’s obligation shall be no greater than simply to pass on to BpiFAE the Borrower’s
concerns.

 

SECTION
11.14. Law and Jurisdiction

 

SECTION 11.14.1.
Governing Law. This Agreement and any non-contractual obligations arising out of or in respect of this Agreement shall in
all respects be governed by and interpreted in accordance with English Law.

 

SECTION 11.14.2.
Jurisdiction. For the exclusive benefit of the Facility Agent and the Lenders, the parties to this Agreement irrevocably
agree that the courts of England are to have jurisdiction to settle any disputes which may arise out of or in connection with this
Agreement and that any proceedings may be brought in those courts. The Borrower irrevocably waives any objection which it may now
or in the future have to the laying of the venue of any proceedings in any court referred to in this Section, and any claim that
those proceedings have been brought in an inconvenient or inappropriate forum.

 

SECTION 11.14.3.
Alternative Jurisdiction. Nothing contained in this Section shall limit the right of the Facility Agent or the Lenders to
commence any proceedings against the Borrower in any other court of competent jurisdiction nor shall the commencement of any proceedings
against the Borrower in one or more jurisdictions

 

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preclude the commencement of any proceedings in any other jurisdiction, whether
concurrently or not.

 

SECTION 11.14.4.
Service of Process. Without prejudice to the right of the Facility Agent or the Lenders to use any other method of service
permitted by law, the Borrower irrevocably agrees that any writ, notice, judgment or other legal process shall be sufficiently
served on it if addressed to it and left at or sent by post to RCL Cruises Ltd., presently at Building 3, The Heights – Brooklands,
Weybridge, Surrey, KT13 ONY, Attention: General Counsel, and in that event shall be conclusively deemed to have been served at
the time of leaving or, if posted, at 9:00 am on the third Business Day after posting by prepaid first class registered post.

 

SECTION
11.15. Confidentiality. Each of the Facility Agent and the Lenders agrees to maintain and to cause its Affiliates to maintain
the confidentiality of all information provided to it by the Borrower or any Subsidiary of the Borrower, or by the Facility Agent
on the Borrower’s or such Subsidiary’s behalf, under this Agreement, and neither it nor any of its Affiliates shall
use any such information other than in connection with or in enforcement of this Agreement or in connection with other business
now or hereafter existing or contemplated with the Borrower or any Subsidiary, except to the extent such information (i) was or
becomes generally available to the public other than as a result of disclosure by it or its Affiliates or their respective directors,
officers, employees and agents, or (ii) was or becomes available on a non-confidential basis from a source other than the Borrower
or any of its Subsidiaries so long as such source is not, to its knowledge, prohibited from disclosing such information by a legal,
contractual or fiduciary obligation to the Borrower or any of its Affiliates; provided, however, that it may disclose
such information (A) at the request or pursuant to any requirement of any self-regulatory body, governmental body, agency or official
to which the Facility Agent, any Lender or any of their respective Affiliates is subject or in connection with an examination of
the Facility Agent, such Lender or any of their respective Affiliates by any such authority or body, including without limitation
the Republic of France and any French Authority; (B) pursuant to subpoena or other court process; (C) when required to do so in
accordance with the provisions of any applicable requirement of law; (D) to the extent reasonably required in connection with any
litigation or proceeding to which the Facility Agent, any Lender or their respective Affiliates may be party; (E) to the extent
reasonably required in connection with the exercise of any remedy hereunder; (F) to the Facility Agent or such Lender’s independent
auditors, counsel, and any other professional advisors of the Facility Agent or such Lender who are advised of the confidentiality
of such information; (G) to any participant or assignee, provided that such Person agrees to keep such information confidential
to the same extent required of the Facility Agent and the Lenders hereunder; (H) as to the Facility Agent, any Lender or their
respective Affiliates, as expressly permitted under the terms of any other document or agreement regarding confidentiality to which
the Borrower or any Subsidiary is party with the Facility Agent, such Lender or such Affiliate; (I) to its Affiliates and its Affiliates’
directors, officers, employees, professional advisors and agents, provided that each such Affiliate, director, officer,
employee, professional advisor or agent shall keep such information confidential to the same extent required of the Facility Agent
and the Lenders hereunder; (J) to any other party to the Agreement and (K) to the French Authorities and any Person to whom information
is required to be disclosed by the French Authorities. Each of the Facility Agent and the Lenders shall be responsible for any
breach of this Section 11.15

 

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by any of its Affiliates or any of its or its Affiliates’ directors, officers, employees,
professional advisors and agents.

 

SECTION
11.16. French Authority Requirements. The Borrower acknowledges that:

 

		a)	the Republic of France and any French Authority or any authorised representatives specified by
these bodies shall be authorised at any time to inspect and make or demand copies of the records, accounts, documents and other
deeds of any or all of the Lenders relating to this Agreement;

 

		b)	in the course of its activity as the Facility Agent, the Facility Agent may:

 

		(i)	provide the Republic of France and any French Authority
with information concerning the transactions to be handled by it under this Agreement; and

 

		(ii)	disclose information concerning the subsidized transaction
contemplated by this Agreement in the context of internationally agreed consultation/notification proceedings and statutory specifications,
including information received from the Lenders relating to this Agreement.

 

SECTION
11.17. Waiver of immunity. To the extent that the Borrower has or hereafter may acquire any immunity from jurisdiction of
any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution,
execution or otherwise) with respect to itself or its assets, the Borrower hereby irrevocably waives such immunity in respect of
its obligations under this Agreement and the other Loan Documents.

 

SECTION 11.18. Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any
EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down
and conversion powers of a Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

		a)	the application of any Write-Down and Conversion Powers by a Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

 

		b)	the effects of any Bail-in Action on any such liability, including, if applicable:

 

		(i)	a reduction in full or in part or cancellation of any such liability;

 

		(ii)	a conversion of all, or a portion of, such liability into shares or other instruments of ownership
in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred
on it, and that such shares or other instruments of ownership 

 

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	 	 	will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Loan Document; or

 

		(iii)	the variation of the terms of such liability in connection with the exercise of the write-down
and conversion powers of any Resolution Authority.

 

    83

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Hull No. A35 Credit Agreement to be executed by their respective officers thereunto duly authorized
as of the day and year first above written.

 

	 	ROYAL CARIBBEAN CRUISES LTD.
	 	 
	 	By	                    	   
	 	Name:
	 	Title:

 

	 	Address:	1050 Caribbean Way
	 	 	Miami, Florida 33132
	 	Facsimile No.:	(305) 539-0562
	 	Email:	agibson@rccl.com
	 	 	bstein@rccl.com
	 	Attention:	Vice President, Treasurer
	 	With a copy to: 	General Counsel

 

    84

     

    

 

	 	CITIBANK EUROPE PLC as Lender
	 	 
	Commitment	 
	 	 
	15% of the Maximum 	By 	          	 
	Loan Amount	Name:
	 	Title:

 

	 	1 North Wall Quay
	 	Dublin 1
	 	D01T8Y1
	 	Ireland
	 	 
	 	Attention:	 Wei-Fong Chan
	 	 	Kara Catt
	 	 	Romina Coates
	 	 	Antoine Paycha
	 	 	 
	 	Fax No:	+44 20 7986 4881
	 	Tel No:	+44 20 7986 3036 /
	 	 	+44 20 7508 0344 /
	 	 	+44 20 7986 4824 /
	 	 	+44 20 7500 0907
	 	 	 
	 	E-mail:
	 	weifong.chan@citi.com
	 	kara.catt@citi.com
	 	romina.coates@citi.com
	 	antoine.paycha@citi.com

 

    85

     

    

 

HSBC FRANCE as Lender

 

	Commitment	 
	 	 
	15%
    of the Maximum	By 	                 	 
	Loan
    Amount	Name:
	 	Title: 

 

	 	HSBC
    France – Global Banking Agency Operations (GBAO) Transaction Manager Unit
	 	103
    avenue des Champs Elysées
	 	75008
    Paris
	 	France
	 	 
	 	Attention:
	 	 	Florencia
    Thomas
	 	 	Alexandra
    Penda
	 	 
	 	Fax
    No:	+33
    1 40 70 28 80
	 	Tel
    No:	+33
    1 40 70 73 81 /
	 	 	+33
    1 41 02 67 50
	 	 
	 	Email:	florencia.thomas@hsbc.fr
	 	 	alexandra.penda@hsbc.fr
	 	 
	 	Copy
    to:
	 	 
	 	HSBC
    France
	 	103
    avenue des Champs Elysées
	 	75008
    Paris
	 	France
	 	 
	 	Attention:
    	Julie
    Bellais
	 	 	Celine
    Karsenty
	 	 
	 	Fax
    No: 	+33
    1 40 70 78 93
	 	Tel
    No: 	+33
    1 40 70 28 59 /
	 	 	+
    33 1 40 70 22 97
	 	 
	 	Email:	julie.bellais@hsbc.fr
	 	 	celine.karesenty@hsbc.fr

 

    86

     

    

 

	 	BANCO
    SANTANDER S.A. as Lender
	 	 
	Commitment	 
	 	 
	13%
    of the Maximum	By 	                       	 
	Loan
    Amount	Name:
	 	Title:
	 	 

 

	 	Ciudad
    Grupo Santander.
	 	Avda.
    Cantabria s/n 28660
	 	Boadilla
    del Monte
	 	SPAIN
	 	 
	 	For
    Operational / Servicing matters
	 	Attention:
    	José
    Manuel Herrero
	 	 	Ana
    Sanz Gómez
	 	 	Carmen
    Molina Rodes
	 	Tel
    No: 	+91
    2573221 /
	 	 	+91
    2891790 /
	 	 	+91
    1752530
	 	Email:
	 	sindicadossan@gruposantander.com
	 	josema.herrero@gruposantander.com
	 	anasanz@gruposantander.com
	 	cmolinar@gruposantander.com
	 	 
	 	For
    Credit matters 
	 	Attention:
    	Elise
    Regnault
	 	Tel
    No: 	+34
    91 289 3722 /
	 	 	+34
    615 90 2718
	 	Email:
	 	elise.regnault@gruposantander.com
	 	 
	 	Attention:
    	Angela
    Rabanal
	 	Tel
    No: 	+1
    212 297 2942
	 	Email:
    	arabanal@santander.us
	 	 
	 	Attention:
    	Ecaterina
    Mucuta
	 	Tel
    No: 	+33
    1 53 53 70 46 /
	 	 	+33
    7 76 04 97 30
	 	Email:
	 	ecaterina.mucuta@gruposantander.com

 

    87

     

    

 

	 	BANCO BILBAO VIZCAYA ARGENTARIA S.A.,
PARIS BRANCH as Lender
	 	 
	Commitment	 
	 	 
	13% of the Maximum	By	                  	 
	Loan Amount	Name:
	 	Title:
	 	 

 

	 	29 avenue de l'Opéra
	 	75001 Paris
	 	France
	 	 
	 	Attention: 	David Albagli
	 	 	Alessandro Aiello
	 	 	Laura Luca de Tena
	 	 	Natalia Herzner
	 	 	Shirin Arabsolghar
	 	 
	 	Fax No: 	+33 1 44 86 84 45
	 	Tel No:	 +39 02 76296 246 /
	 	 	+33 1 44 86 83 21
	 	 
	 	Email: 	david.albagli@bbva.com
	 	 	laura.luca@bbva.com
	 	 	 alessandro.aiello@bbva.com
	 	 	natalia.herzner@bbva.com
	 	 	shirin.arabsolghar@bbva.com
	 	 	 

    88

     

    

 

	 	BNP PARIBAS SA as Lender
	 	 
	Commitment	 
	 	 
	13%
    of the Maximum	By	             	 
	Loan Amount	Name:
	 	Title:
	 	 

 

	 	16 Boulevard
    des Italiens
	 	75009
    Paris
	 	France
	 	 
	 	For
    Operational / Servicing matters
	 	Attention :
    	Thierry ANEZO
	 	 
	 	Tel No: 	+33 1 43 16 81 57
	 	Email:
	 	Thierry.anezo@bnpparibas.com
	 	 
	 	Attention :	Estelle FARNY
	 	Tel No :	+33 1 40 14 59 84
	 	Email : 	Estelle.farny@bnpparibas.com
	 	 
	 	For
    Credit matters 
	 	 
	 	Attention: 	Mauricio GONZALEZ
	 	Fax No : 	+1 212 841 2421
	 	Tel No : 	+1 212 841 3888
	 	Email :
    mauricio.gonzalez@us.bnpparibas.com
	 	 
	 	Attention :
    	Alexandre DE VATHAIRE
	 	Fax No: 	+33 1 42 98 13 15
	 	Tel No: 	+33 1 42 98 00 29
	 	Email :
	 	alexandre.devathaire@bnpparibas.com

 

    89

     

    

 

	 	SUMITOMO MITSUI BANKING CORPORATION EUROPE LIMITED, PARIS
	 	BRANCH as Lender
	 	 
	Commitment	 
	13% of the Maximum
Loan Amount    	By	                                  	 
	 	Name:
	 	Title:
	 	 
	 	1/3/5 rue Paul Cézanne
	 	75008 Paris
	 	France

 

	 	For Operational
    / Servicing matters
	 	PRIMARY CONTACT
	 	Attention:	European Loan Operations
	 	Address: 	Sumitomo Mitsui Banking Corporation Europe Limited
	 	 	99 Queen Victoria Street
	 	 	London EC4V 4EH
	 	 	United Kingdom 
	 	Fax No: 	+44 20 7786 1569
	 	Tel No:	+44 20 7786 1789 / 1588
	 	Email: 
	 	GBLOOADLOANELO@gb.smbcgroup.com
	 	Note: notices to
    be sent by Fax only
	 	 
	 	SECONDARY CONTACT
	 	Attention:	Guillaume Branco / Helene Ly
	 	Address: 	Transportation Department - Maritime
	 	 	1/3/5 rue Paul Cézanne
	 	 	75008 Paris
	 	 	France
	 	Tel No:	+33 1 44 90 48 71 /
	 	 	+33 1 44 90 48 76
	 	Email:
	 	guillaume_branco@fr.smbcgroup.com
	 	helene_ly@fr.smbcgroup.com
	 	 
	 	For Credit matters
	 	Attention:	Guillaume Branco
	 	 	Helene Ly                
	 	 	Hervé Billi

 

    90

     

    

 

	 	 	Claire Lucien                     
	 	Fax No:	+33 1 44 90 48 01
	 	Tel No:	+33 1 44 90 48 71 /
	 	 	+33 1 44 90 48 76 /
	 	 	+33 1 44 90 48 48 /
	 	 	+33 1 44 90 48 49
	 	 
	 	Email:
	 	guillaume_branco@fr.smbcgroup.com
	 	helene_ly@fr.smbcgroup.com
	 	FRPAGTFD@fr.smbcgroup.com

 

    91

     

    

 

	 	SOCIÉTÉ GÉNÉRALE as Lender
	 	 
	Commitment	 
	 	 
	13% of the Maximum
Loan Amount    	By	                                   	 
	 	Name:
	 	Title:
	 	 

 

	 	29 Boulevard Haussmann
	 	75009 Paris
	 	France
	 	 
	 	For Credit Matters
	 	 
	 	Attention:	Patricia SACCO  
	 	 	Muriel BAUMANN
	 	Address:	189, rue d’Aubervilliers
	 	 	75886 Paris
	 	 	CEDEX 18
	 	 	OPER/FIN/SMO/EXT
	 	Tel No:	+33 1 42 14 58 15 /
	 	 	+33 1 58 98 22 76
	 	Email:	patricia.sacco@sgcib.com
	 	 	muriel.baumann@sgcib.com
	 	 
	 	For Operational
    Matters
	 	Attention:	Paul Rousseau
	 	Address:	189, rue d’Aubervilliers
	 	 	75886 Paris
	 	 	CEDEX 18
	 	 	OPER/FIN/STR/DMT6
	 	Tel No:	+33 1 58 98 50 93
	 	Email:	par-oper-caf-dmt6@sgcib.com

 

    92

     

    

 

	 	UNICREDIT
    BANK AG as Lender
	 	 	                                                                 
	 	 	 
	 	 	 
	Commitment	 	 
	 	 	 
	5% of the
    Maximum Loan Amount 	By	          	 
	 	Name:
	 	Title:
	 	 	 
	 	 	 
	 	 	 

 

	 	Arabellastrasse
    12
	 	81925
    Munich
	 	Germany
	 	 	 
	 	For
    Credit matters
	 	Attention:	Thomas Stuhrmann
    /
	 	 	Burcu Arslan
	 	Tel No:	+49 89 378 25693
    / 25207
	 	Email:	 
	 	thomas.stuhrmann@unicredit.de

    Burcu.arslan@unicredit.de
	 	 	 
	 	For
    Operational matters
	 	Attention:	Agnieszka Karolina
    Starska / 
	 	 	Manuela Zuddas /
	 	 	Michele Angelo Pappalettera
	 	 	 
	 	Tel No:	+39 0288 629 985
	 	Email:	 
	 	munich_buyerscredit.uc@unicredit.eu

 

    93

     

    

 

	 	CITIBANK
    N.A., LONDON BRANCH as Global Coordinator
	 	 	 
	 	 	 
	 	By	                	 
	 	Name:
	 	Title:
	 	 	 
	 	 	 
	 	 	 

 

	 	Citigroup
    Centre
	 	Canada
    Square
	 	London
    E14 5LB
	 	United
    Kingdom
	 	 	 
	 	Attention:	Wei-Fong Chan
	 	 	Kara Catt
	 	 	Romina Coates 
	 	 	Antoine Paycha
	 	 	
	 	 	
	 	Fax No:	+44 20 7986 4881
	 	Tel No:	+44 20 7986 3036 /
	 	 	+44 20 7508 0344 /
	 	 	+44 20 7986 4824 /
	 	 	+44 20 7500 0907
	 	 	
	 	E-mail:	 
	 	weifong.chan@citi.com
    
	 	kara.catt@citi.com
	 	romina.coates@citi.com
	 	antoine.paycha@citi.com

 

    94

     

    

 

	 	HSBC
    FRANCE as ECA Agent
	 	 	 
	 	 	 
	 	By	                      	 
	 	Name:
	 	Title:
	 	 	 

 

	 	HSBC France
    – Global Banking Agency 

    Operations (GBAO) Transaction Manager Unit
	 	103 avenue
    des Champs Elysées
	 	75008 Paris
	 	France
	 	 
	 	Attention:	Florencia
    Thomas
	 	 	Alexandra Penda
	 	 	 
	 	Fax No:	+33 1 40 70 28 80
	 	Tel No:	+33 1 40 70 73 81
    /
	 	 	+33 1 41 02 67 50
	 	 	 
	 	Email:	florencia.thomas@hsbc.fr
	 	 	alexandra.penda@hsbc.fr
	 	 	 
	 	Copy to:	 
	 	 	 
	 	HSBC France
	 	103 avenue
    des Champs Elysées
	 	75008 Paris
	 	France	 
	 	 	 
	 	Attention:	Julie Bellais
	 	 	Celine Karsenty
	 	 	 
	 	Fax No: 	+33 1 40 70 78 93
	 	Tel No:	+33 1 40 70 28 59
    /
	 	 	+ 33 1 40 70 22
    97
	 	 	 
	 	Email:	julie.bellais@hsbc.fr

    celine.karesenty@hsbc.fr

 

    95

     

    

 

	 	CITIBANK
    EUROPE PLC, UK BRANCH as Facility Agent 
	 	 	 
	 	 	 
	 	 	 
	 	By	                  	 
	 	Name:
	 	Title:
	 	 	 
	 	 	 
	 	 	 

 

	 	5th
    Floor Citigroup Centre 
	 	Mail
    drop CGC2 05-65
	 	25 Canada
    Square Canary Wharf
	 	London
    E14 5LB
	 	U.K.	 
	 	 	 
	 	Fax no.:	+44 20 7492 3980
	 	 	 
	 	Attention:	EMEA Loans Agency

 

    96

     

    

 

EXHIBIT
A

 

FORM
OF LOAN REQUEST

 

Citibank
Europe plc, UK Branch as Facility Agent

[l]

 

 

	Attention:	[Name]

                                         [Title]

 

HULL
NO. A35 – NOTICE OF DRAWDOWN

 

Gentlemen
and Ladies:

 

This
Loan Request is delivered to you pursuant to Section 2.3 of the Hull No. A35 Credit Agreement attached to the novation
agreement dated [l]
2019 (together with all amendments, if any, from time to time made thereto, the “Novation Agreement”), among
Palmeraie Finance Limited as existing borrower, Royal Caribbean Cruises Ltd. (the “Borrower”), the various
other financial institutions from time to time party thereto as Lenders, Citibank Europe plc, UK Branch as facility agent (in
such capacity, the “Facility Agent”), Citibank N.A., London Branch as global coordinator, HSBC France as ECA
agent, Citicorp Trustee Company Limited as security trustee, Citibank Europe plc, HSBC France, Banco Santander S.A., Banco Bilbao
Vizcaya Argentaria, Paris Branch, BNP Paribas SA, Sumitomo Mitsui Banking Corporation Europe Limited, Société Générale
and Unicredit Bank AG as mandated lead arrangers and Palmeraie Finance Limited as the existing borrower. Unless otherwise defined
herein or the context otherwise requires, terms used herein have the meanings provided in the Novation Agreement or in the form
of amended and restated credit agreement (the “Agreement”) attached to it.

 

The
Borrower hereby requests that further advances in respect of the Loan be made in the principal amount of US$ [l]
on [l],
20[l],
which amount (when aggregated with the Novated Loan Balance) does not exceed the Maximum Loan Amount. The said amounts requested
for the Loan are:

 

(A)
to the extent of the amount of US$[l],
equal to the US Dollar Equivalent of the amount of EUR [l]
equal to 100% of the BpiFAE Premium; and

 

(B)
to the extent of US$[l],
equal to the US Dollar Equivalent of the amount of EUR [l]
being no more than 80% of the incurred Non-Yard Costs and the Other Basic Contract Price Increases.

 

True
and complete copies of the counterparty confirmations evidencing the rates of exchange making up the US Dollar Equivalent under
(B) in the preceding paragraph are attached (to the extent not previously provided to the Facility Agent pursuant to clause 5.6
of the Novation Agreement). Also attached is the written confirmation of the Builder as to the amount of the incurred Non-Yard
Costs and the Other Basic Contract Price Increases paid or payable to the Builder by the Borrower on or prior to delivery of the
Purchased Vessel.

 

    1

     

    

 

Please
wire transfer the proceeds of the Loan as follows:

 

	(i)	US$[l]
                                         (being the amount requested under (B) above) to [BORROWER ACCOUNT]; and

 

	(ii)	US$[l]
                                         (being the amount requested under (A) above) to be disbursed by the Facility Agent in
                                         accordance with paragraphs (1) and (2) below.

 

The
Borrower hereby authorizes and instructs the Facility Agent on its behalf to convert the US Dollar BpiFAE Advance Amount (as defined,
and on the basis set out, in Section 2.3(d) of the Agreement) and pay directly to BpiFAE that portion of the EUR amount of the
BpiFAE Premium which is payable to BpiFAE on the Actual Delivery Date.

 

The
Borrower hereby acknowledges that, pursuant to Section 5.1.5 of the Agreement, each of the delivery of this Loan Request
and the acceptance by the Borrower of the proceeds of the borrowing requested hereby constitute a representation and warranty
by the Borrower that, on the date of such borrowing (before and after giving effect thereto and to the application of the proceeds
therefrom), all statements set forth in Article VI of the Agreement (excluding, however, those set forth in Section
6.10) are true and correct in all material respects.

 

The
Borrower agrees that if prior to the time of the borrowing requested hereby any matter certified to herein by it will not be true
and correct at such time as if then made, it will immediately so notify the Facility Agent. Except to the extent, if any, that
prior to the time of the borrowing requested hereby the Facility Agent shall receive written notice to the contrary from the Borrower,
each matter certified to herein shall be deemed once again to be certified as true and correct at the date of such borrowing as
if then made.

 

The
Borrower has caused this Loan Request to be executed and delivered, and the certification and warranties contained herein to be
made, by its duly Authorized Officer this                 day
of                               ,
20[l].

 

	 	Royal Caribbean Cruises Ltd.
	 	 
	 	 
	 	By:	       
	 	 	Name:
	 	 	Title:

 

    2

     

    

 

Subject
to Opinion Committee Review

 

	To
                                         the Lenders party to the Credit Agreement referred to below, to Citibank Europe plc,
                                         UK Branch as Facility Agent and to Citicorp Trustee Company Limited as Security Trustee

                                             

                                            The
                                         other Finance Parties (as defined below)
	 
	 	 
	 	 
		 
	Our reference: 01474.50107/US/80698408v3	 

 

 

 

[●],
2019

 

 

Royal
Caribbean Cruises Ltd.

 

Ladies
and Gentlemen:

 

We
have acted as legal counsel on matters of Liberian law to Royal Caribbean Cruises Ltd., a Liberian corporation (the “Borrower”),
in connection with a Hull No. A35 Credit Agreement dated [●], 2019 as novated, amended and restated as of [●], 2019,
by the Novation Agreement (as defined below) (the “Credit Agreement”) and made between (1) the Borrower, (2)
the Lenders (as defined therein) as several lenders (the “Lenders”), (3) Citibank Europe plc, UK Branch as
facility agent (the “Facility Agent”), (4) Citibank N.A., London Branch as global coordinator (the “Global
Coordinator”), (5) HSBC France as ECA Agent (the “ECA Agent”), and (6) Citibank Europe plc, HSBC
France, Banco Santander, S.A., Banco Bilbao Vizcaya Argentaria, Paris Branch, BNP Paribas SA, Sumitomo Mitsui Banking Corporation
Europe Limited, Société Générale and Unicredit Bank AG as mandated lead arrangers (the “Mandated
Lead Arrangers”), in respect of a loan facility in an amount not to exceed the US Dollar Equivalent of €1,284,204,000.

 

We
have also acted as legal counsel on matters of Liberian law to the Borrower in connection with a Novation Agreement dated [●],
2019 (the “Novation Agreement”) to which the Credit Agreement is scheduled and made between the parties to
the Credit Agreement, Citicorp Trustee Company Limited as security trustee (the “Security Trustee” and together
with the Lenders, the Facility Agent, the Global Coordinator, the ECA Agent and the Mandated Lead Arrangers, the “Finance
Parties”), and Palmeraie Finance Limited, a Cayman Islands exempted company.

 

This
opinion is furnished to the addressees pursuant to Section 5.1.2.a of the Credit Agreement. Terms defined in the Credit Agreement
shall have the same meaning when used herein.

 

In
rendering this opinion we have examined an executed copy of the Novation Agreement (the Novation Agreement and the Credit Agreement
as novated, amended and restated by the Novation Agreement, together the “Documents”).

 

We
have also examined originals or photostatic copies or certified copies of all such agreements and other instruments, certificates
by public officials and certificates of officers of the Borrower as are relevant and necessary and relevant corporate authorities
of the Borrower. We have assumed with your approval, the genuineness of all signatures, the authenticity of all documents submitted
to us as originals and the conformity with the original documents of all documents submitted to us as copies, the power, authority
and legal right of the parties to the Documents other than the Borrower to enter into and perform their

 

    	 	 	 

     

    

 

respective
obligations under the Documents, and the due authorization of the execution of the Novation Agreement by all parties thereto other
than the Borrower. We have also assumed that (i) the Borrower does not have its management and control in Liberia, or undertake
any business activity or operations in Liberia, and (ii) less than a majority of the direct or indirect shareholders of the Borrower
by vote or value are resident in Liberia. We have further assumed the validity and enforceability of the Documents under all applicable
laws other than the law of the Republic of Liberia.

 

As
to questions of fact material to this opinion, we have, when relevant facts were not independently established, relied upon certificates
of public officials and of officers or representatives of the Borrower.

 

We
are attorneys admitted to practice in the State of New York and do not purport to be experts in the laws of any other jurisdiction.
Insofar as our opinion relates to the law of the Republic of Liberia, we have relied on opinions of counsel in Liberia rendered
in transactions which we consider to afford a satisfactory basis for such opinion, and upon our independent examinations of the
Liberian Corporation Act of 1948 (Chapter 1 of Title 4 of the Liberian Code of Laws of 1956, effective March 1, 1958 as amended
to July, 1973), the Liberian Business Corporation Act of 1976 (Title 5 of the Liberian Code of Laws Revised of 1976, effective
January 3, 1977 as amended) (the “Business Corporation Act”), the Liberian Maritime Law (Title 21 of the Liberian
Code of Laws of 1956 as amended), the Revenue Code of Liberia (2000) as amended by the Consolidated Tax Amendments Act of 2011,
and the Liberian Commercial Code of 2010, made available to us by Liberian Corporation Services, Inc. and the Liberian International
Ship & Corporate Registry, LLC, and our knowledge and interpretation of analogous laws in the United States. In rendering
our opinion as to the valid existence in good standing of the Borrower, we have relied on a Certificate of Goodstanding issued
by order of the Minister of Foreign Affairs of the Republic of Liberia on [●].

 

This
opinion is limited to the law of the Republic of Liberia. We express no opinion as to the laws of any other jurisdiction.

 

Based
upon and subject to the foregoing and having regard to the legal considerations which we deem relevant, we are of the opinion
that:

 

	1.	The
                                         Borrower is a corporation duly incorporated, validly existing under the Business Corporation
                                         Act and in good standing under the law of the Republic of Liberia;

 

	2.	The
                                         Borrower has full right, power and authority to enter into, execute and deliver the Novation
                                         Agreement and to perform each and all of its obligations under the Documents;

 

	3.	The
                                         Novation Agreement has been executed and delivered by a duly authorized signatory of
                                         the Borrower;

 

	4.	Each
                                         of the Documents constitutes the legal, valid and binding obligations of the Borrower,
                                         enforceable against the Borrower in accordance with its terms;

 

	5.	Neither
                                         the execution nor delivery of the Novation Agreement, nor the transactions contemplated
                                         in the Documents, nor compliance with the terms and conditions thereof, will contravene
                                         any provisions of Liberian law or violate any provisions of the Articles of Incorporation
                                         (inclusive of any articles of amendment thereto) or the Bylaws of the Borrower;

 

    	 	 	 

     

    

 

	6.	No
                                         consent or approval of, or exemption by, any Liberian governmental or public bodies and
                                         authorities are required in connection with the execution and delivery by the Borrower
                                         of the Novation Agreement;

 

	7.	It
                                         is not necessary to file, record or register any of the Documents or any instrument relating
                                         thereto or effect any other official action in any public office or elsewhere in the
                                         Republic of Liberia to render any such document enforceable against the Borrower;

 

	8.	Assuming
                                         the Novation Agreement has not been executed in the Republic of Liberia, no stamp or
                                         registration or similar taxes or charges are payable in the Republic of Liberia in respect
                                         of the Documents or the enforcement thereof in the courts of Liberia other than customary
                                         court fees payable in litigation in the courts of Liberia;

 

	9.	The
                                         Borrower is not required or entitled under any existing applicable law or regulation
                                         of the Republic of Liberia to make any withholding or deduction in respect of any tax
                                         or otherwise from any payment which it is or may be required to make under any of the
                                         Documents;

 

	10.	Assuming
                                         that the shares of the Borrower are not owned, directly or indirectly, by the Republic
                                         of Liberia or any other sovereign under Liberian law, neither the Borrower nor the property
                                         or assets of the Borrower is immune from the institution of legal proceedings or the
                                         obtaining or execution of a judgment in the Republic of Liberia;

 

	11.	Under
                                         Liberian law the choice by the Borrower of English law to govern each of the Documents
                                         is a valid choice of law and the irrevocable submission thereunder by the Borrower to
                                         the jurisdiction of the courts of England is a valid submission to such courts;

 

	12.	None
                                         of the Finance Parties will be deemed to be resident, domiciled or carrying on business
                                         in the Republic of Liberia solely by reason of the execution of the Novation Agreement
                                         or performance or enforcement of the Documents; and

 

	13.	Assuming
                                         none of the Finance Parties is doing business in the Republic of Liberia, it is not necessary
                                         under Liberian Law that any of the Finance Parties be licensed, qualified or otherwise
                                         registered in the Republic of Liberia in order to enforce their rights under the Documents.

 

We
qualify our opinion to the extent that (i) the enforceability of the rights and remedies provided for in the Documents (a) may
be limited by bankruptcy, reorganization, insolvency, moratorium and other similar laws affecting generally the enforcement of
creditors’ rights and (b) is subject to general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law), including application by a court of competent jurisdiction of principles of good faith,
fair dealing, commercial reasonableness, materiality, unconscionability and conflict with public policy or similar principles,
and (ii) while there is nothing in the law of the Republic of Liberia that prohibits a Liberian corporation from submitting to
the jurisdiction of a forum other than the Republic of Liberia, the enforceability of such submission to jurisdiction provisions
is not dependent upon Liberian law and such provisions may not be enforceable under the law of a particular jurisdiction.

 

A
copy of this opinion letter may be delivered by any of you to any Person that becomes a Finance Party in accordance with the provisions
of the Credit Agreement and to BpiFrance Assurance Export (“BpiFAE”), SFIL and Caisse Française
de Financement Local (“CAFFIL”). Any such Finance Party, BpiFAE, SFIL and CAFFIL may

 

    	 	 	 

     

    

 

rely
on the opinions expressed above as if this opinion letter were addressed and delivered to such Finance Party, BpiFAE, SFIL and
CAFFIL on the date hereof.

 

This
opinion may not be disclosed to any person other than: (a) those Persons (such as auditors or regulatory authorities) who, in
the ordinary course of business of the Finance Parties, BpiFAE, SFIL and CAFFIL have access to their papers and records or are
entitled by law to see them, (b) those Persons who are considering becoming Lenders and/or sub-participants, (c) any affiliates
of any of the Finance Parties, BpiFAE, SFIL or CAFFIL and the officers, directors, employees and professional advisers of such
affiliate, (d) to any judicial authority in connection with judicial proceedings, (e) any insurer, reinsurer or risk mitigation
provider of any of the Finance Parties, BpiFAE, SFIL or CAFFIL, and (f) the officers, directors, employees and professional advisers
of any of the Finance Parties, BpiFAE, SFIL and CAFFIL,

 

on
the basis that (i) such disclosure is made solely to enable any such Person to be informed that an opinion has been given and
to be made aware of its terms but not for the purposes of reliance, (ii) we do not assume any duty or liability to any Person
to whom such disclosure is made and (iii) such Person agrees not to further disclose this opinion or its contents to any other
Person, other than as permitted above, without our prior written consent.

 

This
opinion letter speaks only as of the date hereof. We expressly disclaim any responsibility to advise you or any other Lender who
is permitted to rely on the opinion expressed herein as specified in the next preceding paragraph of any development or circumstance
of any kind including any change of law or fact that may occur after the date of this opinion letter even though such development,
circumstance or change may affect the legal analysis, a legal conclusion or any other matter set forth in or relating to this
opinion letter. Accordingly, any of the Finance Parties, BpiFAE, SFIL or CAFFIL relying on this opinion letter at any time should
seek advice of its counsel as to the proper application of this opinion letter at such time.

 

Very
truly yours,

 

Watson
Farley & Williams LLP

 

    	 	 	 

     

    

 

		 
	 	 
	[l]	Norton
    Rose Fulbright LLP
		3
    More London Riverside
	To the Lenders party to the Credit Agreement referred	London
    SE1 2AQ
	to below and to Citibank Europe plc, UK Branch	United
    Kingdom
	as Facility Agent	 
	 	Tel         +44
    20 7283 6000
	 	Fax         +44
    20 7283 6500
	 	DX
    85 London
	 	nortonrosefulbright.com
	 	 
	 	Direct
    line
	 	+44
    20 7444 3436
	 	 
	 	Email
	 	Simon.Hartley@nortonrosefulbright.com
	 	 
	 	Your
    reference	Our
    reference
	 	 	SRH/LN87653

 

 

 

 

Dear Sirs

 

Oasis
6

 

In accordance with section 5.1.2(b) of
the Credit Agreement (as hereinafter defined), please find enclosed our opinion in relation to the English law documents involved
in this transaction.

 

Yours faithfully

 

 

 

 

 

Norton Rose Fulbright LLP

 

    	 	 	 

     

    

 

	 	1	Background

 

	1.1	This opinion is given at the request of our client Citibank Europe plc, UK Branch (the Facility
Agent) in relation to the English law aspects of a loan transaction (the Transaction) by which certain banks party thereto
as lenders (the Lenders) have made available a credit facility of the USD equivalent of up to EUR 1,284,204,000 to Royal
Caribbean Cruises Ltd. as borrower (the Company) pursuant to a Credit Agreement (as defined in the Schedule).

 

	1.2	We have acted as English legal advisers to the Facility Agent and the Lenders in relation to the
Transaction.

 

	1.1	We have examined the following copy documents relating to the Transaction:

 

		(a)	the loan documents governed by English law described in part 1 of the Schedule (the English
Financing Documents); and

 

		(b)	the security document governed by English law described in part 2 of the Schedule (the English
Security Document).

 

	1.2	In this opinion, the English Financing Documents and the English Security Documents are referred
to as the English Documents.

 

	1.3	For the purpose of giving this opinion, we have examined no other documents and have undertaken
no other enquiries.

 

	1.4	Our opinions are given in part 2. Part 3 explains their scope, part 4 describes the assumptions
on which they are made and part 5 contains the qualifications to which they are subject.

 

    	 	 	 

     

    

 

		2	Opinions

 

			Based on, and subject to, the other provisions of this
opinion, we are of the following opinions:

 

			Effect of the English Documents

 

	2.1	The obligations which the Company is expressed to assume in each English Document constitute its
legal, valid, binding and enforceable obligations

 

	2.2	If the English Security Document is expressed to create a charge over assets of the Company, that
charge is (subject to its terms) effective to the extent that the assets concerned are beneficially owned by the Company at the
time the charge is created. To the extent they are not, that charge will (subject to its terms) become effective if and when the
assets concerned become beneficially owned by that Company.

 

	2.3	The effectiveness or admissibility in evidence of the English Documents is not dependent on:

 

		(a)	any registrations, filings, notarisations or similar actions; or

 

		(b)	any consents, authorisations, licences or approvals of general application from governmental, judicial
or public bodies.

 

Stamp duty on the English
Documents

 

	2.4	No stamp, registration or similar duty or tax is payable in respect of the creation of any English
Document.

 

Choice of law and jurisdiction

 

	2.5	The choice of English law to govern the English Documents and any non-contractual obligations connected
to the English Documents is effective.

 

	2.6	The agreement by the Company in an English Document that the English courts have jurisdiction in
respect of that document or any non-contractual obligations connected to that document is effective.

 

    	 	 	 

     

    

 

		3	Scope

 

	3.1	This opinion and any non-contractual obligations connected with it are governed by English law
and are subject to the exclusive jurisdiction of the English courts.

 

	3.2	This opinion is given only in relation to English law as it is understood at the date of this opinion.
We have no duty to keep you informed of subsequent developments which might affect this opinion.

 

	3.3	If a question arises in relation to a cross-border transaction, it may not be the English courts
which decide that question and English law may not be used to settle it.

 

	3.4	We express no opinion on, and have taken no account of, the laws of any jurisdiction other than
England. In particular, we express no opinion on the effect of documents governed by laws other than English law.

 

	3.5	We express no opinion on matters of fact.

 

	3.6	Our opinion is limited to the matters expressly stated in part 2, and it is not to be extended
by implication. In particular, we express no opinion on the accuracy of the assumptions contained in part 4. Each statement which
has the effect of limiting our opinion is independent of any other such statement and is not to be impliedly restricted by it.
Paragraph headings are to be ignored when construing this opinion.

 

	3.7	Our opinion is given solely for the benefit of the Facility Agent and the Lenders from time to
time (as that expression is defined in the Credit Agreement) acting through the Facility Agent. It may not be relied on by any
other person other than BpiFAE and SFIL (each as defined in the Credit Agreement).

 

	3.8	This opinion may not be disclosed to any person other than:

 

		(a)	those persons (such as auditors or regulatory authorities or professional advisors or insurers
or reinsurers or rating agencies) who, in the ordinary course of business of the Facility Agent, the Lenders, BpiFAE and SFIL,
have access to their papers and records or are entitled by law to see them;

 

		(b)	those persons who are considering becoming Lenders or sub-participants;

 

		(c)	those persons in whose favour a Lender charges, assigns or otherwise creates security (or may do
so) pursuant to section 11.11.1((iii) and 11.11.1 of the Credit Agreement;

 

		(d)	affiliates of the Facility Agent and the Lenders;

 

		(e)	to any judicial authority in connection with judicial proceedings; and

 

		(f)	CAFFIL (as defined in the Credit Agreement),

 

and on the basis that those
persons will make no further disclosure.

 

    	 	 	 

     

    

 

		4	Assumptions

 

This opinion is based on the
following assumptions:

 

Effect of the English Documents

 

	4.1	Each person which is expressed to be party to the English Documents:

 

		(a)	is duly incorporated and is validly existing;

 

		(b)	is not the subject of any insolvency proceedings (which includes those relating to bankruptcy,
liquidation, administration, administrative receivership, resolution and reorganisation) in any jurisdiction;

 

		(c)	has the capacity to execute each English Document to which it is expressed to be a party and to
perform the obligations it is expressed to assume under it;

 

		(d)	has taken all necessary corporate action to authorise it to execute the Novation Agreement (as
defined in the Schedule) and the English Security Document and to perform the obligations it is expressed to assume under the English
Documents to which it is a party; and

 

		(e)	has duly executed the Novation Agreement.

 

	4.2	Each of the Novation Agreement and the English Security Document has been or will be executed in
the form provided to us. There has been no variation, waiver or discharge of any of the provisions of the English Documents.

 

	4.3	None of the English Documents is (wholly or in part) void, voidable, unenforceable, ineffective
or otherwise capable of being affected as a result of any vitiating matter (such as mistake, misrepresentation, duress, undue influence,
fraud, breach of directors’ duties, illegality or public policy) that is not clear from the terms of the English Documents.

 

	4.4	All present or future assets over which the Company purports to create security in the English
Security Document are (or, in the case of future assets, will, when they become subject to the security, be) beneficially owned
by the Company free from all other present or future rights of any kind except to the extent of any encumbrance which the English
Security Document concerned is expressed to rank behind.

 

	4.5	The Company is solvent both on a balance sheet and on a cash-flow basis, and will remain so immediately
after the Transaction has been completed.

 

Other facts

 

	4.6	There are no other facts relevant to this opinion that do not appear from the documents referred
to in part 1.

 

Other laws

 

	4.7	No law of any jurisdiction other than England has any bearing on the opinion contained in part
2.

 

    	 	 	 

     

    

 

		5	Qualifications

 

This opinion is subject to
the following qualifications:

 

Contractual matters

 

	5.1	The enforcement of contractual obligations is subject to the general principles of contractual
liability, in particular the matters described in the following paragraphs.

 

	5.2	Apart from claims for the payment of debts (including the repayment of loans), contractual obligations
are normally enforced by an award of damages for the loss suffered as a result of a breach of contract; and recoverable loss is
restricted by principles such as causation, remoteness and mitigation. The specific performance of contractual obligations is a
discretionary remedy and is only available in limited circumstances.

 

	5.3	Contractual obligations can be discharged by matters such as breach of contract or frustration.
Claims may become time-barred or may be subject to defences such as set-off or estoppel.

 

	5.4	The interpretation of the meaning and legal effect of any particular provision of a contract is
a matter of judgment, which will ultimately be determined by the relevant tribunal. In addition, a document may be capable of being
rectified if it does not express the common intention of the parties.

 

	5.5	English law has traditionally been protective of guarantors and has developed a number of defences
for them. Although guarantees generally purport to exclude many of these defences, a guarantee, and any third party security generally,
will be construed in favour of the guarantor or grantor of security where possible.

 

	5.6	A clause in a contract which excludes or limits an obligation of one of the parties or the liability
for breach of that obligation will be construed restrictively, against the person who wishes to rely on it.

 

	5.7	If a provision of a contract is particularly one-sided it is more likely to be construed against
the party who wishes to rely on it.

 

	5.8	A provision of a contract may be ineffective if it is incomplete or uncertain or provides for a
matter to be determined by future agreement.

 

	5.9	A provision of a contract which provides for the conclusive certification or determination of a
matter by one party may not prevent judicial inquiry into the merits of the claim.

 

	5.10	Although the parties to commercial contracts are generally free to agree what they want, this principle
does have limits. For instance, a provision for the payment of a sum in the event of a breach of contract is unenforceable if it
is a penalty and a provision which prevents the assignment of a receivable may be ineffective.

 

	5.11	A contractual provision for the forfeiture of a proprietary or possessory interest, such as the
rights of a lessee under a chattel lease, may be overridden.

 

	5.12	An undertaking to assume liability for stamp duty or similar taxes may be ineffective.

 

	5.13	As a general principle, an authority or power of attorney can be revoked at any time, and will
be revoked if the donor enters into insolvency proceedings. This is so even if the authority or 

 

    	 	 	 

     

    

 

	 	power is expressed to be irrevocable
and the revocation is therefore made in breach of contract. The main exception to this principle is where the authority or power
is granted as part of a security arrangement.

 

	5.14	A provision of a contract which purports to exclude the effect of prior or subsequent agreements,
representations or waivers may be ineffective.

 

	5.15	A provision of a contract which provides what will happen in the event of an illegality (including
a provision for severance of part of the contract) may not be enforceable.

 

	5.16	An agreement in respect of criminal liability may not be enforceable.

 

	5.17	An indemnity for the costs of litigation may not be enforceable.

 

 Security

 

	5.18	We express no opinion on the priority of the security created by the English Security Document
in relation to any other rights affecting the assets which are the subject of the security, whether those rights are absolute or
by way of security, whether they are created by agreement or arise by operation of law and whether they are created before or after
the English Security Document. In relation to particular types of asset, further steps may be required (such as effecting registrations
or giving notices) to protect the priority of security against claims by third parties.

 

	5.19	To the extent that the English Security Document purports to create a legal (as opposed to an equitable)
interest, there are limits on the availability of such an interest and further steps may be required (such as, in relation to land,
registration at H.M. Land Registry) in order to create one.

 

	5.20	The assets which are the subject of a security created by the English Security Document may consist
of rights against third parties, such as contractual rights. To the extent that they do, the security is subject to the terms of
those rights (which may, for instance, prohibit the creation of security) and may be subject to the rights of those third parties
(who may, for instance, have rights of set-off).

 

	5.21	We express no opinion on the effect of the English Security Document to the extent that it relates
to assets which are situated or registered outside England or are governed by a law other than English law.

 

	5.22	A purported fixed charge over an asset will be treated as a floating charge if the chargee has
insufficient control over it and its proceeds.

 

	5.23	The rights of the holder of a floating charge over assets to the net proceeds of those assets are
subject to the payment of various other liabilities including preferential debts, certain unsecured debts and the expenses of certain
insolvency proceedings.

 

	5.24	As a general principle, a creditor with security over the whole (or substantially the whole) of
the assets of a company cannot appoint an administrative receiver of the company but, instead, can appoint an administrator.

 

	5.25	A receiver ceases to be the agent of the company over whose assets he has been appointed once that
company goes into liquidation.

 

    	 	 	 

     

    

 

	5.26	A provision of the English Security Document may be ineffective to the extent that it purports
to limit a Company’s right to the return of the charged assets once it has repaid the secured obligations.

 

Insolvency

 

	5.27	The parties’ rights are subject to laws affecting creditors’ rights generally, such
as those relating to insolvency (which includes bankruptcy, liquidation, administration, administrative receivership, resolution
and reorganisation). These laws can apply to persons incorporated or resident outside England, as well as to those incorporated
or resident in England.

 

	5.28	In particular, on an insolvency:

 

		(a)	contractual and other personal rights will reduce proportionately with all similar rights, and
contractual provisions which would conflict with this principle (such as a pro rata sharing clause) are ineffective;

 

		(b)	transactions (including the security created by the English Security Document) entered into in
the period before the insolvency starts (that period generally being no longer than two years) may be set aside in certain circumstances;
and

 

		(c)	the ability of a secured creditor to enforce its security may be subject to limitations, for instance
in an administration.

 

Choice of law and jurisdiction

 

	5.29	The law which governs a contract and any connected non-contractual obligations is not determinative
of all issues which arise in connection with that contract. For instance:

 

		(a)	it may not be relevant to the determination of proprietary issues (such as those relating to security);

 

		(b)	rules which are mandatory (which includes public policy rules) in a jurisdiction which is connected
with the contract or in the jurisdiction where the issue is decided may be applied regardless of the provisions of the contract;
and

 

		(c)	in insolvency proceedings, the law governing those proceedings may override the law governing the
contract.

 

	5.30	There are circumstances in which the English courts may, or must, decline jurisdiction or stay
proceedings. Additionally, it may not be possible to commence proceedings because of an inability to comply with service of process
requirements.

 

	5.31	The English courts have a discretion to accept jurisdiction in an appropriate case even though
there is an agreement that other courts have (exclusive or non-exclusive) jurisdiction.

 

	5.32	The jurisdiction of the English courts in relation to insolvency matters is not dependent on the
submission of the parties to the jurisdiction. The precise scope of that jurisdiction depends on the nature of the insolvency procedure
in question.

 

	5.33	Any provision of a contract which requires a party to comply with the sanctions-related legislation
of a foreign jurisdiction may be unenforceable and unlawful.

 

    	 	 	 

     

    

 

Schedule

Part 1:The English Documents

 

	1	A credit agreement dated [l] 2019 as novated, amended
and restated by the Novation Agreement (as defined below) (the Credit Agreement) made between (1) the Company as borrower,
(2) the Lenders as lenders, (3) the Facility Agent, (4) Citibank N.A., London Branch (Citibank) as global coordinator, (5)
HSBC France as ECA agent and (6) Citibank Europe plc, HSBC France, Banco Santander S.A., Banco Bilbao Vizcaya Argentaria, Paris
Branch, BNP Paribas SA, Sumitomo Mitsui Banking Corporation Europe Limited, Société Générale and Unicredit
Bank AG as mandated lead arrangers to provide a term loan to partly finance the construction of Hull No A35 at Chantiers de l’Atlantique
S.A (previously known as STX France S.A.).

 

	2	A novation agreement dated [l] 2019 (the Novation
Agreement) made between the parties to the Credit Agreement and Palmeraie Finance Limited, Citicorp Trustee Company Limited
as security trustee (the Security Trustee) and HSBC France as French Coordinating bank and to which the restated form of
the Credit Agreement is scheduled.

 

Part
2: The English Security Document

 

	1	An escrow account security agreement dated [l] made
between the Company and the Security Trustee in relation to the Account (as defined therein).

 

    	 	 	 

     

    

  

	 	 

 

	[●]	Avocats
    au Barreau de Paris
	 	Solicitors of the Senior Courts of England
    and Wales
	To:      Citibank
    Europe plc, UK Branch	 
	           as
    agent of certain finance parties	Norton
    Rose Fulbright LLP
	 	ParisEight
	 	40,
    rue de Courcelles
	 	75008
    Paris
	 	France

 

	 	Tel	+33
    (0)1 56 59 50 00
	 	Fax	+33
    (0)1 56 59 50 01

	 	Toque
    J039
	 	nortonrosefulbright.com

 

	 	Direct
    line
	 	+33
    1 56 59 52 70
	 	 
	 	Email
	 	christine.ezcutari@nortonrosefulbright.com

 

	 	Your
    reference	Our
    reference

	 	 
	1001077633

 

 

 

Dear
Sirs

 

OASIS
6: Bpifrance Assurance Export – post-delivery related aspects

 

In
accordance with section [●] of the Facility Agreement (as defined below) our opinion in relation to the Bpifrance Assurance
Export Insurance Policy described below is attached.

 

Yours
faithfully

 

 

 

 

Norton
Rose Fulbright LLP

 

 

 

 

 

 

 

 

 

 

 

 

499 171
486 R. C.S. PARIS. VAT number: FR 49499171486. Member of an approved management association; payment of fees by cheque is authorised.

 

Norton
Rose Fulbright LLP is a limited liability partnership registered in England and Wales with number OC328697, and is authorised
and regulated by the Solicitors Regulation Authority. A list of its members and of the other partners is available at its registered
office, 3 More London Riverside, London SE1 2AQ; reference to a partner is to a member or to an employee or consultant with equivalent
standing and qualification employed or engaged by Norton Rose Fulbright LLP or any of its affiliates.

 

Norton
Rose Fulbright LLP, Norton Rose Fulbright Australia, Norton Rose Fulbright Canada LLP, Norton Rose Fulbright South Africa Inc
and Norton Rose Fulbright US LLP are separate legal entities and all of them are members of Norton Rose Fulbright Verein, a Swiss
verein. Norton Rose Fulbright Verein helps coordinate the activities of the members but does not itself provide legal services
to clients. Details of each entity, with certain regulatory information, are available at nortonrosefulbright.com.

 

     

     

    

 

 

 

		1	Background

 

		1.1	This
                                         opinion is given in relation to the French law aspects of a transaction (the Transaction)
                                         by which:

 

		(a)	certain
                                         banks and financial institutions (the Lenders) have agreed to grant to PALMERAIE
                                         FINANCE LIMITED (the Borrower 1) a facility of up to 1,126,400,000 Euros pursuant
                                         to the terms of a facility agreement dated [●] made between, inter alia (i) the Borrower
                                         1, (ii) the Lenders, (iii) Citibank Europe plc, UK Branch as facility agent (the Facility
                                         Agent), (iv) the banks and financial institutions named therein as mandated lead
                                         arrangers and (v) HSBC France as ECA Agent (the ECA Agent) (the Original Facility
                                         Agreement);

 

		(b)	Bpifrance
                                         Assurance Export (Bpifrance Assurance Export), acting on behalf, in the name and
                                         under the control of the French State in accordance with Article L. 432-2 of the French
                                         Insurance Code (Code des Assurances), has agreed to issue a buyer credit insurance
                                         policy in connection with the Facility Agreement (the Bpifrance Assurance Export Insurance
                                         Policy);

 

		(c)	on
                                         [l], Bpifrance Assurance Export has issued the Bpifrance Assurance Export Policy, initially
                                         in connection with the Original Facility Agreement ;

 

		(d)	by
                                         a novation agreement dated [l] (as amended from time to time, the Novation Agreement),
                                         it was agreed that upon delivery of the Ship, the Original Facility Agreement would be
                                         novated so that the borrower thereunder would become Royal Caribbean Cruises Ltd (the
                                         New Borrower) (the Original Facility Agreement, as novated by the Novation Agreement,
                                         being referred to herein as the Facility Agreement);

 

		(e)	the
                                         Bpifrance Assurance Export Policy contemplated that upon the delivery of the Ship and
                                         the occurrence of the novation referred to in the preceding paragraph, such Bpifrance
                                         Assurance Export Policy would continue to cover the Facility Agreement;

 

			We
                                         have not been involved in the negotiation, drafting or execution of the Bpifrance Assurance
                                         Export Insurance Policy.

 

		1.2	We
                                         have acted as French legal advisers to the Facility Agent in relation to the Transaction.

 

		1.3	For
                                         the purpose of rendering this opinion we have examined execution copies of the following
                                         documents relating to the Transaction:

 

		(a)	an
                                         executed version of the Facility Agreement; and

 

		(b)	a
                                         copy of a letter dated 16 October 2019 and [l] addressed by Bpifrance Assurance Export
                                         in each case to HSBC France, pursuant to which Bpifrance Assurance Export (acting in
                                         the name, on behalf and under the control of the French State) thereafter, has agreed
                                         to issue the Bpifrance Assurance Export Insurance Policy with respect to the financing
                                         of the Vessel (as defined in the Facility Agreement) in respect of the risks referred
                                         to in such letter[s]] (the Promesses de Garantie), in accordance with the General
                                         Terms and Conditions - Credit Institutions [(ASC EC 17-01)] (Conditions Générales
                                         – Etablissements de Crédit) (the General Conditions) and the
                                         Special Terms and Conditions – Credit Institutions – Buyer Credit Cover [(ASC
                                         EC CA 17-01)] (Conditions Spéciales – Etablissements de Crédit
                                         – Garantie d’un Crédit Acheteur) of Bpifrance Assurance Export
                                         (the Special Conditions) and pursuant to the particular conditions (Conditions
                                         Particulières) of the cover (the Particular Conditions) consistent
                                         with those enunciated in such Promesses de Garantie. For the purposes of this opinion
                                         we have reviewed the text of the General Conditions and the Particular Conditions as
                                         published on the website of Bpifrance Assurance Export. The text of the Particular Conditions
                                         is not available on the date of this opinion and we have not had an opportunity to review
                                         them for the purposes of this opinion;

 

		(c)	the
                                         Particular Conditions issued on [l];

 

    2

     

    

 

 

 

		(d)	[an
                                         amendment to the Bpifrance Assurance Export Insurance Policy dated [l] (the Policy
                                         Amendment)]1

 

		1.4	For
                                         the purposes of this opinion, we have also examined the following documents:

 

		(a)	a
                                         copy of the Articles of Association (statuts) of Bpifrance Assurance Export;

 

		(b)	an
                                         original extract (Extrait K-bis) of the Registry of Commerce and Companies of
                                         Créteil, France, relating to Bpifrance Assurance Export obtained on [●];

 

		(c)	a
                                         non-bankruptcy certificate (certificat de non-faillite) issued by the Registry
                                         of Commerce and Companies of Créteil, France, relating to Bpifrance Assurance
                                         Export obtained on [●]

 

			and
                                         such other documents as we have considered it necessary or desirable in order that we
                                         may give this opinion. The documents referred to in this paragraph 1.4 above are referred
                                         to herein as the Background Documents. Except as stated above we have not examined
                                         any contracts, instruments or documents entered into by or affecting Bpifrance Assurance
                                         Export or any corporate records of Bpifrance Assurance Export and have not made any other
                                         enquiries concerning Bpifrance Assurance Export.

 

		1.5	In
                                         this Opinion, the Facility Agreement and the Bpifrance Assurance Export Insurance Policy
                                         are collectively referred to as the Operative Documents, and the Operative Documents
                                         and the Background Documents are collectively referred to as the Documents. The
                                         parties to the Operative Documents are referred to as the Parties.

 

		1.6	Our
                                         opinions are given in part 2. Part 3 explains their scope, part 4 describes the assumptions
                                         on which they are made and part 5 contains the qualifications to which they are subject.

 

		2	Opinion

 

			Based
                                         on, and subject to, the other provisions of this opinion, and subject to any matters
                                         not disclosed to us, we are of the opinion that:

 

		2.1	Based
                                         on our examination of the Background Documents, Bpifrance Assurance Export is a société
                                         par actions simplifiée validly existing under the laws of France, registered
                                         with the Registry of Commerce and Companies of Créteil under single identification
                                         number 815 276 308, having a corporate existence expiring on 16 December 2114.

 

		2.2	Bpifrance
                                         Assurance Export has the power and legal capacity to enter into the Bpifrance Assurance
                                         Export Insurance Policy and to perform its obligations and exercise its rights thereunder,
                                         acting on behalf, in the name and under the control of the French State.

 

		2.3	The
                                         statutory basis for the provision by the French State to provide cover in the form of
                                         the Bpifrance Assurance Export Insurance Policy is set forth in Articles 103 et seq.
                                         of the Amended Finance Law for 2015 (Law n° 2015-1786 of 29 December 2015), Decree
                                         n° 2016-1701 of 12 December 2016 relating to the granting of the guarantee of the
                                         French State for transactions contributing to the development of foreign commerce of
                                         France (relatif à l’octroi de la garantie de l’Etat pour les opérations
                                         concourant au développement du commerce extérieur de la France) and
                                         in Articles L. 432-1 to L. 432-5 and R. 442-1 et seq. of the French Insurance
                                         Code (Code des Assurances). The Bpifrance Assurance Export Insurance Policy is
                                         validly issued pursuant to such provisions.

 

		2.4	Pursuant
                                         to Articles L. 432-1 to L. 432-5 and R. 442-1 et seq. of the French Insurance
                                         Code (Code des Assurances), the Bpifrance Assurance Export Insurance Policy is
                                         issued by Bpifrance Assurance Export acting on behalf, in the name and under the control
                                         of the French State (pour le compte, au nom et sous le contrôle de l’Etat).
                                         Therefore, although the Bpifrance Assurance Export Insurance Policy is issued and administered
                                         by Bpifrance Assurance Export, it constitutes as a matter of law direct obligations of
                                         the French State. Pursuant to the aforementioned articles of the French Insurance Code,
                                         the French State is authorised to grant the coverage described in the Bpifrance Assurance
                                         Export Insurance Policy.

 

 

1
Only if an amendment to the BPIAE policy is signed.

 

    3

     

    

 

 

		2.5	The
                                         claims of the policyholder against Bpifrance Assurance Export acting on behalf, in the
                                         name and under the control of the French State and against the French State under the
                                         Bpifrance Assurance Export Insurance Policy will rank at least pari passu with
                                         the claims of all other creditors of Bpifrance Assurance Export acting on behalf, in
                                         the name and under the control of the French State and of the French State under the
                                         insurance policies issued by Bpifrance Assurance Export acting on behalf, in the name
                                         and under the control of the French State in accordance with Articles L. 432-1 to L.
                                         432-5 and R. 442-1 et seq. of the French Insurance Code, except (in the case of
                                         Bpifrance Assurance Export) for such claims as are preferred under the laws of the French
                                         Republic.

 

		2.6	The
                                         Bpifrance Assurance Export Insurance Policy, when issued, will create legal (licite),
                                         valid (valable) and binding (ayant force obligatoire) obligations of the
                                         French State, entered into by Bpifrance Assurance Export acting on behalf, in the name
                                         and under the control of the French State, enforceable (opposable) against the
                                         French State in accordance with its terms.

 

		2.7	There
                                         are no governmental or regulatory consents, approvals or authorisations required to ensure
                                         the validity (validité), binding effect (force obligatoire) and
                                         enforceability (opposabilité) of the Bpifrance Assurance Export Insurance
                                         Policy, other than that referred to in paragraph 4.15 hereof.

 

		2.8	In
                                         order to ensure the validity (validité), binding effect (force obligatoire)
                                         and enforceability (opposabilité) of the obligations created by the Bpifrance
                                         Assurance Export Insurance Policy, as relevant, it is not required under the laws or
                                         practice of the French Republic that the Bpifrance Assurance Export Insurance Policy
                                         or any other document be notarised, filed with, or recorded or registered in any public
                                         office or elsewhere in the French Republic.

 

		2.9	Under
                                         French law, Bpifrance Assurance Export is subject to private commercial law and to suit,
                                         and neither Bpifrance Assurance Export nor any of its property or asset has immunity
                                         from the jurisdiction of any court or any legal process (whether through service of notice,
                                         attachment prior to notice, attachment prior to judgment, attachment in aid of execution,
                                         execution or otherwise), except that:

 

		(a)	to
                                         the extent that Bpifrance Assurance Export occupies or possesses any property by virtue
                                         of any licence or other grant from the French state, such property and the title of Bpifrance
                                         Assurance Export thereto may be immune from suit or execution on the grounds of sovereignty;

 

		(b)	to
                                         the extent that Bpifrance Assurance Export owns assets which are necessary to exercise
                                         its mission of provider of public services (mission de service public), such assets
                                         and the title of Bpifrance Assurance Export thereto may be immune from suit or execution;
                                         and

 

		(c)	suit
                                         and execution against Bpifrance Assurance Export’s assets or properties may be
                                         affected by action taken by the French Republic authorities in the interests of national
                                         defence or on the occurrence of exceptional circumstances of paramount importance to
                                         the national interest of the French Republic, as such concept is understood under the
                                         Constitution, laws and regulations of the French Republic.

 

		2.10	While
                                         there is no express waiver by the French State of immunity from jurisdiction set forth
                                         in the Bpifrance Assurance Export Insurance Policy, we are of the opinion that [Article
                                         20] of the General Terms and Conditions-Credit Institutions [(ASC EC 17-01)] (Conditions
                                         Générales – Etablissements de Crédit) applicable to the
                                         Bpifrance Assurance Export Insurance Policy, by providing that any disputes that may
                                         arise in connection with the application of the Bpifrance Assurance Export Insurance
                                         Policy shall be submitted to the jurisdiction of the relevant courts in Paris, constitutes
                                         an implied and valid waiver of any such immunity from jurisdiction. The French State
                                         is normally represented by the Agent judiciaire de l’Etat before relevant
                                         courts of Paris (ordre judiciaire).

 

		2.11	Under
                                         the laws of the French Republic, the French State is subject to French public law and
                                         benefits from sovereign immunity over its property or assets, within the meaning of the
                                         relevant administrative case law (jurisprudence administrative) and as codified
                                         in the French Code of Property of Public Persons (Code Général de Propriété
                                         des Personnes Publiques).

 

		2.12	The
                                         execution, delivery and performance of the Bpifrance Assurance Export Insurance Policy
                                         will not violate or exceed (i) Bpifrance Assurance Export’s or the French State’s
                                         powers or statute, or (ii) any provision of applicable law or regulation to which Bpifrance
                                         Assurance Export or the French State is subject.

 

    4

     

    

 

 

 

		2.13	There
                                         is no provision in the Facility Agreement, the other Finance Documents or the Building
                                         Contract (each, as defined in the Facility Agreement) which contravenes or conflicts
                                         with any provision of the t Bpifrance Assurance Export Insurance Policy (which includes
                                         the Conditions Particulières (Specific Conditions) [and the Policy Amendment)]2),
                                         in a manner such as to jeopardise the insurance cover contemplated thereunder (.

 

		2.14	The
                                         choice by the Parties of French law to govern the Bpifrance Assurance Export Insurance
                                         Policy is effective and would be recognised and upheld as a valid choice of law by the
                                         French courts.

 

		2.15	The
                                         agreement by Bpifrance Assurance Export in the Bpifrance Assurance Export Insurance Policy
                                         that the French courts have jurisdiction in respect of those documents is effective and
                                         would be recognised and upheld as a valid choice of law in any proceedings in the courts
                                         of France and applied by such courts in proceedings in relation to the Bpifrance Assurance
                                         Export Insurance Policy as the governing law thereof.

 

		2.16	Bpifrance
                                         Assurance Export has duly executed the Bpifrance Assurance Export Insurance Policy in
                                         the name, on behalf of and under the control of the French State.

 

		2.17	No
                                         stamp duty, registration fee or duty or similar taxes and charges are payable in France
                                         in connection with the signing or enforceability of the obligations under the Bpifrance
                                         Assurance Export Insurance Policy

 

		2.18	No
                                         party to the Bpifrance Assurance Export Insurance Policy will be deemed to be domiciled
                                         in or to carry on business in the French Republic solely by virtue only of the execution
                                         of the Bpifrance Assurance Export Insurance Policy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2
Only if an amendment to the BPIAE policy is signed.

 

    5

     

    

 

 

 

		3	Scope

 

		3.1	This
                                         opinion is given only in relation to French law as it is understood at the date of this
                                         opinion. Our understanding of French law is based on the laws and regulations in force
                                         and effect in metropolitan France, and as applied by the French courts in their decisions
                                         publicly available as at the date of this opinion. We have no duty to keep you informed
                                         of subsequent developments which might affect this opinion.

 

		3.2	We
                                         express no opinion on, and have taken no account of, the laws of any jurisdiction other
                                         than the jurisdiction of the French Republic. If a question arises in relation to a cross-border
                                         transaction, it may not be the French courts which decide that question and French law
                                         may not be used to settle it.

 

		3.3	We
                                         express no opinion on matters of fact.

 

		3.4	Our
                                         opinion is limited to the matters expressly stated in part 2, and it is not to be extended
                                         by implication. In particular, we express no opinion on the accuracy of the assumptions
                                         contained in part 4 or as to whether the terms of the Operative Documents are adequate
                                         to fulfil the commercial intentions of the parties with respect thereto. Each statement
                                         which has the effect of limiting our opinion is independent of any other such statement
                                         and is not to be impliedly restricted by it. Paragraph headings are to be ignored when
                                         construing this opinion.

 

		3.5	Our
                                         opinion is given solely for the benefit of the Agent and the Lenders (as that expression
                                         is defined in the Facility Agreement) acting through the Agent. It may not be relied
                                         on by any other person.

 

		3.6	This
                                         opinion may not be disclosed to any person other than:

 

		a)	those
                                         persons (such as auditors or regulatory authorities or professional advisors or insurers
                                         or reinsurers or rating agencies) who, in the ordinary course of business of the Facility
                                         Agent, the Security Trustee, the Lenders, SFIL and their respective affiliates, have
                                         access to their papers and records or are entitled by law to see them; and

 

		b)	those
                                         persons who are considering becoming Lenders and/or sub-participants;

 

		c)	those
                                         persons in whose favour a Lender charges, assigns or otherwise creates security (or may
                                         do so) pursuant to the clause entitled “Security over Lenders' rights” of
                                         the Facility Agreement

 

		d)	affiliates
                                         of the Facility Agent, the Security Trustee and the Lenders;

 

		e)	to
                                         any judicial authority in connection with judicial proceedings; and

 

		f)	CAFFIL
                                         (as defined in the Facility Agreement),

 

			and
                                         on the basis that those persons will make no further disclosure and are not entitled
                                         to rely thereon.

 

		3.7	This
                                         opinion and any non-contractual obligations connected with it are governed by French
                                         law and are subject to the exclusive jurisdiction of the French courts.

 

    6

     

    

 

 

 

		4	Assumptions

 

			For
                                         the purpose of this opinion, we have assumed, without making any independent investigation
                                         in relation thereto:

 

		4.1	the
                                         authenticity and completeness of all documents submitted to us as originals, the genuineness
                                         of all signatures, stamps and seals on the originals of all copy documents delivered
                                         to us and the completeness and conformity to original documents of all copies or photocopies
                                         furnished to us;

 

		4.2	the
                                         due authorisation, execution and delivery by the parties thereto of the Operative Documents
                                         other than Bpifrance Assurance Export and we refer you in such respect to the opinions
                                         being delivered to you in respect of such matters on the date hereof;

 

		4.3	that
                                         the Documents are complete, accurate and up-to-date and have not been revoked, amended,
                                         superseded or varied, in whole or in part;

 

		4.4	that
                                         each party to the Operative Documents, other than Bpifrance Assurance Export, is duly
                                         incorporated and validly existing under the laws of its jurisdiction of incorporation;

 

		4.5	that
                                         each of the Bpifrance Assurance Export insured parties to the Facility Agreement will
                                         at all relevant times observe its duties towards Bpifrance Assurance Export set forth
                                         in the Bpifrance Assurance Export Promesse de Garantie and in the Bpifrance Assurance
                                         Export Insurance Policy, as relevant;

 

		4.6	that,
                                         in so far as is relevant to the Bpifrance Assurance Export Insurance Policy, the Facility
                                         Agreement and the other Finance Documents represent and contain the entirety of the transaction
                                         entered into between the parties thereto with respect to the subject matter thereof and
                                         the absence of any other arrangements between any of the parties to the Facility Agreement
                                         and any declaration or act which modify, supplement or supersede any of the terms of
                                         the Facility Agreement, which have not been disclosed and approved by Bpifrance Assurance
                                         Export;

 

		4.7	the
                                         truth, accuracy and completeness, at all relevant times, of each of the representations
                                         or other statements of matters of fact contained in the Operative Documents (or any other
                                         document to be issued in connection with the Operative Documents) in relation to each
                                         of the respective parties thereto and that all of the representations and warranties
                                         given by any of the parties to the Facility Agreement are, and will be, when made or
                                         repeated or when deemed made or repeated (as the case may be) are true and accurate;

 

		4.8	that
                                         the representations made and the information made available by you and any lender under
                                         the Facility Agreement to Bpifrance Assurance Export in the application, and the additional
                                         information provided to Bpifrance Assurance Export by any of such parties in correspondence
                                         with Bpifrance Assurance Export following the application and preceding the issuance
                                         of the Bpifrance Assurance Export Insurance Policy are true, complete, not misleading
                                         and up-to-date and consistent with the Facility Agreement and that Bpifrance Assurance
                                         Export has been given full disclosure, in writing, of the structure of the Transaction
                                         and that each of such parties have observed at all times their duties towards Bpifrance
                                         Assurance Export, in particular:

 

		a)	their
                                         duty to perfect good faith i.e., they have notified completely and truthfully in writing
                                         all and any information of material significance for the granting of the Bpifrance Assurance
                                         Export Insurance Policy when they submitted the application;

 

		b)	they
                                         have promptly given notice to Bpifrance Assurance Export of any changes in the information
                                         given by the application for support or new information which differs from that given
                                         in the application for support and which become known prior to receiving final approval
                                         from Bpifrance Assurance Export;

 

		4.9	the
                                         terms of the Operative Documents, and the procedures set out therein are and will continue
                                         to be duly observed by the Facility Agent and (where applicable) the Lenders thereunder;

 

		4.10	the
                                         satisfaction of all conditions to which the Facility Agreement are expressed to be conditional;

 

		4.11	that
                                         the Facility Agreement constitutes valid, legal and binding obligations of the parties
                                         thereto in accordance with its terms under the laws to which it is expressly subject;

 

    7

     

    

 

 

 

		4.12	that,
                                         insofar as any obligation of the Bpifrance Assurance Export Insurance Policy falls to
                                         be performed in, or is otherwise affected by, the laws of any jurisdiction other than
                                         the laws of France, its performance would not be illegal or ineffective under the laws
                                         of that jurisdiction;

 

		4.13	the
                                         Articles of Association (statuts) referred to in paragraph 1.4(a) are true, complete
                                         and up to date as at the date hereof;

 

		4.14	that
                                          the Bpifrance Assurance Export Insurance Policy was executed by a duly authorised
                                         person representing Bpifrance Assurance Export;

 

		4.15	Bpifrance
                                         Assurance Export has received the approval of the French Ministère de l’Economie,
                                         des Finances et de l’Industrie in respect of the Bpifrance Assurance Export
                                         Insurance Policy in accordance with Article R. 442-2 of the French Insurance Code;

 

		4.16	the
                                         Bpifrance Assurance Export Insurance Policy is not or will not be (wholly or in part)
                                         void, voidable, unenforceable, ineffective or otherwise capable of being affected as
                                         a result of any vitiating matter (such a mistake, misrepresentation, fraud, illegality
                                         or public policy);

 

		4.17	the
                                         Bpifrance Assurance Export Insurance Policy does not constitute state aid (as contemplated
                                         under article 87 of the European Community Treaty) (i.e. do not have the effect of distorting
                                         or threatening to distort competition in trade between Member States). However, we are
                                         of the view that the risk that the Bpifrance Assurance Export Insurance Policy constitutes
                                         prohibited state aid is remote and that, even if it were found to constitute prohibited
                                         state aid, it is likely that the consequences would be limited to an adjustment of the
                                         financial charges applicable to the Facility Agreement but would not affect the Bpifrance
                                         Assurance Export Insurance Policy;

 

		4.18	that
                                         there are no other facts relevant to this opinion that do not appear from the Operative
                                         Documents; and

 

		4.19	that
                                         no law of any jurisdiction other than France has any bearing on the opinion contained
                                         in part 2.

 

    8

     

    

 

 

 

		5	Qualifications

 

			This
                                         opinion must be read subject to the following qualifications and observations as to French
                                         law:

 

		5.1	the
                                         exercise of rights under the Bpifrance Assurance Export Policy is subject to satisfaction
                                         of all relevant conditions of effectiveness under the terms thereof and to compliance
                                         by the beneficiary with such rights of its own obligations as set forth in such Bpifrance
                                         Assurance Export Insurance Policy, and failure to comply with such obligations may entitle
                                         the French State in certain circumstances to be released from its obligation to indemnify
                                         for the losses covered therein vis-à-vis such beneficiary;

 

		5.2	the
                                         Background Documents are not conclusive about the status of Bpifrance Assurance Export.
                                         For example, the Registre du Commerce et des Sociétés (Registry
                                         of Commerce and Companies) is reliant on third parties to provide them with information;
                                         and there will be a time-lag between the occurrence of an event (such as insolvency)
                                         and its notification to, and subsequent appearance at, the Registry of Commerce and Companies.
                                         Additionally, the Registry of Commerce and Companies does not exhaustively record all
                                         material events which may affect a company (however, this would not affect the status
                                         of the French State as the entity responsible for the cover provided under the Bpifrance
                                         Assurance Export Insurance Policy);

 

		5.3	the
                                         enforcement of the Bpifrance Assurance Export Insurance Policy may be limited by applicable
                                         bankruptcy, insolvency, or similar arrangements, or by moratorium or other laws relating
                                         to or affecting the enforcement of creditors' rights generally insofar as it is issued
                                         by Bpifrance Assurance Export; however, we point out in this respect that Bpifrance Assurance
                                         Export is in this instance acting on behalf, in the name and under the control of the
                                         French State and that:

 

		(a)	pursuant
                                         to Article L. 432-4 of the French Insurance Code, Bpifrance Assurance Export acting on
                                         behalf, in the name and under the control of the French State establishes a separate
                                         and distinct accounting for transactions which it concludes with the guarantee of the
                                         French State; and

 

		(b)	in
                                         accordance with Articles L. 432-1 and L. 432-2 of the French Insurance Code, the Bpifrance
                                         Assurance Export Insurance Policy constitutes direct obligations of the French State;

 

		5.4	a
                                         French court has the power under article 1343-5 of the French Civil Code (Code civil)
                                         to postpone or spread over time the payment of the sums due for a period not in excess
                                         of two years, taking into account the situation of the debtor and the needs of the creditor.
                                         In such case, the court may also provide separately that any payments which are postponed
                                         will bear interest at a reduced rate (but not less than the legal minimum rate), or that
                                         payments will initially be allocated to principal rather than interest. The court may
                                         require as a condition to such decision that the debtor accomplish certain acts in order
                                         to facilitate or guarantee the payment of the debt. A decision of a court made pursuant
                                         to articles 1343-5 of the French Civil Code (Code civil) suspends any procedures
                                         for enforcement which have been commenced by the creditor, and any default interest or
                                         penalties incurred due to late payments cease to be due during the period fixed by the
                                         court. Any contractual stipulation to the contrary will not be effective. Article 1343-5
                                         of the French Civil Code is a rule of general application and therefore will probably
                                         apply to Bpifrance Assurance Export, as a private company, since there is no specific
                                         exception provided by law or decision of the French courts in relation to 1343-5 (Code
                                         civil). However, the position of the French State, as the direct obligor in respect
                                         of the Bpifrance Assurance Export Insurance Policy, would in our view not qualify for
                                         rescheduling of the debts;

 

		5.5	the
                                         enforcement under French law or before a French court of provisions of any of the Operative
                                         Documents concerning damages and indemnification could be limited by application of all
                                         or part of the provisions of articles 1231 et seq. of the French Civil Code (Code
                                         civil) pertaining to damages and indemnification in contractual matters (in particular,
                                         but without limitation, article 1231-5 of the French Civil Code (Code civil),
                                         under which, where an agreement provides for liquidated damages or a penalty or an increase
                                         in the interest rate of a loan arising as a result of a breach of contract, the court
                                         may limit the amount of payments due under the relevant provision if it considers it
                                         clearly insufficient or excessive in regards to the actual loss suffered by the party
                                         not in breach or, where an obligation is performed in part, may reduce such amount in
                                         proportion to the benefit which such partial performance conferred on the beneficiary
                                         of the obligation);

 

		5.6	French
                                         courts may, if requested, render a judgement in the foreign currency in which a debt
                                         is expressed if such debt arises under an international contract or a foreign judgement.
                                         However, if a judgement awarded by a French court were to be expressed in Euro, it would
                                         normally be expressed by reference to the exchange

 

    9

     

    

 

 

 

	 	 	value of the relevant amount of the
    said foreign currency at the rate of exchange prevailing on the date of the judgement or, if the court so decides at the claimant's
    request, at the actual date of payment;

 

		5.7	in
                                         the event of any proceedings being brought in a French court in respect of a monetary
                                         obligation expressed to be payable in a currency other than euros, a French court would
                                         probably give judgement expressed as an order to pay, not such currency, but its euro
                                         equivalent at the time of payment or enforcement of judgement. With respect to a bankruptcy,
                                         insolvency, liquidation, moratorium, reorganisation, reconstruction or similar proceedings,
                                         French law may require that all claims or debts be converted into euros at an exchange
                                         rate determined by the court at a date related thereto, such as the date of commencement
                                         of a winding-up;

 

		5.8	a
                                         determination or certificate as to any matter provided for in the Bpifrance Assurance
                                         Export Insurance Policy might be held by a French court not to be final, conclusive or
                                         binding, if such determination or certificate could be shown to have an unreasonable,
                                         incorrect or arbitrary basis or not to have been given or made in good faith;

 

		5.9	claims
                                         may become barred by effluxion of time or may be or become subject to defence of set-off
                                         or counterclaim;

 

		5.10	a
                                         French court may stay proceedings if concurrent proceedings are being brought elsewhere;

 

		5.11	to
                                         the extent that this legal opinion addresses French legal concepts in the English language
                                         and not in their original French terms, such translations may not comprehensively cover
                                         the meaning of such legal concepts under French law. This opinion may, therefore, only
                                         be relied upon under the express condition that any issues of interpretation arising
                                         thereunder will be governed by French law and be brought before a French court;

 

		5.12	other
                                         than as set out in paragraph 2.17, we do not express any opinion as to any taxation matters;

 

		5.13	our
                                         opinion as to the enforceability of the Bpifrance Assurance Export Insurance Policy relates
                                         only to its enforceability under French law in circumstances where the competent French
                                         court has and accepts jurisdiction; the term "enforceable" refers to the legal
                                         character of the obligations assumed by the parties under such Bpifrance Assurance Export
                                         Insurance Policy, i.e. that it is of a character which French law generally enforces
                                         or recognises; furthermore, and with respect to the Bpifrance Assurance Export Insurance
                                         Policy which are expressed to be governed by French law, pursuant to the French Civil
                                         Code, the reliance on or the enforcement of contractual terms and conditions may under
                                         certain circumstances be contrary to an overriding principle of good faith or to the
                                         principle that rights must not be exercised unreasonably (principle of abus de droit)
                                         ; and this opinion is based upon the laws, and published judicial and administrative
                                         decisions as of the date hereof, which are subject to any amendment, repeal or other
                                         modification of the applicable laws or judicial or administrative decisions hereafter
                                         enacted or rendered, and

 

		5.14	the
                                         law which governs a contract and any connected non-contractual obligations is not determinative
                                         of all issues which arise in connection with that contract. For instance:

 

		(a)	the
                                         law in force where an asset is located may be applicable to issues of ownership of, or
                                         security granted over, such asset;

 

		(b)	rules
                                         which are mandatory (which includes public policy rules) in a jurisdiction which is connected
                                         with the contract or in the jurisdiction where the issue is decided may be applied regardless
                                         of the provisions of the contract; and

 

		(c)	in
                                         insolvency proceedings, the law governing those proceedings may override the law governing
                                         the contract.

 

    10

     

    

 

	 	 	CLIFFORD CHANCE US LLP
	 	 	 
	 	 	31 WEST 52ND STREET
	 	 	NEW YORK, NY 10019-6131
	 	 	TEL + 1 212 878 8000
	 	 	FAX +1 212 878 8375
	 	 	www.cliffordchance.com

 

	Citibank Europe plc, UK Branch ("the

    "Facility Agent")	 	[DATE]
	Citigroup Centre 

Canada Square

London E14 5LB

United Kingdom	 	 
	 	 	 
	For the benefit of the Facility Agent and
    the

other banks and financial institutions listed in

the Appendix hereto (collectively "Lenders"

and singly
    "Lender"	 	 

 

 

 

 

Re: Application of U.S. Withholding Tax to Royal Caribbean
Cruises Ltd. Payments

 

 

 

Dear Sirs:

 

You have asked whether U.S.
withholding tax will be imposed on payments made by the U.S. branch of Royal Caribbean Cruises Ltd. ("RCCL"),
a corporation organized under the laws of Liberia, to any of the Lenders, under the Hull No. A35 Credit Agreement dated [DATE]
(the "Credit Agreement") as novated, amended and restated pursuant to the novation agreement dated [DATE] (together
the "Amended Credit Agreement") between, amongst others, RCCL as borrower and the Lenders, Citibank, N.A., London
Branch as global coordinator, the Facility Agent as facility agent, HSBC France as ECA agent, and Citibank Europe plc, HSBC France,
Banco Santander, S.A., Banco Bilbao Vizcaya Argentaria, Paris Branch, BNP Paribas SA, Sumitomo Mitsui Banking Corporation Europe
Limited, Société Générale and Unicredit Bank AG as mandated lead arrangers.

 

Under the Amended Credit
Agreement, the Lenders would severally lend money to RCCL to help fund the purchase of Hull No. A35 at Chantiers de l'Atlantique
S.A.

 

The loan advanced under
the Amended Credit Agreement will accrue interest at either a fixed rate or a floating rate in accordance with the provisions set
forth in the Amended Credit Agreement.

 

In connection with rendering
this opinion we have reviewed the Amended Credit Agreement and such other documents as we have deemed necessary or appropriate
for purposes of rendering this opinion. We have assumed, with your consent, that: (i) all documents reviewed by us are original

 

    

     

    

 	 	 	CLIFFORD CHANCE US LLP

 

documents, or true and accurate
copies of original documents, and have not been subsequently amended; (ii) the signatures on each original document are genuine;
(iii) all representations and statements as to matters of fact set forth in such documents are true and correct; (iv) all obligations
imposed by any such documents on the parties thereto have been or will be performed or satisfied in accordance with their terms;
and (v) there are no documents relevant to this opinion to which we have not been given access. We have assumed, with your consent,
that each Lender that is a non-U.S. person will be claiming the benefits of an income tax treaty between the United States and
the jurisdiction in which it was formed (each such Lender a "Treaty Lender"). We have assumed, with your consent,
that with respect to each Treaty Lender:

 

(i) 
the relevant Treaty Lender (which term as used in this opinion letter does not include any successor or assign of such Treaty
Lender) is and will continue to be eligible to claim benefits as a resident of the jurisdiction in which it was formed under the
income tax treaty between the United States and such jurisdiction currently in force (each a "Treaty");

 

(ii) 
the relevant Treaty Lender will not receive payments under the Amended Credit Agreement that are attributable, for purposes
of the Treaty, to a permanent establishment of the relevant Treaty Lender in the United States;

 

(iii) 
the relevant Treaty Lender has not made and will not make an election, or otherwise take steps, to be treated as other than
a corporation for United States federal income tax purposes;

 

(iv) 
the relevant Treaty Lender has provided RCCL or its agent with a properly completed Internal Revenue Service ("IRS")
Form W-8BEN or W-8BEN-E, as appropriate, accurately representing that the relevant Treaty Lender is eligible to claim benefits
under a Treaty for all payments under the Amended Credit Agreement;

 

(v) 
if the relevant Treaty Lender is receiving payments for a participant, it has provided RCCL with a properly completed IRS
Form W-8IMY to which it attached its own IRS Form W-8BEN or W-8BEN-E, as appropriate, and a properly completed IRS Form from each
participant accurately representing that the participant is entitled to receive all payments under the Amended Credit Agreement
free and clear of U.S. withholding;

 

(vi) 
the relevant Treaty Lender will be eligible to receive payments free of withholding under the provisions of Sections 1471
through 1474 of the U.S. Internal Revenue Code ("FATCA") and will provide RCCL or its agent with such properly
completed IRS forms, certifications and other items as may be required to establish such Lender's exemption from withholding under
FATCA; and

 

(vii) 
all of the foregoing will, in relation to the relevant Treaty Lender, continue to be accurate and correct.

 

Conclusion

 

We are members of the Bar
of the State of New York. This opinion is limited to the U.S. federal withholding tax treatment of payments by RCCL under the Amended
Credit Agreement and does not address any other tax or legal consequences of the transactions contemplated in the Amended

 

    - 2  -

     

    

 

	 	 	CLIFFORD CHANCE US LLP

 

Credit Agreement. This opinion
is rendered solely to the Facility Agent for the benefit of itself and the other Lenders listed in the Appendix hereto and may
not be relied upon by any other person, other than the Facility Agent's and those other Lenders' respective legal advisors. Our
opinion is based on existing authorities as of the date hereof and may change as a result of subsequent legislation, regulations,
administrative pronouncements, court opinions or other legal developments, possibly with retroactive effect. We do not undertake
to update this opinion based on any such developments unless specifically engaged by the Facility Agent on behalf of itself or
any other Lender to do so. Our opinion is not binding on the IRS, and no assurance can be given that the conclusions expressed
herein will not be challenged by the IRS or will be sustained by a court.

 

Based on the assumptions
and limitations set forth above, we are of the view that there will be no U.S. federal withholding tax imposed on payments by RCCL
under the Amended Credit Agreement to any Treaty Lender. Payments to non-U.S. persons that are not considered to be U.S. source
income for U.S. federal income tax purposes, generally are not subject to U.S. withholding tax. Payments by RCCL under the Amended
Credit Agreement to any Treaty Lender, to the extent they are U.S. source income, will be exempt from U.S. withholding tax either
under the Interest or Other Income Articles of the relevant Treaty. Should any of the said assumptions set forth above with respect
to a Lender be invalid or cease to be valid in relation to a Lender, that Lender shall not be entitled to rely upon this opinion.

 

Our conclusions are expressions
of our professional judgment with respect to U.S. federal income tax law and do not provide any guarantee as to the actual outcome
of any U.S. federal income tax controversy.

 

Sincerely,

 

    - 3 -

     

    

 

	 	 	CLIFFORD CHANCE US LLP

 

APPENDIX

 

	Lender	Address
of Record	Booking
Office	Residence
for Treaty Purposes
	Citibank
Europe plc	1 North Wall, Quay

                                                                                Dublin 1 Ireland
	Dublin	Ireland
	Banco
Santander, S.A.	Ciudad Grupo Santander

                                                                                Avda. Cantabria s/n 28660

                                                                                Boadilla del Monte Spain
	Madrid	Spain
	Banco
Bilbao Vizcaya Argentaria, Paris Branch	29 avenue de l'Opéra

                                                                                75001 Paris

                                                                                France
	Paris	Spain
	BNP
Paribas SA	16 Boulevard des Italiens

                                                                                75009 Paris

                                                                                France
	Paris	France
	HSBC
France	103 avenue des Champs Elysées

                                                                                75008
Paris, France
	Paris	France
	SFIL	1-, rue de Passeur de Boulogne

                                                                                CS
80054 

92861 Issy-les-Moulieaux Cedex 9

                                                                                France
	[·]	France
	Société
Générale	29 Boulevard Haussmann

                                                                                75009 Paris, France
	Paris	France
	Sumitomo
Mitsui Banking Corporation Europe Limited	1/3/5 rue Paul Cézanne

                                                                                75008 Paris, France
	Paris	UK
	Unicredit
Bank AG	Arabellastrasse 12

                                                                                81925 Munich

                                                                                Germany
	Munich	Germany

 

    - 4 -

     

    

EXHIBIT C

 

FORM
OF LENDER ASSIGNMENT AGREEMENT

 

	To:	Royal
                                         Caribbean Cruises Ltd.

 

	To:	Citibank
                                         Europe plc, UK Branch as Facility Agent (as defined below)

 

ROYAL
CARIBBEAN CRUISES LTD.

 

Gentlemen and Ladies:

 

We
refer to clause b of Section 11.11.1 of the Hull No. A35 Credit Agreement, dated as of [l]
2019 as novated, amended and restated on [l],
20[l]
(together with all amendments and other modifications, if any, from time to time thereafter made thereto, the “Agreement”)
among Royal Caribbean Cruises Ltd. (the “Borrower”), the various other financial institutions from time to
time party thereto as Lenders, Citibank Europe plc, UK Branch as facility agent (in such capacity, the “Facility Agent”),
Citibank N.A., London Branch as global coordinator, HSBC France as ECA agent, Citicorp Trustee Company Limited as security trustee,
Citibank Europe plc, HSBC France, Banco Santander S.A., Banco Bilbao Vizcaya Argentaria, Paris Branch, BNP Paribas SA, Sumitomo
Mitsui Banking Corporation Europe Limited, Société Générale and Unicredit Bank AG as mandated lead
arrangers. Unless otherwise defined herein or the context otherwise requires, terms used herein have the meanings provided in
the Agreement.

 

This agreement
is delivered to you pursuant to clause b of Section 11.11.1 of the Agreement and also constitutes notice to each
of you, pursuant to clause a of Section 11.11.1 of the Agreement, of the assignment and transfer by way of novation
to        (the “Assignee”) of an amount of the Loan/Commitment of                    (the
“Assignor”) outstanding under the Agreement on the date hereof. After giving effect to the foregoing assignment
and transfer, the amounts of the Assignor’s and the Assignee’s respective shares of the Loan/Commitments for the purposes
of the Agreement are set forth opposite such Person’s name on the signature pages hereof.

 

The Assignee
hereby acknowledges and confirms that it has received a copy of the Agreement and the exhibits related thereto, together with
copies of any documents which have been required to be delivered under the Agreement as a condition to the making of the Loan
thereunder. The Assignee further confirms and agrees that in becoming a Lender and in making its contribution to the Loan under
the Agreement, such actions have and will be made without recourse to, or representation or warranty by the Facility Agent.

 

Except as
otherwise provided in the Agreement, effective as of the date of acceptance hereof by the Borrower and the Facility Agent:

 

(a)        the
Assignee

 

(i)               shall
be deemed automatically to have become a party to the Agreement, have all the rights and obligations of a “Lender”
under the Agreement and the other Loan Documents as if it were an original signatory thereto to the extent specified in the second
paragraph hereof;

 

    	 	 1	 

     

    

 

(ii)              agrees
to be bound by the terms and conditions set forth in the Agreement and the other Documents as if it were an original signatory
thereto; and

 

(b)       the
Assignor shall be released from its obligations under the Agreement and the other Documents to the extent of the relevant percentage
of the Loan/Commitment specified in the second paragraph hereof.

 

The
Assignor and the Assignee hereby agree that the [Assignor] [Assignee] will pay to the Facility Agent the processing fee and expenses
referred to in [Section 11.11.1] of the Agreement upon delivery hereof.

 

The
Assignee hereby advises each of you of the following administrative details with respect to the assigned Loan/Commitment and requests
the Borrower to acknowledge receipt of this document:

 

		(A)	Address
                                         for Notices:

                                                                                                 

                                                                                Institution
                                         Name:

                                                                                 

                                                                                Attention:

                                                                                 

                                                                                Domestic
                                         Office:

                                                                                 

                                                                                Telephone:

                                                                                 

                                                                                Facsimile:

                                                                                 

                                                                                Telex
                                         (Answerback):

                                                                                 

                                                                                Lending
                                         Office:

                                                                                 

                                                                                Telephone:
                                         Facsimile:

                                                                                 

                                                                                Telex
                                         (Answerback):

 

		(B)	Payment
                                         Instructions:

 

The
Assignee agrees to furnish the tax form required by the last paragraph of Section 4.6  (if so required) of the Agreement
no later than the date of acceptance hereof by the Borrower and the Facility Agent.

 

The
Assignee confirms that it is eligible to benefit from the CIRR stabilization.

 

This
Agreement may be executed by the Assignor and Assignee in separate counterparts, each of which when so executed and delivered
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

This
Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law

 

	Adjusted Percentage	[ASSIGNOR]

 

    	 	 2	 

     

    

  

	Loan/Commitment:	US$
	 	 
	 	 
	 	 	By:	 
	 	 	 	Title:
	 	 
	Percentage	 	[ASSIGNEE]
	 	 
	Loan/Commitment:	US$
	 	 
	 	 
	 	 	By:	 
	 	 	 	Title:

 

Accepted and Acknowledged this

          
day of               ,               .

 

Royal Caribbean Cruises Ltd.

 

 

	By:	 	 
	 	Title:	 	 
	 	 	 	 
	Citibank Europe plc, UK Branch as
    Facility Agent 	 

 

	By:	 	 
	 	Title:	 	 

 

    	 	 3	 

     

    

   

EXHIBIT
D

 

FORM
OF CERTIFICATE OF FRENCH CONTENT

 

	To:	Citibank
                                         Europe plc, UK branch as Facility Agent

 

Hull
No. A35 (the Vessel)

 

We
refer to the building contract dated 30 September 2016 (as amended) and the credit agreement dated [l] 2019 (as novated by the
novation agreement dated [l] 2019) in respect of the Vessel. In connection with the said building contract and credit agreement
we hereby certify that with regard to the Euro amount of the non-yard costs to be financed, namely €[l], the French content
in respect of such non-yard costs is a minimum of 10%.

 

Dated:
[l]

 

For
and on behalf of

Royal
Caribbean Cruises Ltd.

 

 

	By:	 	 

 

    	 	1	 

     

    

  

Exhibit
E-1

 

DELIVERY
NON-YARD COSTS CERTIFICATE

 

	To:	Citibank
    Europe plc, UK Branch

    as Facility Agent	Date:
    [l]

 

 

Hull
No. A35 at Chantiers de l’Atlantique S.A. (previously known as STX France S.A.) (the “Vessel”)

 

We
Royal Caribbean Cruises Ltd., a Liberian corporation registered with the Ministry of Foreign Affairs of the Republic of Liberia
under number C-38863, whose registered office is at 80 Broad Street, Monrovia, Republic of Liberia, and whose principal office
is at 1050 Caribbean Way, Miami, Florida 33132, United States of America (“RCCL”), refer to the facility agreement
dated [l] 2019 (as novated, amended and restated on the Actual Delivery Date pursuant to a novation agreement dated [l] 2019)
entered into between RCCL, as borrower, Citibank N.A., London Branch as global coordinator, HSBC France as ECA agent, Citibank
Europe plc, UK Branch as Facility Agent, the mandated lead arrangers referred to therein and the banks and financial institutions
referred to therein as lenders, regarding the Vessel (the “Facility Agreement”).

 

Words
and expressions defined in the Facility Agreement shall have the same meanings when used in this Delivery Non-Yard Costs Certificate
unless the context otherwise requires.

 

This
is the Delivery Non-Yard Costs Certificate referred to in the Facility Agreement.

 

We
hereby confirm on the date hereof that:

 

	1	we
                                         have paid an amount equal to EUR [l] to the relevant suppliers of equipment and/or services
                                         relating to the Non-Yard Costs;

 

	2	an
                                         amount of EUR [l] remains payable to the relevant suppliers of equipment and/or services
                                         relating to the Non-Yard Costs;

 

	3	the
                                         aggregate of the amounts in paragraphs 1 and 2 above is not more than the Maximum Non-Yard
                                         Costs Amount; and

 

	4	the
                                         equipment and/or services relating to the Non-Yard Costs paid by us prior to the Actual
                                         Delivery Date and referred to in paragraph 1 above to the relevant suppliers have been
                                         properly supplied, installed and completed on the Vessel, as applicable and, in addition
                                         and to the best of our knowledge, [l] per cent. ([l]%) of the equipment and/or services
                                         relating to the Non-Yard Costs have been supplied, installed and completed on the Vessel
                                         and accordingly in excess of eighty per cent. (80%) of the equipment and/or services
                                         relating to the Non-Yard Costs have been supplied, installed and completed on the Vessel.

 

 

	 	 
	ROYAL
    CARIBBEAN CRUISES LTD.	 
	Name:	 
	Position:	 

 

Chantiers
de l’Atlantique S.A. hereby acknowledges the contents of paragraph 4 of this Certificate by countersignature:

 

 

	 	 
	CHANTIERS
    DE L’ATLANTIQUE S.A.	 
	Name:	 
	Position:	 

 

    	 	 	 

     

    

 

Exhibit
                                         E-2

 

FINAL
NON-YARD COSTS CERTIFICATE

 

Date:
[l]

 

	To:	Citibank
                                         Europe plc, UK Branch

			as
                                         Facility Agent

 

Hull
No. A35 at Chantiers de l’Atlantique S.A. (previously known as STX France S.A.) (the “Vessel”)

 

We
Royal Caribbean Cruises Ltd., a Liberian corporation registered with the Ministry of Foreign Affairs of the Republic of Liberia
under number C-38863, whose registered office is at 80 Broad Street, Monrovia, Republic of Liberia, and whose principal office
is at 1050 Caribbean Way, Miami, Florida 33132, United States of America (“RCCL”), refer to the facility agreement
dated [l]
2019 (as novated, amended and restated on the
Actual Delivery Date pursuant to a novation agreement dated [l]
2019) entered into between RCCL, as borrower,
Citibank N.A. London Branch as global coordinator, HSBC France as ECA agent, Citibank Europe plc, UK Branch as Facility Agent,
the mandated lead arrangers referred to therein and the banks and financial institutions referred to therein as lenders, regarding
the Vessel (the “Facility Agreement”).

 

Words
and expressions defined in the Facility Agreement shall have the same meanings when used in this Final Non-Yard Costs Certificate
unless the context otherwise requires.

 

This
is the Final Non-Yard Costs Certificate referred to in the Facility Agreement.

 

We
hereby confirm on the date hereof that:

 

	1	we have paid EUR [l]
                                         to the relevant suppliers of equipment and/or services relating to the Non-Yard Costs
                                         (representing an additional amount of EUR [l]
                                         from the amount referred to in paragraph 1 of the Delivery Non-Yard Costs Certificate);
                                         and

 

	2	the equipment and/or services relating
                                         to the Non-Yard Costs paid by us as at the date hereof and referred to in paragraph 1
                                         above to the relevant suppliers have been properly supplied, installed and completed
                                         on the Vessel, as applicable.

 

	 	 
	ROYAL
    CARIBBEAN CRUISES LTD.	 
	Name:	 
	Position:	 

 

    		1	 

     

    

 

	EXECUTION
PAGE – NOVATION AGREEMENT
	Existing Borrower	 	 
	 	 	 
	SIGNED by
 for and on behalf of
 PALMERAIE FINANCE
LIMITED  	)
 )
 )	/s/
COLIN GIRGEBTI
	 	)	Attorney-in-fact
	Colin Girgebti as Attorney-in-Fact

for and on behalf of Palmeraie Finance Limited	 	
	 	 	 
	 	 	 
	New Borrower	 	 
	 	 	 
	SIGNED by
 for and on behalf of
 ROYAL CARIBBEAN CRUISES
LTD.  	)
 )
 )	/s/
ANTJE M. GIBSON
	 	)	Authorised Officer
	 	 	
	Facility Agent	 	 
	 	 	 
	SIGNED by
 for and on behalf of 
 CITIBANK EUROPE
PLC, UK BRANCH  	)
 )
 )	/s/
SIMON HARTLEY
	 	)	Attorney-in-fact
	 	 	
	 	 	 
	Security Trustee	 	 
	 	 	 
	SIGNED by
 for and on behalf of
 CITICORP TRUSTEE
COMPANY LIMITED  	)
 )
 )	/s/
MATTHEW BAMBURY
	 	)	Attorney-in-fact
      Matthew Bambury
	 	 	Attorney-in-fact
	 	 	 
	 	 	
	Global Coordinator	 	 
	 	 	 
	SIGNED by
 for and on behalf of
 CITIBANK N.A., LONDON
BRANCH  	)
 )
 )	/s/
SIMON HARTLEY
	 	)	Attorney-in-fact
	 	 	
	 	 	 
	The ECA Agent	 	 
	 	 	 
	SIGNED by
 for and on behalf of
 HSBC FRANCE  	)
 )
 )	/s/
MATTHEW BAMBURY
	 	)	Attorney-in-fact
	 	 	
	 	 	 
	French Coordinating
Bank	 	 
	 	 	 
	SIGNED by
 for and on behalf of
 HSBC FRANCE  	)
 )
 )	/s/
MATTHEW BAMBURY
	 	)	Attorney-in-fact

 

    25

     

    

 

	The Original Lenders	 	 
	 	 	 
	SIGNED by
 for and on behalf of
 CITIBANK EUROPE PLC
 	)
 )
 )	/s/
MATTHEW BAMBURY
	 	)	Attorney-in-fact
	 	 	 
	SIGNED by
 for and on behalf of
 HSBC FRANCE  	)
 )
 )	/s/
MATTHEW BAMBURY
	 	)	Attorney-in-fact
	 	 	 
	SIGNED by
 for and on behalf of
 BANCO SANTANDER S.A.
 	)
 )
 )	/s/
MATTHEW BAMBURY
	 	)	Attorney-in-fact
	 	 	 
	SIGNED by
 for and on behalf of
 BANCO BILBAO VIZCAYA
ARGENTARIA
 S.A., PARIS BRANCH  	)
 )
 )
 )	/s/
MATTHEW BAMBURY
	 	)	Attorney-in-fact
	 	 	 
	SIGNED by
 for and on behalf of
 BNP PARIBAS SA
 	)
 )
 )	/s/
MATTHEW BAMBURY
	 	)	Attorney-in-fact
	 	 	 
	SIGNED by
 for and on behalf of
 SUMITOMO MITSUI BANKING
CORPORATION
 EUROPE LIMITED, PARIS BRANCH   	)
 )
 )
 )	/s/
MATTHEW BAMBURY
	 	)	Attorney-in-fact
	 	 	 
	SIGNED by
 for and on behalf of
 SOCIÉTÉ
GÉNÉRALE  	)

)

)	/s/
MATTHEW BAMBURY
	 	)	Attorney-in-fact
	 	 	 
	SIGNED by
 for and on behalf of
 UNICREDIT BANK AG
 	)
 )
 )	/s/
MATTHEW BAMBURY
	 	)	Attorney-in-fact
	 	 	 
	 	 	 
	The Mandated Lead Arrangers	 	 
	 	 	 
	SIGNED by
 for and on behalf of
 CITIBANK EUROPE PLC
 	)
 )
 )	/s/
MATTHEW BAMBURY
	 	)	Attorney-in-fact
	 	 	 
	SIGNED by
 for and on behalf of
 HSBC FRANCE  	)
 )
 )	/s/
MATTHEW BAMBURY
	 	)	Attorney-in-fact

 

    26

     

    

 

	SIGNED by
 for and on behalf of
 BANCO SANTANDER S.A.
 	)
 )
 )	/s/
MATTHEW BAMBURY
	 	)	Attorney-in-fact
	 	 	 
	SIGNED by
 for and on behalf of
 BANCO BILBAO VIZCAYA
ARGENTARIA
 S.A., PARIS BRANCH  	)
 )
 )
 )	/s/
MATTHEW BAMBURY
	 	)	Attorney-in-fact
	 	 	 
	SIGNED by
 for and on behalf of
 BNP PARIBAS SA
 	)
 )
 )	/s/
MATTHEW BAMBURY
	 	)	Attorney-in-fact
	 	 	 
	SIGNED by
 for and on behalf of
 SUMITOMO MITSUI BANKING
CORPORATION
 EUROPE LIMITED, PARIS BRANCH   	)
 )
 )
 )
 )	/s/
MATTHEW BAMBURY
	 	)	Attorney-in-fact
	 	 	 
	SIGNED
by
 for and on behalf of
 SOCIÉTÉ GÉNÉRALE  	)
 )
 )	/s/
MATTHEW BAMBURY
	 	)	Attorney-in-fact
	 	 	 
	SIGNED
by
 for and on behalf of
 UNICREDIT BANK AG    	)

)
 )	/s/
MATTHEW BAMBURY
	 	)	Attorney-in-fact

 

    27

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