Document:

Exhibit 10.1 - Purchase Agreement - LPCF

EXECUTION COPY

PURCHASE AGREEMENT

PURCHASE AGREEMENT (the “Agreement”), dated as of November 18, 2014, by and between GALENA BIOPHARMA, INC., a Delaware corporation, (the “Company”), and LINCOLN PARK CAPITAL FUND, LLC, an Illinois limited liability company (the “Investor”).  

WHEREAS:
Subject to the terms and conditions set forth in this Agreement, the Company wishes to sell to the Investor, and the Investor wishes to buy from the Company, up to Fifty-Five Million Dollars ($55,000,000) of the Company's common stock, $0.0001 par value (the “Common Stock”). The shares of Common Stock to be purchased hereunder (including, without limitation, the Initial Purchase Shares (as defined herein)) are referred to herein as the “Purchase Shares.”
NOW THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Investor hereby agree as follows: 
1.    CERTAIN DEFINITIONS.  

For purposes of this Agreement, the following terms shall have the following meanings:
    
(a)    “Accelerated Purchase Share Amount” means, with respect to any Accelerated Purchase made pursuant to Section 2(b) hereof, the number of Purchase Shares directed by the Company to be purchased by the Investor on an Accelerated Purchase Notice, which number of Purchase Shares shall not exceed the lesser of (i) 300% of the number of Purchase Shares directed by the Company to be purchased by the Investor pursuant to the corresponding Regular Purchase Notice for the corresponding Regular Purchase referred to in Section 2(b) hereof (subject to the Purchase Share limitations contained in Section 2(a) hereof) and (ii) the Accelerated Purchase Share Percentage multiplied by the trading volume of the Common Stock on the Principal Market during normal trading hours on the Accelerated Purchase Date.

(b)    “Accelerated Purchase Date” means, with respect to any Accelerated Purchase made pursuant to Section 2(b) hereof, the Business Day immediately following the applicable Purchase Date with respect to the corresponding Regular Purchase referred to in Section 2(b) hereof.

(c)    “Accelerated Purchase Notice” means, with respect to any Accelerated Purchase made pursuant to Section 2(b) hereof, an irrevocable written notice from the Company to the Investor directing the Investor to buy a specified Accelerated Purchase Share Amount on the applicable Accelerated Purchase Date pursuant to Section 2(b) hereof at the applicable Accelerated Purchase Price.

(d)    “Accelerated Purchase Share Percentage” means, with respect to any Accelerated Purchase made pursuant to Section 2(b) hereof, thirty percent (30%).

(e)    “Accelerated Purchase Price” means, with respect to any particular Accelerated Purchase made pursuant to Section 2(b) hereof, the lower of (i) ninety-six percent (96%) of the VWAP during (A) the entire trading day on the Accelerated Purchase Date, if the volume of shares of Common Stock traded on the Principal Market on the Accelerated Purchase Date has not exceeded the Accelerated Purchase Share Volume Maximum, or (B) the portion of the trading day of the Accelerated Purchase Date (calculated starting at the beginning of normal trading hours) until such time at which the volume of shares of Common Stock traded on the Principal Market has exceeded the Accelerated Purchase Share Volume Maximum or (ii) the 

Closing Sale Price on the Accelerated Purchase Date (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction).

(f)    “Accelerated Purchase Share Volume Maximum” means the number of shares of Common Stock traded on the Principal Market during normal trading hours on the Accelerated Purchase Date equal to (i) the amount of shares of Common Stock properly directed by the Company to be purchased on the Accelerated Purchase Notice, divided by (ii) the Accelerated Purchase Share Percentage (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction). 

(g)      “Available Amount” means initially Fifty-Five Million Dollars ($55,000,000) in the aggregate, which amount shall be reduced by the Purchase Amount each time the Investor purchases shares of Common Stock pursuant to Section 2 hereof, including, without limitation, the Initial Purchase pursuant to Section 2(a) hereof.

(h)    “Average Price” means a price per Purchase Share (rounded to the nearest tenth of a cent) equal to the quotient obtained by dividing (i) the aggregate gross purchase price paid by the Investor for all Purchase Shares purchased pursuant to this Agreement, by (ii) the aggregate number of Purchase Shares issued pursuant to this Agreement.

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

(j)    “Base Price” means a price per Purchase Share equal to the sum of (i) the Signing Market Price and (ii) $0.0491 (subject to adjustment for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction that occurs on or after the date of this Agreement). 
 
(k)    “Base Prospectus” means the Company’s final base prospectus, dated June 12, 2013, a preliminary form of which is included in the Registration Statement, including the documents incorporated by reference therein.

(l)    “Business Day” means any day on which the Principal Market is open for trading, including any day on which the Principal Market is open for trading for a period of time less than the customary time. 

(m)    “Closing Sale Price” means, for any security as of any date, the last closing sale price for such security on the Principal Market as reported by the Principal Market. 

(n)    “Confidential Information” means any information disclosed by either party to the other party, either directly or indirectly, in writing, orally or by inspection of tangible objects (including, without limitation, documents, prototypes, samples, plant and equipment), which is designated as "Confidential," "Proprietary" or some similar designation. Information communicated orally shall be considered Confidential Information if such information is confirmed in writing as being Confidential Information within ten (10) Business Days after the initial disclosure. Confidential Information may also include information disclosed to a disclosing party by third parties. Confidential Information shall not, however, include any information which (i) was publicly known and made generally available in the public domain prior to the time of disclosure by the disclosing party; (ii) becomes publicly known and made generally available after disclosure by the disclosing party to the receiving party through no action or inaction of the receiving party; (iii) is already in the possession of the receiving party at the time of disclosure by the disclosing party as shown by the receiving party’s files and records immediately prior to the time of disclosure; (iv) is obtained by the receiving party 

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from a third party without a breach of such third party’s obligations of confidentiality; (v) is independently developed by the receiving party without use of or reference to the disclosing party’s Confidential Information, as shown by documents and other competent evidence in the receiving party’s possession; or (vi) is required by law, including federal securities laws and the rules and regulations of the Principal Market, to be disclosed by the receiving party, provided that the receiving party gives the disclosing party prompt written notice of such requirement prior to such disclosure and assistance in obtaining an order protecting the information from public disclosure. 

(o)    “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

(p)     “DTC” means The Depository Trust Company, or any successor performing substantially the same function for the Company.

(q)    “DWAC Shares” means shares of Common Stock that are (i) issued in electronic form, (ii) freely tradable and transferable and without restriction on resale and (iii) timely credited by the Company to the Investor’s or its designee’s specified Deposit/Withdrawal at Custodian (DWAC) account with DTC under its Fast Automated Securities Transfer (FAST) Program or any similar program hereafter adopted by DTC performing substantially the same function. 

(r)     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

(s)    “Initial Prospectus Supplement” means the prospectus supplement to the Base Prospectus complying with Rule 424(b) under the Securities Act that is filed with the SEC and delivered by the Company to the Investor upon the execution and delivery of this Agreement in accordance with Section 5(a), including the documents incorporated by reference therein.

(t)    “Material Adverse Effect” means any material adverse effect on (i) the enforceability of any Transaction Document, (ii) the results of operations, assets, business or financial condition of the Company and its Subsidiaries, taken as a whole, other than any material adverse effect that resulted exclusively from (A) any change in the United States or foreign economies or securities or financial markets in general that does not have a disproportionate effect on the Company and its Subsidiaries, taken as a whole, (B) any change that generally affects the industry in which the Company and its Subsidiaries operate that does not have a disproportionate effect on the Company and its Subsidiaries, taken as a whole, (C) any change arising in connection with earthquakes, hostilities, acts of war, sabotage or terrorism or military actions or any escalation or material worsening of any such hostilities, acts of war, sabotage or terrorism or military actions existing as of the date hereof, (D) any action taken by the Investor, its affiliates or its or their successors and assigns with respect to the transactions contemplated by this Agreement, (E) the effect of any change in applicable laws or accounting rules that does not have a disproportionate effect on the Company and its Subsidiaries, taken as a whole, or (F) any change resulting from compliance with terms of this Agreement or the consummation of the transactions contemplated by this Agreement, or (iii) the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction Document to be performed as of the date of determination.

(u)    “Maturity Date” means the first day of the month immediately following the thirty-six (36) month anniversary of the Commencement Date.

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(v)    “Person” means an individual or entity including but not limited to any limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization and a government or any department or agency thereof. 

(w)    “Principal Market” means The NASDAQ Capital Market; provided however, that in the event the Company’s Common Stock is ever listed or traded on The NASDAQ Global Market, The NASDAQ Global Select Market, the New York Stock Exchange, the NYSE MKT, the NYSE Arca or the OTC Bulletin Board (it being understood that as used herein “OTC Bulletin Board” shall also mean any successor or comparable market quotation system or exchange to the OTC Bulletin Board such as the OTCQB operated by the OTC Markets Group, Inc.), then the “Principal Market” shall mean such other market or exchange on which the Company’s Common Stock is then listed or traded. 

(x)    “Prospectus” means the Base Prospectus, as supplemented by any Prospectus Supplement (including the Initial Prospectus Supplement), including the documents incorporated by reference therein.

(y)    “Prospectus Supplement” means any prospectus supplement to the Base Prospectus (including the Initial Prospectus Supplement) filed with the SEC pursuant to Rule 424(b) under the Securities Act in connection with the transactions contemplated by this Agreement, including the documents incorporated by reference therein.

(z)    “Purchase Amount” means, with respect to the Initial Purchase, any Regular Purchase or any Accelerated Purchase made hereunder, the portion of the Available Amount to be purchased by the Investor pursuant to Section 2 hereof. 

(aa)    “Purchase Date” means, with respect to any Regular Purchase made pursuant to Section 2(a) hereof, the Business Day on which the Investor receives by 4:30 p.m., Eastern time, of such Business Day a valid Regular Purchase Notice that the Investor is to buy Purchase Shares pursuant to Section 2(a) hereof. 

(bb)    “Purchase Price” means, with respect to any Regular Purchase made pursuant to Section 2(a) hereof, the lower of: (i) the lowest Sale Price of the Common Stock on the applicable Purchase Date and (ii) the arithmetic average of the three (3) lowest Closing Sale Prices for the Common Stock during the ten (10) consecutive Business Days ending on the Business Day immediately preceding such Purchase Date (in each case, to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction). 

(cc)    “Registration Statement” means the effective registration statement on Form S-3 (Commission File No. 333-188849) filed by the Company with the SEC pursuant to the Securities Act for the registration of shares of its Common Stock, including the Securities, and certain other securities, as such Registration Statement has been or may be amended and supplemented from time to time, including all documents filed as part thereof or incorporated by reference therein, and including all information deemed to be a part thereof at the time of effectiveness pursuant to Rule 430B of the Securities Act, including any comparable successor registration statement filed by the Company with the SEC pursuant to the Securities Act for the registration of shares of its Common Stock, including the Securities.

(dd)    “Regular Purchase Notice” means, with respect to any Regular Purchase pursuant to Section 2(a) hereof, an irrevocable written notice from the Company to the Investor directing the Investor to buy such applicable amount of Purchase Shares at the applicable Purchase Price as specified by the Company therein on the Purchase Date.  

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(ee)    “Sale Price” means any sale price for the shares of Common Stock on the Principal Market as reported by the Principal Market. 

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

(gg)    “Securities” means, collectively, the Purchase Shares and the Commitment Shares.

(hh)    “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

(ii)     “Signing Market Price” means $1.84, representing the consolidated closing bid price of the Common Stock on The NASDAQ Capital Market on the date of this Agreement.

(jj)    “Subsidiary” means any Person the Company wholly-owns or controls, or in which the Company, directly or indirectly, owns a majority of the voting stock or similar voting interest, in each case that would be disclosable pursuant to Item 601(b)(21) of Regulation S-K promulgated under the Securities Act.

(kk)    “Transaction Documents” means, collectively, this Agreement and the schedules and exhibits hereto, and each of the other agreements, documents, certificates and instruments entered into or furnished by the parties hereto in connection with the transactions contemplated hereby and thereby.

(ll)    “Transfer Agent” means Computershare Trust Company, N.A., or such other Person who is then serving as the transfer agent for the Company in respect of the Common Stock.

(mm)    “VWAP” means in respect of an applicable Accelerated Purchase Date, the volume weighted average price of the Common Stock on the Principal Market, as reported on the Principal Market.
2.  PURCHASE OF COMMON STOCK. 
Subject to the terms and conditions set forth in this Agreement, the Company has the right to sell to the Investor, and the Investor has the obligation to purchase from the Company, Purchase Shares as follows: 
(a)     Commencement of Regular Sales of Common Stock.  Upon the satisfaction of the conditions set forth in Sections 7 and 8 hereof (the “Commencement” and the date of satisfaction of such conditions the “Commencement Date”), the Investor shall purchase $5,000,000 worth of Purchase Shares (such purchase the “Initial Purchase” and such Purchase Shares the “Initial Purchase Shares”) at a price equal to $2.00 per share. Beginning one (1) Business Day following the Commencement Date, the Company shall have the right, but not the obligation, to direct the Investor, by its delivery to the Investor of a Regular Purchase Notice from time to time, to purchase up to Three Hundred Thousand (300,000) Purchase Shares (each such purchase a “Regular Purchase”), at the Purchase Price on the Purchase Date; provided, however, that (i) the Regular Purchase may be increased to up to Three Hundred Fifty Thousand (350,000) Purchase Shares, provided that the Closing Sale Price of the Common Stock is not below $3.00 on the Purchase Date, and (ii) the Regular Purchase may be increased to up to Four Hundred Thousand (400,000) Purchase Shares, provided that the Closing Sale Price of the Common Stock is not below $5.00 on the Purchase Date (all of which share amounts shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction); and provided, further, that the Investor’s committed obligation under any single Regular Purchase shall not exceed Two Million Dollars ($2,000,000) (which amount shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock 

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split or other similar transaction), unless the parties mutually agree to increase the dollar amount of any Regular Purchase on any Purchase Date at the applicable Purchase Price. If the Company delivers any Regular Purchase Notice for a Purchase Amount in excess of the limitations contained in the immediately preceding sentence, such Regular Purchase Notice shall be void ab initio to the extent of the amount by which the number of Purchase Shares set forth in such Regular Purchase Notice exceeds the number of Purchase Shares which the Company is permitted to include in such Purchase Notice in accordance herewith, and the Investor shall have no obligation to purchase such excess Purchase Shares in respect of such Regular Purchase Notice; provided that the Investor shall remain obligated to purchase the number of Purchase Shares which the Company is permitted to include in such Regular Purchase Notice. The Company may deliver multiple Regular Purchase Notices to the Investor so long as at least one (1) Business Day has passed since the most recent Regular Purchase was completed.     
(b)     Accelerated Purchases.  Subject to the terms and conditions of this Agreement, in addition to purchases of Purchase Shares as described in Section 2(a) above, the Company shall also have the right, but not the obligation, to direct the Investor by the Company’s delivery to the Investor of an Accelerated Purchase Notice from time to time, and the Investor thereupon shall have the obligation, to buy Purchase Shares at the Accelerated Purchase Price on the Accelerated Purchase Date in an amount equal to the Accelerated Purchase Share Amount (each such purchase, an “Accelerated Purchase”).  The Company may deliver an Accelerated Purchase Notice to the Investor only on a Purchase Date on which the Closing Sale Price is not below $2.00 (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction). If the Company delivers any Accelerated Purchase Notice for an Accelerated Purchase Share Amount in excess of the limitations contained in the definition of Accelerated Purchase Share Amount, such Accelerated Purchase Notice shall be void ab initio to the extent of the amount by which the number of Purchase Shares set forth in such Accelerated Purchase Notice exceeds the Accelerated Purchase Share Amount which the Company is permitted to include in such Accelerated Purchase Notice in accordance herewith (which shall be confirmed in an Accelerated Purchase Confirmation (defined below)), and the Investor shall have no obligation to purchase such excess Purchase Shares in respect of such Accelerated Purchase Notice; provided that the Investor shall remain obligated to purchase the Accelerated Purchase Share Amount which the Company is permitted to include in such Accelerated Purchase Notice. Within one (1) Business Day after completion of each Accelerated Purchase Date, the Accelerated Purchase Share Amount and the applicable Accelerated Purchase Price shall be set forth on a confirmation of the Accelerated Purchase to be provided to the Company by the Investor (an “Accelerated Purchase Confirmation”).
(c)     Payment for Purchase Shares.   For each Regular Purchase, the Investor shall pay to the Company an amount equal to the Purchase Amount with respect to such Regular Purchase as full payment for such Purchase Shares via wire transfer of immediately available funds on the same Business Day that the Investor receives such Purchase Shares, if such Purchase Shares are received by the Investor before 1:00 p.m., Eastern time, or, if such Purchase Shares are received by the Investor after 1:00 p.m., Eastern time, the next Business Day.  For each Accelerated Purchase, the Investor shall pay to the Company an amount equal to the Purchase Amount with respect to such Accelerated Purchase as full payment for such Purchase Shares via wire transfer of immediately available funds on the third Business Day following the date that the Investor receives such Purchase Shares.  If the Company or the Transfer Agent shall fail for any reason or for no reason to electronically transfer any Purchase Shares as DWAC Shares in respect of a Regular Purchase or Accelerated Purchase (as applicable) within three (3) Business Days following the receipt by the Company of the Purchase Price or Accelerated Purchase Price, respectively, therefor in compliance with this Section 2(c), and if on or after such Business Day the Investor purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Investor of such Purchase Shares that the Investor anticipated receiving from the Company in respect of such Regular Purchase or Accelerated Purchase (as applicable), then the Company shall, within three (3) Business Days after the 

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Investor’s request, either (i) pay cash to the Investor in an amount equal to the Investor’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased (the “Cover Price”), at which point the Company’s obligation to deliver such Purchase Shares as DWAC Shares shall terminate, or (ii) promptly honor its obligation to deliver to the Investor such Purchase Shares as DWAC Shares and pay cash to the Investor in an amount equal to the excess (if any) of the Cover Price over the total Purchase Price for such Regular Purchase plus the total Accelerated Purchase Price for such Accelerated Purchase (as applicable).  The Company shall not issue any fraction of a share of Common Stock upon any Regular Purchase or Accelerated Purchase.  If the issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up or down (or, in the case of one-half (1/2) share, shall round down) to the nearest whole share. All payments made under this Agreement shall be made in lawful money of the United States of America or wire transfer of immediately available funds to such account as the Company may from time to time designate by written notice in accordance with the provisions of this Agreement. Whenever any amount expressed to be due by the terms of this Agreement is due on any day that is not a Business Day, the same shall instead be due on the next succeeding day that is a Business Day.
(d)     Purchase Price Floor.   The Company and the Investor shall not effect any Regular Purchase under this Agreement on any Purchase Date that the Closing Sale Price is less than the Floor Price. "Floor Price" means $1.00, which shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction and, effective upon the consummation of any such reorganization, recapitalization, non-cash dividend, stock split or other similar transaction, the Floor Price shall mean the lower of (i) the adjusted price and (ii) $1.00.    
(e)    Compliance with Rules of Principal Market.  
(i)    Exchange Cap.  Subject to Section 2(e)(ii) below, the Company shall not issue or sell any shares of Common Stock pursuant to this Agreement, and the Investor shall not purchase or acquire any shares of Common Stock pursuant to this Agreement, to the extent that after giving effect thereto, the aggregate number of shares of Common Stock that would be issued pursuant to this Agreement would exceed the maximum number of shares of Common Stock that the Company may issue pursuant to this Agreement and the transactions contemplated hereby (taking into account all shares of Common Stock issued or issuable pursuant to any transaction or series of transactions that may be aggregated with the transactions contemplated by this Agreement under applicable rules of The NASDAQ Stock Market) without (A) breaching the Company’s obligations under the applicable rules of The NASDAQ Stock Market or (B) obtaining stockholder approval under the applicable rules of The NASDAQ Stock Market (the “Exchange Cap”), unless and until the Company elects to solicit stockholder approval of the transactions contemplated by this Agreement and the stockholders of the Company have in fact approved the transactions contemplated by this Agreement in accordance with the applicable rules and regulations of The NASDAQ Stock Market and the Certificate of Incorporation and Bylaws of the Company.  For the avoidance of doubt, the Company may, but shall be under no obligation to, request its stockholders to approve the transactions contemplated by this Agreement; provided, that if stockholder approval is not obtained in accordance with this Section 2(e)(i), the Exchange Cap shall be applicable for all purposes of this Agreement and the transactions contemplated hereby at all times during the term of this Agreement (except as set forth in Section 2(e)(ii) below).
(ii)    At-Market Transaction.  Notwithstanding Section 2(e)(i) above, the Exchange Cap shall not be applicable for any purposes of this Agreement and the transactions contemplated hereby, solely to the extent that (and only for so long as) the Average Price shall equal or exceed the Base Price (it being hereby acknowledged and agreed that the Exchange Cap shall be applicable for all purposes of this Agreement and the transactions contemplated hereby at all other times during the term of this Agreement, unless the stockholder approval referred to in Section 2(e)(i) is obtained).

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(iii)    General.  The Company shall not issue any shares of Common Stock pursuant to this Agreement if such issuance would reasonably be expected to result in (A) a violation of the Securities Act or (B) a breach of the rules and regulations of The NASDAQ Stock Market. The provisions of this Section 2(e) shall be implemented in a manner otherwise than in strict conformity with the terms hereof only if necessary to ensure compliance with the Securities Act and the rules and regulations of The NASDAQ Stock Market.
     (f)    Beneficial Ownership Limitation.  Notwithstanding anything to the contrary contained in this Agreement, the Company shall not issue or sell, and the Investor shall not purchase or acquire, any shares of Common Stock under this Agreement which, when aggregated with all other shares of Common Stock then beneficially owned by the Investor and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder) would result in the beneficial ownership by the Investor and its affiliates of more than 9.99% of the then issued and outstanding shares of Common Stock (the “Beneficial Ownership Limitation”). Upon the written or oral request of the Investor, the Company shall promptly (but not later than one (1) Business Day) confirm orally or in writing to the Investor the number of shares of Common Stock then outstanding. The Investor and the Company shall each cooperate in good faith in the determinations required hereby and the application hereof. The Investor’s written certification to the Company of the applicability of the Beneficial Ownership Limitation, and the resulting effect thereof hereunder at any time, shall be conclusive with respect to the applicability thereof and such result absent manifest error.
3.    INVESTOR'S REPRESENTATIONS AND WARRANTIES.

The Investor represents and warrants to the Company that as of the date hereof and as of the Commencement Date: 

(a)    Accredited Investor Status.  The Investor is an “accredited investor” as that term is defined in Rule 501(a)(3) of Regulation D promulgated under the Securities Act.

(b)    Information.  The Investor understands that its investment in the Securities involves a high degree of risk.  The Investor (i) is able to bear the economic risk of an investment in the Securities including a total loss thereof, (ii) has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the proposed investment in the Securities and (iii) has had an opportunity to ask questions of and receive answers from the officers of the Company concerning the financial condition and business of the Company and others matters related to an investment in the Securities.  Neither such inquiries nor any other due diligence investigations conducted by the Investor or its representatives shall modify, amend or affect the Investor's right to rely on the Company's representations and warranties contained in Section 4 below. The Investor has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Securities.

(c)    No Governmental Review.  The Investor understands that no U.S. federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of an investment in the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

(d)    Validity; Enforcement.  This Agreement has been duly and validly authorized, executed and delivered on behalf of the Investor and is a valid and binding agreement of the Investor enforceable against the Investor in accordance with its terms, subject as to enforceability to general principles of equity and to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors' rights and remedies. 

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(e)    Residency.  The Investor is a resident of the State of Illinois.

(f)    Certain Transactions and Confidentiality.  Other than consummating the transactions contemplated hereunder, Investor has not, nor has any Person acting on behalf of or pursuant to any understanding with Investor, directly or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that Investor first received a term sheet (written or oral) as of the Company or any other Person representing the Company setting forth the material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof.  Other than to other Persons party to this Agreement, Investor has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction). 
(g)    No Short Selling.  The Investor represents and warrants to the Company that at no time prior to the date of this Agreement has any of the Investor, its agents, representatives or affiliates engaged in or effected, in any manner whatsoever, directly or indirectly, any (i) "short sale" (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Stock or (ii) hedging transaction, which establishes a net short position with respect to the Common Stock.

4.    REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

The Company represents and warrants to the Investor that as of the date hereof and as of the Commencement Date:

(a)    Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite corporate power and authority to own and use its properties and assets and to carry on its business as currently conducted.  Neither the Company nor any Subsidiary is in violation or default of any of the provisions of its respective certificate or articles of formation or incorporation, bylaws or other organizational or charter documents.  Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in a Material Adverse Effect, and no proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.  The Company has no Subsidiaries except as set forth on Schedule 4(a).

(b)    Authorization; Enforcement; Validity.  (i) The Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and each of the other Transaction Documents, and to issue the Securities in accordance with the terms hereof and thereof, (ii) the execution and delivery of the Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby, including without limitation, the issuance of the Commitment Shares (as defined below in Section 5(e)) and the reservation for issuance and the issuance of the Purchase Shares issuable under this Agreement, have been duly authorized by the Company's Board of Directors and no further consent or authorization is required by the Company, its Board of Directors or its stockholders, (iii) this Agreement has been, and each other Transaction Document shall be on the Commencement Date, duly executed and delivered by the Company and (iv) this Agreement constitutes, and each other Transaction Document upon its execution on behalf of the Company, shall constitute, the valid and binding obligations 

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of the Company enforceable against the Company in accordance with their terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of creditors' rights and remedies. The Board of Directors of the Company has approved the resolutions (the “Signing Resolutions”) substantially in the form as set forth as Exhibit C attached hereto to authorize this Agreement and the transactions contemplated hereby.  The Signing Resolutions are valid, in full force and effect and have not been modified or supplemented in any respect.  The Company has delivered to the Investor a true and correct copy of signed Minutes of a meeting of the Board of Directors of the Company at which the Signing Resolutions were duly adopted by the Board of Directors or a unanimous written consent adopting the Signing Resolutions executed by all of the members of the Board of Directors of the Company.  Except as set forth in this Agreement, no other approvals or consents of the Company’s Board of Directors and/or stockholders is necessary under applicable laws and the Company’s Certificate of Incorporation and/or Bylaws to authorize the execution and delivery of this Agreement or any of the transactions contemplated hereby, including, but not limited to, the issuance of the Commitment Shares and the issuance of the Purchase Shares.

(c)    Capitalization.  As of the date hereof, the authorized capital stock of the Company is set forth on Schedule 4(c).  Except as disclosed in Schedule 4(c), (i) no shares of the Company's capital stock are subject to preemptive rights or any other similar rights or any liens or encumbrances suffered or permitted by the Company, (ii) there are no outstanding debt securities, (iii) there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, any shares of capital stock of the Company or any of its Subsidiaries, or contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to issue additional shares of capital stock of the Company or any of its Subsidiaries or options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, any shares of capital stock of the Company or any of its Subsidiaries, (iv) there are no agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of their securities under the Securities Act, (v) there are no outstanding securities or instruments of the Company or any of its Subsidiaries which contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to redeem a security of the Company or any of its Subsidiaries, (vi) there are no securities or instruments containing anti-dilution or similar provisions that will be triggered by the issuance of the Securities as described in this Agreement and (vii) the Company does not have any stock appreciation rights or "phantom stock" plans or agreements or any similar plan or agreement.  The Company has furnished to the Investor true and correct copies of the Company's Certificate of Incorporation, as amended and as in effect on the date hereof (the “Certificate of Incorporation”), and the Company's Bylaws, as amended and as in effect on the date hereof (the "Bylaws"), and summaries of the terms of all securities convertible into or exercisable for Common Stock, if any, and copies of any documents containing the material rights of the holders thereof in respect thereto.

(d)    Issuance of Securities.  Upon issuance and payment thereof in accordance with the terms and conditions of this Agreement, the Purchase Shares shall be validly issued, fully paid and nonassessable and free from all taxes, liens, charges, restrictions, rights of first refusal and preemptive rights with respect to the issue thereof, with the holders being entitled to all rights accorded to a holder of Common Stock.  The Commitment Shares (as defined below in Section 5(e)) have been duly authorized and, upon issuance in accordance with the terms of this Agreement, shall be validly issued, fully paid and nonassessable and free from all taxes, liens, charges, restrictions, rights of first refusal and preemptive rights with respect to the issue thereof, with the holders being entitled to all rights accorded to a holder of Common Stock. 40,000,000 

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shares of Common Stock have been duly authorized and reserved for issuance upon purchase under this Agreement as Purchase Shares. 

(e)    No Conflicts.  The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the reservation for issuance and issuance of the Purchase Shares and the Commitment Shares) will not (i) result in a violation of the Certificate of Incorporation, any Certificate of Designations, Preferences and Rights of any outstanding series of preferred stock of the Company or the Bylaws or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any of its Subsidiaries is a party, or result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations and the rules and regulations of the Principal Market applicable to the Company or any of its Subsidiaries) or by which any property or asset of the Company or any of its Subsidiaries is bound or affected, except in the case of conflicts, defaults, terminations, amendments, accelerations, cancellations and violations under clause (ii), which would not reasonably be expected to result in a Material Adverse Effect.  Neither the Company nor its Subsidiaries is in violation of any term of or in default under its Certificate of Incorporation, any Certificate of Designation, Preferences and Rights of any outstanding series of preferred stock of the Company or Bylaws or their organizational charter or Bylaws, respectively.  Neither the Company nor any of its Subsidiaries is in violation of any term of or is in default under any material contract, agreement, mortgage, indebtedness, indenture, instrument, judgment, decree or order or any statute, rule or regulation applicable to the Company or its Subsidiaries, except for possible conflicts, defaults, terminations or amendments which could not reasonably be expected to have a Material Adverse Effect.  The business of the Company and its Subsidiaries is not being conducted, and shall not be conducted, in violation of any law, ordinance, regulation of any governmental entity, except for possible violations, the sanctions for which either individually or in the aggregate could not reasonably be expected to have a Material Adverse Effect.  Except as specifically contemplated by this Agreement and as required under the Securities Act or applicable state securities laws and the rules and regulations of the Principal Market, the Company is not required to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency or any regulatory or self-regulatory agency in order for it to execute, deliver or perform any of its obligations under or contemplated by the Transaction Documents in accordance with the terms hereof or thereof.  Except as set forth elsewhere in this agreement, all consents, authorizations, orders, filings and registrations which the Company is required to obtain pursuant to the preceding sentence shall be obtained or effected on or prior to the Commencement Date.  Since one year prior to the date hereof, the Company has not received nor delivered any notices or correspondence from or to the Principal Market other than notices with respect to listings of additional shares of Common Stock and other routine correspondence.  To the knowledge of the Company, the Principal Market has not commenced any delisting proceedings against the Company.

(f)    SEC Documents; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the twelve months preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC Documents”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Documents prior to the expiration of any such extension.  As of their respective dates and to the Company’s knowledge, the SEC Documents complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable.   None of the SEC Documents, when filed, contained any untrue statement of a material fact or omitted to state a 

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material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the SEC Documents comply in all material respects with applicable accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing.  Such financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.  Except as publicly available through the SEC’s Electronic Data Gathering, Analysis, and Retrieval system (EDGAR) or in connection with a confidential treatment request submitted to the SEC, the Company has received no notices or correspondence from the SEC for the one year preceding the date hereof other than SEC comment letters relating to the Company’s filings under the Exchange Act and the Securities Act.  Except as disclosed in Schedule 4(f), there are no “open” SEC comments.  The SEC has not commenced any enforcement proceedings against the Company or any of its Subsidiaries.

(g)    Absence of Certain Changes.  Except as disclosed in the Registration Statement and the Prospectus, since December 31, 2012, there has been no material adverse change in the business, properties, operations, financial condition or results of operations of the Company or its Subsidiaries.  The Company has not taken any steps, and does not currently expect to take any steps, to seek protection pursuant to any Bankruptcy Law nor does the Company or any of its Subsidiaries have any knowledge or reason to believe that its creditors intend to initiate involuntary bankruptcy or insolvency proceedings.  The Company is financially solvent and is generally able to pay its debts as they become due. 

(h)    Absence of Litigation. Except as disclosed in the Registration Statement and the Prospectus, there is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the Company or any of its Subsidiaries, threatened against or affecting the Company, the Common Stock or any of the Company's Subsidiaries or any of the Company's or the Company's Subsidiaries' officers or directors in their capacities as such, which would reasonably be expected to have a Material Adverse Effect. 

(i)    Acknowledgment Regarding Investor's Status.  The Company acknowledges and agrees that the Investor is acting solely in the capacity of arm's length purchaser with respect to the Transaction Documents and the transactions contemplated hereby and thereby.  The Company further acknowledges that the Investor is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated hereby and thereby and any advice given by the Investor or any of its representatives or agents in connection with the Transaction Documents and the transactions contemplated hereby and thereby is merely incidental to the Investor's purchase of the Securities.  The Company further represents to the Investor that the Company's decision to enter into the Transaction Documents has been based solely on the independent evaluation by the Company and its representatives and advisors.

(j)    No Integrated Offering.  Neither the Company, nor any of its affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company in a manner that would require stockholder approval pursuant to the rules of the Principal Market on which any of the securities of the Company are listed or designated. The 

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issuance and sale of the Securities hereunder does not contravene the rules and regulations of the Principal Market.

 (k)    Intellectual Property Rights.  The Company and its Subsidiaries own or possess adequate rights or licenses to use all material trademarks, trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets and rights necessary to conduct their respective businesses as now conducted.  Except as disclosed in Schedule 4(k), none of the Company's material trademarks, trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals, government authorizations, trade secrets or other intellectual property rights have expired or terminated, or, by the terms and conditions thereof, could expire or terminate within two years from the date of this Agreement.  The Company and its Subsidiaries do not have any knowledge of any infringement by the Company or its Subsidiaries of any material trademark, trade name rights, patents, patent rights, copyrights, inventions, licenses, service names, service marks, service mark registrations, trade secret or other similar rights of others, or of any such development of similar or identical trade secrets or technical information by others and there is no claim, action or proceeding being made or brought against, or to the Company's knowledge, being threatened against, the Company or its Subsidiaries regarding trademark, trade name, patents, patent rights, invention, copyright, license, service names, service marks, service mark registrations, trade secret or other infringement, which could reasonably be expected to have a Material Adverse Effect.

(l)    Environmental Laws.  The Company and its Subsidiaries (i) are in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”), (ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (iii) are in compliance with all terms and conditions of any such permit, license or approval, except where, in each of the three foregoing clauses, the failure to so comply could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

(m)    Title.  The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all liens, encumbrances and defects (“Liens”) and, except for Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and Liens for the payment of federal, state or other taxes, the payment of which is neither delinquent nor subject to penalties.  Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance with such exceptions as are not material and do not interfere with the use made and proposed to be made of such property and buildings by the Company and its Subsidiaries.

(n)    Insurance.  The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company and its Subsidiaries are engaged.  Neither the Company nor any such Subsidiary has been refused any insurance coverage sought or applied for and neither the Company nor any such Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not materially and 

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adversely affect the condition, financial or otherwise, or the earnings, business or operations of the Company and its Subsidiaries, taken as a whole.

(o)    Regulatory Permits.  The Company and its Subsidiaries possess all material certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses, and neither the Company nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit.

(p)    Tax Status.  The Company and each of its Subsidiaries has made or filed all federal and state income and all other material tax returns, reports and declarations required by any jurisdiction to which it is subject (unless and only to the extent that the Company and each of its Subsidiaries has set aside on its books provisions reasonably adequate for the payment of all unpaid and unreported taxes) and has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except those being contested in good faith and has set aside on its books provision reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply.  There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company know of no basis for any such claim.

(q)    Transactions With Affiliates.  Except as set forth in the SEC Documents, since January 1, 2013, the Company has had no transaction with any related person required to be disclosed by the Company in accordance with Item 404 of Regulation S-K under the Exchange Act.

(r)    Application of Takeover Protections.  The Company and its board of directors have taken or will take prior to the Commencement Date all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Certificate of Incorporation or the laws of the state of its incorporation which is or could become applicable to the Investor as a result of the transactions contemplated by this Agreement, including, without limitation, the Company's issuance of the Securities and the Investor's ownership of the Securities.

(s)     Disclosure.  Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents that will be timely publicly disclosed by the Company, the Company confirms that neither it nor any other Person acting on its behalf has provided the Investor or its agents or counsel with any information that it believes constitutes or might constitute material, non-public information which is not otherwise disclosed in the Registration Statement or any Prospectus Supplements thereto.   The Company understands and confirms that the Investor will rely on the foregoing representation in effecting purchases and sales of securities of the Company.  All of the disclosure furnished by or on behalf of the Company to the Investor regarding the Company, its business and the transactions contemplated hereby, including the disclosure schedules to this Agreement, is true and correct in all material respects and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. The press releases disseminated by the Company during the twelve months preceding the date of this Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made and when made, not misleading.  The Company acknowledges and agrees that the Investor neither makes nor has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3 hereof.

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(t)    Foreign Corrupt Practices.   Neither the Company, nor to the knowledge of the Company, any agent or other Person acting on behalf of the Company, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company (or made by any Person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended.

(u)    Registration Statement.  The Company has prepared and filed with the SEC in accordance with the provisions of the Securities Act the Registration Statement. The Registration Statement was declared effective by order of the SEC on June 12, 2013. The Registration Statement is effective pursuant to the Securities Act and available for the issuance of the Securities thereunder, and the Company has not received any written notice that the SEC has issued or intends to issue a stop order or other similar order with respect to the Registration Statement or the Prospectus or that the SEC otherwise has (i) suspended or withdrawn the effectiveness of the Registration Statement or (ii) issued any order preventing or suspending the use of the Prospectus or any Prospectus Supplement, in either case, either temporarily or permanently or intends or has threatened in writing to do so. The “Plan of Distribution” section of the Prospectus permits the issuance of the Securities hereunder. At the time the Registration Statement and any amendments thereto became effective, at the date of this Agreement and at each deemed effective date thereof pursuant to Rule 430B(f)(2) of the Securities Act, the Registration Statement and any amendments thereto complied and will comply in all material respects with the requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; and the Base Prospectus and any Prospectus Supplement thereto, at the time such Base Prospectus or such Prospectus Supplement thereto was issued and on the Commencement Date, complied and will comply in all material respects with the requirements of the Securities Act and did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; provided that this representation and warranty does not apply to statements in or omissions from any Prospectus Supplement made in reliance upon and in conformity with information relating to the Investor furnished to the Company in writing by or on behalf of the Investor expressly for use therein. The Company meets all of the requirements for the use of a registration statement on Form S-3 pursuant to the Securities Act for the offering and sale of the Securities contemplated by this Agreement without reliance on General Instruction I.B.6. of Form S-3, and the SEC has not notified the Company of any objection to the use of the form of the Registration Statement pursuant to Rule 401(g)(1) of the Securities Act. The Registration Statement, as of its effective date, meets the requirements set forth in Rule 415(a)(1)(x) pursuant to the Securities Act. At the earliest time after the filing of the Registration Statement that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the Securities Act) relating to any of the Securities, the Company was not and is not an Ineligible Issuer (as defined in Rule 405 of the Securities Act).  The Company has not distributed any offering material in connection with the offering and sale of any of the Securities, and, until the Investor does not hold any of the Securities, shall not distribute any offering material in connection with the offering and sale of any of the Securities, to or by the Investor, in each case, other than the Registration Statement or any amendment thereto, the Prospectus or any Prospectus Supplement required pursuant to applicable law or the Transaction Documents. The Company has not made, and agrees that unless it obtains the prior written consent of the Investor it will not make, an offer relating to the Securities that would constitute a “free writing prospectus” as defined in Rule 405 under the Securities Act. The Company shall comply with the requirements of Rules 164 and 433 under the Securities Act applicable to any such free writing prospectus consented to by the 

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Investor, including in respect of timely filing with the SEC, legending and record keeping. The offering of the Securities pursuant to this Agreement qualifies for the exemption from the filing requirements of Rule 5110 of the Financial Industry Regulatory Authority (“FINRA”) afforded by FINRA Rule 5110(b)(7)(C)(i).

(v)    DTC Eligibility.  The Company, through the Transfer Agent, currently participates in the DTC Fast Automated Securities Transfer (FAST) Program and the Common Stock can be transferred electronically to third parties via the DTC Fast Automated Securities Transfer (FAST) Program.

(w)     Sarbanes-Oxley. The Company is in material compliance with all provisions of the Sarbanes-Oxley Act of 2002, as amended, which are applicable to it as of the date hereof. 
(x)    Certain Fees. Except as disclosed on Schedule 4(x), no brokerage or finder’s fees or commissions are or will be payable by the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. Except as disclosed on Schedule 4(x), the Investor shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section 4(x) that may be due in connection with the transactions contemplated by the Transaction Documents. 
(y)    Investment Company. The Company is not, and immediately after receipt of payment for the Securities will not be, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
(z)    Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common Stock pursuant to the Exchange Act nor has the Company received any notification that the SEC is currently contemplating terminating such registration. The Company has not, in the twelve (12) months preceding the date hereof, received any notice from the Principal Market to the effect that the Company is not in compliance with the listing or maintenance requirements of the Principal Market. The Company is in compliance with all such listing and maintenance requirements.
(aa)    Accountants.  The Company’s accountants are set forth in the SEC Documents and, to the knowledge of the Company, such accountants are an independent registered public accounting firm as required by the Securities Act.
(bb)    No Market Manipulation. The Company has not, and to its knowledge no Person acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company. 
(cc)    Shell Company Status. The Company is not currently, and has never been, an issuer identified in Rule 144(i)(1) under the Securities Act. 
5.    COVENANTS.

(a)    Filing of Current Report and Initial Prospectus Supplement.  The Company agrees that it shall, within the time required under the Exchange Act, file with the SEC a report on Form 8-K relating to 

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the transactions contemplated by, and describing the material terms and conditions of, the Transaction Documents (the “Current Report”). The Company further agrees that it shall, within the time required under Rule 424(b) under the Securities Act, file with the SEC the Initial Prospectus Supplement pursuant to Rule 424(b) under the Securities Act specifically relating to the transactions contemplated by, and describing the material terms and conditions of, the Transaction Documents, containing information previously omitted at the time of effectiveness of the Registration Statement in reliance on Rule 430B under the Securities Act, and disclosing all information relating to the transactions contemplated hereby required to be disclosed in the Registration Statement and the Prospectus as of the date of the Initial Prospectus Supplement, including, without limitation, information required to be disclosed in the section captioned “Plan of Distribution” in the Prospectus. The Investor acknowledges that it will be identified in the Initial Prospectus Supplement as an underwriter within the meaning of Section 2(a)(11) of the Securities Act. The Company shall permit the Investor to review and comment upon the Current Report and the Initial Prospectus Supplement at least two (2) Business Days prior to their filing with the SEC, the Company shall give due consideration to all such comments, and the Company shall not file the Current Report or the Initial Prospectus Supplement with the SEC in a form to which the Investor reasonably objects. The Investor shall use its reasonable best efforts to comment upon the Current Report and the Initial Prospectus Supplement within one (1) Business Day from the date the Investor receives the final pre-filing draft version thereof from the Company. The Investor shall furnish to the Company such information regarding itself, the Securities held by it and the intended method of distribution thereof, including any arrangement between the Investor and any other Person relating to the sale or distribution of the Securities, as shall be reasonably requested by the Company in connection with the preparation and filing of the Current Report and the Initial Prospectus Supplement, and shall otherwise cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of the Current Report and the Initial Prospectus Supplement with the SEC.

(b)    Blue Sky. The Company shall take all such action, if any, as is reasonably necessary in order to obtain an exemption for or to register or qualify (i) the issuance of the Commitment Shares and the sale of the Purchase Shares to the Investor under this Agreement and (ii) any subsequent resale of the Commitment Shares and all Purchase Shares by the Investor, in each case, under applicable securities or “Blue Sky” laws of the states of the United States in such states as is reasonably requested by the Investor from time to time, and shall provide evidence of any such action so taken to the Investor.

(c)    Listing/DTC.  The Company shall promptly secure the listing of all of the Purchase Shares and Commitment Shares to be issued to the Investor hereunder on the Principal Market (subject to official notice of issuance) and upon each other national securities exchange or automated quotation system, if any, upon which the Common Stock is then listed, and shall use commercially reasonable efforts to maintain, so long as any shares of Common Stock shall be so listed, such listing of all such Securities from time to time issuable hereunder. The Company shall use commercially reasonable efforts to maintain the listing of the Common Stock on the Principal Market and shall comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules and regulations of the Principal Market. Neither the Company nor any of its Subsidiaries shall take any action that would reasonably be expected to result in the delisting or suspension of the Common Stock on the Principal Market.  The Company shall promptly, and in no event later than the following Business Day, provide to the Investor copies of any notices it receives from the Principal Market regarding the continued eligibility of the Common Stock for listing on the Principal Market; provided, however, that the Company shall not be required to provide the Investor copies of any such notice that the Company reasonably believes constitutes material non-public information and the Company would not be required to publicly disclose such notice in any report or statement filed with the SEC under the Exchange Act (including on Form 8-K) or the Securities Act. The Company shall pay all fees and expenses in connection with satisfying its obligations under this Section 5(c).  The Company shall take all action necessary to ensure that its Common Stock can be transferred electronically as DWAC Shares.

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(d)    Prohibition of Short Sales and Hedging Transactions.  The Investor agrees that beginning on the date of this Agreement and ending on the date of termination of this Agreement as provided in Section 11, the Investor and its agents, representatives and affiliates shall not in any manner whatsoever enter into or effect, directly or indirectly, any (i) “short sale” (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Stock or (ii) hedging transaction, which establishes a net short position with respect to the Common Stock.  

(e)    Issuance of Commitment Shares.  In consideration for the Investor’s execution and delivery of this Agreement, the Company shall cause the Transfer Agent to issue, on the date of this Agreement, 631,221 shares of Common Stock (the “Commitment Shares”) directly to the Investor electronically as DWAC Shares and shall deliver to the Transfer Agent the Irrevocable Transfer Agent Instructions with respect to the issuance of the Commitment Shares.  For the avoidance of doubt, all of the Commitment Shares shall be fully earned as of the date of this Agreement, whether or not the Commencement shall occur or any Purchase Shares are purchased by the Investor under this Agreement and irrespective of any termination of this Agreement.  
 
(f)    Due Diligence; Non-Public Information.  The Investor shall have the right, from time to time as the Investor may reasonably deem appropriate and upon reasonable advance notice to the Company, to perform reasonable due diligence on the Company during normal business hours.  The Company and its officers and employees shall provide information and reasonably cooperate with the Investor in connection with any reasonable request by the Investor related to the Investor's due diligence of the Company.  Each party hereto agrees not to disclose any Confidential Information of the other party to any third party and shall not use the Confidential Information for any purpose other than in connection with, or in furtherance of, the transactions contemplated hereby.  Each party hereto acknowledges that the Confidential Information shall remain the property of the disclosing party and agrees that it shall take all reasonable measures to protect the secrecy of any Confidential Information disclosed by the other party. The Company confirms that neither it nor any other Person acting on its behalf shall provide the Investor or its agents or counsel with any information that constitutes or might constitute material, non-public information, unless a simultaneous public announcement thereof is made by the Company in the manner contemplated by Regulation FD. In the event of a breach of the foregoing covenant by the Company or any Person acting on its behalf (as determined in the reasonable good faith judgment of the Investor), in addition to any other remedy provided herein or in the other Transaction Documents, the Investor shall have the right to make a public disclosure, in the form of a press release, public advertisement or otherwise, of such material, non-public information without the prior approval by the Company; provided the Investor shall have first provided notice to the Company that it believes it has received information that constitutes material, non-public information, the Company shall have at least 24 hours to publicly disclose such material, non-public information prior to any such disclosure by the Investor, and the Company shall have failed to publicly disclose such material, non-public information within such time period. The Investor shall not have any liability to the Company, any of its Subsidiaries, or any of their respective directors, officers, employees, stockholders or agents, for any such disclosure. The Company understands and confirms that the Investor shall be relying on the foregoing covenants in effecting transactions in securities of the Company.
     (g)     Purchase Records. The Investor and the Company shall each maintain records showing the remaining Available Amount at any given time and the dates and Purchase Amounts for each Regular Purchase and Accelerated Purchase or shall use such other method, reasonably satisfactory to the Investor and the Company. 

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(h)    Taxes.   The Company shall pay any and all transfer, stamp or similar taxes that may be payable with respect to the issuance and delivery of any shares of Common Stock to the Investor made under this Agreement.  
    
(i)     Effective Registration Statement; Current Prospectus; Securities Law Compliance. The Company shall use its reasonable best efforts to keep the Registration Statement effective pursuant to Rule 415 promulgated under the Securities Act, and to keep the Registration Statement and the Prospectus current and available for issuances and sales of all of the Securities by the Company to the Investor, and for the resale by the Investor, at all times until the earlier of (i) the date on which the Investor shall have sold all the Securities and no Available Amount remains under this Agreement and (ii) 90 days following the Maturity Date (the "Registration Period"). Without limiting the generality of the foregoing, during the Registration Period, the Company shall (a) take all action necessary to cause the Common Stock to continue to be registered as a class of securities under Sections 12(b) or 12(g) of the Exchange Act, shall comply with its reporting and filing obligations under the Exchange Act, and shall not take any action or file any document (whether or not permitted by the Exchange Act) to terminate or suspend such registration or to terminate or suspend its reporting and filing obligations under the Exchange Act, and (b) prepare and file with the SEC, at the Company’s expense, such amendments (including, without limitation, post-effective amendments) to the Registration Statement and such Prospectus Supplements pursuant to Rule 424(b) under the Securities Act, in each case, as may be necessary to keep the Registration Statement effective pursuant to Rule 415 promulgated under the Securities Act, and to keep the Registration Statement and the Prospectus current and available for issuances and sales of all of the Securities by the Company to the Investor, and for the resale of all of the Securities by the Investor, at all times during the Registration Period (it being hereby acknowledged and agreed that the Company shall prepare and file with the SEC, at the Company’s expense, immediately prior to the third anniversary of the initial effective date of the Registration Statement (the “Renewal Date”), a new Registration Statement relating to the Securities, in a form satisfactory to the Investor and its counsel, and the Company shall use its reasonable best efforts to cause such Registration Statement to be declared effective within 180 days after the Renewal Date unless the Registration Period has lapsed). The Investor shall furnish to the Company such information regarding itself, the Securities held by it and the intended method of distribution thereof as shall be reasonably requested by the Company in connection with the preparation and filing of any such amendment to the Registration Statement (or new Registration Statement) or any such Prospectus Supplement, and shall otherwise cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of any such amendment to the Registration Statement (or new Registration Statement) or any such Prospectus Supplement. The Company shall comply with all applicable federal, state and foreign securities laws in connection with the offer, issuance and sale of the Securities contemplated by the Transaction Documents. Without limiting the generality of the foregoing, neither the Company nor any of its officers, directors or affiliates will take, directly or indirectly, any action designed or intended to stabilize or manipulate the price of any security of the Company, or which would reasonably be expected to cause or result in, stabilization or manipulation of the price of any security of the Company. 

(j)    Stop Orders.  The Company shall advise the Investor promptly (but in no event later than 24 hours) and shall confirm such advice in writing: (i) of the Company’s receipt of notice of any request by the SEC for amendment of or a supplement to the Registration Statement, the Prospectus, any Prospectus Supplement or for any additional information with respect thereto; (ii) of the Company’s receipt of notice of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or prohibiting or suspending the use of the Prospectus or any Prospectus Supplement, or of the Company’s receipt of any notification of the suspension of qualification of the Securities for offering or sale in any jurisdiction or the initiation or contemplated initiation of any proceeding for such purpose; and (iii) of the Company becoming aware of the happening of any event, which makes any statement of a material fact 

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made in the Registration Statement, the Prospectus or any Prospectus Supplement untrue or which requires the making of any additions to or changes to the statements then made in the Registration Statement, the Prospectus or any Prospectus Supplement in order to state a material fact required by the Securities Act to be stated therein or necessary in order to make the statements then made therein (in the case of the Prospectus or any Prospectus Supplement, in light of the circumstances under which they were made) not misleading, or of the necessity to amend the Registration Statement or supplement the Prospectus or any Prospectus Supplement to comply with the Securities Act or any other law. The Company shall not be required to disclose to the Investor the substance or specific reasons of any of the events set forth in clauses (i) through (iii) of the immediately preceding sentence, but rather, shall only be required to disclose that the event has occurred. The Company shall not deliver to the Investor any Regular Purchase Notice or Accelerated Purchase Notice, and the Investor shall not be obligated to purchase any shares of Common Stock under this Agreement, during the continuation or pendency of any of the foregoing events. If at any time the SEC shall issue any stop order suspending the effectiveness of the Registration Statement or prohibiting or suspending the use of the Prospectus or any Prospectus Supplement, the Company shall use its reasonable best efforts to obtain the withdrawal of such order at the earliest possible time. The Company shall furnish to the Investor, without charge, a copy of any correspondence from the SEC or the staff of the SEC to the Company or its representatives relating to the Registration Statement or the Prospectus, as the case may be.

(k)    Amendments to Registration Statement; Prospectus Supplements. Except as provided in this Agreement and other than periodic and current reports required to be filed pursuant to the Exchange Act, the Company shall not file with the SEC any amendment to the Registration Statement or any supplement to the Base Prospectus that refers to the Investor, the Transaction Documents or the transactions contemplated thereby (including, without limitation, any Prospectus Supplement filed in connection with the transactions contemplated by the Transaction Documents), in each case with respect to which (a) the Investor shall not previously have been advised and afforded the opportunity to review and comment thereon at least two (2) Business Days prior to filing with the SEC, as the case may be, (b) the Company shall not have given due consideration to any comments thereon received from the Investor or its counsel, or (c) the Investor shall reasonably object, unless the Company reasonably has determined that it is necessary to amend the Registration Statement or make any supplement to the Prospectus to comply with the Securities Act or any other applicable law or regulation, in which case the Company shall promptly (but in no event later than 24 hours) so inform the Investor, the Investor shall be provided with a reasonable opportunity to review and comment upon any disclosure referring to the Investor, the Transaction Documents or the transactions contemplated thereby, as applicable, and the Company shall expeditiously furnish to the Investor a copy thereof. In addition, for so long as, in the reasonable opinion of counsel for the Investor, the Prospectus is required to be delivered in connection with any acquisition or sale of Securities by the Investor, the Company shall not file any Prospectus Supplement with respect to the Securities without furnishing to the Investor as many copies of such Prospectus Supplement, together with the Prospectus, as the Investor may reasonably request.

(l)    Prospectus Delivery.  The Company consents to the use of the Prospectus (and of each Prospectus Supplement thereto) in accordance with the provisions of the Securities Act and with the securities or “blue sky” laws of the jurisdictions in which the Securities may be sold by the Investor, in connection with the offering and sale of the Securities and for such period of time thereafter as the Prospectus is required by the Securities Act to be delivered in connection with sales of the Securities. The Company will make available to the Investor upon request, and thereafter from time to time will furnish to the Investor, as many copies of the Prospectus (and each Prospectus Supplement thereto) as the Investor may reasonably request for the purposes contemplated by the Securities Act within the time during which the Prospectus is required by the Securities Act to be delivered in connection with sales of the Securities. If during such period of time any event shall occur that in the reasonable judgment of the Company and its counsel, or in the reasonable 

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judgment of the Investor and its counsel, is required to be set forth in the Registration Statement, the Prospectus or any Prospectus Supplement or should be set forth therein in order to make the statements made therein (in the case of the Prospectus or any Prospectus Supplement, in light of the circumstances under which they were made) not misleading, or if in the reasonable judgment of the Company and its counsel, or in the reasonable judgment of the Investor and its counsel, it is otherwise necessary to amend the Registration Statement or supplement the Prospectus or any Prospectus Supplement to comply with the Securities Act or any other applicable law or regulation, the Company shall forthwith prepare and, subject to Section 5(k) above, file with the SEC an appropriate amendment to the Registration Statement or an appropriate Prospectus Supplement and in each case shall expeditiously furnish to the Investor, at the Company’s expense, such amendment to the Registration Statement or such Prospectus Supplement, as applicable, as may be necessary to reflect any such change or to effect such compliance. The Company shall have no obligation to separately advise the Investor of, or deliver copies to the Investor of, the SEC Documents, all of which the Investor shall be deemed to have notice of.

(m)    Integration. From and after the date of this Agreement, the Company will not, and will use its reasonable best efforts to ensure that no Person acting on its behalf will, directly or indirectly, make any offers or sales of any security or solicit any offers to buy any security, under circumstances that would cause this offering of the Securities to be integrated with other offerings by the Company in a manner that would require stockholder approval pursuant to the rules of the Principal Market on which any of the securities of the Company are listed or designated, unless stockholder approval is obtained before the closing of such subsequent transaction in accordance with the rules of such Principal Market.

(n)    Use of Proceeds. The Company will use the net proceeds from the offering as described in the Prospectus.
(o)    Other Transactions. The Company shall not enter into, announce or recommend to its stockholders any agreement, plan, arrangement or transaction in or of which the terms thereof would restrict, materially delay, conflict with or impair the ability or right of the Company to perform its obligations under the Transaction Documents, including, without limitation, the obligation of the Company to deliver the Purchase Shares and the Commitment Shares to the Investor in accordance with the terms of the Transaction Documents.
(p)    Required Filings Relating to Purchases.  To the extent required under the Securities Act or under interpretations by the SEC thereof, as promptly as practicable after the close of each of the Company’s fiscal quarters (or on such other dates as required under the Securities Act or under interpretations by the SEC thereof), the Company shall prepare a Prospectus Supplement, which will set forth the number of Purchase Shares sold to the Investor during such quarterly period (or other relevant period), the purchase price for such Purchase Shares and the net proceeds received by the Company from such sales, and shall file such Prospectus Supplement with the SEC pursuant to Rule 424(b) under the Securities Act (and within the time periods required by Rule 424(b) and Rule 430B under the Securities Act). If any such quarterly Prospectus Supplement is not required to be filed under the Securities Act or under interpretations by the SEC thereof, the Company shall disclose the information referenced in the immediately preceding sentence in its annual report on Form 10-K or its quarterly report on Form 10-Q (as applicable) in respect of the quarterly period that ended immediately before the filing of such report in which sales of Purchase Shares were made to the Investor under this Agreement, and file such report with the SEC within the applicable time period required by the Exchange Act. The Company shall not file any Prospectus Supplement pursuant to this Section 5(p), and shall not file any report containing disclosure relating to such sales of Purchase Shares, unless a copy of such Prospectus Supplement or disclosure has been submitted to the Investor a reasonable period of time before the filing and the Investor has not reasonably objected thereto (it being 

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acknowledged and agreed that the Company shall not submit any portion of any Form 10-K or Form 10-Q other than the specific disclosure relating to any sales of Purchase Shares). The Company shall also furnish copies of all such Prospectus Supplements to each exchange or market in the United States on which sales of the Purchase Shares may be made as may be required by the rules or regulations of such exchange or market, if applicable.
(q)    No Variable Rate Transactions.  From the date of this Agreement until the Maturity Date (irrespective of any earlier termination of this Agreement), the Company shall be prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock Equivalents (or a combination of units thereof) for cash consideration involving a Variable Rate Transaction, other than in connection with an Exempt Issuance. “Common Stock Equivalents” means any securities of the Company or its Subsidiaries which entitle the holder thereof to acquire at any time shares of Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, shares of Common Stock. “Variable Rate Transaction” means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive additional shares of Common Stock or Common Stock Equivalents either (A) at a conversion price, exercise price or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the Common Stock at any time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Stock (including, without limitation, any “full ratchet” or “weighted average” anti-dilution provisions) or (ii) enters into any agreement, including, but not limited to, an “equity line of credit”, “at-the-market offering” or other continuous offering or similar offering of Common Stock or Common Stock Equivalents, whereby the Company may sell Common Stock or Common Stock Equivalents at a future determined price. “Exempt Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers, directors or vendors of the Company pursuant to any stock or option plan duly adopted for such purpose, by the Board of Directors or a majority of the members of a committee of directors established for such purpose, (b) securities upon the exercise or exchange of or conversion of any Purchase Shares or Commitment Shares issued hereunder and/or other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities, (c) securities issued pursuant to acquisitions or strategic transactions approved by the Board of Directors or a majority of the members of a committee of directors established for such purpose, which acquisitions or strategic transactions can have a Variable Rate Transaction component, provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities, (d) shares of Common Stock issued pursuant to (1) the At Market Issuance Sales Agreement, dated May 24, 2013, between the Company and MLV& Co. LLC or (2) the At Market Issuance Sales Agreement, dated May 24, 2013, between the Company and Maxim Group LLC, provided that such agreements have not been amended since the date of this Agreement to increase the number of shares of Common Stock that may be issuable pursuant thereto or to extend the term thereof, and (e) with the Investor’s prior written consent, which shall not be unreasonably withheld, warrants issued as part of units of securities issued by the Company in a firm-commitment underwritten public offering that contain customary “weighted-average” exercise price anti-dilution provisions (it being hereby 

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acknowledged and agreed that this Agreement shall not be deemed to constitute the Investor’s prior written consent thereto).
6.    TRANSFER AGENT INSTRUCTIONS.

  On the date of this Agreement, the Company shall issue to the Transfer Agent (and any subsequent transfer agent) irrevocable instructions, in the form substantially similar to those used by the Investor in substantially similar transactions, to issue the Purchase Shares and the Commitment Shares in accordance with the terms of this Agreement (the “Irrevocable Transfer Agent Instructions”). All Securities to be issued to or for the benefit of the Investor pursuant to this Agreement shall be issued as DWAC Shares. The Company warrants to the Investor that no instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section 6 will be given by the Company to the Transfer Agent with respect to the Securities, and the Securities shall otherwise be freely transferable on the books and records of the Company.

		
	7.
	CONDITIONS TO THE COMPANY'S RIGHT TO COMMENCE

SALES OF SHARES OF COMMON STOCK.

The right of the Company hereunder to commence sales of the Purchase Shares on the Commencement Date is subject to the satisfaction or, where legally permissible, the waiver of each of the following conditions:

(a)    The Investor shall have executed each of the Transaction Documents and delivered the same to the Company; 

(b)    No stop order with respect to the Registration Statement shall be pending or threatened by the SEC;

(c)    All federal, state, local and foreign governmental laws, rules and regulations applicable to the transactions contemplated by the Transaction Documents and necessary for the execution, delivery and performance of the Transaction Documents and the consummation of the transactions contemplated thereby in accordance with the terms thereof shall have been complied with, and all consents, authorizations and orders of, and all filings and registrations with, all federal, state, local and foreign courts or governmental agencies and all federal, state, local and foreign regulatory or self-regulatory agencies necessary for the execution, delivery and performance of the Transaction Documents and the consummation of the transactions contemplated thereby in accordance with the terms thereof shall have been obtained or made, including, without limitation, in each case those required prior to the commencement of sales of Purchase Shares under the Securities Act, the Exchange Act, applicable state securities or “Blue Sky” laws or applicable rules and regulations of the Principal Market or otherwise required by the SEC, the Principal Market, or any state securities regulators; 

(d)    No statute, regulation, order, decree, writ, ruling or injunction shall have been enacted, entered, promulgated, threatened or endorsed by any federal, state or local court or governmental authority of competent jurisdiction which prohibits the consummation of or which would materially modify or delay any of the transactions contemplated by the Transaction Documents; 

(e)    All Securities to be issued by the Company to the Investor under the Transaction Documents shall have been approved for listing on the Principal Market in accordance with the applicable rules and regulations of the Principal Market, subject only to official notice of issuance; and 

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(f)    The representations and warranties of the Investor shall be true and correct in all material respects as of the date hereof and as of the Commencement Date as though made at that time.

		
	8.
	CONDITIONS TO THE INVESTOR'S OBLIGATION TO PURCHASE SHARES OF COMMON STOCK.

The obligation of the Investor to buy Purchase Shares under this Agreement is subject to the satisfaction or, where legally permissible, the waiver of each of the following conditions on or prior to the Commencement Date and, once such conditions have been initially satisfied, there shall not be any ongoing obligation to satisfy such conditions after the Commencement has occurred:

(a)    The Company shall have executed each of the Transaction Documents and delivered the same to the Investor;

(b)    The Common Stock shall be listed on the Principal Market and all Securities to be issued by the Company to the Investor pursuant to this Agreement shall have been approved for listing on the Principal Market in accordance with the applicable rules and regulations of the Principal Market, subject only to official notice of issuance;

(c)    The Investor shall have received the opinions of the Company's legal counsel dated as of the Commencement Date substantially in the forms agreed to prior to the date of this Agreement by the Company’s legal counsel and the Investor’s legal counsel;

(d)    The representations and warranties of the Company shall be true and correct in all material respects (except to the extent that any of such representations and warranties is already qualified as to materiality in Section 4 above, in which case, such representations and warranties shall be true and correct without further qualification) as of the date when made and as of the Commencement Date as though made at that time (except for representations and warranties that speak as of a specific date) and the Company shall have performed, satisfied and complied with the covenants, agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by the Company at or prior to the Commencement Date.  The Investor shall have received a certificate, executed by the CEO, President or CFO of the Company, dated as of the Commencement Date, to the foregoing effect in the form attached hereto as Exhibit A;

(e)    (e)    The Board of Directors of the Company shall have adopted resolutions in the form attached hereto as Exhibit C which shall be in full force and effect without any amendment or supplement thereto as of the Commencement Date;   

(f)    As of the Commencement Date, the Company shall have reserved out of its authorized and unissued Common Stock, solely for the purpose of effecting purchases of Purchase Shares hereunder, 40,000,000 shares of Common Stock;

(g)    The Irrevocable Transfer Agent Instructions shall have been delivered to and acknowledged in writing by the Company and the Company's Transfer Agent (or any successor transfer agent), and the Commitment Shares required to be issued on the date of this Agreement in accordance with Section 5(e) hereof shall have been issued directly to the Investor electronically as DWAC Shares;

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(h)    The Company shall have delivered to the Investor a certificate evidencing the incorporation and good standing of the Company in the State of Delaware issued by the Secretary of State of the State of Delaware as of a date within ten (10) Business Days of the Commencement Date;

(i)    The Company shall have delivered to the Investor a certified copy of the Certificate of Incorporation as certified by the Secretary of State of the State of Delaware within ten (10) Business Days of the Commencement Date;

(j)    The Company shall have delivered to the Investor a secretary's certificate executed by the Secretary of the Company, dated as of the Commencement Date, in the form attached hereto as Exhibit B;

(k)    The Registration Statement shall continue to be effective and no stop order with respect to the Registration Statement shall be pending or threatened by the SEC. The Company shall have a maximum dollar amount certain of Common Stock registered under the Registration Statement which is sufficient to issue to the Investor not less than (i) the full Available Amount worth of Purchase Shares plus (ii) all of the Commitment Shares. The Current Report and the Initial Prospectus Supplement each shall have been filed with the SEC, as required pursuant to Section 5(a), and copies of the Prospectus shall have been delivered to the Investor in accordance with Section 5(m) hereof. The Prospectus shall be current and available for issuances and sales of all of the Securities by the Company to the Investor, and for the resale of all of the Securities by the Investor. Any other Prospectus Supplements required to have been filed by the Company with the SEC under the Securities Act at or prior to the Commencement Date shall have been filed with the SEC within the applicable time periods prescribed for such filings under the Securities Act. All reports, schedules, registrations, forms, statements, information and other documents required to have been filed by the Company with the SEC at or prior to the Commencement Date pursuant to the reporting requirements of the Exchange Act shall have been filed with the SEC within the applicable time periods prescribed for such filings under the Exchange Act;

(l)    No Event of Default (as defined below) has occurred, or any event which, after notice and/or lapse of time, would become an Event of Default has occurred;

(m)    All federal, state and local governmental laws, rules and regulations applicable to the transactions contemplated by the Transaction Documents and necessary for the execution, delivery and performance of the Transaction Documents and the consummation of the transactions contemplated thereby in accordance with the terms thereof shall have been complied with, and all consents, authorizations and orders of, and all filings and registrations with, all federal, state and local courts or governmental agencies and all federal, state and local regulatory or self-regulatory agencies necessary for the execution, delivery and performance of the Transaction Documents and the consummation of the transactions contemplated thereby in accordance with the terms thereof shall have been obtained or made, including, without limitation, in each case those required under the Securities Act, the Exchange Act, applicable state securities or “Blue Sky” laws or applicable rules and regulations of the Principal Market, or otherwise required by the SEC, the Principal Market or any state securities regulators; 

(n)    No statute, regulation, order, decree, writ, ruling or injunction shall have been enacted, entered, promulgated, threatened or endorsed by any federal, state, local or foreign court or governmental authority of competent jurisdiction which prohibits the consummation of or which would materially modify or delay any of the transactions contemplated by the Transaction Documents; and

(o)    No action, suit or proceeding before any federal, state, local or foreign arbitrator or any court or governmental authority of competent jurisdiction shall have been commenced or threatened, and 

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no inquiry or investigation by any federal, state, local or foreign governmental authority of competent jurisdiction shall have been commenced or threatened, against the Company, or any of the officers, directors or affiliates of the Company, seeking to restrain, prevent or change the transactions contemplated by the Transaction Documents, or seeking material damages in connection with such transactions.

		
	9.
	INDEMNIFICATION.  

In consideration of the Investor's execution and delivery of the Transaction Documents and acquiring the Securities hereunder and in addition to all of the Company's other obligations under the Transaction Documents, the Company shall defend, protect, indemnify and hold harmless the Investor and all of its affiliates, stockholders, officers, directors, employees and direct or indirect investors and any of the foregoing Person's agents or other representatives (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the “Indemnitees”) from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any such Indemnitee is a party to the action for which indemnification hereunder is sought), and including reasonable attorneys' fees and disbursements (the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising out of, or relating to: (a) any misrepresentation or breach of any representation or warranty made by the Company in the Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby, (b) any breach of any covenant, agreement or obligation of the Company contained in the Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby, (c) any cause of action, suit or claim brought or made against such Indemnitee and arising out of or resulting from the execution, delivery, performance or enforcement of the Transaction Documents or any other certificate, instrument or  document contemplated hereby or thereby, (d) any violation of the Securities Act, the Exchange Act, state securities or “Blue Sky” laws, or the rules and regulations of the Principal Market in connection with the transactions contemplated by the Transaction Documents by the Company or any of its Subsidiaries, affiliates, officers, directors or employees, (e) any untrue statement or alleged untrue statement of a material fact contained, or incorporated by reference, in the Registration Statement or any amendment thereto or any omission or alleged omission to state therein, or in any document incorporated by reference therein, a material fact required to be stated therein or necessary to make the statements therein not misleading, or (f) any untrue statement or alleged untrue statement of a material fact contained, or incorporated by reference, in the Prospectus, or any omission or alleged omission to state therein, or in any document incorporated by reference therein, a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that (I) the indemnity contained in clause (c) of this Section 9 shall not apply to any Indemnified Liabilities which directly and primarily result from the fraud, gross negligence or willful misconduct of an Indemnitee, (II) the indemnity contained in clauses (d), (e) and (f) of this Section 9 shall not apply to any Indemnified Liabilities to the extent, but only to the extent, arising out of or based upon any untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Investor expressly for use in any Prospectus Supplement (it being hereby acknowledged and agreed that the written information set forth on Exhibit D attached hereto is the only written information furnished to the Company by or on behalf of the Investor expressly for use in the Initial Prospectus Supplement), if the Prospectus was timely made available by the Company to the Investor pursuant to Section 5(l), (III) the indemnity contained in clauses (d), (e) and (f) of this Section 9 shall not inure to the benefit of the Investor to the extent such Indemnified Liabilities are based on a failure of the Investor to deliver or to cause to be delivered the Prospectus made available by the Company, if such Prospectus was timely made available by the Company pursuant to Section 5(l), and if delivery of the Prospectus would have cured the defect giving rise to such Indemnified Liabilities, and (IV) the indemnity in this Section 9 shall not apply to amounts paid in settlement of any claim if such settlement is effected without the prior written consent 

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of the Company, which consent shall not be unreasonably withheld, conditioned or delayed. To the extent that the foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law.  Payment under this indemnification shall be made within thirty (30) days from the date Investor makes written request for it. A certificate containing reasonable detail as to the amount of such indemnification submitted to the Company by Investor shall be conclusive evidence, absent manifest error, of the amount due from the Company to Investor. If any action shall be brought against any Indemnitee in respect of which indemnity may be sought pursuant to this Agreement, such Indemnitee shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Indemnitee. Any Indemnitee shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnitee, except to the extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable written opinion of such separate counsel furnished to the Company, a material conflict on any material issue between the position of the Company and the position of such Indemnitee, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel.

10.    EVENTS OF DEFAULT.  

An “Event of Default” shall be deemed to have occurred at any time as any of the following events occurs:

(a)    the effectiveness of the Registration Statement registering the Securities lapses for any reason (including, without limitation, the issuance of a stop order or similar order) or the Registration Statement or the Prospectus is unavailable for the sale by the Company to the Investor (or the resale by the Investor) of any or all of the Securities to be issued to the Investor under the Transaction Documents (including, without limitation, as a result of any failure of the Company to satisfy all of the requirements for the use of a registration statement on Form S-3 pursuant to the Securities Act for the offering and sale of the Securities contemplated by this Agreement), and such lapse or unavailability continues for a period of ten (10) consecutive Business Days or for more than an aggregate of thirty (30) Business Days in any 365-day period;

(b)    the suspension of the Common Stock from trading or the failure of the Common Stock to be listed on the Principal Market for a period of one (1) Business Day, provided that the Company may not direct the Investor to purchase any shares of Common Stock during any such suspension;

(c)    the delisting of the Common Stock from The NASDAQ Capital Market, provided, however, that the Common Stock is not immediately thereafter trading on the New York Stock Exchange, The NASDAQ Global Market, The NASDAQ Global Select Market, the NYSE MKT, the NYSE Arca, the OTC Bulletin Board or OTC Markets (or nationally recognized successor to any of the foregoing);

(d)    the failure for any reason by the Transfer Agent to issue Purchase Shares to the Investor within three (3) Business Days after the applicable Purchase Date or Accelerated Purchase Date (as applicable) which the Investor is entitled to receive such Securities;

(e)    the Company breaches any representation, warranty, covenant or other term or condition under any Transaction Document if such breach could have a Material Adverse Effect and except, in the 

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case of a breach of a covenant which is reasonably curable, only if such breach continues for a period of at least five (5) Business Days;

(f)    if any Person commences a proceeding against the Company pursuant to or within the meaning of any Bankruptcy Law; 

(g)    if the Company, pursuant to or within the meaning of any Bankruptcy Law, (i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property, or (iv) makes a general assignment for the benefit of its creditors or is generally unable to pay its debts as the same become due; 

(h)    a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against the Company in an involuntary case, (ii) appoints a Custodian of the Company or for all or substantially all of its property, or (iii) orders the liquidation of the Company or any Subsidiary;

(i)    if at any time the Company is not eligible to transfer its Common Stock electronically as DWAC Shares; or 

(j)    if at any time after the Commencement Date, the Exchange Cap is reached (to the extent the Exchange Cap is applicable pursuant to Section 2(e) hereof).

In addition to any other rights and remedies under applicable law and this Agreement, so long as an Event of Default has occurred and is continuing, or if any event which, after notice and/or lapse of time, would become an Event of Default, has occurred and is continuing, or so long as the Closing Sale Price is below the Floor Price, the Company shall not deliver to the Investor any Regular Purchase Notice or Accelerated Purchase Notice, and the Investor shall not purchase any shares of Common Stock under this Agreement.

11.    TERMINATION

This Agreement may be terminated only as follows: 

(a)    If pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary case or any Person commences a proceeding against the Company, a Custodian is appointed for the Company or for all or substantially all of its property, or the Company makes a general assignment for the benefit of its creditors (any of which would be an Event of Default as described in Sections 10(f), 10(g) and 10(h) hereof), this Agreement shall automatically terminate without any liability or payment to the Company (except as set forth below) without further action or notice by any Person.  

(b)    In the event that the Commencement shall not have occurred on or before November 30, 2014, due to the failure to satisfy the conditions set forth in Sections 7 and 8 above with respect to the Commencement, either the Company or the Investor shall have the option to terminate this Agreement at the close of business on such date or thereafter without liability of any party to any other party (except as set forth below); provided, however, that the right to terminate this Agreement under this Section 11(b) shall not be available to any party if such party is then in breach of any covenant or agreement contained in this Agreement or any representation or warranty of such party contained in this Agreement fails to be true and correct such that the conditions set forth in Section 7(c) or Section 8(d), as applicable, could not then be satisfied. 

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(c)     At any time after the Commencement Date, the Company shall have the option to terminate this Agreement for any reason or for no reason by delivering notice (a “Company Termination Notice”) to the Investor electing to terminate this Agreement without any liability whatsoever of any party to any other party under this Agreement (except as set forth below).  The Company Termination Notice shall not be effective until one (1) Business Day after it has been received by the Investor.  

(d)    This Agreement shall automatically terminate on the date that the Company sells and the Investor purchases the full Available Amount as provided herein, without any action or notice on the part of any party and without any liability whatsoever of any party to any other party under this Agreement (except as set forth below).

(e)    If for any reason or for no reason the full Available Amount has not been purchased in accordance with Section 2 of this Agreement by the Maturity Date, this Agreement shall automatically terminate on the Maturity Date, without any action or notice on the part of any party and without any liability whatsoever of any party to any other party under this Agreement (except as set forth below). 

Except as set forth in Sections 11(a) (in respect of an Event of Default under Sections 10(f), 10(g) and 10(h)), 11(d) and 11(e), any termination of this Agreement pursuant to this Section 11 shall be effected by written notice from the Company to the Investor, or the Investor to the Company, as the case may be, setting forth the basis for the termination hereof.  The representations and warranties and covenants of the Company and the Investor contained in Sections 3, 4, 5, and 6 hereof, the indemnification provisions set forth in Section 9 hereof and the agreements and covenants set forth in Sections 10, 11 and 12, shall survive the Commencement and any termination of this Agreement.  No termination of this Agreement shall (i) affect the Company's or the Investor's rights or obligations under this Agreement with respect to pending Regular Purchases and Accelerated Purchases and the Company and the Investor shall complete their respective obligations with respect to any pending Regular Purchases and Accelerated Purchases under this Agreement or (ii) be deemed to release the Company or the Investor from any liability for intentional misrepresentation or willful breach of any of the Transaction Documents.

12.    MISCELLANEOUS.

(a)    Governing Law; Jurisdiction; Jury Trial.  The corporate laws of the State of Delaware shall govern all issues concerning the relative rights of the Company and its stockholders. All other questions concerning the construction, validity, enforcement and interpretation of this Agreement and the other Transaction Documents shall be governed by the internal laws of the State of Illinois, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Illinois or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Illinois.  Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of Illinois, County of Cook, for the adjudication of any dispute hereunder or under the other Transaction Documents or in connection herewith or therewith, or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.  Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION 

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OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

(b)    Counterparts.  This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile signature or signature delivered by e-mail in a “.pdf” format data file shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original signature.

(c)    Headings.  The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.

(d)    Severability.  If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction.

(e)    Entire Agreement; Amendment.  This Agreement supersedes all other prior oral or written agreements between the Investor, the Company, their affiliates and Persons acting on their behalf with respect to the subject matter hereof, and this Agreement, the other Transaction Documents and the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor the Investor makes any representation, warranty, covenant or undertaking with respect to such matters.  The Company acknowledges and agrees that is has not relied on, in any manner whatsoever, any representations or statements, written or oral, other than as expressly set forth in the Transaction Documents. No provision of this Agreement may be amended other than by a written instrument signed by both parties hereto.

(f)    Notices.  Any notices, consents or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt when delivered personally; (ii) upon receipt when sent by facsimile or email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses for such communications shall be:

If to the Company:
Galena Biopharma, Inc.
4640 SW Macadam Ave., Suite 270
Portland, Oregon 97239
Telephone:    855-855-4253
Facsimile:    855-400-6611
Email:        mschwartz@galenabiopharma.com
Attention:      Mark W. Schwartz, Ph.D.

With a copy (which shall not constitute notice or service of process) to:
TroyGould PC
1801 Century Park East, 16th Floor
Los Angeles, California 90067
Telephone:    310-553-4441
Facsimile:    310-201-4746

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Email:        dshort@troygould.com
Attention:    Dale E. Short, Esq.

If to the Investor:
Lincoln Park Capital Fund, LLC
440 North Wells, Suite 410
Chicago, IL 60654
Telephone:    312-822-9300
Facsimile:    312-822-9301
Email:        jscheinfeld@lpcfunds.com/jcope@lpcfunds.com
Attention:    Josh Scheinfeld/Jonathan Cope

With a copy (which shall not constitute notice or service of process) to:
Greenberg Traurig, LLP 
The MetLife Building
200 Park Avenue
New York, NY 10166
Telephone:    212-801-9200
Facsimile:     212-801-6400 
Email:        marsicoa@gtlaw.com
Attention:    Anthony J. Marsico, Esq.

If to the Transfer Agent:
Computershare Trust Company, N.A.
250 Royall Street
Canton, MA 02021
Telephone:     800-962-4284
Facsimile:      303-262-0610
Attention:       Adam Burnham

or at such other address and/or facsimile number and/or to the attention of such other Person as the recipient party has specified by written notice given to each other party three (3) Business Days prior to the effectiveness of such change.  Written confirmation of receipt (A) given by the recipient of such notice, consent or other communication, (B) mechanically or electronically generated by the sender's facsimile machine or email account containing the time, date, and recipient facsimile number or email address, as applicable, and an image of the first page of such transmission or (C) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

(g)    Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns.  The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investor, including by merger or consolidation.  The Investor may not assign its rights or obligations under this Agreement.

(h)    No Third Party Beneficiaries.  This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

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(i)    Publicity.  The Company shall afford the Investor and its counsel with the opportunity to review and comment upon, shall consult with the Investor and its counsel on the form and substance of, and shall give due consideration to all such comments from the Investor or its counsel on, any press release, SEC filing or any other public disclosure by or on behalf of the Company relating to the Investor, its purchases hereunder or any aspect of the Transaction Documents or the transactions contemplated thereby, not less than 24 hours prior to the issuance, filing or public disclosure thereof. The Investor must be provided with a final version of any such press release, SEC filing or other public disclosure at least 24 hours prior to any release, filing or use by the Company thereof. The Company agrees and acknowledges that its failure to fully comply with this provision constitutes a Material Adverse Effect.  

(j)    Further Assurances.  Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

(k)    No Financial Advisor, Placement Agent, Broker or Finder.    The Company represents and warrants to the Investor that, except as disclosed in Schedule 4(x), it has not engaged any financial advisor, placement agent, broker or finder in connection with the transactions contemplated hereby.  The Investor represents and warrants to the Company that it has not engaged any financial advisor, placement agent, broker or finder in connection with the transactions contemplated hereby.  The Company shall be responsible for the payment of any fees or commissions, if any, of any financial advisor, placement agent, broker or finder relating to or arising out of the transactions contemplated hereby.  The Company shall pay, and hold the Investor harmless against, any liability, loss or expense (including, without limitation, reasonable attorneys' fees and out of pocket expenses) arising in connection with any such claim.

(l)    No Strict Construction.  The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

(m)    Remedies, Other Obligations, Breaches and Injunctive Relief.  The Investor’s remedies provided in this Agreement, including, without limitation, the Investor’s remedies provided in Section 9, shall be cumulative and in addition to all other remedies available to the Investor under this Agreement, at law or in equity (including a decree of specific performance and/or other injunctive relief), no remedy of the Investor contained herein shall be deemed a waiver of compliance with the provisions giving rise to such remedy and nothing herein shall limit the Investor's right to pursue actual damages for any failure by the Company to comply with the terms of this Agreement.  The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Investor and that the remedy at law for any such breach may be inadequate.  The Company therefore agrees that, in the event of any such breach or threatened breach, the Investor shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being required.

(n)    Enforcement Costs.  If: (i) this Agreement is placed by the Investor in the hands of an attorney for enforcement or is enforced by the Investor through any legal proceeding; (ii) an attorney is retained to represent the Investor in any bankruptcy, reorganization, receivership or other proceedings affecting creditors' rights and involving a claim under this Agreement; or (iii) an attorney is retained to represent the Investor in any other proceedings whatsoever in connection with this Agreement, then the Company shall pay to the Investor, as incurred by the Investor, all reasonable costs and expenses including reasonable attorneys' fees incurred in connection therewith, in addition to all other amounts due hereunder.  If this Agreement is placed 

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by the Company in the hands of an attorney for enforcement or is enforced by the Company through any legal proceeding, then the Investor shall pay to the Company, as incurred by the Company, all reasonable costs and expenses including reasonable attorneys' fees incurred in connection therewith, in addition to all other amounts due hereunder.

(o)    Waivers.  No provision of this Agreement may be waived other than in a written instrument signed by the party against whom enforcement of such waiver is sought.  No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.

*     *     *     *     *

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NY 244821619v5

IN WITNESS WHEREOF, the Investor and the Company have caused this Agreement to be duly executed as of the date first written above.

THE COMPANY:

GALENA BIOPHARMA, INC.

By:   /s/   Mark W. Schwartz           
Name: Mark W. Schwartz, Ph.D.
Title: President and Chief Executive Officer

INVESTOR:

LINCOLN PARK CAPITAL FUND, LLC
BY: LINCOLN PARK CAPITAL, LLC
BY: ALEX NOAH INVESTORS, INC. 

By:  /s/    Jonathan Cope                
Name: Jonathan Cope
Title: President

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NY 244821619v5

SCHEDULES

Schedule 4(a)    Subsidiaries
Schedule 4(c)    Capitalization
Schedule 4(f)    SEC Comments
Schedule 4(k)    Intellectual Property
Schedule 4(x)     Agent Fees

EXHIBITS

		
	Exhibit A
	Form of Officer’s Certificate

		
	Exhibit B
	Form of Secretary’s Certificate

		
	Exhibit C
	Form of Resolutions of the Board of Directors of the Company

		
	Exhibit D
	Information About Investor Furnished to the Company

DISCLOSURE SCHEDULES

Schedule 4(a) – Subsidiaries

Schedule 4(c) – Capitalization

Schedule 4(f) - SEC Comments

Schedule 4(k) – Intellectual Property

Schedule 4(x) – Agent Fees

EXHIBIT A

FORM OF OFFICER’S CERTIFICATE

This Officer’s Certificate (“Certificate”) is being delivered pursuant to Section 8(d) of that certain Purchase Agreement dated as of November 18, 2014, (“Purchase Agreement”), by and between GALENA BIOPHARMA, INC., a Delaware corporation (the “Company”), and LINCOLN PARK CAPITAL FUND, LLC (the “Investor”).  Terms used herein and not otherwise defined shall have the meanings ascribed to them in the Purchase Agreement.

The undersigned, Mark W. Schwartz, Ph.D., President and Chief Executive Officer of the Company, hereby certifies, on behalf of the Company and not in his individual capacity, as follows:

1.    I am the President and Chief Executive Officer of the Company and make the statements contained in this Certificate;

2.    The representations and warranties of the Company are true and correct in all material respects (except to the extent that any of such representations and warranties is already qualified as to materiality in Section 4 of the Purchase Agreement, in which case, such representations and warranties are true and correct without further qualification) as of the date when made and as of the Commencement Date as though made at that time (except for representations and warranties that speak as of a specific date);

3.    The Company has performed, satisfied and complied in all material respects with covenants, agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by the Company at or prior to the Commencement Date.

4.     The Company has not taken any steps, and does not currently expect to take any steps, to seek protection pursuant to any Bankruptcy Law nor does the Company or any of its Subsidiaries currently have any knowledge or reason to believe that its creditors intend to initiate involuntary bankruptcy or insolvency proceedings. The Company is currently financially solvent and is generally able to pay its debts as they become due.

IN WITNESS WHEREOF, I have hereunder signed my name on this ___ day of ___________.

                                                                 
Name: 
Title: 

The undersigned as [____________] of Galena Biopharma, Inc., a Delaware corporation, hereby certifies that Mark W. Schwartz, Ph.D. is the duly elected, appointed, qualified and acting President and Chief Executive Officer of Galena Biopharma, Inc., and that the signature appearing above is his genuine signature.

                                                                  
Name: 
Title: 

EXHIBIT B

FORM OF SECRETARY’S CERTIFICATE

This Secretary’s Certificate (“Certificate”) is being delivered pursuant to Section 8(j) of that certain Purchase Agreement dated as of November 18, 2014, (“Purchase Agreement”), by and between GALENA BIOPHARMA, INC., a Delaware corporation (the “Company”) and LINCOLN PARK CAPITAL FUND, LLC (the “Investor”), pursuant to which the Company may sell to the Investor up to Fifty-Five Million Dollars ($55,000,000) of the Company's Common Stock, $0.0001 par value (the "Common Stock").  Terms used herein and not otherwise defined shall have the meanings ascribed to them in the Purchase Agreement.

The undersigned, [_____________], [_______________] of the Company, hereby certifies, on behalf of the Company and not in his individual capacity, as follows:

1.    I am the [______________] of the Company and make the statements contained in this Secretary’s Certificate.

2.    Attached hereto as Exhibit A and Exhibit B are true, correct and complete copies of the Company’s Bylaws (“Bylaws”) and Certificate of Incorporation (“Charter”), in each case, as amended through the date hereof, and no action has been taken by the Company, its directors, officers or stockholders, in contemplation of the filing of any further amendment relating to or affecting the Bylaws or Charter.

3.    Attached hereto as Exhibit C are true, correct and complete copies of the resolutions duly adopted by the Board of Directors of the Company on [_____________], at which a quorum was present and acting throughout.  Such resolutions have not been amended, modified or rescinded and remain in full force and effect and such resolutions are the only resolutions adopted by the Company’s Board of Directors, or any committee thereof, or the stockholders of the Company relating to or affecting (i) the entering into and performance of the Purchase Agreement, or the issuance, offering and sale of the Purchase Shares and the Commitment Shares and (ii) and the performance of the Company of its obligation under the Transaction Documents as contemplated therein.

4.    As of the date hereof, the authorized, issued and reserved capital stock of the Company is as set forth on Exhibit D hereto.

IN WITNESS WHEREOF, I have hereunder signed my name on this ___ day of ____________.

                                                                        ___________________________________
Secretary 

The undersigned as [__________] of Galena Biopharma, Inc., a Delaware corporation, hereby certifies that [________] is the duly elected, appointed, qualified and acting [______________] of Galena Biopharma, Inc., and that the signature appearing above is his genuine signature.

                                                                       ___________________________________
Name:
Title:                                

EXHIBIT C

FORM OF COMPANY RESOLUTIONS 
FOR SIGNING PURCHASE AGREEMENT

UNANIMOUS WRITTEN CONSENT OF 
GALENA BIOPHARMA, INC.

In accordance with the corporate laws of the state of Delaware, the undersigned, being all of the directors of GALENA BIOPHARMA, INC., a Delaware corporation (the “Corporation”) do hereby consent to and adopt the following resolutions as the action of the Board of Directors for and on behalf of the Corporation and hereby direct that this Consent be filed with the minutes of the proceedings of the Board of Directors:

WHEREAS, there has been presented to the Board of Directors of the Corporation a draft of the Purchase Agreement (the “Purchase Agreement”) by and between the Corporation and Lincoln Park Capital Fund, LLC (“Lincoln Park”), providing for the purchase by Lincoln Park of up to Fifty-Five Million Dollars ($55,000,000) of the Corporation’s common stock, $0.0001 par value per share (the “Common Stock”); and

WHEREAS, after careful consideration of the Purchase Agreement, the documents incident thereto and other factors deemed relevant by the Board of Directors, the Board of Directors has determined that it is advisable and in the best interests of the Corporation to engage in the transactions contemplated by the Purchase Agreement, including, but not limited to, the issuance of 631,221 shares of Common Stock to Lincoln Park as a commitment fee (the “Commitment Shares”), and the sale of shares of Common Stock to Lincoln Park up to the available amount under the Purchase Agreement (the "Purchase Shares").

Transaction Documents
NOW, THEREFORE, BE IT RESOLVED, that the transactions described in the Purchase Agreement are hereby approved and ________________________________________ (the “Authorized Officers”) are severally authorized to execute and deliver the Purchase Agreement, and any other agreements or documents contemplated thereby, with such amendments, changes, additions and deletions as the Authorized Officers may deem to be appropriate and approve on behalf of, the Corporation, such approval to be conclusively evidenced by the signature of an Authorized Officer thereon; and
FURTHER RESOLVED, that the terms and provisions of the forms of Irrevocable Transfer Agent Instructions (the “Instructions”) are hereby approved and the Authorized Officers are authorized to execute and deliver the Instructions on behalf of the Company in accordance with the Purchase Agreement, with such amendments, changes, additions and deletions as the Authorized Officers may deem appropriate and approve on behalf of, the Corporation, such approval to be conclusively evidenced by the signature of an Authorized Officer thereon; and
Execution of Purchase Agreement
FURTHER RESOLVED, that the Corporation be and it hereby is authorized to execute the Purchase Agreement providing for the purchase of up to Fifty-Five Million Dollars ($55,000,000) of the Corporation’s common stock; and
Issuance of Common Stock

FURTHER RESOLVED, that the Corporation is hereby authorized to issue to Lincoln Park Capital Fund, LLC, 631,221 shares of Common Stock as Commitment Shares and that upon issuance of the Commitment Shares pursuant to the Purchase Agreement the Commitment Shares shall be duly authorized, validly issued, fully paid and nonassessable with no personal liability attaching to the ownership thereof; and
FURTHER RESOLVED, that the Corporation is hereby authorized to issue shares of Common Stock upon the purchase of Purchase Shares up to the Available Amount under the Purchase Agreement in accordance with the terms of the Purchase Agreement and that, upon issuance of the Purchase Shares pursuant to the Purchase Agreement, the Purchase Shares will be duly authorized, validly issued, fully paid and nonassessable with no personal liability attaching to the ownership thereof; and
FURTHER RESOLVED, that the Corporation shall initially reserve 40,000,000 shares of Common Stock for issuance as Purchase Shares under the Purchase Agreement. 
Approval of Actions
FURTHER RESOLVED, that, without limiting the foregoing, the Authorized Officers are, and each of them hereby is, authorized and directed to proceed on behalf of the Corporation and to take all such steps as deemed necessary or appropriate, with the advice and assistance of counsel, to cause the Corporation to consummate the agreements referred to herein and to perform its obligations under such agreements; and
FURTHER RESOLVED, that the Authorized Officers be, and each of them hereby is, authorized, empowered and directed on behalf of and in the name of the Corporation, to take or cause to be taken all such further actions and to execute and deliver or cause to be executed and delivered all such further agreements, amendments, documents, certificates, reports, schedules, applications, notices, letters and undertakings and to incur and pay all such fees and expenses as in their judgment shall be necessary, proper or desirable to carry into effect the purpose and intent of any and all of the foregoing resolutions, and that all actions heretofore taken by any officer or director of the Corporation in connection with the transactions contemplated by the agreements described herein are hereby approved, ratified and confirmed in all respects.

IN WITNESS WHEREOF, the Board of Directors has executed and delivered this Consent effective as of __________, 2014.

______________________

______________________

______________________

being all of the directors of GALENA BIOPHARMA, INC.

EXHIBIT D

Information About The Investor Furnished To The Company By The Investor
Expressly For Use In Connection With The Initial Prospectus Supplement

Information With Respect to Lincoln Park Capital

As of the date of the Purchase Agreement, Lincoln Park Capital Fund, LLC, beneficially owned 3,131,221 shares of our common stock.  Josh Scheinfeld and Jonathan Cope, the Managing Members of Lincoln Park Capital, LLC, the manager of Lincoln Park Capital Fund, LLC, are deemed to be beneficial owners of all of the shares of common stock owned by Lincoln Park Capital Fund, LLC. Messrs. Cope and Scheinfeld have shared voting and investment power over the shares being offered under the prospectus supplement filed with the SEC in connection with the transactions contemplated under the Purchase Agreement. Lincoln Park Capital, LLC is not a licensed broker dealer or an affiliate of a licensed broker dealer.Exhibit 4.1

 

EXECUTION VERSION

 

 

 

NCL CORPORATION LTD.

 

as Issuer

 

5.25% Senior Notes due 2019

 

 

 

INDENTURE

 

Dated as of November 19, 2014

 

 

 

and

 

U.S. Bank National Association

as Trustee

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	Article I DEFINITIONS AND INCORPORATION BY REFERENCE	 	1
	 	 	 	 
	Section 1.01	Definitions	 	1
	Section 1.02	Other Definitions	 	46
	Section 1.03	Incorporation by Reference of Trust Indenture Act	 	47
	Section 1.04	Rules of Construction	 	47
	 	 	 	 
	Article II THE NOTES	 	48
	 	 	 	 
	Section 2.01	Amount of Notes	 	48
	Section 2.02	Form and Dating	 	49
	Section 2.03	Execution and Authentication	 	49
	Section 2.04	Registrar and Paying Agent	 	50
	Section 2.05	Paying Agent to Hold Money in Trust	 	50
	Section 2.06	Holder Lists	 	51
	Section 2.07	Transfer and Exchange	 	51
	Section 2.08	Replacement Notes	 	52
	Section 2.09	Outstanding Notes	 	52
	Section 2.10	[Reserved]	 	52
	Section 2.11	Cancellation	 	53
	Section 2.12	Defaulted Interest	 	53
	Section 2.13	CUSIP Numbers, ISINs, Etc.	 	53
	Section 2.14	Calculation of Principal Amount of Notes	 	53
	 	 	 	 
	Article III REDEMPTION	 	54
	 	 	 	 
	Section 3.01	Redemption	 	54
	Section 3.02	Applicability of Article	 	54
	Section 3.03	Notices to Trustee	 	54
	Section 3.04	Selection of Notes to Be Redeemed	 	54
	Section 3.05	Notice of Optional Redemption	 	55
	Section 3.06	Effect of Notice of Redemption	 	56
	Section 3.07	Deposit of Redemption Price	 	56
	Section 3.08	Notes Redeemed in Part	 	56
	Section 3.09	Redemption for Changes in Withholding Taxes	 	56
	 	 	 	 
	Article IV COVENANTS	 	57
	 	 	 	 
	Section 4.01	Payment of Notes	 	57
	Section 4.02	Reports and Other Information	 	60
	Section 4.03	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	 	62
	Section 4.04	Limitation on Restricted Payments	 	69
	Section 4.05	Dividend and Other Payment Restrictions Affecting Subsidiaries	 	75
	Section 4.06	Asset Sales	 	77
	Section 4.07	Transactions with Affiliates	 	81

 

    	 

    	 

    

  

TABLE OF CONTENTS

(cont’d)

 

	 	 	 	Page
	 	 	 	 
	Section 4.08	Change of Control	 	85
	Section 4.09	Compliance Certificate	 	87
	Section 4.10	Further Instruments and Acts	 	87
	Section 4.11	Future Subsidiary Guarantors	 	87
	Section 4.12	Liens	 	88
	Section 4.13	Re-flagging of Vessels	 	89
	Section 4.14	Maintenance of Office or Agency	 	89
	Section 4.15	[Reserved]	 	89
	Section 4.16	Covenant Suspension	 	89
	 	 	 	 
	Article V SUCCESSOR COMPANY	 	91
	 	 	 	 
	Section 5.01	When Issuer May Merge or Transfer Assets	 	91
	 	 	 	 
	Article VI DEFAULTS AND REMEDIES	 	92
	 	 	 	 
	Section 6.01	Events of Default	 	92
	Section 6.02	Acceleration	 	94
	Section 6.03	Other Remedies	 	94
	Section 6.04	Waiver of Past Defaults	 	95
	Section 6.05	Control by Majority	 	95
	Section 6.06	Limitation on Suits	 	95
	Section 6.07	Rights of the Holders to Receive Payment	 	96
	Section 6.08	Collection Suit by Trustee	 	96
	Section 6.09	Trustee May File Proofs of Claim	 	96
	Section 6.10	Priorities	 	96
	Section 6.11	Undertaking for Costs	 	97
	Section 6.12	Waiver of Stay or Extension Laws	 	97
	 	 	 	 
	Article VII TRUSTEE	 	97
	 	 	 	 
	Section 7.01	Duties of Trustee	 	97
	Section 7.02	Rights of Trustee	 	99
	Section 7.03	Individual Rights of Trustee	 	100
	Section 7.04	Trustee’s Disclaimer	 	101
	Section 7.05	Notice of Defaults	 	101
	Section 7.06	[Reserved]	 	101
	Section 7.07	Compensation and Indemnity	 	101
	Section 7.08	Replacement of Trustee	 	102
	Section 7.09	Successor Trustee by Merger	 	103
	Section 7.10	Eligibility; Disqualification	 	104
	Section 7.11	Preferential Collection of Claims Against the Issuer	 	104
	 	 	 	 
	Article VIII DISCHARGE OF INDENTURE; DEFEASANCE	 	104
	 	 	 	 
	Section 8.01	Discharge of Liability on Notes; Defeasance	 	104
	Section 8.02	Conditions to Defeasance	 	105
	Section 8.03	Application of Trust Money	 	107

 

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TABLE OF CONTENTS

(cont’d)

 

	 	 	 	Page
	 	 	 	 
	Section 8.04	Repayment to Issuer	 	107
	Section 8.05	Indemnity for U.S. Government Obligations	 	107
	Section 8.06	Reinstatement	 	108
	 	 	 	 
	Article IX AMENDMENTS AND WAIVERS	 	108
	 	 	 	 
	Section 9.01	Without Consent of the Holders	 	108
	Section 9.02	With Consent of the Holders	 	109
	Section 9.03	Compliance with Trust Indenture Act	 	110
	Section 9.04	Revocation and Effect of Consents and Waivers	 	110
	Section 9.05	Notation on or Exchange of Notes	 	110
	Section 9.06	Trustee to Sign Amendments	 	111
	Section 9.07	Additional Voting Terms; Calculation of Principal Amount	 	111
	 	 	 	 
	Article X [RESERVED]	 	111
	 	 	 	 
	Article XI [RESERVED]	 	111
	 	 	 	 
	Article XII [RESERVED]	 	111
	 	 	 	 
	Article XIII MISCELLANEOUS	 	112
	 	 	 	 
	Section 13.01	[Reserved]	 	112
	Section 13.02	Notices	 	112
	Section 13.03	Communication by the Holders with Other Holders	 	112
	Section 13.04	Certificate and Opinion as to Conditions Precedent	 	113
	Section 13.05	Statements Required in Certificate or Opinion	 	113
	Section 13.06	When Notes Disregarded	 	113
	Section 13.07	Rules by Trustee, Paying Agent and Registrar	 	113
	Section 13.08	Legal Holidays	 	114
	Section 13.09	GOVERNING LAW	 	114
	Section 13.10	No Recourse Against Others	 	114
	Section 13.11	Successors	 	114
	Section 13.12	Multiple Originals	 	114
	Section 13.13	Table of Contents; Headings	 	114
	Section 13.14	Indenture Controls	 	114
	Section 13.15	Severability	 	114
	Section 13.16	[Reserved]	 	114
	Section 13.17	Agent for Service; Submission to Jurisdiction; Waiver of Immunity	 	115
	Section 13.18	WAIVER OF JURY TRIAL	 	115
	Section 13.19	Security Advice Waiver	 	115
	Section 13.20	U.S.A. Patriot Act	 	115

 

	Appendix A	–	Provisions Relating to the Initial Notes and Additional Notes	 

 

 

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TABLE OF CONTENTS

(cont’d)

 

EXHIBIT INDEX

 

	Exhibit A	–	Form of Note
	Exhibit B	–	Form of Transferee Letter of Representation
	Exhibit C	–	Form of Supplemental Indenture Related to Subsidiary Guarantors

 

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INDENTURE dated as of November 19, 2014,
between NCL CORPORATION LTD., a company organized under the laws of Bermuda (the “Issuer”), and U.S. BANK NATIONAL
ASSOCIATION, as trustee (the “Trustee”).

 

Each party agrees as follows for the benefit of
the other parties and for the equal and ratable benefit of the holders of (i) $680,000,000 aggregate principal amount of the
Issuer’s 5.25% Senior Notes due 2019 issued on the date hereof (the “Initial Notes”) and (ii) Additional
Notes issued from time to time (together with the Initial Notes, the “Notes”):

 

Article I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01      Definitions.

 

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

 

(1)         Indebtedness
of any other Person existing at the time such other Person is merged, consolidated or amalgamated with or into or became a Restricted
Subsidiary of such specified Person, and

 

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

 

Acquired Indebtedness shall be deemed to have
been Incurred, with respect to clause (1) of the preceding sentence, on the date such Person becomes a Restricted Subsidiary
and, with respect to clause (2) of the preceding sentence, on the date of consummation of such acquisition of Vessels or other
assets.

 

“Acquisition Documents” means
the Agreement and Plan of Merger, dated as of September 2, 2014, among Norwegian Cruise Line Holdings Ltd., Portland Merger
Sub, Inc., Prestige Cruises International, Inc. and Apollo Management, L.P., and any other agreements or instruments contemplated
thereby, in each case, as amended, restated, supplemented or otherwise modified from time to time.

 

“Additional Notes” means the
Notes issued under the terms of this Indenture subsequent to the Issue Date.

 

“Additional Refinancing Amount”
means, in connection with the Incurrence of any Refinancing Indebtedness, the aggregate principal amount of additional Indebtedness,
Disqualified Stock or Preferred Stock Incurred to pay accrued interest, premiums (including tender premiums), expenses, defeasance
costs and fees in respect thereof.

 

“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person.  For purposes of this definition, “control” (including, with

 

    	 

    	 

    

  

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

 

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

 

(1)        1%
of the then outstanding principal amount of the Note; and

 

(2)        the
excess of:

 

(a)         the
present value at such redemption date of (i) the redemption price of the Note at November 15, 2016 (such redemption price
being set forth in Paragraph 6 of the Note) plus (ii) all required interest payments due on the Note through November 15,
2016 (excluding accrued but unpaid interest), computed using a discount rate equal to the Treasury Rate as of such redemption date
(or in the case of a satisfaction and discharge or defeasance, as of the date on which funds are deposited with the Trustee) plus
50 basis points; over

 

(b)         the
then outstanding principal amount of the Note.

 

“Asset Sale” means:

 

(1)        the
sale, conveyance, transfer or other disposition (whether in a single transaction or a series of related transactions) of property
or assets (including by way of a Sale/ Leaseback Transaction) outside the ordinary course of business of the Issuer or any Restricted
Subsidiary of the Issuer (each referred to in this definition as a “disposition”); or

 

(2)        the
issuance or sale of Equity Interests (other than directors’ qualifying shares and shares issued to foreign nationals or other
third parties to the extent required by applicable law) of any Restricted Subsidiary (other than to the Issuer or another Restricted
Subsidiary of the Issuer) (whether in a single transaction or a series of related transactions),

 

in each case other than:

 

(a)         a
disposition of Cash Equivalents or Investment Grade Securities or obsolete, damaged or worn out property or equipment in the ordinary
course of business;

 

(b)         the
disposition of all or substantially all of the assets of the Issuer in a manner permitted pursuant to Section 5.01 or any
disposition that constitutes a Change of Control;

 

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(c)        any
Restricted Payment or Permitted Investment that is permitted to be made, and is made, under Section 4.04;

 

(d)        any
disposition of assets of the Issuer or any Restricted Subsidiary or issuance or sale of Equity Interests of any Restricted Subsidiary,
which assets or Equity Interests so disposed or issued have an aggregate Fair Market Value (as determined in good faith by the
Issuer) of less than $50 million;

 

(e)        any
disposition of property or assets, or the issuance of securities, by a Restricted Subsidiary of the Issuer to the Issuer or by
the Issuer or a Restricted Subsidiary of the Issuer to a Restricted Subsidiary of the Issuer;

 

(f)         any
exchange of assets (including a combination of assets and Cash Equivalents) for assets related to a Similar Business of comparable
or greater market value or usefulness to the business of the Issuer and its Restricted Subsidiaries as a whole, as determined in
good faith by the Issuer;

 

(g)        foreclosure
or any similar action with respect to any property or other asset of the Issuer or any of its Restricted Subsidiaries;

 

(h)        any
sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

 

(i)         the
lease, assignment or sublease of any real or personal property in the ordinary course of business;

 

(j)         any
sale of inventory or other assets in the ordinary course of business;

 

(k)        any
grant in the ordinary course of business of any license of patents, trademarks, know-how or any other intellectual property;

 

(l)         in
the ordinary course of business, any swap of assets, or lease, assignment or sublease of any real or personal property, in exchange
for services (including in connection with any outsourcing arrangements) of comparable or greater value or usefulness to the business
of the Issuer and its Restricted Subsidiaries as a whole, as determined in good faith by the Issuer;

 

(m)       a
transfer of accounts receivable and related assets of the type specified in the definition of “Receivables Financing”
(or a fractional undivided interest therein), including by a Receivables Subsidiary in a Qualified Receivables Financing;

 

(n)        any
financing transaction with respect to property built or acquired by the Issuer or any Restricted Subsidiary after the Issue Date,
including any Sale/Leaseback Transaction or asset securitization permitted by this Indenture;

 

(o)        dispositions
in connection with Permitted Liens;

 

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(p)        any
disposition of Capital Stock of a Restricted Subsidiary pursuant to an agreement or other obligation with or to a Person (other
than the Issuer or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired or from whom such Restricted Subsidiary
acquired its business and assets (having been newly formed in connection with such acquisition), made as part of such acquisition
and in each case comprising all or a portion of the consideration in respect of such sale or acquisition;

 

(q)        the
sale of any property in a Sale/Leaseback Transaction within six months of the acquisition of such property;

 

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

 

(s)        any
surrender or waiver of contract rights or the settlement, release, recovery on or surrender of contract, tort or other claims of
any kind;

 

(t)         time
charters and other similar arrangements; and

 

(u)        any
disposition made pursuant to the Acquisition Documents (as in effect on the Issue Date).

 

“Bankruptcy Law” means Title
11, United States Code, or any similar Federal or state law for the relief of debtors.

 

“Bank Indebtedness” means any
and all amounts payable under or in respect of (a)(i) the NCLC Group Credit Facilities, and the letters of credit and bankers’
acceptances thereunder and related documents and (ii) New Vessel Financings and related documents, in case of each clause
(i) and (ii) as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with
the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time (including
after termination of the NCLC Group Credit Facilities or the New Vessel Financings), including any agreement or indenture extending
the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement
or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or
increasing the amount loaned or issued thereunder or altering the maturity thereof, including principal, premium (if any), interest
(including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Issuer
whether or not a claim for post-filing interest is allowed in such proceedings), fees, charges, expenses, reimbursement obligations,
guarantees and all other amounts payable thereunder or in respect thereof and (b) whether or not the Indebtedness referred
to in clause (a) remains outstanding, if designated by the Issuer to be included in this definition, one or more (A) debt
facilities or commercial paper facilities, providing for revolving credit loans, term loans, receivables financing (including through
the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters
of credit, (B) debt securities, indentures or other forms of debt financing (including

 

    	4

    	 

    

  

convertible or exchangeable debt instruments or
bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing any other Indebtedness, in each
case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified, extended, restructured,
renewed, refinanced, restated, replaced or refunded in whole or in part from time to time.

 

“Board of Directors” means,
as to any Person, the board of directors or managers, as applicable, of such Person or any direct or indirect parent company of
such Person (or, if such Person is a partnership, the board of directors or other governing body of the general partner of such
Person) or any duly authorized committee thereof.

 

“Breakaway Credit Facilities”
means the Breakaway One Facility, the Breakaway Two Facility and the Breakaway Term Facilities.

 

“Breakaway Four Facility” means
the €590.5 million credit agreement dated October 12, 2012, as amended, restated, supplemented, waived, replaced (whether
or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise
modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise
restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor
or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering
the maturity thereof.

 

“Breakaway One Facility” means
the €529.8 million credit agreement dated November 18, 2010, as amended, restated, supplemented, waived, replaced (whether
or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise
modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise
restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor
or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering
the maturity thereof.

 

“Breakaway Plus Newbuild Facility”
means the export credit facility dated October 12, 2012 incurred by Breakaway Three, Ltd. with aggregate commitments of up
to €590.5 million, with such new special-purpose subsidiary to be the borrower, as amended, restated, supplemented, waived,
replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded,
refinanced or otherwise modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing,
replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or
indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or
issued thereunder or altering the maturity thereof.

 

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“Breakway Plus Newbuild Facility Secured
Debt Cap” means €590.5 million.

 

“Breakaway Term Facilities”
means the (i) €126.1 million Pride of Hawai’i credit agreement, dated November 18, 2010 and (ii) the
€126.1 million Norwegian Jewel credit agreement, dated November 18, 2010, in each case, as amended, restated, supplemented,
waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded,
refinanced or otherwise modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing,
replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or
indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or
issued thereunder or altering the maturity thereof.

 

“Breakaway Two Facility” means
the €529.8 million credit agreement dated November 18, 2010, as amended, restated, supplemented, waived, replaced (whether
or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise
modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise
restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor
or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering
the maturity thereof.

 

“Business Day” means a day
other than a Saturday, Sunday or other day on which banking institutions are authorized or required by law to close in New York
City.

 

“Capital Stock” means:

 

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

 

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

 

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

 

(4)         any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person.

 

“Capitalized Lease Obligation”
means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would
at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in
accordance with GAAP.

 

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“Capitalized Software Expenditures”
means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by a Person and its Restricted
Subsidiaries during such period in respect of purchased software or internally developed software and software enhancements that,
in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet of such Person
and such Restricted Subsidiaries.

 

“Cash Equivalents” means:

 

(1)         U.S.
dollars, pounds sterling, euros, the national currency of any member state in the European Union or such local currencies held
by an entity from time to time in the ordinary course of business;

 

(2)         securities
issued or directly and fully guaranteed or insured by the U.S. government or any country that is a member of the European Union
or any agency or instrumentality thereof in each case maturing not more than two years from the date of acquisition;

 

(3)         certificates
of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’
acceptances, in each case with maturities not exceeding one year and overnight bank deposits, in each case with any commercial
bank having capital and surplus in excess of $250.0 million and whose long-term debt is rated “A” or the equivalent
thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency);

 

(4)         repurchase
obligations for underlying securities of the types described in clauses (2) and (3) above entered into with any financial
institution meeting the qualifications specified in clause (3) above;

 

(5)         commercial
paper issued by a corporation (other than an Affiliate of the Issuer) rated at least “A-1” or the equivalent thereof
by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) and in each
case maturing within one year after the date of acquisition;

 

(6)         readily
marketable direct obligations issued by any state of the United States of America or any political subdivision thereof having one
of the two highest rating categories obtainable from either Moody’s or S&P (or reasonably equivalent ratings of another
internationally recognized ratings agency) in each case with maturities not exceeding two years from the date of acquisition;

 

(7)         Indebtedness
issued by Persons (other than the Sponsors or any of their Affiliates) with a rating of “A” or higher from S&P
or “A-2” or higher from Moody’s (or reasonably equivalent ratings of another internationally recognized ratings
agency) in each case with maturities not exceeding two years from the date of acquisition;

 

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(8)         investment
funds investing at least 95% of their assets in securities of the types described in clauses (1) through (7) above; and

 

(9)         instruments
equivalent to those referred to in clauses (1) through (8) above denominated in any foreign currency comparable in credit
quality and tenor to those referred to above and commonly used by corporations for cash management purposes in any jurisdiction
outside the United States of America to the extent reasonably required in connection with any business conducted by the Issuer
or any Subsidiary organized in such jurisdiction.

 

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

 

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

 

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

 

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

 

“Consolidated Depreciation and Amortization
Expense” means, with respect to any Person for any period, the total amount of depreciation and amortization expense,
including the amortization of intangible assets, deferred financing fees and Capitalized Software Expenditures and amortization
of unrecognized prior service costs and actuarial gains and losses related to pensions and other post-employment benefits, of such
Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP.

 

“Consolidated Interest Expense”
means, with respect to any Person for any period, the sum, without duplication, of:

 

(1)         consolidated
interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted in computing
Consolidated Net Income (including amortization of original issue discount, the interest component of Capitalized Lease Obligations,
and net

 

    	8

    	 

    

 

 

  payments and receipts (if any)
pursuant to interest rate Hedging Obligations and excluding amortization of deferred financing fees, debt issuance costs,
commissions, fees and expenses and expensing of any bridge, commitment or other financing fees); plus

 

(2)         consolidated
capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued; plus

 

(3)         commissions,
discounts, yield and other fees and charges Incurred in connection with any Receivables Financing which are payable to Persons
other than the Issuer and its Restricted Subsidiaries; minus

 

(4)         interest
income for such period.

 

For purposes of this definition, interest on a
Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by the Issuer to be the rate of
interest implicit in such Capitalized Lease Obligation in accordance with GAAP.

 

“Consolidated Leverage Ratio”
means, with respect to any Person, at any date the ratio of (i) Indebtedness (other than Qualified Non-Recourse Debt) of such
Person and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with GAAP)
less the amount of cash and Cash Equivalents in excess of any Restricted Cash that would be stated on the balance sheet of such
Person and its Restricted Subsidiaries and held by such Person and its Restricted Subsidiaries as of such date of determination
to (ii) EBITDA of such Person for the four full fiscal quarters for which internal financial statements are available immediately
preceding such date on which such additional Indebtedness is Incurred. In the event that the Issuer or any of its Restricted Subsidiaries
Incurs, repays, repurchases or redeems any Indebtedness subsequent to the commencement of the period for which the Consolidated
Leverage Ratio is being calculated but prior to the event for which the calculation of the Consolidated Leverage Ratio is made
(the “Consolidated Leverage Calculation Date”), then the Consolidated Leverage Ratio shall be calculated giving pro
forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness as if the same had occurred at the beginning
of the applicable four-quarter period; provided that the Issuer may elect pursuant to an Officer’s Certificate delivered
to the Trustee to treat all or any portion of the commitment under any Indebtedness as being Incurred at such time, in which case
any subsequent Incurrence of Indebtedness under such commitment shall not be deemed, for purposes of this calculation, to be an
Incurrence at such subsequent time.

 

For purposes of making the computation referred
to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined
in accordance with GAAP), in each case with respect to an operating unit of a business, and any operational changes, business realignment
projects or initiatives, restructurings or reorganizations that the Issuer or any of its Restricted Subsidiaries has determined
to make and/or made during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously
with the Consolidated Leverage Calculation Date shall be calculated on a pro forma basis

 

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assuming that all such Investments, acquisitions,
dispositions, mergers, amalgamations, consolidations, discontinued operations, operational changes, business realignment projects
or initiatives, restructurings or reorganizations (and the change of any associated Indebtedness and the change in EBITDA resulting
therefrom) had occurred on the first day of the four-quarter reference period.  If since the beginning of such period
any Person that subsequently became a Restricted Subsidiary or was merged with or into the Issuer or any Restricted Subsidiary
since the beginning of such period shall have made any Investment, acquisition, disposition, merger, consolidation, amalgamation,
discontinued operation, operational change, business realignment project or initiative, restructuring or reorganization, in each
case with respect to an operating unit of a business, that would have required adjustment pursuant to this definition, then the
Consolidated Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition,
disposition, discontinued operation, merger, amalgamation, consolidation, operational change, business realignment project or initiative,
restructuring or reorganization had occurred at the beginning of the applicable four-quarter period.

 

For purposes of this definition, whenever pro
forma effect is to be given to any event, the pro forma calculations shall be made in good faith by a responsible financial or
accounting officer of the Issuer.  Any such pro forma calculation may include adjustments appropriate, in the reasonable
good faith determination of the Issuer as set forth in an Officer’s Certificate, to reflect (1) operating expense reductions
and other operating improvements or synergies (x) reasonably expected to result from the applicable event and (y) that
are expected to be realized within 12 months from the date of the transaction giving rise to the calculation, and (2) all
adjustments of the nature used in connection with the calculation of “Adjusted EBITDA” as set forth in footnote 4 to
the “Summary Condensed Historical Consolidated Financial Data of NCLC” under “Summary” in the Offering
Memorandum to the extent such adjustments, without duplication, continue to be applicable to such four-quarter period.

 

For purposes of this definition, any amount in
a currency other than U.S. dollars will be converted to U.S. dollars based on the average exchange rate for such currency for the
most recent 12-month period immediately prior to the date of determination in a manner consistent with that used in calculating
EBITDA for the applicable period.

 

“Consolidated Net Income” means,
with respect to any Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such
period, on a consolidated basis; provided, however, that:

 

(1)         any
net after-tax extraordinary, nonrecurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses
or charges, any severance expenses, relocation expenses, curtailments or modifications to pension and post-retirement employee
benefit plans, any expenses related to any reconstruction, decommissioning, recommissioning or reconfiguration of fixed assets
for alternate uses and fees, expenses or charges relating to facilities closing costs, acquisition integration costs, facilities
opening costs, project start-up costs, business optimization costs, signing, retention or completion bonuses, expenses or

 

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charges related to any issuance of Equity
Interests, Investment, acquisition, disposition, recapitalization or issuance, repayment, refinancing, amendment or modification
of Indebtedness (in each case, whether or not successful), and any fees, expenses, charges or change in control payments related
to the Transactions, in each case, shall be excluded;

 

(2)         effects
of purchase accounting adjustments (including the effects of such adjustments pushed down to such Person and such Restricted Subsidiaries)
in amounts required or permitted by GAAP, or any consummated acquisition or the amortization or write-off of any amounts thereof,
net of taxes, shall be excluded;

 

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

 

(4)         any
net after-tax income or loss from disposed, abandoned, transferred, closed or discontinued operations and any net after-tax gains
or losses on disposal of disposed, abandoned, transferred, closed or discontinued operations shall be excluded;

 

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

 

(6)         any
net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to the early extinguishment
of indebtedness, Hedging Obligations or other derivative instruments shall be excluded;

 

(7)         (a) the
Net Income for such period of any Person that is not a Subsidiary of such Person, or is an Unrestricted Subsidiary or a Qualified
Non-Recourse Subsidiary, or that is accounted for by the equity method of accounting, shall be included only to the extent of the
amount of dividends or distributions or other payments paid in cash (or to the extent converted into cash) to the referent Person
or a Restricted Subsidiary thereof (other than a Qualified Non-Recourse Subsidiary of such referent Person) in respect of such
period and (b) the Net Income for such Period shall include any dividend, distribution
or other payment in cash (or to the extent converted into cash) received by the referent Person or a Subsidiary thereof (other
than an Unrestricted Subsidiary of such referent Person) from any Person in excess of, but without duplication of, the amounts
included in subclause (a);

 

(8)         solely
for the purpose of determining the amount available for Restricted Payments under clause (1) of the definition of “Cumulative
Credit,” the Net Income for such period of any Restricted Subsidiary shall be excluded to the extent that the declaration
or payment of dividends or similar distributions by such Restricted Subsidiary of its Net Income is not at the date of determination

 

    	11

    	 

    

 

permitted without any prior governmental
approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement,
instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders,
unless such restrictions with respect to the payment of dividends or similar distributions have been legally waived; provided
that the Consolidated Net Income of such Person shall be increased by the amount of dividends or other distributions or other payments
actually paid in cash (or converted into cash) by any such Restricted Subsidiary to such Person, to the extent not already included
therein;

 

(9)         an
amount equal to the amount of Permitted Tax Distributions actually made to any parent or equity holder of such Person in respect
of such period in accordance with Section 4.04(b)(xii) shall be included as though such amounts had been paid as income taxes
directly by such Person for such period;

 

(10)        any
impairment charges or asset write-offs, in each case pursuant to GAAP, and the amortization of intangibles and other fair value
adjustments arising pursuant to GAAP shall be excluded;

 

(11)       any
non-cash expense realized or resulting from stock option plans, employee benefit plans or post-employment benefit plans, or grants
or sales of stock, stock appreciation or similar rights, stock options, restricted stock, preferred stock or other rights, shall
be excluded;

 

(12)       any
(a) one-time non-cash compensation charges, (b) costs and expenses after the Issue Date related to employment of terminated
employees, or (c) costs or expenses realized in connection with or resulting from stock appreciation or similar rights, stock
options or other rights existing on the Issue Date of officers, directors, managers and employees, in each case of such Person
or any of its Restricted Subsidiaries, shall be excluded;

 

(13)       accruals
and reserves that are established or adjusted within 12 months after the Issue Date and that are so required to be established
or adjusted in accordance with GAAP or as a result of adoption or modification of accounting policies shall be excluded;

 

(14)       solely
for purposes of calculating EBITDA, (a) the Net Income of any Person and its Restricted Subsidiaries shall be calculated without
deducting the income attributable to, or adding the losses attributable to, the minority equity interests of third parties in any
non-Wholly Owned Restricted Subsidiary except to the extent of dividends declared or paid in respect of such period or any prior
period on the shares of Capital Stock of such Restricted Subsidiary held by such third parties and (b) any ordinary course
dividend, distribution or other payment paid in cash and received from any Person in excess of amounts included in clause (7)
above shall be included;

 

    	12

    	 

    

  

(15)       (a)(i) the
non-cash portion of “straight-line” rent expense shall be excluded and (ii) the cash portion of “straight-line”
rent expense which exceeds the amount expensed in respect of such rent expense shall be included and (b) non-cash gains, losses,
income and expenses resulting from fair value accounting required by the applicable standard under GAAP and related interpretations
shall be excluded;

 

(16)       any
currency translation gains and losses related to currency remeasurements of Indebtedness, and any net loss or gain resulting from
hedging transactions for currency exchange risk, shall be excluded; and

 

(17)       (i) to
the extent covered by insurance and actually reimbursed, or, so long as such Person has made a determination that there exists
reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (a) not
denied by the applicable carrier in writing within 180 days and (b) in fact reimbursed within 365 days of the date of such
evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with respect
to liability or casualty events or business interruption shall be excluded (to the extent not previously included pursuant to clause (ii) hereof)
and (ii) amounts estimated in good faith to be received from insurance in respect of lost revenues or earnings in respect
of liability or casualty events or business interruption shall be included (with a deduction (a) for amounts actually received
up to such estimated amount to the extent included in Net Income in a future period and (b) for estimated amounts in excess
of amounts actually received in a future period);

 

(18)       Capitalized
Software Expenditures shall be excluded; and

 

(19)       non-cash
charges for deferred tax asset valuation allowances shall be excluded (except to the extent reversing a previously recognized increase
to net income).

 

Notwithstanding the foregoing, for the purpose
of Section 4.04 only, there shall be excluded from Consolidated Net Income any dividends, repayments of loans or advances
or other transfers of assets from Unrestricted Subsidiaries of the Issuer or a Restricted Subsidiary of the Issuer to the extent
such dividends, repayments or transfers increase the amount of Restricted Payments permitted under such Section pursuant to
clauses (4) and (5) of the definition of “Cumulative Credit.”

 

“Consolidated Non-cash Charges”
means, with respect to any Person for any period, the non-cash expenses (other than Consolidated Depreciation and Amortization
Expense) of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person for such period on a consolidated
basis and otherwise determined in accordance with GAAP, provided that if any such non-cash expenses represent an accrual
or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted
from EBITDA

 

    	13

    	 

    

  

in such future period to the extent paid, but
excluding from this proviso, for the avoidance of doubt, amortization of a prepaid cash item that was paid in a prior period.

 

“Consolidated Taxes” means,
with respect to any Person for any period, the provision for taxes based on income, profits or capital, including, without limitation,
state, franchise, property and similar taxes, foreign withholding taxes (including penalties and interest related to such taxes
or arising from tax examinations) and any Permitted Tax Distributions taken into account in calculating Consolidated Net Income.

 

“Contingent Obligations” means,
with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do not constitute
Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner,
whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent:

 

(1)         to
purchase any such primary obligation or any property constituting direct or indirect security therefor;

 

(2)         to
advance or supply funds;

 

(a)          for
the purchase or payment of any such primary obligation; or

 

(b)          to
maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary
obligor; or

 

(3)         to
purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the
ability of the primary obligor to make payment of such primary obligation against loss in respect thereof.

 

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

 

    	14

    	 

    

  

agreements evidencing any other Indebtedness,
in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified, extended,
restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time.

 

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

 

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

 

“Cumulative Credit” means the
sum of (without duplication):

 

(1)         50%
of the Consolidated Net Income of the Issuer for the period (taken as one accounting period), from June 30, 2009 to the end
of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available at the time of such
Restricted Payment (or, in the case such Consolidated Net Income for such period is a deficit, minus 100% of such deficit), plus

 

(2)         100%
of the aggregate net proceeds, including cash and the Fair Market Value (as determined in good faith by the Issuer or, if the fair
market value of such investment shall exceed $100 million, by the Board of Directors of the Issuer, a copy of the resolution of
which with respect thereto shall be delivered to the Trustee) of property other than cash, received by the Issuer after June 30,
2009 (other than net proceeds to the extent such net proceeds have been used to Incur Indebtedness, Disqualified Stock or Preferred
Stock pursuant to Section 4.03(b)(xii)) from the issue or sale of Equity Interests of the Issuer (excluding Refunding Capital
Stock, Designated Preferred Stock, Excluded Contributions and Disqualified Stock), including Equity Interests issued upon exercise
of warrants or options (other than an issuance or sale to a Restricted Subsidiary of the Issuer), plus

 

(3)         100%
of the aggregate amount of contributions to the capital of the Issuer, including the contribution of cash proceeds of the IPO,
received in cash and the Fair Market Value (as determined in good faith by the Issuer) of property

 

    	15

    	 

    

  

other than cash after June 30,
2009 (other than Excluded Contributions, Refunding Capital Stock, Designated Preferred Stock and Disqualified Stock and other than
contributions to the extent such contributions have been used to Incur Indebtedness, Disqualified Stock or Preferred Stock pursuant
to Section 4.03(b)(xii)), plus

 

(4)         100%
of the principal amount of any Indebtedness or the liquidation preference or maximum fixed repurchase price, as the case may be,
of any Disqualified Stock of the Issuer or any Restricted Subsidiary thereof issued after June 30, 2009 (other than Indebtedness
or Disqualified Stock issued to a Restricted Subsidiary) which has been converted into or exchanged for Equity Interests in the
Issuer (other than Disqualified Stock) or any direct or indirect parent of the Issuer (provided in the case of any parent,
such Indebtedness or Disqualified Stock is retired or extinguished), plus

 

(5)         100%
of the aggregate amount received by the Issuer or any Restricted Subsidiary in cash and the Fair Market Value (as determined in
good faith by the Issuer) of property other than cash received by the Issuer or any Restricted Subsidiary after June 30, 2009
from:

 

(A)         the
sale or other disposition (other than to the Issuer or a Restricted Subsidiary of the Issuer) of Restricted Investments made by
the Issuer and its Restricted Subsidiaries after June 30, 2009 and from repurchases and redemptions of such Restricted Investments
from the Issuer and its Restricted Subsidiaries by any Person (other than the Issuer or any of its Restricted Subsidiaries) and
from repayments of loans or advances, and releases of guarantees, which constituted Restricted Investments made after June 30,
2009 (other than in each case to the extent that the Restricted Investment was made pursuant to Section 4.04(b)(vii)),

 

(B)         the
sale (other than to the Issuer or a Restricted Subsidiary of the Issuer) of the Capital Stock of an Unrestricted Subsidiary, or

 

(C)         a
distribution or dividend from an Unrestricted Subsidiary, plus

 

(6)         in
the event any Unrestricted Subsidiary of the Issuer has been redesignated as a Restricted Subsidiary or has been merged, consolidated
or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary,
in each case, after June 30, 2009, the Fair Market Value (as determined in good faith by the Issuer) of the Investment of
the Issuer in such Unrestricted Subsidiary (which, if the Fair Market Value of such Investment shall exceed $50.0 million, shall
be determined by the Board of Directors of the Issuer, a copy of the resolution of which with respect thereto shall be delivered
to the Trustee) at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable)
(other than in

 

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each case to the extent that the designation
of such Subsidiary as an Unrestricted Subsidiary was made pursuant to Section 4.04(b)(vii) or constituted a Permitted Investment).

 

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

 

“Default” means any event which
is, or after notice or passage of time or both would be, an Event of Default.

 

“Designated Non-cash Consideration”
means the Fair Market Value (as determined in good faith by the Issuer) of non-cash consideration received by the Issuer or one
of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant
to an Officer’s Certificate, setting forth the basis of such valuation, less the amount of Cash Equivalents received in connection
with a subsequent sale of such Designated Non-cash Consideration.

 

“Designated Preferred Stock”
means Preferred Stock of the Issuer or any direct or indirect parent of the Issuer (other than Disqualified Stock), that is issued
for cash (other than to the Issuer or any of its Subsidiaries or an employee stock ownership plan or trust established by the Issuer
or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officer’s Certificate, on
the issuance date thereof.

 

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

 

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

 

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

 

(3)         is
redeemable at the option of the holder thereof, in whole or in part (other than solely as a result of a change of control or asset
sale), in each case prior to 91 days after the earlier of the maturity date of the Notes or the date the Notes are no longer outstanding;
provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible
or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock;
provided, further, however, that if such Capital Stock is issued to any employee or to any plan for the benefit
of employees of the Issuer or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified
Stock solely because it may be required to be repurchased by the Issuer in order to satisfy applicable statutory or regulatory
obligations or as a result of such employee’s termination, death or disability; provided, further, that any
class of Capital Stock of such Person that by

 

    	17

    	 

    

 

its terms authorizes such Person to
satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified Stock shall not be deemed to be Disqualified
Stock.

 

“EBITDA” means, with respect
to any Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication, to the
extent the same was deducted in calculating Consolidated Net Income:

 

(1)         Consolidated
Taxes; plus

 

(2)         Fixed
Charges; plus

 

(3)         Consolidated
Depreciation and Amortization Expense; plus

 

(4)         Consolidated
Non-cash Charges; plus

 

(5)         any
expenses or charges (other than Consolidated Depreciation or Amortization Expense) related to any issuance of Equity Interests,
Investment, acquisition, disposition, recapitalization or the incurrence, modification or repayment of Indebtedness permitted to
be incurred by this Indenture (including a refinancing thereof) (whether or not successful), including (i) such fees, expenses
or charges related to the Transactions, the offering of the Notes and any other Indebtedness, (ii) any amendment or other
modification of the Notes or other Indebtedness and (iii) commissions, discounts, yield and other fees and charges (including
any interest expense) related to any Qualified Receivables Financing; plus

 

(6)         business
optimization expenses and other restructuring charges, reserves or expenses (which, for the avoidance of doubt, shall include,
without limitation, the effect of inventory optimization programs, facility consolidations, retention, systems establishment costs,
contract termination costs, future lease commitments and excess pension charges); plus

 

(7)         the
amount of management, monitoring, consulting, transaction and advisory fees and related expenses paid to the Sponsors (or any accruals
relating to such fees and related expenses) during such period to the extent otherwise permitted by Section 4.07, including,
if applicable, the amount of termination fees paid pursuant to Section 4.07(b)(iii)(B); plus

 

(8)         the
amount of loss on sale of receivables and related assets to a Receivables Subsidiary in connection with a Qualified Receivables
Financing; plus

 

(9)         any
costs or expense incurred pursuant to any management equity plan or stock option plan or any other management or employee benefit
plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with
cash proceeds contributed to the capital of the Issuer or net cash proceeds of an issuance of Equity Interests of the Issuer

 

    	18

    	 

    

 

(other than Disqualified Stock) solely
to the extent that such net cash proceeds are excluded from the calculation of the Cumulative Credit; plus

 

(10)       Pre-Launch
Expenses; less, without duplication,

 

(11)       non-cash
items increasing Consolidated Net Income for such period (excluding the recognition of deferred revenue or any items which represent
the reversal of any accrual of, or cash reserve for, anticipated cash charges that reduced EBITDA in any prior period and any items
for which cash was received in a prior period).

 

“Epic Facility” means the €662,905,320
Secured Loan Agreement dated September 22, 2006, as amended, restated, supplemented, waived, replaced (whether or not upon
termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified
from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring
all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement
agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity
thereof.

 

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

 

“Equity Offering” means any
public or private sale after the Issue Date of common stock or Preferred Stock of the Issuer or any direct or indirect parent of
the Issuer, as applicable (other than Disqualified Stock), other than:

 

(1)         public
offerings with respect to the Issuer’s or such direct or indirect parent’s common stock registered on Form S-4 or Form
S-8;

 

(2)         issuances
to any Subsidiary of the Issuer; and

 

(3)         any
such public or private sale that constitutes an Excluded Contribution.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Excluded Contributions” means
the Cash Equivalents or other assets (valued at their Fair Market Value as determined in good faith by senior management or the
Board of Directors of the Issuer) received by the Issuer after the Issue Date from:

 

(1)         contributions
to its common equity capital, and

 

(2)         the
sale (other than to a Subsidiary of the Issuer or to any Subsidiary management equity plan or stock option plan or any other

 

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management or employee benefit plan
or agreement) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Issuer,

 

in each case designated as Excluded Contributions pursuant to an
Officer’s Certificate executed by an Officer of the Issuer on or promptly after the date such capital contributions are made
or the date such Capital Stock is sold, as the case may be.

 

“Explorer Newbuild Facility”
means the $440.3 million credit agreement dated July 31, 2013, as amended, restated, supplemented, waived, replaced (whether
or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise
modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise
restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor
or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering
the maturity thereof.

 

“Fair Market Value” means,
with respect to any asset or property, the price which could be negotiated in an arm’s-length transaction, for cash, between
a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction.

 

“First Lien Collateral Agent”
means any administrative agent or collateral agent for the lenders and other secured parties under any NCLC Group Credit Facility.

 

“Fixed Charge Coverage Ratio”
means, with respect to any Person for any period, the ratio of EBITDA of such Person for such period to the Fixed Charges (other
than Fixed Charges in respect of Qualified Non-Recourse Debt) of such Person for such period. In the event that the Issuer or any
of its Restricted Subsidiaries Incurs, repays, repurchases or redeems any Indebtedness (other than in the case of revolving credit
borrowings or revolving advances under any Qualified Receivables Financing, in which case interest expense shall be computed based
upon the average daily balance of such Indebtedness during the applicable period) or issues, repurchases or redeems Disqualified
Stock or Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated
but prior to the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”),
then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase
or redemption of Indebtedness, or such issuance, repurchase or redemption of Disqualified Stock or Preferred Stock, as if the same
had occurred at the beginning of the applicable four-quarter period.

 

For purposes of making the computation referred
to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined
in accordance with GAAP), in each case with respect to an operating unit of a business, and any operational changes, business realignment
projects or initiatives, restructurings or reorganizations that the Issuer or any of its Restricted Subsidiaries has determined
to make and/or made during the four-quarter reference

 

    	20

    	 

    

 

period or subsequent to such reference period
and on or prior to or simultaneously with the Calculation Date shall be calculated on a pro forma basis assuming that all
such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations, operational changes,
business realignment projects or initiatives, restructurings or reorganizations (and the change of any associated fixed charge
obligations and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If
since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Issuer
or any Restricted Subsidiary since the beginning of such period shall have made any Investment, acquisition, disposition, merger,
consolidation, amalgamation, discontinued operation, operational change, business realignment project or initiative, restructuring
or reorganization, in each case with respect to an operating unit of a business, that would have required adjustment pursuant to
this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period
as if such Investment, acquisition, disposition, discontinued operation, merger, amalgamation, consolidation, operational change,
business realignment project or initiative, restructuring or reorganization had occurred at the beginning of the applicable four-quarter
period.

 

For purposes of this definition, whenever pro
forma effect is to be given to any event, the pro forma calculations shall be made in good faith by a responsible financial
or accounting officer of the Issuer. Any such pro forma calculation may include adjustments appropriate, in the reasonable
good faith determination of the Issuer as set forth in an Officer’s Certificate, to reflect (1) operating expense reductions
and other operating improvements or synergies (x) reasonably expected to result from the applicable event and (y) that
are expected to be realized within 12 months from the date of the transaction giving rise to the calculation, and (2) all
adjustments of the nature used in connection with the calculation of “Adjusted EBITDA” as set forth in footnote 4 to
the “Summary Condensed Historical Consolidated Financial Data of NCLC” under “Summary” in the Offering
Memorandum to the extent such adjustments, without duplication, continue to be applicable to such four-quarter period.

 

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

 

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

 

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

 

(1)         Consolidated
Interest Expense of such Person for such period, and

 

(2)         all
cash dividend payments (excluding items eliminated in consolidation) on any series of Preferred Stock or Disqualified Stock of
such Person and its Restricted Subsidiaries.

 

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

 

“guarantee” means a guarantee
(other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in
any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part
of any Indebtedness or other obligations.

 

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

 

(1)         currency
exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements and currency
exchange, interest rate or commodity collar agreements; and

 

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

 

“holder” or “noteholder”
means the Person in whose name a Note is registered on the Registrar’s books.

 

“Incur” means issue, assume,
guarantee, incur or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person
existing at the time such person becomes a Subsidiary (whether by merger, amalgamation,

 

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consolidation, acquisition or otherwise) shall
be deemed to be Incurred by such Person at the time it becomes a Subsidiary.

 

“Indebtedness” means, with
respect to any Person:

 

(1)         the
principal of any indebtedness of such Person, whether or not contingent, (a) in respect of borrowed money, (b) evidenced
by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication,
reimbursement agreements in respect thereof), (c) representing the deferred and unpaid purchase price of any property (except
any such balance that constitutes (i) a trade payable or similar obligation to a trade creditor Incurred in the ordinary course
of business, (ii) any earn-out obligations until such obligation becomes a liability on the balance sheet of such Person in
accordance with GAAP and (iii) liabilities accrued in the ordinary course of business), which purchase price is due more than
twelve months after the date of placing the property in service or taking delivery and title thereto, (d) in respect of Capitalized
Lease Obligations, or (e) representing any Hedging Obligations, if and to the extent that any of the foregoing indebtedness
(other than letters of credit and Hedging Obligations) would appear as a liability on a balance sheet (excluding the footnotes
thereto) of such Person prepared in accordance with GAAP;

 

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

 

(3)         to
the extent not otherwise included, Indebtedness of another Person secured by a Lien on any asset owned by such Person (whether
or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will
be the lesser of: (a) the Fair Market Value (as determined in good faith by the Issuer) of such asset at such date of determination,
and (b) the amount of such Indebtedness of such other Person;

 

provided, however, that notwithstanding the foregoing,
Indebtedness shall be deemed not to include (1) Contingent Obligations incurred in the ordinary course of business and not
in respect of borrowed money; (2) deferred or prepaid revenues; (3) purchase price holdbacks in respect of a portion
of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller; (4) Obligations
under or in respect of Qualified Receivables Financing; (5) any obligations under Hedging Obligations; provided that
such agreements are entered into for bona fide hedging purposes of the Issuer or its Restricted Subsidiaries (as determined in
good faith by the board of directors or senior management of the Issuer, whether or not accounted for as a hedge in accordance
with GAAP) and, in the case of any foreign exchange contract, currency swap agreement, futures contract, option contract or other
similar agreement, such agreements are related to business transactions of the Issuer or its Restricted Subsidiaries entered into
in the ordinary course of business and, in the case of any interest rate protection

 

    	23

    	 

    

  

agreement, interest rate future agreement, interest rate option
agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement
or other similar agreement or arrangement, such agreements substantially correspond in terms of notional amount, duration and interest
rates, as applicable, to Indebtedness of the Issuer or its Restricted Subsidiaries Incurred without violation of this Indenture;
(6) obligations in respect of surety and bonding requirements of the Issuer and its Restricted Subsidiaries; (7) trade
and other ordinary course payables, accrued expenses and intercompany liabilities arising in the ordinary course of business; (8) in
the case of the Issuer and its Restricted Subsidiaries (x) all intercompany Indebtedness having a term not exceeding 364 days
(inclusive of any roll-over or extensions of terms) and made in the ordinary course of business and (y) intercompany liabilities
in connection with cash management, tax and accounting operations of the Issuer and its Restricted Subsidiaries; and (9) obligations
under the Acquisition Documents.

 

Notwithstanding anything in this Indenture to
the contrary, Indebtedness shall not include, and shall be calculated without giving effect to, the effects of Statement of Financial
Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise increase or decrease an
amount of Indebtedness for any purpose under this Indenture as a result of accounting for any embedded derivatives created by the
terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Indenture but for the application
of this sentence shall not be deemed an Incurrence of Indebtedness under this Indenture.

 

“Indenture” means this Indenture
as amended or supplemented from time to time.

 

“Independent Financial Advisor”
means an accounting, appraisal or investment banking firm or consultant, in each case of nationally recognized standing, that is,
in the good faith determination of the Issuer, qualified to perform the task for which it has been engaged.

 

“Interest Payment Date” has
the meaning set forth in Exhibit A hereto.

 

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

 

“Investment Grade Securities”
means:

 

(1)         securities
issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality thereof (other than
Cash Equivalents),

 

(2)         securities
that have a rating equal to or higher than Baa3 (or equivalent) by Moody’s and BBB- (or equivalent) by S&P, but excluding
any debt securities or loans or advances between and among the Issuer and its Subsidiaries,

 

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

 

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

 

“Investments” means, with respect
to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees),
advances or capital contributions (excluding accounts receivable, trade credit and advances to customers and commission, travel
and similar advances to officers, employees and consultants made in the ordinary course of business and any assets or securities
received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary
in order to prevent or limit loss and any prepayments and other credits to suppliers made in the ordinary course of business),
purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person
and investments that are required by GAAP to be classified on the balance sheet of the Issuer in the same manner as the other investments
included in this definition to the extent such transactions involve the transfer of cash or other property. For purposes of the
definition of “Unrestricted Subsidiary” and Section 4.04:

 

(1)         “Investments”
shall include the portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the Fair Market Value (as
determined in good faith by the Issuer) of the net assets of a Subsidiary of the Issuer at the time that such Subsidiary is designated
an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary,
the Issuer shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary equal to an amount
(if positive) equal to:

 

(a)          the
Issuer’s “Investment” in such Subsidiary at the time of such redesignation less

 

(b)         the
portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the Fair Market Value (as determined in good
faith by the Issuer) of the net assets of such Subsidiary at the time of such redesignation; and

 

(2)        any
property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value (as determined in good faith
by the Issuer) at the time of such transfer, in each case as determined in good faith by the Board of Directors of the Issuer.

 

“IPO” means the initial public
offering of 27,058,824 ordinary shares, par value $.001 per share, of NCL Holdings, which was consummated on January 24, 2013.

 

“Issue Date” means the date
on which the Notes are originally issued.

 

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“Lien” means, with respect
to any asset, any mortgage, lien, pledge, charge, security interest or similar encumbrance of any kind in respect of such asset,
whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention
agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing
of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction);
provided that in no event shall an operating lease or an agreement to sell be deemed to constitute a Lien.

 

“Management Group” means the
group consisting of the directors, managers, executive officers and other management personnel of the Issuer or any direct or indirect
parent of the Issuer, as the case may be, on the Issue Date together with (1) any new directors or managers whose election
by such boards of directors or whose nomination for election by the shareholders of the Issuer or any direct or indirect parent
of the Issuer, as applicable, was approved by a vote of a majority of the directors or managers of the Issuer or any direct or
indirect parent of the Issuer, as applicable, then still in office who were either directors or managers on the Issue Date or whose
election or nomination was previously so approved and (2) executive officers and other management personnel of the Issuer
or any direct or indirect parent of the Issuer, as applicable, hired at a time when the directors or managers on the Issue Date
together with the directors or managers so approved constituted a majority of the directors or managers of the Issuer or any direct
or indirect parent of the Issuer, as applicable.

 

“Meyer Facility Secured Debt Cap”
means €1,325 million.

 

“Moody’s” means Moody’s
Investors Service, Inc. or any successor to the rating agency business thereof.

 

“NCLC Group Credit Facilities”
means (i) the Senior Secured Credit Agreement, dated as of May 24, 2013 (as amended and restated in connection with the
Transactions); (ii) the €258 million Pride of America Secured Loan Agreement dated as of April 4, 2003; (iii) the
$334.1 million Norwegian Jewel Secured Loan Agreement dated as of April 20, 2004; (iv) the €308.1 million Pride
of Hawaii Secured Loan Agreement dated as of April 20, 2004; (v) the €662.9 million Epic Secured Loan Agreement,
dated as of September 22, 2006; (vi) the Breakaway Credit Facilities; (vii) the Breakaway Plus Newbuild Facility;
(viii) the Breakaway Four Facility; (ix) the Seahawk Newbuild Facilities; (x) the Indebtedness payable pursuant
to the memorandum of agreement, dated May 31, 2012, between Ample Avenue Limited, as seller, and Norwegian Sky, Ltd., as buyer;
(xi) the Oceania Newbuild Facilities; and (xii) the Explorer Newbuild Facility, each as amended, restated, supplemented,
waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded,
refinanced or otherwise modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing,
replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or
indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or
issued thereunder or altering the maturity thereof.

 

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

 

“Net Income” means, with respect
to any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of
Preferred Stock dividends.

 

“Net Proceeds” means the aggregate
cash proceeds received by the Issuer or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation,
any cash received in respect of or upon the sale or other disposition of any Designated Non-cash Consideration received in any
Asset Sale and any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable
or otherwise, but only as and when received, but excluding the assumption by the acquiring Person of Indebtedness relating to the
disposed assets or other consideration received in any other non-cash form), net of the direct costs relating to such Asset Sale
and the sale or disposition of such Designated Non-cash Consideration (including, without limitation, legal, accounting and investment
banking fees, and brokerage and sales commissions), and any relocation expenses Incurred as a result thereof, taxes paid or payable
as a result thereof (including Permitted Tax Distributions and after taking into account any available tax credits or deductions
and any tax sharing arrangements related thereto), amounts required to be applied to the repayment of principal, premium (if any)
and interest on Indebtedness required (other than pursuant to Section 4.06(b)(i) or (b)(ii)) to be paid as a result of such
transaction, all expenditures incurred to inspect, repair or modify a Vessel and bring such Vessel to the condition and place of
delivery in connection with the sale of such Vessel as may be specified in the related purchase and sale agreement or otherwise
as the Board of Directors of the Issuer shall determine advisable in connection with such sale, and any deduction of appropriate
amounts to be provided by the Issuer as a reserve in accordance with GAAP against any liabilities associated with the asset disposed
of in such transaction and retained by the Issuer after such sale or other disposition thereof, including, without limitation,
pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification
obligations associated with such transaction.

 

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

 

“New Vessel Financing” means
any financing arrangement entered into by any New Vessel Subsidiary in connection with any acquisition of one or more Vessels.

 

“New Vessel Secured Debt Cap”
means, in respect of a New Vessel Financing, 90% of the contract price for the acquisition and any other Ready for Sea Cost of
the related Vessel (and 100% of any related export credit insurance premium), expressed in euros or U.S. dollars, as the case may
be.

 

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“New Vessel Subsidiary” means
any Subsidiary of the Issuer that is formed for the purpose of acquiring one or more Vessels.

 

“Notes Obligations” means Obligations
in respect of the Notes and this Indenture, including, for the avoidance of doubt, Obligations in respect of any future guarantees
thereof.

 

“Obligations” means any principal,
interest, penalties, fees, indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect
to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation governing any
Indebtedness; provided that Obligations with respect to the Notes shall not include fees or indemnifications in favor of
the Trustee and other third parties other than the holders of the Notes.

 

“Oceania Newbuild Facilities”
means the (i) €349.5 million Marina Loan Agreement, dated July 18, 2008 and (ii) the €349.5 million Riviera
Loan Agreement, dated July 18, 2008, in each case, as amended, restated, supplemented, waived, replaced (whether or not upon
termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified
from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring
all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement
agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity
thereof.

 

“Offering Memorandum” means
the confidential offering memorandum, dated November 5, 2014, relating to the issuance of the Initial Notes.

 

“Officer” means the Chairman
of the Board, Chief Executive Officer, Chief Financial Officer, President, any Executive Vice President, Senior Vice President
or Vice President, the Treasurer or the Secretary of the Issuer.

 

“Officer’s Certificate”
means a certificate signed on behalf of the Issuer by an Officer of the Issuer, who must be the principal executive officer, the
principal financial officer, the treasurer or the principal accounting officer of the Issuer, which meets the requirements set
forth in this Indenture.

 

“Opinion of Counsel” means
a written opinion from legal counsel who is acceptable to the Trustee.  The counsel may be an employee of or counsel
to the Issuer or the Trustee.

 

“Other Facilities Secured Debt Cap”
means €1,923.0 million.

 

“Pari Passu Indebtedness” means
with respect to the Issuer, the Notes and any Indebtedness which ranks pari passu in right of payment to the Notes.

 

“Permitted Holders” means,
at any time, each of (i) the Sponsors, (ii) the Management Group, (iii) any Person that has no material assets other
than the Capital

 

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Stock of the Issuer and, directly or indirectly,
holds or acquires 100% of the total voting power of the Voting Stock of the Issuer, and of which no other Person or group (within
the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), other than any
of the other Permitted Holders, holds more than 50% of the total voting power of the Voting Stock thereof and (iv) any group
(within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision) the members
of which include any of the Permitted Holders and that, directly or indirectly, hold or acquire beneficial ownership of the Voting
Stock of the Issuer (a “Permitted Holder Group”), so long as (1) each member of the Permitted Holder Group
has voting rights proportional to the percentage of ownership interests held or acquired by such member (or less in the case of
a member that is not a Permitted Holder) and (2) no Person or other “group” (other than Permitted Holders) beneficially
owns more than 50% on a fully diluted basis of the Voting Stock held by the Permitted Holder Group. Any Person or group whose acquisition
of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance with
the requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional Permitted Holder.

 

“Permitted Investments” means:

 

(1)         any
Investment in the Issuer or any Restricted Subsidiary;

 

(2)         any
Investment in Cash Equivalents or Investment Grade Securities;

 

(3)         any
Investment by the Issuer or any Restricted Subsidiary of the Issuer in a Person if as a result of such Investment (a) such
Person becomes a Restricted Subsidiary of the Issuer, or (b) such Person, in one transaction or a series of related transactions,
is merged, consolidated or amalgamated with or into, or transfers or conveys all or substantially all of its assets to, or is liquidated
into, the Issuer or a Restricted Subsidiary of the Issuer;

 

(4)         any
Investment in securities or other assets not constituting Cash Equivalents and received in connection with an Asset Sale made pursuant
to the provisions of Section 4.06 or any other disposition of assets not constituting an Asset Sale;

 

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

 

(6)         loans
and advances to officers, directors, managers, employees or consultants of the Issuer or any Restricted Subsidiary, taken together
with all

 

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other loans and advances made pursuant
to this clause (6), not to exceed the greater of $25 million and 0.375% of Total Assets at any one time outstanding;

 

(7)         any
Investment acquired by the Issuer or any of its Restricted Subsidiaries (a) in exchange for any other Investment or accounts
receivable held by the Issuer or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization
or recapitalization of the issuer of such other Investment or accounts receivable, or (b) as a result of a foreclosure by
the Issuer or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect
to any secured Investment in default;

 

(8)         Hedging
Obligations permitted under Section 4.03(b)(ix);

 

(9)         any
Investment by the Issuer or any of its Restricted Subsidiaries in a Similar Business having an aggregate Fair Market Value (as
determined in good faith by the Issuer), taken together with all other Investments made pursuant to this clause (9) that are
at that time outstanding, not to exceed the greater of (x) $300 million and (y) 5.0% of Total Assets at the time of such
Investment, plus an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits
on sale, repayments, income and similar amounts) actually received in respect of any such Investment made pursuant to this clause (9)
(with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes
in value) that does not otherwise increase the Cumulative Credit; provided, however, that if any Investment pursuant
to this clause (9) is made in any Person that is not the Issuer or a Restricted Subsidiary of the Issuer at the date of the
making of such Investment and such Person becomes the Issuer or a Restricted Subsidiary of the Issuer after such date, such Investment
shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this
clause (9) for so long as such Person continues to be the Issuer or a Restricted Subsidiary;

 

(10)       additional
Investments by the Issuer or any of its Restricted Subsidiaries having an aggregate Fair Market Value (as determined in good faith
by the Issuer), taken together with all other Investments made pursuant to this clause (10) that are at that time outstanding,
not to exceed the greater of (x) $300 million and (y) 5.0% of Total Assets at the time of such Investment, plus
an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments,
income and similar amounts) actually received in respect of any such Investment made pursuant to this clause (10) (with the
Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value);
provided that an amount equal to any such Investment made as a result of such increase of this clause (10) from any
returns shall decrease the Cumulative Credit only to the extent such return previously increased the Cumulative Credit; provided,
however, that if any Investment pursuant to this clause (10) is made in any Person that is not the Issuer or a Restricted
Subsidiary of the Issuer at the date of the

 

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making of such Investment and such Person
becomes the Issuer or a Restricted Subsidiary of the Issuer after such date, such Investment shall thereafter be deemed to have
been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (10) for so long as
such Person continues to be the Issuer or a Restricted Subsidiary;

 

(11)       loans
and advances to officers, directors, managers, employees or consultants for business-related travel expenses, moving expenses,
payroll payments and other similar expenses, in each case Incurred in the ordinary course of business or consistent with past practice
or to fund such person’s purchase of Equity Interests of the Issuer or any direct or indirect parent of the Issuer;

 

(12)       Investments
the payment for which consists of Equity Interests of the Issuer (other than Disqualified Stock) or any direct or indirect parent
of the Issuer, as applicable; provided, however, that such Equity Interests will not increase the amount available
for Restricted Payments under clause (3) of the definition of “Cumulative Credit”;

 

(13)       any
transaction to the extent it constitutes an Investment that is permitted by and made in accordance with the provisions of Section 4.07(b)
(except transactions described in clauses (ii), (vi), (vii) and (xi)(B) of such Section);

 

(14)       Investments
consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons;

 

(15)       guarantees
issued in accordance with Section 4.03, including, without limitation, any guarantee or other obligation issued or incurred
under the Credit Agreements in connection with any letter of credit issued for the account of the Issuer or any of its Subsidiaries
(including with respect to the issuance of, or payments in respect of drawings under, such letters of credit);

 

(16)       Investments
consisting of or to finance purchases and acquisitions of inventory, supplies, materials, services or equipment or purchases of
contract rights or licenses or leases of intellectual property;

 

(17)       any
Investment in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person in connection with a Qualified
Receivables Financing, including Investments of funds held in accounts permitted or required by the arrangements governing such
Qualified Receivables Financing or any related Indebtedness;

 

(18)       any
Investment in an entity or purchase of a business or assets in each case owned (or previously owned) by a customer of a Restricted
Subsidiary as a condition or in connection with such customer (or any member of such customer’s group) contracting with a
Restricted Subsidiary, in each case in the ordinary course of business;

 

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(19)       any
Investment in an entity which is not a Restricted Subsidiary to which a Restricted Subsidiary sells accounts receivable pursuant
to a Receivable Financing;

 

(20)       additional
Investments in joint ventures not to exceed at any one time in the aggregate outstanding under this clause (20), the greater
of (x) $150 million and (y) 2.5% of Total Assets at the time of such Investment, plus an amount equal to any returns
(including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually
received in respect of any such Investment made pursuant to this clause (20) (with the Fair Market Value of each Investment
being measured at the time made and without giving effect to subsequent changes in value) that does not otherwise increase the
Cumulative Credit; provided, however, that if any Investment pursuant to this clause (20) is made in any Person that
is not a Restricted Subsidiary of the Issuer at the date of the making of such Investment and such Person becomes a Restricted
Subsidiary of the Issuer after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above
and shall cease to have been made pursuant to this clause (20) for so long as such Person continues to be a Restricted Subsidiary;

 

(21)       Investments
of a Restricted Subsidiary of the Issuer acquired after the Issue Date or of an entity merged into, amalgamated with or consolidated
with the Issuer or a Restricted Subsidiary of the Issuer in a transaction that is not prohibited by Section 5.01 after the
Issue Date to the extent that such Investments were not made in contemplation of such acquisition, merger, amalgamation or consolidation
and were in existence on the date of such acquisition, merger, amalgamation or consolidation; and

 

(22)       any
Investment in any Subsidiary of the Issuer or any joint venture in connection with intercompany cash management arrangements or
related activities arising in the ordinary course of business.

 

“Permitted Jurisdiction” means
(i) any state of the United States, the District of Columbia or any territory of the United States, (ii) Bermuda, (iii) the
Bahamas, (iv) the Isle of Man, (v) Panama, (vi) Liberia, (vii) the Marshall Islands, or (viii) any other
jurisdiction approved by the First Lien Collateral Agent.

 

“Permitted Liens” means, with
respect to any Person:

 

(1)         pledges
or deposits and other Liens granted by such Person under workmen’s compensation laws, unemployment insurance laws or similar
legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or
leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash
or U.S. government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested
taxes or import

 

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duties or for the payment of rent, in
each case Incurred in the ordinary course of business;

 

(2)         Liens
imposed by law, such as landlord’s, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s,
construction or other like Liens arising in the ordinary course of business and securing obligations that are not overdue by more
than 30 days or that are being contested in good faith by appropriate proceedings and in respect of which, if applicable, the Issuer
or any Restricted Subsidiary shall have set aside on its books reserves in accordance with GAAP; and with respect to the Vessels:
(i) Liens fully covered (in excess of customary deductibles) by valid policies of insurance, (ii) Liens for master’s
and crew’s wages on the current voyage, if not yet due and payable, (iii) Liens for trade debt incurred in the ordinary
course of business over a period not exceeding thirty (30) days and not by its terms overdue, and (iv) Liens for general
average and salvage, including contract salvage, and provided that (x) Permitted Liens shall not include any Liens
described in clauses (i) through (iv) of this paragraph unless such Liens are subordinate to the Liens created under
the applicable Vessel Mortgage, or constitute maritime liens that would in any event be entitled to priority over the applicable
Vessel Mortgage under applicable law;

 

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

 

(4)         Liens
(A) in favor of issuers of performance and surety bonds or bid bonds or with respect to other regulatory requirements or letters
of credit, bankers’ acceptances or similar obligations issued pursuant to the request of and for the account of such Person
in the ordinary course of its business (including as required by the U.S. Federal Maritime Commission or other similar U.S. or
foreign government authority) and (B) securing other obligations in respect of surety and bonding requirements;

 

(5)         minor
survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers,
electric lines, telegraph and telephone lines and other similar purposes, servicing agreements, development agreements, site plan
agreements and other similar encumbrances incurred in the ordinary course of business or zoning or other restrictions as to the
use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership of its properties
which were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value
of said properties or materially impair their use in the operation of the business of such Person;

 

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(6)         Liens
on assets of a Restricted Subsidiary securing Indebtedness of such Restricted Subsidiary or any other Restricted Subsidiary permitted
to be Incurred pursuant to Section 4.03;

 

(7)         [Reserved];

 

(8)         Liens
securing Hedging Obligations;

 

(9)         [Reserved];

 

(10)       [Reserved];

 

(11)       Liens
securing Indebtedness permitted to be Incurred pursuant to Section 4.03(b)(iii); provided that such Lien extends only
to the assets and/or Capital Stock, the acquisition, lease, construction, repair, replacement or improvement of which is financed
thereby and any proceeds or products thereof;

 

(12)       Liens
existing on the Issue Date;

 

(13)       Liens
on assets, property or shares of stock of a Person at the time such Person becomes a Subsidiary; provided, however,
that such Liens are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary;

 

(14)       Liens
on assets or property at the time the Issuer or a Restricted Subsidiary of the Issuer acquired the assets or property, including
any acquisition by means of a merger, amalgamation or consolidation with or into the Issuer or any Restricted Subsidiary of the
Issuer; provided, however, that such Liens are not created or Incurred in connection with, or in contemplation of, such
acquisition; provided, further, however, that the Liens may not extend to any other property owned by the Issuer
or any Restricted Subsidiary of the Issuer (other than pursuant to after-acquired property clauses in effect with respect to such
Lien at the time of acquisition of such Person on property of such Person of the type that would have been subject to such Lien
notwithstanding the occurrence of such acquisition);

 

(15)       Liens
securing Indebtedness or other obligations of the Issuer or a Restricted Subsidiary owing to the Issuer or another Restricted Subsidiary
of the Issuer permitted to be Incurred in accordance with Section 4.03;

 

(16)       [Reserved];

 

(17)       Liens
on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of
documentary letters of credit, bank guarantees or bankers’ acceptances issued or created for the account of such Person to
facilitate the purchase, shipment or storage of such inventory or other goods;

 

    	34

    	 

    

 

(18)       leases
and subleases of real property which do not materially interfere with the ordinary conduct of the business of the Issuer or any
of its Restricted Subsidiaries;

 

(19)       Liens
arising from Uniform Commercial Code financing statement filings regarding operating leases or other obligations not constituting
Indebtedness in the ordinary course of business;

 

(20)       Liens
in favor of the Issuer or any Restricted Subsidiary;

 

(21)       Liens
on accounts receivable and related assets of the type specified in the definition of “Receivables Financing” Incurred
in connection with a Qualified Receivables Financing;

 

(22)       pledges,
deposits and other Liens in the ordinary course of business to secure liability to insurance carriers;

 

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

 

(24)       leases
or subleases, and licenses or sublicenses (including with respect to intellectual property) granted to others in the ordinary course
of business;

 

(25)       Liens
to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings, extensions, renewals
or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (6),
(8), (9), (11), (12), (13), (14), (15), (20) and (35), provided that in the case of Liens to secure any refinancing, refunding,
extension, renewal or replacement (or successive refinancings, refundings, extensions, renewals or replacements) as a whole, or
in part, of any Indebtedness secured by any Lien referred to in clauses (iii), (xi) and (xv) of Section 4.03(b), (i) such
new Lien shall be limited to all or part of the same property (including any after acquired property to the extent it would have
been subject to the original Lien) that secured the original Lien (plus improvements on and accessions to such property, proceeds
and products thereof, customary security deposits and any other assets pursuant to the after-acquired property clauses to the extent
such assets secured (or would have secured) the Indebtedness being refinanced, refunded, extended, renewed or replaced) and (ii) the
Indebtedness secured by such Liens is not increased to any amount greater than the sum of (A) the outstanding principal amount
(or accreted value, if applicable) or, if greater, committed amount of the Indebtedness described under such clauses at the time
the original Lien became a Permitted Lien under this Indenture, (B ) unpaid accrued interest and premiums (including tender premiums)
and (C) an amount necessary to pay any underwriting discounts, defeasance costs, commissions, fees and expenses, related to
such refinancing, refunding, extension, renewal or replacement;

 

    	35

    	 

    

  

(26)       Liens
on equipment of the Issuer or any Restricted Subsidiary granted in the ordinary course of business to the Issuer’s or such
Restricted Subsidiary’s client at which such equipment is located;

 

(27)       judgment
and attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights related to litigation
being contested in good faith by appropriate proceedings and for which adequate reserves have been made;

 

(28)       Liens
arising out of conditional sale, title retention, consignment or similar arrangements for the sale or purchase of goods entered
into in the ordinary course of business;

 

(29)       Liens
(A) incurred to secure cash management services or to implement cash pooling arrangements in the ordinary course of business
and (B) on cash and Cash Equivalents and letters of credit securing any surety and bonding requirements;

 

(30)       other
Liens securing obligations the outstanding principal amount of which does not, taken together with the principal amount of all
other obligations secured by Liens incurred under this clause (30) that are at that time outstanding, exceed the greater of $100
million and 1.0% of Total Assets at the time of Incurrence;

 

(31)       any
encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any joint venture or similar
arrangement securing obligations of such joint venture or pursuant to any joint venture or similar agreement;

 

(32)       any
amounts held by a trustee in the funds and accounts under an indenture securing any revenue bonds issued for the benefit of the
Issuer or any Restricted Subsidiary, under any indenture issued in escrow pursuant to customary escrow arrangements pending the
release thereof, or under any indenture pursuant to customary discharge, redemption or defeasance provisions;

 

(33)       Liens
(i) arising by virtue of any statutory or common law provisions relating to banker’s Liens, rights of set-off or similar
rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution, (ii) attaching
to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business or (iii) encumbering
reasonable customary initial deposits and margin deposits and similar Liens attaching to brokerage accounts incurred in the ordinary
course of business and not for speculative purposes;

 

(34)       Liens
in favor of any counterparty to a Vessel operations agreement (other than the Restricted Subsidiary that is the record owner of
the related Vessel) arising in connection with such Vessel operations agreement;

 

    	36

    	 

    

  

(35)       pledges
of, and other Liens on, the Equity Interests in and the assets of New Vessel Subsidiaries in favor of lenders under and in connection
with New Vessel Financing permitted to be incurred under Section 4.03(b)(i);

 

(36)       Liens
arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with any appeal
or other proceedings for review;

 

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

 

(38)       Liens
incurred in the ordinary course of business of the Issuer or any Restricted Subsidiary arising from vessel purchasing, vessel chartering,
drydocking, maintenance, the furnishing of supplies and bunkers to vessels, repairs and improvements to Vessels, crews’ wages
and maritime Liens.

 

“Permitted Tax Distributions”
means dividends to pay any U.S. federal, state or local income taxes actually payable by the holders of the Issuer’s capital
stock (or, in the case of any such holder that owns any assets other than the Issuer’s capital stock at any applicable time,
the U.S. federal, state or local income taxes that would have been actually payable had such holder owned no other assets) by virtue
of the fact that the Issuer is a pass-through entity for U.S. federal, state or local income tax purposes (as applicable), for
any such taxable year (or portion thereof) ending after December 31, 2011 and, to the extent resulting from audit adjustments
after the Issue Date, for any such taxable year (or portion thereof) ending prior to December 31, 2011.

 

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

 

“Preferred Stock” means any
Equity Interest with preferential right of payment of dividends or upon liquidation, dissolution, or winding up.

 

“Pre-Launch Expenses” means,
with respect to any fiscal period, the amount of expenses (other than interest expense) incurred with respect to any new Vessels
incurred prior to the commencement of ordinary course revenue generating cruises and directly related to such commencement of the
new Vessel.

 

“Prestige Facilities Secured Debt Cap”
means $2,341.3 million.

 

“Qualified Non-Recourse Debt”
means Indebtedness that (1) is (a) incurred by a Qualified Non-Recourse Subsidiary to finance (whether prior to or within
270 days after) the acquisition, lease, construction, repair, replacement or improvement of any property (real or personal) or
equipment (whether through the direct purchase of property or the Equity Interests of any person owning such property and whether
in a single acquisition or a series of related acquisitions) or (b) assumed by a

 

    	37

    	 

    

  

Qualified Non-Recourse Subsidiary, (2) is
non-recourse to the Issuer and (3) is non-recourse to any Restricted Subsidiary that is not a Qualified Non-Recourse Subsidiary.

 

“Qualified Non-Recourse Subsidiary”
means (1) a Restricted Subsidiary that is formed or created after the Issue Date in order to finance an acquisition, lease,
construction, repair, replacement or improvement of any property or equipment (directly or through one of its Subsidiaries) that
secures Qualified Non-Recourse Debt and (2) any Restricted Subsidiary of a Qualified Non-Recourse Subsidiary.

 

“Qualified Receivables Financing”
means any Receivables Financing of a Receivables Subsidiary that meets the following conditions:

 

(1)         the
Board of Directors of the Issuer shall have determined in good faith that such Qualified Receivables Financing (including financing
terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Issuer and
the Receivables Subsidiary;

 

(2)         all
sales of accounts receivable and related assets to the Receivables Subsidiary are made at Fair Market Value (as determined in good
faith by the Issuer); and

 

(3)         the
financing terms, covenants, termination events and other provisions thereof shall be market terms (as determined in good faith
by the Issuer) and may include Standard Securitization Undertakings.

 

The grant of a security interest in any accounts
receivable of the Issuer or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) to secure Bank Indebtedness,
Indebtedness in respect of the Notes or any Refinancing Indebtedness with respect to the Notes shall not be deemed a Qualified
Receivables Financing.

 

“Rating Agency” means (1) each
of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate the Notes for reasons outside of the Issuer’s
control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F)
under the Exchange Act selected by the Issuer or any direct or indirect parent of the Issuer as a replacement agency for Moody’s
or S&P, as the case may be.

 

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

 

“Receivables Fees” means distributions
or payments made directly or by means of discounts with respect to any participation interests issued or sold in connection

 

    	38

    	 

    

  

with, and all other fees paid to a Person that
is not a Restricted Subsidiary in connection with, any Receivables Financing.

 

“Receivables Financing” means
any transaction or series of transactions that may be entered into by the Issuer or any of its Subsidiaries pursuant to which the
Issuer or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Receivables Subsidiary (in the case of a
transfer by the Issuer or any of its Subsidiaries); and (b) any other Person (in the case of a transfer by a Receivables Subsidiary),
or may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of the Issuer or any
of its Subsidiaries, and any assets related thereto including, without limitation, all collateral securing such accounts receivable,
all contracts and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable
and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection
with asset securitization transactions involving accounts receivable and any Hedging Obligations entered into by the Issuer or
any such Subsidiary in connection with such accounts receivable.

 

“Receivables Repurchase Obligation”
means any obligation of a seller of receivables in a Qualified Receivables Financing to repurchase receivables arising as a result
of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof becoming
subject to any asserted defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to
take action by or any other event relating to the seller.

 

“Receivables Subsidiary” means
a Wholly Owned Restricted Subsidiary of the Issuer (or another Person formed for the purposes of engaging in Qualified Receivables
Financing with the Issuer in which the Issuer or any Subsidiary of the Issuer makes an Investment and to which the Issuer or any
Subsidiary of the Issuer transfers accounts receivable and related assets) which engages in no activities other than in connection
with the financing of accounts receivable of the Issuer and its Subsidiaries, all proceeds thereof and all rights (contractual
or other), collateral and other assets relating thereto, and any business or activities incidental or related to such business,
and which is designated by the Board of Directors of the Issuer (as provided below) as a Receivables Subsidiary and:

 

(a)         no
portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Issuer or
any other Subsidiary of the Issuer (excluding guarantees of obligations (other than the principal of and interest on, Indebtedness)
pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Issuer or any other Subsidiary of
the Issuer in any way other than pursuant to Standard Securitization Undertakings, or (iii) subjects any property or asset
of the Issuer or any other Subsidiary of the Issuer, directly or indirectly, contingently or otherwise, to the satisfaction thereof,
other than pursuant to Standard Securitization Undertakings;

 

    	39

    	 

    

 

(b)         with
which neither the Issuer nor any other Subsidiary of the Issuer has any material contract, agreement, arrangement or understanding
other than on terms which the Issuer reasonably believes to be no less favorable to the Issuer or such Subsidiary than those that
might be obtained at the time from Persons that are not Affiliates of the Issuer; and

 

(c)         to
which neither the Issuer nor any other Subsidiary of the Issuer has any obligation to maintain or preserve such entity’s
financial condition or cause such entity to achieve certain levels of operating results.

 

Any such designation by the Board of Directors
of the Issuer shall be evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors
of the Issuer giving effect to such designation and an Officer’s Certificate certifying that such designation complied with
the foregoing conditions.

 

“Record Date” has the meaning
specified in Exhibit A hereto.

 

“Reimbursement and Distribution Agreement”
means the Reimbursement and Distribution Agreement, dated August 17, 2007, by and among NCL Investment Ltd., Star Cruises
Limited and the Issuer, as amended, supplemented or modified from time to time.

 

“Representative” means the
trustee, agent or representative (if any) for an issue of Indebtedness; provided that if, and for so long as, such Indebtedness
lacks such a Representative, then the Representative for such Indebtedness shall at all times constitute the holder or holders
of a majority in outstanding principal amount of obligations under such Indebtedness.

 

“Responsible Officer” means,
when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president,
assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily
performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any
corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and
who shall have direct responsibility for the administration of this Indenture.

 

“Restricted Cash” means cash
and Cash Equivalents held by Restricted Subsidiaries that are contractually restricted from being distributed to the Issuer, except
for such cash and Cash Equivalents subject only to such restrictions that are contained in agreements governing Indebtedness permitted
under this Indenture and that are secured by such cash or Cash Equivalents.

 

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

 

“Restricted Subsidiary” means,
with respect to any Person, any Subsidiary of such Person other than an Unrestricted Subsidiary of such Person. Unless otherwise

 

    	40

    	 

    

 

indicated in this Indenture, all references to
Restricted Subsidiaries shall mean Restricted Subsidiaries of the Issuer.

 

“Sale/Leaseback Transaction”
means an arrangement relating to property now owned or hereafter acquired by the Issuer or a Restricted Subsidiary whereby the
Issuer or a Restricted Subsidiary transfers such property to a Person and the Issuer or such Restricted Subsidiary leases it from
such Person, other than leases between the Issuer and a Restricted Subsidiary of the Issuer or between Restricted Subsidiaries
of the Issuer.

 

“S&P” means Standard &
Poor’s Ratings Group or any successor to the rating agency business thereof.

 

“Seahawk Newbuild Facilities”
means two export credit facilities, each related to the financing of one new Vessel to be owned by a special-purpose subsidiary
of the Issuer and each with aggregate commitments of up to €666.0 million, in each case, with such new special-purpose subsidiary
to be the borrower, and in each case, as amended, restated, supplemented, waived, replaced (whether or not upon termination, and
whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to
time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all
or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement
agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity
thereof.

 

“SEC” means the Securities
and Exchange Commission.

 

“Secured Indebtedness” means
any Indebtedness secured by a Lien.

 

“Secured Vessel Debt Cap” means
the U.S. dollar equivalent of the sum of (i) $3,550 million, (ii) the Meyer Facility Secured Debt Cap, (iii) the
Breakaway Plus Newbuild Facility Secured Debt Cap, (iv) the Prestige Facilities Secured Debt Cap, (v) the Other Facilities
Secured Debt Cap and (vi) the New Vessel Aggregate Secured Debt Cap.

 

“Securities Act” means the
Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Shareholders’ Agreement”
means the Amended and Restated Shareholders’ Agreement, dated January 24, 2013, by and among Norwegian Cruise Line Holdings
Ltd., Genting Hong Kong Limited, Star NCLC Holdings Ltd. and the other parties thereto, as amended, supplemented or modified from
time to time.

 

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

 

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“Similar Business” means any
business, the majority of whose revenues are derived from (i) the business or activities of the Issuer and its Subsidiaries
anticipated to be conducted as of the Issue Date, (ii) any business that is a natural outgrowth or a reasonable extension,
development or expansion of any such business or any business similar, reasonably related, incidental, complementary or ancillary
to any of the foregoing or (iii) any business that in the Issuer’s good faith business judgment constitutes a reasonable
diversification of business conducted by the Issuer and its Subsidiaries.

 

“Sponsors” means (i) Apollo
Management, L.P. and any of its respective Affiliates other than any portfolio companies not primarily engaged in the cruise business
(collectively, the “Apollo Sponsors”), (ii) TPG Global, LLC and any of its respective Affiliates other
than any portfolio companies (collectively, the “TPG Sponsors”), (iii) Genting Hong Kong Limited, and any
of its respective Affiliates (collectively, the “Genting HK”), and (iv) any Person that forms a group (within
the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision) with any Apollo
Sponsors, TPG Sponsors and/or Genting HK; provided that the Apollo Sponsors, TPG Sponsors and/or Genting HK (x) own
a majority of the voting power and (y) control a majority of the Board of Directors of such group.

 

“Standard Securitization Undertakings”
means representations, warranties, covenants, indemnities and guarantees of performance entered into by the Issuer or any Subsidiary
of the Issuer which the Issuer has determined in good faith to be customary in a Receivables Financing including, without limitation,
those relating to the servicing of the assets of a Receivables Subsidiary, it being understood that any Receivables Repurchase
Obligation shall be deemed to be a Standard Securitization Undertaking.

 

“Stated Maturity” means, with
respect to any security, the date specified in such security as the fixed date on which the final payment of principal of such
security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for
the repurchase of such security at the option of the holder thereof upon the happening of any contingency beyond the control of
the issuer unless such contingency has occurred).

 

“Subordinated Indebtedness”
means with respect to the Issuer, any Indebtedness of the Issuer which is by its terms subordinated in right of payment to the
Notes.

 

“Subsidiary” means, with respect
to any Person, (1) any corporation, association or other business entity (other than a partnership, joint venture or limited
liability company) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination
owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination
thereof, and (2) any partnership, joint venture or limited liability company of which (x) more than 50% of the capital
accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are
owned or controlled, directly or indirectly, by such Person or

 

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one or more of the other Subsidiaries of that
Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise,
and (y) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity.

 

“Subsidiary Guarantee” means
any guarantee of the obligations of the Issuer under this Indenture and the Notes by a Restricted Subsidiary in accordance with
the provisions of this Indenture.

 

“Subsidiary Guarantor” means
any Restricted Subsidiary that Incurs a Subsidiary Guarantee pursuant to Section 4.11 or otherwise Incurs a Subsidiary Guarantee;
provided that upon the release or discharge of such Subsidiary from its Subsidiary Guarantee in accordance with this Indenture,
such Subsidiary ceases to be a Subsidiary Guarantor.

 

“Suspension Period” means the
period of time between a Covenant Suspension Event and the related Reversion Date.

 

“TIA” or “Trustee
Indenture Act” means the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the
date of this Indenture.

 

“Total Assets” means the total
consolidated assets of the Issuer and its Restricted Subsidiaries, as shown on the most recent balance sheet of the Issuer, without
giving effect to any amortization of the amount of intangible assets since June 30, 2009.

 

“Transactions” means the transactions
described under “Summary—The Transactions” in the Offering Memorandum.

 

“Transfer Restricted Notes”
means, each and collectively, the Transfer Restricted Definitive Notes and the Transfer Restricted Global Notes.

 

“Treasury Rate” means, as of
the applicable redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant
maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly
available at least two Business Days prior to either, at the sole discretion of the Issuer, (a) such redemption date or (b) the
date a notice of redemption is delivered or, in the case of a satisfaction and discharge or defeasance, two Business Days prior
to the date on which funds are deposited with the Trustee (or, if such Statistical Release is no longer published, any publicly
available source of similar market data)) most nearly equal to the period from such redemption date to November 15, 2016;
provided, however, that if the period from such redemption date to November 15, 2016 is less than one year, the weekly
average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used.

 

“Trust Officer” means:

 

(1)         any
officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant
secretary, assistant

 

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treasurer, trust officer or any other
officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such
officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity
with the particular subject, and

 

(2)         who
shall have direct responsibility for the administration of this Indenture.

 

“Trustee” means the party named
as such in this Indenture until a successor replaces it and, thereafter, means the successor.

 

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

 

“Uniform Commercial Code” or
“UCC” means the New York Uniform Commercial Code as in effect from time to time.

 

“Unrestricted Subsidiary” means:

 

(1)         any
Subsidiary of the Issuer that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors
of such Person in the manner provided below; and

 

(2)         any
Subsidiary of an Unrestricted Subsidiary;

 

The Issuer may designate any Subsidiary of the
Issuer (including any newly acquired or newly formed Subsidiary of the Issuer) to be an Unrestricted Subsidiary unless such Subsidiary
or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on any property of, the Issuer
or any other Subsidiary of the Issuer that is not a Subsidiary of the Subsidiary to be so designated; provided, however,
that the Subsidiary to be so designated and its Subsidiaries do not at the time of designation have and do not thereafter Incur
any Indebtedness pursuant to which the lender has recourse to any of the assets of the Issuer or any of its Restricted Subsidiaries,
unless otherwise permitted by Section 4.04; provided, further, however, that either:

 

(a)         the
Subsidiary to be so designated has total consolidated assets of $1,000 or less; or

 

(b)         if
such Subsidiary has consolidated assets greater than $1,000, then such designation would be permitted under Section 4.04.

 

The Issuer may designate any Unrestricted Subsidiary
to be a Restricted Subsidiary; provided, however, that immediately after giving effect to such designation:

 

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(x)          (1) the
Issuer could Incur $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.03(a),
or (2) the Fixed Charge Coverage Ratio for the Issuer and its Restricted Subsidiaries would be no less than such ratio for
the Issuer and its Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma basis taking
into account such designation, and

 

(y)         no
Event of Default shall have occurred and be continuing.

 

Any such designation by the Issuer shall be evidenced
to the Trustee by promptly filing with the Trustee a copy of the resolution of the Board of Directors or any committee thereof
of the Issuer giving effect to such designation and an Officer’s Certificate certifying that such designation complied with
the foregoing provisions.

 

“U.S. Government Obligations”
means securities that are:

 

(1)         direct
obligations of the United States of America for the timely payment of which its full faith and credit is pledged, or

 

(2)         obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the timely
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America,

 

which, in each case, are not callable or redeemable
at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2)
of the Securities Act) as custodian with respect to any such U.S. Government Obligations or a specific payment of principal of
or interest on any such U.S. Government Obligations held by such custodian for the account of the holder of such 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 from any amount received by the custodian in respect of the U.S. Government Obligations
or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depository receipt.

 

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

 

“Vessel” means a passenger
cruise vessel.

 

“Vessel Mortgages” means each
first priority statutory ship mortgage granting a Lien on a Vessel owned by a Subsidiary of the Issuer.

 

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness or Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient
obtained by dividing (1) the sum of the products of the number of years from the date of determination to the date of each
successive scheduled principal payment of

 

    	45

    	 

    

  

such Indebtedness or redemption or similar payment
with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment, by (2) the sum of all
such payments.

 

“Wholly Owned Restricted Subsidiary”
is any Wholly Owned Subsidiary that is a Restricted Subsidiary.

 

“Wholly Owned Subsidiary” of
any Person means a Subsidiary of such Person 100% of the outstanding Capital Stock or other ownership interests of which (other
than directors’ qualifying shares or shares required pursuant to applicable law) shall at the time be owned by such Person
or by one or more Wholly Owned Subsidiaries of such Person.

 

Section 1.02     Other
Definitions.

 

	Term	 	Section
	Agent Members	 	Appendix A
	Asset Sale Offer	 	4.06(b)(ii)
	Covenant Suspension Event	 	4.16
	Definitive Note	 	Appendix A
	Depository	 	Appendix A
	Event of Default	 	6.01
	Global Notes	 	Appendix A
	Global Notes Legend	 	Appendix A
	IAI	 	Appendix A
	Increased Amount	 	4.12(c)
	Initial Notes	 	Preamble
	Initial Purchasers	 	Appendix A
	Issuer	 	Preamble
	Notes Custodian	 	Appendix A
	protected purchaser	 	2.08
	QIB	 	Appendix A
	Regulation S	 	Appendix A
	Regulation S Global Notes	 	Appendix A
	Regulation S Notes	 	Appendix A
	Restricted Notes Legend	 	Appendix A
	Restricted Payments	 	4.04(a)(iv)
	Restricted Period	 	Appendix A
	Reversion Date	 	4.16
	Rule 144A	 	Appendix A
	Rule 144A Global Notes	 	Appendix A
	Rule 144A Notes	 	Appendix A
	Rule 501	 	Appendix A
	Second Commitment	 	4.06(b)(ii)
	Successor Issuer	 	5.01(a)(i)
	Suspended Covenants	 	4.16
	Transfer Restricted Definitive Notes	 	Appendix A

 

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	Term	 	Section
	Transfer Restricted Global Notes	 	Appendix A
	Trustee	 	Preamble
	U.S.A. Patriot Act	 	13.20
	Unrestricted Definitive Notes	 	Appendix A
	Unrestricted Global Notes	 	Appendix A

 

Section 1.03     Incorporation
by Reference of Trust Indenture Act.  This Indenture is not qualified under the TIA, and the TIA shall not apply
to or in any way govern the terms of this Indenture.  As a result, no provisions of the TIA are incorporated into this
Indenture unless expressly incorporated pursuant to this Indenture.

 

Section 1.04     Rules
of Construction.  Unless the context otherwise requires:

 

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

 

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

 

(c)         “or”
is not exclusive;

 

(d)         “including”
means including without limitation;

 

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

 

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

 

(g)         the
principal amount of any non-interest bearing or other discount security at any date shall be the principal amount thereof that
would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP;

 

(h)         the
principal amount of any Preferred Stock shall be (i) the maximum liquidation value of such Preferred Stock or (ii) the
maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater;

 

(i)          unless
otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall
be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP;

 

(j)          “$”
and “U.S. dollars” each refer to United States dollars, or such other money of the United States of America
that at the time of payment is legal tender for payment of public and private debts; and

 

    	47

    	 

    

 

(k)         whenever
in this Indenture or the Notes there is mentioned, in any context, principal, interest or any other amount payable under or with
respect to any Notes, such mention shall be deemed to include mention of the payment of Additional Amounts, to the extent that,
in such context, Additional Amounts is, were or would be payable in respect thereof.

 

Article II

 

THE NOTES

 

Section 2.01     Amount
of Notes.  The aggregate principal amount of Notes which may be authenticated and delivered under this Indenture
on the Issue Date is $680,000,000.

 

The Issuer may from time to time after the Issue
Date issue Additional Notes under this Indenture in an unlimited principal amount, so long as (i) the Incurrence of the Indebtedness
represented by such Additional Notes is at such time permitted by Section 4.03 and (ii) such Additional Notes are issued
in compliance with the other applicable provisions of this Indenture.  With respect to any Additional Notes issued after
the Issue Date (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Notes pursuant to Section 2.07, 2.08, 2.09, 3.08, 4.06(f), 4.08(c) or Appendix A), there shall be (a) established
in or pursuant to a resolution of the Board of Directors of the Issuer and (b) (i) set forth or determined in the manner
provided in an Officer’s Certificate or (ii) established in one or more indentures supplemental hereto, prior to the
issuance of such Additional Notes:

 

(1)         the
aggregate principal amount of such Additional Notes which may be authenticated and delivered under this Indenture;

 

(2)         the
issue price and issuance date of such Additional Notes, including the date from which interest on such Additional Notes shall accrue;
and

 

(3)         if
applicable, that such Additional Notes shall be issuable in whole or in part in the form of one or more Global Notes and, in such
case, the respective depositaries for such Global Notes, the form of any legend or legends which shall be borne by such Global
Notes in addition to or in lieu of those set forth in Exhibit A hereto and any circumstances in addition to or in lieu
of those set forth in Section 2.2 of Appendix A in which any such Global Note may be exchanged in whole or in part for Additional
Notes registered, or any transfer of such Global Note in whole or in part may be registered, in the name or names of Persons other
than the depositary for such Global Note or a nominee thereof.

 

If any of the terms of any Additional Notes are
established by action taken pursuant to a resolution of the Board of Directors of the Issuer, a copy of an appropriate record of
such action shall be certified by the Secretary or any Assistant Secretary of the Issuer and delivered to the Trustee at or prior
to the delivery of the Officer’s Certificate or an indenture supplemental hereto setting forth the terms of the Additional
Notes.

 

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The Initial Notes, including any Additional
Notes, may, at the Issuer’s option, be treated as a single class for all purposes under this Indenture, including, without
limitation, waivers, amendments, redemptions and offers to purchase; provided that if the Additional Notes are not fungible
with the Initial Notes for U.S. federal income tax purposes or U.S. securities laws purposes, the Additional Notes will have a
separate CUSIP number, if applicable.

Section 2.02     Form
and Dating.  Provisions relating to the Initial Notes are set forth in Appendix A, which is hereby incorporated
in and expressly made a part of this Indenture.  The (i) Initial Notes and the Trustee’s certificate of authentication
and (ii) any Additional Notes and the Trustee’s certificate of authentication shall each be substantially in the form
of Exhibit A hereto, which is hereby incorporated in and expressly made a part of this Indenture.  The Notes
may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the Issuer or any Subsidiary
Guarantor is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable
to the Issuer).  Each Note shall be dated the date of its authentication.  The Notes shall be issuable only
in registered form without interest coupons and in denominations of $2,000 and any integral multiples of $1,000.

Section 2.03     Execution
and Authentication.  The Trustee shall authenticate and make available for delivery upon a written order of the
Issuer signed by one Officer of the Issuer (a) Initial Notes for original issue on the date hereof in an aggregate principal
amount of $680,000,000 and (b) subject to the terms of this Indenture, Additional Notes in an aggregate principal amount
to be determined at the time of issuance and specified therein.  Such order shall specify the amount of separate Note
certificates to be authenticated, the principal amount of each of the Notes to be authenticated, the date on which the original
issue of Notes is to be authenticated, the registered holder of each of the Notes and delivery instructions and whether the Notes
are to be Initial Notes.  Notwithstanding anything to the contrary in this Indenture or Appendix A, any
issuance of Additional Notes after the Issue Date shall be in a principal amount of at least $2,000 and integral multiples of
$1,000 in excess thereof.

One Officer shall sign the Notes for the
Issuer by manual or facsimile signature.

If an Officer whose signature is on a Note
no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless.

A Note shall not be valid until an authorized
signatory of the Trustee manually signs the certificate of authentication on the Note.  The signature shall be conclusive
evidence that the Note has been authenticated under this Indenture.

The Trustee may appoint one or more authenticating
agents reasonably acceptable to the Issuer to authenticate the Notes.  Any such appointment shall be evidenced by an
instrument signed by a Trust Officer, a copy of which shall be furnished to the Issuer.  Unless limited by the terms
of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so.  Each reference in
this

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Indenture to authentication by the Trustee
includes authentication by such agent.  An authenticating agent has the same rights as any Registrar, Paying Agent or
agent for service of notices and demands.

Section 2.04     Registrar
and Paying Agent.

(a)         The
Issuer shall maintain (i) an office or agency where Notes may be presented for registration of transfer or for exchange (the
“Registrar”) and (ii) an office or agency where Notes may be presented for payment (the “Paying
Agent”).  The Registrar shall keep a register of the Notes and of their transfer and exchange.  The
Issuer may have one or more co-registrars and one or more additional paying agents.  The term “Registrar”
includes any co-registrars.  The term “Paying Agent” includes the Paying Agent and any additional
paying agents.  The Issuer initially appoints the Trustee as Registrar, Paying Agent and the Notes Custodian with respect
to the Global Notes.

(b)         The
Issuer may enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture.  The
agreement shall implement the provisions of this Indenture that relate to such agent.  The Issuer shall notify the Trustee
in writing of the name and address of any such agent.  If the Issuer fails to maintain a Registrar or Paying Agent, the
Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07.  The
Issuer or any of its domestically organized Wholly Owned Subsidiaries may act as Paying Agent or Registrar.

(c)         The
Issuer may remove any Registrar or Paying Agent upon written notice to such Registrar or Paying Agent and to the Trustee; provided,
however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor
as evidenced by an appropriate agreement entered into by the Issuer and such successor Registrar or Paying Agent, as the case may
be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent
until the appointment of a successor in accordance with clause (i) above.  The Registrar or Paying Agent may
resign at any time upon written notice to the Issuer and the Trustee; provided, however, that the Trustee may resign
as Paying Agent or Registrar only if the Trustee also resigns as Trustee in accordance with Section 7.08.

Section 2.05     Paying
Agent to Hold Money in Trust.  Prior to each due date of the principal of and interest on any Note, the Issuer shall
deposit with each Paying Agent (or if the Issuer or a Wholly Owned Subsidiary is acting as Paying Agent, segregate and hold in
trust for the benefit of the Persons entitled thereto) a sum sufficient to pay such principal and interest when so becoming due.  The
Issuer shall require each Paying Agent (other than the Trustee) to agree in writing that a Paying Agent shall hold in trust for
the benefit of holders or the Trustee all money held by a Paying Agent for the payment of principal of and interest on the Notes,
and shall notify the Trustee of any default by the Issuer in making any such payment.  If the Issuer or a Wholly Owned
Subsidiary of the Issuer acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it in trust for
the benefit of the Persons entitled thereto.  The Issuer at any time may require a Paying Agent to pay all money held
by it to the Trustee

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and to account for any funds disbursed
by such Paying Agent.  Upon complying with this Section 2.05, a Paying Agent shall have no further liability for
the money delivered to the Trustee.

Section 2.06     Holder
Lists.  The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of holders.  If the Trustee is not the Registrar, the Issuer shall furnish, or cause
the Registrar to furnish, to the Trustee, in writing at least five Business Days before each Interest Payment Date and at such
other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require
of the names and addresses of holders.

Section 2.07     Transfer
and Exchange.  The Notes shall be issued in registered form and shall be transferable only upon the surrender of
a Note for registration of transfer and in compliance with Appendix A.  When a Note is presented to the Registrar
with a request to register a transfer, the Registrar shall register the transfer as requested if its requirements therefor are
met.  When Notes are presented to the Registrar with a request to exchange them for an equal principal amount of Notes
of other denominations, the Registrar shall make the exchange as requested if the same requirements are met.  To permit
registration of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Notes at the Registrar’s
request.  The Issuer may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges
in connection with any transfer or exchange pursuant to this Section.  The Issuer shall not be required to make, and
the Registrar need not register, transfers or exchanges of Notes selected for redemption (except, in the case of Notes to be redeemed
in part, the portion thereof not to be redeemed) or of any Notes for a period of 15 days before a selection of Notes to be redeemed.

Prior to the due presentation for registration
of transfer of any Note, the Issuer, the Trustee, the Paying Agent and the Registrar may deem and treat the Person in whose name
a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest, if any,
on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuer, the Trustee, the
Paying Agent or the Registrar shall be affected by notice to the contrary.

Any holder of a beneficial interest in
a Global Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in such Global Note
may be effected only through a book-entry system maintained by (a) the holder of such Global Note (or its agent) or (b) any
holder of a beneficial interest in such Global Note, and that ownership of a beneficial interest in such Global Note shall be required
to be reflected in a book entry.

All Notes issued upon any transfer or exchange
pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture
as the Notes surrendered upon such transfer or exchange.

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Section 2.08     Replacement
Notes.  If a mutilated Note is surrendered to the Registrar or if the holder of a Note claims that the Note has
been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall authenticate a replacement Note if the
requirements of Section 8-405 of the Uniform Commercial Code are met, such that the holder (a) satisfies the Issuer
and the Trustee within a reasonable time after such holder has notice of such loss, destruction or wrongful taking and the Registrar
does not register a transfer prior to receiving such notification, (b) makes such request to the Issuer and the Trustee prior
to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected
purchaser”) and (c) satisfies any other reasonable requirements of the Issuer and the Trustee.  If required
by the Trustee or the Issuer, such holder shall furnish an indemnity bond sufficient in the judgment of the Trustee and the Issuer
to protect the Issuer, the Trustee, a Paying Agent and the Registrar from any loss or liability that any of them may suffer if
a Note is replaced and subsequently presented or claimed for payment.  The Issuer and the Trustee may charge the holder
for their expenses in replacing a Note (including without limitation, attorneys’ fees and disbursements in replacing such
Note).  In the event any such mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due
and payable, the Issuer in its discretion may pay such Note instead of issuing a new Note in replacement thereof.

Every replacement Note is an additional
obligation of the Issuer.

The provisions of this Section 2.08
are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment
of mutilated, lost, destroyed or wrongfully taken Notes.

Section 2.09     Outstanding
Notes.  Notes outstanding at any time are all Notes authenticated by the Trustee except for those canceled by it,
those delivered to it for cancellation and those described in this Section as not outstanding.  Subject to Section 13.06,
a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note.

If a Note is replaced pursuant to Section 2.08
(other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustee and the Issuer receive
proof satisfactory to them that the replaced Note is held by a protected purchaser.  A mutilated Note ceases to be outstanding
upon surrender of such Note and replacement thereof pursuant to Section 2.08.

If a Paying Agent segregates and holds
in trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient to pay all principal and interest
payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, and no Paying
Agent is prohibited from paying such money to the holders on that date pursuant to the terms of this Indenture, then on and after
that date such Notes (or portions thereof) cease to be outstanding and interest on them ceases to accrue.

Section 2.10     [Reserved].

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Section 2.11     Cancellation.  The
Issuer at any time may deliver Notes to the Trustee for cancellation.  The Registrar and each Paying Agent shall forward
to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment.  The Trustee and no
one else shall cancel all Notes surrendered for registration of transfer, exchange, payment or cancellation and shall dispose
of canceled Notes in accordance with its customary procedures.  The Issuer may not issue new Notes to replace Notes
it has redeemed, paid or delivered to the Trustee for cancellation.  The Trustee shall not authenticate Notes in place
of canceled Notes other than pursuant to the terms of this Indenture.

Section 2.12     Defaulted
Interest.  If the Issuer defaults in a payment of interest on the Notes, the Issuer shall pay the defaulted interest
then borne by the Notes (plus interest on such defaulted interest to the extent lawful) in any lawful manner.  The Issuer
may pay the defaulted interest to the Persons who are holders on a subsequent special record date.  The Issuer shall
fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall
promptly mail or cause to be mailed to each affected holder a notice that states the special record date, the payment date and
the amount of defaulted interest to be paid.

Section 2.13     CUSIP
Numbers, ISINs, Etc.  The Issuer in issuing the Notes may use CUSIP numbers, ISINs and “Common Code” numbers (if
then generally in use) and, if so, the Trustee shall use any such CUSIP numbers, ISINs and “Common Code” numbers in
notices of redemption as a convenience to holders; provided, however, that any such notice may state that no representation
is made as to the correctness of such numbers, either as printed on the Notes or as contained in any notice of a redemption that
reliance may be placed only on the other identification numbers printed on the Notes and that any such redemption shall not be
affected by any defect in or omission of such numbers.  The Issuer shall advise the Trustee of any change in any such
CUSIP numbers, ISINs and “Common Code” numbers.

Section 2.14     Calculation
of Principal Amount of Notes.  The aggregate principal amount of the Notes, at any date of determination, shall
be the principal amount of the Notes at such date of determination.  With respect to any matter requiring consent, waiver,
approval or other action of the holders of a specified percentage of the principal amount of all the Notes, such percentage shall
be calculated, on the relevant date of determination, by dividing (a) the principal amount, as of such date of determination,
of Notes, the holders of which have so consented, by (b) the aggregate principal amount, as of such date of determination,
of the Notes then outstanding, in each case, as determined in accordance with the preceding sentence, Section 2.09 and Section 13.06
of this Indenture.  Any such calculation of the applicable premium made pursuant to this Section 2.14 shall be
made by the Issuer and delivered to the Trustee pursuant to an Officer’s Certificate.

Section 2.15     Depositary.  None
of the Trustee, any Paying Agent or the Registrar shall have any responsibility or liability for any aspect of the records relating
to or payments made on account of beneficial ownership interests of a Note in global form or for maintaining, supervising or reviewing
any records relating to such

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beneficial ownership interests.  The
Trustee, Paying Agent and the Registrar shall be entitled to deal with any depositary (including any Depository), and any nominee
thereof, that is the holder of any such global Note for all purposes of this Indenture relating to such global Note (including
the payment of principal, premium, if any, and interest and Additional Amounts, if any, the giving of instructions or directions
by or to the owner or holder of a beneficial ownership interest in such global Note) as the sole holder of such global Note and
shall have no obligations to the beneficial owners thereof.  None of the Trustee, any Paying Agent or the Registrar shall
have any responsibility or liability for any acts or omissions of any such depositary with respect to such global Note, for the
records of any such depositary, including records in respect of beneficial ownership interests in respect of any such global Note,
for any transactions between such depositary and any participant in such depositary or between or among any such depositary, any
such participant and/or any holder or owner of a beneficial interest in such global Note or for any transfers of beneficial interests
in any such global Note.

Article III

REDEMPTION

Section 3.01     Redemption.  The
Notes may be redeemed, in whole or from time to time in part, subject to the conditions and at the redemption prices set forth
in Paragraph 6 of the forms of Note set forth in Exhibit A hereto, which are hereby incorporated by reference
and made a part of this Indenture, together with accrued and unpaid interest to the redemption date.

Section 3.02     Applicability
of Article.  Redemption of Notes at the election of the Issuer or otherwise, as permitted or required by any provision
of this Indenture, shall be made in accordance with such provision and this Article III.

Section 3.03     Notices
to Trustee.  If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of Paragraph 6
of the Note, it shall notify the Trustee in an Officer’s Certificate of (i) the Section of this Indenture pursuant
to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed and
(iv) the redemption price.  The Issuer shall give notice to the Trustee provided for in this paragraph at least
30 days but not more than 60 days before a redemption date if the redemption is pursuant to Paragraph 6 of the Note, unless
a shorter period is acceptable to the Trustee.  The Issuer may also include a request in such Officer’s Certificate
that the Trustee give the notice of redemption in the Issuer’s name and at its expense and setting forth the information
to be stated in such notice as provided in Section 3.05.  If fewer than all the Notes are to be redeemed, the record
date relating to such redemption shall be selected by the Issuer and given to the Trustee, which record date shall be not fewer
than 15 days after the date of notice to the Trustee.  Any such notice may be canceled at any time prior to notice of
such redemption being mailed to any holder and shall thereby be void and of no effect.

Section 3.04     Selection
of Notes to Be Redeemed.  In the case of any partial redemption, selection of the Notes for redemption will be made
by the Trustee on

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a by lot basis to the extent practicable
subject to the procedures of the Depository; provided that no Notes of $2,000 (and integral multiples in excess thereof)
or less shall be redeemed in part.  The Trustee shall make the selection from outstanding Notes not previously called
for redemption.  The Trustee may select for redemption portions of the principal of Notes that have denominations larger
than $2,000.  Notes and portions of them the Trustee selects shall be in amounts of $2,000 or any integral multiple of
$1,000 in excess thereof.  Provisions of this Indenture that apply to Notes called for redemption also apply to portions
of Notes called for redemption.  The Trustee shall notify the Issuer promptly of the Notes or portions of Notes to be
redeemed.

Section 3.05     Notice
of Optional Redemption.

(a)         At
least 30 days but not more than 60 days before a redemption date pursuant to Paragraph 6 of the Note, the Issuer shall mail
or cause to be mailed by first-class mail, or delivered electronically if held by the Depository, a notice of redemption to each
holder whose Notes are to be redeemed.

Any such notice shall identify the Notes
to be redeemed and shall state:

(i)          the
redemption date;

(ii)         the
redemption price and the amount of accrued interest to the redemption date;

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

(iv)        that
Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price, plus accrued interest;

(v)         if
fewer than all the outstanding Notes are to be redeemed, the certificate numbers and principal amounts of the particular Notes
to be redeemed, the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding
after such partial redemption;

(vi)        that,
unless the Issuer defaults in making such redemption payment or the Paying Agent is prohibited from making such payment pursuant
to the terms of this Indenture, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the
redemption date;

(vii)       the
CUSIP number, ISIN and/or “Common Code” number, if any, printed on the Notes being redeemed;

(viii)      that
no representation is made as to the correctness or accuracy of the CUSIP number or ISIN and/or “Common Code” number,
if any, listed in such notice or printed on the Notes; and

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(ix)         if
such redemption is subject to conditions precedent, how the Issuer intends to proceed in the event that one or more of such conditions
are not met.

(b)         At
the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s name and at the Issuer’s
expense.  In such event, the Issuer shall provide the Trustee with the information required by this Section at least
one Business Day prior to the date such notice is to be provided to holders in the final form such notice is to be delivered to
holders and such notice may not be canceled once delivered to holders of Notes.

Section 3.06     Effect
of Notice of Redemption.  Once notice of redemption is mailed or otherwise delivered in accordance with Section 3.05,
Notes called for redemption become due and payable on the redemption date and at the redemption price stated in the notice, except
as provided in the penultimate sentence of paragraph 6 of the Notes.  Upon surrender to the Paying Agent, such
Notes shall be paid at the redemption price stated in the notice, plus accrued interest, to, but not including, the redemption
date; provided, however, that if the redemption date is after a regular Record Date and on or prior to the Interest
Payment Date, the accrued interest shall be payable to the holder of the redeemed Notes registered on the relevant Record Date.  Failure
to give notice or any defect in the notice to any holder shall not affect the validity of the notice to any other holder.

Section 3.07     Deposit
of Redemption Price.  With respect to any Notes, prior to 10:00 a.m., New York City time, on the redemption
date, the Issuer shall deposit with the Paying Agent (or, if the Issuer or a Wholly Owned Subsidiary is the Paying Agent, shall
segregate and hold in trust) money sufficient to pay the redemption price of and accrued interest on all Notes or portions thereof
to be redeemed on that date other than Notes or portions of Notes called for redemption that have been delivered by the Issuer
to the Trustee for cancellation.  On and after the redemption date, interest shall cease to accrue on Notes or portions
thereof called for redemption so long as the Issuer has deposited with the Paying Agent funds sufficient to pay the principal
of, plus accrued and unpaid interest on, the Notes or portions thereof to be redeemed, unless the Paying Agent is prohibited
from making such payment pursuant to the terms of this Indenture.

Section 3.08     Notes
Redeemed in Part.  Upon surrender of a Note that is redeemed in part, the Issuer shall execute and the Trustee shall
authenticate for the holder (at the Issuer’s expense) a new Note equal in principal amount to the unredeemed portion of
the Note surrendered.

Section 3.09     Redemption
for Changes in Withholding Taxes.

The Issuer may redeem the Notes, in whole
but not in part, at its discretion at any time upon giving not less than 30 nor more than 60 days’ prior written notice to
the holders, at a redemption price equal to 100% of the aggregate principal amount thereof, together with accrued and unpaid interest,
if any, to the redemption date and all Additional Amounts, (if any), which otherwise would be payable, if on the next date on

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which any amount would be payable in respect
of the Notes, the Issuer would be required to pay Additional Amounts, and the Issuer cannot avoid any such payment obligation by
taking reasonable measures available to it, as a result of:

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

(b)         any
amendment to, or change in, an official interpretation or application regarding such laws, regulations or rulings, including by
virtue of a holding, judgment or order by a court of competent jurisdiction which is announced and becomes effective after the
date of the Offering Memorandum (or, if the applicable Tax Jurisdiction became a Tax Jurisdiction on a date after the date of the
Offering Memorandum, such later date).

The Issuer will not give any such notice
of redemption earlier than 90 days prior to the earliest date on which the Issuer would be obligated to make such payment or withholding
if a payment in respect of the Notes were then due, and, at the time such notice is given, the obligation to pay Additional Amounts
must remain in effect.

Prior to the publication or, where relevant,
mailing of any notice of redemption of the Notes pursuant to the foregoing, the Issuer will deliver to the Trustee (i) an
opinion of independent tax counsel, the choice of such counsel to be subject to the prior written approval of the Trustee (such
approval not to be unreasonably withheld) to the effect that there has been such change or amendment which would entitle the Issuer
to redeem the Notes hereunder and (ii) a certificate signed by an officer of the Issuer stated that the Issuer cannot avoid
any obligation to pay Additional Amounts by taking reasonable measures available to it.

Article IV

COVENANTS

Section 4.01     Payment
of Notes.

(a)         The
Issuer shall promptly pay the principal of and interest on the Notes on the dates and in the manner provided in the Notes and in
this Indenture.  An installment of principal of or interest shall be considered paid on the date due if on such date
the Trustee or the Paying Agent holds as of 12:00 p.m. New York City time money sufficient to pay all principal and interest
then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the holders on that
date pursuant to the terms of this Indenture.

(b)         The
Issuer shall pay interest on overdue principal at the rate specified therefor in the Notes, and it shall pay interest on overdue
installments of interest at the same rate borne by the Notes to the extent lawful.

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(c)         All
payments made by the Issuer under or with respect to the Notes will be made free and clear of and without withholding or deduction
for, or on account of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties,
interest and other liabilities related thereto) (collectively, “Taxes”) unless the withholding or deduction
of such Taxes is then required by law. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or
on behalf of (1) any jurisdiction in which the Issuer is then incorporated, or resident or doing business for tax purposes
or any department or political subdivision thereof or therein or (2) any jurisdiction from or through which payment is made
or any department or political subdivision thereof or therein (each, a “Tax Jurisdiction”), will at any time
be required to be made from any payments made by the Issuer under or with respect to the Notes, including payments of principal,
redemption price, purchase price, interest or premium, the Issuer will pay such additional amounts (the “Additional Amounts”)
as may be necessary in order that the net amounts received in respect of such payments by each holder after such withholding or
deduction (including any such deduction or withholding from such Additional Amounts) will equal the respective amounts which would
have been received in respect of such payments in the absence of such withholding or deduction; provided, however, that
no Additional Amounts will be payable with respect to:

(i)          any
Taxes, to the extent such Taxes would not have been imposed but for the existence of any present or former connection between the
holder or the beneficial owner of the Notes and the relevant Tax Jurisdiction (other than solely from the mere acquisition, ownership,
holding or disposition of such Note, the enforcement of rights under such Note and/or the receipt of any payments in respect of
such Note);

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

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

(iv)        any
estate, inheritance, gift, sales, transfer, personal property or similar tax or assessment;

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(v)         any
Taxes payable otherwise than by deduction or withholding from payments made under or with respect to any Note; or

(vi)        any
combination of the above clauses (i) through (v).

(d)         The
Issuer will pay and indemnify the holder for any present or future stamp, issue, registration, transfer, court or documentary taxes,
or any other excise or property taxes, charges or similar levies (including penalties, interest and other liabilities related thereto)
which are levied by any jurisdiction on the execution, delivery, issuance, or registration of any of the Notes, this Indenture,
or any other document or instrument referred to therein, or the receipt of any payments with respect to, or enforcement of, the
Notes (such sum being recoverable from the Issuer as a liquidated sum payable as a debt).

(e)         If
the Issuer becomes aware that it will be obligated to pay Additional Amounts with respect to any payment under or with respect
to the Notes, the Issuer will deliver to the Trustee on a date which is at least 30 days prior to the date of that payment (unless
the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Issuer shall notify
the Trustee promptly thereafter) notice stating the fact that Additional Amounts will be payable and the amount estimated to be
so payable. The notice must also set forth any other information reasonably necessary to enable the Paying Agents to pay Additional
Amounts to holders on the relevant payment date. The Issuer will provide the Trustee with documentation evidencing the payment
of Additional Amounts.

(f)          The
Issuer will make all withholdings and deductions (within the time period and in the minimum amount) required by law and will remit
the full amount deducted or withheld to the relevant Tax authority in accordance with applicable law. The Issuer will use its reasonable
efforts to obtain Tax receipts from each Tax authority evidencing the payment of any Taxes so deducted or withheld. The Issuer
will furnish to the Trustee (or to a holder upon request), within a reasonable time after the date the payment of any Taxes so
deducted or withheld is made, certified copies of Tax receipts evidencing payment by the Issuer, or if, notwithstanding such entity’s
efforts to obtain receipts, receipts are not obtained, other evidence of payments (reasonably satisfactory to Trustee) by such
entity.

(g)         The
obligations described under Sections 4.01(c), (d), (e) and (f) shall survive any termination, defeasance or discharge of this
Indenture and shall apply, mutatis mutandis, to any jurisdiction in which any successor Person to the Issuer is incorporated, or
resident or doing business for tax purposes or any jurisdiction from or through which such Person makes any payment on the Notes
and any department or political subdivision thereof or therein.

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Section 4.02     Reports
and Other Information.

(a)         For
so long as any Notes are outstanding, the Issuer shall provide the Trustee and, upon request, to beneficial owners of the Notes
a copy of all of the information and reports referred to below:

(i)          within
15 days after the time period specified in the SEC’s rules and regulations for non-accelerated filers, annual reports of
the Reporting Entity for such fiscal year containing the information that would have been required to be contained in an annual
report on Form 20-F or Form 10-K (or any successor or comparable form) if the Reporting Entity had been a reporting company under
the Exchange Act, except to the extent permitted to be excluded by the SEC;

(ii)         within
15 days after the time period specified in the SEC’s rules and regulations for non-accelerated filers, quarterly reports
of the Reporting Entity for such fiscal quarter containing the information that would have been required to be contained in a quarterly
report on Form 6-K or 10-Q (or any successor or comparable form) if the Reporting Entity had been a reporting company under the
Exchange Act, except to the extent permitted to be excluded by the SEC; and

(iii)        within
15 days after the time period specified in the SEC’s rules and regulations for filing current reports on Form 8-K, current
reports of the Reporting Entity containing substantially all of the information that would be required to be filed in a Current
Report on Form 8-K under the Exchange Act on the Issue Date pursuant to Sections 1, 2 and 4, Items 5.01, 5.02 (other than
compensation information), 5.03(b) and Item 9.01 (only to the extent relating to any of the foregoing) of Form 8-K if the Reporting
Entity had been a reporting company under the Exchange Act; provided, however, that no such current reports will
be required to be furnished if the Issuer determines in its good faith judgment that such event is not material to holders or the
business, assets, operations, financial position or prospects of the Issuer and its Restricted Subsidiaries, taken as a whole;
provided further that the Reporting Entity shall not be obligated to file or provide Current Reports on Form 8-K until after
such time as the Issuer has determined that it is no longer a “foreign private issuer” under the Securities Act, or
such determination is otherwise made by the SEC;

In addition to providing such information
to the Trustee, the Issuer shall make available to the holders, prospective investors, market makers affiliated with any initial
purchaser of the Notes and securities analysts the information required to be provided pursuant to the foregoing clauses (i),
(ii) and (iii), by posting such information to its website (or any of the Issuer’s parent companies) or on IntraLinks
or any comparable online data system or website.

Notwithstanding the foregoing, (A) neither
the Issuer nor another Reporting Entity will be required to furnish any information, certificates or reports that would otherwise
be required by Section 302 or Section 404 of the Sarbanes-Oxley Act of

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2002, or related Items 307 or 308 of Regulation
S-K, (B) such reports will not be required to contain financial information required by Rule 3-10 or Rule 3-16 of Regulation
S-X, (C) such reports shall be subject to exceptions and exclusions consistent with the presentation of financial and other
information in this offering memorandum and shall not be required to present compensation or beneficial ownership information and
(D) the Issuer’s determination that it is a “foreign private issuer” (as such term is defined in the Securities
Act or the Exchange Act) shall be conclusive with respect to the determination of which Exchange Act form or forms of reports,
information and documents are required to be provided pursuant to this covenant, until such time as the Issuer or the SEC determines
that the Issuer does not qualify as a “foreign private issuer” (as so defined) for purposes of providing such reports,
information and documents.

(b)         The
financial statements, information and other documents required to be provided as described in Section 4.02(a), may be those
of (i) the Issuer or (ii) any direct or indirect parent of the Issuer (any such entity, a “Reporting Entity”),
so long as in the case of (ii) such direct or indirect parent of the Issuer shall not conduct, transact or otherwise engage,
or commit to conduct, transact or otherwise engage, in any business or operations other than its direct or indirect ownership of
all of the Equity Interests in, and its management of the Issuer; provided that, if the financial information so furnished relates
to such direct or indirect parent of the Issuer, the same is accompanied by a reasonably detailed description of the quantitative
differences between the information relating to such parent, on the one hand, and the information relating to the Issuer and its
Restricted Subsidiaries on a standalone basis, on the other hand.

(c)         The
Issuer will make such information available to prospective investors upon request.  The Issuer has agreed that, for so
long as any Notes remain outstanding during any period when neither it nor another Reporting Person is subject to Section 13
or 15(d) of the Exchange Act, or otherwise permitted to furnish the SEC with certain information pursuant to Rule 12g3-2(b) of
the Exchange Act, it will furnish to the holders of the Notes and to prospective investors, upon their request, the information
required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

Notwithstanding the foregoing, the Issuer
will be deemed to have furnished such reports referred to above to the Trustee and the holders if the Issuer or another Reporting
Entity has filed such reports with the SEC via the EDGAR filing system (or any successor system) and such reports are publicly
available.  In addition, the requirements of this Section 4.02 shall be deemed satisfied by the posting of reports
that would be required to be provided to the holders on the Issuer’s website (or that of any of the Issuer’s parent
companies).

The Issuer will also hold a quarterly conference
call to discuss its financial results with holders of the Notes, beginning with a discussion of the fiscal year ended December 31,
2014.  The conference call will not be later than five business days from the date on which the Issuer’s financial
information is filed or otherwise made available to holders of the Notes in accordance with this Indenture. No fewer than two days
prior to the conference call, the Issuer shall issue a press release to the appropriate wire services announcing the time, date
and access details of such conference call.

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Delivery of such reports, information and
documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive
notice of any information contained therein or determinable from information contained therein, including the Company’s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely conclusively on the Officer’s Certificates).  The
Trustee is under no duty to examine such reports, information or documents to ensure compliance with the provision of this Indenture
or to ascertain the correctness or otherwise of the information or the statements contained therein.

Section 4.03     Limitation
on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock.

(a)         (i) The
Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness (including
Acquired Indebtedness) or issue any shares of Disqualified Stock; and (ii) the Issuer shall not permit any of its Restricted
Subsidiaries to issue any shares of Preferred Stock; provided, however, that the Issuer may Incur Indebtedness (including
Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary of the Issuer may Incur Indebtedness
(including Acquired Indebtedness), issue shares of Disqualified Stock or issue shares of Preferred Stock, in each case if the Fixed
Charge Coverage Ratio of the Issuer for the most recently ended four full fiscal quarters for which internal financial statements
are available immediately preceding the date on which such additional Indebtedness is Incurred or such Disqualified Stock or Preferred
Stock is issued would have been at least 2.00 to 1.00 determined on a pro forma basis (including a pro forma application
of the net proceeds therefrom), as if the additional Indebtedness had been Incurred, or the Disqualified Stock or Preferred Stock
had been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning of such four-quarter
period.

(b)         The
limitations set forth in Section 4.03(a) shall not apply to:

(i)          the
Incurrence by the Issuer or its Restricted Subsidiaries of Bank Indebtedness in an aggregate principal amount not exceeding the
Secured Vessel Debt Cap (as calculated on the date of the relevant Incurrence under this Section 4.03(b)(i)) at the time of
Incurrence;

(ii)         Indebtedness
existing on the Issue Date (other than Indebtedness described in clause (i) of this Section 4.03(b)), including the Notes;

(iii)        Indebtedness
(including Capitalized Lease Obligations) Incurred by the Issuer or any of its Restricted Subsidiaries, Disqualified Stock issued
by the Issuer or any of its Restricted Subsidiaries and Preferred Stock issued by any Restricted Subsidiaries of the Issuer to
finance (whether prior to or within 270 days after) the acquisition, lease, construction, repair, replacement or improvement of
property (real or personal) or equipment (whether through the direct purchase of assets or the Capital Stock of any Person owning
such assets) in

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an aggregate principal amount or
liquidation preference, which when aggregated with the principal amount or liquidation preference of all other Indebtedness, Disqualified
Stock and Preferred Stock then outstanding (including any Refinancing Indebtedness with respect thereto) and Incurred pursuant
to this clause (iii), does not exceed the greater of $150 million or 2.5% of Total Assets at the time of Incurrence (it being
understood that any Indebtedness Incurred pursuant to this clause (iii) shall cease to be deemed Incurred or outstanding for
purposes of this clause (iii) but shall be deemed Incurred for purposes of Section 4.03(a) and after the first date on
which the Issuer, or the Restricted Subsidiary, as the case may be, could have Incurred such Indebtedness under Section 4.03(a)
without reliance upon this clause (iii));

(iv)        Indebtedness
Incurred by the Issuer or any of its Restricted Subsidiaries constituting reimbursement obligations with respect to letters of
credit and bank guarantees issued in the ordinary course of business, including without limitation letters of credit in respect
of workers’ compensation claims, health, disability or other benefits to employees or former employees or their families
or property, casualty or liability insurance or self-insurance, and letters of credit in connection with the maintenance of, or
pursuant to the requirements of, environmental or other permits or licenses from governmental authorities, or other Indebtedness
with respect to reimbursement type obligations regarding workers’ compensation claims;

(v)         Indebtedness
arising from agreements of the Issuer or a Restricted Subsidiary providing for indemnification, adjustment of purchase price or
similar obligations, in each case, Incurred in connection with the Transactions, any Investments or any other acquisition or disposition
of any business, assets or a Subsidiary of the Issuer in accordance with the terms of this Indenture, other than guarantees of
Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing
such acquisition;

(vi)        Indebtedness
of the Issuer to a Restricted Subsidiary; provided that (except in respect of intercompany current liabilities Incurred
in the ordinary course of business in connection with the cash management operations of the Issuer and its Subsidiaries) any such
Indebtedness owed to a Restricted Subsidiary is subordinated in right of payment to the obligations of the Issuer under the Notes;
provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event which results
in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness
(except to the Issuer or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall
be deemed, in each case, to be an Incurrence of such Indebtedness not permitted by this clause (vi);

(vii)       shares
of Preferred Stock of a Restricted Subsidiary issued to the Issuer or another Restricted Subsidiary; provided that any subsequent
issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary that holds such shares
of Preferred Stock of another Restricted

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Subsidiary ceasing to be a Restricted
Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Issuer or another Restricted Subsidiary)
shall be deemed, in each case, to be an issuance of shares of Preferred Stock not permitted by this clause (vii);

(viii)      Indebtedness
of a Restricted Subsidiary to the Issuer or another Restricted Subsidiary; provided that any subsequent issuance or transfer
of any Capital Stock or any other event which results in any Restricted Subsidiary holding such Indebtedness ceasing to be a Restricted
Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary or
any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in each case, to be an Incurrence of such Indebtedness
not permitted by this clause (viii);

(ix)         Hedging
Obligations that are not incurred for speculative purposes but (A) for the purpose of fixing or hedging interest rate risk
with respect to any Indebtedness that is permitted by the terms of this Indenture to be outstanding; (B) for the purpose of
fixing or hedging currency exchange rate risk with respect to any currency exchanges; or (C) for the purpose of fixing or
hedging commodity price risk with respect to any commodity purchases or sales and, in each case, extensions or replacements thereof;

(x)         obligations
(including reimbursement obligations with respect to letters of credit, bank guarantees, warehouse receipts and similar instruments)
in respect of performance, bid, appeal, surety bonds, completion guarantees and similar obligations provided by the Issuer or any
Restricted Subsidiary in the ordinary course of business or consistent with past practice or industry practice (including as required
by the U.S. Federal Maritime Commission, or other similar U.S. or foreign government authority);

(xi)         Indebtedness
or Disqualified Stock of the Issuer or Indebtedness, Disqualified Stock or Preferred Stock of any Restricted Subsidiary of the
Issuer in an aggregate principal amount or liquidation preference which, when aggregated with the principal amount or liquidation
preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding (including any Refinancing Indebtedness
with respect thereto) and Incurred pursuant to this clause (xi), does not exceed the greater of $300 million and 5.0% of Total
Assets at the time of Incurrence (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount) (it being
understood that any Indebtedness Incurred pursuant to this clause (xi) shall cease to be deemed Incurred or outstanding for
purposes of this clause (xi) but shall be deemed Incurred for purposes of Section 4.03(a) from and after the first date
on which the Issuer, or the Restricted Subsidiary, as the case may be, could have Incurred such Indebtedness under Section 4.03(a)
without reliance upon this clause (xi));

(xii)        Indebtedness
or Disqualified Stock of the Issuer or any Restricted Subsidiary of the Issuer and Preferred Stock of any Restricted Subsidiary
of the

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Issuer in an aggregate principal
amount or liquidation preference not greater than 100.0% of the net cash proceeds received by the Issuer and its Restricted Subsidiaries
since immediately after the Issue Date (other than from Excluded Contributions) from the issue or sale of Equity Interests of the
Issuer or any direct or indirect parent entity of the Issuer (which proceeds are contributed to the Issuer or its Restricted Subsidiary)
or cash contributed to the capital of the Issuer (in each case other than proceeds of Disqualified Stock or sales of Equity Interests
to, or contributions received from, the Issuer or any of its Subsidiaries) as determined in accordance with clauses (2) and
(3) of the definition of “Cumulative Credit” to the extent such net cash proceeds or cash have not been applied
pursuant to such clauses to make Restricted Payments or to make other Investments, payments or exchanges pursuant to Section 4.04(b)
or to make Permitted Investments (other than Permitted Investments specified in clauses (1) and (3) of the definition
thereof) (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount) (it being understood that any Indebtedness
Incurred pursuant to this clause (xii) shall cease to be deemed Incurred or outstanding for purposes of this clause (xii) but
shall be deemed Incurred for purposes of the first paragraph of this covenant from and after the first date on which the Issuer,
or the Restricted Subsidiary, as the case may be, could have Incurred such Indebtedness under the first paragraph of this covenant
without reliance upon this clause (xii));

(xiii)       any
guarantee by the Issuer or any Restricted Subsidiary of the Issuer of Indebtedness or other obligations of the Issuer or any of
its Restricted Subsidiaries so long as the Incurrence of such Indebtedness Incurred by the Issuer or such Restricted Subsidiary
is permitted under the terms of this Indenture; provided that if such Indebtedness is by its express terms subordinated
in right of payment to the Notes, any such guarantee with respect to such Indebtedness shall be subordinated in right of payment
substantially to the same extent as such Indebtedness is subordinated to the Notes;

(xiv)      the
Incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness or Disqualified Stock or Preferred Stock of a Restricted
Subsidiary of the Issuer which serves to refund, refinance or defease any Indebtedness Incurred or Disqualified Stock or Preferred
Stock issued as permitted under Section 4.03(a) and clauses (ii), (iii), (xi), (xii), (xiv), (xv) and (xxii) of
this Section 4.03(b) up to the outstanding principal amount (or, if applicable, the liquidation preference face amount, or
the like) or, if greater, committed amount (only to the extent the committed amount could have been Incurred on the date of initial
Incurrence) of such Indebtedness or Disqualified Stock or Preferred Stock, in each case at the time such Indebtedness was Incurred
or Disqualified Stock or Preferred Stock was issued pursuant to Section 4.03(a) or clauses (ii), (iii), (xi), (xii),
(xiv), (xv) and (xxii) of this Section 4.03(b), or any Indebtedness, Disqualified Stock or Preferred Stock Incurred
to so refund or refinance such Indebtedness, Disqualified Stock or Preferred Stock, including any additional Indebtedness, Disqualified
Stock or Preferred Stock Incurred to pay premiums (including tender premiums), accrued and unpaid interest, expenses, defeasance
costs and fees in connection therewith (subject to the following proviso,

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“Refinancing Indebtedness”)
prior to its respective maturity; provided, however, that such Refinancing Indebtedness:

(1)         has
a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred which is not less than the shorter of
(x) the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refunded,
refinanced or defeased and (y) the Weighted Average Life to Maturity that would result if all payments of principal on the
Indebtedness, Disqualified Stock and Preferred Stock being refunded or refinanced that were due on or after the date that is one
year following the last maturity date of any Notes then outstanding were instead due on such date;

(2)         to
the extent such Refinancing Indebtedness refinances (a) Indebtedness junior to the Notes, such Refinancing Indebtedness is
junior to the Notes, or (b) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is Disqualified Stock or
Preferred Stock;

(3)         shall
not include Indebtedness of the Issuer or a Restricted Subsidiary that refinances Indebtedness of an Unrestricted Subsidiary; and

(4)         shall
not include Indebtedness of a Restricted Subsidiary (that is not a Subsidiary Guarantor) that refinances Indebtedness of the Issuer;

provided, further, that subclause (1) of this
clause (xiv) will not apply to any refunding or refinancing of any Secured Indebtedness;

(xv)       Indebtedness,
Disqualified Stock or Preferred Stock of (A) the Issuer or any of its Restricted Subsidiaries incurred to finance an acquisition
or (B) Persons that are acquired by the Issuer or any of its Restricted Subsidiaries or merged, consolidated or amalgamated
with or into the Issuer or any of its Restricted Subsidiaries in accordance with the terms of this Indenture; provided that
after giving effect to such acquisition or merger, consolidation or amalgamation, either:

(1)         the
Issuer would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set
forth in Section 4.03(a); or

(2)         the
Fixed Charge Coverage Ratio of the Issuer would be no less than immediately prior to such acquisition or merger, consolidation
or amalgamation;

(xvi)      Indebtedness
Incurred by a Receivables Subsidiary in a Qualified Receivables Financing that is not recourse to the Issuer or any Restricted
Subsidiary other than a Receivables Subsidiary (except for Standard Securitization Undertakings);

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(xvii)     Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient
funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of its
Incurrence;

(xviii)    Indebtedness
of the Issuer or any Restricted Subsidiary supported by a letter of credit or bank guarantee issued pursuant to the Bank Indebtedness,
in a principal amount not in excess of the stated amount of such letter of credit (so long as such letter of credit is treated
as outstanding for the purposes of calculating outstanding amounts of Bank Indebtedness);

(xix)       Indebtedness
of the Issuer or any Restricted Subsidiary consisting of (A) the financing of insurance premiums or (B) take-or-pay obligations
contained in supply arrangements, in each case, in the ordinary course of business;

(xx)        Indebtedness
consisting of Indebtedness issued by the Issuer or a Restricted Subsidiary of the Issuer to current or former officers, directors,
managers and employees thereof or any direct or indirect parent thereof, their respective estates, spouses or former spouses, in
each case to finance the purchase or redemption of Equity Interests of the Issuer or any of its direct or indirect parent companies
to the extent described in Section 4.04(b)(iv);

(xxi)       Indebtedness
of the Issuer or any Restricted Subsidiary Incurred in connection with credit card processing arrangements entered into in the
ordinary course of business; and

(xxii)      Indebtedness
Incurred on behalf of, or representing guarantees of Indebtedness of, joint ventures of the Issuer and any Restricted Subsidiary
in an aggregate principal amount, which when aggregated with the principal amount of all other Indebtedness then outstanding (including
any Refinancing Indebtedness with respect thereto) and Incurred pursuant to this clause (xxii), does not exceed the greater of
$150 million and 2.5% of Total Assets at the time of Incurrence (plus, in the case of any Refinancing Indebtedness, the Additional
Refinancing Amount) (it being understood that any Indebtedness Incurred pursuant to this clause (xi) shall cease to be deemed
Incurred or outstanding for purposes of this clause (xi) but shall be deemed Incurred for purposes of Section 4.03(a)
from and after the first date on which the Issuer, or the Restricted Subsidiary, as the case may be, could have Incurred such Indebtedness
under Section 4.03(a) without reliance upon this clause (xxii)).

(c)         Notwithstanding
anything to the contrary, no Restricted Subsidiary may Incur unsecured Indebtedness or issue shares of Disqualified Stock or Preferred
Stock pursuant to Section 4.03(a), unless such Restricted Subsidiary shall have guaranteed the Notes.

(d)         For
purposes of determining compliance with this Section 4.03:

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(1)         in
the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of more
than one of the categories of permitted Indebtedness described in clauses (i) through (xxii) of Section 4.03(b)
or is entitled to be Incurred pursuant to Section 4.03(a), the Issuer shall, in its sole discretion, classify or reclassify,
or later divide, classify or reclassify (as if Incurred at such later time), such item of Indebtedness, Disqualified Stock or Preferred
Stock (or any portion thereof) in any manner that complies with this Section 4.03;

(2)         at
the time of Incurrence, the Issuer will be entitled to divide and classify an item of Indebtedness in more than one of the types
of Indebtedness described in Section 4.03(a) and (b) (or any portion thereof) without giving pro forma effect
to the Indebtedness Incurred pursuant to any other clause or Section 4.03(b) (or any portion thereof) when calculating the
amount of Indebtedness that may be Incurred pursuant to any such clause or Section 4.03(a) (or any portion thereof);

(3)         in
connection with the Incurrence or issuance, as applicable, of (x) revolving loan Indebtedness under the first paragraph of
this covenant or (y) any Indebtedness, Disqualified Stock or Preferred Stock under clause (xv) above, the Issuer or applicable
Restricted Subsidiary may elect at any time prior to the actual Incurrence of such Indebtedness or issuance of such Disqualified
Stock or Preferred Stock, as applicable, to designate such Incurrence or issuance as having occurred on the date of such election,
and any related subsequent actual Incurrence or issuance will be deemed for all purposes under the Indenture to have been Incurred
on the date of such election;

(4)         if
any Indebtedness denominated in U.S. dollars is exchanged, converted or refinanced into Indebtedness denominated in euros, then
(in connection with such exchange, conversion or refinancing, and thereafter), the U.S. dollar amount limitations set forth in
any of clauses (i) through (xxii) above with respect to such exchange, conversion or refinancing shall be deemed to be
the amount of euros into which such Indebtedness has been exchanged, converted or refinanced at the time of such exchange, conversion
or refinancing; and

(5)         if
any Indebtedness denominated in euros is exchanged, converted or refinanced into Indebtedness denominated in U.S. dollars, then
(in connection with such exchange, conversion or refinancing, and thereafter), the euro amount limitations set forth in any of
clauses (i) through (xxii) above with respect to such exchange, conversion or refinancing shall be deemed to be
the amount of U.S. dollars into which such Indebtedness has been exchanged, converted or refinanced at the time of such exchange,
conversion or refinancing.

Accrual of interest, the accretion of accreted
value, the payment of interest or dividends in the form of additional Indebtedness, Disqualified Stock or Preferred Stock, as applicable,
amortization of original issue discount, the accretion of liquidation preference and increases in the amount of Indebtedness outstanding
solely as a result of

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fluctuations in the exchange rate of currencies
will not be deemed to be an Incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this Section 4.03.
Guarantees of, or obligations in respect of letters of credit relating to, Indebtedness which is otherwise included in the determination
of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided
that the Incurrence of the Indebtedness represented by such guarantee or letter of credit, as the case may be, was in compliance
with this Section 4.03.

For purposes of determining compliance
with any U.S. dollar- or Euro-denominated restriction on the Incurrence of Indebtedness other than as provided in clauses (4) and
(5) above, the U.S. dollar- or Euro-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated
based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of term debt, or
first committed or first Incurred (whichever yields the lower U.S. dollar or euro equivalent, as applicable), in the case of revolving
credit debt.

(e)          Notwithstanding
any other provision of this Section 4.03, the maximum amount of Indebtedness that the Issuer and its Restricted Subsidiaries
may Incur pursuant to this Section 4.03 shall not be deemed to be exceeded, with respect to any outstanding Indebtedness,
solely as a result of fluctuations in the exchange rate of currencies.

Section 4.04     Limitation
on Restricted Payments.

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

(i)          declare
or pay any dividend or make any distribution on account of the Issuer’s or any of its Restricted Subsidiaries’ Equity
Interests, including any payment made in connection with any merger, amalgamation or consolidation involving the Issuer (other
than (A) dividends or distributions by the Issuer payable solely in Equity Interests (other than Disqualified Stock) of the
Issuer; or (B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution
payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly Owned Restricted
Subsidiary, the Issuer or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance
with its Equity Interests in such class or series of securities);

(ii)         purchase
or otherwise acquire or retire for value any Equity Interests of the Issuer or any direct or indirect parent of the Issuer;

(iii)        make
any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case prior to any scheduled
repayment or scheduled maturity, any Subordinated Indebtedness of the Issuer or any of its Subsidiary Guarantors (other than the
payment, redemption, repurchase, defeasance, acquisition or retirement of (A) Subordinated Indebtedness in

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anticipation of satisfying a sinking
fund obligation, principal installment or final maturity, in each case due within one year of the date of such payment, redemption,
repurchase, defeasance, acquisition or retirement and (B) Indebtedness permitted under clauses (vi) and (viii) of
Section 4.03(b)); or

(iv)        make
any Restricted Investment

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

(1)         no
Default shall have occurred and be continuing or would occur as a consequence thereof;

(2)         immediately
after giving effect to such transaction on a pro forma basis, the Issuer could Incur $1.00 of additional Indebtedness under
Section 4.03(a); and

(3)         such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries
after the June 30, 2009 (including Restricted Payments permitted by clauses (i), (ii) (with respect to the payment
of dividends on Refunding Capital Stock (as defined below) pursuant to clause (C) thereof), (vi)(C), (viii), (xiii)(B) and
(xvii) of Section 4.04(b), but excluding all other Restricted Payments permitted by Section 4.04(b)), is less than
the amount equal to the Cumulative Credit.

(b)         The
provisions of Section 4.04(a) shall not prohibit:

(i)          the
payment of any dividend or distribution within 60 days after the date of declaration thereof, if at the date of declaration such
payment would have complied with the provisions of this Indenture;

(ii)         (A)         the
redemption, repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital Stock”) or
Subordinated Indebtedness of the Issuer, any direct or indirect parent of the Issuer in exchange for, or out of the proceeds of,
the substantially concurrent sale of, Equity Interests of the Issuer or any direct or indirect parent of the Issuer or contributions
to the equity capital of the Issuer (other than any Disqualified Stock or any Equity Interests sold to a Subsidiary of the Issuer)
(collectively, including any such contributions, “Refunding Capital Stock”),

(B)         the
declaration and payment of dividends on the Retired Capital Stock out of the proceeds of the substantially concurrent sale (other
than to a Subsidiary of the Issuer) of Refunding Capital Stock, and

(C)         if
immediately prior to the retirement of Retired Capital Stock, the declaration and payment of dividends thereon was permitted under
clause (vi) of this Section 4.04(b) and not made pursuant to

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clause (ii)(B), the declaration
and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to
redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect parent of the Issuer) in an aggregate
amount per year no greater than the aggregate amount of dividends per annum that were declarable and payable on such Retired Capital
Stock immediately prior to such retirement;

(iii)        the
redemption, repurchase, defeasance, or other acquisition or retirement of Subordinated Indebtedness of the Issuer made by exchange
for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the Issuer which is Incurred in accordance
with Section 4.03 so long as:

(A)         the
principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the principal amount (or accreted
value, if applicable), plus any accrued and unpaid interest, of the Subordinated Indebtedness being so redeemed, repurchased, defeased,
acquired or retired for value (plus the amount of any premium required to be paid under the terms of the instrument governing the
Subordinated Indebtedness being so redeemed, repurchased, acquired or retired, any tender premiums, plus any defeasance costs,
fees and expenses incurred in connection therewith),

(B)         such
Indebtedness is subordinated to the Notes, at least to the same extent as such Subordinated Indebtedness so purchased, exchanged,
redeemed, repurchased, defeased, acquired or retired for value,

(C)         such
Indebtedness has a final scheduled maturity date equal to or later than the earlier of (x) the final scheduled maturity date
of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired and (y) 91 days following the last maturity
date of any Notes then outstanding, and

(D)         such
Indebtedness has a Weighted Average Life to Maturity at the time Incurred which is not less than the shorter of (x) the remaining
Weighted Average Life to Maturity of the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired or retired
and (y) the Weighted Average Life to Maturity that would result if all payments of principal on the Subordinated Indebtedness
being redeemed, repurchased, defeased, acquired or retired that were due on or after the date that is one year following the last
maturity date of any Notes then outstanding were instead due on such date;

(iv)        a
Restricted Payment to pay for the repurchase, retirement or other acquisition for value of Equity Interests of the Issuer or any
direct or indirect parent of the Issuer held by any future, present or former employee, director, officer, manager or consultant
of the Issuer or any direct or indirect parent of the

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Issuer or any Subsidiary of the Issuer
pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or other agreement
or arrangement; provided, however, that the aggregate Restricted Payments made under this clause (iv) do
not exceed the greater of $100 million and 1.0% of Total Assets in any calendar year (with unused amounts in any calendar year
being permitted to be carried over to succeeding calendar years); provided, further, however, that such amount
in any calendar year may be increased by an amount not to exceed:

(A)         the
cash proceeds received by the Issuer or any of its Restricted Subsidiaries from the sale of Equity Interests (other than Disqualified
Stock) of the Issuer or any direct or indirect parent of the Issuer (to the extent contributed to the Issuer) to employees, officers,
directors, managers or consultants of the Issuer and its Restricted Subsidiaries or any direct or indirect parent of the Issuer
that occurs after the Issue Date (provided that the amount of such cash proceeds utilized for any such repurchase, retirement,
other acquisition or dividend will not increase the amount available for Restricted Payments under Section 4.04(a)(iii)),
plus

(B)         the
cash proceeds of key man life insurance policies received by the Issuer or any direct or indirect parent of the Issuer (to the
extent contributed to the Issuer) or the Issuer’s Restricted Subsidiaries after the Issue Date;

provided that the Issuer may elect to apply all or
any portion of the aggregate increase contemplated by clauses (A) and (B) above in any calendar year; and provided,
further, that cancellation of Indebtedness owing to the Issuer or any Restricted Subsidiary from any present or former employees,
directors, officers, managers or consultants of the Issuer, any of its Restricted Subsidiaries or its direct or indirect parents
in connection with a repurchase of Equity Interests of the Issuer or any of its direct or indirect parents will not be deemed to
constitute a Restricted Payment for purposes of this Section 4.04 or any other provision of this Indenture;

(v)         the
declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Issuer or
any of its Restricted Subsidiaries issued or incurred in accordance with Section 4.03 to the extent such dividends are included
in the definition of “Fixed Charges”;

(vi)        (A)         the
declaration and payment of dividends or distributions to holders of any class or series of Designated Preferred Stock (other than
Disqualified Stock) issued after the Issue Date;

(B)         a
Restricted Payment to any direct or indirect parent of the Issuer, the proceeds of which will be used to fund the payment of dividends
to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of any direct or indirect parent
of the 

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Issuer issued after the Issue Date; provided
that the aggregate amount of dividends declared and paid pursuant to this clause (B) does not exceed the net cash proceeds
actually received by the Issuer from any such sale of Designated Preferred Stock (other than Disqualified Stock) issued after the
Issue Date; and

(C)         the
declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock in excess of the dividends declarable and
payable thereon pursuant to Section 4.04(b)(ii);

provided, however, in the case of each of (A) and
(C) above of this clause (vi), that for the most recently ended four full fiscal quarters for which internal financial
statements are available immediately preceding the date of issuance of such Designated Preferred Stock, after giving effect to
such issuance (and the payment of dividends or distributions) on a pro forma basis, the Issuer would have had a Fixed Charge Coverage
Ratio of at least 2.00 to 1.00;

(vii)       Investments
in Unrestricted Subsidiaries having an aggregate Fair Market Value (as determined in good faith by the Issuer), taken together
with all other Investments made pursuant to this clause (vii) that are at that time outstanding, not to exceed the greater
of $100 million and 1.0% of Total Assets at the time of such Investment, plus an amount equal to any returns (including
dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received
in respect of any such Investment made pursuant to this clause (vii) (with the Fair Market Value of each Investment being
measured at the time made and without giving effect to subsequent changes in value) that does
not otherwise increase the Cumulative Credit; provided, however, that if any Investment pursuant to this clause (vii) is
made in any Person that is not an Issuer or a Restricted Subsidiary at the date of the making of such Investment and such Person
becomes an Issuer or a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant
to clause (1) of the definition of Permitted Investments and shall cease to have been made pursuant to this clause (vii) for
so long as such Person continues to be an Issuer or a Restricted Subsidiary;

(viii)      the
payment of dividends on the Issuer’s common stock (or a Restricted Payment to any direct or indirect parent of the Issuer
to fund the payment by such direct or indirect parent of the Issuer of dividends on such entity’s common stock) of up to
6% per annum of the net proceeds received by the Issuer from any public offering of common stock of the Issuer or any direct or
indirect parent of the Issuer, other than public offerings with respect to the Issuer’s (or such direct or indirect parent’s)
common stock registered on Form S-4, Form F-4 or Form S-8 and other than any public sale constituting an Excluded Contribution;

(ix)         Restricted
Payments in an aggregate amount not to exceed the aggregate amount of Excluded Contributions;

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(x)         other
Restricted Payments in an aggregate amount, when taken together with all other Restricted Payments made pursuant to this clause
(x) that are at that time outstanding, not to exceed the greater of $300 million and 5.0% of Total Assets at the time of such
Restricted Payment, plus, in the case of Restricted Payments constituting Investments, an amount equal to any returns (including
dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received
in respect of any such Restricted Payments made pursuant to this clause (x) constituting Investments; provided that
an amount equal to any such Restricted Payment made as a result of such increase of this clause (x) from any returns shall
decrease the Cumulative Credit only to the extent such return previously increased the Cumulative Credit;

(xi)         the
distribution, as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Issuer or a Restricted Subsidiary
of the Issuer by, Unrestricted Subsidiaries;

(xii)        Permitted
Tax Distributions;

(xiii)       the
payment of any Restricted Payment, if applicable:

(A)         in
amounts required for any direct or indirect parent of the Issuer to pay fees and expenses (including franchise or similar taxes)
required to maintain its corporate existence, customary salary, bonus and other benefits payable to, and indemnities provided on
behalf of, officers and employees of any direct or indirect parent of the Issuer and general corporate operating and overhead expenses
of any direct or indirect parent of the Issuer in each case to the extent such fees and expenses are attributable to the ownership
or operation of the Issuer, if applicable, and its Subsidiaries;

(B)         in
amounts required for any direct or indirect parent of the Issuer, if applicable, to pay interest and/or principal on Indebtedness
the proceeds of which have been contributed to the Issuer or any of its Restricted Subsidiaries and that has been guaranteed by,
or is otherwise considered Indebtedness of, the Issuer Incurred in accordance with Section 4.03; and

(C)         in
amounts required for any direct or indirect parent of the Issuer to pay fees and expenses, other than to Affiliates of the Issuer,
related to any unsuccessful equity or debt offering of such parent;

(xiv)      repurchases
of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of
the exercise price of such options or warrants;

(xv)       purchases
of receivables pursuant to a Receivables Repurchase Obligation in connection with a Qualified Receivables Financing and the payment
or distribution of Receivables Fees;

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(xvi)      Restricted
Payments by the Issuer or any Restricted Subsidiary to allow the payment of cash in lieu of the issuance of fractional shares upon
the exercise of options or warrants or upon the conversion or exchange of Capital Stock of any such Person;

(xvii)     the
repurchase, redemption or other acquisition or retirement for value of any Subordinated Indebtedness pursuant to the provisions
similar to those described under Sections 4.06 and 4.08; provided that all Notes tendered by holders of the Notes in
connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed or acquired for value;
and

(xviii)    payments
or distributions to dissenting stockholders pursuant to applicable law, pursuant to or in connection with a consolidation, amalgamation,
merger or transfer of all or substantially all of the assets of the Issuer and its Restricted Subsidiaries, taken as a whole, that
complies with Section 5.01; provided that as a result of such consolidation, amalgamation, merger or transfer of assets,
the Issuer shall have made a Change of Control Offer (if required by this Indenture) and that all Notes tendered by holders in
connection with such Change of Control Offer have been repurchased, redeemed or acquired for value;

provided, however, that at the time of, and
after giving effect to, any Restricted Payment permitted under clauses (vi)(B), (vii), (x), (xi) and (xiii)(B) of this
Section 4.04(b), no Default shall have occurred and be continuing or would occur as a consequence thereof; provided
further that any Restricted Payments made with property other than cash shall be calculated using the Fair Market Value
(as determined in good faith by the Issuer) of such property.

(c)         The
Issuer will not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the definition of “Unrestricted
Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments
by the Issuer and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be
Restricted Payments in an amount determined as set forth in the last sentence of the definition of “Investments.” Such
designation will only be permitted if a Restricted Payment or Permitted Investment in such amount would be permitted at such time
and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.

Section 4.05     Dividend
and Other Payment Restrictions Affecting Subsidiaries.  The Issuer shall not, and shall not permit any of its Restricted
Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance
or consensual restriction on the ability of any Restricted Subsidiary to:

(a)         (i) pay
dividends or make any other distributions to the Issuer or any of its Restricted Subsidiaries (1) on its Capital Stock; or
(2) with respect to any other interest or participation in, or measured by, its profits; or (ii) pay any Indebtedness
owed to the Issuer or any of its Restricted Subsidiaries;

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(b)         make
loans or advances to the Issuer or any of its Restricted Subsidiaries; or

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

except in each case for such encumbrances or restrictions
existing under or by reason of:

(1)         contractual
encumbrances or restrictions in effect on the Issue Date, including pursuant to the NCLC Group Credit Facilities and any related
documents, and any similar contractual encumbrances or restrictions effected by any amendments, modifications, restatements, renewals,
supplements, refundings, replacements or refinancings of such agreements or instruments;

(2)         this
Indenture or the Notes;

(3)         applicable
law or any applicable rule, regulation or order;

(4)         any
agreement or other instrument of a Person acquired by the Issuer or any Restricted Subsidiary which was in existence at the time
of such acquisition (but not created in contemplation thereof or to provide all or any portion of the funds or credit support utilized
to consummate such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets
of any Person, other than the Person and its Subsidiaries, or the property or assets of the Person and its Subsidiaries, so acquired;

(5)         contracts
or agreements for the sale of assets, including any restriction with respect to a Restricted Subsidiary imposed pursuant to an
agreement entered into for the sale or disposition of the Capital Stock or assets of such Restricted Subsidiary;

(6)         Secured
Indebtedness otherwise permitted to be Incurred pursuant to Sections 4.03 and 4.12 that limit the right of the debtor to dispose
of the assets securing such Indebtedness;

(7)         restrictions
on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;

(8)         customary
provisions in joint venture agreements and other similar agreements entered into in the ordinary course of business;

(9)         purchase
money obligations for property acquired and Capitalized Lease Obligations in the ordinary course of business;

(10)       customary
provisions contained in leases, licenses and other similar agreements entered into in the ordinary course of business;

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(11)       any
encumbrance or restriction of a Receivables Subsidiary effected in connection with a Qualified Receivables Financing; provided,
however, that such restrictions apply only to such Receivables Subsidiary;

(12)       other
Indebtedness, Disqualified Stock or Preferred Stock of any Restricted Subsidiary so long as such encumbrances or restrictions contained
in any agreement or instrument will not materially affect the Issuer’s ability to make anticipated principal or interest
payments on the Notes (as determined in good faith by the Issuer), provided that such Indebtedness, Disqualified Stock or
Preferred Stock is permitted to be Incurred subsequent to the Issue Date pursuant to Section 4.03;

(13)       any
Restricted Investment not prohibited by Section 4.04 and any Permitted Investment; or

(14)       any
encumbrances or restrictions of the type referred to in clauses (a), (b) or (c) above imposed by any amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments
or obligations referred to in clauses (1) through (13) above; provided that such amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Issuer, no more
restrictive with respect to such dividend and other payment restrictions than those contained in the dividend or other payment
restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing.

For purposes of determining compliance
with this Section 4.05, (i) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior
to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions
on Capital Stock and (ii) the subordination of loans or advances made to the Issuer or a Restricted Subsidiary of the Issuer
to other Indebtedness Incurred by the Issuer or any such Restricted Subsidiary shall not be deemed a restriction on the ability
to make loans or advances.

Section 4.06     Asset
Sales.

(a)         The
Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, cause or make an Asset Sale, unless (x) the
Issuer or any of its Restricted Subsidiaries, as the case may be, receives consideration at the time of such Asset Sale at least
equal to the Fair Market Value (as determined in good faith by the Issuer) of the assets sold or otherwise disposed of, and (y) at
least 75% of the consideration therefor received by the Issuer or such Restricted Subsidiary, as the case may be, is in the form
of Cash Equivalents; provided that the amount of:

(i)          any
liabilities (as shown on the Issuer’s or such Restricted Subsidiary’s most recent balance sheet or in the Notes thereto)
of the Issuer or any

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Restricted Subsidiary of the Issuer
(other than liabilities that are by their terms subordinated to the Notes) that are assumed by the transferee of any such assets,

(ii)         any
notes or other obligations or other securities or assets received by the Issuer or such Restricted Subsidiary of the Issuer from
such transferee that are converted by the Issuer or such Restricted Subsidiary of the Issuer into cash within 180 days of the receipt
thereof (to the extent of the cash received),

(iii)        Indebtedness
of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Sale, to the extent that the Issuer
and each other Restricted Subsidiary are released from any guarantee of payment of such Indebtedness in connection with the Asset
Sale,

(iv)        consideration
consisting of Indebtedness of the Issuer or any Restricted Subsidiary (other than Subordinated Indebtedness) received after the
Issue Date from Persons who are not the Issuer or any Restricted Subsidiary in connection with the Asset Sale and that is cancelled
(without duplication of clause (i) hereto), and

(v)         any
Designated Non-cash Consideration received by the Issuer or any of its Restricted Subsidiaries in such Asset Sale having an aggregate
Fair Market Value (as determined in good faith by the Issuer), taken together with all other Designated Non-cash Consideration
received pursuant to this Section 4.06(a)(v) that is at that time outstanding, not to exceed the greater of 5.0% of Total
Assets and $300 million at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market Value of each
item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in
value),

shall be deemed to be Cash Equivalents for the purposes of
this Section 4.06(a).

(b)         Within
12 months after the Issuer’s or any Restricted Subsidiary of the Issuer’s receipt of the Net Proceeds of any Asset
Sale, the Issuer or such Restricted Subsidiary of the Issuer may apply the Net Proceeds from such Asset Sale, at its option:

(i)          to
repay (A) Indebtedness constituting Secured Indebtedness (including Indebtedness under any Bank Indebtedness) and, if the
Indebtedness repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto, (B) Indebtedness
of a Restricted Subsidiary that is not a Subsidiary Guarantor and/or Indebtedness of the Issuer that is guaranteed by a Subsidiary
that is not a Subsidiary Guarantor, (C) Notes Obligations, or (D) other Pari Passu Indebtedness (provided that
if the Issuer shall so reduce Obligations under unsecured Pari Passu Indebtedness, the Issuer will equally and ratably reduce Notes
Obligations as provided under the Notes pursuant to Section 3.01, through open-market purchases (provided that such
purchases are at or above 100% of the principal amount thereof or, in the event that the Notes were issued with significant original
issue discount, 100% of the accreted value thereof) or by

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making an offer (in accordance with
the procedures set forth below for an Asset Sale Offer) to all holders to purchase, at a purchase price equal to 100% of the principal
amount thereof or, in the event that the Notes were issued with significant original issue discount, 100% of the accreted value
thereof, plus accrued and unpaid interest, the pro rata principal amount of Notes; or

(ii)         to
make an Investment in any one or more businesses (provided that if such Investment is in the form of the acquisition of
Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary of the Issuer), assets, or
property or capital expenditures, in each case (A) used or useful in a Similar Business or (B) that replace the properties
and assets that are the subject of such Asset Sale or to reimburse the cost of any of the foregoing incurred on or after the date
on which the Asset Sale giving rise to such Net Proceeds was contractually committed.

In the case of Section 4.06(b)(ii),
a binding commitment shall be treated as a permitted application of the Net Proceeds from the date of such commitment; provided
that in the event such binding commitment is later canceled or terminated for any reason before such Net Proceeds are so applied,
the Issuer or such Restricted Subsidiary enters into another binding commitment (a “Second Commitment”) within
six months of such cancellation or termination of the prior binding commitment; provided, further that the Issuer
or such Restricted Subsidiary may only enter into a Second Commitment under the foregoing provision one time with respect to each
Asset Sale and to the extent such Second Commitment is later cancelled or terminated for any reason before such Net Proceeds are
applied, then such Net Proceeds shall constitute Excess Proceeds.

Pending the final application of any such
Net Proceeds, the Issuer or such Restricted Subsidiary of the Issuer may temporarily reduce Indebtedness under a revolving credit
facility, if any, or otherwise invest such Net Proceeds in any manner not prohibited by this Indenture.  Any Net Proceeds
from any Asset Sale that are not invested or applied as provided and within the time period set forth in the first sentence of
this Section 4.06(b) (it being understood that any portion of such Net Proceeds used to make an offer to purchase Notes, as
described in clause (i) of this Section 4.06(b), shall be deemed to have been invested whether or not such offer
is accepted) will be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $50
million, the Issuer shall make an offer to all holders of Notes (and, at the option of the Issuer, to holders of any Pari Passu
Indebtedness) (an “Asset Sale Offer”) to purchase the maximum principal amount of Notes (and such Pari Passu
Indebtedness), that is at least $2,000 and an integral multiple of $1,000 in excess thereof that may be purchased out of the Excess
Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof (or, in the event such Pari Passu
Indebtedness was issued with significant original issue discount, 100% of the accreted value thereof), plus accrued and unpaid
interest, if any (or, in respect of such Pari Passu Indebtedness, such lesser price, if any, as may be provided for by the terms
of such Pari Passu Indebtedness), to the date fixed for the closing of such offer, in accordance with the procedures set forth
in this Section 4.06.  The Issuer will commence an Asset Sale Offer with respect to Excess Proceeds within ten (10)
Business Days after the date that Excess Proceeds exceed $50

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million by mailing, or delivering electronically
if held by the Depository, the notice required pursuant to the terms of Section 4.06(g), with a copy to the Trustee.  To
the extent that the aggregate amount of Notes (and such Pari Passu Indebtedness) tendered pursuant to an Asset Sale Offer is less
than the Excess Proceeds, the Issuer may use any remaining Excess Proceeds for any purpose that is not prohibited by this Indenture.
If the aggregate principal amount of Notes (and such Pari Passu Indebtedness) surrendered by holders thereof exceeds the amount
of Excess Proceeds, the Trustee shall select the Notes to be purchased in the manner described in Section 4.06(f).  Upon
completion of any such Asset Sale Offer, the amount of Excess Proceeds, as the case may be, shall be reset at zero.

(c)         The
Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations to
the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale Offer.  To
the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Issuer
shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described
in this Indenture by virtue thereof.  If more Notes (and Pari Passu Indebtedness) are tendered pursuant to an Asset Sale
Offer than the Issuer is required to purchase, selection of such Notes for purchase will be made by the Trustee; provided
that no Notes of $2,000 or less shall be purchased in part. Selection of such Pari Passu Indebtedness will be made pursuant to
the terms of such Pari Passu Indebtedness.

(d)         Not
later than the date upon which written notice of an Asset Sale Offer is delivered to the Trustee as provided above, the Issuer
shall deliver to the Trustee an Officer’s Certificate as to (i) the amount of the Excess Proceeds, (ii) the allocation
of the Net Proceeds from the Asset Sales pursuant to which such Asset Sale Offer is being made and (iii) the compliance of
such allocation with the provisions of Section 4.06(b).  On such date, the Issuer shall also irrevocably deposit
with the Trustee or with a paying agent (or, if the Issuer or a Wholly Owned Subsidiary is acting as the Paying Agent, segregate
and hold in trust) an amount equal to the Excess Proceeds to be invested in Cash Equivalents, as directed in writing by the Issuer,
and to be held for payment in accordance with the provisions of this Section 4.06.  Upon the expiration of the period
for which the Asset Sale Offer remains open (the “Offer Period”), the Issuer shall deliver to the Trustee for cancellation
the Notes or portions thereof that have been properly tendered to and are to be accepted by the Issuer.  The Trustee
(or the Paying Agent, if not the Trustee) shall, on the date of purchase, mail or deliver payment to each tendering holder in the
amount of the purchase price.  In the event that the Excess Proceeds delivered by the Issuer to the Trustee are greater
than the purchase price of the Notes tendered, the Trustee shall deliver the excess to the Issuer immediately after the expiration
of the Offer Period for application in accordance with this Section 4.06.

(e)         [Reserved];

(f)          Holders
electing to have a Note purchased shall be required to surrender such Note, with an appropriate form duly completed, to the Issuer
at the address specified in the notice at least three Business Days prior to the purchase date.  

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Holders shall be entitled to withdraw their
election if the Trustee or the Issuer receives not later than one Business Day prior to the purchase date, a telegram, telex, facsimile
transmission or letter setting forth the name of the holder, the principal amount of the Note which was delivered by the holder
for purchase and a statement that such holder is withdrawing his election to have such Note purchased.  If at the end
of the Offer Period more Notes (and Pari Passu Indebtedness) are tendered pursuant to an Asset Sale Offer than the Issuer is required
to purchase, selection of such Notes for purchase shall be made by the Trustee in compliance with the requirements of the principal
national securities exchange, if any, on which such Notes are listed, or if such Notes are not so listed, on a pro rata basis,
by lot or by such other method as the Trustee shall deem fair and appropriate (and in such manner as complies with applicable legal
requirements); provided that no Notes of $2,000 or less shall be purchased in part.  Selection of such Pari Passu
Indebtedness shall be made pursuant to the terms of such Pari Passu Indebtedness.

(g)         Notices
of an Asset Sale Offer shall be mailed by first class mail, postage prepaid, or delivered electronically if held by the Depository,
at least 30 but not more than 60 days before the purchase date to each holder of Notes at such holder’s registered address.  If
any Note is to be purchased in part only, any notice of purchase that relates to such Note shall state the portion of the principal
amount thereof that has been or is to be purchased.

Section 4.07     Transactions
with Affiliates.

(a)         The
Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell,
lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into
or make or amend any transaction or series of transactions, contract, agreement, understanding, loan, advance or guarantee with,
or for the benefit of, any Affiliate of the Issuer (each of the foregoing, an “Affiliate Transaction”) involving
aggregate consideration in excess of $25 million, unless:

(i)          such
Affiliate Transaction is on terms that are not materially less favorable to the Issuer or the relevant Restricted Subsidiary than
those that could have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person;
and

(ii)         with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$50 million, the Issuer delivers to the Trustee a resolution adopted in good faith by the majority of the Board of Directors of
the Issuer, approving such Affiliate Transaction and set forth in an Officer’s Certificate certifying that such Affiliate
Transaction complies with clause (i) above.

(b)         The
provisions of Section 4.07(a) shall not apply to the following:

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

(ii)         Restricted
Payments permitted by Section 4.04 and Permitted Investments;

(iii)        (A) the
entering into of any agreement (and any amendment or modification of any such agreement so long as, in the good faith judgment
of the Board of Directors of the Issuer, any such amendment is not disadvantageous to the holders when taken as a whole, as compared
to such agreement as in effect on the Issue Date) to pay, and the payment of, management, consulting, monitoring and advisory fees
to the Sponsors (1) in an aggregate amount in any fiscal year not to exceed the greater of (x) $7.5 million and (y) 2.0%
of EBITDA of the Issuer and its Restricted Subsidiaries for the immediately preceding fiscal year, plus out-of-pocket expense
reimbursement; provided, however, that any payment not made in any fiscal year may be carried forward and paid in the following
two fiscal years and (2) 2.0% of the value of transactions with respect to which any Affiliate provides any transaction, advisory
or other services and (B) the payment of the present value of all amounts payable pursuant to any agreement described in clause (iii)(A)
of this Section 4.07(b) in connection with the termination of such agreement;

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

(v)         payments
by the Issuer or any of its Restricted Subsidiaries to the Sponsors made for any financial advisory, financing, underwriting or
placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions
or divestitures, which payments are (A) made pursuant to the agreements with the Sponsors described in the Offering Memorandum
(as in effect on the Issue Date, or any amendment thereto that is not materially adverse as a whole to the Issuer) or (B) approved
by a majority of the Board of Directors of the Issuer in good faith;

(vi)        transactions
in which the Issuer or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from an Independent
Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of view
or meets the requirements of clause (i) of Section 4.07(a);

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

(viii)      any
agreement as in effect as of the Issue Date or any amendment thereto or replacement thereof (so long as any such agreement together
with all amendments thereto and replacements thereof, taken as a whole, is not more disadvantageous to the Issuer and its Restricted
Subsidiaries in any material respect than the original agreement as in effect on the Issue Date) or any transaction contemplated
thereby, in each case as determined in good faith by the Issuer;

(ix)         the
existence of, or the performance by the Issuer or any of its Restricted Subsidiaries of its obligations under the terms of the
Shareholders’ Agreement, the Reimbursement and Distribution Agreement, any other stockholders agreement (including any registration
rights agreement or purchase agreement related thereto) to which it is a party as of the Issue Date, and any transaction, agreement
or arrangement described in the Offering Memorandum and, in each case, any amendment thereto or similar transactions, agreements
or arrangements which it may enter into thereafter; provided, however, that the existence of, or the performance
by the Issuer or any of its Restricted Subsidiaries of its obligations under, any future amendment to any such existing transaction,
agreement or arrangement or under any similar transaction, agreement or arrangement entered into after the Issue Date shall only
be permitted by this clause (ix) to the extent that the terms of any such existing transaction, agreement or arrangement together
with all amendments thereto, taken as a whole, or new transaction, agreement or arrangement are not otherwise more disadvantageous
to the Issuer and its Restricted Subsidiaries in any material respect than the original transaction, agreement or arrangement as
in effect on the Issue Date, as determined in good faith by the Issuer;

(x)          [Reserved];

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

(xii)        any
transaction effected as part of a Qualified Receivables Financing;

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(xiii)       the
issuance of Equity Interests (other than Disqualified Stock) of the Issuer to any Person;

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

(xv)       the
entering into of any tax sharing agreement or arrangement that complies with Section 4.04(b)(xii) and the performance under
any such agreement or arrangement;

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

(xvii)     transactions
permitted by, and complying with, Section 5.01;

(xviii)    transactions
between the Issuer or any of its Restricted Subsidiaries and any Person, a director or manager of which is also a director or manager
of the Issuer or any direct or indirect parent of the Issuer; provided, however, that such director or manager abstains
from voting as a director or manager of the Issuer or such direct or indirect parent, as the case may be, on any matter involving
such other Person;

(xix)       pledges
of Equity Interests of Unrestricted Subsidiaries;

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

(xxi)       any
employment agreements entered into by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business;

(xxii)      transactions
undertaken in good faith (as certified by a responsible financial or accounting officer of the Issuer in an Officer’s Certificate)
for the purpose of improving the consolidated tax efficiency of the Issuer and its Subsidiaries and not for the purpose of circumventing
any covenant set forth in this Indenture;

(xxiii)     investments
by the Sponsors in securities of the Issuer or any Restricted Subsidiary (and payment of reasonable out-of-pocket expenses incurred
by the Sponsors in connection therewith) so long as (A) the investment is being generally offered to other investors on the
same or more favorable terms and (B) the investment constitutes less than 5% of the proposed or outstanding issue amount of
such class of securities; and

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(xxiv)    the
execution of the Transactions, and the payment of all fees, expenses, bonuses and awards related to the Transactions, including
fees to the Sponsors.

Section 4.08     Change
of Control.

(a)         Upon
a Change of Control, each holder shall have the right to require the Issuer to repurchase all or any part of such holder’s
Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any,
to, but excluding, the date of repurchase (the “Change of Control Payment”) (subject to the right of the holders
of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), in accordance with the terms
contemplated in this Section 4.08; provided, however, that notwithstanding the occurrence of a Change of Control,
the Issuer shall not be obligated to purchase any Notes pursuant to this Section 4.08 in the event that it has exercised its
right to redeem such Notes in accordance with Article III of this Indenture.  In the event that at the time of such
Change of Control the terms of the Bank Indebtedness restrict or prohibit the repurchase of Notes pursuant to this Section 4.08,
then prior to the delivery of the notice to the holders provided for in Section 4.08(b) but in any event within 30 days following
any Change of Control, the Issuer shall (i) repay in full all Bank Indebtedness or, if doing so will allow the purchase of
Notes, offer to repay in full all Bank Indebtedness and repay the Bank Indebtedness of each lender and/or noteholder who has accepted
such offer, or (ii) obtain the requisite consent under the agreements governing the Bank Indebtedness to permit the repurchase
of the Notes as provided for in Section 4.08(b).

(b)         Within
30 days following any Change of Control, except to the extent that the Issuer has exercised its right to redeem the Notes in accordance
with Article III of this Indenture, the Issuer shall mail (or deliver pursuant to the procedures of the Depository) a notice
(a “Change of Control Offer”) to each holder with a copy to the Trustee stating:

(i)          that
a Change of Control has occurred and that such holder has the right to require the Issuer to repurchase such holder’s Notes
for the Change of Control Payment (subject to the right of the holders of record on the relevant Record Date to receive interest
on the relevant Interest Payment Date);

(ii)         the
circumstances regarding such Change of Control;

(iii)        the
repurchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is sent); and

(iv)        the
instructions determined by the Issuer, consistent with this Section 4.08, that a holder must follow in order to have its Notes
purchased.

(c)         Holders
electing to have a Note purchased shall be required to surrender the Note, with an appropriate form duly completed, to the Issuer
at the address specified in the notice at least three Business Days prior to the purchase date.  The holders shall be
entitled to withdraw their election if the Trustee or the Issuer receives not

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later than one Business Day prior to the
purchase date a telegram, telex, facsimile transmission or letter setting forth the name of the holder, the principal amount of
the Note which was delivered for purchase by the holder and a statement that such holder is withdrawing his election to have such
Note purchased.  Holders whose Notes are purchased only in part shall be issued new Notes equal in principal amount to
the unpurchased portion of the Notes surrendered.

(d)         On
the purchase date, all Notes purchased by the Issuer under this Section 4.08 shall be delivered to the Trustee for cancellation,
and the Issuer shall pay the purchase price plus accrued and unpaid interest to the holders entitled thereto.

(e)         A
Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change of Control, if a definitive
agreement is in place for the Change of Control at the time of making of the Change of Control Offer.

(f)          Notwithstanding
the foregoing provisions of this Section 4.08, the Issuer shall not be required to make a Change of Control Offer upon a Change
of Control if (i) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance
with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer and purchases all
Notes properly tendered and not withdrawn under such Change of Control Offer; (ii) a notice of redemption of all outstanding
Notes has been given pursuant to the Indenture as described in Paragraph 6 of the Notes unless and until there is a default in
payment of the applicable redemption price; or (iii) in connection with or in contemplation of any Change of Control, the
Issuer has made an offer to purchase (an “Alternate Offer”) any and all Notes validly tendered at a cash price
equal to or higher than the Change of Control Payment and has purchased all Notes properly tendered in accordance with the terms
of the Alternate Offer, and, in the case of an Alternate Offer made in contemplation of any Change of Control, such Change of Control
occurs.

(g)         If
holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes
in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of the Issuer as described
in Section 4.08(f) above, purchases all of the Notes validly tendered and not withdrawn by such holders, the Issuer or such
third party will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following
such purchase pursuant to the Change of Control Offer described above, to redeem all Notes that remain outstanding following such
purchase at a price in cash equal to the Change of Control Payment.

(h)         Notes
repurchased by the Issuer pursuant to a Change of Control Offer will have the status of Notes issued but not outstanding or will
be retired and canceled at the option of the Issuer.  Notes purchased by a third party pursuant to the preceding clauses (f)
and (g) will have the status of Notes issued and outstanding.

(i)          At
the time the Issuer delivers Notes to the Trustee which are to be accepted for purchase, the Issuer shall also deliver an Officer’s
Certificate stating that

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such Notes are to be accepted by the Issuer
pursuant to and in accordance with the terms of this Section 4.08.  A Note shall be deemed to have been accepted
for purchase at the time the Trustee, directly or through an agent, mails or delivers payment therefor to the surrendering holder.

(j)          Prior
to any Change of Control Offer, the Issuer shall deliver to the Trustee an Officer’s Certificate stating that all conditions
precedent contained herein to the right of the Issuer to make such offer have been complied with.

(k)         The
Issuer shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities
laws or regulations in connection with the repurchase of Notes pursuant to this Section 4.08.  To the extent that
the provisions of any securities laws or regulations conflict with provisions of this Section 4.08, the Issuer shall comply
with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.08
by virtue thereof.

Section 4.09     Compliance
Certificate.  The Issuer shall deliver to the Trustee within 120 days after the end of each fiscal year of the Issuer,
beginning with the fiscal year ending on December 31, 2014, an Officer’s Certificate stating that in the course of
the performance by the signer of his or her duties as an Officer of the Issuer he or she would normally have knowledge of any
Default and whether or not the signer knows of any Default that occurred during such period.  If he or she does, the
certificate shall describe the Default, its status and what action the Issuer is taking or proposes to take with respect thereto.  Except
with respect to receipt of payments of principal and interest on the Notes and any Default or Event of Default information contained
in the Officer’s Certificate delivered to it pursuant to this Section 4.09, the Trustee shall have no duty to review,
ascertain or confirm the Issuer’s compliance with or the breach of any representation, warranty or covenant made in this
Indenture.

Section 4.10     Further
Instruments and Acts.  Upon request of the Trustee, the Issuer shall execute and deliver such further instruments
and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

Section 4.11     Future
Subsidiary Guarantors.

(a)         The
Issuer shall cause each of its Wholly Owned Restricted Subsidiaries that guarantees any Indebtedness of the Issuer to execute and
deliver to the Trustee a supplemental indenture pursuant to which such Restricted Subsidiary shall guarantee payment of the Notes
on the terms and conditions set forth in this Indenture, except (x) with respect to Indebtedness of the Issuer consisting
of Bank Indebtedness or guarantees of Bank Indebtedness and other Indebtedness of the Issuer consisting of guarantees of Indebtedness
of one or more of the Issuer’s Restricted Subsidiaries and (y) to the extent that providing such guarantee would violate
a debt agreement of such Restricted Subsidiary which was entered into not in contemplation of the subject transaction.  Each
future Subsidiary Guarantee will be limited to an amount not to exceed

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the maximum amount that can be guaranteed
by that Restricted Subsidiary without rendering the Subsidiary Guarantee, as it relates to such Restricted Subsidiary, voidable
under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors
generally.

(b)         Any
Subsidiary Guarantor of the Notes shall be released in accordance with the terms of this Indenture, including upon release of the
guarantee triggering issuance of such Subsidiary Guarantee of the Notes.

Section 4.12     Liens.

(a)         The
Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create or Incur any Lien (except Permitted
Liens) that secures any Indebtedness on any asset or property of the Issuer or any Restricted Subsidiary, unless the Notes are
equally and ratably secured with (or on a senior basis to, in the case of obligations subordinated in right of payment to the Notes)
the obligations so secured until such time as such obligations are no longer secured by a Lien.  Any Lien which is granted
to secure the Notes pursuant to this Section 4.12 shall be automatically released and discharged at the same time as the release
of the Lien that gave rise to the obligation to secure the Notes.

(b)         For
purposes of determining compliance with this covenant, (i) a Lien securing an item of Indebtedness need not be permitted solely
by reference to one category of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens”
or pursuant to Section 4.12(a) but may be permitted in part under any combination thereof and (ii) in the event that
a Lien securing an item of Indebtedness (or any portion thereof) meets the criteria of one or more of the categories of permitted
Liens (or any portion thereof) described in the definition of “Permitted Liens” or pursuant to Section 4.12(a),
the Issuer shall, in its sole discretion, classify or reclassify, or later divide, classify or reclassify (as if Incurred at such
later time), such Lien securing such item of Indebtedness (or any portion thereof) in any manner that complies with this covenant
and will be entitled to include the amount and type of such Lien or such item of Indebtedness secured by such Lien (or portion
thereof) in one of the categories of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens”
or pursuant to Section 4.12(a) and, in such event, such Lien securing such item of Indebtedness (or any portion thereof) will
be treated as being Incurred or existing pursuant to only such clause or clauses (or any portion thereof) or pursuant to Section 4.12(a)
without giving pro forma effect to such item (or portion thereof) when calculating the amount of Liens or Indebtedness that
may be Incurred pursuant to any other clause or paragraph.

(c)         With
respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the Incurrence of such
Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness.  The “Increased
Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual
of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form
of

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additional Indebtedness with the same terms
or in the form of common stock of the Issuer, the payment of dividends on Preferred Stock in the form of additional shares of Preferred
Stock of the same class, accretion of original issue discount or liquidation preference and increases in the amount of Indebtedness
outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing
Indebtedness described in clause (3) of the definition of “Indebtedness.”

Section 4.13     Re-flagging
of Vessels.  Notwithstanding anything to the contrary herein, a Restricted Subsidiary may reconstitute itself in
another jurisdiction, or merge with or into another Restricted Subsidiary, for the purpose of reflagging a vessel that it owns
or bareboat charters so long as at all times each Restricted Subsidiary remains organized under the laws of any country recognized
by the United States of America with an investment grade credit rating from either Standard & Poor’s Ratings Services
or Moody’s Investors Service, Inc. or any Permitted Jurisdiction.

Section 4.14     Maintenance
of Office or Agency.

(a)         The
Issuer shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar) where
Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect
of the Notes and this Indenture may be served.  The Issuer shall give prompt written notice to the Trustee of the location,
and any change in the location, of such office or agency.  If at any time the Issuer shall fail to maintain any such
required 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 as set forth in Section 13.02.

(b)         The
Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered
for any or all such purposes and may from time to time rescind such designations; provided, however, that no such
designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency for such purposes.  The
Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location
of any such other office or agency.

(c)         The
Issuer hereby designates the corporate trust office of the Trustee or its agent as such office or agency of the Issuer in accordance
with Section 2.04.

Section 4.15     [Reserved].

Section 4.16     Covenant
Suspension.  If on any date following the Issue Date, (i) the Notes have Investment Grade Ratings from both
Rating Agencies, and (ii) no Default has occurred and is continuing under this Indenture, then, beginning on that day (the
occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant
Suspension Event”), and subject to the provisions of the following paragraph, the Issuer and the Restricted Subsidiaries
shall not be subject

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to Sections 4.03,
4.04, 4.05, 4.06, 4.07 and 5.01(a)(iv) (collectively the “Suspended Covenants”).

If and while the Issuer and its Restricted
Subsidiaries are not subject to the Suspended Covenants, the Notes will be entitled to substantially less covenant protection.  In
the event that the Issuer and its Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any
period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of
the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Notes below an Investment Grade
Rating, then the Issuer and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants under this
Indenture with respect to future events.

No Default, Event of Default or breach
of any kind shall be deemed to exist under the Indenture or the Notes with respect to the Suspended Covenants based on, and neither
the Issuer nor any of its Subsidiaries shall bear any liability for, any actions taken or events occurring during the Suspension
Period, or any actions taken at any time pursuant to any contractual obligation arising during the Suspension Period, regardless
of whether such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such
period.

On each Reversion Date, all Indebtedness
Incurred, or Disqualified Stock or Preferred Stock issued, during the Suspension Period will be classified as having been Incurred
or issued pursuant to Section 4.03(a) or 4.03(b) (to the extent such Indebtedness or Disqualified Stock or Preferred Stock
would be permitted to be Incurred or issued thereunder as of the Reversion Date and after giving effect to Indebtedness Incurred
or issued prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness or Disqualified
Stock or Preferred Stock would not be so permitted to be Incurred or issued pursuant to Section 4.03(a) or 4.03(b) such Indebtedness
or Disqualified Stock or Preferred Stock will be deemed to have been outstanding on the Issue Date, so that it is classified as
permitted under Section 4.03(b)(ii). Calculations made after the Reversion Date of the amount available to be made as Restricted
Payments under Section 4.04 will be made as though Section 4.04 had been in effect since the Issue Date and throughout
the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available to be
made as Restricted Payments under Section 4.04(a).  As described above, however, no Default or Event of Default
will be deemed to have occurred on the Reversion Date as a result of any actions taken by the Issuer or its Restricted Subsidiaries
during the Suspension Period.

For purposes of Section 4.06, on the
Reversion Date, the unutilized Excess Proceeds amount will be reset to zero.

During a Suspension Period, the Issuer
shall not designate any of its Subsidiaries as an Unrestricted Subsidiary.

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The Issuer shall deliver an Officer's Certificate
to the Trustee specifying if a Covenant Suspension Event has occurred, the date of any Covenant Suspension Date, if a Reversion
Date has occurred and when a Reversion Date has occurred.  The Issuer shall deliver any such Officer’s Certificate
within 5 Business Days of the occurrence of a Covenant Suspension Event or a Reversion Date, as the case may be.  The
Trustee shall not have any duty to monitor whether or not a Suspension Event or Reversion Date has occurred or to notify the holders
thereof.

Article V

SUCCESSOR COMPANY

Section 5.01     When
Issuer May Merge or Transfer Assets.

(a)         The
Issuer shall not, directly or indirectly, consolidate, amalgamate or merge with or into or wind up or convert into (whether or
not the Issuer is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially
all of its properties or assets in one or more related transactions, to any Person unless:

(i)          the
Issuer is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation, merger, winding up or
conversion (if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition will
have been made is a company organized or existing under the laws of Bermuda or a corporation, partnership, limited liability company
or similar entity organized or existing under the laws of any Permitted Jurisdiction (the Issuer or such Person, as the case may
be, being herein called the “Successor Issuer”), provided that in the case where the surviving person
is not a company organized under the laws of Bermuda, a co-obligor of the Notes is a company organized under the laws of Bermuda
or a corporation organized under the laws of the U.S.;

(ii)         the
Successor Issuer (if other than the Issuer) expressly assumes all the obligations of the Issuer under this Indenture and the Notes
pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee;

(iii)        immediately
after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor Issuer or any
of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Issuer or such Restricted
Subsidiary at the time of such transaction) no Default shall have occurred and be continuing;

(iv)        immediately
after giving pro forma effect to such transaction, as if such transaction had occurred at the beginning of the applicable four-quarter
period (and treating any Indebtedness which becomes an obligation of the Successor Issuer or any of its Restricted Subsidiaries
as a result of such

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transaction as having been Incurred
by the Successor Issuer or such Restricted Subsidiary at the time of such transaction), either

(1)         the
Successor Issuer would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio
test set forth in Section 4.03(a); or

(2)         the
Fixed Charge Coverage Ratio for the Successor Issuer and its Restricted Subsidiaries would be no less than such ratio for the Issuer
and its Restricted Subsidiaries immediately prior to such transaction; and

(v)         [Reserved];

(vi)        the
Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, amalgamation or transfer and such supplemental indentures (if any) comply with this Indenture.

The Successor Issuer (if other than the
Issuer) will succeed to, and be substituted for, the Issuer under this Indenture and the Notes, and in such event the Issuer will
automatically be released and discharged from its obligations under this Indenture and the Notes. Notwithstanding the foregoing
clauses (iii) and (iv) of this Section 5.01, (a) any Restricted Subsidiary may merge, consolidate or amalgamate
with or transfer all or part of its properties and assets to the Issuer or to another Restricted Subsidiary, and (b) the Issuer
may merge, consolidate or amalgamate with an Affiliate incorporated solely for the purpose of reincorporating the Issuer in a Permitted
Jurisdiction or may convert into a corporation, partnership, limited liability company or similar entity organized or existing
under the laws of any Permitted Jurisdiction so long as the amount of Indebtedness of the Issuer and its Restricted Subsidiaries
is not increased thereby.  This Article V will not apply to a sale, assignment, transfer, conveyance or other disposition
of assets between or among the Issuer and its Restricted Subsidiaries.

Article VI

DEFAULTS AND REMEDIES

Section 6.01     Events
of Default.  An “Event of Default” occurs with respect to Notes if:

(a)          there
is a default in any payment of interest on any Note when the same becomes due and payable, and such default continues for a period
of 30 days,

(b)          there
is a default in the payment of principal or premium, if any, of any Note when due at its Stated Maturity, upon optional redemption,
upon required repurchase, upon declaration or otherwise,

(c)          the
failure by the Issuer to comply for 90 days after notice with any of its obligations, covenants or agreements contained in Section 4.02,

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(d)          the
failure by the Issuer or any Restricted Subsidiary to comply for 60 days after notice with its other agreements (other than a default
referred to in clauses (a), (b) and (c) above) contained in the Notes or this Indenture,

(e)          the
failure by the Issuer or any Significant Subsidiary (or any group of Subsidiaries that together would constitute a Significant
Subsidiary) to pay any Indebtedness (other than Indebtedness owing to the Issuer or a Restricted Subsidiary) within any applicable
grace period after final maturity or the acceleration of any such Indebtedness by the holders thereof because of a default, in
each case, if the total amount of such Indebtedness unpaid or accelerated exceeds $75 million or its foreign currency equivalent,

(f)          either
the Issuer or any Significant Subsidiary of the Issuer pursuant to or within the meaning of any Bankruptcy Law:

(i)          commences
a voluntary case;

(ii)         consents
to the entry of an order for relief against it in an involuntary case;

(iii)        consents
to the appointment of a Custodian of it or for any substantial part of its property; or

(iv)        makes
a general assignment for the benefit of its creditors or takes any comparable action under any foreign laws relating to insolvency,

(g)         a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

(i)          is
for relief against either the Issuer or any Significant Subsidiary of the Issuer in an involuntary case;

(ii)         appoints
a Custodian of either the Issuer or any Significant Subsidiary of the Issuer or for any substantial part of its property; or

(iii)        orders
the winding up or liquidation of either the Issuer or any Significant Subsidiary of the Issuer;

or any similar relief is granted under any foreign laws and
the order or decree remains unstayed and in effect for 60 days, or

(h)         failure
by the Issuer or any Significant Subsidiary (or any group of Subsidiaries that together would constitute a Significant Subsidiary)
to pay final judgments aggregating in excess of $75 million or its foreign currency equivalent (net of any amounts which are covered
by enforceable insurance policies issued by solvent carriers), which judgments are not discharged, waived or stayed for a period
of 60 days.

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The foregoing shall constitute Events of
Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is 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.

However, a default under clauses (c) or
(d) above shall not constitute an Event of Default until the Trustee or the holders of 25% in principal amount of outstanding
Notes notify the Issuer, with a copy to the Trustee, of the default in writing and the Issuer does not cure such default within
the time specified in clause (c) or (d) hereof, as applicable, after receipt of such notice.  Such notice must
specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” The Issuer shall
deliver to the Trustee, within five (5) Business Days after the occurrence thereof, written notice in the form of an Officer’s
Certificate of any event which is, or with the giving of notice or the lapse of time or both would become, an Event of Default,
its status and what action the Issuer is taking or proposes to take with respect thereto.

Section 6.02     Acceleration.  If
an Event of Default (other than an Event of Default specified in Section 6.01(f) or 6.01(g) hereof with respect to the Issuer)
occurs and is continuing, the Trustee by notice to the Issuer, or the holders of at least 25% in principal amount of outstanding
Notes by notice to the Issuer, with a copy to the Trustee, may declare the principal of, premium, if any, and accrued but unpaid
interest on all the Notes to be due and payable; provided, however, that so long as any Credit Agreement Indebtedness
remains outstanding, no such acceleration shall be effective until the earlier of (1) five Business Days after the giving
of written notice to the Issuer and the Representatives under the Credit Agreements and (2) the day on which any Credit Agreement
Indebtedness is accelerated.  Upon such a declaration, such principal and interest shall be due and payable immediately.  If
an Event of Default specified in Section 6.01(f) or (g) with respect to the Issuer occurs, the principal of, premium, if
any, and interest on all the Notes will become immediately due and payable without any declaration or other act on the part of
the Trustee or any holders. Under certain circumstances, the holders of a majority in principal amount of outstanding Notes may
rescind any such acceleration with respect to the Notes and its consequences.

In the event of any Event of Default specified
in Section 6.01(e) above, such Event of Default and all consequences thereof (excluding, however, any resulting payment default)
shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the holders of the Notes, if within
20 days after such Event of Default arose the Issuer delivers an Officer’s Certificate to the Trustee stating that (x) the
Indebtedness or guarantee that is the basis for such Event of Default has been discharged or (y) the holders thereof have
rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default or (z) the
default that is the basis for such Event of Default has been cured, it being understood that in no event shall an acceleration
of the principal amount of the Notes as described above be annulled, waived or rescinded upon the happening of any such events.

Section 6.03     Other
Remedies.  If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy at law or
in equity to collect the

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payment of principal of or interest on
the Notes or to enforce the performance of any provision of the Notes or this Indenture.

The Trustee may maintain a proceeding even
if it does not possess any of the Notes or does not produce any of them in the proceeding.  A delay or omission by the
Trustee or any holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy
or constitute a waiver of or acquiescence in the Event of Default.  No remedy is exclusive of any other remedy.  To
the extent required by law, all available remedies are cumulative.

Section 6.04     Waiver
of Past Defaults.  Provided the Notes are not then due and payable by reason of a declaration of acceleration, the
holders of a majority in principal amount of the Notes then outstanding by written notice to the Trustee may waive an existing
Default and its consequences except (a) a Default in the payment of the principal of or interest on a Note, (b) a Default
arising from the failure to redeem or purchase any Note when required pursuant to the terms of this Indenture or (c) a Default
in respect of a provision that under Section 9.02 cannot be amended without the consent of each holder affected.  When
a Default is waived, it is deemed cured and the Issuer, the Trustee and the holders will be restored to their former positions
and rights under this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any consequent right.

Section 6.05     Control
by Majority.  The holders of a majority in principal amount of Notes outstanding may direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the
Trustee.  However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, if the
Trustee, being advised by counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Trustee
in good faith by its board of directors or trustees, executive committee, or a trust committee of directors or trustees and/or
Responsible Officers shall determine that the action or proceeding so directed would involve the Trustee in personal liability
or expense for which it is not adequately indemnified, or subject to Section 7.01, that the Trustee determines is unduly
prejudicial to the rights of any other holder or that would involve the Trustee in personal liability.  Prior to taking
any action under this Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against
all losses and expenses caused by taking or not taking such action.

Section 6.06     Limitation
on Suits.

(a)          Except
to enforce the right to receive payment of principal, premium (if any) or interest when due, no holder may pursue any remedy with
respect to this Indenture or the Notes unless:

(i)          such
holder has previously given the Trustee notice that an Event of Default is continuing,

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(ii)         holders
of at least 25% in principal amount of the outstanding Notes have requested the Trustee to pursue the remedy,

(iii)        such
holders have offered the Trustee reasonable security or indemnity satisfactory to the Trustee against any loss, liability or expense,

(iv)        the
Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity,
and

(v)         the
holders of a majority in principal amount of the outstanding Notes have not given the Trustee a direction inconsistent with such
request within such 60-day period.

(b)          A
holder may not use this Indenture to prejudice the rights of another holder or to obtain a preference or priority over another
holder.

Section 6.07     Rights
of the Holders to Receive Payment.  Notwithstanding any other provision of this Indenture, the right of any holder
to receive payment of principal of and interest on the Notes held by such holder, on or after the respective due dates expressed
or provided for in the Notes, or to bring suit for the enforcement of any such payment on or after such respective dates, shall
not be impaired or affected without the consent of such holder.

Section 6.08     Collection
Suit by Trustee.  If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing, the
Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer or any other obligor on the
Notes for the whole amount then due and owing (together with interest on overdue principal and (to the extent lawful) on any unpaid
interest at the rate provided for in the Notes) and the amounts provided for in Section 7.07.

Section 6.09     Trustee
May File Proofs of Claim.  The Trustee may file such proofs of claim, statements of interest and other papers
or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation,
expenses disbursements and advances of the Trustee (including counsel, accountants, experts or such other professionals as the
Trustee deems necessary, advisable or appropriate)) and the holders allowed in any judicial proceedings relative to the Issuer,
its creditors or its property, shall be entitled to participate as a member, voting or otherwise, of any official committee of
creditors appointed in such matters and, unless prohibited by law or applicable regulations, may vote on behalf of the holders
in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial
proceeding is hereby authorized by each holder to make payments to the Trustee and, in the event that the Trustee shall consent
to the making of such payments directly to the holders, to pay to the Trustee any amount due it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07.

Section 6.10     Priorities.  Any
money or property collected by the Trustee pursuant to this Article VI and any other money or property distributable in

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respect of the Issuer’s obligations
under this Indenture after an Event of Default shall be applied in the following order:

FIRST: to the Trustee for amounts
due under Section 7.07;

SECOND: to the holders for amounts
due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Notes for principal and interest, respectively; and

THIRD: to the Issuer.

The Trustee may fix a record date and payment
date for any payment to the holders pursuant to this Section 6.10.  At least 15 days before such record date, the
Trustee shall mail to each holder and the Issuer a notice that states the record date, the payment date and amount to be paid.

Section 6.11     Undertaking
for Costs.  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, a court in its discretion may require the filing by any party litigant
in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good
faith of the claims or defenses made by the party litigant.  This Section does not apply to a suit by the Trustee,
a suit by a holder pursuant to Section 6.07 or a suit by holders of more than 10% in principal amount of the Notes.

Section 6.12     Waiver
of Stay or Extension Laws.  The Issuer shall not at any time insist upon, or plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force,
which may affect the covenants or the performance of this Indenture; and the Issuer hereby expressly waives all benefit or advantage
of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer
and permit the execution of every such power as though no such law had been enacted.

Article VII

TRUSTEE

Section 7.01     Duties
of Trustee.

(a)         The
Trustee, prior to the occurrence of an Event of Default with respect to the Notes and after the curing or waiving of all Events
of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture.  If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested
in it by this Indenture and use the

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same degree of care and skill in their
exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

(b)         Except
during the continuance of an Event of Default:

(i)          the
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants
or obligations shall be read into this Indenture against the Trustee (it being agreed that the permissive right of the Trustee
to do things enumerated in this Indenture shall not be construed as a duty); and

(ii)         in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture.  The Trustee shall be under no duty to make any investigation as to any statement contained in any such
instance, but may accept the same as conclusive evidence of the truth and accuracy of such statement or the correctness of such
opinions.  However, in the case of certificates or opinions required by any provision hereof to be provided to it, the
Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture
(but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

(c)         The
Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct,
except that:

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

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

(iii)        the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.05; and

(iv)        no
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise Incur financial liability in
the performance of any of its duties hereunder or in the exercise of any of its rights or powers.

(d)         Every
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this
Section 7.01.

(e)         The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.

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(f)          Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

(g)         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 7.01.

Section 7.02     Rights
of Trustee.

(a)         The
Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person.  The
Trustee need not investigate any fact or matter stated in the document.

(b)         Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both.  The
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate
or Opinion of Counsel.

(c)         The
Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.

(d)         The
Trustee shall not be responsible or liable for any action it takes or omits to take in good faith which it believes to be authorized
or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct
or negligence.

(e)         The
Trustee may consult with counsel of its own selection and the advice or opinion of counsel with respect to legal matters relating
to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect of any action
taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

(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, consent, order, approval, bond, debenture, note or other paper or document unless
requested in writing to do so by the holders of not less than a majority in principal amount of the Notes at the time outstanding,
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 Issuer, personally or by agent or attorney, at the expense of the Issuer and shall Incur no liability of any
kind by reason of such inquiry or investigation.

(g)         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 holders pursuant to this Indenture, unless such holders shall have offered to the Trustee security or indemnity satisfactory
to the Trustee against the costs, expenses and liabilities which might be Incurred by it in compliance with such request or direction.

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(h)         The
rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended
to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed
to act hereunder.

(i)          The
Trustee shall not be responsible or liable for any action taken or omitted by it in good faith at the direction of the holders
of not less than a majority in principal amount of the Notes as to the time, method and place of conducting any proceedings for
any remedy available to the Trustee or the exercising of any power conferred by this Indenture.

(j)          Any
action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or authority or
consent of any person who, at the time of making such request or giving such authority or consent, is the holder of any Note shall
be conclusive and binding upon future holders of Notes and upon Notes executed and delivered in exchange therefor or in place thereof.

(k)          The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate
Trust Office of the Trustee, and such notice references the Notes and this Indenture.

(l)          The
Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of individuals and/or titles
of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may
be signed by any Person authorized to sign an Officer’s Certificate, including any Person specified as so authorized in any
such certificate previously delivered and not superseded.

(m)        The
Trustee shall not be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including,
but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage
and regardless of the form of actions.

(n)         The
Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers under this Indenture.

(o)         The
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation,
acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions;
loss or malfunction of utilities, computer (hardware or software) or communication services; accidents; labor disputes; and acts
of civil or military authorities and governmental action.

Section 7.03     Individual
Rights of Trustee.  The Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may

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otherwise deal with the Issuer or its Affiliates
with the same rights it would have if it were not Trustee.  Any Paying Agent or Registrar may do the same with like rights.  However,
the Trustee must comply with Sections 7.10 and 7.11.

Section 7.04     Trustee’s
Disclaimer.  The Trustee shall not be responsible for and makes no representation as to the validity or adequacy
of this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it
shall not be responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale
of the Notes or in the Notes other than the Trustee’s certificate of authentication.  The Trustee shall not be
charged with knowledge of any Default or Event of Default under Sections 6.01(d), (e), (f), (g) or (h) or of the identity
of any Significant Subsidiary unless either (a) a Trust Officer shall have actual knowledge thereof or (b) the Trustee
shall have received written notice thereof in accordance with Section 13.02 hereof from the Issuer or any holder.  In
accepting the trust hereby created, the Trustee acts solely as Trustee for the holders of the Notes and not in its individual
capacity and all persons, including without limitation the holders of Notes and the Issuer having any claim against the Trustee
arising from this Indenture shall look only to the funds and accounts held by the Trustee hereunder for payment except as otherwise
provided herein.

Section 7.05     Notice
of Defaults.  If a Default occurs and is continuing and if it is actually known to the Trustee, the Trustee shall
mail to each holder notice of the Default within the earlier of 90 days after it occurs or 30 days after it is actually known
to a Trust Officer or written notice of it is received by the Trustee.  Except in the case of a Default in the payment
of principal of, premium (if any) or interest on any Note, the Trustee may withhold the notice if and so long as a committee of
its Trust Officers in good faith determines that withholding the notice is in the interests of the holders.  The Issuer
is required to deliver to the Trustee, annually, a certificate indicating whether the signers thereof know of any Default that
occurred during the previous year.  The Issuer also is required to deliver to the Trustee, within 30 days after the
occurrence thereof, written notice of any event which would constitute certain Defaults, their status and what action the Issuer
is taking or proposes to take in respect thereof.

Section 7.06     [Reserved].

Section 7.07     Compensation
and Indemnity.  The Issuer shall pay to the Trustee from time to time such compensation, as the Issuer and the Trustee
shall from time to time agree in writing, for the Trustee’s acceptance of this Indenture and its services hereunder.  The
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.  The
Issuer shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses Incurred or made by it, including costs
of collection, in addition to the compensation for its services.  Such expenses shall include the reasonable compensation
and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts.  The Issuer
shall indemnify the Trustee against any and all loss, liability, claim, damage or expense (including reasonable attorneys’
fees and expenses) Incurred by or in connection with the acceptance or

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administration of this trust and the performance
of its duties hereunder, including the costs and expenses of enforcing this Indenture against the Issuer (including this Section 7.07)
and defending itself against or investigating any claim (whether asserted by the Issuer, any holder or any other Person).  The
obligation to pay such amounts shall survive the payment in full or defeasance of the Notes or the removal or resignation of the
Trustee.  The Trustee shall notify the Issuer of any claim for which it may seek indemnity promptly upon obtaining actual
knowledge thereof; provided, however, that any failure so to notify the Issuer shall not relieve the Issuer of its
indemnity obligations hereunder.  The Issuer shall defend the claim and the indemnified party shall provide reasonable
cooperation at the Issuer’s expense in the defense.  Such indemnified parties may have separate counsel and the
Issuer shall pay the fees and expenses of such counsel; provided, however, that the Issuer shall not be required
to pay such fees and expenses if it assumes such indemnified parties’ defense and, in such indemnified parties’ reasonable
judgment, there is no conflict of interest between the Issuer and such parties in connection with such defense.  The
Issuer needs not reimburse any expense or indemnify against any loss, liability or expense Incurred by an indemnified party through
such party’s own willful misconduct, negligence or bad faith.

To secure the Issuer’s payment obligations
in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee
other than money or property held in trust to pay principal of and interest on particular Notes.

The Issuer’s payment obligations
pursuant to this Section 7.07 shall survive the satisfaction or discharge of this Indenture, any rejection or termination
of this Indenture under any bankruptcy law or the resignation or removal of the Trustee.  Without prejudice to any other
rights available to the Trustee under applicable law, when the Trustee Incurs expenses after the occurrence of a Default specified
in Section 6.01(f) or (g) with respect to the Issuer, the expenses are intended to constitute expenses of administration under
the Bankruptcy Law.

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 repayment of such funds or adequate indemnity against such risk
or liability is not assured to its satisfaction.

Section 7.08     Replacement
of Trustee.

(a)         The
Trustee may resign at any time by so notifying the Issuer.  The holders of a majority in principal amount of the Notes
may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee.  The Issuer shall remove the
Trustee if:

(i)          the
Trustee fails to comply with Section 7.10;

(ii)         the
Trustee is adjudged bankrupt or insolvent;

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(iii)        a
receiver or other public officer takes charge of the Trustee or its property; or

(iv)        the
Trustee otherwise becomes incapable of acting.

(b)         If
the Trustee resigns, is removed by the Issuer or by the holders of a majority in principal amount of the Notes and such holders
do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee
in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee.

(c)         A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer.  Thereupon
the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee under this Indenture.  The successor Trustee shall mail a notice of its succession to
the holders.  The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee,
subject to the Lien provided for in Section 7.07.

(d)         If
a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee
or the holders of 10% in principal amount of the Notes may petition at the expense of the Issuer any court of competent jurisdiction
for the appointment of a successor Trustee.

(e)         If
the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided in Section 310(b)
of the TIA, any holder who has been a bona fide holder of a Note for at least six months may petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor Trustee.

(f)          Notwithstanding
the replacement of the Trustee pursuant to this Section, the Issuer’s obligations under Section 7.07 shall continue
for the benefit of the retiring Trustee.

Section 7.09     Successor
Trustee by Merger.  If the Trustee consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Trustee.

In case at the time such successor or successors
by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Notes shall
have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any
predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated,
any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the
successor to the Trustee; and in

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all such cases such certificates shall
have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have.

Section 7.10     Eligibility;
Disqualification.  The Trustee shall at all times satisfy the requirements of Section 310(a) of the TIA.  The
Trustee shall have a combined capital and surplus of at least $100 million as set forth in its most recent published annual report
of condition.  The Trustee shall comply with Section 310(b) of the TIA, subject to its right to apply for a stay
of its duty to resign under the penultimate paragraph of Section 310(b) of the TIA; provided, however, that
there shall be excluded from the operation of Section 310(b)(1) of the TIA any series of securities issued under this Indenture
and any indenture or indentures under which other securities or certificates of interest or participation in other securities
of the Issuer are outstanding if the requirements for such exclusion set forth in Section 310(b)(1) of the TIA are met.

Section 7.11     Preferential
Collection of Claims Against the Issuer.  The Trustee shall comply with Section 311(a) of the TIA, excluding
any creditor relationship listed in Section 311(b) of the TIA.  A Trustee who has resigned or been removed shall
be subject to Section 311(a) of the TIA to the extent indicated.

Article VIII

DISCHARGE OF INDENTURE; DEFEASANCE

Section 8.01     Discharge
of Liability on Notes; Defeasance.

(a)         This
Indenture shall be discharged and shall cease to be of further effect (except as to surviving rights of registration of transfer
or exchange of Notes, as expressly provided for in this Indenture) as to all outstanding Notes when:

(i)          either
(A) all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced
or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer
and thereafter repaid to the Issuer or discharged from such trust) have been delivered to the Trustee for cancellation or (B) all
of the Notes (1) have become due and payable, (2) will become due and payable at their stated maturity within one year
or (3) if redeemable at the option of the Issuer, are to be called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer
has irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient, as determined by the Issuer,
to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for principal
of, premium, if any, and interest on the Notes to the date of deposit together with irrevocable instructions from the Issuer directing
the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be;
provided that upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall
be sufficient for purposes of

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the Indenture to the extent that
an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice of redemption,
with any deficit as of the date of the redemption only required to be deposited with the Trustee on or prior to the date of the
redemption;

(ii)         the
Issuer has paid all other sums payable under this Indenture; and

(iii)        the
Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent
under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with.

(b)         Subject
to Sections 8.01(c) and 8.02, the Issuer at any time may terminate (i) all of its obligations under the Notes and this
Indenture (with respect to the holders of the Notes) (“legal defeasance option”) or (ii) its obligations
under Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.11, 4.12 and 4.13 and the operation of clause (iv) of
Section 5.01(a) for the benefit of the holders of the Notes, and Sections 6.01(d), 6.01(e) and Section 6.01(f) (with
respect to Significant Subsidiaries of the Issuer only), 6.01(g) or 6.01(h) (“covenant defeasance option”).  The
Issuer may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option.  In
the event that the Issuer terminates all of its obligations under the Notes and this Indenture (with respect to such Notes) by
exercising its legal defeasance option or its covenant defeasance option, the obligations of each Subsidiary Guarantor with respect
to the Notes shall be terminated simultaneously with the termination of such obligations.

If the Issuer exercises its legal defeasance
option, payment of the Notes so defeased may not be accelerated because of an Event of Default.  If the Issuer exercises
its covenant defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of Default specified
in Sections 6.01(d), 6.01(e) and Sections 6.01(f) and (g) (with respect to Significant Subsidiaries of the Issuer only)
or Section 6.01(h), or because of the failure of the Issuer to comply with clause (iv) of Section 5.01(a).

Upon satisfaction of the conditions set
forth herein and upon request of the Issuer, the Trustee shall acknowledge in writing the discharge of those obligations that the
Issuer terminates.

(c)         Notwithstanding
clauses (a) and (b) above, the Issuer’s obligations in Sections 2.04, 2.05, 2.06, 2.07, 2.08, 2.09, 7.07,
7.08 and in this Article VIII shall survive until the Notes have been paid in full.  Thereafter, the Issuer’s
obligations in Sections 7.07, 8.05 and 8.06 shall survive such satisfaction and discharge.

Section 8.02     Conditions
to Defeasance.

(a)         The
Issuer may exercise its legal defeasance option or its covenant defeasance option only if:

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(i)          the
Issuer irrevocably deposits in trust with the Trustee cash in U.S. dollars, U.S. Government Obligations or a combination thereof
in an amount sufficient or U.S. Government Obligations, the principal of and the interest on which will be sufficient, or a combination
thereof sufficient, to pay the principal of and premium (if any) and interest on the Notes when due at maturity or redemption,
as the case may be, including interest thereon to maturity or such redemption date;

(ii)         the
Issuer delivers to the Trustee a certificate from a nationally recognized firm of independent accountants expressing their opinion
that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus
any deposited money without investment will provide cash at such times and in such amounts as will be sufficient to pay principal,
premium, if any, and interest when due on all the Notes to maturity or redemption, as the case may be;

(iii)        123
days pass after the deposit is made and during the 123-day period no Default specified in Section 6.01(f) or (g) with respect
to the Issuer occurs which is continuing at the end of the period;

(iv)        the
deposit does not constitute a default under any other agreement binding on the Issuer and is not prohibited by Article X;

(v)         in
the case of the legal defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel stating that (1) the
Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the date of
this Indenture there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the holders will not recognize income, gain or loss for Federal income tax purposes
as a result of such deposit and defeasance and will be subject to Federal income tax on the same amounts, in the same manner and
at the same times as would have been the case if such deposit and defeasance had not occurred; provided that upon any redemption
that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of the Indenture to
the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice
of redemption, with any deficit as of the date of the redemption only required to be deposited with the Trustee on or prior to
the date of the redemption.  Notwithstanding the foregoing, the Opinion of Counsel required by the immediately preceding
sentence with respect to a legal defeasance need not be delivered if all of the Notes not theretofore delivered to the Trustee
for cancellation (x) have become due and payable or (y) will become due and payable at their Stated Maturity within one
year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the
expense, of the Issuer;

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(vi)        impair
the right of any holder to receive payment of principal of, premium, if any, and interest on such holder’s Notes on or after
the due dates therefore or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes;

(vii)       in
the case of the covenant defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect
that the holders will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and defeasance
and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such deposit and defeasance had not occurred; and

(viii)      the
Issuer delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent
to the defeasance and discharge of the Notes to be so defeased and discharged as contemplated by this Article VIII have been
complied with.

(b)         Before
or after a deposit, the Issuer may make arrangements satisfactory to the Trustee for the redemption of such Notes at a future date
in accordance with Article III.

Section 8.03     Application
of Trust Money.  The Trustee shall hold in trust money or U.S. Government Obligations (including proceeds thereof)
deposited with it pursuant to this Article VIII.  The Trustee shall apply the deposited money and the money from
U.S. Government Obligations through each Paying Agent and in accordance with this Indenture to the payment of principal of and
interest on the Notes so discharged or defeased.

Section 8.04     Repayment
to Issuer.  Each of the Trustee and each Paying Agent shall promptly turn over to the Issuer upon request any money
or U.S. Government Obligations held by it as provided in this Article VIII which, in the written opinion of nationally recognized
firm of independent public accountants delivered to the Trustee (which delivery shall only be required if U.S. Government Obligations
have been so deposited), are in excess of the amount thereof which would then be required to be deposited to effect an equivalent
discharge or defeasance in accordance with this Article VIII.

Subject to any applicable abandoned property
law, the Trustee and each Paying Agent shall pay to the Issuer upon written request any money held by them for the payment of principal
or interest that remains unclaimed for two years, and, thereafter, holders entitled to the money must look to the Issuer for payment
as general creditors, and the Trustee and each Paying Agent shall have no further liability with respect to such monies.

Section 8.05     Indemnity
for U.S. Government Obligations.  The Issuer shall pay and shall indemnify the Trustee against any tax, fee or other
charge

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imposed on or assessed against deposited
U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations.

Section 8.06     Reinstatement.  If
the Trustee or any Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with this Article VIII
by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the Issuer’s obligations under this Indenture and the Notes so discharged or
defeased shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time
as the Trustee or any Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with this
Article VIII; provided, however, that, if the Issuer has made any payment of principal of, or interest on,
any such Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the holders of
such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or any Paying Agent.

Article IX

AMENDMENTS AND WAIVERS

Section 9.01     Without
Consent of the Holders.

(a)         The
Issuer and the Trustee may amend this Indenture or the Notes without notice to or consent of any holder:

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

(ii)         to
provide for the assumption by a Successor Issuer of the obligations of the Issuer under this Indenture and the Notes;

(iii)        [Reserved];

(iv)        to
provide for uncertificated Notes in addition to or in place of certificated Notes; provided, however, that the uncertificated
Notes are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated
Notes are described in Section 163(f)(2)(B) of the Code;

(v)         to
conform the text of this Indenture or the Notes to any provision of the “Description of Notes” in the Offering Memorandum
to the extent that such provision in the “Description of Notes” was intended to be a verbatim recitation of a provision
of this Indenture or the Notes;

(vi)        to
add a Subsidiary Guarantor with respect to the Notes or to add collateral to secure the Notes;

(vii)       [Reserved];

(viii)      [Reserved];

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(ix)         to
add to the covenants of the Issuer for the benefit of the holders or to surrender any right or power herein conferred upon the
Issuer;

(x)          to
comply with any requirement of the SEC in connection with qualifying, or maintaining the qualification of, this Indenture under
the TIA;

(xi)         to
make any change that does not adversely affect the rights of any holder; or

(xii)        to
provide for the issuance of Additional Notes, which shall have terms substantially identical in all material respects to the Initial
Notes, and which shall be treated, together with any outstanding Initial Notes, as a single issue of securities.

Section 9.02     With
Consent of the Holders.

(a)         The
Issuer and the Trustee may amend this Indenture or the Notes, with the written consent of the holders of at least a majority in
principal amount of the Notes then outstanding voting as a single class (including consents obtained in connection with a tender
offer or exchange for the Notes).  However, without the consent of each holder of an outstanding Note affected, an amendment
may not:

(1)         reduce
the amount of Notes whose holders must consent to an amendment,

(2)         reduce
the rate of or extend the time for payment of interest on any Note,

(3)         reduce
the principal of or change the Stated Maturity of any Note,

(4)         reduce
the premium payable upon the redemption of any Note or change the time at which any Note may be redeemed in accordance with Article III,

(5)         make
any Note payable in money other than that stated in such Note,

(6)         expressly
subordinate the Notes to any other Indebtedness of the Issuer,

(7)         impair
the right of any holder to receive payment of principal of, premium, if any, and interest on such holder’s Notes on or after
the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes,
or

(8)         make
any change in the amendment provisions which require each holder’s consent or in the waiver provisions.

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It shall not be necessary for the consent
of the holders under this Section 9.02 to approve the particular form of any proposed amendment, but it shall be sufficient
if such consent approves the substance thereof.

After an amendment under this Section 9.02
becomes effective, the Issuer shall mail, or deliver electronically if held by the Depository, to the holders a notice briefly
describing such amendment.  The failure to give such notice to all holders, or any defect therein, shall not impair or
affect the validity of an amendment under this Section 9.02.

Section 9.03     Compliance
with Trust Indenture Act.  From the date on which this Indenture is qualified under the TIA, if at all, every amendment,
waiver or supplement to this Indenture or the Notes shall comply with the TIA as then in effect.

Section 9.04     Revocation
and Effect of Consents and Waivers.

(a)         A
consent to an amendment or a waiver by a holder of a Note shall bind the holder and every subsequent holder of that Note or portion
of the Note that evidences the same debt as the consenting holder’s Note, even if notation of the consent or waiver is not
made on the Note.  However, any such holder or subsequent holder may revoke the consent or waiver as to such holder’s
Note or portion of the Note if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officer’s
Certificate from the Issuer certifying that the requisite principal amount of Notes have consented.  After an amendment
or waiver becomes effective, it shall bind every holder.  An amendment or waiver becomes effective upon the (i) receipt
by the Issuer or the Trustee of consents by the holders of the requisite principal amount of securities, (ii) satisfaction
of conditions to effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such amendment or
waiver and (iii) execution of such amendment or waiver (or supplemental indenture) by the Issuer and the Trustee.

(b)         The
Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the holders entitled to give their
consent or take any other action described above or required or permitted to be taken pursuant to this Indenture.  If
a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were holders at such record
date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent
previously given or to take any such action, whether or not such Persons continue to be holders after such record date.  No
such consent shall be valid or effective for more than 120 days after such record date.

Section 9.05     Notation
on or Exchange of Notes.  If an amendment, supplement or waiver changes the terms of a Note, the Issuer may require
the holder of the Note to deliver it to the Trustee.  The Trustee may place an appropriate notation on the Note regarding
the changed terms and return it to the holder.  Alternatively, if the Issuer or the Trustee so determines, the Issuer
in exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms.  Failure
to make

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the appropriate notation or to issue a
new Note shall not affect the validity of such amendment, supplement or waiver.

Section 9.06     Trustee
to Sign Amendments.  The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article IX
if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee.  If it does,
the Trustee may but need not sign it.  In signing such amendment, the Trustee shall be entitled to receive indemnity
reasonably satisfactory to it and shall be provided with, and (subject to Section 7.01) shall be fully protected in relying
upon, an Officer’s Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is authorized
or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the
Issuer, enforceable against them in accordance with its terms, subject to customary exceptions, and complies with the provisions
hereof (including Section 9.03).

Section 9.07     Additional
Voting Terms; Calculation of Principal Amount.  All Notes issued under this Indenture shall vote and consent together
on all matters (as to which any of such Notes may vote) as one class and no Notes will have the right to vote or consent as a
separate class on any matter.  Determinations as to whether holders of the requisite aggregate principal amount of Notes
have concurred in any direction, waiver or consent shall be made in accordance with this Article IX and Section 2.14.

Article X

[RESERVED] 

Article XI

[RESERVED] 

Article XII

[RESERVED]

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Article XIII

MISCELLANEOUS

Section 13.01   [Reserved].

Section 13.02   Notices.

(a)         Any
notice or communication required or permitted hereunder shall be in writing and delivered in person, via facsimile or mailed by
first-class mail addressed as follows:

if to the Issuer:

 

NCL Corporation Ltd.

7665 Corporate Center Drive

Miami, Florida 33126-1201

Telephone:  (305) 436-4000

Facsimile:  (305) 436-4117

Attn:  General Counsel

 

if to the Trustee:

 

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota 55107-1419

Telephone:  (651) 466-6309

Facsimile:  (651) 466-7430

Attn:  Corporate Trust Services, Joshua Hahn

 

The Issuer or the Trustee by notice to the other may designate additional
or different addresses for subsequent notices or communications.

 

(b)         Any
notice or communication mailed to a holder shall be mailed, first class mail, to the holder at the holder’s address as it
appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed.

(c)         Failure
to mail a notice or communication to a holder or any defect in it shall not affect its sufficiency with respect to other holders.  If
a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it, except
that notices to the Trustee are effective only if received.

Section 13.03    Communication
by the Holders with Other Holders.  The holders may communicate pursuant to Section 312(b) of the TIA with
other holders with respect to their rights under this Indenture or the Notes.  The Issuer, the Trustee, the Registrar
and other Persons shall have the protection of Section 312(c) of the TIA.

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Section 13.04   Certificate
and Opinion as to Conditions Precedent.  Upon any request or application by the Issuer to the Trustee to take or
refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee at the request of the Trustee:

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

(b)         an
Opinion of Counsel in form reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions
precedent have been complied with.

Section 13.05   Statements
Required in Certificate or Opinion.  Each certificate or opinion with respect to compliance with a covenant or condition
provided for in this Indenture (other than pursuant to Section 4.09) shall include:

(a)         a
statement that the individual making such certificate or opinion has read such covenant or condition;

(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 such individual, he has made such examination or investigation as is necessary to enable him
to express an informed opinion as to whether or not such covenant or condition has been complied with; and

(d)         a
statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with; provided,
however, that with respect to matters of fact an Opinion of Counsel may rely on an Officer’s Certificate or certificates
of public officials.

Section 13.06   When
Notes Disregarded.  In determining whether the holders of the required principal amount of Notes have concurred
in any direction, waiver or consent, Notes owned by the Issuer or by any Person directly or indirectly controlling or controlled
by or under direct or indirect common control with the Issuer shall be disregarded and deemed not to be outstanding, except that,
for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only
Notes which the Trustee knows are so owned shall be so disregarded.  Subject to the foregoing, only Notes outstanding
at the time shall be considered in any such determination.

Section 13.07   Rules
by Trustee, Paying Agent and Registrar.  The Trustee may make reasonable rules for action by or a meeting of the
holders.  The Registrar and a Paying Agent may make reasonable rules for their functions.

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Section 13.08   Legal
Holidays.  If a payment date is not a Business Day, payment shall be made on the next succeeding day that is a Business
Day, and no interest shall accrue on any amount that would have been otherwise payable on such payment date if it were a Business
Day for the intervening period.  If a regular Record Date is not a Business Day, the Record Date shall not be affected.

Section 13.09    GOVERNING
LAW.  THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

Section 13.10   No
Recourse Against Others.  No director, officer, employee, manager, incorporator or holder of any Equity Interests
in the Issuer or any direct or indirect parent corporation, as such, shall have any liability for any obligations of the Issuer
under the Notes or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.  Each
holder of Notes by accepting a Note waives and releases all such liability.  The waiver and release are part of the
consideration for issuance of the Notes.

Section 13.11   Successors.  All
agreements of the Issuer in this Indenture and the Notes shall bind its successors.  All agreements of the Trustee in
this Indenture shall bind its successors.

Section 13.12   Multiple
Originals.  The parties may sign any number of copies of this Indenture.  Each signed copy shall be an
original, but all of them together represent the same agreement.  One signed copy is enough to prove this Indenture.

Section 13.13   Table
of Contents; Headings.  The table of contents, cross-reference sheet and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall
not modify or restrict any of the terms or provisions hereof.

Section 13.14   Indenture
Controls.  If and to the extent that any provision of the Notes limits, qualifies or conflicts with a provision
of this Indenture, such provision of this Indenture shall control.

Section 13.15   Severability.  In
case any provision in this Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to
the extent of such invalidity, illegality or unenforceability.

Section 13.16   [Reserved].

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Section 13.17   Agent
for Service; Submission to Jurisdiction; Waiver of Immunity.

(a)         By
the execution and delivery of this Indenture, the Issuer (i) acknowledges that it will, by separate written instrument, designate
and appoint National Registered Agents, Inc. (and any successor entity) as its authorized agent upon which process may be served
in any suit or proceeding arising out of or relating to this Indenture that may be instituted in any Federal or state court in
the State of New York, New York County, or brought under Federal or state securities laws, and acknowledges that National
Registered Agents, Inc. will accept such designation, (ii) submits for itself and its property to the non-exclusive jurisdiction
of any such court in any such suit or proceeding, (iii) consents that any such proceeding may be brought in any such court
and waives trial by jury and any objection that it may now or hereafter have to the venue of any such proceeding in any such court
or that such proceeding was brought in any inconvenient court and agrees not to plead or claim the same, (iv) agrees that
service of process upon National Registered Agents, Inc. and written notice of said service to the Issuer in accordance with Section 13.02
shall be deemed in every respect effective service of process upon the Issuer in any such suit or proceeding and (v) agrees
that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction.

(b)         To
the extent that the Issuer may be entitled, in any jurisdiction in which judicial proceedings may at any time be commenced with
respect to or arising out of this Indenture, to claim for itself or its revenues, assets or properties immunity (whether by reason
of sovereignty or otherwise) from suit, from the jurisdiction of any court (including but not limited to any court of the United
States of America or the State of New York), from attachment prior to judgment, from set-off, from execution of a judgment
or from any other legal process, and to the extent that in any such jurisdiction there may be attributed such an immunity (whether
or not claimed), the Issuer hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity to the extent permitted
by law.

Section 13.18   WAIVER
OF JURY TRIAL.  EACH OF THE ISSUER AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE
NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

Section 13.19   Security
Advice Waiver.  The Issuer acknowledges that regulations of the comptroller of the currency might grant the Issuer
the right to receive brokerage confirmations of the security transactions as they occur.  The Issuer specifically waives
such notification to the extent permitted by law and will receive periodic cash transaction statements that will detail all investment
transactions, if any.

Section 13.20   U.S.A.
Patriot Act.  The parties hereto acknowledge that in accordance with Section 326 of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (U.S.A. PATRIOT Act) Act of 2001, as amended
(the “U.S.A. Patriot Act”), the Trustee, like all financial institutions and in order to help fight the funding
of terrorism and money

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laundering, is required to obtain, verify,
and record information that identifies each person or legal entity that establishes a relationship or opens an account with the
Trustee. The parties hereto agree that they will provide the Trustee with such information as it may request in order for the Trustee
to satisfy the requirements of the U.S.A. Patriot Act.

[Remainder of page intentionally left blank.]

 

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

	 	NCL CORPORATION LTD.
	 	 	 
	 	By:	/s/ WENDY A. BECK
	 	 	Name: 	Wendy A. Beck
	 	 	Title:	Executive Vice President and Chief Financial Officer

 

[Signature Page to Indenture]

 

    	 

    	 

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By:	/s/ JOSHUA A. HAHN
	 	 	Name: 	Joshua A. Hahn
	 	 	Title:	Vice President

 

[Signature Page to Indenture]

 

    	 

    	 

    

 

APPENDIX A

 

PROVISIONS RELATING TO INITIAL NOTES AND ADDITIONAL
NOTES

 

1.          Definitions.

1.1        Definitions.

For the purposes of this Appendix A the
following terms shall have the meanings indicated below:

“Definitive Note” means
a certificated Note (bearing the Restricted Notes Legend if the transfer of such Note is restricted by applicable law) that does
not include the Global Notes Legend.

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

“Global Notes Legend”
means the legend set forth under that caption in the applicable Exhibit to this Indenture.

“IAI” means an institutional
“accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act.

“Initial Purchasers”
means Barclays Capital Inc., J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Credit Agricole Securities (USA) Inc. and
DNB Markets, Inc.

“Notes Custodian” means
the custodian with respect to a Global Note (as appointed by the Depository) or any successor person thereto, who shall initially
be the Trustee.

“QIB” means a “qualified
institutional buyer” as defined in Rule 144A.

“Regulation S” means
Regulation S under the Securities Act.

“Regulation S Notes”
means all Initial Notes offered and sold outside the United States in reliance on Regulation S.

“Restricted Notes Legend”
means the legend set forth in Section 2.2(f)(i) herein.

“Restricted Period,”
with respect to any Notes, means the period of 40 consecutive days beginning on and including the later of (a) the day on
which such Notes are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in
reliance on Regulation S, notice of which day shall be promptly given by the Issuer to the Trustee, and (b) the Issue Date,
and with respect to any Additional

    	Appendix A-1

    	 

    

 

Notes that are Transfer Restricted Notes,
it means the comparable period of 40 consecutive days.

“Rule 501” means Rule
501(a)(1), (2), (3) or (7) under the Securities Act.

“Rule 144A” means Rule
144A under the Securities Act.

“Rule 144A Notes” means
all Initial Notes offered and sold to QIBs in reliance on Rule 144A.

“Transfer Restricted Definitive
Notes” means Definitive Notes that bear or are required to bear or are subject to the Restricted Notes Legend.

“Transfer Restricted Global Notes”
means Global Notes that bear or are required to bear or are subject to the Restricted Notes Legend.

“Unrestricted Definitive Notes”
means Definitive Notes that are not required to bear, or are not subject to, the Restricted Notes Legend.

“Unrestricted Global Notes”
means Global Notes that are not required to bear, or are not subject to, the Restricted Notes Legend.

1.2         Other
Definitions.

	Term:	Defined in Section:
	Agent Members	2.1(b)
	Global Notes	2.1(b)
	Regulation S Global Notes	2.1(b)
	Rule 144A Global Notes	2.1(b)

 

2.          The
Notes.

2.1        Form
and Dating; Global Notes.

(a)         The
Initial Notes issued on the date hereof will be (i) privately placed by the Issuer pursuant to the Offering Memorandum and
(ii) sold, initially only to (1) QIBs in reliance on Rule 144A and (2) Persons other than U.S. Persons (as defined
in Regulation S) in reliance on Regulation S.  Such Initial Notes may thereafter be transferred to, among others, QIBs,
purchasers in reliance on Regulation S and, except as set forth below, IAIs in accordance with Rule 501 or as otherwise permitted
by the Issuer in connection with a transfer exempt from registration under the Securities Act.  Additional Notes offered
after the date hereof may be offered and sold by the Issuer from time to time pursuant to one or more agreements in accordance
with applicable law.

(b)         Global
Notes.  (i)          Except as provided in clause (d) below,
Rule 144A Notes initially shall be represented by one or more Notes in definitive, fully registered, global form without interest
coupons (collectively, the “Rule 144A Global Notes”).

    	Appendix A-2

    	 

    

 

Regulation S Notes initially shall be represented
by one or more Notes in fully registered, global form without interest coupons (collectively, the “Regulation S Global
Notes”), which shall be registered in the name of the Depository or the nominee of the Depository for the accounts of
designated agents holding on behalf of Euroclear or Clearstream.

The term “Global Notes”
means the Rule 144A Global Notes and the Regulation S Global Notes.  The Global Notes shall bear the Global Note Legend.  The
Global Notes initially shall (i) be registered in the name of the Depository or the nominee of such Depository, in each case
for credit to an account of an Agent Member, (ii) be delivered to the Trustee as custodian for such Depository and (iii) bear
the Restricted Notes Legend.

Members of, or direct or indirect participants
in, the Depository (collectively, the “Agent Members”) shall have no rights under this Indenture with respect
to any Global Note held on their behalf by the Depository, or the Trustee as its custodian, or under the Global Notes.  The
Depository may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner of the Global
Notes for all purposes whatsoever.  Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee
or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished
by the Depository, or impair, as between the Depository and its Agent Members, the operation of customary practices governing the
exercise of the rights of a holder of any Note.

(ii)         Transfers
of Global Notes shall be limited to transfer in whole, but not in part, to the Depository, its successors or their respective nominees.  Interests
of beneficial owners in the Global Notes may be transferred or exchanged for Definitive Notes only in accordance with the applicable
rules and procedures of the Depository and the provisions of Section 2.2.  In addition, a Global Note shall be exchangeable
for Definitive Notes if (x) the Depository (1) notifies the Issuer that it is unwilling or unable to continue as depository
for such Global Note and the Issuer thereupon fails to appoint a successor depository or (2) has ceased to be a clearing agency
registered under the Exchange Act or (y) there shall have occurred and be continuing an Event of Default with respect to such
Global Note; provided that in no event shall the Regulation S Global Note be exchanged by the Issuer for Definitive Notes
prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates required
pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act.  In all cases, Definitive Notes delivered in exchange for
any Global Note or beneficial interests therein shall be registered in the names, and issued in any approved denominations, requested
by or on behalf of the Depository in accordance with its customary procedures.

(iii)        In
connection with the transfer of a Global Note as an entirety to beneficial owners pursuant to subsection (i) of this Section 2.1(b),
such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer shall execute, and the Trustee
shall authenticate and make available for

    	Appendix A-3

    	 

    

 

delivery, to each beneficial owner
identified by the Depository in writing in exchange for its beneficial interest in such Global Note, an equal aggregate principal
amount of Definitive Notes of authorized denominations.

(iv)        Any
Transfer Restricted Note delivered in exchange for an interest in a Global Note pursuant to Section 2.2 shall, except as otherwise
provided in Section 2.2, bear the Restricted Notes Legend.

(v)         Notwithstanding
the foregoing, through the Restricted Period, a beneficial interest in a Regulation S Global Note may be held only through Euroclear
or Clearstream unless delivery is made in accordance with the applicable provisions of Section 2.2.

(vi)        The
holder of any Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold
interests through Agent Members, to take any action which a holder is entitled to take under this Indenture or the Notes.

2.2         Transfer
and Exchange.

(a)          Transfer
and Exchange of Global Notes.  A Global Note may not be transferred as a whole except as set forth in Section 2.1(b).  Global
Notes will not be exchanged by the Issuer for Definitive Notes except under the circumstances described in Section 2.1(b)(ii).  Global
Notes also may be exchanged or replaced, in whole or in part, as provided in Section 2.08 of this Indenture.  Beneficial
interests in a Global Note may be transferred and exchanged as provided in Section 2.2(b).

(b)         Transfer
and Exchange of Beneficial Interests in Global Notes.  The transfer and exchange of beneficial interests in the Global
Notes shall be effected through the Depository, in accordance with the provisions of this Indenture and the applicable rules and
procedures of the Depository.  Beneficial interests in Transfer Restricted Global Notes shall be subject to restrictions
on transfer comparable to those set forth herein to the extent required by the Securities Act.  Beneficial interests
in Global Notes shall be transferred or exchanged only for beneficial interests in Global Notes.  Transfers and exchanges
of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below,
as applicable, as well as one or more of the other following subparagraphs, as applicable:

(i)          Transfer
of Beneficial Interests in the Same Global Note.  Beneficial interests in any Transfer Restricted Global Note may
be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Transfer Restricted Global
Note in accordance with the transfer restrictions set forth in the Restricted Notes Legend; provided, however, that
prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Global Note may not be made
to a U.S. Person or for the account or benefit of a U.S. Person.  A beneficial interest in an Unrestricted Global Note
may be transferred to Persons who take delivery thereof in the form of a beneficial

    	Appendix A-4

    	 

    

 

interest in an Unrestricted Global
Note.  No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described
in this Section 2.2(b)(i).

(ii)         All
Other Transfers and Exchanges of Beneficial Interests in Global Notes.  In connection with all transfers and exchanges
of beneficial interests in any Global Note that is not subject to Section 2.2(b)(i), the transferor of such beneficial interest
must deliver to the Registrar (1) a written order from an Agent Member given to the Depository in accordance with the applicable
rules and procedures of the Depository directing the Depository to credit or cause to be credited a beneficial interest in another
Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance
with the applicable rules and procedures of the Depository containing information regarding the Agent Member account to be credited
with such increase.  Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in
Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust
the principal amount of the relevant Global Note pursuant to Section 2.2(i).

(iii)        Transfer
of Beneficial Interests to Another Restricted Global Note.  A beneficial interest in a Transfer Restricted Global
Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Transfer Restricted
Global Note if the transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar receives the
following:

(A)         if
the transferee will take delivery in the form of a beneficial interest in a Rule 144A Global Note, then the transferor must deliver
a certificate in the form attached to the applicable Note; and

(B)         if
the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Note, then the transferor must
deliver a certificate in the form attached to the applicable Note.

(iv)        Transfer
and Exchange of Beneficial Interests in a Transfer Restricted Global Note for Beneficial Interests in an Unrestricted Global Note.  A
beneficial interest in a Transfer Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an
Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note if the exchange or transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar
receives the following:

(A)         if
the holder of such beneficial interest in a Transfer Restricted Global Note proposes to exchange such beneficial interest for a
beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note;
or

    	Appendix A-5

    	 

    

 

(B)         if
the holder of such beneficial interest in a Transfer Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from
such holder in the form attached to the applicable Note,

and, in each such case, if the Issuer or the Registrar
so requests or if the applicable rules and procedures of the Depository so require, an Opinion of Counsel in form reasonably acceptable
to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Restricted Notes Legend are no longer required in order to maintain compliance with the
Securities Act.  If any such transfer or exchange is effected pursuant to this subparagraph (iv) at a time when
an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an written order of the Issuer
in the form of an Officer’s Certificate in accordance with Section 2.01, the Trustee shall authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred
or exchanged pursuant to this subparagraph (iv).

 

(v)         Transfer
and Exchange of Beneficial Interests in an Unrestricted Global Note for Beneficial Interests in a Transfer Restricted Global Note.  Beneficial
interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form
of, a beneficial interest in a Transfer Restricted Global Note.

(c)         Transfer
and Exchange of Beneficial Interests in Global Notes for Definitive Notes.  A beneficial interest in a Global Note
may not be exchanged for a Definitive Note except under the circumstances described in Section 2.1(b)(ii).  A beneficial
interest in a Global Note may not be transferred to a Person who takes delivery thereof in the form of a Definitive Note except
under the circumstances described in Section 2.1(b)(ii).  In any case, beneficial interests in Global Notes shall
be transferred or exchanged only for Definitive Notes.

(d)         Transfer
and Exchange of Definitive Notes for Beneficial Interests in Global Notes.  Transfers and exchanges of Definitive
Notes for beneficial interests in the Global Notes also shall require compliance with either subparagraph (i), (ii) or (iii) below,
as applicable:

(i)          Transfer
Restricted Definitive Notes to Beneficial Interests in Transfer Restricted Global Notes.  If any holder of a Transfer
Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for a beneficial interest in a Transfer
Restricted Global Note or to transfer such Transfer Restricted Definitive Note to a Person who takes delivery thereof in the form
of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation:

    	Appendix A-6

    	 

    

 

(A)         if
the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Note for a beneficial interest
in a Transfer Restricted Global Note, a certificate from such holder in the form attached to the applicable Note;

(B)         if
such Transfer Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a
certificate from such holder in the form attached to the applicable Note;

(C)         if
such Transfer Restricted Definitive Note is being transferred to a Non U.S. Person in an offshore transaction in accordance with
Rule 903 or Rule 904 under the Securities Act, a certificate from such holder in the form attached to the applicable Note;

(D)         if
such Transfer Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144 under the Securities Act, a certificate from such holder in the form attached to the
applicable Note;

(E)         if
such Transfer Restricted Definitive Note is being transferred to an IAI in reliance on an exemption from the registration requirements
of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate from such holder
in the form attached to the applicable Note, including the certifications, certificates and Opinion of Counsel, if applicable;
or

(F)         if
such Transfer Restricted Definitive Note is being transferred to the Issuer or a Subsidiary thereof, a certificate from such holder
in the form attached to the applicable Note;

the Trustee shall cancel the Transfer Restricted Definitive
Note, and increase or cause to be increased the aggregate principal amount of the appropriate Transfer Restricted Global Note.

(ii)         Transfer
Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.  A holder of a Transfer Restricted
Definitive Note may exchange such Transfer Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note
or transfer such Transfer Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest
in an Unrestricted Global Note only if the Registrar receives the following:

(A)         if
the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for a beneficial
interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note; or

    	Appendix A-7

    	 

    

 

(B)         if
the holder of such Transfer Restricted Definitive Notes proposes to transfer such Transfer Restricted Definitive Note to a Person
who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder
in the form attached to the applicable Note,

and, in each such case, if the Issuer or the Registrar
so requests or if the applicable rules and procedures of the Depository so require, an Opinion of Counsel in form reasonably acceptable
to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Restricted Notes Legend are no longer required in order to maintain compliance with the
Securities Act.  Upon satisfaction of the conditions of this subparagraph (ii), the Trustee shall cancel the Transfer
Restricted Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note.  If
any such transfer or exchange is effected pursuant to this subparagraph (ii) at a time when an Unrestricted Global Note has
not yet been issued, the Issuer shall issue and, upon receipt of an written order of the Issuer in the form of an Officer’s
Certificate, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the
aggregate principal amount of Transfer Restricted Notes transferred or exchanged pursuant to this subparagraph (ii).

 

(iii)        Unrestricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes.  A holder of an Unrestricted Definitive Note
may exchange such Unrestricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted
Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any
time.  Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted
Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes.  If
any such transfer or exchange is effected pursuant to this subparagraph (iii) at a time when an Unrestricted Global Note has
not yet been issued, the Issuer shall issue and, upon receipt of an written order of the Issuer in the form of an Officer’s
Certificate, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the
aggregate principal amount of Unrestricted Definitive Notes transferred or exchanged pursuant to this subparagraph (iii).

(iv)        Unrestricted
Definitive Notes to Beneficial Interests in Transfer Restricted Global Notes.  An Unrestricted Definitive Note cannot
be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Transfer Restricted
Global Note.

(e)          Transfer
and Exchange of Definitive Notes for Definitive Notes.  Upon request by a holder of Definitive Notes and such holder’s
compliance with the provisions of this Section 2.2(e), the Registrar shall register the transfer or exchange of Definitive
Notes.  Prior to such registration of transfer or exchange, the requesting holder

    	Appendix A-8

    	 

    

 

shall present or surrender to the Registrar
the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly
executed by such holder or by its attorney, duly authorized in writing.  In addition, the requesting holder shall provide
any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this
Section 2.2(e).

(i)          Transfer
Restricted Definitive Notes to Transfer Restricted Definitive Notes.  A Transfer Restricted Note may be transferred
to and registered in the name of a Person who takes delivery thereof in the form of a Transfer Restricted Definitive Note if the
Registrar receives the following:

(A)         if
the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate in the
form attached to the applicable Note;

(B)         if
the transfer will be made pursuant to Rule 903 or Rule 904 under the Securities Act, then the transferor must deliver a certificate
in the form attached to the applicable Note;

(C)         if
the transfer will be made pursuant to an exemption from the registration requirements of the Securities Act in accordance with
Rule 144 under the Securities Act, a certificate in the form attached to the applicable Note;

(D)         if
the transfer will be made to an IAI in reliance on an exemption from the registration requirements of the Securities Act other
than those listed in subparagraphs (A) through (D) above, a certificate in the form attached to the applicable Note;
and

(E)         if
such transfer will be made to the Issuer or a Subsidiary thereof, a certificate in the form attached to the applicable Note.

(ii)         Transfer
Restricted Definitive Notes to Unrestricted Definitive Notes.  Any Transfer Restricted Definitive Note may be exchanged
by the holder thereof for an Unrestricted Definitive Note or transferred to a Person who takes delivery thereof in the form of
an Unrestricted Definitive Note if the Registrar receives the following:

(A)         if
the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for an Unrestricted
Definitive Note, a certificate from such holder in the form attached to the applicable Note; or

(B)         if
the holder of such Transfer Restricted Definitive Note proposes to transfer such Notes to a Person who shall take delivery thereof
in the form of an Unrestricted Definitive Note, a certificate from such holder in the form attached to the applicable Note,

    	Appendix A-9

    	 

    

 

and, in each such case, if the Issuer or the Registrar
so requests, an Opinion of Counsel in form reasonably acceptable to the Issuer and the Registrar to the effect that such exchange
or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted
Notes Legend are no longer required in order to maintain compliance with the Securities Act.

(iii)        Unrestricted
Definitive Notes to Unrestricted Definitive Notes.  A holder of an Unrestricted Definitive Note may transfer such
Unrestricted Definitive Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note at any time.  Upon
receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the
instructions from the holder thereof.

(iv)        Unrestricted
Definitive Notes to Transfer Restricted Definitive Notes.  An Unrestricted Definitive Note cannot be exchanged for,
or transferred to a Person who takes delivery thereof in the form of, a Transfer Restricted Definitive Note.

At such time as all beneficial interests
in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased
or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance
with Section 2.12.  At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged
for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for
Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement
shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such reduction;
and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of
a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be
made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such increase.

(f)          Legend.

(i)          Except
as permitted by the following paragraph (iii), (iv) or (v), each Note certificate evidencing the Global Notes and any Definitive
Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following
form (each defined term in the legend being defined as such for purposes of the legend only) (the “Restricted Notes Legend”):

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN THE FOLLOWING

    	Appendix A-10

    	 

    

 

SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL
INTEREST HEREIN, THE HOLDER:

(1)         REPRESENTS
THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE “SECURITIES ACT”) (A
“QIB”) OR (B) IT IS NOT A U.S. PERSON, IS NOT ACQUIRING THIS SECURITY FOR THE ACCOUNT OR FOR THE BENEFIT OF A U.S.
PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT,

(2)         AGREES
THAT IT WILL NOT WITHIN ONE YEAR AFTER THE LATER OF (X) ORIGINAL ISSUANCE OF THIS SECURITY AND (Y) THE LAST DATE ON WHICH THE ISSUER
OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) RESELL OR OTHERWISE TRANSFER
THIS SECURITY EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) TO A PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A QIB
IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH
RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT
(IF AVAILABLE), (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (PROVIDED THAT PRIOR TO SUCH
TRANSFER, THE TRUSTEE IS FURNISHED WITH AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH
THE SECURITIES ACT) OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS, AND

(3)         AGREES
THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY OR AN INTEREST HEREIN IS TRANSFERRED (OTHER THAN A TRANSFER PURSUANT
TO CLAUSE (2)(D) OR (2)(E) ABOVE) A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY OR ANY
INTEREST HEREIN WITHIN THE TIME PERIOD REFERRED TO ABOVE, THE HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE HEREOF
RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE TRUSTEE. AS USED HEREIN THE TERMS “OFFSHORE

    	Appendix A-11

    	 

    

 

TRANSACTION,” “UNITED STATES” AND “U.S.
PERSON” HAVE THE MEANING GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT.

Each Definitive Note shall bear the following additional
legends:

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL
DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE
TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

(ii)         Upon
any sale or transfer of a Transfer Restricted Definitive Note, the Registrar shall permit the holder thereof to exchange such Transfer
Restricted Note for a Definitive Note that does not bear the legends set forth above and rescind any restriction on the transfer
of such Transfer Restricted Definitive Note if the holder certifies in writing to the Registrar that its request for such exchange
was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Initial Note).

(iii)        Upon
a sale or transfer after the expiration of the Restricted Period of any Initial Note acquired pursuant to Regulation S, all requirements
that such Initial Note bear the Restricted Notes Legend shall cease to apply and the requirements requiring any such Initial Note
be issued in global form shall continue to apply.

(iv)        Any
Additional Notes sold in a registered offering shall not be required to bear the Restricted Notes Legend.

(g)         Cancellation
or Adjustment of Global Note.  At such time as all beneficial interests in a particular Global Note have been exchanged
for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such
Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11 of this Indenture.  At
any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who
will take delivery thereof in the form of a beneficial interest in another Global Note, the principal amount of Notes represented
by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the
Depository at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or
transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other
Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository
at the direction of the Trustee to reflect such increase.

(h)         Obligations
with Respect to Transfers and Exchanges of Notes.

    	Appendix A-12

    	 

    

 

(i)          To
permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate, Definitive Notes
and Global Notes at the Registrar’s request.

(ii)         No
service charge shall be made for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient
to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer
taxes, assessments or similar governmental charge payable upon exchanges pursuant to Sections 3.06, 4.06, 4.08 and 9.05 of
this Indenture).

(iii)        Prior
to the due presentation for registration of transfer of any Note, the Issuer, the Trustee, a Paying Agent or the Registrar may
deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment
of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none
of the Issuer, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary.

(iv)        All
Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled
to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange.

(i)          No
Obligation of the Trustee.

(i)          The
Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in the
Depository or any other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant
or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member,
beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or repurchase) or
the payment of any amount, under or with respect to such Notes.  All notices and communications to be given to the holders
and all payments to be made to the holders under the Notes shall be given or made only to the registered holders (which shall be
the Depository or its nominee in the case of a Global Note).  The rights of beneficial owners in any Global Note shall
be exercised only through the Depository subject to the applicable rules and procedures of the Depository.  The Trustee
may rely and shall be fully protected in relying upon information furnished by the Depository with respect to its members, participants
and any beneficial owners.

(ii)         The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among Depository participants, members or beneficial owners in any Global Note) other than to require delivery

    	Appendix A-13

    	 

    

 

of such certificates and other documentation
or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine
the same to determine substantial compliance as to form with the express requirements hereof.

    	Appendix A-14

    	 

    

 

EXHIBIT A

[FORM OF FACE OF NOTE]

 

[Global Notes Legend]

 

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

TRANSFERS OF THIS GLOBAL NOTE SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

[Restricted Notes Legend]

THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED
OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN
THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER:

(1)         REPRESENTS
THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE “SECURITIES ACT”)
(A “QIB”) OR (B) IT IS NOT A U.S. PERSON, IS NOT ACQUIRING THIS SECURITY FOR THE ACCOUNT OR FOR THE BENEFIT OF
A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT,

(2)         AGREES
THAT IT WILL NOT WITHIN ONE YEAR AFTER THE LATER OF (X) ORIGINAL ISSUANCE OF THIS SECURITY AND (Y) THE LAST DATE ON WHICH THE ISSUER
OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH

    	Ex. A-1

    	 

    

 

SECURITY) RESELL OR OTHERWISE TRANSFER
THIS SECURITY EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) TO A PERSON WHOM THE HOLDER REASONABLY BELIEVES
IS A QIB IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN
COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER
THE SECURITIES ACT (IF AVAILABLE), (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (PROVIDED
THAT PRIOR TO SUCH TRANSFER, THE TRUSTEE IS FURNISHED WITH AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS
IN COMPLIANCE WITH THE SECURITIES ACT) OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND,
IN EACH CASE, IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, AND

(3)         AGREES
THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY OR AN INTEREST HEREIN IS TRANSFERRED (OTHER THAN A TRANSFER PURSUANT
TO CLAUSE (2)(D) OR (2)(E) ABOVE) A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

IN CONNECTION WITH ANY TRANSFER OF THIS
SECURITY OR ANY INTEREST HEREIN WITHIN THE TIME PERIOD REFERRED TO ABOVE, THE HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON
THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE TRUSTEE. AS USED HEREIN THE TERMS
“OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY
RULE 902 OF REGULATION S UNDER THE SECURITIES ACT.

Each Definitive Note shall bear the following additional
legends:

IN CONNECTION WITH ANY TRANSFER, THE HOLDER
WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

    	Ex. A-2

    	 

    

 

[FORM OF NOTE]

 

	No. [     ]	144A CUSIP No. [                    ]
	 	144A ISIN No. [                    ]
	 	REG S CUSIP No. [                    ]
	 	REG S ISIN No. [                    ]
	 	$[     ]

 

5.25% Senior Notes due 2019

 

NCL CORPORATION LTD., a company organized
under the laws of Bermuda, promises to pay to Cede & Co., or registered assigns, the principal sum set forth on the Schedule of
Increases or Decreases in Global Note attached hereto on November 15, 2019.

Interest Payment Dates: May 15 and
November 15, commencing [           ]1

Record Dates: May 1 and November 1

Additional provisions of this Note are
set forth on the other side of this Note.

 

		1	To be May 15, 2015 for Notes issued on November 19, 2014.

    	Ex. A-3

    	 

    

IN WITNESS WHEREOF, the parties have caused
this instrument to be duly executed.

	 	NCL CORPORATION LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:	 	 

 

    	Ex. A-4

    	 

    

 

	TRUSTEE’S CERTIFICATE OF	 
	AUTHENTICATION	 
	 	 
	U.S. BANK NATIONAL ASSOCIATION	 
	as Trustee, certifies that this is	 
	one of the Notes	 
	referred to in the Indenture.	 
	 	 
	By:  	 	 
	 	Authorized Signatory	 
	 	 	 
	Dated:   	 	 	 
	 	 
	 	 	 	 

 

*/        If the Note is to be issued in global form, add the Global
Notes Legend and the attachment from Exhibit A captioned “TO BE ATTACHED TO GLOBAL NOTES - SCHEDULE OF INCREASES OR
DECREASES IN GLOBAL NOTE.”

 

    	Ex. A-5

    	 

    

 

[FORM OF REVERSE SIDE NOTE]

 

5.25% Senior Notes due 2019

 

1.          Interest

NCL CORPORATION LTD, a company organized
under the laws of Bermuda (and its successors and assigns under the Indenture hereinafter referred to, being herein called the
“Issuer”), promises to pay interest on the principal amount of this Note at the rate per annum shown above.  The
Issuer shall pay interest semiannually on May 15 and November 15 of each year (each an “Interest Payment Date”),
commencing [           ]2.  Interest on the Notes shall
accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly
provided for, from November 19, 2014, until the principal hereof is due.  Interest shall be computed on the basis
of a 360-day year of twelve 30-day months.  The Issuer shall pay interest on overdue principal at the rate borne by the
Notes, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful.

2.          Method
of Payment

The Issuer shall pay interest on the Notes
(except defaulted interest) to the Persons who are registered holders at the close of business on May 1 and November 1
(each a “Record Date”) next preceding the Interest Payment Date even if Notes are canceled after the Record
Date and on or before the Interest Payment Date (whether or not a Business Day).  Holders must surrender Notes to the
Paying Agent to collect principal payments.  The Issuer shall pay principal, premium, if any, and interest in money of
the United States of America that at the time of payment is legal tender for payment of public and private debts.  Payments
in respect of the Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by wire
transfer of immediately available funds to the accounts specified by the Depository or any successor depositary.  The
Issuer shall make all payments in respect of a certificated Note (including principal, premium, if any, and interest) at the office
of the Paying Agent, except that, at the option of the Issuer, payment of interest may be made by mailing a check to the registered
address of each holder thereof; provided, however, that payments on the Notes may also be made, in the case of a
holder of at least $1,000,000 aggregate principal amount of Notes, by wire transfer to a U.S. dollar account maintained by the
payee with a bank in the United States if such holder elects payment by wire transfer by giving written notice to the Trustee or
Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment
(or such other date as the Trustee may accept in its discretion).

3.          Paying
Agent and Registrar

Initially, U.S. Bank National Association
(the “Trustee”), will act as Paying Agent and Registrar.  The Issuer may appoint and change any Paying
Agent or

 

2To be May 15, 2015 for Notes issued on November 19,
2014.

 

    	Ex. A-6

    	 

    

 

Registrar without notice.  The
Issuer or any of its domestically incorporated Subsidiaries may act as Paying Agent or Registrar.

4.          Indenture

The Issuer issued the Notes under an Indenture
dated as of November 19, 2014 (the “Indenture”), between the Issuer and the Trustee.  The terms
of the Notes include those stated in the Indenture.  Terms defined in the Indenture and not defined herein have the meanings
ascribed thereto in the Indenture.  The Notes are subject to all terms and provisions of the Indenture, and the holders
(as defined in the Indenture) are referred to the Indenture for a statement of such terms and provisions.

The Notes are senior unsecured obligations
of the Issuer.  This Note is one of the Initial Notes referred to in the Indenture.  The Notes include the
Initial Notes and any Additional Notes.  The Initial Notes and any Additional Notes are treated as a single class of
securities under the Indenture.  The Indenture imposes certain limitations on the ability of the Issuer and its Restricted
Subsidiaries to, among other things, make certain Investments and other Restricted Payments, pay dividends and other distributions,
Incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Restricted
Subsidiaries, issue or sell shares of capital stock of the Issuer and such Restricted Subsidiaries, enter into or permit certain
transactions with Affiliates, create or Incur Liens and make Asset Sales.  The Indenture also imposes limitations on
the ability of the Issuer to consolidate or merge with or into any other Person or convey, transfer or lease all or substantially
all of its property.

To guarantee the due and punctual payment
of the principal and interest on the Notes and all other amounts payable by the Issuer under the Indenture and the Notes when and
as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and
the Indenture, any future Subsidiary Guarantor that executes a Subsidiary Guarantee will unconditionally guarantee the Guaranteed
Obligations on a senior unsecured basis pursuant to the terms of the Indenture.

5.          Additional
Amounts

All payments made by the Issuer under or
with respect to the Notes will be made free and clear of and without withholding or deduction for, or on account of, any present
or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities
related thereto) (collectively, “Taxes”) unless the withholding or deduction of such Taxes is then required
by law. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of (1) any jurisdiction
in which the Issuer is then incorporated, or resident or doing business for tax purposes or any department or political subdivision
thereof or therein or (2) any jurisdiction from or through which payment is made or any department or political subdivision
thereof or therein (each, a “Tax Jurisdiction”), will at any time be required to be made from any payments made
by the Issuer under or with respect to the Notes including payments of principal, redemption price, purchase price, interest or

    	Ex. A-7

    	 

    

 

premium, the Issuer will pay such additional
amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received in respect of
such payments by each holder after such withholding or deduction (including any such deduction or withholding from such Additional
Amounts) will equal the respective amounts which would have been received in respect of such payments in the absence of such withholding
or deduction; provided, however, that no Additional Amounts will be payable with respect to: (1) any Taxes,
to the extent such Taxes would not have been imposed but for the existence of any present or former connection between the holder
or the beneficial owner of the Notes and the relevant Tax Jurisdiction (other than solely from the mere acquisition, ownership,
holding or disposition of such Note, the enforcement of rights under such Note and/or the receipt of any payments in respect of
such Note); (2) any Taxes, to the extent such Taxes would not have been imposed but for the failure of the holder or the beneficial
owner of the Notes, following the Issuer’s written request to the holder, at least 30 days before any such withholding or
deduction would be payable, to comply with any certification, identification, information or other reporting requirements, whether
required by statute, treaty, regulation or administrative practice of a Tax Jurisdiction, as a precondition to exemption from,
or reduction in the rate of deduction or withholding of, Taxes imposed by the Tax Jurisdiction (including, without limitation,
a certification that the holder or beneficial owner is not resident in the Tax Jurisdiction), but in each case, only to the extent
the holder or the beneficial owner is legally entitled to provide such certification or documentation; (3) any Taxes, to the
extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation is required) more than
30 days after the relevant payment is first made available for payment to the holder (except to the extent that the holder would
have been entitled to Additional Amounts had the note been presented on the last day of such 30 day period); (4) any estate, inheritance,
gift, sales, transfer, personal property or similar tax or assessment; (5) any Taxes payable otherwise than by deduction or withholding
from payments made under or with respect to any Note; or (6) any combination of the above items.

In addition to the foregoing, the Issuer
will also pay and indemnify the holder for any present or future stamp, issue, registration, transfer, court or documentary taxes,
or any other excise or property taxes, charges or similar levies (including penalties, interest and other liabilities related thereto)
which are levied by any jurisdiction on the execution, delivery, issuance, or registration of any of the Notes, the Indenture,
or any other document or instrument referred to therein, or the receipt of any payments with respect to, or enforcement of, the
Notes (such sum being recoverable from the Issuer as a liquidated sum payable as a debt).

If the Issuer becomes aware that it will
be obligated to pay Additional Amounts with respect to any payment under or with respect to the Notes, the Issuer will deliver
to the Trustee on a date which is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts
arises after the 30th day prior to that payment date, in which case the Issuer shall notify the Trustee promptly thereafter) notice
stating the fact that Additional Amounts will be payable and the amount estimated to be so payable. The notice must also set forth
any other information reasonably necessary to enable the Paying Agents to pay Additional Amounts to holders on the relevant payment

    	Ex. A-8

    	 

    

 

date. The Issuer will provide the Trustee
with documentation evidencing the payment of Additional Amounts.

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

Whenever in the Indenture there is mentioned,
in any context, the payment of amounts based upon the principal amount of the Notes or of principal, interest or of any other amount
payable under, or with respect to, any of the Notes, such mention shall be deemed to include the payment of Additional Amounts,
if applicable.

The above obligations will survive any
termination, defeasance or discharge of the Indenture and will apply, mutatis mutandis, to any jurisdiction in which any
successor Person to the Issuer is incorporated, or resident or doing business for tax purposes or any jurisdiction from or through
which such Person makes any payment on the Notes and any department or political subdivision thereof or therein.

6.          Optional
Redemption

On or after November 15, 2016, the
Issuer may redeem the Notes at its option, in whole at any time or in part from time to time, upon not less than 30 nor more than
60 days’ prior notice mailed by first-class mail to each holder’s registered address, or delivered electronically if
held by the Depository, at the following redemption prices (expressed as a percentage of principal amount), plus accrued
and unpaid interest to, but excluding, the redemption date (subject to the right of holders of record on the relevant Record Date
to receive interest due on the relevant Interest Payment Date), if redeemed during the 12-month period commencing on November 15
of the years set forth below:

	Period	 	Redemption Price	 
	2016	 	 	102.625	%
	2017 and thereafter	 	 	100.000	%

 

In addition, prior to November 15,
2016, the Issuer may redeem the Notes at its option, in whole at any time or in part from time to time, upon not less than 30 nor
more than 60 days’ prior notice mailed by first-class mail to each holder’s registered address, or delivered electronically
if held by the Depository, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable
Premium as of, and accrued and unpaid interest to, but excluding, the applicable redemption date

    	Ex. A-9

    	 

    

 

(subject to the right of holders of record
on the relevant record date to receive interest due on the relevant Interest Payment Date).

Notwithstanding the foregoing, at any time
and from time to time on or prior to November 15, 2016, the Issuer may also redeem in the aggregate up to 40% of the aggregate
principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes) in an aggregate amount equal
to the net cash proceeds of one or more Equity Offerings (1) by the Issuer or (2) by any direct or indirect parent of
the Issuer to the extent the net cash proceeds thereof are contributed to the common equity capital of the Issuer or used to purchase
Capital Stock (other than Disqualified Stock) of the Issuer from it, at a redemption price (expressed as a percentage of principal
amount thereof) of 105.25%, plus accrued and unpaid interest to, but excluding, the redemption date (subject to the right
of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date); provided,
however, that at least 60% of the aggregate principal amount of the Notes (calculated after giving effect to any issuance
of Additional Notes) must remain outstanding after each such redemption; provided, further, that such redemption
shall occur within 180 days after the date on which any such Equity Offering is consummated upon not less than 30 nor more than
60 days’ notice mailed, or delivered electronically if held by the Depository, to each holder of Notes being redeemed and
otherwise in accordance with the procedures set forth in the Indenture.

Notice of any redemption upon any Equity
Offering may be given prior to the completion thereof, and any such redemption or notice may, at the Issuer’s discretion,
be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering in the
case of a redemption upon completion of an Equity Offering.  The Issuer shall set forth in the notice of any redemption
subject to such conditions precedent how the Issuer intends to proceed in the event that one or more of such conditions are not
met.

7.          Mandatory
Redemption

The Issuer shall not be required to make
any mandatory redemption or sinking fund payments with respect to the Notes.

8.          Notice
of Redemption

Notice of redemption will be mailed by
first-class mail, or delivered electronically if held by the Depository, at least 30 days but not more than 60 days before the
redemption date to each holder of Notes to be redeemed at his, her or its registered address.  Notes in denominations
larger than $2,000 may be redeemed in part but only in whole multiples of $1,000.  If money sufficient to pay the redemption
price of and accrued and unpaid interest on all Notes (or portions thereof) to be redeemed on the redemption date is deposited
with a Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date, interest
ceases to accrue on such Notes (or such portions thereof) called for redemption.

    	Ex. A-10

    	 

    

 

9.          Redemption
for Changes in Taxes

The Issuer may redeem the Notes, in whole
but not in part, at its discretion at any time upon giving not less than 30 nor more than 60 days’ prior written notice to
the holders, at a redemption price equal to 100% of the aggregate principal amount thereof, together with accrued and unpaid
interest, if any, to the redemption date and all Additional Amounts, (if any), which otherwise would be payable, if on the next
date on which any amount would be payable in respect of the Notes, the Issuer would be required to pay Additional Amounts, and
the Issuer cannot avoid any such payment obligation by taking reasonable measures available to it, as a result of: (1) any
amendment to, or change in, the laws or any regulations or rulings promulgated thereunder of a relevant Tax Jurisdiction which
is announced and becomes effective after the date of the Offering Memorandum (or, if the applicable Tax Jurisdiction became a Tax
Jurisdiction on a date after the date of the Offering Memorandum, such later date); or (2) any amendment to, or change in,
an official interpretation or application regarding such laws, regulations or rulings, including by virtue of a holding, judgment
or order by a court of competent jurisdiction which is announced and becomes effective after the date of the Offering Memorandum
(or, if the applicable Tax Jurisdiction became a Tax Jurisdiction on a date after the date of the Offering Memorandum, such later
date).

The Issuer will not give any such notice
of redemption earlier than 90 days prior to the earliest date on which the Issuer would be obligated to make such payment or withholding
if a payment in respect of the Notes were then due, and, at the time such notice is given, the obligation to pay Additional Amounts
must remain in effect.

Prior to the publication or, where relevant,
mailing of any notice of redemption of the Notes pursuant to the foregoing, the Issuer will deliver to the Trustee (i) an
opinion of independent tax counsel, the choice of such counsel to be subject to the prior written approval of the Trustee (such
approval not to be unreasonably withheld) to the effect that there has been such change or amendment which would entitle the Issuer
to redeem the Notes hereunder and (ii) a certificate signed by an officer of the Issuer stated that the Issuer cannot avoid
any obligation to pay Additional Amounts by taking reasonable measures available to it.

10.        Repurchase
of Notes at the Option of the Holders upon Change of Control and Asset Sales

Upon the occurrence of a Change of Control,
each holder shall have the right, subject to certain conditions specified in the Indenture, to cause the Issuer to repurchase all
or any part of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued
and unpaid interest, if any, to, but excluding, the date of repurchase (subject to the right of the holders of record on the relevant
Record Date to receive interest due on the relevant Interest Payment Date), as provided in, and subject to the terms of, the Indenture.

In accordance with Section 4.06 of
the Indenture, the Issuer will be required to offer to purchase Notes upon the occurrence of certain events.

    	Ex. A-11

    	 

    

 

11.        Ranking

These Notes and any Subsidiary Guarantee
by a Subsidiary Guarantor, if any, will be senior unsecured obligations of the Issuer or such Subsidiary Guarantors.

12.        Denominations;
Transfer; Exchange

The Notes are in registered form, without
coupons, in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.  A holder shall register the
transfer of or exchange of Notes in accordance with the Indenture.  Upon any registration of transfer or exchange, the
Registrar and the Trustee may require a holder, among other things, to furnish appropriate endorsements or transfer documents and
to pay any taxes required by law or permitted by the Indenture.  The Registrar need not register the transfer of or exchange
any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed)
or to transfer or exchange any Notes for a period of 15 days prior to a selection of Notes to be redeemed.

13.        Persons
Deemed Owners

The registered holder of this Note shall
be treated as the owner of it for all purposes.

14.        Unclaimed
Money

If money for the payment of principal or
interest remains unclaimed for two years, the Trustee and a Paying Agent shall pay the money back to the Issuer at their written
request unless an abandoned property law designates another Person.  After any such payment, the holders entitled to
the money must look to the Issuer for payment as general creditors and the Trustee and a Paying Agent shall have no further liability
with respect to such monies.

15.        Discharge
and Defeasance

Subject to certain conditions, the Issuer
at any time may terminate some of or all its obligations under the Notes and the Indenture if the Issuer deposits with the Trustee
cash or U.S. Government Obligations for the payment of principal and interest on the Notes to redemption or maturity, as the case
may be.

16.        Amendment;
Waiver

Subject to certain exceptions set forth
in the Indenture, (i) the Indenture or the Notes may be amended with the written consent of the holders of at least a majority
in aggregate principal amount of the outstanding Notes and (ii) any past default or compliance with any provisions may be
waived with the written consent of the holders of at least a majority in principal amount of the outstanding Notes.  Subject
to certain exceptions set forth in the Indenture, without the consent of any holder, the Issuer and the Trustee may amend the Indenture
or the Notes (i) to cure any ambiguity, omission, mistake, defect or inconsistency; (ii) to provide for the assumption
by a Successor Issuer

    	Ex. A-12

    	 

    

 

of the obligations of the Issuer under
the Indenture and the Notes; (iii) [Reserved]; (iv) to provide for uncertificated Notes in addition to or in place of
certificated Notes; provided, however, that the uncertificated Notes are issued in registered form for purposes of
Section 163(f) of the Code or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of
the Code; (v) to conform the text of the Indenture or the Notes to any provision of the “Description of Notes”
in the Offering Memorandum to the extent that such provision in the “Description of Notes” was intended to be
a verbatim recitation of a provision of the Indenture or the Notes; (vi) to add a Subsidiary Guarantor with respect to the
Notes or to add collateral to secure the Notes; (vii) [Reserved]; (viii) [Reserved]; (ix) to add to the covenants of
the Issuer for the benefit of the holders or to surrender any right or power conferred upon the Issuer by the Indenture; (x) to
comply with any requirement of the SEC in connection with qualifying or maintaining the qualification of, the Indenture under the
TIA; (xi) to make any change that does not adversely affect the rights of any holder; or (xii) to provide for the issuance
of Additional Notes, which shall have terms substantially identical in all material respects to the Initial Notes, and which shall
be treated, together with any outstanding Initial Notes, as a single issue of securities.

17.        Defaults
and Remedies

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

If an Event of Default occurs and is continuing,
the Trustee shall be under no obligation to exercise any of the rights or powers under the Indenture at the request or direction
of any of the holders unless such holders have offered to the Trustee reasonable indemnity or security satisfactory to the Trustee
against any loss, liability or expense and certain other conditions are complied with.  Except to enforce the right to
receive payment of principal, premium (if any) or interest when due, no holder may pursue any remedy with respect to the Indenture
or the Notes unless (i) such holder has previously given the Trustee notice that an Event of Default is continuing, (ii) the
holders of at least 25% in principal amount of the outstanding Notes have requested the Trustee in writing to pursue the remedy,
(iii) such holders have offered the Trustee reasonable security or indemnity satisfactory to the Trustee against any loss,
liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the request
and the offer of security or indemnity and (v) the holders of a majority in principal amount of the outstanding Notes have
not given the Trustee a direction inconsistent with such request within such 60-day period.  Subject to certain restrictions,
the holders of a

    	Ex. A-13

    	 

    

 

majority in principal amount of the outstanding
Notes are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee
or of exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts
with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other holder or that would
involve the Trustee in personal liability. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification
satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action.

18.        Trustee
Dealings with the Issuer

Subject to certain limitations imposed
by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes
and may otherwise deal with and collect obligations owed to it by the Issuer or its Affiliates and may otherwise deal with the
Issuer or its Affiliates with the same rights it would have if it were not Trustee.

19.        No
Recourse Against Others

No director, officer, employee, manager,
incorporator or holder of any Equity Interests in the Issuer or any direct or indirect parent corporation, as such, shall have
any liability for any obligations of the Issuer under the Notes or the Indenture or for any claim based on, in respect of, or by
reason of, such obligations or their creation.  Each holder of Notes by accepting a Note waives and releases all such
liability.

20.        Authentication

This Note shall not be valid until an authorized
signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this
Note.

21.        Abbreviations

Customary abbreviations may be used in
the name of a holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint
tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act).

22.        Governing
Law

THIS SECURITY SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

23.        CUSIP
Numbers; ISINs

The Issuer has caused CUSIP numbers and
ISINs to be printed on the Notes and has directed the Trustee to use CUSIP numbers and ISINs in notices of

    	Ex. A-14

    	 

    

 

redemption as a convenience to the holders.  No
representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption
and reliance may be placed only on the other identification numbers placed thereon.

The Issuer will furnish to any holder
of Notes upon written request and without charge to the holder a copy of the Indenture which has in it the text of this Note.

    	Ex. A-15

    	 

    

  

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

I or we assign and transfer this Note to:

 

 

 

(Print or type assignee’s name, address
and zip code)

 

 

 

(Insert assignee’s soc. sec. or tax I.D.
No.)

 

and irrevocably appoint           agent to transfer this Note on the books
of the Issuer.  The agent may substitute another to act for him.

 

	Date:   ________________________	 	Your Signature:	 

 

 

 

Sign exactly as your name appears on the other side of this Note.

 

Signature Guarantee:

 

	Date: ______________	 	 
	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 	Signature of Signature Guarantee

 

    	Ex. A-16

    	 

    

 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR

 

REGISTRATION OF TRANSFER RESTRICTED SECURITIES

 

This certificate relates to $_________ principal amount of Notes
held in (check applicable space) ____ book-entry or _____ definitive form by the undersigned.

 

The undersigned (check one box below):

 

 ̈        has requested
the Trustee by written order to deliver in exchange for its beneficial interest in the Global Note held by the Depository a Note
or Notes in definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest
in such Global Note (or the portion thereof indicated above);

 

 ̈       has requested
the Trustee by written order to exchange or register the transfer of a Note or Notes.

 

In connection with any transfer of any of the Notes evidenced by
this certificate occurring while this Note is still a Transfer Restricted Definitive Note or a Transfer Restricted Global Note,
the undersigned confirms that such Notes are being transferred in accordance with its terms:

 

CHECK ONE BOX BELOW

 

	(1)	 ̈	to the Issuer; or
	(2)	 ̈	to the Registrar for registration in the name of the holder, without transfer; or
	(3)	 ̈	pursuant to an effective registration statement under the Securities Act of 1933; or
	(4)	 ̈	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or
	(5)	 ̈	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933 and such Note shall be held immediately after the transfer through Euroclear or Clearstream until the expiration of the Restricted Period (as defined in the Indenture); or
	(6)	 ̈	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a signed letter containing certain representations and agreements; or
	(7)	 ̈	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.

 

    	Ex. A-17

    	 

    

Unless one of the boxes is checked, the
Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any Person other than the registered
holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Issuer or the Trustee may require,
prior to registering any such transfer of the Notes, such legal opinions, certifications and other information as the Issuer or
the Trustee have reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act of 1933.

	Date:   ________________________	 	Your Signature:	 

 

 

Sign exactly as your name appears on the other side of this Note.

 

Signature Guarantee:

 

	Date:_____________	 	 
	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 	Signature of Signature Guarantee

 

    	Ex. A-18

    	 

    

 

TO BE COMPLETED BY PURCHASER IF (4) ABOVE IS
CHECKED.

 

The undersigned represents and warrants
that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion
and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities
Act of 1933, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such
information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information
and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the
exemption from registration provided by Rule 144A.

	Date:   ______________________	 
	 	NOTICE:  To be executed by an executive officer

 

 

    	Ex. A-19

    	 

    

 

[TO BE ATTACHED TO GLOBAL NOTES]

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE

 

The initial principal amount of this Global
Note is $______________.  The following increases or decreases in this Global Note have been made:

	Date of Exchange	 	Amount of decrease in

    Principal Amount of

    this Global Note	 	Amount of increase in

    Principal Amount of

    this Global Note	 	Principal amount of

    this Global Note

    following such

    decrease or increase	 	Signature of

    authorized signatory

    of Trustee or Notes

    Custodian
	 	 	 	 	 	 	 	 	 

    	Ex. A-20

    	 

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note
purchased by the Issuer pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the Indenture, check the box:

Asset Sale  ̈         Change
of Control  ̈

If you want to elect to have only part
of this Note purchased by the Issuer pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the Indenture, state
the amount ($2,000 or any integral multiple of $1,000):

$

	Date:   _______________________	Your Signature:	 
	 	 	(Sign exactly as your name appears on the other side of this Note)

 

	Signature Guarantee:  	 
	 	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee

 

    	Ex. A-21

    	 

    

 

EXHIBIT B

[FORM OF TRANSFEREE LETTER OF REPRESENTATION]

 

TRANSFEREE LETTER OF REPRESENTATION

 

NCL Corporation Ltd.

c/o U.S. Bank National Association

Corporate Trust Services

EP-MN-W53C

60 Livingston Avenue

St. Paul, Minnesota 55107-1419

Attention: Vice President

 

Ladies and Gentlemen:

 

This certificate is delivered to request
a transfer of $[             ] principal amount of the 5.25% Senior Notes due 2019 (the “Notes”) of NCL Corporation Ltd.
(the “Issuer”).

Upon transfer, the Notes would be registered
in the name of the new beneficial owner as follows:

Name: ______________________

 

Address:           _____________________________

 

Taxpayer ID Number: ________________________________

 

The undersigned represents and warrants
to you that:

1.          We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities
Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an
institutional “accredited investor” at least $100,000 principal amount of the Notes, and we are acquiring the
Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act.  We
have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our
investment in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business.  We,
and any accounts for which we are acting, are each able to bear the economic risk of our or its investment.

2.          We
understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold except
as permitted in the following sentence.  We agree on our own behalf and on behalf of any investor account for which
we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date that is one year after the later of
the date of original issue and the last date on which either the Issuer or any affiliate of such Issuer was the owner of such
Notes (or any

    	Ex. B-1

    	 

    

predecessor thereto) (the “Resale
Restriction Termination Date”) only (a) in the United States to a person whom we reasonably believe is a qualified
institutional buyer (as defined in rule 144A under the Securities Act) in a transaction meeting the requirements of Rule 144A,
(b) outside the United States in an offshore transaction in accordance with Rule 904 of Regulation S under the Securities
Act, (c) pursuant to an exemption from registration under the Securities Act provided by Rule 144 thereunder (if applicable)
or (d) pursuant to an effective registration statement under the Securities Act, in each of cases (a) through (d) in
accordance with any applicable securities laws of any state of the United States.  In addition, we will, and each subsequent
holder is required to, notify any purchaser of the Note evidenced hereby of the resale restrictions set forth above.  The
foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date.  If any resale
or other transfer of the Notes is proposed to be made to an institutional “accredited investor” prior to the
Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this
letter to the Issuer and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited
investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring
such Notes for investment purposes and not for distribution in violation of the Securities Act.  Each purchaser acknowledges
that the Issuer and the Trustee reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination
Date of the Notes pursuant to clause 1(b), 1(c) or 1(d) above to require the delivery of an opinion of counsel, certifications
or other information satisfactory to the Issuer and the Trustee.

	Dated:	 	 	 
	 	 	 
	 	TRANSFEREE:     	 
	 	 	 
	 	By:	 	 
	 	 	 	 	 

 

    	Ex. B-2

    	 

    

 

EXHIBIT C

[FORM OF SUPPLEMENTAL INDENTURE]

 

SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”) dated as of [     ], among [SUBSIDIARY GUARANTOR] (the “New Subsidiary
Guarantor”), a subsidiary of NCL CORPORATION LTD. (or its successor), a company organized under the laws of Bermuda (the
“Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee under the indenture
referred to below (the “Trustee”).

 

W I T N E S S E T H :

 

WHEREAS the Issuer has heretofore executed and
delivered to the Trustee an indenture (as amended, supplemented or otherwise modified, the “Indenture”) dated
as of November 19, 2014, providing for the issuance of the Issuer’s 5.25% Senior Notes due 2019 (the “Notes”),
initially in the aggregate principal amount of $680,000,000;

 

WHEREAS Section 4.11 of the Indenture provides
that under certain circumstances the Issuer is required to cause the New Subsidiary Guarantor to execute and deliver to the Trustee
a supplemental indenture pursuant to which the New Subsidiary Guarantor shall unconditionally guarantee all the Issuer’s
Obligations under the Notes and the Indenture pursuant to a Subsidiary Guarantee on the terms and conditions set forth herein;
and

 

WHEREAS pursuant to Section 9.01 of the Indenture,
the Trustee, the Issuer, the Subsidiary Guarantors [and other existing Subsidiary Guarantors, if any,] are authorized to execute
and deliver this Supplemental Indenture;

 

NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Subsidiary Guarantor, [the
Subsidiary Guarantors,] the Issuer and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders
of the Notes as follows:

 

1.          Defined
Terms.  As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto
are used herein as therein defined, except that the term “holders” in this Supplemental Indenture shall refer
to the term “holders” as defined in the Indenture and the Trustee acting on behalf of and for the benefit of
such holders.  The words “herein,” “hereof” and “hereby” and
other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any
particular section hereof.

 

    	Ex. C-1

    	 

    

 

2.          [Amendment
to Indenture;]3 Agreement to Guarantee.

 

(a)         [Article XII
of the Indenture is hereby amended in its entirety by adding a new Article XII in the form of Annex A to this Supplemental
Indenture.]

 

(b)         The
New Subsidiary Guarantor hereby agrees, jointly and severally with all existing guarantors (if any), to unconditionally guarantee
the Issuer’s Obligations under the Notes and the Indenture on the terms and subject to the conditions set forth in Article XII
of the Indenture[, as amended by this Supplemental Indenture,] and to be bound by all other applicable provisions of the Indenture
and the Notes and to perform all of the obligations and agreements of a guarantor under the Indenture.

 

3.          Notices.  All
notices or other communications to the New Subsidiary Guarantor shall be given as provided in Section 13.02 of the Indenture.

 

4.          Ratification
of Indenture; Supplemental Indentures Part of Indenture.  Except as expressly amended hereby, the Indenture is in
all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.  This
Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of Notes heretofore or hereafter
authenticated and delivered shall be bound hereby.

 

5.          Governing
Law.  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

6.          Trustee
Makes No Representation.  The Trustee makes no representation as to the validity or sufficiency of this Supplemental
Indenture.

 

7.          Counterparts.  The
parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all
of them together represent the same agreement.

 

8.          Effect
of Headings.  The Section headings herein are for convenience only and shall not affect the construction thereof.

 

[Remainder of page intentionally left blank.]

 

 

		3	For inclusion the first time a Subsidiary Guarantor becomes party to the Indenture.

 

    	Ex. C-2

    	 

    

 

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

 

	 	NCL CORPORATION LTD.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[NEW SUBSIDIARY GUARANTOR]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Ex. C-3

    	 

    

 

Annex A

 

ARTICLE XII

GUARANTEE

 

SECTION 12.01    Guarantee.

 

(a)        To
the extent applicable, each of the Subsidiary Guarantors hereby jointly and severally, irrevocably and unconditionally guarantees
on a senior unsecured basis as a primary obligor and not merely as a surety, to each holder and to the Trustee and its successors
and assigns (i) the full and punctual payment when due, whether at Stated Maturity, by acceleration, by redemption or otherwise,
of all obligations of the Issuer under this Indenture (including obligations to the Trustee) and the Notes, whether for payment
of principal of, premium, if any, or interest on in respect of the Notes and all other monetary obligations of the Issuer under
this Indenture and the Notes and (ii) the full and punctual performance within applicable grace periods of all other obligations
of the Issuer whether for fees, expenses, indemnification or otherwise under this Indenture and the Notes (all the foregoing being
hereinafter collectively called the “Guaranteed Obligations”).  Each Subsidiary Guarantor further
agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from any
Subsidiary Guarantor, and that each Subsidiary Guarantor shall remain bound under this Article XII notwithstanding any extension
or renewal of any Guaranteed Obligation.

 

(b)        To
the extent applicable, each Subsidiary Guarantor waives presentation to, demand of payment from and protest to the Issuer of any
of the Guaranteed Obligations and also waives notice of protest for nonpayment.  Each Subsidiary Guarantor waives notice
of any default under the Notes or the Guaranteed Obligations.  The obligations of each Subsidiary Guarantor hereunder
shall not be affected by (i) the failure of any holder or the Trustee to assert any claim or demand or to enforce any right
or remedy against the Issuer or any other Person under this Indenture, the Notes or any other agreement or otherwise; (ii) any
extension or renewal of this Indenture, the Notes or any other agreement; (iii) any rescission, waiver, amendment or modification
of any of the terms or provisions of this Indenture, the Notes or any other agreement; (iv) the release of any security held
by any holder or the Trustee for the Guaranteed Obligations or each Subsidiary Guarantor; (v) the failure of any holder or
Trustee to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; or (vi) any change in the
ownership of each Subsidiary Guarantor, except as provided in Section 12.02(b). Each Subsidiary Guarantor hereby waives any
right to which it may be entitled to have its obligations hereunder divided among the Subsidiary Guarantors, such that such Subsidiary
Guarantor’s obligations would be less than the full amount claimed.

 

(c)        Each
Subsidiary Guarantor hereby waives any right to which it may be entitled to have the assets of the Issuer first be used and depleted
as payment of the Issuer’s or such Subsidiary Guarantor’s obligations hereunder prior to any amounts

 

    	Ex. C-4

    	 

    

 

being claimed
from or paid by such Subsidiary Guarantor hereunder.  Each Subsidiary Guarantor hereby waives any right to which it may
be entitled to require that the Issuer be sued prior to an action being initiated against such Subsidiary Guarantor.

 

(d)        Each
Subsidiary Guarantor further agrees that its Subsidiary Guarantee herein constitutes a guarantee of payment, performance and compliance
when due (and not a guarantee of collection) and waives any right to require that any resort be had by any holder or the Trustee
to any security held for payment of the Guaranteed Obligations.

 

(e)        The
Subsidiary Guarantee of each Subsidiary Guarantor is, to the extent and in the manner set forth in Article XII, equal in right
of payment to all existing and future Indebtedness of such Subsidiary Guarantor which ranks pari passu in right of payment to such
Subsidiary Guarantor’s Subsidiary Guarantee, senior in right of payment to all existing and future Subordinated Indebtedness
of the Issuer and is made subject to such provisions of this Indenture.

 

(f)         Except
as expressly set forth in Sections 8.01(b), 12.02 and 12.06, the obligations of each Subsidiary Guarantor hereunder shall
not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination
whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise.  Without
limiting the generality of the foregoing, the obligations of each Subsidiary Guarantor herein shall not be discharged or impaired
or otherwise affected by the failure of any holder or the Trustee to assert any claim or demand or to enforce any remedy under
this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay,
willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other
act or thing which may or might in any manner or to any extent vary the risk of any Subsidiary Guarantor or would otherwise operate
as a discharge of any Subsidiary Guarantor as a matter of law or equity.

 

(g)        Each
Subsidiary Guarantor agrees that its Subsidiary Guarantee shall remain in full force and effect until payment in full of all the
Guaranteed Obligations.  Each Subsidiary Guarantor further agrees that its Subsidiary Guarantee herein shall continue
to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest
on any Guaranteed Obligation is rescinded or must otherwise be restored by any holder or the Trustee upon the bankruptcy or reorganization
of the Issuer or otherwise.

 

(h)        In
furtherance of the foregoing and not in limitation of any other right which any holder or the Trustee has at law or in equity against
any Subsidiary Guarantor by virtue hereof, upon the failure of the Issuer to pay the principal of or interest on any Guaranteed
Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform
or comply with any other Guaranteed Obligation, each Subsidiary Guarantor hereby promises to and

 

    	Ex. C-5

    	 

    

 

shall, upon receipt of written
demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the holders or the Trustee an amount equal to the sum of
(i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Guaranteed Obligations
(but only to the extent not prohibited by applicable law) and (iii) all other monetary obligations of the Issuer to the holders
and the Trustee.

 

(i)         Each
Subsidiary Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the holders in respect of
any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations.  Each Subsidiary Guarantor
further agrees that, as between it, on the one hand, and the holders and the Trustee, on the other hand, (i) the maturity
of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article VI for the purposes of the Subsidiary
Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed
Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as
provided in Article VI, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable
by the Subsidiary Guarantor for the purposes of this Section 12.01.

 

(j)         Each
Subsidiary Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees and expenses)
Incurred by the Trustee or any holder in enforcing any rights under this Section 12.01.

 

(k)        Upon
request of the Trustee, each Subsidiary Guarantor shall execute and deliver such further instruments and do such further acts as
may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

 

SECTION 12.02   Limitation
on Liability.

 

(a)        Any
term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations
guaranteed hereunder by each Subsidiary Guarantor shall not exceed the maximum amount that can be hereby guaranteed without rendering
this Indenture, as it relates to such Subsidiary Guarantor, voidable under applicable law relating to fraudulent conveyance or
fraudulent transfer or similar laws affecting the rights of creditors generally.

 

(b)        Each
Subsidiary Guarantee shall terminate and be of no further force or effect and the Subsidiary Guarantor shall be deemed to be released
from all obligations under this Article XII upon:

 

(i)         the
sale, disposition or other transfer (including through merger or consolidation) of the Capital Stock (including any sale, disposition
or other transfer following which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary), or of all or substantially
all the assets, of the applicable

 

    	Ex. C-6

    	 

    

 

Subsidiary Guarantor if such sale, disposition or other transfer is made in compliance with this
Indenture;

 

(ii)        the
Issuer’s transfer of all or substantially all of its assets to, or merger with, an entity that is not a Subsidiary of the
Issuer in accordance with Section 5.01 and such transferee entity assumes the Issuer’s obligations under this Indenture;

 

(iii)       the
Issuer’s exercise of its legal defeasance option or covenant defeasance option under Article VIII or if the Issuer’s
obligations under this Indenture are discharged in accordance with the terms of this Indenture;

 

(iv)       the
Issuer designating such Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance with the provisions of Section 4.04
and the definition of “Unrestricted Subsidiary;” and

 

(v)        in
the case of any Restricted Subsidiary that after the Issue Date is required to guarantee the Notes pursuant to Section 4.11,
the release or discharge of all Indebtedness, which if guaranteed by such Restricted Subsidiary, would require such Restricted
Subsidiary to guarantee the Notes pursuant to Section 4.11.

 

SECTION 12.03    Successors
and Assigns.  This Article XII shall be binding upon each Subsidiary Guarantor and its successors and assigns
and shall inure to the benefit of the successors and assigns of the Trustee and the holders and, in the event of any transfer or
assignment of rights by any holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and in
the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of
this Indenture.

 

SECTION 12.04    No
Waiver.  Neither a failure nor a delay on the part of either the Trustee or the holders in exercising any right,
power or privilege under this Article XII shall operate as a waiver thereof, nor shall a single or partial exercise thereof
preclude any other or further exercise of any right, power or privilege.  The rights, remedies and benefits of the Trustee
and the holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either
may have under this Article XII at law, in equity, by statute or otherwise.

 

SECTION 12.05    Modification.  No
modification, amendment or waiver of any provision of this Article XII, nor the consent to any departure by any Subsidiary
Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such
waiver or consent shall be effective only in the specific instance and for the purpose for which given.  No notice to
or demand on any Subsidiary Guarantor in any case shall entitle any Subsidiary Guarantor to any other or further notice or demand
in the same, similar or other circumstances.

 

SECTION 12.06    Execution
of Supplemental Indenture for Future Note Guarantors.  Each Subsidiary and other Person which is required to become
a Subsidiary

 

    	Ex. C-7

    	 

    

 

Guarantor of the Notes pursuant to Section 4.11 shall promptly execute and deliver to the Trustee a supplemental
indenture in the form of Exhibit C hereto pursuant to which such Subsidiary or other Person shall become a Subsidiary
Guarantor under this Article XII and shall guarantee the Notes.  Concurrently with the execution and delivery of
such supplemental indenture, the Issuer shall deliver to the Trustee an Opinion of Counsel and an Officer’s Certificate to
the effect that such supplemental indenture has been duly authorized, executed and delivered by such Subsidiary or other Person
and that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other similar
laws relating to creditors’ rights generally and to the principles of equity, whether considered in a proceeding at law or
in equity, the Subsidiary Guarantee of such Subsidiary Guarantor is a valid and binding obligation of such guarantor, enforceable
against such Subsidiary Guarantor in accordance with its terms and/or to such other matters as the Trustee may reasonably request.

 

SECTION 12.07   Non-Impairment.  The
failure to endorse a Subsidiary Guarantee on any Note shall not affect or impair the validity thereof.

 

    	Ex. C-8

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