Document:

Exhibit 10.13

 

Execution version

 

[*]: THE IDENTIFIED INFORMATION HAS
BEEN OMITTED FROM THE AGREEMENT BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

Dated 17 February 2021

 

o CLASS
PLUS TWO, LLC

as Borrower

 

and

 

NCL CORPORATION
LTD.

as Guarantor

 

and

 

OCEANIA CRUISES S. DE R.L. 

as Shareholder

 

and

 

NORWEGIAN CRUISE LINE HOLDINGS LTD.

as the Holding

 

and

 

THE Banks
and FINANCIAL INSTITUTIONS listed IN Schedule 1

as Lenders

 

and

 

CRÉDIT AGRICOLE CORPORATE AND
INVESTMENT BANK

BNP PARIBAS FORTIS S.A./N.V.

HSBC BANK PLC

KFW IPEX-BANK GMBH

CASSA DEPOSITI E PRESTITI S.P.A.

BANCO SANTANDER, S.A.

SOCIÉTÉ GÉNÉRALE

as Joint Mandated Lead Arrangers

 

and

 

BNP PARIBAS

as Facility Agent

 

and

 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK

as SACE Agent

 

and

 

HSBC CORPORATE
TRUSTEE COMPANY (UK) LIMITED

as Security Trustee

 

AMENDMENT
AND RESTATEMENT AGREEMENT

 

 

 

relating to a facility agreement originally
dated 19 December 2018

in respect of the part financing of the 1,258 passenger cruise ship newbuilding

presently designated as Hull No. [*] at Fincantieri S.p.A

 

    

     

    

 

Index

 

	Clause	Page
	 	 	 
	1	Definitions and Interpretation	2
	2	Conditions Precedent and Conditions Subsequent	4
	3	Representations	4
	4	Acknowledgment and Acceptance of the Principles	5
	5	Amendment and Restatement of Facility Agreement and Other Finance Documents	5
	6	Further Assurance	6
	7	Costs, Expenses and Fees	6
	8	Notices	6
	9	Counterparts	6
	10	Signing Electronically	7
	11	Governing Law	7
	12	Enforcement	7
	 	 	 
	Schedules	
	 	 	 
	Schedule 1 The Lenders	8
	Schedule 2 Conditions Precedent	10
	Schedule 3 Form of Effective Date Certificate	12
	Schedule 4 Information Package	13
	 	 	 
	Execution 	 
	 	 	 
	Execution Pages	
	 	 	 
	Appendices 	 
	 	 	 
	Form of Amended and Restated Facility Agreement (marked to indicate amendments)	 
	Form of Amended and Restated Guarantee (marked to indicate amendments)	 

 

     

     

    

 

THIS
AGREEMENT is made on 17 February 2021

 

Parties

 

		(1)	O CLASS PLUS TWO, LLC, a limited liability company formed
in the state of Delaware, United States of America whose registered office is at c/o Corporate Creations Network Inc., 3411 Silverside
Road, Tatnall Building 104, Wilmington, DE 19810 as borrower (the "Borrower")

 

		(2)	NCL CORPORATION LTD., an exempted company incorporated under the laws of Bermuda with its
registered office at Park Place, 55 Par-la-Ville Road, Hamilton HM11, Bermuda (the "Guarantor")

 

		(3)	OCEANIA CRUISES S. DE R.L., a Panamanian sociedad de responsabilidad limitada domiciled
in Panama whose resident agent is at Arifa Building, West Boulevard, Santa Maria Business District, Panama, Republic of Panama
(the "Shareholder")

 

		(4)	NORWEGIAN CRUISE LINE HOLDINGS LTD., a company incorporated under the laws of Bermuda with
its registered office at Park Place, 55 Par-la-Ville Road, Hamilton HM11, Bermuda (the "Holding")

 

		(5)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 (The Lenders) as lenders (the "Lenders")

 

		(6)	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, BNP PARIBAS FORTIS S.A./N.V., HSBC
BANK PLC, KFW IPEX-BANK GMBH, CASSA DEPOSITI E PRESTITI S.P.A., BANCO SANTANDER S.A. and SOCIÉTÉ
GÉNÉRALE as joint mandated lead arrangers (the "Mandated
Lead Arrangers")

 

		(7)	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as SACE agent (the "SACE
Agent")

 

		(8)	BNP PARIBAS, as facility agent (the "Facility Agent")

 

		(9)	HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED, as security trustee (the "Security
Trustee")

 

Background

 

		(A)	By the Facility Agreement, the Lenders agreed to make available to the Borrower a facility of (originally)
up to €480,248,962.66 and the amount of the SACE Premium for the purpose of assisting the Borrower in financing (a) the payment
or reimbursement under the Shipbuilding Contract of all or part of 80% of the Final Contract Price up to the Eligible Amount and
(b) reimbursement to the Borrower of 100% of the First Instalment of the SACE Premium paid by it to SACE and payment to SACE of
100% of the Second Instalment of the SACE Premium (as defined therein).

 

		(B)	Due to the unprecedented and extraordinary impacts of the Covid-19 pandemic on the cruise sector
and cruise operators, SACE S.p.A. has informed the cruise operators of its availability to evaluate certain measures (the "Temporary
Measures") applicable in relation to certain qualifying loan agreements in order to assist companies which are financially
sound but dealing with the impact of the temporary but unprecedented Covid-19 pandemic; the possibility to access to such measures
is subject, amongst other things, to certain principles dated 15 April 2020 for cruise lines offered
by SACE (as further defined below, the "Original Principles").

 

     

     

    

 

		(C)	On 21 January 2021, SACE confirmed its availability to evaluate an extension of the Temporary Measures
(the "Extended Temporary Measures"), again subject to certain principles dated 26 November 2020 for cruise lines
offered by SACE (as further defined below and together with the Original Principles, the "Principles").

 

		(D)	Pursuant to the consent request letter dated 3 December 2020, the
Borrower and the Guarantor notified the Facility Agent and the SACE Agent of the wish to benefit from the Temporary Measures and
the Extended Temporary Measures in relation to certain loan agreements listed therein, including the Facility Agreement, and requested,
amongst other things, the temporary suspension of certain covenants under the Guarantee and the addition of certain covenants under
the Facility Agreement for a period until 31 December 2022 (the "Borrower Request"). 

 

		(E)	On 25 January 2021, the Facility Agent (for and on behalf of the Lenders) provided its consent
to part of the Borrower Request in accordance with and subject to certain conditions as set out in this Agreement.

 

		(F)	The Parties have agreed to amend and restate the Facility Agreement as set out in this Agreement
for the purposes of, inter alia, documenting the required amendments identified in the Principles.

 

Operative
Provisions

 

		1	Definitions and Interpretation

 

		1.1	Definitions

 

In this Agreement:

 

"2021
Deferral Fee Letters" means any letter between the Facility
Agent (or, as the case may be, the SACE Agent) and any Obligor which sets out the fees payable in connection with the arrangements
contemplated by this Agreement.

 

"2021
Finance Documents" means this Agreement and each 2021 Deferral Fee Letter.

 

"Amended
and Restated Facility Agreement" means the Facility Agreement as amended and restated by this Agreement in the
form set out in the Appendix.

 

"Amended
and Restated Guarantee" means the Guarantee as amended and restated by this Agreement in the form set out in the
Appendix.

 

"Effective
Date" means the date on which the Facility Agent notifies the Borrower, the other Creditor Parties and SACE as
to the satisfaction of the conditions precedent as provided in paragraph (a) of Clause 2.1 (Conditions Precedent and Conditions
Subsequent).

 

"Facility
Agreement" means the facility agreement dated 19 December 2018 and made between, amongst others, (i) the Borrower,
(ii) the Lenders, (iii) the Mandated Lead Arrangers, (iv) the Facility Agent and the SACE Agent and (v) the Security Trustee.

 

"Information
Package" means the information package in connection with the "Debt Holiday" application in the form
set out in Schedule 4 (Information Package) of this Agreement, to be submitted by the Borrower (or the Guarantor on its
behalf) in order to obtain the benefit of the measures provided for in the Principles.

 

    2 

     

    

 

"Obligors"
means the Borrower, the Guarantor, the Holding and the Shareholder.

 

"Original
Principles" means the document titled "Cruise Debt
Holiday Principles" offered by SACE dated 15 April 2020, which sets out certain key principles and parameters relating to
the qualifying Loan Agreements (as defined therein) and being applicable to SACE-covered loan agreements such as the Facility Agreement.

 

"Party"
means a party to this Agreement.

 

"Principles"
means, together with the Original Principles, the document titled "Debt Deferral Extension Framework for ECA-backed Export
Financings" offered by SACE dated 26 November 2020, which sets out certain key principles and parameters relating to the qualifying
Loan Agreements (as defined therein) and being applicable to SACE-covered loan agreements such as the Facility Agreement.

 

		1.2	Defined expressions

 

Defined expressions in the
Facility Agreement and, with effect from the Effective Date, the Amended and Restated Facility Agreement, shall have the same meanings
when used in this Agreement unless the context otherwise requires or unless otherwise defined in this Agreement.

 

		1.3	Application of construction and interpretation provisions of Facility Agreement

 

Clause 1.2 (Construction
of certain terms) of the Facility Agreement applies to this Agreement as if it were expressly incorporated in it with any necessary
modifications.

 

		1.4	Designation as a Finance Document

 

The Borrower and the Facility
Agent designate this Agreement as a Finance Document.

 

		1.5	Third party rights

 

		(a)	Unless provided to the contrary in a Finance Document, a person who is not a Party has no right
under the Contracts (Rights of Third Parties) Act 1999 (the "Third Parties Act") to enforce or to enjoy the benefit
of any term of this Agreement other than SACE, who may enforce or to enjoy the benefit of and rely on the provisions of this Agreement
and the Amended and Restated Facility Agreement subject to the provisions of the Third Parties Act.

 

		(b)	Notwithstanding any term of any Finance Document, the consent of any person who is not a Party
(other than SACE) is not required to rescind or vary this Agreement at any time.

 

		(c)	For the avoidance of doubt and in accordance with clause 36.4 (Third party rights) of the
Facility Agreement, nothing in this Clause 1.5 (Third party rights) shall limit or prejudice the exercise by SACE of its
rights under this Agreement or the Finance Documents in the event that such rights are subrogated or assigned to it pursuant to
the terms of the SACE Insurance Policy.

 

    3 

     

    

 

		2	Conditions Precedent and Conditions Subsequent

 

		2.1	The Effective Date cannot occur unless:

 

		(a)	the Facility Agent has received (or on the instructions of all the Lenders, waived receipt of)
all of the documents and other evidence listed in Schedule 2 (Conditions Precedent) in form and substance satisfactory to
the Facility Agent;

 

		(b)	save as disclosed in writing to the Facility Agent and SACE prior
to the date of this Agreement, the representations and warranties contained in Clause 3 (Representations) are true and correct
on, and as of, each such time as if each was made with respect to the facts and circumstances existing at such time; 

 

		(c)	save as disclosed in writing to the Facility Agent and SACE prior
to the date of this Agreement, no Event of Default, event or circumstance specified in clause 18 (Events of Default) of
the Facility Agreement which would (with the expiry of a grace period, the giving of notice, the making of any determination under
the Finance Documents or any combination of any of the foregoing) be an Event of Default, event resulting in mandatory prepayment
of the Loan pursuant to clause 16.3 (Mandatory prepayment – Sale and Total Loss) and clause 16.4 (Mandatory prepayment
 – SACE Insurance Policy) of the Facility Agreement shall have occurred and be continuing or would result from the amendment
and restatement of the Facility Agreement pursuant to this Agreement; and 

 

		(d)	the Facility Agent is satisfied that the Effective Date can occur and have not provided any instructions
to the contrary informing the Parties that the Effective Date cannot occur.

 

		2.2	Upon fulfilment or waiver of the conditions set out in Clause 2.1 above, the Facility Agent shall
provide the Borrower, the Creditor Parties and SACE with a copy of the executed certificate in the form set out in Schedule 3 (Form
of Effective Date Certificate) confirming that the Effective Date has occurred and such certificate shall be binding on all
Parties.

 

		2.3	Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the
contrary before the Facility Agent provides the certificate described in Clause 2.2 above, the Creditor Parties authorise (but
do not require) the Facility Agent to execute and provide such certificate. The Facility Agent shall not be liable for any damages,
costs or losses whatsoever as a result of giving any such certificate.

 

		3	Representations

 

		3.1	Facility Agreement representations

 

On the date of this Agreement
and on the Effective Date, each Obligor that is a party to the Facility Agreement makes each of the representations and warranties
as set out in clause 11 (Representations and warranties) of the Facility Agreement, as amended and restated by this Agreement
and updated with appropriate modifications to refer to this Agreement and (where relevant) the Amended and Restated Facility Agreement
and the Amended and Restated Guarantee, by reference to the circumstances then existing.

 

		3.2	Finance Document representations

 

On the date of this Agreement
and on the Effective Date, each Obligor (save for the Holding) makes the representations and warranties set out in the Finance
Documents (other than the Facility Agreement) to which it is a party, as amended and restated and/or supplemented by this Agreement
and updated with appropriate modifications to refer to this Agreement, and, where appropriate, the Amended and Restated Guarantee,
by reference to the circumstances then existing.

 

    4 

     

    

 

		4	Acknowledgment and Acceptance of the Principles

 

Each Obligor confirms its acknowledgment
to the Principles and full acceptance of all terms, requirements and conditions thereunder. For
the avoidance of doubt, and without limiting the generality of the said acknowledgement and acceptance of the Principles, any carve-outs
to those Principles shall be documented pursuant to specific provisions as agreed between the parties and as set out in the Amended
and Restated Facility Agreement and in the Amended and Restated Guarantee.

 

		5	Amendment and Restatement of Facility Agreement and Other Finance Documents

 

		5.1	Specific amendments to the Facility Agreement

 

With effect on and from the
Effective Date, the Facility Agreement shall be amended and restated in the form of the Amended and Restated Facility Agreement
and, as so amended and restated, the Facility Agreement shall continue to be binding on each of the parties to it in accordance
with its terms as so amended and restated.

 

		5.2	Specific amendments to the Guarantee

 

With effect
on and from the Effective Date, the Guarantee shall be amended and restated in the form of the Amended and Restated Guarantee and,
as so amended and restated, the Guarantor confirms that:

 

		(a)	its Guarantee extends to the obligations of the Borrower under the Finance Documents as amended,
restated and/or supplemented by this Agreement;

 

		(b)	the obligations of the relevant Obligors under the Finance Documents as amended, restated and/or
supplemented by this Agreement are included in the Secured Liabilities (as defined in the Facility Agreement); and

 

		(c)	the Guarantee shall continue to be binding on each of the parties to it and have full force and
effect in accordance with its terms as so amended and restated.

 

		5.3	Security Confirmation

 

On the Effective Date, each
Obligor confirms that:

 

		(a)	any Security Interest created by it under the Finance Documents extends to the obligations of the
relevant Obligors under the Finance Documents as amended, restated and/or supplemented by this Agreement;

 

		(b)	the obligations of the relevant Obligors under the Finance Documents as amended, restated and/or
supplemented by this Agreement are included in the Secured Liabilities (as defined in the Finance Documents to which it is a party);

 

		(c)	the Security Interests created under the Finance Documents continue in full force and effect on
the terms of the respective Finance Documents; and

 

		(d)	to the extent that this confirmation creates a new Security Interest, such Security Interest shall
be on the terms of the Finance Documents in respect of which this confirmation is given.

 

    5 

     

    

 

		5.4	Finance Documents to remain in full force and effect

 

The Finance Documents shall
remain in full force and effect and, from the Effective Date:

 

		(a)	in the case of the Facility Agreement as amended and restated pursuant to Clause 5.1 (Specific
amendments to the Facility Agreement);

 

		(b)	in the case of the Guarantee, as amended and restated pursuant to Clause 5.2 (Specific Amendments
to the Guarantee);

 

		(c)	the Facility Agreement and the applicable provisions of this Agreement will be read and construed
as one document;

 

		(d)	the Guarantee and the applicable provisions of this Agreement will be read and construed as one
document; and

 

		(e)	except to the extent expressly waived by the amendments effected by this Agreement, no waiver is
given by this Agreement and the Lenders expressly reserve all their rights and remedies in respect of any breach of or other default
under the Finance Documents.

 

		6	Further Assurance

 

Clause 12.20 (Further assurance)
of the Facility Agreement, as amended and restated by this Agreement, applies to this Agreement as if it were expressly incorporated
in it with any necessary modifications.

 

		7	Costs, Expenses and Fees

 

		7.1	Clause 10.11 (Transaction Costs) of the Facility Agreement, as amended and restated by this
Agreement, applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.

 

		7.2	The Borrower shall pay to each of (i) the Facility Agent for its own account, (ii) the Facility
Agent (for the account of each Lender) and (iii) SACE such fees in the amount and at the times specified in the relevant 2021 Deferral
Fee Letters.

 

		7.3	The Borrower shall pay to SACE an additional SACE Premium in relation to the changes made to the
Facility Agreement following the execution of this Agreement in accordance with the provisions of clause 8.5 (Additional premium)
of the Amended and Restated Facility Agreement.

 

		8	Notices

 

Clause 32 (Notices)
of the Facility Agreement, as amended and restated by this Agreement, applies to this Agreement as if it were expressly incorporated
in it with any necessary modifications.

 

		9	Counterparts

 

This Agreement may be executed
in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this
Agreement.

 

    6 

     

    

 

		10	Signing Electronically

 

The Parties acknowledge and
agree that they may execute this Agreement and any variation or amendment to the same, by electronic instrument. The Parties agree
that the electronic signatures appearing on the documents shall have the same effect as handwritten signatures and the use of an
electronic signature on this Agreement shall have the same validity and legal effect as the use of a signature affixed by hand
and is made with the intention of authenticating this Agreement, and evidencing the Parties' intention to be bound by the terms
and conditions contained herein. For the purposes of using an electronic signature, the Parties authorise each other to conduct
the lawful processing of personal data of the signers for contract performance and their legitimate interests including contract
management.

 

		11	Governing Law

 

This Agreement and any non-contractual
obligations arising out of or in connection with it are governed by English law.

 

		12	Enforcement

 

		12.1	Jurisdiction

 

		(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection
with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement or any non-contractual
obligation arising out of or in connection with this Agreement) (a "Dispute").

 

		(b)	The Obligors accept that the courts of England are the most appropriate and convenient courts to
settle Disputes and accordingly no Obligor will argue to the contrary.

 

		12.2	Service of process

 

		(a)	Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other
than an Obligor incorporated in England and Wales):

 

		(i)	irrevocably appoints Hannaford Turner LLP, currently of 9 Cloak Lane, London EC4R 2RU, UK as its
agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document;
and

 

		(ii)	agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate
the proceedings concerned.

 

		(b)	If any person appointed as an agent for service of process is unable for any reason to act as agent
for service of process, the Borrower (on behalf of all the Obligors) must immediately (and in any event within 10 days of such
event taking place) appoint another agent on terms acceptable to the Facility Agent. Failing this, the Facility Agent may appoint
another agent for this purpose.

 

This Agreement has been entered into
on the date stated at the beginning of this Agreement.

 

    7 

     

    

 

O Class Plus Two

Amendment and Restatement Agreement

 

Execution
Pages

 

	 	 	 
	BORROWER	 	 
	 	 	 
	SIGNED by	)	/s/ Daniel S. Farkas
	duly authorised	)	 Daniel S. Farkas
	for and on behalf of	)	
	O CLASS PLUS TWO, LLC	)	
	 		 
	 		 
	GUARANTOR 		 
	 		 
	SIGNED by	)	 /s/ Daniel S. Farkas
	duly authorised	)	 Daniel S. Farkas
	for and on behalf of	)	
	NCL CORPORATION LTD.	)	
	 		 
	 		 
	SHAREHOLDER		 
	 		 
	SIGNED by	)	 /s/ Daniel S. Farkas
	for and on behalf of	)	 Daniel S. Farkas
	OCEANIA CRUISES S. DE R.L.	)	
	as its duly appointed attorney-in-fact	)	
	in the presence of:	)	 /s/ Jared G. Silberhorn
		)	 Jared G. Silberhorn
		)	 7665 Corporate Center Drive
		)	Miami, FL 33126 USA
	 	 	 
	HOLDING		 
	 		 
	SIGNED by	)	 /s/ Daniel S. Farkas
	for and on behalf of	)	 Daniel S. Farkas
	NORWEGIAN CRUISE LINE	)	
	HOLDINGS LTD.	)	
	as its duly appointed attorney-in-fact	)	
	in the presence of:	)	 /s/ Jared G. Silberhorn
		)	 Jared G. Silberhorn
	 	)	7665 Corporate Center Drive
		)	Miami, FL 33126 USA

 

     

     

    

 

O Class Plus Two

Amendment and Restatement Agreement

 

	LENDERS	 	 
	 	 	 
	SIGNED
    by	)	/s/
    Alexia Russell
	duly
    authorised 	)	Alexia
    Russell
	for
    and on behalf of	)	Attorney-in-Fact
	CRÉDIT
    AGRICOLE CORPORATE	)	
	AND
    INVESTMENT BANK	)	
	 		 
	 		 
	SIGNED
    by	)	/s/
    Michel Froidebise
	duly
    authorised 	)	Michel
    Froidebise
	for
    and on behalf of	)	Head
    of Export Finance Nordic Origination
	BNP
    PARIBAS FORTIS S.A./N.V.	)	
	 	)	/s/
    Bruno Cloquet
	 	)	Bruno
    Cloquet
	 	)	Global
    Head of Exporters & ECAs Origination
	 		 
	 		 
	SIGNED
    by	)	/s/
    Mark Looi
	duly
    authorised 	)	Mark
    Looi
	for
    and on behalf of	)	
	HSBC
    BANK PLC	)	
	 		 
	 		 
	SIGNED
    by	)	/s/
    Maria Gazi
	duly
    authorised 	)	Maria
    Gazi
	for
    and on behalf of	)	Attorney-in-Fact
	KFW
    IPEX-BANK GMBH	)	
	 		 
	 		 
	SIGNED
    by	)	/s/
    Antonella Coppola
	duly
    authorised 	)	Antonella
    Coppola
	for
    and on behalf of	)	Responsabile
    Gestione Operazioni
	CASSA
    DEPOSITI E PRESTITI S.P.A.	)	Imprese &
    Isituzioni Finanziarie
	 		 
	 		 
	SIGNED
    by	)	/s/
    José Luis Vicent
	duly
    authorised 	)	José Luis Vicent
	for
    and on behalf of	)	
	BANCO
    SANTANDER S.A.	)	/s/
    Remedios Cantalapiedra
	 	)	Remedios
    Cantalapiedra
	 	)	Vice
    President
	 		 
	 		 
	SIGNED
    by	)	/s/
    Oliver Baines
	duly
    authorised 	)	Oliver
    Baines
	for
    and on behalf of	)	Attorney-in-Fact
	SOCIETE
    GENERALE	)	

 

 

     

     

    

 

O Class Plus Two

Amendment and Restatement Agreement

 

	MANDATED
    LEAD ARRANGERS	 	 
	 	 	 
	SIGNED
    by	)	/s/
    Alexia Russell
	duly
    authorised 	)	Alexia
    Russell
	for
    and on behalf of	)	Attorney-in-Fact
	CRÉDIT
    AGRICOLE CORPORATE	)	 
	AND
    INVESTMENT BANK	)	 
	 	 	 
	 	 	 
	SIGNED
    by	)	/s/
    Michel Froidebise
	duly
    authorised 	)	Michel
    Froidebise
	for
    and on behalf of	)	Head
    of Export Finance Nordic Origination
	BNP
    PARIBAS FORTIS S.A./N.V.	)	 
	 	)	/s/
    Bruno Cloquet
	 	)	Bruno
    Cloquet
	 	)	Global
    Head of Exporters & ECAs Origination
	 	 	 
	 	 	 
	SIGNED
    by	)	/s/
    Mark Looi
	duly
    authorised 	)	Mark
    Looi
	for
    and on behalf of	)	 
	HSBC
    BANK PLC	)	 
	 	 	 
	 	 	 
	SIGNED
    by	)	/s/
    Maria Gazi
	duly
    authorised 	)	Maria
    Gazi
	for
    and on behalf of	)	Attorney-in-Fact
	KFW
    IPEX-BANK GMBH	)	
	 	 	 
	 	 	 
	SIGNED
    by	)	/s/
    Antonella Coppola
	duly
    authorised 	)	Antonella
    Coppola
	for
    and on behalf of	)	Responsabile
    Gestione Operazioni
	CASSA
    DEPOSITI E PRESTITI S.P.A.	)	Imprese
    & Isituzioni Finanziarie
	 	 	 
	 	 	 
	SIGNED
    by	)	/s/
    José Luis Vicent
	duly
    authorised 	)	José
    Luis Vicent
	for
    and on behalf of	)	 
	BANCO
    SANTANDER S.A.	)	/s/
    Remedios Cantalapiedra
	 	)	Remedios
    Cantalapiedra
	 	)	Vice
    President
	 	 	 
	 	 	 
	SIGNED
    by	)	/s/
    Oliver Baines
	duly
    authorised 	)	Oliver
    Baines
	for
    and on behalf of	)	Attorney-in-Fact
	SOCIETE
    GENERALE	)	 

 

     

     

    

 

O Class Plus Two

Amendment and Restatement Agreement

 

	 	 	 
	FACILITY
    AGENT	 	 
	 	 	 
	SIGNED
    by	)	/s/
    Luca Lunari
	duly
    authorised 	)	Luca
    Lunari
	for
    and on behalf of	)	Head
    of Export Finance Italy
	BNP
    PARIBAS 	)	 
	 	)	/s/
    Stefano Leo
	 	)	Stefano
    Leo
	 	)	Deputy
    Head of Export Finance Italy
	 	 	 
	 	 	 
	SACE
    AGENT	 	 
	 	 	 
	SIGNED
    by	)	/s/
    Alexia Russell
	duly
    authorised 	)	Alexia
    Russell
	for
    and on behalf of	)	Attorney-in-Fact
	CRÉDIT
    AGRICOLE CORPORATE	)	 
	AND
    INVESTMENT BANK	)	 
	 	 	 
	 	 	 
	SECURITY
    TRUSTEE	 	 
	 	 	 
	SIGNED
    by	)	/s/
    Daisuke Takekawa
	duly
    authorised 	)	Daisuke
    Takekawa
	for
    and on behalf of	)	 
	HSBC
    CORPORATE TRUSTEE	)	 
	COMPANY
    (UK) LIMITED	)	 
	 	 	 

 

     

     

    

 

APPENDIX

 

Form of
Amended and Restated Facility Agreement (marked to indicate amendments)

 

Amendments are indicated as follows:

 

		1	additions are indicated by underlined text in blue; and

 

		2	deletions are shown by strike-through text in red.

 

     

     

    

 

Execution version

 

DATED __________________
2018

Originally
dated 19 December 2018

(as amended and restated by an amendment and restatement agreement dated _____ February 2021)

 

O CLASS
PLUS TWO, LLC

as Borrower

 

and

 

THE BANKS
AND FINANCIAL INSTITUTIONS

LISTED IN SCHEDULE 1

as Lenders

 

and

 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK

BNP PARIBAS FORTIS S.A./N.V.

HSBC BANK PLC

KFW IPEX-BANK GMBH

CASSA DEPOSITI E PRESTITI S.P.A.

Banco Santander, S.A.

Société Générale

as Joint Mandated Lead Arrangers

 

and

 

BNP PARIBAS

as Facility Agent

 

and

 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK

as SACE Agent

 

and

 

HSBC CORPORATE
TRUSTEE COMPANY (UK) LIMITED

as Security Trustee

 

with the support of

 

SACE S.P.A.

 

AMENDED
LOAND RESTATED facility
AGREEMENT

 

relating to

the part financing of the 1,258 passenger cruise ship

newbuilding presently designated as

Hull No. [*] at Fincantieri S.p.A.

 

 

  

    

     

    

  

Index

 

	Clause	 	Page
	 	 	 
	1	Interpretation	23
	2	Facility	2832
	3	Conditions Precedent	303
	4	Drawdown	3740
	5	Repayment	3942
	6	Interest	3943
	7	Interest Periods	550
	8	SACE Premium and Italian Authorities	551
	9	Fees	4754
	10	Taxes, Increased Costs, Costs and related Charges	4855
	11	Representations and Warranties	662
	12	General Undertakings	628
	13	Ship Undertakings	709
	14	Insurance Undertakings	7786
	15	Security Value Maintenance	910
	16	Cancellation, Prepayment and Mandatory Prepayment	921
	17	Interest on Late Payments	8494
	18	Events of Default	8595
	19	Application of Sums Received	1000
	20	Indemnities	1101
	21	Illegality, etc.	93103
	22	Set-Off	95105
	23	Bail-In	95106
	24	Changes to the Lenders	96106
	25	Changes to the Obligors	1122
	26	Role of the Facility Agent, the Joint Mandated Lead Arrangers, the SACE Agent and the Reference Banks	1122
	27	The Security Trustee	1020
	28	Conduct of Business by the Creditor Parties	1232
	29	Sharing among the Creditor Parties	1333
	30	Payment Mechanics	12434
	31	Variations and Waivers	12636
	32	Notices	12838
	33	Confidentiality	1400
	34	Confidentiality of FUNDING RATES AND Reference Bank Quotations	134
	354 	Legal Independence and Unconditional Obligations of the Borrower	13646
	365 	SACE Subrogation and Reimbursement	13647
	376 	Supplemental	13849
	387 	Governing Law	1500
	398 	Enforcement	1501
	4039	Waiver of Immunity	1511
	410 	Effective Date	1512
	41	Confidentiality of Funding Rates and Reference Bank Quotations	152
	 	 	 
	Schedules	 	 
	 	 	 
	Schedule 1 Lenders and Commitments 	 
	Schedule 2 Form of Drawdown Notice 	 
	Schedule 3 Documents to be produced by the Builder to the Facility Agent on Delivery 	 
	Schedule 4 Form of Transfer Certificate 	 
	Schedule 5 Qualifying Certificate 	 
	 	 	 
	Execution	 	 
	 	 	 
	Execution Pages 	 

 

    

     

    

 

THIS AGREEMENT
is made on ___________________originally
made on 19 December 2018 (as amended and restated by an amendment and restatement agreement dated _____ February 20218.)

 

PARTIES

 

		(1)	O CLASS PLUS TWO, LLC, a limited liability company formed in the state of Delaware, United
States of America whose registered office is at c/o Corporate Creations Network Inc., 3411 Silverside Road, Tatnall Building 104,
Wilmington, DE 19810 as borrower (the "Borrower")

 

		(2)	THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 1 (Lenders and Commitments)
as lenders (the "Lenders")

 

		(3)	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, BNP PARIBAS FORTIS S.A./N.V., KFW
IPEX-BANK GMBH, HSBC BANK PLC, CASSA DEPOSITI E PRESTITI S.P.A., SOCIÉTÉ GÉNÉRALE and
BANCO SANTANDER S.A. as joint mandated lead arrangers (the "Joint
Mandated Lead Arrangers")

 

		(4)	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as SACE agent (the "SACE
Agent")

 

		(5)	BNP PARIBAS, as facility agent (the "Facility Agent")

 

		(6)	HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED, as security trustee (the "Security
Trustee")

 

BACKGROUND

 

		(A)	By a shipbuilding contract dated as of 31 October 2018 (as amended
or supplemented from time to time, the "Shipbuilding Contract") entered into between (i) Fincantieri
S.p.A., a company incorporated in Italy with registered office in Trieste, via Genova, 1, and having fiscal code 00397130584 (the
 "Builder") and (ii) the Borrower, the Builder
agreed to design, construct and deliver, and the Borrower agreed to purchase, a 1,258 passenger
cruise ship currently having hull number [*] as more particularly described in the Shipbuilding Contract to be delivered on or
about [*] subject to any adjustments of such delivery date in accordance with the Shipbuilding Contract.

 

		(B)	The total price payable by the Borrower to the Builder under the Shipbuilding Contract is five
hundred and seventy eight million and seven hundred thousand Euros (€578,700,000) (the "Initial
Contract Price"). The Initial Contract Price is payable on the following terms and:

 

		(i)	as to [*], being [*], by an initial payment which is to be within
5 Business Days after the effective date of the Shipbuilding Contract in accordance with Article 10.1(A) of the Shipbuilding Contract
("First Shipbuilding Contract Instalment");

 

		(ii)	as to [*], being [*], on the later of the date of commencement
of steel cutting and the date falling 36 months prior to the Intended Delivery Date;

 

		(iii)	as to [*], being [*], on the later of keel laying in dry-dock and
the date falling 24 months prior to the Intended Delivery Date;

 

		(iv)	as to [*], being [*], on the later of launching and the date falling
12 months prior to the Intended Delivery Date; and

 

		(v)	as to [*], being [*], on delivery of the Ship on the Delivery Date,

 

    

     

    

 

as each such event is described
in the Shipbuilding Contract.

 

		(C)	The Initial Contract Price may be decreased at delivery of the Ship under Articles 13, 14, 16,
17, 19 and 20 of the Shipbuilding Contract (in aggregate the "Liquidated
Damages") or by mutual agreement between the parties (the Initial Contract Price adjusted as aforesaid being the
 "Final Contract Price"). For the avoidance of
doubt, under the Shipbuilding Contract the price of the Ship may be increased or decreased pursuant to Article 24 thereof but,
for the purposes of this Agreement, the Final Contract Price will not include any increase in the price under Article 24.

 

		(D)	The Lenders haveBy
a facility agreement dated 19 December 2018 (the "Original Facility Agreement"), entered into between the Borrower,
the Lenders, the Joint Mandated Lead Arrangers, the Facility Agent, the SACE Agent and the Security Trustee, the Lenders
agreed to make available to the Borrower a Euro loan facility for the purpose of assisting the Borrower in financing, up to eighty
per cent. (80%) of the Final Contract Price (and subject to an aggregate amount no greater than the Eligible Amount) and one hundred
per cent. (100%) of the SACE Premium.

 

		(E)	Due to the unprecedented and extraordinary impacts
of the Covid-19 pandemic on the cruise sector and cruise operators, SACE informed the cruise operators of its availability to evaluate
certain measures (the "Temporary Measures") applicable in relation to certain qualifying loan agreements
in order to assist companies which are financially sound but dealing with the impact of the temporary but unprecedented Covid-19
pandemic; the possibility to access to such measures was subject, amongst other things, to certain principles dated 15 April 2020
for cruise lines offered by SACE (the "Original Principles").

 

		(F)	On 21 January 2021 SACE confirmed its availability
to evaluate an extension of the Temporary Measures (the "Extended Temporary Measures"), again subject to certain
principles set out in a document titled "Debt Deferral Extension Framework for ECA-backed Export Financings" dated 26
November 2020 for cruise lines offered by SACE (together with the Original Principles, the "Principles").

 

		(G)	Pursuant to the consent request letter dated 3 December
2020, the Borrower and the Guarantor notified the Facility Agent and the SACE Agent of the wish to benefit from the Temporary Measures
and the Extended Temporary Measures in relation to certain loan agreements listed therein, including the Original Facility Agreement,
and requested, amongst other things, the temporary suspension of certain covenants under the Original Guarantee and the addition
of certain covenants under the Original Facility Agreement for a period until 31 December 2022 (the "Borrower Request").

 

		(H)	On 25 January 2021, the Facility Agent
(for and on behalf of the Lenders) provided its consent to part of the Borrower Request in accordance with and subject to certain
conditions as set out in an amendment and restatement agreement to the Original Facility Agreement dated _____ February 2021 between,
amongst others, the Borrower, the Facility Agent and the
SACE Agent (the "2021 Amendment and Restatement Agreement").

 

		(I)	This Agreement sets out the terms and conditions
of the Original Facility Agreement as amended and restated by the 2021 Amendment and Restatement Agreement. 

 

    2

     

    

 

OPERATIVE
PROVISIONS

 

		1	Interpretation

 

		1.1	Definitions

 

Subject to Clause 1.5 (General
Interpretation), in this Agreement:

 

"2021
Amendment and Restatement Agreement" has the meaning given to such term in Recital (H).

 

"2021
Deferral Effective Date" has the meaning given to the term Effective Date in the 2021 Amendment and Restatement Agreement.

 

"2021
Deferral Fee Letters" means any letter between the Facility Agent (or,
as the case may be, the SACE Agent) and any Obligor which
sets out the fees payable in connection with the arrangements contemplated by the 2021 Amendment and Restatement Agreement.

 

"Affected
LenderAdditional SACE Premium"
has the meaning given to such term in Clause 6.6
(Unavailability of Screen Rate8.5 (Additional
Premium).

 

"Advance"
means the principal amount of each borrowing by the Borrower under this Agreement.

 

"Affiliate"
means in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that
Holding Company.

 

"Annex
VI" means Annex VI (Regulations for the Prevention of Air Pollution from Ships, entered into on 19 May,
2005) to the International Convention for the Prevention of Pollution from Ships 1973, as modified by the Protocol of 1978 relating
thereto and by the Protocol of 1997 (MARPOL) and as further revised in October 2008 with such revised version having entered into
force on 1 July 2010.

 

"Approved
Broker" means Clarkson plcPlatou,
Barry Rogliano Salles, Fearnleys AS, Rocca & Partners,
Brax Shipbrokers AS (or any Affiliate of such person through which valuations are commonly issued) or such other shipbroker or
ship valuer experienced in valuing cruise ships nominated by the Borrower and approved by the Facility Agent.

 

"Approved
Flag" means the Bermudian
flag, the Marshall Islands flag, the Bahamas flag or such other flag as the Facility Agent may, with the approval of the Italian
Authorities and at least four Lenders representing as a minimum the Majority Lenders, approve from time to time.

 

"Approved
Manager" means any of the Borrower, NCL Corporation Ltd., NCL (Bahamas) Ltd., the Member as bareboat charterer
or other member of the Group, or any company which is not a member of the Group which the Facility Agent may, with the authorisation
of the Majority Lenders, approve from time to time as the
manager of the Ship.

 

"Approved
Manager's Undertaking" means, in the event that the Approved Manager is a company other than the Borrower or the
Member as bareboat charterer, a letter of undertaking executed or to be executed by the Approved Manager in favour of the Facility
Agent, which will include, without limitation, an agreement by the Approved Manager to subordinate its rights against the Ship
and the Borrower to the rights of the Secured Parties under the Finance Documents, in the agreed form.

 

    3

     

    

 

"Article
55 BRRD" means Article 55 of
Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment
firms.

 

"Availability
Period" means the period commencing on the Effective Date and ending on:

 

		(a)	the earlier to occur of (i) the Delivery Date and (ii) 10 November
2025 (or such later date as the Facility Agent may, with the authorisation of the Lenders, agree with
the Borrower); or

 

		(b)	if earlier, the date on which the Total Commitments are fully borrowed, cancelled or terminated.

 

"Bail-In
Action" means the exercise of any Write-down and Conversion Powers.

 

"Bail-In
Legislation" means:

 

		(a)	in relation to an EEA Member Country which has implemented, or which
at any time implements, Article 55 of Directive 2014/59/EU establishing a framework for
the recovery and resolution of credit institutions and investment firmsBRRD,
the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and

 

		(b)	in relation to any other state
other than such an EEA Member Country or (to the extent that the United
Kingdom is not such an EEA Member Country) the United Kingdom, any analogous law or regulation
from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation.

 

"Bareboat
Charter" means the bareboat charter of the Ship by the Borrower as owner to the Member as bareboat charterer which shall
be entered into no later than the Delivery Date in a form of draft approved by the Facility Agent before the date of thisthe
Original Facility Agreement with such reasonable changes thereto as the Facility Agent may
approve from time to time.

 

"Builder"
has the meaning given in Recital (A).

 

"Business
Day" means a day (other than a Saturday or a Sunday) on which banks are open in New York, Milan, Frankfurt, Brussels,
Madrid, Paris, Rome and (in relation to any payment or purchase of Euros) which is a TARGET Day; and

 

"CDP"
means Cassa Depositi e Prestiti S.p.A.

 

"Certified
Copy" means in relation to any document delivered or issued by or on behalf of any company, a copy of such document
certified as a true, complete and up-to-date copy of the original by any of the directors or the secretary or assistant secretary
or any attorney-in-fact for the time being of that company or, in the case of the Borrower, the sole manager of the Borrower.

 

"Charged
Property" means all of the assets which from time to time are, or are expressed to be, the subject of Security
Interests pursuant to the Finance Documents.

 

"CIRR"
means, in relation to the Loan, the applicable Commercial Interest Reference Rate determined in accordance with the OECD Arrangement
on Guidelines for Officially Supported Export Credits, to be notified by SIMEST to the Facility Agent (through the SACE Agent)
and expected to be one point zero six per cent. (1.06% p.a.)
per annum.

 

    4

     

    

 

"CIRR
Break Costs" means, in respect of the Loan, all the amounts that SIMEST is entitled to charge, whether for taxes, costs,
expenses, indemnities, penalties, losses or liabilities whatsoever, under and in accordance with the relevant Interest Make-up
Agreement, including without limitation, as a result of any prepayment of all or any part of the Loan under this Agreement (whether
voluntary, following acceleration of the Loan or otherwise), as a result of an Interest Make-up Event and/or as a result of the
Borrower deciding to switch from the Fixed Interest Rate to another interest rate after the Drawdown Date. Such amounts include,
without limitation, (i) breakage costs calculated on the basis of the net present value referred to in the relevant Interest Make-up
Agreement, (ii) any amount due as a consequence of the close-out of any hedging arrangement entered into by SIMEST in relation
to this Agreement, (iii) default interest and penalties (maggiorazioni) whenever applicable, and (iv) all amounts (if any)
to be returned by the SACE Agent or the Facility Agent (as applicable) to SIMEST under and pursuant to the Interest Make-up Agreement.

 

"Code"
means the United States Internal Revenue Code of 1986.

 

"Code
of Ethics" means the code of ethics adopted by CDP, available on CDP's website (http://www.cdp.it/static/upload/cdp/cdp_code_ethics.pdf).

 

"Commitment"
means, in relation to a Lender, the amount equal to the percentage of the Maximum Loan Amount set opposite its name in Schedule
1 (Lenders and Commitments), or, as the case may require, the amount specified in the relevant Transfer Certificate, in
each case as that amount may be reduced, cancelled or terminated in accordance with this Agreement (and "Total Commitments"
means the aggregate of the Commitments of all the Lenders).

 

"Common
Units" means all membership interests held at any time during the term of the limited liability company agreement of the
Borrower by the Member, including, without limitation, the Member's (i) right to a distributive share of the income, gain, losses
and deductions of the Borrower in accordance with the limited liability company agreement, (ii) the right to a distributive share
of the Borrower's assets, and (iii) any securities issued in respect of or in exchange for common units, whether by way of dividend
or other distribution, split reverse split, recapitalization, merger, rollup transaction, consolidation conversion or reorganization.

 

"Compliance
Certificate" has the meaning given to the term "Compliance Certificate" in the Guarantee.

 

"Confidential
Information" means all information relating to any Obligor, the Group, the Finance Documents or the Loan of which
a Creditor Party becomes aware in its capacity as, or for the purpose of becoming, a Creditor Party or which is received by a Creditor
Party from either:

 

		(a)	any member of the Group or any of its advisers; or

 

		(b)	another Creditor Party, if the information was obtained by that Creditor Party directly or indirectly
from any member of the Group or any of its advisers,

 

    5

     

    

 

in whatever form, and includes
information given orally and any document, electronic file or any other way of representing or recording information which contains
or is derived or copied from such information but excludes information that:

 

		(a)	(i) is or becomes public
information other than as a direct or indirect result of any breach by that Creditor Party of Clause 33 (Confidentiality);
or

 

		(b)	(ii) is identified
in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or

 

		(c)	(iii) is known by that
Creditor Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully
obtained by that Creditor Party after that date, from a source which is, as far as that Creditor Party is aware, unconnected with
the Group and which, in either case, as far as that Creditor Party is aware, has not been obtained in breach of, and is not otherwise
subject to, any obligation of confidentiality; or

 

		(d)	(iv) any Reference
Bank Quotation.

 

"Confidentiality
Undertaking" means a confidentiality undertaking in substantially the appropriate form recommended by the LMA from
time to time or in any other form agreed between the Borrower and the Facility Agent.

 

"Contribution"
means, in relation to a Lender, the amount of the Loan which is owing to that Lender.

 

"Corresponding
Debt" means any amount, other than any Parallel Debt, which an Obligor owes to a Creditor Party under or in connection
with the Finance Documents.

 

"Creditor
Party" means the Facility Agent, the Security Trustee, the SACE Agent, the Joint Mandated Lead Arrangers or any
Lender, whether as at the date of this Agreement or at any later time.

 

"Deferral
Period" means the period from 1 April 2020 to 31 December 2022.

 

"Delegate"
means any delegate, agent, attorney or co-trustee appointed by the Security Trustee

 

"Delivery
Date" means the date and time of delivery of the Ship by the Builder to the Borrower as stated in the Protocol
of Delivery and Acceptance.

 

"Document
of Compliance" has the meaning given to it in the ISM Code.

 

"Dollars",
 "$" and "USD"
means the lawful currency for the time being of the United States of America.

 

"Drawdown
Date" means the date on which the Loan is drawn down and applied in accordance with Clause 2 (Facility).

 

"Drawdown
Notice" means a notice in the form set out in Schedule 2 Schedule
2 (Form of Drawdown Notice) (or in any other form which the Facility Agent approves or reasonably requires).

 

    6

     

    

 

"Earnings"
means all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Borrower, by the Member as
bareboat charterer and which arise out of the use or operation of the Ship, including (but not limited to):

 

		(a)	all freight, hire, fare and passage moneys, compensation payable to the Borrower, the Facility
Agent or the Security Trustee (as the case may be) in the event of requisition of the Ship for hire, remuneration for salvage and
towage services, demurrage and detention moneys and damages for breach (or payments for variation or termination) of any charterparty
or other contract for the employment of the Ship;

 

		(b)	all moneys which are at any time payable under Insurances in respect of loss of earnings;

 

		(c)	all moneys which are at any time payable to the Borrower in respect of the general average contribution;
and

 

		(d)	if and whenever the Ship is employed on terms whereby any moneys falling within paragraphs (a)
or (b) above are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing
arrangement which is attributable to the Ship.

 

"EEA
Member Country" means any member state of the European Union, Iceland, Liechtenstein and Norway.

 

"Effective
Date" means the earlier of:

 

		(a)	the Guarantor providing the Facility Agent with written notice stating
that thisthe
Original Facility Agreement and the other Finance Documents signed on or about the date hereofof
the Original Facility Agreement have become effective; and

 

		(b)	16.00 Central European time on 31 January 2019.

 

"Eligible
Amount" means eighty per cent. (80%) of the lesser of:

 

		(a)	five hundred and seventy eight million and seven hundred thousand Euros
(€578,700,000); and

 

		(b)	the Final Contract Price.

 

"Environmental
Approval" means any present or future permit, ruling, variance or other authorisation required under Environmental
Laws.

 

"Environmental
Claim" means any claim by any governmental, judicial or regulatory authority or any other person which arises out
of an Environmental Incident or an alleged Environmental Incident or which relates to any Environmental Law and, for this purpose,
 "claim" includes a claim for damages, compensation, contribution, injury, fines, losses and penalties or any other payment
of any kind, including in relation to clean-up and removal, whether or not similar to the foregoing; an order or direction to take,
or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including
the arrest or attachment of any asset.

 

"Environmental
Incident" means:

 

    7

     

    

 

		(a)	any release, emission, spill or discharge into the Ship or into or upon the air, sea, land or soils
(including the seabed) or surface water of Environmentally Sensitive Material within or from the Ship; or

 

		(b)	any incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged
into or upon the air, sea, land or soils (including the seabed) or surface water from a vessel other than the Ship and which involves
a collision between the Ship and such other vessel or some other incident of navigation or operation, in either case, in connection
with which the Ship is actually or potentially liable to be arrested, attached, detained or injuncted and/or the Ship and/or any
Obligor and/or any operator or manager of the Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative
action; or

 

		(c)	any other incident in which Environmentally Sensitive Material is released, emitted, spilled or
discharged into or upon the air, sea, land or soils (including the seabed) or surface water otherwise than from the Ship and in
connection with which the Ship is actually or potentially liable to be arrested and/or where any Obligor and/or any operator or
manager of the Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action, other than in
accordance with an Environmental Approval.

 

"Environmental
Law" means any present or future law relating to pollution or protection of human health or the environment, to
conditions in the workplace, to the carriage, generation, handling, storage, use, release or spillage of Environmentally Sensitive
Material or to actual or threatened releases of Environmentally Sensitive Material.

 

"Environmentally
Sensitive Material" means and includes all contaminants, oil, oil products, toxic substances and any other substance
(including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming) polluting,
toxic or hazardous.

 

"EONIA"
means, on any date, the effective overnight reference rate for the Euro administered by the European Money Markets Institute (or
any other person which takes over the administration of that rate), computed as a weighted average
of all overnight unsecured lending transactions in the European interbank market, undertaking in the European Union and European
Free Trade Association countries, provided that if the rate is less than zero, EONIA shall be
deemed to be zero (except with respect to the Interest Make-up Agreement).

 

"Equator
Principles" means the standards entitled "A financial industry benchmark for determining, assessing and managing
environmental and social risk in projects" dated June 2013 and adopted by certain financial institutions, as the same may
be amended or supplemented from time to time.

 

"€STR"
means the euro short term rate administered by the European Central Bank(or
any other person which takes over the administration of that rate) for
the relevant period displayed (before any correction, recalculation or republication by the administrator) on the relevant page
of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of
such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service
ceases to be available, the Facility Agent may specify another page or service displaying the relevant rate after consultation
with the Borrower.

 

    8

     

    

 

"EU
Bail-In Legislation Schedule" means the document described as such and published by the Loan Market Association
(or any successor person) from time to time.

 

"EU
Blocking Regulation" means EU Regulation (EC) 2271/96 of 22 November 1996.

 

"EURIBOR"
means, in relation to the Loan or any part of the Loan:

 

		(a)	the applicable Screen Rate as of the Quotation
DateSpecified Time for
Euroseuro
and for a period equal in length to the Interest Period of the Loan or that part of the Loan; or

 

		(b)	as otherwise determined pursuant to Clause 6.6 (Unavailability of
Screen Rate).,

 

and if,
in either case, that rate is less than zero, EURIBOR shall be deemed to be zero (except with respect to the Interest Make-uUp
Agreement).

 

"Euro",
 "Euros" and "EUR" means the single
currency of the Participating Member States.

 

"Event
of Default" means any of the events or circumstances described in Clause 18.1 (Events of Default).

 

"Existing
Indebtedness" means Financial Indebtedness referred to in the financial statements of the Guarantor delivered to
the Facility Agent prior to the date of this Agreement.

 

"Exporter
Declaration" means a declaration in the form required by SIMEST at the relevant time duly signed by an authorised
signatory of the Builder.

 

"Facility"
means the term loan facility made available under this Agreement as described in Clause 2.1 (Amount of facility).

 

"Facility
Agent" means BNP Paribas, a French "société
anonyme", having a share capital of two billion four hundred ninety-nine million five
hundred ninety-seven thousand one hundred and twenty-two Euros (€2,499,597,122) and its registered office located at 16 Boulevard
des Italiens, 75009, Paris, France, registered under the n° Siren 662.042.449 at the Registre du Commerce et des Sociétés
of Paris or any successor of it appointed under Clause 26 (Role of the Facility Agent and the Joint Mandated Lead
Arrangers).

 

"Facility
Agreement" means the Original Facility Agreement as amended and restated by the 2021 Amendment and Restatement Agreement.

 

"Facility
Office" means the office or offices notified by a Lender to the Facility Agent in writing on or before the date
it becomes a Lender (or, following that date, by not less than five (5) Business Days' written notice) as the office or offices
through which it will perform its obligations under this Agreement.

 

"FATCA"
means:

 

		(a)	sections 1471 to 1474 of the Code or any associated regulations;

 

		(b)	any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement
between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred
to in paragraph (a) above; or

 

    9

     

    

 

		(c)	any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs
(a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other
jurisdiction.

 

"FATCA
Application Date" means:

 

		(a)	in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code
(which relates to payments of interest and certain other payments from sources within the US), 1 July 2014;

 

		(b)	in relation to a "withholdable payment" described in section 1473(1)(A)(ii) of the Code
(which relates to "gross proceeds" from the disposition of property of a type that can produce interest from sources
within the US), 1 January 2019; or

 

		(c)	in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling
within paragraphs (a) or (b) above, 1 January 2019,

 

or,
in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA as a result
of any change in FATCA after the date of thisthe
Original Facility Agreement.

 

"FATCA
Deduction" means a deduction or withholding from a payment under a Finance Document required by FATCA.

 

"FATCA
Exempt Party" means a Party that is entitled to receive payments free from any FATCA Deduction.

 

"Fee
Letter" means any letter dated on or about the date of thisthe
Original Facility Agreement between:

 

		(a)	the Facility Agent and the Borrower setting out the fees referred to
in paragraph (a) of Clause 9.1 9
(Fees);

 

		(b)	the Facility Agent and the Borrower setting out the fees referred to
in paragraph (b) of Clause 9.1 9
(Fees);

 

		(c)	the SACE Agent and the Borrower setting out the fees referred to in
paragraph (d) of Clause 9.1 9
(Fees);

 

		(d)	the Security Trustee and the Borrower setting out the fees referred
to in paragraph (e) of Clause 9.1 9
(Fees); or

 

		(e)	the Borrower and a Creditor Party setting out the fees payable to such
Creditor Party pursuant to the terms of thisthe
Original Facility Agreement.

 

"Finance
Documents" means:

 

		(a)	the 2021 Amendment and Restatement Agreement;

 

		(b)	the 2021 Deferral Fee Letters; 

 

		(c)	(a) this Agreement;

 

		(d)	(b) any Fee Letter;

 

    10

     

    

 

		(e)	(c) the Guarantee;

 

		(f)	(d) the General Assignment;

 

		(g)	(e) the Mortgage;

 

		(h)	(f) the Pledge Agreement;

 

		(i)	(g) the Post-Delivery
Assignment;

 

		(j)	(h) any Subordinated
Debt Security;

 

		(k)	(i) the Approved Manager's
Undertaking;

 

		(l)	(j) any Transfer Certificate;

 

		(m)	(k) any Compliance
Certificate;

 

		(n)	(l) any Drawdown Notice;

 

		(o)	(m) any other document
(whether creating a Security Interest or not) which is executed as security for, or for the purpose of establishing any priority
or subordination arrangement in relation to, the Secured Liabilities; and

 

		(p)	(n) any other document
(whether creating a Security Interest or not) which is designated as a Finance Document by agreement between the Borrower, SACE
and the Facility Agent.

 

"Final
Contract Price" has the meaning given in Recital (C).

 

"Financial
Indebtedness" means, in relation to a person (the "debtor"),
an indebtedness of the debtor:

 

		(a)	for principal, interest or any other sum payable in respect of any moneys borrowed or raised by
the debtor;

 

		(b)	under any loan stock, bond, note or other security issued by the debtor;

 

		(c)	under any acceptance credit, guarantee or letter of credit facility made available to the debtor;

 

		(d)	under a financial lease, a deferred purchase consideration arrangement or any other agreement having
the commercial effect of a borrowing or raising of money by the debtor;

 

		(e)	under any foreign exchange transaction, any interest or currency swap or any other kind of derivative
transaction entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of
mutual liabilities, the liability of the debtor for the net amount;

 

		(f)	under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability
of another person which would fall within paragraphs (a) to (e) if the references to the debtor referred to the other person; or

 

    11

     

    

 

		(g)	arising from receivables sold or discounted (other than receivables to the extent they are sold
on a non-recourse basis).

 

"First
Instalment" means the first instalment of the SACE Premium as more particularly described in paragraph (a) of Clause
8.1 (SACE Premium).

 

"Fixed
Interest Rate" means, in respect of any Interest Period, the rate per annum determined by the Facility Agent to
be the aggregate of:

 

		(a)	the applicable Margin; and

 

		(b)	the CIRR.

 

"Fixed
Rate Margin" means the difference between the Floating Rate Margin and the SIMEST Margin Contribution.

 

"Floating
Interest Rate" means, in respect of any Interest Period, the rate per annum determined by the Facility Agent to
be the aggregate of:

 

		(a)	the applicable Margin; and

 

		(b)	EURIBOR for the relevant period.

 

"Floating
Rate Margin" means one point fifteen per cent. (1.15%).

 

"Funding
Rate" means any individual rate notified by a Lender to the Facility Agent pursuant to sub-paragraph
(i) of paragraph (e) of Clause 6.11(b)6.9
(Cost of funds).

 

"GAAP"
means generally accepted accounting principles in the United States of America consistently applied (or, if not consistently applied,
accompanied by details of the inconsistencies) including, without limitation, those set forth in the opinion 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.

 

"General
Assignment" means an assignment of, inter alia, any Management Agreement, the Earnings, the Insurances,
any charter and any Requisition Compensation, executed or to be executed by the Borrower, the Member as charterer and, in the event
that the Approved Manager is not a member of the Group and is named as a co-assured in the Insurances, the Approved Manager in
favour of the Security Trustee in the agreed form.

 

"German
Blocking Provisions" means section 7 of the German Foreign Trade Regulation (AWV) (Außenwirtschaftsverordnung)
(in connection with section 4 paragraph 1 a no. 3 German Foreign Trade Law (AWG) (Außenwirtschaftsgesetz)).

 

"Gross
Negligence" means any act or omission, whether deliberate or not, which in the circumstances (including both the
probability and seriousness of the consequences likely to result) would reasonably be regarded by those familiar with the nature
of the activity in question and with the surrounding circumstances, as amounting to the reckless disregard of, or serious indifference
to, the consequences, being in any case more than a negligent failure to exercise proper skill and care.

 

"Group"
means the Guarantor and its Subsidiaries.

 

    12

     

    

 

"Guarantee"
means a guarantee
issued by the Guarantor in favour of the Security Trustee in the agreed form.the
Original Guarantee as amended and restated pursuant to the 2021 Amendment and Restatement Agreement and as may be further amended
and/or supplemented from time to time.

 

"Guarantor"
means NCL Corporation Ltd., a Bermuda company with its registered office at Park Place, 55 Par-la-Ville Road, Hamilton HM11, Bermuda.

 

"Holding"
means Norwegian Cruise Line Holdings Ltd., a company incorporated under the laws of Bermuda with its registered office at Park
Place 55, Par-la-Ville Road, Hamilton HM 11, Bermuda.

 

"Holding
Company" means, in relation to a person, any other person in respect of which it is a Subsidiary.

 

"IAPPC"
means a valid international air pollution prevention certificate for the Ship issued under Annex VI.

 

"Illicit
Origin" means any origin which is illicit, fraudulent or in breach of Sanctions including, without limitation,
drug trafficking, corruption, organised criminal activities, terrorism, money laundering or fraud.

 

"Information
Package" means the information package in connection with the "Debt Holiday" application in the form set out
in schedule 4 (Information Package) of the 2021 Amendment and Restatement Agreement, submitted by the Borrower (or the Guarantor
on its behalf) in order to obtain the benefit of the measures provided for in the Principles for the purpose of this Agreement
and certain of the Borrower's and the Guarantor's obligations under this Agreement.

 

"Initial
Contract Price" has the meaning given in Recital (B).

 

"Insurances"
means:

 

		(a)	all policies and contracts of insurance, including entries of the Ship in any protection and indemnity
or war risks association, which are effected in respect of the Ship, its Earnings or otherwise in relation to it; and

 

		(b)	all rights and other assets relating to, or derived from any of such policies, contracts or entries,
including any rights to a return of a premium.

 

"Intended
Delivery Date" means [*] (the date on which the Ship will be ready for delivery
pursuant to the Shipbuilding Contract as at the date of thisthe
Original Facility Agreement) or any other date notified by the Borrower to the Facility Agent in accordance with paragraph
(a) of Clause 3.5 (No later than sixty (60) days before the Intended Delivery Date) or paragraph (c) of Clause 3.9
(No later than five (5) Business Days before the Intended Delivery Date) as being the date on which the Builder and the
Borrower have agreed that the Ship will be ready for delivery pursuant to the Shipbuilding Contract.

 

"Interest
Make-uUp
Agreement" means an agreement on interest stabilisation (Capitolato per il Contributo Interessi) to be entered
into between SIMEST and the SACE Agent on behalf of the Lenders and in form and substance acceptable to the SACE Agent, the Facility
Agent and the Lenders, which provides, inter alia, for the applicable CIRR to be subsidised in relation to the Loan made
available under this Agreement and to which the CIRR applies.

 

    13

     

    

 

"Interest
Make-up Event" means the occurrence of any circumstances which result in the termination, cancellation, revocation,
cessation or suspension (in each case, in whole or in part) of the Interest Make-up Agreement or the Interest Make-up Agreement
otherwise ceases or may cease to be in full force and effect or the SACE Agent notifies the Borrower that the Fixed Interest Rate
is not available for any reason, in each case, in accordance with the terms of the Interest Make-up Agreement.

 

"Interest
Period" means a period determined in accordance with Clause 7 (Interest Periods).

 

"Interpolated
Screen Rate" means, in relation to the Loan or any part of the Loan, the rate which results from interpolating on a linear
basis between:

 

		(a)	the applicable Screen Rate for the longest period
(for which that Screen Rate is available) which is less than the Interest Period of the Loan or that part of the Loan; and 

 

		(b)	the applicable Screen Rate for the shortest period
(for which that Screen Rate is available) which exceeds the Interest Period of the Loan or that part of the Loan,

 

each
as of the Specified Time for Euros. 

 

"ISM
Code" means the International Safety Management Code for the safe operation of ships and for pollution prevention
(including the guidelines on its implementation), adopted by the International Maritime Organisation as the same may be amended
or supplemented from time to time.

 

"ISPS
Code" means the International Ship and Port Facility Security (ISPS) Code adopted by the International Maritime
Organisation (IMO) Diplomatic Conference of December 2002, as the same may be amended or supplemented from time to time.

 

"Italian
Authorities" means SACE and/or SIMEST and any other relevant Italian authorities involved in the implementation
of the Loan.

 

"Legislative
Decree 231/01" means the Italian legislative decree of 8 June 2001, no. 231 (Disciplina della responsabilità
amministrativa delle persone giurdiche, delle società e delle associazioni anche prive di personalità giuridica,
a norma dell'articolo 11 della legge 29 settembre 2000, n.300) as amended from time to time, on administrative vicarious liability
of corporate entities.

 

"Lender"
means a bank, financial institution, trust, fund or other entity listed in Schedule 1 (Lenders and Commitments) and acting
through its Facility Office or its transferee, successor or assign.

 

"Loan"
means the principal amount for the time being outstanding under this Agreement.

 

"Majority
Lenders" means:

 

		(a)	before the Loan has been made, Lenders whose Commitments total [*]
per cent. of the Total Commitments; and

 

		(b)	after the Loan has been made, Lenders whose Contributions total [*]
per cent. of the Loan.

 

    14

     

    

 

"Management
Agreement" means the management agreement (if any) entered or to be entered into between the Borrower and an Approved
Manager which is not a member of the Group with respect to the Ship on terms reasonably acceptable to the Majority Lenders and
SACE.

 

"Margin"
means:

 

		(a)	in relation to the Fixed Interest Rate, the Fixed Rate Margin; and

 

		(b)	in relation to the Floating Interest Rate, the Floating Rate Margin.

 

"Maritime
Registry" means the maritime registry which the Borrower will specify to the Lenders no later than 90 days before
the Intended Delivery Date, being that of Bermuda, the Marshall Islands, Bahamas or such other registry as the Facility Agent may,
with the approval of the Italian Authorities and at least three Lenders representing as a minimum the Majority Lenders, approve.

 

"Material
Adverse Effect" means the occurrence of any event or circumstance which reasonably would be expected to have a
material adverse effect on:

 

		(a)	the business, operations, property, condition (financial or otherwise) of any Obligor or the Group
as a whole;

 

		(b)	the ability of any Obligor to perform its obligations under any Finance Document; or

 

		(c)	the validity or enforceability of, or the effectiveness or ranking of any Security Interest granted
or intended to be granted pursuant to any of, the Finance Documents or the rights or remedies of any Secured Party under any of
the Finance Documents.

 

"Maximum
Loan Amount" means the aggregate of:

 

		(a)	four hundred and sixty two million nine hundred and sixty thousand Euros (€462,960,000);
and

 

		(b)	one hundred per cent. (100%) of the SACE Premium to be paid in accordance with Clause 8.1 (SACE
Premium),

 

provided that such amount shall
not, at any time, exceed four hundred and eighty million two hundred and forty eight thousand nine hundred and sixty two Euros
and sixty six cents (€480,248,962.66).

 

"Member"
means Oceania Cruises S. de R.L., a Panamanian sociedad de responsabilidad limitada domiciled in Panama whose resident agent
is PHat
Arifa, 9th and 10th Floors Building,
West Boulevard, Santa Maria Business District, Panama, Republic of Panama as the sole member of the Borrower.

 

"Minor
Modification" means a modification of the plans or the specification or the construction of the Ship under Article
24 of the Shipbuilding Contract, resulting in a contract price increase or decrease of less than [*]
Euros (€[*]).

 

"Model"
means the principles of the compliance system adopted by CDP pursuant to Legislative Decree 231/01, available on CDP's website
(https://en.cdp.it/kdocs/1896656/Organization_Management_and_Control_Model_pursuant_to_Italian_Legislative_Decree_No._231-01_EN.pdf).

 

    15

     

    

 

"Mortgage"
means the first priority mortgage on the Ship acceptable for registration on the Approved Flag and, if applicable, deed of covenant,
executed or to be executed by the Borrower in favour of the Security Trustee in the agreed form.

 

"Negotiation
Period" has the meaning given in Clause
6.9 (Negotiation of alternative rate of interest).

 

"Obligors"
means the Borrower, the Guarantor, the Member and (in the event that the Approved Manager is a member of the Group) the Approved
Manager.

 

"Original
Facility Agreement" has the meaning given to such term
in Recital (D).

 

"Original
Guarantee" means the guarantee
issued by the Guarantor in favour of the Security Trustee on
19 December 2018.

 

"Original
Jurisdiction" means, in relation to an Obligor, the jurisdiction under whose laws that Obligor is incorporated or formed,
as the case may be, as at the date of this Agreement.

 

"Original
Principles" has the meaning given in Recital
(E).

 

"Parallel
Debt" means any amount which an Obligor owes to the Security Trustee under Clause 27.2 (Parallel Debt (Covenant
to pay the Security Trustee)).

 

"Participating
Member State" means any member state of the European Union that adopts or has adopted the euro as its lawful currency
in accordance with legislation of the European Union relating to Economic and Monetary Union.

 

"Party"
means a party to this Agreement from time to time.

 

"Permitted
Financial Indebtedness" means any Financial Indebtedness:

 

		(a)	incurred under the Finance Documents; or

 

		(b)	permitted pursuant to Clause 12.14 (Financial Indebtedness and subordination of indebtedness).

 

"Permitted
Security Interests" means:

 

		(a)	in the case of the Borrower:

 

		(i)	any of the Security Interests referred to in sub-paragraph
(A) of sub-paragraph (ii) of paragraph (b)(ii)(A) (b)
below; and

 

		(ii)	any of the Security Interests referred to in sub-paragraphs
(b)(ii)(B), (b)(ii)(C), (b)(ii)(E), (b)(ii)(H) and (b)(ii)(I) (B),
(C), (E), (H) and (I) of sub-paragraph (ii) of paragraph (b) below if, by reason of any chartering or management arrangements
for the Ship approved by the Facility Agent pursuant to the provisions of this Agreement, such Security Interests are created by
the Borrower in the case of sub-paragraphs
(b)(ii)(C) or (b)(ii)(E) or (C)
or (E) of sub-paragraph (ii) of paragraph (b) incurred by the Borrower in the case of paragraphs
(b)(ii)(B), (b)(ii)(H) or (b)(ii)(I)(B), (H) or (I)
of sub-paragraph (ii) of paragraph (b); and

 

    16

     

    

 

		(b)	in the case of the Guarantor:

 

		(i)	any of the Security Interests referred to in sub-paragraphs
(ii)(A), (ii)(D),
(ii)(F) and (ii)(G)
of sub-paragraph (ii) of paragraph (b) below; and

 

		(ii)	any of the Security Interests referred to in paragraphs (C), (E), (H) and (I) below if, by reason
of any chartering or management arrangements for the Ship approved by the Facility Agent pursuant to the provisions of this Agreement,
such Security Interests are created by the Guarantor in the case of paragraph (C) or (E) or incurred by the Guarantor in the case
of paragraph (H) or (I);

 

		(A)	any Security Interest created by or pursuant to the Finance Documents and any deposits or other
Security Interests placed or incurred in connection with any bond or other surety from time to time provided to the US Federal
Maritime Commission in order to comply with laws, regulations and rules applicable to the operators of passenger vessels operating
to or from ports in the United States of America;

 

		(B)	liens on the Ship up to an aggregate amount at any time not exceeding [*]
for current crew's wages and salvage and liens incurred in the ordinary course of trading the Ship;

 

		(C)	any deposits or pledges up to an aggregate amount at any time not exceeding [*]
to secure the performance of bids, tenders, bonds or contracts required in the ordinary course of business;

 

		(D)	any other Security Interest including in relation to the Existing Indebtedness over the assets
of any Obligor other than the Borrower notified by the Borrower or any of the Obligors to the Facility Agent and accepted by it
prior to the date of this Agreement;

 

		(E)	(without prejudice to the provisions of Clause 12.14 (Financial Indebtedness and subordination
of indebtedness)) liens on assets leased, acquired or upgraded after the date of thisthe
Original Facility Agreement or assets newly constructed or converted after the date of thisthe
Original Facility Agreement provided that (i) such liens secure Financial Indebtedness otherwise permitted under this
Agreement, (ii) such liens are incurred at the time of such lease, acquisition, upgrade, construction or conversion and (iii) the
Financial Indebtedness secured by such liens does not exceed the cost of such upgrade or the cost of such assets acquired or leased;

 

		(F)	other liens arising in the ordinary course of business of the Group unrelated to Financial Indebtedness
and securing obligations not yet delinquent or which are being contested in good faith by appropriate proceedings and for which
adequate reserves have been established provided that (i) the aggregate amount of all cash and the fair market value of all other
property subject to such liens as are described in this paragraph (F) does not exceed [*] and (ii)
such cash and/or other property is not an asset of the Borrower;

 

    17

     

    

 

		(G)	subject to the other provisions of this Agreement and the Guarantee, any Security Interest in respect
of existing Financial Indebtedness of a person which becomes a Subsidiary of the Guarantor or is merged with or into the Guarantor
or any of its subsidiaries;

 

		(H)	liens in favour of credit card companies on unearned customer deposits pursuant to agreements therewith;
and

 

		(I)	liens in favour of customers on unearned customer deposits.

 

"Pertinent
Document" means:

 

		(a)	any Finance Document;

 

		(b)	any policy or contract of insurance contemplated by or referred to in Clause 12 (General Undertakings)
or any other provision of this Agreement or another Finance Document;

 

		(c)	any other document contemplated by or referred to in any Finance Document; and

 

		(d)	any document which has been or is at any time sent by or to the Facility Agent in contemplation
of or in connection with any Finance Document or any policy, contract or document falling within paragraph (b) or (c).

 

"Pertinent
Matter" means:

 

		(a)	any transaction or matter contemplated by, arising out of, or in connection with a Pertinent Document;
or

 

		(b)	any statement relating to a Pertinent Document or to a transaction or matter falling within paragraph
(a);

 

and covers any such transaction,
matter or statement, whether entered into, arising or made at any time before the signing of this Agreement or on or at any time
after that signing.

 

"Pledge
Agreement" means a document creating security over the limited liability company interests in the Borrower in the
agreed form.

 

"Poseidon
Principles" means the financial industry framework for assessing and disclosing the climate alignment of ship finance
portfolios published in June 2019 as the same may be amended or replaced to reflect changes in applicable law or regulation or
the introduction of or changes to mandatory requirements of the International Maritime Organisation from time to time.

 

"Post-Delivery
Assignment" means an assignment of the rights of the Borrower in respect of the post-delivery guarantee liability
of the Builder under Article 25 of the Shipbuilding Contract executed or to be executed by the Borrower in favour of the Security
Trustee in the agreed form.

 

"Principles"
has the meaning given to such term in Recital (F).

 

    18

     

    

 

"Prohibited
Jurisdiction" means any country or territory which is, or whose government is, the target of country-wide or territory-wide
Sanctions.

 

"Prohibited
Payment" means:

 

		(a)	any offer, gift, payment, promise to pay, commission, fee, loan or other consideration which would
constitute bribery or an improper gift or payment under, or a breach of Sanctions, any laws of the Republic of Italy, England and
Wales, Panama, the Council of the European Union, Germany, the United States of America or any other applicable jurisdiction; or

 

		(b)	any offer, gift, payment, promise to pay, commission, fee, loan or other consideration which would
or might constitute bribery within the OECD Convention on Combating Bribery of Foreign Public Officials in International Business
Transactions of 17 December 1997.

 

"Prohibited
Person" means any person that (i) appears on any Sanctions list of prohibited persons, (ii) is directly or indirectly
owned 50 percent or more by, or directly or indirectly controlled by, one or more persons covered by sub-section (i) above, or
(iii) is located, is resident in or is incorporated or formed, as the case may be, under the laws of a Prohibited Jurisdiction.

 

"Protocol
of Delivery and Acceptance" means the protocol of delivery and acceptance of the Ship to be signed by the Borrower
and the Builder in accordance with Article 8 of the Shipbuilding Contract.

 

"Qualifying
Certificate" means the certificate to be issued by the Builder on the Delivery Date and issued to the Facility
Agent and copied to the Borrower substantially in the form set out in Schedule 5 (Qualifying Certificate).

 

"Quotation
DateDay"
means, in relation to any Interest Period (or
any period for which an interest rate is to be determined under any provision
of a Finance Document), two TARGET, two Business
Days before the first day of that period, unless market practice differs in the
Relevant Interbank Market for a currency, in which case the Quotation DateDay
will be determined by the Facility Agent in accordance with market practice in the Relevant Interbank Market (and if quotations
would normally be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation DateDay
will be the last of those days).

 

"Qualifying
Certificate" means the certificate to be issued by the Builder on the Delivery Date and issued to the Facility
Agent and copied to the Borrower substantially in the form set out in Schedule 5 (Qualifying Certificate).

 

"Receiver"
means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Property

 

"Reference
Bank Quotation" means any quotation supplied to the Facility Agent by a Reference Bank.

 

"Reference
Bank Rate" means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Facility
Agent at its request by the Reference Banks:

 

    19

     

    

 

(a)
(other than where paragraph (b) below applies) as the rate at which the relevant
Reference Bank believes one prime bank is quoting to another prime bank for interbank term deposits
in euro within the Participating Member States for the relevant period; or

 

		(a)	if:

 

		(i)	the Reference Bank is a contributor to the Screen
Rate; and

 

		(ii)	it consists of a single figure,

 

(b)
if different, as the rate (if any and applied
to the relevant Reference Bank and the relevant currency and
period) which contributors to the Screen Rate are asked to submit to the relevant administrator.;
or

 

		(b)	in any other case,as
the rate at which the relevant Reference Bank could fund
itself in Euros for the relevant period with reference to the unsecured wholesale funding market.

 

"Reference
Banks" means such entities as may be appointed by the Facility Agent in consultation with the Borrower.

 

"Relevant
Interbank Market" means the European Interbank Market.

 

"Relevant
Jurisdiction" means, in relation to an Obligor:

 

		(a)	its jurisdiction of incorporation, or formation, as the case may be;

 

		(b)	any jurisdiction where any asset subject to, or intended to be subject to, any of the Security
Interests created, or intended to be created, under the Finance Documents to which it is a party is situated;

 

		(c)	any jurisdiction where it conducts its business; and

 

		(d)	the jurisdiction whose laws govern the perfection of any of the Security Interests created, or
intended to be created, under the Finance Documents to which it is a party.

 

"Relevant
Nominating Body" means any applicable central bank, regulator or other supervisory authority or a group of them, or any
working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board
(or any successor organization).

 

"Repayment
Date" means a date on which a repayment is required to be made under Clause 5 (Repayment).

 

"Replacement
Benchmark" means a benchmark rate which is:

 

		(a)	a formally designated,
nominated or recommended as the replacement for thea
Screen Rate by: 

 

		(i)	the administrator of thethat
Screen Rate (provided that the market or economic reality that such benchmark rate measures is the same as that measured by thethat
Screen Rate); or

 

		(ii)	any Relevant Nominating Body,

 

    20

     

    

 

and if replacements have, at
the relevant time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Benchmark"
shallwill
be the replacement under paragraph (ii) (ii)
above;

 

		(b)	in the opinion of the Majority Lenders and the ObligorsBorrower,
generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor of
thatto a Screen
Rate; or

 

		(c)	in the opinion of the Majority Lenders and the ObligorsBorrower,
an appropriate successor to thata
Screen Rate.

 

"Representative"
means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.

 

"Requisition
Compensation" includes all compensation or other moneys payable by reason of any act or event such as is referred
to in paragraph (b) of the definition of "Total Loss".

 

"Restricted
Creditor Party" means a Creditor Party which serves a notice pursuant to paragraph (a)
(a) of Clause 37.7
36.7 (Non-applicable
provisions between the Obligors, German Lenders and any Creditor Party subject to the EU Blocking Regulation).

 

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

 

"SACE"
means SACE S.p.A., an Italian joint stock company (società
per azioni) with a sole shareholder, whose registered office is located at Piazza Poli 37/42, 00187 Rome, Italy and registered
with the Companies Registry of Rome under number 05804521002.

 

"SACE
Agent" means Crédit Agricole Corporate and Investment Bank, a French "société anonyme",
having a share capital of seven billion eight hundred and fifty one million six hundred and thirty six thousand three hundred and
forty two Euros (€7,851,636,342) and its registered office located at 12, place des Etats-Unis, CS 70052, 92547 Montrouge
cedex, France, registered under the n° Siren 304 187 701 at the Registre du Commerce et des Sociétés
of Nanterre or any successor of it appointed under Clause 26 (Role of the Facility Agent and the Joint Mandated Lead Arrangers).

 

"SACE
Insurance Policy" means the insurance policy (as amended and
supplemented from time to time) in respect of this Agreement (which, in all material respects, is not inconsistent with
the commercial terms of this Agreement) issued or to be issued
by SACE for the benefit of the Lenders in respect of one hundred per cent. (100%) of the Loan together
with interest thereon in form and substance satisfactory to the Facility Agent,
the SACE Agent and all the Lenders.

 

"SACE
Premium" means the amount payable by the Borrower to SACE directly or through the SACE Agent in two instalments in respect
of the SACE Insurance Policy as set out in Clause 8 (SACE Premium and Italian Authorities),
in addition to the Additional SACE Premium (provided, for the avoidance of doubt, that the Additional SACE Premium shall not be
financed).

 

"SACE
Premium Instalments" means each of the First Instalment and Second Instalment.

 

"SACE
Required Documents" means in relation to the Drawdown Notice:

 

		(a)	a duly completed and executed Qualifying Certificate; and

 

    21

     

    

 

		(b)	each of the other documents, information and other evidence specified in or required to be enclosed
with such Qualifying Certificate.

 

"Safety
Management Certificate" has the meaning given to it in the ISM Code.

 

"Sanctions"
means any financial, economic or trade sanctions, embargoes or other restrictions relating to trading, doing business, investment,
exporting, importing, travelling, financing or making assets available (or other activities similar to or connected with any of
the foregoing):

 

		(a)	imposed by law or regulation of the United Kingdom, the Hong Kong Monetary Authority, the European
Union or the Council of the European Union, the United Nations or its Security Council or imposed by any member state of the European
Union or Switzerland;

 

		(b)	imposed by the US, including the U.S. Department of the Treasury's Office of Foreign Assets Control
(OFAC); or

 

		(c)	otherwise imposed by any law or regulation.

 

"SBC
Effective Date" means the effective date under the Shipbuilding Contract.

 

"Screen
Rate" means, in relation to a particular period, the euro interbank offered
rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate)
at or about 11 a.m (CET time) for spot value on the Quotation Date for such for
the relevant period as displayed (before
any correction, recalculation or republication by the administrator) on page EURIBOR 01 of the Thomson Reuters screen
(or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service
which publishes that rate from time to time in place of Thomson Reuters (and if.
If such page or service ceases to be available,
the Facility Agent may specify another page or service displaying the relevant rate after consultationg
with the Borrower).

 

"Screen
Rate Contingency Period"means fifteen (15) Business Days.

 

"Screen
Rate Replacement Event" means, in relation to thea
Screen Rate:

 

		(a)	the methodology, formula or other means of determining thethat
Screen Rate has, in the opinion of the Majority Lenders and the ObligorsBorrower
materially changed;

 

		(b)	

 

		(i)	

 

		(A)	the administrator of thethat
Screen Rate or its supervisor publicly announces that such administrator is insolvent; or

 

		(B)	information is published in any order, decree, notice, petition or filing, however,
described of,
or filed with a court, tribunal, exchange, regulatory authority or similar
administrative, regulatory or judicial body which reasonably confirms that the administrator of thethat
Screen Rate is insolvent,

 

    22

     

    

 

 

provided that,
in each case, at that time, there is no successor or administrator to continue
to provide thethat
Screen Rate;

 

		(ii)	the administrator of thethat
Screen Rate publicly announces that it has ceased or will cease, to provide thethat
Screen Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide thethat
Screen Rate;

 

		(iii)	the supervisor of the administrator of thethat
Screen Rate publicly announces that thesuch
Screen Rate has been or will be permanently or indefinitely discontinued; or

 

		(iv)	the administrator of thethat
Screen Rate or its supervisor announces that thethat
Screen Rate may no longer be used; or

 

		(c)	the administrator of thethat
Screen Rate determines that thethat
Screen Rate should be calculated in accordance with its reduced submissions or other contingency or
fallback policies or arrangements and either:

 

		(i)	the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Majority
Lenders and the ObligorsBorrower)
temporary; or

 

		(ii)	thethat
Screen Rate is calculated in accordance with any such policy or arrangement for a period no less than the Screen
Rate Contingency pPeriod
of fifteen (15) Business Days; or

 

		(d)	in the opinion of the Majority Lenders and the Obligors,
theBorrower, that Screen
Rate is otherwise no longer appropriate for the purposes of calculating interest under this Agreement.

 

"Second
Instalment" means the second instalment of the SACE Premium as more particularly described in paragraph (b) of
Clause 8.1 (SACE Premium).

 

"Secured
Liabilities" means all liabilities which the Borrower, the Obligors or any of them have, at the Effective Date
or at any later time or times, under or in connection with any Finance Document or any judgment relating to any Finance Document;
and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms,
which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws
of any country.

 

"Secured
Party" means SACE, the Facility Agent, the Security Trustee, the SACE Agent, the Joint Mandated Lead Arrangers
or any Lender whether at the date of thisthe
Original Facility Agreement or any later time, a Receiver or any Delegate.

 

"Security
Interest" means:

 

		(a)	a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien, assignment,
hypothecation or any other security interest of any kind or other agreement or arrangement having the effect of conferring security;

 

		(b)	the security rights of a plaintiff under an action in rem; and

 

    23

     

    

 

		(c)	any arrangement entered into by a person (A) the effect of which is to place another person (B)
in a position which is similar, in economic terms, to the position in which B would have been had he held a security interest over
an asset of A; but this paragraph (c) does not apply to a right of set off or combination of accounts conferred by the standard
terms of business of a bank or financial institution.

 

"Security
Period" means the period commencing on the Effective Date and ending on the date on which:

 

		(a)	all amounts which have become due for payment by the Borrower or any Obligor under the Finance
Documents have been fully and irrevocably paid;

 

		(b)	no amount is owing or has accrued (without yet having become due for payment) under any Finance
Document;

 

		(c)	neither the Borrower nor any other Obligor has any future or contingent liability under Clause
19 (Application of sums received) below or any other provision of this Agreement or another Finance Document; and

 

		(d)	the Facility Agent does not consider that there is a significant risk that any payment or transaction
under a Finance Document would be set aside, or would have to be reversed or adjusted, in any present or possible future bankruptcy
of the Borrower or an Obligor or in any present or possible future proceeding relating to a Finance Document or any asset covered
(or previously covered) by a Security Interest created by a Finance Document.

 

"Security
Property" means:

 

		(a)	the Security Interests expressed to be granted in favour of the Security Trustee as trustee for
the Secured Parties and all proceeds received or recovered by or on behalf of the Security Trustee under or by virtue of any Security
Interest including any money or other assets which are received or recovered by it as a result of the enforcement or exercise by
it of such a Security Interest or right;

 

		(b)	all obligations expressed to be undertaken by an Obligor to pay amounts in respect of the Secured
Liabilities to the Security Trustee as trustee for the Secured Parties and secured by the Security Interests together with all
representations and warranties expressed to be given by an Obligor in favour of the Security Trustee as trustee for the Secured
Parties;

 

		(c)	the Security Trustee's interest in any turnover trust created under the Finance Documents;

 

		(d)	any other amounts or property, whether rights, entitlements, choses in action or otherwise, actual
or contingent, which the Security Trustee is required by the terms of the Finance Documents to hold as trustee on trust for the
Secured Parties,

 

except:

 

		(i)	rights intended for the sole benefit of the Security Trustee; and

 

    24

     

    

 

		(ii)	any moneys or other assets which the Security Trustee has transferred to the Facility Agent or
(being entitled to do so) has retained in accordance with the provisions of this Agreement.

 

"Security
Requirement" means the amount in Euros (as certified by the Facility Agent whose certificate shall, in the absence
of manifest error, be conclusive and binding on the Borrower and the Facility Agent) which is at any relevant time one hundred
and twenty-five per cent. (125%) of the Loan.

 

"Security
Trustee" means HSBC Corporate Trustee Company (UK) Limited, a company incorporated in England and Wales
(with registered number 6447555) whose registered office is located at 8 Canada Square, London, E14 5HQ or any successor of it
appointed under Clause 27 (The Security Trustee).

 

"Security
Value" means the amount in Euros (as certified by the Facility Agent whose certificate shall, in the absence of
manifest error, be conclusive and binding on the Borrower and the Facility Agent) which, at any relevant time, is the aggregate
of (i) the charter free market value of the Ship as most recently determined in accordance with Clause 13.4 (Valuation of the
Ship); and (ii) the market value of any additional security for the time being actually provided to the Facility Agent pursuant
to Clause 15 (Security Value Maintenance).

 

"Servicing
Party" means the Facility Agent or the Security Trustee.

 

"Shareholder"
means Oceania Cruises S. de R.L., a Panamanian sociedad de responsabilidad limitada domiciled in Panama whose resident agent
is at Arifa Building, West Boulevard, Santa Maria Business District, Panama, Republic of Panama as the sole member of the Borrower.

 

"Ship"
means the passenger cruise ship currently designated with Hull No. [*] (as more particularly described
in the Shipbuilding Contract) to be constructed under the Shipbuilding Contract and to be delivered to, and purchased by, the Borrower
and registered in its name under an Approved Flag.

 

"Shipbuilding
Contract" has the meaning given in Recital (A).

 

"SIMEST"
means Società Italiana per Le Imprese all'Estero - SIMEST S.p.A., which grants export subsidies in Italy under and according
to the Italian Legislative Decree n. 143/98 and its amendments.

 

"SIMEST
Margin Contribution" means the margin contribution approved and granted by SIMEST to the Lenders under the Interest Make-up
Agreement as communicated by the SACE Agent to the Creditor Parties and the Borrower following the date of thisthe
Original Facility Agreement as soon as the SACE Agent is made aware of it.

 

"Specified
Time" means a day or time determined in accordance with the following:

 

		(a)	if EURIBOR is fixed, the Quotation Day as of 11:00
am Brussels time; and

 

		(b)	in relation to a Reference Bank Rate calculated by
reference to the available quotations in accordance with Clause 6.7 (Calculation of Reference Bank Rate), 11.30 am Brussels
time on the Quotation Day.

 

"Structuring
Fee" has the meaning given in paragraph 9.1(a) (a)
of Clause 9.1 9
(Fees).

 

    25

     

    

 

"Subordinated
Debt Security" has the meaning given in sub-paragraph
(ii) of paragraph (b)(ii) of Clause 12.14 (Financial Indebtedness
and subordination of indebtedness).

 

"Subsidiary"
has the following meaning:

 

Aa
company (S) is a subsidiary of another company (P) if:

 

		(a)	a majority of the issued equity interests in S (or a majority of the issued equity interests in
S which carry unlimited rights to capital and income distributions) are directly owned by P or are indirectly attributable to P;
or

 

		(b)	P has direct or indirect control over a majority of the voting rights attaching to the issued equity
interests of S; or

 

		(c)	P has the direct or indirect power to appoint or remove a majority of
the directors (ror
equivalent) of S; or

 

		(d)	P otherwise has the direct or indirect power to ensure that the affairs of S are conducted in accordance
with the wishes of P;

 

and any company of which S
is a subsidiary is a parent company of S.

 

"TARGET2"
means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single shared platform
and which was launched on 19 November 2007.

 

"TARGET
Day" means any day on which TARGET2 is open for the settlement of payment in Euros.

 

"Tax"
means any tax, levy, impost, duty, assessment, fee, deduction or other charge or withholding of a similar nature imposed by any
governmental authority (including any penalty or interest payable in connection with any failure to pay or any delay in paying
any of the same).

 

"Third
Party Act" means the Contracts (Rights of Third Parties) Act 1999.

 

"Total
Loss" means:

 

		(a)	actual, constructive, compromised, agreed or arranged total loss of the Ship;

 

		(b)	any expropriation, confiscation, requisition or acquisition of the Ship, whether for full consideration,
a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government
or official authority or by any person or persons claiming to be or to represent a government or official authority, (excluding
a requisition for hire for a fixed period not exceeding 1 year without any right to an extension) unless it is within 1 month redelivered
to the Borrower's full control;

 

		(c)	any arrest, capture, seizure or detention of the Ship (including any hijacking or theft) unless
it is within 1 month redelivered to the Borrower's full control.

 

    26

     

    

 

"Total
Loss Date" means:

 

		(a)	in the case of an actual loss of the Ship, the date on which it occurred or, if that is unknown,
the date when the Ship was last heard of;

 

		(b)	in the case of a constructive, compromised, agreed or arranged total loss of the Ship, the earliest
of:

 

		(i)	the date on which a notice of abandonment is given to the insurers (or deemed or agreed to be given);
and

 

		(ii)	the date of any compromise, arrangement or agreement made by or on behalf of the Borrower with
the Ship's insurers in which the insurers agree to treat the Ship as a total loss; and

 

		(c)	in the case of any other type of total loss, on the date (or the most likely date) on which it
appears to the Facility Agent acting reasonably and in consultation with the Borrower that the event constituting the total loss
occurred.

 

"Transaction
Documents" means the Finance Documents and the Underlying Documents.

 

"Transfer
Certificate" means a certificate substantially in the form set out in Schedule 4 (Form of Transfer Certificate)
or any other form agreed between the Facility Agent and the Borrower.

 

"UK
Bail-In Legislation" means (to the extent that the United Kingdom is not an EEA Member Country which has implemented,
or implements, Article 55 BRRD) Part 1 of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the
United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutes or their
affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

 

"Underlying
Documents" means the Shipbuilding Contract, any Management Agreement, any bareboat charter and any charter and
associated guarantee in respect of which a notice of assignment is required to be served under the terms of the General Assignment.

 

"Unpaid
Sum" means (i) any sum due and payable but unpaid by an Obligor under the Finance Documents and (ii) any part of
the SACE Premium unpaid by the Borrower.

 

"US"
means the United States of America.

 

"VAT"
means:

 

		(a)	any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system
of value added tax (EC Directive 2006/112); and

 

		(b)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution
for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.

 

    27

     

    

 

"Write-down
and Conversion Powers" means:

 

		(a)	in relation to any Bail-In Legislation described in the EU Bail-In Legislation
Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation
Schedule; and

 

		(b)	in relation to any other applicable Bail-In Legislation:

 

		(i)	any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person
that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution,
to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability
arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to
provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation
in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those
powers; and

 

		(ii)	any similar or analogous powers under that Bail-In
Legislation; and

 

		(a)	in relation to any UK Bail-In Legislation:

 

		(i)	any powers under that UK Bail-In Legislation to cancel,
transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a
bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person
or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities
or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right
had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that UK Bail-In
Legislation that are related to or ancillary to any of those powers; and

 

		(ii)	any similar or analogous powers under that UK
Bail-In Legislation.

 

		1.2	Construction of certain terms

 

In this Agreement:

 

"Facility Agent",
the "SACE Agent", the "Joint
Mandated Lead Arranger", the "Security Trustee",
 "SACE", any "Creditor Party",
any "Secured Party", any "Lender",
any "Obligor" or any other "person",
shall be construed so as to include its successors in title, permitted assigns and permitted transferees.

 

"approved
by the Lenders" (or any similar determination or instruction by the Lenders) means approved in writing by the Facility
Agent acting on the instructions of all the Lenders and approved in writing by the SACE Agent acting on the instructions of SACE
(or the Lenders only to the extent the SACE Insurance Policy does not cover the event for which such instruction or approval is
required) (on such conditions as they may respectively impose) and any requirement for approval by all the Lenders shall mean prior
approval.

 

"approved
by the Majority Lenders" (or any similar determination or instruction by the Majority Lenders) means approved in writing
by the Facility Agent acting on the instructions of the Majority Lenders and approved in writing by the SACE Agent acting on the
instructions of SACE (or the Majority Lenders only to the extent the SACE Insurance Policy does not cover the event for which such
instruction or approval is required) (on such conditions as they may respectively impose) and otherwise "approved" means
approved in writing by the Facility Agent (on such conditions as the Facility Agent may impose) and "approval" and "approve"
shall be construed accordingly and any requirement for approval by the Facility Agent, the SACE Agent or the Majority Lenders shall
mean prior approval.

 

    28

     

    

 

"asset"
includes every kind of property, asset, interest or right, including any present, future or contingent right to any revenues or
other payment.

 

"company"
includes any partnership, joint venture and unincorporated association.

 

"consent"
includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration, notarisation and legalisation.

 

"contingent
liability" means a liability which is not certain to arise and/or the amount of which remains unascertained.

 

"date
of this Agreement" means _______ December
February 20218.

 

"document"
includes a deed; also a letter, fax or electronic mail.

 

"expense"
means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable Taxes including
VAT.

 

"including"
and "in particular" (and other similar expressions)
shall be construed as not limiting any general words or expressions in connection with which they are used.

 

"indebtedness"
includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or
future, actual or contingent;

 

"law"
includes any order or decree, any form of delegated legislation, any treaty or international convention and any regulation or resolution
of the Council of the European Union, the European Commission, the United Nations or its Security Council.

 

"legal
or administrative action" means any legal proceeding or arbitration and any administrative or regulatory action
or investigation.

 

"liability"
includes every kind of debt or liability (present or future, certain or contingent), whether incurred as principal or surety or
otherwise.

 

"months"
shall be construed in accordance with Clause 1.4 (Meaning of "month").

 

"parent
company" has the meaning given in the definition of "Subsidiary".

 

"person"
includes any individual, firm, company, corporation, government, any state, political sub-division of a state and local or municipal
authority, agency of a state or any association, trust, joint venture, consortium or partnership; and any international organisation
(whether or not having a separate legal personality).

 

"proceedings"
means, in relation to any enforcement provision of a Finance Document, proceedings of any kind, including an application for a
provisional or protective measure.

 

    29

     

    

 

"regulation"
includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental,
intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation.

 

		1.3	Construction of Insurance Terms

 

"approved"
means, for the purposes of Clause 14 (Insurance Undertakings), approved in writing by the Facility Agent.

 

"excess
risks" means the proportion of claims for general average, salvage and salvage charges not recoverable under the
hull and machinery policies in respect of the Ship in consequence of its insured value being less than the value at which the Ship
is assessed for the purpose of such claims.

 

"obligatory
insurances" means all insurances effected, or which the Borrower is obliged to effect, under Clause 14 (Insurance
Undertakings) or any other provision of this Agreement or another Finance Document.

 

"policy"
in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance
or its terms.

 

"protection
and indemnity risks" means the usual risks covered by a protection and indemnity association managed in London,
including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which
are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International
Hull Clauses (1/11/02) (1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/10/83) (1/11/95) or the Institute Amended Running
Down Clause (1/10/71) or any equivalent provision.

 

"war
risks" includes the risk of mines and all risks excluded by clause 29 of the International Hull Clauses (1/11/02
or 1/11/03), clause 24 of the Institute Time Clauses (Hulls) (1/11/95) or clause 23 of the Institute Time Clauses (Hulls)(1/10/83).

 

		1.4	Meaning of "month"

 

A period of one or more "months"
ends on the day in the relevant calendar month numerically corresponding to the day of the calendar month on which the period started
("the numerically corresponding day"), but:

 

		(a)	on the Business Day following the numerically corresponding day if the numerically corresponding
day is not a Business Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding the numerically
corresponding day; or

 

		(b)	on the last Business Day in the relevant calendar month, if the period started on the last Business
Day in a calendar month or if the last calendar month of the period has no numerically corresponding day;

 

and "month"
and "monthly" shall be construed accordingly.

 

    30

     

    

 

		1.5	General Interpretation

 

In this Agreement:

 

		(a)	references in Clause 1.1 (Definitions) to a Finance Document or any other document being
an "agreed form" are to the form agreed between
the Facility Agent (acting with the authorisation of each of the Creditor Parties and SACE) and the Borrower with any modifications
to that form which the Facility Agent (with the authorisation of the Majority Lenders and SACE in the case of substantial modifications)
approves or reasonably requires;

 

		(b)	references to, or to a provision of, a Finance Document or any other document are references to
it as amended, amended and restated or supplemented, whether before the date of this Agreement or otherwise;

 

		(c)	references to Sanctions, for the purposes of Clause 11 (Representations and Warranties),
Clause 12 (General Undertakings), Clause 20 (Indemnities), Clause 21 (Illegality, etc.) and the Finance Documents
shall mean "Sanctions" as defined in Clause 1.1 (Definitions), by which any Obligor, any Creditor Party or any
party involved in the transactions contemplated in the Finance Documents is bound or to which it is subject or, as regards a regulation,
compliance with which is reasonable in the ordinary course of business of any Obligor or any Creditor Party;

 

		(d)	references to, or to a provision of, any law or regulation include any amendment, extension, re-enactment
or replacement, whether made before the date of this Agreement or otherwise;

 

		(e)	references to Dollar amounts in Clause 10.11 (Transaction Costs), Clause 12 (General
Undertakings), Clause 13 (Ship Undertakings), Clause 14 (Insurance Undertakings) and Clause 18 (Events
of Default) shall be a reference to Dollars (or the equivalent amount in any other currency);

 

		(f)	any English legal term for any action, remedy, method of judicial proceeding, legal document, legal
status, court, official or any legal concept or thing shall, in respect of a jurisdiction other than England, be deemed to include
that which most nearly approximates in that jurisdiction to the English legal term;

 

		(g)	words denoting the singular number shall include the plural and vice versa; and

 

		(h)	Clauses 1.1 (Definitions) to 1.5 (General Interpretation) apply unless the contrary
intention appears.

 

		1.6	Headings

 

In interpreting a Finance Document
or any provision of a Finance Document, all clauses, sub-clauses and other headings in that and any other Finance Document shall
be entirely disregarded.

 

		1.7	Schedules

 

The schedules form an integral
part of this Agreement.

 

    31

     

    

 

		2	Facility

 

		2.1	Amount of facility

 

Subject to the other provisions
of this Agreement, the Lenders agree to make available to the Borrower a loan not exceeding the Maximum Loan Amount intended to
be applied as follows:

 

		(a)	in payment to the Builder, up to the Eligible Amount, of all or part of eighty per cent. (80%)
of the Final Contract Price;

 

		(b)	in reimbursement to the Borrower of the amount of the First Instalment of the SACE Premium paid
by it to SACE in accordance with paragraph (a) of Clause 8.1 (SACE Premium); and

 

		(c)	in payment to SACE of the amount of the Second Instalment of the SACE Premium payable by the Borrower
to SACE in accordance with paragraph (b) of Clause 8.1 (SACE Premium).

 

		2.2	Lenders' participations in Loan

 

Subject to the other provisions
of this Agreement, each Lender shall participate in the Loan in the proportion which, as at the Drawdown Date, its Commitment bears
to the Total Commitments.

 

		2.3	Purpose of Loan

 

The Borrower undertakes with
each Secured Party to use the Loan only to pay for:

 

		(a)	goods and services of Italian origin incorporated in the design, construction or delivery of the
Ship;

 

		(b)	subject to the limits and conditions fixed by the Italian Authorities, goods and services incorporated
in the design, construction or delivery of the Ship and originating from countries other than Italy where the provision of such
goods or services has been sub-contracted by the Builder and therefore remains the Builder's responsibility under the Shipbuilding
Contract;

 

		(c)	all or part of eighty per cent. (80%) of the Final Contract Price;

 

		(d)	reimbursement to the Borrower of the First Instalment of the SACE Premium paid by the Borrower
direct to SACE in accordance with paragraph (a) of Clause 8.1 (SACE Premium); and

 

		(e)	the Second Instalment of the SACE Premium payable in accordance with paragraph (b) of Clause 8.1
(SACE Premium).

 

		2.4	Creditor Parties' rights and obligations

 

		(a)	The obligations of each Creditor Party under the Finance Documents are several. Failure by a Creditor
Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance
Documents. No Creditor Party is responsible for the obligations of any other Creditor Party under the Finance Documents.

 

		(b)	The rights of each Creditor Party and SACE under or in connection with the Finance Documents are
separate and independent rights and any debt arising under the Finance Documents to a Creditor Party and SACE from an Obligor shall
be a separate and independent debt.

 

		(c)	A Creditor Party and SACE may not, except as otherwise stated in the Finance Documents, separately
enforce its rights under the Finance Documents.

 

		(d)	Notwithstanding any other provision of the Finance Documents and subject to the prior written consent
of SACE, a Creditor Party may separately sue for any Unpaid Sum due to it without the consent of any other Creditor Party or joining
any other Creditor Party to the relevant proceedings (it being understood that a Creditor Party may file a claim noting the amounts
due to it in the event insolvency proceedings are commenced against the Borrower by a third party).

 

    32

     

    

 

		2.5	Monitoring

 

No Creditor Party is bound
to monitor or verify the application of any amount borrowed pursuant to this Agreement.

 

		2.6	Obligations of Lenders several

 

The obligations of the Lenders
under this Agreement are several; and a failure of a Lender to perform its obligations under this Agreement shall not result in:

 

		(a)	the obligations of the other Lenders being increased; nor

 

		(b)	any Obligor or any other Lender being discharged (in whole or in part) from its obligations under
any Finance Document,

 

and in no circumstances shall
a Lender have any responsibility for a failure of another Lender to perform its obligations under this Agreement or any other Finance
Document.

 

		3	Conditions Precedent

 

		3.1	General

 

The Borrower may only draw
the Loan when the following conditions have been fulfilled to the satisfaction of the Facility Agent and provided no Event of Default
shall have occurred and remains unremedied or is likely to occur as a consequence of the drawing of the Loan:

 

		3.2	No later than the Effective Date

 

The Facility Agent shall have
received no later than the Effective Date:

 

		(a)	an opinion from legal counsel to the Secured Parties as to the laws of the state of Delaware in
form and substance satisfactory to the Facility Agent and the Secured Parties in respect of the Borrower's execution of any Finance
Documents to which they are party on the Effective Date;

 

		(b)	an opinion from legal counsel to the Secured Parties as to English law
in form and substance satisfactory to the Facility Agent and the Secured Parties in respect of the validity and enforceability
of thisthe Original
Facility Agreement and the Original
Guarantee;

 

		(c)	an opinion from legal counsel to the Secured Parties as to Bermuda law
in form and substance satisfactory to the Facility Agent and the Secured Parties in respect of the Guarantor's execution of the
Original Guarantee;

 

		(d)	an opinion from legal counsel to the Secured Parties as to the laws of the state of New York in
form and substance satisfactory to the Facility Agent and the Secured Parties in respect of the validity and enforceability of
the Pledge Agreement;

 

		(e)	an opinion from legal counsel to the Secured Parties as to Panamanian law in form and substance
satisfactory to the Facility Agent and the Secured Parties in respect of the Member's execution of the Pledge Agreement;

 

		(f)	a Certified Copy of the executed Shipbuilding Contract;

 

    33

     

    

 

		(g)	such documentary evidence as the Facility Agent and its legal advisers may require in relation
to the due authorisation and execution by the Borrower and the Builder of the Shipbuilding Contract and of all documents to be
executed by the Borrower and the Builder;

 

		(h)	a confirmation from Hannaford Turner LLP of 4th
Floor, 15 Old Bailey9 Cloak Lane,
London EC4M 7EFR,
United Kingdom that it will act for the Borrower and the Guarantor as agent for service of process in England in respect of thisthe
Original Facility Agreement and any other Finance Document;

 

		(i)	duly executed originals of the Original
Guarantee and the Pledge Agreement and of each document to be submitted pursuant to it;

 

		(j)	such documentation and other evidence as is reasonably requested by the Facility Agent (for itself
or on behalf of any Lender or SACE) or any Lender or SACE (for itself) in order for the Facility Agent and such Lender or SACE
to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all
applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents;

 

		(k)	payment of the initial portion of the Structuring Fee as set out in and payable in accordance with
the relevant Fee Letter; and

 

		(l)	payment of the initial portion of the Facility Agent Fee (as defined in the relevant Fee Letter),
the initial portion of the SACE Agency Fee (as defined in the relevant Fee Letter), the initial portion of Security Trustee Fee
(as defined in the relevant Fee Letter) and any other such fees which may be payable by the Borrower to a Creditor Party, payable
in accordance with terms of the relevant Fee Letter.

 

		3.3	No later than two (2) years before the Intended Delivery Date

 

The Facility Agent shall have
received no later than two (2) years before the Intended Delivery Date, payment of the remaining portion of the Structuring Fee
as set out in and payable in accordance with the relevant Fee Letter.

 

		3.4	No later than ninety (90) days before the Intended Delivery Date

 

The Facility Agent (or the
SACE Agent in respect of paragraphs (c), (e) and (f) below) shall have received no later than ninety (90) days before the Intended
Delivery Date:

 

		(a)	notification from the Borrower of its chosen Maritime Registry;

 

		(b)	notification of the Approved Manager;

 

		(c)	the SACE Insurance Policy documentation relating to the transaction contemplated by this Agreement
issued on terms whereby the SACE Insurance Policy will enter into full force and effect upon fulfilment of the conditions specified
therein to be fulfilled on or before the Drawdown Date;

 

		(d)	evidence that the First Instalment has been paid;

 

		(e)	an original of the Interest Make-up Agreement relative to the Loan and in full force and effect;

 

		(f)	an original of the SACE Insurance Policy; and

 

    34

     

    

 

		(g)	an opinion from legal counsel to the Creditor Parties as to Italian law in form and substance satisfactory
to the Facility Agent and the Secured Parties in respect of SACE's issuance of the SACE Insurance Policy and compliance with the
principles governing the eligibility of credit risk mitigation techniques as per Article 194, paragraph 1, of the Regulation (EU)
No 575/2013 of the European Parliament and of the Council of 26 June 2013.

 

		3.5	No later than sixty (60) days before the Intended Delivery Date

 

The Facility Agent shall have
received from the Borrower no later than sixty (60) days before the Intended Delivery Date:

 

		(a)	notification of the Intended Delivery Date;

 

		(b)	a notice from the Borrower as described in paragraph (a) of Clause 8.4 (Refund); and

 

		(c)	a U.S. tax opinion from legal counsel to the Secured Parties in respect of the tax treatment of
the entry by the U.S. incorporated Borrower into this Agreement and the other Finance Documents substantially in the form notified
to the Borrower on or around the Effective Date and updated to reflect any changes in law.

 

		3.6	No later than forty-five (45) days before the Intended Delivery Date

 

The
Facility Agent shall have received from the Borrower no later than forty five (45) days before the Intended Delivery Date (and
on each subsequent date on which a Compliance Certificate is to be received by the Security Trustee pursuant to paragraph
(c) of clause 11.3 (cProvision
of financial statements) of the Guarantee) a duly completed Compliance Certificate from
the Guarantor; 

 

		3.7	No later than [*] ([*])
days before the Intended Delivery Date

 

The
SACE Agent (with a copy to the Facility Agent) shall have received from the Borrower no later than [*]
([*]) days before the Intended
Delivery Date notification, signed by a duly authorised signatory of the Borrower, specifying which of the Fixed Interest Rate
or the Floating Interest Rate shall be applicable to the Loan until the date of payment of the final repayment instalment of the
Loan.

 

		3.8	No later than fifteen (15) Business Days before the Intended Delivery Date

 

The Facility Agent shall have
received no later than fifteen (15) Business Days before the Intended Delivery Date insurance documents in form and substance satisfactory
to the Lenders confirming that the Insurances have been effected and will be in full force and effect on the Delivery Date.

 

		3.9	No later than five (5) Business Days before the Intended Delivery Date

 

The Facility Agent shall have
received no later than five (5) Business Days before the Intended Delivery Date:

 

		(a)	the Drawdown Notice from the Borrower, signed by a duly authorised signatory of the Borrower, specifying
the amount of the Loan to be drawn down;

 

    35

     

    

 

		(b)	a Certified Copy of any amendments to the Shipbuilding Contract which are not Minor Modifications
and of the power of attorney pursuant to which the authorised signatory of the Borrower signed the Drawdown Notice and a specimen
of his signature; and

 

		(c)	a final confirmation of the Intended Delivery Date signed by a duly authorised signatory of the
Borrower, and counter-signed by a duly authorised signatory of the Builder.

 

		3.10	No later than the Delivery Date

 

The Facility Agent shall have
received no later than the Delivery Date:

 

		(a)	if applicable, a duly executed original of the Subordinated Debt Security;

 

		(b)	any opinions from legal counsel to the Secured Parties relating to the due execution, validity
and enforceability of the Subordinated Debt Security, in form and substance satisfactory to the Facility Agent and the Secured
Parties;

 

		(c)	evidence of payment to and receipt by the Builder of:

 

		(i)	the four (4) pre-delivery instalments of the Final Contract Price; and

 

		(ii)	any other part of the Final Contract Price as at the Delivery Date not being financed hereunder;

 

		(d)	payment of the relevant portion of the Facility Agent Fee (as defined in the relevant Fee Letter),
the relevant portion of the SACE Agency Fee (as defined in the relevant Fee Letter), the relevant portion of Security Trustee Fee
(as defined in the relevant Fee Letter) and any other such fees which may be payable by the Borrower to a Creditor Party, payable
in accordance with terms of the relevant Fee Letter;

 

		(e)	evidence of payment of all amounts which are due and payable hereunder by the Borrower on or prior
to the Delivery Date;

 

		(f)	a certificate from the Borrower, signed by an authorised representative of the Borrower, confirming
that:

 

		(i)	the representations and warranties contained in Clause 11 (Representations and Warranties)
are true and correct as of the Delivery Date in consideration of the facts and circumstances existing as of the Delivery Date;
and

 

		(ii)	no mandatory prepayment event pursuant to Clause 16 (Cancellation, Prepayment and Mandatory
Prepayment) is continuing or would result from the Loan;

 

		(g)	an original or a certified copy of each of the SACE Required Documents and the Facility Agent and
the SACE Agent shall be satisfied that the SACE Required Documents on their face appear properly completed and comply with the
requirements of this Agreement and the requirements of the SACE Insurance Policy; and

 

		(h)	provided always that the obligations of the Lenders to make the Loan available on the Delivery
Date are subject to the Lenders remaining satisfied that each of the SACE Insurance Policy and the Interest Make-up Agreement will
cover the Loan following the advance of the Loan, payment of the Second Instalment and delivery to the Facility Agent of the documents
listed in Schedule 3 (Documents to be produced by the Builder to the Facility Agent on Delivery).

 

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		3.11	At Delivery

 

Immediately prior to the delivery
of the Ship by the Builder to the Borrower, the Facility Agent shall have received:

 

		(a)	evidence that immediately following delivery:

 

		(i)	the Ship will be registered in the name of the Borrower in the Maritime Registry;

 

		(ii)	title to the Ship will be held by the Borrower free of all Security Interests other than any maritime
lien in respect of crew's wages and trade debts arising out of equipment, consumable and other stores placed on board the Ship
prior to or concurrently with delivery, none of which is overdue;

 

		(iii)	the Mortgage will be duly registered in the Maritime Registry and constitutes a first priority
security interest over the Ship and that all taxes and fees payable to the Maritime Registry in respect of the Ship have been paid
in full; and

 

		(iv)	the opinions mentioned in paragraphs (b), (c) and (d) of Clause 3.12 (Immediately following
Delivery), in draft form immediately prior to the delivery of the Ship, and the documents mentioned in paragraph (e) of Clause
3.12 (Immediately following Delivery) will be issued to and received by the Facility Agent;

 

		(b)	a Certified Copy of a classification certificate (or interim classification certificate) showing
the Ship to be classed in accordance with paragraph (c) of Clause 11.3 (Representations on the Delivery Date).

 

		(c)	duly executed originals of the General Assignment, any Approved Manager's Undertaking and the Post-Delivery
Assignment together with relevant notices of assignment and the acknowledgement of the notice of assignment to be issued pursuant
to the General Assignment and the Post-Delivery Assignment;

 

		(d)	a Certified Copy of any executed Management Agreement, any bareboat charter and any related security
pursuant to paragraph (b) of Clause 13.1 (Pooling of earnings and charters) (if applicable) and any time charterparty in
respect of the Ship;

 

		(e)	a Certified Copy of any current certificate of financial responsibility in respect of the Ship
issued under OPA, a valid Safety Management Certificate (or interim Safety Management Certificate) issued to the Ship in respect
of its management by the Approved Manager pursuant to the ISM Code, a valid Document of Compliance (or interim Document of Compliance)
issued to the Approved Manager in respect of ships of the same type as the Ship pursuant to the ISM Code, a valid International
Ship Security Certificate issued to the Ship in accordance with the ISPS Code and a valid IAPPC issued to the Ship in accordance
with Annex VI and, if entered into, any carrier initiative agreement with the United States' Customs and Border Protection under
the Customs-Trade Partnership Against Terrorism (C-TPAT) programme along with any other documents required under the ISM Code and
the ISPS Code;

 

		(f)	a Certified Copy of the power of attorney pursuant to which the authorised signatory(ies) of the
Borrower signed the documents referred to in this Clause 3.11 (At Delivery) and to which the Borrower is a party and a specimen
of his or their signature(s); and

 

    37

     

    

 

		(g)	a confirmation from Hannaford Turner LLP of 4th
Floor, 15 Old Bailey9 Cloak Lane,
London EC4M 7EFR,
United Kingdom (or any replacement process agent satisfactory to the Facility Agent acting reasonably) that it will act for each
of the relevant Obligors as agent for service of process in England in respect of the deed of covenants constituting part of the
Mortgage (if applicable), the General Assignment and the Post-Delivery Assignment.

 

		3.12	Immediately following Delivery

 

Immediately following the delivery
of the Ship by the Builder to the Borrower, the Facility Agent (with copy to the Security Trustee), or, in the case of paragraph
(a) below, the Security Trustee (with copy to the Facility Agent), shall receive:

 

		(a)	a duly executed original of the Mortgage;

 

		(b)	an opinion from legal counsel acceptable to the Secured Parties as to the law of the Maritime Registry
in form and substance satisfactory to the Facility Agent and the Secured Parties confirming:

 

		(i)	the valid registration of the Ship in the Maritime Registry; and

 

		(ii)	the Mortgage over the Ship is a first priority security and has been validly registered in the
Maritime Registry;

 

		(c)	an opinion from legal counsel to the Secured Parties as to English law in form and substance satisfactory
to the Facility Agent and the Secured Parties in respect of the validity and enforceability of the deed of covenants constituting
part of the Mortgage (if applicable), the General Assignment, the Post-Delivery Assignment and any other relevant security document
entered into at delivery;

 

		(d)	an opinion from legal counsel acceptable to the Secured Parties as to the laws of the state of
Delaware in form and substance satisfactory to the Facility Agent and the Secured Parties together with the company documentation
of the Borrower and a certificate of a competent officer or manager of the Borrower containing specimen signatures of the persons
authorised to sign the documents on behalf of the Borrower, confirming that, without limitation:

 

		(i)	the Mortgage, the deed of covenants constituting part of the Mortgage (if applicable), the General
Assignment, the Post-Delivery Assignment and the bareboat charter (if applicable) fall within the scope of the Borrower's company
purpose as defined by its Memorandum of Association and By-laws and are binding on it; and

 

		(ii)	the Borrower's representatives are fully empowered to sign the Protocol of Delivery and Acceptance,
the Mortgage, the deed of covenants constituting part of the Mortgage (if applicable), the General Assignment, the Post-Delivery
Assignment and the bareboat charter (if applicable) and any related security pursuant to paragraph (b) of Clause 13.1 (Pooling
of earnings and charters); and

 

		(e)	an opinion from legal counsel to acceptable to the Secured Parties as
to Panamanian law in form and substance satisfactory to the Facility Agent and the Secured Parties together with the corporate
documentation of the Member as bareboat charterer and a certificate of a competent officer of the ShareolderShareholder
containing specimen signatures of the persons authorised to sign the documents on behalf of the Member,
confirming that, without limitation:

 

    38

     

    

 

		(i)	the General Assignment falls within the scope of the Member's corporate purpose as defined by its
Articles of Incorporation and By-laws; and

 

		(ii)	the representative of the Member is fully empowered to sign the General Assignment;

 

		(f)	the documents listed in Schedule 3 (Documents to be produced by the Builder to the Facility
Agent on Delivery).

 

		3.13	Notification of satisfaction of conditions precedent

 

The Facility Agent shall notify
the Lenders and SACE promptly upon being satisfied as to the satisfaction of the conditions precedent referred to in this Clause
3 (Conditions Precedent).

 

		3.14	Waiver of conditions precedent

 

If the Majority Lenders, at
their discretion, subject to the prior written consent of SACE, permit the Loan to be borrowed before any of the conditions precedent
referred to in Clause 3 (Conditions Precedent) has been satisfied, the Borrower shall ensure that that condition is satisfied
within five (5) Business Days after the date (as specified in the relevant part of Clause 3 (Conditions Precedent))
or such later date as the Facility Agent may agree in writing with the Borrower.

 

		3.15	Changes to SACE's or SIMEST's requirements

 

		(a)	If SACE or SIMEST notifies the SACE Agent in writing of a change of the SACE Insurance Policy or
the Interest Make-up Agreement (as applicable), or gives instructions to the SACE Agent with the effect that, in the opinion of
the SACE Agent, this Agreement or certain documents which the Borrower is or may be required to provide for the purpose of drawing
the Loan under this Agreement shall be amended to comply with such change or instructions, then the SACE Agent shall promptly notify
the Borrower of such a change in SACE's or SIMEST's requirements (as applicable) and of the relevant amendments to be made to this
Agreement or any such documents as the SACE Agent considers appropriate.

 

		(b)	If the SACE Agent notifies the Borrower of any proposed changes to this Agreement under paragraph (a)
above, and provided that:

 

		(i)	all the Lenders and the Borrower agree with such changes; and

 

		(ii)	the Borrower indemnifies and holds harmless the SACE Agent, the Facility Agent and the Lenders
for any reasonable costs that it may incur arising from or in connection with any such amendments (including legal fees),

 

then such changes will be made
to this Agreement in accordance with the terms hereof.

 

		(c)	If, in the opinion of the Lenders, there are any provisions of this Agreement that contradict or
conflict with any provision of the SACE Insurance Policy or the Interest Make-up Agreement (as applicable), such that compliance
by any Creditor Party with the terms of the SACE Insurance Policy or the Interest Make-up Agreement (as applicable) may result
in a breach by such Creditor Party of the any of the terms of this Agreement or to an extent that the same may have the effect
of rendering all or any part of the SACE Insurance Policy or the Interest Make-up Agreement (as applicable) void, voidable or otherwise
not in full force and effect, the Borrower agrees that any relevant terms of this Agreement will be amended to the extent agreed
in writing between the Borrower, the Facility Agent and the SACE Agent to ensure compliance with the terms of the SACE Insurance
Policy or the Interest Make-up Agreement (as applicable).

 

    39

     

    

 

		3.16	No claim against the Creditor Parties

 

The Borrower agrees that the
Creditor Parties may act on the instructions of the Italian Authorities in relation to this Agreement.

 

		3.17	Examination and reliance on documents by the Facility Agent

 

		(a)	The SACE Agent shall ensure that an officer or employee or other person designated by it as its
authorised representative is present at the Builder on the Delivery Date for the purpose of examining originals (or certified copies)
of the SACE Required Documents duly signed by the parties thereto and collecting copies thereof (which copies shall be certified
as true copies by an authorised signatory of the Builder and/or the Borrower, as applicable).

 

		(b)	The Facility Agent shall be entitled (but not obliged) to rely and act upon any documentation or
information provided under this Clause 3 (Conditions Precedent), which appears on its face to have been duly completed.

 

		(c)	The Facility Agent's responsibility to the Borrower and the Lenders for the examination of the
Drawdown Notice, and, when applicable, the documents provided by any person other than the Borrower in connection with the Drawdown
Notice, shall be limited to the examination of their apparent compliance with the terms and conditions thereof in accordance with
Articles 14 (Standard of examination of documents) and 34 (Disclaimer on effectiveness of documents) of the "Uniform Customs
and Practice for Documentary Credits" (currently publication number 600 of the International Chamber of Commerce, latest edition)
(except that no time limit for examination of documents shall apply).

 

		(d)	The Facility Agent and the Lenders shall not be obliged to enquire as to, or be responsible for,
the validity, truthfulness and genuineness and (where the relevant document is a conformed copy) conformity to the original of
the Drawdown Notice or any other document which appears on its face to be in order, or of any signatures thereon or any of the
statements set out therein and shall be entitled to rely on the accuracy of any such statements.

 

		(e)	In case of any discrepancy in any such documents, the Facility Agent shall notify the Borrower
in writing thereof and shall request its approval of such discrepancy in writing.

 

		(f)	The Facility Agent and the Lenders shall not be responsible for any delay in making available the
Loan resulting from any requirement for the delivery of further information or documents reasonably required by the Facility Agent
for the relevant conditions precedent in this Agreement to be satisfied.

 

		4	Drawdown

 

		4.1	Borrower's irrevocable payment instructions

 

The Lenders shall not be obliged
to fulfil their obligation to make the Loan available other than (i) by paying the Builder all or part of eighty per cent. (80%)
of the Final Contract Price on behalf of and in the name of the Borrower, (ii) by reimbursing the Borrower for the First Instalment
of the SACE Premium which was paid by the Borrower to SACE on the earlier of (A) the date falling 30 days after the issuance of
the SACE Insurance Policy and (B) the date falling 6 months after the date of SACE's board approval and (iii) by payment to SACE
of the Second Instalment of the SACE Premium payable on the Drawdown Date. For the avoidance of doubt, the amount of the Loan shall
not exceed the Maximum Loan Amount.

 

    40

     

    

 

The Borrower hereby instructs
the Lenders in accordance with this Clause 4.1 (Borrower's irrevocable payment instructions):

 

		(a)	to pay to the Builder, up to the Eligible Amount, all or part of eighty per cent. (80%) of the
Final Contract Price;

 

		(b)	to reimburse the Borrower the amount of the First Instalment of the
SACE Premium already paid by the Borrower to SACE on the date specified in paragraph (a) of Clause 8.18.1;
and

 

		(c)	to pay to the Facility Agent on behalf of the Lenders for onward payment to SACE (such payment
to SACE to be made for value on the Drawdown Date), by drawing under this Agreement, the amount of the Second Instalment of the
SACE Premium.

 

Payment to the Builder of the
amount drawn under paragraph (a) of Clause 4.1 (Borrower's irrevocable payment instructions) above shall be made on the
Drawdown Date during usual banking hours in Italy to the Builder's account as specified by the Builder in accordance with the Shipbuilding
Contract after receipt and verification by the Facility Agent of the documents provided under Schedule 3 (Documents to be produced
by the Builder to the Facility Agent on Delivery).

 

Save as contemplated in Clause
4.2 (Modification of payment terms) below, the payment instruction contained in this Clause 4.1 (Borrower's irrevocable
payment instructions) is irrevocable.

 

		4.2	Modification of payment terms

 

The Borrower expressly acknowledges
that the payment terms set out in this Clause may only be modified with the agreement of the Italian Authorities, the Facility
Agent, the Security Trustee, the Lenders and the Borrower in the case of paragraph (a) of Clause 4.1 (Borrower's irrevocable
payment instructions) and with the agreement of the Italian Authorities, the Facility Agent, the Lenders and the Borrower in
the case of paragraphs (b) and (c) of Clause 4.1 (Borrower's irrevocable payment instructions).

 

		4.3	Availability and conditions

 

		(a)	Drawing may not be made under this Agreement (and the Loan shall not be available) after the expiry
of the Availability Period.

 

		(b)	There will be only one drawing under this Agreement.

 

		(c)	The aggregate amount of the Loan cannot exceed the Maximum Loan Amount.

 

		4.4	Notification to Lenders of receipt of a Drawdown Notice

 

The Facility Agent shall promptly
and, in any case, by no later than three (3) Business Days before the Drawdown Date, notify the Lenders that it has received a
Drawdown Notice and shall inform each Lender of:

 

		(a)	the amount of the Loan and the Drawdown Date;

 

    41

     

    

 

		(b)	the amount of that Lender's participation in the Loan; and

 

		(c)	the duration of the first Interest Period.

 

		4.5	Lenders to make available Contributions

 

Subject to the provisions of
this Agreement, each Lender shall, on and with value on the Drawdown Date, make available to the Facility Agent the amount due
from that Lender under Clause 2.2 (Lenders' participations in Loan).

 

		4.6	Disbursement of Loan

 

Subject to the provisions of
this Agreement, the Facility Agent shall on the Drawdown Date pay the amounts which the Facility Agent receives from the Lenders
under Clause 4.5 (Lenders to make available Contributions) in the like funds as the Facility Agent received the payments
from the Lenders:

 

		(a)	in the case of the amount referred to in paragraph (a) of Clause 4.1 (Borrower's irrevocable
payment instructions), to the account of the Builder which the Borrower specifies in the Drawdown Notice; and

 

		(b)	in the case of an amount referred to in paragraph (b) of Clause 4.1 (Borrower's irrevocable
payment instructions) to the account of the Borrower which the Borrower shall specify; and

 

		(c)	in the case of an amount referred to in paragraph (c) of Clause 4.1 (Borrower's irrevocable
payment instructions) to the account of SACE which the SACE Agent shall specify.

 

		4.7	Disbursement of Loan to third party

 

The payment by the Facility
Agent under Clause 4.6 (Disbursement of Loan) shall constitute the making of the Loan and the Borrower shall at that time
become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender's Contribution.

 

		5	Repayment

 

		5.1	Number of repayment instalments

 

The Borrower shall repay the
Loan by twenty-four (24) consecutive six-monthly instalments from the earlier of (i) the Delivery Date and (ii) the date of actual
disbursement of the Loan (the "Starting Point of Repayment").

 

		5.2	Repayment Dates

 

The first repayment instalment
shall be repaid on the date falling six (6) months after the Starting Point of Repayment and the last repayment instalment on the
date falling one hundred and forty-four (144) months after the Starting Point of Repayment, each date of payment of an instalment
being a "Repayment Date".

 

		5.3	Amount of repayment instalments

 

Each repayment instalment of
the Loan shall be of an equal amount.

 

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		5.4	Final Repayment Date

 

On the final Repayment Date,
the Borrower shall additionally pay to the Facility Agent for the account of the Creditor Parties all other sums then accrued or
owing under any Finance Document.

 

		6	Interest

 

		6.1	Fixed or Floating Interest Rate

 

The
Borrower shall provide notification, signed by a duly authorised signatory of the Borrower, to the SACE Agent (with a copy to the
Facility Agent) at least [*] days before the Drawdown
Date specifying which of the Fixed Interest Rate or the Floating Interest Rate shall be applicable until the date of payment of
the final repayment instalment of the Loan.

 

		6.2	Fixed Interest Rate

 

If the Borrower has specified
a Fixed Interest Rate pursuant to Clause 6.1 (Fixed or Floating Interest Rate), the Loan shall bear interest in respect
of each Interest Period at the Fixed Interest Rate. Such interest shall accrue on the actual number of days elapsed based upon
a 360 day year and shall be paid on the last day of each Interest Period.

 

		6.3	Floating Interest Rate

 

If:

 

		(a)	the Borrower has specified a Floating Interest Rate pursuant to Clause 6.1 (Fixed or Floating
Interest Rate); or

 

		(b)	the Borrower has specified a Fixed Interest Rate pursuant to Clause 6.1 (Fixed or Floating Interest
Rate) but thereafter for any reason whatsoever the Interest Make-up Agreement is suspended or otherwise ceases to be in effect;
or

 

		(c)	SIMEST has requested a change of currency pursuant to the Interest Make-up
Agreement and such change of currency is not agreed by the Borrower or Lenders in accordance with Clause 6.16
6.15 (Change
of currency); or

 

		(d)	SIMEST has failed to make a net payment of interest to the Lenders pursuant to the Interest Make-up
Agreement,

 

the rate of interest on the
Loan in respect of any Interest Period shall be the Floating Interest Rate applicable for that Interest Period and the following
provisions of this Clause 6 (Interest) shall apply (in the case of the circumstances referred to in paragraph (b) above,
with effect from the date on which the Interest Make-up Agreement ceases to be in effect, with such consequential amendments as
shall be necessary to give effect to the switch from a Fixed Interest Rate to a Floating Interest Rate).

 

		6.4	Payment of Floating Interest Rate

 

Subject to the provisions of
this Agreement, interest on the Loan in respect of each Interest Period shall accrue on the actual number of days elapsed based
upon a 360 day year and shall be paid by the Borrower on the last day of that Interest Period.

 

    43

     

    

 

		6.5	Notification of Interest Periods and Floating Interest Rate

 

The
Facility Agent shall notify the Borrower and each Lender of each Floating Interest Rate and the duration of each Interest Period
as soon as reasonably practicable after each is determined and no later than the Quotation DateDay.

 

		6.6	Unavailability of Screen Rate

 

(a)
Market disruption: If, on a Quotation Date, no Screen Rate is available for EURIBOR, EURIBOR shall be the rate quoted to
the Facility Agent by the Lenders who are able to quote such rate at the request of the Facility Agent as those Lenders' offered
rate for deposits of Euros in an amount approximately equal to the amount in relation to which EURIBOR is to be determined for
a period equivalent to such period to prime banks in the European interbank eurocurrency market at or about 11 a.m. (CET time)
on the Quotation Date for such period.

 

		(a)	Interpolated Screen Rate: If no Screen
Rate is available for EURIBOR for the Interest Period of the Loan or any part of the Loan, the applicable EURIBOR shall be the
Interpolated Screen Rate for a period equal in length to the Interest Period of the Loan or that part of the Loan.

 

		(b)	IfReference
Bank Rate: If no Screen Rate is available for EURIBOR for:

 

		(i)	Euro;

 

		(ii)	the Interest Period of the Loan or any part of the
Loan and it is not possible to calculate the Interpolated Screen Rate,

 

(i)
no Screen Rate is quoted and the Lenders do not (pursuant to paragraph (a) above), before 1.00 p.m. (CET) on the Quotation Date
for an Interest Period, provide quotations to the Facility Agent in order to fix EURIBOR; or

 

(ii)
at least 1 Business Day before the start of an Interest Period, Lenders having Contributions together amounting to more than [*]
per cent. of the Loan (or, if the Loan has not
been made, Commitments amounting to more than [*] per cent. of the Total Commitments) notify the Facility Agent that EURIBOR fixed
by the Facility Agent would not accurately reflect the cost to those Lenders of funding their respective Contributions (or any
part of them) during the Interest Period in the Relevant Interbank Market at or about 11.00 a.m. (CET) on the Quotation Date for
the Interest Period; or

 

		(iii)	at least 1 Business Day before the start of an Interest Period,
the Facility Agent is notified by a Lender (the "Affected Lender")
that for any reason it is unable to obtain Euros in the Relevant Interbank Market in order to fund its Contribution (or any part
of it) duringthe applicable EURIBOR shall be the Reference
Bank Rate as of the Specified Time and for a period equal in length to the Interest Period,
of the Loan or that part of the Loan.

 

the
following provisions of this Clause 6 (Interest) apply.

 

		(c)	Cost of funds: If paragraph (b) above
applies but no Reference Bank Rate is available for Euro or the relevant Interest Period there shall be no EURIBOR for the Loan
or that part of the Loan (as applicable) and Clause 6.9 (Cost of funds) shall apply to the Loan or that part of the Loan
for that Interest Period.

 

    44

     

    

 

		6.7	Notification of market disruptionCalculation
of Reference Bank Rate

 

		(a)	Subject to paragraph (b) below, if EURIBOR is to
be determined on the basis of a Reference Bank Rate but a Reference Bank does not supply a quotation by the Specified Time, the
Reference Bank Rate shall be calculated on the basis of the quotations of the remaining Reference Banks.

 

The Facility
Agent shall promptly notify the Borrower and each of the Lenders stating the circumstances falling within paragraph (b) of Clause
6.6 (Unavailability of Screen Rate) which have caused its notice to be given.

 

6.8
Suspension of drawdown

 

If the
Facility Agent's notice under Clause 6.6 (Unavailability of Screen Rate) is served before the Loan is made:

 

(a)
in a case falling within sub-paragraphs (i) or (ii) of paragraph (b) of Clause 6.6 (Unavailability of Screen Rate), the
Lenders' obligations to make the Loan;

 

		(b)	in a case falling within sub-paragraph (iii) of paragraph (b)
of Clause 6.6 (Unavailability of Screen Rate), the Affected Lender's obligation to participate in the Loan;If
at or about noon on the Quotation Day none or only one of
the Reference Banks supplies a quotation, there shall be no Reference Bank Rate for the relevant Interest Period.

 

shall be
suspended while the circumstances referred to in the Facility Agent's notice continue.

 

6.9
Negotiation of alternative rate of interest

 

If
the Facility Agent's notice under Clause 6.7 (Notification of market disruption) is served after the Loan is made,
the Borrower, the Facility Agent and the Lenders or (as the case may be) the Affected Lender shall
use reasonable endeavours to agree, in consultation with SACE and SIMEST, within the 30 days after the date on which the Facility
Agent serves its notice under Clause 6.7 (Notification of market disruption) (the "Negotiation Period"),
an alternative interest rate or (as the case may be) an alternative basis for the Lenders or (as the case may be) the Affected
Lender to fund or continue to fund their or its Contribution during the Interest Period concerned.

 

6.10
Application of agreed alternative rate of interest

 

Any alternative
interest rate or an alternative basis which is agreed during the Negotiation Period shall take effect in accordance with the terms
agreed.

 

6.11
Alternative rate of interest in absence of agreement

 

(a)
If an alternative interest rate or alternative basis is not agreed within the Negotiation Period, and the relevant circumstances
are continuing at the end of the Negotiation Period, then the Facility Agent shall, with the agreement of each Lender or (as the
case may be) the Affected Lender (and in consultation with SACE and SIMEST), set an interest period and interest rate representing
the Reference Bank Rate for Euros.

 

(b)
If, following the end of the Negotation Period and request by the Facility Agent for a quotation by the Reference Banks pursuant
to paragraph (a) above, none or only one of the Reference Banks supplies a quotation,
there shall be no Reference Bank Rate for the relevant Interest Period and the Facility Agent shall,
with the agreement of each Lender or (as the case may be) the Affected Lender (and in consultation with SACE and SIMEST), set an
interest period and interest rate representing the cost of funding of the Lenders or (as the case may be) the Affected Lender in
Euros or in any available currency of their or its contribution plus the Margin; and the procedure provided for by this Clause
6.11 (Alternative rate of interest in absence of agreement) shall be repeated if the relevant circumstances are continuing
at the end of the interest period so set by the Facility Agent.

 

    45

     

    

 

		6.8	Market Disruption

 

If
before close of business in London on the Quotation Day for the relevant Interest Period the Facility Agent receives notification
from a Lender or Lenders (whose participations in the Loan or the relevant part of the Loan in aggregate exceed [*]
per cent. of the Loan or
the relevant part of the Loan as appropriate) that the cost to it or each of them of funding its participation in the Loan or that
part of the Loan from whatever source it may reasonably select would be in excess of EURIBOR then Clause 6.9 (Cost of funds)
shall apply to the Loan or that part of the Loan (as applicable) for the relevant Interest Period.

 

		6.9	Cost of funds

 

		(a)	If this Clause 6.9 (Cost of funds) applies,
the rate of interest on the Loan or the relevant part of the Loan for the relevant Interest Period shall be the percentage rate
per annum which is the sum of:

 

		(i)	the Margin; and

 

		(ii)	the weighted average of the rates notified to the
Facility Agent by each Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest
Period to be that which expresses as a percentage rate per annum the cost to the relevant Lender of funding its participation in
the Loan or that part of the Loan from whatever source it may reasonably select.

 

		(b)	If this Clause 6.9 (Cost of funds)
applies and the Facility Agent or the Borrower so requires, the Facility Agent and the Borrower shall enter into negotiations (for
a period of not more than 30 days) with a view to agreeing
a substitute basis for determining the rate of interest
or (as the case may be)
an alternative basis for funding.

 

		(c)	Subject to Clause 6.10 (Replacement of Screen
Rate), any substitute or alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all the
Lenders and the Borrower, be binding on all Parties.

 

		(d)	If paragraph (e) below does not apply
and any rate notified to the Facility Agent under sub-paragraph (ii) of paragraph (a) above is less than zero, the relevant rate
shall be deemed to be zero.

 

		(e)	If this Clause 6.9 (Cost of funds) applies
pursuant to Clause ‎6.8 (Market disruption) and:

 

		(i)	a Lender's Funding Rate is less than EURIBOR; or

 

		(ii)	a Lender does not supply a quotation by the time
specified in sub-paragraph ‎(ii) of paragraph (a) above,

 

    46

     

    

 

the
cost to that Lender of funding its participation in the Loan or the relevant part of the Loan for that Interest Period shall be
deemed, for the purposes of paragraph (a) above, to be EURIBOR.

 

		(f)	If this Clause 6.9 (Cost of funds) applies
but any Lender does not supply a quotation by the time specified in sub-paragraph (ii) of paragraph (a) above, the rate of interest
shall be calculated on the basis of the quotations of the remaining Lenders.

 

		6.10	Replacement of Screen Rate

 

		(a)	If a Screen Rate Replacement Event has occurred
in relation to the Screen Rate for
Euro, any amendment or waiver which relates to:

 

		(i)	providing for the use of a Replacement
Benchmark; and

 

		(ii)	

 

		(A)	aligning any provision of any Finance
Document to the use of that Replacement Benchmark;

 

		(B)	enabling that Replacement Benchmark
to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required
to enable that Replacement Benchmark to be used for the purposes of this Agreement);

 

		(C)	implementing market conventions applicable
to that Replacement Benchmark;

 

		(D)	providing for appropriate fallback (and
market disruption) provisions for that Replacement Benchmark;
or

 

		(E)	adjusting the pricing to reduce or
eliminate, to the extent reasonably practicable,
any transfer of economic value from one Party to another as a result of the application of that Replacement Benchmark (and if any
adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating
Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation),

 

may
be made with the consent of the Facility Agent (acting on the instructions of the Majority Lenders),
SACE and SIMEST (if applicable) and the Borrower.

 

		(b)	If an amendment is required as contemplated in this
Clause 6.10 (Replacement of Screen Rate), the Obligors shall reimburse each of the Facility Agent and the Security Trustee
for the amount of all costs and expenses (including legal fees and other professional expenses) incurred by each Secured Party
in relation to such amendment.

 

		6.11	6.12 Notice of prepayment

 

If
no agreement is reached with the
Borrower does not agree with an interest rate set by the Facility Agent under
Clause 6.11 (Alternative rate of interest in absence of agreement6.10
(Replacement of Screen Rate), the Borrower may give the Facility Agent not less than 15 Business
Days', or, if the Fixed Interest Rate has been selected pursuant to Clause 6.1 (Fixed or Floating Interest Rate), the
Borrower may give the Facility Agent not less than 30 days,'
notice of its intention to prepay at the end of the interest period set by the Facility Agent.

 

    47

     

    

 

		6.12	6.13 Prepayment; termination
of Commitments

 

A
notice under Clause 6.12 6.11
(Notice of prepayment) shall be irrevocable; the Facility Agent shall promptly notify the Lenders
or (as the case may require) the Affected
Lender and, if the Fixed Interest Rate has been selected by the Borrower, SIMEST of
the Borrower's notice of intended prepayment, and:

 

		(a)	on the date on which the Facility Agent serves that notice, the Total
Commitments or (as the case may require) the Commitment of the Affected Lender shall
be cancelled; and6.6(b)(i); and

 

		(b)	on the last Business Day of the Interest Period set by the Facility
Agent, the Borrower shall prepay (without premium or penalty subject to the provisions of Clause 20.2 (Breakage costs and SIMEST
arrangements)) the Loan or, as the case may be, the Affected
Lender's Contribution, together with accrued interest thereon at the applicable rate
(being either the Floating Interest Rate or the Fixed Interest Rate as specified by the Borrower pursuant to Clause 6.1 (Fixed
or Floating Interest Rate)).

 

		6.13	6.14 Application of
prepayment

 

The provisions of Clause 16
(Cancellation, Prepayment and Mandatory Prepayment) shall apply in relation to the prepayment.

 

		6.14	6.15 Certain Circumstances

 

Notwithstanding anything to
the contrary in this Agreement:

 

		(a)	in the event of any circumstances falling within paragraph
(b) of Clause 6.6 (Unavailability of Screen RateClause
6.8 (Market Disruption) which might affect the advance of the Loan on the Drawdown
Date (the "Relevant Circumstances"):

 

		(i)	occurring and being continuing on the date falling ninety (90) days before the Intended Delivery
Date (the "Relevant Date"), each Lender will notify
the Borrower (through the Facility Agent) of the Relevant Circumstances on the Relevant Date or, if the Relevant Date is not a
Business Day, on the next following Business Day; and

 

		(ii)	occurring after the Relevant Date, each Lender will notify the Borrower (through the Facility Agent)
immediately upon such Lender becoming aware of the Relevant Circumstances;

 

		(b)	in the event of any Relevant Circumstances falling within sub-paragraphs
(i) or (ii) of paragraph (b) of Clause 6.6 (Unavailability of Screen RateClause
6.8 (Market disruption) (the "Pricing-Related Relevant Circumstances")
occurring before the Loanan
Advance is made available and notwithstanding the
provisions of Clause 6.8 (Suspension of drawdown), each Lender will fund its
respective Contributions by reference to the agreed alternative rate of interest in accordance with Clauses 6.9
(Negotiation of alternative rate of interest), 6.10 (Application of agreed alternative rate of interest) and 6.11
(Alternative rate of interest in absence of agreement6.6
(Unavailability of Screen Rate) 6.7 (Calculation of Reference Bank Rate), 6.8 (Market Disruption), 6.9 (Cost
of funds) and 6.10 (Replacement of Screen Rate) as if the provisions of such Clauses
applied not only in the event that the Pricing-Related Relevant Circumstances have been notified by the Facility Agent to the Borrower
after the making of the LoanAdvance
but also before the making of the Loan;Advance.

 

    48

     

    

 

		(c)	in the event of any Relevant Circumstances falling within sub-paragraph
(iii) of paragraph (b) of Clause 6.6 (Unavailability of Screen RateClause
6.8 (Market disruption) (the "Availability-Related Relevant Circumstances")
occurring before the Loan is made and notwithstanding the provisions of Clause 6.8 (Suspension
of drawdown), each Lender will enter into good faith discussions with the Borrower
for a period not exceeding 10 Business Days in order to discuss a basis on which the Lenders could be able to fund their respective
Contributions in Euros (or, if unavailable in Euros, then in any available currency). Such discussions shall be without obligation
on the Lenders provided that during such discussion period, such circumstances continue.

 

		6.15	6.16 Change of currency

 

		(a)	In the event that the SACE Agent notifies the Borrower that SIMEST has requested a change in the
currency of the Loan in accordance with clause 6.3 of the Interest Make-up Agreement, the Borrower and the Lenders shall, without
obligation, consider such request for a change of currency acting reasonably for a period of not exceeding 10 Business Days. Following
such discussions the SACE Agent shall report the decision of the Facility Agent, the Borrower and the Lenders to SIMEST, providing
their reason for any negative decision.

 

		(b)	In the event that a change of currency is agreed the Parties agree to negotiate in good faith the
necessary changes to this Agreement, the Finance Documents, the SACE Insurance Policy and the Interest Make-up Agreement in order
to document the change in currency.

 

		(c)	In the event that a change in currency is not acceptable to the Lenders or the Borrower, the provision
of paragraph (c) of Clause 6.3 (Floating Interest Rate) shall apply.

 

6.17
Modification and/or discontinuation of certain benchmarks

 

Without
prejudice to any other provisions of this Agreement, each Party acknowledges and agrees to the benefit of the other Party that:

 

(a)
EURIBOR and EONIA benchmarks (i) may be subject to methodological or other changes which could affect their value, (ii) may not
comply with applicable laws and regulations (such as the European Benchmark Regulation as far as EURIBOR and EONIA are concerned)
and/or (iii) may be permanently discontinued (in particular LIBOR which may be phased out after 2021).

 

(b)
The occurrence of any of the aforementioned events and/or a Screen Rate Replacement Event may have adverse consequences which may
materially impact the economics of the financing transaction contemplated under this Agreement.

 

(c)
The Parties further acknowledge that if any of the aforementioned events and/or a Screen Rate Replacement Event is forthcoming,
they shall enter into negotiations with a view to agreeing the
necessary changes to this Agreement in order to preserve the economics of the financing transaction contemplated therein and, in
particular, the margin initially agreed between the Parties. Such negotiations shall be carried out by each Party in good faith
and in consideration of the then prevailing market practice (without prejudice to the particularities, as the case may be, of the
transaction).

 

    49

     

    

 

6.18
Replacement rate

 

(a)
If any of the events described in clause 6.17 (including a Screen Rate Replacement
Event in relation to the Screen Rate) has occurred, any amendment
or waiver which relates to:

 

(i)
providing for the use of a Replacement Benchmark; and

 

		(ii)	

 

(A)
aligning any provision of any Finance Document to the use of that Replacement
Benchmark;

 

(B)
enabling that Replacement Benchmark to be used for the calculation of interest
under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Benchmark to
be used for the purposes of this Agreement);

 

(C)
implementing market conventions applicable to that Replacement Benchmark;

 

(D)
providing for appropriate fall back and market disruption provisions for that
Replacement Benchmark;

 

(E)
adjusting the pricing to reduce or eliminate, to the extent reasonably practical,
any transfer of economic value from one Party to another as a result of the application of that Replacement Benchmark (and if any
adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating
Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation),

 

may
be made with the consent of the Facility Agent (acting on the instructions of the Majority Lenders) and
the Obligors.

 

(b)
If any Lender fails to respond to a request for an amendment to waiver described in paragraph (a) above, within fifteen (15) Business
Days (or such longer period in relation to any request which the Borrower and the Facility Agent may agree) of that request being
made:

 

(i)
its Commitment shall not be included for the purpose of calculating the Total Commitments under the relevant Loan when ascertaining
whether any relevant percentage of Total Commitments has been obtained to approve that request; and

 

(ii)
its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders
has been obtained to approve that request.

 

		7	Interest Periods

 

		7.1	Commencement of Interest Periods

 

The first Interest Period applicable
to the Loan shall commence on the Drawdown Date and each subsequent Interest Period shall commence on the expiry of the preceding
Interest Period.

 

    50

     

    

 

		7.2	Duration of Interest Periods

 

Subject to Clause 7.3 (Duration
of Interest Periods for Repayment Instalments), each Interest Period shall be 6 months.

 

		7.3	Duration of Interest Periods for Repayment Instalments

 

Any Interest Period that includes
a Repayment Date shall expire on such Repayment Date.

 

		8	SACE Premium and Italian Authorities

 

		8.1	SACE Premium

 

The
estimated SACE Premium for an amount equal to [*] (being
[*] per cent. ([*]%)
of the Maximum Loan Amount), or any other amount communicated by SACE subject to the approval of all Lenders and the Borrower,
is due and payable in two instalments as follows:

 

		(a)	the first instalment of the SACE Premium being an amount of [*]
per cent. ([*]%) of the
SACE Premium (the "First Instalment")
shall be paid by the Borrower to SACE (provided that the Borrower and the Lenders have been notified by the SACE Agent that the
SACE Insurance Policy has been issued) on the earlier of (i) the date falling 30 days after the issuance of the SACE Insurance
Policy and (ii) the date falling 6 months after the date of SACE's board approval or any other later date as communicated by SACE;
and

 

		(b)	the second instalment of the SACE Premium being an amount of [*]
per cent. ([*]%) of the SACE
Premium (the "Second Instalment") and shall be
payable on or prior to the Drawdown Date. For the sake of clarity, no set-off with the First Instalment shall be permitted.

 

		8.2	Reimbursement by the Borrower of the SACE Premium

 

The Borrower irrevocably agrees
to pay the First Instalment, and to instruct the Lenders to pay the Second Instalment on behalf of the Borrower as follows:

 

		(a)	the Borrower has requested and the Lenders have agreed to reimburse the payment of one hundred
per cent. (100%) of the First Instalment to the Borrower on the Drawdown Date, it being agreed that such First Instalment shall
be paid to SACE by the Borrower in accordance with paragraph (a) of Clause 8.1 (SACE Premium) and upon notification by the
Facility Agent to the Borrower (i) of the issuance of the SACE Insurance Policy documentation in the form required by paragraph
(g) of Clause 3.4 (No later than ninety (90) days before the Intended Delivery Date), and (ii) of the amount of the First
Instalment; and

 

		(b)	the Borrower has requested and the Lenders have agreed to finance the payment of one hundred per
cent. (100%) of the Second Instalment on the Drawdown Date in accordance with paragraph (c) of Clause 2.1 (Amount of facility)
of this Agreement.

 

Consequently, the Borrower
hereby irrevocably instructs the Facility Agent on behalf of the Lenders to pay the Second Instalment to SACE on the Drawdown Date
in accordance with paragraph (c) of Clause 2.1 (Amount of facility) of this Agreement and to reimburse the Borrower
by the Borrower drawing under the Loan the amount of the First Instalment in accordance with paragraph (b) of Clause 2.1 (Amount
of facility) of this Agreement.

 

The First Instalment and Second
Instalment each financed by the Loan will be repayable in any event by the Borrower to the Lenders in the manner specified in Clause
5 (Repayment) and under any and all circumstances including but without limitation
in the event of prepayment or acceleration of the Loan.

 

    51

     

    

 

		8.3	Italian Authorities

 

		(a)	The Borrower acknowledges and agrees that the Facility Agent, the SACE Agent and the Lenders are
entitled to provide the Italian Authorities with any information they may have relative to the Loan and the business of the Group,
to allow the Italian Authorities to inspect all their records relating to this Agreement and the other Transaction Documents and
to furnish them with copies thereof. Any such information relative to the Loan may also be given by any Italian Authorities to
international institutions charged with collecting statistical data.

 

		(b)	The Borrower acknowledges that, in the making of any decision or determination or the exercise
of any discretion or the taking or refraining to take any action under this Agreement or any of the other Finance Documents, the
Facility Agent, the SACE Agent and the Lenders shall be deemed to have acted reasonably if they have acted on the instructions
of either of the Italian Authorities.

 

		(c)	Each Party further undertakes not to act in a manner which is inconsistent with the terms of the
SACE Insurance Policy and the Interest Make-up Agreement.

 

		8.4	Refund

 

		(a)	The Borrower shall, at the latest on the date falling sixty (60) days before the Intended Delivery
Date, provide a notice in writing to the SACE Agent (who will promptly forward it to other Lenders and SACE), signed by an authorised
signatory of the Borrower, indicating the amount of the Loan to be drawn on the Delivery Date less (i) any amount cancelled and
(ii) the Refund (as defined below) to be refunded in accordance with paragraph (b), such amount of the Refund to be confirmed by
SACE at least six (6) Business Days prior to the Delivery Date. The Borrower hereby agrees and shall confirm in such notice that
the remaining Commitments shall be deemed to be cancelled. The Borrower acknowledges, for the avoidance of doubt, that the shortfall
to be paid to the Builder at the Delivery Date shall be funded and paid directly by the Borrower to the Builder.

 

		(b)	If the Loan is less than the Maximum Loan Amount, and provided that no Event of Default has occurred
and is then continuing and no loss has occurred under the SACE Insurance Policy, the Borrower shall be entitled to a refund of
the Second Instalment of the SACE Premium in an amount calculated by SACE on the undrawn amount (the "Refund").
For the avoidance of doubt, the First Instalment of the SACE Premium is non-refundable, irrespective of whether any disbursements
have been made under this Agreement and irrespective of whether the SACE Insurance Policy has been terminated.

 

		(c)	Any refund of the Second Instalment of the SACE Premium, whether in whole or in part, must be expressly
requested by the SACE Agent to SACE in writing following receipt by the SACE Agent of the Borrower's notice referred to in paragraph
(a) above.

 

		(d)	To the extent the Borrower is entitled to the Refund, SACE shall transfer the Refund as soon as
practicably possible to the SACE Agent who shall as soon as practicably possible following receipt thereof transfer such amount
to the Borrower. The Borrower hereby acknowledges that SACE shall not be liable to pay interest to the Borrower on the amount of
the Refund.

 

		(e)	Under the terms of the SACE Insurance Policy, the Parties acknowledge
that SACE will withhold an amount of [*] per cent. ([*]%)
from the amount of the SACE Premium to be refunded. Such withholding, charged as a lump sum to cover administration and management
costs for the SACE Insurance Policy, may not, in any event, amount to less than [*] 
Euros (€[*]) or more than
[*] Euros (€[*]),
calculated by SACE as at the date of the refund request.

 

    52

     

    

 

		(f)	Except as set out in paragraphs (a) to (c) above, no part of the SACE Premium is refundable to
any Obligor.

 

		(g)	In no event shall the SACE Agent be liable for any refund of the SACE Premium to be made by SACE
or for the calculation of any Refund and/or withholding thereof.

 

		8.5	Additional premium

 

		(a)	The Borrower shall pay (through the SACE Agent) to
SACE an additional SACE premium in relation to the changes made to the Facility Agreement following the 2021 Deferral Effective
Date (the "Additional SACE Premium"). The Additional SACE Premium is payable, in accordance with the SACE Insurance
Policy, payable in two instalments as follows:

 

		(i)	no later than 30 days from the date of issuance of
the relevant addendum to the SACE Insurance Policy in form and substance acceptable to the Lenders, an amount of €[*], corresponding
to the first instalment of the Additional SACE Premium; and

 

		(ii)	no later than the Delivery Date, and unless the Guarantor's
highest unsecured corporate credit rating is, 60 days before the Intended Delivery Date, BB+ or above at Standard & Poor's
or Ba1 or above at Moody's, an amount of €[*], corresponding to the second instalment of the Additional SACE Premium; it being
understood that if 60 days before the Intended Delivery Date, the Guarantor's highest unsecured corporate credit rating is between
B+ at Standard & Poor's or B1 at Moody's and BB at Standard & Poor's or Ba2 at Moody's, this second instalment of the Additional
SACE Premium shall correspond to a) [*]% of (x) €480,248,962.66 being the undrawn amount under the Loan as at 31 December
2020 times (y) the percentage applicable to the Guarantor's highest unsecured corporate credit rating between Standard & Poor's
and Moody's in the table set out below (the "Revised SACE Premium Rate") less b) the Second Instalment of the
original SACE Premium to be paid no later than the Delivery Date. The amount of the second instalment of the Additional SACE Premium
shall be  recalculated by the SACE Agent in accordance with the SACE Insurance Policy and communicated by the SACE Agent to
SACE no later than 60 days prior to the Intended Delivery Date for verification and then forwarded to the Borrower as soon as practically
possible following approval by SACE. 

 

	Rating S&P and 

Moody's	pricing
	BB / Ba2	[*]%
	BB- / Ba3	[*]%

 

		(b)	The Additional SACE Premium is non-refundable and
is not financed.

 

For
avoidance of doubt, in case of discrepancy between this Clause 8.5 (Additional premium) and the relevant provision of the
SACE Insurance Policy, the SACE Insurance Policy shall prevail.

 

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		9	Fees

 

9.1
Fees

 

The following fees shall be
due by the Borrower and payable as required hereunder:

 

		(a)	to the Facility Agent, for the benefit of the Joint Mandated Lead Arrangers, a Joint Mandated Lead
Arranger structuring fee (the "Structuring Fee") in the amount and payable at the time separately agreed in writing
between the Facility Agent and the Borrower;

 

		(b)	to the Facility Agent, for the benefit of the Lenders, a commitment
fee in Euros for the period from the Effective Date to the Delivery Date of the Ship, or the date of receipt by the Facility Agent
of the written cancellation notice (as described in paragraph
(a) of Clause 16.1(a))
or written termination notice (as described in paragraph (b)
of Clause 16.1(b))
(as applicable) sent by the Borrower, whichever is the earliest, computed at the rate of:

 

		(i)	from the Effective Date to and including 31 December 2019, [*]
per cent. ([*]% p.a.)
per annum;

 

		(ii)	from 1 January 2020 to and including 31 December 2020, [*]
per cent. ([*]% p.a.)
per annum;

 

		(iii)	from 1 January 2021 to and including 31 October 2022, [*]
per cent. ([*]% p.a.)
per annum; 

 

		(iv)	from 1 November 2022 to 31 March 2024, [*]
per cent. ([*]% p.a.)
per annum;

 

		(v)	from 1 April 2024 to and including the Delivery Date, [*]
per cent. ([*]% p.a.)
per annum;

 

and
calculated on the undrawn amount of the Maximum Loan Amount and payable in arrears on the date falling six (6) months after the
Effective Date and on each date falling at the end of each following consecutive six (6) month period, with the exception of the
commitment fee due in respect of the last period, which shall be paid on the Delivery Date, or the date of receipt by the Facility
Agent of the written cancellation notice (as described in paragraph
(a) of Clause 16.1(a))
or written termination notice (as described in paragraph (b)
of Clause 16.1(b))
(as applicable) sent by the Borrower, whichever is the earliest, such commitment fee to be calculated on the actual number of days
elapsed divided by three hundred and sixty (360). For the purpose of the computation of the periodical commitment fee payable to
the Lenders, the Maximum Loan Amount is assumed to be four hundred and eighty million two hundred and forty eight thousand, nine
hundred and sixty two Euros and sixty six cents (€480,248,962.66);

 

		(c)	to the Facility Agent, for its own account, an agency fee in the amount and payable at the time
separately agreed in writing between the Facility Agent and the Borrower;

 

		(d)	to the SACE Agent, a SACE agency fee in the amount and payable at the time separately agreed in
writing between the SACE Agent and the Borrower; and

 

		(e)	to the Security Trustee, a security trustee fee in the amount and payable at the time separately
agreed in writing between the Security Trustee and the Borrower.

 

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		10	Taxes, Increased Costs, Costs and related Charges

 

		10.1	Definitions

 

		(a)	In this Agreement:

 

"Protected
Party" means a Secured Party which is or will be subject to any liability, or required to make any payment, for
or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable)
under a Finance Document.

 

"Tax
Credit" means a credit against, relief or remission for, or repayment of any Tax.

 

"Tax
Deduction" means a deduction or withholding for or on account of Tax from a payment under a Finance Document other
than a FATCA Deduction.

 

"Tax
Payment" means either the increase in a payment made by an Obligor to a Secured Party under Clause 10.2 (Tax
gross-up) or a payment under Clause 10.3 (Tax indemnity).

 

		(b)	Unless a contrary indication appears, in this Clause 10 (Taxes, Increased Costs, Costs and related
Charges) reference to "determines" or "determined"
means a determination made in the absolute discretion of the person making the determination.

 

		10.2	Tax gross-up

 

		(a)	Each Obligor shall make all payments to be made by it under the Finance Documents without any Tax
Deduction, unless a Tax Deduction is required by law.

 

		(b)	The Borrower shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that
there is any change in the rate or the basis of a Tax Deduction) notify the Facility Agent accordingly. Similarly, a Lender shall
notify the Facility Agent on becoming so aware in respect of a payment payable to that Lender. If the Facility Agent receives such
notification from a Lender it shall notify the Borrower and that Obligor.

 

		(c)	If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from
that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which
would have been due if no Tax Deduction had been required.

 

		(d)	A payment shall not be increased under paragraph (c) above if on the date on which the payment
falls due the Obligor making the payment is able to demonstrate that the payment could have been made to the Lender without the
Tax Deduction had that Lender (having been given notice of the documentation requested under Clause 10.7 (Lender Status)
at least 30 Business Days prior to such payment date) complied with its obligations under Clause 10.7 (Lender Status).

 

		(e)	If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and
any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.

 

		(f)	Within thirty days of making either a Tax Deduction or any payment required in connection with
that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Facility Agent for the Secured Party entitled to
the payment evidence reasonably satisfactory to that Secured Party that the Tax Deduction has been made or (as applicable) any
appropriate payment paid to the relevant taxing authority.

 

    55

     

    

 

		10.3	Tax indemnity

 

		(a)	The Borrower shall (within three Business Days of demand by the Facility Agent) pay to a Protected
Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly)
suffered for or on account of Tax by that Protected Party in respect of a Finance Document.

 

		(b)	Paragraph (a) above shall not apply:

 

		(i)	with respect to any Tax assessed on a Secured Party:

 

		(A)	under the law of the jurisdiction in which that Secured Party is incorporated or, if different,
the jurisdiction (or jurisdictions) in which that Secured Party is treated as resident for tax purposes; or

 

		(B)	under the law of the jurisdiction in which that Lender's Facility Office is located in respect
of amounts received or receivable in that jurisdiction,

 

if that Tax is imposed on or
calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that
Secured Party; or

 

		(ii)	to the extent a loss, liability or cost is compensated for by an increased payment under Clause
10.2 (Tax gross-up) or would have been compensated for by an increased payment under Clause 10.2 (Tax gross-up) but
was not so compensated solely because an exclusion in paragraph (d) of Clause 10.2 (Tax gross-up) applied, or relates to
a FATCA Deduction required to be made by a Party; or

 

		(iii)	with respect to the Taxes in the nature of a branch profits tax imposed by Section 884(a)
of the Code that is imposed by any jurisdiction described in paragraph (b)(i)(B) above.

 

		(c)	A Protected Party making, or intending to make a claim under paragraph (a) above shall promptly
notify the Facility Agent of the event which will give, or has given, rise to the claim, following which the Facility Agent shall
notify the Borrower.

 

		(d)	A Protected Party shall, on receiving a payment from an Obligor under this Clause 10.3 (Tax
indemnity), notify the Facility Agent.

 

		10.4	Tax Credit

 

If an Obligor makes a Tax Payment
and the relevant Creditor Party determines that:

 

		(a)	a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that
Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and

 

		(b)	that Creditor Party has obtained, retained and utilised that Tax Credit,

 

the Creditor Party shall pay
an amount to the Obligor which that Creditor Party determines will leave it (after that payment) in the same after-Tax position
as it would have been in had the Tax Payment not been required to be made by the Obligor.

 

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		10.5	Stamp taxes

 

The Borrower shall pay and,
within three Business Days of demand, indemnify each Secured Party against any cost, loss or liability that Secured Party incurs
in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.

 

		10.6	VAT

 

		(a)	All amounts expressed to be payable under a Finance Document by any Party to a Secured Party which
(in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which
is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made
by any Secured Party to any Party under a Finance Document and such Secured Party is required to account to the relevant tax authority
for the VAT, that Party must pay to such Secured Party (in addition to and at the same time as paying any other consideration for
such supply) an amount equal to the amount of the VAT (and such Secured Party must promptly provide an appropriate VAT invoice
to that Party).

 

		(b)	If VAT is or becomes chargeable on any supply made by any Secured Party (the "Supplier")
to any other Secured Party (the "Recipient") under
a Finance Document, and any Party other than the Recipient (the "Relevant
Party") is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply
to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):

 

		(i)	(where the Supplier is the person required to account to the relevant tax authority for the VAT)
the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount
of the VAT. The Recipient must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit
or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT
chargeable on that supply; and

 

		(ii)	(where the Recipient is the person required to account to the relevant tax authority for the VAT)
the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable
on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from
the relevant tax authority in respect of that VAT.

 

		(c)	Where a Finance Document requires any Party to reimburse or indemnify a Secured Party for any cost
or expense, that Party shall reimburse or indemnify (as the case may be) such Secured Party for the full amount of such cost or
expense, including such part of it as represents VAT, save to the extent that such Secured Party reasonably determines that it
is entitled to credit or repayment in respect of such VAT from the relevant tax authority.

 

		(d)	Any reference in this Clause 10.6 (VAT) to any Party being required to account to a tax
authority for VAT shall, at any time when such Party is treated as a member of a group for VAT purposes, include a reference to
another member of that group being required to so account to the relevant tax authority.

 

    57

     

    

 

		(e)	In relation to any supply made by a Secured Party to any Party under a Finance Document, if reasonably
requested by such Secured Party, that Party must promptly provide such Secured Party with details of that Party's VAT registration
and such other information as is reasonably requested in connection with such Secured Party's VAT reporting requirements in relation
to such supply.

 

		10.7	Lender Status

 

		(a)	Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to
payments made under a Finance Document shall deliver to the Facility Agent and the Borrower, at the time or times reasonably requested
by the Facility Agent or the Borrower, such properly completed and executed documentation reasonably requested by the Facility
Agent or the Borrower (and which it is reasonable for the Lender to complete and execute) as will permit such payments to be made
without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Facility Agent
or the Borrower, shall deliver such other documentation as prescribed by applicable law and reasonably requested by the Facility
Agent or the Borrower as will enable the Facility Agent or the Borrower to determine whether or not such Lender is subject to backup
withholding or information reporting requirements.

 

		(b)	Any Lender shall, to the extent it is legally entitled to do so, and where it is entitled to an
exemption from, or reduction of, U.S. federal withholding tax, deliver to the Facility Agent and the Borrower on or prior to the
date on which such Lender becomes a Lender under this Agreement or promptly thereafter (and from time to time thereafter as prescribed
by applicable law or upon the request of the Facility Agent or the Borrower), duly executed and properly completed copies of Internal
Revenue Service Form W-9 or W-8, as applicable, certifying that it is not subject to U.S. federal backup withholding and, in the
case of a non-U.S. Lender that is eligible for an exemption from, or reduction of, U.S. federal withholding Tax establishing an
exemption from, or reduction of, U.S. federal withholding Tax.

 

		10.8	FATCA Deduction

 

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

 

		(b)	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there
is any change in the rate or the basis of such FATCA Deduction) notify the Party to whom it is making the payment and, in addition,
shall notify the Borrower, the Facility Agent and the other Secured Parties.

 

		10.9	FATCA Information

 

		(a)	Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request
by another Party:

 

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

 

		(A)	a FATCA Exempt Party; or

 

		(B)	not a FATCA Exempt Party;

 

    58

     

    

 

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

 

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

 

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

 

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

 

		(i)	any law or regulation;

 

		(ii)	any fiduciary duty; or

 

		(iii)	any duty of confidentiality.

 

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

 

		(e)	Each Lender shall, within ten Business Days of (i) where the relevant
Lender is a Lender at the date of thisthe
Original Facility Agreement, the date of thisthe
Original Facility Agreement and (ii) where the relevant Lender is a Transferee Lender, the
effective date of a Transfer Certificate under Clause 24.4 (Effective Date of Transfer Certificate), supply to the Facility
Agent:

 

		(i)	a withholding certificate on Form W-8, Form W-9 or any other relevant form; or

 

		(ii)	any withholding statement or other document, authorisation or waiver as the Facility Agent may
require to certify or establish the status of such Lender under FATCA or that other law or regulation.

 

		(f)	The Facility Agent shall provide any withholding certificate, withholding statement, document,
authorisation or waiver it receives from a Lender pursuant to paragraph (e) above to the Borrower.

 

		(g)	If any withholding certificate, withholding statement, document, authorisation or waiver provided
to the Facility Agent by a Lender pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, that Lender
shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver
to the Facility Agent unless it is unlawful for the Lender to do so (in which case the Lender shall promptly notify the Facility
Agent). The Facility Agent shall provide any such updated withholding certificate, withholding statement, document, authorisation
or waiver to the Borrower.

 

    59

     

    

 

		(h)	The Facility Agent may rely on any withholding certificate, withholding statement, document, authorisation
or waiver it receives from a Lender pursuant to paragraph (e) or (g) above without further verification. The Facility Agent
shall not be liable for any action taken by it under or in connection with paragraph (e), (f) or (g) above.

 

		(i)	Each Party acknowledges that CDP is a FATCA Exempt Party pursuant to article 1, paragraph 11.1(e)
of the Italian Mef Decree dated 6 August 2015 enacting Italian law of 18 June 2015 no. 95, which ratified the agreement between
the Government of the US and the Government of the Republic of Italy to improve international tax compliance and to implement FATCA,
signed in Rome in 10 January 2014.

 

		10.10	Increased Costs

 

		(a)	If after the date of thisthe
Original Facility Agreement by reason of (x) any change in law or in its interpretation or
administration and/or (y) compliance with any request from or requirement of any central bank or other fiscal, monetary or other
authority including but without limitation the Basel Committee on Banking Regulations and Supervisory Practices whether or not
having the force of law:

 

		(i)	any of the Lenders incurs a cost as a result of its performing its obligations under this Agreement
and/or its making available its Commitment hereunder; or

 

		(ii)	there is any increase in the cost to any of the Lenders of funding or maintaining all or any of
the advances comprised in a class of advances formed by or including its Commitment advanced or to be advanced by it hereunder;
or

 

		(iii)	any of the Lenders incurs a cost as a result of its having entered into and/or its assuming or
maintaining its commitment under this Agreement; or

 

		(iv)	any of the Lenders becomes liable to make any payment on account of Tax or otherwise (other than
Tax on its overall net income) on or calculated by reference to the amount of its Commitment advanced or to be advanced hereunder
and/or any sum received or receivable by it hereunder; or

 

		(v)	any of the Lenders suffers any decrease in its rate of return as a result of any changes in the
requirements relating to capital ratios, monetary control ratios, the payment of special deposits, liquidity costs or other similar
requirements affecting that Lender,

 

then the Borrower shall on
demand pay to the Facility Agent for the account of the relevant Lender or Lenders amounts sufficient to indemnify the relevant
Lender or Lenders against, as the case may be, such cost, such increased cost (or such proportion of such increased cost as is
in the reasonable opinion of the relevant Lender or Lenders attributable to the funding or maintaining of its or their Commitment(s)
hereunder) or such liability.

 

		(b)	This Clause 10.10 (Increased Costs) does not apply to the extent any increased cost is:

 

		(i)	attributable to a Tax Deduction required by law to be made by an Obligor;

 

		(ii)	attributable to a FATCA Deduction required to be made by a Party;

 

		(iii)	compensated for by Clause 10.3 (Tax indemnity) (or would have been compensated for under
Clause 10.3 (Tax indemnity) but was not compensated solely because any of the exclusions in paragraph (b) of Clause 10.3
(Tax indemnity) applied); or

 

		(iv)	attributable to the wilful breach by the relevant Creditor Party or its Affiliates of any law of
regulation.

 

In this Clause 10.10 (Increased
Costs), a reference to a "Tax Deduction" has the same meaning given to the term in Clause 10.1 (Definitions).

 

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		(c)	A Lender affected by any provision of this Clause 10.10 (Increased Costs) shall promptly
inform the Facility Agent after becoming aware of the relevant change and its possible results (which notice shall be conclusive
evidence of the relevant change and its possible results) and the Facility Agent shall, as soon as reasonably practicable thereafter,
notify the Borrower of the change and its possible results. Without affecting the Borrower's obligations under this Clause 10.10
(Increased Costs) and in consultation with the Facility Agent and the Italian Authorities, the affected Lender will then
take all such reasonable steps as may be open to it to mitigate the effect of the change (for example (if then possible) by changing
its Facility Office or transferring some or all of its rights and obligations under this Agreement to another financial institution
reasonably acceptable to the Borrower, the Facility Agent and the Italian Authorities). The reasonable costs of mitigating the
effect of any such change shall be borne by the Borrower save where such costs are of an internal administrative nature and are
not incurred in dealings by any Lender with third parties.

 

		10.11	Transaction Costs

 

		(a)	The Borrower undertakes to pay to the Facility Agent, the SACE Agent and the Security Trustee as
applicable:

 

		(i)	upon demand, all costs and expenses, duties and fees, including, but
without limitation, pre-agreed legal costs (which, for avoidance of doubt are exclusive of VAT and disbursements) out of pocket
expenses and travel costs, reasonably incurred by the Italian Authorities, the Joint Mandated Lead Arrangers, the Security Trustee,
the Facility Agent, the SACE Agent and the Lenders (but not including any bank which becomes a Lender after the date of thisthe
Original Facility Agreement) in connection with the negotiation, preparation, execution and
perfection of all agreements, guarantees, security agreements and related documents entered into, or to be entered into, for the
purpose of the transaction contemplated hereby; and

 

		(ii)	all costs and expenses (including legal fees) (together with any applicable VAT), duties and fees
incurred by the Facility Agent, the Security Trustee, the Joint Mandated Lead Arrangers, the SACE Agent, the Lenders or the Italian
Authorities in connection with the registration, filing, enforcement or discharge of the said guarantees or security interests,
including, without limitation, the fees and expenses of legal advisers and insurance experts (provided that such insurance costs
are not to exceed ten thousand Dollars ($10,000)) and the related travel and out of pocket expenses.

 

		(b)	the Borrower further undertakes to pay:

 

		(i)	to the Facility Agent, all costs, expenses, duties and fees incurred by the Facility Agent, the
SACE Agent, the Security Trustee, the Lenders and the Italian Authorities in connection with any amendment or variation of this
Agreement and the related documents, guarantees and security agreements, any supplements thereto and waiver given in relation thereto
and in connection with the investigation of any potential Event of Default;

 

    61

     

    

 

		(ii)	to the Security Trustee the amount of all costs and expenses (together with any applicable VAT)
incurred in connection with the enforcement or preservation of any rights under this Agreement and/or the related guarantees and
security agreements, (including in each case the fees and expenses of legal advisers) and any proceedings instituted by or against
the Security Trustee as a consequence of taking or holding the Security Interest and/or the Security Property or enforcing these
rights.

 

		10.12	Costs of delayed Delivery Date

 

The Borrower undertakes to
pay to the Facility Agent, upon demand, any costs incurred by the Lenders and/or the Italian Authorities in funding the Loan in
the event that the Delivery Date is later than the Intended Delivery Date unless the Borrower has given the Facility Agent at least
three (3) Business Days' notification of such delay in the Delivery Date.

 

		10.13	SACE obligations

 

To the extent that this Clause
10 (Taxes, Increased Costs, Costs and related Charges) imposes obligations or restrictions on a Secured Party, such obligations
or restrictions shall not apply to SACE and SACE shall have no obligations hereunder nor be constrained by such restrictions.

 

		11	Representations and Warranties

 

		11.1	Timing and repetition

 

The following applies in relation
to the time at which representations and warranties are made and repeated:

 

		(a)	the representations and warranties in Clause 11.2 (Continuing representations
and warranties) are made on the date of thisthe
Original Facility Agreement (apart from the representation at paragraphs (ee) and (ff) of
Clause 11.2 (Continuing representations and warranties) which shall only be made on the date of thisthe
Original Facility Agreement and the Effective Date and shall not be further repeated) and
shall be deemed to be repeated, with reference mutatis mutandis to the facts and circumstances subsisting, as if made on
each day until the Borrower has no remaining obligations, actual or contingent, under or pursuant to this Agreement or any of the
other Finance Documents; and

 

		(b)	the representations and warranties in Clause 11.3 (Representations on the Delivery Date)
are made on the Delivery Date and shall be deemed to be repeated, with reference mutatis mutandis to the facts and circumstances
subsisting, as if made thereafter on each day until the Borrower has no remaining obligations, actual or contingent, under or pursuant
to this Agreement or any of the other Finance Documents.

 

    62

     

    

 

		11.2	Continuing representations and warranties

 

The Borrower represents and
warrants to each of the Secured Parties that:

 

		(a)	each Obligor is a limited liability company or body corporate duly organised, formed or (as the
case may be) incorporated, constituted and validly existing under the laws of the country of its formation or (as the case may
be) incorporation, possessing perpetual existence, the capacity to sue and be sued in its own name and the power to own and charge
its assets and carry on its business as it is now being conducted;

 

		(b)	the membership interests of the Member in the Borrower are represented by Common Units. 1,000 Common
Units are authorised for issuance, all of which are held by the Member;

 

		(c)	the legal title to and beneficial interest in the equity in the Borrower is held free of any Security
Interest (other than pursuant to the Pledge Agreement) or any other claim by the Member;

 

		(d)	none of the equity in the Borrower is subject to any option to purchase, pre-emption rights or
similar rights;

 

		(e)	each Obligor has the power to enter into and perform this Agreement and those of the other Transaction
Documents to which it is a party and the transactions contemplated hereby and thereby and has taken all necessary action to authorise
the entry into and performance of this Agreement and such other Transaction Documents and such transactions;

 

		(f)	this Agreement and each other Transaction Document constitutes (or will constitute when executed)
legal, valid and binding obligations of each Obligor expressed to be a party thereto enforceable in accordance with their respective
terms and in entering into this Agreement and borrowing the Loan, the Borrower is acting on its own account;

 

		(g)	the entry into and performance of this Agreement and the other Transaction Documents and the transactions
contemplated hereby and thereby do not and will not conflict with:

 

		(i)	any law or regulation or any official or judicial order; or

 

		(ii)	the constitutional documents of any Obligor; or

 

		(iii)	any agreement or document to which any Obligor is a party or which is binding upon such Obligor
or any of its assets,

 

nor result in the creation
or imposition of any Security Interest on the Borrower or its assets pursuant to the provisions of any such agreement or document,
except for Security Interests which qualify as Permitted Security Interests with respect to the Borrower;

 

		(h)	except for:

 

		(i)	the filing of UCC-1 financing statements against the Borrower in respect of those Finance Documents
to which it is a party and which create Security Interests;

 

		(ii)	the recording of the Mortgage in the office of the Marshall Islands Registry; and

 

		(iii)	the registration of the Ship under an Approved Flag,

 

all authorisations,
approvals, consents, licences, exemptions, filings, registrations, notarisations and other matters, official or otherwise, required
in connection with the entry into, performance, validity and enforceability of this Agreement and each of the other Transaction
Documents to which any Obligor is a party and the transactions contemplated thereby have been obtained or effected and are in full
force and effect except authorisations, approvals, consents, licences, exemptions, filings and registrations required in the normal
day to day course of the operation of the Ship and not already obtained by the Borrower;

 

		(i)	it is disregarded as an entity separate from its owner for U.S. federal Tax purposes;

 

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		(j)	all written information furnished by any Obligor relating to the business and affairs of any Obligor
in connection with this Agreement and the other Transaction Documents (but excluding any forward looking statements and projections)
was and remains true and correct in all material respects and there are no other material facts or considerations the omission
of which would render any such information misleading;

 

		(k)	each Obligor has fully disclosed to the Facility Agent all facts relating to each Obligor which
it knows or should reasonably know and which might reasonably be expected to influence the Lenders in deciding whether or not to
enter into this Agreement;

 

		(l)	the obligations of the Borrower, the Member and the Guarantor under the Finance Documents rank
at least pari passu with all its other present unsecured and unsubordinated indebtedness with the exception of any obligations
which are mandatorily preferred by law;

 

		(m)	the Borrower is and shall remain, after the advance to it of the Loan, solvent in accordance with
the laws of the state of Delaware and the United Kingdom and in particular with the provisions of the Insolvency Act 1986 (as from
time to time amended) and the requirements thereof;

 

		(n)	neither the Borrower nor any other Obligor has taken any corporate action nor have any other steps
been taken or legal proceedings been started or (to the best of its knowledge and belief) threatened against any of them for the
reorganisation, winding-up, dissolution or for the appointment of a liquidator, administrator, receiver, administrative receiver,
trustee or similar officer of any of them or any or all of their assets or revenues nor has it sought any other relief under any
applicable insolvency or bankruptcy law;

 

		(o)	(in relation to any date on which this representation and warranty is deemed to be repeated pursuant
to paragraph (a) of Clause 11.1 (Timing and repetition)) the latest available annual consolidated audited accounts of the
Guarantor at the date of repetition (which accounts have been prepared in accordance with GAAP) fairly represent the financial
condition of the Guarantor as shown in such audited accounts;

 

		(p)	none of the Obligors nor any of their respective assets enjoys any right of immunity (sovereign
or otherwise) from set-off, any legal action or proceeding including, without limitation, suit, attachment prior to judgment, execution
or other enforcement in respect of their obligations under this Agreement or any of the other Transaction Documents or by any relevant
or applicable law;

 

		(q)	all of the limited liability company interest in the Borrower and all shares or limited liability
company interest in any Approved Manager which is a member of the Group shall be legally and beneficially owned directly or indirectly
by (in the case of the Borrower), the Member and (in the case of such Approved Manager) the Guarantor and such structure shall
remain so throughout the Security Period;

 

		(r)	the copy of the Shipbuilding Contract is a true and complete copy of
such document constituting valid and binding obligations of the parties thereto enforceable in accordance with its terms and, subject
to Clause 12.23 12.23
(Shipbuilding Contract), no amendments thereto or variations thereof have been agreed nor has
any action been taken by the parties thereto which would in any way render such document inoperative or unenforceable;

 

		(s)	the Borrower is the sole legal and beneficial owner of all rights and interests which the Shipbuilding
Contract creates in favour of the Borrower;

 

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		(t)	any borrowing by the Borrower under this Agreement, and the performance of its obligations under
this Agreement and the other Transaction Documents, will be for its own account and will not involve any breach by it of any law
or regulatory measure relating to "money laundering" as defined in Article 1 of the Directive (91/308/EEC) of the Council
of the European Communities (as amended by Directive 2001/97/EC of the European Parliament and of the Council of 4 December 2001);
and

 

		(u)	no Obligor:

 

		(i)	nor to its knowledge, any director, manager, officer or Affiliate of any Obligor or any member
of the Group, is a Prohibited Person;

 

		(ii)	is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of,
a Prohibited Person; or

 

		(iii)	owns or controls a Prohibited Person;

 

		(v)	no proceeds of the Loan shall be made available directly or indirectly to or for the benefit of
a Prohibited Person or in a Prohibited Jurisdiction nor shall they be otherwise directly or indirectly applied in a manner or for
a purpose prohibited by Sanctions or in any other manner that would result in a violation of any Sanctions by any Obligor or any
Creditor Party;

 

		(w)	the choice of governing law of each Transaction Document to which it is a party will be recognised
and enforced in its Relevant Jurisdictions and any judgment obtained in relation to a Transaction Document to which it is a party
in the jurisdiction of the governing law of that Transaction Document will be recognised and enforced in its Relevant Jurisdictions;

 

		(x)	for the purposes of The Council of the European Union Regulation No. 2015/848 on Insolvency Proceedings
(recast) (the "Regulation"), its centre of main interest (as that term is used in Article 3(1) of the Regulation)
is situated outside of the European Union and it has no "establishment" (as that term is used in Article 2(10) of the
Regulation) in a European Union country;

 

		(y)	no investments made and no payments made, received or to be made by the Borrower, the Member or
the Guarantor under this Agreement, the Transaction Documents or any Finance Document have been or shall be funded, whether directly
or, to the knowledge of the Borrower, indirectly, out of funds of Illicit Origin or otherwise derived from any activity with a
Prohibited Person or in a Prohibited Jurisdiction or which would otherwise cause any Party to be in breach of any Sanctions and
none of the sources of funds to be used by the Borrower, the Member or the Guarantor in connection with the Transaction Documents,
the construction of the Ship or its business are, whether directly or, to the knowledge of the Borrower, indirectly, of Illicit
Origin or derived from any activity with a Prohibited Person or in a Prohibited Jurisdiction;

 

		(z)	no Prohibited Payment has been or will be received, made or provided, directly or indirectly, by
(or on behalf of) the Borrower, the Member or the Guarantor (with respect to the Member and the Guarantor, to the best of the Borrower's
knowledge), any of its affiliates or its officers, directors, managers, or any other person acting on its behalf to, or for the
benefit of, any authority or public or government entity (or any official, officer, director, manager, agent or key employee of,
or other person with management responsibilities in, of any authority or public or government entity) in connection with the Ship,
this Agreement and/or the Finance Documents;

 

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		(aa)	no event has occurred which constitutes a default under or in respect of any Transaction Document
to which any Obligor or the Builder is a party or by which any Obligor or the Builder may be bound (including (inter alia) this
Agreement) and no event has occurred which constitutes a default under or in respect of any agreement or document to which any
Obligor is a party or by which any Obligor may be bound to an extent or in a manner which might have a material adverse effect
on the ability of that Obligor to perform its obligations under the Transaction Documents to which it is a party;

 

		(bb)	none of the assets or rights of the Borrower is subject to any Security Interest except any Security
Interest which (i) qualifies as a Permitted Security Interest with respect to the Borrower or (ii) is permitted by Clause 12.8
(Negative pledge) of this Agreement;

 

		(cc)	no litigation, arbitration or administrative proceedings are current or pending or, to its knowledge,
threatened, which might, if adversely determined, have a material adverse effect on the ability of an Obligor to perform its obligations
under the Transaction Documents to which it is a party;

 

		(dd)	to the best of its knowledge, each of the Obligors has complied in all material respects with all
taxation laws in all jurisdictions in which it is subject to taxation and has paid all material Taxes due and payable by it;

 

		(ee)	it is not required to make any deduction for or on account of Tax from any payment it may make
under any Finance Document to which it is a party with respect to any Lender that provides the documentation described in paragraph
(b) of Clause 10.7 (Lender Status) indicating that it is not subject to tax withholding;

 

		(ff)	under the laws of its Relevant Jurisdictions it is not necessary that any stamp or similar taxes
or fees be paid on or in relation to the Finance Documents to which it is a party or the transactions contemplated by those Finance
Documents;

 

		(gg)	each member of the Group has good and marketable title to all its assets which are reflected in
the audited accounts referred to in paragraph (o) of Clause 11.2 (Continuing representations and warranties);

 

		(hh)	none of the Obligors has a place of business in any jurisdiction (except as already disclosed)
which requires any of the Finance Documents to be filed or registered in that jurisdiction to ensure the validity of the Finance
Documents to which it is a party;

 

		(ii)	the Borrower does not have a place of business in any country (except as already disclosed) other
than that of its Original Jurisdiction;

 

		(jj)	the Borrower is in all material respects (except in the case of compliance with Sanctions which
the Borrower complies with in all respects) compliant with all laws or regulations relating to it and its business generally;

 

		(kk)	each of the Obligors and each member of the Group:

 

		(i)	is in compliance with all Environmental Laws and Environmental Approvals provided that any non-compliance
would not be expected to result in a Material Adverse Effect;

 

		(ii)	has not received any notice or threat of any Environmental Claim against any member of the Group
and no person has claimed that an Environmental Incident has occurred in each case that would reasonably be expected to result
in a Material Adverse Effect;

 

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		(iii)	confirms that no Environmental Incident has occurred and no person has claimed that an Environmental
Incident has occurred in each case that would reasonably be expected to result in a Material Adverse Effect;

 

		(ll)	the Borrower has read and acknowledged the principles provided under the Code of Ethics and Model;

 

		(mm)	the Borrower has implemented adequate internal procedures aimed at preventing commission of crimes
provided under Legislative Decree 231/01;

 

		(nn)	no litigation is pending against the Borrower in relation to administrative liability provided
under Legislative Decree 231/01;

 

		(oo)	no final judgment under Legislative Decree 231/01 has been issued against the Borrower and no plea
bargain (also known as patteggiamento under Italian law) has been agreed by the Borrower pursuant to article 444 of the
Italian code of criminal procedure; and

 

		(pp)	neither the Borrower nor any of its assets are subject to any precautionary measure provided under
Legislative Decree 231/01.

 

		11.3	Representations on the Delivery Date

 

The Borrower further represents
and warrants to each of the Secured Parties at the Delivery Date that:

 

		(a)	the Ship is in its absolute and unencumbered ownership save as contemplated by the Finance Documents;

 

		(b)	the Ship is registered in its name under the laws and flag of the Maritime Registry;

 

		(c)	the Ship is classed with the highest classification available for a Ship of its type free of all
recommendations and qualifications with Lloyd's Register, RINA or Bureau Veritas;

 

		(d)	the Ship is operationally seaworthy and in compliance with all relevant provisions, regulations
and requirements (statutory or otherwise) applicable to ships registered under the laws and flag of the Maritime Registry;

 

		(e)	the Ship is in compliance with the ISM Code, the ISPS Code and Annex VI as they relate to the Borrower,
any Approved Manager and the Ship;

 

		(f)	the Ship is insured in accordance with the provisions of Clause 14 (Insurance Undertakings)
and in compliance with the requirements therein in respect of such insurances;

 

		(g)	the Ship is managed by the Approved Manager and, in the event that the Approved Manager is not
a member of the Group, on and subject to the terms set out in the Management Agreement;

 

		(h)	there is no agreement or understanding to allow or pay any rebate, premium, inducement, commission,
discount or other benefit or payment (however described) to the Borrower or any other member of the Group, the Builder or a third
party in connection with the purchase by the Borrower of the Ship, other than as disclosed to the Facility Agent in writing on
or before the date of this Agreement;

 

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		(i)	no Obligor has delivered particulars, whether in its name stated in the Finance Documents or any
other name, of any UK Establishment to the Registrar of Companies as required under the Overseas Regulations or, if it has so registered,
it has provided to the Facility Agent sufficient details to enable an accurate search against it to be undertaken by the Lenders
at the Companies Registry;

 

		(j)	the Borrower is in all material respects (except in the case of compliance with Sanctions which
the Borrower complies with in all respects) compliant with all laws or regulations relating to the Ship, its ownership, employment,
operation, management and registration; and

 

		(k)	the copies of any Management Agreement, any charter and any charter guarantee which require a notice
of assignment to be served under the terms of the General Assignment (if any) and any other relevant third party agreements including
but without limitation the copies of any documents in respect of the Insurances delivered to the Facility Agent are true and complete
copies of each such document constituting valid and binding obligations of the parties thereto enforceable in accordance with their
respective terms and, subject to Clause 13.2 (Management and employment), no amendments thereto or variations thereof
have been agreed nor has any action been taken by the parties thereto which would in any way render such document inoperative or
unenforceable.

 

		12	General Undertakings

 

		12.1	General

 

The Borrower undertakes with
each Secured Party to comply with the following undertakings during the Security Period:

 

		12.2	Information

 

The Borrower will provide to
the Facility Agent for the benefit of the Lenders and SACE (or will procure the provision of):

 

		(a)	as soon as practicable (and in any event within one hundred and twenty (120) days after the close
of its financial year) a Certified Copy of the audited consolidated accounts of the Guarantor and its subsidiaries for that year
(commencing with accounts made up to 31 December 2018 in the case of the consolidated accounts of the Guarantor);

 

(b)
as soon as practicable (and in any event within ninety (90) days of the commencement of each financial year) the budgetary forecast
(profit and loss statement, balance sheet statement and cash flow statement) for the two following years for the Guarantor;

 

		(b)	(c) as soon as practicable
(and in any event within forty-five (45) days of the end of the contemplated quarter for the first three quarters in any fiscal
year and within 90 days for the final quarter) a copy of the unaudited consolidated quarterly management accounts (including
current and year-to-date profit and loss statements and balance sheet compared to the previous year and to budget) of
the Guarantor (it being understood that the delivery by the Guarantor of quarterly or annual reports as filed with the Securities
and Exchange Commission in respect of the Guarantor and its consolidated subsidiaries shall satisfy all the requirements of paragraph
(a) and of this paragraph (c)(b));

 

		(c)	(d) promptly, such
further information in its possession or control regarding the condition or operations of the Ship and its financial condition
and operations of the Borrower and those of any company in the Group as the Facility Agent may reasonably request for the benefit
of the Secured Parties; and

 

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		(d)	(e) details of any
material litigation, arbitration or administrative proceedings (including proceedings relating to any alleged or actual breach
of Sanctions, the ISM Code of the ISPS Code) which affect any company in the Group as soon as the same are instituted and served,
or, to the knowledge of the Borrower, threatened (and for this purpose proceedings shall be deemed to be material if they involve
a claim in an amount exceeding twenty million Dollars ($20,000,000) or the equivalent in another currency provided that this threshold
shall not apply to any proceedings relating to Sanctions).

 

All accounts required under
this Clause 12.2 (Information) shall be prepared in accordance with GAAP and shall fairly represent the financial condition
of the relevant company.

 

		12.3	Equator Principles Compliance

 

Upon the request of the Facility
Agent, the Borrower shall provide to the Facility Agent information as may be reasonably requested by the Lenders for the purposes
of monitoring that the Borrower conducts its operations in all material respects in accordance with the Equator Principles.

 

		12.4	Sanctions and Illicit Payments

 

		(a)	The Borrower shall not directly or indirectly use or make available any of the proceeds of the
Loan to or for the benefit of a Prohibited Person or in a Prohibited Jurisdiction nor shall they be otherwise directly or indirectly
applied in a manner or for a purpose prohibited by Sanctions or in any other manner that would result in a violation of any Sanctions
by any Obligor or any Creditor Party.

 

		(b)	No payments made or received by the Borrower, the Member, the Guarantor or any Approved Manager
which is a member of the Group under this Agreement or any Finance Document shall be funded directly or, to the knowledge of the
Borrower, indirectly out of funds of Illicit Origin or derived from any activity with a Prohibited Person or in a Prohibited Jurisdiction
or which would otherwise cause any Party to be in breach of any Sanctions, and none of the sources of funds to be used by the Borrower,
the Member, the Guarantor or any Approved Manager which is a member of the Group in connection with the Transaction Documents or
the construction of the Ship or its business shall be of directly or, to the knowledge of the Borrower, indirectly Illicit Origin
or derived from any activity with a Prohibited Person or in a Prohibited Jurisdiction.

 

		(c)	Without limiting the generality of the foregoing, no Loan nor any proceeds of the Loan shall be
used to finance trade of equipment or any other kind of activity in relation to goods, technologies or sectors in a manner or for
a purpose prohibited by Sanctions.

 

		12.5	Prohibited Payments

 

No Prohibited Payment shall
be received, made or provided, directly or indirectly, by (or on behalf of) the Borrower, the Member, the Guarantor or any of their
affiliates, officers, directors, managers or any other person acting on its behalf to, or for the benefit of, any authority or
public or government entity (or any official, officer, director, manager, agent or key employee of, or other person with management
responsibilities in, of any authority or public or government entity) in connection with the Ship, this Agreement and/or the Finance
Documents.

 

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		12.6	Notification of default

 

The Borrower will notify the
Facility Agent of any Event of Default forthwith upon becoming aware of the occurrence thereof. Upon the Facility Agent's request
from time to time the Borrower will issue a certificate stating whether any Obligor is aware of the occurrence of any Event of
Default.

 

		12.7	Consents and registrations

 

The Borrower will procure that
(and will promptly furnish Certified Copies to the Facility Agent on the request of the Facility Agent of) all such authorisations,
approvals, consents, licences and exemptions as may be required under any applicable law or regulation to enable it or any Obligor
to perform its obligations under, and ensure the validity or enforceability of, each of the Transaction Documents are obtained
and promptly renewed from time to time and will procure that the terms of the same are complied with at all times. Insofar as such
filings or registrations have not been completed on or before the Drawdown Date the Borrower will procure the filing or registration
within applicable time limits of each Finance Document which requires filing or registration together with all ancillary documents
required to preserve the priority and enforceability of the Finance Documents.

 

		12.8	Negative pledge

 

The Borrower will not create
or permit to subsist any Security Interest on the whole or any part of its present or future assets, except for the following:

 

		(a)	Security Interests created with the prior consent of the Facility Agent and the Security Trustee;
or

 

		(b)	Security Interests qualifying as Permitted Security Interests with respect
to the Borrower and described in paragraphs (a)
and (b) of the definition of "Permitted Security
Interests" in Clause 1.1 (Definitions); or

 

		(c)	Security Interests qualifying as Permitted Security Interests with respect to the Borrower and
described in paragraph (C), (E), (H) or (I) of such definition, provided that insofar as they are enforceable against the Ship
they do not prevail over the Mortgage.

 

		12.9	Disposals

 

Except in the case of a sale
of the Ship if the completion of the sale is contemporaneous with prepayment of the Loan in accordance with the provisions of Clause
16.3 (Mandatory prepayment – Sale and Total Loss) and except for charters and other arrangements complying with Clause
13.1 (Pooling of earnings and charters) the Borrower shall not without the consent of the Majority Lenders and SACE, either
in a single transaction or in a series of transactions whether related or not and whether voluntarily or involuntarily:

 

		(a)	sell, transfer, lease or otherwise dispose of the Ship or any of the Ship's equipment except in
the case of items:

 

		(i)	being replaced (by an equivalent or superior item) or renewed; or

 

		(ii)	that are being disposed of in the ordinary course of business,

 

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provided that in the
case of both sub-paragraphs (i) and (ii) above the net impact does not reduce the value of the Ship and, in the case of sub-paragraph
(ii), the value of any such disposals during the term of this Agreement do not, in aggregate, exceed ten million Dollars ($10,000,000);

 

		(b)	sell, transfer or otherwise dispose of any of its receivables on recourse terms;

 

		(c)	enter into any arrangement under which money or the benefit of a bank or other account may be applied,
set off or made subject to a combination of accounts; or

 

		(d)	enter into any other preferential arrangement having the same effect in circumstances where the
arrangement or transaction is entered into primarily as a method of raising financial indebtedness or of financing the acquisition
of an asset.

 

		12.10	Change of business

 

Except with the prior consent
of the Facility Agent, the Borrower shall not make or threaten to make any substantial change in its business as presently conducted,
namely that of a single ship owning company for the Ship, or change its place of business to any country other than that of its
Original Jurisdiction, or carry on any other business which is substantial in relation to its business as presently conducted so
as to affect, in the opinion of the Facility Agent, the Borrower's ability to perform its obligations hereunder.

 

		12.11	Mergers

 

Except with the prior consent
of the Lenders and SACE and subject to compliance with all necessary "know your customer" requirements, the Borrower
will not enter into any amalgamation, restructure, substantial reorganisation, merger, de-merger or consolidation or anything analogous
to the foregoing nor will it acquire any equity, share capital or obligations of any corporation or other entity.

 

		12.12	Maintenance of status and franchises

 

The Borrower will do all such
things as are necessary to maintain its limited liability company existence in good standing and will ensure that it has the right
and is duly qualified to conduct its business as it is conducted in all applicable jurisdictions and will obtain and maintain all
franchises and rights necessary for the conduct of its business.

 

		12.13	Financial records

 

The Borrower will keep proper
books of record and account, in which proper and correct entries shall be made of all financial transactions and the assets, liabilities
and business of the Borrower in accordance with GAAP.

 

		12.14	Financial Indebtedness and subordination of indebtedness

 

The following restrictions
shall apply:

 

		(a)	otherwise than in the ordinary course of business as owner of the Ship, except as contemplated
by this Agreement and except any loan, advance or credit extended by the Guarantor or any member of the Group which is a wholly
owned Subsidiary of the Guarantor, the Borrower will not create, incur, assume or allow to exist any financial indebtedness, enter
into any finance lease or undertake any material capital commitment (including but not limited to the purchase of any capital asset);
and

 

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		(b)	the Borrower shall procure that:

 

		(i)	any and all indebtedness (and in particular with any other Obligor) is at all times fully subordinated
to the Finance Documents and the obligations of the Borrower hereunder; and

 

		(ii)	if required by any applicable laws, the subordinated liabilities created pursuant to such indebtedness
shall be subject to security (in form and substance satisfactory to the Secured Parties) in favour of the Security Trustee ("Subordinated
Debt Security") and any related legal opinions shall be issued if so required by the Secured Parties; and

 

		(iii)	upon the occurrence of an Event of Default, the Borrower shall not make any repayments of principal,
payments of interest or of any other costs, fees, expenses or liabilities arising from or representing such indebtedness. In this
paragraph (b) of Clause 12.14 (Financial Indebtedness and subordination of indebtedness) "fully subordinated"
shall mean that any claim of the lender against the Borrower in relation to such indebtedness shall rank after and be in all respects
subordinate to all of the rights and claims of the Secured Parties under this Agreement and the other Finance Documents and that
the lender shall not take any steps to enforce its rights to recover any monies owing to it by the Borrower and in particular but
without limitation the lender will not institute any legal or quasi-legal proceedings under any jurisdiction at any time against
the Ship, her Earnings or Insurances or the Borrower and it will not compete with the Secured Parties or any of them in a liquidation
or other winding-up or bankruptcy of the Borrower or in any proceedings in connection with the Ship, her Earnings or Insurances.

 

		12.15	Investments

 

The Borrower shall not:

 

		(a)	be the creditor in respect of any loan or any form of credit to any person other than another Obligor
and where such loan or form of credit is Permitted Financial Indebtedness;

 

		(b)	give or allow to be outstanding any guarantee or indemnity to or for the benefit of any person
in respect of any obligation of any other person or enter into any document under which the Borrower assumes any liability of any
other person other than any guarantee or indemnity given under the Finance Documents.

 

		(c)	enter into any material agreement other than:

 

		(i)	the Transaction Documents;

 

		(ii)	any other agreement expressly allowed under any other term of this Agreement; and

 

		(d)	enter into any transaction on terms which are, in any respect, less favourable to the Borrower
than those which it could obtain in a bargain made at arms' length; or

 

		(e)	acquire any shares or other securities other than US or UK Treasury bills and certificates of deposit
issued by major North American or European banks.

 

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		12.16	Unlawfulness, invalidity and ranking; security imperilled

 

No Obligor shall do (or fail
to do) or cause or permit another person to do (or omit to do) anything which is likely to:

 

		(a)	make it unlawful for an Obligor to perform any of its obligations under the Transaction Documents;

 

		(b)	cause any obligation of an Obligor under the Finance Documents to cease to be legal, valid, binding
or enforceable if that cessation individually or together with any other cessations materially or adversely affects the interests
of the Secured Parties under the Transaction Documents;

 

		(c)	cause any Transaction Document to cease to be in full force and effect;

 

		(d)	cause any Security Interest to rank after, or lose its priority to, any other Security Interest;
and

 

		(e)	imperil or jeopardise any Security Interest.

 

		12.17	DistributionsDividends
and dividend restriction

 

		(a)	TheSubject
to paragraph (b) below, the Borrower shall not make or pay any dividend
or other distribution (in cash or in kind) in respect of its equity
interestsshare capital other
than dividends and distributions
that are transferred to the MemberShareholder
or the Guarantor provided that no Event of Default has occurred or is continuing or would result from
the payment of any distributiondividend.

 

		(b)	During the Deferral Period, the Borrower shall not,
and shall procure that the Guarantor, the Shareholder and the Holding shall not:

 

		(i)	declare, make or pay any dividend or other distribution
(or interest on any unpaid dividend or other distribution) (whether in cash or in kind) on or in respect of its share capital (or
any class of its share capital);

 

		(ii)	repay or distribute any dividend or share premium
reserve;

 

		(iii)	make any repayment of any kind under any shareholder
loan; or 

 

		(iv)	redeem, repurchase (whether by way of share buy-back
program or otherwise), defease, retire or repay any of its share capital or resolve to do so, 

 

except
that:

 

		(A)	any Obligor other than the Guarantor may pay dividends
and other distributions, directly or indirectly, to the Guarantor for the purpose of providing liquidity to the Guarantor to enable
the Guarantor to satisfy payment obligations for which the Guarantor is an obligor;

 

		(B)	any Obligor may pay dividends in respect of the Tax
liability to each relevant jurisdiction in respect of consolidated, combined, unitary or affiliated Tax returns for each relevant
jurisdiction of the Group or the Holding or holder of the Guarantor's capital stock with respect to income taxable as a result
of any member of the Group or the Holding being taxed as a pass-through entity for U.S. Federal, state and local income tax purposes
or attributable to any member of the Group;

 

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		(C)	the Guarantor and the Holding may pay dividends and
other distributions (x) in respect of a conversion, exchange, or repurchase of convertible or exchangeable notes and any conversion
of preference shares to ordinary shares in connection therewith, provided that the cash portion of a repurchase of convertible
or exchangeable notes is limited to the amount of interest that would otherwise be payable through maturity on the amount of such
convertible or exchangeable notes being repurchased plus any amount in lieu of fractional shares, and (y) to the extent contractually
owed to holders of equity in the Guarantor or the Holding; and

 

		(D)	the Guarantor may pay dividends and other distributions
to the Holding for the purposes of providing cash to the Holding for the payment of any Tax payable in connection with the Holding's
equity plan,

 

provided
that the actions in paragraphs (B) and (C) above shall only be permitted if there is no Event of Default which is continuing under
this Agreement and no Event of Default would arise from the payment of such dividend.

 

		12.18	Loans and guarantees by the Borrower

 

Otherwise than in the ordinary
course of business in its ownership and operation of the Ship following the Delivery Date, the Borrower will not make any loan
or advance or extend credit to any person, firm or corporation (other than as permitted pursuant to paragraph (a) of Clause 12.15
(Investments)), or issue or enter into any guarantee or indemnity or otherwise become directly or contingently liable for
the obligations of any other person, firm or corporation.

 

		12.19	Acquisition of shares

 

The Borrower will not:

 

		(a)	acquire any equity, share capital, assets or obligations of any corporation or other entity; or

 

		(b)	permit any of its limited liability company interests to be directly held other than by the Member.

 

		12.20	Further assurance

 

The Borrower will, from time
to time on being required to do so by the Facility Agent, do or procure the doing of all such acts and/or execute or procure the
execution of all such documents in a form satisfactory to the Facility Agent as the Facility Agent may reasonably consider necessary
for giving full effect to any of the Transaction Documents, the Interest Make-up Agreement or the SACE Insurance Policy or securing
to the Secured Parties the full benefit of the rights, powers and remedies conferred upon the Secured Parties or any of them in
any such Transaction Document, the Interest Make-up Agreement or the SACE Insurance Policy.

 

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		12.21	Irrevocable payment instructions

 

The Borrower shall not modify,
revoke or withhold the payment instructions set out in Clause 4.1 (Borrower's irrevocable payment instructions) without
the agreement of the Builder (in the case of paragraph (a) of Clause 4.1 (Borrower's irrevocable payment instructions) only),
the Facility Agent, SACE and the Lenders.

 

		12.22	"Know your customer" checks

 

		(a)	If:

 

		(i)	the introduction of or any change in (or in the interpretation, administration
or application of) any law or regulation made after the date of thisthe
Original Facility Agreement;

 

		(ii)	any change in the status of the Borrower after the date of thisthe
Original Facility Agreement; or

 

		(iii)	a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement
to a party that is not a Lender prior to such assignment or transfer,

 

obliges the Facility Agent
or any Lender (or, in the case of paragraph (a)(iii) of Clause 12.22 ("Know your customer" checks), any prospective
new Lender) to comply with "know your customer" or similar identification procedures in circumstances where the necessary
information is not already available to it or the Lenders (acting reasonably) require any additional documents to supplement those
already provided, the Borrower shall promptly upon the request of the Facility Agent or any Lender supply, or procure the supply
of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself or on behalf of any Lender)
or any Lender (for itself or, in the case of the event described in paragraph (a)(iii) of Clause 12.22 ("Know your customer"
checks), on behalf of any prospective new Lender) in order for the Facility Agent and, such Lender to carry out and be satisfied
it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations
pursuant to the transactions contemplated in the Finance Documents.

 

		(b)	Each Lender shall promptly upon the request of a Servicing Party supply, or procure the supply
of, such documentation and other evidence as is reasonably requested by the Servicing Party (for itself) in order for that Servicing
Party to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under
all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

 

		12.23	Shipbuilding Contract

 

		(a)	The Shipbuilding Contract constitutes legal, valid and binding and enforceable obligations of the
Builder and accordingly the Borrower shall not modify the Shipbuilding Contract, directly or indirectly, in such a manner that
would result in a change of the type, principal dimensions or class of the Ship or decrease the value of the Ship by equal to or
greater than 5 per cent. (in aggregate) without the prior written consent of the Lenders and SACE.

 

		(b)	The Borrower will, therefore, submit to the Facility Agent any proposals for any such modification
and SACE and the Facility Agent on behalf of the Lenders will indicate in a timely manner whether the modification proposed will
allow the Loan to be maintained.

 

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		(c)	The Borrower also undertakes to notify the Facility Agent of any change in the Intended Delivery
Date as soon as practicable after each change has occurred.

 

		(d)	The Borrower shall notify the Facility Agent promptly, and in any event within ten (10) Business
Days of any other changes to the Shipbuilding Contract (other than Minor Modifications) and provide copies of the same to the Facility
Agent.

 

		(e)	The Borrower undertakes to notify the Facility Agent promptly of any termination and/or repudiation
of the Shipbuilding Contract (including a termination and/or repudiation pursuant to article 32 of the Shipbuilding Contract).

 

		(f)	For the avoidance of doubt, all modifications not falling under paragraph (a) above shall be permitted
and the Borrower shall not be obliged to seek or obtain any consent from the Lenders and/or SACE in respect of any such modifications
subject to the notification requirements as set out in paragaphs (d) and (e) above.

 

		12.24	Compliance with laws etc.

 

The Borrower shall:

 

		(a)	comply, or procure compliance with:

 

		(i)	in all material respects (except in the case of compliance with Sanctions which the Borrower shall
comply with in all respects), all laws and regulations relating to it and its business generally; and

 

		(ii)	in all material respects (except in the case of compliance with Sanctions which the Borrower shall
comply with in all respects), all laws or regulations relating to the Ship, its ownership, employment, operation, management and
registration,

 

including the ISM Code, the
ISPS Code, all Environmental Laws, all Sanctions and the laws of the Approved Flag;

 

		(b)	obtain, comply with and do all that is necessary to maintain in full force and effect any Environmental
Approvals which are applicable to it; and

 

		(c)	without limiting paragraph (a) above, not employ the Ship nor allow its employment, operation or
management in any Prohibited Jurisdiction or in any manner contrary to any law or regulation including but not limited to the ISM
Code, the ISPS Code, all Environmental Laws and all Sanctions and applicable anti-corruption laws.

 

		12.25	Most favoured nations

 

		(a)	The Borrower shall procure that if at any time after the date of thisthe
Original Facility Agreement the Guarantor enters into any financial contract or financial
document relating to any Financial Indebtedness with or which has the support of any export credit agency and which contains pari
passu provisions or cross default provisions which are more favourable to the lenders than those contained in paragraph (l)
of Clause 11.2 (Continuing representations and warranties) and Clause 18.6 (Cross default) respectively, the Borrower
or the Guarantor shall immediately notify the Facility Agent of such provisions and the relevant provisions contained in this Agreement
shall be deemed amended so that such more favourable pari passu provisions or cross default provisions are granted to the
Creditor Parties pursuant to this Agreement.

 

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		(b)	The Borrower undertakes that if at any time after
the date of this Agreement, it or any other member of the Group is required to grant additional security in relation to a financial
contract or financial document relating to any existing Financial Indebtedness:

 

		(i)	with the support of any export credit agency (excluding
any extensions, increases or changes to the terms and conditions thereof), such security shall be granted on a pari passu
basis to the Lenders (and the Security Trustee agrees to enter and/or procure the entry by the relevant Secured Parties into such
intercreditor documentation to reflect such pari passu ranking (in form and substance reasonably satisfactory to the Secured Parties)
as may be required in connection with such arrangements); or

 

		(ii)	without the support of any export credit agency (excluding
any extensions, increases or changes to the terms and conditions thereof), such security shall (without prejudice to any of the
Obligors' other obligations under the Finance Documents), subject to the provisions of clause 11.11 (Negative pledge) of
the Guarantee and Clause 12.8 (Negative pledge), be permitted provided that it shall not have an adverse effect on any Security
Interests or other rights granted to the Secured Parties under the Finance Documents.

 

		(c)	In respect of any new Financial Indebtedness (other
than Permitted Financial Indebtedness), or any extensions, increases or changes to the terms and conditions of any existing Financial
Indebtedness, in each case with or which has the support of any export credit agency, the Borrower shall enter into good faith
negotiations with the Security Trustee to grant additional security for the purpose of further securing the Loan, provided that
any failure to reach agreement under this paragraph (c) following such good faith negotiations shall not constitute an Event of
Default.

 

		12.26	Code of Ethics and Model

 

		(a)	The Borrower shall not behave so as to cause any of the following persons to violate the principles
set out in the Code of Ethics and/or Model:

 

		(i)	persons who are representatives, administrators or managers of CDP or of any of its organizational
units with financial and functional independence;

 

		(ii)	persons who are managed or supervised by one of the persons referred to in paragraph (i) above;
or

 

		(iii)	external advisors of CDP.

 

		(b)	The Borrower shall maintain adequate internal procedures aimed at preventing liabilities provided
under Legislative Decree 231/01.

 

		(c)	The Borrower shall inform CDP of any (i) new pending litigation against it in relation to administrative
liability provided under Legislative Decree 231/01; (ii) new final judgment under Legislative Decree 231/01, including, without
limitation, any plea bargain (also known as patteggiamento under Italian law) pursuant to article 444 of the Italian code
of criminal procedure; and (iii) new precautionary measures under Legislative Decree 231/01.

 

		12.27	New capital raises or financing

 

		(a)	Save as provided below:

 

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		(i)	no new debt or equity issuance shall be raised and
no new Financial Indebtedness shall be incurred by the Group (including, for the avoidance of doubt, inter-company loans); 

 

		(ii)	no non-arm’s length disposals of any asset
relating to the Group fleet shall be made; and 

 

		(iii)	no additional Security Interests securing existing
Financial Indebtedness will be created or permitted to subsist by any Obligor (unless the Lenders benefit from this new security
on a pari passu basis), 

 

during
the Deferral Period. 

 

		(b)	The restrictions in paragraph (a) of Clause 12.27
(New capital raises or financing) above shall not apply in relation to:

 

		(i)	any refinancing of any bond issuance of, or loan
entered into by, the Group (A) which matures during such period or (B) where not maturing during such period, shall be on terms
which include any of the following (evidence of which shall be provided to the Facility Agent by the Guarantor) resulting, when
taken as a whole, in an improvement of the ability of the Obligors to meet their obligations under the Finance Documents: an extension
of the repayment terms; a decrease in the interest rate; or the conversion of such Financial Indebtedness from secured to unsecured
or first to second priority;

 

		(ii)	any debt or equity issuance provided prior to 31
December 2022 to provide the Group with crisis and/or recovery related funding in respect of the impact of the Covid-19 pandemic;

 

		(iii)	any debt or equity issuance being raised on or after
31 December 2022 to support the Group with the impact of the Covid-19 pandemic, made with the prior written consent of SACE; 

 

		(iv)	any debt or equity issuance being raised to finance
any instalment of a cruise vessel already contracted for or contracted for during such period or any refurbishment, maintenance,
upgrade or lengthening of a cruise ship during such period (including without limitation any costs incurred by the owner of a cruise
ship in connection therewith); 

 

		(v)	any debt or equity issuance being raised to finance
capital expenditure for projects which are already contracted for but in respect of which committed financing has not yet been
obtained, and which, in each case has been (or will be) listed in the Information Package submitted to the Facility Agent prior
to the 2021 Deferral Effective Date; 

 

		(vi)	any extension or renewal of revolving credit facilities,
and made with the prior written consent of SACE if any additional security is to be granted; 

 

		(vii)	any new debt or equity issuance otherwise agreed
by SACE; or 

 

		(viii)	any inter-company loan or operating arrangement which
from an accounting perspective has the effect of an intercompany loan (an "intercompany arrangement") which:

 

			is existing
                                                              as at the date of the 2021 Amendment and Restatement Agreement; 

 

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			is made
                                                              among any Group members or any Group member with the Holding provided that: 

 

			any
                                                                                                                                                                                   inter-company arrangement is made solely for the purpose of regulatory or Tax purposes carried out in the ordinary course of
                                                                                                                                                                                   business and on an arm’s length basis; and 

 

	 		the aggregate principal amount of any inter-company arrangements
outstanding pursuant to this paragraph (b)(viii)(B)(2) of Clause 12.27 (New capital raises or financing) does not exceed
[*] Dollars ($[*]) at any time; or

 

	 		has been approved with the prior written consent of SACE;

 

		(ix)	any Permitted Security Interest;

 

		(x)	any Security Interest otherwise approved with the
prior written consent of SACE; 

 

		(xi)	any Financial Indebtedness incurred in the ordinary
course of business which in the aggregate does not exceed USD [*] during any twelve-month period; and

 

		(xii)	without prejudice to Clauses 12.11 (Mergers)
and 12.15 (Investments) and clause 11.13 (No merger etc.) of the Guarantee, the issuance of share capital by any
Group member to another Group member. 

 

		13	Ship Undertakings

 

		13.1	Pooling of earnings and charters

 

The Borrower will not without
the prior written consent of the Facility Agent or SACE enter into in respect of the Ship (such consent for the purposes of paragraph
(e) of Clause 13.1 (Pooling of earnings and charters) shall not be unreasonably withheld or delayed), nor permit to exist
at any time following the Delivery Date:

 

		(a)	any pooling agreement or other arrangement for the sharing of any of the Earnings or the expenses
of the Ship except with a member of the Group and provided that it does not adversely affect the rights of the Secured Parties
under the Finance Documents in the reasonable opinion of the Facility Agent; or

 

		(b)	any demise or bareboat charter (other than the Bareboat Charter), provided however that such consent
shall not be unreasonably withheld in the event that the Borrower wishes to enter into a bareboat charter in a form approved by
the Facility Agent with another member of the Group on condition that if so requested by the Facility Agent and without limitation:

 

		(i)	any such bareboat charterer shall enter into such deeds (including but not limited to a full subordination
and assignment deed in respect of its rights under the bareboat charter and its interest in the Insurances and earnings payable
to it arising out of its use of the Ship), agreements and indemnities as the Majority Lenders and SACE shall require prior to entering
into the bareboat charter with the Borrower; and

 

		(ii)	the Borrower shall assign the benefit of any such bareboat charter and its interest in the Insurances
to the Secured Parties by way of further security for the Borrower's obligations under the Finance Documents; or

 

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		(c)	any charter whereunder two (2) months' charterhire (or the equivalent thereof) is payable in advance
in respect of the Ship; or

 

		(d)	any charter of the Ship or employment which, with the exercise of options
for extension, could be for a period longer than [*];
or

 

		(e)	any time charter of the Ship with a company outside the Group (other
than a time charter entered into in the ordinary course of business which does not exceed [*]
provided that (x) any such time charter is assigned to the Security Trustee and (y) during the
period of such time charter, the Ship continues to be managed by the existing Approved Manager), provided however that such consent
shall not be unreasonably withheld in the event that:

 

		(i)	such time charter is assigned to the Security Trustee and the Borrower agrees to:

 

		(A)	serve a notice of assignment of any time charter, the Earnings therefrom and any guarantee of the
charterer's obligations on the time charterer and any time charter guarantor; and

 

		(B)	use commercially reasonable endeavours to obtain an acknowledgement of such assignment,

 

and each of the notice of assignment
and acknowledgement of assignment being substantially in the form appended to the General Assignment;

 

		(ii)	the Facility Agent is satisfied that the income from such time charter will be sufficient to cover
the expenses of the Ship and to service repayment of the Loan and all other amounts from time to time outstanding under this Agreement;
and

 

		(iii)	during the term of such time charter, the Ship continues to be managed by the existing Approved
Manager.

 

		13.2	Management and employment

 

The Borrower will not as from
the Delivery Date:

 

		(a)	permit any person other than an Approved Manager to be the manager of, including providing crewing
services to, the Ship, at all times acting upon terms approved in writing by the Facility Agent and having entered into (in the
case of the Approved Manager) an Approved Manager's Undertaking;

 

		(b)	permit any amendment to be made to the terms of any Management Agreement unless the amendment is
advised by the Borrower's tax counsel or is deemed necessary by the parties thereto to reflect the prevailing circumstances but
provided that the amendment does not imperil the security to be provided pursuant to the Finance Documents or adversely affect
the ability of any Obligor to perform its obligations under the Transaction Documents; or

 

		(c)	permit the Ship to be employed other than within the Norwegian Cruise Line brand unless the Borrower
notifies the Lenders that they intend to employ the Ship within another brand of the Group and the ship remains employed within
the Group.

 

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		13.3	Trading with the United States of America

 

The Borrower shall in respect
of the Ship take all reasonable precautions as from the Delivery Date to prevent any infringements of the Anti-Drug Abuse Act of
1986 of the United States of America (as the same may be amended and/or re-enacted from time to time hereafter) or any similar
legislation applicable to the Ship in any other jurisdiction in which the Ship shall trade (a "Trading Jurisdiction")
where the Ship trades in the territorial waters of the United States of America or a Trading Jurisdiction.

 

		13.4	Valuation of the Ship

 

The following shall apply in
relation to the valuation of the Ship:

 

		(a)	the Borrower will on or before 31 May of each year that commences after
the delivery of the Ship and at annual intervals thereafter,
unless an Event of Default has occurred and remains unremedied, at the Borrower's expense, procure that the Ship is valued by an
Approved Broker (such valuation to be made without taking into account the benefit or otherwise of any fixed employment relating
to the Ship);

 

		(b)	the Borrower shall procure that forthwith upon the issuance of any valuation obtained pursuant
to this Clause 13.4 (Valuation of the Ship) a copy thereof is sent directly to the Facility Agent and the Security Trustee
for review; and

 

		(c)	in the event that the Borrower fails to procure a valuation in accordance with paragraph (a) of
Clause 13.4 (Valuation of the Ship), the Facility Agent shall be entitled to procure a valuation of the Ship on the same
basis.

 

		13.5	Earnings

 

The Borrower will procure that
the Earnings (if any) are paid in full without set off and free and clear of and without deduction for any taxes, levies, duties,
imposts, charges, fees, restrictions or conditions of any nature whatsoever.

 

		13.6	Operation and maintenance of the Ship

 

From the Delivery Date until
the end of the Security Period at its own expense the Borrower will keep the Ship in a good and efficient state of repair so as
to maintain it to the highest classification notation available for the Ship of its age and type free of all recommendations and
qualifications with Bureau Veritas. On the Delivery Date and annually thereafter, it will furnish to the Facility Agent (with copy
to the Security Trustee) a statement by such classification society that such classification notation is maintained. It will comply
with all recommendations, regulations and requirements (statutory or otherwise) from time to time applicable to the Ship and shall
have on board as and when required thereby valid certificates showing compliance therewith and shall procure that all repairs to
or replacements of any damaged, worn or lost parts or equipment are carried out (both as regards workmanship and quality of materials)
so as not to diminish the value or class of the Ship. It will not make any substantial modifications or alterations to the Ship
or any part thereof which would reduce the market and commercial value of the Ship determined in accordance with Clause 13.4 (Valuation
of the Ship).

 

		13.7	Surveys and inspections

 

The Borrower will:

 

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		(a)	submit the Ship to continuous survey in respect of its machinery and hull and such other surveys
as may be required for classification purposes and, if so required by the Facility Agent, supply to the Facility Agent (with copy
to the Security Trustee) copies in English of the survey reports;

 

		(b)	permit surveyors or agents appointed by the Facility Agent to board
the Ship to inspect its condition or satisfy themselves as to repairs proposed or already carried out and afford all proper facilities
for such inspections provided that, unless an Event of Default has occurred or there is an accident to the Ship involving
repairs the cost of which will or is likely to exceed [*],
such inspections shall be limited to one a year and shall all be at reasonable times.

 

		13.8	ISM Code

 

The Borrower will comply, or
procure that the Approved Manager will comply, with the ISM Code (as the same may be amended from time to time) or any replacement
of the ISM Code (as the same may be amended from time to time) and in particular, without prejudice to the generality of the foregoing,
as and when required to do so by the ISM Code and at all times thereafter:

 

		(a)	hold, or procure that the Approved Manager holds, a valid Document of Compliance duly issued to
the Borrower or the Approved Manager (as the case may be) pursuant to the ISM Code and a valid Safety Management Certificate duly
issued to the Ship pursuant to the ISM Code;

 

		(b)	provide the Facility Agent (with copy to the Security Trustee) with copies of any such Document
of Compliance and Safety Management Certificate as soon as the same are issued; and

 

		(c)	keep, or procure that there is kept, on board the Ship a copy of any such Document of Compliance
and the original of any such Safety Management Certificate.

 

		13.9	ISPS Code

 

The Borrower will comply, or
procure that the Approved Manager will comply, with the ISPS Code (as the same may be amended from time to time) or any replacement
of the ISPS Code (as the same may be amended from time to time) and in particular, without prejudice to the generality of the foregoing,
as and when required to do so by the ISPS Code and at all times thereafter:

 

		(a)	keep, or procure that there is kept, on board the Ship the original of the International Ship Security
Certificate required by the ISPS Code; and

 

		(b)	keep, or procure that there is kept, on board the Ship a copy of the ship security plan prepared
pursuant to the ISPS Code.

 

		13.10	Annex VI

 

The Borrower will comply with
Annex VI (as the same may be amended from time to time) or any replacement of Annex VI (as the same may be amended from time to
time) and in particular, without limitation, to:

 

		(a)	procure that the Ship's master and crew are familiar with, and that the Ship complies with, Annex
VI; and

 

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		(b)	maintain for the Ship throughout the Security Period a valid and current IAPPC and provide a copy
to the Facility Agent (with copy to the Security Trustee); and

 

		(c)	notify the Facility Agent (with copy to the Security Trustee) immediately in writing of any actual
or threatened withdrawal, suspension, cancellation or modification of the IAPPC.

 

		13.11	Employment of Ship

 

The Borrower shall:

 

		(a)	not employ the Ship or permit its employment in any trade or business which is forbidden by any
applicable law or is otherwise illicit or in carrying illicit or prohibited goods or in any manner whatsoever which may render
it liable to condemnation in a prize court or to destruction, seizure or confiscation or that may expose the Ship to penalties.
In the event of hostilities in any part of the world (whether war be declared or not) it will not employ the Ship or permit its
employment in carrying any contraband goods; and

 

		(b)	promptly provide the Facility Agent (with copy to the Security Trustee) with (i) all information
which the Facility Agent may reasonably require regarding the Ship, its employment, earnings, position and engagements (ii) particulars
of all towages and salvages and (iii) copies of all charters and other contracts for its employment and otherwise concerning it.

 

		13.12	Provision of information

 

The Borrower shall give notice
to the Facility Agent and the Security Trustee promptly and in reasonable detail upon the Borrower or any other Obligor becoming
aware of:

 

		(a)	accidents to the Ship involving repairs the cost of which will or is
likely to exceed [*];

 

		(b)	the Ship becoming or being likely to become a Total Loss;

 

		(c)	any recommendation or requirement made by any insurer or classification society or by any competent
authority which is not complied with, or cannot be complied with, within any time limit relating thereto and that might reasonably
affect the maintenance of either the Insurances or the classification of the Ship;

 

		(d)	any writ or claim served against or any arrest of the Ship or the exercise of any lien or purported
lien on the Ship, her Earnings or Insurances;

 

		(e)	the Ship ceasing to be registered under the flag of the Maritime Registry or anything which is
done or not done whereby such registration may be imperilled;

 

		(f)	it becoming impossible or unlawful for it to fulfil any of its obligations under the Finance Documents;
and

 

		(g)	anything done or permitted or not done in respect of the Ship by any person which is likely to
imperil the security created by the Finance Documents.

 

		13.13	Payment of liabilities

 

The Borrower shall promptly
pay and discharge:

 

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		(a)	all debts, damages and liabilities, taxes, assessments, charges, fines,
penalties, tolls, dues and other outgoings in respect of the Ship and keep proper books of account in respect thereof provided
always that the Borrower shall not be obliged to compromise any debts, damages and liabilities as aforesaid which are being contested
in good faith subject always that full details of any such contested debt, damage or liability which, either individually or in
aggregate exceeds [*] shall forthwith be provided to the
Facility Agent (with copy to the Security Trustee). As and when the Facility Agent may so require the Borrower will make such books
available for inspection on behalf of the Facility Agent and provide evidence satisfactory to the Facility Agent that the wages
and allotments and the insurance and pension contributions of the master and crew are being regularly paid, that all deductions
of crew's wages in respect of any tax liability are being properly accounted for and that the master has no claim for disbursements
other than those incurred in the ordinary course of trading on the voyage then in progress or completed prior to such inspection;

 

		(b)	all liabilities which have given rise, or may give rise, to liens or claims enforceable against
the Ship under the laws of all countries to whose jurisdiction the Ship may from time to time be subject and in particular the
Borrower hereby agrees to indemnify and hold the Secured Parties, their successors, assigns, directors, officers, shareholders,
employees and agents harmless from and against any and all claims, losses, liabilities, damages, expenses (including attorneys,
fees and expenses and consultant fees) and injuries of any kind whatsoever asserted against the Secured Parties, with respect to
or as a result of the presence, escape, seepage, spillage, release, leaking, discharge or migration from the Ship or other properties
owned or operated by the Borrower of any hazardous substance, including without limitation, any claims asserted or arising under
any applicable environmental, health and safety laws, codes and ordinances, and all rules and regulations promulgated thereunder
of all governmental agencies, regardless of whether or not caused by or within the control of the Borrower subject to the following:

 

		(i)	it is the parties' understanding that the Secured Parties do not now, have never and do not intend
in the future to exercise any operational control or maintenance over the Ship or any other properties and operations owned or
operated by the Borrower, nor in the past, presently, or intend in the future to, maintain an ownership interest in the Ship or
any other properties owned or operated by the Borrower except as may arise upon enforcement of the Lenders' rights under the Mortgage;

 

		(ii)	unless and until an Event of Default shall have occurred and without prejudice to the right of
each Lender to be indemnified pursuant to this paragraph (b) of Clause 13.13 (Payment of liabilities):

 

		(A)	each Lender will, if it is reasonably practicable to do so, notify the Borrower upon receiving
a claim in respect of which the relevant Lender is or may become entitled to an indemnity under this paragraph (b) of Clause 13.13
(Payment of liabilities); and

 

		(B)	subject to the prior written approval of the relevant Lender which the Lender shall have the right
to withhold, the Borrower will be entitled to take, in the name of the relevant Lender, such action as the Borrower may see fit
to avoid, dispute, resist, appeal, compromise or defend any such claims, losses, liabilities, damages, expenses and injuries as
are referred to above in this paragraph (b) of Clause 13.13 (Payment of liabilities) or to recover the same from any third
party, subject to the Borrower first ensuring that the relevant Lender is secured to its reasonable satisfaction against all expenses
thereby incurred or to be incurred,

 

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provided always that the Borrower
shall not be obliged to compromise any liabilities as aforesaid which are being contested in good faith subject always that full
details of any such contested liabilities which, either individually or in aggregate, exceed [*]
shall be forthwith provided to the Facility Agent (with copy to the Security Trustee). If the Ship is arrested or detained for
any reason it will procure its immediate release by providing bail or taking such other steps as the circumstances may require.

 

		13.14	Certificate as to liabilities

 

The Borrower shall give to
the Facility Agent (with copy to the Security Trustee) at such times as it may from time to time reasonably require a certificate,
duly signed on its behalf, as to the total amount of any debts, damages and liabilities relating to the Ship and details of such
of those debts, damages and liabilities as are over a certain amount to be specified by the Facility Agent at the relevant time
and, if so required by the Facility Agent, forthwith discharge such of those debts, damages and liabilities as the Facility Agent
shall require other than those being contested in good faith.

 

		13.15	Modifications

 

The
Borrower shall maintain the type of the Ship as at the Delivery Date and not put the Ship into the possession of any person for
the purpose of work being done on it in an amount exceeding or likely to exceed [*]
unless such person shall first have given to the Facility Agent a written undertaking addressed to the
Facility Agent in terms satisfactory to the Facility Agent agreeing not to exercise a lien on the Ship or her Earnings for the
cost of such work or for any other reason (or the Borrower is able to demonstrate to the reasonable satisfaction of the Facility
Agent that the Borrower or the relevant Group company has set aside and will have funds readily available for payment when due
of the cost of the work (to the extent not fully covered by insurance proceeds in the case of a partial loss)).

 

		13.16	Registration of Ship

 

The Borrower shall maintain
the registration of the Ship under and fly the flag of the Maritime Registry and not do or permit anything to be done whereby such
registration may be forfeited or imperilled.

 

		13.17	Environmental Law

 

The Borrower shall comply with
all Environmental Laws, obtain, maintain and ensure compliance with all requisite Environmental Approvals, and implement procedures
to monitor compliance with and to prevent liability under any Environmental Law.

 

		13.18	Notice of Mortgage

 

The Borrower shall keep the
Mortgage registered against the Ship as a valid first preferred mortgage, carry on board the Ship a certified copy of the Mortgage
and place and maintain in a conspicuous place in the navigation room and the master's cabin of the Ship a framed printed notice
stating that the Ship is mortgaged by the Borrower to the Security Trustee.

 

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		13.19	Environmental claims

 

Each Obligor shall, (through
the Guarantor), promptly upon becoming aware of the same, inform the Facility Agent in writing of:

 

		(a)	any Environmental Claim which is likely to result in a Material Adverse Effect against any member
of the Group which is current, pending or threatened; and

 

		(b)	any facts or circumstances which are reasonably likely to result in any Environmental Claim being
commenced or threatened against any member of the Group which is likely to result in a Material Adverse Effect.

 

		13.20	Trading in war zones

 

In the event of hostilities
in any part of the world (whether war is declared or not), the Borrower shall not cause or permit the Ship to enter or trade to
any zone which is declared a war zone by the Ship's war risks insurers unless:

 

		(a)	the prior written consent of the Security Trustee has been given; and

 

		(b)	the Borrower has (at its expense) effected any special, additional or modified insurance cover
which the Security Trustee may require.

 

		13.21	Poseidon Principles 

 

The
Borrower shall, upon the request of the Facility Agent and at the cost of the Borrower, on or before 31st July in each calendar
year, supply to the Facility Agent all information necessary in order for the Lenders to comply with their obligations under the
Poseidon Principles in respect of the preceding year, including, without limitation, all ship fuel oil consumption data required
to be collected and reported in accordance with Regulation 22A of Annex VI and any Statement of Compliance, in each case relating
to the Ship for the preceding calendar year provided always that, for the avoidance of doubt, such information shall be "Confidential
Information" for the purposes of Clause 33 (Confidentiality) but the Borrower acknowledges that, in accordance with
the Poseidon Principles, such information will form part of the information published regarding the Lenders' portfolio climate
alignment.

 

		14	Insurance Undertakings

 

		14.1	General

 

The undertakings in this Clause
14 (Insurance Undertakings) remain in force on and from the Delivery Date and throughout the rest of the Security Period
except as the Facility Agent may otherwise permit.

 

		14.2	Maintenance of obligatory insurances

 

The
Borrower shall insure the Ship in its name and keep the Ship insured on an agreed value basis for an amount in the currency in
which the Loan is denominated approved by the Facility Agent (acting on the instructions of the Majority Lenders) but not being
less than the greater of (x) [*] per cent. ([*]%)
of the amount of the Loan; and (y) the full market and commercial value of the Ship determined in accordance with Clause 13.4
(Valuation of the Ship) from time to time through internationally recognised independent first class insurance companies,
underwriters, war risks and protection and indemnity associations acceptable to the Facility Agent (acting on the instruction of
the Majority Lenders), acting reasonably, in each instance on terms and conditions approved by the Facility Agent including as
to deductibles but at least in respect of:

 

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		(a)	fire and marine risks including but without limitation hull and machinery and all other risks customarily
and usually covered by first-class and prudent shipowners in the global insurance markets under English or Norwegian marine policies
or Facility Agent-approved policies containing the ordinary conditions applicable to similar Ships;

 

		(b)	war risks (including terrorism, piracy, blocking and trapping and protection and indemnity war
risks) up to the insured amount;

 

		(c)	excess risks that is to say the proportion of claims for general average and salvage charges and
under the running down clause not recoverable in consequence of the value at which the Ship is assessed for the purpose of such
claims exceeding the insured value;

 

		(d)	protection and indemnity risks with full standard coverage as offered by first-class protection
and indemnity associations which are a member of the International Group of P&I Association and up to the highest limit of
liability available (for oil pollution risk the highest limit currently available is one billion Dollars ($1,000,000,000) and this
to be increased if reasonably requested by the Facility Agent and the increase is possible in accordance with the standard protection
and indemnity cover for Ships of its type and is compatible with prudent insurance practice for first class cruise shipowners or
operators in waters where the Ship trades from time to time from the Delivery Date until the end of the Security Period);

 

		(e)	when and while the Ship is laid-up, in lieu of hull insurance, normal port risks; and

 

		(f)	such other risks as the Facility Agent may from time to time reasonably require;

 

and in any event in respect
of those risks and at those levels covered by first class and prudent owners and/or financiers in the international market in respect
of similar tonnage provided that if any of such insurances are also effected in the name of any other person (other than the Borrower
and/or a Secured Party) such person shall if so required by the Facility Agent execute a first priority assignment of its interest
in such insurances in favour of the Secured Parties in similar terms mutatis mutandis to the relevant provisions of the
General Assignment.

 

		14.3	Mortgagee's interest and pollution risks insurances

 

The
Facility Agent shall take out mortgagee interest insurance on such conditions as the Facility Agent may reasonably require and
mortgagee interest insurance for pollution risks as from time to time agreed each for an amount in the currency in which the Loan
is denominated of [*] per cent. ([*]%)
of the amount of the Loan, the Borrower having no interest or entitlement in respect of such policies; the Borrower shall upon
demand of the Facility Agent reimburse the Facility Agent for the costs of effecting and/or maintaining any such insurance(s).

 

		14.4	Trading in the United States of America

 

If the Ship shall trade in
the United States of America and/or the Exclusive Economic Zone of the United States of America (the "EEZ") as
such term is defined in the US Oil Pollution Act 1990 ("OPA"), to comply strictly with the requirements of OPA
and any similar legislation which may from time to time be enacted in any jurisdiction in which the Ship presently trades or may
or will trade at any time during the existence of this Agreement and in particular before such trade is commenced and during the
entire period during which such trade is carried on:

 

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		(a)	to pay any additional premiums required to maintain full standard protection and indemnity cover
for oil pollution up to the highest limit available to it for the Ship in the market;

 

		(b)	to make all such quarterly or other voyage declarations as may from time to time be required by
the Ship's protection and indemnity association and to comply with all obligations in order to maintain such cover, and promptly
to deliver to the Facility Agent (with copy to the Security Trustee) copies of such declarations;

 

		(c)	to submit the Ship to such additional periodic, classification, structural or other surveys which
may be required by the Ship's protection and indemnity insurers to maintain cover for such trade and promptly to deliver to the
Facility Agent copies of reports made in respect of such surveys;

 

		(d)	to implement any recommendations contained in the reports issued following the surveys referred
to in paragraph (c) of Clause 14.4 (Trading in the United States of America) within the time limit specified therein and
to provide evidence satisfactory to the Facility Agent that the protection and indemnity insurers are satisfied that this has been
done;

 

		(e)	in particular strictly to comply with the requirements of any applicable law, convention, regulation,
proclamation or order with regard to financial responsibility for liabilities imposed on the Borrower or the Ship with respect
to pollution by any state or nation or political subdivision thereof, including but not limited to OPA, and to provide the Facility
Agent on demand with such information or evidence as it may reasonably require of such compliance;

 

		(f)	to procure that the protection and indemnity insurances do not contain a clause excluding the Ship
from trading in waters of the United States of America and the EEZ or any other provision analogous thereto and to provide the
Facility Agent with evidence that this is so; and

 

		(g)	strictly to comply with any operational or structural regulations issued from time to time by any
relevant authorities under OPA so that at all times the Ship falls within the provisions which limit strict liability under OPA
for oil pollution.

 

		14.5	Protections for Secured Parties

 

		(a)	The Borrower shall give notice forthwith of any assignment of its interest in the Insurances to
the relevant brokers, insurance companies, underwriters and/or associations in the form approved by the Facility Agent.

 

		(b)	The Borrower shall execute and deliver all such documents and do all such things as may be necessary
to confer upon the Secured Parties legal title to the Insurances in respect of the Ship and to procure that the interest of the
Secured Parties is at all times filed with all slips, cover notes, policies and certificates of entry and to procure (a) that a
loss payable clause in the form approved by the Facility Agent shall be filed with all the hull, machinery and equipment and war
risks policies in respect of the Ship and (b) that a loss payable clause in the form approved by the Facility Agent shall be endorsed
upon the protection and indemnity certificates of entry in respect of the Ship.

 

		(c)	In the event of the Borrower making default in insuring and keeping insured the Ship as hereinbefore
provided then the Facility Agent may (but shall not be bound to) insure the Ship or enter the Ship in such manner and to such extent
as the Facility Agent in its discretion thinks fit and in such case all the cost of effecting and maintaining such insurance together
with interest thereon at the interest rate shall be paid on demand by the Borrower to the Facility Agent.

 

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		14.6	Copies of policies; letters of undertaking

 

The Borrower will procure that
each of the relevant brokers and associations furnishes the Facility Agent with a letter of undertaking in the standard form available
in the relevant insurance market or otherwise in such form as may be required by the Facility Agent and waives any lien for premiums
or calls except in relation to premiums or calls solely attributable to the Ship.

 

		14.7	Payment of premiums

 

The Borrower shall punctually
pay all premiums, calls, contributions or other sums payable in respect of the Insurances on the Ship and to produce all relevant
receipts when so required by the Facility Agent.

 

		14.8	Renewal of obligatory insurances

 

The Borrower shall notify the
Facility Agent (with copy to the Security Trustee) of the renewal of the obligatory insurances at least five (5) days before the
expiry thereof and shall procure that the relevant brokers or associations shall promptly confirm in writing to the Facility Agent
(with copy to the Security Trustee) that such renewal is effected, it being understood by the Borrower that any failure to renew
the Insurances on the Ship at least two (2) days before the expiry thereof or to give or procure the relevant notices of such renewal
shall constitute an Event of Default.

 

		14.9	Guarantees

 

The Borrower shall arrange
for the execution of such guarantees as may from time to time be required by any protection and indemnity and/or war risks association.

 

		14.10	Provision of insurances information

 

The Borrower will furnish the
Facility Agent (with copy to the Security Trustee) from time to time on request with full information about all Insurances maintained
on the Ship and the names of the offices, companies, underwriters, associations or clubs with which such Insurances are placed.

 

		14.11	Alteration to terms of insurances

 

The Borrower shall not make
or agree to any variation in the terms of any of the Insurances on the Ship without the prior approval of the Facility Agent nor
to do any act or voluntarily suffer or permit any act to be done whereby any Insurances shall or may be rendered invalid, void,
voidable, suspended, defeated or unenforceable and not to suffer or permit the Ship to engage in any voyage nor to carry any cargo
not permitted under any of the Insurances without first obtaining the consent of the insurers or reinsurers concerned and complying
with such requirements as to payment of extra premiums or otherwise as the insurers or reinsurers may impose.

 

		14.12	Settlement of claims

 

The
Borrower shall not settle, compromise or abandon any claim in respect of any of the Insurances on the Ship other than a claim of
less than [*] Dollars ($[*])
or the equivalent in any other currency and not being a claim arising out of a Total Loss.

 

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		14.13	Application of insurance proceeds

 

The Borrower shall apply or
ensure the appliance of all such sums receivable in respect of the Insurances on the Ship for the purpose of making good the loss
and fully repairing all damage in respect whereof the insurance monies shall have been received.

 

		14.14	Insurance advisers

 

The Facility Agent shall be
entitled, immediately prior to the Delivery Date and thereafter no more frequently than annually on renewals but also additionally
at any time when there is a proposed change of underwriters or the terms of any Insurances, to instruct independent reputable insurance
advisers for the purpose of obtaining any advice or information regarding any matter concerning the Insurances which the Facility
Agent shall deem necessary, it being hereby specifically agreed that the Borrower shall reimburse the Facility Agent on demand
for the costs and expenses incurred by the Facility Agent in connection with the instruction of such advisers subject to a limit
of ten thousand Dollars ($10,000) at the time of delivery of the Ship or in the event of a change of underwriters or of terms of
any Insurances and otherwise ten thousand Dollars ($10,000) annually thereafter.

 

		15	Security Value Maintenance

 

		15.1	Security Shortfall

 

If, upon receipt of a valuation
of the Ship in accordance with Clause 13.4 (Valuation of the Ship), the Security Value shall be less than the Security Requirement,
the Facility Agent may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless
the Ship has become a Total Loss) either:

 

		(a)	prepay within a period of 30 days of the date of receipt by the Borrower of the Facility Agent's
said notice such sum in Euros as will result in the Security Requirement after such repayment (taking into account any other repayment
of the Loan made between the date of the notice and the date of such prepayment) being equal to the Security Value; or

 

		(b)	within 30 days of the date of receipt by the Borrower of the Facility Agent's said notice constitute
to the reasonable satisfaction of the Facility Agent such further security for the Loan as shall be reasonably acceptable to the
Facility Agent having a value for security purposes (as determined by the Facility Agent in its absolute discretion) at the date
upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Security
Requirement as at such date.

 

Clauses 15.2 (Costs)
and 15.4 (Documents and evidence) and paragraph (c) of Clause 16.2 (Voluntary prepayment) shall apply to prepayments
under paragraph (a) of Clause 15.1 (Security Shortfall).

 

		15.2	Costs

 

All costs in connection with
the Facility Agent obtaining any valuation of the Ship referred to in Clause 13.4 (Valuation of the Ship), and obtaining
any valuation either of any additional security for the purposes of ascertaining the Security Value at any time or necessitated
by the Borrower electing to constitute additional security pursuant to paragraph (b) of Clause 15.1 (Security Shortfall)
shall be borne by the Borrower.

 

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		15.3	Valuation of additional security

 

For the purpose of this Clause
15 (Security Value Maintenance), the market value of any additional security provided or to be provided to the Facility
Agent and/or the Security Trustee shall be determined by the Facility Agent and the Security Trustee in their absolute discretion
without any necessity for the Facility Agent or the Security Trustee assigning any reason thereto.

 

		15.4	Documents and evidence

 

In connection with any additional
security provided in accordance with this Clause 15 (Security Value Maintenance), the Facility Agent shall be entitled to
receive such evidence and documents of the kind referred to in Clause 3 (Conditions Precedent) in respect of other Finance
Documents as may in the Facility Agent's opinion be appropriate.

 

		15.5	Valuations binding

 

Any valuation under this Clause
15 (Security Value Maintenance) shall be binding and conclusive as regards the Borrower.

 

		15.6	Provision of information

 

		(a)	The Borrower shall promptly provide the Facility Agent (with copy to the Security Trustee) and
any shipbroker acting under this Clause 15 (Security Value Maintenance) with any information which the Facility Agent or
the shipbroker may reasonably request for the purposes of the valuation.

 

		(b)	If the Borrower fails to provide the information referred to in paragraph (a) above by the date
specified in the request, the valuation may be made on any basis and assumptions which the shipbroker or the Facility Agent considers
prudent.

 

		16	Cancellation, Prepayment and Mandatory Prepayment

 

		16.1	Cancellation

 

		(a)	Subject to paragraph (b) below, at any time between the Effective Date
and prior to the end of the Availability Period, the Borrower may give notice to the Facility Agent in writing that it wishes to
cancel the whole or any part of the available Commitments whereupon (without penalty to the Borrower but without prejudice to any
liabilities of the Borrower including, without limitation, in respect of fees payable or accrued under this Agreement, arising
on or prior to the date of such cancellation) such available Commitments shall terminate upon the date specified in such notice.
Any cancellation under this paragraph (a) of Clause
16.1 (aCancellation)
shall reduce the remaining Commitments of the Lenders rateably.

 

		(b)	If the SBC Effective Date has not occurred by 31 January 2019, then at any time thereafter, the
Borrower may, by written notice (signed by the Borrower, the Member and the Guarantor) to the Facility Agent, terminate this Agreement
and the other Finance Documents and, except for this Clause, Clause 10.11 (Transaction Costs), Clause 33 (Confidentiality)
and the Fee Letter in relation to the Structuring Fee, this Agreement and the other Finance Documents shall, with effect from such
termination, be null and void and no party nor any of its respective parents, subsidiaries, affiliates, officers or employees of
any of the foregoing shall have any further liability or obligation whatsoever (including payment of fees and expenses other than
in respect of fees payable or accrued under this Agreement, arising on or prior to the date of such termination) under or in connection
with this Agreement and/or any other Finance Document or their termination and clause 4(c) of the Fee Letter in relation to the
Structuring Fee shall apply.

 

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		16.2	Voluntary prepayment

 

		(a)	The Borrower may prepay all or part of the Loan (but if in part being an amount that reduces the
Loan by a minimum amount of one (1) repayment instalment of principal of the Loan) together with interest thereon. Such prepayment
shall, regardless of the date on which such prepayment is made, be made together with all of the amounts that SIMEST is entitled
to charge, whether for taxes, costs, expenses, indemnities, penalties, losses or liabilities whatsoever, under and in accordance
with the Interest Make-up Agreement and Clause 20.2 (Breakage costs and SIMEST arrangements) but without any other penalty
provided that the prepayment is made on the last day of an Interest Period and thirty-five (35) days prior written notice indicating
the intended date of prepayment is given to the Facility Agent and the SACE Agent. However, the following amounts shall be payable
to the Facility Agent if any prepayment made pursuant to this Clause 16.2 (Voluntary prepayment) is not made on the last
day of an Interest Period:

 

		(i)	for the account of the Lenders, whether the Borrower elected a Floating Interest Rate or a Fixed
Interest Rate pursuant to Clause 6.1 (Fixed or Floating Interest Rate), the difference (if positive), calculated by the
Lenders and notified by them to the Facility Agent, between the actual cost for the Lenders of the funding for the Loan and the
rate of interest for the monies to be invested by the Lenders, applied to the amounts so prepaid for the period from the said prepayment
until the last day of the Interest Period during which the prepayment occurs (if prepayment does not occur on the last day of that
Interest Period), details of any such calculation being supplied to the Borrower by the Facility Agent on behalf of the Lenders;
or

 

		(ii)	for the account of SIMEST, if the Borrower elected a Fixed Interest Rate pursuant to Clause 6.1
(Fixed or Floating Interest Rate), the sum of charges (if any) imposed by SIMEST representing funding or breakage costs
of the Italian Authorities as more specifically set out in Clause 20 (Indemnities).

 

		(b)	For the avoidance of doubt, regardless of the date on which a voluntary prepayment is made, such
prepayment shall be paid together with all amounts payable in accordance with Clause 20.2 (Breakage costs and SIMEST arrangements)
and if a voluntary prepayment is made other than on the last day of an Interest Period, the prepayment shall be paid together with
such other amounts payable in accordance with Clauses 20.1 (Indemnities regarding borrowing and repayment of Loan) and 20.2
(Breakage costs and SIMEST arrangements).

 

		(c)	If the Borrower has selected the Fixed Interest Rate pursuant to Clause 6.1 (Fixed or Floating
Interest Rate), the SACE Agent shall give SIMEST thirty (30) days written notice of the intended date of prepayment.

 

		16.3	Mandatory prepayment – Sale and Total Loss

 

The Borrower shall be obliged
to prepay the whole of the Loan if the Ship is sold (without prejudice to Clause 12.9 (Disposals)) or becomes a Total Loss:

 

		(a)	in the case of a sale, on or before the date on which the sale is completed by delivery of the
Ship to the buyer; or

 

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		(b)	in the case of a Total Loss, on the earlier of the date falling 120 days after the Total Loss Date
and the date of receipt by the Facility Agent or the Security Trustee (as the case may be) of the proceeds of insurance relating
to such Total Loss.

 

		16.4	Mandatory prepayment – SACE Insurance Policy

 

		(a)	The Borrower shall be obliged to prepay the whole of the Loan if it is or becomes unlawful for
SACE to perform or comply with any or all of its payment obligations pursuant to the SACE Insurance Policy, if the SACE Insurance
Policy is revoked, rescinded, cancelled, terminated, suspended or otherwise becomes unenforceable or ceases to be valid, binding
or in full force and effect.

 

		(b)	In the event that any other event occurs or any other circumstances
arise or develop which would have a material adverse effect on SACE's ability to perform its obligations under the SACE Insurance
Policy, the Borrower and the Lenders shall, provided that no Event of Default has occurred and is continuing, negotiate in good
faith for a period of not less than 30 days with a view to agreeing such revised terms and conditions as the Lenders may require
to enable the Lenders to maintain the entire Loan (and during such 30 day period, no Lender shall be obliged to make available
to the Borrower their portion of the Loan to the extent such amounts have not already been drawn). In the event that following
such negotiations the Borrower and the Lenders fail to agree on such revised terms, the Borrower shall be obliged to prepay, on
demand by the Facility Agent, the outstanding principal amount of the Loan to the extent of the amount covered pursuant to the
SACE Insurance Policy. If, during the period while negotiations are on-going pursuant to this paragraph (b)
(a) of Clause
16.4 (Mandatory prepayment – SACE Insurance Policy) the events described in paragraph (b) of Clause 16.4 (Mandatory
prepayment – SACE Insurance Policy) should occur, the Borrower shall be obliged to prepay the Loan in full as required
by paragraph (a) of Clause 16.4 (Mandatory prepayment – SACE Insurance Policy).

 

		16.5	Breach of new covenants or the Principles

 

		(a)	Failure to comply, until the end of the Deferral
Period, with the provisions of Clause 12.17 (Dividends and dividend restriction) and Clause 12.27 (New capital raises
or financing) or the provisions of paragraph (f) of clause 11.3 (Additional financial reporting), paragraph (c) of clause
11.17 (Dividend restriction), clause 11.19 (New capital raises or financing) and clause 11.20 (Payments under
the Shipbuilding contacts) of the Guarantee, or to otherwise duly perform and observe the other requirements and obligations
set out in the Principles shall, in each case, not constitute an Event of Default under this Agreement but (in the case of any
failure that is capable of remedy (in the opinion of the Facility Agent, at its sole discretion) including any failure to comply
with such provisions, only if such failure is not remedied within the Relevant Period pursuant to Clause 18.4 (Breach of other
obligations) from the date of such failure to comply) shall result in the reinstatement by the Facility Agent from the date
of such breach of the requirement to comply with the financial covenants set out in paragraphs (b) and (c) of clause 11.15 (Financial
covenants) of the Guarantee which was otherwise suspended during the Deferral Period.

 

		(b)	Save as permitted by Clause 12.27 (New capital
raises or financing), if at any time after the 2021 Deferral Effective Date:

 

		(i)	the Guarantor or any other Group member enters into
any financial contract or financial document relating to any Financial Indebtedness and which contains any debt deferral or covenant
waivers of existing debt, or the raising of any new debt intended to reimburse existing debt that benefits from additional security
or more favourable terms than those available to the Lenders (unless they are granted to the Lenders on a pari passu basis),
the requirement to comply with the financial covenants set out in paragraphs (b) and (c) of clause 11.15 (Financial covenants)
of the Guarantee which was otherwise suspended during the Deferral Period shall be reinstated; or

 

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		(ii)	the Guarantor or any other Group member makes a prepayment
(save for any mandatory prepayment necessary to avoid an event of default (however defined)) of any Financial Indebtedness (unless
this is done on a pari passu basis with the obligations owed to the Lenders hereunder), the requirement to comply with the
financial covenants set out in paragraphs (b) and (c) of clause 11.15 (Financial covenants) of the Guarantee which was otherwise
suspended during the Deferral Period shall be reinstated.

 

		16.6	16.5 Other amounts

 

Any prepayment of the whole
of the Loan shall be made together with all other sums due under this Agreement (including, without limitation, the compensation
calculated in accordance with Clause 16.2 (Voluntary prepayment)).

 

		16.7	16.6 Application of
partial prepayment

 

Amounts prepaid shall be applied
in accordance with paragraph (b) of Clause 19.1 (Receipts).

 

		16.8	16.7 No reborrowing

 

Amounts prepaid may not be
reborrowed.

 

		17	Interest on Late Payments

 

		17.1	Default rate of interest

 

Without prejudice to the provisions
of Clause 18 (Events of Default) and without this Clause in any way constituting a waiver of terms of payment, all sums
due by the Borrower under this Agreement will automatically bear interest on a day to day basis from the date when they are payable
until the date of actual payment at a rate per annum equal to the higher of:

 

		(a)	where the Floating Interest Rate is applicable, the aggregate of:

 

		(i)	EONIA€STR;

 

		(ii)	the applicable Margin; and

 

and
if that percentage rate is less than zero, the rate of interest shall be deemed to be zero; plus

 

		(iii)	[*] per cent. ([*]%
p.a.) per annum; or

 

		(b)	where the Fixed Interest Rate is applicable, the higher of:

 

		(i)	the Fixed Interest Rate plus [*]
per cent. ([*]% p.a.)
per annum; and

 

		(ii)	EONIA€STR
plus the applicable Margin (and if
that percentage rate is less than zero, the rate of interest shall
be deemed to be zero) plus
[*] per cent. ([*]%
p.a.) per annum.

 

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		17.2	Compounding of default interest

 

To the extent permitted by
applicable law, any such interest will itself bear interest at the above rate if it is due for at least three (3) months and thereafter
at three monthly intervals.

 

		18	Events of Default

 

		18.1	Events of Default

 

An Event of Default occurs
if any of the events or circumstances described in Clauses 18.2 (Non-payment) to 18.20 (Material Adverse Change)
occur.

 

		18.2	Non-payment

 

Any Obligor fails to pay when
due or (if so payable) on demand any sum payable under a Finance Document or under any document relating to a Finance Document
and such failure is not remedied within three (3) Business Days of the due date or (if payable on demand) within three (3) Business
Days of receiving the demand.

 

		18.3	Non-remediable breaches

 

The Borrower fails to comply
with the provisions of Clauses 12.4 (Sanctions and Illicit payments), 12.5 (Prohibited payments) 12.8 (Negative
pledge), 12.9 (Disposals), 12.11 (Mergers) or 12.18 (Loans and guarantees by the Borrower).

 

		18.4	Breach of other obligations

 

		(a)	Any Obligor fails to comply with any provision of any Finance Document
(other than a failure to comply covered by any of the other provisions of Clauses 18.2 (Non-payment) to 18.20 (Material
Adverse Change)) and in particular but without limitation the Guarantor fails to comply with the provisions of clause 11 (Undertakings)
of its Guarantee or there is any material breach in the opinion of the Majority Lenders and SACE of any of the Underlying Documents
provided that (save in respect of Clause 12.26 (Code of Ethics and Model)) no Event of Default shall be deemed to have occurred
if, in the opinion of the Majority Lenders and SACE, such failure or material breach is capable of remedy and is remedied within
the Relevant Period (as defined below) from the date of its occurrence, if the failure or material breach was known to that Obligor,
or from the date the relevant Obligor is notified by the Facility Agent of the failure or material breach, if the failure or material
breach was not known to that Obligor, unless in any such case as aforesaid the Majority Lenders and SACE consider that the failure
or material breach is or could reasonably be expected to become materially prejudicial to the interests, rights or position of
the Lenders, "Relevant Period" meaning
for the purposes of this Clause fifteen (15) days in respect of a remedy period commencing after the date of thisthe
Original Facility Agreement.

 

		(b)	There is a repudiation or termination of any Transaction Document (save for the Shipbuilding Contract
and, to the extent replaced, any Management Agreement and any charter) or any of the parties thereto becomes entitled to terminate
or repudiate any of them and evidences an intention so to do.

 

		18.5	Misrepresentation

 

Any representation, warranty
or statement made or repeated in, or in connection with, any Transaction Document or the SACE Insurance Policy or in any accounts,
certificate, statement or opinion delivered by or on behalf of any Obligor thereunder or in connection therewith is materially
incorrect or misleading when made or would, if repeated at any time hereafter by reference to the facts subsisting at such time,
no longer be materially correct.

 

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		18.6	Cross default

 

		(a)	Any event of default occurs under any financial contract or financial document relating to any
Financial Indebtedness of the Borrower.

 

		(b)	Any such Financial Indebtedness or any sum payable in respect thereof is not paid when due (after
the expiry of any applicable grace period(s)) whether by acceleration or otherwise.

 

		(c)	Any other Financial Indebtedness of any member of the Group is not paid
when due or is or becomes capable of being declared due prematurely by reason of default or any Security Interest securing the
same becomes enforceable by reason of default provided that no Event of Default will arise if the aggregate amount of the relevant
Financial Indebtedness and liabilities secured by the relevant Security Interests is less than [*]
Dollars ($[*]) or its equivalent
in other currencies.;
or

 

		(d)	Any other Security Interest over any assets of any member of the Group
securing any alleged liability that does not qualify as Financial Indebtedness becomes enforceable where the alleged liability
is in respect of a sum of, or sum aggregating, [*] Dollars
($[*]) or its equivalent in other currencies, unless the
alleged liability is being contested in good faith by appropriate means by the relevant Group member and the Facility Agent is
reasonably satisfied that the relevant member of the Group has reasonable grounds for succeeding in its action.;

 

		(e)	No Event of Default will occur, or be deemed to have
occurred, under this Clause 18.6 (Cross default) if such Event of Default occurs during the Deferral Period (but without
prejudice to the rights of the Lenders in respect of any further breach that may occur following the expiry of the Deferral Period)
and is caused solely as a result of a breach of the financial covenants in respect of the Group equivalent to those set out in
paragraphs (b) and (c) of clause 11.15 (Financial Covenants) of the Guarantee, under, or in relation to, any other SACE-backed
facility agreement to which a Guarantor is a Party or has executed a guarantee and to which the Principles apply, unless at the
time of such Event of Default, an event resulting in mandatory prepayment of the Loan pursuant to Clause 16.3 (Mandatory prepayment
 – sale and total loss) or Clause 16.4 (Mandatory prepayment – SACE insurance policy) has occurred.

 

		18.7	Winding-up

 

Any order is made or an effective
resolution passed or other action taken for the suspension of payments or reorganisation, dissolution, termination of existence,
liquidation, winding-up or bankruptcy of any Obligor.

 

		18.8	Appointment of liquidators etc.

 

A liquidator, trustee, administrator,
receiver, administrative receiver, manager or similar officer is appointed in respect of any Obligor or in respect of all or any
substantial part of the assets of any Obligor.

 

		18.9	Enforcement of any security

 

Any corporate action, legal
proceeding or other procedure or step is taken in relation to enforcement of any security interests over any assets of the Borrower.

 

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		18.10	Insolvency

 

		(a)	An Obligor is unable or admits inability to pay its debts as they fall due, is deemed to or declared
to be unable to pay its debts under applicable law, suspends or threatens to suspend making payments on any of its debts.

 

		(b)	The value of the assets of any Obligor is less than its liabilities (taking into account contingent
liabilities).

 

		(c)	A moratorium in respect of all or any debts of any Obligor or a compromise, composition, assignment
or an arrangement with creditors of any Obligor or any similar proceeding or arrangement by which the assets of any Obligor are
submitted to the control of its creditors is applied for, ordered or declared or any Obligor commences negotiations with any one
or more of its creditors with a view to the general readjustment or rescheduling of all or a significant part of its Financial
Indebtedness. If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.

 

		18.11	Legal process

 

Any
corporate action, legal proceeding, distress, execution, attachment or other process affects the whole or any substantial part
of the assets of any Obligor and remains undischarged for a period of thirty (30) days, any step is taken in relation to enforcement
of any security interests over any assets of any Obligor (other than the Borrower) or any uninsured judgment which, in each case,
is in excess of [*] Dollars ($[*])
following final appeal, remains unsatisfied for a period of ten (10) days.

 

		18.12	Analogous events

 

Anything analogous to or having
a substantially similar effect to any of the events specified in Clauses 18.7 (Winding-up) to 18.11 (Legal process)
shall occur under the laws of any applicable jurisdiction.

 

		18.13	Cessation of business

 

Any Obligor ceases to carry
on all or a substantial part of its business.

 

		18.14	Revocation of consents

 

Any authorisation, approval,
consent, licence, exemption, filing, registration or notarisation or other requirement necessary to enable any Obligor to comply
with any of its obligations under any of the Transaction Documents is materially adversely modified, revoked or withheld or does
not remain in full force and effect and within ninety (90) days of the date of its occurrence such event is not remedied to the
satisfaction of the Facility Agent consider that such failure is or might be expected to become materially prejudicial to the interests,
rights or position of the Lenders provided that the Borrower shall not be entitled to the aforesaid ninety (90) day period if the
modification, revocation or withholding of the authorisation, approval or consent is due to an act or omission of any Obligor and
the Majority Lenders and SACE are satisfied that the Lenders' interests might reasonably be expected to be materially adversely
affected.

 

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		18.15	Unlawfulness

 

At any time it is unlawful
or impossible for any Obligor to perform any of its material (to the Secured Parties or any of them) obligations under any Transaction
Document to which it is a party or it is unlawful or impossible for the Secured Parties or any Lender to exercise any of their
or its rights under any of the Transaction Documents provided that no Event of Default shall be deemed to have occurred where the
unlawfulness or impossibility does not relate to the payment obligation of any Obligor under any Transaction Document and is cured
within the period of twenty one (21) days of the date of occurrence of the event giving rise to the unlawfulness or impossibility
and the affected Obligor performs its obligation within such period.

 

		18.16	Insurances

 

The Borrower fails to insure
the Ship in the manner specified in Clause 14 (Insurance Undertakings) or fails to renew the Insurances at least five (5)
days prior to the date of expiry thereof and produce prompt confirmation of such renewal to the Facility Agent provided that if
the insurers withdraw their cover an Event of Default shall be deemed to have occurred upon issue of the insurer's notice of withdrawal.

 

		18.17	Disposals

 

If the Borrower or any other
Obligor shall have concealed, removed, or permitted to be concealed or removed, any part of its property, with intent to hinder,
delay or defraud its creditors or any of them, or made or suffered a transfer of any of its property which may be fraudulent under
any bankruptcy, fraudulent conveyance or similar law, or shall have made any transfer of its property to or for the benefit of
a creditor with the intention of preferring such creditor over any other creditor.

 

		18.18	Prejudice to security

 

Anything is done or suffered
or omitted to be done by any Obligor which in the reasonable opinion of the Facility Agent would or might be expected to imperil
the security created by any of the Finance Documents.

 

		18.19	Governmental intervention

 

The authority of any Obligor
in the conduct of its business is wholly or substantially curtailed by any seizure or intervention by or on behalf of any authority
and within ninety (90) days of the date of its occurrence any such seizure or intervention is not relinquished or withdrawn and
the Facility Agent reasonably considers that the relevant occurrence is or might be expected to become materially prejudicial to
the interests, rights or position of the Lenders provided that the Borrower shall not be entitled to the aforesaid ninety (90)
day period if the seizure or intervention executed by any authority is due to an act or omission of any Obligor and the Majority
Lenders and SACE are satisfied that the Lenders' interest might reasonably be expected to be materially adversely affected.

 

		18.20	Material Adverse Change

 

		(a)	Any event or circumstance occurs which results in a Material Adverse Effect.

 

		(b)	Any event or circumstance occurs (including, without limitation, following the sending of a notice
by the Borrower under paragraph (c) of Clause 12.26 (Code of Ethics and Model)), which results in a material adverse effect
on the ability of the Borrower, also under an economic and/or financial standpoint, to perform its obligations under this Agreement.

 

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		18.21	Actions following an Event of Default

 

On, or at any time after, the
occurrence of an Event of Default the Facility Agent may, and if so instructed by the Majority Lenders and SACE (acting through
the SACE Agent), the Facility Agent shall:

 

		(a)	serve on the Borrower a notice stating that the Commitments and all other obligations of each Lender
to the Borrower under this Agreement are terminated; and/or

 

		(b)	serve on the Borrower a notice stating that the Loan (including but without limitation the amount
representing the financed First Instalment and Second Instalment of the SACE Premium), all accrued interest and all other amounts
accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or

 

		(c)	take any other action which, as a result of the Event of Default or any notice served under paragraph
(a) or (b), the Facility Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law.

 

		18.22	Termination of Commitments

 

On the service of a notice
under paragraph (a) of Clause 18.21 (Actions following an Event of Default), the Commitments and all other obligations of
each Lender to the Borrower under this Agreement shall terminate.

 

		18.23	Acceleration of Loan

 

On the service of a notice
under paragraph (b) of Clause 18.21 (Actions following an Event of Default), the Loan, all accrued interest and all other
amounts accrued or owing from the Borrower or any Obligor under this Agreement and every other Finance Document shall become immediately
due and payable or, as the case may be, payable on demand.

 

		18.24	Further amounts payable

 

Upon an acceleration of repayment
of the Loan following an Event of Default the Borrower shall be liable to pay compensation calculated in accordance with Clause
16.2 (Voluntary prepayment).

 

		18.25	Multiple notices; action without notice

 

The Facility Agent may serve
notices under paragraphs (a) and (b) of Clause 18.21 (Actions following an Event of Default) simultaneously or on different
dates and it may take any action referred to in paragraph (c) of Clause 18.21 (Actions following an Event of Default) if
no such notice is served simultaneously with or at any time after the service of both or either of such notices.

 

		18.26	Notification of Secured Parties and Obligors

 

The Facility Agent shall send
to the Italian Authorities, each Lender and each Obligor a copy or the text of any notice which the Facility Agent serves on the
Borrower under Clause 18.21 (Actions following an Event of Default); but the notice shall become effective when it
is served on the Borrower, and no failure or delay by the Facility Agent to send a copy or the text of the notice to any other
person shall invalidate the notice or provide any Obligor with any form of claim or defence.

 

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		18.27	Lender's rights unimpaired

 

Nothing in this Clause 18 (Events
of Default) shall be taken to impair or restrict the exercise of any right given to individual Lenders under a Finance Document
or the general law; and, in particular, this Clause is without prejudice to Clauses 2.4 (Creditor Parties' rights and obligations)
and 2.6 (Obligations of Lenders several).

 

		18.28	Exclusion of Secured Party liability

 

No Secured Party, and no receiver
or manager appointed by the Facility Agent, shall have any liability to an Obligor:

 

		(a)	for any loss caused by an exercise of rights under, or enforcement of a Security Interest created
by, a Finance Document or by any failure or delay to exercise such a right or to enforce such a Security Interest; or

 

		(b)	as mortgagee in possession or otherwise, for any income or principal amount which might have been
produced by or realised from any asset comprised in such a Security Interest or for any reduction (however caused) in the value
of such an asset.

 

		19	Application of Sums Received

 

		19.1	Receipts

 

		(a)	Except as any Finance Document may otherwise provide, all sums received under this Agreement or
any other Finance Document by the Facility Agent, on behalf of the Lenders, the SACE Agent, the Security Trustee, Receiver, Delegate
or by any of the Lenders for any reason whatsoever will be applied in the following order of priority:

 

		(i)	first, in discharging any unpaid fees, costs and expenses of, and any amounts owed to the Facility
Agent, SACE Agent, Security Trustee, any Receiver or any Delegate on a pro rata basis;

 

		(ii)	second, to payments of any kind due or in arrears in the order of their due payment dates due to
the Lenders and Joint Mandated Lead Arrangers in the following order of priority:

 

		(A)	first, to interest payable pursuant to Clause 17 (Interest on Late Payments);

 

		(B)	second, to interest payable pursuant to Clause 6 (Interest);

 

		(C)	third, to the principal of the Loan payable pursuant to Clause 5 (Repayment);

 

		(D)	fourth, to any sums due pursuant to Clause 20.2 (Breakage costs and SIMEST arrangements);
and

 

		(E)	fifth, to any other sums due under this Agreement or any other Finance Document,

 

and, if relevant,
payments under paragraphs (a)(ii)(A) to (a)(ii)(E) above, shall be made pro rata to each of the Lenders and Joint Mandated
Lead Arrangers as applicable.

 

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		(b)	if no payments are in arrears or if these payments have been discharged as set out above, then
and to sums remaining due under this Agreement or any other Finance Document and, if relevant, pro rata to each of the Lenders
and in each case in inverse order of maturity, the interest being recalculated accordingly.

 

		(c)	The Facility Agent shall, if so directed by the Lenders and subject to SACE's prior written consent,
vary the order set out in paragraphs (a)(ii)(A) to (a)(ii)(D) above.

 

		(d)	Paragraphs (a), (b) and (c) above will override any appropriation made by an Obligor.

 

		20	Indemnities

 

		20.1	Indemnities regarding borrowing and repayment of Loan

 

		(a)	The Borrower shall fully indemnify the Facility Agent, SACE Agent, Security Trustee, any Delegate,
any Receiver, each Lender, SACE and SIMEST (but without double counting to the extent that a Lender is making a claim in respect
of amounts owing to SIMEST) on the Facility Agent's demand in respect of all costs, claims, expenses, liabilities and losses which
are made or brought against or incurred by that Secured Party, or which that Secured Party reasonably and with due diligence estimates
that it will incur, as a result of or in connection with:

 

		(i)	the Loan not being borrowed on the date specified in the Drawdown Notice for any reason other than
a default by the Lender claiming the indemnity;

 

		(ii)	the receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on the
last day of an Interest Period or other relevant period;

 

		(iii)	any failure (for whatever reason) by the Borrower to comply with its obligations to make payment
of any amount due under a Finance Document on the due date or, if so payable, on demand (after giving credit for any default interest
paid by the Borrower on the amount concerned under Clause 17 (Interest on Late Payments));

 

		(iv)	the occurrence and/or continuance of an Event of Default and/or the acceleration of repayment of
the Loan under Clause 18 (Events of Default);

 

		(v)	the taking, holding, protection or enforcement of a Security Interest;

 

		(vi)	the exercise of any of the rights, powers, discretions, authorities and remedies vested in the
Security Trustee, each Receiver and each Delegate by a Finance Document or by law;

 

		(vii)	any default by any Obligor in the performance of any of the obligations expressed to be assumed
by it in the Finance Documents; and

 

		(viii)	acting as Facility Agent, SACE Agent, Security Trustee, Receiver or Delegate under the Finance
Documents or which otherwise relates to any of the Security Interests or Security Property (otherwise, in each case, excluding
sub-paragraphs (v) and (vi) above, than by reason of the relevant Facility Agent's, Security Trustee's, Receiver's or Delegate's
Gross Negligence or wilful misconduct).

 

		(b)	The Security Trustee and every Receiver and Delegate may, in priority to any payment to the Secured
Parties, indemnify itself out of the Security Property in respect of, and pay and retain, all sums necessary to give effect to
the indemnity in this Clause 20.1 (Indemnities regarding borrowing and repayment of Loan) and shall have a lien on the Security
Interests and the proceeds of the enforcement of the Security Interests for all moneys payable to it.

 

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		20.2	Breakage costs and SIMEST arrangements

 

Without limiting its generality,
Clause 20.1 (Indemnities regarding borrowing and repayment of Loan) covers:

 

		(a)	any claim, expense, liability or loss, including a loss of a prospective profit, incurred by a
Lender in liquidating or employing deposits from third parties acquired or arranged to fund or maintain all or any part of its
Contribution and/or any overdue amount (or an aggregate amount which includes its Contribution or any overdue amount);

 

		(b)	if the Borrower has selected the Fixed Interest Rate in accordance with Clause 6.1 (Fixed or
Floating Interest Rate), the CIRR Break Costs; and

 

		(c)	any other costs whatsoever or howsoever arising under or in respect of the Interest Make-up Agreement
which are passed to the SACE Agent,

 

and any such costs imposed
by SIMEST shall be paid by the Borrower to SIMEST through the SACE Agent.

 

		20.3	Miscellaneous indemnities

 

The Borrower shall fully indemnify
each Secured Party severally on their respective demands in respect of all claims, expenses, liabilities and losses which may be
made or brought against or incurred by a Secured Party, in any country, as a result of or in connection with:

 

		(a)	any action taken, or omitted or neglected to be taken, under or in connection with any Finance
Document by the Facility Agent or any other Secured Party or by any receiver appointed under a Finance Document;

 

		(b)	any other Pertinent Matter,

 

other than claims, expenses,
liabilities and losses which are shown to have been directly and mainly caused by the relevant Secured Party's (or its officers'
or employees') Gross Negligence or wilful misconduct.

 

Without prejudice to its generality,
this Clause 20.3 (Miscellaneous indemnities) covers (i) any claims, expenses, liabilities and losses which arise, or
are asserted, under or in connection with any law relating to safety at sea, the ISM Code or any Environmental Laws or any Sanctions
and (ii) any claims, expenses, liabilities (including, without limitation, under a reputational standpoint) and losses which arise,
or are asserted, against CDP under or in connection with any breach by the Borrower of any of the provisions of paragraphs (ll)
to (pp) of Clause 11.2 (Continuing representations and warranties) and/or of Clause 12.26 (Code of Ethics and Model).

 

		20.4	Currency indemnity

 

If any sum due from an Obligor
to a Secured Party under a Finance Document or under any order or judgment relating to a Finance Document has to be converted from
the currency in which the Finance Document provided for the sum to be paid (the "Contractual
Currency") into another currency (the "Payment
Currency") for the purpose of:

 

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		(a)	making or lodging any claim or proof against an Obligor, whether in its liquidation, any arrangement
involving it or otherwise; or

 

		(b)	obtaining an order or judgment from any court or other tribunal; or

 

		(c)	enforcing any such order or judgment,

 

the Borrower shall indemnify
the Secured Party concerned against the loss arising when the amount of the payment actually received by that Secured Party is
converted at the available rate of exchange into the Contractual Currency.

 

In this Clause 20.4 (Currency
indemnity) the "available rate of exchange"
means the rate at which the Secured Party concerned is able at the opening of business (Paris time) on the Business Day after it
receives the sum concerned to purchase the Contractual Currency with the Payment Currency.

 

This Clause 20.4 (Currency
indemnity) creates a separate liability of the Borrower which is distinct from its other liabilities under the Finance Documents
and which shall not be merged in any judgment or order relating to those other liabilities.

 

		20.5	Certification of amounts

 

A notice which is signed by
2 officers of a Secured Party, which states that a specified amount, or aggregate amount, is due to that Secured Party under this
Clause 20 (Indemnities) and which indicates (without necessarily specifying a detailed breakdown) the matters in respect
of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate amount, is due.

 

		20.6	Sums deemed due to a Lender

 

For the purposes of this Clause
20 (Indemnities), a sum payable by the Borrower to the Facility Agent for distribution to a Lender shall be treated as a
sum due to that Lender.

 

		20.7	SACE obligations

 

To the extent that this Clause
20 (Indemnities) imposes obligations or restrictions on a Secured Party, such obligations or restrictions shall not apply
to SACE and SACE shall have no obligations hereunder nor be constrained by such restrictions.

 

		21	Illegality, etc.

 

		21.1	Illegality and Sanctions

 

This Clause 21 (Illegality,
etc.) applies if:

 

		(a)	a Lender (the "Notifying Lender")
notifies the Facility Agent that:

 

		(i)	it is or becomes unlawful or contrary to any law, regulation (including Sanctions) – including
by way of civil, administrative or criminal liability - in any applicable jurisdiction for the Notifying Lender to perform any
of its obligations as contemplated by the Finance Documents or to fund its participation in the Loan; and/or

 

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		(ii)	it is or becomes unlawful or contrary to any law, regulation (including Sanctions) – including
by way of civil, administrative or criminal liability - in any applicable jurisdiction for the Notifying Lender to maintain its
participation in the Loan; or

 

		(b)	an Obligor is or becomes a Prohibited Person,

 

(such event, an "Illegality
or Sanctions Event").

 

		21.2	Notification of illegality

 

The
Borrower shall promptly notify the Facility Agent of the occurrence of an event under Clause
21.1(b)paragraph (b) of Clause 21.1 (Illegality and
Sanctions) above and the Facility Agent shall promptly notify the Lenders. The Facility
Agent shall promptly notify the Borrower, the Obligors and the other Lenders of the notice under Clause
21.1(a)paragraph (a) of Clause 21.1 (Illegality and
sanctions) which the Facility Agent receives from the Notifying Lender.

 

		21.3	Prepayment; termination of Commitment

 

		(a)	Upon the Facility Agent notifying the Borrower of an event under Clause
21.1(a)(i)sub-paragraph (i) of paragraph (a) of Clause
21.1 (Illegality and Sanctions) above, the Notifying Lender's Commitment will be immediately
suspended and that Lender shall act in accordance with Clause 21.4 (Mitigation). To the extent no alternative arrangements
have been agreed in accordance with Clause 21.4 (Mitigation) within the earlier of (i) the grace period permitted by law
and (ii) a period of 15 Business Days from the date on which the Facility Agent became aware of the event (or if the mitigation
or grace period described above is not permissible under applicable Sanctions, immediately upon the Facility Agent becoming aware
of that event), the Notifying Lender may cancel, by notice to the Facility Agent (which notice the Facility Agent shall promptly
send to the Borrower), its available Commitment; 

 

		(b)	upon the Facility Agent notifying the Borrower of an event under Clause
21.1(a)(ii)sub-paragraph (ii) of paragraph (a) of Clause
21.1 (Illegality and Sanctions) above, the Notifying Lender shall act in accordance
with Clause 21.4 (Mitigation). To the extent no alternative arrangements have been agreed in accordance with Clause 21.4
(Mitigation), within the earlier of (i) the grace period permitted by law and (ii) a period of 15 Business Days from the
date on which the Facility Agent became aware of the event (or if the mitigation or grace period described above is not permissible
under applicable Sanctions, immediately upon the Facility Agent becoming aware of that event) the Notifying Lender may require
prepayment of its share of any Loan, in which case, that Lender's share of such Loan shall be prepaid in accordance with paragraph
(d) below;

 

		(c)	upon the Borrower notifying the Facility Agent and the Facility Agent
notifying the Lenders of an event under Clause 21.1(b)paragraph
(b) of Clause 21.1 (Illegality and Sanctions) above, the Lenders shall act in accordance
with Clause 21.4 (Mitigation). To the extent no alternative arrangements have been agreed in accordance with Clause 21.4
(Mitigation), within the earlier of (i) the grace period permitted by law and (ii) a period of 15 Business Days from the
date on which the Facility Agent became aware of the event (or if the mitigation or grace period described above is not permissible
under applicable Sanctions, immediately upon the Facility Agent becoming aware of that event) any Lender may cancel, by notice
to the Facility Agent (which notice the Facility Agent shall promptly send to the Borrower), its available Commitment and may require
prepayment of its share of any Loan, in which case, that Lender's share of such Loan shall be prepaid in accordance with paragraph
(d) below;

 

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		(d)	The date for repayment or prepayment of a Lender's share in the Loan will be:

 

		(i)	the date specified by the Facility Agent in the notification under Clause
21.2 (Notification of illegality) above;
or

 

		(ii)	the last day of the current Interest Period for the Loan or, if earlier, the date specified by
the Lender in the notification under paragraph (a) above and which must not be earlier than the last day of any applicable grace
period allowed by law.

 

		21.4	Mitigation

 

		(a)	Each Creditor Party shall, in consultation with the Borrower, take all reasonable steps to mitigate
any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant
to Clause 21.1 (Illegality and Sanctions) or Clause 10 (Taxes, Increased Costs, Costs and related Charges) including
(but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.

 

		(b)	Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance
Documents.

 

		22	Set-Off

 

		22.1	Application of credit balances

 

Each Creditor Party may without
prior notice:

 

		(a)	apply any balance (whether or not then due) which at any time stands to the credit of any account
in the name of the Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then due
from the Borrower to that Creditor Party under any of the Finance Documents; and

 

		(b)	for that purpose:

 

		(i)	break, or alter the maturity of, all or any part of a deposit of the Borrower;

 

		(ii)	convert or translate all or any part of a deposit or other credit balance into Euros;

 

		(iii)	enter into any other transaction or make any entry with regard to the credit balance which the
Creditor Party concerned considers appropriate.

 

		22.2	Existing rights unaffected

 

No Creditor Party shall be
obliged to exercise any of its rights under Clause 22.1 (Application of credit balances); and those rights shall be without
prejudice and in addition to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor
Party is entitled (whether under the general law or any document).

 

		22.3	Sums deemed due to a Lender

 

For the purposes of this Clause
22 (Set-Off), a sum payable by the Borrower to the Facility Agent for distribution to, or for the account of, a Lender shall
be treated as a sum due to that Lender; and each Lender's proportion of a sum so payable for distribution to, or for the account
of, the Lenders shall be treated as a sum due to such Lender.

 

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		22.4	No Security Interest

 

This Clause 22 (Set-Off)
gives the Creditor Parties a contractual right of set-off only, and does not create any equitable charge or other Security Interest
over any credit balance of the Borrower.

 

		23	Bail-In

 

Notwithstanding any other term
of any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance Document, each Party
acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance Documents
may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:

 

		(a)	any Bail-In Action in relation to any such liability, including (without limitation):

 

		(i)	a reduction, in full or in part, in the principal amount, or outstanding amount due (including
any accrued but unpaid interest) in respect of any such liability;

 

		(ii)	a conversion of all, or part of, any such liability into shares or other instruments of ownership
that may be issued to, or conferred on, it; and

 

		(iii)	a cancellation of any such liability; and

 

		(b)	a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-in
Action in relation to any such liability.

 

		24	Changes to the Lenders

 

		24.1	Transfer by a Lender

 

Subject to Clause 24.2 (Conditions
of assignment or transfer), Clause 24.5 (No transfer without Transfer Certificate), Clause 24.17 (Assignment or transfer
to SACE) and Clause 24.14 (Change of Facility Office), a Lender (the "Transferor
Lender") may at any time provided they have obtained the prior written consent of the Italian Authorities cause:

 

		(a)	its rights in respect of all or part of its Contribution; or

 

		(b)	its obligations in respect of all or part of its Commitment; or

 

		(c)	a combination of (a) and (b),

 

to be (in the case of its rights)
transferred to, or (in the case of its obligations) assumed by, in whole or in part any of its Affiliates or another bank or financial
institution or a trust, fund, insurance or reinsurance company or other entity which is regularly engaged in or established for
the purpose of making, purchasing or investing in loans, securities or other financial assets (a "Transferee
Lender") by delivering to the Facility Agent a completed certificate in the form set out in Schedule 4 (Form
of Transfer Certificate) with any modifications approved or required by the Facility Agent (a "Transfer
Certificate") executed by the Transferor Lender and the Transferee Lender.

 

However any rights and obligations
of the Transferor Lender in its capacity as Facility Agent or Security Trustee will have to be dealt with separately in accordance
with the provisions of Clauses 26 (Role of the Facility Agent and the Joint Mandated Lead Arrangers) and 27 (The Security
Trustee) respectively.

 

    106

     

    

 

		24.2	Conditions of assignment or transfer

 

		(a)	The consent of the Borrower is required at all times (subject to the provisions of Clauses 24.5
(No transfer without Transfer Certificate) and 24.17 (Assignment or transfer to SACE)) for an assignment or transfer
by an Transferor Lender, unless (i) there is an Event of Default or (ii) the assignment or transfer is to another Lender or an
Affiliate of a Lender or a vehicle (including trusts or funds) whose majority shares or notes are held by a Lender or an Affiliate
of a Lender.

 

		(b)	The consent of the Borrower to an assignment or transfer must not be unreasonably withheld or delayed.
The Borrower will be deemed to have given its consent ten (10) Business Days after the Transferor Lender has requested it unless
consent is expressly refused by that Borrower within that time.

 

		(c)	The assignment or transfer must be with respect to a minimum Commitment
of [*] Euros (€[*])
or, if less, the Transferor Lender's full Commitment.

 

		24.3	Transfer Certificate, delivery and notification

 

As soon as reasonably practicable
after a Transfer Certificate is delivered to the Facility Agent, it shall (unless it has reason to believe that the Transfer Certificate
may be defective):

 

		(a)	sign the Transfer Certificate on behalf of itself, the Borrower, any other Obligors, the Security
Trustee and each of the other Lenders;

 

		(b)	on behalf of the Transferee Lender, send to the Borrower and each Obligor
letters or faxesemails
notifying them of the Transfer Certificate and attaching a copy of it; and

 

		(c)	send to the Transferee Lender copies of the letters or faxesemails
sent under paragraph (b) above,

 

but the Facility Agent shall
only be obliged to execute a Transfer Certificate delivered to it by the Transferor Lender and the Transferee Lender once it is
satisfied that itself and the Security Trustee have complied with all necessary "know your customer" or other similar
checks under all applicable laws and regulations in relation to the transfer to that Transferee Lender.

 

		24.4	Effective Date of Transfer Certificate

 

A Transfer Certificate becomes
effective on the date, if any, specified in the Transfer Certificate as its effective date, provided that it is signed by the Facility
Agent under Clause 24.3 (Transfer Certificate, delivery and notification) on or before that date.

 

		24.5	No transfer without Transfer Certificate

 

Except as provided in Clause
24.16 (Security over Lenders' rights), no assignment or transfer of any right or obligation of a Lender under any Finance
Document is binding on, or effective in relation to, the Borrower, any Obligor, the Facility Agent or the Security Trustee unless
it is effected, evidenced or perfected by a Transfer Certificate.

 

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		24.6	Lender re-organisation; waiver of Transfer Certificate

 

However, if a Lender enters
into any merger, de-merger or other reorganisation as a result of which all its rights or obligations vest in another person (the
 "successor"), the Facility Agent may, if it sees fit, by notice to the successor and the Borrower and the Security
Trustee waive the need for the execution and delivery of a Transfer Certificate; and, upon service of the Facility Agent's notice,
the successor shall become a Lender with the same Commitment and Contribution as were held by the predecessor Lender.

 

		24.7	Effect of Transfer Certificate

 

A Transfer Certificate takes
effect in accordance with English law as follows:

 

		(a)	to the extent specified in the Transfer Certificate, all rights and interests (present, future
or contingent) which the Transferor Lender has under or by virtue of the Finance Documents are assigned to the Transferee Lender
absolutely, free of any defects in the Transferor Lender's title and of any rights or equities which the Borrower or any Obligor
had against the Transferor Lender;

 

		(b)	the Transferor Lender's Commitment is discharged to the extent specified in the Transfer Certificate;

 

		(c)	the Transferee Lender becomes a Lender with the Contribution previously held by the Transferor
Lender and a Commitment of an amount specified in the Transfer Certificate;

 

		(d)	the Transferee Lender becomes bound by all the provisions of the Finance Documents which are applicable
to the Lenders generally, including those about pro-rata sharing and the exclusion of liability on the part of, and the indemnification
of, the Facility Agent and the Security Trustee and, to the extent that the Transferee Lender becomes bound by those provisions
(other than those relating to exclusion of liability), the Transferor Lender ceases to be bound by them;

 

		(e)	any part of the Loan which the Transferee Lender advances after the Transfer Certificate's effective
date ranks in point of priority and security in the same way as it would have ranked had it been advanced by the Transferor Lender,
assuming that any defects in the Transferor Lender's title and any rights or equities of the Borrower or any Obligor against the
Transferor Lender had not existed;

 

		(f)	the Transferee Lender becomes entitled to all the rights under the Finance
Documents which are applicable to the Lenders generally, including but not limited to those relating to the Majority Lenders and
those under paragraph (b) of Clause 6.6 (Unavailability of Screen RateClause
6.8 (Market Disruption) and Clause 9 (Fees), and to the extent that the Transferee
Lender becomes entitled to such rights, the Transferor Lender ceases to be entitled to them; and

 

		(g)	in respect of any breach of a warranty, undertaking, condition or other provision of a Finance
Document or any misrepresentation made in or in connection with a Finance Document, the Transferee Lender shall be entitled to
recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether
the original Lender would have incurred a loss of that kind or amount.

 

The rights and equities of
the Borrower or any Obligor referred to above include, but are not limited to, any right of set off and any other kind of cross-claim.

 

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		24.8	Maintenance of register of Lenders

 

During the Security Period
the Facility Agent shall maintain a register in which it shall record the name, Commitment, Contribution and administrative details
(including the Facility Office) from time to time of each Lender holding a Transfer Certificate and the effective date (in accordance
with Clause 24.4 (Effective Date of Transfer Certificate)) of the Transfer Certificate; and the Facility Agent shall make
the register available for inspection by any Lender, the Security Trustee and the Borrower during normal banking hours, subject
to receiving at least 3 Business Days' prior notice.

 

		24.9	Reliance on register of Lenders

 

The entries on that register
shall, in the absence of manifest error, be conclusive in determining the identities of the Lenders and the amounts of their Commitments
and Contributions and the effective dates of Transfer Certificates and may be relied upon by the Facility Agent and the other parties
to the Finance Documents for all purposes relating to the Finance Documents.

 

		24.10	Authorisation of Facility Agent to sign Transfer Certificates

 

The Borrower, the Security
Trustee and each Lender irrevocably authorise the Facility Agent to sign Transfer Certificates on its behalf.

 

		24.11	Fees and Costs

 

In respect of any Transfer
Certificate:

 

		(a)	the Facility Agent shall be entitled to recover a registration fee of five thousand Euros (€5,000)
from the Transferor Lender or (at the Facility Agent's option) the Transferee Lender;

 

		(b)	the Transferee Lender shall pay to the Facility Agent, upon demand, all reasonable costs and expenses,
duties and fees, including but without limitation legal costs and out of pocket expenses, incurred by the Facility Agent or the
Lenders in connection with any necessary amendment to or supplementing of the Transaction Documents or any of them or the SACE
Insurance Policy as a consequence of the assignment or transfer; and

 

		(c)	the Transferee Lender shall pay to the Facility Agent, upon demand, such amount as is payable to
the Italian Authorities to cover its costs of giving its approval under Clause 24.1 (Transfer by a Lender).

 

		24.12	Sub-participation; subrogation assignment

 

A Lender may sub-participate
all or any part of its rights and/or obligations under or in connection with the Finance Documents without the consent of, or any
notice to, the Borrower, any Obligor, the Facility Agent or the Security Trustee but with the prior written consent of SACE.

 

		24.13	Disclosure of information

 

A Lender may disclose to a
potential Transferee Lender or sub participant any information which the Lender has received in relation to the Borrower, any Obligor
or their affairs under or in connection with any Finance Document, unless the information is clearly of a confidential nature.

 

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		24.14	Change of Facility Office

 

Subject to the prior written
consent of SACE, a Lender may change its Facility Office by giving notice to the Facility Agent and the change shall become effective
on the later of:

 

		(a)	the date on which the Facility Agent receives the notice; and

 

		(b)	the date, if any, specified in the notice as the date on which the change will come into effect,
provided that if (i) a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its
Facility Office, and (ii) as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor
would be obliged to make a payment or an increased payment to the new Lender or Lender acting through its new Facility Office under
Clause 10 (Taxes, Increased Costs, Costs and related Charges), then the new Lender or Lender acting through its new Facility
Office is only entitled to receive payment under that Clause to the same extent as the existing Lender or Lender acting through
its previous Facility Office would have been if the assignment, transfer or change had not occurred.

 

		24.15	Notification

 

On receiving such a notice,
the Facility Agent shall notify the Borrower and the Security Trustee; and, until the Facility Agent receives such a notice, it
shall be entitled to assume that a Lender is acting through the Facility Office of which the Facility Agent last had notice.

 

		24.16	Security over Lenders' rights

 

In addition
to the other rights provided to Lenders under this Clause 24 (Changes to the Lenders) each Lender may without consulting
with or obtaining consent from the Borrower or any Obligor but subject to the prior written consent of SACE, at any time charge,
assign or otherwise create a Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights
under any Finance Document to secure obligations of that Lender (i) to the benefit of any Affiliate and/or (ii) within the framework
of its, or its Affiliates', direct or indirect funding operations including, without limitation:

 

		(a)	any charge, assignment or other Security Interest to secure obligations to a federal reserve, central
bank or a multilateral development bank (including the European Investment Bank and the European Investment Fund); and

 

		(b)	in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted
to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security
for those obligations or securities;

 

except that no such charge,
assignment or Security Interest shall:

 

		(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary
of the relevant charge, assignment or Security Interest for the Lender as a party to any of the Finance Documents; or

 

		(ii)	alter the obligations of the Obligor or require any payments to be made by the Borrower or any
Obligor or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under
the Finance Documents.

 

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Notwithstanding
any provision to the contrary, upon the enforcement of any charge, assignment or other Security Interest referred to in paragraph
(a) above, the beneficiary thereof (the "Beneficiary") shall deliver a notice of that enforcement to the Facility Agent
(such notice to take effect in accordance with its terms) and the Beneficiary shall, upon fulfilment of the conditions referred
to in Clauses 24.2 and 24.3, become party as a new Lender in respect of the rights which are subject to that charge, assignment
or Security Interest.

 

The Borrower
shall comply with all necessary formalities, if any, and take all steps necessary in order to ensure the enforceability, recognition,
priority and enforcement of the charge, assignment or Security Interest granted pursuant to this Clause 24.16.

 

		24.17	Assignment or transfer to SACE or as directed by SACE

 

		(a)	Notwithstanding the above provisions of this Clause 24 (Changes to the Lenders) each Lender
and the Facility Agent may, if so requested by SACE in accordance with the provisions of the SACE Insurance Policy and without
any requirement for the consent of any Obligor, assign its rights or (as the case may be) transfer its rights and obligations to
SACE or to any person specified by SACE (but for the avoidance of doubt, SACE will not assume any of the Lenders' obligations (if
any) under this Agreement), which assignment or transfer shall take effect upon the date stated in the relevant documentation subject
to the relevant parties being satisfied that they have complied with all necessary "know your customer" requirements
in relation to such assignment or transfer.

 

		(b)	The Facility Agent shall promptly notify the Borrower of any such assignment or transfer to SACE
(or as directed by SACE) and, following an Event of Default, the Borrower shall pay to the Facility Agent, upon demand, all reasonable
costs and expenses, duties and fees, including but without limitation, legal costs and out of pocket expenses, incurred by SACE,
the Facility Agent or the Lenders in connection with any such assignment or transfer.

 

		24.18	Assignment or transfer by SACE

 

		(a)	SACE may, without any requirement for the consent of any Obligor, assign its rights or (as the
case may be) transfer its rights under this Agreement, the Finance Documents or the SACE Insurance Policy to:

 

		(i)	providers of reinsurance, counter-guarantee or any form of risk enhancement (in each case, in favour
of SACE);

 

		(ii)	pursuant to article 32 of the Italian law decree no. 91/2014 converted into law 116/2014; or

 

		(iii)	following any payment under the SACE Insurance Policy, any person.

 

		(b)	The Facility Agent shall promptly notify the Obligors of such assignment or transfer by SACE and,
following an Event of Default, the Obligors shall pay to the Facility Agent, within three (3) Business Days of a demand, all reasonable
costs and expenses, duties and fees, including but without limitation, legal costs and out of pocket expenses, incurred by SACE,
the Facility Agent or the Lenders in connection with any such assignment or transfer.

 

		24.19	No prejudice to SACE rights

 

Nothing in the Finance Documents
shall prejudice or otherwise limit:

 

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		(a)	the rights of any Lender to assign its rights or transfer its rights and obligations, under or
in connection with, any Finance Document, to SACE or as directed by SACE, or the rights of SACE to assign its rights or (as the
case may be) transfer its rights and obligations pursuant to Clause 24.18 (Assignment or transfer by SACE); and

 

		(b)	the right of SACE to be subrogated to any Lender's rights under, or in connection with, any Finance
Document.

 

		24.20	SACE's power to direct

 

		(a)	The Creditor Parties agree and the Obligors acknowledge that SACE has the right to direct the decision
making of the Facility Agent, including (without limitation) following an Event of Default; and

 

		(b)	to the extent SACE makes any payment to the Creditor Parties under the SACE Insurance Policy in
respect of principal and/or following an assignment or transfer pursuant to Clause 24.17 (Assignment or transfer to SACE or
as directed by SACE) or Clause 24.18 (Assignment or transfer by SACE), SACE shall be entitled to exercise all voting
rights with respect to the relevant principal as if the relevant corresponding Commitment had been transferred to it.

 

		24.21	Definition of Affiliate

 

For the purposes of this Clause
24 (Changes to the Lenders), the definition of "Affiliate" in respect of Crédit Agricole Corporate and
Investment Bank shall, for the avoidance of doubt, include any other member of Crédit Agricole Group, and in particular:

 

		(a)	Crédit Agricole S.A.;

 

		(b)	Caisses Régionales de Crédit Agricole;

 

		(c)	Crédit Agricole Assurances;

 

		(d)	LCL SA; and/or

 

		(e)	any company or legal entity in which one or more of the companies or entities referred to in paragraphs
(a) to (d) above, together or separately, owns a direct majority interest.

 

		25	Changes to the Obligors

 

		25.1	No change without consent

 

No Obligor may assign any of
its rights or transfer any of its rights or obligations under the Finance Documents.

 

		26	Role of the Facility Agent, the Joint Mandated Lead Arrangers, the SACE Agent and the Reference
Banks

 

		26.1	Appointment of the Facility Agent

 

		(a)	Each other Creditor Party appoints the Facility Agent to act as its agent under and in connection
with this Agreement, the other Finance Documents and the Interest Make-Up Agreement.

 

		(b)	Each other Creditor Party authorises the Facility Agent to exercise the rights, powers, authorities
and discretions specifically given to the Facility Agent under or in connection with the Finance Documents together with any other
incidental rights, powers, authorities and discretions.

 

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		26.2	Duties of the Facility Agent

 

		(a)	The Facility Agent shall promptly forward to a Party the original or a copy of any document which
is delivered to the Facility Agent for that Party by any other Party.

 

		(b)	Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged
to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

 

		(c)	If the Facility Agent receives notice from a Party referring to this Agreement, describing an Event
of Default and stating that the circumstance described is an Event of Default, it shall promptly notify the other Secured Parties.

 

		(d)	If the Facility Agent is aware of the non-payment of any principal, interest, commitment fee or
other fee payable to a Secured Party (other than the Facility Agent or a Joint Mandated Lead Arranger) under this Agreement it
shall promptly notify the other Secured Parties.

 

		(e)	The Facility Agent's duties under the Finance Documents are solely administrative in nature.

 

		26.3	Role of Joint Mandated Lead Arrangers

 

None of the Joint Mandated
Lead Arrangers has any obligations of any kind to any other Party under or in connection with any Transaction Document, the Interest
Make-Up Agreement or the SACE Insurance Policy.

 

		26.4	No fiduciary duties

 

		(a)	Nothing in this Agreement constitutes the Facility Agent or any of the Joint Mandated Lead Arrangers
as a trustee or fiduciary of any other person.

 

		(b)	Neither the Facility Agent nor any of the Joint Mandated Lead Arrangers shall be bound to account
to any Lender for any sum or the profit element of any sum received by it for its own account.

 

		26.5	Business with the Guarantor

 

The Facility Agent and each
of the Joint Mandated Lead Arrangers may accept deposits from, lend money to and generally engage in any kind of banking or other
business with any Affiliate or Subsidiary of the Guarantor.

 

		26.6	Rights and discretions of the Facility Agent

 

		(a)	The Facility Agent may rely on:

 

		(i)	any representation, notice or document believed by it to be genuine, correct and appropriately
authorised; and

 

		(ii)	any statement made by a director, manager, authorised signatory or employee of any person regarding
any matters which may reasonably be assumed to be within his knowledge or within his power to verify.

 

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		(b)	The Facility Agent may assume (unless it has received notice to the contrary in its capacity as
agent for the Lenders) that:

 

		(i)	no Event of Default has occurred (unless it has actual knowledge of an Event of Default); and

 

		(ii)	any right, power, authority or discretion vested in any Party or the Lenders has not been exercised.

 

		(c)	The Facility Agent may engage, pay for and rely on the advice or services of any lawyers, accountants,
surveyors or other experts.

 

		(d)	The Facility Agent may act in relation to the Finance Documents through its personnel and agents.

 

		(e)	The Facility Agent may disclose to any other Party any information it reasonably believes it has
received as the Facility Agent under this Agreement.

 

		(f)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility
Agent nor any of the Joint Mandated Lead Arrangers is obliged to do or omit to do anything if it would or might in its reasonable
opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

 

		26.7	Lenders' and SACE's instructions

 

		(a)	Unless a contrary indication appears in a Finance Document, the Facility Agent (and in the case
of SACE, the SACE Agent) shall:

 

		(i)	exercise any right, power, authority or discretion vested in it as Facility Agent (or as SACE Agent
as the case may be) in accordance with any instructions given to it by the Majority Lenders (or in the case of the SACE Agent,
by SACE) (or, if so instructed by the Majority Lenders or, in the case of the SACE Agent, by SACE, refrain from exercising any
right, power, authority or discretion vested in it as the Facility Agent or as the SACE Agent (as the case may be)); and

 

		(ii)	not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance
with an instruction of the Majority Lenders and/or SACE (as applicable).

 

		(b)	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority
Lenders and SACE will be binding on all the Secured Parties.

 

		(c)	The Facility Agent (and the SACE Agent as regards SACE) may refrain from acting in accordance with
the instructions of the Majority Lenders and SACE until it has received such security as it may require for any cost, loss or liability
(together with any associated VAT) which it may incur in complying with the instructions.

 

		(d)	In the absence of instructions from the Majority Lenders
and SACE, the Facility Agent (or the SACE Agent as the case may be) may act (or refrain from taking action) as it considers to
be in the best interest of the Secured Parties.

 

		(e)	The Facility Agent is not authorised to act on behalf of a Lender (without first obtaining that
Lender's consent) in any legal or arbitration proceedings relating to any Finance Document.

 

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		(f)	Notwithstanding anything to the contrary, the Lenders agree that if the Facility Agent (acting
in its sole discretion) is of the opinion that or if any Lender notifies the Facility Agent that it is of the opinion that, the
prior approval of the Italian Authorities should be obtained in relation to the exercise or non-exercise by the Facility Agent
or the Lenders of any power, authority or discretion specifically given to them under or in connection with the Finance Documents
or in relation to any other incidental rights, powers, authorities or discretions, then the SACE Agent shall seek such approval
of the Italian Authorities prior to such exercise or non-exercise.

 

		26.8	Responsibility for documentation

 

The Facility Agent is not responsible
for:

 

		(a)	the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied
by the Facility Agent, a Joint Mandated Lead Arranger, an Obligor or any other person given in or in connection with any Transaction
Document, the SACE Insurance Policy or the Interest Make-Up Agreement; nor for

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document the
SACE Insurance Policy or the Interest Make-Up Agreement or any other agreement, arrangement or document entered into, made or executed
in anticipation of or in connection with any Transaction Document, the SACE Insurance Policy or the Interest Make-up Agreement.

 

		26.9	Exclusion of liability

 

		(a)	Without limiting paragraph (b) of Clause 26.9 (Exclusion of liability), the Facility Agent
will not be liable for any action taken by it under or in connection with any Finance Document, the SACE Insurance Policy or the
Interest Make-Up Agreement, unless directly caused by its Gross Negligence or wilful misconduct.

 

		(b)	No Party (other than the Facility Agent) may take any proceedings against
any officer, employee or agent of the Facility Agent in respect of any claim it might have against the Facility Agent or in respect
of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document, the SACE Insurance Policy
or the Interest Make-Up Agreement and any officer, employee or agent of the Facility Agent may rely on this Clause subject to Clause
37.4 36.4
(Third party rights) and the provisions of the Third Party Act.

 

		(c)	The Facility Agent will not be liable for any delay (or any related consequences) in crediting
an account with an amount required under the Finance Documents, the SACE Insurance Policy or the Interest Make-Up Agreement to
be paid by the Facility Agent if the Facility Agent has taken all necessary steps as soon as reasonably practicable to comply with
the regulations or operating procedures of any recognised clearing or settlement system used by the Facility Agent for that purpose.

 

		(d)	Nothing in this Agreement shall oblige the Facility Agent or a Joint Mandated Lead Arranger to
carry out any "know your customer" or other checks in relation to any person on behalf of any Lender and each Lender
confirms to the Facility Agent and the Joint Mandated Lead Arrangers that it is solely responsible for any such checks it is required
to carry out and that it may not rely on any statement in relation to such checks made by the Facility Agent or a Joint Mandated
Lead Arranger.

 

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		26.10	Lenders' indemnity to the Facility Agent

 

Each Lender shall (in proportion
to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately
prior to their reduction to zero) indemnify the Facility Agent, within three (3) Business Days of demand, against any cost, loss
or liability incurred by the Facility Agent (otherwise than by reason of the Facility Agent's Gross Negligence or wilful misconduct)
in acting as Facility Agent under the Finance Documents (unless the Facility Agent has been reimbursed by an Obligor pursuant to
a Finance Document).

 

		26.11	Resignation of the Facility Agent

 

		(a)	The Facility Agent may resign and appoint one of its Affiliates as successor by giving notice to
the other Creditor Parties, the Borrower and SACE and with the consent of SACE.

 

		(b)	Alternatively the Facility Agent may resign by giving notice to the other Secured Parties and the
Borrower, in which case the Lenders (after consultation with the Borrower and the prior consent of SACE) may appoint a successor
Facility Agent.

 

		(c)	If the Lenders have not appointed a successor Facility Agent in accordance with paragraph (b)
of Clause 26.11 (Resignation of the Facility Agent) within thirty (30) days after notice of resignation was given,
the Facility Agent (after consultation with the Borrower and SACE) may appoint a successor Facility Agent.

 

		(d)	The retiring Facility Agent shall, at its own cost, make available to the successor Facility Agent
such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes
of performing its functions as Facility Agent under the Finance Documents.

 

		(e)	The Facility Agent's resignation notice shall only take effect upon the appointment of a successor.

 

		(f)	Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further
obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 26 (Role of the Facility
Agent and the Joint Mandated Lead Arrangers). Its successor and each of the other Parties shall have the same rights and obligations
amongst themselves as they would have had if such successor had been an original Party.

 

		(g)	After consultation with the Italian Authorities, the Majority Lenders may, subject to the prior
consent of the Italian Authorities, by notice to the Facility Agent, require it to resign in accordance with paragraph (b) of Clause
26.11 (Resignation of the Facility Agent). In this event, the Facility Agent shall resign in accordance with paragraph (b)
of Clause 26.11 (Resignation of the Facility Agent) but the cost referred to in paragraph (d) above shall be for the account
of the Borrower.

 

		(h)	The appointment of a successor Facility Agent pursuant to this Clause 26.11 (Resignation of
the Facility Agent) shall be subject to compliance with all necessary "know your customer" requirements of the Lenders.

 

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		26.12	Confidentiality

 

		(a)	In acting as agent for the Secured Parties, the Facility Agent shall be regarded as acting through
its agency division which shall be treated as a separate entity from any other of its divisions or departments.

 

		(b)	If information is received by another division or department of the Facility Agent, it may be treated
as confidential to that division or department and the Facility Agent shall not be deemed to have notice of it.

 

		26.13	Relationship with the Lenders

 

The Facility Agent may treat
each Lender as a Lender, entitled to payments under this Agreement and acting through its Facility Office unless it has received
not less than five (5) Business Days' prior notice from that Lender to the contrary in accordance with the terms of this Agreement.

 

		26.14	Credit appraisal by the Lenders

 

Without affecting the responsibility
of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to
the Facility Agent and each of the Joint Mandated Lead Arrangers that it has been, and will continue to be, solely responsible
for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document
including but not limited to:

 

		(a)	the financial condition, status and nature of the Guarantor and each Subsidiary of the Guarantor;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any
other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance
Document;

 

		(c)	whether that Lender has recourse, and the nature and extent of that recourse, against any Party
or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by the Finance
Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection
with any Finance Document;

 

		(d)	the adequacy, accuracy and/or completeness of any information provided by the Facility Agent, any
Party or by any other person under or in connection with any Finance Document, the transactions contemplated by the Finance Documents
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document; and

 

		(e)	the right or title of any person in or to or the value or sufficiency of any part of the Charged
Property, the priority of any Security Interests or the existence of any Security Interest affecting the Charged Property.

 

		26.15	Deduction from amounts payable by the Facility Agent

 

If any Party owes an amount
to the Facility Agent under the Finance Documents the Facility Agent may, after giving notice to that Party, deduct an amount not
exceeding that amount from any payment to that Party which the Facility Agent would otherwise be obliged to make under the Finance
Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents
that Party shall be regarded as having received any amount so deducted.

 

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		26.16	Full freedom to enter into transactions

 

Notwithstanding any rule of
law or equity to the contrary, the Facility Agent shall be absolutely entitled:

 

		(a)	to enter into and arrange banking, derivative, investment and/or other transactions of every kind
with or affecting any Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited
to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent
and/or security agent for, and/or participating in, other facilities to such Obligor or any person who is party to, or referred
to in, a Finance Document);

 

		(b)	to deal in and enter into and arrange transactions relating to:

 

		(i)	any securities issued or to be issued by any Obligor or any other person; or

 

		(ii)	any options or other derivatives in connection with such securities; and

 

		(c)	to provide advice or other services to the Borrower or any person who is a party to, or referred
to in, a Finance Document,

 

and, in particular, the Facility
Agent shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and
in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation)
any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such
dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit
all profits and benefits derived from the dealings transactions or other matters.

 

		26.17	SACE Agent, SACE Insurance Policy and Interest Make-Up Agreement

 

With the
prior written consent of each of the Lenders, the SACE Agent (with a copy to the Facility Agent) may require SACE or SIMEST to
amend or modify the SACE Insurance Policy and the Interest Make-up Agreement provided that such amendments are not inconsistent
with the commercial terms of this Agreement, otherwise, the SACE Agent (with a copy to the Facility Agent) undertakes not to require
SACE or SIMEST to amend or modify the SACE Insurance Policy or the Interest Make-up Agreement.

 

		26.18	Resignation of the Facility Agent in relation to FATCA

 

The Facility Agent shall resign
in accordance with Clause 26.11 (Resignation of the Facility Agent) (and, to the extent applicable, shall use reasonable
endeavours to appoint a successor Facility Agent pursuant to paragraph (c) of Clause 26.11 (Resignation of the Facility Agent))
if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Facility
Agent under the Finance Documents, either:

 

		(a)	the Facility Agent fails to respond to a request under Clause 10.9 (FATCA Information) and
a Lender reasonably believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that
FATCA Application Date;

 

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		(b)	the information supplied by the Facility Agent pursuant to Clause 10.9 (FATCA Information)
indicates that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application
Date; or

 

		(c)	the Facility Agent notifies the Borrower and the Lenders that the Facility
Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;,

 

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

 

		26.19	No duty to monitor

 

The Facility Agent shall not
be bound to enquire:

 

		(a)	whether or not any Event of Default has occurred;

 

		(b)	as to the performance, default or any breach by any Party of its obligations under any Finance
Document; or

 

		(c)	whether any other event specified in any Finance Document has occurred.

 

		26.20	Appointment of the SACE Agent

 

		(a)	Each Lender and each Joint Mandated Lead Arranger irrevocably appoints the SACE Agent to act as
its agent under and in connection with:

 

		(i)	the SACE Insurance Policy; and

 

		(ii)	the Finance Documents in relation to matters involving SACE, SIMEST and the SACE Insurance Policy.

 

		(b)	Each Lender and each Joint Mandated Lead Arranger irrevocably authorises the SACE Agent to:

 

		(i)	perform the duties, obligation and responsibilities and exercise the rights, powers, authorities
and discretions specifically given to the SACE Agent under or in connection with the Finance Documents and the SACE Insurance Policy,
together with any other incidental rights, powers, authorities and discretions; and

 

		(ii)	execute the SACE Insurance Policy.

 

		26.21	Application of certain Clauses

 

The provisions
of Clauses 26.2 (Duties of the Facility Agent), 26.4 (No fiduciary duties), 26.6 (Rights and discretions of the
Facility Agent), 26.7 (Lenders' and SACE's instructions) 26.8 (Responsibility for documentation), 26.9 (Exclusion
of liability), 26.10 (Lenders' indemnity to the Facility Agent), 26.11 (Resignation of the Facility Agent), 26.12
(Confidentiality), 26.13 (Relationship with the Lenders), 26.14 (Credit appraisal by the Lenders), 26.16 (Full
freedom to enter into transactions), 26.19 (No duty to monitor) and 27.23 (Business with the Group) shall apply
in respect of the SACE Agent in its capacity as such as if each reference to the Facility Agent (or Security Trustee in the case
of Clause 27.23 (Business with the Group)) were a reference to the SACE Agent and each reference to the Finance Documents
or Transaction Documents included a reference to the SACE Insurance Policy.

 

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		26.22	Role of Reference Banks

 

		(a)	No Reference Bank is under any obligation to provide a quotation or any other information to the
Facility Agent.

 

		(b)	No Reference Bank will be liable for any action taken by it under or in connection with any Finance
Document, or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct.

 

		(c)	No Party (other than the relevant Reference Bank) may take any proceedings
against any officer, employee or agent of any Reference Bank in respect of any claim it might have against that Reference Bank
or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to
any Reference Bank Quotation, and any officer, employee or agent of each Reference Bank may rely on this Clause 26.22 (Role
of Reference Banks) subject to Clause 37.4 36.4
(Third party rights) and the provisions of the Third Parties Act.

 

		26.23	Third Party Reference Banks

 

A
Reference Bank which is not a Party may rely on Clause 26.22 (Role of Reference Banks) and Clause 34
41 (Confidentiality
of Funding Rates and Reference Bank Quotations) subject to Clause 37.4 36.4
(Third party rights) and the provisions of the Third Parties Act.

 

		27	The Security Trustee

 

		27.1	Trust

 

		(a)	The Security Trustee declares that it shall hold the Security Property on trust for the Secured
Parties on the terms contained in this Agreement and shall deal with the Security Property in accordance with this Clause 27 (The
Security Trustee) and the other provisions of the Finance Documents.

 

		(b)	Each of the parties to this Agreement agrees that the Security Trustee shall have only those duties,
obligations and responsibilities expressly specified in this Agreement or in the Finance Documents (and no others shall be implied).

 

		(c)	The Security Trustee shall not have any liability to any person in respect of its duties, obligations
and responsibilities under this Agreement or the other Finance Documents except as expressly set out in paragraph (a) of Clause
27.1 (Trust) and as excluded or limited by this Clause 27 (The Security Trustee) including in particular Clause 27.8
(Instructions to Security Trustee and exercise of discretion), Clause 27.13 (Responsibility for documentation), Clause 27.14
(Exclusion of liability), Clause 27.16 (Lenders' indemnity to the Security Trustee), Clause 27.23 (Business with
the Group) and Clause 27.28 (Full freedom to enter into transactions).

 

		27.2	Parallel Debt (Covenant to pay the Security Trustee)

 

		(a)	Each Obligor irrevocably and unconditionally undertakes to pay to the Security Trustee its Parallel
Debt which shall be amounts equal to, and in the currency or currencies of, its Corresponding Debt.

 

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		(b)	The Parallel Debt of an Obligor:

 

		(i)	shall become due and payable at the same time as its Corresponding Debt;

 

		(ii)	is independent and separate from, and without prejudice to, its Corresponding Debt.

 

		(c)	For purposes of this Clause 27.2 (Parallel Debt (Covenant to pay the Security Trustee)),
the Security Trustee:

 

		(i)	is the independent and separate creditor of each Parallel Debt;

 

		(ii)	acts in its own name and not as agent, representative or trustee of the Secured Parties and its
claims in respect of each Parallel Debt shall not be held on trust; and

 

		(iii)	shall have the independent and separate right to demand payment of each Parallel Debt in its own
name (including, without limitation, through any suit, execution, enforcement of security, recovery of guarantees and applications
for and voting in any kind of insolvency proceeding).

 

		(d)	The Parallel Debt of an Obligor shall be:

 

		(i)	decreased to the extent that its Corresponding Debt has been irrevocably and unconditionally paid
or discharged; and

 

		(ii)	increased to the extent that its Corresponding Debt has increased,

 

and the Corresponding Debt
of an Obligor shall be:

 

		(A)	decreased to the extent that its Parallel Debt has been irrevocably and unconditionally paid or
discharged; and

 

		(B)	increased to the extent that its Parallel Debt has increased,

 

in each case provided that
the Parallel Debt of an Obligor shall never exceed its Corresponding Debt.

 

		(e)	All amounts received or recovered by the Security Trustee in connection with this Clause 27.2
(Parallel Debt (Covenant to pay the Security Trustee)) to the extent permitted by applicable law, shall be applied in accordance
with Clause 19 (Application of sums received).

 

		(f)	This Clause 27.2 (Parallel Debt (Covenant to pay the Security Trustee)) shall apply, with
any necessary modifications, to each Finance Document.

 

		27.3	No independent power

 

The Secured Parties shall not
have any independent power to enforce, or have recourse to, any Security Interest created by any of the Finance Documents or to
exercise any rights or powers arising under the Finance Documents creating the Security Interest except through the Security Trustee.

 

		27.4	Application of receipts

 

		(a)	Except as expressly stated to the contrary in any Finance Document, any moneys which the Security
Trustee receives or recovers and which are, or are attributable to, Security Property (for the purposes of this Clause 27 (The
Security Trustee), the "Recoveries") shall be transferred to the Facility Agent for application in accordance
with Clause 19 (Application of sums received).

 

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		(b)	Paragraph (a) above is without prejudice to the rights of the Security Trustee, any Receiver or
any Delegate:

 

		(i)	under Clause 26.10 (Lenders' indemnity to the Facility Agent) to be indemnified out of the
Charged Property; and

 

		(ii)	under any Finance Document to credit any moneys received or recovered by it to any suspense account.

 

		(c)	Any transfer by the Security Trustee to the Facility Agent in accordance with paragraph (a) above
shall be a good discharge, to the extent of that payment, by the Security Trustee.

 

		(d)	The Security Trustee is under no obligation to make the payments to the Facility Agent under paragraph
(a) of this Clause 27.4 (Application of receipts) in the same currency as that in which the obligations and liabilities
owing to the relevant Secured Party are denominated.

 

		27.5	Deductions from receipts

 

		(a)	Before transferring any moneys to the Facility Agent under Clause 27.4 (Application of receipts),
the Security Trustee may, in its discretion:

 

		(i)	deduct any sum then due and payable under this Agreement or any other Finance Documents to the
Security Trustee or any receiver and retain that sum for itself or, as the case may require, pay it to another person to whom it
is then due and payable;

 

		(ii)	set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings
(on account of Taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment
made by it under this Agreement; and

 

		(iii)	pay all Taxes which may be assessed against it in respect of any of the Security Property, or as
a consequence of performing its duties, or by virtue of its capacity as Security Trustee under any of the Finance Documents or
otherwise (other than in connection with its remuneration for performing its duties under this Agreement).

 

		(b)	For the purposes of paragraph (a)(i) above, if the Security Trustee has become entitled to require
a sum to be paid to it on demand, that sum shall be treated as due and payable, even if no demand has yet been served.

 

		27.6	Prospective liabilities

 

Following acceleration of any
Security Interest, the Security Trustee may, in its discretion, or at the request of the Facility Agent, hold any recoveries in
an interest bearing suspense or impersonal account(s) in the name of the Security Trustee with such financial institution (including
itself) and for so long as the Security Trustee shall think fit (the interest being credited to the relevant account) for later
payment to the Facility Agent for application in accordance with Clause 19 (Application of sums received) in respect of:

 

		(a)	any sum to the Security Trustee, any Receiver or Delegate; and

 

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		(b)	any part of the Secured Liabilities,

 

that the Security Trustee or,
in the case of paragraph (b) only, the Facility Agent, reasonably considers, in each case, might become due or owing at any time
in the future.

 

		27.7	Investment of proceeds

 

Prior to the payment of the
proceeds of the recoveries to the Facility Agent for application in accordance with Clause 27.4 (Application of receipts)
the Security Trustee may, in its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s)
in the name of the Security Trustee with such financial institution (including itself) and for so long as the Security Trustee
shall think fit (the interest being credited to the relevant account) pending the payment from time to time of those moneys in
the Security Trustee's discretion in accordance with the provisions of this Clause 27.7 (Investment of proceeds).

 

		27.8	Instructions to Security Trustee and exercise of discretion

 

		(a)	Subject to paragraph (d) below, the Security Trustee shall act in accordance with any instructions
given to it by the Facility Agent (acting on the instructions of SACE and the Majority Lenders or all the Lenders (as appropriate))
or, if so instructed by the Facility Agent (acting on the instructions of SACE and the Majority Lenders or all the Lenders (as
appropriate)), refrain from exercising any right, power, authority or discretion vested in it as Security Trustee and shall be
entitled to assume that:

 

		(i)	any instructions received by it from the Facility Agent (acting on the instructions of SACE and
the Majority Lenders or all the Lenders (as appropriate)) are duly given in accordance with the terms of the Finance Documents;
and

 

		(ii)	unless it has received actual notice of revocation, that those instructions or directions have
not been revoked.

 

		(b)	The Security Trustee shall be entitled to request instructions, or clarification of any direction,
from the Facility Agent (acting on the instructions of SACE and the Majority Lenders or all the Lenders (as appropriate)) as to
whether, and in what manner, it should exercise or refrain from exercising any rights, powers, authorities and discretions and
the Security Trustee may refrain from acting unless and until those instructions or clarification are received by it.

 

		(c)	Any instructions given to the Security Trustee by the Facility Agent (acting on the instructions
of SACE and the Majority Lenders or all the Lenders (as appropriate)) shall override any conflicting instructions given by any
other Party.

 

		(d)	Paragraph (a) above shall not apply:

 

		(i)	where a contrary indication appears in this Agreement;

 

		(ii)	where this Agreement requires the Security Trustee to act in a specified manner or to take a specified
action;

 

		(iii)	in respect of any provision which protects the Security Trustee's own position in its personal
capacity as opposed to its role of Security Trustee for the Secured Parties including, without limitation, the provisions set out
in Clauses 27.10 (Security Trustee's discretions) to Clause 27.28 (Full freedom to enter into transactions); and

 

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		(iv)	in respect of the exercise of the Security Trustee's discretion to exercise a right, power or authority
under any of Clause 27.5 (Deductions from receipts) and Clause 27.6 (Prospective liabilities).

 

		27.9	Security Trustee's Actions

 

Without prejudice to the provisions
of Clause 27.4 (Application of receipts), the Security Trustee may (but shall not be obliged to), in the absence of any
instructions to the contrary, take such action in the exercise of any of its powers and duties under the Finance Documents as it
considers in its discretion to be appropriate.

 

		27.10	Security Trustee's discretions

 

		(a)	The Security Trustee may:

 

		(i)	assume (unless it has received actual notice to the contrary from the Facility Agent) that (i) no
Event of Default has occurred and no Obligor is in breach of or default under its obligations under any of the Finance Documents
and (ii) any right, power, authority or discretion vested by any Finance Document in any person has not been exercised;

 

		(ii)	assume that any notice or request made by the Borrower (other than a Drawdown Notice) is made on
behalf of and with the consent and knowledge of all the Obligors;

 

		(iii)	if it receives any instructions or directions to take any action in relation to a Security Interest
under the Finance Documents, assume that all applicable conditions under the Finance Documents for taking that action have been
satisfied;

 

		(iv)	engage, pay for and rely on the advice or services of any legal advisers, accountants, tax advisers,
surveyors or other experts (whether obtained by the Security Trustee or by any other Secured Party) whose advice or services may
at any time seem necessary, expedient or desirable;

 

		(v)	act in relation to the Finance Documents through its personnel and agents;

 

		(vi)	disclose to any other Party any information it reasonably believes it has received as Security
Trustee under this Agreement;

 

		(vii)	rely upon any communication or document believed by it to be genuine and, as to any matters of
fact which might reasonably be expected to be within the knowledge of a Secured Party or an Obligor, upon a certificate signed
by or on behalf of that person; and

 

		(viii)	refrain from acting in accordance with the instructions of any Party (including bringing any legal
action or proceeding arising out of or in connection with the Finance Documents) until it has received any indemnification and/or
security that it may in its discretion require (which may be greater than that contained in the Finance Documents and which may
include payment in advance or otherwise) for all costs, losses and liabilities which it may incur in so acting.

 

		(b)	Notwithstanding any other provision of any Finance Document to the contrary, the Security Trustee
is not obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or
regulation or a breach of a fiduciary duty or duty of confidentiality.

 

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		(c)	Notwithstanding any provision of any Finance Document to the contrary, the Security Trustee is
not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations
or responsibilities or the exercise of any right, power, authority or discretion, if it has grounds for believing the repayment
of such funds or adequate indemnity against, or security for, such risk or liability is not assured to it.

 

		27.11	Security Trustee's obligations

 

The Security Trustee shall
promptly:

 

		(a)	copy to the Facility Agent the contents of any notice or document received by it from any Obligor
under any Finance Document;

 

		(b)	forward to a Party the original or a copy of any document which is delivered to the Security Trustee
for that Party by any other Party provided that the Security Trustee is not obliged to review or check the adequacy, accuracy or
completeness of any document it forwards to another Party; and

 

		(c)	inform the Facility Agent of the occurrence of any Event of Default or any default by an Obligor
in the due performance of or compliance with its obligations under any Finance Document of which the Security Trustee has received
notice from any other party to this Agreement.

 

		27.12	Excluded obligations

 

Notwithstanding anything to
the contrary expressed or implied in the Finance Documents, the Security Trustee shall not:

 

		(a)	be bound to enquire as to (i) whether or not any Event of Default has occurred or (ii) the performance,
default or any breach by an Obligor of its obligations under any of the Finance Documents;

 

		(b)	be bound to account to any other Party for any sum or the profit element of any sum received by
it for its own account;

 

		(c)	be bound to disclose to any other person (including but not limited to any Secured Party) (i) any
confidential information or (ii) any other information if disclosure would, or might in its reasonable opinion, constitute a breach
of any law or be a breach of fiduciary duty;

 

		(d)	be or be deemed to be an agent, trustee or fiduciary of any Obligor.

 

		27.13	Responsibility for documentation

 

None of the Security Trustee,
any Receiver or Delegate shall accept responsibility or be liable for:

 

		(a)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by
the Security Trustee or any other person in or in connection with any Finance Document or the transactions contemplated in the
Finance Documents, or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or
in connection with any Finance Document;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the
Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
connection with any Finance Document or the Security Property; or

 

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		(c)	any determination as to whether any information provided or to be provided to any Secured Party
is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing
or otherwise.

 

		27.14	Exclusion of liability

 

		(a)	Without limiting Clause 27.15 (No proceedings), (and without prejudice to any other provision
of any Finance Document excluding or limiting the liability of the Security Trustee, any Receiver or Delegate), none of the Security
Trustee or any Receiver nor any Delegate will be liable for:

 

		(i)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever
arising as a result of any action taken by it or not taken by it under or in connection with any Finance Document or any Security
Interest, unless directly caused by its Gross Negligence or wilful misconduct;

 

		(ii)	exercising or not exercising any right, power, authority or discretion given to it by or in connection
with any of the Finance Documents, the Security Property or any other agreement, arrangement or document entered into, made or
executed in anticipation of, under or in connection with, the Finance Documents or the Security Property;

 

		(iii)	any shortfall which arises on the enforcement or realisation of the Security Property; or

 

		(iv)	without prejudice to the generality of paragraphs (i) to (iii) above, any damages, costs, losses,
any diminution in value or any liability whatsoever arising as a result of:

 

		(A)	any act, event or circumstance not reasonably within its control; or

 

		(B)	the general risks of investment in, or the holding of assets in, any jurisdiction,

 

including (in each case and
without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation
or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the
execution or settlement of transactions or the value of assets; breakdown, failure or malfunction of any third party transport,
telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution;
or strikes or industrial action.

 

		(b)	Nothing in this Agreement shall oblige the Security Trustee to carry out any "know your customer"
or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Security Trustee that it is solely
responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks
made by the Security Trustee.

 

		(c)	Without prejudice to any provision of any Finance Document excluding or limiting the liability
of the Security Trustee, any Receiver or Delegate, any liability of the Security Trustee, any Receiver or Delegate arising under
or in connection with any Finance Document or the Security Property shall be limited to the amount of actual loss which has been
finally judicially determined to have been suffered (as determined by reference to the date of default of the Security Trustee,
Receiver or Delegate (as the case may be) or, if later, the date on which the loss arises as a result of such default) but without
reference to any special conditions or circumstances known to the Security Trustee, Receiver or Delegate (as the case may be) at
any time which increase the amount of that loss. In no event shall the Security Trustee, any Receiver or Delegate be liable for
any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential
damages, whether or not the Security Trustee, Receiver or Delegate (as the case may be) has been advised of the possibility of
such loss or damages.

 

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		27.15	No proceedings

 

No
Party (other than the Security Trustee or that Receiver or that Delegate (as applicable)) may take any proceedings against any
officer, employee or agent of the Security Trustee, Receiver or Delegate in respect of any claim it might have against the Security
Trustee, Receiver or Delegate in respect of any act or omission of any kind by that officer, employee or agent in relation to any
Finance Document or any Security Property and any officer, employee or agent of the Security Trustee, Receiver or Delegate may
rely on this Clause subject to Clause 37.4 36.4
(Third party rights) and the provisions of the Third Party Act.

 

		27.16	Lenders' indemnity to the Security Trustee

 

Each Lender shall (in proportion
to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately
prior to their reduction to zero) indemnify the Security Trustee and every Receiver and every Delegate within three Business Days
of demand, against any cost, loss or liability incurred by any of them (otherwise than by reason of the relevant Security Trustee's,
Receiver's or Delegate's Gross Negligence or wilful misconduct) in acting as Security Trustee, Receiver or Delegate under the Finance
Documents (unless the relevant Security Trustee, Receiver or Delegate has been reimbursed by an Obligor pursuant to a Finance Document).

 

		27.17	Own responsibility

 

Without affecting the responsibility
of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Creditor Party confirms
to the Security Trustee that it has been, and will continue to be, solely responsible for making its own independent appraisal
and investigation of all risks arising under or in connection with any Finance Document including but not limited to:

 

		(a)	the financial condition, status and nature of each member of the Group;

 

		(b)	the legality, validity, effectiveness, adequacy and enforceability of any Finance Document, the
Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or
in connection with any Finance Document or the Security Property;

 

		(c)	whether that Creditor Party has recourse, and the nature and extent of that recourse, against any
Party or any of its respective assets under or in connection with any Finance Document, the Security Property, the transactions
contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with any Finance Document or the Security Property;

 

		(d)	the adequacy, accuracy and/or completeness of any information provided by the Security Trustee
or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document; and

 

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		(e)	the right or title of any person in or to, or the value or sufficiency of any part of the Charged
Property, the priority of any of the Security Interests created by the Finance Documents or the existence of any Security Interest
affecting the Charged Property,

 

and each Creditor Party warrants
to the Security Trustee that it has not relied on and will not at any time rely on the Security Trustee in respect of any of these
matters.

 

		27.18	No responsibility to perfect Security Interests

 

The Security Trustee shall
not be liable for any failure to:

 

		(a)	require the deposit with it of any deed or document certifying, representing or constituting the
title of any Obligor to any of the Charged Property;

 

		(b)	obtain any licence, consent or other authority for the execution, delivery, legality, validity,
enforceability or admissibility in evidence of any of the Finance Documents or any Security Interest;

 

		(c)	register, file or record or otherwise protect any Security Interests (or the priority of any of
Security Interest) under any applicable laws in any jurisdiction or to give notice to any person of the execution of any of the
Finance Documents or of any Security Interest;

 

		(d)	take, or to require any of the Obligors to take, any steps to perfect its title to any of the Charged
Property or to render any Security Interest effective or to secure the creation of any ancillary Security Interest under the laws
of any jurisdiction; or

 

		(e)	require any further assurances in relation to any of the Finance Documents creating the Security
Interests.

 

		27.19	Insurance by Security Trustee

 

		(a)	The Security Trustee shall not be under any obligation to insure any of the Charged Property, to
require any other person to maintain any insurance or to verify any obligation to arrange or maintain insurance contained in the
Finance Documents. The Security Trustee shall not be responsible for any loss which may be suffered by any person as a result of
the lack of or inadequacy of any such insurance.

 

		(b)	Where the Security Trustee is named on any insurance policy as an insured party, it shall not be
responsible for any loss which may be suffered by reason of, directly or indirectly, its failure to notify the insurers of any
material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Facility Agent shall
have requested it to do so in writing and the Security Trustee shall have failed to do so within fourteen (14) days after receipt
of that request.

 

		27.20	Custodians and nominees

 

The Security Trustee may appoint
and pay any person to act as a custodian or nominee on any terms in relation to any assets of the trust as the Security Trustee
may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created
under this Agreement and the Security Trustee shall not be responsible for any loss, liability, expense, demand, cost, claim or
proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement
or be bound to supervise the proceedings or acts of any person.

 

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		27.21	Acceptance of title

 

The Security Trustee shall
be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any of the Obligors may
have to any of the Charged Property and shall not be liable for or bound to require any Obligor to remedy any defect in its right
or title.

 

		27.22	Refrain from illegality

 

Notwithstanding anything to
the contrary expressed or implied in the Finance Documents, the Security Trustee may refrain from doing anything which in its opinion
will or may be contrary to any relevant law, directive or regulation of any jurisdiction and the Security Trustee may do anything
which is, in its opinion, necessary to comply with any such law, directive or regulation.

 

		27.23	Business with the Group

 

The Security Trustee may accept
deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.

 

		27.24	Winding up of trust

 

If the Security Trustee, with
the approval of the Facility Agent determines that (a) all of the Secured Liabilities and all other obligations secured by the
Finance Documents creating the Security Interests have been fully and finally discharged and (b) none of the Secured Parties is
under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation
to any Obligor pursuant to the Finance Documents:

 

		(a)	the trusts set out in this Agreement shall be wound up and the Security Trustee shall release,
without recourse or warranty, all of the Security Interests and the rights of the Security Trustee under each of the Finance Documents
creating the Security Interests; and

 

		(b)	any Retiring Security Trustee shall release, without recourse or warranty, all of its rights under
each of the Finance Documents creating the Security Interests.

 

		27.25	Powers supplemental

 

The rights, powers and discretions
conferred upon the Security Trustee by this Agreement shall be supplemental to the Trustee Act 1925 and the Trustee Act 2000 and
in addition to any which may be vested in the Security Trustee by general law or otherwise.

 

		27.26	Trustee division separate

 

		(a)	In acting as trustee for the Secured Parties, the Security Trustee shall be regarded as acting
through its trustee division which shall be treated as a separate entity from any of its other divisions or departments.

 

		(b)	If information is received by another division or department of the Security Trustee, it may be
treated as confidential to that division or department and the Security Trustee shall not be deemed to have notice of it nor shall
it be obliged to disclose such information to any Party.

 

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		27.27	Disapplication

 

In addition to its rights under
or by virtue of this Agreement and the other Finance Documents, the Security Trustee shall have all the rights conferred on a trustee
by the Trustee Act 1925, the Trustee Delegation Act 1999, the Trustee Act 2000 and by general law or otherwise, provided that:

 

		(a)	section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Trustee in relation
to the trusts constituted by this Agreement and the other Finance Documents; and

 

		(b)	where there are any inconsistencies between (i) the Trustee Acts 1925 and 2000 and (ii) the provisions
of this Agreement and any other Finance Document, the provisions of this Agreement and any other Finance Document shall, to the
extent allowed by law, prevail and, in the case of any inconsistency with the Trustee Act 2000, such provisions shall constitute
a restriction or exclusion for the purposes of the Trustee Act 2000.

 

		27.28	Full freedom to enter into transactions

 

Notwithstanding any rule of
law or equity to the contrary, the Security Trustee shall be absolutely entitled:

 

		(a)	to enter into and arrange banking, derivative, investment and/or other transactions of every kind
with or affecting any Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited
to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent
and/or security trustee for, and/or participating in, other facilities to such Obligor or any person who is party to, or referred
to in, a Finance Document);

 

		(b)	to deal in and enter into and arrange transactions relating to:

 

		(i)	any securities issued or to be issued by any Obligor or any other person; or

 

		(ii)	any options or other derivatives in connection with such securities; and

 

		(c)	to provide advice or other services to the Borrower or any person who is a party to, or referred
to in, a Finance Document,

 

and, in particular, each Servicing
Party shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and
in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation)
any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such
dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit
all profits and benefits derived from the dealings transactions or other matters.

 

		27.29	Resignation of the Security Trustee

 

		(a)	The Security Trustee may resign and appoint one of its affiliates as successor by giving notice
to the Borrower and each Secured Party.

 

		(b)	Alternatively the Security Trustee may resign by giving notice to the other Parties in which case
the Majority Lenders (with the prior consent of SACE) may appoint a successor Security Trustee.

 

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		(c)	If the Majority Lenders have not appointed a successor Security Trustee in accordance with paragraph
(b) above within 30 days after the notice of resignation was given, the Security Trustee (after consultation with the Facility
Agent and SACE) may appoint a successor Security Trustee.

 

		(d)	The retiring Security Trustee (the "Retiring
Security Trustee") shall, at its own cost, make available to the successor Security Trustee such documents and
records and provide such assistance as the successor Security Trustee may reasonably request for the purposes of performing its
functions as Security Trustee under the Finance Documents.

 

		(e)	The Security Trustee's resignation notice shall only take effect upon (i) the appointment of a
successor and (ii) the transfer, by way of a document expressed as a deed, of all of the Security Property to that successor.

 

		(f)	Upon the appointment of a successor, the Retiring Security Trustee shall be discharged, by way
of a document executed as a deed, from any further obligation in respect of the Finance Documents (other than its obligations under
paragraph (b) of Clause 27.24 (Winding up of trust) and under paragraph (d) above) but shall, in respect of any act or omission
by it whilst it was the Security Trustee, remain entitled to the benefit of Clause 27 (The Security Trustee), Clause 27.5
(Deductions from receipts), Clause 27.16 (Lenders' indemnity to the Security Trustee) and any other provisions of
a Finance Document which are expressed to limit or exclude its liability in acting as Security Trustee. Its successor and each
of the other Parties shall have the same rights and obligations amongst themselves as they would have had if that successor had
been an original Party.

 

		(g)	The Majority Lenders may, by notice to the Security Trustee, require it to resign in accordance
with paragraph (b) above. In this event, the Security Trustee shall resign in accordance with paragraph (b) above but the cost
referred to in paragraph (d) above shall be for the account of the Borrower.

 

		(h)	The consent of the Borrower (or any other Obligor) is not required for an assignment or transfer
of rights and/or obligations by the Security Trustee.

 

		(i)	The appointment of a successor Security Trustee pursuant to this Clause 27.29 (Resignation of
the Security Trustee) shall be subject to compliance with all necessary "know your customer" requirements of the
Lenders.

 

		27.30	Delegation

 

		(a)	Each of the Security Trustee, any Receiver or any Delegate may, at any time, delegate by power
of attorney or otherwise to any person for any period, all or any of the rights, powers and discretions vested in it by any of
the Finance Documents.

 

		(b)	That delegation may be made upon any terms and conditions and subject to any restrictions that
the Security Trustee, that Receiver or that Delegate (as the case may be) considers in its discretion to be appropriate and it
shall not be bound to supervise, or be in any way responsible for any damages, costs or losses incurred by reason of any misconduct
or default on the part of any such delegate or sub delegate.

 

		(c)	The Security Trustee shall exercise reasonable care in the selection of any such delegate or sub
delegate.

 

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		27.31	Additional Security Trustee

 

		(a)	The Security Trustee may at any time appoint (and subsequently remove) any person to act as a separate
trustee or as a co-trustee jointly with it:

 

		(i)	if it considers that appointment to be appropriate; or

 

		(ii)	for the purposes of conforming to any legal requirements, restrictions or conditions which the
Security Trustee deems to be relevant; or

 

		(iii)	for obtaining or enforcing any judgment in any jurisdiction,

 

and the Security Trustee shall
give prior notice to the Borrower and the Facility Agent of that appointment.

 

		(b)	Any person so appointed shall have the rights, powers and discretions (not exceeding those conferred
on the Security Trustee by this Agreement) and the duties and obligations that are conferred or imposed by the instrument of appointment.

 

		(c)	The remuneration that the Security Trustee may pay to that person, and any costs and expenses (together
with any applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes
of this Agreement, be treated as costs and expenses incurred by the Security Trustee.

 

		27.32	Financial Services and Markets Act 2000

 

		(a)	Notwithstanding anything in any Finance Document to the contrary, the Security Trustee shall not
do, or be authorised or required to do, anything which might constitute a regulated activity for the purpose of the Financial Services
and Markets Act 2000 ("FSMA"), unless it is authorised under FSMA to do so.

 

		(b)	The Security Trustee shall have the discretion at any time:

 

		(i)	to delegate any of the functions which fall to be performed by an authorised person under FSMA
to any other agent or person which also has the necessary authorisations and licences; and

 

		(ii)	to apply for authorisation under FSMA and perform any or all such functions itself if, in its absolute
discretion, it considers it necessary, desirable or appropriate to do so.

 

		28	Conduct of Business by the Creditor Parties

 

No provision of this Agreement
will:

 

		(a)	interfere with the right of any Creditor Party to arrange its affairs (Tax or otherwise) in whatever
manner it thinks fit;

 

		(b)	oblige any Creditor Party to investigate or claim any credit, relief, remission or repayment available
to it or the extent, order and manner of any claim; or

 

		(c)	oblige any Creditor Party to disclose any information relating to its affairs (Tax or otherwise)
or any computations in respect of Tax.

 

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		29	Sharing among the Creditor Parties

 

		29.1	Payments to Creditor Parties

 

If
a Creditor Party (a "Recovering Creditor Party")
receives or recovers any amount from an Obligor other than in accordance with this
Clause 29 (Sharing among the Creditor Parties) and applies that amount to a payment due under
the Finance Documents then:

 

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

 

		(b)	the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the
Recovering Creditor Party would have been paid had the receipt or recovery been received or made by the Facility Agent and distributed
in accordance with Clause 19 (Application of sums received) and Clause 30 (Payment Mechanics), without taking account
of any Tax which would be imposed on the Facility Agent in relation to the receipt, recovery or distribution; and

 

		(c)	the Recovering Creditor Party shall, within three (3) Business Days of demand by the Facility Agent,
pay to the Facility Agent an amount (the "Sharing Payment")
equal to such receipt or recovery less any amount which the Facility Agent determines may be retained by the Recovering Creditor
Party as its share of any payment to be made, in accordance with Clause 19 (Application of sums received) and Clause
30 (Payment Mechanics).

 

		29.2	Redistribution of payments

 

The Facility Agent shall treat
the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Creditor Parties (other than the
Recovering Creditor Party) in accordance with Clause 19 (Application of sums received) and Clause 30 (Payment Mechanics).

 

		29.3	Recovering Creditor Party's rights

 

		(a)	On a distribution by the Facility Agent under Clause 29.2 (Redistribution of payments),
the Recovering Creditor Party will, if possible under the relevant applicable laws, be subrogated to the rights of the Creditor
Parties which have shared in the redistribution.

 

		(b)	If and to the extent that the Recovering Creditor Party is not able to rely on its rights under
paragraph (a) of Clause 29.3 (Recovering Creditor Party's rights), the relevant Obligor shall be liable to the Recovering
Creditor Party for a debt equal to the Sharing Payment which is immediately due and payable.

 

		29.4	Reversal of redistribution

 

If any part of the Sharing
Payment received or recovered by a Recovering Creditor Party becomes repayable and is repaid by that Recovering Creditor Party,
then:

 

		(a)	each Lender which has received a share of the relevant Sharing Payment pursuant to Clause 29.2
(Redistribution of payments) shall, upon request of the Facility Agent, pay to the Facility Agent for account of that Recovering
Creditor Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary
to reimburse that Recovering Creditor Party for its proportion of any interest on the Sharing Payment which that Recovering Creditor
Party is required to pay); and

 

    133

     

    

 

		(b)	that Recovering Creditor Party's rights of subrogation in respect of any reimbursement shall be
cancelled and the relevant Obligor will be liable to the reimbursing Creditor Party for the amount so reimbursed.

 

		29.5	Exceptions

 

		(a)	This Clause 29 (Sharing among the Creditor Parties) shall not apply to the extent that the
Recovering Creditor Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against
the relevant Obligor.

 

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

 

		(i)	it notified that other Creditor Party of the legal or arbitration proceedings; and

 

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

 

		(c)	Following full indemnification by SACE of the SACE Agent (on behalf of the Lenders) under the SACE
Insurance Policy, the provisions relating to the sharing of proceeds among the Creditor Parties in this Clause 29 (Sharing among
the Creditor Parties) shall not apply to any payment made to SACE by a Lender or the Borrower following a payment by SACE to
any Lender under the SACE Insurance Policy.

 

		30	Payment Mechanics

 

		30.1	Payments to the Facility Agent

 

		(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document,
that Obligor or Lender shall make the same available to the Facility Agent (unless a contrary indication appears in a Finance Document)
for value on the due date at the time and in such funds specified by the Facility Agent as being customary at the time for settlement
of transactions in the relevant currency in the place of payment.

 

		(b)	Payment shall be made to such account in the principal financial centre of the country of that
currency (or, in relation to Euro, in a principal financial centre in a Participating Member State) with such bank as the Facility
Agent specifies.

 

		(c)	Payment shall be made before 11.00 a.m. Paris time.

 

		(d)	For each payment by the Borrower, it shall notify the Facility Agent on the third Business Day
prior to the due date for payment that it will issue to its bank (which shall be named in such notification) to make the payment.

 

		30.2	Distributions by the Facility Agent or the SACE Agent

 

Each payment received by the
Facility Agent or the SACE Agent under the Finance Documents or the SACE Insurance Policy for another Party shall, subject to Clause
30.3 (Distributions to an Obligor), Clause 30.4 (Clawback) be made available by the Facility Agent or SACE Agent
(as the case may be) as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement
(in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Facility Agent
(following which the Facility Agent shall promptly notify the SACE Agent, if relevant to it) by not less than five (5) Business
Days' notice with a bank in the principal financial centre of the country of that currency (or, in relation to Euro, in the principal
financial centre of a Participating Member State).

 

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		30.3	Distributions to an Obligor

 

The Facility Agent may in accordance
with Clause 22 (Set-Off) apply any amount received by it for that Obligor in or towards payment (on the date and in the
currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any
amount of any currency to be so applied.

 

		30.4	Clawback

 

		(a)	Where a sum is to be paid to the Facility Agent or the SACE Agent under the Finance Documents or
the SACE Insurance Policy for another Party, the Facility Agent is not obliged to pay that sum to that other Party (or to enter
into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received
that sum.

 

		(b)	If the Facility Agent pays an amount to another Party and it proves to be the case that the Facility
Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract)
was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from
the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds.

 

		30.5	No set-off by Obligors

 

All payments to be made by
an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off
or counterclaim.

 

		30.6	Business Days

 

		(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next
Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

 

		(b)	During any extension of the due date for payment of any principal or unpaid sum under this Agreement
interest is payable on the principal or unpaid sum at the rate payable on the original due date.

 

		30.7	Currency of account

 

		(a)	Subject to paragraphs (b) and (c) of Clause 30.7 (Currency of account) Euros is the currency
of account and payment for any sum from an Obligor under any Finance Document.

 

		(b)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the
costs, expenses or taxes are incurred.

 

		(c)	Any amount expressed to be payable in a currency other than Euros shall be paid in that other currency.

 

    135

     

    

 

		30.8	Change of currency

 

		(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same
time recognised by the central bank of any country as the lawful currency of that country, then:

 

		(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents
in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated
by the Facility Agent (after consultation with the Lenders and the Borrower); and

 

		(ii)	any translation from one currency or currency unit to another shall be at the official rate of
exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down
by the Facility Agent (acting reasonably).

 

		(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Facility
Agent (acting reasonably and after consultation with the Lenders and the Borrower) specifies to be necessary, be amended to comply
with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change
in currency.

 

		30.9	Distributions under the Interest Make-up Agreement

 

Each payment received by the
Facility Agent under the Interest Make-up Agreement for a Lender shall be made available by the Facility Agent as soon as practicable
after receipt to the Lender entitled to receive such payment in accordance with this Agreement (for the account of its Facility
Office), to such account as that Lender may notify to the Facility Agent by not less than five (5) Business Days' notice with a
bank in the principal financial centre of the country of that currency (or, in relation to Euro, in the principal financial centre
of a Participating Member State).

 

		31	Variations and Waivers

 

		31.1	Variations, waivers etc. by Majority Lenders

 

Subject
to Clause 31.2 (Variations, waivers etc. requiring agreement of all Lenders), a document shall be effective to vary, waive,
amend, suspend or limit any provision of a Finance Document, or any Creditor Party's rights or remedies under such a provision
or the general law, only if the document is signed, or specifically agreed to by faxemail,
by the Borrower, by the Facility Agent on behalf of the Majority Lenders, by the Facility Agent and the Security Trustee in their
own rights, and, if the document relates to a Finance Document to which an Obligor is party, by an Obligor (provided that no amendment
or variation may be made to this Agreement or any other Finance Document without the consent of the Italian Authorities); provided,
further, that no amendment or variation may be made before the date falling ten Business Days after the terms of that amendment
or variation have been notified by the Facility Agent to the Lenders. The Facility Agent shall notify the Lenders reasonably promptly
of any amendments or variations proposed by the Borrower.

 

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		31.2	Variations, waivers etc. requiring agreement of all Lenders

 

However, as regards the following,
Clause 31.1 (Variations, waivers etc. by Majority Lenders) applies as if the words "by the Facility Agent on behalf
of the Majority Lenders" were replaced by the words "by or on behalf of every Lender":

 

		(a)	a reduction in the Margin;

 

		(b)	a postponement to the date for, or a reduction in the amount of, any payment of principal, interest,
fees, commission or other sum payable under this Agreement;

 

		(c)	an increase in or extension of any
                                         Lender's Commitment,including, for the avoidance of doubt, any increase arising pursuant to the provisions
                                         of Clause 8.1 (SACE Premium) or any requirement that a cancellation of Commitments
                                         reduces the Commitments rateably under the Loan;

 

		(d)	a change to the definition of "Majority Lenders";

 

		(e)	a change to Clause 2 (Facility), Clause 6 (Interest), Clause 24 (Changes to the
Lenders) or this Clause 31 (Variations and Waivers);

 

		(f)	any release of, or material variation to, a Security Interest, guarantee, indemnity or subordination
arrangement set out in a Finance Document; and

 

		(g)	any other change or matter as regards which this Agreement or another Finance Document expressly
provides that each Lender's consent is required.

 

		31.3	Exclusion of other or implied variations

 

Except for a document which
satisfies the requirements of Clauses 31.1 (Variations, waivers etc. by Majority Lenders) and 31.2 (Variations, waivers
etc. requiring agreement of all Lenders), no document, and no act, course of conduct, failure or neglect to act, delay or acquiescence
on the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result in the Creditor
Parties or any of them (or any person acting on behalf of any of them) being taken to have varied, waived, suspended or limited,
or being precluded (permanently or temporarily) from enforcing, relying on or exercising:

 

		(a)	a provision of this Agreement or another Finance Document; or

 

		(b)	an Event of Default; or

 

		(c)	a breach by the Borrower or an Obligor of an obligation under a Finance Document or the general
law; or

 

		(d)	any right or remedy conferred by any Finance Document or by the general law,

 

and there shall not be implied
into any Finance Document any term or condition requiring any such provision to be enforced, or such right or remedy to be exercised,
within a certain or reasonable time.

 

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		32	Notices

 

		32.1	General

 

Unless otherwise specifically
provided, any notice under or in connection with any Finance Document shall be given by letter or fax; and references in the Finance
Documents to written notices, notices in writing and notices signed by particular persons shall be construed accordingly.

 

		32.2	Addresses for communications

 

A notice shall be sent:

 

	(a)	to
the Borrower:	
        7665 Corporate Center Drive

        

        Miami FL 33126 USA

        Fax
No: (00) 1 305 436 4140Attention:
Chief Financial Officer and General Counsel

        Email:
[*] / [*]

	(b)	to
a Lender:	At the address below its name in Schedule 1 (Lenders and Commitments) or (as the case may require) in the relevant Transfer Certificate.
	(c)	to
the Facility Agent:	
        CIB- COO Office-TMEF

        Millénaire 4

        35 rue de la gare

        75019 Paris

        Fax No. (33) 1 43 16 81 84

        Attn: Attention: S. CASET-CARRICABURU/B.
SOHIER

        Email: sylvie.casetcarricaburu@bnpparibas.com

        beatrice.sohier@bnpparibas.com

	(d)	to the SACE Agent:	
        12, place des Etats-Unis

        CS 70052

        92547 Montrouge cedex

        Paris

        Fax No. (33) 1 41 89 19 34

        Attn: Shipping Middle Office –
Ms Clémentine Costil and Romy Roussel

        E-mail: clementine.costil@ca-cib.com

        romy.roussel@ca-cib.com

	(e)	to
the Security Trustee:	
        8 Canada Square

        London

        E14 5HQ

        Fax:       +44 20 7991 4350

        Email:    Ctla.trustee.admin@hsbc.com

        Attention:CTLA
TrusteeIssuer
Services Administration–
Security Trustee

 

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or to such other address as
the relevant party may notify the Facility Agent or, if the relevant party is the Facility Agent, the Borrower and the Lenders.

 

		32.3	Effective date of notices

 

Subject
to Clauses 32.4 (Service outside business hours) and 32.5 (Electronic communication):

 

(a)
 a a notice
which is delivered personally or posted shall be deemed to be served, and shall take effect, at the time when it is delivered;

 

(b)
a notice which is sent by fax shall be deemed to be served,
and shall take effect, 2 hours after its transmission is completed.

 

		32.4	Service outside business hours

 

However, if under Clause 32.3
(Effective date of notices) a notice would be deemed to be served:

 

		(a)	on a day which is not a business day in the place of receipt; or

 

		(b)	on such a business day, but after 6 p.m. local time;

 

the notice shall (subject to
Clause 32.5 (Electronic communication)) be deemed to be served, and shall take effect, at 9 a.m. on the next day which is
such a business day.

 

		32.5	Electronic communication

 

		(a)	Any communication to be made between any two Parties under or in connection with the Finance Documents
may be made by electronic mail or other electronic means, to the extent that those two Parties agree that, unless and until notified
to the contrary, this is to be an accepted form of communication and if those two Parties:

 

		(i)	notify each other in writing of their electronic mail address and/or any other information required
to enable the sending and receipt of information by that means; and

 

		(ii)	notify each other of any change to their address or any other such information supplied by them
by not less than five Business Days' notice.

 

		(b)	Any electronic communication made between those two Parties will be effective only when actually
received in readable form and in the case of any electronic communication made by a Party to the Facility Agent only if it is addressed
in such a manner as the Facility Agent shall specify for this purpose.

 

		(c)	Any electronic communication which becomes effective, in accordance with paragraph (b) above, after
5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

 

		32.6	Illegible notices

 

Clauses 32.3 (Effective
date of notices) and 32.4 (Service outside business hours) do not apply if the recipient of a notice notifies the sender
within 1 hour after the time at which the notice would otherwise be deemed to be served that the notice has been received in a
form which is illegible in a material respect.

 

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		32.7	Valid notices

 

A notice under or in connection
with a Finance Document shall not be invalid by reason that its contents or the manner of serving it do not comply with the requirements
of this Agreement or, where appropriate, any other Finance Document under which it is served if:

 

		(a)	the failure to serve it in accordance with the requirements of this Agreement or other Finance
Document, as the case may be, has not caused any party to suffer any significant loss or prejudice; or

 

		(b)	in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the
party on which the notice was served what the correct or missing particulars should have been.

 

		32.8	English language

 

Any notice under or in connection
with a Finance Document shall be in English.

 

		32.9	Meaning of "notice"

 

In this Clause 32 (Notices),
 "notice" includes any demand, consent, authorisation,
approval, instruction, waiver or other communication.

 

		33	Confidentiality

 

		33.1	Confidential Information

 

Each Creditor Party agrees
to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 33.2
(Disclosure of Confidential Information) and to ensure that all Confidential Information is protected with security measures
and a degree of care that would apply to its own confidential information.

 

		33.2	Disclosure of Confidential Information

 

Any Creditor Party may disclose:

 

		(a)	to the Italian Authorities, to any of its Affiliates and any of its or their officers, directors,
employees, professional advisers, auditors, partners and Representatives such Confidential Information as that Creditor Party shall
consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed
in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information
except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain
the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential
Information;

 

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		(b)	to any person:

 

		(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any
of its rights and/or obligations under one or more Finance Documents and to any of that person's Affiliates, Representatives and
professional advisers;

 

		(ii)	who is an insurer or reinsurer of any Creditor Party and requests such information;

 

		(iii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly,
any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference
to, one or more Finance Documents and/or one or more Obligors and to any of that person's Affiliates, Representatives and professional
advisers;

 

		(iv)	appointed by any Creditor Party or by a person to whom paragraph (b)(i) or (ii) above applies to
receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf;

 

		(v)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly
or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above;

 

		(vi)	to whom information is required or requested to be disclosed by any court of competent jurisdiction
or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange
or pursuant to any applicable law or regulation;

 

		(vii)	which is a classification society or other entity
which a Lender has engaged to make the calculations necessary to enable that Lender to comply with its reporting obligations under
the Poseidon Principles;

 

		(viii)	(vii) to whom information
is required to be disclosed in connection with, and for the purposes of, any litigation, arbitrations, administrative or other
investigations, proceedings or disputes;

 

		(ix)	(viii) who is a Party,
a member of the Group or any related entity of an Obligor;

 

		(x)	(ix) as a result of
the registration of any Finance Document as contemplated by any Finance Document or any legal opinion obtained in connection with
any Finance Document; or

 

		(xi)	(x) with the consent
of the Guarantor; or

 

		(xii)	(xi) any employee,
officer, director or Representative of any Italian Authorities to whom information is required to be disclosed in the course of
such person's employment or duties;

 

		(xiii)	(xii) to whom or for
whose benefit that Creditor Party charges, assigns or otherwise creates a Security Interest (or may do so) pursuant to Clause 24.16
(Security over Lenders' rights).

 

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in each case, such Confidential
Information as that Creditor Party shall consider appropriate if:

 

		(A)	in relation to paragraphs (b)(i), (b)(ii), (b)(iii) and (b)(iv) above, the person to whom the Confidential
Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality
Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality
of the Confidential Information;

 

		(B)	in relation to paragraph (b)(v) above, the person to whom the Confidential Information is to be
given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the
Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive
information;

 

		(C)	in relation to paragraphs (b)(vi), (b)(vii)(b)(viii)
and (b)(xii) (xiii)
above, the person to whom the Confidential Information is to be given is informed of its confidential
nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement
to so inform if, in the opinion of that Creditor Party, it is not practicable so to do in the circumstances;

 

		(c)	to any person appointed by that Creditor Party or by a person to whom
sub-paragraphs (i) or (ii) (ii)
of paragraph (b) above applies to provide administration or settlement services in respect of one or
more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance
Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the
services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered
into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement
Service Providers or such other form of confidentiality undertaking agreed between the Borrower and the relevant Creditor Party;

 

		(d)	to any rating agency (including its professional advisers) such Confidential Information as may
be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents
and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature
and that some or all of such Confidential Information may be price-sensitive information.

 

		33.3	Entire agreement

 

This Clause 33 (Confidentiality)
constitutes the entire agreement between the Parties in relation to the obligations of the Creditor Parties under the Finance Documents
regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

 

		33.4	Disclosure to information services

 

		(a)	Any Creditor Party may disclose to any national or international information service company such
as Dealogic, TF, GTR, TXF, IFR and any other similar information service company appointed by that Creditor Party, the following
information:

 

		(i)	names of Parties;

 

		(ii)	country of domicile of Obligors;

 

		(iii)	place of incorporation or formation, as the case may be of Obligors;

 

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		(iv)	date of this Agreement and Effective Date;

 

		(v)	Clause 38 37
(Governing Law);

 

		(vi)	the name of the Facility Agent;

 

		(vii)	amount of Total Commitments;

 

		(viii)	currency of the Facility;

 

		(ix)	type of Facility;

 

		(x)	ranking of Facility; and

 

		(xi)	duration of Facility,

 

to enable such information
service company to provide its usual services.

 

		(b)	Each Obligor represents that none of the information set out in sub-paragraphs (i) to (xi) of paragraph
(a) above is, nor will at any time be, unpublished price-sensitive information.

 

		33.5	Inside information

 

Each of the Creditor Parties
acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such
information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market
abuse and each of the Creditor Parties undertakes not to use any Confidential Information for any unlawful purpose.

 

		33.6	Notification of disclosure

 

Each of the Creditor Parties
agrees (to the extent permitted by law and regulation) to inform the Borrower:

 

		(a)	of the circumstances of any disclosure of Confidential Information made
pursuant to sub-paragraph (vi) of paragraph (b)(vi)
of Clause 33.2 (Disclosure of Confidential Information) except where such disclosure is made
to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

 

		(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 33
(Confidentiality).

 

		33.7	Continuing obligations

 

The obligations in this Clause
33 (Confidentiality) are continuing and, in particular, shall survive and remain binding on each Creditor Party for a period
of 12 months from the earlier of:

 

		(a)	the date on which all amounts payable by the Obligors under or in connection with this Agreement
have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and

 

		(b)	the date on which such Creditor Party otherwise ceases to be a Creditor Party.

 

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		33.8	Disclosure by SACE

 

Notwithstanding any other provision
of this Agreement to the contrary, SACE may disclose any Confidential Information:

 

(a)
as required to be disclosed by applicable law, regulation, rule or order of a competent authority in the context of litigation,
arbitration or administrative proceedings to which SACE is subject or as required to be disclosed as a consequence of the participation
of SACE and/or the Republic of Italy to an international organisation of which SACE and/or the Republic of Italy is a member (and
in such event, upon notification from SACE, the SACE Agent shall inform the Obligors of such requirement as soon as reasonably
practicable to the extent permitted by law, regulation, rule or order of a competent authority and the person to whom such Confidential
Information is to be given is informed of its confidential nature);

 

		(a)	(b) to its ultimate
shareholder, holding company,
subsidiary, parent, subsidiaries
and affiliates companies;

 

		(b)	to the Ministry of Economy and Finance of the Republic
of Italy and its departments, other Italian Ministries (including any of their department), Interministerial committees of the
Italian Government and any other Italian authority, committee, agency or governmental entity; 

 

		(c)	to any providers
of any reinsurance,
counter-guarantee/counter guarantee or
any form of risk enhancement (including but not limited to SACE'stheir
agents, brokers and consultants) subject to such persons entering
intoundertaking confidentiality
arrangementsobligations
with SACE, unless
such personsthey
are subject to professional obligationsduties
of confidentiality;

 

		(d)	if required for the
purposes of the sState
guarantee in favour of SACE pursuant to article 32 of law-decree nolaw
decree n. 91/2014 converted into law 116/2014 in
the Republic of Italyand for the purposes of article
2 of law decree 23/2020 converted into law 40/2020; or

 

		(e)	following any payment due under the SACE Insurance Policy; or

 

		(f)	with the consent of the Borrower, such consent not to be unreasonably withheld.

 

		33.9	Disclosure by SIMEST

 

Notwithstanding any other provision
of this Agreement to the contrary, SACE may disclose any Confidential Information to SIMEST provided that SIMEST may, in turn,
disclose such Confidential Information:

 

		(a)	to its ultimate shareholder, holding company, parent, subsidiaries and affiliates;

 

		(b)	to its professional advisers provided that such advisers are under a professional duty to keep
such information confidential;

 

		(c)	to providers of hedging arrangements entered into by SIMEST in connection with the Facility (including
their agents, brokers and consultants) subject to such persons undertaking confidentiality obligations with SIMEST (unless they
are subject to professional duties of confidentiality) and with the written consent of the Borrower (such consent not to be unreasonably
withheld); or

 

		(d)	with the consent of the Borrower.

 

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		33.10	Press release

 

Neither SACE nor the Borrower
will issue any press release or make any public announcement in relation to the SACE Insurance Policy without the prior consent
of the other party (such consent not to be unreasonably withheld).

 

34
Confidentiality of Funding Rates and Reference Bank Quotations

 

34.1
Confidentiality and disclosure

 

(a)
The Facility Agent and the Borrower agree to keep each Funding Rate (and, in
case of the Facility Agent, each Reference Bank Quotation) confidential and not to disclose it to anyone, save to the extent permitted
by paragraphs (b) and (c) below.

 

(b)
The Facility Agent may disclose any Funding
Rate or Reference Bank Quotation to any person appointed by it to provide administration services
in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services
if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the
form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form
of confidentiality undertaking agreed between the Facility Agent and the relevant Lender or Reference Bank, as the case may be.

 

(c)
The Facility Agent may disclose any Funding Rate or any Reference Bank Quotation
and the Borrower may disclose any Funding Rate to:

 

(i)
any of its Affiliates and any of its or their officers, directors, employees,
professional advisers, auditors, partners and Representatives,
if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant to this sub-paragraph (i)
is informed in writing of its confidential nature and that it may be price sensitive information
except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain
the confidentiality of that Funding Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in
relation to it;

 

(ii)
any person to whom information is required or requested to be disclosed by any
court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules
of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate or Reference
Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price sensitive information
except that there shall be no requirement to so inform if, in the opinion of the Facility Agent or the Borrower,
as the case may be, it is not practicable to do so in the circumstances;

 

(iii)
any person to whom information is required to be disclosed in connection with,
and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person
to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that
it may be price sensitive information except that there shall be no requirement to so inform if, in the opinion of the Facility
Agent or the Borrower, as the case may be, it is not practicable
to do so in the circumstances; and

 

(iv)
any person with the consent of the relevant Lender or Reference Bank, as the
case may be.

 

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34.2
Related obligations

 

(a)
The Facility Agent and the Borrower acknowledge that each Funding Rate (and,
in the case of the Facility Agent, each Reference Bank Quotation) is or may be price sensitive information and that its use may
be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and
the Facility Agent and the Borrower undertake not to use any
Funding Rate (or, in the case of the Facility Agent, any Reference
Bank Quotation) for any unlawful purpose.

 

(b)
The Facility Agent and the Borrower agree (to the extent permitted by law and
regulation) to inform the relevant Lender or Reference Bank, as the case may be:

 

(i)
of the circumstances of any disclosure made pursuant to sub-paragraph (ii)
of paragraph (c) of Clause 34.1 (Confidentiality and disclosure) except where such disclosure
is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function;
and

 

(ii)
upon becoming aware that any information has been disclosed in breach of this
Clause 34 (Confidentiality of Funding Rates and Reference
Bank Quotations).

 

		34	35 Legal Independence
and Unconditional Obligations of the Borrower

 

		34.1	35.1 Legal independence
and Unconditional Obligations of the Borrower

 

This Agreement is legally independent
from the Shipbuilding Contract. The obligations of the Borrower to make payments and to observe and perform its obligations under
the Transaction Documents are absolute, unconditional, irrevocable and several and such obligations shall not:

 

		(a)	in any way be affected or discharged by reason of any matter affecting the Shipbuilding Contract
including its performance, frustration or validity, the insolvency or dissolution of any party to the Shipbuilding Contract or
the destruction, non-completion or non-functioning of the goods and equipment supplied under the Shipbuilding Contract;

 

		(b)	in any way be affected or discharged by reason of any dispute under the Shipbuilding Contract or
any claim which it or any other person may have against, or consider that it has against, any person under the Shipbuilding Contract;

 

		(c)	in any way be affected or discharged by reason of unenforceability, illegality or invalidity of
any obligation of the Borrower or any other person under the Shipbuilding Contract or any documents or agreements relating to the
Shipbuilding Contract;

 

		(d)	in any way be affected by the fact that all or any part of the amount requested referred to in
the Drawdown Notice is not or was not due or payable to the Builder;

 

		(e)	be conditional on the performance by the Creditor Parties of any obligations (except as otherwise
stated herein) in order to give rise to a relevant obligation of the Borrower hereunder; or

 

		(f)	in any way be affected or discharged by the insolvency or dissolution of the Borrower.

 

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		35	36 SACE Subrogation
and Reimbursement

 

		35.1	36.1 Acknowledgement
of Subrogation

 

Each of the Parties acknowledges
that, upon any payment being made by or on behalf of SACE of any amount under the SACE Insurance Policy, SACE will be immediately
and automatically subrogated to the rights of the Lenders in the amount of such payment under the Finance Documents in accordance
with the SACE Insurance Policy. Following such subrogation, the Creditor Parties shall provide all assistance required by SACE
to enforce its rights under this Agreement and the other Finance Documents.

 

		35.2	36.2 Reimbursement

 

		(a)	Without prejudice to Clause 36.1
35.1 (Acknowledgement
of Subrogation), each Obligor, jointly and severally undertakes to pay to SACE, and keep SACE indemnified from and against,
each and every amount paid (whether by direct payment or set-off) by SACE to the Creditor Parties or any person on any of their
behalf under the SACE Insurance Policy;

 

		(b)	Each Obligor undertakes to pay SACE an amount in Euros equal to:

 

		(i)	for each payment made by SACE to any of the Creditor Parties or any person on any of their behalf
under the SACE Insurance Policy, the amount of such payment; and

 

		(ii)	for each deduction or withholding imposed, levied, collected, withheld or assessed on any payment
by SACE to any of the Creditor Parties or any person on any of their behalf under the SACE Insurance Policy, the amount of such
deduction or withholding,

 

in each case together with
interest thereon (calculated in accordance with Clause 17.1 (Default rate of interest) of this Agreement).

 

		(c)	Each Obligor further agrees that its obligations under this Clause 36.2
35.2 (Reimbursement)
are separate from and in no way conditional upon the Obligor's obligations under this Agreement or any of the other Finance Documents
and will not be affected or discharged by any matter relating thereto including, but not limited to, whether or not the Obligor
is itself liable to make payment, or is disputing its liability to make payment, under this Agreement or any of the other Finance
Documents.

 

		(d)	SACE will promptly inform the Obligors of any amounts to be reimbursed
and indemnified under this Clause 36.2 35.2
(Reimbursement).

 

		(e)	Each amount that is payable by the Obligors pursuant to Clause 36.2
35.2 (Reimbursement)
is due and payable to SACE in Euros within five (5) Business Days of demand by SACE to the Obligors.

 

		35.3	36.3 Obligations Absolute

 

The
obligations of the Obligors under this Clause 36.2 35.2
(Reimbursement), to the extent permitted by applicable law:

 

		(a)	are absolute and unconditional;

 

		(b)	are to be discharged and/or performed strictly in accordance with this Agreement under all circumstances;

 

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		(c)	are continuing obligations and will extend to the ultimate balance of sums payable by SACE to any
Creditor Party or any person on any of their behalf under the SACE Insurance Policy, regardless of any intermediate payment or
discharge in whole or in part;

 

		(d)	will not be affected by an act, omission, matter or thing which, but
for this Clause, would reduce, release or prejudice any of its obligations under Clause 36.2
35.2 (Reimbursement)
(without limitation and whether or not known to it or any Creditor Party) including:

 

		(i)	any time, waiver or consent granted to, or composition with any Obligor;

 

		(ii)	any lack of validity or enforceability of, or any amendment or other modifications of, or waiver
with respect to, any of the Finance Documents;

 

		(iii)	any reduction or release of any other obligations under this Agreement;

 

		(iv)	the release of any Obligor or any other person under the terms of any composition or arrangement;

 

		(v)	the taking, variation, compromise, exchange, renewal, discharge, substitution or release of, or
refusal or neglect to perfect, take up, realise or enforce, any rights against, or security over assets of, any Obligor or any
non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise
the full value of any security;

 

		(vi)	any incapacity or lack of power, authority or legal personality of or dissolution or change in
the members or status of any Obligor, any Creditor Party or any other person;

 

		(vii)	any amendment (however fundamental) or replacement of a Finance Document, the SACE Insurance Policy
or any other document or security;

 

		(viii)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance
Document, the SACE Insurance Policy or any other document or security;

 

		(ix)	any insolvency or similar proceedings;

 

		(x)	the existence of any claim, set-off, defence, reduction, abatement or other right which any Obligor
may have at any time against SACE;

 

		(xi)	any document presented in connection with the SACE Insurance Policy proving to be forged, fraudulent,
invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect;

 

		(xii)	any payment by SACE against presentation of a demand for payment substantially, on its face, in
the form of a claim under the SACE Insurance Policy where any certificate or other document required to be provided with such claim
in accordance with the terms of the SACE Insurance Policy either is not provided or does not comply with the terms of the SACE
Insurance Policy; and

 

		(xiii)	any other circumstances which might otherwise constitute a defence available to, or discharge of
any Obligor.

 

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		36	37 Supplemental

 

		36.1	37.1 Rights cumulative,
non-exclusive

 

The rights and remedies which
the Finance Documents give to each Secured Party are:

 

		(a)	cumulative;

 

		(b)	may be exercised as often as appears expedient; and

 

		(c)	shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude
or limit any right or remedy conferred by any law.

 

		36.2	37.2 Severability of
provisions

 

If any provision of a Finance
Document is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity, enforceability or legality
of the other provisions of that Finance Document or of the provisions of any other Finance Document.

 

		36.3	37.3 Counterparts

 

A Finance Document may be executed
in any number of counterparts.

 

		36.4	37.4 Third party rights

 

		(a)	Except for SACE, SIMEST and their successors, transferees and assignees or as otherwise provided
in a Finance Document, a person who is not a Party has no right under the Third Party Act to enforce or to enjoy the benefit of
any term of this Agreement.

 

		(b)	Notwithstanding any provision of any Finance Document, the consent of any person (other than SACE,
SIMEST or their successors, transferees and assignees) who is not a party to a Finance Document is not required to rescind, vary
or terminate any Finance Document at any time.

 

		(c)	Subject to the provisions of the Third Party Act, and without prejudice
to the provisions of paragraphs (a) and (b) above, each of SACE and/or SIMEST (as applicable) has the right to enforce and to enjoy
the benefit of Clause 36 35
(SACE Subrogation and Reimbursement), Clause 17 (Interest on Late Payments), Clause 8
(SACE Premium and Italian Authorities), Clause 10.2 (Tax gross-up), Clause 10.3 (Tax indemnity), Clause 10.11
(Transaction Costs), Clause 20.1 (Indemnities regarding borrowing and repayment of Loan), Clause 20.2 (Breakage
costs and SIMEST arrangements), Clause 20.3 (Miscellaneous indemnities), Clause 20.4 (Currency indemnity), Clause
22 (Set-Off), Clause 27 (The Security Trustee), Clause 10.6 (VAT), Clause 10.13 (SACE obligations),
Clauses 33.8 (Disclosure by SACE), Clause 33.9 (Disclosure by SIMEST), 33.10 (Press release), Clause 39
38 (Enforcement)
and any other provision of this Agreement which expressly confers rights on SACE and/or SIMEST (as applicable).

 

		(d)	Any amendment or waiver which relates to the rights of SACE and/or SIMEST
(as applicable) under this Agreement, including under Clause 36 35
(SACE Subrogation and Reimbursement), Clause 17 (Interest on Late Payments), Clause 8
(SACE Premium and Italian Authorities), Clause 10.2 (Tax gross-up), Clause 10.3 (Tax indemnity), Clause
20.4 (Currency indemnity), Clause 22 (Set-Off), Clause 27 (The Security Trustee), Clause 20.3 (Miscellaneous
indemnities), Clause 10.6 (VAT), Clause 10.11 (Transaction Costs), Clause 20.1 (Indemnities regarding
borrowing and repayment of Loan), Clauses 33.8 (Disclosure by SACE), Clause 33.9 (Disclosure by SIMEST), 33.10
(Press release), Clause 39 38
(Enforcement) and any other provision of this Agreement which expressly confers rights on SACE
and/or SIMEST (as applicable) may not be effected without the consent of SACE and/or SIMEST (as applicable).

 

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		36.5	37.5 No waiver

 

No failure or delay on the
part of a Secured Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof; nor shall any
single or partial exercise thereof preclude any other or further exercise thereof by the Secured Parties or the exercise by the
Secured Parties of any other right, power or privilege. The rights and remedies of the Secured Parties herein provided are cumulative
and not exclusive of any rights or remedies provided by law.

 

		36.6	37.6 Writing required

 

This Agreement shall not be
capable of being modified otherwise than by an express modification in writing signed by the Borrower, the Facility Agent and the
Lenders.

 

		36.7	37.7 Non-applicable
provisions between the Obligors, German Lenders and any Creditor Party subject to the EU Blocking Regulation

 

		(a)	A Creditor Party that is incorporated in the Federal Republic of Germany or is otherwise subject
to the EU Blocking Regulation may notify the Facility Agent in writing that it elects that any
provisions with respect to Sanctions, including, without limitation, the undertakings and covenants
given under paragraph (e) (d)
of Clause 12.2 (Information), Clause 12.4 (Sanctions and Illicit Payments), Clause
12.5 (Prohibited Payments), Clause 12.24 (Compliance with laws etc.) or provisions contained in Clause 20.3
(Miscellaneous indemnities) or Clause 21.1 (Illegality
and Sanctions) and the representations and warranties given under paragraphs (u), (v), (y), (z) and (jj) of Clause 11.2 (Continuing
representations and warranties) and paragraph (j) of Clause 11.3 (Representations on the Delivery Date) respectively
(the "Sanctions Provisions") shall only enure to the benefit of, and be applicable to, that Creditor Party to
the extent that such provisions would not result in: (i) any violation of, conflict with or liability under the EU Blocking Regulation; or
(ii) in the case of a Creditor Party that is incorporated in the Federal Republic of Germany only, a violation or conflict with
the German Blocking Provisions.

 

		(b)	If a Creditor Party elects to be a Restricted Creditor Party, in respect of any proposed requirement
to comply, enforcement, waiver, non-waiver, consent, variation or amendment of or in relation to a Finance Document relating to
any Sanctions Provision (a "Relevant Action"), the Restricted Creditor Party shall notify the Facility
Agent in writing whether or not it shall be deemed to be a Lender for the purposes of ascertaining whether the agreement
of any specified group of Lenders has been obtained to approve the Relevant Action and upon receipt by the Facility Agent of such
notice such Restricted Creditor Party shall be so deemed for such purposes.

 

		37	38 Governing Law

 

This Agreement and any non-contractual
obligations arising out of or in connection with it are governed by and construed in accordance with English law.

 

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		38	39 Enforcement

 

		38.1	39.1 Jurisdiction of
English Courts

 

The courts of England have
exclusive jurisdiction to settle any Dispute arising out of or in connection with this Agreement (including a dispute regarding
the existence, validity or termination of this Agreement) (a "Dispute"). Each Party agrees that the courts of
England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

 

		38.2	39.2 Service of process

 

Without prejudice to any other
mode of service allowed under any relevant law, the Borrower:

 

		(a)	irrevocably appoints Hannaford Turner LLP of
4th Floor, 15 Old Bailey, currently of 9 Cloak Lane,
London, EC4M
7EFR 2RU, United
Kingdom, as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance
Document; and

 

		(b)	agrees that failure by a process agent to notify the Borrower of the process will not invalidate
the proceedings concerned.

 

If any person appointed as
an agent for service of process is unable for any reason to act as agent for service of process, the Borrower (on behalf of all
the Obligors) must immediately (and in any event within 15 days of such event taking place) appoint another agent on terms acceptable
to the Facility Agent. Failing this, the Facility Agent may appoint another agent for this purpose.

 

		39	40 Waiver of Immunity

 

		39.1	40.1 To the fullest
extent permitted by applicable law, the Borrower hereby irrevocably and unconditionally:

 

		(a)	submits to the jurisdiction of the English courts in accordance with
Clause 39 38
(Enforcement) and agrees not to claim any sovereign or other immunity from the jurisdiction of
any such court;

 

		(b)	submits to the jurisdiction of the English courts in respect of any proceedings arising out of
or connected with the enforcement and/or execution of any judgment made against it and waives and agrees not to claim any sovereign
or other immunity from the jurisdiction of the English courts or the courts of any other jurisdiction in relation to the recognition
of any such judgment or court order and agrees to ensure that no such claim is made on its behalf;

 

		(c)	consents generally in respect of any such proceedings to the giving of any relief in the English
courts and the courts of any other jurisdiction whether before or after a final judgment including, without limitation: suit, relief
by way of interim or final injunction or order for specific performance or recovery of any property, attachment of its assets prior
to judgment, other attachment, the obtaining of judgment and enforcement or execution against any property, revenues or other assets
whatsoever (irrespective of their use or intended use) and waives and agrees not to claim any sovereign or other immunity from
the jurisdiction of the English courts or the courts of any other jurisdiction in relation to such enforcement and the giving of
such relief (including to the extent that such immunity may be attributed to it) against itself or with respect to its assets,
and agrees to ensure that no such claim is made on its behalf or with respect to its assets;

 

    151

     

    

 

		(d)	waives any right of immunity which it or its assets now has or may subsequently acquire; and

 

		(e)	agrees not to claim any sovereign or other immunity from service of process against its assets
or revenues for the enforcement of a judgment or an action in rem, for the arrest, detention or sale of any of its assets and revenues.

 

		39.2	40.2 The Borrower agrees
that in any proceedings in the English courts this waiver shall have the fullest scope permitted by the English State Immunity
Act 1978 (the "Act") and that this waiver is intended to be irrevocable for the purposes of such Act.

 

		40	41  Effective Date

 

This
Agreement and the other Finance Documents shall not come into force or have any legal effect until the occurrence of the Effective
Date.

 

This
Agreement is effective from the 2021 Deferral Effective Date.

 

		41	Confidentiality of Funding Rates and
Reference Bank Quotations

 

		41.1	Confidentiality and disclosure

 

		(a)	The Facility Agent and each Obligor
agree to keep each Funding Rate (and, in the
case of the Facility Agent, each Reference Bank Quotation) confidential
and not to disclose it to anyone, save to the extent permitted by paragraphs (b),
(c) and (d) below.

 

		(b)	The Facility Agent may disclose:

 

		(i)	any Funding Rate (but not, for the avoidance of doubt,
any Reference Bank Quotation) to the Borrower pursuant to Clause 6.5 (Notification of Interest Periods and Floating Interest
Rate);

 

		(ii)	any Funding Rate or any Reference Bank
Quotation to any person appointed by it to provide administration services
in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services
if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the
form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form
of confidentiality undertaking agreed between the Facility Agent and the relevant Lender or Reference Bank, as the case may be.

 

		(c)	The Facility Agent may disclose any
Funding Rate or any Reference Bank Quotation, and each Obligor
may disclose any Funding Rate,
to:

 

		(i)	any of its Affiliates and any of its
or their officers, directors, employees, professional advisers, auditors, partners and representatives,
if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant to this sub-paragraph (i)
is informed in writing of its confidential nature and that it may be price
sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations
to maintain the confidentiality of that Funding Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality
in relation to it;

 

    152

     

    

 

		(ii)	any person to whom information is required
or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory
authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person
to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that
it may be price sensitive information except that there shall be no requirement to so inform if, in the opinion of the Facility
Agent or the relevant Obligor,
as the case may be, it is not practicable to do so in the circumstances;

 

		(iii)	any person to whom information is required
to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations,
proceedings or disputes if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing
of its confidential nature and that it may be price sensitive information except that there shall be no requirement to so inform
if, in the opinion of the Facility Agent or the relevant
Obligor, as the case may be, it is not practicable to do
so in the circumstances; and 

 

		(iv)	any person with the consent of the
relevant Lender or Reference Bank, as the case may be. 

 

		(d)	The Facility Agent’s obligations in this Clause
41 (Confidentiality of Funding Rates and Reference Bank Quotations) relating to Reference Bank Quotations are without prejudice
to its obligations to make notifications under Clause 6.5 (Notification of Interest Periods and Floating Interest Rate)
provided that (other than pursuant to sub-paragraph (i) of paragraph (b) above) the Facility Agent shall not include the
details of any individual Reference Bank Quotation as part of any such notification.

 

		41.2	Related Obligations

 

		(a)	The Facility Agent and each Obligor
acknowledge that each Funding Rate (and, in the case of the Facility Agent,
each Reference Bank Quotation) is or may be price sensitive information and that its use may be regulated or prohibited by applicable
legislation including securities law relating to insider dealing and market abuse and the Facility Agent and each
Obligor undertake not to use any Funding Rate or, in the
case of the Facility Agent, any Reference Bank Quotation for any unlawful purpose.

 

		(b)	The Facility Agent and each Obligor
agree (to the extent permitted by law and regulation) to inform the relevant
Lender or Reference Bank, as the case may be:

 

		(i)	of the circumstances of any disclosure
made pursuant to sub-paragraph (ii) of paragraph (c) of Clause
41.1 (Confidentiality and disclosure) except where
such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory
function; and

 

		(ii)	upon becoming aware that any information
has been disclosed in breach of this Clause 41
(Confidentiality of Funding Rates and Reference Bank Quotations).

 

		41.3	No Event of Default 

 

No
Event of Default will occur under Clause 18.4 (Breach of other obligations) by reason only of an Obligor’s failure
to comply with this Clause 41 (Confidentiality of Funding Rates and Reference Bank Quotations).

 

    153

     

    

 

This Agreement
has been entered into and amended and restated
on the date stated at the beginning of this Agreement.

 

    154

     

    

 

 

Execution
Pages

 

	BORROWER	 
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	O CLASS PLUS TWO, LLC 	)
	 	 
	in the presence of:	)

 

 

	LENDERS	 
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	CRÉDIT AGRICOLE CORPORATE	)
	AND INVESTMENT BANK	)
	in the presence of:	)

 

 

	SIGNED by	)
	 	)
	for and on behalf of	)
	BNP PARIBAS FORTIS S.A./N.V.	)
	in the presence of:	)

 

 

	SIGNED by	)
	 	)
	for and on behalf of	)
	KFW IPEX-BANK GMBH	)
	in the presence of:	)

 

 

	SIGNED by	)
	 	)
	for and on behalf of	)
	HSBC BANK PLC	)
	in the presence of:	)

 

     

     

    

 

	SIGNED by	)
	 	)
	for and on behalf of	)
	CASSA DEPOSITI E PRESTITI S.P.A.	)
	in the presence of:	)

 

 

	SIGNED by	)
	 	)
	for and on behalf of	)
	BANCO SANTANDER S.A.	)
	in the presence of:	)

 

 

	SIGNED by	)
	 	)
	for and on behalf of	)
	SOCIETE GENERALE	)
	in the presence of:	)

 

 

	JOINT MANDATED LEAD ARRANGERS	 
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	CRÉDIT AGRICOLE CORPORATE	)
	AND INVESTMENT BANK	)
	in the presence of:	)

 

 

	SIGNED by	)
	 	)
	for and on behalf of	)
	BNP PARIBAS FORTIS S.A./N.V.	)
	in the presence of:	)

 

     

     

    

 

	SIGNED by	)
	 	)
	for and on behalf of	)
	KFW IPEX-BANK GMBH	)
	in the presence of:	)

 

 

	SIGNED by	)
	 	)
	for and on behalf of	)
	HSBC BANK PLC	)
	in the presence of:	)

 

 

	SIGNED by	)
	 	)
	for and on behalf of	)
	CASSA DEPOSITI E PRESTITI S.P.A.	)
	in the presence of:	)

 

 

	SIGNED by	)
	 	)
	for and on behalf of	)
	BANCO SANTANDER S.A.	)
	in the presence of:	)

 

 

	SIGNED by	)
	 	)
	for and on behalf of	)
	SOCIETE GENERALE	)
	in the presence of:	)
	 	 
	 
	 

 

     

     

    

 

	FACILITY AGENT	 
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	BNP PARIBAS 	)
	in the presence of:	)
	 	 

 

 

	SACE AGENT	 
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	CRÉDIT AGRICOLE CORPORATE	)
	AND INVESTMENT BANK	)
	in the presence of:	)

 

 

	SECURITY TRUSTEE	 
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	HSBC CORPORATE TRUSTEE	)
	COMPANY (UK) LIMITED	)
	in the presence of:	)

 

     

     

    

 

Form
of Amended and Restated Guarantee (marked to indicate amendments)

 

 

Amendments are indicated as follows:

 

		1	additions are indicated by underlined text in blue; and

 

		2	deletions are shown by strike-through text in red.

 

     

     

    

		 	 

Execution version

 

Dated _______________
2018

 

Originally
dated 19 December 2018

(as amended and restated pursuant to an amendment and restatement agreement dated _____ February 2021)

 

NCL CORPORATION
LTD.

as Guarantor

 

and

 

HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED

as Security Trustee

 

and

 

NORWEGIAN
CRUISE LINE HOLDINGS LTD.

 

as
the Holding

 

Amended
and restated Guarantee

 

relating to a Loanfacility
Aagreement
originally dated 19 December 2018 (as amended and restated by an amendment
and restatement agreement dated _______________________
February 20218)
in respect of

the part financing of the 1,258 passenger cruise ship newbuilding
presently designated as Hull No. [*] at
Fincantieri S.p.A

 

 

 

    

     

    

 

Index

 

	Clause	 	Page
	 	 	 
	1	Interpretation	32
	2	Guarantee	54
	3	Liability as Principal and Independent Debtor	54
	4	Expenses	65
	5	Adjustment of Transactions	76
	6	Payments	76
	7	Interest	98
	8	Subordination	98
	9	Enforcement	09
	10	Representations and Warranties	09
	11	Undertakings	122
	12	Judgments and Currency Indemnity	225
	13	Set-Off	226
	14	Supplemental	236
	15	Assignment and Transfer	2429
	16	Notices	2529
	17	Invalidity of Loan Agreement	2530
	18	Governing Law and Jurisdiction	306
	 	 	 
	Schedules	 
	 	 	 
	Schedule 1 Form of Compliance Certificate	 
	Schedule 2	 
	 	 	 
	Execution	 
	 	 	 
	Execution Page	 

 

    

     

    

 

THIS GUARANTEE is made
on _______________originally
made on 19 December 2018 (as amended and restated by an amendment and restatement agreement dated _____ February 20218)

 

parties

 

		(1)	NCL CORPORATION LTD., an exempted company incorporated under the laws of Bermuda with its
registered office at Park Place, 55 Par-la-Ville Road, Hamilton HM11, Bermuda (the "Guarantor")

 

		(2)	HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED, a company incorporated in England and Wales
(with registered number 06447555) whose registered office is at 8 Canada Square, London E14 5HQ as security trustee on behalf of
the Secured Parties (the "Security Trustee", which expression includes its successors, transferees and assigns)

 

		(3)	NORWEGIAN CRUISE LINE HOLDINGS LTD.,
a company incorporated under the laws of Bermuda with its registered office at Park Place 55, Par-la-Ville Road, Hamilton HM 11,
Bermuda (the "Holding")

 

BACKGROUND

 

		(A)	By a shipbuilding contract dated 31 October 2018 (as amended from time to time) (the "Shipbuilding
Contract") entered into between (i) Fincantieri S.p.A, a company incorporated in Italy with registered office in Trieste,
via Genova, 1, and having fiscal code 00397130584 (the "Builder") and (ii)  O
Class Plus Two, LLC (the "Borrower"), the Builder has agreed to design, construct and deliver, and the Borrower
has agreed to purchase, a 1,258 passenger cruise ship currently having hull number [*] as more particularly described in
the Shipbuilding Contract to be delivered on [*] subject to any adjustments of such delivery date
in accordance with the Shipbuilding Contract.

 

		(B)	By a loan agreement dated _______________19
December 2018 (as amended from time to time,
the "Original Loan Agreement"), and made between (i) the Borrower, (ii) the Lenders, (iii) the Joint
Mandated Lead Arrangers, (iv) the Facility Agent, (v) the SACE Agent and (vi) the Security Trustee, it was agreed that the Lenders
would make available to the Borrower, a facility of up to four hundred and sixty two million and nine hundred and sixty thousand
Euros (€ 462,960,000) and the amount of the SACE Premium (but not exceeding four hundred and
eighty million, two hundred and forty eight thousand, nine hundred and sixty two Euros and sixty six cents (€ 480,248,962.66))
for the purpose of assisting the Borrower, in financing (a) payment or reimbursement under the Shipbuilding Contract of all
or part of 80% of the Final Contract Price up to the Eligible Amount and (b) reimbursement to the Borrower of 100% of the First
Instalment of the SACE Premium paid by it to SACE and payment to SACE of 100% of the Second Instalment of the SACE Premium (as
defined therein).

 

		(C)	The execution and delivery to the Security Trustee of thisa
guarantee by the Guarantor, which was executed on 19 December 2018 (the "Original Guarantee is")
was one of the conditions precedent to the availability of the facility under the Original
Loan Agreement.

 

		(D)	Due to the unprecedented and extraordinary impacts
of the Covid-19 pandemic on the cruise sector and cruise operators, SACE informed the cruise operators of its availability to evaluate
certain measures (the "Temporary Measures") applicable in relation to certain qualifying loan agreements
in order to assist companies which are financially sound but dealing with the impact of the temporary but unprecedented Covid-19
pandemic; the possibility to access to such measures was subject, amongst other things, to certain principles dated 15 April 2020
for cruise lines offered by SACE (the "Original Principles").

 

    

     

    

 

		(E)	On 21 January 2021 SACE confirmed its availability
to evaluate an extension of the Temporary Measures (the "Extended Temporary Measures"), again subject to certain
principles set out in a document titled "Debt Deferral Extension Framework for ECA-backed Export Financings" dated 26
November 2020 for cruise lines offered by SACE (together with the Original Principles, the "Principles").

 

		(F)	Pursuant to the consent request letter dated 3 December
2020, the Borrower and the Guarantor notified the Facility Agent and the SACE Agent of their wish to benefit from the Temporary
Measures and the Extended Temporary Measures in relation to certain loan agreements listed therein, including the Original Loan
Agreement, and requested, amongst other things, the temporary suspension of certain covenants under the Original Guarantee and
the addition of certain covenants under the Original Loan Agreement for a period until 31 December 2022 (the "Borrower
Request").

 

		(G)	On 25 January 2021, the Facility Agent (for and on
behalf of the Lenders) provided its consent to part of the Borrower Request in accordance with and subject to certain conditions
as set out in an amendment and restatement agreement to the Original Loan Agreement and to the Original Guarantee dated _____ February
2021 between, amongst others, the Borrower, the Guarantor, the Facility Agent and the SACE Agent (as further defined below, the
 "2021 Amendment and Restatement Agreement").

 

		(H)	This Guarantee sets out the terms and conditions
of the Original Guarantee as amended pursuant to the 2021 Amendment and Restatement Agreement.

 

		(I)	

 

OPERATIVE
PROVISIONS

 

		1	Interpretation

 

		1.1	Defined expressions

 

Words and expressions defined
in the Loan Agreement shall have the same meanings when used in this Guarantee unless the context otherwise requires.

 

		1.2	Construction of certain terms

 

In this Guarantee:

 

"2021
Amendment and Restatement Agreement" means an amendment and restatement agreement to the Original Loan Agreement
and the Original Guarantee dated _____ February 2021 and made between, amongst others, the Borrower, the Guarantor, the Facility
Agent and the SACE Agent.

 

"Bankruptcy"
includes a liquidation, receivership or administration and any form of suspension of payments, arrangement with creditors or reorganisation
under any corporate or insolvency law of any country.

 

"Capital
Stock" means:

 

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

 

    2

     

    

 

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

 

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

 

		(d)	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.

 

"First
Financial Quarter" means the financial quarter ending immediately prior to or on the date falling forty five (45)
days before the Intended Delivery Date.

 

"Loan
Agreement" means the Original lLoan
aAgreement
dated _______________________ 2018 referred to in Recital (B) and includes any existing or future
amendments, restatements, or supplements, whether made with the Guarantor's consent or otherwise.as
amended and restated by the 2021 Amendment and Restatement Agreement.

 

"Management"
means the employees of the Guarantor and its subsidiaries or their dependants or any trust for which such persons are the intended
beneficiary.

 

"Party"
means a party to this Guarantee.

 

"Shareholder"
means Oceania Cruises S. de R.L., a Panamanian sociedad de responsabilidad limitada domiciled in Panama whose resident agent
is at Arifa Building, West Boulevard, Santa Maria Business District, Panama, Republic of Panama as the sole member of the Borrower.

 

		1.3	Application of construction and interpretation provisions of Loan Agreement

 

Clauses 1.2
1.2 (Construction of certain terms)
to 1.5 1.5
(General Interpretation) of the Loan Agreement apply, with any necessary modifications, to this Guarantee.

 

		1.4	Inconsistency between Loan Agreement and this Guarantee

 

This
Guarantee shall be read together with the Loan Agreement, but in case of any conflict between the Loan Agreement and this Guarantee,
unless expressly provided to the contrary in this Guarantee, the provisions of the Loan Agreement shall prevail.

 

		1.5	1.4 Non-applicable
provisions between the Obligors, German Lenders and any Creditor Party subject to the EU Blocking Regulation

 

		(a)	A Creditor Party that is incorporated in the Federal Republic of Germany
or is otherwise subject to the EU Blocking Regulation may notify the Facility Agent in writing that it elects that any provisions
with respect to Sanctions, including, without limitation, the undertakings and covenants given under any of Clause 10.12 (Sanctions)
or any undertakings in Clause 11.19 11.22
(Sanctions and Illicit Payments), Clause 11.20 11.23
(Prohibited Payments) and Clause 11.21 11.24
(Sanctions) of this Guarantee respectively (the "Sanctions Provisions") shall
only enure to the benefit of, and be applicable to, that Creditor Party to the extent that such provisions would not result
in: (i) any violation of, conflict with or liability under the EU Blocking Regulation; or (ii) in the case of a Creditor Party
that is incorporated in the Federal Republic of Germany only, a violation or conflict with the German Blocking Provisions.

 

    3

     

    

 

		(b)	If a Creditor Party elects to be a Restricted Creditor Party pursuant to the foregoing paragraph
(a), in respect of any proposed requirement to comply, enforcement, waiver, non-waiver, consent, variation or amendment of or in
relation to a Finance Document relating to any Sanctions Provision (a "Relevant Action"), the Restricted Creditor
Party shall notify the Facility Agent in writing whether or not it shall be deemed to be a Lender for the purposes of ascertaining
whether the agreement of any specified group of Lenders has been obtained to approve the Relevant Action and upon receipt by the
Facility Agent of such notice such Restricted Creditor Party shall be so deemed for such purposes.

 

		2	Guarantee

 

		2.1	Guarantee and indemnity

 

The Guarantor unconditionally
and irrevocably:

 

		(a)	guarantees to the Security Trustee (acting on behalf of the Secured Parties) punctual performance
by the Borrower of all the Borrower's obligations under or in connection with the Loan Agreement and every other Finance Document;

 

		(b)	undertakes to the Security Trustee that whenever the Borrower does not pay any amount when due
under or in connection with the Loan Agreement and the other Finance Documents, the Guarantor shall immediately on demand pay that
amount as if it was the principal obligor;

 

		(c)	agrees that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal,
it will, as an independent and primary obligation, indemnify the Security Trustee and each other Secured Party immediately on demand
by the Security Trustee against any cost, loss or liability it incurs as a result of the Borrower not paying any amount which would,
but for such unenforceability, invalidity or illegality, have been payable by it under the Loan Agreement or any other Finance
Document on the date when it would have been due. Any such demand for indemnification shall be made through the Security Trustee,
for itself or on behalf of the Secured Parties. The amount payable by the Guarantor under this indemnity will not exceed the amount
it would have had to pay under this Clause 2.1 (Guarantee and indemnity) if the amount claimed had been recoverable on the
basis of a guarantee.

 

		2.2	No limit on number of demands

 

The Security Trustee may serve
any number of demands under Clause 2.1 (Guarantee and indemnity).

 

		3	Liability as Principal and Independent Debtor

 

		3.1	Principal and independent debtor

 

The Guarantor shall be liable
under this Guarantee as a principal and independent debtor and accordingly it shall not have, as regards this Guarantee, any of
the rights or defences of a surety.

 

		3.2	Waiver of rights and defences

 

Without limiting the generality
of Clause 3.1 (Principal and independent debtor), the obligations of the Guarantor under this Guarantee will not be affected
or discharged by an act, omission, matter or thing which,
but for this Clause, would reduce, release or prejudice any of its obligations under this Guarantee (without limitation and whether
or not known to it or any Secured Party) including:

 

    4

     

    

 

		(a)	any time, waiver or consent granted to, or composition with, the Borrower or other person;

 

		(b)	the release of the Borrower or any other person under the terms of any composition or arrangement
with any creditor of any affiliate of the Borrower;

 

		(c)	the taking, variation, compromise, exchange, renewal or release of,
or refusal or neglect to perfect, or delay in perfecting, or
refusal or neglect to take up or enforce, or
delay in taking or enforcing any rights against, or security over assets of, the Borrower
or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or
any failure to realise the full value of any security;

 

		(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in
the members or status of the Borrower or any other person;

 

		(e)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or
not more onerous) or replacement of any Finance Document or any other document or security including without limitation any change
in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document
or other document or security;

 

		(f)	any insolvency or similar proceedings;

 

		(g)	any arrangement or concession (including a rescheduling or acceptance of partial payments) relating
to, or affecting, the Finance Documents;

 

		(h)	any release or loss whatsoever of any guarantee, right or Security Interest created by the Finance
Documents;

 

		(i)	any failure whatsoever promptly or properly to exercise or enforce any
such right or Security Interest, including a failure to realise for its full market value an asset covered by such a Security Interest;
or

 

		(j)	any other Finance Document or any Security Interest now being or later
becoming void, unenforceable, illegal or invalid or otherwise defective for any reason, including a neglect to register it.;
or

 

		(k)	any unenforceability, illegality or invalidity of
any obligation of any person under any Finance Document or any other document or security.

 

		4	Expenses

 

		4.1	Costs of preservation of rights, enforcement etc.

 

The Guarantor shall pay to
the Security Trustee on its demand the amount of all expenses incurred by the Security Trustee or any other Secured Party in connection
with any matter arising out of this Guarantee or any Security Interest connected with it, including any advice, claim or proceedings
relating to this Guarantee or such a Security Interest.

 

		4.2	Fees and expenses payable under Loan Agreement

 

Clause 4.1 (Costs of preservation
of rights, enforcement etc.) is without prejudice to the Guarantor's liabilities in respect of the Borrower's obligations under
clauses 9 (Fees) and 10 (Taxes, Increased Costs, Costs and Related Charges) of the Loan Agreement and under similar
provisions of other Finance Documents.

 

    5

     

    

 

		5	Adjustment of Transactions

 

		5.1	Reinstatement of obligation to pay

 

The Guarantor shall pay to
the Security Trustee on its demand any amount which any Secured Party is required, or agrees, to pay pursuant to any claim by,
or settlement with, a trustee in bankruptcy of the Borrower or of any other Obligor (or similar person) on the ground that the
Loan Agreement or any other Finance Document, or a payment by the Borrower or of such other Obligor, was invalid or on any similar
ground.

 

		6	Payments

 

		6.1	Method of payments

 

Any amount due under this Guarantee
shall be paid:

 

		(a)	in immediately available funds;

 

		(b)	to such account as the Security Trustee may from time to time notify to the Guarantor;

 

		(c)	without any form of set-off, cross-claim or condition; and

 

		(d)	free and clear of any Tax Deduction except a Tax Deduction which the Guarantor is required by law
to make.

 

		6.2	Grossing-up for taxes

 

If the Guarantor is required
by law to make a Tax Deduction, the amount due to the Security Trustee shall be increased by the amount necessary to ensure that
the Security Trustee and (if the payment is not due to the Security Trustee for its own account) the Secured Party beneficially
interested in the payment receives and retains a net amount which, after the Tax

Deduction, is equal to the full amount that it would otherwise have received; provided that a payment shall not be increased under
this Clause 6.2 if clause 10.2paragraph
(d) of clause 10.2 of the Loan Agreement applies
mutatis mutandis.

 

		6.3	Tax Credits

 

If an additional payment is
made by the Guarantor under this Clause and any Secured Party determines that it has received or been granted a credit against
or relief of or calculated with reference to the deduction giving rise to such additional payment, such Secured Party shall, to
the extent that it can do so without prejudice to the retention of the amount of such credit, relief, remission or repayment and
provided that it has received the cash benefit of such credit, relief or remission, pay to the Guarantor such amount as such Secured
Party shall in its reasonable opinion have concluded to be attributable to the relevant deduction. Any such payment shall be conclusive
evidence of the amount due to the Guarantor hereunder and shall be accepted by the Guarantor in full and final settlement of its
rights of reimbursement hereunder in respect of such deduction. Nothing herein contained shall interfere with the right of each
Secured Party to arrange its tax affairs in whatever manner it thinks fit.

 

    6

     

    

 

		6.4	FATCA Deduction

 

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

 

		(b)	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there
is any change in the rate or the basis of such FATCA Deduction) notify the Party to whom it is making the payment and, in addition,
shall notify the Borrower, the Facility Agent and the other Secured Parties.

 

		6.5	FATCA Information

 

		(a)	Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request
by another Party:

 

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

 

		(A)	a FATCA Exempt Party; or

 

		(B)	not a FATCA Exempt Party.

 

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

 

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

 

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

 

		(c)	Paragraph (a) above shall not oblige the Security Trustee to do anything,
and sub paragraph (iii) of paragraph
(a)(iii) above shall not oblige any other Party
to do anything, which would or might in its reasonable opinion constitute a breach of:

 

		(i)	any law or regulation;

 

		(ii)	any fiduciary duty; or

 

		(iii)	any duty of confidentiality.

 

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

 

    7

     

    

 

		6.6	No obligations on SACE

 

To the extent
that this Clause 6 (Payments) imposes obligations or restrictions on a Secured Party, such obligations or restrictions shall
not apply to SACE and SACE shall have no obligations hereunder nor be constrained by such restrictions.

 

		7	Interest

 

		7.1	Accrual of interest

 

Any amount due under this Guarantee
shall carry interest after the date on which the Security Trustee demands payment of it until it is actually paid, unless interest
on that same amount also accrues under the Loan Agreement.

 

		7.2	Calculation of interest

 

Interest on sums payable under
this Guarantee shall be calculated and accrue in the same way as interest under clause 6 (Interest) of the Loan Agreement.

 

		7.3	Guarantee extends to interest payable under Loan Agreement

 

For the avoidance of doubt,
it is confirmed that this Guarantee covers all interest payable under the Loan Agreement, including that payable under clause 17
(Interest on Late Payments) of the Loan Agreement.

 

		8	Subordination

 

		8.1	Subordination of rights of Guarantor

 

Until all amounts which may
be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless
the Facility Agent otherwise directs, all rights which the Guarantor at any time has (whether in respect of this Guarantee or any
other transaction) against the Borrower, any other Obligor or their respective assets shall be fully subordinated to the rights
of the Secured Parties under the Finance Documents; and in particular, the Guarantor shall not:

 

		(a)	claim, or in a bankruptcy of the Borrower or any other Obligor prove for, any amount payable to
the Guarantor by the Borrower or any other Obligor, whether in respect of this Guarantee or any other transaction;

 

		(b)	take or enforce any Security Interest for any such amount;

 

		(c)	exercise any right to be indemnified by an Obligor;

 

		(d)	bring legal or other proceedings for an order requiring the Borrower or any other Obligor to make
any payment, or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under
this Guarantee;

 

		(e)	claim to set-off any such amount against any amount payable by the Guarantor to the Borrower or
any other Obligor; or

 

		(f)	claim any subrogation or right of contribution or other right in respect of any Finance Document
or any sum received or recovered by any Secured Party under a Finance Document.

 

    8

     

    

 

If the Guarantor receives any
benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary
to enable all amounts which may be or become payable to the Secured Parties by the Obligors under or in connection with the Finance
Documents to be repaid in full on trust for the Secured Parties and shall promptly pay or transfer the same to the Security Trustee
or as the Security Trustee may direct for application in accordance with the Loan Agreement and the Finance Documents.

 

		9	Enforcement

 

		9.1	No requirement to commence proceedings against Borrower

 

The Guarantor waives any right
it may have of first requiring the Security Trustee or any other Secured Party to proceed against or enforce any other rights or
security or claim payment from any person before claiming from the Guarantor under this Guarantee. Neither the Security Trustee
nor any other Secured Party will need to make any demand under, commence any proceedings under, or enforce any guarantee or any
Security Interest contained in or created by, the Loan Agreement or any other Finance Document before claiming or commencing proceedings
under this Guarantee. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

 

		9.2	Conclusive evidence of certain matters

 

However, as against the Guarantor:

 

		(a)	any judgment or order of a court in England or the jurisdiction of the Approved Flag or Bermuda
or the United States of America in connection with the Loan Agreement; and

 

		(b)	any statement or admission by the Borrower in connection with the Loan Agreement,

 

shall be binding and conclusive
as to all matters of fact and law to which it relates.

 

		9.3	Suspense account

 

Until all amounts which may
be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, the
Security Trustee and any Secured Party may:

 

		(a)	refrain from applying or enforcing any other moneys, security or rights held or received by it
(or any trustee or agent on its behalf which, in the case of a Secured Party, shall include the Facility Agent and the Security
Trustee) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those
amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same; and

 

		(b)	hold in an interest-bearing suspense account any moneys received from the Guarantor or on account
of the Guarantor's liability under this Guarantee.

 

		10	Representations and Warranties

 

		10.1	General

 

The Guarantor represents and
warrants to the Security Trustee as follows on the Effective Ddate
of this Guarantee, which representations and warranties shall
be deemed to be repeated, with reference mutatis mutandis to the facts and circumstances subsisting, as if made on each
day from the Effective Ddate
of this Guarantee to the end of the Security Period.

 

    9

     

    

 

		10.2	Status

 

The Guarantor is duly incorporated
and validly existing and in good standing under the laws of Bermuda as an exempted company.

 

		10.3	Corporate power

 

The Guarantor has the corporate
capacity, and has taken all corporate action and obtained all consents necessary for it:

 

		(a)	to execute this Guarantee; and

 

		(b)	to make all the payments contemplated by, and to comply with, this Guarantee.

 

		10.4	Consents in force

 

All the consents referred to
in Clause 10.3 (Corporate power) remain in force and nothing has occurred which makes any of them liable to revocation.

 

		10.5	Legal validity

 

This Guarantee constitutes
the Guarantor's legal, valid and binding obligations enforceable against the Guarantor in accordance with its terms subject to
any relevant insolvency laws affecting creditors' rights generally.

 

		10.6	No conflicts

 

The execution by the Guarantor
of this Guarantee and its compliance with this Guarantee will not involve or lead to a contravention of:

 

		(a)	any law or regulation; or

 

		(b)	the constitutional documents of the Guarantor; or

 

		(c)	any contractual or other obligation or restriction which is binding on the Guarantor or any of
its assets.

 

		10.7	No withholding taxes

 

All payments which the Guarantor
is liable to make under this Guarantee may be made without deduction or withholding for or on account of any tax payable under
any law of Bermuda or the United States of America (other than a FATCA Deduction).

 

		10.8	No default

 

To the knowledge of the Guarantor,
no Event of Default has occurred which is continuing.

 

		10.9	Information

 

All information which has been
provided in writing by or on behalf of the Guarantor to the Security Trustee or any other Secured Party in connection with any
Finance Document satisfied the requirements of Clause 11.2 (Information provided to be accurate); all audited and unaudited
accounts which have been so provided satisfied the requirements of Clause 11.4 (Form of financial statements); and there
has been no material adverse change in the financial position or state of affairs of the Guarantor from that disclosed in the latest
of those accounts.

 

    10

     

    

 

		10.10	No litigation

 

No legal or administrative
action involving the Guarantor has been commenced or taken or, to the Guarantor's knowledge, is likely to be commenced or taken
which, in either case, would be likely to have a material adverse effect on the Guarantor's ability to perform its obligations
under this Guarantee.

 

		10.11	No Security Interests

 

None of the assets or rights
of the Guarantor is subject to any Security Interest except any Security Interest which (i) qualifies as a Permitted Security Interest
with respect to the Guarantor or (ii) is permitted by Clause 11.11 (Negative pledge).

 

		10.12	Sanctions

 

		(a)	No investments made and no payments made, received or to be made by the Guarantor under the Loan
Agreement, the Transaction Documents or any Finance Document have been or shall be funded, whether directly or, to the knowledge
of the Guarantor, indirectly out of funds of Illicit Origin or derived from any activity with a Prohibited Person or in a Prohibited
Jurisdiction or which would otherwise cause any Party to be in breach of any Sanctions and none of the sources of funds to be used
by the Guarantor in connection with the Transaction Documents, the construction of the Ship or its business, whether directly or,
to the knowledge of the Guarantor, indirectly, are of Illicit Origin or derived from any activity with a Prohibited Person or in
a Prohibited Jurisdiction.

 

		(b)	No Prohibited Payment has been or will be made, received or provided, directly or indirectly, by
(or on behalf of) it or the Borrower (to the best of the Guarantor's knowledge), any of its affiliates, officers, directors or
any other person acting on its behalf to, or for the benefit of, any authority or any public or government entity (or any official,
officer, director, agent or key employee of, or other person with management responsibilities in, any authority or public or government
entity) in connection with the Ship, the Loan Agreement and/or the Finance Documents.

 

		(c)	The Guarantor:

 

		(i)	nor to its knowledge any director, officer, or Affiliate of any Obligor or member of the Group,
is not a Prohibited Person;

 

		(ii)	is not owned or controlled by or acting directly or indirectly on behalf of or for the benefit
of, a Prohibited Person; or

 

		(iii)	does not own or control a Prohibited Person.

 

    11

     

    

 

		11	Undertakings

 

		11.1	General

 

The Guarantor undertakes with
the Security Trustee to comply with the following provisions of this Clause 11 (Undertakings) at all times from the Effective
Ddate of
this Guarantee to the end of the Security Period, except as the Security Trustee may otherwise permit.

 

		11.2	Information provided to be accurate

 

All financial and other information
(but, in respect of information relating to the business and affairs of the Guarantor, excluding any forward looking statements
and projections) which is provided in writing by or on behalf of the Guarantor under or in connection with this Guarantee will
be true and not misleading and will not omit any material fact or consideration.

 

		11.3	Provision of financial statements

 

The Guarantor will send to
the Security Trustee:

 

		(a)	as soon as practicable, but in no event later than 120 days after the end of each financial year
of the Guarantor beginning with the year ending 31 December 2018, the audited consolidated accounts of the Guarantor and its subsidiaries;

 

		(b)	as soon as practicable (and in any event within forty-five (45) days
of the end of the contemplated quarter in respect of the first three quarters of each fiscal year and 90 days in respect of the
final quarter) a copy of the unaudited consolidated quarterly management accounts (including
current and year to date profit and loss statements and balance sheet compared to the previous year and to budget) of
the Guarantor certified as to their correctness by the chief financial officer of the Guarantor (it being understood that the delivery
by the Guarantor of quarterly or annual reports as filed with the Securities and Exchange Commission in respect of the Guarantor
and its consolidated subsidiaries shall satisfy all the requirements of this paragraph (b));

 

		(c)	a compliance certificate in the form set out in Schedule 1 (Form of Compliance Certificate)
to this Guarantee or in such other form as the Security Trustee may reasonably require (each a "Compliance Certificate"):

 

		(i)	for the first time, no later than the First Financial Quarter on the basis of the latest available
quarterly financial statements, and

 

		(ii)	at the same time as there is delivered to the Security Trustee, and together with, each set of
unaudited consolidated quarterly management accounts under paragraph (b) and, if applicable, audited consolidated accounts under
paragraph (a), duly signed by the chief financial officer of the Guarantor and certifying whether or not the requirements of Clause
11.15 (Financial Covenants) are then complied with;

 

		(d)	such additional financial or other relevant information regarding the Guarantor and the Group as
the Security Trustee may reasonably request;

 

(e)
as soon as practicable (and in any event within 120 days after the close of each fiscal year), commencing with the fiscal year
ending 31 December 2018, annual cash flow projections on a consolidated basis of the Group showing on a monthly basis advance ticket
sales (for at least 12 months following the date of such statement) for the Group;

 

    12

     

    

 

		(e)	(f) as soon as practicable
(and in any event not later than January 31 of each fiscal year):

 

(i)
a budget for the Group for such new fiscal year including a 12 month liquidity budget for such new fiscal year;

 

		(i)	(ii) updated financial
projections of the Group for at least the next five years (including an income statement, balance sheet statement and cash flow
statement and quarterly break downs for the first of those five years); and

 

		(ii)	(iii) an outline of
the assumptions supporting such budget and financial projections including but without limitation any scheduled drydockings.

 

		(f)	Additional Financial Reporting

 

In
addition to the information to be provided in accordance with clause ‎12.2
(Information) of the Loan Agreement and this Clause 11.3 (Provision of financial statements), the Guarantor undertakes
to provide to the Facility Agent a written report (in form and substance satisfactory to SACE) from the 2021 Deferral Effective
Date until the end of the Deferral Period, covering the information requested in the document entitled "Regular Monitoring
Requirements", the form of which is included in Schedule 2 (Regular Monitoring Requirements), within the timelines
specified therein.

 

		(g)	For the avoidance of doubt, subject to the provisions
of the Loan Agreement, paragraph (h) below and Clause 11.21 (Breach of new covenants or the Principles), the financial covenants
contained in Clause 11.15 (Financial Covenants) will continue to be tested and the reporting obligations shall continue
to apply in accordance with this Clause 11.3 (Provision of financial statements) in respect of the Deferral Period.

 

		(h)	Any breach of any financial covenant contained in
paragraphs (b) and 11.15(c) of Clause 11.15 (Financial Covenants) arising on a testing date during the Deferral Period,
by reference to the financial position of the Group (on a consolidated basis), shall not (without prejudice to the rights of the
Lenders in respect of any further breach of such financial covenants that may occur following the expiry of the Deferral Period
(including, without limitation, the ability to terminate the waiver of the financial covenants granted pursuant to paragraphs (b)
and 11.15(c) of Clause 11.15 (Financial Covenants) having occurred), and subject further to no Event of Default under clauses
18.7 (Winding-up) to clause 18.13 (Cessation of business) (inclusive) of the Loan Agreement having occurred and being
continuing), result in an Event of Default.

 

		11.4	Form of financial statements

 

All accounts (audited and unaudited)
delivered under Clause 11.3 (Provision of financial statements) will:

 

		(a)	be prepared in accordance with GAAP;

 

		(b)	when required to be audited, be audited by the auditors which are the
Guarantor's auditors at the Effective Ddate
of this Guarantee or other
auditors approved by the Security Trustee, provided that, such approval by the Security Trustee shall not be unreasonably withheld
or delayed;

 

		(c)	give a true and fair view of the state of affairs of the Guarantor and its subsidiaries at the
date of those accounts and of their profit for the period to which those accounts relate; and

 

    13

     

    

 

		(d)	fully disclose or provide for all significant liabilities of the Guarantor and its subsidiaries.

 

		11.5	Shareholder and creditor notices

 

The Guarantor will send the
Security Trustee, at the same time as they are despatched, copies of all communications which are despatched to the Guarantor's
shareholders or creditors generally or any class of them.

 

		11.6	Consents

 

The Guarantor will maintain
in force and promptly obtain or renew, and will promptly send certified copies to the Security Trustee of, all consents required:

 

		(a)	for the Guarantor to perform its obligations under this Guarantee;

 

		(b)	for the validity or enforceability of this Guarantee,

 

and the Guarantor will comply
with the terms of all such consents.

 

		11.7	Notification of litigation

 

The Guarantor will provide
the Security Trustee with details of any material legal or administrative action involving the Guarantor as soon as such action
is instituted or it becomes apparent to the Guarantor that it is likely to be instituted (and for this purpose proceedings shall
be deemed to be material if they involve a claim in an amount exceeding twenty million Dollars ($20,000,000) or the equivalent
in another currency).

 

		11.8	Domicile and principal place of business

 

The Guarantor:

 

		(a)	will maintain its domicile and registered office at the address stated at the commencement of this
Guarantee or at such other address in Bermuda as is notified beforehand to the Security Trustee;

 

		(b)	will maintain its principal place of business and keep its corporate
documents and records in the United States of America at 7665 Corporate Center Drive, Miami, 33126, Florida (Fax:
(305) 436 4140) or at such other address in the United States of America as is notified
beforehand to the Security Trustee; and

 

		(c)	will not move its domicile out of Bermuda nor its principal place of business out of the United
States of America without the prior agreement of the Security Trustee, acting with the authorisation of the Secured Parties, such
agreement not to be unreasonably withheld.

 

		11.9	Notification of default

 

The Guarantor will notify the
Security Trustee as soon as the Guarantor becomes aware of the occurrence of an Event of Default and will thereafter keep the Security
Trustee fully up-to-date with all developments.

 

		11.10	Maintenance of status

 

The Guarantor will maintain
its separate corporate existence and remain in good standing under the laws of Bermuda.

 

    14

     

    

 

		11.11	Negative pledge

 

The Guarantor shall not, and
shall procure that the Borrower will not, create or permit to arise any Security Interest over any asset present or future except
Security Interests created or permitted by the Finance Documents and except for the following:

 

		(a)	Security Interests created with the prior consent of the Security Trustee or otherwise permitted
by the Finance Documents;

 

		(b)	in the case of the Guarantor, Security Interests which qualify as Permitted Security Interests
with respect to the Guarantor;

 

		(c)	in the case of the Borrower, Security Interests permitted under clause 12.8 (Negative pledge)
of the Loan Agreement;

 

		(d)	Security Interests provided in favour of lenders under and in connection with any refinancing of
the Existing Indebtedness or any financing arrangements entered into by any member of the Group for the acquisition of additional
or replacement ship(s) (including any refinancing of any such arrangement) but limited to:

 

		(i)	pledges of the share capital of the relevant ship owning subsidiary(/ies); and/or

 

		(ii)	ship mortgages and other securities over the financed ship(s).

 

		11.12	No disposal of assets, change of business

 

The Guarantor will:

 

		(a)	not, and shall procure that its subsidiaries, as a group, shall not, transfer all or substantially
all of the cruise vessels owned by them and shall procure that any cruise vessels which are disposed of in compliance with the
foregoing shall be disposed on a willing seller willing buyer basis at or about market rate and at arm's length subject always
to the provisions of any pertinent loan documentation, and

 

		(b)	continue to be a holding company for a group of companies whose main business is the operation
of cruise vessels as well as the marketing of cruises on board such vessels and the Guarantor will not change its main line of
business so as to affect any Obligor's ability to perform its obligations under the Finance Documents or to imperil, in the opinion
of the Security Trustee, the security created by any of the Finance Documents or the SACE Insurance Policy.

 

		11.13	No merger etc.

 

The Guarantor shall not enter
into any form of merger, sub-division, amalgamation, restructuring, consolidation, winding-up, dissolution or anything analogous
thereto or acquire any entity, share capital or obligations of any corporation or other entity (each of the foregoing being a "Transaction")
unless:

 

		(a)	the Guarantor has notified the Security Trustee in writing of the agreed terms of the relevant
Transaction promptly after such terms have been agreed as heads of terms (or similar) and thereafter notified the Security Trustee
in writing of any significant amendments to such terms during the course of the negotiation of the relevant Transaction; and

 

    15

     

    

 

		(b)	the relevant Transaction does not require or involve or result in any dissolution of the Guarantor
so that at all times the Guarantor remains in existence; and

 

		(c)	each notice delivered to the Security Trustee pursuant to paragraph (a) above is accompanied by
a certificate signed by the chief financial officer of the Guarantor whereby the Guarantor represents and warrants to the Security
Trustee that the relevant Transaction will not:

 

		(i)	adversely affect the ability of any Obligor to perform its obligations under the Finance Documents;

 

		(ii)	imperil the security created by any of the Finance Documents or the SACE Insurance Policy; or

 

		(iii)	affect the ability of the Guarantor to comply with the financial covenants contained in Clause
11.15 (Financial Covenants); and

 

		(d)	if the merger or analogous transaction involves the Guarantor or the Borrower, all the necessary
 "Know your customer requirements" have been complied with.

 

		11.14	Maintenance of ownership of the
Borrower and Guarantorthe
Shareholder.

 

		(a)	The Guarantor shall remain the direct or indirect beneficial owner of the entire issued and allotted
share capital of the Shareholder, free from any Security Interest and the Shareholder shall remain the legal holder and direct
beneficial owner of all shares in the Borrower, free from any Security Interest, except that created in favour of the Security
Trustee.

 

		(b)	No person or "group" (within the meaning of Rules 13d-3 and
13d-5 under the Securities Exchange Act of 1934 (15 USC §78a et seq.) as in effect on the date of this Guarantee) shall acquire
beneficial ownership of 35% or more on a fully diluted basis of the voting interest in the Guarantor's equity interests
unless the Management shall own directly or indirectly, more than such person or “group”
on a fully diluted basis of the voting interest in the Guarantor’s equity interests.

 

		11.15	Financial Covenants

 

		(a)	The Guarantor will not permit the Free Liquidity to be less than fifty
million Dollars ($50,000,000) at any time, save that during the
Deferral Period this amount shall be increased to two hundred million Dollars ($200,000,000).

 

		(b)	The Guarantor will not permit the ratio of Total Net Funded Debt to Total Capitalization to be
greater than 0.70:1.00 at any time.

 

		(c)	The Guarantor will not permit the ratio of Consolidated EBITDA to Consolidated Debt Service for
the Group at the end of any fiscal quarter, computed for the period of the four consecutive fiscal quarters ending as at the end
of the relevant fiscal quarter, to be less than 1.25:1.00 unless the Free Liquidity of the Group at all times during such period
of four consecutive fiscal quarters ending as at the end of such fiscal quarter was equal to or greater than one hundred million
Dollars ($100,000,000).

 

    16

     

    

 

		11.16	Financial definitions

 

For the purposes of Clause
11.15 (Financial Covenants):

 

		(a)	"Cash Balance" shall mean, at any date of determination, the unencumbered and
otherwise unrestricted cash and Cash Equivalents of the Group;

 

		(b)	"Cash Equivalents" shall mean (i) securities issued
or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full
faith and credit of the United States is pledged in support thereof) having maturities of not more than one year from the date
of acquisition, (ii) time deposits and certificates of deposit of any commercial bank having, or which is the principal banking
subsidiary of a bank holding company having capital, surplus and undivided profits aggregating in excess of two hundred million
Dollars ($200,000,000), with maturities of not more than one year from the date of acquisition by any person, (iii) repurchase
obligations with a term of not more than 90 days for underlying securities of the types described in clause (i) above entered into
with any bank meeting the qualifications specified in clause (ii) above, (iv) commercial paper issued by any person incorporated
in the United States rated at least A-1 or the equivalent thereof by S&P or at least PB-1
or the equivalent thereof by Moody's and in each case maturing not more than one year after the date of acquisition by any other
person, and (v) investments in money market funds substantially all of whose assets are comprised of securities of the types described
in clauses (i) through (iv) above;

 

		(c)	"Consolidated Debt Service" shall mean, for any relevant period, the sum (without
double counting), determined in accordance with GAAP, of:

 

		(i)	the aggregate principal payable or paid during such period on any Indebtedness for Borrowed Money
of any member of the Group, other than:

 

		(A)	principal of any such Indebtedness for Borrowed Money prepaid at the option of the relevant member
of the Group or by virtue of "cash sweep" or "special liquidity" cash sweep provisions (or analogous provisions)
in any debt facility of the Group;

 

		(B)	principal of any such Indebtedness for Borrowed Money prepaid upon a sale or a Total Loss of any
ship (as if references in that definition were to all ships and not just the Ship) owned or leased under a capital lease by any
member of the Group; and

 

		(C)	balloon payments of any such Indebtedness for Borrowed Money payable during such period (and for
the purpose of this paragraph (c) a "balloon payment" shall not include any scheduled repayment instalment of such Indebtedness
for Borrowed Money which forms part of the balloon);

 

		(ii)	Consolidated Interest Expense for such period;

 

		(iii)	the aggregate amount of any dividend or distribution of present or future assets, undertakings,
rights or revenues to any shareholder of any member of the Group (other than the Guarantor, or one of its wholly owned Subsidiaries)
or any dividends or distributions other than tax distributions in each case paid during such period; and

 

		(iv)	all rent under any capital lease obligations by which the Guarantor or any consolidated Subsidiary
is bound which are payable or paid during such period and the portion of any debt discount that must be amortized in such period;

 

as calculated in accordance
with GAAP and derived from the then latest accounts delivered under Clause 11.3 (Provision of financial statements);

 

    17

     

    

 

		(d)	"Consolidated EBITDA" shall mean, for any relevant period, the aggregate of:

 

		(i)	Consolidated Net Income from the Guarantor's operations for such period; and

 

		(ii)	the aggregate amounts deducted in determining Consolidated Net Income for such period in respect
of gains and losses from the sale of assets or reserves relating thereto, Consolidated Interest Expense, depreciation and amortization,
impairment charges and any other non-cash charges and deferred income tax expense for such period.

 

		(e)	"Consolidated Interest Expense" shall mean, for any relevant period, the consolidated
interest expense (excluding capitalized interest) of the Group for such period;

 

		(f)	"Consolidated Net Income" shall mean, for any relevant period, the consolidated
net income (or loss) of the Group for such period as determined in accordance with GAAP;

 

		(g)	"Free Liquidity" shall mean, at any date of determination, the aggregate of the
Cash Balance or any other amounts available for drawing under other revolving or other credit facilities of the Group, which remain
undrawn, could be drawn for general working capital purposes or other general corporate purposes and would not, if drawn, be repayable
within six months;

 

		(h)	"Indebtedness" shall mean any obligation for the payment or repayment of money,
whether as principal or as surety and whether present or future, actual or contingent including, without limitation, pursuant to
an Interest Rate Protection Agreement or Other Hedging Agreement;

 

		(i)	"Indebtedness for Borrowed Money" shall mean Indebtedness (whether present or
future, actual or contingent, long-term or short-term, secured or unsecured) in respect of:

 

		(i)	moneys borrowed or raised;

 

		(ii)	the advance or extension of credit (including interest and other charges on or in respect of any
of the foregoing);

 

		(iii)	the amount of any liability in respect of leases which, in accordance with GAAP, are capital leases;

 

		(iv)	the amount of any liability in respect of the purchase price for assets or services payment of
which is deferred for a period in excess of 180 days;

 

		(v)	all reimbursement obligations whether contingent or not in respect of amounts paid under a letter
of credit or similar instrument; and

 

		(vi)	(without double counting) any guarantee of Indebtedness falling within
sub-paragraphs (i)
(i) to (v) above;

 

PROVIDED THAT the following
shall not constitute Indebtedness for Borrowed Money:

 

		(A)	loans and advances made by other members of the Group which are subordinated to the rights of the
Secured Parties;

 

		(B)	loans and advances made by any shareholder of the Guarantor which are subordinated to the rights
of the Secured Parties on terms reasonably satisfactory to the Facility Agent; and

 

    18

     

    

 

		(C)	any liabilities of the Guarantor or any other member of the Group under any Interest Rate Protection
Agreement or any Other Hedging Agreement or other derivative transactions of a non-speculative nature;

 

		(j)	"Interest Rate Protection Agreement" shall mean any interest rate swap agreement,
interest rate cap agreement, interest collar agreement, interest rate hedging agreement, interest rate floor agreement or other
similar agreement or arrangement entered into between a Lender or its Affiliate, or a Joint Mandated Lead Arranger or its Affiliate,
and the Guarantor and/or the Borrower in relation to the Secured Liabilities of the Borrower under the Loan Agreement;

 

		(k)	"Other Hedging Agreement" shall mean any foreign exchange contracts, currency
swap agreements, commodity agreements or other similar agreements or arrangements entered into between a Lender or its Affiliate,
or a Joint Mandated Lead Arranger or its Affiliates, and the Guarantor and/or the Borrower in relation to the Secured Liabilities
of the Borrower under the Loan Agreement and designed to protect against the fluctuations in currency or commodity values;

 

		(l)	"Total Capitalization" means, at any date of determination, the Total Net Funded
Debt plus the consolidated stockholders' equity of the Group at such date determined in accordance with GAAP and derived from the
then latest accounts delivered under Clause 11.3 (Provision of financial statements); provided it is understood that the
effect of any impairment of intangible assets shall be added back to stockholders' equity; and

 

		(m)	"Total Net Funded Debt" shall mean, as at any relevant date:

 

		(i)	Indebtedness for Borrowed Money of the Group on a consolidated basis; and

 

		(ii)	the amount of any Indebtedness for Borrowed Money of any person which is not a member of the Group
but which is guaranteed by a member of the Group as at such date;

 

less an amount equal
to any Cash Balance as at such date; provided that any Commitments and other amounts available for drawing under other revolving
or other credit facilities of the Group which remain undrawn shall not be counted as cash or indebtedness for the purposes of this
Guarantee.

 

		11.17	Negative Undertakings

 

		(a)	The Guarantor may,
subject to the provisions of paragraph (c) below:

 

		(i)	at any time prior to the end of the First Financial Quarter, declare or pay dividends or make other
distributions or payment in respect of Financial Indebtedness owed to its shareholders without the prior written consent of the
Security Trustee;

 

		(ii)	at any time after the end of the First Financial Quarter, declare or pay dividends or make other
distributions or payment in respect of Financial Indebtedness owed to its shareholders without the prior written consent of the
Security Trustee, subject to it on each such occasion satisfying the Security Trustee acting on behalf of the Secured Parties that
it will continue to meet all the requirements of Clause 11.15 (Financial Covenants), if such covenants were to be tested
immediately following the payment of any such dividend; and

 

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		(iii)	pay dividends (x) to persons responsible for paying the tax liability in respect of consolidated,
combined, unitary or affiliated tax returns for each relevant jurisdiction of the Group, or (y) to holders of the Guarantor's Capital
Stock with respect to income taxable as a result of a member of the Group being taxed as a pass-through entity for U.S. Federal,
state and local income tax purposes or attributable to any member of the Group,

 

provided that the actions in
sub paragraphs (ii) and (iii) above shall only be permitted
if there is no Event of Default which is continuing under the Loan Agreement and no Event of Default would arise from the payment
of such dividend.

 

		(b)	TheSubject
to the restrictions set out in Clause 11.19 (New Capital raises or financing) below, the Guarantor
shall not, and shall procure that none of its subsidiaries shall:

 

		(i)	make loans to any person that is not the Guarantor or a direct or indirect subsidiary of the Guarantor;
or

 

		(ii)	issue or enter into one or more guarantees covering the obligations of any person which is not
the Guarantor or a direct or indirect subsidiary of the Guarantor,

 

except if such loan is granted
to a non subsidiary or such guarantee is issued in the ordinary course of business covering the obligations of a non subsidiary
and the aggregate amount of all such loans and guarantees made or issued by the Guarantor and its subsidiaries does not exceed
[*] Dollars ($[*]) or is otherwise approved by the Security Trustee which approval shall not be
unreasonably withheld if such loan or guarantee in respect of a non subsidiary would neither:

 

		(A)	affect the ability of any Obligor to perform its obligations under the Finance Documents; nor

 

		(B)	imperil the security created by any of the Finance Documents or the SACE Insurance Policy; nor

 

		(C)	affect the ability of the Guarantor to comply with the financial covenants contained in Clause
11.15 (Financial Covenants) if such covenants were to be tested immediately following the grant of such loan or the issuance
of such guarantee, as demonstrated by evidence satisfactory to the Security Trustee.

 

		(c)	Dividend Restriction

 

Neither
the Guarantor nor the Holding shall, and the Guarantor shall procure that none of its subsidiaries shall: 

 

		(i)	declare, make or pay any dividend or other distribution
(or interest on any unpaid dividend or other distribution) (whether in cash or in kind) on or in respect of its share capital (or
any class of its share capital);

 

		(ii)	repay or distribute any dividend or share premium
reserve;

 

		(iii)	make any repayment of any kind under any shareholder
loan; or

 

		(iv)	redeem, repurchase (whether by way of share buy-back
program or otherwise), defease, retire or repay any of its share capital or resolve to do so,

 

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during
the period up to and including 31 December 2022, except that (A) any Obligor other than the Guarantor may pay dividends and other
distributions, directly or indirectly, to the Guarantor for the purpose of providing liquidity to the Guarantor to enable the Guarantor
to satisfy payment obligations for which the Guarantor is an obligor, (B) any Obligor may pay dividends in respect of the Tax liability
to each relevant jurisdiction in respect of consolidated, combined, unitary or affiliated Tax returns for each relevant jurisdiction
of the Group or the Holding or holder of the Guarantor’s capital stock with respect to income taxable as a result of any
member of the Group or the Holding being taxed as a pass-through entity for U.S. Federal, state and local income Tax purposes or
attributable to any member of the Group, (C) the Guarantor and the Holding may pay dividends and other distributions (x) in respect
of a conversion, exchange, or repurchase of convertible or exchangeable notes and any conversion of preference shares to ordinary
shares in connection therewith, provided that the cash portion of a repurchase of convertible or exchangeable notes is limited
to the amount of interest that would otherwise be payable through maturity on the amount of such convertible or exchangeable notes
being repurchased plus any amount in lieu of fractional shares, and (y) to the extent contractually owed to holders of equity in
the Guarantor or the Holding and (D) the Guarantor may pay dividends and other distributions to the Holding for the purposes of
providing cash to the Holding for the payment of any Tax payable in connection with the Holding's equity plan,

 

provided
that the actions in paragraphs (B) and (C) above shall only be permitted if there is no Event of Default which is continuing under
the Loan Agreement and no Event of Default would arise from the payment of such dividend.

 

For
the avoidance of doubt, the Holding gives no guarantee of any kind nor undertakes any obligations under this Guarantee other than
the undertaking as expressly specified in paragraph (c) above.

 

		11.18	Most favoured nations

 

		(a)	The Guarantor undertakes that if at any time after the Effective
Ddate of
this Guarantee it enters into any financial contract or financial document relating to any
Financial Indebtedness with or which has the support of any export credit agency and which contains pari passu provisions
or cross default provisions which are more favourable to the lenders than those contained in paragraph (l) of clause 11.2
(Continuing representations and warranties) of the Loan Agreement and clause 18.6 (Cross default) of the Loan Agreement
respectively, the Guarantor shall immediately notify the Borrower and the Facility Agent of such provisions and the relevant provisions
contained in the Loan Agreement shall be deemed amended so that such more favourable pari passu provisions or cross default
provisions are granted to the Creditor Parties pursuant to the Loan Agreement.

 

		(b)	The Guarantor undertakes that if at any time after
the date of this Guarantee, it or any other member of the Group is required to grant additional security in relation to a financial
contract or financial document relating to any existing Financial Indebtedness:

 

		(i)	with the support of any export credit agency (excluding
any extensions, increases or changes to the terms and conditions thereof), such security shall be granted on a pari passu
basis to the Lenders (and the Security Trustee agrees to enter and/or procure the entry by the relevant Secured Parties into such
intercreditor documentation to reflect such pari passu ranking (in form and substance reasonably satisfactory to the Secured Parties)
as may be required in connection with such arrangements); or

 

    21

     

    

		(ii)	without the support of any export credit agency (excluding
any extensions, increases or changes to the terms and conditions thereof), such security shall (without prejudice to any of the
Obligors' other obligations under the Finance Documents), subject to the provisions of Clause 11.11 (Negative pledge) of
this Guarantee and clause 12.8 (Negative pledge) of the Loan Agreement, be permitted provided that it shall not have an
adverse effect on any Security Interests or other rights granted to the Secured Parties under the Finance Documents.

 

		(c)	In respect of any new Financial Indebtedness (other
than Permitted Financial Indebtedness), or any extensions, increases or changes to the terms and conditions of any existing Financial
Indebtedness, in each case with or which has the support of any export credit agency, the Guarantor shall enter into good faith
negotiations with the Security Trustee to grant additional security for the purpose of further securing the Loan, provided that
any failure to reach agreement under this paragraph (c) following such good faith negotiations shall not constitute an Event of
Default.

 

		11.19	New capital raises or financing

 

		(a)	Save as provided below:

 

		(i)	no new debt or equity issuance shall be raised and
no new Financial Indebtedness shall be incurred by the Group (including, for the avoidance of doubt, inter-company loans);

 

		(ii)	no non-arm's length disposals of any asset relating
to the Group fleet shall be made; and

 

		(iii)	no additional Security Interests securing existing
Financial Indebtedness will be created or permitted to subsist by any Obligor (unless the Lenders benefit from this new security
on a pari passu basis),

 

during
the Deferral Period. 

 

		(b)	The restrictions in paragraph (a) above shall not
apply in relation to:

 

		(i)	any refinancing of any bond issuance of, or loan
entered into by, the Group (A) which matures during such period or (B) where not maturing during such period, which shall be on
terms which include any of the following (evidence of which shall be provided to the Facility Agent by the Guarantor) resulting,
when taken as a whole, in an improvement of the ability of the Obligors to meet their obligations under the Finance Documents:
an extension of the repayment terms; a decrease in the interest rate; or the conversion of such Financial Indebtedness from secured
to unsecured or first to second priority;

 

		(ii)	any debt or equity issuance provided prior to 31
December 2022 to provide the Group with crisis and/or recovery related funding in respect of the impact of the Covid-19 pandemic;

 

		(iii)	any debt or equity issuance being raised on or after
31 December 2022 to support the Group with the impact of the Covid-19 pandemic, made with the prior written consent of SACE;

 

    22

     

    

		(iv)	any debt or equity issuance being raised to finance
any instalment of a cruise vessel already contracted for or contracted for during such period or any refurbishment, maintenance,
upgrade or lengthening of a cruise ship during such period (including without limitation any costs incurred by the owner of a cruise
ship in connection therewith);

 

		(v)	any debt or equity issuance being raised to finance
capital expenditure for projects which are already contracted for but in respect of which committed financing has not yet been
obtained, and which, in each case has been (or will be) listed in the Information Package submitted to the Facility Agent prior
to the 2021 Deferral Effective Date;

 

		(vi)	any extension or renewal of revolving credit facilities,
and made with the prior written consent of SACE if any additional security is to be granted;

 

		(vii)	any new debt or equity issuance otherwise agreed
by SACE;

 

		(viii)	any inter-company loan or operating arrangement which
from an accounting perspective has the effect of an intercompany loan (an "intercompany arrangement") which:

 

		(A)	is existing as at the date of the 2021 Amendment
and Restatement Agreement;

 

		(B)	is made among any Group members or any Group member
with the Holding provided that:

 

		(1)	any inter-company arrangement is made solely for
the purpose of regulatory or Tax purposes carried out in the ordinary course of business and on an arm's length basis; and

 

		(2)	the aggregate principal amount of any inter-company
arrangements pursuant to this paragraph (B) does not exceed [*] Dollars ($[*]) at any time; or

 

		(C)	has been approved with the prior written consent
of SACE.

 

		(ix)	any Permitted Security Interest;

 

		(x)	any Security Interest otherwise approved with the
prior written consent of SACE; 

 

		(xi)	any Financial Indebtedness incurred in the ordinary
course of business which in the aggregate does not exceed USD [*] during any twelve-month period; or

 

		(xii)	without prejudice to clauses 12.11 (Mergers)
and 12.15 (Investments) of the Loan Agreement and Clause 11.13 (No merger), the issuance of share capital by any
Group member to another Group member.

 

		11.20	Payments under the Shipbuilding Contracts

 

Until
the end of the Deferral Period:

 

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		(a)	the Guarantor shall and the Guarantor shall procure
that any member of the Group that has entered into a shipbuilding contract with a shipbuilder or enters into any such shipbuilding
contract, in each case which is financed with the support of SACE (the "Covered Shipbuilding Contracts") shall
continue to perform all of their respective obligations as set out in any Covered Shipbuilding Contract (including without limitation
the payment of any instalments due under any Covered Shipbuilding Contract (as the same may have been amended prior to the 2021
Deferral Effective Date), and subject to any amendment agreed pursuant to paragraph (b) below). The Guarantor shall and the Guarantor
shall procure that any member of the Group shall promptly notify the Facility Agent and SACE of any failure by it to comply with
any due and owing obligations under a Covered Shipbuilding Contract; and

 

		(b)	the Guarantor shall and the Guarantor shall procure
that any member of the Group further undertakes to consult with the Facility Agent and SACE in respect of any proposed amendment
to a Covered Shipbuilding Contract insofar as any such proposed amendment relates to a payment instalment or (save as expressly
permitted by the Loan Agreement) a delivery date or any other substantial amendment which may affect the related financing and
to obtain the Facility Agent and SACE's approval prior to executing any such amendment.

 

		11.21	Breach of new covenants or the Principles

 

		(a)	Failure to comply, until the end of the Deferral
Period, with the provisions of paragraph (f) of Clauses 11.3 (Additional financial reporting), paragraph (c) of 11.17 (Dividend
Restriction), 11.19 (New capital raises or financing), 11.20 (Payments under the Shipbuilding Contracts), or
to otherwise duly perform and observe the other requirements and obligations set out in the Principles shall, in each case, not
constitute an Event of Default under the Loan Agreement but shall (in the case of any failure that is capable of remedy (in the
opinion of the Facility Agent, at its sole discretion), including any failure to comply with Clause 11.20 (Payments under the
Shipbuilding Contracts) or paragraph (f) of Clause 11.3 (Additional financial reporting), only if such failure is not
remedied within the Relevant Period pursuant to clause 18.4 (Breach of other obligations) of the Loan Agreement from the
date of such failure to comply) result in the reinstatement by the Facility Agent from the date of such breach of the requirement
to comply with the financial covenants set out in paragraphs (b) and (c) of Clause 11.15 (Financial covenants) which was
otherwise suspended during the Deferral Period.

 

		(b)	Save as permitted by Clause 11.19 (New capital
raises or financing), if at any time after the 2021 Deferral Effective Date:

 

		(i)	the Guarantor or any other Group member enters into
any financial contract or financial document relating to any Financial Indebtedness and which contains any debt deferral or covenant
waivers of existing debt, or the raising of any new debt intended to reimburse existing debt that benefits from additional security
or more favourable terms than those available to the Lenders (unless they are granted to the Lenders on a pari passu basis),
the requirement to comply with the financial covenants set out in paragraphs (b) and (c) of Clause 11.15 (Financial covenants)
which was otherwise suspended during the Deferral Period shall be reinstated; or

 

		(ii)	the Guarantor or any other Group member makes a prepayment
(save for any mandatory prepayment necessary to avoid an event of default (however defined)) of any Financial Indebtedness (unless
this is done on a pari passu basis with the obligations owed to the Lenders hereunder), the requirement to comply with the
financial covenants set out in paragraphs (b) and (c) of Clause 11.15 (Financial covenants) which was otherwise suspended
during the Deferral Period shall be reinstated.

 

    24

     

    

		11.22	11.19 Sanctions and
Illicit Payments

 

No payments made or received
by the Guarantor under the Loan Agreement or any Finance Document shall be funded directly or, to the knowledge of the Guarantor,
indirectly out of funds of Illicit Origin or derived from any activity with a Prohibited Person or in a Prohibited Jurisdiction
or which would otherwise cause any Party to be in breach of any Sanctions, and none of the sources of funds to be used by the Guarantor
in connection with the Transaction Documents or the construction of the Ship or its business shall be of directly or, to the knowledge
of the Guarantor, indirectly Illicit Origin or derived from any activity with a Prohibited Person or in a Prohibited Jurisdiction.

 

		11.23	11.20 Prohibited Payments

 

No Prohibited Payment shall
be received, made or provided, directly or indirectly, by (or on behalf of) the Guarantor or any of its affiliates, officers, directors
or any other person acting on its behalf to, or for the benefit of, any authority or public or government entity (or any official,
officer, director, agent or key employee of, or other person with management responsibilities in, any authority or public or government
entity) in connection with the Ship, this Agreement, the Loan Agreement and/or the other Finance Documents.

 

		11.24	11.21 Sanctions

 

The Guarantor shall comply,
or procure compliance by the entities and persons referred to in Clause 11.2011.23
(Prohibited Payments), with all Sanctions and shall provide details of any material litigation, arbitration or
administrative proceedings relating to any alleged or actual breach of Sanctions.

 

		11.25	11.22 Additional Undertakings

 

The Guarantor shall not and
shall procure that no Obligor shall do (or fail to do) or cause or permit another person to do (or omit to do) anything which is
likely to:

 

		(a)	make it unlawful for an Obligor to perform any of its obligations under the Transaction Documents;

 

		(b)	cause any obligation of an Obligor under the Finance Documents to cease to be legal, valid, binding
or enforceable if that cessation individually or together with any other cessations materially or adversely affects the interests
of the Secured Parties under the Transaction Documents;

 

		(c)	cause any Transaction Document to cease to be in full force and effect;

 

		(d)	cause any Security Interest created under the Finance Documents to lose its priority or ranking;
and

 

		(e)	imperil or jeopardise any Security Interest created under the Finance Documents.

 

		12	Judgments and Currency Indemnity

 

		12.1	Judgments relating to Loan Agreement

 

This Guarantee shall cover
any amount payable by the Borrower under or in connection with any judgment relating to the Loan Agreement.

 

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		12.2	Currency indemnity

 

In addition, clause 20.4 (Currency
indemnity) of the Loan Agreement shall apply, with any necessary adaptations, in relation to this Guarantee.

 

		13	Set-Off

 

		13.1	Application of credit balances

 

Each Secured Party may without
prior notice:

 

		(a)	apply any balance (whether or not then due) which at any time stands to the credit of any account
in the name of the Guarantor at any office in any country of that Secured Party in or towards satisfaction of any sum then due
from the Guarantor to that Secured Party under this Guarantee; and

 

		(b)	for that purpose:

 

		(i)	break, or alter the maturity of, all or any part of a deposit of the Guarantor;

 

		(ii)	convert or translate all or any part of a deposit or other credit balance into Dollars; or

 

		(iii)	enter into any other transaction or make any entry with regard to the credit balance which the
Secured Party concerned considers appropriate.

 

		13.2	Existing rights unaffected

 

No Secured Party shall be obliged
to exercise any of its rights under Clause 13.1 (Application of credit balances); and those rights shall be without prejudice
and in addition to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Secured Party
is entitled (whether under the general law or any document).

 

		13.3	Sums deemed due to a Lender

 

For the purposes of this Clause
13 (Set-Off), a sum payable by the Guarantor to the Security Trustee for distribution to, or for the account of, a Lender
shall be treated as a sum due to that Lender; and each Lender's proportion of a sum so payable for distribution to, or for the
account of, the Lenders shall be treated as a sum due to that Lender.

 

		14	Supplemental

 

		14.1	Continuing guarantee

 

This Guarantee shall remain
in force as a continuing security at all times during the Security Period, regardless of any intermediate payment or discharge
in whole or in part.

 

		14.2	Rights cumulative, non-exclusive

 

The Security Trustee's rights
under and in connection with this Guarantee are cumulative, may be exercised as often as appears expedient and shall not be taken
to exclude or limit any right or remedy conferred by law.

 

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		14.3	No impairment of rights under Guarantee

 

If the Security Trustee omits
to exercise, delays in exercising or invalidly exercises any of its rights under this Guarantee, that shall not impair that or
any other right of the Security Trustee under this Guarantee.

 

		14.4	Severability of provisions

 

If any provision of this Guarantee
is or subsequently becomes void, illegal, unenforceable or otherwise invalid, that shall not affect the validity, legality or enforceability
of its other provisions.

 

		14.5	Guarantee not affected by other security

 

This Guarantee is in addition
to and shall not impair, nor be impaired by, any other guarantee, any Security Interest or any right of set-off or netting or to
combine accounts which the Security Trustee or any Secured Party may now or later hold in connection with the Loan Agreement.

 

		14.6	Guarantor bound by Loan Agreement

 

		(a)	The Guarantor is fully familiar with, and agrees
to all the provisions of, the Loan Agreement and the other Finance Documents to which it is not a party.

 

		(b)	The Guarantor agrees with the Security
Trustee:

 

		(i)	The Guarantor agrees with the Security Trustee to
be bound by all provisions of the Loan Agreement which are applicable to the Obligors in the same way as if those provisions had
been set out (with any necessary modifications) in this Guarantee.;
and

 

		(ii)	that any provision of the Loan Agreement which, by
its terms, applies or relates to the Finance Documents generally applies to this Guarantee.

 

		(c)	Clause 23 (Bail-In) of the Loan Agreement
shall apply to this Guarantee as if it was expressly incorporated in this Guarantee with any necessary modifications.

 

		14.7	Applicability of provisions of Guarantee to other Security Interests

 

Any Security Interest which
the Guarantor creates (whether at the time at which it signs this Guarantee or at any later time) to secure any liability under
this Guarantee shall be a principal and independent security, and Clauses 3 (Liability as Principal and Independent Debtor)
and 17 (Invalidity of Loan Agreement) shall, with any necessary modifications, apply to it, notwithstanding that the document
creating the Security Interest neither describes it as a principal or independent security nor includes provisions similar to Clauses
3 (Liability as Principal and Independent Debtor) and 17 (Invalidity of Loan Agreement).

 

		14.8	Applicability of provisions of Guarantee to other rights

 

Clauses 3 (Liability as
Principal and Independent Debtor) and 17 (Invalidity of Loan Agreement) shall also apply to any right of set-off or
netting or to combine accounts which the Guarantor creates by an agreement entered into at the time of this Guarantee or at any
later time (notwithstanding that the agreement does not include provisions similar to Clauses 3 (Liability as Principal and
Independent Debtor) and 17 (Invalidity of Loan Agreement)), being an agreement referring to this Guarantee.

 

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		14.9	Third party rights

 

Other than a Secured Party
or the Italian Authorities, no person who is not a party to this Guarantee has any right under the Contracts (Rights of Third Parties)
Act 1999 to enforce or to enjoy the benefit of any term of this Guarantee.

 

		14.10	Waiver of rights against SACE

 

Nothing in this Guarantee or
any of the Finance Documents is intended to grant to the Guarantor or any other person any right of contribution from or any other
right or claim against SACE and the Guarantor hereby waives irrevocably any right of contribution or other right or claim as between
itself and SACE.

 

		14.11	Reinstatement

 

If
any discharge, release or arrangement (whether in respect of the obligations of the Borrower or any security for those obligations
or otherwise) is made by a Secured Party in whole or in part on the basis of any payment, security or other disposition which is
avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of
the Guarantor under this Guarantee will continue or be reinstated as if the discharge, release or arrangement had not occurred.

 

		14.12	Guarantor intent

 

Without
prejudice to the generality of Clause 1.3 (Application of construction and interpretation provisions of the Loan Agreement)
and Clause 3.2 (Waiver of rights and defences), the Guarantor expressly confirms that it intends that this Guarantee and
any Security Interest created by it under any Finance Document shall extend from time to time to any (however fundamental) variation,
increase, extension or addition of or to any of the Finance Documents and/or any facility or amount made available under any of
the Finance Documents for the purposes of or in connection with any of the following: business acquisitions of any nature; increasing
working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing
any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for which
any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any
of the foregoing.

 

		14.13	Certification or determination

 

Any certification or determination
by the Security Trustee of a rate or amount under any Finance Document or this Guarantee is, in the absence of manifest error,
conclusive evidence of the matters to which it relates.

 

		14.14	14.12 SACE subrogation

 

The Guarantor acknowledges
that immediately upon any payment by SACE of any amount due under the SACE Insurance Policy, SACE shall be automatically subrogated
to the extent of such payment to the rights of the Security Trustee under this Guarantee in accordance with the SACE Insurance
Policy.

 

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		15	Assignment and Transfer

 

		15.1	Assignment and transfer by Security Trustee

 

		(a)	The Security Trustee may assign or transfer its rights under and in connection with this Guarantee
to the same extent as it may assign or transfer its rights under the Loan Agreement.

 

		(b)	The Guarantor may not assign or transfer its rights under and in connection with this Guarantee.

 

		16	Notices

 

		16.1	Notices to Guarantor

 

Any notice or demand to the
Guarantor under or in connection with this Guarantee shall be given by letter or faxemail
at:

 

NCL Corporation Ltd.

7665 Corporate Center Drive

Miami

Florida, 33126

Fax: (305)
436 4140

 

Attention:
Chief Financial Officer and General Counsel

 

Email:
[*] / [*]

 

or to such other address which
the Guarantor may notify to the Security Trustee.

 

		16.2	Application of certain provisions of Loan Agreement

 

Clauses 32.3 (Effective
date of notices) to 32.9 (Meaning of "notice") of the Loan Agreement apply to any notice or demand under or
in connection with this Guarantee.

 

		16.3	Validity of demands

 

A demand under this Guarantee
shall be valid notwithstanding that it is served:

 

		(a)	on the date on which the amount to which it relates is payable by the Borrower under the Loan Agreement;
or

 

		(b)	at the same time as the service of a notice under clause 18.21 (Actions following an Event of
Default) of the Loan Agreement;

 

and a demand under this Guarantee
may refer to all amounts payable under or in connection with the Loan Agreement without specifying a particular sum or aggregate
sum.

 

		16.4	Notices to Security Trustee

 

Any notice to the Security
Trustee under or in connection with this Guarantee shall be sent to the same address and in the same manner as notices to the Security
Trustee under the Loan Agreement.

 

    29

     

    

		17	Invalidity of Loan Agreement

 

		17.1	Invalidity of Loan Agreement

 

In the event of:

 

		(a)	the Loan Agreement or any provision thereof now being or later becoming, with immediate or retrospective
effect, void, illegal, unenforceable or otherwise invalid for any reason whatsoever; or

 

		(b)	without limiting the scope of paragraph (a) above, a bankruptcy of the Borrower, the introduction
of any law or any other matter resulting in the Borrower being discharged from liability under the Loan Agreement, or the Loan
Agreement ceasing to operate (for example, by interest ceasing to accrue);

 

this Guarantee shall cover
any amount which would have been or become payable under or in connection with the Loan Agreement if the Loan Agreement had been
and remained entirely valid, legal and enforceable, or the Borrower had not suffered bankruptcy, or any combination of such events
or circumstances, as the case may be, and the Borrower had remained fully liable under it for liabilities whether invalidly incurred
or validly incurred but subsequently retrospectively invalidated; and references in this Guarantee to amounts payable by the Borrower
under or in connection with the Loan Agreement shall include references to any amount which would have so been or become payable
as aforesaid.

 

		17.2	Invalidity of Finance Documents

 

Clause 17.1 (Invalidity
of Loan Agreement) also applies to each of the other Finance Documents to which the Borrower is a party.

 

		18	Governing Law and Jurisdiction

 

		18.1	English law

 

This Guarantee and any non-contractual
obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English law.

 

		18.2	Exclusive English jurisdiction

 

The courts of England shall
have exclusive jurisdiction to settle any Dispute.

 

		18.3	Process agent

 

The Guarantor irrevocably appoints
Hannaford Turner LLP of 4th Floor, 15 Old Bailey,
currently of 9 Cloak Lane, London EC4M 7EFR
2RU, United Kingdom, to act as its agent to receive and accept on its behalf any process or other document relating
to any proceedings in the English courts which are connected with a Dispute.

 

		18.4	Secured Parties' rights unaffected

 

Nothing in this Clause 18 (Governing
Law and Jurisdiction) shall exclude or limit any right which any Secured Party may have (whether under the law of any country,
an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or
enforcement of a judgment or any similar or related matter in any jurisdiction.

 

    30

     

    

		18.5	Meaning of "proceedings"

 

In this Clause
18 (Governing Law and Jurisdiction), "proceedings" means proceedings of any kind, including an application
for a provisional or protective measure and a "Dispute" means any dispute arising out of or in connection with
this Guarantee (including a dispute relating to the existence, validity or termination of this Guarantee) or any non-contractual
obligation arising out of or in connection with this Guarantee.

 

THIS AMENDED
AND RESTATED GUARANTEE has been entered into on the date stated at the beginning of this Guarantee.

 

    31

     

    

Execution
Page

 

	GUARANTOR	 	 
	 	 	 
	SIGNED by	)	 
	for and on behalf of	)	 
	NCL CORPORATION LTD.	)	 
	as its duly appointed attorney-in-fact	)	 
	in the presence of:	)	 
	 	 	 
	SECURITY TRUSTEE	 	 
	 	 	 
	SIGNED by	)	 
	for and on behalf of	)	 
	HSBC CORPORATE TRUSTEE COMPANY	)	 
	(UK) LIMITED	)	 
	acting by its attorney/director	)	 
	in the presence of:	)	 

 

HOLDING

 

	SIGNED by	)	 
	for and
on behalf of	)	 
	NORWEGIAN CRUISE
LINE	)	 
	HOLDINGS
LTD.	)	 
	as its
duly appointed attorney-in-fact	)	 
	in the
presence of:	)Exhibit 10.14

 

Execution Version

 

	[*]: THE IDENTIFIED INFORMATION HAS BEEN OMITTED FROM THE AGREEMENT BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED
	 
	 	Dated 18 February 2021

                                                                                 
	 
	
         

        SEAHAWK
        ONE, LTD.

        (as Borrower)

         

        NCL
        CORPORATION LTD.

        (as Parent)

        

NCL
        INTERNATIONAL, LTD.

        (as Shareholder)

        

THE
        LENDERS LISTED IN Schedule 1

        (as Lenders)

        

KFW
        IPEX-BANK GMBH

        (as Facility Agent)

        

KFW
        IPEX-BANK GMBH

        (as Hermes Agent)

        

KFW
        IPEX-BANK GMBH

        (as Bookrunner)

        

KFW
        IPEX-BANK GMBH

        (as Initial Mandated Lead Arranger)

        

KFW
        IPEX-BANK GMBH

        (as Collateral Agent)

        

and

        

KFW
        IPEX-BANK GMBH

        (as Cirr Agent)

         

	
         

        THIRD
        SUPPLEMENTAL AGREEMENT

         

        RELATING
        TO THE SECURED CREDIT AGREEMENT

        DATED
        14 JULY 2014, AS AMENDED AND RESTATED ON 22 DECEMBER 2015 AND 20 APRIL 2020, FOR THE DOLLAR EQUIVALENT OF UP TO €710,831,000
        PRE AND POST DELIVERY FINANCE FOR HULL NO. [*]

         

 

 

 

     

     

    

 

Contents

 

	Clause	 	Page
	1	Definitions	2
	2	Agreement of the Finance Parties	3
	3	Amendments to Original Credit Agreement	3
	4	Representations and warranties	4
	5	Conditions	5
	6	Confirmations	5
	7	Fees, costs and expenses	6
	8	Miscellaneous and notices	7
	9	Applicable law	7
	 	 	 
	Schedule 1	The Lenders	8
	Schedule 2	Conditions precedent to Effective Date	9
	Schedule 3	Form of Effective Date Notice	11
	Schedule 4	Form of Amended and Restated Credit Agreement	12

 

     

     

    

 

THIS
THIRD SUPPLEMENTAL AGREEMENT is dated 18 February 2021 and made BETWEEN:

 

		(1)	SEAHAWK ONE, LTD., a Bermuda company with its registered office at Park Place, 55 Par
La Ville Road, Third Floor, Hamilton HM11, Bermuda (the Borrower);

 

		(2)	NCL CORPORATION LTD., a company incorporated under the laws of Bermuda and having its registered
office at Park Place, 55 Par La Ville Road, Third Floor, Hamilton HM11, Bermuda as guarantor (the Parent);

 

		(3)	NCL INTERNATIONAL, LTD., a company incorporated under the laws of Bermuda and having
its registered office at Park Place, 55 Par La Ville Road, Third Floor, Hamilton HM11, Bermuda as shareholder (the Shareholder);

 

		(4)	THE LENDERS particulars of which are set out in Schedule 1 (The Lenders) as
lenders (collectively the Lenders and each individually a Lender);

 

		(5)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as facility
agent (the Facility Agent);

 

		(6)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as Hermes
agent (the Hermes Agent);

 

		(7)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as bookrunner
(the Bookrunner);

 

		(8)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as initial
mandated lead arranger (the Initial Mandated Lead Arranger);

 

		(9)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as collateral
agent for itself and the Lenders (as hereinafter defined) (the Collateral Agent); and

 

		(10)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as CIRR
agent (the CIRR Agent).

 

WHEREAS:

 

		(A)	This Agreement is supplemental to a credit agreement dated 14 July 2014 as most recently amended
and restated on 20 April 2020 (the Original Credit Agreement) made between, amongst others, the Borrower, the banks
named therein as lenders and the Facility Agent, where the Lenders granted to the Borrower a secured loan in the maximum amount
of the dollar equivalent of up to Euro seven hundred and ten million eight hundred and thirty one thousand (€710,831,000)
(the Loan) for the purpose of enabling the Borrower to finance (among other things) the construction of the Vessel (as such
term is defined in the Original Credit Agreement) on the terms and conditions therein contained.

 

		(B)	The Borrower and the Parent have by a consent request letter dated 3 December 2020 relating
to the "Debt Deferral Extension Framework" (the Framework) requested that the Original Credit Agreement be amended
and restated on the basis set out in this Agreement (the Consent Request Letter).

 

		(C)	On the terms of a consent confirmation letter dated 20 January 2021, the Lenders have agreed
to the further deferral of any scheduled repayments of principal of a Loan (including any First Deferred Loan) arising during the
Second Deferral Period on the basis set out in the Original Credit Agreement as amended, supplemented and restated by this Agreement.

 

     

     

    

 

NOW
IT IS HEREBY AGREED as follows:

 

	1	Definitions

 

		1.1	Defined expressions

 

Words and expressions defined
in the Original Credit Agreement shall, unless the context otherwise requires or unless otherwise defined herein, have the same
meanings when used in this Agreement.

 

		1.2	Definitions

 

In this Agreement, unless the
context otherwise requires:

 

Credit
Agreement means the Original Credit Agreement as amended and restated by this Agreement;

 

Deferral
Fee Letter means any letter between the Agent and the Parent setting out any of the fees payable in connection with
this Agreement;

 

Effective
Date means the date on which the Facility Agent notifies the Borrower and the Lenders in writing substantially in the
form set out in Schedule 3 (Form of Effective Date Notice) that the Facility Agent has received the documents
and evidence specified in clause 5.1 (Documents and evidence), clause 5.2 (General conditions precedent) and Schedule 2
(Conditions precedent to Effective Date) in a form and substance reasonably satisfactory to it (and provided that the Facility
Agent shall be under no obligation to give the notification if a Default or a mandatory prepayment event under Section 4.02
of the Credit Agreement (as if the same had been amended and restated by this Agreement) shall have occurred for which relief is
not provided in the Framework);

 

Finance
Party means the Facility Agent, the Hermes Agent, the Collateral Agent, the CIRR Agent or a Lender;

 

Framework
Information Package means the general test scheme/information package in connection with the "Debt Deferral Extension"
application submitted or to be submitted (as the case may be) by the Borrower (or the Parent on its behalf) in order to obtain
the benefit of the measures provided for in the Framework for the purpose of this Agreement and certain of its obligations under
the Credit Agreement (including, without limitation, the presentation made to Lenders in connection with the "Debt Deferral
Extension" application and related liquidity model;

 

Framework
Qualifications has the meaning given to such term in the Consent Request Letter;

 

Obligor
means the Borrower, the Parent and the Shareholder; and

 

Second
Deferral Period means the period from 1 April 2021 to 31 March 2022 (inclusive).

 

		1.3	References

 

References in:

 

		(a)	this Agreement to Sections of the Credit Agreement are to the Sections of the amended and restated
credit agreement set out in Schedule 4 (Form of Amended and Restated Credit Agreement);

 

		(b)	references in the Original Credit Agreement to "this Agreement" shall, with effect from
the Effective Date and unless the context otherwise requires, be references to the Original Credit Agreement as amended and restated
by this Agreement and words such as "herein", "hereof", "hereunder", "hereafter", "hereby"
and "hereto", where they appear in the Original Credit Agreement, shall be construed accordingly; and

 

		(c)	this Agreement to any defined terms shall have meanings to be equally applicable to both the singular
and plural forms of the terms defined and references to this Agreement or any other document (or to any specified provision of
this Agreement or any other document) shall be construed as references to this Agreement, that provision or that document as from
time to time amended, restated, supplemented and/or novated.

 

     

     

    

 

		1.4	Clause headings

 

The headings of the several clauses
and sub-clauses of this Agreement are inserted for convenience only and shall not in any way affect the meaning or construction
of any provision of this Agreement.

 

		1.5	Electronic signing

 

The parties acknowledge and agree
that they may execute this Agreement and any variation or amendment to the same, by electronic instrument. The parties agree that
the electronic signatures appearing on the document shall have the same effect as handwritten signatures and the use of an electronic
signature on this Agreement shall have the same validity and legal effect as the use of a signature affixed by hand and is made
with the intention of authenticating this Agreement, and evidencing the parties' intention to be bound by the terms and conditions
contained herein. For the purposes of using an electronic signature, the parties authorise each other to the lawful processing
of personal data of the signers for contract performance and their legitimate interests including contract management.

 

		1.6	Contracts (Rights of Third Parties) Act 1999

 

A person who is not a party to
this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of any term
of this Agreement unless expressly provided to the contrary in this Agreement. Notwithstanding any term of this Agreement, the
consent of any person who is not a party to this Agreement is not required to rescind or vary this Agreement at any time.

 

	2	Agreement of the Finance Parties

 

The Finance Parties, relying
upon the representations and warranties on the part of the Obligors contained in clause 4 (Representations and warranties),
agree with the Borrower that, subject to the terms and conditions of this Agreement and in particular, but without prejudice to
the generality of the foregoing, fulfilment of the conditions contained in clause 5 (Conditions) and Schedule 2 (Conditions
precedent to Effective Date), the Original Credit Agreement shall be amended and restated on the terms set out in clause 3
(Amendments to Original Credit Agreement).

 

	3	Amendments to Original Credit Agreement

 

		3.1	Amendments

 

The Original Credit Agreement
(but without its Exhibits which, subject to clause 6.2(c), shall remain in the same form and deemed to form part of the Credit
Agreement) shall, with effect on and from the Effective Date, be (and it is hereby) amended and restated so as to read in accordance
with the form of the amended and restated Credit Agreement set out in Schedule 4 (Form of Amended and Restated Credit
Agreement) and (as so amended) and, together with the Exhibits, will continue to be binding upon the parties to it in accordance
with its terms as so amended and restated.

 

		3.2	Continued force and effect

 

Save as amended by this Agreement,
the provisions of the Original Credit Agreement shall continue in full force and effect and the Original Credit Agreement and this
Agreement shall be read and construed as one instrument.

 

     

     

    

 

	4	Representations and warranties

 

		4.1	Primary representations and warranties

 

Each of the Obligors represents
and warrants to the Finance Parties that:

 

		(a)	Power and authority

 

it has the power to enter into
and perform this Agreement and the transactions contemplated hereby and has taken all necessary action to authorise the entry into
and performance of this Agreement and such transactions. This Agreement constitutes its legal, valid and binding obligations enforceable
in accordance with its terms and in entering into this Agreement, it is acting on its own account;

 

		(b)	No violation

 

the entry into and performance
of this Agreement and the transactions contemplated hereby do not and will not conflict with:

 

		(i)	any law or regulation or any official or judicial order; or

 

		(ii)	its constitutional documents; or

 

		(iii)	any agreement or document to which any member of the NCLC Group is a party or which is binding
upon it or any of its assets, nor result in the creation or imposition of any Lien on it or its assets pursuant to the provisions
of any such agreement or document and in particular but without prejudice to the foregoing the entry into and performance of this
Agreement and the transactions and documents contemplated hereby and thereby will not render invalid, void or voidable any security
granted by it to the Collateral Agent;

 

		(c)	Governmental approvals

 

all authorisations, approvals,
consents, licenses, exemptions, filings, registrations, notarisations and other matters, official or otherwise, required in connection
with the entry into, performance, validity and enforceability of this Agreement and the transactions contemplated hereby have been
obtained or effected and are in full force and effect;

 

		(d)	Fees, governing law and enforcement

 

no fees or taxes, including,
without limitation, stamp, transaction, registration or similar taxes, are required to be paid to ensure the legality, validity,
or enforceability of this Agreement. The choice of the laws of England as set forth in this Agreement is a valid choice of law,
and the irrevocable submission by each Obligor to jurisdiction and consent to service of process and, where necessary, appointment
by such Obligor of an agent for service of process, as set forth in this Agreement, is legal, valid, binding and effective;

 

		(e)	True and complete disclosure

 

each Obligor has fully disclosed
in writing to the Facility Agent all facts relating to such Obligor which it knows or should reasonably know and which might reasonably
be expected to influence the Lenders in deciding whether or not to enter into this Agreement; and

 

		(f)	Equal treatment

 

the
terms of this Agreement and the amendments to be made to the Original Credit Agreement pursuant to this Agreement are
substantially the same terms and amendments as those set out or to be set out in an amendment agreement to each other
financial contract or financial document relating to any existing Indebtedness for Borrowed Money with the support of any ECA
in existence as at the date of this Agreement and each of the Obligors undertakes that it shall on or before the Effective
Date (or as soon as reasonably practicable thereafter) enter into an amendment agreement (with such amendments being on
substantially the same terms as those set out in this Agreement and the amended and restated Credit Agreement (as applicable)
to each other financial contract or financial document relating to any existing Indebtedness for Borrowed Money with the
support of any ECA in existence as at the date of this Agreement in order to substantially reflect the amendments to be made
to the Original Credit Agreement pursuant to this Agreement.

 

     

     

    

 

		4.2	Repetition of representations and warranties

 

Each of the representations and
warranties contained in clause 4.1 (Primary representations and warranties) of this Agreement shall be deemed to be repeated
by the Obligors on the Effective Date as if made with reference to the facts and circumstances existing on such day.

 

	5	Conditions

 

		5.1	Documents and evidence

 

The agreement of the Finance
Parties referred to in clause 2 (Agreement of the Finance Parties) shall be further subject to the receipt by the Facility
Agent or its duly authorised representative of the documents and evidence specified in Schedule 2 (Conditions precedent
to Effective Date) in each case, in form and substance reasonably satisfactory to the Facility Agent and its lawyers.

 

		5.2	General conditions precedent

 

The agreement of the Finance
Parties referred to in clause 2 (Agreement of the Finance Parties) shall be further subject to:

 

		(a)	the representations and warranties in clause 4 (Representations and warranties) being true
and correct on the Effective Date as if each was made with respect to the facts and circumstances existing at such time; and

 

		(b)	no Event of Default or Default having occurred and continuing at the time of the Effective Date.

 

		5.3	Conditions subsequent

 

The Borrower undertakes as soon
as possible (but in any event within 10 days of the Effective Date) to deliver to the Facility Agent copies of the financing statements
(Form UCC-1 or the equivalent) and the search results (Form UCC-11) prepared, filed and/or obtained by the Borrower's
counsel, Kirkland & Ellis LLP, to the extent required, in connection with the restatement of the Original Credit Agreement
pursuant to this Agreement.

 

		5.4	Waiver of conditions precedent

 

The conditions specified in this
clause 5 are inserted solely for the benefit of the Finance Parties and may be waived by the Finance Parties in whole or in part
with or without conditions.

 

	6	Confirmations

 

		6.1	Guarantee

 

The Parent as guarantor
hereby confirms its consent to the amendments to the Original Credit Agreement contained in this Agreement and agrees that
the guarantee and indemnity provided in Section 15 (Parent Guaranty) of the Original Credit Agreement, and the
obligations of the Parent as guarantor thereunder, shall remain and continue in full force and effect notwithstanding the
said amendments to the Original Credit Agreement contained in this Agreement.

 

     

     

    

 

		6.2	Credit Documents

 

Each Obligor further acknowledges
and agrees, for the avoidance of doubt, that:

 

		(a)	each of the Credit Documents to which it is a party, and its obligations thereunder, shall remain
in full force and effect notwithstanding the amendments made to the Original Credit Agreement by this Agreement;

 

		(b)	each of the Security Documents to which it is a party shall remain in full force and effect as
security for the obligations of the Borrower under the Credit Agreement; and

 

		(c)	with effect from the Effective Date, references in the Credit Documents to which it is a party
to the Credit Agreement shall henceforth be reference to the Original Credit Agreement as amended and restated by this Agreement
and as from time to time hereafter amended.

 

	7	Fees, costs and expenses

 

		7.1	Fees

 

The Parent agrees to pay to the
Facility Agent (for distribution to the Lenders in accordance with the terms of any applicable Deferral Fee Letter):

 

		(a)	the fees in the amounts and at the times agreed in each relevant Deferral Fee Letter; and

 

		(b)	a non-refundable refinancing fee to be paid to the CIRR Representative in an amount of EUR 1,000
per Refinancing Agreement to which the CIRR Representative is a party.

 

		7.2	Costs and expenses

 

The Borrower agrees to pay on
demand:

 

		(a)	all reasonable and documented expenses (including external legal and out-of-pocket expenses and
disbursements) incurred by:

 

		(i)	the Facility Agent or the Hermes Agent in connection with the negotiation, preparation, execution
and, where relevant, registration of this Agreement and of any amendment or extension of or the granting of any waiver or consent
under this Agreement; and

 

		(ii)	the CIRR Representative and any Lender in connection with the preparation, execution, delivery
and administration, modification and amendment of any Refinancing Agreement and any security or other documents executed or to
be executed and delivered as a consequence of the parties entering into this Agreement and any other documents to be delivered
under this Agreement; and

 

		(b)	all expenses (including legal and out-of-pocket expenses) incurred by the Finance Parties in contemplation
of, or otherwise in connection with, the enforcement of, or preservation of any rights under this Agreement or otherwise in respect
of the monies owing and obligations incurred under this Agreement,

 

and all such costs and expenses
shall be paid with interest at the rate referred to in Section 2.06 (Interest) of the Credit Agreement from the date
on which such expenses were incurred to the date of payment (as well after as before judgment).

 

     

     

    

 

		7.3	CIRR funding costs

 

The Borrower agrees to pay on
demand any additional imputed or calculative funding cost on the Second Deferred Loans incurred by a Lender or the CIRR Representative
as a consequence of the parties entering into this Agreement which shall not exceed the difference between the interest payable
on the Loan (other than the Second Deferred Loans) in accordance with the Credit Agreement and the interest payable on the Second
Deferred Loans at the Floating Rate. The Facility Agent shall furnish to the Borrower a determination of such a funding cost reflecting
the respective determinations which the Facility Agent has received from the CIRR Representative and each of the Lenders, which
determination will then be applicable to all Lenders. None of the Facility Agent, a Lender or the CIRR Representative is required
to provide to the Facility Agent (if applicable) or the Borrower evidence of how the determination of the funding cost has been
made nor that it has been suffered.

 

		7.4	Value Added Tax

 

All fees and expenses payable
pursuant to this clause 7 shall be paid together with VAT or any similar tax (if any) properly chargeable thereon.

 

		7.5	Stamp and other duties

 

The Borrower agrees to pay to
the Facility Agent on demand all stamp, documentary, registration or other like duties or taxes (including any duties or taxes
payable by the Facility Agent) imposed on or in connection with this Agreement and shall indemnify the Facility Agent against any
liability arising by reason of any delay or omission by the Borrower to pay such duties or taxes.

 

	8	Miscellaneous and notices

 

		8.1	Notices

 

The provisions of Section 14.03
(Notices) of the Credit Agreement shall extend and apply to the giving or making of notices or demands hereunder as if the
same were expressly stated herein with all necessary changes.

 

		8.2	Counterparts

 

This Agreement may be executed
in any number of counterparts and by the different parties on separate counterparts, each of which when so executed and delivered
shall be an original but all counterparts shall together constitute one and the same instrument.

 

		8.3	Further assurance

 

The provisions of Section 9.10(a) (Further
Assurances) of the Credit Agreement shall extend and apply to this Agreement as if the same were expressly stated herein with
all necessary changes.

 

	9	Applicable law

 

		9.1	Law

 

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

 

     

     

    

 

		9.2	Exclusive jurisdiction and service of process

 

The provisions of Section 14.07(b) and
(c) (Governing Law; Exclusive Jurisdiction of English Courts; Service of Process) and Section 16 (Bail-In)
of the Credit Agreement shall apply to this Agreement as if the same were expressly stated herein with all necessary changes.

 

This Agreement has been executed on
the date stated at the beginning of this Agreement.

 

     

     

    

 

 

 

€710,831,000

AMENDED AND RESTATED CREDIT AGREEMENT

 

among

 

NCL CORPORATION LTD.,

as Parent,

 

SEAHAWK ONE, LTD.,

as Borrower,

 

VARIOUS LENDERS,

 

KFW IPEX-BANK GMBH,

as Facility Agent, Collateral Agent and
CIRR Agent,

 

KFW IPEX-BANK GMBH,

as Bookrunner,

 

and

 

KFW IPEX-BANK GMBH,

as Hermes Agent

 

__________________________________

 

DATED JULY 14, 2014, AS AMENDED AND RESTATED
ON DECEMBER 22, 2015 AND APRIL 20, 2020, AND AS FURTHER AMENDED AND RESTATED BY A THIRD SUPPLEMENTAL AGREEMENT DATED FEBRUARY 18,
2021

__________________________________

 

KFW IPEX-BANK GMBH

 

as Initial Mandated Lead Arranger

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page
	SECTION 1. Definitions and Accounting Terms	1
	 	 
	1.01 Defined Terms	1
	 	 
	SECTION 2. Amount and Terms of Credit Facility	40
	 	 
	2.01 The Commitments	40
	2.02 Amount and Timing of Each Borrowing; Currency of Disbursements	40
	2.03 Notice of Borrowing	42
	2.04 Disbursement of Funds	42
	2.05 Pro Rata Borrowings	43
	2.06 Interest	43
	2.07 Election of Floating Rate	45
	2.08 Floating Rate Interest Periods	45
	2.09 Increased Costs, Illegality, Market Disruption, etc.	46
	2.10 Indemnification; Breakage Costs	49
	2.11 Change of Lending Office; Limitation on Additional Amounts	49
	2.12 Replacement of Lenders	50
	2.13 Disruption to Payment Systems, Etc	51
	 	 
	SECTION 3. Commitment Commission; Fees; Reductions of Commitment	52
	 	 
	3.01 Commitment Commission	52
	3.02 CIRR Fees.	52
	3.03 Other Fees.	52
	3.04 Voluntary Reduction or Termination of Commitments	52
	3.05 Mandatory Reduction of Commitments	53
	 	 
	SECTION 4. Prepayments; Repayments; Taxes	53
	 	 
	4.01 Voluntary Prepayments	53
	4.02 Mandatory Repayments and Commitment Reductions	54
	4.03 Method and Place of Payment	58
	4.04 Net Payments; Taxes	58
	4.05 Application of Proceeds	59
	 	 
	SECTION 5. Conditions Precedent to the Initial Borrowing Date	63
	 	 
	5.01 Effective Date	63
	5.02 [Intentionally Omitted]	63
	5.03 Corporate Documents; Proceedings; etc.	63
	5.04 Know Your Customer	63
	5.05 Construction Contract and Other Material Agreements	63
	5.06 Share Charge	63
	5.07 Assignment of Contracts	63
	5.08 [Intentionally Omitted]	64
	5.09 Process Agent.	64
	5.10 Opinions of Counsel	64
	5.11 KfW Refinancing.	65
	5.12 Equity Payment	65
	5.13 Financing Statements	65
	5.14 Security Trust Deed	66
	5.15 Hermes Cover	66

 

    (i)

     

    

 

	SECTION 6. Conditions Precedent to each Borrowing Date	66
	 	 
	6.01 No Default; Representations and Warranties	66
	6.02 Consents	66
	6.03 Refund Guarantees	66
	6.04 Equity Payment	67
	6.05 Fees, Costs, etc.	67
	6.06 Construction Contract	67
	6.07 Notice of Borrowing	68
	6.08 Solvency Certificate	68
	6.09 Litigation	68
	 	 
	SECTION 7. Conditions Precedent to the Delivery Date	68
	 	 
	7.01 Delivery of Vessel	68
	7.02 Collateral and Guaranty Requirements	69
	7.03 Evidence of [*]% Payment	69
	7.04 Hermes Compliance; Compliance with Applicable Laws and Regulations	69
	7.05 Opinion of Counsel	70
	 	 
	SECTION 8. Representations and Warranties	70
	 	 
	8.01 Entity Status	70
	8.02 Power and Authority	70
	8.03 No Violation	70
	8.04 Governmental Approvals	71
	8.05 Financial Statements; Financial Condition	71
	8.06 Litigation	71
	8.07 True and Complete Disclosure	71
	8.08 Use of Proceeds	72
	8.09 Tax Returns and Payments	72
	8.10 No Material Misstatements	72
	8.11 The Security Documents	72
	8.12 Capitalization	73
	8.13 Subsidiaries	73
	8.14 Compliance with Statutes, etc.	73
	8.15 Winding-up, etc.	73
	8.16 No Default	73
	8.17 Pollution and Other Regulations	74
	8.18 Ownership of Assets	74
	8.19 Concerning the Vessel	75
	8.20 Citizenship	75
	8.21 Vessel Classification	75
	8.22 No Immunity	75
	8.23 Fees, Governing Law and Enforcement	75
	8.24 Form of Documentation	76
	8.25 Pari Passu or Priority Status	76
	8.26 Solvency	76
	8.27 No Undisclosed Commissions	76
	8.28 Completeness of Documentation	76
	8.29 Money Laundering	76

 

    (ii)

     

    

 

	SECTION 9. Affirmative Covenants	77
	 	 
	9.01 Information Covenants	77
	9.02 Books and Records; Inspection	79
	9.03 Maintenance of Property; Insurance	79
	9.04 Corporate Franchises	80
	9.05 Compliance with Statutes, etc.	80
	9.06 Hermes Cover	80
	9.07 End of Fiscal Years	80
	9.08 Performance of Credit Document Obligations	80
	9.09 Payment of Taxes	80
	9.10 Further Assurances	81
	9.11 Ownership of Subsidiaries	81
	9.12 Consents and Registrations	81
	9.13 Flag of Vessel	82
	9.14 “Know Your Customer” and Other Similar Information	82
	9.15 Equal Treatment	82
	9.16 Covered Construction Contracts	83
	9.17 Poseidon Principles	84
	 	 
	SECTION 10. Negative Covenants	84
	 	 
	10.01 Liens	84
	10.02 Consolidation, Merger, Amalgamation, Sale of Assets, Acquisitions, etc.	85
	10.03 Dividends	87
	10.04 Advances, Investments and Loans	87
	10.05 Transactions with Affiliates	87
	10.06 Free Liquidity	90
	10.07 Total Net Funded Debt to Total Capitalization	90
	10.08 Collateral Maintenance	90
	10.09 Consolidated EBITDA to Consolidated Debt Service	90
	10.10 Business; Change of Name	90
	10.11 Subordination of Indebtedness.	91
	10.12 Activities of Borrower, etc.	91
	10.13 Material Amendments or Modifications of Construction Contracts	92
	10.14 No Place of Business	92

 

    (iii)

     

    

 

	SECTION 11. Events of Default	92
	 	 
	11.01 Payments	92
	11.02 Representations, etc.	92
	11.03 Covenants	92
	11.04 Default Under Other Agreements	93
	11.05 Bankruptcy, etc.	93
	11.06 Total Loss	94
	11.07 Security Documents	94
	11.08 Guaranties	95
	11.09 Judgments	95
	11.10 Cessation of Business	95
	11.11 Revocation of Consents	95
	11.12 Unlawfulness	95
	11.13 Insurances	96
	11.14 Disposals	96
	11.15 Government Intervention	96
	11.16 Change of Control	96
	11.17 Material Adverse Change	96
	11.18 Repudiation of Construction Contract or other Material Documents	96
	 	 
	SECTION 12. Agency and Security Trustee Provisions	97
	 	 
	12.01 Appointment and Declaration of Trust	97
	12.02 Nature of Duties	97
	12.03 Lack of Reliance on the Agents	98
	12.04 Certain Rights of the Agents	98
	12.05 Reliance	98
	12.06 Indemnification	99
	12.07 The Agents in their Individual Capacities	99
	12.08 Resignation by an Agent	99
	12.09 The Lead Arrangers	100
	12.10 Impaired Agent	100
	12.11 Replacement of an Agent	101
	12.12 Resignation by the Hermes Agent	101
	 	 
	SECTION 13. Benefit of Agreement	102
	 	 
	13.01 Assignments and Transfers by the Lenders	102
	13.02 Assignment or Transfer Fee	104
	13.03 Assignments and Transfers to Hermes or KfW	104
	13.04 Limitation of Responsibility to Existing Lenders	104
	13.05 [Intentionally Omitted]	105
	13.06 Procedure and Conditions for Transfer	105
	13.07 Procedure and Conditions for Assignment	106
	13.08 Copy of Transfer Certificate or Assignment Agreement to Parent	106
	13.09 Security over Lenders’ Rights	106
	13.10 Assignment by a Credit Party	107
	13.11 Lender Participations	107
	13.12 Increased Costs	108

 

    (iv)

     

    

 

	SECTION 14. Miscellaneous	109
	 	 
	14.01 Payment of Expenses, etc.	109
	14.02 Right of Set-off	110
	14.03 Notices	110
	14.04 No Waiver; Remedies Cumulative	110
	14.05 Payments Pro Rata	111
	14.06 Calculations; Computations	111
	14.07 Governing Law; Exclusive Jurisdiction of English Courts; Service of Process	112
	14.08 Counterparts	112
	14.09 Effectiveness	113
	14.10 Headings Descriptive	113
	14.11 Amendment or Waiver; etc.	113
	14.12 Survival	117
	14.13 Domicile of Loans	117
	14.14 Confidentiality	117
	14.15 Register	117
	14.16 Third Party Rights	118
	14.17 Judgment Currency	118
	14.18 Language	118
	14.19 Waiver of Immunity	118
	14.20 “Know Your Customer” Notice	119
	14.21 Release of Liens and the Parent Guaranty; Flag Jurisdiction Transfer	119
	14.22 Partial Invalidity	120
	 	 
	SECTION 15. Parent Guaranty	120
	 	 
	15.01 Parent Guaranty and Indemnity	120
	15.02 Continuing Guaranty	120
	15.03 Reinstatement	121
	15.04 Waiver of Defenses	121
	15.05 Guarantor Intent	121
	15.06 Immediate Recourse	122
	15.07 Appropriations	122
	15.08 Deferral of Guarantor’s Rights	122
	15.09 Additional Security	123

 

    (v)

     

    

 

	SECTION 16. Bail-In	123

 

	SCHEDULE 1.01(a)	-	Commitments
	SCHEDULE 1.01(b)	-	Mandatory Costs
	SCHEDULE 1.01(c)	-	The Principles
	SCHEDULE 1.01(d)	-	The Framework
	SCHEDULE 1.01(e)	-	Debt Deferral Extension Regular Monitoring Requirements
	SCHEDULE 4.02	-	Repayment Schedule
	SCHEDULE 5.07	-	Notices, Acknowledgments and Consents
	SCHEDULE 5.10	-	Initial Borrowing Date Opinions
	SCHEDULE 6.09 	-	Material Litigation
	SCHEDULE 7.05	-	Delivery Date Opinions
	SCHEDULE 8.03	-	Existing Agreements
	SCHEDULE 8.12	-	Capitalization
	SCHEDULE 8.13	-	Subsidiaries
	SCHEDULE 8.19	-	Vessel 
	SCHEDULE 8.21	-	Approved Classification Societies
	SCHEDULE 9.03	-	Required Insurances
	SCHEDULE 10.01	-	Existing Liens
	SCHEDULE 14.03A	-	Credit Party Addresses
	SCHEDULE 14.03B	-	Lender Addresses
	 	 	 
	EXHIBIT A	-	Form of Notice of Borrowing
	EXHIBIT B-1	-	Form of BankAssure Report 
	EXHIBIT B-2	- 	Form of Insurance Broker Certificate
	EXHIBIT C	-	Form of Interaction Agreement
	EXHIBIT D	-	Form of Secretary’s Certificate
	EXHIBIT E	-	Form of Transfer Certificate
	EXHIBIT F	-	Form of Bermuda Share Charge
	EXHIBIT G	-	Form of Assignment of Earnings and Insurances
	EXHIBIT H	-	Form of Assignment of Charters
	EXHIBIT I	-	Form of Deed of Covenants
	EXHIBIT J	-	Form of Assignment of Contracts
	EXHIBIT K	-	Form of Solvency Certificate
	EXHIBIT L	-	Form of Assignment Agreement
	EXHIBIT M	-	Form of Compliance Certificate
	EXHIBIT N	-	[Intentionally Omitted]
	EXHIBIT O	-	Form of Assignment of Management Agreements
	EXHIBIT P	-	Form of Security Trust Deed
	EXHIBIT Q	-	Form of Charge of KfW Refund Guarantees

 

    (vi)

     

    

 

THIS CREDIT AGREEMENT,
is made by way of deed July 14, 2014, as amended and restated on December 22, 2015 and April 20, 2020 and as further amended and
restated pursuant to the Third Supplemental Agreement among NCL CORPORATION LTD., a Bermuda company with its registered office
as of the date hereof Park Place, 55 Par La Ville Road, Third Floor, Hamilton HM11, Bermuda (the “Parent”),
SEAHAWK ONE, LTD., a Bermuda company with its registered office as of the date hereof at Park Place, 55 Par La Ville Road, Third
Floor, Hamilton HM11, Bermuda (the “Borrower”), KFW IPEX-BANK GMBH, as a Lender (in such capacity, together
with each of the other Persons that may become a “Lender” in accordance with Section 13, each of them individually
a “Lender” and, collectively, the “Lenders”), KFW IPEX-BANK GMBH, as Facility Agent (in such
capacity, the “Facility Agent”), as Collateral Agent under the Security Documents (in such capacity, the “Collateral
Agent”) and as CIRR Agent (in such capacity, the “CIRR Agent”), KFW IPEX-BANK GMBH, as Bookrunner
(in such capacity, the “Bookrunner”), KFW IPEX-BANK GMBH, as Hermes Agent (in such capacity, the “Hermes
Agent”), and KFW IPEX-BANK GMBH, as initial mandated lead arranger in respect of the credit facility provided for herein
(in such capacity the “Initial Mandated Lead Arranger”). All capitalized terms used herein and defined in Section
1 are used herein as therein defined.

 

W I T N E S S E T H:

 

WHEREAS, the Borrower
has requested that the Lenders make available to the Borrower a multi-draw term loan credit facility in an aggregate principal
amount of up to €710,831,000 and which Loans may be incurred to finance, in part, the construction and acquisition costs of
the Vessel and the related Hermes Premium;

 

WHEREAS, subject to and
upon the terms and conditions set forth herein, the Lenders are willing to make available to the Borrower the term loan facility
provided for herein; and

 

WHEREAS, in connection
with the matters contemplated by the Principles and the Framework (such terms as defined below), the Borrower and the Lenders have
agreed to defer each scheduled repayment of the Loans arising during the relevant Deferral Period (as defined below) on the terms
set out herein (but which deferral shall, in no circumstance, involve an increase to the Total Commitments).

 

NOW, THEREFORE, IT IS
AGREED:

 

Section
1. Definitions and Accounting Terms.

 

1.01
Defined Terms.1.01  As used in this
Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and
plural forms of the terms defined) and references to this Agreement or any other document (or to any specified provision of this
Agreement or any other document) shall be construed as references to this Agreement, that provision or that document as from time
to time amended, restated, supplemented and/or novated:

 

“Acceptable
Bank” means (a) a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced
debt obligations of A- or higher by S&P or A2 or higher by Moody's or a comparable rating from an internationally recognized
credit rating agency; or (b) any other bank or financial institution approved by each Agent.

 

    7

     

    

 

“Acceptable
Flag Jurisdiction” shall mean the Bahamas, Bermuda, Panama, the Marshall Islands, the United States or such other flag
jurisdiction as may be acceptable to the Required Lenders in their reasonable discretion.

 

“Acquisition”
means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the
acquisition of all or substantially all of the assets of a Person, or of any business or division of a Person, (b) the acquisition
of in excess of fifty percent (50%) of the Capital Stock of any Person or otherwise causing any Person to become a Subsidiary of
a Borrower, or (c) a merger, amalgamation or consolidation or any other combination with another Person.

 

“Addendum No.
3” means addendum no. 3 to the Construction Contract dated 10 September 2015.

 

“Additional
Hermes Premium” means the additional premium payable to Hermes as a result of the increase to the Hermes Cover arising
as a consequence of the increase in the Total Commitments pursuant to the First Supplemental Agreement.

 

“Adjusted Construction
Price” shall mean the sum of the Initial Construction Price of the Vessel and the total permitted increases to the Initial
Construction Price of the Vessel pursuant to Permitted Change Orders (it being understood that the Final Construction Price may
exceed the Adjusted Construction Price).

 

“Affiliate”
shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or
indirect common control with, such Person; provided, however, that for purposes of Section 10.05, an Affiliate of
the Parent or any of its Subsidiaries, as applicable, shall include any Person that directly or indirectly owns more than 10% of
any class of the Capital Stock of the Parent or such Subsidiary, as applicable, and any officer or director of the Parent or such
Subsidiary. A Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power to direct
or cause the direction of the management and policies of such other Person, whether through the ownership of voting securities,
by contract or otherwise. Notwithstanding anything to the contrary contained above, for purposes of Section 10.05, neither the
Facility Agent, nor the Collateral Agent, nor the Lead Arrangers nor any Lender (or any of their respective affiliates) shall be
deemed to constitute an Affiliate of the Parent or its Subsidiaries in connection with the Credit Documents or its dealings or
arrangements relating thereto.

 

“Affiliate Transaction”
shall have the meaning provided in Section 10.05.

 

“Agent”
or “Agents” shall mean, individually and collectively, the Facility Agent, the Collateral Agent, the Delegate
Collateral Agent, the Hermes Agent and the CIRR Agent.

 

“Agreement”
shall mean this Credit Agreement, as modified, supplemented, amended, restated or novated from time to time.

 

    8

     

    

 

“Appraised Value”
of the Vessel at any time shall mean the fair market value or, as the case may be, the average of the fair market value of the
Vessel on an individual charter free basis as set forth on the appraisal or, as the case may be, the appraisals most recently delivered
to, or obtained by, the Facility Agent prior to such time pursuant to Section 9.01(c).

 

“Approved
Appraisers” shall mean Brax Shipping AS; Barry Rogliano Salles S.A., Paris; Clarksons, London; R.S. Platou Shipbrokers,
A.S., Oslo; and Fearnsale, a division of Astrup Fearnley AS, Oslo.

 

“Approved Stock
Exchange” shall mean the New York Stock Exchange, NASDAQ or such other stock exchange in the United States of America,
the United Kingdom or Hong Kong as is approved in writing by the Facility Agent or, in each case, any successor thereto.

 

"Article 55 BRRD"
means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment
firms.

 

“Assignment
Agreement” shall mean an Assignment Agreement substantially in the form of Exhibit L (appropriately completed) or any
other form agreed between the relevant assignor and assignee (and if required to be executed by the Borrower, the Borrower).

 

“Assignment
of Charters” shall have the meaning provided in the definition of “Collateral and Guaranty Requirements”.

 

“Assignment
of Contracts” shall have the meaning provided in Section 5.07.

 

“Assignment
of Earnings and Insurances” shall have the meaning provided in the definition of “Collateral and Guaranty Requirements”.

 

“Assignment
of Management Agreements” shall have the meaning provided in the definition of “Collateral and Guaranty Requirements”.

 

"Bail-In Action"
means the exercise of any Write-down and Conversion Powers.

 

"Bail-In Legislation"
means:

 

(a)       in
relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 BRRD, the relevant implementing
law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and

 

(b)       in
relation to any state other than such an EEA Member Country or (to the extent that the United Kingdom is not such an EEA Member
Country) the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition of any Write-down
and Conversion Powers contained in that law or regulation.

 

“Bankruptcy
Code” shall have the meaning provided in Section 11.05(b).

 

    9

     

    

 

“Basel II”
shall mean the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published
by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement.

 

“Basel III”
shall mean (a) the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel III: A
global regulatory framework for more resilient banks and banking systems", "Basel III: International framework for liquidity
risk measurement, standards and monitoring" and "Guidance for national authorities operating the countercyclical capital
buffer" published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated;
(b) the rules for global systemically important banks contained in "Global systemically important banks: assessment methodology
and the additional loss absorbency requirement – Rules text" published by the Basel Committee on Banking Supervision
in November 2011, as amended, supplemented or restated; and (c) any further guidance or standards published by the Basel Committee
on Banking Supervision relating to "Basel III"."

 

“Bookrunner”
shall have the meaning provided in the first paragraph of this Agreement, and shall include any successor thereto.

 

“Borrower”
shall have the meaning provided in the first paragraph of this Agreement, and shall include any successor thereto.

 

“Borrowing”
shall mean the borrowing of Loans (including Deferred Loans) from all the Lenders (other than any Lender which has not funded its
share of a Borrowing in accordance with this Agreement) having Commitments on a given date.

 

“Borrowing Date”
shall mean each date (including the Initial Borrowing Date) on which a Borrowing occurs as set forth in Section 2.02.

 

“Business Day”
shall mean any day except Saturday, Sunday and any day which shall be in New York, London or Frankfurt am Main a legal holiday
or a day on which banking institutions are authorized or required by law or other government action to close.

 

“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.

 

“Cash Balance”
shall mean, at any date of determination, the unencumbered and otherwise unrestricted cash and Cash Equivalents of the NCLC Group.

 

    10

     

    

 

“Cash Equivalents”
shall mean (i) securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality
thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of
not more than one year from the date of acquisition, (ii) time deposits and certificates of deposit of any commercial bank having,
or which is the principal banking subsidiary of a bank holding company having capital, surplus and undivided profits aggregating
in excess of $200,000,000, with maturities of not more than one year from the date of acquisition by any Person, (iii) repurchase
obligations with a term of not more than 90 days for underlying securities of the types described in clause (i) above entered into
with any bank meeting the qualifications specified in clause (ii) above, (iv) commercial paper issued by any Person incorporated
in the United States rated at least A-1 or the equivalent thereof by S&P or at least B-1 or the equivalent thereof by Moody’s
and in each case maturing not more than one year after the date of acquisition by any other Person, and (v) investments in money
market funds substantially all of whose assets are comprised of securities of the types described in clauses (i) through (iv) above.

 

“CERCLA”
shall mean the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as the same may be amended from time
to time, 42 U.S.C. § 9601 et seq.

 

“Change of
Control” shall mean:

 

		(i)	any Person or group of Persons acting in concert:

 

		(A)	owns legally and/or beneficially and either directly or indirectly at least thirty three per cent
(33%) of the ordinary share capital of the Parent; or

 

		(B)	has the right or the ability to control either directly or indirectly the affairs of or the composition
of the majority of the board of directors (or equivalent) of the Parent; or

 

		(ii)	the Parent (or such parent
company of the Parent) ceases to be a listed company on an Approved Stock Exchange without the prior written consent of
the Required Lenders.

 

“Charge of KfW
Refund Guarantees” shall have the meaning provided in Section 5.07.

 

“CIRR”
means 3.12% per annum being the Commercial Interest Reference Rate determined in accordance with the OECD Arrangement for Officially
Supported Export Credits to be applicable to the Loan hereunder (and includes the CIRR administrative margin of 0.20% per annum).

 

“CIRR Agent”
shall have the meaning provided in the first paragraph of this Agreement, and shall include any successor thereto.

 

“CIRR General
Terms and Conditions” shall mean the CIRR General Terms and Conditions for interest rate make-up in ship financing schemes
(August 29, 2012 edition).

 

    11

     

    

 

“CIRR Representative”
shall mean KfW, acting in its capacity as CIRR mandatary in connection with this Agreement.

 

“Claims”
shall have the meaning provided in the definition of “Environmental Claims”.

 

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

 

“Collateral”
shall mean all property (whether real or personal) with respect to which any security interests have been granted (or purported
to be granted) pursuant to any Security Document, including, without limitation, all Share Charge Collateral, all Earnings and
Insurance Collateral, the Construction Risk Insurance, the Vessel, each Refund Guarantee, the Construction Contract and all cash
and Cash Equivalents at any time delivered as collateral thereunder or as collateral required hereunder.

 

“Collateral
Agent” shall have the meaning provided in the first paragraph of this Agreement, and shall include any successor thereto,
acting as mortgagee, security trustee or collateral agent for the Secured Creditors pursuant to the Security Documents.

 

“Collateral
and Guaranty Requirements” shall mean with respect to the Vessel, the requirement that:

 

(i)       (A)
the Borrower shall have duly authorized, executed and delivered an Assignment of Earnings and Insurances substantially in the form
of Exhibit G or otherwise reasonably acceptable to the Lead Arrangers (as modified, supplemented or amended from time to time,
the “Assignment of Earnings and Insurances”) (to the extent incorporated into or required by such Exhibit or
otherwise agreed by the Borrower and the Lead Arrangers) with appropriate notices, acknowledgements and consents relating thereto
and (B) the Borrower shall (x) use its commercially reasonable efforts to obtain, and enter into on or before delivery of the Vessel
under the relevant charter referred to below, an Assignment of Charters substantially in the form of Exhibit H (as modified, supplemented
or amended from time to time, the “Assignment of Charters”) with (to the extent incorporated into or required
by such Exhibit or otherwise agreed by the Borrower and the Lead Arrangers) appropriate notices, acknowledgements and consents
relating thereto for any charter or similar contract that has as of the execution date of such charter or similar contract a remaining
term of 13 months or greater (including any renewal option) and (y) have obtained a subordination agreement from the charterer
for any Permitted Chartering Arrangement that the Borrower has entered into with respect to the Vessel, and shall use commercially
reasonable efforts to provide appropriate notices and consents related thereto, together covering all of the Borrower’s present
and future Earnings and Insurance Collateral, in each case together with:

 

(a)       proper
financing statements (Form UCC-1 or the equivalent) fully prepared for filing in accordance with the UCC or in other appropriate
filing offices of each jurisdiction as may be necessary or, in the reasonable opinion of the Collateral Agent, desirable to perfect
or give notice to third parties of, as the case may be, the security interests purported to be created by the Assignment of Earnings
and Insurances; and

 

    12

     

    

 

(b)       certified
copies of lien search results (Form UCC-11) listing all effective financing statements that name each Credit Party as debtor and
that are filed in the District of Columbia and Florida, together with Form UCC-3 Termination Statements (or such other termination
statements as shall be required by local law) fully prepared for filing if required by applicable law to terminate for any financing
statement which covers the Collateral except to the extent evidencing Permitted Liens;

 

(ii)       the
Borrower shall have duly authorized, executed and delivered an Assignment of Management Agreements in respect of the Management
Agreements for the Vessel substantially in the form of Exhibit O or otherwise reasonably acceptable to the Lead Arrangers (as modified,
supplemented or amended from time to time, the “Assignment of Management Agreements”) and shall have obtained
(or in the case of any Manager that is not a Subsidiary of the Parent, used commercially reasonable efforts to obtain) a Manager’s
Undertakings for the Vessel;

 

(iii)       the
Borrower shall have duly authorized, executed and delivered, and caused to be registered in the appropriate vessel registry a first
priority mortgage and a deed of covenants (as modified, amended or supplemented from time to time in accordance with the terms
thereof and hereof, and together with the Vessel Mortgage delivered pursuant to the definition of Flag Jurisdiction Transfer, the
 “Vessel Mortgage”), substantially in the form of Exhibit I or otherwise reasonably acceptable to the Lead Arrangers
with respect to the Vessel, and the Vessel Mortgage shall be effective to create in favor of the Collateral Agent a legal, valid
and enforceable first priority security interest, in and Lien upon the Vessel, subject only to Permitted Liens;

 

(iv)      all
filings, deliveries of notices and other instruments and other actions by the Credit Parties and/or the Collateral Agent necessary
or desirable in the reasonable opinion of the Collateral Agent to perfect and preserve the security interests described in clauses
(i) through and including (iii) above shall have been duly effected and the Collateral Agent shall have received evidence thereof
in form and substance reasonably satisfactory to the Collateral Agent; and

 

(v)       the
Facility Agent shall have received each of the following:

 

(a)       certificates
of ownership from appropriate authorities showing (or confirmation updating previously reviewed certificates and indicating) the
registered ownership of the Vessel by the Borrower; and

 

(b)       the
results of maritime registry searches with respect to the Vessel, indicating that the Vessel has been deleted from all new building
registers and that there are no record liens other than Liens in favor of the Collateral Agent and/or the Lenders and Permitted
Liens; and

 

(c)       class
certificates reasonably satisfactory to it from DNV GL or another classification society listed on Schedule 8.21 hereto (or another
internationally recognized classification society reasonably acceptable to the Facility Agent), indicating that the Vessel meets
the criteria specified in Section 8.21; and

 

    13

     

    

 

(d)       certified
copies of all Management Agreements; and

 

(e)       certified
copies of all ISM and ISPS Code documentation for the Vessel; and

 

(f)       the
Facility Agent shall have received a report, in substantially the form of Exhibit B-1 or otherwise reasonably acceptable to the
Facility Agent, from BankAssure or another firm of independent marine insurance brokers reasonably acceptable to the Facility Agent
with respect to the insurance maintained (or to be maintained) by the Credit Parties in respect of the Vessel, together with a
certificate in substantially the form of Exhibit B-2 or otherwise reasonably acceptable to the Facility Agent, from another broker
certifying that such insurances (i) are placed with such insurance companies and/or underwriters and/or clubs, in such amounts,
against such risks, and in such form, as are customarily insured against by similarly situated insureds and (ii) include the Required
Insurance. In addition, the Borrower shall reimburse the Facility Agent for the reasonable and documented costs of procuring customary
mortgagee interest insurance and additional perils insurance in connection with the Vessel as contemplated by Section 9.03 (including
Schedule 9.03).

 

“Collateral
Disposition” shall mean (i) the sale, lease, transfer or other disposition of the Vessel by the Borrower to any Person
(it being understood that a Permitted Chartering Arrangement is not a Collateral Disposition) or the sale of 100% of the Capital
Stock of the Borrower or (ii) any Event of Loss of the Vessel.

 

“Commitment”
shall mean, for each Lender:

 

(i)        the
amount denominated in Euro set forth opposite such Lender’s name in Schedule 1.01(a) hereto as the same may be (x) reduced
from time to time pursuant to Sections 3.04, 3.05, 4.01, 4.02 and/or 11 or (y) adjusted from time to time as a result of assignments
and/or transfers to or from such Lender pursuant to Section 2.12, Section 13 or the First Supplemental Agreement; and

 

(ii)       in
relation to a Deferred Loan, the amount of such Lender’s Commitment in respect of a Deferred Loan as at the time of the making
of a Deferred Loan (but the liability of each Lender in respect of which shall not, on the basis of the arrangements set out in
this Agreement, increase the Total Commitment of such Lender).

 

“Commitment
Termination Date” shall mean:

 

(i)       in
relation to a Loan other than a Deferred Loan, the date falling [*] after the last scheduled Delivery Date as at the date of this
Agreement, namely [*]; and

 

(ii)       in
relation to a Deferred Loan, the last day of the relevant Deferral Period.

 

“Commitment
Commission” shall have the meaning provided in Section 3.01.

 

    14

     

    

 

“Consolidated
Debt Service” shall mean, for any relevant period, the sum (without double counting), determined in accordance with GAAP,
of:

 

		(i)	the aggregate principal payable or paid during such period on any Indebtedness for Borrowed Money
of any member of the NCLC Group, other than:

 

		(a)	principal of any such Indebtedness for Borrowed Money prepaid at the option of the relevant member
of the NCLC Group or by virtue of “cash sweep” or “special liquidity” cash sweep provisions (or analogous
provisions) in any debt facility of the NCLC Group;

 

		(b)	principal of any such Indebtedness for Borrowed Money prepaid upon a sale or an Event of Loss of
any vessel (as if references in that definition were to all vessels and not just the Vessel) owned or leased under a capital lease
by any member of the NCLC Group; and

 

		(c)	balloon payments of any such Indebtedness for Borrowed Money payable during such period (and for
the purpose of this paragraph (c) a “balloon payment” shall not include any scheduled repayment installment of such
Indebtedness for Borrowed Money which forms part of the balloon);

 

		(ii)	Consolidated Interest Expense for such period;

 

		(iii)	the aggregate amount of any dividend or distribution of present or future assets, undertakings,
rights or revenues to any shareholder of any member of the NCLC Group (other than the Parent, or one of its wholly owned Subsidiaries)
or any Dividends other than tax distributions (including, without limitation, tax distributions of the type referred to in Section
10.03) in each case paid during such period; and

 

		(iv)	all rent under any capital lease obligations by which the Parent, or any consolidated Subsidiary
is bound which are payable or paid during such period and the portion of any debt discount that must be amortized in such period,

 

as calculated in accordance with GAAP and
derived from the then latest consolidated unaudited financial statements of the NCLC Group delivered to the Facility Agent in the
case of any period ending at the end of any of the first three fiscal quarters of each fiscal year of the Parent and the then latest
audited consolidated financial statements (including all additional information and notes thereto) of the Parent and its consolidated
Subsidiaries together with the auditors’ report delivered to the Facility Agent in the case of the final quarter of each
such fiscal year.

 

“Consolidated
EBITDA” shall mean, for any relevant period, the aggregate of:

 

    15

     

    

 

 (i)         Consolidated Net Income from the Parent’s operations for such period; and

 

(ii)       the
aggregate amounts deducted in determining Consolidated Net Income for such period in respect of gains and losses from the sale
of assets or reserves relating thereto, Consolidated Interest Expense, depreciation and amortization, impairment charges and any
other non-cash charges and deferred income tax expense for such period.

 

“Consolidated
Interest Expense” shall mean, for any relevant period, the consolidated interest expense (excluding capitalized interest)
of the NCLC Group for such period.

 

“Consolidated
Net Income” shall mean, for any relevant period, the consolidated net income (or loss) of the NCLC Group for such period
as determined in accordance with GAAP.

 

“Construction
Contract” shall mean the Shipbuilding Contract (in relation to Hull No. [*]) for the Vessel, originally dated June 14,
2013 and as subsequently novated, amended and restated on July 8, 2014, among the Yard in that capacity, the Borrower, as
buyer of the Vessel and the Parent as guarantor of the Borrower, as such Shipbuilding Contract may be amended, modified or supplemented
from time to time in accordance with the terms thereof and hereof including, without limitation, pursuant to Addendum No. 3.

 

“Construction
Risk Insurance” shall mean any and all insurance policies related to the Construction Contract and the construction of
the Vessel.

 

“Credit Documents”
shall mean this Agreement, any Fee Letters, each Security Document, the Security Trust Deed, any Transfer Certificate, any Assignment
Agreement, the Interaction Agreement, the First Supplemental Agreement, the Second Supplemental Agreement, the Third Supplemental
Agreement and, after the execution and delivery thereof, each additional guaranty or additional security document executed pursuant
to Section 9.10.

 

“Credit Document
Obligations” shall mean, except to the extent consisting of obligations, liabilities or indebtedness with respect to
Interest Rate Protection Agreements or Other Hedging Agreements, the full and prompt payment when due (whether at the stated maturity,
by acceleration or otherwise) of all obligations, liabilities and indebtedness (including, without limitation, principal, premium,
interest, fees and indemnities (including, without limitation, all interest that accrues after the commencement of any case, proceeding
or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Credit Party at the rate provided
for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding)) of each
Credit Party to the Lender Creditors (provided, in respect of the Lender Creditors which are Lenders, such aforementioned
obligations, liabilities and indebtedness shall arise only for such Lenders (in such capacity) in respect of Loans and/or Commitments),
whether now existing or hereafter incurred under, arising out of, or in connection with this Agreement and the other Credit Documents
to which such Credit Party is a party (including, in the case of each Credit Party that is a Guarantor, all such obligations, liabilities
and indebtedness of such Credit Party under the Parent Guaranty) and the due performance and compliance by such Credit Party with
all of the terms, conditions and agreements contained in this Agreement and in such other Credit Documents.

 

    16

     

    

 

“Credit Party”
shall mean the Borrower, the Parent and each Subsidiary of the Parent that owns a direct interest in the Borrower.

 

“Debt Deferral
Extension Regular Monitoring Requirements” means the general test scheme/information package in the form set out in Schedule
1.01(e) to this Agreement submitted or to be submitted (as the case may be) by the Borrower (or the Parent on its behalf) in accordance
with Section 9.01(k).

 

“Default”
shall mean any event, act or condition which with notice or lapse of time, or both, would constitute an Event of Default.

 

“Defaulting
Lender” shall mean any Lender with respect to which a Lender Default is in effect.

 

“Deferral Period”
means the First Deferral Period and/or the Second Deferral Period (as the context may require).

 

“Deferred Loan”
means the deemed advance by the Lenders (in Dollars) of the First Deferred Loans and/or the Second Deferred Loans (as the context
may require).

 

“Deferred Portion”
means, in relation to a Loan, an amount equal to the principal amount of the repayment instalment in respect of such Loan that
is at the relevant time required to have been repaid on the Repayment Dates falling during the relevant Deferral Period and the
repayment in respect of which shall be deferred in accordance with the provisions of this Agreement.

 

“Delegate Collateral
Agent” shall mean KfW IPEX-Bank GmbH or such other person as the Collateral Agent shall notify to the other parties hereto
as the person who has been appointed as a delegate collateral agent, acting in its capacity as trustee for the Secured Creditors
with respect to the Trust Property Delegated (as defined in the Security Trust Deed) pursuant to the Security Trust Deed.

 

“Delivery Date”
shall mean the date of delivery of the Vessel to the Borrower, which, as of the Effective Date, is scheduled to occur on [*].

 

“Discharged
Rights and Obligations” shall have the meaning provided in Section 13.06(c)(i).

 

“Dispute”
shall have the meaning provided in Section 14.07(b).

 

“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),

 

    17

     

    

 

(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 Maturity Date; 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, however, that
if such Capital Stock is issued to any employee or to any plan for the benefit of employees of the Parent 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 Parent 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 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.

 

“Disruption
Event” means either or both of:

 

(a)       a
material disruption to those payment or communications systems or to those financial markets which are, in each case, required
to operate in order for payments to be made in connection with this Agreement (or otherwise in order for the transactions contemplated
by the Credit Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the parties
to this Agreement; or

 

(b)       the
occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments
operations of a party to this Agreement preventing such party, or any other party to this Agreement:

 

(i)       from
performing its payment obligations under the Credit Documents; or

 

(ii)       from
communicating with other parties to this Agreement in accordance with the terms of the Credit Documents,

 

and which (in either such case)
is not caused by, and is beyond the control of, the party to this Agreement whose operations are disrupted.

 

“Dividend”
shall mean, with respect to any Person, that such Person or any Subsidiary of such Person has declared or paid a dividend or returned
any equity capital to its stockholders, partners or members or the holders of options or warrants issued by such Person with respect
to its Capital Stock or membership interests or authorized or made any other distribution, payment or delivery of property (other
than common stock or the right to purchase any of such stock of such Person) or cash to its stockholders, partners or members or
the holders of options or warrants issued by such Person with respect to its Capital Stock or membership interests as such, or
redeemed, retired, purchased or otherwise acquired, directly or indirectly, for a consideration any shares of any class of its
Capital Stock or any other Capital Stock outstanding on or after the Effective Date (or any options or warrants issued by such
Person with respect to its Capital Stock or other Equity Interests), or set aside any funds for any of the foregoing purposes,
or shall have permitted any of its Subsidiaries to purchase or otherwise acquire for a consideration any shares of any class of
the Capital Stock or any other Equity Interests of such Person outstanding on or after the Effective Date (or any options or warrants
issued by such Person with respect to its Capital Stock or other Equity Interests). Without limiting the foregoing, “Dividends”
with respect to any Person shall also include all payments made or required to be made by such Person with respect to any stock
appreciation rights, plans, equity incentive or achievement plans or any similar plans or setting aside of any funds for the foregoing
purposes.

 

    18

     

    

 

“Dollars”
and the sign “$” shall each mean lawful money of the United States.

 

“Dollar Equivalent”
shall mean:

 

(a)       with
respect to the Euro denominated Commitments being utilized on a Borrowing Date and which are in respect of the Euro amounts payable
in respect of the Adjusted Construction Price, the amount calculated by applying (x) in the event that the Borrower and/or the
Parent have entered into Earmarked Foreign Exchange Arrangements with respect to the installment payment to be partially financed
by the Loans to be disbursed on such Borrowing Date, the EUR/USD weighted average rate with respect to such Borrowing Date (i)
as notified by the Borrower to the Facility Agent in the Notice of Borrowing at least three Business Days prior to the relevant
Borrowing Date, (ii) which EUR/USD weighted average rate for any particular set of Earmarked Foreign Exchange Arrangements shall
take account of all applicable foreign exchange spot, forward and derivative arrangements, including collars, options and the like,
entered into in respect of such Borrowing Date and (iii) for which the Borrower has provided evidence to the Facility Agent to
determine which foreign exchange arrangements (including spot transactions) will be the Earmarked Foreign Exchange Arrangements
that shall apply to such Borrowing Date and (y) in the event that the Borrower and/or the Parent have not entered into Earmarked
Foreign Exchange Arrangements with respect to the installment payment to be partially or wholly funded by the Loans to be disbursed
on such Borrowing Date or the Borrower has not provided the evidence referred to in (iii) above, the Spot Rate applicable to such
Borrowing Date.

 

(b)       with
respect to the calculation and payment of the Hermes Issuing Fee and the Hermes Premium in Dollars, the amount thereof in Euro
converted to a corresponding Dollar amount as determined by Hermes on the basis of the latest rate for the purchase of Euro with
Dollars to be published by the German Federal Ministry of Finance prior to the time that Hermes issues its invoice for the Hermes
Issuing Fee and the Hermes Premium respectively and as notified by the Facility Agent in writing to the Borrower as soon as practicable
after Hermes issues its invoice for the Hermes Issuing Fee and the Hermes Premium.

 

“Dormant Subsidiary”
means a Subsidiary that owns assets in an amount equal to no more than $5,000,000 or is dormant or otherwise inactive.

 

“Earmarked Foreign
Exchange Arrangements” shall mean the Euro/Dollar foreign exchange arranged by the Borrower and/or the Parent in connection
with an installment payment to be partially financed by the Loans to be disbursed on the date on which such installment payment
is to be made.

 

    19

     

    

 

“Earnings and
Insurance Collateral” shall mean all “Earnings” and “Insurances”, as the case may be, as defined
in the Assignment of Earnings and Insurances.

 

“ECA”
shall mean any export credit agency.

 

“Effective
Date” has the meaning specified in Section 14.09.

 

“Eligible Transferee”
shall mean and include a commercial bank, insurance company, financial institution, fund or other Person which regularly purchases
interests in loans or extensions of credit of the types made pursuant to this Agreement.

 

“Environmental
Approvals” shall have the meaning provided in Section 8.17(b).

 

“Environmental
Claims” shall mean any and all administrative, regulatory or judicial actions, suits, demands, demand letters, directives,
claims, liens, notices of noncompliance or violation, relating in any way to any Environmental Law or any permit issued, or any
approval given, under any such Environmental Law (hereafter, “Claims”), including, without limitation, (a) any
and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response, remedial or other actions
or damages pursuant to any applicable Environmental Law, and (b) any and all Claims by any third party seeking damages, contribution,
indemnification, cost recovery, compensation or injunctive relief in connection with alleged injury or threat of injury to health,
safety or the environment due to the presence of Hazardous Materials.

 

“Environmental
Law” shall mean any applicable Federal, state, foreign or local statute, law, rule, regulation, ordinance, code, binding
and enforceable guideline, binding and enforceable written policy and rule of common law now or hereafter in effect and in each
case as amended, and any judicial or administrative interpretation thereof, including any judicial or administrative order, consent
decree or judgment, to the extent binding on the Parent or any of its Subsidiaries, relating to the environment, and/or Hazardous
Materials, including, without limitation, CERCLA; OPA; the Federal Water Pollution Control Act, 33 U.S.C. § 1251 et
seq.; the Hazardous Material Transportation Act, 49 U.S.C. § 1801 et seq.; the Occupational Safety and Health
Act, 29 U.S.C. § 651 et seq. (to the extent it regulates occupational exposure to Hazardous Materials); and any state
and local or foreign counterparts or equivalents, in each case as amended from time to time.

 

“Environmental
Release” shall mean any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
dumping, disposing or migration into the environment.

 

“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).

 

"EU Bail-In Legislation
Schedule" means the document described as such and published by the Loan Market Association (or any successor person)
from time to time.

 

    20

     

    

 

“Euro”
and the sign “€” shall each mean single currency in the member states of the European Communities that
adopt or have adopted the Euro as its lawful currency under the legislation of the European Union for European Monetary Union.

 

“Eurodollar
Rate” shall mean with respect to each Interest Period for a Loan, the offered rate for deposits of Dollars for a period
equivalent to such period at or about 11:00 A.M. (Frankfurt time) on the second Business Day before the first day of such period
as is displayed on Reuters LIBOR 01 Page (or such other service as may be nominated by ICE Benchmark Administration Limited (or
any other person which takes on the administration of that rate) as the information vendor for displaying the London Interbank
Offered Rates of major banks in the London Interbank Market) (the “Screen Rate”), provided that if on
such date no such rate is so displayed, the Eurodollar Rate for such period shall be the arithmetic average (rounded up to five
decimal places) of the rate quoted to the Facility Agent by the Reference Banks for deposits of Dollars in an amount approximately
equal to the amount in relation to which the Eurodollar Rate is to be determined for a period equivalent to such applicable Interest
Period by the prime banks in the London interbank Eurodollar market at or about 11:00 A.M. (Frankfurt time) on the second Business
Day before the first day of such period (rounded up to five decimal places) and provided further that if the Eurodollar
Rate is less than zero such rate shall be deemed to be zero for the purposes of this Agreement.

 

“Event of Default”
shall have the meaning provided in Section 11.

 

“Event of Loss”
shall mean any of the following events: (x) the actual or constructive total loss of the Vessel or the agreed or compromised total
loss of the Vessel; or (y) the capture, condemnation, confiscation, requisition (but excluding any requisition for hire by
or on behalf of any government or governmental authority or agency or by any persons acting or purporting to act on behalf of any
such government or governmental authority or agency), purchase, seizure or forfeiture of, or any taking of title to, the Vessel.
An Event of Loss shall be deemed to have occurred: (i) in the event of an actual loss of the Vessel, at the time and on the date
of such loss or if such time and date are not known at noon Greenwich Mean Time on the date which the Vessel was last heard from;
(ii) in the event of damage which results in a constructive or compromised or arranged total loss of the Vessel, at the time and
on the date on which notice claiming the loss of the Vessel is given to the insurers; or (iii) in the case of an event referred
to in clause (y) above, at the time and on the date on which such event is expressed to take effect by the Person making the same.
Notwithstanding the foregoing, if the Vessel shall have been returned to the Borrower or any Subsidiary of the Borrower following
any event referred to in clause (y) above prior to the date upon which payment is required to be made under Section 4.02(b) hereof,
no Event of Loss shall be deemed to have occurred by reason of such event so long as the requirements set forth in Section 9.10
have been satisfied.

 

“Excluded Taxes”
shall have the meaning provided in Section 4.04(a).

 

“Existing Lender”
shall have the meaning provided in Section 13.01(a).

 

“Facility Agent”
shall have the meaning provided in the first paragraph of this Agreement, and shall include any successor thereto.

 

    21

     

    

 

“Facility Office”
means (a) in respect of a Lender, the office or offices notified by that Lender to the Facility Agent in writing on or before the
date it becomes a Lender (or, following that date, by not less than five Business Days’ written notice) as the office or
offices through which it will perform its obligations under this Agreement; or (b) in respect of any other Lender Creditor, the
office in the jurisdiction in which it is resident for tax purposes.

 

“FATCA”
means:

 

(i)               
sections 1471 to 1474 of the Code or any associated regulations;

 

(ii)             
any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the U.S.
and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph
(i) above; or

 

(iii)            
any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (i) or (ii) above
with the U.S. Internal Revenue Service, the U.S. government or any governmental or taxation authority in any other jurisdiction.

 

“FATCA Application
Date” means:

 

(i)              
in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates to payments
of interest and certain other payments from sources within the U.S.), 1 July 2014; or

 

(ii)              
in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within paragraph
(i) above, the first date from which such payment may become subject to a deduction or withholding required by FATCA.

 

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

 

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

 

“FATCA FFI”
means a foreign financial institution as defined in Section 1471(d)(4) of the Code which, if any Lender is not a FATCA Exempt Party,
could be required to make a FATCA Deduction.

 

“Fee Letter”
means any letter or letters entered into by reference to this Agreement between any or all of the Facility Agent, the Initial Mandated
Lead Arranger and/or the Lenders and (in any case) the Borrower or the Parent (as applicable) setting out the amount of certain
fees referred to in, or payable in connection with, this Agreement.

 

“Final Construction
Price” shall mean the actual final construction price of the Vessel.

 

    22

     

    

 

“First Deferral
Effective Date” has the meaning given to the term “Effective Date” in the Second Supplemental Agreement.

 

“First Deferral
Period” means the period from the First Deferral Effective Date to March 31, 2021 (inclusive).

 

“First Deferred
Loan” means the deemed advance by the Lenders (in Dollars) during the First Deferral Period of a proportion of the Total
Commitments in accordance with Section 2.02(c) and which shall constitute a separate Loan repayable in accordance with Section
4.02.

 

“First Hermes
Installment” shall have the meaning provided in Section 2.02(a)(ii).

 

“First
Supplemental Agreement” means the supplemental agreement dated December 22, 2015, and entered into between, amongst
others, the parties to this Agreement pursuant to which this Agreement was amended and restated in connection with an increase
of the Total Commitments.

 

“Fixed Interest
Payment Date” shall mean (i) prior to the Delivery Date, each sixth month anniversary of the Initial Borrowing Date,
(ii) the Delivery Date and (iii) after the Delivery Date, each semi-annual date on which a Scheduled Repayment is required to be
made pursuant to Section 4.02(a) (or, if any of the above dates does not fall on a Business Day, the Fixed Interest Payment Date
shall fall on the first Business Day falling after such date).

 

“Fixed Rate”
shall mean the percentage rate per annum equal to the aggregate of (a) the Fixed Rate Margin and (b) the CIRR.

 

“Fixed Rate
Interest Period” shall mean the period commencing on the Initial Borrowing Date and ending on the immediately succeeding
Fixed Interest Payment Date and thereafter each period commencing on a Fixed Interest Payment Date and ending on the immediately
succeeding Fixed Interest Payment Date.

 

“Fixed Rate Margin”
means a percentage rate per annum equal to 0.80% per annum.

 

“Flag Jurisdiction
Transfer” shall mean the transfer of the registration and flag of the Vessel from one Acceptable Flag Jurisdiction to
another Acceptable Flag Jurisdiction, provided that the following conditions are satisfied with respect to such transfer:

 

(i)               On
each Flag Jurisdiction Transfer Date, the Borrower shall have duly authorized, executed and delivered, and caused to be recorded
in the appropriate vessel registry a Vessel Mortgage that is reasonably satisfactory in form and substance to the Facility Agent
with respect to the Vessel and such Vessel Mortgage shall be effective to create in favor of the Collateral Agent and/or the Lenders
a legal, valid and enforceable first priority security interest, in and lien upon the Vessel, subject only to Permitted Liens.
All filings, deliveries of instruments and other actions necessary or desirable in the reasonable opinion of the Collateral Agent
to perfect and preserve such security interests shall have been duly effected and the Collateral Agent shall have received evidence
thereof in form and substance reasonably satisfactory to the Collateral Agent.

 

    23

     

    

 

(ii)              On
each Flag Jurisdiction Transfer Date, to the extent that any Security Documents are released or discharged pursuant to Section
14.21(b), the Borrower shall have duly authorized, executed and delivered corresponding Security Documents in favor of the Collateral
Agent for the new Acceptable Flag Jurisdiction.

 

(iii)              On
each Flag Jurisdiction Transfer Date, the Facility Agent shall have received from counsel, an opinion addressed to the Facility
Agent and each of the Lenders and dated such Flag Jurisdiction Transfer Date, which shall (x) be in form and substance reasonably
acceptable to the Facility Agent and (y) cover the recordation of the security interests granted pursuant to the Vessel Mortgage
to be delivered on such date and such other matters incident thereto as the Facility Agent may reasonably request.

 

(iv)            
On each Flag Jurisdiction Transfer Date:

 

(A)       The
Facility Agent shall have received (x) certificates of ownership from appropriate authorities showing (or confirmation updating
previously reviewed certificates and indicating) the registered ownership of the Vessel transferred on such date by the Borrower
and (y) the results of maritime registry searches with respect to the Vessel transferred on such date, indicating no recorded liens
other than Liens in favor of the Collateral Agent and/or the Lenders and, if applicable and to the extent recordable, Permitted
Liens.

 

(B)       The
Facility Agent shall have received a report, in form and scope reasonably satisfactory to the Facility Agent, from a firm of independent
marine insurance brokers reasonably acceptable to the Facility Agent with respect to the insurance maintained by the Credit Party
in respect of the Vessel transferred on such date, together with a certificate from another broker certifying that such insurances
(i) are placed with such insurance companies and/or underwriters and/or clubs, in such amounts, against such risks, and in such
form, as are customarily insured against by similarly situated insureds for the protection of the Facility Agent and/or the Lenders
as mortgagee and (ii) conform with the Required Insurance applicable to the Vessel.

 

(v)      On
or prior to each Flag Jurisdiction Transfer Date, the Facility Agent shall have received a certificate, dated the Flag Jurisdiction
Transfer Date, signed by any one of the chairman of the board, the president, any vice president, the treasurer or an authorized
manager, member, general partner, officer or attorney-in-fact of the Borrower, certifying that (A) all necessary governmental
(domestic and foreign) and third party approvals and/or consents in connection with the Flag Jurisdiction Transfer being consummated
on such date and otherwise referred to herein shall have been obtained and remain in effect or that no such approvals and/or consents
are required, (B) there exists no judgment, order, injunction or other restraint prohibiting or imposing materially adverse conditions
upon such Flag Jurisdiction Transfer or the other related transactions contemplated by this Agreement and (C) copies of resolutions
approving the Flag Jurisdiction Transfer of the Borrower and any other related matters the Facility Agent may reasonably request.

 

    24

     

    

 

(vi)             On
each Flag Jurisdiction Transfer Date, the Collateral and Guaranty Requirements for the Vessel shall have been satisfied or waived
by the Facility Agent for a specific period of time.

 

“Flag Jurisdiction
Transfer Date” shall mean the date on which a Flag Jurisdiction Transfer occurs.

 

“Floating Rate”
shall mean the percentage rate per annum equal to the aggregate of (a) the applicable Floating Rate Margin plus (b) the Eurodollar
Rate plus (c) any Mandatory Costs.

 

“Floating Rate
Interest Period” shall have the meaning provided in Section 2.08.

 

“Floating Rate
Margin” shall mean:

 

		(i)	in the case of all Loans (including First Deferred Loans) other than Second Deferred Loans, a percentage
per annum equal to 1.00%; and

 

		(ii)	in the case of the Second Deferred Loans, a percentage per annum equal to 1.20%.

 

“Framework”
means the document titled “Debt Deferral Extension Framework” in the form set out in Schedule 1.01(d) to this Agreement
(as may be amended from time to time), and which sets out certain key principles and parameters relating to, amongst other things,
the further temporary suspension of repayments of principal in connection with certain qualifying Loan Agreements (as defined therein)
and being applicable to Hermes-covered loan agreements such as this Agreement and more particularly the Second Deferred Loans hereunder.

 

“Free Liquidity”
shall mean, at any date of determination, the aggregate of the Cash Balance and any Commitments under this Agreement or any other
amounts available for drawing under other revolving or other credit facilities of the NCLC Group, which remain undrawn, could be
drawn for general working capital purposes or other general corporate purposes and would not, if drawn, be repayable within six
months.

 

“GAAP”
shall have the meaning provided in Section 14.06(a).

 

“Grace Period”
shall have the meaning provided in Section 11.05(c).

 

“Guarantor”
shall mean Parent.

 

“Hazardous Materials”
shall mean: (a) any petroleum or petroleum products, radioactive materials, asbestos in any form that is or could become friable,
urea formaldehyde foam insulation, transformers or other equipment that contain dielectric fluid containing levels of polychlorinated
biphenyls, and radon gas; (b) any chemicals, materials or substances defined as or included in the definition of “hazardous
substances,” “hazardous waste,” “hazardous materials,” “extremely hazardous substances,”
 “restricted hazardous waste,” “toxic substances,” “toxic pollutants,” “contaminants,”
or “pollutants,” or words of similar import, under any applicable Environmental Law; and (c) any other chemical,
material or substance, exposure to which is prohibited, limited or regulated by any governmental authority under Environmental
Laws.

 

    25

     

    

 

“Heads of Terms”
shall have the meaning provided in Section 14.09.

 

“Hermes”
shall mean Euler Hermes Aktiengesellschaft, Gasstraβe 27, 22761 Hamburg acting in its capacity as representative of the Federal
Republic of Germany in connection with the issuance of export credit guarantees.

 

“Hermes Agent”
shall have the meaning provided in the first paragraph of this Agreement, and shall include any successor thereto, acting as attorney-in-fact
for the Lenders with respect to the Hermes Cover to the extent described in this Agreement.

 

“Hermes
Cover” shall mean the export credit guarantee (Exportkreditgarantie) on the terms of Hermes’ Declaration
of Guarantee (Gewährleistungs-Erklärung) for 95% of the principal amount of the Loans and any interests and secondary
financing costs of the Federal Republic of Germany acting through Euler Hermes Aktiengesellschaft for the period of the Loans on
the terms and conditions applied for by the Lenders, and shall include any successor thereto (it being understood that the Hermes
Cover shall be issued on the basis of Hermes’ applicable Hermes guidelines (Richtlinien) and general terms and conditions
(Allgemeine Bedingungen)).

 

“Hermes Debt
Deferral Extension Premium” means the additional premium payable to Hermes as a result of the increase to the Hermes
Cover arising as a consequence of the making of the Second Deferred Loans, such amount as notified in writing by the Hermes Agent
to the Borrower.

 

“Hermes Issuing
Fees” shall mean the Dollar Equivalent of the amount of €[*] payable in Dollars by the Borrower to Hermes through
the Hermes Agent by way of handling fees in respect of the Hermes Cover.

 

“Hermes Premium”
shall mean the Dollar Equivalent of the Euro amount payable by the Borrower to Hermes through the Hermes Agent in respect of the
Hermes Cover, which shall not exceed the Dollar Equivalent of €[*], and which shall include the Additional Hermes Premium.

 

“Holdings”
means Norwegian Cruise Line Holdings Ltd.

 

“Impaired Agent”
shall mean an Agent at any time when:

 

		(i)	it has failed to make (or has notified a party to this Agreement that it will not make) a payment
required to be made by it under the Credit Documents by the due date for payment;

 

		(ii)	such Agent otherwise rescinds or repudiates a Credit Document;

 

		(iii)	(if such Agent is also a Lender) it is a Defaulting Lender; or

 

		(iv)	an Insolvency Event has occurred and is continuing with respect to such Agent,

 

    26

     

    

 

unless, in the case of
paragraph (i) above: (a) its failure to pay is caused by administrative or technical error or a Disruption Event, and payment is
made within five Business Days of its due date; or (b) such Agent is disputing in good faith whether it is contractually obliged
to make the payment in question.

 

“Indebtedness”
shall mean any obligation for the payment or repayment of money, whether as principal or as surety and whether present or future,
actual or contingent including, without limitation, pursuant to an Interest Rate Protection Agreement or Other Hedging Agreement.

 

“Indebtedness
for Borrowed Money” shall mean Indebtedness (whether present or future, actual or contingent, long-term or short-term,
secured or unsecured) in respect of:

 

		(i)	moneys borrowed or raised;

 

		(ii)	the advance or extension of credit (including interest and other charges on or in respect of any
of the foregoing);

 

		(iii)	the amount of any liability in respect of leases which, in accordance with GAAP, are capital leases;

 

		(iv)	the amount of any liability in respect of the purchase price for assets or services payment of
which is deferred for a period in excess of 180 days;

 

		(v)	all reimbursement obligations whether contingent or not in respect of amounts paid under a letter
of credit or similar instrument; and

 

		(vi)	(without double counting) any guarantee of Indebtedness falling within paragraphs (i) to (v) above;

 

provided
that the following shall not constitute Indebtedness for Borrowed Money:

 

		(a)	loans and advances made by other members of the NCLC Group which are subordinated to the rights
of the Lenders;

 

		(b)	loans and advances made by any shareholder of the Parent which are subordinated to the rights of
the Lenders on terms reasonably satisfactory to the Facility Agent; and

 

		(c)	any liabilities of the Parent or any other member of the NCLC Group under any Interest Rate Protection
Agreement or any Other Hedging Agreement or other derivative transactions of a non-speculative nature.

 

    27

     

    

 

“Information”
shall have the meaning provided in Section 8.10(a).

 

“Initial Borrowing
Date” shall mean the date occurring on or after the Effective Date on which the initial Borrowing of Loans (other than
Deferred Loans) hereunder occurs, which date shall, subject to Section 5, coincide with the date of payment of the first installment
of the Initial Construction Price for the Vessel under the Construction Contract.

 

“Initial Construction
Price” shall mean an amount of up to €801,220,000 for the construction of the Vessel pursuant to the Construction
Contract, payable by the Borrower to the Yard through the four installments of the Contract Price referred to in Article
8, Clauses 2.1(i) through and including (iv) of the Construction Contract (each, a “Pre-delivery Installment”)
and the installment of the Contract Price referred to in Article 8, Clause 2.1(v) of the Construction Contract (as
such amount may be modified in accordance with the Construction Contract).

 

“Initial Mandated
Lead Arranger” shall have the meaning provided in the first paragraph of this Agreement, and shall include any successor
thereto.

 

“Initial Syndication
Date” shall mean the date, if applicable, on which KfW IPEX-Bank GmbH ceases to be the only Lender by transferring all
or part of its rights as a Lender under this Agreement to one or more banks or financial institutions pursuant to Section 13.

 

“Insolvency
Event” in relation to any of the parties to this Agreement shall mean that such party:

 

		(i)	is dissolved (other than pursuant to a consolidation, amalgamation or merger);

 

		(ii)	becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally
to pay its debts as they become due;

 

		(iii)	makes a general assignment, arrangement or composition with or for the benefit of its creditors;

 

		(iv)	institutes or has instituted against it, by a regulator, supervisor or any similar official with
primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organization
or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief
under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its
winding-up or liquidation by it or such regulator, supervisor or similar official;

 

		(v)	has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other
relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for
its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding
or petition is instituted or presented by a person or entity not described in paragraph (iv) above and (a) results in a judgment
of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or
(b) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof;

 

    28

     

    

 

		(vi)	has exercised in respect of it one or more of the stabilization powers pursuant to Part 1 of the
Banking Act 2009 and/or has instituted against it a bank insolvency proceeding pursuant to Part 2 of the Banking Act 2009 or a
bank administration proceeding pursuant to Part 3 of the Banking Act 2009;

 

		(vii)	has a resolution passed for its winding-up, official management or liquidation (other than pursuant
to a consolidation, amalgamation or merger);

 

		(viii)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator,
receiver, trustee, custodian or other similar official for it or for all or substantially all its assets;

 

		(ix)	has a secured party take possession of all or substantially all its assets or has a distress, execution,
attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and
such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within
30 days thereafter;

 

		(x)	causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction,
has an analogous effect to any of the events specified in paragraphs (i) to (ix) above; or

 

		(xi)	takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence
in, any of the foregoing acts.

 

“Interaction
Agreement” shall mean the interaction agreement executed or to be executed by, inter alia (i) each Lender that
elects to become a Refinanced Bank, (ii) the CIRR Representative, and (iii) the CIRR Agent substantially in the form of Exhibit
C.

 

“Interest Determination
Date” shall mean, with respect to any Loan, the second Business Day prior to the commencement of any Interest Period
relating to such Loan.

 

“Interest Period”
shall mean either the Fixed Rate Interest Period or, as the context may require, the Floating Rate Interest Period.

 

“Interest Rate
Protection Agreement” shall mean any interest rate swap agreement, interest rate cap agreement, interest collar agreement,
interest rate hedging agreement, interest rate floor agreement or other similar agreement or arrangement entered into between a
Lender or its Affiliate, or a Lead Arranger or its Affiliate, and the Parent and/or the Borrower in relation to the Credit Document
Obligations of the Borrower under this Agreement.

 

    29

     

    

 

“Interest Make-Up
Agreement” shall mean an interest make-up agreement entered into between the CIRR Representative and any Lender pursuant
to Section 1.2.4 of the CIRR General Terms and Conditions.

 

“Investments”
shall have the meaning provided in Section 10.04.

 

“KfW”
shall mean KfW in its capacity as refinancing bank with respect to the KfW Refinancing.

 

“KfW Refinancing”
shall mean the refinancing of the respective loans of the Refinanced Banks hereunder with KfW pursuant to Sections 1.2.1, 1.2.2
and 1.2.3 of the CIRR General Terms and Conditions, as modified by the parties to the KfW Refinancing pursuant to, inter alia,
the Interaction Agreement.

 

“Lead Arrangers”
shall mean the Initial Mandated Lead Arranger together with and any other bank or financial institution appointed as an arranger
by the Initial Mandated Lead Arranger and the Borrower for the purpose of this Agreement.

 

“Lender”
shall mean each financial institution listed on Schedule 1.01(a), as well as any Person which becomes a “Lender”
hereunder pursuant to Section 13.

 

“Lender Creditors”
shall mean the Lenders holding from time to time outstanding Loans and/or Commitments and the Agents, each in their respective
capacities.

 

“Lender Default”
shall mean, as to any Lender, (i) the wrongful refusal (which has not been retracted) of such Lender or the failure of such Lender
to make available its portion of any Borrowing, unless such failure to pay is caused by administrative or technical error or a
Disruption Event and payment is made within three Business Days of its due date; (ii) such Lender having been deemed insolvent
or having become the subject of a takeover by a regulatory authority or with respect to which an Insolvency Event has occurred
and is continuing; (iii) such Lender having notified the Facility Agent and/or any Credit Party (x) that it does not intend to
comply with its obligations under Section 2.01 in circumstances where such non-compliance would constitute a breach of such Lender’s
obligations under such Section or (y) of the events described in preceding clause (ii); or (iv) such Lender not being in compliance
with its refinancing obligations owed to KfW under its respective Refinancing Agreement or the Interaction Agreement.

 

“Lien”
shall mean any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), preference,
priority or other security agreement of any kind or nature whatsoever (including, without limitation, any conditional sale or other
title retention agreement, any financing or similar statement or notice filed under the UCC or any other similar recording or notice
statute, and any lease having substantially the same effect as any of the foregoing); provided that in no event shall an
operating lease be deemed to constitute a Lien.

 

“Loan”
and “Loans” shall have the meaning provided in Section 2.01 and shall include Deferred Loans made in accordance
with Section 2.02(c).

 

    30

     

    

 

“Management
Agreements” shall mean any agreements entered into by the Borrower with a Manager, and which agreements shall be reasonably
acceptable to the Facility Agent (it being understood that the form of management agreement attached as Annex A to Exhibit O is
acceptable).

 

“Manager”
shall mean (i) the company providing commercial and technical management and crewing services for the Vessel, which is contemplated
to be, as of the Delivery Date, NCL Corporation Ltd., a company organized and existing under the laws of Bermuda, or NCL
(Bahamas) Ltd., a company organized and existing under the laws of Bermuda (and each of which is approved for such purpose) or
(ii) such other commercial manager and/or technical manager with respect to the management of the Vessel reasonably acceptable
to the Facility Agent.

 

“Manager’s
Undertakings” shall mean the undertakings, provided by any Manager respecting the Vessel, including, inter alia,
a statement satisfactory to the Facility Agent that any lien in favor of a Manager respecting the Vessel is subject and subordinate
to the Vessel Mortgage in substantially the form attached to the Assignment of Management Agreements or otherwise reasonably satisfactory
to the Facility Agent.

 

“Mandatory Costs”
means the percentage rate per annum calculated in accordance with Schedule 1.01(b).

 

“Market Disruption
Event” shall mean:

 

		(i)	at or about noon on the Interest Determination Date for the relevant Interest Period the Screen
Rate is not available and none or (unless at such time there is only one Lender) only one of the Lenders supplies a rate to the
Facility Agent to determine the Eurodollar Rate for the relevant Interest Period; or

 

		(ii)	before 5:00 P.M. Frankfurt time on the Interest Determination Date for the relevant Interest Period,
the Facility Agent receives notifications from Lenders the sum of whose Commitments and/or outstanding Loans at such time equal
at least 50% of the sum of the Total Commitments and/or aggregate outstanding Loans of the Lenders at such time that (x) the cost
to such Lenders of obtaining matching deposits in the London interbank Eurodollar market for the relevant Interest Period would
be in excess of the Eurodollar Rate for such Interest Period or (y) such Lenders are unable to obtain funding in the London interbank
Eurodollar market.

 

“Material Adverse
Effect” shall mean the occurrence of anything since December 31, 2013 which has had or would reasonably be expected
to have a material adverse effect on (x) the property, assets, business, operations, liabilities, or condition (financial or otherwise)
of the Parent and its subsidiaries taken as a whole, (y) the consummation of the transactions hereunder, the acquisition of the
Vessel and the Construction Contract, or (z) the rights or remedies of the Lenders, or the ability of the Parent and its relevant
Subsidiaries to perform their obligations owed to the Lenders and the Agents under this Agreement.

 

    31

     

    

 

“Materials of
Environmental Concern” shall have the meaning provided in Section 8.17(a).

 

“Maturity Date”
shall mean:

 

(i)       for
a Loan other than a Deferred Loan, the twelfth anniversary of the Borrowing Date in relation to the Delivery Date or, if earlier,
the date falling 11 years and 6 months after the date on which the first Scheduled Repayment is required to be made pursuant to
Section 4.02(a); and

 

(ii)      for
a Deferred Loan, the final Repayment Date for such Deferred Loan as set out in Schedule 4.02.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc. and its successors.

 

“NCLC Fleet”
shall mean the vessels owned by the companies in the NCLC Group.

 

“NCLC Group”
shall mean the Parent and its Subsidiaries.

 

“New Lender”
shall mean a Person who has been assigned the rights or transferred the rights and obligations of an Existing Lender, as the case
may be, pursuant to the provisions of Section 13.

 

“Non-Defaulting
Lender” shall mean and include each Lender other than a Defaulting Lender.

 

“Notice of Borrowing”
shall have the meaning provided in Section 2.03.

 

“Notice Office”
shall mean in the case of the Facility Agent and the Hermes Agent, the office of the Facility Agent and the Hermes Agent located
at Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany, Attention: Maritime Industries, X2a3, [*], fax: [*], email: [*] or
such other office as the Facility Agent may hereafter designate in writing as such to the other parties hereto or such other office
as the Facility Agent or the Hermes Agent may hereafter designate in writing as such to the other parties hereto.

 

“OPA”
shall mean the Oil Pollution Act of 1990, as amended, 33 U.S.C. § 2701 et seq.

 

“Other Creditors”
shall mean any Lender or any Affiliate thereof and their successors, transferees and assigns if any (even if such Lender subsequently
ceases to be a Lender under this Agreement for any reason), together with such Lender’s or Affiliate’s successors,
transferees and assigns, with which the Parent and/or the Borrower enters into any Interest Rate Protection Agreements or Other
Hedging Agreements from time to time.

 

“Other Hedging
Agreement” shall mean any foreign exchange contracts, currency swap agreements, commodity agreements or other similar
agreements or arrangements entered into between a Lender or its Affiliate, or a Lead Arranger or its Affiliates, and the Parent
and/or the Borrower in relation to the Credit Document Obligations of the Borrower under this Agreement and designed to protect
against the fluctuations in currency or commodity values.

 

    32

     

    

 

“Other Obligations”
shall mean the full and prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of all obligations,
liabilities and indebtedness (including, without limitation, all interest that accrues after the commencement of any case, proceeding
or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Credit Party at the rate provided
for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding) owing
by any Credit Party to the Other Creditors under, or with respect to, any Interest Rate Protection Agreement or Other Hedging Agreement,
whether such Interest Rate Protection Agreement or Other Hedging Agreement is now in existence or hereafter arising, and the due
performance and compliance by such Credit Party with all of the terms, conditions and agreements contained therein.

 

“Parent”
shall have the meaning provided in the first paragraph of this Agreement.

 

“Parent Guaranty”
shall mean the guaranty of the Parent pursuant to Section 15.

 

“Participant
Register” shall have the meaning provided in Section 13.11(c).

 

“PATRIOT Act”
shall have the meaning provided in Section 14.09.

 

“Payment Office”
shall mean the office of the Facility Agent located at Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany, or such other
office as the Facility Agent may hereafter designate in writing as such to the other parties hereto.

 

“Permitted Change
Orders” shall mean change orders and similar arrangements under the Construction Contract which increase the Initial
Construction Price to the extent that the aggregate amount of such increases does not exceed the amount of the change orders agreed
in Addendum No. 3, namely €[*] (it being understood that the actual amount of change orders and similar arrangements may exceed
 €[*]).

 

“Permitted Chartering
Arrangements” shall mean:

 

		(i)	any charter or other form of deployment (other than a demise or bareboat charter) of the Vessel
made between members of the NCLC Group;

 

		(ii)	any demise or bareboat charter of the Vessel made between members of the NCLC Group provided that
(a) each of the Borrower and the charterer assigns the benefit of any such charter or sub-charter to the Collateral Agent, (b)
each of the Borrower and the charterer assigns its interest in the insurances and earnings in respect of the Vessel to the Collateral
Agent, and (c) the charterer agrees to subordinate its interests in the Vessel to the interests of the Collateral Agent as mortgagee
of the Vessel, all on terms and conditions reasonably acceptable to the Collateral Agent;

 

		(iii)	any charter or other form of deployment of the Vessel to a charterer that is not a member of the
NCLC Group provided that no such charter or deployment shall be made (a) on a demise or bareboat basis, or (b) for a period which,
including the exercise of any options for extension, could be for longer than 13 months, or (c) other than at or about market rate
at the time when the charter or deployment is fixed; and

 

		(iv)	any charter or other form of deployment in respect of the Vessel entered into after the Effective
Date and which is permissible under the provisions of any financing documents relating to the Vessel.

 

    33

     

    

 

“Permitted Intercompany
Arrangements” shall mean any intercompany loan or operating arrangement which from an accounting perspective has the
effect of an intercompany loan, between or among members of the NCLC Group:

 

(a) existing as of the
date of the Third Supplemental Agreement;

 

(b) so long as (x) made
solely for the purpose of regulatory or tax purposes carried out in the ordinary course of business and on an arms’ length
basis and (y) the aggregate principal amount of all such loans or operating arrangements does not exceed $[*] at any time;
or

 

(c) that has been approved
with the prior written consent of Hermes.

 

“Permitted Liens”
shall have the meaning provided in Section 10.01.

 

“Person”
or “person” shall mean any individual, partnership, joint venture, firm, corporation, association, trust or
other enterprise or any government or political subdivision, department or instrumentality thereof.

 

“Pledgor”
shall mean NCL Corporation Ltd. or any direct or indirect Subsidiary of the Parent which directly owns any of the Capital Stock
of the Borrower.

 

"Poseidon Principles"
means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published
in June 2019 as the same may be amended or replaced to reflect changes in applicable law or regulation or the introduction of or
changes to mandatory requirements of the International Maritime Organisation from time to time.

 

“Pre-delivery
Installment” shall have the meaning provided in the definition of “Initial Construction Price”.

 

“Principles”
means the document titled "Cruise Debt Holiday Principles" and dated 26 March 2020 in the form set out in Schedule 1.01(c)
to this Agreement (as may be amended from time to time), and which sets out certain key principles and parameters relating to,
amongst other things, the temporary suspension of repayments of principal in connection with certain qualifying Loan Agreements
(as defined therein) and being applicable to Hermes-covered loan agreements such as this Agreement and more particularly the First
Deferred Loans hereunder.

 

“Pro Rata Share”
shall have the definition provided in Section 4.05(b).

 

    34

     

    

 

“Projections”
shall mean any projections and any forward-looking statements (including statements with respect to booked business) of the NCLC
Group furnished to the Lenders or the Facility Agent by or on behalf of any member of the NCLC Group prior to the Effective Date.

 

“Reference Banks”
shall mean Citibank and JPMorgan and any additional or replacement Reference Bank appointed by the Facility Agent with the approval
of the Borrower.

 

“Refinancing
Agreement” shall mean each refinancing agreement in respect of the KfW Refinancing.

 

“Refinanced
Bank” shall mean each Lender participating in the KfW Refinancing.

 

“Refund Guarantee”
shall mean a, or if more than one, each refund guarantee arranged by the Yard in respect of a Pre-delivery Installment and provided
by one or more financial institutions contemplated by the Construction Contract, or by other financial institutions reasonably
satisfactory to the Lead Arrangers, as credit support for the Yard’s obligations thereunder.

 

“Register”
shall have the meaning provided in Section 14.15.

 

“Relevant Obligations”
shall have the meaning provided in Section 13.07(c)(ii).

 

“Repayment Date”
shall mean each semi-annual date on which a Scheduled Repayment is required to be made pursuant to Section 4.02(a).

 

“Replaced Lender”
shall have the meaning provided in Section 2.12.

 

“Replacement
Lender” shall have the meaning provided in Section 2.12.

 

“Representative”
shall have the meaning provided in Section 4.05(d).

 

“Required Insurance”
shall have the meaning provided in Section 9.03.

 

“Required
Lenders” shall mean, at any time, Non-Defaulting Lenders, the sum of whose outstanding Commitments and/or principal amount
of Loans at such time represent an amount greater than 662⁄3% of the sum of the Total Commitment (less the aggregate
Commitments of all Defaulting Lenders at such time) and the aggregate principal amount of outstanding Loans (less the amount of
outstanding Loans of all Defaulting Lenders at such time).

 

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

 

“Restatement
Date” shall have the meaning given to this expression in the First Supplemental Agreement.

 

“S&P”
shall mean Standard & Poor’s Rating Services, a division of the McGraw-Hill Companies, Inc., and its successors.

 

    35

     

    

 

“Scheduled Repayment”
shall have the meaning provided in Section 4.02(a).

 

“Screen Rate”
shall have the meaning specified in the definition of Eurodollar Rate.

 

“Second Deferral
Effective Date” has the meaning given to the term “Effective Date” in the Third Supplemental Agreement.

 

“Second Deferral
Period” means the period from the Second Deferral Effective Date through March 31, 2022 (inclusive).

 

“Second Deferred
Loan” means the deemed advance by the Lenders (in Dollars) during the Second Deferral Period of a proportion of the Total
Commitments in accordance with Section 2.02(c) and which shall constitute a separate Loan repayable in accordance with Section
4.02.

 

“Second Deferred
Loan Repayment Date” means the date on which the Second Deferred Loans have been repaid or prepaid in full.

 

“Second Supplemental
Agreement” means the agreement dated April 20, 2020, and entered into between, amongst others, the parties to this Agreement
amending and restating this Agreement in connection with the introduction of the Principles.

 

“Secured Creditors”
shall mean the “Secured Creditors” as defined in the Security Documents.

 

“Secured Obligations”
shall mean (i) the Credit Document Obligations, (ii) the Other Obligations, (iii) any and all sums advanced by any Agent in order
to preserve the Collateral or preserve the Collateral Agent’s security interest in the Collateral on behalf of the Lenders,
(iv) in the event of any proceeding for the collection or enforcement of any indebtedness, obligations or liabilities of the Credit
Parties referred to in clauses (i) and (ii) above, after an Event of Default shall have occurred and be continuing, the expenses
in connection with retaking, holding, preparing for sale or lease, selling or otherwise disposing of or realizing on the Collateral,
or of any exercise by the Collateral Agent of its rights hereunder on behalf of the Lenders, together with reasonable attorneys’
fees and court costs, and (v) all amounts paid by any Secured Creditor as to which such Secured Creditor has the right to reimbursement
under the Security Documents.

 

“Security Documents”
shall mean, as applicable, the Assignment of Contracts, the Assignment of Earnings and Insurances, the Assignment of Charters,
the Assignment of Management Agreements, the Charge of KfW Refund Guarantees, the Share Charge, the Vessel Mortgage, the Deed of
Covenants, and, after the execution thereof, each additional security document executed pursuant to Section 9.10 and/or Section
12.01(b).

 

“Security Trust
Deed” shall mean the Security Trust Deed executed by, inter alia, the Borrower, the Guarantor, the Collateral
Agent, the Facility Agent, the Original Secured Creditors (as defined therein) and the Delegate Collateral Agent and shall be substantially
in the form of Exhibit P or otherwise reasonably acceptable to the Facility Agent.

 

“Share Charge”
shall have the meaning provided in Section 5.06.

 

    36

     

    

 

“Share Charge
Collateral” shall mean all “Collateral” as defined in the Share Charge.

 

“Signing Date”
means the date of this Agreement.

 

“Sky Vessel”
shall mean [*] presently owned by and registered in the name of Norwegian Sky, Ltd. of Bermuda (an Affiliate of the Parent) under
the laws and flag of the Commonwealth of the Bahamas, which was purchased by Norwegian Sky, Ltd. on the terms set forth in the
fully executed memorandum of agreement related to the sale of such vessel, dated on or around May 30, 2012 (as amended from time
to time with the consent of the Lenders as required pursuant to Section 10.11).

 

“Sky Vessel
Indebtedness” shall mean the financing arrangements secured by, among other things, the Sky Vessel, pursuant to the Fourth
Amended and Restated Credit Agreement dated 2 January 2019 (as may be further supplemented, amended, restated or otherwise modified
from time to time) between, among others, the Parent as company, Voyager Vessel Company, LLC as co-borrower, the lenders from time
to time party thereto and JPMorgan Chase Bank, N.A. as administrative agent, collateral agent.

 

“Specified Requirements”
shall mean the requirements set forth in clauses (i)(A) and (i)(B) (including, for the avoidance of doubt, paragraphs (i)(a) or
(i)(b)), (iii), (v)(c) and (v)(f)) of the definition of “Collateral and Guaranty Requirements.”

 

“Spot Rate”
shall mean the spot exchange rate quoted by the Facility Agent equal to the weighted average of the rates on the
actual transactions of the Facility Agent on the date two Business Days prior to the date of determination thereof (acting reasonably),
which spot exchange rate shall be final and conclusive absent manifest error.

 

“Subsidiary”
shall mean, as to any Person, (i) any corporation more than 50% of whose stock of any class or classes having by the terms thereof
ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock
of any class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency)
is at the time owned by such Person and/or one or more Subsidiaries of such Person and (ii) any partnership, limited liability
company, association, joint venture or other entity in which such Person and/or one or more Subsidiaries of such Person has more
than a 50% Equity Interest at the time.

 

“Supervision
Agreements” shall mean any agreements (if any) entered or to be entered into between the Parent, as applicable, the Borrower
and a Supervisor providing for the construction supervision of the Vessel, the terms and conditions of which shall be in form and
substance reasonably satisfactory to the Facility Agent.

 

“Supervisor”
shall have the meaning provided in the Construction Contract.

 

“Tax Benefit”
shall have the meaning provided in Section 4.04(c).

 

“Taxes”
and “Taxation” shall have the meaning provided in Section 4.04(a).

 

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“Third Supplemental
Agreement” means the agreement dated February 18, 2021, and entered into between, amongst others, the parties to this
Agreement amending and restating this Agreement in connection with the introduction of the Framework.

 

“Total Capitalization”
shall mean, at any date of determination, the Total Net Funded Debt plus the consolidated stockholders’ equity of
the NCLC Group at such date determined in accordance with GAAP and derived from the then latest unaudited and consolidated financial
statements of the NCLC Group delivered to the Facility Agent in the case of the first three quarters of each fiscal year and the
then latest audited consolidated financial statements of the NCLC Group delivered to the Facility Agent in the case of each fiscal
year; provided it is understood that the effect of any impairment of intangible assets shall be added back to stockholders’
equity.

 

“Total Commitment”
shall mean, at any time, the sum of the Commitments of the Lenders at such time. On the Effective Date, the Total Commitments shall
not exceed €710,831,000.

 

“Total Net Funded
Debt” shall mean, as at any relevant date:

 

		(i)	Indebtedness for Borrowed Money of the NCLC Group on a consolidated basis; and

 

		(ii)	the amount of any Indebtedness for Borrowed Money of any person which is not a member of the NCLC
Group but which is guaranteed by a member of the NCLC Group as at such date;

 

less
an amount equal to any Cash Balance as at such date; provided that any Commitments and other amounts available for drawing
under other revolving or other credit facilities of the NCLC Group which remain undrawn shall not be counted as cash or indebtedness
for the purposes of this Agreement.

 

“Transaction”
shall mean collectively (i) the execution, delivery and performance by each Credit Party of the Credit Documents to which it is
a party, the incurrence of Loans on each Borrowing Date and the use of proceeds thereof and (ii) the payment of all fees and expenses
in connection with the foregoing.

 

“Transfer Certificate”
means a certificate substantially in the form set out in Exhibit E or any other form agreed between the Facility Agent and the
Parent.

 

“Transfer Date”
shall have the meaning given to this expression in the First Supplemental Agreement.

 

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

 

"UK Bail-In Legislation"
means (to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements, Article 55 BRRD)
Part 1 of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the
resolution of unsound or failing banks, investment firms or other financial institutes or their affiliates (otherwise than through
liquidation, administration or other insolvency proceedings).

 

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“United States”
and “U.S.” shall each mean the United States of America.

 

“U.S. Tax Obligor”
means:

 

(i)       a
Borrower which is resident for tax purposes in the U.S.; or

 

(ii)      a
Credit Party some or all of whose payments under the Credit Documents are from sources within the U.S. for U.S. federal income
tax purposes.

 

“Vessel”
shall mean the post-panamax luxury passenger cruise vessel with approximately 164,600 gt and hull number [*] constructed by the
Yard (and named “Norwegian Bliss” at the time of its delivery from the Yard).

 

“Vessel Mortgage”
shall have the meaning provided in the definition of “Collateral and Guaranty Requirements”.

 

“Vessel Value”
shall have the meaning set forth in Section 10.08.

 

“Yard”
shall mean Meyer Werft GmbH, Papenburg/Germany, the shipbuilder constructing the Vessel pursuant to the Construction Contract.

 

"Write-down and
Conversion Powers" means:

 

(a)       in
relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as
such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule;

 

(b)       in
relation to any other applicable Bail-In Legislation:

 

(i)        any
powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm
or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify
or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert
all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such
contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and

 

    39

     

    

 

(ii)       any
similar or analogous powers under that Bail-In Legislation; and

 

(c)       in
relation to any UK Bail-In Legislation:

 

(i)       any
powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm
or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify
or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert
all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such
contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and

 

(ii)       any
similar or analogous powers under that UK Bail-In Legislation.

 

Section
2. Amount and Terms of Credit Facility.

 

2.01
The Commitments.1.02  Subject to
and upon the terms and conditions set forth herein, each Lender severally agrees to make on and after the Initial Borrowing Date
and prior to the Commitment Termination Date and at the times specified in Section 2.02 term loans to the Borrower (each, a “Loan”
and, collectively, the “Loans”), which Loans (i) shall bear interest in accordance with Section 2.06, (ii) shall
be denominated and repayable in Dollars, (iii) shall be disbursed on any Borrowing Date, (iv) shall not exceed on such Borrowing
Date for all Lenders the Dollar Equivalent of the maximum available amount for such Borrowing Date as set forth in Section 2.02
and (v) disbursed on any Borrowing Date shall not exceed for any Lender the Dollar Equivalent of the Commitment of such Lender
on such Borrowing Date.

 

2.02
Amount and Timing of Each Borrowing; Currency of Disbursements.(a)The
Total Commitments will be available in the amounts and on the dates set forth below:

 

(i)              
a portion of the Total Commitments not exceeding [*]% of the Initial Construction Price for the Vessel will be available
on the Initial Borrowing Date;

 

(ii)             
a portion of the Total Commitments equaling [*]% of the Hermes Premium will be available on one or more dates on or after
the Initial Borrowing Date (it being understood and agreed that the Lenders shall be authorized to disburse directly to Hermes
the proceeds of Loans in an amount equal to the Hermes Premium that is then due and owing, without any action on the part of the
Borrower (other than the delivery by the Borrower of a Notice of Borrowing to the Facility Agent in respect thereof). It is acknowledged
and agreed that [*]% of the Hermes Premium (the “First Hermes Instalment”) shall be payable directly by the
Borrower to Hermes immediately after the execution of this Agreement (which the Borrower hereby agrees to pay from its own funds).
On the Initial Borrowing Date the Lenders shall pay directly to the Borrower part of the Loans in an amount equal to the First
Hermes Instalment in reimbursement of the First Hermes Instalment so paid by the Borrower,

 

and it is also agreed and acknowledged
that:

 

(A)       the
Additional Hermes Premium shall be payable directly by the Borrower to Hermes at or around the Restatement Date (which the Borrower
agrees to do from its own funds). Following the earlier of the Transfer Date and 29 February 2016, the Borrower shall be entitled
to request that a Loan be made available in an amount of up to the Additional Hermes Premium in reimbursement to the Borrower of
the Additional Hermes Premium so paid by the Borrower in accordance with the above; and

 

    40

     

    

 

(B)       following
receipt of the premium invoice issued by Hermes in respect thereof, the Hermes Debt Deferral Extension Premium shall be payable
directly by the Borrower to Hermes or, where the Facility Agent on behalf of the Borrower has paid the Hermes Debt Deferral Extension
Premium to Hermes, by way of reimbursement to the Facility Agent, in either case promptly and in any event within five Business
Days of receipt of the premium invoice;

 

(iii)                 a
portion of the Total Commitments not exceeding the sum of (a) [*]% of the Initial Construction Price for the Vessel and (b) [*]%
of [*]% of the aggregate amount of the Permitted Change Orders will be available on the date of payment of the second installment
of the Initial Construction Price (which date is anticipated to be 24 months prior to the Delivery Date (as per the Construction
Contract));

 

(iv)               
a portion of the Total Commitments not exceeding the sum of (a) [*]% of the Initial Construction Price for the Vessel and
(b) [*]% of [*]% of the aggregate amount of the Permitted Change Orders will be available on the date of payment of the third installment
of the Initial Construction Price for the Vessel (which date is anticipated to be 18 months prior to the Delivery Date (as per
the Construction Contract));

 

(v)                
a portion of the Total Commitments not exceeding the sum of (a) [*]% of the Initial Construction Price for the Vessel and
(b) [*]% of [*]% of the aggregate amount of the Permitted Change Orders will be available on the date of payment of the fourth
installment of the Initial Construction Price for the Vessel (which date is anticipated to be 12 months prior to the Delivery Date
(as per the Construction Contract); and

 

(vi)                
a portion of the Total Commitments (inclusive of any Deferred Loans) not exceeding the sum of (a) [*]% of the amount equal
to (x) the Initial Construction Price for the Vessel minus (y) any amount payable by the Yard to the Borrower pursuant to Article
8, paragraph 2.8 (viii) of the Construction Contract and further deducting from this amount the aggregate of the amounts
that were borrowed pursuant to clauses (i) and (iii)-(v) above, and (b) [*]% of [*]% of the aggregate amount of the Permitted Change
Orders will be available on the Delivery Date.

 

(b)       The
Loans (other than a Deferred Loan) made on each Borrowing Date shall be disbursed by the Facility Agent to the Borrower and/or
its designee(s), as set forth in Section 2.04, in Dollars and shall be in an amount equal to the applicable Dollar Equivalent
of the amount of the Total Commitment in respect of any payments of the Initial Construction Price and/or Permitted Change Orders
utilized to make such Loans on such Borrowing Date pursuant to this Section 2.02, provided that in the event that the Borrower
has not (i) notified the Facility Agent in the Notice of Borrowing that it has entered into Earmarked Foreign Exchange Arrangements
with respect to the amount required to be paid to Hermes or to the Yard on such Borrowing Date or (ii) provided reasonably sufficient
evidence to the Facility Agent of such Earmarked Foreign Exchange Arrangements in the Notice of Borrowing, the Facility Agent on
such Borrowing Date shall convert the Dollar amount of the Loans to be made by each Lender into Euro at the Spot Rate applicable
2 Business Days prior to such Borrowing Date (it being understood that such Spot Rate shall be used for such conversion in order
to calculate the Dollar Equivalent referred to in this Section 2.02(b)), and shall inform each Lender thereof, and such Euro amount
shall thereafter be disbursed to the Borrower and/or its designee(s) as set forth in Section 2.04 (it being understood that each
Lender shall remit its Loans to the Facility Agent in Dollars on such Borrowing Date).

 

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(c)       A
Deferred Loan shall, on each Repayment Date of the Loan falling during the relevant Deferral Period, be deemed to be made available
in an amount equal to the Deferred Portion of such Loan in respect of, and as at, that Repayment Date. Each such Deferred Loan
shall be automatic and notional only, and effected by means of a book entry to finance the repayment instalment of the Loan then
due.

 

2.03
Notice of Borrowing.

 

Subject
to the second parenthetical in Section 2.02(a)(ii) and other than in respect of a Deferred Loan, whenever the Borrower desires
to make a Borrowing hereunder, it shall give the Facility Agent at its Notice Office at least three Business Days’ prior
written notice of each Loan to be made hereunder, provided that any such notice shall be deemed to have been given on a certain
day only if given before 11:00 A.M. (Frankfurt time) (unless such 11:00 A.M. deadline is waived by the Facility Agent
in the case of the Initial Borrowing Date). Each such written notice (each a “Notice of Borrowing”), except as otherwise
expressly provided in Section 2.09, shall be irrevocable and shall be given by the Borrower substantially in the form of Exhibit
A, appropriately completed to specify (i) the portion of the Total Commitments to be utilized on such Borrowing Date, (ii) if the
Borrower and/or the Parent has entered into Earmarked Foreign Exchange Arrangements with respect to the installment payments due
and owing under the Construction Contract to be funded by the Loans to be incurred on such Borrowing Date, the applicable Dollar
Equivalent of the portion of the Total Commitment to be borrowed on such Borrowing Date and, where applicable, evidence of such
Earmarked Foreign Exchange Arrangements, (iii) the date of such Borrowing (which shall be a Business Day), (iv) when the Loans
are to be subject to interest at the Floating Rate, the initial Interest Period to be applicable thereto, (v) to which account(s)
the proceeds of such Loans are to be deposited (it being understood that pursuant to Section 2.04 the Borrower may designate
one or more accounts of the Yard, Hermes and/or the provider of the foreign exchange arrangements referenced in the definition
of Dollar Equivalent) and (vi) that all representations and warranties made by each Credit Party, in or pursuant to the Credit
Documents are true and correct in all material respects on and as of the date of such Borrowing (unless stated to relate to a specific
earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of
such date) and no Event of Default is or will be continuing after giving effect to such Borrowing. The Facility Agent shall promptly
give each Lender which is required to make Loans, notice of such proposed Borrowing, of such Lender’s proportionate share
thereof and of the other matters required by the immediately preceding sentence to be specified in the Notice of Borrowing. 

 

2.04 Disbursement
of Funds. No later than 12:00 Noon (Frankfurt time) on the date specified in each Notice of Borrowing, each Lender will make
available its pro rata portion of each Borrowing requested in the Notice of Borrowing to be made on such date. All such
amounts shall be made available in the currency required by Section 2.02(b) in immediately available funds at the Payment Office
of the Facility Agent, and the Facility Agent will make available to (I) in the case of Loans disbursed in Dollars, the designee(s)
of the Borrower (with such designee(s) being in such circumstances either Hermes (in the case of the Hermes Premium) or a provider
of Earmarked Foreign Exchange Arrangements referenced in the definition of Dollar Equivalent), save that each Loan in respect
of the First Hermes Instalment and the Additional Hermes Premium may be paid directly to the Borrower and (II) in the case
of Loans disbursed in Euro, designee(s) of the Borrower (with such designee(s) being in such circumstances the Yard), in each
case prior to 3:00 P.M. (Frankfurt Time) on such day, to the extent of funds actually received by the Facility Agent prior to
12:00 Noon (Frankfurt Time) on such day, in each case at the Payment Office in the account(s) specified in the applicable Notice
of Borrowing, the aggregate of the amounts so made available by the Lenders. Unless the Facility Agent shall have been notified
by any Lender prior to the date of Borrowing that such Lender does not intend to make available to the Facility Agent such Lender’s
portion of any Borrowing to be made on such date, the Facility Agent may assume that such Lender has made such amount available
to the Facility Agent on such date of Borrowing and the Facility Agent may, in reliance upon such assumption, make available to
the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Facility Agent by such
Lender, the Facility Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does
not pay such corresponding amount forthwith upon the Facility Agent’s demand therefor, the Facility Agent shall promptly
notify the Borrower and the Borrower shall immediately pay such corresponding amount to the Facility Agent. The Facility Agent
shall also be entitled to recover on demand from such Lender or the Borrower, as the case may be, interest on such corresponding
amount in respect of each day from the date such corresponding amount was made available by the Facility Agent to the Borrower
until the date such corresponding amount is recovered by the Facility Agent, at a percentage rate per annum equal to (i) if recovered
from such Lender, at the overnight Eurodollar Rate and (ii) if recovered from the Borrower, the rate of interest applicable
to the respective Borrowing, as determined pursuant to Section 2.06. Nothing in this Section 2.04 shall be deemed to relieve any
Lender from its obligation to make Loans hereunder or to prejudice any rights which the Borrower may have against any Lender as
a result of any failure by such Lender to make Loans hereunder.

 

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2.05 Pro Rata
Borrowings. All Borrowings of Loans (including Deferred Loans) under this Agreement shall be incurred from the Lenders pro
rata on the basis of their Commitments as at the time or, in the case of the Deferred Loans, deemed time, of the relevant Borrowing.
It is understood that no Lender shall be responsible for any default by any other Lender of its obligation to make Loans hereunder
and that each Lender shall be obligated to make the Loans provided to be made by it hereunder, regardless of the failure of any
other Lender to make its Loans hereunder. The obligations of the Lenders under this Agreement are several and not joint and no
Lender shall be responsible for the failure of any other Lender to satisfy its obligations hereunder.

 

2.06 Interest.
(a) The Borrower agrees to pay interest in respect of the unpaid principal amount of each Loan (other than a Deferred Loan) from
the date the proceeds thereof are made available to the Borrower until the maturity (whether by acceleration or otherwise) of such
Loan at the Fixed Rate or if an election is made by the Borrower to elect the Floating Rate pursuant to Section 2.07, at the Floating
Rate. The Borrower agrees to pay interest in respect of the unpaid principal amount of each Deferred Loan from the date the proceeds
thereof are made available (or deemed made available) to the Borrower until the maturity (whether by acceleration or otherwise)
of such Deferred Loan at the Floating Rate.

 

    43

     

    

 

(b)         
If the Borrower fails to pay any amount payable by it under a Credit Document on its due date, interest shall accrue
on the overdue amount (in the case of overdue interest to the extent permitted by law) from the due date up to the date of actual
payment (both before and after judgment) at a rate which is (i) where interest is payable at the Fixed Rate, equal to [*]% plus
the Eurodollar Rate which would have been payable if the overdue amount had, during the period of non-payment constituted a Loan
for successive interest periods, each of a duration of three months, or (ii) where interest is payable on the Loan at the Floating
Rate and subject to paragraph (c) below, [*]% plus the rate (including, for the avoidance of doubt, the margin) which
would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan for successive Interest
Periods, each of a duration selected by the Facility Agent (acting reasonably).  Any interest accruing under this Section
2.06(b) shall be immediately payable by the Borrower on demand by the Facility Agent.

 

(c)           
At any time when interest is payable at the Floating Rate, if any overdue amount consists of all or part of a Loan which
became due on a day which was not the last day of a Floating Rate Interest Period relating to that Loan:

 

(i)         the
first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Floating Rate
Interest Period relating to that Loan; and

 

(ii)        the
rate of interest applying to the overdue amount during that first Interest Period shall be [*]% plus the rate which
would have applied if the overdue amount had not become due.

 

(d)           Default
interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable
to that overdue amount but will remain immediately due and payable.

 

(e)          Accrued
and unpaid interest shall be payable in respect of each Loan on each Fixed Interest Payment Date (if interest is payable on the
Loan at the Fixed Rate) or, if interest is payable on the Loan at the Floating Rate, on the last day of each Interest Period applicable
thereto, on any repayment or prepayment date (on the amount repaid or prepaid), at maturity (whether by acceleration or otherwise)
and, after such maturity, on demand.

 

(f)            At
any time when interest is payable on the Loan at the Floating Rate, upon each Interest Determination Date, the Facility Agent
shall determine the Eurodollar Rate for each Interest Period applicable to the Loans to be made pursuant to the applicable Borrowing
and shall promptly notify the Borrower and the respective Lenders thereof. Each such determination shall, absent manifest error,
be final and conclusive and binding on all parties hereto.

 

    44

     

    

 

(g)           At
any time when interest is payable on the Loan at the Fixed Rate, the Borrower shall reimburse each Lender on demand for the amount
by which the 6 month Eurodollar Rate for any Fixed Rate Interest Period plus the fee for administrative expenses of [*]%
per annum for such Fixed Rate Interest Period less the Fixed Rate exceeds [*]% per annum (being the amount by which the
interest make-up is limited under any Interest Make-Up Agreement pursuant to Section 1.1 of the CIRR General Terms and Conditions
and the KfW Refinancing).

 

2.07 Election
of Floating Rate. (a)By written notice to the Facility Agent delivered (i) in the case of an election prior to the Initial
Borrowing Date, at least 10 days after the Signing Date or (ii) in the case of an election after the Initial Borrowing Date, at
least 35 days prior to the proposed date on which the interest rate mechanism is to change, the Borrower may elect, without incurring
any liability to make any payment pursuant to Section 2.10 (other than in the case of (ii) above, where there will be such a liability)
or to pay any other indemnity or compensation obligation, to pay interest on the Loans at the Floating Rate.

 

(b)           Any
election made pursuant to this Section 2.07 may only be made once during the term of the Loans.

 

(c)           This
Section 2.07 shall not apply to Deferred Loans (in respect of which the Floating Rate shall always apply).

 

2.08 Floating
Rate Interest Periods. This Section 2.08 shall only apply if the Borrower has elected to pay interest at the Floating Rate
pursuant to Section 2.07. At the time the Borrower gives any election notice pursuant to Section 2.07(a) (in the case of the initial
Floating Rate Interest Period (as defined below) applicable thereto) or on the third Business Day prior to the expiration of a
Floating Rate Interest Period applicable to such Loans (in the case of any subsequent Interest Period), it shall have the right
to elect, by giving the Facility Agent notice thereof, the interest period (each a “Floating Rate Interest Period”)
applicable to such Loans, which Floating Rate Interest Period shall, at the option of the Borrower, be a three or six month period;
provided that:

 

(a)           
subject to paragraph (b) below, all Loans comprising a Borrowing shall at all times have the same Floating Rate Interest
Period;

 

(b)          
the initial Floating Rate Interest Period for any Loan shall commence either on the date of Borrowing of such Loan (or deemed
Borrowing in the case of a Deferred Loan) or, in the case of an election under Section 2.07(a)(ii) on the date proposed in the
election notice and each Floating Rate Interest Period occurring thereafter in respect of such Loan shall commence on the day on
which the immediately preceding Floating Rate Interest Period applicable thereto expires;

 

(c)           
if any Floating Rate Interest Period relating to a Loan begins on a day for which there is no numerically corresponding
day in the calendar month at the end of such Floating Rate Interest Period, such Floating Rate Interest Period shall end on the
last Business Day of such calendar month;

 

(d)           
 if any Floating Rate Interest Period would otherwise expire on a day which is not a Business Day, such Floating Rate Interest
Period shall expire on the first succeeding Business Day; provided, however, that if any Floating Rate Interest Period
for a Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business
Day occurs in such month, such Floating Rate Interest Period shall expire on the immediately preceding Business Day;

 

    45

     

    

 

(e)          
no Floating Rate Interest Period longer than three months may be selected at any time when an Event of Default (or, if the
Facility Agent or the Required Lenders have determined that such an election at such time would be disadvantageous to the Lenders,
a Default) has occurred and is continuing;

 

(f)           
no Floating Rate Interest Period in respect of any Borrowing of any Loans shall be selected which extends beyond the Maturity
Date;

 

(g)          
at no time shall there be more than ten Borrowings of Loans subject to different Floating Rate Interest Periods; and

 

(h)          
the Floating Rate Interest Periods for each Deferred Loan shall always be a six month period.

 

If upon the expiration
of any Floating Rate Interest Period applicable to a Borrowing, the Borrower has failed to elect a new Floating Rate Interest Period
to be applicable to such Loans as provided above, the Borrower shall be deemed to have elected a three month Floating Rate Interest
Period to be applicable to such Loans effective as of the expiration date of such current Floating Rate Interest Period.

 

2.09 Increased
Costs, Illegality, Market Disruption, etc. (a) In the event that any Lender shall have reasonably determined (which determination
shall, absent manifest error, be final and conclusive and binding upon all parties hereto):

 

(i)       at
any time, that such Lender shall incur increased costs (including, without limitation, pursuant to Basel II and/or Basel III
to the extent Basel II and/or Basel III, as the case may be, is applicable), Mandatory Costs (as set forth on Schedule
1.01(b)) or reductions in the amounts received or receivable hereunder with respect to any Loan because of, without
duplication, any change since the Effective Date in any applicable law or governmental rule, governmental regulation,
governmental order, governmental guideline or governmental request (whether or not having the force of law) or in the
interpretation or administration thereof and including the introduction of any new law or governmental rule, governmental
regulation, governmental order, governmental guideline or governmental request, such as, for example, but not limited to: (A)
a change in the basis of taxation of payment to any Lender of the principal of or interest on such Loan or any other amounts
payable hereunder (except for changes in the rate of tax on, or determined by reference to, the net income or net profits of
such Lender, or any franchise tax based on net income or net profits, of such Lender pursuant to the laws of the jurisdiction
in which such Lender is organized or in which such Lender’s principal office or applicable lending office is located or
any subdivision thereof or therein or which is attributable to a FATCA Deduction required to be made by a party to this
Agreement), but without duplication of any amounts payable in respect of Taxes pursuant to Section 4.04, or (B) a change in
official reserve requirements; or

 

    46

     

    

 

(ii)       at
any time, that the making or continuance of any Loan has been made unlawful by any law or governmental rule, governmental regulation
or governmental order;

 

then, and in any such event, such
Lender shall promptly give notice (by telephone confirmed in writing) to the Borrower and to the Facility Agent of such determination
(which notice the Facility Agent shall promptly transmit to each of the Lenders). Thereafter (x) in the case of clause (i) above,
the Borrower agrees (to the extent applicable), to pay to such Lender, upon its written demand therefor, such additional amounts
as shall be required to compensate such Lender or such other corporation for the increased costs or reductions to such Lender or
such other corporation and (y) in the case of clause (ii) above, the Borrower shall take one of the actions specified in Section
2.09(b) as promptly as possible and, in any event, within the time period required by law. In determining such additional amounts,
each Lender will act reasonably and in good faith and will use averaging and attribution methods which are reasonable, provided
that such Lender’s determination of compensation owing under this Section 2.09(a) shall, absent manifest error, be final
and conclusive and binding on all the parties hereto. Each Lender, upon determining that any additional amounts will be payable
pursuant to this Section 2.09(a), will give prompt written notice thereof to the Borrower, which notice shall show in reasonable
detail the basis for the calculation of such additional amounts; provided that, subject to the provisions of Section 2.10(b),
the failure to give such notice shall not relieve the Borrower from its Credit Document Obligations hereunder.

 

(b)              
At any time that any Loan is affected by the circumstances described in Section 2.09(a)(i) or (ii), the Borrower may (and
in the case of a Loan affected by the circumstances described in Section 2.09(a)(ii) shall) either (x) if the affected Loan is
then being made initially, cancel the respective Borrowing by giving the Facility Agent notice in writing on the same date or the
next Business Day that the Borrower was notified by the affected Lender or the Facility Agent pursuant to Section 2.09(a)(i) or
(ii) or (y) if the affected Loan is then outstanding, upon at least three Business Days’ written notice to the Facility Agent,
in the case of any Loan, repay all outstanding Borrowings (within the time period required by the applicable law or governmental
rule, governmental regulation or governmental order) which include such affected Loans in full in accordance with the applicable
requirements of Section 4.02; provided that if more than one Lender is affected at any time, then all affected Lenders must
be treated the same pursuant to this Section 2.09(b).

 

(c)              
If any Lender determines that after the Effective Date (i) the introduction of or effectiveness of or any change in any
applicable law or governmental rule, governmental regulation, governmental order, governmental guideline, governmental
directive or governmental request (whether or not having the force of law) concerning capital adequacy, or any change in
interpretation or administration thereof by any governmental authority, central bank or comparable agency will have the
effect of increasing the amount of capital required or expected to be maintained by such Lender, or any corporation
controlling such Lender, based on the existence of such Lender’s Commitments hereunder or its obligations hereunder,
(ii) compliance with any law or regulation or any request from or requirement of any central bank or other fiscal, monetary
or other authority made after the Effective Date (including any which relates to capital adequacy or liquidity controls or
which affects the manner in which a Lender allocates capital resources to obligations under this Agreement, any Interest Rate
Protection Agreement and/or any Other Hedging Agreement) or (iii) to the extent that such change is not discretionary and is
pursuant to law, a governmental mandate or request, or a central bank or other fiscal or monetary authority mandate or
request, any change in the risk weight allocated by such Lender to the Borrower after the Effective Date, then the Borrower
agrees (to the extent applicable) to pay to such Lender, upon its written demand therefor, such additional amounts as shall
be required to compensate such Lender or such other corporation for the increased cost to such Lender or such other
corporation or the reduction in the rate of return to such Lender or such other corporation as a result of such increase of
capital. In determining such additional amounts, each Lender will act reasonably and in good faith and will use averaging and
attribution methods which are reasonable, provided that such Lender’s determination of compensation owing under
this Section 2.09(c) shall, absent manifest error be final and conclusive and binding on all the parties hereto. Each Lender,
upon determining that any additional amounts will be payable pursuant to this Section 2.09(c), will give prompt written
notice thereof to the Borrower, which notice shall show in reasonable detail the basis for calculation of such additional
amounts; provided that, subject to the provisions of Section 2.11(b), the failure to give such notice shall not
relieve the Borrower from its Credit Document Obligations hereunder.

 

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(d)              
This Section 2.09(d)
applies at any time when interest on a Loan is payable at the Floating Rate. If a Market Disruption Event occurs in relation to
any Lender’s share of a Loan for any Interest Period, then the rate of interest on each Lender’s share of that Loan
for the Interest Period shall be the percentage rate per annum which is the sum of:

 

(i)        the
applicable Floating Rate Margin;

 

(ii)       the
rate determined by such Lender and notified to the Facility Agent by 5:00 P.M. (Frankfurt time) on the Interest Determination Date
for such Interest Period to be that which expresses as a percentage rate per annum the cost to each such Lender of funding its
participation in that Loan for a period equivalent to such Interest Period from whatever source it may reasonably select; provided
that the rate provided by a Lender pursuant to this clause (ii) shall not be disclosed to any other Lender and shall be held as
confidential by the Facility Agent and the Borrower; and

 

(iii) the
Mandatory Costs, if any, applicable to such Lender of funding its participation in that Loan.

 

(e) This Section 2.09(e)
applies at any time when interest on a Loan is payable at the Floating Rate. If a Market Disruption Event occurs and the Facility
Agent or the Borrower so require, the Facility Agent and the Borrower shall enter into negotiations (for a period of not more than
30 days) with a view to agreeing a substitute basis for determining the rate of interest. Any alternative basis agreed pursuant
to the immediately preceding sentence shall, with the prior consent of all the Lenders and the Borrower, be binding on all parties.
If no agreement is reached pursuant to this clause (e), the rate provided for in clause (d) above shall apply for the entire applicable
Interest Period.

 

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2.10 Indemnification;
Breakage Costs. (a) When interest on a Loan is payable at a Floating Rate, the Borrower agrees to indemnify each Lender, within
two Business Days of demand (in writing and which request shall set forth in reasonable detail the basis for requesting and the
calculation of such amount and which in the absence of manifest error shall be conclusive evidence as to the amount due), for all
losses, expenses and liabilities (including, without limitation, any such loss, expense or liability incurred by reason of the
liquidation or reemployment of deposits or other funds required by such Lender to fund its Loans but excluding any loss of anticipated
profits) which such Lender may sustain in respect of Loans made to the Borrower: (i) if for any reason (other than a default by
such Lender or the Facility Agent) a Borrowing of Loans does not occur on a date specified therefor in a Notice of Borrowing (whether
or not withdrawn by the Borrower or deemed withdrawn pursuant to Section 2.09(a)); (ii) if any prepayment or repayment (including
any prepayment or repayment made pursuant to Section 2.09(a), Section 4.01 or Section 4.02 (in each case other than on the expiry
of a Floating Rate Interest Period) or as a result of an acceleration of the Loans pursuant to Section 11) of any of its Loans,
or assignment and/or transfer of its Loans pursuant to Section 2.12, occurs on a date which is not the last day of an Interest
Period with respect thereto; or (iii) if any prepayment of any of its Loans is not made on any date specified in a notice of prepayment
given by the Borrower.

 

(b)       When
interest on the Loan (and ignoring for this purpose the Deferred Loans) is payable at the Fixed Rate, and at the time of any prepayment
or commitment reduction pursuant to Sections 3.04, 3.05 or 4.01 or any mandatory repayment or commitment reduction pursuant to
Section 4.02 or as a result of an acceleration of the Loans pursuant to Section 11, the Borrower shall indemnify each Lender, within
two Business Days of demand in writing, which request shall set forth in reasonable detail the basis for requesting and the calculation
of such amount and which in the absence of manifest error shall be conclusive evidence as to the amount due, for all losses, expenses
and liabilities which such Lender may sustain in respect of the early repayment or prepayment of the Loans made to the Borrower
including, without limitation, the costs of breaking deposits or re-employing funds under any swap agreements or interest rate
arrangement products entered into in respect of the Loans or any prepayment compensation as set forth in the CIRR General Terms
and Conditions.

 

(c)        It
is understood and agreed that where the Initial Borrowing Date has not occurred, no amounts under this Section 2.10 will be payable
by the Borrower if the Total Commitment is terminated no later than 10 days after the Signing Date.

 

2.11 Change
of Lending Office; Limitation on Additional Amounts. (a) Each Lender agrees that on the occurrence of any event giving rise
to the operation of Section 2.09 (a), Section 2.09(b), or Section 4.04 with respect to such Lender, it will, if
requested by the Borrower, use reasonable good faith efforts (subject to overall policy considerations of such Lender) to designate
another lending office for any Loans affected by such event or otherwise take steps to mitigate the effect of such event, provided
that such designation shall be made and/or such steps shall be taken at the Borrower’s cost and on such terms that such Lender
and its lending office suffer no economic, legal or regulatory disadvantage in excess of de minimus amounts, with the object
of avoiding the consequence of the event giving rise to the operation of such Section. Nothing in this Section 2.11 shall
affect or postpone any of the obligations of the Borrower or the rights of any Lender provided in Section 2.09 and Section 4.04.

 

    49

     

    

 

(b)       Notwithstanding
anything to the contrary contained in Sections 2.09, 2.10 or 4.04 of this Agreement, unless a Lender gives notice to the Borrower
that it is obligated to pay an amount under any such Section within 180 days of the later of (x) the date the Lender incurs the
respective increased costs, Taxes, loss, expense or liability, reduction in amounts received or receivable or reduction in return
on capital or (y) the date such Lender has knowledge of its incurrence of the respective increased costs, Taxes, loss, expense
or liability, reductions in amounts received or receivable or reduction in return on capital, then such Lender shall only be entitled
to be indemnified for such amount by the Borrower pursuant to said Section 2.09, 2.10, or 4.04, as the case may be, to the extent
the costs, Taxes, loss, expense or liability, reduction in amounts received or receivable or reduction in return on capital are
incurred or suffered on or after the date which occurs 180 days prior to such Lender giving notice to the Borrower that it is obligated
to pay the respective amounts pursuant to said Section 2.09, 2.10 or 4.04, as the case may be. This Section 2.11(b) shall have
no applicability to any Section of this Agreement other than said Sections 2.09, 2.10 and 4.04.

 

2.12 Replacement
of Lenders (x) If any Lender becomes a Defaulting Lender or otherwise defaults in its obligations to make Loans, (y) upon the
occurrence of any event giving rise to the operation of Section 2.09(a) or Section 4.04 with respect to any Lender which results
in such Lender charging to the Borrower material increased costs in excess of the average costs being charged by the other Lenders,
or (z) as provided in Section 14.11(b) in the case of certain refusals by a Lender to consent to certain proposed changes, waivers,
discharges or terminations with respect to this Agreement which have been approved by the Required Lenders, the Borrower shall
(for its own cost) have the right, if no Default or Event of Default will exist immediately after giving effect to the respective
replacement, to replace such Lender (the “Replaced Lender”) (subject to the consent of (a) the CIRR Representative
if at such time interest is payable at the Fixed Rate and (b) the Hermes Agent) with one or more other Eligible Transferee or Eligible
Transferees, none of whom shall constitute a Defaulting Lender at the time of such replacement (collectively, the “Replacement
Lender”) reasonably acceptable to the Facility Agent (it being understood that all then-existing Lenders are reasonably
acceptable); provided that:

 

(a)             
at the time of any replacement pursuant to this Section 2.12, the Replacement Lender shall enter into one or more Transfer
Certificates pursuant to Section 13.01(a) (and with all fees payable pursuant to said Section 13.02 to be paid by the Replacement
Lender) pursuant to which the Replacement Lender shall acquire all of the Commitments and outstanding Loans of the Replaced Lender
and, in connection therewith, shall pay to the Replaced Lender in respect thereof an amount equal to the sum (without duplication)
of (x) an amount equal to the principal of, and all accrued interest on, all outstanding Loans of the Replaced Lender, and (y)
an amount equal to all accrued, but unpaid, Commitment Commission owing to the Replaced Lender pursuant to Section 3.01;

 

(b)             
all obligations of the Borrower due and owing to the Replaced Lender at such time (other than those specifically described
in clause (a) above) in respect of which the assignment purchase price has been, or is concurrently being, paid shall be paid in
full to such Replaced Lender concurrently with such replacement; and

 

(c)              
 if the Borrower elects to replace any Lender pursuant to clause (x), (y) or (z) of this Section 2.12, the Borrower shall
also replace each other Lender that qualifies for replacement under such clause (x), (y) or (z).

 

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Upon the execution
of the respective Transfer Certificate and the payment of amounts referred to in clauses (a) and (b) above, the Replacement Lender
shall become a Lender hereunder and the Replaced Lender shall cease to constitute a Lender hereunder, except with respect to indemnification
provisions under this Agreement (including, without limitation, Sections 2.09, 2.10, 4.04, 14.01 and 14.05), which shall survive
as to such Replaced Lender.

 

2.13 Disruption
to Payment Systems, Etc. If either the Facility Agent determines (in its discretion) that a Disruption Event has occurred or
the Facility Agent is notified by the Parent or the Borrower that a Disruption Event has occurred:

 

(i)               
the Facility Agent may, and shall if requested to do so by the Borrower or the Parent, consult with the Borrower with a
view to agreeing with the Borrower such changes to the operation or administration of this Agreement as the Facility Agent may
deem necessary in the circumstances;

 

(ii)              
the Facility Agent shall not be obliged to consult with the Borrower or the Parent in relation to any changes mentioned
in clause (i) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation
to agree to such changes;

 

(iii)             
the Facility Agent may consult with the other Agents, the Lead Arrangers and the Lenders in relation to any changes mentioned
in clause (i) above but shall not be obliged to do so if, in its opinion, it is not practicable or necessary to do so in the circumstances;

 

(iv)             
any such changes agreed upon by the Facility Agent and the Borrower or the Parent pursuant to clause (i) above shall (whether
or not it is finally determined that a Disruption Event has occurred) be binding upon the parties to this Agreement as an amendment
to (or, as the case may be, waiver of) the terms of the Credit Documents, notwithstanding the provisions of Section 14.11, until
such time as the Facility Agent is satisfied that the Disruption Event has ceased to apply;

 

(v)              
the Facility Agent shall not be liable for any damages, costs or losses whatsoever (including, without limitation for negligence
or any other category of liability whatsoever but not including any claim based on the gross negligence, fraud or willful misconduct
of the Facility Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this
Section 2.13; and

 

(vi)              the
Facility Agent shall notify the other Agents, the Lead Arrangers and the Lenders of all changes agreed pursuant to clause (iv)
above as soon as practicable.

 

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SECTION 3. Commitment
Commission; Fees; Reductions of Commitment.

 

3.01 Commitment Commission.
The Borrower agrees to pay the Facility Agent for distribution to each Non-Defaulting Lender a commitment commission (the
 “Commitment Commission”) for the period from the Effective Date to and including the Commitment Termination Date (or
such earlier date as the Total Commitment shall have been terminated) computed at the rate for each relevant period set out in
the table below for each day multiplied by the unutilized Commitment (and taking into account for this purpose the increase in
the Commitment pursuant to the First Supplemental Agreement) for such day of such Non-Defaulting Lender divided by 360. Accrued
Commitment Commission shall be due and payable quarterly in arrears on the first Business Day of each April, July, October and
January commencing with October 2014 and on the Borrowing Date contemplated by Section 2.02(a)(vi) (or such earlier date
upon which the Total Commitment is terminated). No additional Commitment Commission shall be payable in respect of a Deferred
Loan.

 

	Commitment Commission	Applicable period
	[*]% p.a.	Date of execution of this Agreement - April 18, 2016
	[*]% p.a.	April 19, 2016 - April 18, 2017
	[*]% p.a.	April 19, 2017 - Delivery Date

 

3.02 CIRR
Fees. (a) The Borrower agrees to pay to the Facility Agent for the account of the CIRR Representative a fee of [*]% per annum
(the “CIRR Fee”) on such part of the Total Commitment for which the Federal Republic of Germany grants an interest
make-up guarantee and for such period as may be separately agreed between the CIRR Agent and the Borrower. No additional CIRR Fee
shall be payable in respect of a Deferred Loan.

 

(b) The CIRR Fee shall
be payable by the Borrower in EUR quarterly in arrears from the date of commencement of the period described in Section 3.02(a).

 

3.03 Other
Fees. The Borrower (or the Parent, as applicable) agrees to pay to the Facility Agent the agreed fees set forth in any Fee
Letter and the First Supplemental Agreement on the dates and in the amounts set forth therein.

 

3.04 Voluntary
Reduction or Termination of Commitments. Upon at least three Business Days’ prior notice to the Facility Agent at its
Notice Office (which notice the Facility Agent shall promptly transmit to each of the Lenders), the Borrower shall have the right,
at any time or from time to time, without premium or penalty, save in respect of amounts payable pursuant to Section 2.10 (b),
to reduce or terminate the Total Commitment, in whole or in part, in integral multiples of €5,000,000 in the case of partial
reductions thereto, provided that each such reduction shall apply proportionately to permanently reduce the Commitment
of each Lender and provided further that this Section 3.04 shall not apply to the Total Commitments relating to any Deferred
Loans.

 

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3.05 Mandatory
Reduction of Commitments. (a) In addition to any other mandatory commitment reductions pursuant to this Section 3.05 or any
other Section of this Agreement, the Total Commitment (and the Commitment of each Lender) shall terminate in its entirety on the
Commitment Termination Date.

 

(b)              In addition to
any other mandatory commitment reductions pursuant to this Section 3.05 or any other Section of this Agreement, the Total Commitments
(and the Commitments of each Lender) shall be reduced (immediately after the relevant Loans are made) on each Borrowing Date by
the amount of Commitments (denominated in Euro) utilized to make the Loans made on such Borrowing Date.

 

(c)               In
addition to any other mandatory commitment reductions pursuant to this Section 3.05 or any other Section of this Agreement, the
Total Commitment shall be terminated at the times required by Section 4.02.

 

(d)              Each
reduction to the Total Commitment pursuant to this Section 3.05 and Section 4.02 shall be applied proportionately to reduce the
Commitment of each Lender.

 

SECTION 4. Prepayments;
Repayments; Taxes.

 

4.01 Voluntary Prepayments.
The Borrower shall have the right to prepay the Loans, without premium or penalty except as provided by law, in whole or in
part at any time and from time to time on the following terms and conditions:

 

(a)              
the Borrower shall give the Facility Agent prior to 12:00 Noon (Frankfurt time) at its Notice Office at least 32 Business
Days’ prior written notice of its intent to prepay such Loans, the amount of such prepayment and the specific Borrowing or
Borrowings pursuant to which made, which notice the Facility Agent shall promptly transmit to each of the Lenders;

 

(b)              
each prepayment shall be in an aggregate principal amount of at least $1,000,000 or such lesser amount of a Borrowing which
is outstanding, provided that no partial prepayment of Loans made pursuant to any Borrowing shall reduce the outstanding
Loans made pursuant to such Borrowing to an amount less than $1,000,000;

 

(c)              
at the time of any prepayment of Loans pursuant to this Section 4.01 on any date other than the last day of any Interest
Period applicable thereto or otherwise as set out in Section 2.10, the Borrower shall pay the amounts required pursuant to Section
2.10;

 

(d)              in
the event of certain refusals by a Lender as provided in Section 14.11(b) to consent to certain proposed changes,
waivers, discharges or terminations with respect to this Agreement which have been approved by the Required Lenders, the
Borrower may, upon five Business Days’ written notice to the Facility Agent at its Notice Office (which notice the
Facility Agent shall promptly transmit to each of the Lenders), prepay all Loans, together with accrued and unpaid interest,
Commitment Commission, and other amounts owing to such Lender (or owing to such Lender with respect to each Loan which gave
rise to the need to obtain such Lender’s individual consent) in accordance with said Section 14.11(b) so long as
(A) the Commitment of such Lender (if any) is terminated concurrently with such prepayment (at which time Schedule 1.01(a)
shall be deemed modified to reflect the changed Commitments) and (B) the consents required by Section 14.11(b) in
connection with the prepayment pursuant to this clause (d) have been obtained; and

 

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(e)              
each prepayment in respect of any Loans made pursuant to a Borrowing shall be applied (x) in inverse order of maturity and
(y) except as expressly provided in the preceding clause (d), pro rata among the Loans comprising such Borrowing, provided
that in connection with any prepayment of Loans pursuant to this Section 4.01, such prepayment shall not be applied to any Loan
of a Defaulting Lender until all other Loans of Non-Defaulting Lenders have been repaid in full.

 

4.02 Mandatory
Repayments and Commitment Reductions. (a) In addition to any other mandatory repayments pursuant to this Section 4.02 or any
other Section of this Agreement, (i) the outstanding Loans (other than Deferred Loans) shall be repaid on each Repayment Date (or
such other date as may be agreed between the Facility Agent and the Borrower) (without further action of the Borrower being required)
as set forth under the heading “Part 1” on Schedule 4.02 hereto and (ii) the outstanding Deferred Loans shall be repaid
on each Repayment Date (or such other date as may be agreed between the Facility Agent and the Borrower) (without further action
of the Borrower being required) (x) in the case of the First Deferred Loans, as set forth under the heading “Part 2”
on Schedule 4.02 hereto and (y) in the case of the Second Deferred Loans, as set forth under the heading “Part 3” on
Schedule 4.02 hereto (each such repayment of a Loan (including a Deferred Loan), a “Scheduled Repayment”). The
repayment schedule for the Loans (other than Deferred Loans) and Deferred Loans is set forth in Schedule 4.02.

 

(b)              
In addition to any other mandatory repayments or commitment reductions pursuant to this Section 4.02 or any other Section
of this Agreement, but without duplication, on (i) the Business Day following the date of a Collateral Disposition (other than
a Collateral Disposition constituting an Event of Loss) and (ii) the earlier of (A) the date which is 150 days following any Collateral
Disposition constituting an Event of Loss involving the Vessel (or, in the case of an Event of Loss which is a constructive or
compromised or arranged total loss of the Vessel, if earlier, 180 days after the date of the event giving rise to such damage)
and (B) the date of receipt by the Borrower, any of its Subsidiaries or the Facility Agent of the insurance proceeds relating to
such Event of Loss, the Borrower shall repay the outstanding Loans in full and the Total Commitment shall be automatically terminated
(without further action of the Borrower being required).

 

(c)               In
addition to any other mandatory repayments or commitment reductions pursuant to this Section 4.02 or any other Section of
this Agreement, but without duplication, if (x) the Construction Contract is terminated prior to the Delivery Date, (y) the
Vessel has not been delivered to the Borrower by the Yard pursuant to the Construction Contract by the Commitment Termination
Date or (z) any of the events described in Sections 11.05, 11.10 or 11.11 shall occur in respect of the Yard at any time
prior to the Delivery Date, within five Business Days of the occurrence of such event the Borrower shall repay the
outstanding Loans in full and the Total Commitment shall be automatically terminated (without further action of the Borrower
being required).

 

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(d)              
In addition to any other mandatory repayments or commitment reductions pursuant to this Section 4.02 or any other Section
of this Agreement, but without duplication, if prior to the Second Deferred Loan Repayment Date:

 

(i)            
Holdings, the Parent or any other member of the NCLC Group (w) declares, makes or pays any Dividend, charge, fee or other
distribution (or interest on any unpaid Dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect
of its Capital Stock (or any class of its Capital Stock), (x) repays or distributes any dividend or share premium reserve, (y)
makes any repayment of any kind under any shareholder loan or (z) redeem, repurchase (whether by way of share buy-back program
or otherwise), defease, retire or repay any of its Capital Stock or resolve to do so, other than Dividends, charges, fees or other
distributions (or interest on any unpaid Dividend, charge, fee or other distribution) permitted pursuant to Section 10.03(b) or,
in the case of the Borrower, Section 10.12(iv) (it being understood and agreed that for the purposes of this Section 4.02(d)(i)
Dividends, charges, fees or other distributions (or interest on any unpaid Dividend, charge, fee or other distribution) permitted
under such Section 10.03(b) shall be permitted to be made by Holdings and that, for the avoidance of doubt, Holdings gives no guarantee
of any kind nor (other than as expressly specified in this Section 4.02(d)) undertakes any obligations under this Agreement).

 

(ii)          
any member of the NCLC Group incurs any Indebtedness for Borrowed Money (which, solely for purposes of this clause (ii)
shall include Indebtedness for Borrowed Money incurred between members of the NCLC Group notwithstanding the proviso to that definition)
or issues any new shares in its Capital Stock, options, warrants or other rights for the purchase, acquisition or exchange of new
shares in its Capital Stock, except:

 

(A) any refinancing
of any bond issuance of, or loan entered into by, any member of the NCLC Group (x) which matures prior to the Second Deferred Loan
Repayment Date or (y) where not maturing prior to the Second Deferred Loan Repayment Date, which shall be on terms which include
any or all of the following (evidence of which shall be provided to the Facility Agent by the Parent) resulting, when taken as
a whole, in an improvement of the ability of the Credit Parties to meet their obligations under the Credit Documents: an extension
of the repayment terms; a decrease in the interest rate; or the conversion of such Indebtedness from secured to unsecured or first
to second priority;

 

(B) any Indebtedness
for Borrowed Money or issuance of Capital Stock incurred or issued between March 1, 2020 and December 31, 2022 for the purpose
of providing crisis and recovery-related funding (as contemplated in the Principles and the Framework);

 

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(C) any Indebtedness
for Borrowed Money or issuance of Capital Stock incurred or issued on or after December 31, 2022 to support the NCLC Group with
the impact of the COVID-19 pandemic, if made with the prior written consent of Hermes;

 

(D) any Indebtedness
for Borrowed Money incurred or Capital Stock issued for the purpose of financing the payment of (x) any scheduled pre-delivery
or delivery instalment of the purchase price or (y) any change order, owner-incurred costs or other similar arrangements under
a construction contract, in each case relating to the purchase of a vessel by the Parent or any Subsidiary;

 

(E) the extension,
renewal or drawing of revolving credit facilities (subject to the prior written consent of the Hermes Agent (acting on the instructions
of Hermes) if any additional Liens are granted in connection with such extension, renewal or drawing);

 

(F) any incurrence
of new Indebtedness or issuance of Capital Stock otherwise agreed by Hermes;

 

(G) Permitted
Intercompany Arrangements;

 

(H) in the case
of the Borrower, Indebtedness permitted to be incurred under Section 10.12;

 

(I) Indebtedness
incurred in the ordinary course of business which in the aggregate does not exceed USD [*] during any twelve-month period;

 

(J) any guarantee
in respect of Indebtedness for Borrowed Money (the incurrence of which is permitted under this Agreement) which would not adversely
affect the position of the Secured Creditors and, where such guarantee covers the obligations of a person other than an NCLC Group
member, is issued in the ordinary course of business and does not in aggregate with all such guarantees exceed USD 25,000,000;
and

 

(K) the issuance
of Capital Stock by any member of the NCLC Group (other than the Borrower) to another member of the NCLC Group as permitted by
Section 10.04.

 

(iii)        
the Parent or any member of the NCLC Group sells, transfers, leases or otherwise disposes of any of its assets relating
to the NCLC Group fleet on non-arm’s length terms;

 

(iv)        
subject to Section 9.15, any Credit Party grants new Liens securing Indebtedness for Borrowed Money, except (x) Liens securing
Indebtedness for Borrowed Money permitted under Section 4.02(d)(ii)(A), (B), (I) or (J), (y) any Lien granted by a Credit Party
(other than in respect of the Collateral) to the extent the Secured Creditors are granted a Lien on a pari passu basis and (z)
any Lien otherwise approved with the prior written consent of Hermes;

 

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(v)           
 except as permitted by Section 4.02(d)(ii)(A) and (E) for the purposes of refinancing such Indebtedness for Borrowed Money
or extending, renewing or drawing such revolving credit facility and other than Indebtedness for Borrowed Money permitted by Section
4.02(d)(ii)(B), (G) and (I), the Parent or any member of the NCLC Group prepays any Indebtedness for Borrowed Money, other than
(A) to avoid an event of default under the terms of such Indebtedness for Borrowed Money, (B) any prepayment of Indebtedness for
Borrowed Money incurred or issued between March 1, 2020 and December 31, 2022 for the purpose of providing crisis and recovery-related
funding with the proceeds of a permitted issuance of Capital Stock or (C) to the extent such prepayment is made on a pari passu
basis with the Loans; provided, that in any case above (including where permitted by Section 4.02(d)(ii)(A),(B), (E), (G) or (I))
(x) in no circumstances shall any member of the NCLC Group apply excess cash in prepayment of any Indebtedness for Borrowed Money
under any ‘cash sweep’ mechanism or similar prepayment provision or in any case resolve to do so, (y) such prepayment
is undertaken in the context of an active debt management plan and the financial position of the NCLC Group taken as a whole shall
improve immediately following the making of any such prepayment, and (z) any repayment, extension or renewal of revolving credit
facilities shall not constitute a restricted prepayment for the purposes of this paragraph (v), or

 

(vi)          
the Borrower or the Parent shall default in the due performance and observance of the Principles or the Framework, unless
the circumstances giving rise to the default are, in the opinion of the Facility Agent, capable of remedy and are remedied within
five days of the Facility Agent giving notice to the Parent (with a copy to the Borrower) to do so,

 

the following
shall occur:

 

(A) 
the suspension of any Event of Default due to a failure to comply with the financial covenants set out in Section 10.07,
Section 10.08 or Section 10.09 set forth at Section 11.03 shall cease to apply;

 

(B)  
the Total Commitments relating to the Deferred Loans will be immediately cancelled; and

 

(C)  
the Facility Agent may, and shall if so directed by the Required Lenders or Hermes, declare that each Deferred Loan be payable
on demand on the date specified in such notice.

 

(e)              
With respect to each repayment of Loans required by this Section 4.02 (other than in the case of Section 4.02(d)), the Borrower
may designate the specific Borrowing or Borrowings pursuant to which such Loans were made, provided that (i) all Loans with
Interest Periods ending on such date of required repayment shall be paid in full prior to the payment of any other Loans and (ii)
each repayment of any Loans comprising a Borrowing shall be applied pro rata among such Loans. In the absence of a designation
by the Borrower as described in the preceding sentence, the Facility Agent shall, subject to the preceding provisions of this clause
(e), make such designation in its sole reasonable discretion with a view, but no obligation, to minimize breakage costs owing pursuant
to Section 2.10.

 

(f)               
 Notwithstanding anything to the contrary contained elsewhere in this Agreement, all outstanding Loans shall be repaid in
full on the Maturity Date.

 

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4.03  Method
and Place of Payment. Except as otherwise specifically provided herein, all payments under this Agreement shall be made to
the Facility Agent for the account of the Lender or Lenders entitled thereto not later than 10:00 A.M. (New York time) on the date
when due and shall be made in Dollars in immediately available funds at the Payment Office of the Facility Agent. Whenever any
payment to be made hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended
to the next succeeding Business Day (unless the next succeeding Business Day shall fall in the next calendar month, in which case
the due date thereof shall be the previous Business Day) and, with respect to payments of principal, interest shall be payable
at the applicable rate during such extension.

 

4.04  Net
Payments; Taxes. (a) All payments made by any Credit Party hereunder will be made without setoff, counterclaim or other defense.
All such payments will be made free and clear of, and without deduction or withholding for, any present or future taxes, levies,
imposts, duties, fees, assessments or other charges of whatever nature now or hereafter imposed by any jurisdiction or by any political
subdivision or taxing authority thereof or therein with respect to such payments (but excluding any tax imposed on or measured
by the net income, net profits or any franchise tax based on net income or net profits, and any branch profits tax of a Lender
pursuant to the laws of the jurisdiction in which it is organized or the jurisdiction in which the principal office or applicable
lending office of such Lender is located or any subdivision thereof or therein or due to failure to provide documents under Section
4.04(b) or any FATCA Deduction required to be made by a party to this Agreement, all such taxes “Excluded Taxes”)
and all interest, penalties or similar liabilities with respect to such non-excluded taxes, levies, imposts, duties, fees, assessments
or other charges to the extent imposed on taxes other than Excluded Taxes (all such non-excluded taxes, levies, imposts, duties,
fees, assessments or other charges being referred to collectively as “Taxes” and “Taxation”
shall be applied accordingly). The Borrower will furnish to the Facility Agent within 45 days after the date of payment of any
Taxes due pursuant to applicable law certified copies of tax receipts evidencing such payment by the Borrower. The Borrower agrees
to indemnify and hold harmless each Lender, and reimburse such Lender upon its written request, for the amount of any Taxes so
levied or imposed and paid by such Lender.

 

(b)      Each Lender agrees
(consistent with legal and regulatory restrictions and subject to overall policy considerations of such Lender) to file any certificate
or document or to furnish to the Borrower any information as reasonably requested by the Borrower that may be necessary to establish
any available exemption from, or reduction in the amount of, any Taxes; provided, however, that nothing in this Section
4.04(b) shall require a Lender to disclose any confidential information (including, without limitation, its tax returns or its
calculations). The Borrower shall not be required to indemnify any Lender for Taxes attributed to such Lender’s failure to
provide the required documents under this Section 4.04(b).

 

(c)       If
the Borrower pays any additional amount under this Section 4.04 to a Lender and such Lender determines in its sole discretion
exercised in good faith that it has actually received or realized in connection therewith any refund or any reduction of, or credit
against, its Tax liabilities in or with respect to the taxable year in which the additional amount is paid (a “Tax Benefit”),
such Lender shall pay to the Borrower an amount that such Lender shall, in its sole discretion exercised in good faith, determine
is equal to the net benefit, after tax, which was obtained by such Lender in such year as a consequence of such Tax Benefit; provided,
however, that (i) any Lender may determine, in its sole discretion exercised in good faith consistent with the policies
of such Lender, whether to seek a Tax Benefit, (ii) any Taxes that are imposed on a Lender as a result of a disallowance or reduction
(including through the expiration of any tax credit carryover or carryback of such Lender that otherwise would not have expired)
of any Tax Benefit with respect to which such Lender has made a payment to the Borrower pursuant to this Section 4.04(c) shall
be treated as a Tax for which the Borrower is obligated to indemnify such Lender pursuant to this Section 4.04 without any exclusions
or defenses and (iii) nothing in this Section 4.04(c) shall require any Lender to disclose any confidential information to the
Borrower (including, without limitation, its tax returns).

 

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(d)       Each
party to this Agreement may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with
that FATCA Deduction, and no party to this Agreement shall be required to increase any payment in respect of which it makes such
a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. Each party to this Agreement shall
promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such
FATCA Deduction), notify the party to this Agreement to whom it is making the payment and, in addition, shall notify the Borrower
and the Facility Agent and the Facility Agent shall notify the other Credit Parties.

 

4.05 Application
of Proceeds. (a) All proceeds collected by the Collateral Agent upon any sale or other disposition of such Collateral of each
Credit Party, together with all other proceeds received by the Collateral Agent under and in accordance with this Agreement and
the other Credit Documents (except to the extent released in accordance with the applicable provisions of this Agreement or any
other Credit Document), shall be applied by the Facility Agent to the payment of the Secured Obligations as follows:

 

(i)        first,
to the payment of all amounts owing to the Collateral Agent or any other Agent of the type described in clauses (iii) and (iv)
of the definition of “Secured Obligations”;

 

(ii)       second,
to the extent proceeds remain after the application pursuant to the preceding clause (i), an amount equal to the outstanding Credit
Document Obligations shall be paid to the Lender Creditors as provided in Section 4.05(d) hereof, with each Lender Creditor receiving
an amount equal to such outstanding Credit Document Obligations or, if the proceeds are insufficient to pay in full all such Credit
Document Obligations, its Pro Rata Share of the amount remaining to be distributed;

 

(iii)      third,
to the extent proceeds remain after the application pursuant to the preceding clauses (i) and (ii), an amount equal to the outstanding
Other Obligations shall be paid to the Other Creditors as provided in Section 4.05(d) hereof, with each Other Creditor receiving
an amount equal to such outstanding Other Obligations or, if the proceeds are insufficient to pay in full all such Other Obligations,
its Pro Rata Share of the amount remaining to be distributed; and

 

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(iv)     fourth,
to the extent proceeds remain after the application pursuant to the preceding clauses (i) through (iii), inclusive, and following
the termination of this Agreement, the Credit Documents, the Interest Rate Protection Agreements and the Other Hedging Agreements
in accordance with their terms, to the relevant Credit Party or to whomever may be lawfully entitled to receive such surplus.

 

(b)       For
purposes of this Agreement, “Pro Rata Share” shall mean, when calculating a Secured Creditor’s portion
of any distribution or amount, that amount (expressed as a percentage) equal to a fraction the numerator of which is the then unpaid
amount of such Secured Creditor’s Credit Document Obligations or Other Obligations, as the case may be, and the denominator
of which is the then outstanding amount of all Credit Document Obligations or Other Obligations, as the case may be.

 

(c)       If
any payment to any Secured Creditor of its Pro Rata Share of any distribution would result in overpayment to such Secured Creditor,
such excess amount shall instead be distributed in respect of the unpaid Credit Document Obligations or Other Obligations, as the
case may be, of the other Secured Creditors, with each Secured Creditor whose Credit Document Obligations or Other Obligations,
as the case may be, have not been paid in full to receive an amount equal to such excess amount multiplied by a fraction the numerator
of which is the unpaid Credit Document Obligations or Other Obligations, as the case may be, of such Secured Creditor and the denominator
of which is the unpaid Credit Document Obligations or Other Obligations, as the case may be, of all Secured Creditors entitled
to such distribution.

 

(d)       All
payments required to be made hereunder shall be made (x) if to the Lender Creditors, to the Facility Agent under this Agreement
for the account of the Lender Creditors, and (y) if to the Other Creditors, to the trustee, paying agent or other similar representative
(each, a “Representative”) for the Other Creditors or, in the absence of such a Representative, directly to
the Other Creditors.

 

(e)       For
purposes of applying payments received in accordance with this Section 4.05, the Collateral Agent shall be entitled to rely upon
(i) the Facility Agent under this Agreement and (ii) the Representative for the Other Creditors or, in the absence of such a Representative,
upon the Other Creditors for a determination (which the Facility Agent, each Representative for any Other Creditors and the Secured
Creditors agree (or shall agree) to provide upon request of the Collateral Agent) of the outstanding Credit Document Obligations
and Other Obligations owed to the Lender Creditors or the Other Creditors, as the case may be. Unless it has actual knowledge (including
by way of written notice from an Other Creditor) to the contrary, the Collateral Agent, shall be entitled to assume that no Interest
Rate Protection Agreements or Other Hedging Agreements are in existence.

 

(f)       It
is understood and agreed that each Credit Party shall remain jointly and severally liable to the extent of any deficiency between
the amount of the proceeds of the Collateral pledged by it under and pursuant to the Security Documents and the aggregate amount
of the Secured Obligations of such Credit Party.

 

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4.06 FATCA
Information. (a) Subject to paragraph (c) below, each party to this Agreement shall, within ten Business Days of a reasonable
request by another party to this Agreement:

 

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

 

(A)       a
FATCA Exempt Party; or

 

(B)       not
a FATCA Exempt Party;

 

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

 

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

 

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

 

(c)       Paragraph
(a) above shall not oblige any Credit Party to do anything, and paragraph (a)(iii) above shall not oblige any other party to this
Agreement to do anything, which would or might in its reasonable opinion constitute a breach of:

 

(i)       any
law or regulation;

 

(ii)       any fiduciary
duty; or

 

(iii)       any duty
of confidentiality.

 

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

 

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(e)       If
the Borrower is a U.S. Tax Obligor or the Facility Agent reasonably believes that its obligations under FATCA or any other applicable
law or regulation require it, each Lender shall, within ten (10) Business Days of:

 

		(i)	where the Borrower is a U.S. Tax Obligor, the date of this Agreement;

 

	 	(ii)	the
date a new U.S. Tax Obligor accedes as a Borrower; or

 

		(iii)	where the Borrower is not a U.S. Tax Obligor, the date of a request from the Facility Agent,

 

supply to the
Facility Agent:

 

		(A)	a withholding certificate on Form W-8, Form W-9 or any other relevant form; or

 

		(B)	any withholding statement or other document, authorisation or waiver as the Facility Agent may
require to certify or establish the status of such Lender under FATCA or that other law or regulation.

 

(f)       The
Facility Agent shall provide any withholding certificate, withholding statement, document, authorisation or waiver it receives
from a Lender pursuant to paragraph (e) above to the Borrower.

 

(g)       If
any withholding certificate, withholding statement, document, authorisation or waiver provided to the Facility Agent by a Lender
pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, that Lender shall promptly update it and provide
such updated withholding certificate, withholding statement, document, authorisation or waiver to the Facility Agent unless it
is unlawful for the Lender to do so (in which case the Lender shall promptly notify the Facility Agent). The Facility Agent shall
provide any such updated withholding certificate, withholding statement, document, authorisation or waiver to the Borrower.

 

(h)       The
Facility Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver it receives from
a Lender pursuant to paragraph (e) or (g) above without further verification. The Facility Agent shall not be liable for any action
taken by it under or in connection with paragraph (e), (f) or (g) above.

 

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SECTION 5. Conditions
Precedent to the Initial Borrowing Date. The obligation of each Lender to make Loans on the Initial Borrowing Date is subject
at the time of the making of such Loans to the satisfaction or (other than in the case of Sections 5.04, 5.05, 5.06 (other than
delivery of the Share Charge Collateral), 5.07, 5.10, 5.11, 5.12 and 5.15) waiver of the following conditions:

 

5.01 Effective
Date. On or prior to the Initial Borrowing Date, the Effective Date shall have occurred.

 

5.02 [Intentionally
Omitted].

 

5.03 Corporate
Documents; Proceedings; etc. On the Initial Borrowing Date, the Facility Agent shall have received a certificate, dated the
Initial Borrowing Date, signed by the secretary or any assistant secretary of each Credit Party (or, to the extent such Credit
Party does not have a secretary or assistant secretary, the analogous Person within such Credit Party), and attested to by an authorized
officer, member or general partner of such Credit Party, as the case may be, in substantially the form of Exhibit D, with appropriate
insertions, together with copies of the certificate of incorporation and by-laws (or equivalent organizational documents) of such
Credit Party and the resolutions of such Credit Party referred to in such certificate.

 

5.04 Know
Your Customer. On the Initial Borrowing Date, the Facility Agent, the Hermes Agent and the Lenders shall have been provided
with all information requested in order to carry out and be reasonably satisfied with all necessary “know your customer”
information required pursuant to the PATRIOT ACT and such other documentation and evidence necessary in order for the Lenders to
carry out and be reasonably satisfied with other similar checks under all applicable laws and regulations pursuant to the Transaction
and the Hermes Cover, in connection with each of the Facility Agent’s, the Hermes Agent’s and each Lender’s internal
compliance regulations including, without limitation and to the extent required to comply with the “know your customer”
requirements referred to above (i) specimen signatures of any person authorized to execute the Credit Documents and (ii) copies
of the passports for each person identified in item (i).

 

5.05 Construction
Contract and Other Material Agreements. On or prior to the Initial Borrowing Date, the Facility Agent shall have received a
true, correct and complete copy of the Construction Contract, which shall be in full force and effect (and shall not have been
cancelled pursuant to Article 14, Clause 11 of the Construction Contract), and all other material contracts in connection with
the construction, supervision and acquisition of the Vessel that the Facility Agent may reasonably request and all such documents
shall be reasonably satisfactory in form and substance to the Facility Agent (it being understood that the executed copy of the
Construction Contract delivered to the Lead Arrangers prior to the Effective Date is satisfactory).

 

5.06 Share
Charge. On the Initial Borrowing Date, the Pledgor shall have duly authorized, executed and delivered a Bermuda share charge
for the Borrower substantially in the form of Exhibit F (as modified, supplemented or otherwise modified from time to time, the
 “Share Charge”) or otherwise reasonably satisfactory to the Lead Arrangers, together with the Share Charge Collateral.

 

5.07 Assignment
of Contracts. On the Initial Borrowing Date, the Borrower shall have duly authorized, executed and delivered a valid and
effective assignment by way of security in favor of the Collateral Agent of all of the Borrower’s present and future
interests in and benefits under (x) the Construction Contract, (y) each Refund Guarantee and (z) the Construction Risk
Insurance (it being understood that the Borrower will use commercially reasonable efforts to have the underwriters of the
Construction Risk Insurance accept and endorse on such insurance policy a loss payable clause substantially in the form set
forth in Part 3 of Schedule 2 to the Assignment of Contracts (as defined below), and it being further understood that certain
of the Refund Guarantee and none of the Construction Risk Insurances will have been issued on the Initial Borrowing Date),
which assignment shall be substantially in the form of Exhibit J hereto or otherwise reasonably acceptable to the Lead
Arrangers and the Borrower and customary for transactions of this type, along with appropriate notices and consents relating
thereto (to the extent incorporated into or required pursuant to such Exhibit or otherwise agreed by the Borrower and the
Facility Agent), including, without limitation, those acknowledgments, notices and consents listed on Schedule 5.07 (as
modified, supplemented or amended from time to time, the “Assignment of Contracts”) provided that, if any
Refund Guarantee issued to the Borrower on the Initial Borrowing Date shall have been issued by KfW IPEX-Bank GmbH, then such
Refund Guarantee shall be charged pursuant to a duly authorized, executed and delivered, valid and effective charge of any
such Refund Guarantee in the form of Exhibit Q hereto or otherwise in a form reasonably acceptable to the Lead Arrangers and
the Borrower and customary for transactions of this type, along with appropriate notices and consents relating thereto (to
the extent incorporated into or required pursuant to such Exhibit or otherwise agreed by the Borrower and the Facility Agent)
(as modified, supplemented or amended from time to time, the “Charge of KfW Refund Guarantees”).

 

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5.08 [Intentionally
Omitted]

 

5.09 Process
Agent. On or prior to the Initial Borrowing Date, the Facility Agent shall have received satisfactory evidence from the Parent,
the Borrower and any other applicable Credit Party that they have each appointed an agent in London for the service of process
or summons in relation to each of the Credit Documents.

 

5.10 Opinions
of Counsel.

 

(a)              
On the Initial Borrowing Date, the Facility Agent shall have received from Paul, Weiss, Rifkind, Wharton & Garrison
LLP (or another counsel reasonably acceptable to the Lead Arrangers), special New York counsel to the Credit Parties, an opinion
addressed to the Facility Agent and each of the Lenders and dated the Initial Borrowing Date in substantially the form delivered
to the Lenders prior to the Effective Date, or otherwise reasonably satisfactory to the Lead Arrangers, substantially in the form
set forth in Exhibit 1 of Schedule 5.10.

 

(b)              
On the Initial Borrowing Date, the Facility Agent shall have received from Cox Hallett Wilkinson Limited (or another counsel
reasonably acceptable to the Lead Arrangers), special Bermuda counsel to the Credit Parties, an opinion addressed to the Facility
Agent and each of the Lenders and dated the Initial Borrowing Date in substantially the form delivered to the Lenders prior to
the Effective Date, or otherwise reasonably satisfactory to the Lead Arrangers, substantially in the form set forth in Exhibit
2 of Schedule 5.10.

 

(c)              
On the Initial Borrowing Date, the Facility Agent shall have received from Norton Rose Fulbright LLP (or another counsel
reasonably acceptable to the Lead Arrangers), special English counsel to the Facility Agent for the benefit of the Lead Arrangers,
an opinion addressed to the Facility Agent (for itself and on behalf of the Lenders) and the Collateral Agent (for itself and on
behalf of the Secured Creditors) dated the Initial Borrowing Date in substantially the form delivered to the Lenders prior to the
Effective Date or otherwise reasonably satisfactory to the Lead Arrangers substantially in the form set forth in Exhibit 3 of Schedule
5.10.

 

(d)               On
the Initial Borrowing Date if required by any New Lender, the Facility Agent shall have received from Norton Rose Fulbright
LLP (or another counsel reasonably acceptable to the Lead Arrangers), special German counsel to the Facility Agent for the
benefit of the Lead Arrangers, an opinion addressed to the Facility Agent and each of the Lenders and dated the Initial
Borrowing Date in substantially the form delivered to the Lenders prior to the Effective Date, or otherwise reasonably
satisfactory to the Lead Arrangers, covering the matters set forth in Exhibit 4 of Schedule 5.10.

 

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(e)              
On the Initial Borrowing Date, the Facility Agent shall have received from Holland & Knight LLP (or another counsel
reasonably acceptable to the Lead Arrangers), special Florida counsel to the Credit Parties, an opinion addressed to the Facility
Agent and each of the Lenders and dated the Initial Borrowing Date in substantially the form delivered to the Lenders prior to
the Effective Date, or otherwise reasonably satisfactory to the Lead Arrangers, substantially in the form set forth in Exhibit
5 of Schedule 5.10.

 

5.11 KfW
Refinancing. On or prior to the Initial Borrowing Date and to the extent that the Initial Syndication Date has occurred, either:

 

(a)             
the definitive credit documentation related to the KfW Refinancing (including, without limitation, the Interaction Agreement)
shall have been duly executed and delivered by the parties thereto and shall be reasonably satisfactory to KfW and the Refinanced
Banks, and the KfW Refinancing shall be effective in accordance with its terms; or

 

(b)              
any Lender which is not a Refinanced Bank but wishes to benefit from an Interest Make-Up Agreement shall have duly executed
and delivered an Interest Make-Up Agreement.

 

5.12 Equity
Payment. On the Initial Borrowing Date, the Facility Agent shall have received evidence, in form and substance reasonably satisfactory
to the Facility Agent, that the Borrower shall have funded from cash on hand an amount equal to 0.4% of the Initial Construction
Price for the Vessel.

 

5.13 Financing
Statements. On the Initial Borrowing Date, the Collateral Agent, in consultation with the Credit Parties, shall have:

 

(a)       prepared
and filed proper financing statements (Form UCC-1 or the equivalent) fully prepared for filing under the UCC or in other appropriate
filing offices of each jurisdiction as may be necessary or, in the reasonable opinion of the Collateral Agent, desirable to perfect
the security interests purported to be created by the Share Charge, the Assignment of Contracts and if applicable, the Charge of
KfW Refund Guarantees; and

 

(b)       received
certified copies of lien search results (Form UCC-11) listing all effective financing statements that name each Credit Party as
debtor and that are filed in the District of Columbia and Florida, together with Form UCC-3 Termination Statements (or such other
termination statements as shall be required by local law) fully prepared for filing if required by applicable laws for any financing
statement which covers the Collateral except to the extent evidencing Permitted Liens.

 

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5.14 Security
Trust Deed. On the Initial Borrowing Date and to the extent that the Initial Syndication Date has occurred, the Security Trust
Deed shall have been executed by the parties thereto and shall be in full force and effect.

 

5.15 Hermes
Cover. On the Initial Borrowing Date, (x) the Facility Agent shall have received evidence from the Hermes Agent that the Hermes
Cover is in full force and effect on terms acceptable to the Lead Arrangers (it being understood that each Lead Arranger shall
have confirmed to the Hermes Agent that the terms of the Hermes Cover are acceptable), and all due and owing Hermes Premium and
Hermes Issuing Fees to be paid in connection therewith shall have been paid in full, which the Borrower hereby agrees to pay, provided
it is understood and agreed that the Hermes Cover shall have been granted as soon as the Hermes Agent and/or the Facility Agent
receives the Declaration of Guarantee (Gewährleistungs-Erklärung) from Hermes and (y) all Loans and other financing
to be made pursuant hereto shall be in material compliance with the Hermes Cover and all applicable requirements of law or regulation.

 

SECTION 6. Conditions
Precedent to each Borrowing Date.The obligation of each Lender to make Loans on each Borrowing Date is subject at the time
of the making of such Loans to the satisfaction or (other than in the case of Sections 6.01, 6.02, 6.03, 6.04, 6.06 and 6.07) waiver
of the following conditions:

 

6.01 No Default;
Representations and Warranties. At the time of each Borrowing and also after giving effect thereto (i) there shall exist no
Default or Event of Default and (ii) all representations and warranties contained herein or in any other Credit Document shall
be true and correct in all material respects both before and after giving effect to such Borrowing with the same effect as though
such representations and warranties had been made on the Borrowing Date in respect of such Borrowing (it being understood and agreed
that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct
in all material respects only as of such specified date).

 

6.02 Consents.
On or prior to each Borrowing Date, all necessary governmental (domestic and foreign) and material third party approvals and/or
consents in connection with the Construction Contract, any Refund Guarantee (to the extent issued on or prior to such Borrowing
Date), the Vessel and the other transactions contemplated hereby (except to the extent specifically addressed in other sections
of Section 5 or this Section 6) shall have been obtained and remain in effect. On each Borrowing Date, there shall not exist any
judgment, order, injunction or other restraint issued or filed or a hearing seeking injunctive relief or other restraint pending
or notified prohibiting or imposing materially adverse conditions upon this Agreement, the Transaction or the other transactions
contemplated by the Credit Documents.

 

6.03 Refund
Guarantees. On (x) the Initial Borrowing Date, the Refund Guarantee for the Pre-delivery Installment to be paid on the
Initial Borrowing Date shall have been issued and assigned to the Collateral Agent pursuant to an Assignment of Contracts
(or, if such Refund Guarantee is issued by KfW IPEX-Bank GmbH, the Charge of KfW Refund Guarantees) and (y) each other
Borrowing Date (other than the Borrowing Date in relation to the Delivery Date), each additional Refund Guarantee that has
been issued since the Initial Borrowing Date shall have been assigned to the Collateral Agent by delivering a supplement to
the relevant schedule to the Assignment of Contracts (or, in the case of Refund Guarantees issued by KfW IPEX-Bank GmbH, or
supplement to the relevant schedule of the Charge of KfW Refund Guarantees) to the Collateral Agent with the updated
information, in each case along with (to the extent incorporated into the Assignment of Contracts) an appropriate notice and
consent relating thereto, and the Lead Arrangers shall have received reasonably satisfactory evidence to such effect. Each
Refund Guarantee shall secure a principal amount equal to (i) the amount of the corresponding
Pre-delivery Installment to be paid by the Borrower to the Yard minus (ii) the amount paid by the Yard to the
Borrower in respect of the corresponding Pre-delivery Installment under Article 8, Clause 2.8 (i), (ii), (iii)
or (iv), as the case may be, of the Construction Contract pursuant to the terms of each Refund Guarantee, and the Lead
Arrangers shall have received reasonably satisfactory evidence to such effect.

 

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6.04 Equity
Payment. On each Borrowing Date on which the proceeds of Loans are being used to fund a payment under the Construction Contract,
the Facility Agent shall have received evidence, in form and substance reasonably satisfactory to the Facility Agent, of the payment
by the Borrower (other than from proceeds of Loans) of at least [*]% of each such amount then due on such Borrowing Date under
the Construction Contract, it being agreed and acknowledged that where the Borrower makes an equity payment in excess of any of
the minimum equity payments of [*]% referred to above, the subsequent minimum equity payment for future Borrowing Dates required
may be reduced to take account of such over payment on a basis notified by the Borrower to the Facility Agent as long as at all
times the Borrower continues to comply with the minimum equity requirements set out above.

 

6.05 Fees,
Costs, etc. On each Borrowing Date, the Borrower shall have paid to the Agents, the Lead Arrangers and the Lenders all costs,
fees, expenses (including, without limitation, reasonable fees and expenses of Norton Rose Fulbright LLP and local and maritime
counsel and consultants) and other compensation contemplated hereby payable to the Agents, the Lead Arrangers and the Lenders or
payable in respect of the transactions contemplated hereunder (including, without limitation, the KfW Refinancing), to the extent
then due; provided that (i) any such costs, fees and expenses and other compensation shall have been invoiced to the Borrower
at least three Business Days prior to such Borrowing Date and (ii) such costs, fees and expenses in respect of the initial syndication
arising at the time of the Initial Syndication Date (including in respect of any KfW Refinancing or any Interest Make-Up Agreement
but subject to Section 14.01) shall include ongoing or recurring legal costs or expenses after the Effective Date where such legal
costs or expenses are incurred in respect of the period falling 6 months after the Effective Date or such longer period as the
Borrower may approve (such approval not to be unreasonably withheld).

 

6.06 Construction
Contract. On each Borrowing Date, the Borrower shall have certified that all conditions and requirements under the Construction
Contract required to be satisfied on such Borrowing Date, including in connection with the respective payment installments to be
made to the Yard on such Borrowing Date, shall have been satisfied (including, but not limited to, the Borrower’s payment
to the Yard of the portion of the payment installment on the Vessel that is not being financed with proceeds of the Loans), other
than those that are not materially adverse to the Lenders, it being understood that any litigation between the Yard and the Parent
and/or Borrower shall be deemed to be materially adverse to the Lenders.

 

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6.07 Notice
of Borrowing. Prior to the making of each Loan, the Facility Agent shall have received the Notice of Borrowing required by
Section 2.03(a), with such Notice of Borrowing to be accompanied by a copy of the invoice from the Yard in respect of the relevant
instalment under the Construction Contract which is to be funded by that Loan.

 

6.08 Solvency
Certificate. On each Borrowing Date, Parent shall cause to be delivered to the Facility Agent a solvency certificate from a
senior financial officer of Parent, in substantially the form of Exhibit K or otherwise reasonably acceptable to the Facility Agent,
which shall be addressed to the Facility Agent and each of the Lenders and dated such Borrowing Date, setting forth the conclusion
that, after giving effect to the transactions hereunder (including the incurrence of all the financing contemplated with respect
thereto and the purchase of the Vessel), the Parent and its Subsidiaries, taken as a whole, are not insolvent and will not be rendered
insolvent by the Indebtedness incurred in connection therewith, and will not be left with unreasonably small capital with which
to engage in their respective businesses and will not have incurred debts beyond their ability to pay such debts as they mature.

 

6.09 Litigation.
On each Borrowing Date, other than as set forth on Schedule 6.09, there shall be no actions, suits or proceedings (governmental
or private) pending or, to the Parent or the Borrower’s knowledge, threatened (i) with respect to this Agreement or any other
Credit Document or (ii) which has had, or, if adversely determined, could reasonably be expected to have, a Material Adverse Effect.

 

6.10 Hermes
Cover. The obligation of each Lender to make Loans on the first Borrowing Date following the Restatement Date is subject at
the time of the making of such Loans to the satisfaction or waiver of the following additional condition that the Facility Agent
shall have received evidence from the Hermes Agent that the Hermes Cover has been amended to provide cover in respect of the increase
to the Total Commitment agreed pursuant to the First Supplemental Agreement and remains in full force and effect on terms acceptable
to the Lead Arrangers (it being understood that each Lead Arranger shall have confirmed to the Hermes Agent that the terms of the
Hermes Cover are acceptable), and the Additional Hermes Premium shall have been paid in full, which the Borrower hereby agrees
to pay.

 

The acceptance of the
proceeds of each Loan shall constitute a representation and warranty by the Borrower to the Facility Agent and each of the Lenders
that all of the applicable conditions specified in Section 5, this Section 6 and Section 7 applicable to such Loan have been satisfied
as of that time.

 

SECTION 7. Conditions
Precedent to the Delivery Date.The obligation of each Lender to make Loans on the Delivery Date is subject at the time of making
such Loans to the satisfaction of the following conditions:

 

7.01 Delivery
of Vessel. On the Delivery Date, the Vessel shall have been delivered in accordance with the terms of the Construction
Contract, other than those changes that would not be materially adverse to the interests of the Lenders, and the Facility
Agent shall have received (a) certified copies of the Delivery Documents (as such term is defined in the Construction
Contract) required to be delivered by the Yard pursuant to Article 7, paragraph 1.3, clauses (i), (ii), (vii) and (viii) (and
which, in the case of (vii) shall include details of all Permitted Change Orders) of the Construction Contract and (b) a copy
of the written statement in respect of the Buyer’s Allowance (as defined in the Construction Contract) referred to in
Article 8, paragraph 2.8 (vii) of the Construction Contract as well as any details of any payment required to be made to the
Borrower pursuant to Article 8, paragraph 2.8 (viii) of the Construction Contract.

 

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7.02 Collateral
and Guaranty Requirements. On or prior to the Delivery Date, the Collateral and Guaranty Requirements with respect to the Vessel
shall have been satisfied or the Facility Agent shall have waived such requirements (other than the Specified Requirements) and/or
conditioned such waiver on the satisfaction of such requirements within a specified period of time.

 

7.03 Evidence
of [*]% Payment. On the Delivery Date, the Borrower shall have provided funding for an amount in the aggregate equal to the
sum of at least (x) [*]% of the Initial Construction Price for the Vessel, (y) [*]% of the aggregate amount of Permitted Change
Orders for the Vessel and (z) [*]% of the difference between the Final Construction Price and the Adjusted Construction Price for
the Vessel (in each case, other than from proceeds of Loans) and the Facility Agent shall have received a certificate from the
officer of the Borrower to such effect.

 

7.04 Hermes
Compliance; Compliance with Applicable Laws and Regulations. On the Delivery Date, all Loans and other financing to be made
pursuant hereto shall be in material compliance with all applicable requirements of law or regulation and the Hermes Cover.

 

(a)              
Opinion of Counsel. On the Delivery Date, the Facility Agent shall have received from Norton Rose Fulbright LLP (or
another counsel reasonably acceptable to the Lead Arrangers), special English counsel to the Facility Agent for the benefit of
the Lead Arrangers, an opinion addressed to the Facility Agent (for itself and on behalf of the Lenders) and the Collateral Agent
(for itself and on behalf of the Secured Creditors) and each of the Lenders and dated as of the Delivery Date in substantially
the form delivered to the Lenders pursuant to Section 5.10, or otherwise reasonably satisfactory to the Lead Arrangers, covering
the matters set forth in Schedule 7.05.

 

(b)              
On the Delivery Date, the Facility Agent shall have received from Paul, Weiss, Rifkind, Wharton & Garrison LLP (or another
counsel reasonably acceptable to the Lead Arrangers), special New York counsel to the Credit Parties, an opinion addressed to the
Facility Agent and each of the Lenders and dated as of the Delivery Date in substantially the form delivered to the Lenders pursuant
to Section 5.10, or otherwise reasonably satisfactory to the Lead Arrangers, covering the matters set forth in Schedule 7.05.

 

(c)               On
the Delivery Date, the Facility Agent shall have received from Graham Thompson & Co. (or another counsel reasonably
acceptable to the Lead Arrangers), special Bahamas counsel to the Credit Parties (or if the Vessel is not flagged in the
Bahamas, counsel qualified in the jurisdiction of the flag of the Vessel and reasonably satisfactory to the Facility Agent),
an opinion addressed to the Facility Agent and each of the Lenders and dated as of the Delivery Date in substantially the
form delivered to the Lenders pursuant to Section 5.10, or otherwise reasonably satisfactory to the Lead Arrangers, covering
the matters set forth in Schedule 7.05.

 

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(d)              
On the Delivery Date, the Facility Agent shall have received from Cox Hallett Wilkinson Limited (or another counsel reasonably
acceptable to the Lead Arrangers), special Bermuda counsel to the Credit Parties, an opinion addressed to the Facility Agent and
each of the Lenders and dated as of such Borrowing Date in substantially the form delivered to the Lenders prior to the Effective
Date, or otherwise reasonably satisfactory to the Lead Arrangers, covering the matters set forth in Schedule 7.05.

 

SECTION 8. Representations
and Warranties.In order to induce the Lenders to enter into this Agreement and to make the Loans, the Borrower or each Credit
Party, as applicable, makes the following representations and warranties, in each case on a daily basis, all of which shall survive
the execution and delivery of this Agreement and the making of the Loans:

 

8.01 Entity
Status. The Parent and each of the other Credit Parties (i) is a Person duly organized, constituted and validly existing (or
the functional equivalent) under the laws of the jurisdiction of its formation, has the capacity to sue and be sued in its own
name and the power to own and charge its assets and carry on its business as it is now being conducted, (ii) is duly qualified
and is authorized to do business and is in good standing (or the functional equivalent) in each jurisdiction where the ownership,
leasing or operation of its property or the conduct of its business requires such qualifications except for failures to be so qualified
or authorized or in good standing which, either individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect and (iii) is not a FATCA FFI or a U.S. Tax Obligor.

 

8.02 Power
and Authority. Each of the Credit Parties has the power to enter into and perform this Agreement and those of the other Credit
Documents to which it is a party and the transactions contemplated hereby and thereby and has taken all necessary action to authorize
the entry into and performance of this Agreement and such other Credit Documents and such transactions. This Agreement constitutes
legal, valid and binding obligations of the Parent and the Borrower enforceable in accordance with its terms and in entering into
this Agreement and borrowing the Loans (in the case of the Borrower), the Parent and the Borrower are each acting on their own
account. Each other Credit Document constitutes (or will constitute when executed) legal, valid and binding obligations of each
Credit Party expressed to be a party thereto enforceable in accordance with their respective terms.

 

8.03 No Violation.
The entry into and performance of this Agreement, the other Credit Documents and the transactions contemplated hereby and thereby
do not and will not conflict with:

 

(a)              
any law or regulation or any official or judicial order; or

 

(b)              
the constitutional documents of any Credit Party; or

 

(c)               except
as set forth on Schedule 8.03, any agreement or document to which any member of the NCLC Group is a party or which is binding
upon such Credit Party or any of its assets, nor result in the creation or imposition of any Lien on a Credit Party or its
assets pursuant to the provisions of any such agreement or document.

 

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8.04 Governmental
Approvals. Except for the filing of those Security Documents which require registration in the Federal Republic of Germany,
the Bahamas, any state of the United States of America and/or with the Registrar of Companies in Bermuda, and for the registration
of the Vessel Mortgage through the Bahamas Maritime Authority (if the Vessel is flagged in the Bahamas) or such other relevant
authority (if the Vessel is flagged in another Acceptable Flag Jurisdiction), all authorizations, approvals, consents, licenses,
exemptions, filings, registrations, notarizations and other matters, official or otherwise, required in connection with the entry
into, performance, validity and enforceability of this Agreement and each of the other Credit Documents and the transactions contemplated
thereby have been obtained or effected and are in full force and effect except for matters in respect of (x) the Construction Risk
Insurance and any Refund Guarantee (in each case only to the extent that such Collateral has not yet been delivered) and (y) Collateral
to be delivered on the Delivery Date.

 

8.05 Financial
Statements; Financial Condition. (a)(i) The audited consolidated balance sheets of the Parent and its Subsidiaries as at December
31, 2013 and the unaudited consolidated balance sheets of the Parent and its Subsidiaries as at March 31, 2014 and the related
consolidated statements of operations and of cash flows for the fiscal years or quarters, as the case may be, ended on such dates,
reported on by and accompanied by, in the case of the annual financial statements, an unqualified report from PricewaterhouseCoopers
LLP, present fairly in all material respects the consolidated financial condition of the Parent and its Subsidiaries as at such
date, and the consolidated results of its operations and its consolidated cash flows for the respective fiscal years or quarters,
as the case may be, then ended. All such financial statements, including the related schedules and notes thereto, have been prepared
in accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of
accountants and disclosed therein).

 

(ii)     The pro
forma consolidated balance sheet of the Parent and its Subsidiaries as of December 31, 2013 (after giving effect to the Transaction
and the financing therefor), a copy of which has been furnished to the Lenders prior to the Initial Borrowing Date, presents a
good faith estimate in all material respects of the pro forma consolidated financial position of the Parent and its Subsidiaries
as of such date.

 

(b)       Since
December 31, 2013, nothing has occurred that has had or could reasonably be expected to have a Material Adverse Effect.

 

8.06 Litigation.
No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency (including but not limited
to investigative proceedings) are current or pending or, to the Parent or the Borrower’s knowledge, threatened, which might,
if adversely determined, have a Material Adverse Effect.

 

8.07 True
and Complete Disclosure. Each Credit Party has fully disclosed in writing to the Facility Agent all facts relating to such
Credit Party which it knows or should reasonably know and which might reasonably be expected to influence the Lenders in deciding
whether or not to enter into this Agreement.

 

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8.08 Use of
Proceeds. All proceeds of the Loans (other than Deferred Loans, which shall be used only for the purpose of paying the principal
portion of the repayment instalment of a Loan due on each Repayment Date falling during the relevant Deferral Period) may be used
only to finance (i) up to 80% of the Adjusted Construction Price of the Vessel and (ii) up to 100% of the Hermes Premium.

 

8.09 Tax Returns
and Payments. The NCLC Group have complied with all taxation laws in all jurisdictions in which it is subject to Taxation and
has paid all material Taxes due and payable by it; no material claims are being asserted against it with respect to Taxes, which
might, if such claims were successful, have a material adverse effect on the ability of any Credit Party to perform its obligations
under the Credit Documents or could otherwise be reasonably expected to have a Material Adverse Effect. As at the Effective Date
all amounts payable by the Parent and the Borrower hereunder may be made free and clear of and without deduction for or on account
of any Taxation in the Parent and the Borrower’s jurisdiction.

 

8.10 No Material
Misstatements. (a) All written information (other than the Projections, estimates and information of a general economic nature
or general industry nature) (the “Information”) concerning the Parent and its Subsidiaries, and the transactions
contemplated hereby prepared by or on behalf of the foregoing or their representatives and made available to any Lenders or any
Agent in connection with the transactions contemplated hereby, when taken as a whole, was true and correct in all material respects,
as of the date such Information was furnished to the Lenders or any Agent and as of the Effective Date and did not, taken as a
whole, contain any untrue statement of a material fact as of any such date or omit to state a material fact necessary in order
to make the statements contained therein, taken as a whole, not materially misleading in light of the circumstances under which
such statements were made.

 

(b)              
The Projections and estimates and information of a general economic nature prepared by or on behalf of the Parent, the Borrower
or any of their respective representatives and that have been made available to any Lenders or any Agent in connection with the
transactions contemplated hereby (i) have been prepared in good faith based upon assumptions believed by the Parent, the Borrower
to be reasonable as of the date thereof (it being understood that actual results may vary materially from the Projections), as
of the date such Projections and estimates were furnished to the Lenders and as of the Effective Date, and (ii) as of the Effective
Date, have not been modified in any material respect by the Parent or the Borrower.

 

8.11 The Security
Documents. (a) None of the Collateral is subject to any Liens except Permitted Liens.

 

(b)              
The security interests created under the Share Charge in favor of the Collateral Agent, as pledgee, for the benefit of the
Secured Creditors, constitute perfected security interests in the Share Charge Collateral described in the Share Charge, subject
to no security interests of any other Person. No filings or recordings are required in order to perfect (or maintain the perfection
or priority of) the security interests created in the Share Charge Collateral under the Share Charge other than with respect to
that portion of the Share Charge Collateral constituting a “general intangible” under the UCC. The filings on Form
UCC-1 made pursuant to the Share Charge will perfect a security interest in the Collateral covered by the Share Charge to the extent
a security interest in such Collateral may be perfected by such filings.

 

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(c)              
 After the execution and registration thereof, the Vessel Mortgage will create, as security for the obligations purported
to be secured thereby, a valid and enforceable perfected security interest in and mortgage lien on the Vessel in favor of the Collateral
Agent (or such other trustee as may be required or desired under local law) for the benefit of the Secured Creditors, superior
and prior to the rights of all third Persons (except that the security interest and mortgage lien created on the Vessel may be
subject to the Permitted Liens related thereto) and subject to no other Liens (other than Permitted Liens related thereto).

 

(d)              
After the execution and delivery thereof and upon the taking of the actions mentioned in the immediately succeeding sentence,
each of the Security Documents will create in favor of the Collateral Agent for the benefit of the Secured Creditors a legal, valid
and enforceable fully perfected first priority security interest in and Lien on all right, title and interest of the Credit Parties
party thereto in the Collateral described therein, subject only to Permitted Liens. Subject to Sections 7.02, 8.04 and this Section
8.11 and the definition of “Collateral and Guaranty Requirements,” no filings or recordings are required in order to
perfect the security interests created under any Security Document except for filings or recordings which shall have been made
on or prior to the execution of such Security Document.

 

8.12 Capitalization.
All the Capital Stock, as set forth on Schedule 8.12, in the Borrower and each other Credit Party (other than the Parent) is legally
and beneficially owned directly or indirectly by the Parent and, except as permitted by Section 10.02, such structure shall remain
so until the Maturity Date.

 

8.13 Subsidiaries.
On and as of the Initial Borrowing Date, other than in respect of Dormant Subsidiaries (i) the Parent has no Subsidiaries other
than those Subsidiaries listed on Schedule 8.13 which Schedule identifies the correct legal name, direct owner, percentage ownership
and jurisdiction of organization of the Borrower and each such other Subsidiary on the date hereof, (ii) all outstanding shares
of the Borrower and each other Subsidiary of the Parent have been duly and validly issued, are fully paid and non-assessable and
have been issued free of preemptive rights, and (iii) neither the Borrower nor any Subsidiary of the Parent has outstanding any
securities convertible into or exchangeable for its Capital Stock or outstanding any right to subscribe for or to purchase, or
any options or warrants for the purchase of, or any agreement providing for the issuance (contingent or otherwise) of or any calls,
commitments or claims of any character relating to, its Capital Stock or any stock appreciation or similar rights.

 

8.14 Compliance
with Statutes, etc. The Parent and each of its Subsidiaries is in compliance in all material respects with all applicable statutes,
regulations and orders of, and all applicable restrictions imposed by, all governmental bodies, domestic or foreign, in respect
of the conduct of its business and the ownership of its property, except such noncompliances as could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

8.15 Winding-up,
etc. None of the events contemplated in clauses (a), (b), (c), (d) or (e) of Section 11.05 has occurred with respect to any
Credit Party.

 

8.16 No
Default. No event has occurred which constitutes a Default or Event of Default under or in respect of any Credit Document
to which any Credit Party is a party or by which the Parent or any of its Subsidiaries may be bound (including (inter
alia) this Agreement) and no event has occurred which constitutes a default under or in respect of any agreement or
document to which any Credit Party is a party or by which any Credit Party may be bound, except to an extent as could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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 8.17 Pollution and Other Regulations. Each of the Credit Parties:

 

(a)              
is in compliance with all applicable federal, state, local, foreign and international laws, regulations, conventions and
agreements relating to pollution prevention or protection of human health or the environment (including, without limitation, ambient
air, surface water, ground water, navigable waters, water of the contiguous zone, ocean waters and international waters), including
without limitation, laws, regulations, conventions and agreements relating to (i) emissions, discharges, releases or threatened
releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous materials, oil, hazard substances, petroleum
and petroleum products and by-products (“Materials of Environmental Concern”) or (ii) Environmental Law;

 

(b)             
has all permits, licenses, approvals, rulings, variances, exemptions, clearances, consents or other authorizations required
under applicable Environmental Law (“Environmental Approvals”) and is in compliance with all Environmental Approvals
required to operate its business as presently conducted or as reasonably anticipated to be conducted;

 

(c)             
has not received any notice, claim, action, cause of action, investigation or demand by any other person, alleging potential
liability for, or a requirement to incur, investigatory costs, clean-up costs, response and/or remedial costs (whether incurred
by a governmental entity or otherwise), natural resources damages, property damages, personal injuries, attorneys’ fees and
expenses or fines or penalties, in each case arising out of, based on or resulting from (i) the presence or release or threat of
release into the environment of any Materials of Environmental Concern at any location, whether or not owned by such person or
(ii) Environmental Claim,

 

(A) which is, or are,
in each case, material; and

 

(B) there are no circumstances
that may prevent or interfere with such full compliance in the future.

 

There are no Environmental
Claims pending or threatened against any of the Credit Parties which the Parent or the Borrower, in its reasonable opinion, believes
to be material.

 

There are no past or
present actions, activities, circumstances, conditions, events or incidents, including, without limitation, the release, emission,
discharge or disposal of any Materials of Environmental Concern, that the Parent or the Borrower reasonably believes could form
the basis of any bona fide material Environmental Claim against any of the Credit Parties.

 

8.18 Ownership
of Assets. Except as permitted by Section 10.02, each member of the NCLC Group has good and marketable title to all its assets
which is reflected in the audited accounts referred to in Section 8.05(a).

 

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8.19 Concerning
the Vessel. As of the Delivery Date, (a) the name, registered owner, official number, and jurisdiction of registration and
flag of the Vessel shall be set forth on Schedule 8.19 (as updated from time to time by the Borrower pursuant to Section 9.13 with
respect to flag jurisdiction, and otherwise (with respect to name, registered owner, official number and jurisdiction of registration)
upon advance notice and in a manner that does not interfere with the Lenders’ Liens on the Collateral, provided that
each applicable Credit Party shall take all steps requested by the Collateral Agent to preserve and protect the Liens created by
the Security Documents on the Vessel) and (b) the Vessel is and will be operated in material compliance with all applicable law,
rules and regulations.

 

8.20 Citizenship.
None of the Credit Parties has an establishment in the United Kingdom within the meaning of the Overseas Companies Regulation 2009
with the exception of the Parent or a place of business in the United States (in each case, except as already disclosed) or any
other jurisdiction which requires any of the Security Documents to be filed or registered in that jurisdiction to ensure the validity
of the Security Documents to which it is a party unless (x) all such filings and registrations have been made or will be made as
provided in Sections 7.02, 8.04 and 8.11 and the definition of “Collateral and Guaranty Requirements” and (y) prompt
notice of the establishment of such a place of business is given to the Facility Agent and the requirements set forth in Section
9.10 have been satisfied. The Borrower and each other Credit Party which owns or operates, or will own or operate, the Vessel at
any time is, or will be, qualified to own and operate the Vessel under the laws of the Bahamas or such other jurisdiction in which
the Vessel is permitted, or will be permitted, to be flagged in accordance with the terms of Section 9.13.

 

8.21 Vessel
Classification. The Vessel is or will be as of the Delivery Date, classified in the highest class available for vessels of
its age and type with a classification society listed on Schedule 8.21 hereto or another internationally recognized classification
society reasonably acceptable to the Collateral Agent, free of any overdue conditions or recommendations.

 

8.22 No Immunity.
None of the Credit Parties nor any of their respective assets enjoys any right of immunity (sovereign or otherwise) from set-off,
suit or execution in respect of their obligations under this Agreement or any of the other Credit Documents or by any relevant
or applicable law.

 

8.23 Fees,
Governing Law and Enforcement. No fees or taxes, including, without limitation, stamp, transaction, registration or similar
taxes, are required to be paid to ensure the legality, validity, or enforceability of this Agreement or any of the other Credit
Documents other than recording taxes which have been, or will be, paid as and to the extent due. Under the laws of the Bahamas
or any other jurisdiction where the Vessel is flagged, the choice of the laws of England as set forth in the Credit Documents which
are stated to be governed by the laws of England is a valid choice of law, and the irrevocable submission by each Credit Party
to jurisdiction and consent to service of process and, where necessary, appointment by such Credit Party of an agent for service
of process, in each case as set forth in such Credit Documents, is legal, valid, binding and effective.

 

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8.24 Form
of Documentation. Each of the Credit Documents is in proper legal form (under the laws of England, the Bahamas, Bermuda and
each other jurisdiction where the Vessel is flagged or where the Credit Parties are domiciled) for the enforcement thereof under
such laws. To ensure the legality, validity, enforceability or admissibility in evidence of each such Credit Document in England,
the Bahamas and/or Bermuda it is not necessary that any Credit Document or any other document be filed or recorded with any court
or other authority in England, the Bahamas and Bermuda, except as have been made, or will be made, in accordance with Section 5,
6, 7 and 8, as applicable.

 

8.25 Pari
Passu or Priority Status. The claims of the Agents and the Lenders against the Parent or the Borrower under this Agreement
will rank at least pari passu with the claims of all unsecured creditors of the Parent or the Borrower (other than claims of such
creditors to the extent that they are statutorily preferred) and in priority to the claims of any creditor of the Parent or the
Borrower who is also a Credit Party.

 

8.26 Solvency.
The Credit Parties, taken as a whole, are and shall remain, after the advance to them of the Loans or any of such Loans, solvent
in accordance with the laws of Bermuda, the United States, England and the Bahamas and in particular with the provisions of the
Bankruptcy Code and the requirements thereof.

 

8.27 No Undisclosed
Commissions. There are and will be no commissions, rebates, premiums or other payments by or to or on account of any Credit
Party, their shareholders or directors in connection with the Transaction as a whole other than as disclosed to the Facility Agent
or any other Agent in writing.

 

8.28 Completeness
of Documentation. The copies of the Management Agreements, the Construction Contract, each Refund Guarantee, and to the extent
applicable, the Supervision Agreement delivered to the Facility Agent are true and complete copies of each such document constituting
valid and binding obligations of the parties thereto enforceable in accordance with their respective terms and no amendments thereto
or variations thereof have been agreed nor has any action been taken by the parties thereto which would in any way render such
document inoperative or unenforceable, unless replaced by a management agreement or management agreements, refund guarantees or,
to the extent applicable, a supervision agreement, as the case may be, reasonably satisfactory to the Facility Agent.

 

8.29 Money
Laundering. Any borrowing by the Borrower hereunder, and the performance of its obligations hereunder and under the other Security
Documents, will be for its own account and will not, to the best of its knowledge, involve any breach by it of any law or regulatory
measure relating to “money laundering” as defined in Article 1 of the Directive (2005/EC/60) of the European Parliament
and of the Council of the European Communities.

 

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SECTION 9. Affirmative
Covenants. The Parent and the Borrower hereby covenant and agree that on and after the Initial Borrowing Date and until the
Total Commitments have terminated and the Loans, together with interest, Commitment Commission and all other obligations incurred
hereunder and thereunder, are paid in full (other than contingent indemnification and expense reimbursement claims for which no
claim has been made):

 

9.01 Information
Covenants. The Parent will provide to the Facility Agent (or will procure the provision of):

 

(a)       Quarterly
Financial Statements. Within 60 days after the close of the first three fiscal quarters in each fiscal year of the Parent,
the consolidated balance sheets of the Parent and its Subsidiaries as at the end of such quarterly accounting period and the related
consolidated statements of operations and cash flows, in each case for such quarterly accounting period and for the elapsed portion
of the fiscal year ended with the last day of such quarterly accounting period, and in each case, setting forth comparative figures
for the related periods in the prior fiscal year, all of which shall be certified by a financial officer of the Borrower, subject
to normal year-end audit adjustments and the absence of footnotes;

 

(b)       Annual
Financial Statements. Within 120 days after the close of each fiscal year of the Parent, the consolidated balance sheets of
the Parent and its Subsidiaries as at the end of such fiscal year and the related consolidated statements of operations and changes
in shareholders’ equity and of cash flows for such fiscal year setting forth comparative figures for the preceding fiscal
year and audited by independent certified public accountants of recognized international standing, together with an opinion of
such accounting firm (which opinion shall not be qualified as to scope of audit or as to the status of the Parent as a going concern
provided that for the fiscal years ending December 31, 2020 and December 31, 2021, any such opinion may contain a going concern
explanatory paragraph or like qualification that is due to the impending maturity of any Indebtedness within twelve months of the
date of delivery of such audit or any actual or potential inability to satisfy any financial covenant) to the effect that such
consolidated financial statements fairly present, in all material respects, the financial position and results of operations of
the Parent and its Subsidiaries on a consolidated basis in accordance with GAAP;

 

(c)       Valuations.
After the Delivery Date, together with delivery of the financial statements described in Section 9.01(b) for each fiscal
year, and at any other time within 15 days of a written request from the Facility Agent, an appraisal report of recent date
(but in no event earlier than 90 days before the delivery of such reports) from an Approved Appraiser or such other
independent firm of shipbrokers or shipvaluers nominated by the Borrower and approved by the Facility Agent (acting on the
instructions of the Required Lenders) or failing such nomination and approval, appointed by the Facility Agent (acting on
such instructions) in its sole discretion (each such valuation and any other valuation obtained pursuant to this Section
9.01(c) shall be made without, unless reasonably required by the Facility Agent, physical inspection and on the basis of a
sale for prompt delivery for cash at arm’s length on normal commercial terms as between a willing buyer and a willing
seller without taking into account the benefit of any charterparty or other engagement concerning the Vessel), stating the
then current fair market value of the Vessel. The appraisal obtained pursuant to the above provisions shall be treated as the
fair market value of the Vessel for that period unless the Facility Agent (acting on the instructions of the Required
Lenders) notifies the Borrower within 15 days of the receipt of this appraisal that it is not satisfied that such appraisal
appropriately reflects the fair market value of the Vessel, in which case the Facility Agent shall be entitled to request
that the Borrower obtains a second valuation from an Approved Appraiser, such second valuation to be obtained within 15 days
of the receipt of the request for the same. Where any such second valuation is so requested, the fair market value of the
Vessel shall be determined on the basis of the average of the two appraisals so obtained. All such appraisals shall be
conducted by, and made at the expense of, the Borrower (it being understood that the Facility Agent may and, at the request
of the Lenders, shall, upon prior written notice to the Borrower (which notice shall identify the names of the relevant
appraisal firms), obtain such appraisals and that the cost of all such appraisals will be for the account of the Borrower); provided that,
unless an Event of Default shall then be continuing, in no event shall the Borrower be required to pay for appraisal reports
from one or, if applicable, two appraisers on more than one occasion in any fiscal year of the Borrower, with the cost of any
such reports in excess thereof to be paid by the Lenders on a pro rata basis;

 

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(d)       Filings.
Promptly, copies of all financial information, proxy materials and other information and reports, if any, which the Parent or any
of its Subsidiaries shall file with the Securities and Exchange Commission (or any successor thereto);

 

(e)       Projections.
(i) As soon as practicable (and in any event within 120 days after the close of each fiscal year), commencing with the fiscal year
ending December 31, 2014, annual cash flow projections on a consolidated basis of the NCLC Group showing on a monthly basis advance
ticket sales (for at least 12 months following the date of such statement) for the NCLC Group;

 

(ii)       As
soon as practicable (and in any event not later than January 31 of each fiscal year):

 

		(x)	a budget for the NCLC Group for such new fiscal year including a 12 month liquidity budget for
such new fiscal year;

 

		(y)	updated financial projections of the NCLC Group for at least the next five years (including an
income statement and quarterly break downs for the first of those five years); and

 

		(z)	an outline of the assumptions supporting such budget and financial projections including but without
limitation any scheduled drydockings;

 

(f)       Officer’s
Compliance Certificates. As soon as practicable (and in any event within 60 days after the close of each of the first three
quarters of its fiscal year and within 120 days after the close of each fiscal year), a statement signed by one of the Parent’s
financial officers substantially in the form of Exhibit M (commencing with the fiscal quarter ending September 30, 2014) and such
other information as the Facility Agent may reasonably request;

 

(g)       Litigation.
On a quarterly basis, details of any material litigation, arbitration or administrative proceedings affecting any Credit Party
which are instituted and served, or, to the knowledge of the Parent or the Borrower, threatened (and for this purpose proceedings
shall be deemed to be material if they involve a claim in an amount exceeding $25,000,000 or the equivalent in another currency);

 

(h)       Notice
of Event of Default. Promptly upon (i) any Credit Party becoming aware thereof (and in any event within three Business Days),
notification of the occurrence of any Event of Default and (ii) the Facility Agent’s request from time to time, a certificate
stating whether any Credit Party is aware of the occurrence of any Event of Default;

 

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(i)       Status
of Foreign Exchange Arrangements. Promptly upon reasonable request from the Lead Arrangers through the Facility Agent, an update
on the status of the Parent and the Borrower’s foreign exchange arrangements with respect to the Vessel and this Agreement;

 

(j)       Other
Information. Promptly, such further information in its possession or control regarding its financial condition and operations
and those of any company in the NCLC Group as the Facility Agent may reasonably request; and

 

(k)      Debt
Deferral Extension – Regular Monitoring Requirements. Whilst any Deferred Loan is outstanding, the Borrower shall supply
to the Facility Agent as soon as the same become available, but in any event within five, 10 and 30 days after the end of, respectively,
each monthly, bi-monthly and quarterly period beginning on the Second Deferral Effective Date (or such other period as Hermes or
the Lenders may require from time to time), the information required by the Debt Deferral Extension Regular Monitoring Requirements,
with such information to be in reasonable detail and with appropriate calculations and computations in all respects reasonably
satisfactory to the Facility Agent.

 

(l)      Hermes
Information Requests. Whilst any Deferred Loan is outstanding, upon the request of the Hermes Agent (acting on the instructions
of Hermes), the Parent and the Lenders shall provide information in form and substance reasonably satisfactory to Hermes regarding
arrangements in respect of Indebtedness for Borrowed Money of the NCLC Group then existing or any such Indebtedness to be incurred
by or made available to (as the case may be) the NCLC Group (such information to be provided directly to Hermes in accordance with
terms of the Hermes Agent’s request).

 

All accounts required
under this Section 9.01 shall be prepared in accordance with GAAP and shall fairly represent in all material respects the financial
condition of the relevant company.

 

9.02 Books
and Records; Inspection. The Parent will keep, and will cause each of its Subsidiaries to keep, proper books of record and
account in all material respects, in which materially proper and correct entries shall be made of all financial transactions and
the assets, liabilities and business of the Parent and its Subsidiaries in accordance with GAAP. The Parent will, and will cause
each of its Subsidiaries to, permit officers and designated representatives of the Facility Agent at the reasonable request of
any Lead Arranger to visit and inspect, under guidance of officers of the Parent or such Subsidiary, any of the properties of the
Parent or such Subsidiary, and to examine the books of account of the Parent or such Subsidiary and discuss the affairs, finances
and accounts of the Parent or such Subsidiary with, and be advised as to the same by, its and their officers and independent accountants,
all upon reasonable prior notice and at such reasonable times and intervals and to such reasonable extent as the Facility Agent
at the reasonable request of any such Lead Arranger may reasonably request.

 

9.03 Maintenance
of Property; Insurance. The Parent will (x) keep, and will procure that each of its Subsidiaries keeps, all of its real
property and assets properly maintained and in existence and will comprehensively insure, and will procure that each of its
Subsidiaries comprehensively insures, for such amounts and of such types as would be effected by prudent companies carrying
on business similar to the Parent or its Subsidiaries (as the case may be) and (y) as of the Delivery Date, maintain (or
cause the Borrower to maintain) insurance (including, without limitation, hull and machinery, war risks, loss of hire (if
applicable), protection and indemnity insurance as set forth on Schedule 9.03 (the “Required Insurance”)
with respect to the Vessel at all times.

 

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9.04 Corporate
Franchises. The Parent will, and will cause each of its Subsidiaries to, do all such things as are necessary to maintain its
corporate existence (except as permitted by Section 10.02) in good standing and will ensure that it has the right and is duly qualified
to conduct its business as it is conducted in all applicable jurisdictions and will obtain and maintain all franchises and rights
necessary for the conduct of its business, except, in the case of Subsidiaries that are not Credit Parties, to the extent that
a failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

9.05 Compliance
with Statutes, etc. The Parent will, and will cause each of its Subsidiaries to, comply with all applicable statutes, regulations
and orders of, and all applicable restrictions (including all laws and regulations relating to money laundering) imposed by, all
governmental bodies, domestic or foreign, in respect of the conduct of its business and the ownership of its property, except such
non-compliances as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

9.06 Hermes
Cover. (a) The terms and conditions of the Hermes Cover are incorporated herein and in so far as they impose terms, conditions
and/or obligations on the Collateral Agent and/or the Facility Agent and/or the Hermes Agent and/or the Lenders in relation to
the Borrower or any other Credit Party then such terms, conditions and obligations are binding on the parties hereto and further
in the event of any conflict between the terms of the Hermes Cover and the terms hereof the terms of the Hermes Cover shall be
paramount and prevail. For the avoidance of doubt, neither the Parent nor the Borrower has any interest or entitlement in the proceeds
of the Hermes Cover. In particular, but without limitation, the Borrower shall pay any difference between the amount of the Loans
drawn to pay the Hermes Premium, and the Hermes Premium.

 

(b)              
The Borrower shall at all times promptly pay all due and owing Hermes Premium.

 

9.07 End of
Fiscal Years. The Parent and the Borrower will maintain their fiscal year ends as in effect on the Effective Date.

 

9.08 Performance
of Credit Document Obligations. The Parent will, and will cause each of its Subsidiaries to, perform all of its obligations
under the terms of each mortgage, indenture, security agreement and other debt instrument (including, without limitation, the Credit
Documents) by which it is bound, except such non-performances as could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

9.09 Payment
of Taxes. The Parent will pay and discharge, and will cause each of its Subsidiaries to pay and discharge, all material
taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits, or upon any properties
belonging to it, in each case on a timely basis, and all lawful claims which, if unpaid, might become a Lien not otherwise
permitted under Section 10.01, provided that neither the Parent nor any of its Subsidiaries shall be required to pay
any such tax, assessment, charge, levy or claim which is being contested in good faith and by proper proceedings if it has
maintained adequate reserves with respect thereto in accordance with generally accepted accounting principles.

 

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9.10 Further
Assurances. (a) The Borrower will, from time to time on being required to do so by the Facility Agent or the Hermes Agent,
do or procure the doing of all such acts and/or execute or procure the execution of all such documents in a form reasonably satisfactory
to the Facility Agent or the Hermes Agent (as the case may be) as the Facility Agent or the Hermes Agent may reasonably consider
necessary for giving full effect to any of the Credit Documents or securing to the Agents and/or the Lenders or any of them the
full benefit of the rights, powers and remedies conferred upon the Agents and/or the Lenders or any of them in any such Credit
Document.

 

(b)      The
Borrower hereby authorizes the Collateral Agent to file one or more financing or continuation statements under the UCC (or any
non-U.S. equivalent thereto), and amendments thereto, relative to all or any part of the Collateral without the signature of the
Borrower, where permitted by law. The Collateral Agent will promptly send the Borrower a copy of any financing or continuation
statements which it may file without the signature of the Borrower and the filing or recordation information with respect thereto.

 

(c)      The
Parent will cause each Subsidiary of the Parent which owns any direct interest in the Borrower promptly following such Subsidiary’s
acquisition of such interest, to execute and deliver a counterpart to the Share Charge and, in connection therewith, promptly execute
and deliver all further instruments, and take all further action, that the Facility Agent may reasonably require (including, without
limitation, the provision of officers’ certificates, resolutions, good standing certificates and opinions of counsel, in
each case to the reasonable satisfaction of the Facility Agent).

 

(d)       If
at any time the Borrower shall enter into a Supervision Agreement pursuant to the Construction Contract, the Borrower shall, substantially
simultaneously therewith, duly authorize, execute and deliver a valid and effective first-priority legal assignment in favor of
the Collateral Agent of all of the Borrower’s present and future interests in and benefits under such Supervision Agreement,
which such assignment shall be in form and substance reasonably acceptable to the Facility Agent, and customary for this type of
transaction.

 

9.11 Ownership
of Subsidiaries. Other than “director qualifying shares” and similar requirements, the Parent shall at all times
directly or indirectly own 100% of the Capital Stock or other Equity Interests of the Borrower (except as permitted by Section
10.02).

 

9.12 Consents
and Registrations. The Parent and the Borrower shall obtain (and shall, at the request of the Facility Agent, promptly
furnish certified copies to the Facility Agent of) all such authorizations, approvals, consents, licenses and exemptions as
may be required under any applicable law or regulation to enable it or any Credit Party to perform its obligations under, and
ensure the validity or enforceability of, each of the Credit Documents and shall ensure that the same are promptly renewed
from time to time and will also procure that the terms of the same are complied with at all times. Insofar as such filings or
registrations have not been completed on or before the Initial Borrowing Date, the Borrower will procure the filing or
registration within applicable time limits of each Security Document which requires filing or registration together with all
ancillary documents required to preserve the priority and enforceability of the Security Documents.

 

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9.13 Flag
of Vessel. (a) The Borrower shall cause the Vessel to be registered under the laws and flag of the Bahamas or, provided that
the requirements of a Flag Jurisdiction Transfer are satisfied, another Acceptable Flag Jurisdiction. Notwithstanding the foregoing,
the Borrower may transfer the Vessel to an Acceptable Flag Jurisdiction pursuant to the requirements set forth in the definition
of “Flag Jurisdiction Transfer”.

 

(b)              
Except as permitted by Section 10.02, the Borrower will own the Vessel and will procure that the Vessel is traded within
the NCLC Fleet from the Delivery Date until the Maturity Date.

 

(c)              
The Borrower will at all times engage a Manager to provide the commercial and technical management and crewing of the Vessel.

 

9.14 “Know
Your Customer” and Other Similar Information. The Parent will, and will cause the Credit Parties, to provide (i) the
 “Know Your Customer” information required pursuant to the PATRIOT Act and applicable money laundering provisions and
(ii) such other documentation and evidence necessary in order for the Lenders to carry out and be reasonably satisfied with other
similar checks under all applicable laws and regulations pursuant to the Transaction and the Hermes Cover, in each case as requested
by the Facility Agent, the Hermes Agent or any Lender in connection with each of the Facility Agent’s, the Hermes Agent’s
and each Lender’s internal compliance regulations.

 

9.15 Equal
Treatment. The Parent undertakes with the Facility Agent that:

 

(a)             
it shall use its best efforts to procure the entry into by the relevant members of the NCLC Group of similar debt deferral,
covenant amendment and mandatory prepayment arrangements to those contemplated by the Third Supplemental Agreement and this Agreement
(as amended and restated by the Third Supplemental Agreement) in respect of each financial contract or financial document relating
to any existing Indebtedness for Borrowed Money with the support of any ECA in existence on the Second Deferral Effective Date
to which a member of the NCLC Group is a party as soon as reasonably practicable thereafter (with such amendments being on terms
which shall not prejudice the rights of Hermes under this Agreement);

 

(b)              
it shall promptly upon written request, supply the Facility Agent and the Hermes Agent with information (in form and substance
satisfactory to the Facility Agent and Hermes Agent) regarding the status of the amendments to be entered into in accordance with
paragraph (a) above;

 

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(c)              
provided that if this clause (c) applies to a grant of additional Liens, clause (e) below shall not apply in respect of
such Liens, if at any time after the date of the Third Supplemental Agreement, it or any other member of the NCLC Group is required
to grant additional Liens in relation to a financial contract or financial document relating to any existing Indebtedness for Borrowed
Money:

 

(i)            
 with the support of any ECA (excluding any extensions or increases of such existing Indebtedness for Borrowed Money), such
Lien shall be granted on a pari passu basis to the Lenders (and the Facility Agent agrees to enter and/or procure the entry by
the relevant Lenders into such intercreditor documentation to reflect such pari passu ranking (in form and substance reasonably
satisfactory to the Lenders) as may be required in connection with such arrangements); or

 

(ii)          
without the support of any ECA (excluding any extensions or increases of such existing Indebtedness for Borrowed Money),
such Lien shall (without prejudice to any of the Borrower’s other obligations under this Agreement) be permitted provided
that it shall not have an adverse effect on any Liens or other rights granted to the Collateral Agent under the Credit Documents;

 

(d)             
in respect of any new Indebtedness for Borrowed Money incurred by a member of the NCLC Group or any extensions or increases
of any existing Indebtedness for Borrowed Money (in each case, other than any such Indebtedness permitted under this Agreement),
in each case with or which has the support of any ECA, the Parent shall enter into good faith negotiations with the Facility Agent
to grant additional Liens for the purpose of further securing the Loans; provided that any failure to reach agreement under this
paragraph (d) following such good faith negotiations shall not constitute an Event of Default; and

 

(e)             
save for the incurrence of any Indebtedness for Borrowed Money or the granting of any Liens as permitted under Section 4.02(d)(ii)
and (iv) and except as permitted by clause (c) above, if at any time after the Second Deferral Effective Date the Parent or any
other member of the NCLC Group enters into any financial contract or financial document relating to any Indebtedness for Borrowed
Money and which contains any debt deferral or covenant waivers of existing debt, or the raising of any new debt intended to reimburse
existing debt that benefits from additional Liens or more favourable terms than those available to the Lenders such additional
Liens or terms shall be granted to the Lenders on a pari passu basis.

 

9.16 Covered
Construction Contracts.

 

(i)        The
Parent shall, and the Parent shall procure that any member of the NCLC Group that has entered into a shipbuilding contract with
a shipbuilder or enters into any such shipbuilding contract, in each case which is financed with the support of Hermes (as amended
from time to time having regard to sub-clause (ii) below, the “Covered Construction Contracts”) shall, continue
to perform all of their respective obligations as set out in any Covered Construction Contract (including without limitation the
payment of any instalments due under any Covered Construction Contract (as the same may have been amended prior to the Second Deferral
Effective Date), and subject to any amendment agreed pursuant to sub-clause (ii) below). The Parent shall and the Parent shall
procure that any member of the NCLC Group shall promptly notify the Facility Agent and Hermes of any failure by it to comply with
any due and owing obligations under a Covered Construction Contract.

 

(ii)       The
Parent shall and the Parent shall procure that any member of the NCLC Group further undertakes to consult with the Facility
Agent and Hermes in respect of any proposed amendment to a Covered Construction Contract insofar as any such proposed
amendment relates to a payment instalment or (save as expressly permitted by the relevant credit agreement) a delivery date
or any other substantial amendment which may affect the related financing and to obtain the Facility Agent and Hermes’s
approval prior to executing any such amendment.

 

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9.17 Poseidon
Principles

 

The Parent and the Borrower
shall, upon the request of the Facility Agent and at the cost of the Borrower, on or before 31st July in each calendar year, supply
to the Facility Agent all information necessary in order for the Lenders to comply with their obligations under the Poseidon Principles
in respect of the preceding year, including, without limitation, all ship fuel oil consumption data required to be collected and
reported in accordance with Regulation 22A of Annex VI and any Statement of Compliance, in each case relating to the Vessel for
the preceding calendar year provided always that, for the avoidance of doubt, such information shall be confidential information
for the purposes of Section 14.14 but the Borrower acknowledges that, in accordance with the Poseidon Principles, such information
will form part of the information published regarding the Lenders' portfolio climate alignment.

 

SECTION 10. Negative
Covenants. The Parent and the Borrower hereby covenant and agree that on and after the Initial Borrowing Date and until all
Commitments have terminated and the Loans, together with interest, Commitment Commission and all other Credit Document Obligations
incurred hereunder and thereunder, are paid in full (other than contingent indemnification and expense reimbursement claims for
which no claim has been made):

 

10.01 Liens.
The Parent will not, and will not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Lien upon or
with respect to any Collateral, whether now owned or hereafter acquired, or sell any such Collateral subject to an understanding
or agreement, contingent or otherwise, to repurchase such Collateral (including sales of accounts receivable with recourse to the
Parent or any of its Subsidiaries); provided that the provisions of this Section 10.01 shall not prevent the creation, incurrence,
assumption or existence of the following (Liens described below are herein referred to as “Permitted Liens”):

 

(i)    inchoate
Liens for taxes, assessments or governmental charges or levies not yet due and payable or Liens for taxes, assessments or governmental
charges or levies being contested in good faith and by appropriate proceedings for which adequate reserves have been established
in accordance with generally accepted accounting principles;

 

(ii)   Liens
imposed by law, which were incurred in the ordinary course of business and do not secure Indebtedness for Borrowed Money, such
as carriers’, warehousemen’s, materialmen’s and mechanics’ liens and other similar Liens arising in the
ordinary course of business, and (x) which do not in the aggregate materially detract from the value of the Collateral and
do not materially impair the use thereof in the operation of the business of the Parent or such Subsidiary or (y) which are
being contested in good faith by appropriate proceedings, which proceedings (or orders entered in connection with such proceedings)
have the effect of preventing the forfeiture or sale of the Collateral subject to any such Lien;

 

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(iii)      Liens
in existence on the Effective Date which are listed, and the property subject thereto described, in Schedule 10.01, without giving
effect to any renewals or extensions of such Liens, provided that the aggregate principal amount of the Indebtedness, if
any, secured by such Liens does not increase from that amount outstanding on the Effective Date, less any repayments of principal
thereof;

 

(iv)     Liens
created pursuant to the Security Documents including, without limitation, Liens created in relation to any Interest Rate Protection
Agreement or Other Hedging Agreement;

 

(v)      Liens
arising out of judgments, awards, decrees or attachments with respect to which the Parent or any of its Subsidiaries shall in good
faith be prosecuting an appeal or proceedings for review, provided that the aggregate amount of all such judgments, awards,
decrees or attachments shall not constitute an Event of Default under Section 11.09;

 

(vi)     Liens
in respect of seamen’s wages which are not past due and other maritime Liens arising in the ordinary course of business up
to an aggregate amount of $10,000,000; or

 

 (vii)    Liens which rank after the Liens created by the Security Documents to secure the performance of bids, tenders, bonds or contracts; provided that (a) such bids, tenders, bonds or contracts directly relate to the Vessel, are incurred in the ordinary course of business and do not relate to the incurrence of Indebtedness for Borrowed Money, and (b) at any time outstanding, the aggregate amount of Liens under this clause (vii) shall not secure greater than $25,000,000 of obligations.

 

In connection with
the granting of Liens described above in this Section 10.01 by the Parent, or any of its Subsidiaries, the Facility Agent and the
Collateral Agent shall be authorized to take any actions deemed appropriate by it in connection therewith (including, without limitation,
by executing appropriate lien subordination agreements in favor of the holder or holders of such Liens, in respect of the item
or items of equipment or other assets subject to such Liens).

 

10.02 Consolidation,
Merger, Amalgamation, Sale of Assets, Acquisitions, etc. (a) The Parent will not, and will not permit any of its Subsidiaries
to, wind up, liquidate or dissolve its affairs or enter into any transaction of merger, amalgamation or consolidation, or convey,
sell, lease or otherwise dispose of all or substantially all of its property or assets, or make any Acquisitions, except that:

 

(i)                 any
Subsidiary of the Parent (other than the Borrower) may merge, amalgamate or consolidate with and into, or be dissolved or
liquidated into, the Parent or other Subsidiary of the Parent (other than the Borrower), so long as (x) in the case of any
such merger, amalgamation, consolidation, dissolution or liquidation involving the Parent, the Parent is the surviving or
continuing entity of any such merger, amalgamation, consolidation, dissolution or liquidation and (y) any security interests
granted to the Collateral Agent for the benefit of the Secured Creditors pursuant to the Security Documents in the assets of
such Subsidiary shall remain in full force and effect and perfected (to at least the same extent as in effect immediately
prior to such merger, amalgamation, consolidation, dissolution or liquidation) and all actions required to maintain said
perfected status have been taken;

 

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(ii)            
the Parent and any Subsidiary of the Parent may make dispositions of assets so long as such disposition is permitted pursuant
to Section 10.02(b);

 

(iii)           
the Parent and any Subsidiary of the Parent (other than the Borrower) may make Acquisitions; provided that (x) the
Parent provides evidence reasonably satisfactory to the Required Lenders that the Parent will be in compliance with the financial
undertakings contained in Sections 10.06 to 10.09 after giving effect to such Acquisition on a pro forma basis and (y) no Default
or Event of Default will exist after giving effect to such Acquisition; and

 

(iv)           
the Parent and any Subsidiary of the Parent (other than the Borrower) may establish new Subsidiaries.

 

(b)       The
Parent will not, and will not permit any other company in the NCLC Group to, either in a single transaction or in a series of transactions
whether related or not and whether voluntarily or involuntarily, sell, transfer, lease or otherwise dispose of all or a substantial
part of its assets except that the following disposals shall not be taken into account:

 

(i)       dispositions
made in the ordinary course of trading of the disposing entity (excluding a disposition of the Vessel or other Collateral) including
without limitation, the payment of cash as consideration for the purchase or acquisition of any asset or service or in the discharge
of any obligation incurred for value in the ordinary course of trading;

 

(ii)      dispositions
of cash raised or borrowed for the purposes for which such cash was raised or borrowed;

 

(iii)     dispositions
of assets (other than the Vessel or other Collateral) owned by any member of the NCLC Group in exchange for other assets comparable
or superior as to type and value;

 

(iv)     a
vessel (other than the Vessel or other Collateral) or any other asset owned by any member of the NCLC Group (other than the Borrower)
may be sold, provided such sale is on a willing seller willing buyer basis at or about market rate and at arm’s length
subject always to the provisions of any loan documentation for the financing of such vessel or other asset;

 

(v)      the
Credit Parties may sell, lease or otherwise dispose of the Vessel or sell 100% of the Capital Stock of the Borrower, provided
that such sale is made at fair market value, the Total Commitment is permanently reduced to $0, and the Loans are repaid in full;
and

 

(vi)     Permitted
Chartering Arrangements.

 

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10.03 Dividends.

 

(a)              
Subject to Section 4.02(d) and sub-clause (b) below, the Parent and each of its Subsidiaries shall be entitled at any time
to authorize, declare or pay any Dividends provided no Default is continuing or would occur as a result of the authorization, declaration
or payment of any such Dividend at such time;

 

(b)              
Notwithstanding the foregoing sub-clause (a), (i) any Subsidiary of the Parent (other than the Borrower, in respect of which
Section 10.12 applies) may (x) authorize, declare and pay Dividends to another member of the NCLC Group regardless of whether a
Default exists at such time, (y) pay Dividends and other distributions, directly or indirectly, to the Parent for the purpose of
providing liquidity to the Parent to enable the Parent to satisfy payment obligations for which the Parent is an obligor, and (ii)
the Parent, Holdings and the Subsidiaries may pay Dividends and other distributions (A) in respect of the Tax liability to each
relevant jurisdiction in respect of consolidated, combined, unitary or affiliated Tax returns for each relevant jurisdiction of
the NCLC Group or Holdings or holder of the Parent’s Capital Stock with respect to income taxable as a result of any member
of the NCLC Group or Holdings being taxed as a pass-through entity for U.S. Federal, state and local income Tax purposes or attributable
to any member of the NCLC Group, (B) in respect of a conversion, exchange or repurchase of convertible or exchangeable notes and
any conversion of preference shares to ordinary shares in connection therewith, provided that the cash portion of a repurchase
of convertible or exchangeable notes is limited to the amount of interest that would otherwise be payable through maturity on the
amount of such convertible or exchangeable notes being repurchased plus any amount payable in lieu of fractional shares, and (C)
to the extent contractually owed to holders of equity in the Parent or Holdings and (iii) the Parent may pay Dividends and other
distributions to Holdings for the purposes of providing cash to Holdings for the payment of any Tax payable in connection with
Holdings’ equity plan; provided that the actions in clause (ii) above shall only be permitted if no Event of Default has
occurred and is continuing or would result therefrom.

 

10.04 Advances,
Investments and Loans. The Parent will not, and will not permit any other member of the NCLC Group to, purchase or acquire
any margin stock (or other Equity Interests) or any other asset, or make any capital contribution to or other investment in any
other Person (each of the foregoing an “Investment” and, collectively, “Investments”), in
each case either in a single transaction or in a series of transactions (whether related or not), except that the following shall
be permitted:

 

		(i)	Investments on arm’s length terms;

 

		(ii)	Investments for its use in its ordinary course of business;

 

		(iii)	Investments the cost of which is less than or equal to
its fair market value at the date of acquisition; and

 

		(iv)	Investments permitted by Section 10.02.

 

10.05 Transactions
with Affiliates. (a) The Parent will not, and will not permit any of its 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 such Person (each of the foregoing, an
 “Affiliate Transaction”) involving aggregate consideration in excess of $10,000,000, unless such Affiliate
Transaction is on terms that are not materially less favorable to the Parent or any Subsidiary of the Parent than those that
could have been obtained in a comparable transaction by such Person with an unrelated Person.

 

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(b)        The
provisions of Section 10.05(a) shall not apply to the following:

 

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

 

(ii)             
Dividends permitted by Section 10.03 and Investments permitted by Section 10.04;

 

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

 

(iv)           
[intentionally omitted];

 

(v)           
any agreement to pay, and the payment of, monitoring, management, transaction, advisory or similar fees (A) in an aggregate
amount in any fiscal year not to exceed the sum of (1) the greater of (i) 1% of Consolidated EBITDA of the Parent and (ii) $9,000,000,
plus reasonable out of pocket costs and expenses in connection therewith and unpaid amounts accrued for prior periods; plus (2)
any deferred fees (to the extent such fees were within such amount in clause (A)(1) above originally), plus (B) 2.0% of the value
of transactions with respect to which an Affiliate provides any transaction, advisory or other services;

 

(vi)           
transactions in which the Parent or any Subsidiary of the Parent, as the case may be, delivers to the Facility Agent a letter
from an independent financial advisor stating that such transaction is fair to the Parent or any Subsidiary of the Parent, as the
case may be, from a financial point of view or meets the requirements of Section 10.05(a);

 

(vii)          
payments or loans (or cancellation of loans) to officers, directors, employees or consultants which are approved by a majority
of the board of directors of the Parent in good faith;

 

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(viii)         
 any agreement as in effect as of the Effective Date or any amendment thereto (so long as any such agreement together with
all amendments thereto, taken as a whole, is not more disadvantageous to the Lenders in any material respect than the original
agreement as in effect on the Effective Date) or any transaction contemplated thereby as determined in good faith by the Parent;

 

(ix)            
(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 Agreement, which are fair to the Parent and its Subsidiaries in the reasonable determination of the Board
of Directors or the senior management of the Parent, 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 Subsidiaries of the Parent entered into in the
ordinary course of business and consistent with past practice or industry norm;

 

(x)             
the issuance of Equity Interests (other than Disqualified Stock) of the Parent to any Person;

 

(xi)            
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 Parent or any direct or indirect parent of the Issuer or of a Subsidiary of the Parent, as appropriate, in good
faith;

 

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

 

(xiii)          
transactions between the Parent or any Subsidiary of the Parent and any Person, a director of which is also a director of
the Parent or a Subsidiary of the Parent or any direct or indirect parent of the Parent; provided, however, that
such director abstains from voting as a director of the Parent or a Subsidiary of the Parent or such direct or indirect parent,
as the case may be, on any matter involving such other Person;

 

(xiv)          
pledges of Equity Interests of Subsidiaries of the Parent (other than the Borrower);

 

(xv)           
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;

 

(xvi)          
any employment agreements entered into by the Parent or any Subsidiary of the Parent in the ordinary course of business;
and

 

(xvii)          transactions
undertaken in good faith (as certified by a responsible financial or accounting officer of the Parent in an officer’s
certificate) for the purpose of improving the consolidated tax efficiency of Holdings, the Parent and its Subsidiaries and
not for the purpose of circumventing any provision set forth in this Agreement.

 

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10.06 Free
Liquidity. The Parent will not permit the Free Liquidity to be less than (x) until December 31, 2022, $200,000,000 at any time
and (y) thereafter, $50,000,000 at any time.

 

10.07 Total
Net Funded Debt to Total Capitalization. The Parent will not permit the ratio of Total Net Funded Debt to Total Capitalization
to be greater than 0.70:1.00 at any time.

 

10.08 Collateral
Maintenance. The Borrower will not permit the Appraised Value of the Vessel (such value, the “Vessel Value”)
to be less than 125% of the aggregate outstanding principal amount of Loans at such time; provided that, so long as any
non-compliance in respect of this Section 10.08 is not caused by a voluntary Collateral Disposition, such non-compliance shall
not constitute a Default or an Event of Default so long as within 10 Business Days of the occurrence of such default, the Borrower
shall either (i) post additional collateral reasonably satisfactory to the Required Lenders in favor of the Collateral Agent (it
being understood that cash collateral comprised of Dollars is satisfactory and that it shall be valued at par), pursuant to security
documentation reasonably satisfactory in form and substance to the Collateral Agent and the Lead Arrangers, in an aggregate amount
sufficient to cure such non-compliance (and shall at all times during such period and prior to satisfactory completion thereof,
be diligently carrying out such actions) or (ii) repay Loans in an amount sufficient to cure such non-compliance; provided,
further, that, subject to the last sentence in Section 9.01(c), the covenant in this Section 10.08 shall be tested
no more than once per calendar year beginning with the first calendar year end to occur after the Delivery Date in the absence
of the occurrence of an Event of Default which is continuing.

 

10.09 Consolidated
EBITDA to Consolidated Debt Service. The Parent will not permit the ratio of Consolidated EBITDA to Consolidated Debt Service
for the NCLC Group at the end of any fiscal quarter, computed for the period of the four consecutive fiscal quarters ending as
at the end of the relevant fiscal quarter, to be less than 1.25:1.00 unless the Free Liquidity of the NCLC Group at all times during
such period of four consecutive fiscal quarters ending as at the end of such fiscal quarter was equal to or greater than $100,000,000.

 

10.10 Business;
Change of Name. The Parent will not, and will not permit any of its Subsidiaries to, change its name, change its address
as indicated on Schedule 14.03A to an address outside the State of Florida, or make or threaten to make any substantial
change in its business as presently conducted or cease to perform its current business activities or carry on any other
business which is substantial in relation to its business as presently conducted if doing so would imperil the security
created by any of the Security Documents or affect the ability of the Parent or its Subsidiaries to duly perform its
obligations under any Credit Document to which it is or may be a party from time to time (it being understood that name
changes and changes of address to an address outside the State of Florida shall be permitted so long as new, relevant
Security Documents are executed and delivered (and if necessary, recorded) in a form reasonably satisfactory to the
Collateral Agent), in each case in the reasonable opinion of the Facility Agent; provided that any new leisure or
hospitality venture embarked upon by any member of the NCLC Group (other than the Parent) shall not constitute a substantial
change in its business.

 

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10.11 Subordination
of Indebtedness. Other than the Sky Vessel Indebtedness, (i) the Parent shall procure that any and all of its Indebtedness
with any other Credit Party and/or any shareholder of the Parent is at all times fully subordinated to the Credit Document Obligations
and (ii) Parent shall not make or permit to be made any repayments of principal, payments of interest or of any other costs, fees,
expenses or liabilities arising from or representing Indebtedness with any shareholder of the Parent. Upon the occurrence of an
Event of Default, the Parent shall not make any repayments of principal, payments of interest or of any other costs, fees, expenses
or liabilities arising from or representing Indebtedness with any other Credit Party (including, for the avoidance of doubt, the
Sky Vessel Indebtedness); provided that, notwithstanding anything set forth in this Agreement to the contrary, the consent of the
Lenders will be required for any (I) prepayment of the Sky Vessel Indebtedness in advance of the scheduled repayments set forth
in the memorandum of agreement referred to in the definition of Sky Vessel and (II) amendment to the memorandum of agreement referred
to in the definition of Sky Vessel to the extent that such amendment involves a material change to terms of the financing arrangements
set forth therein that is adverse to the interests of either the Parent or the Lenders (including, without limitation, any change
that is adverse to the interests of either the Parent or the Lenders (i) in the timing and/or schedule of repayment applicable
to such financing arrangements by more than five Business Days or (ii) in the interest rate applicable to such financing arrangements).
This Section 10.11 is without prejudice to Section 4.02(d).

 

10.12 Activities
of Borrower, etc. The Parent will not permit the Borrower to, and the Borrower will not:

 

(i)       issue
or enter into any guarantee or indemnity or otherwise become directly or contingently liable for the obligations of any other Person,
other than in the ordinary course of its business as owner of the Vessel;

 

(ii)       incur
any Indebtedness or become a creditor in respect of any Indebtedness, other than (w) Indebtedness incurred under the Credit Documents,
(x) Indebtedness that is a Permitted Intercompany Arrangement, (y) Indebtedness which complies with Section 4.02(d)(ii)(I) or (z),
after the Second Deferred Loan Repayment Date, in each case in the ordinary course of its business as owner of the Vessel and provided
further that in the case of (x), (y) and (z) such Indebtedness is subordinated to the rights of the Lenders;

 

(iii)       engage
in any business or own any significant assets or have any material liabilities other than (i) its ownership of the Vessel and (ii)
those liabilities which it is responsible for under this Agreement and the other Credit Documents to which it is a party, provided
that the Borrower may also engage in those activities that are incidental to (x) the maintenance of its existence in compliance
with applicable law and (y) legal, tax and accounting matters in connection with any of the foregoing activities; and

 

(iv)       make
or pay any Dividend or other distribution (in cash or in kind) in respect of its Capital Stock to another member of the NCLC Group,
other than when no Event of Default has occurred and is continuing or would result therefrom.

 

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10.13 Material
Amendments or Modifications of Construction Contracts. The Parent will not, and will not permit any of its Subsidiaries to,
make any material amendments, modifications or changes to any term or provision of the Construction Contract that would amend,
modify or change (i) the purpose of the Vessel or (ii) the Initial Construction Price in excess of 7.5% in the aggregate, in each
case unless such amendment, modification or change is approved in advance by the Facility Agent and the Hermes Agent and the same
could not reasonably be expected to be adverse to the interests of the Lenders or the Hermes Cover.

 

10.14 No Place
of Business. None of the Credit Parties shall establish a place of business in the United Kingdom or the United States of America,
with the exception of those places of business already in existence on the Effective Date, unless prompt notice thereof is given
to the Facility Agent and the requirements set forth in Section 9.10 have been satisfied.

 

SECTION 11. Events
of Default. Upon the occurrence of any of the following specified events (each an “Event of Default”):

 

11.01 Payments.
The Borrower or any other Credit Party does not pay on the due date any amount of principal or interest on any Loan (provided,
however, that if any such amount is not paid when due solely by reason of some error or omission on the part of the bank
or banks through whom the relevant funds are being transmitted no Event of Default shall occur for the purposes of this Section
11.01 until the expiry of three Business Days following the date on which such payment is due) or, within three days of the due
date any other amount, payable by it under any Credit Document to which it may at any time be a party, at the place and in the
currency in which it is expressed to be payable; or

 

11.02 Representations,
etc. Any representation, warranty or statement made or repeated in, or in connection with, any Credit Document or in any accounts,
certificate, statement or opinion delivered by or on behalf of any Credit Party thereunder or in connection therewith is materially
incorrect when made or would, if repeated at any time hereafter by reference to the facts subsisting at such time, no longer be
materially correct; or

 

11.03 Covenants.
Any Credit Party shall (i) default in the due performance or observance by it of any term, covenant or agreement contained in Section
9.01(h), Section 9.06, Section 9.11, or Section 10 or (ii) default in the due performance or observance by it of any other term,
covenant or agreement contained in this Agreement or any other Credit Document and, in the case of this clause (ii), such default
shall continue unremedied for a period of 30 days after written notice to the Borrower by the Facility Agent or any of the Lenders,
provided that any default in the due performance or observance of any term, covenant or agreement contained in Section 10.07,
Section 10.08 or Section 10.09 arising from the First Deferral Effective Date through (and including) December 31, 2022 shall not
constitute an Event of Default, unless during such period a mandatory prepayment event has occurred under Section 4.02(d), an Event
of Default has occurred under Section 11.05 or a Credit Party has entered into a restructuring, arrangement or composition with
or for the benefit of its creditors; or

 

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11.04 Default
Under Other Agreements. (a) Any event of default occurs under any financial contract or financial document relating to any
Indebtedness of any member of the NCLC Group;

 

(b)       Any
such Indebtedness or any sum payable in respect thereof is not paid when due (after the expiry of any applicable grace period(s))
whether by acceleration or otherwise;

 

(c)       Any
Lien over any assets of any member of the NCLC Group becomes enforceable; or

 

(d)      Any
other Indebtedness of any member of the NCLC Group is not paid when due or is or becomes capable of being declared due prematurely
by reason of default or any security for the same becomes enforceable by reason of default,

 

provided that:

 

(i)      
it shall not be a Default or Event of Default under this Section 11.04 unless the principal amount of the relevant Indebtedness
as described in preceding clauses (a) through (d), inclusive, exceeds $15,000,000;

 

(ii)       no
Event of Default will arise under clauses (a), (c) and/or (d) until the earlier of (x) 30 days following the occurrence of the
related event of default, Lien becoming enforceable or Indebtedness becoming capable of being declared due prematurely, as the
case may be, and (y) the acceleration of the relevant Indebtedness or the enforcement of the relevant Lien;

 

(iii)       if
at any time hereafter the Parent or any other member of the NCLC Group agrees to the incorporation of a cross default provision
into any financial contract or financial document relating to any Indebtedness that is more onerous than this Section 11.04, then
the Parent shall immediately notify the Facility Agent and that cross default provision shall be deemed to apply to this Agreement
as if set out in full herein with effect from the date of such financial contract or financial document and during the term of
that financial contract or financial document; and

 

(iv)       no
Event of Default will arise under this Section 11.04 if caused solely as a result of breach of financial covenants equivalent to
those set forth in Section 10.07, Section 10.08 or Section 10.09 that occurs from the First Deferral Effective Date through (and
including) December 31, 2022 under or in relation to any other Hermes-backed facility agreement to which the Parent is a party
and to which the Principles or the Framework apply, unless at the time of such default a mandatory prepayment event has occurred
and is continuing under Section 4.02(d); or

 

11.05 Bankruptcy,
etc. (a) Other than as expressly permitted in Section 10, any order is made or an effective resolution passed or other action
taken for the suspension of payments or dissolution, termination of existence, liquidation, winding-up or bankruptcy of any
member of the NCLC Group; or

 

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(b)       Any
member of the NCLC Group shall commence a voluntary case concerning itself under Title 11 of the United States Code entitled
 “Bankruptcy,” as now or hereafter in effect, or any successor thereto (the “Bankruptcy Code”);
or an involuntary case is commenced against any member of the NCLC Group, and the petition is not dismissed within 45 days
after the filing thereof, provided, however, that during the pendency of such period, each Lender shall be
relieved of its obligation to extend credit hereunder; or a custodian (as defined in the Bankruptcy Code) is appointed for,
or takes charge of, all or substantially all of the property of any member of the NCLC Group, to operate all or any
substantial portion of the business of any member of the NCLC Group, or any member of the NCLC Group commences any other
proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or
liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to any member of the NCLC Group,
or there is commenced against any member of the NCLC Group any such proceeding which remains undismissed for a period of 45
days after the filing thereof, or any member of the NCLC Group is adjudicated insolvent or bankrupt; or any order of relief
or other order approving any such case or proceeding is entered; or any member of the NCLC Group makes a general assignment
for the benefit of creditors; or any Company action is taken by any member of the NCLC Group for the purpose of effecting any
of the foregoing; or

 

(c)       A
liquidator (subject to Section 11.05(e)), trustee, administrator, receiver, manager or similar officer is appointed in respect
of any member of the NCLC Group or in respect of all or any substantial part of the assets of any member of the NCLC Group and
in any such case such appointment is not withdrawn within 30 days (in this Section 11.05, the “Grace Period”)
unless the Facility Agent considers in its sole discretion that the interest of the Lenders and/or the Agents might reasonably
be expected to be adversely affected in which event the Grace Period shall not apply; or

 

(d)       Any
member of the NCLC Group becomes or is declared insolvent or is unable, or admits in writing its inability, to pay its debts as
they fall due or becomes insolvent within the terms of any applicable law; or

 

(e)       Anything
analogous to or having a substantially similar effect to any of the events specified in this Section 11.05 shall have occurred
under the laws of any applicable jurisdiction (subject to the analogous grace periods set forth herein); or

 

11.06 Total
Loss. An Event of Loss shall occur resulting in the actual or constructive total loss of the Vessel or the agreed or compromised
total loss of the Vessel and the proceeds of the insurance in respect thereof shall not have been received within 150 days of the
event giving rise to such Event of Loss; or

 

11.07 Security
Documents. At any time after the execution and delivery thereof, any of the Security Documents shall cease to be in full force
and effect, or shall cease to give the Collateral Agent for the benefit of the Secured Creditors the Liens, rights, powers and
privileges purported to be created thereby (including, without limitation, a perfected security interest in, and Lien on, all of
the material Collateral), in favor of the Collateral Agent, superior to and prior to the rights of all third Persons (except in
connection with Permitted Liens), and subject to no other Liens (except Permitted Liens), or any “event of default”
(as defined in the Vessel Mortgage) shall occur in respect of the Vessel Mortgage; or

 

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11.08 Guaranties.
(a) The Parent Guaranty, or any provision thereof, shall cease to be in full force or effect as to the Parent, or the Parent (or
any Person acting by or on behalf of the Parent) shall deny or disaffirm the Parent’s obligations under the Parent Guaranty;
or

 

(b)              
After the execution and delivery thereof, the Hermes Cover, or any material provision thereof, shall cease to be in full
force or effect, or Hermes (or any Person acting by or on behalf of the Parent or the Hermes Agent) shall deny or disaffirm Hermes’
obligations under the Hermes Cover; or

 

11.09 Judgments.
Any distress, execution, attachment or other process affects the whole or any substantial part of the assets of any member of the
NCLC Group and remains undischarged for a period of 21 days or any uninsured judgment in excess of $15,000,000 following final
appeal remains unsatisfied for a period of 30 days in the case of a judgment made in the United States and otherwise for a period
of 60 days; or

 

11.10 Cessation
of Business. Subject to Section 10.02, any member of the NCLC Group shall cease to carry on all or a substantial part of its
business; or

 

11.11 Revocation
of Consents. Any authorization, approval, consent, license, exemption, filing, registration or notarization or other requirement
necessary to enable any Credit Party to comply with any of its obligations under any of the Credit Documents to which it is a party
shall have been materially adversely modified, revoked or withheld or shall not remain in full force and effect and within 90 days
of the date of its occurrence such event is not remedied to the satisfaction of the Required Lenders and the Required Lenders consider
in their sole discretion that such failure is or might be expected to become materially prejudicial to the interests, rights or
position of the Agents and the Lenders or any of them; provided that the Borrower shall not be entitled to the aforesaid 90 day
period if the modification, revocation or withholding of the authorization, approval or consent is due to an act or omission of
any Credit Party and the Required Lenders are satisfied in their sole discretion that the interests of the Agents or the Lenders
might reasonably be expected to be materially adversely affected; or

 

11.12 Unlawfulness.
At any time it is unlawful or impossible for:

 

(i)      any
Credit Party to perform any of its obligations under any Credit Document to which it is a party; or

 

(ii)     the
Agents or the Lenders, as applicable, to exercise any of their rights under any of the Credit Documents;

 

provided that no Event of Default
shall be deemed to have occurred (x) (except where the unlawfulness or impossibility adversely affects any Credit Party’s
payment obligations under this Agreement and/or the other Credit Documents (the determination of which shall be in the Facility
Agent’s sole discretion) in which case the following provisions of this Section 11.12 shall not apply) where the unlawfulness
or impossibility prevents any Credit Party from performing its obligations (other than its payment obligations under this Agreement
and the other Credit Documents) and is cured within a period of 21 days of the occurrence of the event giving rise to the unlawfulness
or impossibility and the relevant Credit Party, within the aforesaid period, performs its obligation(s), and (y) where the Facility
Agent and/or the Lenders, as applicable, could, in its or their sole discretion, mitigate the consequences of unlawfulness or
impossibility in the manner described in Section 2.11(a) (it being understood that the costs of mitigation shall be determined
in accordance with Section 2.11(a)); or

 

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11.13 Insurances.
The Borrower shall have failed to insure the Vessel in the manner specified in this Agreement or failed to renew the Required Insurance
prior to the date of expiry thereof; or

 

11.14 Disposals.
The Borrower or any other member of the NCLC Group shall have concealed, removed, or permitted to be concealed or removed, any
part of its property, with intent to hinder, delay or defraud its creditors or any of them, or made or suffered a transfer of any
of its property which may be fraudulent under any bankruptcy, fraudulent conveyance or similar law; or shall have made any transfer
of its property to or for the benefit of a creditor with the intention of preferring such creditor over any other creditor; or

 

11.15 Government
Intervention. The authority of any member of the NCLC Group in the conduct of its business shall be wholly or substantially
curtailed by any seizure or intervention by or on behalf of any authority and within 90 days of the date of its occurrence any
such seizure or intervention is not relinquished or withdrawn and the Facility Agent reasonably considers that the relevant occurrence
is or might be expected to become materially prejudicial to the interests, rights or position of the Agents and/or the Lenders;
provided that the Borrower shall not be entitled to the aforesaid 90 day period if the seizure or intervention executed by any
authority is due to an act or omission of any member of the NCLC Group and the Facility Agent is satisfied, in its sole discretion,
that the interests of the Agents and/or the Lenders might reasonably be expected to be materially adversely affected; or

 

11.16 Change
of Control. A Change of Control shall occur; or

 

11.17 Material
Adverse Change. Any event shall occur which results in a Material Adverse Effect; or

 

11.18 Repudiation
of Construction Contract or other Material Documents. Any party to the Construction Contract, any Credit Document or any other
material documents related to the Credit Document Obligations hereunder shall repudiate the Construction Contract, such Credit
Document or such material document in any way;

 

then, and in any such
event, and at any time thereafter, if any Event of Default shall then be continuing, the Facility Agent, upon the written request
of the Required Lenders and after having informed the Hermes Agent of such written request, shall by written notice to the Borrower,
take any or all of the following actions, without prejudice to the rights of any Agent or any Lender to enforce its claims against
any Credit Party (provided that, if an Event of Default specified in Section 11.05 shall occur, the result which would occur
upon the giving of written notice by the Facility Agent to the Borrower as specified in clauses (i) and (ii) below shall occur
automatically without the giving of any such notice):

 

(i) declare the Total
Commitments terminated, whereupon all Commitments of each Lender shall forthwith terminate immediately and any Commitment Commission
shall forthwith become due and payable without any other notice of any kind;

 

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(ii) declare the principal
of and any accrued interest in respect of all Loans and all Credit Document Obligations owing hereunder and thereunder to be, whereupon
the same shall become, forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which
are hereby waived by each Credit Party; and

 

(iii) enforce, as
Collateral Agent, all of the Liens and security interests created pursuant to the Security Documents.

 

SECTION 12. Agency
and Security Trustee Provisions

 

12.01 Appointment
and Declaration of Trust (a) The Lenders hereby designate KfW IPEX-Bank GmbH, as Facility Agent (for purposes of this Section 12,
the term “Facility Agent” shall include KfW IPEX-Bank GmbH (and/or any of its Affiliates) in its capacity as Collateral
Agent under the Security Documents and as CIRR Agent) to act as specified herein and in the other Credit Documents. Each Lender
hereby irrevocably authorizes the Agents to take such action on its behalf under the provisions of this Agreement, the other Credit
Documents and any other instruments and agreements referred to herein or therein and to exercise such powers and to perform such
duties hereunder and thereunder as are specifically delegated to or required of the Agents by the terms hereof and thereof and
such other powers as are reasonably incidental thereto. Each Agent may perform any of its duties hereunder by or through its respective
officers, directors, agents, employees or affiliates and, may transfer from time to time any or all of its rights, duties and obligations
hereunder and under the relevant Credit Documents (in accordance with the terms thereof) to any of its banking affiliates.

 

(b)       With
effect from the Initial Syndication Date, KfW IPEX-Bank GmbH in its capacity as Collateral Agent pursuant to the Security Documents
declares that it shall hold the Collateral in trust for the Secured Creditors. The Collateral Agent shall have the right to delegate
a co-agent or sub-agent from time to time to perform and benefit from any or all of rights, duties and obligations hereunder and
under the relevant Security Documents (in accordance with the terms thereof and of the Security Trust Deed) and, in the event that
any such duties or obligations are so delegated, the Collateral Agent is hereby authorized to enter into additional Security Documents
or amendments to the then existing Security Documents to the extent it deems necessary or advisable to implement such delegation
and, in connection therewith, the Parent will, or will cause the relevant Subsidiary to, use its commercially reasonable efforts
to promptly deliver any opinion of counsel that the Facility Agent may reasonably require to the reasonable satisfaction of the
Facility Agent.

 

(c)      The
Lenders hereby designate KfW IPEX-Bank GmbH, as Hermes Agent, which Agent shall be responsible for any and all communication, information
and negotiation required with Hermes in relation to the Hermes Cover. All notices and other communications provided to the Hermes
Agent shall be mailed, telexed, telecopied, delivered or electronic mailed to the Notice Office of the Hermes Agent.

 

12.02 Nature
of Duties. The Agents shall have no duties or responsibilities except those expressly set forth in this Agreement and the
Security Documents. None of the Agents nor any of their respective officers, directors, agents, employees or affiliates shall
be liable for any action taken or omitted by it or them hereunder, under any other Credit Document, under the Hermes Cover or
in connection herewith or therewith, unless caused by such Person’s gross negligence or willful misconduct (any such
liability limited to the applicable Agent to whom such Person relates). The duties of each of the Agents shall be mechanical
and administrative in nature; none of the Agents shall have by reason of this Agreement or any other Credit Document any
fiduciary relationship in respect of any Lender; and nothing in this Agreement or any other Credit Document, expressed or
implied, is intended to or shall be so construed as to impose upon any Agents any obligations in respect of this Agreement,
any other Credit Document or the Hermes Cover except as expressly set forth herein or therein.

 

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12.03 Lack
of Reliance on the Agents. Independently and without reliance upon the Agents, each Lender, to the extent it deems appropriate,
has made and shall continue to make (i) its own independent investigation of the financial condition and affairs of the Credit
Parties in connection with the making and the continuance of the Loans and the taking or not taking of any action in connection
herewith, (ii) its own appraisal of the creditworthiness of the Credit Parties and (iii) its own appraisal of the Hermes Cover
and, except as expressly provided in this Agreement, none of the Agents shall have any duty or responsibility, either initially
or on a continuing basis, to provide any Lender with any credit or other information with respect thereto, whether coming into
its possession before the making of the Loans or at any time or times thereafter. None of the Agents shall be responsible to any
Lender for any recitals, statements, information, representations or warranties herein or in any document, certificate or other
writing delivered in connection herewith or for the execution, effectiveness, genuineness, validity, enforceability, perfection,
collectibility, priority or sufficiency of this Agreement, any other Credit Document, the Hermes Cover or the financial condition
of the Credit Parties or any of them or be required to make any inquiry concerning either the performance or observance of any
of the terms, provisions or conditions of this Agreement, any other Credit Document, the Hermes Cover, or the financial condition
of the Credit Parties or any of them or the existence or possible existence of any Default or Event of Default.

 

12.04 Certain
Rights of the Agents. If any of the Agents shall request instructions from the Required Lenders with respect to any act or
action (including failure to act) in connection with this Agreement, any other Credit Document or the Hermes Cover, the Agents
shall be entitled to refrain from such act or taking such action unless and until the Agents shall have received instructions from
the Required Lenders; and the Agents shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing,
no Lender shall have any right of action whatsoever against the Agents as a result of any of the Agents acting or refraining from
acting hereunder or under any other Credit Document in accordance with the instructions of the Required Lenders.

 

12.05 Reliance.
Each of the Agents shall be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice,
statement, certificate, telex, email, teletype or telecopier message, cablegram, radiogram, order or other document or telephone
message signed, sent or made by any Person that the applicable Agent believed to be the proper Person, and, with respect to all
legal matters pertaining to this Agreement, any other Credit Document, the Hermes Cover and its duties hereunder and thereunder,
upon advice of counsel selected by the Facility Agent.

 

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12.06 Indemnification.
To the extent any of the Agents is not reimbursed and indemnified by the Borrower, the Lenders will reimburse and indemnify the
applicable Agents, in proportion to their respective “percentages” as used in determining the Required Lenders (without
regard to the existence of any Defaulting Lenders), for and against any and all liabilities, obligations, losses, damages, penalties,
claims, actions, judgments, costs, expenses or disbursements of whatsoever kind or nature which may be imposed on, asserted against
or incurred by such Agents in performing their respective duties hereunder or under any other Credit Document, in any way relating
to or arising out of this Agreement or any other Credit Document; provided that no Lender shall be liable to an Agent for
any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
resulting from such Agent’s gross negligence or willful misconduct.

 

12.07 The
Agents in their Individual Capacities. With respect to its obligation to make Loans under this Agreement, each of the Agents
shall have the rights and powers specified herein for a “Lender” and may exercise the same rights and powers as though
it were not performing the duties specified herein; and the term “Lenders,” “Secured Creditors”, “Required
Lenders” or any similar terms shall, unless the context clearly otherwise indicates, include each of the Agents in their
respective individual capacity. Each of the Agents may accept deposits from, lend money to, and generally engage in any kind of
banking, trust or other business with any Credit Party or any Affiliate of any Credit Party as if it were not performing the duties
specified herein, and may accept fees and other consideration from the Borrower or any other Credit Party for services in connection
with this Agreement and otherwise without having to account for the same to the Lenders.

 

12.08 Resignation
by an Agent. (a) Any Agent may resign from the performance of all its functions and duties hereunder and/or under the other
Credit Documents at any time by giving 15 Business Days’ prior written notice to the Borrower and the Lenders. Such resignation
shall take effect upon the appointment of a successor Agent pursuant to clauses (b) and (c) below or as otherwise provided below.

 

(b)     Upon notice of
resignation by an Agent pursuant to clause (a) above, the Required Lenders shall appoint a successor Agent hereunder or thereunder
who shall be a commercial bank or trust company reasonably acceptable to the Borrower; provided that the Borrower’s
consent shall not be required pursuant to this clause (b) if an Event of Default exists at the time of appointment of a successor
Agent.

 

(c)     If a successor
Agent shall not have been so appointed within the 15 Business Day period referenced in clause (a) above, the applicable Agent,
with the consent of the Borrower (which shall not be unreasonably withheld or delayed), shall then appoint a commercial bank or
trust company with capital and surplus of not less than $500,000,000 as successor Agent who shall serve as the applicable Agent
hereunder or thereunder until such time, if any, as the Lenders appoint a successor Agent as provided above; provided that
the Borrower’s consent shall not be required pursuant to this clause (c) if an Event of Default exists at the time of appointment
of a successor Agent.

 

(d)     If
no successor Agent has been appointed pursuant to clause (b) or (c) above by the 25th Business Day after the date such notice
of resignation was given by the applicable Agent, the applicable Agent’s resignation shall become effective and the
Required Lenders shall thereafter perform all the duties of such Agent hereunder and/or under any other Credit Document until
such time, if any, as the Required Lenders appoint a successor Agent as provided above.

 

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(e)       The
Agent shall resign in accordance with paragraph (a) above (and, to the extent applicable, shall use reasonable endeavours to appoint
a successor Facility Agent pursuant to paragraph (c) above) if on or after the date which is three months before the earliest FATCA
Application Date relating to any payment to the Facility Agent under the Credit Documents, either:

 

		(i)	the Facility Agent fails to respond to a request under Section 4.06 (FATCA Information) and
the Borrower or a Lender reasonably believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party
on or after that FATCA Application Date;

 

		(ii)	the information supplied by the Facility Agent pursuant to Section 4.06 (FATCA Information)
indicates that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application
Date; or

 

		(iii)	the Facility Agent notifies the Borrower and the Lenders that the Facility Agent will not be (or
will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date,

 

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

 

12.09 The
Lead Arrangers. Notwithstanding any other provision of this Agreement or any provision of any other Credit Document, KfW IPEX-Bank
GmbH is hereby appointed as a Lead Arranger by the Lenders to act as specified herein and in the other Credit Documents. Each of
the Lead Arrangers in their respective capacities as such shall have only the limited powers, duties, responsibilities and liabilities
with respect to this Agreement or the other Credit Documents or the transactions contemplated hereby and thereby as are set forth
herein or therein; it being understood and agreed that the Lead Arrangers shall be entitled to all indemnification and reimbursement
rights in favor of any of the Agents as provided for under Sections 12.06 and 14.01. Without limitation of the foregoing, none
of the Lead Arrangers shall, solely by reason of this Agreement or any other Credit Documents, have any fiduciary relationship
in respect of any Lender or any other Person.

 

12.10 Impaired
Agent. (a)If, at any time, any Agent becomes an Impaired Agent, a Credit Party or a Lender which is required to make
a payment under the Credit Documents to such Agent in accordance with Section 4.03 may instead either pay that amount
directly to the required recipient or pay that amount to an interest-bearing account held with an Acceptable Bank within the
meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has
occurred and is continuing, in the name of the Credit Party or the Lender making the payment and designated as a trust
account for the benefit of the party or parties hereto beneficially entitled to that payment under the Credit Documents. In
each case such payments must be made on the due date for payment under the Credit Documents.

 

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(b)      All
interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the beneficiaries of that
trust account pro rata to their respective entitlements.

 

(c)       A
party to this Agreement which has made a payment in accordance with this Section 12.10 shall be discharged of the relevant payment
obligation under the Credit Documents and shall not take any credit risk with respect to the amounts standing to the credit of
the trust account.

 

(d)      Promptly
upon the appointment of a successor Agent in accordance with Section 12.11, each party to this Agreement which has made a payment
to a trust account in accordance with this Section 12.10 shall give all requisite instructions to the bank with whom the trust
account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution in accordance
with Section 2.04

 

12.11 Replacement
of an Agent. (a) After consultation with the Parent, the Required Lenders may, by giving 30 days’ notice to an Agent
(or, at any time such Agent is an Impaired Agent, by giving any shorter notice determined by the Required Lenders) replace such
Agent by appointing a successor Agent (subject to Section 12.08(b) and (c)).

 

(b)      The
retiring Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense of the Borrower) make available to
the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the
purposes of performing its functions as Agent under the Credit Documents.

 

(c)      The
appointment of the successor Agent shall take effect on the date specified in the notice from the Required Lenders to the retiring
Agent. As from such date, the retiring Agent shall be discharged from any further obligation in respect of the Credit Documents
but shall remain entitled to the benefit of this Section 12.11 (and any agency fees for the account of the retiring Agent shall
cease to accrue from (and shall be payable on) that date).

 

(d)      Any successor
Agent and each of the other parties to this Agreement shall have the same rights and obligations amongst themselves as they
would have had if such successor had been an original party to this Agreement.

 

12.12 Resignation
by the Hermes Agent. (a) The Hermes Agent may resign from the performance of all its functions and duties hereunder and/or
under the other Credit Documents at any time by giving 15 Business Days’ prior written notice to the Borrower and the Lenders.
Such resignation shall take effect upon the appointment of a successor Hermes Agent pursuant to clauses (b) and (c) below or as
otherwise provided below.

 

(b)      Upon
any such notice of resignation by the Hermes Agent, the Required Lenders shall appoint a successor Hermes Agent hereunder or thereunder
who shall be a commercial bank or trust company reasonably acceptable to the Borrower; provided that the Borrower’s consent
shall not be required pursuant to this clause (b) if an Event of Default exists at the time of appointment of a successor Hermes
Agent.

 

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(c)       If
a successor Hermes Agent shall not have been so appointed within such 15 Business Day period, the Hermes Agent, with the consent
of the Borrower (which shall not be unreasonably withheld or delayed), shall then appoint a commercial bank or trust company with
capital and surplus of not less than $500,000,000 as successor Hermes Agent who shall serve as Hermes Agent hereunder or thereunder
until such time, if any, as the Lenders appoint a successor Hermes Agent as provided above; provided that the Borrower’s
consent shall not be required pursuant to this clause (d) if an Event of Default exists at the time of appointment of a successor
Hermes Agent.

 

(d)      If no successor Hermes Agent has been appointed pursuant to clause (b) or (c) above by the 25th Business Day after the date
such notice of resignation was given by the Hermes Agent, the Hermes Agent’s resignation shall become effective and the Required
Lenders shall thereafter perform all the duties of the Hermes Agent hereunder and/or under any other Credit Document until such
time, if any, as the Required Lenders appoint a successor Hermes Agent as provided above.

 

SECTION 13. Benefit
of Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors
and assigns of the parties hereto, subject to the provisions of this Section 13.

 

13.01 Assignments
and Transfers by the Lenders. (a) Subject to Section 13.06, 13.07 and the First Supplemental Agreement, any Lender (or any
Lender together with one or more other Lenders, each an “Existing Lender”) may:

 

(i)        with
the consent of the Hermes Agent and the written consent of the Federal Republic of Germany, where required according to the applicable
Hermes General Terms and Conditions (Allgemeine Bedingungen) and the supplementary provisions relating to the assignment
of Guaranteed Amounts (Ergänzende Bestimmungen für Forderungsabtretungen-AB (FAB)), assign any of its rights or
transfer by novation any of its rights and obligations under this Agreement or any Credit Document to which it is a party (including,
without limitation, all of the Commitments and outstanding Loans, or if less than all, a portion equal to at least $10,000,000
in the aggregate for such Lender’s rights and obligations) (but which minimum portion shall not apply in relation to any
transfer as set out in (z) below), to (w) its parent company and/or any Affiliate of such assigning or transferring Lender which
is at least 50% owned (directly or indirectly) by such Lender or its parent company, (x) in the case of any Lender that is a fund
that invests in bank loans, any other fund that invests in bank loans and is managed or advised by the same investment advisor
of such Lender or by an Affiliate of such investment advisor, (y) an Existing Lender who is a Refinanced Bank as contemplated by
clause 3.2 of the First Supplemental Agreement or (z) an Existing Lender as contemplated by clause 3.3 of the First Supplemental
Agreement; or

 

(ii)        with
the consent of the Hermes Agent, the written consent of the Federal Republic of Germany, where required according to the applicable
Hermes General Terms and Conditions (Allgemeine Bedingungen) and the supplementary provisions relating to the assignment
of Guaranteed Amounts (Ergänzende Bestimmungen für Forderungsabtretungen-AB (FAB)) and the consent of the Borrower
(which consent, in the case of the Borrower (x) shall not be unreasonably withheld or delayed, (y) shall not be required if a
Default or Event of Default shall have occurred and be continuing at such time and (z) shall be deemed to have been given ten
Business Days after the Existing Lender has requested it in writing unless consent is expressly refused by the Borrower within
that time) assign any of its rights in or transfer by novation any of its rights in and obligations under all of its Commitments
and outstanding Loans, or if less than all, a portion equal to at least $10,000,000 in the aggregate for such Existing Lender’s
rights and obligations, hereunder to one or more Eligible Transferees (treating any fund that invests in bank loans and any other
fund that invests in bank loans and is managed or advised by the same investment advisor of such fund or by an Affiliate of such
investment advisor as a single Eligible Transferee),

 

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each of which assignees or transferees
shall become a party to this Agreement as a Lender by execution of (I) an Assignment Agreement (in the case of assignments) and
(II) a Transfer Certificate (in the case of transfers under Section 13.06); provided that (x) at such time, Schedule 1.01(a)
shall be deemed modified to reflect the Commitments and/or outstanding Loans, as the case may be, of such New Lender and of the
Existing Lenders, (y) the consent of the Facility Agent shall be required in connection with any assignment or transfer pursuant
to the preceding clause (ii) (which consent, in each case, shall not be unreasonably withheld or delayed) and (z) the consent of
the CIRR Representative and the Federal Republic of Germany shall be required in connection with any assignment or transfer pursuant
to preceding clause (i) or (ii) if the New Lender elects to become a Refinanced Bank or enter into an Interest Make-Up Agreement;
and provided, further, that at no time shall a Lender assign or transfer its rights or obligations under this Agreement
to a hedge fund, private equity fund, insurance company or other similar or related financing institution that is not in the primary
business of accepting cash deposits from, and making loans to, the public.

 

(b)       If
(x) a Lender assigns or transfers any of its rights or obligations under the Credit Documents or changes its Facility Office and
(y) as a result of circumstances existing at the date the assignment, transfer or change occurs, a Credit Party would be obliged
to make a payment to the New Lender or Lender acting through its new Facility Office under Sections 2.09, 2.10 or 4.04, then the
New Lender or Lender acting through its new Facility Office is only entitled to receive payment under that section to the same
extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer
or change had not occurred. This Section 13.01(b) shall not apply in respect of an assignment or transfer made in the ordinary
course of the primary syndication of the Credit Agreement.

 

(c)       Each
New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that
the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the
requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes
effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would
have been had it remained a Lender.

 

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(d)       The
Borrower and Bookrunner hereby agree to discuss and co-operate in good faith in connection with any initial syndication and transfer
of the Loans.

 

13.02 Assignment
or Transfer Fee. Unless the Facility Agent otherwise agrees and excluding an assignment or transfer (i) to an Affiliate of
a Lender, (ii) made in connection with primary syndication of this Agreement, (iii) as set forth in Section 13.03, (iv) to
an Existing Lender who is a Refinanced Bank pursuant to clause 3.2 of the First Supplemental Agreement or (iv) to an Existing Lender
pursuant to clause 3.3 of the First Supplemental Agreement, each New Lender shall, on the date upon which an assignment or transfer
takes effect, pay to the Facility Agent (for its own account) a fee of $3,500.

 

13.03 Assignments
and Transfers to Hermes or KfW. Nothing in this Agreement shall prevent or prohibit any Lender from assigning its rights or
transferring its rights and obligations hereunder to (x) Hermes and (y) KfW in support of borrowings made by such Lender from KfW
pursuant to the KfW Refinancing, in each case without the consent of the Borrower and without being required to pay the non-refundable
assignment fee of $3,500 referred to in Section 13.02 above.

 

13.04 Limitation
of Responsibility to Existing Lenders. (a) Unless expressly agreed to the contrary, an Existing Lender makes no representation
or warranty and assumes no responsibility to a New Lender for:

 

(i)       the
legality, validity, effectiveness, adequacy or enforceability of the Credit Documents, the Security Documents or any other documents;

 

(ii)      the
financial condition of any Credit Party;

 

(iii)     the
performance and observance by any Credit Party of its obligations under the Credit Documents or any other documents; or

 

(iv)     the
accuracy of any statements (whether written or oral) made in or in connection with any Credit Document or any other document,

 

and any representations
or warranties implied by law are excluded.

 

(b)       Each
New Lender confirms to the Existing Lender, the other Lender Creditors and the Secured Creditors that it (1) has made (and shall
continue to make) its own independent investigation and assessment of the financial condition and affairs of each Credit Party
and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information
provided to it by the Existing Lender or any other Lender Creditor in connection with any Credit Document or any Lien (or any other
security interest) created pursuant to the Security Documents and (2) will continue to make its own independent appraisal of the
creditworthiness of each Credit Party and its related entities whilst any amount is or may be outstanding under the Credit Documents
or any Commitment is in force.

 

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(c)       Nothing
in any Credit Document obliges an Existing Lender to:

 

(i) accept
a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Section
13; or

 

(ii) support
any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Credit Party of its obligations
under the Credit Documents or otherwise.

 

13.05 [Intentionally
Omitted].

 

13.06 Procedure
and Conditions for Transfer. (a) Subject to Section 13.01, a transfer is effected in accordance with Section 13.06(c) when
the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New
Lender. The Facility Agent shall, subject to Section 13.06(b), as soon as reasonably practicable after receipt by it of a duly
completed Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with
the terms of this Agreement, execute that Transfer Certificate.

 

(b)              
The Facility Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the
New Lender once it is satisfied it has complied with all necessary “know your customer” or similar checks under all
applicable laws and regulations in relation to the transfer to such New Lender.

 

(c)              
On the date of the transfer:

 

(i)           
to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations
under the Credit Documents to which it is a party and in respect of the Security Documents each of the Credit Parties and the Existing
Lender shall be released from further obligations towards one another under the Credit Documents and in respect of the Security
Documents and their respective rights against one another under the Credit Documents and in respect of the Security Documents shall
be cancelled (being the “Discharged Rights and Obligations”);

 

(ii)          
each of the Credit Parties and the New Lender shall assume obligations towards one another and/or acquire rights against
one another which differ from the Discharged Rights and Obligations only insofar as that Credit Party or other member of the NCLC
Group and the New Lender have assumed and/or acquired the same in place of that Credit Party and the Existing Lender;

 

(iii)         
the Facility Agent, the Collateral Agent, the Hermes Agent, the New Lender and the other Lenders shall acquire the same
rights and assume the same obligations between themselves and in respect of the Security Documents as they would have acquired
and assumed had the New Lender been an original Lender with the rights, and/or obligations acquired or assumed by it as a result
of the transfer and to that extent the Facility Agent, the Collateral Agent, the Hermes Agent and the Existing Lender shall each
be released from further obligations to each other under the Credit Documents, it being understood that the indemnification provisions
under this Agreement (including, without limitation, Sections 2.09, 2.10, 4.04, 14.01 and 14.05) shall survive as to such Existing
Lender; and

 

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(iv)        
 the New Lender shall become a party to this Agreement as a “Lender”

 

13.07 Procedure
and Conditions for Assignment. (a) Subject to Section 13.01, an assignment may be effected in accordance with Section
13.07(c) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing
Lender and the New Lender. The Facility Agent shall, subject to Section 13.07(b) below, as soon as reasonably practicable after
receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered
in accordance with the terms of this Agreement, execute that Assignment Agreement.

 

(b)       The
Facility Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender
once it is satisfied it has complied with all necessary “know your customer” or similar checks under all applicable
laws and regulations in relation to the assignment to such New Lender.

 

(c)        On
the date of the assignment:

 

(i) the Existing
Lender will assign absolutely to the New Lender its rights under the Credit Documents and in respect of any Lien (or any other
security interest) created pursuant to the Security Documents expressed to be the subject of the assignment in the Assignment Agreement;

 

(ii) the
Existing Lender will be released from the obligations (the “Relevant Obligations”) expressed to be the subject
of the release in the Assignment Agreement (and any corresponding obligations by which it is bound in respect of any Lien (or any
other security interest) created pursuant to the Security Documents), it being understood that the indemnification provisions under
this Agreement (including, without limitation, Sections 2.09, 2.10, 4.04, 14.01 and 14.05) shall survive as to such Existing Lender;
and

 

(iii) the
New Lender shall become a Party as a “Lender” and will be bound by obligations equivalent to the Relevant Obligations.

 

13.08 Copy
of Transfer Certificate or Assignment Agreement to Parent. The Facility Agent shall, as soon as reasonably practicable after
it has executed a Transfer Certificate or an Assignment Agreement, send to the Parent a copy of that Transfer Certificate or Assignment
Agreement.

 

13.09 Security
over Lenders’ Rights. In addition to the other rights provided to Lenders under this Section 13, each Lender may without
consulting with or obtaining consent from any Credit Party, at any time charge, assign or otherwise create a Lien (or any other
security interest) or declare a trust in or over (whether by way of collateral or otherwise) all or any of its rights under any
Credit Document to secure obligations of that Lender including, without limitation:

 

(i)                
any charge, assignment or other Lien (or any other security interest) or trust to secure obligations to a federal reserve
or central bank or the CIRR Representative; and

 

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(ii)             
 in the case of any Lender which is a fund, any charge, assignment or other Lien (or any other security interest) granted
to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security
for those obligations or securities,

 

except that no such charge, assignment
or Lien (or any other security interest) or trust shall:

 

(i) release
a Lender from any of its obligations under the Credit Documents or substitute the beneficiary of the relevant charge, assignment
or other Lien (or any other security interest) or trust for the Lender as a party to any of the Credit Documents; or

 

(ii) require
any payments to be made by a Credit Party or grant to any person any more extensive rights than those required to be made or granted
to the relevant Lender under the Credit Documents.

 

13.10 Assignment
by a Credit Party. No Credit Party may assign any of its rights or transfer by novation any of its rights, obligations or interest
hereunder or under any other Credit Document without the prior written consent of the Hermes Agent, the CIRR Representative, and
the Lenders.

 

13.11 Lender
Participations. (a) Although any Lender may grant participations in its rights hereunder, such Lender shall remain a “Lender”
for all purposes hereunder (and may not transfer by novation its rights and obligations or assign its rights under all or any portion
of its Commitments hereunder except as provided in Sections 2.12 and 13.01) and the participant shall not constitute a “Lender”
hereunder;

 

(b)       no
Lender shall grant any participation under which the participant shall have rights to approve any amendment to or waiver of
this Agreement or any other Credit Document except to the extent such amendment or waiver would (x) extend the final
scheduled maturity of any Loan in which such participant is participating, or reduce the rate or extend the time of payment
of interest or Commitment Commission thereon (except (m) in connection with a waiver of applicability of any post-default
increase in interest rates and (n) that any amendment or modification to the financial definitions in this Agreement shall
not constitute a reduction in the rate of interest for purposes of this clause (x)) or reduce the principal amount thereof,
or increase the amount of the participant’s participation over the amount thereof then in effect (it being understood
that a waiver of any Default or Event of Default or of a mandatory reduction in the Total Commitments shall not constitute a
change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without the
consent of any participant if the participant’s participation is not increased as a result thereof), (y) consent to the
assignment by the Borrower of any of its rights, or transfer by the Borrower of any of its rights and obligations, under this
Agreement or (z) release all or substantially all of the Collateral under all of the Security Documents (except as expressly
provided in the Credit Documents) securing the Loans hereunder in which such participant is participating. In the case of any
such participation, the participant shall not have any rights under this Agreement or any of the other Credit Documents (the
participant’s rights against such Lender in respect of such participation to be those set forth in the agreement
executed by such Lender in favor of the participant relating thereto) and all amounts payable by the Borrower hereunder shall
be determined as if such Lender had not sold such participation; and

 

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(c)       Where
the Borrower notifies the Lenders that a Participant Register is required by the Borrower, each Lender that sells a participation
shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address
of each Participant and the principal amounts (and stated interest) of each participant’s interest in the Loans or other
obligations under the Credit Documents (the “Participant Register”); provided that no Lender shall have any
obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information
relating to a participant's interest in any commitments, loans, letters of credit or its other obligations under any Credit Document)
to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit
or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the
Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded
in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to
the contrary. For the avoidance of doubt, the Facility Agent (in its capacity as Facility Agent) shall have no responsibility for
maintaining a Participant Register.

 

13.12 Increased
Costs. To the extent that a transfer of all or any portion of a Lender’s Commitments and related outstanding Credit Document
Obligations pursuant to Section 2.12 or Section 13.01 would, at the time of such assignment, result in increased costs under Section
2.09, 2.10 or 4.04 from those being charged by the respective assigning Lender prior to such assignment, then the Borrower shall
not be obligated to pay such increased costs (although the Borrower shall be obligated to pay any other increased costs of the
type described above resulting from changes after the date of the respective assignment).

 

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SECTION 14. Miscellaneous.

 

14.01 Payment
of Expenses, etc. The Borrower agrees that it shall:  whether or not the transactions herein contemplated are
consummated, (i) pay all reasonable documented out-of-pocket costs and expenses of each of the Agents (including,
without limitation, the reasonable documented fees and disbursements of Norton Rose Fulbright LLP, Bahamian counsel, Bermuda
counsel, other counsel to the Facility Agent and the Lead Arrangers and local counsel) in connection with (a) the
preparation, execution and delivery of this Agreement and the other Credit Documents and the documents and instruments
referred to herein and therein and any amendment, waiver or consent relating hereto or thereto, and (b) any initial transfers
by KfW IPEX-Bank GmbH as original Lender pursuant to Section 5.11 carried out during the period falling 6 months after the
Effective Date including, without limitation, all documents requested to be executed in respect of such transfers, and all
respective syndication efforts with respect to this Agreement; (ii) pay all documented out-of-pocket costs and expenses of
each of the Agents and each of the Lenders in connection with the enforcement of this Agreement and the other Credit
Documents and the documents and instruments referred to herein and therein (including, without limitation, the fees and
disbursements of counsel (excluding in-house counsel) for each of the Agents and for each of the Lenders); (iii) pay and hold
the Facility Agent and each of the Lenders harmless from and against any and all present and future stamp, documentary,
transfer, sales and use, value added, excise and other similar taxes with respect to the foregoing matters, the performance
of any obligation under this Agreement or any Credit Document or any payment thereunder, and save the Facility Agent and save
each of the Lenders harmless from and against any and all liabilities with respect to or resulting from any delay or omission
(other than to the extent attributable to the Facility Agent or such Lender) to pay such taxes; and (iv) other than in
respect of a wrongful failure by any Lender to fund its Commitments as required by this Agreement, indemnify the Agents and
each Lender, and each of their respective officers, directors, trustees, employees, representatives and agents from and hold
each of them harmless against any and all liabilities, obligations (including removal or remedial actions), losses, damages,
penalties, claims, actions, judgments, suits, costs, expenses and disbursements (including reasonable attorneys’ and
consultants’ fees and disbursements) incurred by, imposed on or assessed against any of them as a result of, or arising
out of, or in any way related to, or by reason of, (a) any investigation, litigation or other proceeding (whether or not any
of the Agents or any Lender is a party thereto) related to the entering into and/or performance of this Agreement or any
other Credit Document or the proceeds of any Loans hereunder or the consummation of any transactions contemplated herein, or
in any other Credit Document or the exercise of any of their rights or remedies provided herein or in the other Credit
Documents, or (b) the actual or alleged presence of Hazardous Materials on the Vessel or in the air, surface water or
groundwater or on the surface or subsurface of any property at any time owned or operated by the Borrower, the generation,
storage, transportation, handling, disposal or Environmental Release of Hazardous Materials at any location, whether or not
owned or operated by the Borrower, the non-compliance of the Vessel or property with foreign, federal, state and local laws,
regulations, and ordinances (including applicable permits thereunder) applicable to the Vessel or property, or any
Environmental Claim asserted against the Borrower or the Vessel or property at any time owned or operated by the Borrower,
including, without limitation, the reasonable fees and disbursements of counsel and other consultants incurred in connection
with any such investigation, litigation or other proceeding (but excluding any losses, liabilities, claims, damages,
penalties, actions, judgments, suits, costs, disbursements or expenses to the extent incurred by reason of the gross
negligence or willful misconduct of the Person to be indemnified or by reason of a failure by the Person to be indemnified to
fund its Commitments as required by this Agreement). To the extent that the undertaking to indemnify, pay or hold harmless
each of the Agents or any Lender set forth in the preceding sentence may be unenforceable because it violates any law or
public policy, the Borrower shall make the maximum contribution to the payment and satisfaction of each of the indemnified
liabilities which is permissible under applicable law.

 

Notwithstanding the above,
it is agreed that costs, fees, expenses and other compensation arising in respect of the initial syndication of the Loans of the
type referred to in Section 6.05 shall not include any such costs, fees and expenses and other compensation arising solely in respect
of legal advice to the Lenders to explain the technical and/or structural aspects of the Hermes and CIRR issues.

 

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14.02 Right of Set-off.
In addition to any rights now or hereafter granted under applicable law or otherwise, and not by way of limitation of any
such rights, upon the occurrence and during the continuance of an Event of Default, each Lender is hereby authorized at any time
or from time to time, without presentment, demand, protest or other notice of any kind to the Parent or any Subsidiary of the
Parent or to any other Person, any such notice being hereby expressly waived, to set off and to appropriate and apply any and
all deposits (general or special) and any other Indebtedness at any time held or owing by such Lender (including, without limitation,
by branches and agencies of such Lender wherever located) to or for the credit or the account of the Parent or any Subsidiary
of the Parent but in any event excluding assets held in trust for any such Person against and on account of the Credit Document
Obligations and liabilities of the Parent or such Subsidiary of the Parent, as applicable, to such Lender under this Agreement
or under any of the other Credit Documents, including, without limitation, all interests in Credit Document Obligations purchased
by such Lender pursuant to Section 14.05(b), and all other claims of any nature or description arising out of or connected with
this Agreement or any other Credit Document, irrespective of whether or not such Lender shall have made any demand hereunder and
although said Credit Document Obligations, liabilities or claims, or any of them, shall be contingent or unmatured. Each Lender
upon the exercise of its rights to set-off pursuant to this Section 14.02 shall give notice thereof to the Facility Agent.

 

14.03 Notices.
Except as otherwise expressly provided herein, all notices and other communications provided for hereunder shall be in writing
(including telexed, telegraphic, telecopier or electronic (unless and until notified to the contrary) communication) and mailed,
telexed, telecopied, delivered or electronic mailed: if to any Credit Party, at the address specified on Schedule 14.03A; if to
any Lender, at its address specified opposite its name on Schedule 14.03B; and if to the Facility Agent or the Hermes Agent, at
its Notice Office; or, as to any other Credit Party, at such other address as shall be designated by such party in a written notice
to the other parties hereto and, as to each Lender, at such other address as shall be designated by such Lender in a written notice
to the Parent, the Borrower and the Facility Agent; provided that, with respect to all notices and other communication
made by electronic mail or other electronic means, the Facility Agent, the Hermes Agent, the Lenders, the Parent, the Borrower
and the Pledgor agree that they (x) shall notify each other in writing of their electronic mail address and/or any other
information required to enable the sending and receipt of information by that means and (y) shall notify each other of any
change to their address or any other such information supplied by them. All such notices and communications shall, (i) when mailed,
be effective three Business Days after being deposited in the mails, prepaid and properly addressed for delivery, (ii) when sent
by overnight courier, be effective one Business Day after delivery to the overnight courier prepaid and properly addressed for
delivery on such next Business Day, (iii) when sent by telex or telecopier, be effective when sent by telex or telecopier,
except that notices and communications to the Facility Agent or the Hermes Agent shall not be effective until received by the
Facility Agent or the Hermes Agent (as the case may be), or (iv) when electronic mailed, be effective only when actually received
in readable form and in the case of any electronic communication made by a Lender, the Parent, the Borrower or the Pledgor to
the Facility Agent or the Hermes Agent, only if it is addressed in such a manner as the Facility Agent shall specify for this
purpose. A copy of any notice to the Facility Agent shall be delivered to the Hermes Agent at its Notice Office. If an Agent is
an Impaired Agent the parties to this Agreement may, instead of communicating with each other through such Agent, communicate
with each other directly and (while such Agent is an Impaired Agent) all the provisions of the Credit Documents which require
communications to be made or notices to be given to or by such Agent shall be varied so that communications may be made and notices
given to or by the relevant parties to this Agreement directly. This provision shall not operate after a replacement Agent has
been appointed.

 

14.04 No Waiver;
Remedies Cumulative. No failure or delay on the part of an Agent or any Lender in exercising any right, power or privilege
hereunder or under any other Credit Document and no course of dealing between the Borrower or any other Credit Party and an Agent
or any Lender shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder
or under any other Credit Document preclude any other or further exercise thereof or the exercise of any other right, power or
privilege hereunder or thereunder. The rights, powers and remedies herein or in any other Credit Document expressly provided are
cumulative and not exclusive of any rights, powers or remedies which an Agent or any Lender would otherwise have. No notice to
or demand on any Credit Party in any case shall entitle any Credit Party to any other or further notice or demand in similar or
other circumstances or constitute a waiver of the rights of an Agent or any Lender to any other or further action in any circumstances
without notice or demand.

 

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14.05 Payments Pro
Rata. (a) Except as otherwise provided in this Agreement, the Facility Agent agrees that promptly after its receipt of each
payment from or on behalf of the Borrower in respect of any Credit Document Obligations hereunder, it shall distribute such payment
to the Lenders (other than any Lender that has consented in writing to waive its pro rata share of any such payment) pro
rata based upon their respective shares, if any, of the Credit Document Obligations with respect to which such payment was
received.

 

(b)     Other
than in connection with assignments and participations (which are governed by Section 13), each of the Lenders agrees that, if
it should receive any amount hereunder (whether by voluntary payment, by realization upon security, by the exercise of the right
of setoff or banker’s lien, by counterclaim or cross action, by the enforcement of any right under the Credit Documents,
or otherwise), which is applicable to the payment of the principal of, or interest on, the Loans, Commitment Commission, of a
sum which with respect to the related sum or sums received by other Lenders is in a greater proportion than the total of such
Credit Document Obligation then owed and due to such Lender bears to the total of such Credit Document Obligation then owed and
due to all of the Lenders immediately prior to such receipt, then such Lender receiving such excess payment shall purchase for
cash without recourse or warranty from the other Lenders an interest in the Credit Document Obligations of the respective Credit
Party to such Lenders in such amount as shall result in a proportional participation by all the Lenders in such amount; provided
that if all or any portion of such excess amount is thereafter recovered from such Lender, such purchase shall be rescinded
and the purchase price restored to the extent of such recovery, but without interest.

 

(c)     Notwithstanding
anything to the contrary contained herein, the provisions of the preceding Sections 14.05(a) and (b) shall be subject to the express
provisions of this Agreement which require, or permit, differing payments to be made to Non-Defaulting Lenders as opposed to Defaulting
Lenders.

 

14.06 Calculations;
Computations. (a) The financial statements to be furnished to the Lenders pursuant hereto shall be made and prepared in accordance
with generally accepted accounting principles in the United States consistently applied throughout the periods involved (except
as set forth in the notes thereto or as otherwise disclosed in writing by the Parent to the Lenders). In addition, all computations
determining compliance with the financial covenants set forth in Sections 10.06 through 10.09, inclusive, shall utilize accounting
principles and policies in conformity with those used to prepare the historical financial statements delivered to the Lenders
for the fiscal year of the Parent ended December 31, 2013 (with the foregoing generally accepted accounting principles, subject
to the preceding proviso, herein called “GAAP”). Unless otherwise noted, all references in this Agreement to
 “generally accepted accounting principles” shall mean generally accepted accounting principles as in effect in the
United States.

 

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(b)     All
computations of interest and Commitment Commission hereunder shall be made on the basis of a year of 360 days for the actual number
of days (including the first day but excluding the last day) occurring in the period for which such interest or Commitment Commission
are payable.

 

14.07 Governing Law;
Exclusive Jurisdiction of English Courts; Service of Process. (a) This Agreement and any non-contractual obligations arising
out of or in connection with it are governed by English law.

 

(b)     The
courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including
a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of
or in connection with this Agreement) (a “Dispute”). The parties hereto agree that the courts of England are
the most appropriate and convenient courts to settle disputes and accordingly no party hereto will argue to the contrary. This
section 14.07 is for the benefit of the Lenders, Agents and Secured Creditors. As a result, no such party shall be prevented from
taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Lenders, Agents
and Secured Creditors may take concurrent proceedings in any number of jurisdictions.

 

(c)     Without
prejudice to any other mode of service allowed under any relevant law, each Credit Party (other than a Credit Party incorporated
in England and Wales): (i)irrevocably appoints ec3 Services Limited, having its
registered office at The St Botolph Building, 138 Houndsditch, London, ec3A 7AR,
as its agent for service of process in relation to any proceedings before the English courts in connection with any credit document
and (ii) agrees that failure by an agent for service of process to notify the relevant Credit Party of the process will not invalidate
the proceedings concerned. If any person appointed as an agent for service of process is unable for any reason to act as agent
for service of process, the Parent (on behalf of all the Credit Parties) must immediately (and in any event within five days of
such event taking place) appoint another agent on terms acceptable to the facility agent. Failing this, the Facility Agent may
appoint another agent for this purpose.

 

Each party to this Agreement
expressly agrees and consents to the provisions of this Section 14.07.

 

14.08 Counterparts.
This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts,
each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same
instrument. A set of counterparts executed by all the parties hereto shall be lodged with the Borrower and the Facility Agent.

 

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14.09 Effectiveness.
This Agreement shall take effect as a deed on the date (the “Effective Date”) on which (i) the Borrower,
the Guarantor, the Agents and each of the Lenders who are initially parties hereto shall have signed a counterpart hereof (whether
the same or different counterparts) and shall have delivered the same to the Facility Agent or, in the case of the Lenders and
the other Agents, shall have given to the Facility Agent written or facsimile notice (actually received) at such office that the
same has been signed and mailed to it, (ii) the Borrower shall have paid to the Facility Agent for its own account and/or the
account of Lenders and/or Agents, as the case may be, the fees required to be paid pursuant to the heads of terms, dated June
11, 2014, among the Parent and KfW IPEX-Bank GmbH (the “Heads of Terms”) and (iii) the Credit Parties shall
have provided (x) the “Know Your Customer” information required pursuant to the USA Patriot
Act (Title III of Pub.: 107-56 (signed into law October 26, 2001)) (the “Patriot
Act”) and (y) such other documentation and evidence necessary in order to carry out and be reasonably
satisfied with other similar checks under all applicable laws and regulations pursuant to the Transaction and the Hermes Cover,
in each case as requested by the Facility Agent, the Hermes Agent or any Lender in connection with each of the Facility Agent’s,
the Hermes Agent’s, Hermes’ and each Lender’s internal compliance regulations. The Facility Agent will give
the Parent, the Borrower and each Lender prompt written notice of the occurrence of the Effective Date.

 

14.10 Headings Descriptive.
The headings of the several sections and subsections of this Agreement are inserted for convenience only and shall not in
any way affect the meaning or construction of any provision of this Agreement.

 

14.11 Amendment or
Waiver; etc. (a) Neither this Agreement nor any other Credit Document nor any terms hereof or thereof may be changed, waived,
discharged or terminated unless such change, waiver, discharge or termination is in writing signed by the respective Credit Parties
party thereto, the Hermes Agent and the Required Lenders, provided that no such change, waiver, discharge or termination
shall, without the consent of each Lender (other than a Defaulting Lender), (i) extend the final scheduled maturity of any Loan,
extend the timing for or reduce the principal amount of any Scheduled Repayment, increase or extend any Commitment (it being understood
that waivers or modifications of conditions precedent, covenants, Defaults or Events of Default or of a mandatory reduction in
the Commitments shall not constitute an increase of the Commitment of any Lender), or reduce the rate (including, without limitation,
the Floating Rate Margin and the Fixed Rate) or extend the time of payment of interest on any Loan or Commitment Commission or
fees (except (x) in connection with the waiver of applicability of any post-default increase in interest rates and (y) any amendment
or modification to the definitions used in the financial covenants set forth in Sections 10.06 through 10.09, inclusive,
in this Agreement shall not constitute a reduction in the rate of interest for purposes of this clause (i)), or reduce the principal
amount thereof (except to the extent repaid in cash), (ii) release any of the Collateral (except as expressly provided in the
Credit Documents) under any of the Security Documents, (iii) amend, modify or waive any provision of Section 13 or this Section
14.11, (iv) change the definition of Required Lenders (it being understood that, with the consent of the Required Lenders, additional
extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders on substantially
the same basis as the extensions of Loans and Commitments are included on the Effective Date) or a provision which expressly requires
the consent of all the Lenders, (v) consent to the assignment and/or transfer by the Parent and/or Borrower of any of its
rights and obligations under this Agreement, or (vi) replace the Parent Guaranty or release the Parent Guaranty from the relevant
guarantee to which such Guarantor is a party (other than as provided in such guarantee); provided, further, that
no such change, waiver, discharge or termination shall (u) without the consent of Hermes, amend, modify or waive any provision
that relates to the rights or obligations of Hermes and (v) without the consent of each Agent, the CIRR Representative and/or
each Lead Arranger, as applicable, amend, modify or waive any provision relating to the rights or obligations of such Agent, the
CIRR Representative and/or such Lead Arranger, as applicable.

 

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(b)     If,
in connection with any proposed change, waiver, discharge or termination to any of the provisions of this Agreement as contemplated
by clauses (i) through (vi), inclusive, of the first proviso to Section 14.11(a), the consent of the Required Lenders is obtained
but the consent of each Lender (other than any Defaulting Lender) is not obtained, then the Borrower shall have the right, so
long as all non-consenting Lenders are treated as described in either clauses (A) or (B) below, to either (A) replace each such
non-consenting Lender or Lenders with one or more Replacement Lenders pursuant to Section 2.12 so long as at the time of such
replacement, each such Replacement Lender consents to the proposed change, waiver, discharge or termination or (B) terminate such
non-consenting Lender’s Commitment (if such Lender’s consent is required as a result of its Commitment), and/or repay
outstanding Loans and terminate any outstanding Commitments of such Lender which gave rise to the need to obtain such Lender’s
consent, in accordance with Section 4.01(d), provided that, unless the Commitments are terminated, and Loans repaid,
pursuant to preceding clause (B) are immediately replaced in full at such time through the addition of new Lenders or the
increase of the Commitments and/or outstanding Loans of existing Lenders (who in each case must specifically consent thereto),
then in the case of any action pursuant to preceding clause (B) the Required Lenders (determined before giving effect to
the proposed action) and the Hermes Agent shall specifically consent thereto, provided, further, that in any event
the Borrower shall not have the right to replace a Lender, terminate its Commitment or repay its Loans solely as a result of the
exercise of such Lender’s rights (and the withholding of any required consent by such Lender) pursuant to the second proviso
to Section 14.11(a).

 

(c)       Subject
to the further proviso to Section 14.11(a), if a Screen Rate Replacement Event has occurred in relation to the Screen Rate, any
amendment or waiver that relates to (i) providing for the use of a Replacement Benchmark in relation to that currency in place
of that Screen Rate and (ii)(A) aligning any provision of any Credit Document to the use of that Replacement Benchmark, (B) enabling
that Replacement Benchmark to be used for the calculation of interest under this Agreement (including, without limitation, any
consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement), (C) implementing
market conventions applicable to that Replacement Benchmark, (D) providing for appropriate fallback (and market disruption) provisions
for that Replacement Benchmark, or (E) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any
transfer of economic value from one party to another as a result of the application of that Replacement Benchmark (and if any
adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating
Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made, having
regard to the following paragraphs of this Section 14.11, with the consent of the Facility Agent (acting on the instructions of
the Required Lenders) and the Borrower.

 

(d)       At
least six months prior to the LIBOR Discontinuation Date (or, if the LIBOR Discontinuation Date is not known such that the date
six months prior to its occurrence cannot be determined, such shorter period as is appropriate in the circumstances), the Facility
Agent, the Lenders and the Borrower (or the Parent on the Borrower’s behalf) will enter into good faith negotiations with
a view to agreeing the Replacement Benchmark, the Consequential Technical Amendments as well as any other necessary adjustments
to the Credit Documents for the period following the LIBOR Discontinuation Date. The negotiations will take into account the then
current market standards and will be conducted with a view to ensuring that the interest yield under this Agreement is not impacted
and will also take into account any corresponding changes required in respect of the Refinancing Agreements.

 

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(e)      Subject
to paragraph (d) above, for any Interest Period following the LIBOR Discontinuation Date, the Eurodollar Rate shall be replaced
by the weighted average of the rates notified to the Facility Agent by each Lender three Business Days prior to the first day
of that Interest Period, to be that which expresses as a percentage rate per annum the cost to the relevant Lender of funding
or refinancing an amount equal to the outstanding Loan during the relevant Interest Period from whatever source it may reasonably
select (other than from KfW).

 

(f)       Upon
the LIBOR Discontinuation Date, the Replacement Reference Rate or, as applicable, the reference rate determined pursuant to paragraph
(e) above shall also replace the Eurodollar Rate accordingly.

 

(g)      For
the purposes of this Section 14.11:

 

“Consequential Technical
Amendments” means any consequential amendment to this Agreement required or desirable to make the Replacement Reference
Rate effective.

 

“LIBOR Discontinuation
Date” means the date on which the Screen Rate Replacement Event occurs.

 

“Relevant Nominating
Body” means any applicable central bank, regulator or other supervisory authority or a group of them, or any working
group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

 

“Replacement Benchmark”
means a benchmark rate that is:

 

		(i)	formally designated, nominated
                                         or recommended as the replacement for a Screen Rate by (A) the administrator of that
                                         Screen Rate (provided that the market or economic reality that such benchmark rate measures
                                         is the same as that measured by that Screen Rate) or (B) any Relevant Nominating Body,
                                         and if replacements have, at the relevant time, been formally designated, nominated or
                                         recommended under both paragraphs, the "Replacement Benchmark" will be the
                                         replacement under paragraph (B) above;

 

		(ii)	in the opinion of the Required
                                         Lenders and the Borrower, generally accepted in the international or any relevant domestic
                                         syndicated loan markets as the appropriate successor to a Screen Rate; or

 

		(iii)	in the opinion of the Required
                                         Lenders and the Borrower an appropriate successor to a Screen Rate.

 

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“Replacement Reference
Rate” means the reference rate which it is agreed in accordance with the above provisions will replace the Screen Rate
for the purpose of this Agreement.

 

“Screen Rate Replacement
Event” means:

 

		(i)	the methodology, formula or other
                                         means of determining that Screen Rate has, in the opinion of the Required Lenders and
                                         the Borrower materially changed;

 

		(ii)	(A)(1) the administrator of that
                                         Screen Rate or its supervisor publicly announces that such administrator is insolvent
                                         or (2) information is published in any order, decree, notice, petition or filing, however
                                         described, of or filed with a court, tribunal, exchange, regulatory authority or similar
                                         administrative, regulatory or judicial body which reasonably confirms that the administrator
                                         of that Screen Rate is insolvent, provided that, in each case, at that time, there
                                         is no successor administrator to continue to provide that Screen Rate, (B) the administrator
                                         of that Screen Rate publicly announces that it has ceased or will cease, to provide that
                                         Screen Rate permanently or indefinitely and, at that time, there is no successor administrator
                                         to continue to provide that Screen Rate, (C) the supervisor of the administrator of that
                                         Screen Rate publicly announces that such Screen Rate has been or will be permanently
                                         or indefinitely discontinued, or (D) the administrator of that Screen Rate or its supervisor
                                         announces that that Screen Rate may no longer be used;

 

		(iii)	the administrator of that Screen
                                         Rate determines that that Screen Rate should be calculated in accordance with its reduced
                                         submissions or other contingency or fallback policies or arrangements and either (A)
                                         the circumstance(s) or event(s) leading to such determination are not (in the opinion
                                         of the Required Lenders and the Borrower) temporary or (B) that Screen Rate is calculated
                                         in accordance with any such policy or arrangement for a period no less than five Business
                                         Days; or

 

		(iv)	in the opinion of the Required
                                         Lenders and the Borrower, that Screen Rate is otherwise no longer appropriate for the
                                         purposes of calculating interest under this Agreement.

 

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14.12 Survival. All
indemnities set forth herein including, without limitation, in Sections 2.09, 2.10, 2.11, 4.04, 14.01 and 14.05 shall, subject
to Section 14.13 (to the extent applicable), survive the execution, delivery and termination of this Agreement and the making
and repayment of the Loans.

 

14.13 Domicile of
Loans. Each Lender may transfer and carry its Loans at, to or for the account of any office, Subsidiary or Affiliate of such
Lender. Notwithstanding anything to the contrary contained herein, to the extent that a transfer of Loans pursuant to this Section 14.13
would, at the time of such transfer, result in increased costs under Section 2.09, 2.10, or 4.04 from those being charged
by the respective Lender prior to such transfer, then the Borrower shall not be obligated to pay such increased costs (although
the Borrower shall be obligated to pay any other increased costs of the type described above resulting from changes after the
date of the respective transfer).

 

14.14 Confidentiality.
Each Lender agrees that it will use its best efforts not to disclose without the prior consent of the Parent or the Borrower
(other than to their respective Affiliates or their respective Affiliates’ employees, auditors, advisors or counsel or to
another Lender if the Lender or such Lender’s holding or parent company, Affiliates or board of trustees in its sole discretion
determines that any such party should have access to such information, provided such Persons shall be subject to the provisions
of this Section 14.14 to the same extent as such Lender) any information with respect to the Parent or any of its Subsidiaries
which is now or in the future furnished pursuant to this Agreement or any other Credit Document, provided that the Hermes
Agent and the CIRR Agent may disclose any information to Hermes or the CIRR Representative, provided, further, that
any Lender may disclose any such information (a) as has become generally available to the public other than by virtue of a breach
of this Section 14.14 by the respective Lender, (b) as may be required in any report, statement or testimony submitted to any
municipal, state or Federal regulatory body having or claiming to have jurisdiction over such Lender or similar organizations
(whether in the United States, the United Kingdom or elsewhere) or their successors, (c) as may be required in respect to any
summons or subpoena or in connection with any litigation, (d) in order to comply with any law, order, regulation or ruling applicable
to such Lender, (e) to an Agent, (f) to any prospective or actual transferee or participant in connection with any contemplated
transfer or participation of any of the Commitments or any interest therein by such Lender, provided that such prospective
transferee expressly agrees to be bound by the confidentiality provisions contained in this Section 14.14, (g) to a classification
society or other entity which a Lender has engaged to make calculations necessary to enable that Lender to comply with its reporting
obligations under the Poseidon Principles and (h) to Hermes and/or the Federal Republic of Germany and/or the European Union and/or
any agency thereof or any person acting or purporting to act on any of their behalves. In the case of Section 14.14(h), each of
the Parent and the Borrower acknowledges and agrees that any such information may be used by Hermes and/or the Federal Republic
of Germany and/or the European Union and/or any agency thereof or any person acting or purporting to act on any of their behalves
for statistical purposes and/or for reports of a general nature.

 

14.15 Register. The
Facility Agent shall maintain a register (the “Register”) on which it will record the Commitments from time
to time of each of the Lenders, the Loans made by each of the Lenders and each repayment and prepayment in respect of the principal
amount of the Loans of each Lender. Failure to make any such recordation, or any error in such recordation shall not affect the
Borrower’s obligations in respect of such Loans. With respect to any Lender, the assignment or transfer of the Commitments
of such Lender and the rights to the principal of, and interest on, any Loan made pursuant to such Commitments shall not be effective
until such assignment or transfer is recorded on the Register maintained by the Facility Agent with respect to ownership of such
Commitments and Loans. Prior to such recordation all amounts owing to the transferor with respect to such Commitments and Loans
shall remain owing to the transferor. The registration of an assignment or transfer of all or part of any Commitments and Loans
(as the case may be) shall be recorded by the Facility Agent on the Register only upon the acceptance by the Facility Agent of
a properly executed and delivered Transfer Certificate or Assignment Agreement pursuant to Section 13.06(a) or 13.07(a), respectively.

 

    117

     

    

 

14.16 Third Party
Rights. Other than the Other Creditors with respect to Section 4.05 and Hermes with respect to Sections 5.15 and 9.06, a person
who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the
benefit of any term of this Agreement unless expressly provided to the contrary in a Credit Document. Notwithstanding any term
of any Credit Document, the consent of any person who is not a party to this Agreement is not required to rescind or vary this
Agreement at any time.

 

14.17 Judgment Currency.
If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from the Borrower hereunder in
the currency expressed to be payable herein (the “specified currency”) into another currency, the parties hereto
agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance
with normal banking procedures the Facility Agent could purchase the specified currency with such other currency at the Facility
Agent’s Frankfurt office on the Business Day preceding that on which final judgment is given. The obligations of the Borrower
in respect of any sum due to any Lender or an Agent hereunder shall, notwithstanding any judgment in a currency other than the
specified currency, be discharged only to the extent that on the Business Day following receipt by such Lender or an Agent (as
the case may be) of any sum adjudged to be so due in such other currency such Lender or an Agent (as the case may be) may in accordance
with normal banking procedures purchase the specified currency with such other currency; if the amount of the specified currency
so purchased is less than the sum originally due to such Lender or an Agent, as the case may be, in the specified currency, the
Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment,
to indemnify such Lender or an Agent, as the case may be, against such loss, and if the amount of the specified currency so purchased
exceeds the sum originally due to any Lender or an Agent, as the case may be, in the specified currency, such Lender or an Agent,
as the case may be, agrees to remit such excess to the Borrower.

 

14.18 Language.
All correspondence, including, without limitation, all notices, reports and/or certificates, delivered by any Credit Party to
an Agent or any Lender shall, unless otherwise agreed by the respective recipients thereof, be submitted in the English language
or, to the extent the original of such document is not in the English language, such document shall be delivered with a certified
English translation thereof. In the event of any conflict between the English translation and the original text of any document,
the English translation shall prevail unless the original text is a statutory instrument, legal process or any other document
of a similar type or a notice, demand or other communication from Hermes or in relation to the Hermes Cover.

 

14.19 Waiver of Immunity.
The Borrower, in respect of itself, each other Credit Party, its and their process agents, and its and their properties and
revenues, hereby irrevocably agrees that, to the extent that the Borrower, any other Credit Party or any of its or their properties
has or may hereafter acquire any right of immunity from any legal proceedings, whether in the United Kingdom, the United States,
Bermuda, the Bahamas, Germany or elsewhere, to enforce or collect upon the Credit Document Obligations of the Borrower or any
other Credit Party related to or arising from the transactions contemplated by any of the Credit Documents, including, without
limitation, immunity from service of process, immunity from jurisdiction or judgment of any court or tribunal, immunity from execution
of a judgment, and immunity of any of its property from attachment prior to any entry of judgment, or from attachment in aid of
execution upon a judgment, the Borrower, for itself and on behalf of the other Credit Parties, hereby expressly waives, to the
fullest extent permissible under applicable law, any such immunity, and agrees not to assert any such right or claim in any such
proceeding, whether in the United Kingdom, the United States, Bermuda, the Bahamas, Germany or elsewhere.

 

    118

     

    

 

14.20 “Know
Your Customer” Notice. Each Lender hereby notifies each Credit Party that pursuant to the requirements of the Patriot
Act and/or other applicable laws and regulations, it is required to obtain, verify, and record information that identifies
each Credit Party, which information includes the name of each Credit Party and other information that will allow such Lender
to identify each Credit Party in accordance with the Patriot Act and/or such other
applicable laws and regulations, and each Credit Party agrees to provide such information from time to time to any Lender.

 

14.21 Release of
Liens and the Parent Guaranty; Flag Jurisdiction Transfer. (a)In the event that any Person conveys, sells, leases, assigns,
transfers or otherwise disposes of all or any portion of the Collateral to a Person that is not (and is not required to become)
a Credit Party in a transaction permitted by this Agreement or the Credit Documents (including pursuant to a valid waiver or consent),
each Lender hereby consents to the release and hereby directs the Collateral Agent to release any Liens created by any Credit
Document in respect of such Collateral, and, in the case of a disposition of all of the Equity Interests of any Credit Party (other
than the Borrower) in a transaction permitted by this Agreement and as a result of which such Credit Party would not be required
to guaranty the Credit Document Obligations pursuant to Sections 9.10(c) and 15, each Lender hereby consents to the release of
such Credit Party’s obligations under the relevant guarantee to which it is a party. Each Lender hereby directs the Collateral
Agent, and the Collateral Agent agrees, upon receipt of reasonable advance notice from the Borrower, to execute and deliver or,
at the Borrower’s expense, file such documents and perform other actions reasonably necessary to release the relevant guarantee,
as applicable, and the Liens when and as directed pursuant to this Section 14.21. In addition, the Collateral Agent agrees to
take such actions as are reasonably requested by the Borrower and at the Borrower’s expense to terminate the Liens and security
interests created by the Credit Documents when all the Credit Document Obligations (other than contingent indemnification Credit
Document Obligations and expense reimbursement claims to the extent no claim therefore has been made) are paid in full and Commitments
are terminated. Any representation, warranty or covenant contained in any Credit Document relating to any such Equity Interests
or asset of the Borrower shall no longer be deemed to be made once such Equity Interests or asset is so conveyed, sold, leased,
assigned, transferred or disposed of.

 

(b)       In
the event that the Borrower desires to implement a Flag Jurisdiction Transfer with respect to the Vessel, upon receipt of reasonable
advance notice thereof from the Borrower, the Collateral Agent shall use commercially reasonably efforts to provide, or (as necessary)
procure the provision of, all such reasonable assistance as any Credit Party may request from time to time in relation to (i)
the Flag Jurisdiction Transfer, (ii) the related deregistration of the Vessel from its previous flag jurisdiction, and (iii) the
release and discharge of the related Security Documents provided that the relevant Credit Party shall pay all documented out of
pocket costs and expenses reasonably incurred by the Collateral Agent or a Secured Creditor in connection with provision of such
assistance. Each Lender hereby consents, in connection with any Flag Jurisdiction Transfer and subject to the satisfaction of
the requirements thereof to be satisfied by the relevant Credit Party, to (i) deregister the Vessel from its previous
flag jurisdiction and (ii) release and hereby direct the Collateral Agent to release the Vessel Mortgage. Each Lender hereby directs
the Collateral Agent, and the Collateral Agent agrees to execute and deliver or, at the Borrower’s expense, file such documents
and perform other actions reasonably necessary to release the Vessel Mortgage when and as directed pursuant to this Section 14.21(b).

 

    119

     

    

 

14.22 Partial Invalidity.
If, at any time, any provision of the Credit Documents is or becomes illegal, invalid or unenforceable in any respect under
any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity
or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. Any such
illegal, invalid or unenforceable provision shall to the extent possible be substituted by a legal, valid and enforceable provision
which reflects the intention of the parties to this Agreement.

 

SECTION 15. Parent
Guaranty and Indemnity. The Parent irrevocably and unconditionally: 

 

(i)              guarantees
to each Lender Creditor punctual performance by each other Credit Party of all that Credit Party’s Credit Document Obligations
under the Credit Documents; or

 

(ii)             undertakes
with each Lender Creditor that whenever another Credit Party does not pay any amount when due under or in connection with any
Credit Document, the Guarantor shall immediately on demand pay that amount as if it was the principal obligor; and

 

(iii)            agrees
with each Lender Creditor that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as
an independent and primary obligation, indemnify that Lender Creditor immediately on demand against any cost, loss or liability
it incurs as a result of a Credit Party not paying any amount which would, but for such unenforceability, invalidity or illegality,
have been payable by it under any Credit Document on the date when it would have been due. The amount payable by the Guarantor
under this indemnity will not exceed the amount it would have had to pay under this Section 15 if the amount claimed had been
recoverable on the basis of a guarantee.

 

15.02 Continuing
Guaranty. This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Credit Party
under the Credit Documents, regardless of any intermediate payment or discharge in whole or in part.

 

    120

     

    

 

15.03 Reinstatement.
If any discharge, release or arrangement (whether in respect of the obligations of any Credit Party or any security for those
obligations or otherwise) is made by a Lender Creditor in whole or in part on the basis of any payment, security or other disposition
which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability
of the Guarantor under this Section 15 will continue or be reinstated as if the discharge, release or arrangement had not occurred.

 

15.04 Waiver of Defenses.
The obligations of the Guarantor under this Section 15 will not be affected by an act, omission, matter or thing which, but
for this Section 15, would reduce, release or prejudice any of its obligations under this Section 15 (without limitation and whether
or not known to it or any Lender Creditor) including:

 

(i)             
any time, waiver or consent granted to, or composition with, any Credit Party or other person;

 

(ii)             the
release of any other Credit Party or any other person under the terms of any composition or arrangement with any creditor of any
member of the NCLC Group;

 

(iii)           
the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce,
any rights against, or security over assets of, any Credit Party or other person or any non-presentation or non-observance of
any formality or other requirement in respect of any instrument or any failure to realize the full value of any security;

 

(iv)           
any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of
a Credit Party or any other person;

 

(v)             any
amendment, novation, supplement, extension restatement (however fundamental and whether or not more onerous) or replacement of
a Credit Document or any other document or security including, without limitation, any change in the purpose of, any extension
of or increase in any facility or the addition of any new facility under any Credit Document or other document or security;

 

(vi)            any
unenforceability, illegality or invalidity of any obligation of any person under any Credit Document or any other document or
security; or

 

(vii)          
any insolvency or similar proceedings.

 

15.05 Guarantor Intent.
Without prejudice to the generality of Section 15.04, the Guarantor expressly confirms that it intends that this guarantee
shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Credit
Documents and/or any facility or amount made available under any of the Credit Documents for the purposes of or in connection
with any of the following: business acquisitions of any nature; increasing working capital; enabling investor distributions to
be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available
to new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available
from time to time; and any fees, costs and/or expenses associated with any of the foregoing.

 

    121

     

    

 

15.06 Immediate Recourse.
The Guarantor waives any right it may have of first requiring any Credit Party (or any trustee or agent on its behalf) to
proceed against or enforce any other rights or security or claim payment from any person before claiming from the Guarantor under
this Section 15. This waiver applies irrespective of any law or any provision of a Credit Document to the contrary.

 

15.07 Appropriations.
Until all amounts which may be or become payable by the Credit Parties under or in connection with the Credit Documents have
been irrevocably paid in full, each Lender Creditor (or any trustee or agent on its behalf) may:

 

(i)     refrain
from applying or enforcing any other moneys, security or rights held or received by that Lender Creditor (or any trustee or agent
on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against
those amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same; and

 

(ii)     hold
in an interest-bearing suspense account any moneys received from the Guarantor or on account of the Guarantor’s liability
under this Section 15.

 

15.08 Deferral of
Guarantor’s Rights. Until all amounts which may be or become payable by the Credit Parties under or in connection with
the Credit Documents have been irrevocably paid in full and unless the Facility Agent otherwise directs, the Guarantor will not
exercise any rights which it may have by reason of performance by it of its obligations under the Credit Documents or by reason
of any amount being payable, or liability arising, under this Section 15:

 

(i)              to
be indemnified by a Credit Party;

 

(ii)             to
claim any contribution from any other guarantor of any Credit Party’s obligations under the Credit Documents;

 

(iii)           
to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Lender Creditors
under the Credit Documents or of any other guarantee or security taken pursuant to, or in connection with, the Credit Documents
by any Lender Creditor;

 

(iv)            to
bring legal or other proceedings for an order requiring any Credit Party to make any payment, or perform any obligation, in respect
of which the Guarantor has given a guarantee, undertaking or indemnity under Section 15.01;

 

(v)             to
exercise any right of set-off against any Credit Party; and/or

 

(vi)            to
claim or prove as a creditor of any Credit Party in competition with any Lender Creditor.

 

If the Guarantor
receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to
the extent necessary to enable all amounts which may be or become payable to the Lender Creditors by the Credit Parties

 

under or in connection with
the Credit Documents to be repaid in full on trust for the Lender Creditors and shall promptly pay or transfer the same to the
Facility Agent or as the Facility Agent may direct for application in accordance with Section 4.

 

    122

     

    

 

15.09 Additional
Security. This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently
held by any Credit Party.

 

SECTION 16. Bail-In.
SECTION 17.

 

Notwithstanding any
other term of any Credit Document or any other agreement, arrangement or understanding between the parties to a Credit Document,
each party to this Agreement acknowledges and accepts that any liability of any party to a Credit Document under or in connection
with the Credit Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to
be bound by the effect of:

 

(a)       any
Bail-In Action in relation to any such liability, including (without limitation):

 

(i)       a
reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest)
in respect of any such liability;

 

(ii)       a
conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred
on, it; and

 

(iii)       a
cancellation of any such liability; and

 

(b)       a
variation of any term of any Credit Document to the extent necessary to give effect to any Bail-In Action in relation to any such
liability.

 

*     *     *

 

    123

     

    

 

EXECUTION PAGES –

THIRD SUPPLEMENTAL AGREEMENT

(HULL NO. [*] (NORWEGIAN BLISS))

 

	The
    Borrower	 	 
	 	 	 
	SIGNED
    by 	)	/s/ Daniel S. Farkas
	for and on behalf
    of 	)	 
	SEAHAWK ONE,
    LTD.	)	........................................
	 	 	Authorised Signatory
    
	 	 	 
	The
    Parent	 	 
	 	 	 
	SIGNED
    by 	) 	/s/ Daniel S. Farkas
	for and on behalf
    of 	)	 
	NCL CORPORATION
    LTD.	)	........................................
	 	 	Authorised Signatory
	 	 	 
	The
    Shareholder	 	 
	 	 	 
	SIGNED
    by 	) 	/s/ Daniel S. Farkas
	for and on behalf
    of 	)	 
	NCL INTERNATIONAL,
    LTD.	)	........................................
	 	 	Authorised Signatory

 

    124

     

    

 

EXECUTION PAGES –

THIRD SUPPLEMENTAL AGREEMENT

(HULL NO. [*] (NORWEGIAN BLISS))

 

	The
    Facility Agent	 	 
	SIGNED
    by 	) 	/s/ James Tobin
	for and on behalf
    of 	)	Attorney-in-Fact
	KFW IPEX-BANK
    GMBH	)	........................................
	 	 	Authorised
    Signatory
	The
    Hermes Agent	 	 
	SIGNED
    by 	) 	/s/ James Tobin
	for and on behalf
    of 	) 	Attorney-in-Fact
	KFW IPEX-BANK
    GMBH	)	........................................
	 	 	Authorised
    Signatory
	The
    Collateral Agent	 	 
	SIGNED
    by 	) 	/s/ James Tobin
	for and on behalf
    of 	) 	Attorney-in-Fact
	KFW IPEX-BANK
    GMBH	)	........................................
	 	 	Authorised
    Signatory
	The
    CIRR Agent	 	 
	SIGNED
    by 	) 	/s/ James Tobin
	for and on behalf
    of 	) 	Attorney-in-Fact
	KFW IPEX-BANK
    GMBH	)	........................................
	 	 	Authorised
    Signatory
	The
    Bookrunner	 	 
	SIGNED
    by 	) 	/s/ James Tobin
	for and on behalf
    of 	) 	Attorney-in-Fact
	KFW IPEX-BANK
    GMBH	)	........................................
	 	 	Authorised
    Signatory
	The
    Initial Mandated Lead Arranger 	 	 
	SIGNED
    by 	) 	/s/ James Tobin
	for and on behalf
    of 	) 	Attorney-in-Fact
	KFW IPEX-BANK
    GMBH	)	........................................
	 	 	Authorised
    Signatory

 

     

     

    

 

EXECUTION PAGES –

THIRD SUPPLEMENTAL AGREEMENT

(HULL NO. [*] (NORWEGIAN BLISS))

 

	The
    Lenders	 	 
	SIGNED
    by 	)	/s/ Matthew Bambury
	for and on behalf
    of 	) 	Attorney-in-Fact
	BNP PARIBAS FORTIS
    SA/NV	)	........................................
	 	 	Authorised
    Signatory
	SIGNED
    by 	)	/s/ Matthew Bambury
	for and on behalf
    of 	) 	Attorney-in-Fact
	CRÉDIT
    AGRICOLE CORPORATE AND	)	 
	INVESTMENT BANK	)	........................................
	 	 	Authorised
    Signatory

 

	SIGNED
    by	)	/s/
    Einar Aaser
	for
    and on behalf of	)	SVP
	DNB
    BANK ASA	)	 
	 	)	/s/
    Lars Kalbakken
	 	)	First
    Vice President
	 	 	........................................
	 	 	Authorised
    Signatory

 

	SIGNED
    by 	)	/s/
    Julie Bellais
	for and on behalf
    of 	)	 
	HSBC CONTINENTAL
    EUROPE 	 	 
	(FORMERLY HSBC
    FRANCE)	)	........................................
	 	 	Authorised
    Signatory
	 	)	/s/ Guy Woelfel
	 	)	 
	 	)	........................................
	 	 	Authorised
    Signatory
	SIGNED
    by 	)	/s/ James Tobin
	for and on behalf
    of 	)	Attorney-in-Fact
	KFW IPEX-BANK
    GMBH	)	........................................
	 	 	Authorised
    Signatory

 

	SIGNED
by	)	/s/ Glenn Francis
	for
and on behalf of	)	Head of Corporate Banking, SEB UK
	SKANDINAVISKA
ENSKILDA BANKEN AB (PUBL)	)	 
	 	)	/s/ Ina Kuliese
	 	 	........................................
	 	 	Authorised Signatory

 

	SIGNED
    by 	)	/s/
    Martine Jany
	for and on behalf
    of 	)	Director
	SOCIÉTÉ
    GÉNÉRALE	)	........................................
	 	 	Authorised
    Signatory

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