Document:

EX-10.1

 Exhibit 10.1 
 Execution Version 
 [*]: THE CONFIDENTIAL PORTION HAS BEEN OMITTED PURSUANT TO A
REQUEST FOR CONFIDENTIAL TREATMENT AND THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION. 
  

 
  

$1,300,000,000 

CREDIT AGREEMENT 

dated as of May 24, 2013, 
 among 
 NCL CORPORATION LTD., 

as Borrower, 
 THE
LENDERS PARTY HERETO, 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Administrative Agent and as Collateral Agent, 
 DNB BANK ASA, 
 NORDEA BANK FINLAND PLC., NEW YORK BRANCH, 

as Co-Syndication Agents, 
 DEUTSCHE BANK SECURITIES INC., 
 DNB BANK ASA, 

NORDEA BANK FINLAND PLC., NEW YORK BRANCH, 
 as Joint Bookrunners and Arrangers, 
 and 

BARCLAYS BANK PLC, 

CITIGROUP GLOBAL MARKETS INC., 
 GOLDMAN SACHS BANK USA, 
 J.P. MORGAN SECURITIES LLC, 

UBS SECURITIES LLC, 

HSBC BANK PLC, 

KFW IPEX-BANK GMBH, 

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), 
 as Joint Bookrunners and Co-Documentation Agents 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
		
	Article I Definitions	  	 	1	  
	 Section 1.01.
	  	Defined Terms	  	 	1	  
	 Section 1.02.
	  	Terms Generally	  	 	51	  
	 Section 1.03.
	  	Exchange Rates; Currency Equivalents	  	 	53	  
		
	Article II The Credits	  	 	52	  
	 Section 2.01.
	  	Commitments	  	 	52	  
	 Section 2.02.
	  	Loans and Borrowings	  	 	53	  
	 Section 2.03.
	  	Requests for Borrowings	  	 	54	  
	 Section 2.04.
	  	Swingline Loans	  	 	55	  
	 Section 2.05.
	  	Letters of Credit	  	 	56	  
	 Section 2.06.
	  	Funding of Borrowings	  	 	63	  
	 Section 2.07.
	  	Interest Elections	  	 	63	  
	 Section 2.08.
	  	Termination and Reduction of Commitments	  	 	65	  
	 Section 2.09.
	  	Repayment of Loans; Evidence of Debt	  	 	65	  
	 Section 2.10.
	  	Repayment of Term Loans and Revolving Facility Loans	  	 	66	  
	 Section 2.11.
	  	Prepayment of Loans	  	 	68	  
	 Section 2.12.
	  	Fees	  	 	69	  
	 Section 2.13.
	  	Interest	  	 	70	  
	 Section 2.14.
	  	Alternate Rate of Interest	  	 	71	  
	 Section 2.15.
	  	Increased Costs	  	 	71	  
	 Section 2.16.
	  	Break Funding Payments	  	 	73	  
	 Section 2.17.
	  	Taxes	  	 	73	  
	 Section 2.18.
	  	Payments Generally; Pro Rata Treatment; Sharing of Set offs	  	 	77	  
	 Section 2.19.
	  	Mitigation Obligations; Replacement of Lenders	  	 	78	  
	 Section 2.20.
	  	Illegality	  	 	80	  
	 Section 2.21.
	  	Incremental Commitments	  	 	80	  
	 Section 2.22.
	  	Defaulting Lender	  	 	88	  
		
	Article III Representations and Warranties	  	 	91	  
	 Section 3.01.
	  	Organization; Powers	  	 	91	  
	 Section 3.02.
	  	Authorization	  	 	91	  
	 Section 3.03.
	  	Enforceability	  	 	92	  
	 Section 3.04.
	  	Governmental Approvals.	  	 	92	  
	 Section 3.05.
	  	Financial Statements	  	 	92	  
	 Section 3.06.
	  	No Material Adverse Effect	  	 	92	  
	 Section 3.07.
	  	Title to Properties; Possession Under Leases	  	 	92	  
	 Section 3.08.
	  	Subsidiaries	  	 	93	  
	 Section 3.09.
	  	Litigation; Compliance with Laws	  	 	93	  
	 Section 3.10.
	  	Federal Reserve Regulations	  	 	94	  
	 Section 3.11.
	  	Investment Company Act	  	 	94	  
	 Section 3.12.
	  	Use of Proceeds	  	 	94	  
	 Section 3.13.
	  	Tax Returns	  	 	94	  

  
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	 Section 3.14.
	  	No Material Misstatements	  	 	95	  
	 Section 3.15.
	  	Employee Benefit Plans	  	 	95	  
	 Section 3.16.
	  	Environmental Matters	  	 	96	  
	 Section 3.17.
	  	Security Documents	  	 	96	  
	 Section 3.18.
	  	Solvency	  	 	98	  
	 Section 3.19.
	  	Labor Matters	  	 	98	  
	 Section 3.20.
	  	Insurance	  	 	98	  
	 Section 3.21.
	  	No Default	  	 	98	  
	 Section 3.22.
	  	No Event of Loss	  	 	98	  
	 Section 3.23.
	  	The Mortgaged Vessels	  	 	98	  
	 Section 3.24.
	  	USA PATRIOT Act; OFAC; Foreign Corrupt Practices Act.	  	 	99	  
		
	 Article IV Conditions of Lending
	  	 	100	  
	 Section 4.01.
	  	All Credit Events	  	 	100	  
	 Section 4.02.
	  	First Credit Event	  	 	100	  
		
	 Article V Affirmative Covenants
	  	 	104	  
	 Section 5.01.
	  	Existence; Business and Properties	  	 	104	  
	 Section 5.02.
	  	Insurance	  	 	105	  
	 Section 5.03.
	  	Taxes	  	 	106	  
	 Section 5.04.
	  	Financial Statements, Reports, etc.	  	 	107	  
	 Section 5.05.
	  	Litigation and Other Notices	  	 	109	  
	 Section 5.06.
	  	Compliance with Laws	  	 	109	  
	 Section 5.07.
	  	Maintaining Records; Access to Properties and Inspections	  	 	110	  
	 Section 5.08.
	  	Use of Proceeds	  	 	110	  
	 Section 5.09.
	  	Environmental Matters	  	 	110	  
	 Section 5.10.
	  	Further Assurances; Additional Security and Guarantees.	  	 	111	  
	 Section 5.11.
	  	Rating.	  	 	114	  
	 Section 5.12.
	  	Annual Insurance Report	  	 	114	  
	 Section 5.13.
	  	Approval and Authorization	  	 	114	  
	 Section 5.14.
	  	Concerning the Mortgaged Vessels	  	 	115	  
	 Section 5.15.
	  	Compliance with Maritime Conventions	  	 	116	  
	 Section 5.16.
	  	Valuations	  	 	116	  
		
	 Article VI Negative Covenants
	  	 	117	  
	 Section 6.01.
	  	Indebtedness	  	 	117	  
	 Section 6.02.
	  	Liens	  	 	121	  
	 Section 6.03.
	  	Sale and Lease-Back Transactions	  	 	122	  
	 Section 6.04.
	  	Investments, Loans and Advances	  	 	123	  
	 Section 6.05.
	  	Mergers, Consolidations, Sales of Assets and Acquisitions	  	 	127	  
	 Section 6.06.
	  	Dividends and Distributions	  	 	129	  
	 Section 6.07.
	  	Transactions with Affiliates	  	 	131	  
	 Section 6.08.
	  	Business of the Loan Parties and the Subsidiaries	  	 	133	  
	 Section 6.09.
	  	Limitation on Modifications of Indebtedness; Modifications of Certificate of Incorporation, By-Laws and Certain Other Agreements; etc.	  	 	134	  
	 Section 6.10.
	  	Swap Agreements	  	 	136	  

  
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	 Section 6.11.
	  	Fiscal Year; Accounting	  	 	136	  
	 Section 6.12.
	  	Loan-to-Value Ratio	  	 	137	  
	 Section 6.13.
	  	Free Liquidity	  	 	137	  
	 Section 6.14.
	  	Total Net Funded Debt to Total Capitalization	  	 	137	  
	 Section 6.15.
	  	EBITDA to Consolidated Debt Service	  	 	137	  
		
	 Article VII [RESERVED]
	  	 	137	  
		
	 Article VIII Events of Default
	  	 	137	  
	 Section 8.01.
	  	Events of Default	  	 	137	  
	 Section 8.02.
	  	Right to Cure	  	 	140	  
	 Section 8.03.
	  	Application of Proceeds	  	 	141	  
		
	 Article IX The Agents
	  	 	142	  
	 Section 9.01.
	  	Appointment	  	 	142	  
	 Section 9.02.
	  	Delegation of Duties	  	 	144	  
	 Section 9.03.
	  	Exculpatory Provisions	  	 	144	  
	 Section 9.04.
	  	Reliance by Administrative Agent	  	 	145	  
	 Section 9.05.
	  	Notice of Default	  	 	146	  
	 Section 9.06.
	  	Non-Reliance on Agents and Other Lenders	  	 	146	  
	 Section 9.07.
	  	Indemnification	  	 	146	  
	 Section 9.08.
	  	Agent in Its Individual Capacity	  	 	147	  
	 Section 9.09.
	  	Successor Administrative Agent	  	 	147	  
	 Section 9.10.
	  	Withholding Tax	  	 	148	  
	 Section 9.11.
	  	Agent and Arrangers	  	 	148	  
		
	 Article X Miscellaneous
	  	 	148	  
	 Section 10.01.
	  	Notices; Communications	  	 	148	  
	 Section 10.02.
	  	Survival of Agreement	  	 	150	  
	 Section 10.03.
	  	Binding Effect	  	 	150	  
	 Section 10.04.
	  	Successors and Assigns	  	 	151	  
	 Section 10.05.
	  	Expenses; Indemnity	  	 	157	  
	 Section 10.06.
	  	Right of Set-off	  	 	159	  
	 Section 10.07.
	  	Applicable Law	  	 	159	  
	 Section 10.08.
	  	Waivers; Amendment	  	 	159	  
	 Section 10.09.
	  	Entire Agreement	  	 	162	  
	 Section 10.10.
	  	No Liability of the Issuing Bank	  	 	162	  
	 Section 10.11.
	  	WAIVER OF JURY TRIAL.	  	 	163	  
	 Section 10.12.
	  	Severability	  	 	163	  
	 Section 10.13.
	  	Counterparts	  	 	163	  
	 Section 10.14.
	  	Headings	  	 	163	  
	 Section 10.15.
	  	Jurisdiction; Consent to Service of Process	  	 	163	  
	 Section 10.16.
	  	Confidentiality	  	 	164	  
	 Section 10.17.
	  	Platform; Borrower Materials	  	 	165	  
	 Section 10.18.
	  	Release of Liens and Guarantees	  	 	165	  
	 Section 10.19.
	  	Judgment Currency	  	 	166	  
	 Section 10.20.
	  	USA PATRIOT Act Notice	  	 	167	  
	 Section 10.21.
	  	Affiliate Lenders	  	 	167	  
	 Section 10.22.
	  	No Advisory or Fiduciary Responsibility	  	 	168	  

  
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 Exhibits and Schedules 

 

			
	 Exhibit A
	  	Form of Assignment and Acceptance
	 Exhibit B
	  	Form of Administrative Questionnaire
	 Exhibit C
	  	Form of Solvency Certificate
	 Exhibit D-1
	  	Form of Borrowing Request
	 Exhibit D-2
	  	Form of Swingline Borrowing Request
	 Exhibit E
	  	Form of Interest Election Request
	 Exhibit F
	  	Form of Guarantee and Collateral Agreement
	 Exhibit G
	  	Form of Deed of Covenants for Bahamian-Flagged Vessels
	 Exhibit H
	  	Form of Earnings Assignment
	 Exhibit I
	  	Form of Insurance Assignment
	 Exhibit J
	  	[reserved]
	 Exhibit K-1
	  	Form of First Lien Intercreditor Agreement
	 Exhibit K-2
	  	Form of Second Lien Intercreditor Agreement
	 Exhibit L
	  	Forms of Note
	 Exhibit M
	  	Form of Perfection Certificate
	 Exhibit N
	  	Form of Permitted Loan Purchase Assignment and Acceptance
	 Exhibits O-1 to O-4
	  	Forms of Tax Certificates
		
	 Schedule 1.01
	  	Immaterial Subsidiaries
	 Schedule 2.01
	  	Commitments
	 Schedule 3.01
	  	Organization and Good Standing
	 Schedule 3.04
	  	Governmental Approvals
	 Schedule 3.07(b)
	  	Possession under Leases
	 Schedule 3.07(c)
	  	Intellectual Property
	 Schedule 3.08(a)
	  	Subsidiaries
	 Schedule 3.08(b)
	  	Subscriptions
	 Schedule 3.17
	  	UCC Filing Jurisdictions
	 Schedule 3.20
	  	Insurance
	 Schedule 4.02(b)
	  	Local Counsel
	 Schedule 6.01
	  	Indebtedness
	 Schedule 6.02(a)
	  	Liens
	 Schedule 6.04
	  	Investments
	 Schedule 6.07
	  	Transactions with Affiliates
	 Schedule 6.09
	  	Contractual Encumbrances
	 Schedule 10.01
	  	Notice Information

  
 - ix -

 CREDIT AGREEMENT dated as of May 24, 2013 (this “Agreement”),
among NCL CORPORATION LTD., a Bermuda company (“NCL” or the “Borrower”), the LENDERS party hereto from time to time, DEUTSCHE BANK TRUST COMPANY AMERICAS, as administrative agent (in such capacity, the
“Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”), DNB BANK ASA and NORDEA BANK FINLAND PLC., NEW YORK BRANCH as co-syndication agents (in such capacity, the
“Co-Syndication Agents”), DEUTSCHE BANK SECURITIES INC., DNB BANK ASA, NORDEA BANK FINLAND PLC., NEW YORK BRANCH, BARCLAYS BANK PLC, CITIGROUP GLOBAL MARKETS INC., GOLDMAN SACHS BANK USA, J.P. MORGAN SECURITIES LLC, UBS SECURITIES
LLC, HSBC BANK PLC, SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) and KFW IPEX-BANK GMBH, as joint bookrunners (in such capacity, the “Joint Bookrunners”), BARCLAYS BANK PLC, CITIGROUP GLOBAL MARKETS INC., GOLDMAN SACHS BANK USA, J.P.
MORGAN SECURITIES LLC, UBS SECURITIES LLC, HSBC BANK PLC, SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) and KFW IPEX-BANK GMBH, as co-documentation agents (in such capacity, the “Co-Documentation Agents”), and DEUTSCHE BANK SECURITIES
INC., DNB BANK ASA and NORDEA BANK FINLAND PLC., NEW YORK BRANCH, as co-lead arrangers (in such capacity, the “Arrangers”). 
 WHEREAS, the Borrower has requested that the Lenders extend credit in the form of (a) Term Loans on the Closing Date, in an aggregate principal amount not to exceed $675,000,000, and
(b) Revolving Facility Loans and Letters of Credit, at any time and from time to time prior to the Revolving Facility Maturity Date, in an aggregate principal amount at any time outstanding not in excess of $625,000,000; 

NOW, THEREFORE, the Lenders are willing to extend such credit to the Borrower on the terms and subject to the conditions
set forth herein. 
 Accordingly, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 

Section 1.01. Defined Terms. As used in this Agreement, the following terms shall have the meanings specified below: 

“ABR” shall mean, for any day, a fluctuating rate per annum equal to the highest of (a) the Federal Funds Effective
Rate in effect for such day plus 1/2 of 1%, (b) the Prime Rate in effect on such day and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day)
plus 1%; provided that, for the avoidance of doubt, the LIBO Rate for any day shall be based on the rate determined on such day at approximately 11 a.m. (London time) by reference to the British Bankers’ Association Interest Settlement
Rates (or the successor thereto if the British Bankers’ Association is no longer making LIBO Rate available) for deposits in Dollars (as set forth by any service selected by the Administrative Agent that has been nominated by the British
Bankers’ Association (or such successor) as an authorized vendor for the purpose of displaying such 

 
rates). Any change in such rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such
change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, as the case may be. 
 “ABR
Borrowing” shall mean a Borrowing comprised of ABR Loans. 
 “ABR Loan” shall mean any ABR Term Loan,
ABR Revolving Loan or Swingline Loan. 
 “ABR Revolving Facility Borrowing” shall mean a Borrowing comprised of
ABR Revolving Loans. 
 “ABR Revolving Loan” shall mean any Revolving Facility Loan bearing interest at a rate
determined by reference to the ABR in accordance with the provisions of Article II. 
 “ABR Term Loan”
shall mean any Term Loan bearing interest at a rate determined by reference to the ABR in accordance with the provisions of Article II. 
 “Additional Subsidiary Guarantor” shall mean any Material Subsidiary that the Borrower has proposed and the Required Lenders have accepted as an Additional Subsidiary Guarantor.

 “Additional Subsidiary Guarantor Accession Supplement” shall mean a supplement to the Collateral Agreement
substantially in the form attached thereto. 
 “Adjusted LIBO Rate” shall mean, with respect to any
Eurocurrency Borrowing for any Interest Period, an interest rate per annum equal to (a) the LIBO Rate in effect for such Interest Period divided by (b) one minus the Statutory Reserves applicable to such Eurocurrency Borrowing, if any.

 “Adjustment Date” shall have the meaning assigned to such term in the definition of “Pricing
Grid.” 
 “Administrative Agent” shall have the meaning assigned to such term in the introductory
paragraph of this Agreement. 
 “Administrative Agent Fees” shall have the meaning assigned to such term in
Section 2.12(c). 
 “Administrative Questionnaire” shall mean an Administrative Questionnaire in the form
of Exhibit B or such other form supplied by the Administrative Agent. 
 “Affiliate” shall mean,
when used with respect to a specified person, another person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the person specified. 

“Affiliate Lender” shall have the meaning assigned to such term in Section 10.21(a). 

“Agents” shall mean the Administrative Agent and the Collateral Agent. 

  
 - 2 -

 “Agreement” shall have the meaning assigned to such term in the
introductory paragraph of this Agreement. 
 “Agreement Currency” shall have the meaning assigned to such term
in Section 10.19. 
 “All-in Yield” shall mean, as to any Indebtedness, the yield thereon as reasonably
determined by the Administrative Agent, whether in the form of interest rate, margin, original issue discount, up-front fees, rate floors or otherwise; provided that original issue discount and up-front fees shall be equated to interest rate
assuming a 4-year life to maturity (or, if less, the life of such Indebtedness); and provided further that “All-in Yield” shall not include arrangement, underwriting, structuring or similar fees paid to arrangers for
such Indebtedness and customary consent fees for an amendment paid generally to consenting Lenders. 
 “Amended Tax
Agreements” shall have the meaning assigned to such term in Section 6.06(b). 
 “Applicable Commitment
Fee” shall mean for any period prior to the first Adjustment Date, a fee equal to 40% of the Applicable Margin and thereafter, the Applicable Commitment Fee as determined pursuant to the Pricing Grid or, with respect to the Other Revolving
Facility Commitments, Replacement Revolving Facility Commitment, or Incremental Revolving Facility Commitments, the “Applicable Commitment Fee” set forth in the applicable Incremental Assumption Agreement. 

“Applicable Margin” shall mean for any day (i) with respect to any Term A Loan or any Revolving Facility Loan for
any period prior to the first Adjustment Date, 2.25% per annum in the case of any Eurocurrency Loan and 1.25% per annum in the case of any ABR Loan and thereafter, the applicable rate determined pursuant to the Pricing Grid, (ii) with
respect to any Other Incremental Term Loan or Other Incremental Revolving Loan, the “Applicable Margin” set forth in the Incremental Assumption Agreement relating thereto, and (iii) with respect to any Refinancing Term Loan or Other
Revolving Loan, the “Applicable Margin” set forth in the Incremental Assumption Agreement relating thereto. 

“Applicable Ship Percentage” shall mean the fair market value of the applicable Mortgaged Vessel divided by the fair
market value of all the Mortgaged Vessels (in each case based on the most recent Valuation). 
 “Approved
Broker” shall mean Brax Shipping AS; Jacq. Pierot Jr. & Sons, Inc., New York; Barry Rogliano Salles S.A., Paris; Clarksons, London; R.S. Platou Shipbrokers, A.S., Oslo; Rocca & Partners S.R.L., Genova; Fearnsale, a
division of Astrup Fearnley AS, Oslo; any affiliate of the foregoing; or any other independent sale and purchase ship brokerage firm nominated by the Borrower and approved by the Administrative Agent (such approval not to be withheld unreasonably).

 “Approved Fund” shall have the meaning assigned to such term in Section 10.04(b)(ii). 

“Approved Insurance Evaluator” shall mean (a) BankAssure, a division of Aon Corporation, or (b) any other firm
of established and reputable independent marine insurance brokers or other professional advisors on insurance matters appointed by the Borrower and 

  
 - 3 -

 
approved by the Administrative Agent (such approval not to be withheld unreasonably), which other firm has not placed or otherwise acted on behalf of any of the Loan Parties in connection with
any of the insurances to be covered within any insurance report required under Section 5.12. 
 “Approved
Manager” shall mean NCL (Bahamas) Ltd. d/b/a NCL, a company incorporated in and existing under the laws of Bermuda, or one or more affiliates of the Borrower, or any other company approved by the Administrative Agent (such approval not to
be withheld unreasonably) from time to time as the technical manager of one or more of the Mortgaged Vessels. 

“Arranger” shall have the meaning assigned to such term in the introductory paragraph of this Agreement. 

“ASC” shall mean the Accounting Standards Codification of the Financial Accounting Standards Board. 

“Asset Sale” shall mean any loss, damage, destruction or condemnation of, or any sale, transfer or other disposition
(including any sale and lease-back of assets and any mortgage or lease of Real Property) to any person of any asset or assets of the Borrower or any Subsidiary Guarantor. 
 “Assignee” shall have the meaning assigned to such term in Section 10.04(b)(i). 
 “Assignment and Acceptance” shall mean an assignment and acceptance entered into by a Lender and an Assignee, and accepted by the Administrative Agent and the Borrower (if required by
Section 10.04), in the form of Exhibit A or such other form as shall be approved by the Administrative Agent. 

“Assignment Taxes” shall have the meaning given such term in the definition of the term “Other Taxes.”

 “Assignor” shall have the meaning assigned to such term in Section 10.04(b)(i). 

“Availability Period” shall mean, with respect to any Class of Revolving Facility Commitments, the period from and
including the Closing Date (or, if later, the effective date for such Class of Revolving Facility Commitments) to but excluding the earlier of the Revolving Facility Maturity Date for such Class and, in the case of each of the Revolving Facility
Loans, Revolving Facility Borrowings, Swingline Loans, Swingline Borrowings and Letters of Credit, the date of termination of the Revolving Facility Commitments of such Class. 
 “Available Unused Commitment” shall mean, with respect to a Revolving Facility Lender under any Class of Revolving Facility Commitments at any time, an amount equal to the amount by which
(a) the applicable Revolving Facility Commitment of such Revolving Facility Lender at such time exceeds (b) the applicable Revolving Facility Credit Exposure of such Revolving Facility Lender at such time; provided, that with
respect to any Swingline Lender, the Available Unused Commitment at any time shall be reduced by the principal amount of any Swingline Loans made by such Lender outstanding at such time. 

  
 - 4 -

 “Bahamas” shall mean the Commonwealth of The Bahamas. 

“Below Threshold Asset Sale Proceeds” shall have the meaning assigned to such term in the definition of the term
“Cumulative Credit”. 
 “Board” shall mean the Board of Governors of the Federal Reserve System of
the United States of America. 
 “Borrower” shall have the meaning assigned to such term in the introductory
paragraph of this Agreement. 
 “Borrower Materials” shall have the meaning assigned to such term in
Section 10.17. 
 “Borrowing” shall mean a group of Loans of a single Type under a single Facility, and
made on a single date and, in the case of Eurocurrency Loans, as to which a single Interest Period is in effect. 

“Borrowing Minimum” shall mean $3,000,000. 
 “Borrowing Multiple” shall mean $1,000,000. 
 “Borrowing
Request” shall mean a request by the Borrower, in accordance with the terms of Section 2.03 and substantially in the form of Exhibit D-1. 
 “Budget” shall have the meaning assigned to such term in Section 5.04(e). 
 “Business Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York City, Oslo and Frankfurt are authorized or required by law to remain
closed; provided, that when used in connection with a Eurocurrency Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in deposits in Dollars in the London interbank market. 

“Capital Lease Obligations” of any person shall mean the obligations of such person to pay rent or other amounts under
any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such person under GAAP and,
for purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 
 “Cash Collateralize” shall mean to pledge and deposit with or deliver to the Collateral Agent, for the benefit of one or more of the Issuing Banks or Lenders, as collateral for Revolving
L/C Exposure or obligations of the Lenders to fund participations in respect of Revolving L/C Exposure, cash or deposit account balances or, if the Collateral Agent and each Issuing Bank shall agree in their sole discretion, other credit support, in
each case pursuant to documentation in form and substance satisfactory to the Collateral Agent and each applicable Issuing Bank. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such
cash collateral and other credit support. 

  
 - 5 -

 “Cash Interest Expense” shall mean, with respect to the Borrower and the
Subsidiaries on a consolidated basis for any period, Interest Expense for such period, less the sum of, without duplication, (a) pay in kind Interest Expense or other non-cash Interest Expense (including as a result of the effects of purchase
accounting), (b) to the extent included in Interest Expense, the amortization of any financing fees paid by, or on behalf of, the Borrower or any Subsidiary, including such fees paid in connection with the Transactions, (c) the
amortization of debt discounts, if any, or fees in respect of Swap Agreements and (d) cash interest income of the Borrower and the Subsidiaries for such period; provided, that Cash Interest Expense shall exclude any one time financing
fees, including those paid in connection with the Transactions, or any amendment of this Agreement. 
 A “Change in
Control” shall be deemed to occur if: 
 (a) (i) a majority of the seats (other than vacant seats) on the board of
directors of the Borrower shall at any time be occupied by persons who were neither (A) nominated by the board of directors of the Borrower or a Permitted Holder, (B) appointed by directors so nominated nor (C) appointed by a
Permitted Holder or (ii) a “change of control” (or similar event) shall occur under any Permitted Ratio Debt, a Senior Unsecured Notes Indenture or any Permitted Refinancing Indebtedness in respect of any of the foregoing or any
Disqualified Stock; 
 (b) any person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act
as in effect on the Closing Date), other than any combination of the Permitted Holders or any “group” including any Permitted Holders, shall have acquired beneficial ownership of 35% or more on a fully diluted basis of the voting interest
in the Borrower’s Equity Interests and the Permitted Holders shall own, directly or indirectly, less than such person or “group” on a fully diluted basis of the voting interest in the Borrower’s Equity Interests; or 

(c) a “Change of Control” occurs, as such term is defined under the Senior Unsecured Notes Indentures. 

“Change in Law” shall mean (a) the adoption of any law, rule or regulation after the Closing Date, (b) any
change in law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender or Issuing Bank (or, for purposes of Section 2.15(b), by any lending
office of such Lender or by such Lender’s or Issuing Bank’s holding company, if any) with any written request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Closing
Date; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and
(y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law,” regardless of the date enacted, adopted or issued. 
 “Charges” shall have the meaning assigned to such term in Section 10.08. 

  
 - 6 -

 “Class” shall mean (a) when used in respect of any Loan or Borrowing,
whether such Loan or the Loans comprising such Borrowing are Term A Loans, Refinancing Term Loans, Other Incremental Term Loans, Revolving Facility Loans, Other Revolving Loans or Other Incremental Revolving Loans and (b) when used in respect
of any Commitment, whether such Commitment is a Revolving Facility Commitment, a Replacement Revolving Facility Commitment, an Other Revolving Facility Commitment, an Other Incremental Revolving Loan Commitment, or an Incremental Term Loan
Commitment. 
 “Classification Society” shall mean, in respect of any Mortgaged Vessel, Bureau Veritas, the
American Bureau of Shipping, Lloyd’s Register of Shipping, Det norske Veritas, or such other classification society that is a member of the International Association of Classification Societies (IACS) as selected by the Borrower that is
reasonably acceptable to the Administrative Agent. 
 “Closing Date” shall mean May 24, 2013. 

“Co-Documentation Agents” shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

 “Co-Syndication Agents” shall have the meaning assigned to such term in the introductory paragraph of this
Agreement. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Collateral” shall mean all the “Collateral” as defined in any Security Document and shall also include the
Mortgaged Vessels and all other property that is subject or purported to be subject to any Lien in favor of the Administrative Agent, the Collateral Agent or any Subagent for the benefit of the Secured Parties pursuant to any Security Documents.

 “Collateral Agent” shall mean the Administrative Agent acting as collateral agent for the Secured Parties.

 “Collateral Agent Fees” shall have the meaning assigned to such term in Section 2.12(c). 

“Collateral Agreement” shall mean the Guarantee and Collateral Agreement, as amended, restated, supplemented or
otherwise modified from time to time, substantially in the form of Exhibit F, among the Subsidiary Guarantors and the Collateral Agent. 
 “Collateral and Guarantee Requirement” shall mean the requirement that: 
 (a) on the Closing Date, the Collateral Agent shall have received a counterpart of the Collateral Agreement duly executed and delivered on behalf of each of the Subsidiary Guarantors and the Perfection
Certificate duly executed and delivered on behalf of each Loan Party; 
 (b) on the Closing Date, the Collateral Agent shall
have received (i) each Subsidiary Guarantor Pledge Agreement duly executed and delivered by each holder of Equity Interests of the applicable Subsidiary Guarantor(s) (and, if required under the applicable governing law, the

  
 - 7 -

 
applicable Subsidiary Guarantor(s)), effecting pledges of all the issued and outstanding Equity Interests of the Subsidiary Guarantors, together with (ii) all certificates or other
instruments (if any) representing such Equity Interests, together with stock powers or other instruments of transfer (if applicable under the applicable governing law) with respect thereto endorsed in blank; 

(c) on the Closing Date, the Collateral Agent shall have received all Instruments (as defined in the Collateral Agreement) that are held
by a Loan Party and required to be pledged pursuant to the applicable Security Document, together with instruments of transfer with respect thereto endorsed in blank; 
 (d) on the Closing Date, except as otherwise contemplated by any Security Document, all documents and instruments, including Uniform Commercial Code financing statements, filings with the United States
Patent and Trademark Office and United States Copyright Office and similar filings, instruments and registrations in any applicable jurisdiction, and all other actions required by law or reasonably requested by the Collateral Agent to be taken,
filed, registered or recorded to create the Liens intended to be created by the Security Documents (in each case, including any supplements thereto) and perfect such Liens to the extent required by, and with the priority required by, the Security
Documents, shall have been taken, filed, registered or recorded or delivered to the Collateral Agent for filing, registration or the recording concurrently with, or promptly following, the execution and delivery of each such Security Document;

 (e) except as otherwise contemplated by any Security Document, each Loan Party shall have obtained all consents and approvals
required to be obtained by it in connection with (i) the execution and delivery of all Security Documents (or supplements thereto) to which it is a party and the granting by it of the Liens thereunder and (ii) the performance of its
obligations thereunder; 
 (f) on the Closing Date, the Collateral Agent shall have received (i) counterparts of each
Vessel Mortgage and Deed of Covenants to be entered into with respect to each Mortgaged Vessel duly executed and delivered by the registered owner of such Mortgaged Vessel and suitable for registration, recording or filing and (ii) such other
documents, including any consents, agreements and confirmations of third parties, as may be required under such Vessel Mortgage, Deed of Covenants or otherwise as the Collateral Agent may reasonably request with respect to any such Vessel Mortgage,
Deed of Covenants or Mortgaged Vessel; 
 (g) on the Closing Date, the Collateral Agent shall have received
(i) counterparts of each Earnings Assignment to be entered into with respect to each Mortgaged Vessel duly executed and delivered by the applicable Subsidiary Guarantor and (ii) such other documents, including any consents, agreements and
confirmations of third parties, as may be required under such Earnings Assignment or otherwise as the Collateral Agent may reasonably request with respect to any such Earnings Assignment; 

(h) on the Closing Date, the Collateral Agent shall have received (i) counterparts of (x) each Insurance Assignment to be
entered into with respect to each Mortgaged Vessel duly executed and delivered by the applicable Subsidiary Guarantor and (y) the Insurance Assignment 

  
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to be entered into with respect to all of the Mortgaged Vessels duly executed and delivered by the Borrower and (ii) such other documents, including any consents, agreements and
confirmations of third parties, as may be required under such Insurance Assignment or otherwise as the Collateral Agent may reasonably request with respect to any such Insurance Assignment; 

(i) in the case of any person that becomes an Additional Subsidiary Guarantor after the Closing Date, (i) the Administrative Agent
and the Collateral Agent shall have received an Additional Subsidiary Guarantor Accession Supplement duly executed on behalf of such Additional Subsidiary Guarantor and the Borrower and the other documents required by Section 5.10(c), and
(ii) all the issued and outstanding Equity Interests of such Additional Subsidiary Guarantor shall have been pledged pursuant to the Collateral Agreement, an existing Subsidiary Guarantor Pledge Agreement or an additional Subsidiary Guarantor
Pledge Agreement, as applicable, and the Collateral Agent shall have received all certificates or other instruments (if any) representing such Equity Interests, together with stock powers or other instruments of transfer (if applicable under the
applicable governing law) with respect thereto endorsed in blank; 
 (j) after the Closing Date, (i) all the Equity
Interests of each Subsidiary Guarantor issued after the Closing Date shall have been pledged pursuant to the applicable Subsidiary Guarantor Pledge Agreement, and (ii) all other Equity Interests of any other Subsidiary that are acquired by a
Subsidiary Guarantor after the Closing Date shall have been pledged pursuant to the Collateral Agreement, and the Collateral Agent shall have received all certificates or other instruments (if any) representing such Equity Interests, together with
stock powers or other instruments of transfer (if applicable under the applicable governing law) with respect thereto endorsed in blank; and 
 (k) after the Closing Date, the Administrative Agent or the Collateral Agent (as applicable) shall have received (i) such other Security Documents as may be required to be delivered pursuant to
Section 5.10, and (ii) upon reasonable request by the Administrative Agent or the Collateral Agent (as applicable), evidence of compliance with any other requirements of Section 5.10. 

“Commitment Fee” shall have the meaning assigned to such term in Section 2.12(a). 

“Commitments” shall mean (a) with respect to any Lender, such Lender’s Revolving Facility Commitment
(including any Incremental Revolving Facility Commitment, Replacement Revolving Facility Commitment, and Other Revolving Facility Commitment), Term A Loan Commitment, Incremental Term Loan Commitment, and (b) with respect to any Swingline
Lender, its Swingline Commitment. 
 “Conduit Lender” shall mean any special purpose corporation organized and
administered by any Lender for the purpose of making Loans otherwise required to be made by such Lender and designated by such Lender in a written instrument; provided, that the designation by any Lender of a Conduit Lender shall not relieve
the designating Lender of any of its obligations to fund a Loan under this Agreement if, for any reason, its Conduit Lender fails to fund any such Loan, and the designating Lender (and not the Conduit Lender) shall have the sole right and
responsibility to deliver all consents and waivers required or requested under this 

  
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Agreement with respect to its Conduit Lender; provided, further, that no Conduit Lender shall (a) be entitled to receive any greater amount pursuant to Sections 2.15,
2.16, 2.17 or 10.05 than the designating Lender would have been entitled to receive in respect of the extensions of credit made by such Conduit Lender, unless the grant of the Loan to such Conduit Lender is made with the Borrower’s prior
written consent (not to be unreasonably withheld or delayed) or (b) be deemed to have any Commitment. 

“Consolidated Debt” at any date shall mean the sum of (without duplication) all Indebtedness (other than letters of
credit, to the extent undrawn) consisting of Capital Lease Obligations, Indebtedness for borrowed money, Disqualified Stock and Indebtedness in respect of the deferred purchase price of property or services of the Borrower and the Subsidiaries
determined on a consolidated basis on such date in accordance with GAAP. 
 “Consolidated Debt Service” shall
mean, with respect to the Borrower and the Subsidiaries on a consolidated basis for any period, Cash Interest Expense for such period plus scheduled principal amortization of Consolidated Debt for such period (it being understood that scheduled
principal amortization does not include balloon payments (for purposes of this definition, “balloon payments” shall not include any scheduled repayment installment of such Indebtedness for borrowed money which forms part of the balloon) or
any prepayments). 
 “Consolidated Net Income” shall mean, with respect to any person for any period, the
aggregate of the Net Income of such person and its subsidiaries for such period, on a consolidated basis; provided, however, that, without duplication: 
 (a) any net after tax extraordinary, nonrecurring or unusual gains or losses or income or expense or charge (less all fees and expenses relating thereto) including, without limitation, any severance,
relocation or other restructuring expenses, and fees, expenses or charges related to any offering of Equity Interests, any Investment, acquisition or Indebtedness permitted to be incurred hereunder (in each case, whether or not successful),
including any such fees, expenses or charges related to the Transactions, in each case, shall be excluded, 
 (b) any net
after-tax income or loss from discontinued operations and any net after-tax gain or loss on disposal of discontinued operations shall be excluded, 
 (c) any net after-tax gain or loss (less all fees and expenses or charges relating thereto) attributable to business dispositions or asset dispositions other than in the ordinary course of business (as
determined in good faith by the board of directors of the Borrower) shall be excluded, 
 (d) any net after-tax income or loss
(less all fees and expenses or charges relating thereto) attributable to the early extinguishment of indebtedness shall be excluded, 
 (e) (i) the Net Income for such period of any person that is not a subsidiary of such person, or is an Unrestricted Subsidiary or that is accounted for by the equity method of accounting, shall be
included only to the extent of the amount of dividends or distributions or other payments paid in cash (or to the extent converted into cash) to the referent person or a subsidiary thereof in respect of such period and (ii) the Net Income for
such period shall include any ordinary course dividend, distribution or other payment in cash received from any person in excess of the amounts included in clause (i), 

  
 - 10 -

 (f) Consolidated Net Income for such period shall not include the cumulative effect of a
change in accounting principles during such period, 
 (g) any increase in amortization or depreciation or any non-cash charges
or increases or reductions in Net Income resulting from purchase accounting in connection with the Transactions or any acquisition that is consummated on or after the Closing Date shall be excluded, 

(h) any non-cash impairment charges resulting from the application of ASC 350 and ASC 360, and the amortization of intangibles and other
fair value adjustments arising pursuant to ASC 805, shall be excluded, 
 (i) any non-cash expenses realized or resulting from
employee benefit plans or post-employment benefit plans, grants of stock appreciation or similar rights, stock options, restricted stock grants or other rights to officers, directors and employees of such person or any of its subsidiaries shall be
excluded, 
 (j) accruals and reserves that are established within twelve months after the Closing Date and that are so required
to be established in accordance with GAAP shall be excluded; provided that to the extent (i) any such accrual or reserve is later reduced or eliminated or (ii) any cash expenditure is later incurred with respect to such accrual or
reserve, then in each case a corresponding amount shall be included in Consolidated Net Income in the same period, 
 (k)
non-cash gains, losses, income and expenses resulting from fair value accounting required by ASC 815 shall be excluded, 
 (l)
any gain, loss, income, expense or charge resulting from the application of last in first out accounting shall be excluded, 

(m) currency translation gains and losses related to currency re-measurements of Indebtedness, and any net loss or gain resulting from
Swap Agreements for currency exchange risk, shall be excluded, 
 (n) to the extent covered by insurance and actually
reimbursed, or, so long as such person has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (i) not denied by the applicable carrier
in writing within 180 days and (ii) in fact reimbursed within 365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with respect to
liability or casualty events or business interruption shall be excluded; provided that any proceeds of such reimbursement when received shall be excluded from the calculation of Consolidated Net Income to the extent the expense reimbursed was
previously excluded pursuant to this clause (n), and 
 (o) non-cash charges for deferred tax asset valuation allowances
shall be excluded. 

  
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 “Consolidated Total Assets” shall mean, as of any date, the total assets of
the Borrower and the Subsidiaries, determined on a consolidated basis in accordance with GAAP, as set forth on the consolidated balance sheet of the Borrower as of such date. 
 “Control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person, whether through the ownership of
voting securities, by contract or otherwise, and “Controlling” and “Controlled” shall have meanings correlative thereto. 
 “Control Agreement” shall have the meaning assigned to such term in the Collateral Agreement. 
 “Credit Event” shall have the meaning assigned to such term in Article IV. 
 “Cumulative Credit” shall mean, at any date, an amount, not less than zero in the aggregate, determined on a cumulative basis equal to, without duplication: 

(a) $[*], plus: 
 (b) an amount (which amount shall not be less than zero) equal to [*]% of the Consolidated Net Income of the Borrower for the period (taken as one accounting period) from June 30, 2009 to the end of
the Borrower’s most recently ended fiscal quarter for which internal financial statements are available at such date, plus  
 (c) the aggregate amount of proceeds received after the Closing Date and prior to such time that would have constituted Net Proceeds pursuant to clause (a) of the definition thereof except for the
operation of clause (x) or (y) of the second proviso thereof (the “Below Threshold Asset Sale Proceeds”), plus 
 (d) the cumulative amount of proceeds (including cash and the fair market value of property other than cash) from the sale of Equity Interests of a Parent Entity after the Closing Date and on or prior to
such time (including upon exercise of warrants or options) which proceeds have been contributed as common equity to the capital of the Borrower and common Equity Interests of the Borrower issued upon conversion of Indebtedness (other than
Indebtedness that is contractually subordinated to the Obligations) of the Borrower or any Subsidiary owed to a person other than the Borrower or a Subsidiary not previously applied for a purpose other than use in the Cumulative Credit;
provided, that this clause (d) shall exclude Permitted Cure Securities and the proceeds thereof, sales of Equity Interests financed as contemplated by Section 6.04(d) and any amounts used to finance the payments or distributions in
respect of any Junior Financing pursuant to Section 6.09(b), plus 
 (e) [*]% of the aggregate amount of
contributions to the common capital of the Borrower received in cash (and the fair market value of property other than cash) after the Closing Date (subject to the same exclusions as are applicable to clause (d) above); provided, that
the Borrower and the Subsidiaries shall be in Pro Forma Compliance, plus 
 (f) the principal amount of any Indebtedness
(including the liquidation preference or maximum fixed repurchase price, as the case may be, of any Disqualified Stock) of the Borrower 

  
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or any Subsidiary thereof issued after the Closing Date (other than Indebtedness issued to a Subsidiary), which has been converted into or exchanged for Equity Interests (other than Disqualified
Stock) in any Parent Entity, plus 
 (g) [*]% of the aggregate amount received by the Borrower or any Subsidiary in cash
(and the fair market value of property other than cash received by the Borrower or any Subsidiary) after the Closing Date from: 

(A) the sale (other than to the Borrower or any Subsidiary) of the Equity Interests of an Unrestricted Subsidiary, or 

(B) any dividend or other distribution by an Unrestricted Subsidiary, plus 

(h) in the event any Unrestricted Subsidiary has been redesignated as a Subsidiary or has been merged, consolidated or amalgamated with
or into, or transfers or conveys its assets to, or is liquidated into, the Borrower or any Subsidiary, the fair market value of the Investments of the Borrower or any Subsidiary in such Unrestricted Subsidiary at the time of such redesignation,
combination or transfer (or of the assets transferred or conveyed, as applicable), plus 
 (i) an amount equal to any
returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received by the Borrower or any Subsidiary in respect of any Investments made pursuant to
Section 6.04(i), minus  
 (j) any amounts thereof used to make Investments pursuant to Section 6.04(a)(y)
after the Closing Date prior to such time, minus  
 (k) any amounts thereof used to make Investments pursuant to
Section 6.04(i) after the Closing Date prior to such time, minus  
 (l) the cumulative amount of dividends paid and
distributions made pursuant to Section 6.06(e) prior to such time, minus  
 (m) payments or distributions in
respect of Junior Financings pursuant to Section 6.09(b)(i) (other than payments made with proceeds from the issuance of Equity Interests that were excluded from the calculation of the Cumulative Credit pursuant to clause (d) above);

 provided, however, for purposes of Section 6.06(e), the calculation of the Cumulative Credit shall not
include any Below Threshold Asset Sale Proceeds except to the extent they are used as contemplated in clauses (j) and (k) above. 
 “Cure Collateral Fair Market Value” shall mean, when determining the value to be ascribed to any property added as Collateral pursuant to Section 8.02(a), (a) for any cash or
Permitted Investments added as Collateral pursuant to Section 8.02(a), the Dollar Equivalent thereof as of any date of determination or (b) for any other property added as Collateral pursuant to Section 8.02(a), the Administrative
Agent’s determination (in its reasonable judgment) of the price at which a willing buyer would purchase, were it to purchase, such other property in an arm’s-length transaction for all cash consideration on the date such property is added
as Collateral pursuant to Section 8.02(a). 

  
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 “Cure Amount” shall have the meaning assigned to such term in
Section 8.02(c). 
 “Cure Right” shall have the meaning assigned to such term in Section 8.02(c).

 “Debtor Relief Laws” shall mean the Bankruptcy Code of the United States of America, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to
time in effect. 
 “Declined Proceeds” shall have the meaning assigned to such term in
Section 2.10(c)(ii). 
 “Declining Lender” shall have the meaning assigned to such term in
Section 2.10(c)(ii). 
 “Deed of Covenants” shall mean each deed of covenants collateral to a Vessel
Mortgage, each substantially in the form of Exhibit G or otherwise reasonably satisfactory to the Administrative Agent. 
 “Default” shall mean any event or condition that upon notice, lapse of time or both would constitute an Event of Default. 

“Defaulting Lender” shall mean, subject to Section 2.22, any Lender that (a) has failed to (i) fund all
or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s
determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the
Administrative Agent, any Issuing Bank, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two Business Days of the
date when due, (b) has notified the Borrower, the Administrative Agent or any Issuing Bank or Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect
(unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent,
together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to
confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon
receipt of such written confirmation by the Administrative Agent and the Borrower) or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law or (ii) had
appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance
Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender 

  
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shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental
Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such
Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses
(a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.22) as of the date established therefor by the Administrative Agent in a
written notice of such determination, which shall be delivered by the Administrative Agent to the Borrower, each Issuing Bank, the Swingline Lender and each Lender promptly following such determination. 

“Disqualified Stock” shall mean, with respect to any person, any Equity Interest of such person that, by its terms (or
by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition, (a) matures or is mandatorily redeemable (other than solely for Qualified
Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be
subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable and the termination of the Commitments), (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity
Interests), in whole or in part, (c) provides for the scheduled payments of dividends in cash or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Stock, in
each case, prior to the date that is ninety-one (91) days after the Latest Maturity Date; provided, however, that only the portion of the Equity Interests that so mature or are mandatorily redeemable, are so convertible or
exchangeable or are so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock; provided, further, however, that if such Equity Interest is issued to any employee or to any plan
for the benefit of employees of the Borrower or the Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Stock solely because they may be required to be repurchased by the Borrower or any
Subsidiary in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability; provided further, however, that, with respect to clause (d) above, Equity Interests
constituting Qualified Equity Interests when issued shall not cease to constitute Qualified Equity Interests as a result of the subsequent extension of the Latest Maturity Date. 

“Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and
(b) with respect to any amount denominated in any currency other than Dollars, the equivalent amount thereof in Dollars as determined by the Administrative Agent at such time on the basis of the Spot Rate (determined in respect of the
applicable date of determination) for the purchase of Dollars with such currency. 
 “Dollars” or
“$” shall mean the lawful currency of the United States of America. 

  
 - 15 -

 “Earnings Assignments” shall mean, collectively, each of the first priority
collateral assignments of earnings entered into by each Subsidiary Guarantor in favor of the Collateral Agent in respect of a Mortgaged Vessel, each in substantially the form of Exhibit H or otherwise reasonably satisfactory to the
Administrative Agent. 
 “EBITDA” shall mean, with respect to Borrower and the Subsidiaries on a consolidated
basis for any period, the Consolidated Net Income of the Borrower and the Subsidiaries for such period plus (a) the sum of (in each case without duplication and to the extent the respective amounts described in subclauses
(i) through (vi) of this clause (a) reduced such Consolidated Net Income (and were not excluded therefrom) for the respective period for which EBITDA is being determined): 

(i) provision for Taxes (including without duplication, Tax distributions) based on income, profits or capital of the Borrower and the
Subsidiaries for such period, including, without limitation, state, franchise and similar taxes, 
 (ii) Interest Expense (and to
the extent not included in Interest Expense, (x) all cash dividend payments (excluding items eliminated in consolidation) on any series of preferred stock or Disqualified Stock and (y) costs of surety bonds in connection with financing
activities) of the Borrower and the Subsidiaries for such period (net of interest income of the Borrower and the Subsidiaries for such period), 
 (iii) depreciation and amortization expenses of the Borrower and the Subsidiaries for such period, 
 (iv) business optimization expenses and other restructuring charges (which, for the avoidance of doubt, shall include, without limitation, the effect of optimization programs, facility closures,
retention, severance, systems establishment costs and excess pension charges); provided that with respect to each business optimization expense or other restructuring charge, the Borrower shall have delivered to the Administrative Agent an
officers’ certificate specifying and quantifying such expense or charge, 
 (v) any other non-cash charges; provided
that, for purposes of this subclause (v) of this clause (a), any non-cash charges or losses shall be treated as cash charges or losses in any subsequent period during which cash disbursements attributable thereto are made, 

(vi) the amount of management, consulting, monitoring, transaction and advisory fees and related expenses paid to any Affiliate (or any
accruals related to such fees and related expenses) during such period not in contravention of this Agreement, and 
 minus (b) the
sum of (without duplication and to the extent the amounts described in this clause (b) increased such Consolidated Net Income for the respective period for which EBITDA is being determined) non-cash items increasing Consolidated Net Income of
the Borrower and the Subsidiaries for such period (but excluding any such items (i) in respect of which cash was received in a prior period or will be received in a future period or (ii) which represent the reversal of any accrual of, or
cash reserve for, anticipated cash charges in any prior period). 

  
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 “environment” shall mean ambient and indoor air, surface water and
groundwater (including potable water, navigable water and wetlands), the land surface or subsurface strata, natural resources such as flora and fauna, the workplace or as otherwise defined in any Environmental Law. 

“Environmental Claim” shall mean any and all actions, suits, orders, demands, directives, claims, liens, request for
information, investigations, proceedings or notices of noncompliance or violation by or from any person alleging liability of whatever kind or nature arising out of, based on or resulting from (i) the presence or Release of, or exposure to, any
Hazardous Materials at any location; or (ii) circumstances forming the basis of any violation, or alleged violation, of any Environmental Law (including any matters related to compliance with OPA 90). 

“Environmental Law” shall mean any applicable law, regulation, rule or ordinance, order, decree, judgment, injunction,
or other legally binding requirement or agreement issued, promulgated or entered into by any Governmental Authority, relating to pollution or protection of the environment, or health and safety, including laws relating to Releases or threatened
Releases of Hazardous Materials into the environment or otherwise relating to Hazardous Materials. 
 “Environmental
Liability” shall mean any loss or liability (including any liability for damages, costs of remediation, fines, penalties or indemnities), of any Loan Party directly or indirectly resulting from or based on: (a) any actual or alleged
violation of any Environmental Law; (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Material; (c) exposure to any Hazardous Material; (d) any actual or alleged Release or threatened
Release of any Hazardous Material; or (e) any Environmental Claim that relates to or is based upon the operation of any Mortgaged Vessel, including Environmental Claims based on indemnities or other contractual undertakings. 

“Environmental Permits” shall have the meaning assigned to such term in Section 3.16. 

“Equity Holder” shall mean NCL International, Ltd. a company incorporated in and existing under the laws of Bermuda.

 “Equity Interests” of any person shall mean any and all shares, interests, rights to purchase or otherwise
acquire, warrants, options, participations or other equivalents of or interests in (however designated) equity or ownership of such person, including any preferred stock, any limited or general partnership interest and any limited liability company
membership interest, and any securities or other rights or interests convertible into or exchangeable for any of the foregoing. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as the same may be amended from time to time and
any final regulations promulgated and the rulings issued thereunder. 
 “ERISA Affiliate” shall mean any trade
or business (whether or not incorporated) that, together with any Loan Party or a Subsidiary, is treated as a single employer under Section 414(b) or (c) of the Code, or, solely for purposes of Section 302 of ERISA and
Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 

  
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 “ERISA Event” shall mean (a) any Reportable Event or the requirements
of Section 4043(b) of ERISA apply with respect to a Plan; (b) with respect to any Plan, the failure to satisfy the minimum funding standard under Section 412 of the Code or Section 302 of ERISA, whether or not waived;
(c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan, the failure to make by its due date a required installment under
Section 430(j) of the Code with respect to any Plan or the failure to make any required contribution to a Multiemployer Plan; (d) the incurrence by a Borrower, any Subsidiary or any ERISA Affiliate of any liability under Title IV of
ERISA with respect to the termination of any Plan or Multiemployer Plan; (e) the receipt by a Borrower, a Subsidiary or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or to
appoint a trustee to administer any Plan under Section 4042 of ERISA; (f) the incurrence by a Borrower, a Subsidiary or any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal from any Plan or
Multiemployer Plan; (g) the receipt by a Borrower, a Subsidiary or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from a Borrower, a Subsidiary or any ERISA Affiliate of any notice, concerning the impending
imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA, or in “endangered” or “critical” status,
within the meaning of Section 432 of the Code or Section 305 of ERISA; (h) the conditions for imposition of a lien under ERISA shall have been met with respect to any Plan; (i) with respect to a Plan, the provision of security
pursuant to Section 206(g) of ERISA; (j) a determination that any Plan is, or is expected to be, in “at-risk” status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code); or (k) the
withdrawal of any Borrower, any Subsidiary or any ERISA Affiliate from a Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a
cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA. 
 “Eurocurrency
Borrowing” shall mean a Borrowing comprised of Eurocurrency Loans. 
 “Eurocurrency Loan” shall mean
any Eurocurrency Term Loan or Eurocurrency Revolving Loan. 
 “Eurocurrency Revolving Facility Borrowing” shall
mean a Borrowing comprised of Eurocurrency Revolving Loans. 
 “Eurocurrency Revolving Loan” shall mean any
Revolving Facility Loan bearing interest at a rate determined by reference to the Adjusted LIBO Rate in accordance with the provisions of Article II. 
 “Eurocurrency Term Loan” shall mean any Term Loan bearing interest at a rate determined by reference to the Adjusted LIBO Rate in accordance with the provisions of Article II.

 “European Union” shall mean the political and economic community of twenty-seven member states as of
January 1, 2007 (and all additional member states that accede thereto thereafter in accordance with applicable laws of the European Union) with supranational and intergovernmental features, located in Europe. 

  
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 “Event of Default” shall have the meaning assigned to such term in
Section 8.01. 
 “Event of Loss” shall mean any of the following events: (a) the actual or
constructive total loss or the arranged or compromised total loss of a Mortgaged Vessel or (b) the capture, condemnation, confiscation, requisition, purchase, sale, seizure or forfeiture of, or any taking of title to, a Mortgaged Vessel. An
Event of Loss shall be deemed to have occurred (i) in the event of an actual loss of a Mortgaged Vessel, at noon Greenwich Mean Time on the date of such loss, or if that is not known, on the date which such Mortgaged Vessel was last heard from,
(ii) in the event of damage which results in a constructive or compromised or arranged total loss of a Mortgaged Vessel, at noon Greenwich Mean Time on the date of the event giving rise to such damage, or (iii) in the case of an event
referred to in clause (b) above, at noon Greenwich Mean Time on the date on which such event is expressed to take effect by the person making the same. 
 “Exchange Act” means the Securities Exchange Act of 1934. 

“Excluded Indebtedness” shall mean all Indebtedness permitted to be incurred under Section 6.01 (other than
Section 6.01(z)). 
 “Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender,
any Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder or under any other Loan Document, (a) Taxes imposed on or measured by its overall net income or branch profits
(however denominated, and including (for the avoidance of doubt) any backup withholding in respect thereof under Section 3406 of the Code or any similar provision of state, local or foreign law), and franchise (and similar) Taxes imposed on it
(in lieu of net income Taxes), in each case by a jurisdiction (including any political subdivision thereof) as a result of such recipient being organized in, having its principal office in, or in the case of any Lender, having its applicable lending
office in, such jurisdiction, or as a result of any other present or former connection with such jurisdiction (other than any such connection arising solely from this Agreement or any other Loan Documents or any transactions contemplated
thereunder), (b) U.S. federal withholding Tax imposed on any payment by or on account of any obligation of any Loan Party hereunder or under any other Loan Document that is required to be imposed on amounts payable to a Lender (other than to
the extent such Lender is an assignee pursuant to a request by the Borrower under Section 2.19) pursuant to laws in force at the time such Lender becomes a party hereto (or designates a new lending office), except to the extent that such Lender
(or its assignor, if any) was entitled, immediately prior to the designation of a new lending office (or assignment), to receive additional amounts or indemnification payments from any Credit Party with respect to such withholding Tax pursuant to
Section 2.17, (c) any withholding Tax imposed on any payment by or on account of any obligation of any Loan Party hereunder or under any other Loan Document that is attributable to the Administrative Agent’s, any Lender’s or
any other recipient’s failure to comply with Section 2.17(e) or (d) any U.S. federal withholding Tax imposed under FATCA. 

  
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 “Existing Credit Agreements” shall mean as amended, supplemented or
otherwise modified through the Closing Date: 
 (a) the $750,000,000 Credit Agreement dated October 28, 2009 among NCL, the
other parties thereto and Nordea Bank Norge ASA, as administrative agent and collateral agent; and 
 (b) the €624,000,000
Revolving Loan Facility Agreement dated October 7, 2005 among NCL, the other parties thereto and DNB Bank ASA, as agent. 

“Extended Revolving Facility Commitment” shall have the meaning assigned to such term in Section 2.21(e).

 “Extended Term Loan” shall have the meaning assigned to such term in Section 2.21(e). 

“Extending Lender” shall have the meaning assigned to such term in Section 2.21(e). 

“Extension” shall have the meaning assigned to such term in Section 2.21(e). 

“Facility” shall mean the respective facility and commitments utilized in making Loans and Credit Extensions hereunder.

 “FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any
amended or successor version that is substantively comparable and not materially more onerous to comply with), any Treasury regulations promulgated thereunder or official administrative interpretations thereof and any agreements entered into
pursuant to current Section 1471(b)(1) of the Code (or any amended or successor version described above). 

“Federal Funds Effective Rate” shall mean, for any day, the rate per annum equal to the weighted average of the rates on
overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided
that (a) if such day is not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such
rate is so published on such next succeeding Business Day, the Federal Funds Effective Rate for such day shall be the average (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) of the quotations for such day for transactions received
by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
 “Fees”
shall mean the Commitment Fees, the L/C Participation Fees, the Issuing Bank Fees, the Administrative Agent Fees and the Collateral Agent Fees. 
 “Financial Officer” of any person shall mean the Chief Financial Officer, principal accounting officer, Treasurer, Assistant Treasurer or Controller of such person. 

“First Lien Intercreditor Agreement” shall mean an Intercreditor Agreement between the Administrative Agent, the
Collateral Agent and the authorized representative named therein for the Senior Secured Notes, substantially in the form of Exhibit K-2, with such changes that are reasonably satisfactory to the Administrative Agent. 

  
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 “First Valuation” shall have the meaning assigned to such term in
Section 5.16. 
 “Fiscal Year” means the fiscal year of the Borrower and the
Subsidiaries ending on December 31st of each calendar
year or such other calendar date as notified by the Borrower to the Administrative Agent. 
 “Fixed Charge Coverage
Ratio” means, with respect to any person for any period, the ratio of EBITDA of such person for such period to the Fixed Charges (other than Fixed Charges in respect of Indebtedness that is non-recourse to the Loan Parties) of such person
for such period. 
 “Fixed Charges” means, with respect to any person for any period, the sum, without
duplication, of: 
 (a) Interest Expense of such person for such period, and 

(b) all cash dividend payments (excluding items eliminated in consolidation) on any series of Disqualified Stock of such person and its
Subsidiaries. 
 “Foreign Lender” shall mean any Lender (a) that is not disregarded as separate from its
owner for U.S. federal income tax purposes and that is not a “United States person” as defined by Section 7701(a)(30) of the Code or (b) that is disregarded as separate from its owner for U.S. federal income tax purposes and
whose regarded owner is not a “United States person” as defined in Section 7701(a)(30) of the Code. 

“Foreign Subsidiary” shall mean any Subsidiary that is incorporated or organized under the laws of any jurisdiction
other than the United States of America, any state thereof or the District of Columbia. 
 “Free Liquidity”
shall mean, at any date of determination, the aggregate amount of Unrestricted Cash and any Available Unused Commitments or other amounts available for drawing under other revolving or other credit facilities of the Borrower, which remain undrawn,
could be drawn for general working capital purposes or other general corporate purposes and would not, if drawn, be mandatorily repayable within six months. 
 “Fronting Exposure” shall mean, at any time there is a Defaulting Lender, (a) with respect to any Issuing Bank, such Defaulting Lender’s Revolving Facility Percentage of
Revolving L/C Exposure with respect to Letters of Credit issued by such Issuing Bank other than such Revolving L/C Exposure as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash
Collateralized in accordance with the terms hereof and (b) with respect to the Swingline Lender, such Defaulting Lender’s Swingline Exposure other than Swingline Loans as to which such Defaulting Lender’s participation obligation has
been reallocated to other Lenders. 
 “GAAP” shall mean generally accepted accounting principles in effect from
time to time in the United States, applied on a consistent basis, subject to the provisions of Section 1.02; provided that any reference to the application of GAAP in Sections 3.13(b), 3.19, 5.03, 5.04, 5.07 and 6.02(e) to any
Subsidiary that is incorporated or organized under the laws of any 

  
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jurisdiction other than the United States, any state thereof or the District of Columbia (but not as a consolidated Subsidiary of the Borrower) shall mean generally accepted accounting principles
in effect from time to time in the jurisdiction of organization of such non-U.S. Subsidiary. 
 “Governmental
Authority” shall mean the government of the United States of America, or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or
other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank) and any
group or body charged with setting financial accounting or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking
Supervision or any successor or similar authority to any of the foregoing). 
 “Guarantee” of or by any person
(the “guarantor”) shall mean (a) any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other person (the
“primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep well, to purchase assets, goods, securities or services, to take-or-pay or otherwise) or to purchase (or to advance or supply funds for the
purchase of) any security for the payment of such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment
thereof, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, (iv) entered into
for the purpose of assuring in any other manner the holders of such Indebtedness or other obligation of the payment thereof or to protect such holders against loss in respect thereof (in whole or in part) or (v) as an account party in respect
of any letter of credit or letter of guaranty issued to support such Indebtedness or other obligation, or (b) any Lien on any assets of the guarantor securing any Indebtedness or other obligation (or any existing right, contingent or otherwise,
of the holder of Indebtedness or other obligation to be secured by such a Lien) of any other person, whether or not such Indebtedness or other obligation is assumed by the guarantor; provided, however, the term “Guarantee”
shall not include endorsements of instruments for deposit or collection in the ordinary course of business or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition or
disposition of assets permitted by this Agreement (other than such obligations with respect to Indebtedness). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of
which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such person is required to perform thereunder) as determined by such person in good faith. 

“guarantor” shall have the meaning assigned to such term in the definition of the term “Guarantee.”

  
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 “Hazardous Materials” shall mean all pollutants, contaminants, wastes,
chemicals, materials, substances and constituents, including explosive or radioactive substances or petroleum by-products or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls or radon gas, biological waste,
toxic mold, infectious materials, potentially infectious materials or disinfecting agents, of any nature subject to regulation or which can give rise to liability under any Environmental Law. 

“Holdings” shall mean Norwegian Cruise Line Holdings Ltd. 

“Immaterial Subsidiary” shall mean any Subsidiary that (a) did not, as of the last day of the fiscal quarter of the
Borrower most recently ended, have assets with a value in excess of 5% of the Consolidated Total Assets or revenues representing in excess of 5% of total revenues of the Borrower and the Subsidiaries on a consolidated basis as of such date, and
(b) taken together with all Immaterial Subsidiaries as of the last day of the fiscal quarter of the Borrower most recently ended, did not have assets with a value in excess of 10% of Consolidated Total Assets or revenues representing in excess
of 10% of total revenues of the Borrower and the Subsidiaries on a consolidated basis as of such date. Each Immaterial Subsidiary shall be set forth in Schedule 1.01, and the Borrower shall update such Schedule from time to time after the
Closing Date as necessary to reflect all Immaterial Subsidiaries at such time (the selection of Subsidiaries to be added to or removed from such Schedule to be made as the Borrower may determine). Notwithstanding the foregoing, no New Vessel
Subsidiary or Subsidiary Guarantor shall be an Immaterial Subsidiary. 
 “Increased Amount” of any Indebtedness
shall mean any increase in the amount of such Indebtedness in connection with any accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness with
the same terms, the accretion of original issue discount or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies. 

“Increased Amount Date” shall have the meaning assigned to such term in Section 2.21(a)(ii). 

“Incremental Amount” shall mean, at any time, (i) the excess, if any, of (a) $[*], over (b) the sum
of (x) the aggregate amount of all Incremental Term Loan Commitments and Incremental Revolving Facility Commitments, in each case, established after the Closing Date and prior to such time pursuant to Section 2.21(other than Incremental
Term Loan Commitments and Incremental Revolving Facility Commitments in respect of Refinancing Term Loans, Extended Term Loans, Extended Revolving Facility Commitments or Replacement Revolving Facility Commitments) and (y) the aggregate
principal amount of Indebtedness incurred pursuant to Section 6.01(aa); plus (ii) any additional amounts so long as after giving effect to the issuance or incurrence of such Indebtedness the Loan-to-Value Ratio (assuming, when being
tested in connection with any Incremental Revolving Facility Commitments, that such Incremental Revolving Facility Commitments are fully drawn as of such test date) on a Pro Forma Basis is equal to or less than [*] to 1.0. 

  
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 “Incremental Assumption Agreement” shall mean an Incremental Assumption
Agreement in form and substance reasonably satisfactory to the Administrative Agent, among the Borrower, the Administrative Agent and one or more Incremental Term Lenders and/or Incremental Revolving Facility Lenders. 

“Incremental Revolving Facility Commitment” shall mean any increased or incremental Revolving Facility Commitment
provided pursuant to Section 2.21. 
 “Incremental Revolving Facility Lender” shall mean a Lender
(including an Incremental Revolving Facility Lender) with a Revolving Facility Commitment or an outstanding Revolving Facility Loan as a result of an Incremental Revolving Facility Commitment. 

“Incremental Term Borrowing” shall mean a Borrowing comprised of Incremental Term Loans. 

“Incremental Term Facility” shall mean the Incremental Term Loan Commitments and the Incremental Term Loans made
hereunder. 
 “Incremental Term Lender” shall mean a Lender with an Incremental Term Loan Commitment or an
outstanding Incremental Term Loan. 
 “Incremental Term Loan Commitment” shall mean the commitment of any
Lender, established pursuant to Section 2.21, to make Incremental Term Loans to the Borrower. 
 “Incremental Term
Loan Installment Date” shall have, with respect to any tranche of Incremental Term Loans established pursuant to an Incremental Assumption Agreement, the meaning assigned to such term in Section 2.10(a)(ii). 

“Incremental Term Loans” shall mean Term Loans made by one or more Lenders to the Borrower pursuant to
Section 2.01(c). Incremental Term Loans may be made in the form of additional Term A Loans or, to the extent permitted by Section 2.21 and provided for in the relevant Incremental Assumption Agreement, Other Incremental Term Loans.

 “Indebtedness” of any person shall mean, without duplication, (a) all obligations of such person for
borrowed money, (b) all obligations of such person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such person under conditional sale or other title retention agreements relating to property or assets
purchased by such person, (d) all obligations of such person issued or assumed as the deferred purchase price of property or services, to the extent that the same would be required to be shown as a long term liability on a balance sheet
prepared in accordance with GAAP, (e) all Capital Lease Obligations of such person, (f) all payments that such person would have to make in the event of an early termination, on the date Indebtedness of such person is being determined, in
respect of outstanding Swap Agreements, (g) the principal component of all obligations, contingent or otherwise, of such person as an account party in respect of letters of credit, (h) the principal component of all obligations of such
person in respect of bankers’ acceptances, (i) all Guarantees by such person of Indebtedness described in clauses (a) to (h) above) and (j) the amount of all obligations of such person with respect to the redemption,
repayment or other repurchase of any Disqualified Stock (excluding accrued dividends that have not increased the liquidation 

  
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preference of such Disqualified Stock); provided that Indebtedness shall not include (A) trade payables, accrued expenses and intercompany liabilities arising in the ordinary course
of business, (B) prepaid or deferred revenue arising in the ordinary course of business, (C) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase prices of an asset to satisfy
unperformed obligations of the seller of such asset or (D) earn-out obligations until such obligations become a liability on the balance sheet of such person in accordance with GAAP. The Indebtedness of any person shall include the Indebtedness
of any partnership in which such person is a general partner, other than to the extent that the instrument or agreement evidencing such Indebtedness expressly limits the liability of such person in respect thereof. 

“Indemnified Taxes” shall mean all Taxes imposed on or with respect to or measured by any payment by or on account of
any obligation of any Loan Party hereunder or under any other Loan Document other than (a) Excluded Taxes and (b) Other Taxes. 
 “Indemnitee” shall have the meaning assigned to such term in Section 10.05(b). 
 “Information” shall have the meaning assigned to such term in Section 3.14(a). 
 “Information Memorandum” shall mean the Confidential Information Memorandum dated April 18, 2013, as modified or supplemented prior to the Closing Date. 

“Insurance Assignments” shall mean each of the first priority assignments of insurance made or to be made by (a) a
Subsidiary Guarantor in favor of the Collateral Agent in respect of a Mortgaged Vessel and (b) the Borrower in favor of the Collateral Agent in respect of all of the Mortgaged Vessels, in each case substantially in the form of
Exhibit I or otherwise reasonably satisfactory to the Administrative Agent. 
 “Interest Election
Request” shall mean a request by the Borrower to convert or continue a Term Borrowing or Revolving Facility Borrowing in accordance with Section 2.07. 
 “Interest Expense” shall mean, with respect to any person for any period, the sum of (a) gross interest expense (including any commitment or utilization fees in respect of available
or undrawn amounts under loan, letter of credit or similar facilities) of such person for such period on a consolidated basis, including (i) the amortization of debt discounts, (ii) the amortization of all fees (including fees with respect
to Swap Agreements) payable in connection with the incurrence of Indebtedness to the extent included in interest expense and (iii) the portion of any payments or accruals with respect to Capital Lease Obligations allocable to interest expense
and (b) capitalized interest of such person. For purposes of the foregoing, gross interest expense shall be determined after giving effect to any net payments made or received and costs incurred by the Borrower and the Subsidiaries with respect
to Swap Agreements. 
 “Interest Payment Date” shall mean, (a) with respect to any Eurocurrency Loan, the
last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three months’ duration, each day that would have been an Interest Payment
Date had successive Interest Periods of three months’ duration been applicable to such Borrowing and, in addition, the date of any refinancing or conversion of such Borrowing with or to a Borrowing of a different Type, (b) with respect to

  
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any ABR Loan, the last day of each calendar quarter, or if any such day is not a Business Day, on the next succeeding Business Day and (c) with respect to any Swingline Loan, the day that
such Swingline Loan is required to be repaid pursuant to Section 2.09(a). 
 “Interest Period” shall mean,
as to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing or on the last day of the immediately preceding Interest Period applicable to such Borrowing, as applicable, and ending on the numerically corresponding day (or,
if there is no numerically corresponding day, on the last day) in the calendar month that is 1, 2, 3 or 6 months thereafter (or 12 months or a period shorter than one month, if at the time of the relevant Borrowing, all Lenders make interest periods
of such length available), as the Borrower may elect, or the date any Eurocurrency Borrowing is converted to an ABR Borrowing in accordance with Section 2.07 or repaid or prepaid in accordance with Sections 2.09, 2.10 or 2.11;
provided, however, that if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next
calendar month, in which case such Interest Period shall end on the next preceding Business Day. Interest shall accrue from and including the first day of an Interest Period to but excluding the last day of such Interest Period. 

“Investment” shall have the meaning assigned to such term in Section 6.04. 

“ISM Code” shall mean the International Management Code for the Safe Operation of Ships and for Pollution Prevention
adopted pursuant to Resolution A.741(18) of the International Maritime Organization and incorporated into the International Convention for the Safety of Life at Sea 1974 (SOLAS), and shall include any amendments or extensions thereto and any
regulation issued pursuant thereto. 
 “ISM Code Documentation” in relation to any Mortgaged Vessel includes:
(a) the document of compliance (“DOC”) and safety management certificate (“SMC”) issued pursuant to the ISM Code in relation to such Mortgaged Vessel within the periods specified by the ISM Code, (b) all
other documents and data which are relevant to the ISM Safety Management Systems and its implementation and verification which the Administrative Agent may reasonably require and (c) any other documents which are prepared or which are otherwise
relevant to establish and maintain such Mortgaged Vessel’s or the relevant Subsidiary Guarantor’s compliance with the ISM Code which the Administrative Agent may reasonably require. 

“ISM Safety Management Systems” shall mean the Safety Management System referred to in Clause 1.4 (or any other
relevant provision) of the ISM Code. 
 “ISP” means, with respect to any Letter of Credit, the
“International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance). 

“ISPS Code” shall mean the International Ship and Port Facility Security Code incorporated into the International
Convention for the Safety of Life at Sea 1974 (SOLAS), and shall include any amendments or extensions thereto and any regulation issued pursuant thereto. 
 “Issuing Bank” shall mean Deutsche Bank and each other Issuing Bank designated pursuant to Section 2.05(k) that agrees in writing to act as an Issuing Bank, in each case in its

  
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capacity as an issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.05(i). An Issuing Bank may, in its discretion, arrange for one or more
Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. 

“Issuing Bank Fees” shall have the meaning assigned to such term in Section 2.12(b). 

“Joint Bookrunners” shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

 “Judgment Currency” shall have the meaning assigned to such term in Section 10.19. 

“Junior Financing” shall have the meaning assigned to such term in Section 6.09(b). 

“Junior Indebtedness” means Indebtedness of the Borrower or any of the Subsidiaries that (a) is expressly
subordinated to the prior payment in full in cash of the Obligations (and any related Guarantees) on terms reasonably satisfactory to the Administrative Agent, (b) provides that interest in respect of such Indebtedness shall not be payable in
cash, (c) has a final maturity date that is not earlier than the Latest Maturity Date and has no scheduled payments of principal thereon (including pursuant to a sinking fund obligation or mandatory redemption obligations (other than pursuant
to customary provisions relating to redemption or repurchase upon change of control or sale of assets)) prior to such final maturity date and (d) is not subject to covenants, events of default and remedies that, in the aggregate, are more
onerous to the Borrower, than the terms of this Agreement; provided that such Indebtedness shall not be subject to any financial maintenance covenants; provided, further that Indebtedness constituting Junior Indebtedness when incurred
shall not cease to constitute Junior Indebtedness as a result of the subsequent extension of the Latest Maturity Date. 

“L/C Disbursement” shall mean a payment or disbursement made by an Issuing Bank pursuant to a Letter of Credit.

 “L/C Participation Fee” shall have the meaning assigned such term in Section 2.12(b). 

“Latest Maturity Date” shall mean, at any date of determination, the latest of the latest Revolving Facility Maturity
Date and the latest Term Facility Maturity Date in each case as extended in accordance with the Agreement from time to time. 

“Lender” shall mean each financial institution listed on Schedule 2.01 (other than any such person that has
ceased to be a party hereto pursuant to an Assignment and Acceptance in accordance with Section 10.04), as well as any person that becomes a “Lender” hereunder pursuant to Section 10.04 or Section 2.21. 

“Lending Office” shall mean, as to any Lender, the applicable branch(es), office(s) or Affiliate(s) of such Lender
designated by such Lender in its Administrative Questionnaire or otherwise to make Loans. 
 “Letter of Credit”
shall mean any letter of credit issued pursuant to Section 2.05, including any Trade Letter of Credit or Standby Letter of Credit. 

  
 - 27 -

 “Letter of Credit Commitment” shall mean, with respect to each Issuing
Bank, the commitment of such Issuing Bank to issue Letters of Credit pursuant to Section 2.05. 
 “Letter of Credit
Sublimit” shall mean the aggregate Letter of Credit Commitments of the Issuing Banks, in an amount not to exceed $200,000,000. 
 “LIBO Rate” shall mean, with respect to any Eurocurrency Borrowing for any Interest Period, the rate per annum determined by the Administrative Agent at approximately 11:00 a.m. (London
time) on the date that is two Business Days prior to the commencement of such Interest Period by reference to the British Bankers’ Association Interest Settlement Rates (or the successor thereto if the British Bankers’ Association is no
longer making LIBO Rate available) for Dollar deposits (as set forth by any service selected by the Administrative Agent that has been nominated by the British Bankers’ Association (or such successor) as an authorized information vendor for the
purpose of displaying such rates) for a period equal to such Interest Period; provided that, to the extent that an interest rate is not ascertainable pursuant to the foregoing provisions of this definition, the “LIBO Rate” shall be
the interest rate per annum determined by the Administrative Agent to be the average of the rates per annum at which Dollar deposits are offered for such relevant Interest Period to major banks in the London interbank market in London, England by
the Administrative Agent at approximately 11:00 a.m. (London time) on the date that is two Business Days prior to the beginning of such Interest Period. 
 “Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, hypothecation, pledge, charge, assignment, security interest or encumbrance of any kind in or on
such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to
such asset. 
 “Loan Component” shall have the meaning assigned to such term in the definition of Loan-to-Value
Ratio in this Section 1.01. 
 “Loan Documents” shall mean this Agreement, any Letter of Credit, the
Security Documents, each Incremental Assumption Agreement, any First Lien Intercreditor Agreement, any Second Lien Intercreditor Agreement, any Note issued under Section 2.09(e) and solely for the purposes of Sections 4.02 and 8.01 of
this Agreement, any fee letters entered into between the Agents, the Arrangers, the Joint Bookrunners and the Borrower. 

“Loan Parties” shall mean the Borrower and the Subsidiary Guarantors. 

“Loans” shall mean the Term Loans, the Incremental Term Loans (if any), the Revolving Facility Loans and the Swingline
Loans. 
 “Loan-to-Value Covenant” shall mean the covenant of the Borrower set forth in Section 6.12.

 “Loan-to-Value Ratio” shall mean, as of any date, the ratio of (a) the aggregate principal amount (the
“Loan Component”) of all Term Loans outstanding on such day, all Pari Passu Senior Secured Notes outstanding on such date and the aggregate Revolving Facility Credit Exposure on such date to (b) the sum (the
“Value Component”) of (i) the aggregate amount of 

  
 - 28 -

 
the most recent Valuations (determined in accordance with Section 5.16) for each of the Mortgaged Vessels plus (ii) the Cure Collateral Fair Market Value of all property added as
Collateral pursuant to Section 8.02(a) through such date. Each determination of the Loan-to-Value Ratio on any day shall be made (A) first, without giving effect to any cure transaction permitted by Section 8.02(a) or (b) made
(or to be made) on such day and (B) then, to determine compliance, with giving effect to any such cure transaction made on such day. 
 “Local Time” shall mean New York City time. 
 “Majority
Lenders” of any Facility shall mean, at any time, Lenders under such Facility having Loans and unused Commitments representing more than 50% of the sum of all Loans outstanding under such Facility and unused Commitments under such Facility
at such time. 
 “Management Group” shall mean the group consisting of the directors, executive officers and
other management personnel of the Borrower and any subsidiary of the Borrower, as the case may be, on the Closing Date together with (a) any new directors whose election by such boards of directors or whose nomination for election by the
shareholders of Borrower and its subsidiary, as the case may be, was approved by a vote of a majority of the directors of the Borrower and the relevant subsidiary, as the case may be, then still in office who were either directors on the Closing
Date or whose election or nomination was previously so approved and (b) executive officers and other management personnel of the Borrower and any subsidiary of the Borrower, as the case may be, hired at a time when the directors on the Closing
Date together with the directors so approved constituted a majority of the directors of the Borrower and any subsidiary of the Borrower, as the case may be. 
 “Margin Stock” shall have the meaning assigned to such term in Regulation U. 
 “Material Adverse Effect” shall mean a material adverse effect on (i) the business, property, operations or condition of the Borrower and the Subsidiaries (taken as a whole),
(ii) the validity or enforceability of any of the Loan Documents or the rights and remedies of the Administrative Agent and the Lenders thereunder or (iii) the value of the Collateral. 

“Material Indebtedness” shall mean Indebtedness (other than Loans and Letters of Credit) of any one or more of the
Borrower or any Subsidiary in an aggregate principal amount exceeding $25,000,000. 
 “Material Subsidiary”
shall mean any Subsidiary other than an Immaterial Subsidiary or an Unrestricted Subsidiary. 
 “Maximum Rate”
shall have the meaning assigned to such term in Section10.08. 
 “Minimum Collateral Amount” shall mean, at any
time, (i) with respect to Cash Collateral consisting of cash or deposit account balances, an amount equal to [*]% of the Fronting Exposure of all Issuing Banks with respect to Letters of Credit issued and outstanding at such time and
(ii) otherwise, an amount determined by the Administrative Agent and the Issuing Banks in their sole discretion. 

“Moody’s” shall mean Moody’s Investors Service, Inc. 

  
 - 29 -

 “Mortgaged Vessel” shall mean (i) each of the NORWEGIAN DAWN, the
NORWEGIAN GEM, the NORWEGIAN PEARL, the NORWEGIAN SPIRIT, the NORWEGIAN STAR, the NORWEGIAN SUN, and, in each case, all appurtenances thereto and (ii) any other vessel constituting Collateral. 

“Mortgaged Vessel Operations Agreements” shall mean the Assigned Contracts (as such term is defined in the Collateral
Agreement). 
 “Mortgaged Vessel Operations Subordination Agreement” shall mean a letter of undertaking or
other written instrument executed by a counterparty to a Mortgaged Vessel Operations Agreement in favor of the Collateral Agent pursuant to which such counterparty agrees to subordinate any Liens on the related Mortgaged Vessel that such
counterparty may from time to time hold to the Liens on such Mortgaged Vessel securing the Obligations. 

“Multiemployer Plan” shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which a Borrower,
any Subsidiary or any ERISA Affiliate (other than one considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Code Section 414) is making or accruing an obligation to make contributions, or has within any of the
preceding six plan years made or accrued an obligation to make contributions. 
 “Net Income” shall mean, with
respect to any person, the net income (loss) of such person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends. 
 “Net Proceeds” shall mean (a)(x) If the Loan-to-Value Ratio on a Pro Forma Basis will be greater than [*] to 1.0 or if the relevant Asset Sale does not involve a Vessel, [*]% or
(y) otherwise, the Applicable Ship Percentage, in each case, of the cash proceeds actually received by the Borrower or any Subsidiary Guarantor (including any cash payments received by way of deferred payment of principal pursuant to a note or
installment receivable or purchase price adjustment receivable or otherwise and including casualty insurance settlements and condemnation awards, but only as and when received) from any Asset Sale or Event of Loss (other than those pursuant to
Section 6.05(a), (b), (c), (d), (e), (f) or (i), excluding any such Asset Sale or Event of Loss of, or related to, a Mortgaged Vessel), net of, without duplication, (i) attorneys’ fees, accountants’ fees, investment banking
fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, required debt payments and required payments of other obligations relating to the applicable asset to the
extent such debt or obligations are secured by a Lien permitted hereunder (other than pursuant to the Loan Documents) on such asset, other customary expenses and brokerage, consultant and other customary fees actually incurred in connection
therewith, (ii) Taxes paid or payable as a result thereof and (iii) the amount of any reasonable reserve established in accordance with applicable law or GAAP against any adjustment to the sale price or any liabilities (other than any
Taxes deducted pursuant to clause (i) or (ii) above) (x) related to any of the applicable assets and (y) retained by a Borrower or any Subsidiary including, without limitation, pension and other post-employment benefit
liabilities and liabilities related to environmental matters or against any indemnification obligations (however, the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall
be deemed to be Net Proceeds of such Asset Sale occurring on the date of 

  
 - 30 -

 
such reduction)) (clauses (i), (ii) and (iii), collectively, the “Related Sale Expenses”); provided that, if no Default or Event of Default exists and the
Borrower shall deliver a certificate of a Responsible Officer of the Borrower to the Administrative Agent promptly following receipt of any such proceeds setting forth the Borrower’s intention to use any portion of such proceeds, to acquire,
maintain, develop, construct, improve, upgrade or repair assets useful in the business of the Borrower and the Subsidiaries or to make investments in Permitted Business Acquisitions, in each case within 18 months of such receipt, such portion of
such proceeds shall not constitute Net Proceeds except to the extent not, within 18 months of such receipt, so used or contractually committed to be so used (it being understood that if any portion of such proceeds are not so used within such
18-month period but within such 18-month period are contractually committed to be used, then upon the termination or expiration of such contract, such remaining portion shall constitute Net Proceeds as of the date of such termination or expiration
without giving effect to this proviso); provided, further, that (x) no proceeds realized in a single transaction or series of related transactions shall constitute Net Proceeds unless such proceeds shall exceed $10,000,000 and
(y) no proceeds shall constitute Net Proceeds in any fiscal year until the aggregate amount of all such proceeds in such fiscal year shall exceed $20,000,000; and 
 (b) [*]% (or, to the extent contemplated by the definition of the term “Senior Secured Notes”, [*]%) of the cash proceeds from the incurrence, issuance or sale by a Borrower or any Subsidiary
Guarantor of any Indebtedness (other than Excluded Indebtedness), net of all taxes and fees (including investment banking fees), commissions, costs and other expenses, in each case incurred in connection with such issuance or sale. 

For purposes of calculating the amount of Net Proceeds, fees, commissions and other costs and expenses payable to the Borrower or any
Affiliate of the Borrower shall be disregarded, except for financial advisory fees customary in type and amount paid to any Affiliate not prohibited from being paid hereunder. 
 “New Vessel Financing” shall mean any financing arrangement entered into by any New Vessel Subsidiary in connection with any acquisition of one or more Vessels. 

“New Vessel Subsidiary” shall mean any Wholly Owned Subsidiary of the Borrower that is formed for the purpose of
acquiring one or more Vessels. 
 “New York Courts” shall have the meaning assigned to such term in
Section 10.15(a). 
 “Non-Bank Tax Certificate” shall have the meaning assigned to such term in
Section 2.17(e). 
 “Non-Consenting Lender” shall have the meaning assigned to such term in
Section 2.19(c). 
 “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting
Lender at such time. 
 “NORWEGIAN DAWN” shall mean the Vessel Norwegian Dawn, IMO number 9195169, currently
registered in the name of Norwegian Dawn Limited under the laws of the Commonwealth of The Bahamas with the official number 9000046. 

  
 - 31 -

 “NORWEGIAN GEM” shall mean the Vessel Norwegian Gem, IMO number 9355733,
currently registered in the name of Norwegian Gem, Ltd. under the laws of the Commonwealth of The Bahamas with the official number 8001151. 
 “NORWEGIAN PEARL” shall mean the Vessel Norwegian Pearl, IMO number 9342281, currently registered in the name of Norwegian Pearl, Ltd. under the laws of the Commonwealth of The Bahamas
with the official number 8001150. 
 “NORWEGIAN SPIRIT” shall mean the Vessel Norwegian Spirit, IMO number
9141065, currently registered in the name of Norwegian Spirit, Ltd. under the laws of the Commonwealth of The Bahamas with the official number 8000814. 
 “NORWEGIAN STAR” shall mean the Vessel Norwegian Star, IMO number 9195157, currently registered in the name of Norwegian Star Limited under the laws of the Commonwealth of The Bahamas
with the official number 8000359. 
 “NORWEGIAN SUN” shall mean the Vessel Norwegian Sun, IMO number 9218131,
currently registered in the name of Norwegian Sun Limited under the laws of the Commonwealth of The Bahamas with the official number 8000245. 
 “Note” shall have the meaning assigned to such term in Section 2.09(e). 
 “Obligations” shall have the meaning assigned to such term in the Collateral Agreement. 
 “OFAC” shall have the meaning assigned to such term in Section 3.24(b). 
 “Offering Memorandum” shall mean the confidential Offering Memorandum, dated February 1, 2013, amended or modified from time to time, in respect of the 5.0% Notes. 

“OID” shall have the meaning assigned to such term in Section 2.21(b). 

“OPA 90” shall mean the Oil Pollution Act of 1990, 33 U.S.C. §2701 et seq. 

“Other Incremental Revolving Loans” shall have the meaning assigned to such term in Section 2.21(a). 

“Other Incremental Term Loans” shall have the meaning assigned to such term in Section 2.21(a). 

“Other Revolving Facility Commitments” shall mean one or more Classes of revolving credit commitments that result from a
modification of the Revolving Facility Commitments pursuant to an Incremental Assumption Agreement. 
 “Other Revolving
Loans” shall mean the revolving loans made pursuant to an Other Revolving Facility Commitment. 
 “Other
Taxes” shall mean any and all present or future stamp, registration, documentary, intangible, recording, filing or any other excise, property or similar Taxes (including related 

  
 - 32 -

 
reasonable out-of-pocket expenses with regard thereto) arising from any payment made hereunder or made under any other Loan Document or from the execution or delivery of, registration or
enforcement of, consummation or administration of, or otherwise with respect to, this Agreement or any other Loan Document; provided that such term shall not include any of the foregoing Taxes (i) that result from an assignment, grant of
a participation pursuant to Section 10.04(d) or transfer or assignment to or designation of a new lending office or other office for receiving payments under any Loan Document (“Assignment Taxes”) to the extent such Assignment
Taxes are imposed as a result of a connection between the assignor/participating Lender and/or the assignee/Participant and the taxing jurisdiction (other than a connection arising solely from any Loan Documents or any transactions contemplated
thereunder), except to the extent that any such action described in this proviso is requested or required by the Borrower, or (ii) Excluded Taxes. 
 “Other Term Loan Installment Date” shall have the meaning assigned to such term in Section 2.10(a)(iii). 
 “Overdraft Line” shall have the meaning assigned to such term in Section 6.01(x). 
 “parent” shall have the meaning given such term in the definition of the term “subsidiary.” 
 “Parent Entity” shall mean any direct or indirect parent of the Borrower. 
 “Pari Passu Senior Secured Notes” shall mean Senior Secured Notes that are intended to be secured pari passu with the Obligations under the Loan Documents. 

“Participant” shall have the meaning assigned to such term in Section 10.04(d)(i). 

“Participant Register” shall have the meaning assigned to such term in Section 10.04(d)(i). 

“PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA. 

“Perfection Certificate” shall mean a certificate in the form of Exhibit M or any other form approved by the
Collateral Agent, as the same shall be supplemented from time to time. 
 “Permitted Additional Debt” shall
mean any Indebtedness for borrowed money (a) for which the average life to maturity of such Permitted Additional Debt is greater than or equal to the remaining weighted average life to maturity of the Class of Term Loans then outstanding with
the greatest remaining weighted average life to maturity and (b) that does not have a stated maturity prior to the date that is 91 days after the Latest Maturity Date; provided that Indebtedness constituting Permitted Additional Debt
when incurred shall not cease to constitute Permitted Additional Debt as a result of the subsequent extension of the Latest Maturity Date. 
 “Permitted Business Acquisition” shall mean any acquisition of all or substantially all the assets of, or all the Equity Interests (other than directors’ qualifying shares) in, a
person or division 

  
 - 33 -

 
or line of business of a person (or any subsequent investment made in a person, division or line of business previously acquired in a Permitted Business Acquisition), if immediately after giving
effect thereto: (i) no Event of Default shall have occurred and be continuing or would result therefrom; (ii) all transactions related thereto shall be consummated in accordance with applicable laws; (iii) with respect to any such
acquisition or investment with cash consideration in excess of $[*], the Borrower and the Subsidiaries shall be in Pro Forma Compliance after giving effect to such acquisition or investment and any related transactions; (iv) any acquired or
newly formed Subsidiary shall not be liable for any Indebtedness except for Indebtedness permitted by Section 6.01; (v) to the extent required by Section 5.10, any person acquired in such acquisition, if acquired by the Borrower or a
Subsidiary Guarantor, shall be merged into the Borrower or a Subsidiary Guarantor or become upon consummation of such acquisition a Subsidiary Guarantor; and (vi) the aggregate cash consideration in respect of such acquisitions and investments
in assets that are not owned by the Borrower or Subsidiary Guarantors or in Equity Interests in Subsidiary Guarantors or persons that become Subsidiary Guarantors upon consummation of such acquisition shall not exceed the greater of (x) [*]% of
Consolidated Total Assets and (y) $[*]. 
 “Permitted Cure Securities” shall mean any Equity Interests of
the Borrower other than Disqualified Stock, and upon which all dividends or distributions (if any) shall, prior to 91 days after the Latest Maturity Date, be payable solely in additional shares of such Equity Interests; provided that Equity
Interests constituting Permitted Cure Securities when issued shall not cease to constitute Permitted Cure Securities as a result of the subsequent extension of the Latest Maturity Date. 

“Permitted Flag Jurisdiction” shall mean the Republic of the Marshall Islands, the Bahamas, Panama, Bermuda, the
Republic of Cyprus, Isle of Man, Liberia, the United Kingdom, the United States of America, or any other jurisdiction approved by the Administrative Agent (such approval not to be withheld unreasonably). 

“Permitted Holder” shall mean, at any time, each of (i) the Sponsors, (ii) the Management Group,
(iii) any Person that has no material assets other than the Equity Interests of the Borrower and, directly or indirectly, holds or acquires 100% of the total voting power of the Equity Interests of the Borrower, and of which no other Person or
group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), other than any of the other Permitted Holders specified in clauses (i) and (ii) above, holds more than 50% of the
total voting power of the Equity Interests thereof and (iv) any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision) the members of which include any of the Permitted
Holders specified in clauses (i) and (ii) above and that, directly or indirectly, hold or acquire beneficial ownership of the Equity Interests of the Borrower (a “Permitted Holder Group”), so long as (1) each member
of the Permitted Holder Group has voting rights proportional to the percent-age of ownership interests held or acquired by such member and (2) no Person or other “group” (other than the Permitted Holders specified in clauses
(i) and (ii) above) beneficially owns more than 50% on a fully diluted basis of the Equity Interests held by the Permitted Holder Group. 

  
 - 34 -

 “Permitted Investments” shall mean: 

(a) direct obligations of the United States of America or any member of the European Union or any agency thereof or obligations
guaranteed by the United States of America or any member of the European Union or any agency thereof, in each case with maturities not exceeding two years; 
 (b) time deposit accounts, certificates of deposit and money market deposits maturing within 180 days of the date of acquisition thereof issued by a bank or trust company that is organized under the laws
of the United States of America, any state thereof or any foreign country recognized by the United States of America having capital, surplus and undivided profits in excess of $500,000,000 and whose long-term debt, or whose parent holding
company’s long-term debt, is rated A (or such similar equivalent rating or higher by at least one nationally recognized statistical rating organization (registered under Section 15E of the Exchange Act); 

(c) repurchase obligations with a term of not more than 180 days for underlying securities of the types described in clause
(a) above entered into with a bank meeting the qualifications described in clause (b) above; 
 (d) commercial paper,
maturing not more than one year after the date of acquisition, issued by a corporation (other than the Borrower or an Affiliate of the Borrower) organized and in existence under the laws of the United States of America or any foreign country
recognized by the United States of America with a rating at the time as of which any investment therein is made of P-1 (or higher) according to Moody’s, or A-1 (or higher) according to S&P; 

(e) securities with maturities of two years or less from the date of acquisition issued or fully guaranteed by any State, commonwealth or
territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated at least A by S&P or A by Moody’s; 
 (f) shares of mutual funds whose investment guidelines restrict 95% of such funds’ investments to those satisfying the provisions of clauses (a) through (e) above; 

(g) money market funds that (i) comply with the criteria set forth in Rule 2a-7 under the Investment Company Act of 1940,
(ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $500,000,000; 
 (h)
time deposit accounts, certificates of deposit and money market deposits in an aggregate face amount not in excess of 0.5% of the total assets of the Borrower and the Subsidiaries, on a consolidated basis, as of the end of the Borrower’s most
recently completed fiscal year; and 
 (i) instruments equivalent to those referred to in clauses (a) through
(h) above denominated in any foreign currency comparable in credit quality and tenor to those referred to above and commonly used by corporations for cash management purposes in any jurisdiction outside the United States to the extent
reasonably required in connection with any business conducted by the Borrower or any Subsidiary organized in such jurisdiction. 

  
 - 35 -

 “Permitted Liens” shall have the meaning assigned to such term in
Section 6.02. 
 “Permitted Loan Purchase Assignment and Acceptance” shall mean an assignment and
acceptance entered into by a Lender as an Assignor and the Borrower as an Assignee, and accepted by the Administrative Agent, in the form of Exhibit N or such other form as shall be approved by the Administrative Agent and the Borrower
(such approval not to be unreasonably withheld or delayed). 
 “Permitted Loan Purchases” shall have the
meaning assigned to such term in Section 10.04(i). 
 “Permitted Loan Purchases Amount” means [*]% of the
sum of (x) the aggregate principal amount of the Term A Facility on the Closing Date plus (y) the aggregate principal amount of any Incremental Term Loans incurred since the Closing Date. 

“Permitted Ratio Debt” shall mean secured or unsecured debt issued by the Borrower or the Subsidiary Guarantors,
(i) if secured by the Collateral, the Liens with respect to which are subordinated to the Liens securing the Obligations pursuant to an intercreditor agreement in form and substance reasonably satisfactory to the Administrative Agent,
(ii) the terms of which do not provide for a stated maturity date prior to the date that is 91 days after the Latest Maturity Date, (iii) the covenants, events of default, Subsidiary guarantees and other terms of which (other than interest
rate and redemption premiums), taken as a whole, either (x) are not more restrictive to the Borrower and its Subsidiaries than the terms of the Senior Unsecured Notes Documents, or (y) if more restrictive, the Loan Documents are amended to
contain such more restrictive terms (which amendments shall automatically occur); provided that Indebtedness constituting Permitted Ratio Debt when incurred shall not cease to constitute Permitted Ratio Debt as a result of the subsequent
extension of the Latest Maturity Date. 
 “Permitted Refinancing Indebtedness” shall mean any Indebtedness
issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund (collectively, to “Refinance”), the Indebtedness being Refinanced (or previous refinancings thereof constituting
Permitted Refinancing Indebtedness); provided, that (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the
Indebtedness so Refinanced (plus unpaid accrued interest and premium thereon and underwriting discounts, fees, commissions and expenses), (b)(i) the final maturity date of such Permitted Refinancing Indebtedness is on or after the earlier of
(x) the final maturity date of the Indebtedness being Refinanced and (y) 91 days after the Latest Maturity Date and (ii) the average life to maturity of such Permitted Refinancing Indebtedness is greater than or equal to the lesser of
(i) the weighted average life to maturity of the Indebtedness being Refinanced and (ii) the weighted average life to maturity of the Class of Term Loans then outstanding with the greatest remaining weighted average life to maturity,
(c) if the Indebtedness being Refinanced is subordinated in right of payment to the Obligations under this Agreement, such Permitted Refinancing Indebtedness shall be subordinated in right of payment to such Obligations on terms at least as
favorable to the Lenders as those contained in the documentation governing the Indebtedness being Refinanced, (d) no Permitted Refinancing Indebtedness shall have obligors that are not obligated with respect to the Indebtedness so Refinanced,
or greater guarantees or security, than the Indebtedness being Refinanced and (e) if 

  
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the Indebtedness being Refinanced is secured by any collateral (whether equally and ratably with, or junior to, the Secured Parties or otherwise), such Permitted Refinancing Indebtedness may be
secured by such collateral (including in respect of working capital facilities of Subsidiaries that are not Guarantors otherwise permitted under this Agreement only, any collateral pursuant to after-acquired property clauses to the extent any such
collateral secured the Indebtedness being Refinanced) on terms no less favorable to the Secured Parties than those contained in the documentation governing the Indebtedness being Refinanced; provided further, that with respect to a
Refinancing of (x) Permitted Additional Debt that is subordinated, such Permitted Refinancing Indebtedness shall (i) be subordinated to the guarantee by the Subsidiary Guarantors of the Facilities, and (ii) be otherwise on terms
(other than interest rate and redemption premiums), taken as a whole, not materially less favorable to the Lenders than those contained in the documentation governing the Indebtedness being refinanced, and (y) Permitted Additional Debt, such
Permitted Refinancing Indebtedness shall meet the requirements of the definition of “Permitted Additional Debt”; provided further, that Indebtedness constituting Permitted Refinancing Indebtedness shall not cease to constitute
Permitted Refinancing Indebtedness as a result of the subsequent extension of the Latest Maturity Date. 
 “Permitted
Vessel Transfer” shall have the meaning assigned to such term in Section 5.10(g). 
 “person”
shall mean any natural person, corporation, business trust, joint venture, association, company, partnership, limited liability company or government, individual or family trusts, or any agency or political subdivision thereof. 

“Plan” shall mean any employee pension benefit plan (other than a Multiemployer Plan) that is (i) subject to the
provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, (ii) sponsored or maintained or contributed to (at the time of determination or at any time within the five years prior thereto) by any Loan
Party or ERISA Affiliate, and (iii) in respect of which the Loan Party or ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of
ERISA. 
 “Platform” shall have the meaning assigned to such term in Section 10.17. 

“Pledged Collateral” shall have the meaning assigned to such term or any equivalent term in any Subsidiary Guarantor
Pledge Agreement or in the Collateral Agreement. 

  
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 “Pricing Grid” shall mean: 

(a) for purposes of the definition of “Applicable Margin” the table set forth below: 

 

					
	 Total Leverage Ratio
	  	Applicable Margin
for ABR Term A
Loans, Revolving
Facility Loans and
Swingline Loans	 	Applicable Margin
for Eurocurrency
Term A Loans and
Revolving
Facility
Loans
	 Greater than or equal to [*] to 1.00
	  	1.25%	 	2.25%
	 Greater than or equal to [*] to 1.00, but less than [*] to 1.00
	  	1.00%	 	2.00%
	 Greater than or equal to [*] to 1.00, but less than [*] to 1.00
	  	0.75%	 	1.75%
	 Less than [*] to 1.00
	  	0.50%	 	1.50%

 and 
 (b) for purposes of the definition of “Applicable Commitment Fee” the table set forth below: 
  

			
	 Total Leverage Ratio
	  	 Applicable Commitment Fee

	 Greater than or equal to [*] to 1.00
	  	40% of the Applicable Margin for Eurocurrency Term A Loans and Revolving Facility Loans
	 Greater than or equal to [*] to 1.00, but less than [*] to 1.00
	  	0.50%
	 Greater than or equal to [*] to 1.00, but less than [*] to 1.00
	  	0.375%
	 Less than [*] to 1.00
	  	0.30%

 For the purposes of the foregoing, changes in the Applicable Margin and Applicable Commitment Fee
resulting from changes in the Total Leverage Ratio shall become effective on the date (the “Adjustment Date”) that is three Business Days after the date on which financial statements are delivered to the Lenders pursuant to
Section 5.04 and shall remain in effect until the next change to be effected pursuant to this paragraph. If any financial statements referred to above are not delivered within the time periods specified in Section 5.04, then, at the option
of the Administrative Agent or the Required Lenders, until the date that is three Business Days after the date on which such financial statements are delivered, the pricing level that is one pricing level higher than the pricing level theretofore in
effect shall apply as of the first Business Day after the date on which such financial statements were to have been delivered but were not delivered. 

  
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 “primary obligor” shall have the meaning given such term in the definition
of the term “Guarantee.” 
 “Prime Rate” shall mean the rate of interest per annum determined from
time to time by Deutsche Bank as its prime rate in effect at its principal office in New York City and notified to the Borrower. 
 “Pro Forma Basis” shall mean, as to any person, for any events as described below that occur subsequent to the commencement of a period for which the financial effect of such events is
being calculated, and giving effect to the events for which such calculation is being made, such calculation as will give pro forma effect to such events as if such events occurred on the first day of the four consecutive fiscal quarter period ended
on or before the occurrence of such event (the “Reference Period”): (i) in making any determination of EBITDA, (x) effect shall be given to any Asset Sale, any acquisition, Investment, improvement (or any similar
transaction or transactions not otherwise permitted under Section 6.04 or 6.05 that require a waiver or consent of the Required Lenders and such waiver or consent has been obtained), any dividend, distribution or other similar payment, any
designation of any Subsidiary as an Unrestricted Subsidiary and any Subsidiary Redesignation and any restructurings of the business of the Borrower or any Subsidiary that are expected to have a continuing impact and are factually supportable, which
would include cost savings resulting from head count reduction, closure of facilities and similar operational and other cost savings, which adjustments the Borrower determines are reasonable as set forth in a certificate of a Financial Officer of
the Borrower (the foregoing, together with any transactions related thereto or in connection therewith, the “relevant transactions”), in each case that occurred during the Reference Period or, in the case of determinations made
pursuant to the definition of the term “Permitted Business Acquisition” or pursuant to Article VI, occurring during the Reference Period or thereafter and through and including the date upon which the respective Permitted Business
Acquisition or relevant transaction is consummated, and (y) on or following the delivery date of any new Vessel and for so long as such Reference Period includes such delivery date, in the event that the Borrower or any Subsidiary took delivery
of any new Vessel during such Reference Period, EBITDA shall include the projected EBITDA (based on reasonable assumptions) for such Vessel as if such Vessel had been in operation on the first day of such Reference Period (as set forth in reasonable
detail on an officer’s certificate prepared in good faith by a Responsible Officer of the Borrower), and (ii) in making any determination on a Pro Forma Basis, all Indebtedness (including Indebtedness issued, incurred or assumed as a
result of, or to finance, any relevant transactions and for which the financial effect is being calculated, whether incurred under this Agreement or otherwise, but excluding normal fluctuations in revolving Indebtedness incurred for working capital
purposes, in each case not to finance any acquisition) issued, incurred, assumed or permanently repaid during the Reference Period (or, in the case of determinations made pursuant to the definition of the term, “Permitted Business
Acquisition” or pursuant to Article VI, occurring during the Reference Period or thereafter and through and including the date upon which the respective Permitted Business Acquisition or relevant transaction is consummated) shall be deemed
to have been issued, incurred, assumed or permanently repaid at the beginning of such period except that any Indebtedness incurred in connection with the financing of a new Vessel shall be deemed to have not been incurred until the relevant delivery
date for such Vessel, and (iii) (A) any Subsidiary Redesignation then being designated, effect shall be given to such Subsidiary Redesignation and all other Subsidiary Redesignations after the

  
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first day of the relevant Reference Period and on or prior to the date of the respective Subsidiary Redesignation then being designated, collectively, and (B) any designation of a Subsidiary
as an Unrestricted Subsidiary, effect shall be given to such designation and all other designations of Subsidiaries as Unrestricted Subsidiaries after the first day of the relevant Reference Period and on or prior to the date of the then applicable
designation of a Subsidiary as an Unrestricted Subsidiary, collectively. Pro forma calculations made pursuant to the definition of the term “Pro Forma Basis” shall be determined in good faith by a Responsible Officer of the Borrower
and may include adjustments to reflect (1) operating expense reductions and other operating improvements or synergies reasonably expected to result from any relevant pro forma event and (2) all adjustments of the nature used in connection
with the calculation of Adjusted EBITDA as set forth in footnote 4 to the “Summary Consolidated Financial Data” in the Offering Memorandum to the extent such adjustments, without duplication, continue to be applicable to such Reference
Period. The Borrower shall deliver to the Administrative Agent a certificate of a Financial Officer of the Borrower setting forth such demonstrable or additional operating expense reductions, other operating improvements or synergies and adjustments
pursuant to clause (2), and information and calculations supporting them in reasonable detail. 
 “Pro Forma
Compliance” shall mean, at any date of determination, that, on a Pro Forma Basis after giving effect to the relevant transactions (including the assumption, the issuance, incurrence and permanent repayment of Indebtedness), the Borrower
would not violate the financial covenants set forth in Sections 6.12, 6.13, 6.14 and 6.15, after recomputing the ratios and amounts measured thereunder as of the last day of the most recently ended fiscal quarter of the Borrower for which the
financial statements and certificates required pursuant to Section 5.04 have been delivered, and the Borrower shall have delivered to the Administrative Agent a certificate of a Responsible Officer of the Borrower to such effect, together with
all relevant financial information. 
 “Pro Rata Extension Offer” shall have the meaning assigned to such term
in Section 2.21(e). 
 “Process Agent” shall have the meaning assigned to such term in
Section 10.15(c). 
 “Projections” shall mean the projections of the Borrower and the Subsidiaries
included in the Information Memorandum and any other projections and any forward-looking statements (including statements with respect to booked business) of such entities furnished to the Lenders or the Administrative Agent by or on behalf of the
Borrower or any Subsidiary prior to the Closing Date. 
 “Public Lender” shall have the meaning assigned to
such term in Section 10.17. 
 “Qualified Equity Interests” shall mean any Equity Interest other than
Disqualified Stock. 
 “Ratio Compliance” shall mean, at any date of determination, that (A) the
Loan-to-Value Ratio on a Pro Forma Basis is equal to or less than [*] to 1.0, or (B) the Fixed Charge Coverage Ratio on a Pro Forma Basis is at least [*] to 1.0. 
 “Rate” shall have the meaning assigned to such term in the definition of the term “Type.” 

  
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 “Real Property” means, collectively, all right, title and interest
(including any leasehold estate) in and to any and all parcels of or interests in real property owned in fee or leased by any Loan Party, whether by lease, license, or other means, together with, in each case, all easements, hereditaments and
appurtenances relating thereto, all improvements and appurtenant fixtures and equipment, incidental to the ownership, lease or operation thereof. 
 “Reference Period” shall have the meaning assigned to such term in the definition of the term “Pro Forma Basis.” 

“Refinance” shall have the meaning assigned to such term in the definition of the term “Permitted Refinancing
Indebtedness,” “Refinancing” and “Refinanced” shall have a meaning correlative thereto. 
 “Refinancing Effective Date” shall have the meaning assigned to such term in Section 2.21(j). 
 “Refinancing Term Loans” shall have the meaning assigned to such term in Section 2.21(j). 
 “Register” shall have the meaning assigned to such term in Section 10.04(b)(iv). 
 “Regulation U” shall mean Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. 

“Regulation X” shall mean Regulation X of the Board as from time to time in effect and all official rulings and
interpretations thereunder or thereof. 
 “Related Parties” shall mean, with respect to any specified person,
such person’s Affiliates and the respective directors, trustees, officers, employees, agents and advisors of such person and such person’s Affiliates. 
 “Related Sale Expenses” shall have the meaning given such term in the definition of the term “Net Proceeds.” 

“Release” shall mean any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting,
escaping, leaching, dumping, disposing, depositing, emanating or migrating in, into, onto or through the environment or into or out of any property of Hazardous Materials. 
 “Remaining Present Value” shall mean, as of any date with respect to any lease, the present value as of such date of the scheduled future lease payments with respect to such lease,
determined with a discount rate equal to a market rate of interest for such lease reasonably determined at the time such lease was entered into. 
 “Replacement Revolving Facility Commitments” shall have the meaning assigned to such term in Section 2.21(l). 

  
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 “Replacement Revolving Facility Effective Date” shall have the meaning
assigned to such term in Section 2.21(l). 
 “Replacement Revolving Loans” shall have the meaning assigned
to such term in Section 2.21(l). 
 “Reportable Event” shall mean any reportable event as defined in
Section 4043(c) of ERISA or the regulations issued thereunder, other than those events as to which the 30 day notice period referred to in Section 4043(c) of ERISA has been waived, with respect to a Plan (other than a Plan maintained by an
ERISA Affiliate that is considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code). 
 “Required Lenders” shall mean, at any time, Lenders having (a) Loans (other than Swingline Loans) outstanding, (b) Revolving L/C Exposures and (c) Swingline Exposures, and
(d) Available Unused Commitments, that taken together, represent more than 50% of the sum of (i) all Loans (other than Swingline Loans) outstanding, (ii) Revolving L/C Exposures (iii) Swingline Exposures and (iv) the total
Available Unused Commitments at such time. The Loans, Revolving L/C Exposures, Swingline Exposures and Available Unused Commitment of any Defaulting Lender shall be disregarded in determining Required Lenders at any time. 

“Responsible Officer” of any person shall mean any executive officer or Financial Officer of such person and any other
officer or similar official thereof responsible for the administration of the obligations of such person in respect of this Agreement. 
 “Restricted Subsidiary” means any Subsidiary that is not an Unrestricted Subsidiary. 
 “Revolving Facility” shall mean the Revolving Facility Commitments of any Class and the extensions of credit made hereunder by the Revolving Facility Lenders of such Class and, for
purposes of Section 10.08(b), shall refer to all such Revolving Facility Commitments as a single Class. 

“Revolving Facility Borrowing” shall mean a Borrowing comprised of Revolving Facility Loans of the same Class.

 “Revolving Facility Commitment” shall mean, with respect to each Revolving Facility Lender, the commitment
of such Revolving Facility Lender to make Revolving Facility Loans pursuant to Section 2.01, expressed as an amount representing the maximum aggregate permitted amount of such Revolving Facility Lender’s Revolving Facility Credit Exposure
hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08, (b) reduced or increased from time to time pursuant to assignments by or to such Lender under Section 10.04, and (c) increased as
provided under Section 2.21. The initial amount of each Lender’s Revolving Facility Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance or Incremental Assumption Agreement pursuant to which such Lender
shall have assumed its Revolving Facility Commitment (or Incremental Revolving Facility Commitment), as applicable. The initial aggregate amount of the Lenders’ Revolving Facility Commitments is $625,000,000. After the Closing Date additional
Classes of Revolving Facility Commitments may be added or created pursuant to Incremental Assumption Agreements. 

  
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 “Revolving Facility Credit Exposure” shall mean, at any time with respect
to any Class of Revolving Facility Commitments, the sum of (a) the aggregate principal amount of the Revolving Facility Loans of such Class outstanding at such time, (b) the Swingline Exposure applicable to such Class at such time and
(c) the Revolving L/C Exposure applicable to such Class at such time minus, for the purpose of Sections 6.12, 6.13, 6.15 and 8.02, the amount of Letters of Credit that have been Cash Collateralized in an amount equal to the Minimum Collateral
Amount at such time. The Revolving Facility Credit Exposure of any Revolving Facility Lender at any time shall be the product of (x) such Revolving Facility Lender’s Revolving Facility Percentage of the applicable Class and (y) the
aggregate Revolving Facility Credit Exposure of such Class of all Revolving Facility Lenders, collectively, at such time. 

“Revolving Facility Lender” shall mean a Lender with a Revolving Facility Commitment or with outstanding Revolving
Facility Loans. 
 “Revolving Facility Loan” shall mean a Loan made by a Revolving Facility Lender pursuant to
Section 2.01. Unless the context otherwise requires, the term “Revolving Facility Loans” shall include the Other Revolving Loans. 
 “Revolving Facility Maturity Date” shall mean, as the context may require, (a) with respect to the Revolving Facility in effect on the Closing Date, May 24, 2018 and
(b) with respect to any other Classes of Revolving Facility Commitments, the maturity dates specified therefor in the applicable Incremental Assumption Agreement. 
 “Revolving Facility Percentage” shall mean, with respect to any Revolving Facility Lender of any Class, the percentage of the total Revolving Facility Commitments of such Class
represented by such Lender’s Revolving Facility Commitment of such Class. If the Revolving Facility Commitments of such Class have terminated or expired, the Revolving Facility Percentages of such Class shall be determined based upon the
Revolving Facility Commitments of such Class most recently in effect, giving effect to any assignments pursuant to Section 10.04. 
 “Revolving L/C Exposure” of any Class shall mean at any time the sum of (a) the aggregate undrawn amount of all Letters of Credit applicable to such Class outstanding at such time
and (b) the aggregate principal amount of all L/C Disbursements applicable to such Class that have not yet been reimbursed at such time. The Revolving L/C Exposure of any Class of any Revolving Facility Lender at any time shall mean its
applicable Revolving Facility Percentage of the aggregate Revolving L/C Exposure applicable to such Class at such time. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount
may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. Unless otherwise specified herein, the amount of
a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, that with respect to any Letter of Credit that, by its terms or the terms of any document related thereto,
provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such
maximum stated amount is in effect at such time. 

  
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 “S&P” shall mean Standard & Poor’s Ratings Group, Inc.

 “Sale and Lease-Back Transaction” have the meaning assigned to such term in Section 6.03. 

“SEC” shall mean the United States Securities and Exchange Commission or any successor thereto. 

“Second Lien Intercreditor Agreement” shall mean an Intercreditor Agreement between the Administrative Agent and the
authorized representative named therein for the Senior Secured Notes, substantially in the form of Exhibit K-3, with such changes that are reasonably satisfactory to the Administrative Agent. 

“Second Valuation” shall have the meaning assigned to such term in Section 5.16. 

“Secured Parties” shall mean the “Secured Parties” as defined in the Collateral Agreement. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Security Documents” shall mean the Vessel Mortgages, the Deeds of Covenants, the Collateral Agreement, the Subsidiary
Guarantor Pledge Agreements, the Earnings Assignments, the Insurance Assignments and each of the security agreements and other instruments and documents executed and delivered pursuant to any of the foregoing or pursuant to Section 5.10.

 “Senior Secured Notes Indenture” shall mean any indenture under which any Senior Secured Notes are issued,
as the same may be amended, restated, supplemented, substituted, replaced, refinanced, supplemented or otherwise modified from time to time in accordance with Section 6.01(z). 
 “Senior Secured Note Obligations” shall mean all obligations defined as “Senior Secured Note Obligations” in the Collateral Agreement and the other Security Documents.

 “Senior Secured Notes” shall mean secured or unsecured notes or other debt of the Borrower issued after the
Closing Date, and the Indebtedness represented thereby; provided that (a) the terms of which do not provide for any scheduled repayment, mandatory redemption or sinking fund obligations prior to the Latest Maturity Date (other than
customary offers to repurchase upon a change of control, asset sale or event of loss and customary acceleration right after an event of default), (b) (i) [*]% of the Net Proceeds of all Pari Passu Senior Secured Notes and (ii) [*]% of
the Net Proceeds of all other Senior Secured Notes shall be applied, on the date of the incurrence thereof, to prepay Term Loans and accrued but unpaid interest, premiums and fees and expenses associated with such prepayment, (c) no Affiliate
of the Borrower (other than a Loan Party or a temporary escrow issuer) shall be an obligor (including pursuant to a Guarantee) in respect thereof, (d) the covenants, events of default, guarantees, collateral and other terms of which (other than
interest rate and redemption premiums), taken as a whole, are not more restrictive to the Borrower and its Subsidiaries than those in this Agreement (or, if more restrictive, the Loan Documents are amended to contain such more restrictive terms
(which amendments shall automatically occur)), (e) the obligations in respect thereof shall not be 

  
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secured by any Lien on any asset of the Borrower, any Subsidiary or any other Affiliate (other than a transitory escrow issuer) of the Borrower, other than any asset constituting Collateral,
(f) if such Senior Secured Notes are intended to be secured on a pari passu basis with the Obligations, then all security therefor shall be granted pursuant to the Security Documents, and the secured parties thereunder, or a trustee or
collateral agent on their behalf, shall have become a party to a First Lien Intercreditor Agreement and shall have executed and delivered to the Collateral Agent a joinder agreement to the applicable Security Documents in substantially the form
attached thereto or otherwise in form and substance reasonably acceptable to the Collateral Agent, and (g) if such Senior Secured Notes are intended to be secured on a junior basis to the Obligations, then all security therefor shall be granted
pursuant to separate security documents in substantially the same form and substance as the Security Documents, and the secured parties thereunder, or a trustee or collateral agent on their behalf, shall have become a party to a Second Lien
Intercreditor Agreement; provided further that, with respect to clause (a) above, Indebtedness constituting Senior Secured Notes when issued shall not cease to constitute Senior Secured Notes as a result of the subsequent extension of
the Latest Maturity Date. 
 “Senior Unsecured Notes” shall mean (i) NCL’s 5.00% senior notes due
2018 (the “5.00% Notes”), pursuant to an indenture, dated as of February 6, 2013, between the NCL and U.S. Bank National Association, as trustee (the “5.00% Notes Indenture”), and/or any notes issued by NCL in
exchange for, and as contemplated by, the 5.00% Notes and the related registration rights agreement with substantially identical terms as the 5.00% Notes, and (ii) NCL’s 9.50% senior notes due 2018 (the “9.50% Notes”),
pursuant to an indenture, dated as of November 9, 2010, between the NCL and U.S. Bank National Association, as trustee (the “9.50% Notes Indenture”), and/or any notes issued by NCL in exchange for, and as contemplated by, the
9.50% Notes and the related registration rights agreement with substantially identical terms as the 9.50% Notes, in each case, as in effect on the Closing Date and as amended, restated, supplemented or otherwise modified from time to time in
accordance with the requirements thereof and of this Agreement. 
 “Senior Unsecured Notes Documents” shall
mean the Senior Unsecured Notes and the Senior Unsecured Notes Indentures. 
 “Senior Unsecured Notes
Indentures” shall mean the 5.00% Notes Indenture and the 9.50% Notes Indenture, as in effect on the Closing Date and as amended, restated, supplemented or otherwise modified from time to time in accordance with the requirements thereof and
of this Agreement. 
 “Similar Business” means a business, the majority of whose revenues are derived from the
activities of the Borrower and its Subsidiaries as of the Closing Date or any business or activity that is reasonably similar or complementary thereto or a reasonable extension, development or expansion thereof or ancillary thereto. 

“Sponsors” means (i) Apollo Management, L.P. and any of its respective Affiliates other than any portfolio
companies not primarily engaged in the cruise business (collectively, the “Apollo Sponsors”), (ii) TPG Global, LLC, TPG Capital and any of their respective Affiliates other than any portfolio companies (collectively, the
“TPG Sponsors”), (iii) Genting Hong Kong Limited, and any of its respective Affiliates (collectively, the “Genting Sponsors”), and (iv) any 

  
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Person that forms a group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision) with any Apollo Sponsors, TPG Sponsors and/or
Genting Sponsors; provided that the Apollo Sponsors, TPG Sponsors and/or Genting Sponsors (x) owns a majority of the voting power and (y) controls a majority of the board of directors of the Borrower. 

“Spot Rate” for a currency means the rate determined by the Administrative Agent or the Issuing Bank, as applicable, to
be the rate quoted by the person acting in such capacity as the spot rate for the purchase by such person of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two
Business Days prior to the date as of which the foreign exchange computation is made; provided that the Administrative Agent or the Issuing Bank may obtain such spot rate from another financial institution designated by the Administrative
Agent or the Issuing Bank if the person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency. 
 “Standby Letter of Credit” shall have the meaning provided in Section 2.05(a). 
 “Statutory Reserves” shall mean, with respect to any currency, any reserve, liquid asset or similar requirements established by any Governmental Authority of the United States, the United
Kingdom or the European Union or of the jurisdiction of such currency or any jurisdiction in which Loans in such currency are made to which banks in such jurisdiction are subject for any category of deposits or liabilities customarily used to fund
loans in such currency or by reference to which interest rates applicable to Loans in such currency are determined. 

“Subagent” shall have the meaning assigned to such term in Section 9.02. 

“subsidiary” shall mean, with respect to any person (herein referred to as the “parent”), any
corporation, partnership, association or other business entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or more than 50% of the general
partnership interests are, at the time any determination is being made, directly or indirectly, owned, Controlled or held, or (b) that is, at the time any determination is made, otherwise Controlled, by the parent or one or more subsidiaries of
the parent or by the parent and one or more subsidiaries of the parent. 
 “Subsidiary” shall mean, unless the
context otherwise requires, a subsidiary of the Borrower. Notwithstanding the foregoing (and except for purposes of Sections 3.08, 3.09, 3.13, 3.15, 3.16, 5.03, 5.09 and 8.01(k), and the definition of “Unrestricted Subsidiary” contained
herein), an Unrestricted Subsidiary shall be deemed not to be a Subsidiary of the Borrower or any of its Subsidiaries for purposes of this Agreement. 
 “Subsidiary Guarantor” means (i) each direct and indirect Subsidiary of the Borrower which directly owns a Mortgaged Vessel and (ii) each Additional Subsidiary Guarantor.

 “Subsidiary Guarantor Pledge Agreement” shall mean each of (a) the Bermuda law Pledge Agreement dated
the date hereof between the Equity Holder and the Collateral Agent in respect of the equity of each Subsidiary Guarantor incorporated in and existing under the laws of Bermuda and (b) the Isle of Man law Pledge Agreement dated the date hereof
between the 

  
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Equity Holder and the Collateral Agent in respect of the equity of each Subsidiary Guarantor incorporated in and existing under the laws of the Isle of Man and (c) any future pledge
agreement relating to the Equity Interests of any Subsidiary Guarantor. 
 “Subsidiary Redesignation” shall
have the meaning provided in the definition of “Unrestricted Subsidiary.” 
 “Swap Agreement” shall
mean any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or
economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only
on account of services provided by current or former directors, officers, employees or consultants of the Borrower or any of the Subsidiaries shall be a Swap Agreement. 
 “Swingline Borrowing” shall mean a Borrowing comprised of Swingline Loans. 
 “Swingline Borrowing Request” shall mean a request by the Borrower substantially in the form of Exhibit D-2. 

“Swingline Commitment” shall mean, with respect to each Swingline Lender, the commitment of such Swingline Lender to
make Swingline Loans pursuant to Section 2.04. The aggregate amount of the Swingline Commitments on the Closing Date is $50,000,000. 
 “Swingline Exposure” shall mean at any time the aggregate principal amount of all outstanding Swingline Borrowings at such time. The Swingline Exposure of any Revolving Facility Lender at
any time shall mean its Revolving Facility Percentage of the aggregate Swingline Exposure at such time. 
 “Swingline
Lender” means (a) Deutsche Bank acting through any of its Affiliates in its capacity as a lender of Swingline Loans and (b) each Revolving Facility Lender that shall have become a Swingline Lender hereunder as provided in
Section 2.04(d), each in its capacity as a lender of Swingline Loans hereunder. 
 “Swingline Loans” shall
mean the swingline loans made to the Borrower pursuant to Section 2.04. 
 “Tax Agreements” shall have the
meaning assigned to such term in Section 6.06(b). 
 “Taxes” shall mean any and all present or future
taxes, duties, levies, imposts, assessments, deductions, withholdings or other similar charges imposed by any Governmental Authority whether computed on a separate, consolidated, unitary, combined or other basis and any interest, fines, penalties or
additions to tax with respect to the foregoing. 
 “Term A Borrowing” shall mean a Borrowing comprised of Term
Loans. 

  
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 “Term A Facility” shall mean the Term A Loan Commitments and the Term A
Loans made hereunder. 
 “Term A Lender” shall mean a Lender with either a Term A Loan Commitment or an
outstanding Term A Loan. 
 “Term A Loans” shall mean (a) the term loans made by the Lenders to the
Borrower pursuant to Section 2.01(a) and (b) any Incremental Term Loans in the form of Term A Loans made by the Incremental Term Lenders to the Borrower pursuant to Section 2.01(c). 

“Term A Loan Commitment” shall mean with respect to each Term A Lender, the commitment of such Term A Lender to make
Term A Loans in Dollars as set forth in Section 2.01(a). The initial amount of each Lender’s Term Loan Commitment is set forth on Schedule 2.01 or in the Assignment and Acceptance pursuant to which such Lender shall have
assumed its Term Loan Commitment, as applicable. The aggregate amount of the Term A Loan Commitments on the Closing Date is $675,000,000. 
 “Term A Loan Installment Date” shall have the meaning assigned to such term in Section 2.10(a)(i). 
 “Term Borrowing” shall mean any Term A Borrowing, any Incremental Term Borrowing or any other Term Borrowing. 
 “Term Facility” shall mean the Term A Facility and/or any or all of the Incremental Term Facilities and/or any or all of the Refinancing Term Loans. 

“Term Facility Maturity Date” shall mean, as the context may require, (a) with respect to the Term A Facility in
effect on the Closing Date, May 24, 2018 and (b) with respect to any other Class of Term Loans, the maturity dates specified therefor in the applicable Incremental Assumption Agreement. 

“Term Loan Installment Date” shall mean any Term A Loan Installment Date, any Incremental Term Loan Installment Date or
any Other Term Loan Installment Date. 
 “Term Loans” shall mean the Term A Loans and/or the Incremental Term
Loans and/or the Refinancing Term Loans. 
 “Test Period” shall mean, on any date of determination, the period
of four consecutive fiscal quarters of the Borrower then most recently ended (taken as one accounting period). 
 “Third
Valuation” shall have the meaning assigned to such term in Section 5.16. 
 “Total
Capitalization” shall mean, at any date of determination, the Total Net Funded Debt plus the consolidated stockholders’ equity of the Borrower and its Subsidiaries at such date determined in accordance with GAAP and derived from the
then latest unaudited and consolidated financial statements of the Borrower and its Subsidiaries delivered to the Administrative Agent in the case of the first three quarters of each fiscal year and the then latest audited and consolidated financial
statements delivered to the Administrative Agent in the case 

  
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of each fiscal year; provided it is understood that the effect of any impairment of intangible assets shall be added back to stockholders’ equity and provided further, that
Total Capitalization shall be determined on a Pro Forma Basis. 
 “Total Net Funded Debt” shall mean, as at any
relevant date: 
 (i) Indebtedness for borrowed money of the Borrower and its Subsidiaries; and 

(ii) the amount of any Indebtedness for borrowed money of any person other than the Borrower or its Subsidiaries but which is guaranteed
by the Borrower or any of its Subsidiaries as at such date: 
 less an amount equal to any Unrestricted Cash as at such date;
provided that any unused Commitments and other amounts available for drawing under other revolving or other credit facilities of the Borrower and its Subsidiaries which remain undrawn shall not be counted as cash or indebtedness for the
purposes of Total Net Funded Debt and provided further, that Total Net Funded Debt shall be determined on a Pro Forma Basis. 
 “Total Leverage Ratio” means, on any date, the ratio of (a) (i) the aggregate principal amount of Consolidated Debt of the Borrower and its Subsidiaries outstanding as of the
last day of the Test Period most recently ended as of such date less (ii) without duplication, the Unrestricted Cash and Permitted Investments of the Borrower and its Subsidiaries as of the last day of such Test Period, to (b) EBITDA for
such Test Period, all determined on a consolidated basis in accordance with GAAP; provided, that the Total Leverage Ratio shall be determined for the relevant Test Period on a Pro Forma Basis. 

“Trade Letter of Credit” shall have the meaning provided in Section 2.05(a)(i). 

“Transactions” shall mean, collectively, (a) the execution, delivery and performance by the Loan Parties of the
Loan Documents to which they are a party and, in the case of the Borrower, the making of the Borrowings hereunder, and (b) the payment of related fees and expenses. 
 “Type” shall mean, when used in respect of any Loan or Borrowing, the Rate by reference to which interest on such Loan or on the Loans comprising such Borrowing is determined. For
purposes hereof, the term “Rate” shall include the Adjusted LIBO Rate and the ABR. 
 “Unearned Customer
Deposits” shall mean amounts paid to the Borrower or any Subsidiary representing customer deposits for unsailed bookings (whether paid directly by the customer or by a credit card company). 

“Unfunded Pension Liability” means the excess of a Plan’s “accumulated benefit obligations” as defined
under Statement of Financial Accounting Standards No. 87, over the current fair market value of that Plan’s assets. 

“Uniform Commercial Code” means the Uniform Commercial Code as the same may from time to time be in effect in the State
of New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required to apply to any item or items of Collateral. 

  
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 “United Kingdom” and “U.K.” mean the United Kingdom of
Great Britain and Northern Ireland. 
 “United States” and “U.S.” mean the United States of
America. 
 “Unrestricted Cash” shall mean cash or cash equivalents of the Borrower or any of its Subsidiaries
that would not appear as “restricted” on a consolidated balance sheet of the Borrower or any of its Subsidiaries. 

“Unrestricted Subsidiary” shall mean any Subsidiary of the Borrower that is acquired or created after the Closing Date
and designated by the Borrower as an Unrestricted Subsidiary hereunder by written notice to the Administrative Agent; provided, that the Borrower shall only be permitted to so designate a new Unrestricted Subsidiary after the Closing Date so
long as (a) no Default or Event of Default has occurred and is continuing or would result therefrom, (b) immediately after giving effect to such designation (as well as all other such designations theretofore consummated after the first
day of such Reference Period), the Borrower shall be in Pro Forma Compliance, (c) such Unrestricted Subsidiary shall be capitalized (to the extent capitalized by the Borrower or any of its Subsidiaries) through Investments as permitted by, and
in compliance with, Section 6.04(i), and any prior or concurrent Investments in such Subsidiary by the Borrower or any of its Subsidiaries shall be deemed to have been made under Section 6.04(i), (d) without duplication of clause (c), any
assets owned by such Unrestricted Subsidiary at the time of the initial designation thereof shall be treated as Investments pursuant to Section 6.04(i), and (e) such Subsidiary shall have been designated an “unrestricted subsidiary”
(or otherwise not be subject to the covenants and defaults) under the Senior Unsecured Notes Indentures, all Permitted Additional Debt and all Permitted Refinancing Indebtedness in respect of any of the foregoing and all Disqualified Stock;
provided, further, that at the time of the initial Investment by the Borrower or any of its Subsidiaries in such Subsidiary, the Borrower shall designate such entity as an Unrestricted Subsidiary in a written notice to the
Administrative Agent. The Borrower may designate any Unrestricted Subsidiary to be a Subsidiary for purposes of this Agreement (each, a “Subsidiary Redesignation”); provided, that (i) such Unrestricted Subsidiary, both
before and after giving effect to such designation, shall be a Wholly Owned Subsidiary of the Borrower, (ii) no Default or Event of Default has occurred and is continuing or would result therefrom, (iii) immediately after giving effect to
such Subsidiary Redesignation (as well as all other Subsidiary Redesignations theretofore consummated after the first day of such Reference Period), the Borrower shall be in Pro Forma Compliance, (iv) all representations and warranties
contained herein and in the other Loan Documents shall be true and correct in all material respects with the same effect as though such representations and warranties had been made on and as of the date of such Subsidiary Redesignation (both before
and after giving effect thereto), unless stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date, and (v) the Borrower shall have
delivered to the Administrative Agent an officer’s certificate executed by a Responsible Officer of the Borrower, certifying to the best of such officer’s knowledge, compliance with the requirements of preceding clauses (i) through
(iv), inclusive, and containing the calculations and information required by the preceding clause (ii). 

  
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 “USA PATRIOT Act” shall mean the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107 56 (signed into law October 26, 2001)). 
 “Valuation” shall mean, in relation to any Mortgaged Vessel, a valuation of such Mortgaged Vessel made at any relevant time by an Approved Broker with or without physical inspection of
such Mortgaged Vessel, on the basis of a sale for prompt delivery for cash at arms’ length on customary commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contracts of employment. If any
Approved Broker shall deliver a Valuation indicating a range of values for a Mortgaged Vessel, the Valuation for such Mortgaged Vessel shall be the arithmetic mean of the two endpoints of such range. Further, if any Approved Broker shall deliver a
Valuation indicating a value for a Mortgaged Vessel in any currency other than Dollars, the Valuation for such Mortgaged Vessel shall be the Dollar Equivalent thereof. It is agreed that as of the Closing Date and until a Valuation shall have been
obtained pursuant to Section 5.16 for any Mortgaged Vessel, the Valuation for such Mortgaged Vessel shall be as follows: (i) $[*] for the NORWEGIAN SUN, (ii) $[*] for the NORWEGIAN DAWN, (iii) $[*] for the NORWEGIAN STAR,
(iv) $[*] for the NORWEGIAN SPIRIT, (v) $[*] for the NORWEGIAN PEARL, and (vi) $[*] for the NORWEGIAN GEM. 

“Value Component” shall have the meaning assigned to such term in the definition of Loan-to-Value Ratio in this
Section 1.01. 
 “Vessel” shall mean a passenger cruise vessel. 

“Vessel Mortgages” shall mean each first priority statutory ship mortgage granting a Lien on a Mortgaged Vessel.

 “Wholly Owned Subsidiary” of any person shall mean a subsidiary of such person, all of the Equity Interests
of which (other than directors’ qualifying shares or nominee or other similar shares required pursuant to applicable law) are owned by such person or another Wholly Owned Subsidiary of such person. 

“Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from
such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

“Withholding Agent” shall mean the Loan Parties, the Administrative Agent or any other applicable withholding agent.

 Section 1.02. Terms Generally. With reference to this Agreement and each other Loan Document, unless otherwise
specified herein or in such other Loan Document: 
 (a) The definitions set forth or referred to in
Section 1.01 shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.” All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and
Sections of, and 

  
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Exhibits and Schedules to, this Agreement unless the context shall otherwise require. Except as otherwise expressly provided herein, any reference in this Agreement to any Loan Document
shall mean such document as amended, restated, supplemented, replaced or otherwise modified from time to time. All references to a person shall include that person’s permitted successors and assigns (subject to any restrictions on assignment
set forth herein). With respect to any Default or Event of Default, the words “exist”, “existence”, “occurred” or “continuing” shall be deemed to refer to a Default or Event of Default that has not been waived
in accordance with Section 10.08 or, to the extent applicable, cured in accordance with Section 8.02. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP,
as in effect from time to time; provided, that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP
or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is
given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have
been withdrawn or such provision amended in accordance herewith. 
 (b) In the computation of periods of time
from a specified date to a later specified date, the word “from” means “from and including,” the words “to” and “until” each mean “to but excluding,” and the word “through” means “to
and including.” 
 Section 1.03. Exchange Rates; Currency Equivalents. Except for purposes of financial statements
delivered by Loan Parties hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent
amount as so determined by the Administrative Agent or the Issuing Bank, as applicable. No Default or Event of Default shall arise as a result of any limitation or threshold set forth in Dollars in Article VI or paragraph (f) or
(j) of Section 8.01 being exceeded solely as a result of changes in currency exchange rates from those rates applicable on the first day of the fiscal quarter in which such determination occurs or in respect of which such determination is
being made. 
 ARTICLE II 
 THE CREDITS 
 Section 2.01. Commitments. Subject to the terms and
conditions set forth herein: 
 (a) each Lender agrees to make Term A Loans denominated in Dollars to the
Borrower on the Closing Date in a principal amount not to exceed its Term A Loan Commitment; 
 (b) each Lender
agrees to make Revolving Facility Loans denominated in Dollars of a Class to the Borrower from time to time during the Availability Period 

  
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(except that no Revolving Facility Loans may be borrowed on the Closing Date) in an aggregate principal amount that will not result in (i) such Lender’s Revolving Facility Credit
Exposure of such Class exceeding such Lender’s Revolving Facility Commitment of such Class or (ii) the Revolving Facility Credit Exposure of such Class exceeding the total Revolving Facility Commitments of such Class. Within the foregoing
limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow amounts under the Revolving Facility Loans; and 
 (c) each Lender having an Incremental Term Loan Commitment agrees, subject to the terms and conditions set forth in the applicable Incremental Assumption Agreement, to make Incremental Term Loans
denominated in Dollars to the Borrower, in an aggregate principal amount not to exceed its Incremental Term Loan Commitment. 

Section 2.02. Loans and Borrowings. 
 (a) Each Loan shall be made as part of a Borrowing consisting of Loans under the same Facility and of the same Type made by the Lenders ratably in accordance with their respective Commitments under the
applicable Facility (or, in the case of Swingline Loans, in accordance with their respective Swingline Commitments); provided, however, that Revolving Facility Loans of any Class shall be made by the Revolving Facility Lenders of such
Class ratably in accordance with their respective Revolving Facility Percentages on the date such Loans are made hereunder. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations
hereunder; provided that unless otherwise agreed by all the Lenders, (i) the obligations of a Lender under the Loan Documents are several, (ii) failure by a Lender to perform its obligations does not affect the obligations of any
other party under the Loan Documents, (iii) no Lender is responsible for the obligations of any other Lender under the Loan Documents, (iv) the rights of a Lender under the Loan Documents are separate and independent rights, (v) a
Lender may, except as otherwise stated in the Loan Documents, separately enforce those rights and (vi) a debt arising under the Loan Documents to a Lender is a separate and independent debt. 

(b) Subject to Section 2.14, (i) each Borrowing (other than a Swingline Borrowing) shall be comprised entirely
of ABR Loans or Eurocurrency Loans as the Borrower may request in accordance herewith. Each Swingline Borrowing shall be an ABR Borrowing. Each Lender at its option may make any ABR Loan or Eurocurrency Loan by causing any domestic or foreign branch
or Affiliate of such Lender to make such Loan; provided, that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement and such Lender shall not be entitled
to any amounts payable under Section 2.15 or 2.17 solely in respect of increased costs resulting from such exercise and existing at the time of such exercise. 

(c) At the commencement of each Interest Period for any Eurocurrency Revolving Facility Borrowing, such Borrowing shall be
in an aggregate amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum. At the time that each ABR Revolving Facility Borrowing is made, such Borrowing shall

  
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be in an aggregate amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum; provided, that an ABR Revolving Facility Borrowing may be in an
aggregate amount that is equal to the entire unused balance of the Revolving Facility Commitments or that is required to finance the reimbursement of an L/C Disbursement as contemplated by Section 2.05(e). Each Swingline Borrowing shall be in
an amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum. Borrowings of more than one Type and under more than one Facility may be outstanding at the same time; provided, that there shall not at
any time be more than a total of (1) 10 Eurocurrency Borrowings outstanding under the Term Facility and (2) 10 Eurocurrency Borrowings outstanding under the Revolving Facility. 

(d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to
convert or continue, any Borrowing of any Class if the Interest Period requested with respect thereto would end after the Revolving Facility Maturity Date or the Term Facility Maturity Date for such Class, as applicable. 

Section 2.03. Requests for Borrowings. To request a Revolving Facility Borrowing and/or a Term Borrowing, the Borrower shall
notify the Administrative Agent of such request by telephone (a) in the case of a Eurocurrency Borrowing, not later than 12:00 noon, Local Time, three Business Days before the date of the proposed Borrowing or (b) in the case of an
ABR Borrowing not later than 12:00 noon, Local Time, three Business Days before the date of the proposed Borrowing; provided, that any such notice of an ABR Revolving Facility Borrowing to finance the reimbursement of an L/C Disbursement as
contemplated by Section 2.05(e) may be given not later than 10:00 a.m., Local Time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or
electronic means to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in
compliance with Section 2.02: 
 (i) whether such Borrowing is to be a Borrowing of Term A Loans, Revolving
Facility Loans, Other Incremental Revolving Loans, Other Revolving Loans, Replacement Revolving Loans, Refinancing Term Loans or Other Incremental Term Loans; 
 (ii) the aggregate amount of the requested Borrowing; 
 (iii) the
date of such Borrowing, which shall be a Business Day; 
 (iv) whether such Borrowing is to be an ABR Borrowing
or a Eurocurrency Borrowing; 
 (v) in the case of a Eurocurrency Borrowing, the initial Interest Period to be
applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and 
 (vi) the location and number of the Borrower’s account to which funds are to be disbursed. 

  
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 If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR
Borrowing. If no Interest Period is specified with respect to any requested Eurocurrency Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request
in accordance with this Section 2.03, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 

Section 2.04. Swingline Loans 
 (a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans denominated in Dollars to the Borrower from time to time during the Availability Period, in an
aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding the Swingline Commitment or (ii) the Revolving Facility Credit Exposure of the
applicable Class exceeding the total Revolving Facility Commitments of such Class; provided, that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Borrowing. Within the foregoing limits
and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans. 
 (b) To request a Swingline Borrowing, the Borrower shall notify the Administrative Agent and the Swingline Lender of such request by telephone (confirmed by a Swingline Borrowing Request by electronic
means), not later than 1:00 p.m., Local Time, on the day of a proposed Swingline Borrowing. Each such notice and Swingline Borrowing Request shall be irrevocable and shall specify (i) the requested date of such Swingline Borrowing (which shall
be a Business Day) and (ii) the amount of the requested Swingline Borrowing. The Swingline Lender shall consult with the Administrative Agent as to whether the making of the Swingline Loan is in accordance with the terms of this Agreement prior
to the Swingline Lender funding such Swingline Loan. The Swingline Lender shall make each Swingline Loan in accordance with Section 2.02(a) on the proposed date thereof by wire transfer of immediately available funds by 3:00 p.m., Local Time,
to the account of the Borrower (or, in the case of a Swingline Borrowing made to finance the reimbursement of an L/C Disbursement as provided in Section 2.05(e), by remittance to the applicable Issuing Bank). 

(c) The Swingline Lender may by written notice given to the Administrative Agent not later than 10:00 a.m., Local Time, on
any Business Day require the Revolving Facility Lenders of the applicable Class to acquire participations on such Business Day in all or a portion of the outstanding Swingline Loans made by it. Such notice shall specify the aggregate amount of such
Swingline Loans in which the Revolving Facility Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each such Lender, specifying in such notice such Lender’s applicable Revolving
Facility Percentage of such Swingline Loan or Loans. Each Revolving Facility Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent for the account of the Swingline Lender,
such Revolving Facility Lender’s applicable Revolving Facility Percentage of such Swingline Loan or Loans. Each Revolving Facility Lender 

  
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acknowledges and agrees that its respective obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any
circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each
Revolving Facility Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.06 with respect to Loans made by such Revolving Facility Lender (and
Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Revolving Facility Lenders. The
Administrative Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph (c), and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the
Swingline Lender. Any amounts received by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein
shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Revolving Facility Lenders that shall have made their payments pursuant to
this paragraph and to the Swingline Lender, as their interests may appear; provided, that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is
required to be refunded to the Borrower for any reason. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof. 

(d) The Borrower may, at any time and from time to time, designate as additional Swingline Lenders one or more Revolving
Facility Lenders that agree to serve in such capacity as provided below. The acceptance by a Revolving Facility Lender of an appointment as a Swingline Lender hereunder shall be evidenced by an agreement, which shall be in form and substance
reasonably satisfactory to the Administrative Agent and the Borrower, executed by the Borrower, the Administrative Agent and such designated Swingline Lender, and, from and after the effective date of such agreement, (i) such Revolving Facility
Lender shall have all the rights and obligations of a Swingline Lender under this Agreement and (ii) references herein to the term “Swingline Lender” shall be deemed to include such Revolving Facility Lender in its capacity as a
lender of Swingline Loans hereunder. 
 Section 2.05. Letters of Credit. 

(a) General. 
 (i) Subject to the terms and conditions set forth herein, the Borrower may request the issuance of (w) trade letters of credit in support of trade obligations of the Loan Parties and their Affiliates
incurred in the ordinary course of business (such letters of credit issued for such purposes, “Trade Letters of Credit”) and (x) standby letters of credit issued for any other lawful purposes of

  
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the Loan Parties and their Affiliates (such letters of credit issued for such purposes, “Standby Letters of Credit”), in each case, for its own account in Dollars and in a form
reasonably acceptable to the applicable Issuing Bank, at any time and from time to time during the applicable Availability Period and prior to the date that is five Business Days prior to the applicable Revolving Facility Maturity Date. In the event
of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, an Issuing Bank
relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 
 (ii) The Issuing
Bank shall not be under any obligation to issue any Letter of Credit if any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank from issuing such Letter of Credit or
any requirement of law applicable to the Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank shall prohibit, or request that the Issuing Bank
refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuing Bank with respect to such Letter of Credit any restriction or reserve or capital requirement (for which such Issuing
Bank is not otherwise compensated hereunder) not in effect with respect to such Issuing Bank on the date hereof, or any unreimbursed loss, cost or expense (including as a result of Basel III) which was not applicable or in effect with respect to
such Issuing Bank as of the date hereof and which such Issuing Bank reasonably and in good faith deems material to it. 
 (b) Notice of Issuance, Amendment, Renewal, Extension: Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal (other than an automatic extension in accordance
with paragraph (c) of this Section) or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the applicable
Issuing Bank) to the applicable Issuing Bank and the Administrative Agent (three Business Days in advance of the requested date of issuance, amendment or extension or such shorter period as the Administrative Agent and the Issuing Bank in their sole
discretion may agree) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended or extended, and specifying the date of issuance, amendment or extension (which shall be a Business Day), the date on
which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount and currency of such Letter of Credit, the name and address of the beneficiary thereof, whether such Letter of Credit constitutes a
Standby Letter of Credit or a Trade Letter of Credit, and such other information as shall be necessary to issue, amend or extend such Letter of Credit. If requested by the applicable Issuing Bank, the Borrower also shall submit a letter of credit
application on such Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended or extended only if (and upon issuance, amendment or extension of each Letter of Credit the
Borrower shall be deemed to represent and warrant that), after giving effect 

  
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to such issuance, amendment or extension (i) the Revolving L/C Exposure shall not exceed the Letter of Credit Sublimit, (ii) the applicable Revolving Facility Credit Exposure shall not
exceed the applicable Revolving Facility Commitments. 
 (c) Expiration Date. Each Standby Letter of
Credit shall expire at or prior to the close of business on the earlier of (i) the date one year (unless otherwise agreed upon by the Administrative Agent and the Issuing Bank in their sole discretion) after the date of the issuance of such
Standby Letter of Credit (or, in the case of any extension thereof, one year (unless otherwise agreed upon by the Administrative Agent and the Issuing Bank in their sole discretion) after such renewal or extension) and (ii) the date that is
five Business Days prior to the applicable Revolving Facility Maturity Date; provided, that any Standby Letter of Credit with a one year tenor may provide for automatic extension thereof for additional one year periods (which, in no event,
shall extend beyond the date referred to in clause (ii) of this paragraph (c)) so long as such Standby Letter of Credit permits the Issuing Bank to prevent any such extension at least once in each twelve-month period (commencing with the
date of issuance of such Standby Letter of Credit) by giving prior notice to the beneficiary thereof within a time period during such twelve-month period to be agreed upon at the time such Standby Letter of Credit is issued; provided,
further, that if the Issuing Bank and the Administrative Agent each consent in their sole discretion, the expiration date on any Standby Letter of Credit may extend beyond the date referred to in clause (ii) above, provided, that
if any such Standby Letter of Credit is outstanding or is issued under the Revolving Facility Commitments of any Class after the date that is 30 days prior to such Revolving Facility Maturity Date for such Class the Borrower shall provide cash
collateral pursuant to documentation reasonably satisfactory to the Administrative Agent and the relevant Issuing Bank in an amount equal to [*]% of the face amount of each such Standby Letter of Credit on such date of issuance. Each Trade Letter of
Credit shall expire on the earlier of (x) 180 days after such Trade Letter of Credit’s date of issuance or (y) the date five Business Days prior to the applicable Revolving Facility Maturity Date. 

(d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the
amount thereof) under the Revolving Facility Commitments of any Class and without any further action on the part of the applicable Issuing Bank or the Revolving Facility Lenders, such Issuing Bank hereby grants to each Revolving Facility Lender
under such Class, and each such Revolving Facility Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Revolving Facility Lender’s applicable Revolving Facility Percentage of the aggregate
amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Facility Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the
applicable Issuing Bank, such Revolving Facility Lender’s Revolving Facility Percentage of each L/C Disbursement made by such Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or of
any reimbursement payment required to be refunded to the Borrower for any reason, in each case, in Dollars. Each Revolving Facility Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of
Letters of Credit is absolute and unconditional and shall not be affected by any circumstance 

  
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whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or Event of Default or reduction or termination of the Commitments
or the fact that, as a result of changes in currency exchange rates, such Revolving Facility Lender’s Revolving Facility Credit Exposure at any time might exceed its Revolving Facility Commitment at such time (in which case Section 2.11(f)
would apply), and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 
 (e) Reimbursement. If the applicable Issuing Bank shall make any L/C Disbursement in respect of a Letter of Credit, the Borrower shall reimburse (or cause the applicable Loan Party or Subsidiary to
reimburse) such L/C Disbursement by paying to the Administrative Agent an amount in Dollars equal to such L/C Disbursement not later than 2:00 p.m., Local Time, on the same day (or if such day is not a Business Day, the next following Business Day)
the Borrower receives notice under paragraph (g) of this Section of such L/C Disbursement, together with accrued interest thereon from the date of such L/C Disbursement at the rate applicable to ABR Revolving Facility Loans of the
applicable Class; provided, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.04 that such payment be financed with an ABR Revolving Facility Borrowing or a
Swingline Borrowing of the applicable Class, as applicable, in an equivalent amount and currency and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving
Facility Borrowing or Swingline Borrowing. If the Borrower fails to reimburse any L/C Disbursement when due, then the Administrative Agent shall promptly notify the applicable Issuing Bank and each other applicable Revolving Facility Lender of the
applicable L/C Disbursement, the payment then due from the Borrower in respect thereof and, in the case of a Revolving Facility Lender, such Lender’s Revolving Facility Percentage thereof. Promptly following receipt of such notice, each
Revolving Facility Lender with a Revolving Facility Commitment of the applicable Class shall pay to the Administrative Agent in Dollars, its Revolving Facility Percentage (as specified by the Administrative Agent to such Revolving Facility Lender at
the time) of the payment then due from the Borrower in the same manner as provided in Section 2.06 with respect to Loans made by such Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations of
the Revolving Facility Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Revolving Facility Lenders. Promptly following receipt by the Administrative Agent of any payment
from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Revolving Facility Lenders have made payments pursuant to this paragraph to reimburse such
Issuing Bank, then to such Lenders in Dollars and such Issuing Bank as their interests may appear. Any payment made by a Revolving Facility Lender pursuant to this paragraph to reimburse an Issuing Bank for any L/C Disbursement (other than the
funding of an ABR Revolving Loan or a Swingline Borrowing as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such L/C Disbursement. 

(f) Obligations Absolute. The obligation of the Borrower to reimburse L/C Disbursements as provided in paragraph
(e) of this Section shall be absolute, 

  
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unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of
validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein or herein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or
any statement therein being untrue or inaccurate in any respect, (iii) payment by the applicable Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of
Credit or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against,
the Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor any Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer
of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any
draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control
of such Issuing Bank, or any of the circumstances referred to in clauses (i), (ii) or (iii) of the first sentence; provided, that the foregoing shall not be construed to excuse the applicable Issuing Bank from liability to the
Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are determined by a court of
competent jurisdiction to have been caused by such Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree
that, in the absence of gross negligence or willful misconduct on the part of the applicable Issuing Bank, such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the
generality thereof, the parties agree that, with respect to documents presented that appear on their face to be in substantial compliance with the terms of a Letter of Credit, the applicable Issuing Bank may, in its sole discretion, either accept
and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance
with the terms of such Letter of Credit. 
 (g) Disbursement Procedures. The applicable Issuing Bank
shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. Such Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by
electronic means) of any such demand for payment under a Letter of Credit and whether such Issuing Bank has made or will make a L/C Disbursement thereunder; provided, that any failure to give or delay in giving such notice shall not relieve
the Borrower of its obligation to reimburse such Issuing Bank and the Revolving Facility Lenders with respect to any such L/C Disbursement. 

  
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 (h) Interim Interest. If an Issuing Bank shall make any L/C
Disbursement, then, unless the Borrower shall reimburse such L/C Disbursement in full on the date such L/C Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such L/C Disbursement is made to
but excluding the date that the Borrower reimburses such L/C Disbursement, at the rate per annum then applicable to ABR Revolving Loans of the applicable Class; provided, that, if such L/C Disbursement is not reimbursed by the Borrower when
due pursuant to paragraph (e) of this Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment
by any Revolving Facility Lender pursuant to paragraph (e) of this Section to reimburse such Issuing Bank shall be for the account of such Revolving Facility Lender to the extent of such payment. 

(i) Replacement of an Issuing Bank. An Issuing Bank may be replaced at any time by written agreement among the
Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall become effective, the
Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12. From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and
obligations of the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any
previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the
rights and obligations of such Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement but shall not be required to issue additional Letters of Credit. 

(j) Cash Collateralization. If any Event of Default shall occur and be continuing, (i) in the case of an Event
of Default described in Section 8.01(h) or (i), on the Business Day or (ii) in the case of any other Event of Default, on the third Business Day, in each case, following the date on which the Borrower receives notice from the
Administrative Agent (or, if the maturity of the Loans has been accelerated, Revolving Facility Lenders with Revolving L/C Exposure representing greater than 50% of the total Revolving L/C Exposure) demanding the deposit of cash collateral pursuant
to this paragraph, the Borrower shall deposit in an account with or at the direction of the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash in Dollars equal to the Revolving L/C
Exposure as of such date plus any accrued and unpaid interest thereon; provided, that upon the occurrence of any Event of Default with respect to the Borrower described in clause (h) or (i) of Section 8.01, the obligation to
deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind. Each such deposit pursuant to this paragraph shall be held by the Administrative
Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement. At any time that there shall exist a Defaulting Lender, within one Business Day following the written request of the

  
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Administrative Agent or any Issuing Bank (with a copy to the Administrative Agent) the Borrower shall Cash Collateralize the Issuing Banks’ Fronting Exposure with respect to such Defaulting
Lender (determined after giving effect to Section 2.22(a)(iv) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount. The Administrative Agent shall have exclusive dominion and
control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of (i) for so long as an Event of
Default shall be continuing, the Administrative Agent and (ii) at any other time, the Borrower, in each case, in Permitted Investments and at the risk and expense of the Borrower, such deposits shall not bear interest. Interest or profits, if
any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse each Issuing Bank for L/C Disbursements for which such Issuing Bank has not been reimbursed and, to the
extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the Revolving L/C Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Revolving
Facility Lenders with Revolving L/C Exposure representing greater than 50% of the total Revolving L/C Exposure), be applied to satisfy other obligations of the Borrower under this Agreement. If the Borrower is required to provide an amount of cash
collateral hereunder as a result of the occurrence of an Event of Default or the existence of a Defaulting Lender, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of
Default have been cured or waived or the termination of the Defaulting Lender status, as applicable. 
 (k)
Additional Issuing Banks. From time to time, the Borrower may by notice to the Administrative Agent designate up to three Lenders (in addition to Deutsche Bank) each of which agrees (in its sole discretion) to act in such capacity and is
reasonably satisfactory to the Administrative Agent as an Issuing Bank. Each such additional Issuing Bank shall execute a counterpart of this Agreement upon the approval of the Administrative Agent (which approval shall not be unreasonably withheld)
and shall thereafter be an Issuing Bank hereunder for all purposes. 
 (l) Reporting. Unless otherwise
requested by the Administrative Agent, each Issuing Bank shall (i) provide to the Administrative Agent copies of any notice received from the Borrower pursuant to Section 2.05(b) no later than the next Business Day after receipt thereof
and (ii) report in writing to the Administrative Agent (A) on or prior to each Business Day on which such Issuing Bank expects to issue, amend or extend any Letter of Credit, the date of such issuance, amendment or extension, and the
aggregate face amount of the Letters of Credit to be issued, amended or extended by it and outstanding after giving effect to such issuance, amendment or extension occurred (and whether the amount thereof changed), and the Issuing Bank shall be
permitted to issue, amend or extend such Letter of Credit if the Administrative Agent shall not have advised the Issuing Bank that such issuance, amendment or extension would not be in conformity with the requirements of this Agreement, (B) on
each Business Day on which such Issuing Bank makes any L/C Disbursement, the date of such L/C Disbursement and the amount and currency of such L/C Disbursement and (C) on any other Business Day, such other information with respect to the
outstanding Letters of Credit issued by such Issuing Bank as the Administrative Agent shall reasonably request. 

  
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 Section 2.06. Funding of Borrowings. 

(a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of
immediately available funds by 12:00 noon, Local Time on the Business Day specified in the applicable Borrowing Request, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders;
provided, that Swingline Loans shall be made as provided in Section 2.04. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower
designated by the Borrower in the applicable Borrowing Request; provided, that ABR Revolving Loans and Swingline Borrowings made to finance the reimbursement of a L/C Disbursement and reimbursements as provided in Section 2.05(e) shall
be remitted by the Administrative Agent to the applicable Issuing Bank. 
 (b) Unless the Administrative Agent
shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of the Borrowing, the Administrative Agent may assume that such Lender
has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made
its share of the Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand (without duplication) such corresponding amount with interest
thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of (A) the Federal Funds
Effective Rate and (B) a rate as reasonably determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans at such
time. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in the Borrowing. 
 Section 2.07. Interest Elections. 
 (a) Each Borrowing
initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period as specified in the Borrowing Request. Thereafter, the Borrower may elect to convert the
Borrowing to a different Type or to continue the Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different
portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising the Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This
Section shall not apply to Swingline Borrowings, which may not be converted or continued. 

  
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 (b) To make an election pursuant to this Section, the Borrower shall notify
the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type and in the applicable currency resulting from such election
to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or electronic means to the Administrative Agent of a written Interest Election
Request in the form of Exhibit E and signed by the Borrower. 
 (c) Each telephonic and written
Interest Election Request shall specify the following information in compliance with Section 2.02: 
 (i)
the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to
be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 
 (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 

(iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; and 

(iv) if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period to be applicable thereto after giving
effect to such election, which shall be a period contemplated by the definition of the term “Interest Period.” 
 If
any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 

(d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender to which
such Interest Election Request relates of the details thereof and of such Lender’s portion of each resulting Borrowing. 
 (e) If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing prior to the end of the Interest Period applicable thereto, then, unless the Borrowing is
repaid as provided herein, at the end of such Interest Period the Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at
the written request (including a request through electronic means) of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a
Eurocurrency Borrowing and (ii) unless repaid, each Eurocurrency Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. 

  
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 Section 2.08. Termination and Reduction of Commitments. 

(a) Unless previously terminated, the Revolving Facility Commitments of each Class shall terminate on the applicable
Revolving Facility Maturity Date for such Class. 
 (b) The Borrower may at any time terminate, or from time to
time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $1,000,000 and not less than
$5,000,000 (or, if less, the remaining amount of the Revolving Facility Commitments of such Class) and (ii) the Borrower shall not terminate or reduce the Revolving Facility Commitments of any Class if, after giving effect to any concurrent
prepayment of the Revolving Facility Loans in accordance with Section 2.11, the Revolving Facility Credit Exposure of such Class would exceed the total Revolving Facility Commitments of such Class. 

(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility
Commitments of any Class under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of
any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided, that a notice of termination of the
Revolving Facility Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on
or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their
respective Commitments. 
 Section 2.09. Repayment of Loans; Evidence of Debt. 

(a) Each Borrower hereby jointly and severally unconditionally promises to pay (i) to the Administrative Agent for
the account of each Revolving Facility Lender the then unpaid principal amount of each Revolving Facility Loan to the Borrower on the Revolving Facility Maturity Date applicable to such Revolving Facility Loans, (ii) to the Administrative Agent
for the account of each Lender the then unpaid principal amount of each Term Loan of such Lender as provided in Section 2.10 and (iii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan applicable to any Class
of Revolving Facility Commitments on the earlier of the Revolving Facility Maturity Date for such Class and the first date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least five Business Days after
such Swingline Loan is made; provided, that on each date that a Revolving Facility Borrowing is made by a Borrower, the Borrower shall repay all Swingline Loans then outstanding. 

  
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 (b) Each Lender shall maintain in accordance with its usual practice an
account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made
hereunder, the Facility and Type thereof and the Interest Period (if any) applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and
(iii) any amount received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
 (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded
therein; provided, that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this
Agreement. 
 (e) Any Lender may request that Loans made by it be evidenced by a promissory note (a
“Note”) in the applicable form set out in Exhibit L. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to
such Lender and its registered assigns) and in a form approved by the Administrative Agent and reasonably acceptable to the Borrower. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after
assignment pursuant to Section 10.04) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns).

 Section 2.10. Repayment of Term Loans and Revolving Facility Loans. 

(a) Subject to the other paragraphs of this Section: 

(i) the Borrower shall repay Term A Borrowings on the last day of each March, June, September and December of each
year (commencing September 2013) and on the applicable Term Facility Maturity Date or, if any such date is not a Business Day, on the next succeeding Business Day (each such date being referred to as a “Term A Loan Installment
Date”), in an aggregate principal amount of the Term A Loans equal to (A) in the case of quarterly payments due prior to the applicable Term Facility Maturity Date and on or prior to the second anniversary of the Closing Date, an
amount equal to 1.25% of the aggregate principal amount of Term A Loans outstanding immediately after the Closing Date, (B) in the case of quarterly payments due prior to the applicable Term Facility Maturity Date but after the second
anniversary of the Closing Date, an amount equal to 2.50% of the aggregate principal amount of Term A Loans outstanding immediately after the Closing Date, and (C) in the case of such payment due on the Term Facility Maturity Date, an amount
equal to the then unpaid principal amount of the Term A Loans outstanding; 

  
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 (ii) in the event that any Incremental Term Loans are made on an Increased
Amount Date, the Borrower shall repay such Incremental Term Loans on the dates and in the amounts set forth in the Incremental Assumption Agreement (each such date being referred to as an “Incremental Term Loan Installment Date”);

 (iii) in the event that any Refinancing Term Loans are made pursuant to Section 2.21(j), the Borrower (or
the relevant obligor) shall repay such Refinancing Term Loans on the dates and in the amounts set forth in the related Incremental Assumption Agreement (each such date being referred to as an “Other Term Loan Installment Date”); and

 (iv) to the extent not previously paid, outstanding Term Loans shall be due and payable on the applicable Term
Facility Maturity Date. 
 (b) To the extent not previously paid, outstanding Revolving Facility Loans of each
Class shall be due and payable on the applicable Revolving Facility Maturity Date. 
 (c) Prepayment of the Loans
from: 
 (i) any optional prepayments of the Term Loans pursuant to Section 2.11(a) shall be applied to the
remaining installments of the Term Loans under the applicable Class or Classes as the Borrower may direct; and 

(ii) all Net Proceeds pursuant to Section 2.11(b) shall be allocated among the Term Facilities, with the application
thereof (A) to reduce in direct order amounts due on the next twelve succeeding Term Loan Installment Dates under the applicable Term Facilities as provided in paragraph (d) below, and (B) thereafter, to reduce on a pro rata basis
(based on the amount of such amortization payments) the remaining scheduled amortization payments under the applicable Term Facilities; provided, that any Lender, at its option, may elect to decline any such prepayment (such declined amounts,
the “Declined Proceeds”) of any Term Loan held by it if it shall give written notice to the Administrative Agent thereof by 11:00 A.M. Local Time at least three Business Days prior to the date of such prepayment (any such Lender, a
“Declining Lender”). Any Declined Proceeds shall be offered to the Lenders not so declining such repayment on a pro rata basis; provided, that any such non-Declining Lender, at its option, may elect to decline any such
prepayment with Declined Proceeds at the time and in the manner specified by the Administrative Agent. To the extent such non-declining Lenders elect to decline their pro rata share of such Declined Proceeds, any Declined Proceeds remaining
thereafter on the date of any such prepayment shall instead be retained by the Borrower for application for any purpose not prohibited by this Agreement. 

  
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 (d) Any mandatory prepayment of Term Loans pursuant to Section 2.11(b)
shall be applied so that the aggregate amount of such prepayment is allocated among the Term A Loans, the Other Incremental Term Loans and the Refinancing Term Loans, if any, pro rata based on the aggregate principal amount of outstanding Term A
Loans, Other Incremental Term Loans and Refinancing Term Loans, if any (unless, with respect to Other Incremental Term Loans or Refinancing Term Loans or the Incremental Assumption Agreement relating thereto does not so require). Prior to any
repayment of any Loan under any Facility hereunder, the Borrower shall select the Borrowing or Borrowings under the applicable Facility to be repaid and shall notify the Administrative Agent by telephone (confirmed by electronic means) of such
selection not later than 2:00 p.m., Local Time, (i) in the case of an ABR Borrowing, one Business Day before the scheduled date of such repayment and (ii) in the case of a Eurocurrency Borrowing, three Business Days before the scheduled
date of such repayment, which notice shall be irrevocable except to the extent conditioned on a refinancing or other event. Each repayment of a Borrowing (x) in the case of the Revolving Facility of any Class, shall be applied to the Revolving
Facility Loans included in the repaid Borrowing such that each Revolving Facility Lender receives its ratable share of such repayment (based upon the respective Revolving Facility Credit Exposure of the Revolving Facility Lenders of such Class at
the time of such repayment) and (y) in all other cases, shall be applied ratably to the Loans included in the repaid Borrowing. Repayments of Loans (other than repayments of ABR Revolving Facility Borrowings that are not made in connection with
the termination or permanent reduction of the applicable Revolving Facility Commitment) shall be accompanied by accrued interest on the amount repaid. 
 Section 2.11. Prepayment of Loans. 
 (a) The Borrower shall
have the right at any time and from time to time to prepay any Loan in whole or in part, without premium or penalty (but subject to Section 2.16), in an aggregate principal amount that is an integral multiple of the Borrowing Multiple and not less
than the Borrowing Minimum or, if less, the amount outstanding, subject to prior notice in accordance with Section 2.10(d). 
 (b) The Borrower shall apply all Net Proceeds promptly upon receipt thereof to prepay Term Loans in accordance with paragraphs (c) and (d) of Section 2.10. Notwithstanding the foregoing,
the Borrower may use a portion of such Net Proceeds pursuant to clause (a) of the definition thereof to prepay or repurchase Pari Passu Senior Secured Notes to the extent any applicable Senior Secured Notes Indenture requires the Borrower to prepay
or make an offer to purchase such Pari Passu Senior Secured Notes with the proceeds of such Asset Sale, in each case in an amount not to exceed the product of (x) the amount of such Net Proceeds multiplied by (y) a fraction, the numerator
of which is the outstanding principal amount of the Pari Passu Senior Secured Notes and with respect to which such a requirement to prepay or make an offer to purchase exists and the denominator of which is the sum of the outstanding principal
amount of such Pari Passu Senior Secured Notes and the outstanding principal amount of Term Loans. 
 (c)
[Reserved]. 

  
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 (d) In the event and on such occasion that the total Revolving Facility
Credit Exposure of any Class exceeds the total Revolving Facility Commitments of such Class, the Borrower shall prepay Revolving Facility Borrowings or Swingline Borrowings of such Class (or, if no such Borrowings are outstanding, deposit cash
collateral in an account with the Administrative Agent pursuant to Section 2.05(j)) in an aggregate amount equal to such excess. 
 (e) In the event and on such occasion as the Revolving L/C Exposure exceeds the Letter of Credit Sublimit, the Borrower shall deposit cash collateral in an account with the Administrative Agent pursuant
to Section 2.05(j) in an amount equal to such excess. 
 Section 2.12. Fees. 

(a) The Borrower agrees to pay to each Lender (other than any Defaulting Lender), through the Administrative Agent, on the
date that is 10 Business Days after the last day of March, June, September and December in each year (commencing June 2013), and three Business Days after the date on which the Revolving Facility Commitments of all the Lenders shall be
terminated as provided herein, a commitment fee (a “Commitment Fee”) on the daily amount of the applicable Available Unused Commitment of such Lender during the preceding quarter (or other period commencing with the Closing Date or
ending with the date on which the last of the Commitments of such Lender shall be terminated) at a rate equal to the Applicable Commitment Fee. All Commitment Fees shall be computed on the basis of the actual number of days elapsed in a year of 360
days. For the purpose of calculating any Lender’s Commitment Fee, the outstanding Swingline Loans during the period for which such Lender’s Commitment Fee is calculated shall be deemed to be zero. The Commitment Fee due to each Lender
shall commence to accrue on the Closing Date and shall cease to accrue on the date on which the last of the Commitments of such Lender shall be terminated as provided herein. 

(b) The Borrower from time to time agrees to pay (i) to each Revolving Facility Lender of each Class (other than any
Defaulting Lender), through the Administrative Agent, on the last Business Day of March, June, September and December of each year (commencing June 2013) and on the Revolving Facility Maturity Date (or such other date on which the
Revolving Facility Commitments of all the Lenders shall be terminated as provided herein), a fee (an “L/C Participation Fee”) on such Lender’s Revolving Facility Percentage of the daily aggregate Revolving L/C Exposure
(excluding the portion thereof attributable to unreimbursed L/C Disbursements) of such Class, during the preceding quarter (or shorter period commencing with the Closing Date or ending with the applicable Revolving Facility Maturity Date or the date
on which the Revolving Facility Commitments of such Class shall be terminated) at the rate per annum equal to the Applicable Margin for Eurocurrency Revolving Facility Borrowings of such Class effective for each day in such period, and (ii) to
each Issuing Bank, for its own account (x) on the last Business Day of March, June, September and December of each year (commencing June 2013) and on the Revolving Facility Maturity Date (or such other date on which the Revolving
Facility Commitments of all the Lenders shall be 

  
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terminated), a fronting fee in respect of each Letter of Credit issued by such Issuing Bank for the period from and including the date of issuance of such Letter of Credit to and including the
termination of such Letter of Credit, computed at a rate equal to 0.125% per annum of the daily average stated amount of such Letter of Credit), plus (y) in connection with the issuance, amendment or transfer of any such Letter of Credit
or any L/C Disbursement thereunder, such Issuing Bank’s customary documentary and processing fees and charges (collectively, “Issuing Bank Fees”). All L/C Participation Fees and Issuing Bank Fees that are payable on a per annum
basis shall be computed on the basis of the actual number of days elapsed in a year of 360 days. 
 (c) The
Borrower agrees to pay to the Administrative Agent, for the accounts of the Administrative Agent and the Collateral Agent, the agency fees set forth in any fee letters entered into between the Agents, the Arrangers, and the Joint Bookrunners, as
such letters may be amended, restated, supplemented or otherwise modified from time to time, at the times specified therein (the fees payable to the Administrative Agent being the “Administrative Agent Fees”, and the fees payable to
the Collateral Agent being the “Collateral Agent Fees”). 
 (d) [Reserved]. 

(e) [Reserved]. 
 (f) All Fees shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, if and as appropriate, among the Lenders, except that Issuing Bank Fees shall be
paid directly to the applicable Issuing Banks. Once paid, none of the Fees shall be refundable under any circumstances. 

Section 2.13. Interest. 
 (a) The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the ABR plus the Applicable Margin. 

(b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period
in effect for such Borrowing plus the Applicable Margin. 
 (c) Notwithstanding the foregoing, if any principal
of or interest on any Loan or any Fees or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at
a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus
the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided, that this paragraph (c) shall not apply to any Event of Default that has been waived by the Lenders pursuant to Section 10.08. 

(d) Accrued interest on each Loan shall be payable in arrears (i) on each Interest Payment Date for such Loan,
(ii) in the case of Revolving Facility Loans, upon 

  
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termination of the applicable Revolving Facility Commitments and (iii) in the case of the Term Loans, on the applicable Term Facility Maturity Date; provided, that (A) interest
accrued pursuant to paragraph (c) of this Section shall be payable on demand, (B) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period),
accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (C) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor,
accrued interest on such Loan shall be payable on the effective date of such conversion. 
 (e) All interest
hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the ABR at times when the ABR is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year),
and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable ABR or Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall be
conclusive absent manifest error. 
 Section 2.14. Alternate Rate of Interest. If prior to the commencement of any
Interest Period for a Eurocurrency Borrowing: 
 (a) the Administrative Agent determines (which determination
shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period; or 
 (b) the Administrative Agent is advised by the Required Lenders or the Majority Lenders under the Revolving Facility of any Class that the Adjusted LIBO Rate for such Interest Period will not adequately
and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; 
 then
the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or electronic means as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the
circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing shall be ineffective and such Borrowing
shall be converted to or continued as on the last day of the Interest Period applicable thereto an ABR Borrowing and (ii) if any Borrowing Request requests a Eurocurrency Borrowing, such Borrowing shall be made as an ABR Borrowing. 

Section 2.15. Increased Costs. 
 (a) If any Change in Law shall: 
 (i) impose, modify or deem
applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or Issuing Bank; or

  
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 (ii) impose on any Lender or Issuing Bank or the London interbank market any
other condition affecting this Agreement or Eurocurrency Loans made by such Lender or any Letter of Credit or participation therein; or 
 (iii) subject any Lender or Issuing Bank to any Tax with respect to any Loan Document or any Eurocurrency Loan or Letter of Credit thereunder (other than (i) Taxes indemnifiable under
Section 2.17, or (ii) Excluded Taxes), 
 and the result of any of the foregoing shall be to increase the cost
to such Lender of making or maintaining any Eurocurrency Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender or Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to
reduce the amount of any sum received or receivable by such Lender or Issuing Bank hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender or Issuing Bank, as applicable, such additional amount or amounts
as will compensate such Lender or Issuing Bank, as applicable, for such additional costs incurred or reduction suffered. 
 (b) If any Lender or Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or Issuing
Bank’s capital or on the capital of such Lender’s or Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Lender, or
the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law (taking into
consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or such Issuing Bank’s holding company with respect to capital adequacy or liquidity), then from time to time the Borrower shall pay to
such Lender or such Issuing Bank, as applicable, such additional amount or amounts as will compensate such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction suffered. 

(c) A certificate of a Lender or an Issuing Bank setting forth the amount or amounts necessary to compensate such Lender
or Issuing Bank or its holding company, as applicable, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or
Issuing Bank, as applicable, the amount shown as due on any such certificate within 10 days after receipt thereof. 
 (d) Promptly after any Lender or any Issuing Bank has determined that it will make a request for increased compensation pursuant to this Section 2.15, such Lender or Issuing Bank shall notify the
Borrower thereof. Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section 2.15 shall not constitute a waiver of such Lender’s or Issuing Bank’s right to demand such compensation;
provided, that the Borrower shall not be required to compensate a Lender or an Issuing Bank pursuant to this Section 2.15 for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or Issuing
Bank, as 

  
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applicable, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or Issuing Bank’s intention to claim compensation therefor;
provided, further, that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180 day period referred to above shall be extended to include the period of retroactive effect thereof.

 Section 2.16. Break Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan
other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto, (c) the
failure to borrow, convert, continue or prepay any Eurocurrency Loan on the date specified in any notice delivered pursuant hereto or (d) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period applicable
thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurocurrency Loan, such
loss, cost or expense to any Lender shall be deemed to be the amount determined by such Lender to be the excess, if any, of (i) the amount of interest that would have accrued on the principal amount of such Loan had such event not occurred, at
the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue a Eurocurrency
Loan, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest that would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the
commencement of such period, for deposits in Dollars of a comparable amount and period from other banks in the Eurocurrency market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to
this Section 2.16 shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

Section 2.17. Taxes. 
 (a) Any and all payments made by or on behalf of any Loan Party hereunder or any other Loan Document shall be made free and clear of, and without deduction or withholding for or on account of, any Taxes;
provided that if an applicable Withholding Agent shall be required by law to deduct or withhold any Taxes from such payments, then (i) the applicable Withholding Agent shall make such deductions or withholdings as are reasonably
determined by the applicable Withholding Agent to be required by any applicable law, (ii) the applicable Withholding Agent shall timely pay the full amount deducted or withheld to the relevant Governmental Authority within the time allowed and
in accordance with applicable law, and (iii) to the extent withholding or deduction is required to be made on account of Indemnified Taxes or Other Taxes, the sum payable by the Loan Party shall be increased as necessary so that after all
required deductions and withholdings have been made (including deductions or withholdings applicable to additional sums payable under this Section 2.17) the Administrative Agent or the applicable Lender, as the case may be, receives an amount
equal to the sum it would have received had no such deductions or withholdings been made. 

  
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 (b) In addition, the Loan Parties shall timely pay any Other Taxes to the
relevant Governmental Authority in accordance with applicable law. 
 (c) Each Loan Party shall indemnify and
hold harmless the Administrative Agent and each Lender, within 15 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes imposed on the Administrative Agent or such Lender, as the case may be (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.17), and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate setting forth in reasonable detail the basis and calculation of the amount of such payment or liability delivered to the Borrower by a Lender or the
Administrative Agent (as applicable) on its own behalf or on behalf of a Lender shall be conclusive absent manifest error. 
 (d) As soon as practicable after any payment of Taxes by a Loan Party to a Governmental Authority, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(e) Each Lender shall deliver to the Borrower and the Administrative Agent, at such time or times reasonably requested by
the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable law and such other reasonably requested information as will permit the Borrower or the Administrative Agent, as the case may be, to
determine (A) whether or not any payments made hereunder or under any other Loan Document are subject to Taxes, (B) if applicable, the required rate of withholding or deduction, and (C) such Lender’s entitlement to any available
exemption from, or reduction of, applicable Taxes in respect of any payments to be made to such Lender by any Loan Party pursuant to any Loan Document or otherwise to establish such Lender’s status for withholding tax purposes in the applicable
jurisdiction. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable
the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. 
 Without limiting the generality of Section 2.17(e), each Foreign Lender with respect to any Loan made to the Borrower shall, to the extent it is legally eligible to do so: 

(1) deliver to the Borrower and the Administrative Agent, prior to the date on which the first payment to the Foreign Lender is due
hereunder, two copies of (A) in the case of a Foreign Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest”, United States Internal
Revenue Service Form W-8BEN (or any applicable successor form) (together with a certificate substantially in the form of Exhibit O-1 - Exhibit O-4 as appropriate (a “Non-Bank Tax Certificate”), (B) Internal Revenue
Service Form W-8BEN or Form W-8ECI (or any 

  
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applicable successor form), in each case properly completed and duly executed by such Foreign Lender claiming complete exemption from, or reduced rate of, U.S. federal withholding tax on payments
by the Borrower under this Agreement, (C) Internal Revenue Service Form W-8IMY (or any applicable successor form) and all necessary attachments (including the forms described in clauses (A) and (B) above; provided that if the
Foreign Lender is a partnership and not a participating Lender, and one or more of the partners is claiming portfolio interest treatment, the Non-Bank Tax Certificate may be provided by such Foreign Lender on behalf of such partners) or (D) any
other form prescribed by applicable law as a basis for claiming exemption from or a reduction in United States federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit the
Borrower to determine the withholding or deduction required to be made; and 
 (2) deliver to the Borrower and the
Administrative Agent two further copies of any such form or certification (or any applicable successor form) on or before the date that any such form or certification expires or becomes obsolete or invalid, after the occurrence of any event
requiring a change in the most recent form previously delivered by it to the Borrower and the Administrative Agent, and from time to time thereafter if reasonably requested by the Borrower or the Administrative Agent. 

Any Foreign Lender that becomes legally ineligible to update any form or certification previously delivered shall promptly notify the Borrower and the
Administrative Agent in writing of such Foreign Lender’s inability to do so. 
 If a payment made to a Lender under any Loan Document would
be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Sections 1471(b) or 1472(b) of the Code, as applicable), such Lender
shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including
as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their
FATCA obligations, to determine whether such Lender has or has not complied with such Lender’s FATCA obligations and, if necessary, to determine the amount to deduct and withhold from such payment. 

Each Person that shall become a Participant pursuant to Section 10.04 or a Lender pursuant to Section 10.04 shall, upon the effectiveness of
the related transfer, be required to provide all the forms and statements required pursuant to this Section 2.17(e); provided that in the case of a Participant such Participant shall furnish all such required forms and statements to the
Person from which the related participation shall have been purchased. 
 In addition, to the extent it is legally eligible to do so, each
Administrative Agent shall deliver to the Borrower (x)(I) prior to the date on which the first payment by the Borrower is due hereunder or (II) prior to the first date on or after the date on which such Agent becomes a successor Agent pursuant to
Section 9.09 on which payment by the Borrower is due hereunder, as applicable, two copies of a properly completed and executed IRS Form W-9 certifying its exemption from U.S. 

  
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Federal backup withholding or a properly completed and executed applicable IRS Form W-8 certifying its non-U.S. status and its entitlement to any applicable treaty benefits, and (y) on or
before the date on which any such previously delivered documentation expires or becomes obsolete or invalid, after the occurrence of any event requiring a change in the most recent documentation previously delivered by it to the Borrower, and from
time to time if reasonably requested by the Borrower, two further copies of such documentation. 
 (f) If the
Administrative Agent or a Lender determines, in its sole discretion, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by a Loan Party or with respect to which such Loan Party has paid
additional amounts pursuant to this Section 2.17, it shall pay over such refund to such Loan Party (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under this Section 2.17 with respect to
the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender (including any Taxes imposed with respect to such refund) as is determined by the Administrative Agent or
Lender in good faith and in its sole discretion, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that such Loan Party, upon the request of the Administrative
Agent or such Lender, agrees to repay as soon as reasonably practicable the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender
in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. In such event, such Lender or Administrative Agent, as the case may be, shall, at the Loan Party’s request, provide the Loan
Party with a copy of any notice of assessment or other evidence of the requirement to repay such refund received from the relevant Governmental Authority (provided that such Lender or Administrative Agent may delete any information therein
that it deems confidential). A Lender or Administrative Agent shall claim any refund that it determines is available to it, unless it concludes in its sole discretion that it would be adversely affected by making such a claim. This
Section 2.17(f) shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating to its Taxes which it deems, in good faith and in its sole discretion, to be
confidential) to the Loan Parties or any other person. 
 (g) If the Borrower determines that a reasonable basis
exists for contesting an Indemnified Tax or Other Tax for which a Loan Party has paid additional amounts as indemnification payments, each affected Lender or Administrative Agent, as the case may be, shall use reasonable efforts to cooperate with
the Borrower as the Borrower may reasonably request in challenging such Tax. The Borrower shall indemnify and hold each Lender and Administrative Agent harmless against any out-of-pocket expenses incurred by such person in connection with any
request made by the Borrower pursuant to this Section 2.17(g). Nothing in this Section 2.17(g) shall obligate any Lender or Administrative Agent to take any action that such person, in its sole judgment, determines may result in a material
detriment to such person. 

  
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 (h) For purposes of this Section 2.17, the term “Lender”
includes any Issuing Bank and any Swingline Lender. 
 Section 2.18. Payments Generally; Pro Rata Treatment; Sharing of Set
offs. 
 (a) Unless otherwise specified, the Borrower shall make each payment required to be made by it
hereunder (whether of principal, interest or, fees or reimbursement of L/C Disbursements, or of amounts payable under Sections 2.15, 2.16 or 2.17, or otherwise) prior to 2:00 p.m., Local Time, on the date when due, in immediately available
funds, without condition or deduction for any defense, recoupment, set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding
Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent to the applicable account designated to the Borrower by the Administrative Agent, except payments to be made directly to the
applicable Issuing Bank or the Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16 or 2.17 and 10.05 shall be made directly to the persons entitled thereto. The Administrative Agent shall
distribute any such payments received by it for the account of any other person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be
extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments made under the Loan Documents shall be made in Dollars. Any payment
required to be made by the Administrative Agent hereunder shall be deemed to have been made by the time required if the Administrative Agent shall, at or before such time, have taken the necessary steps to make such payment in accordance with the
regulations or operating procedures of the clearing or settlement system used by the Administrative Agent to make such payment. 
 (b) If at any time insufficient funds are received by and available to the Administrative Agent from the Borrower to pay fully all amounts of principal, unreimbursed L/C Disbursements, interest and fees
then due from the Borrower hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due from the Borrower hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest
and fees then due to such parties, (ii) second, towards payment of principal of Swingline Loans and unreimbursed L/C Disbursements then due from the Borrower hereunder, ratably among the parties entitled thereto in accordance with the
amounts of principal and unreimbursed L/C Disbursements then due to such parties, and (iii) third, towards payment of principal then due from the Borrower hereunder, ratably among the parties entitled thereto in accordance with the
amounts of principal then due to such parties. 
 (c) If any Lender shall, by exercising any right of set-off or
counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Term Loans, Revolving Facility Loans or participations in L/C Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater
proportion of the aggregate amount of its Term Loans, Revolving Facility Loans and participations in L/C 

  
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Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face
value) participations in the Term Loans, Revolving Facility Loans and participations in L/C Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in
accordance with the aggregate amount of principal of and accrued interest on their respective Term Loans, Revolving Facility Loans and participations in L/C Disbursements and Swingline Loans; provided, that (i) if any such participations
are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this
paragraph (c) shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a
participation in any of its Loans or participations in L/C Disbursements to any assignee or participant, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this paragraph (c) shall apply unless the assignment is
pursuant to a Permitted Loan Purchase). The Borrower consents to the foregoing and agrees, to the extent they may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise
against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 

(d) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is
due to the Administrative Agent for the account of the Lenders or the applicable Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in
accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the applicable Issuing Bank, as applicable, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the
applicable Issuing Bank, as applicable, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is
distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation. 
 (e) If any Lender shall fail to make any payment required to be made by it pursuant to
Sections 2.04(c), 2.05(d) or (e), 2.06(b) or 2.18(d), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of
such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
 Section 2.19. Mitigation Obligations; Replacement of Lenders. 

  
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 (a) If any Lender requests compensation under Section 2.15, or if the
Borrower are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different Lending Office for
funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or
reduce amounts payable pursuant to Section 2.15 or 2.17, as applicable, in the future and (ii) would not subject such Lender to any material unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender in any
material respect. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) If any Lender requests compensation under Section 2.15, or if the Borrower are required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender is a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice from the Borrower to such
Lender and the Administrative Agent, require any such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 10.04), all its interests, rights and obligations under this
Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative
Agent (and, if in respect of any Revolving Facility Commitment or Revolving Facility Loan, the Swingline Lender and the Issuing Bank), which consent, in each case, shall not unreasonably be withheld, (ii) such Lender shall have received payment
of an amount equal to the outstanding principal of its Loans and participations in L/C Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the assignee (to the extent of such
outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made
pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments. Nothing in this Section 2.19 shall be deemed to prejudice any rights that the Borrower may have against any Lender that is a Defaulting
Lender. 
 (c) If any Lender (such Lender, a “Non-Consenting Lender”) has failed to consent to a
proposed amendment, waiver, discharge or termination which pursuant to the terms of Section 10.08 requires the consent of all of the Lenders affected and with respect to which the Required Lenders shall have granted their consent, then the
Borrower shall have the right (unless such Non-Consenting Lender grants such consent) at its sole expense (including with respect to the processing and recordation fee referred to in Section 10.04(b)(ii)(B)), to replace such Non-Consenting
Lender by requiring such Non-Consenting Lender to (and any such Non-Consenting Lender agrees that it shall, upon the Borrower’s request) assign its Loans and its Commitments (or, at the Borrower’s option, the Loans and Commitments under
the Facility that is the subject of the proposed amendment, waiver, discharge or termination) hereunder to one or more assignees 

  
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(except as expressly set forth in the proviso below, in accordance with and subject to the restrictions contained in Section 10.04) reasonably acceptable to (i) the Administrative Agent
(unless, in the case of an assignment of Term Loans, such assignee is a Lender, an Affiliate of a Lender or an Approved Fund) and (ii) if in respect of any Revolving Facility Commitment or Revolving Facility Loan, the Swingline Lender and the
Issuing Bank; provided that: (a) all Obligations of the Borrower owing to such Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender concurrently with such assignment, (b) the replacement Lender
shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest thereon and (c) the replacement Lender shall grant its consent with respect to the applicable
proposed amendment, waiver, discharge or termination. In connection with any such assignment the Borrower, Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with Section 10.04; provided,
that if such Non–Consenting Lender does not comply with Section 10.04 within three Business Days after Borrower’s request, compliance with Section 10.04 shall not be required to effect such assignment. 

Section 2.20. Illegality. If any Lender reasonably determines that any Change in Law has made it unlawful, or that any
Governmental Authority has asserted after the Closing Date that it is unlawful, for any Lender or its applicable lending office to make or maintain any Eurocurrency Loans, then, on notice thereof by such Lender to the Borrower through the
Administrative Agent, any obligations of such Lender to make or continue Eurocurrency Loans or to convert ABR Borrowings to Eurocurrency Borrowings shall be suspended until such Lender notifies the Administrative Agent and the Borrower that the
circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrower shall upon demand from such Lender (with a copy to the Administrative Agent), either prepay or convert all Eurocurrency Borrowings of such
Lender to ABR Borrowings, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Borrowings to such day, or immediately, if such Lender may not lawfully continue to maintain such
Loans. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. 
 Section 2.21. Incremental Commitments. 
 (a) The Borrower
may, by written notice to the Administrative Agent from time to time, request Incremental Term Loan Commitments and/or Incremental Revolving Facility Commitments, as applicable, in an amount not to exceed the Incremental Amount from one or more
Incremental Term Lenders and/or Incremental Revolving Facility Lenders (which may include any existing Lender) willing to provide such Incremental Term Loans and/or Incremental Revolving Facility Commitments, as the case may be, in their own
discretion; provided, that each Incremental Revolving Facility Lender shall be subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld) unless such Incremental Revolving Facility Lender is a
Lender, an Affiliate of a Lender or an Approved Fund. Such notice shall set forth (i) the amount of the Incremental Term Loan Commitments and/or Incremental Revolving Facility Commitments being requested (which shall be in minimum increments of
$5,000,000 and a minimum amount of $25,000,000 or equal to the 

  
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remaining Incremental Amount), (ii) the date on which such Incremental Term Loan Commitments and/or Incremental Revolving Facility Commitments are requested to become effective (the
“Increased Amount Date”), (iii) in the case of Incremental Revolving Facility Commitments, whether such Incremental Revolving Facility Commitments are to be commitments to make revolving loans with pricing and amortization
terms identical to an existing Class of Revolving Facility Loans (which may be part of such existing Class) or commitments to make revolving loans with pricing and/or amortization terms different from all existing Classes of Revolving Facility Loans
(“Other Incremental Revolving Loans”), and (iv) in the case of Incremental Term Loan Commitments, whether such Incremental Term Loan Commitments are to be commitments to make term loans with pricing and amortization terms
identical to an existing Class of Term Loans (which may be part of such existing Class) or commitments to make term loans with pricing and amortization terms different from all existing Classes of Term Loans (“Other Incremental Term
Loans”). 
 (b) The Borrower and each Incremental Term Lender and/or Incremental Revolving Facility
Lender shall execute and deliver to the Administrative Agent an Incremental Assumption Agreement and such other documentation as the Administrative Agent shall reasonably specify to evidence the Incremental Term Loan Commitment of such Incremental
Term Lender and/or Incremental Revolving Facility Commitment of such Incremental Revolving Facility Lender. Each Incremental Assumption Agreement shall specify the terms of the applicable Incremental Term Loans and/or Incremental Revolving Facility
Commitments; provided, that (i) the Other Incremental Term Loans shall rank pari passu or junior in right of payment and of security with any existing Class of Term A Loans, (ii) the final maturity date of any Other Incremental Term
Loans shall be no earlier than the Latest Maturity Date and, except as to pricing, amortization, call premiums, call protection and final maturity date, shall have (x) the same terms as an existing Class of Term Loans or (y) such other
terms (including as to guarantees and collateral) as shall be reasonably satisfactory to the Administrative Agent, (iii) the weighted average life to maturity of any Other Incremental Term Loans shall be no shorter than the remaining weighted
average life to maturity of the then-outstanding Class of Term Loans with the longest weighted average life to maturity, (iv) the Other Incremental Revolving Loans shall rank pari passu in right of payment and of security with the Revolving
Facility Loans, (v) the final maturity date of any Other Incremental Revolving Loans shall be no earlier than the Revolving Facility Maturity Date and, except as to pricing, amortization and final maturity date and the matters addressed by
clause (iv) above, shall have (x) the same terms as the Revolving Facility Loans or (y) such other terms (including as to guarantees and collateral) as shall be reasonably satisfactory to the Administrative Agent, (vi) the
weighted average life to maturity of any Other Incremental Revolving Loans shall be no shorter than the remaining weighted average life to maturity of any other Class of Revolving Facility Loans and (vii) the Other Incremental Revolving Loans
and the Other Incremental Term Loans shall be denominated in U.S. dollars and borrowed by the Borrower; provided, further that the All-in Yield in respect of any Other Incremental Term Loan and/or Other Incremental Revolving Loan
incurred prior to the date that is twelve (12) months after the Closing Date shall be the same as that applicable to the Term Loans and/or the Revolving Facility Loans; except that the All-in Yield in respect of any such Other Incremental Term
Loan 

  
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and/or any such Other Incremental Revolving Loan may exceed the Applicable Margin for any other Class of Term Loans and/or Revolving Facility Loans, respectively, by no more than [*]% (it being
understood that any such increase may take the form of original issue discount (“OID”), with OID being equated to the interest rates in a manner reasonably determined by the Administrative Agent based on an assumed four-year life to
maturity), or if it does so exceed such All-in Yield, the Applicable Margin with respect to each Class of Term Loans and/or Revolving Facility Loans shall be increased so that the All-in Yield in respect of such Other Incremental Term Loan or Other
Incremental Revolving Loan, as the case may be is no more than [*]% higher than the All-in Yield for each Class of Term Loans or Revolving Facility Loans, respectively. Each of the parties hereto hereby agrees that, (i) upon the effectiveness
of any Incremental Assumption Agreement, this Agreement shall be amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Incremental Term Loan Commitments and/or Incremental Revolving Facility Commitments
evidenced thereby as provided for Section 10.08(e). Any amendment to this Agreement or any other Loan Document that is necessary to effect the provisions of this Section 2.21 and any such collateral and other documentation shall be deemed
“Loan Documents” hereunder and may be memorialized in writing by the Administrative Agent with the Borrower’s consent (not to be unreasonably withheld) and furnished to the other parties hereto. 

(c) Notwithstanding the foregoing, no Incremental Term Loan Commitment or Incremental Revolving Facility Commitment shall
become effective under this Section 2.21 unless (i) on the date of such effectiveness, the conditions set forth in paragraphs (b) and (c) of Section 4.01 shall be satisfied and the Administrative Agent shall have received a
certificate to that effect dated such date and executed by a Responsible Officer of the Borrower, (ii) the Administrative Agent shall have received customary legal opinions, board resolutions and other customary closing certificates and
documentation as required by the relevant Incremental Assumption Agreement and, to the extent required by the Administrative Agent, consistent with those delivered on the Closing Date and such additional customary documents and filings (including
amendments to the Vessel Mortgages and other Security Documents) as the Administrative Agent may reasonably require to assure that the Incremental Term Loans and/or Revolving Facility Loans in respect of Incremental Revolving Facility Commitments
are secured by the Collateral ratably with (or, to the extent agreed by the applicable Incremental Term Lenders and/or the applicable Incremental Revolving Facility Lenders in the applicable Incremental Assumption Agreement, junior to) one or more
Classes of then-existing Term Loans and Revolving Facility Loans and (iii) the Borrower shall be in Pro Forma Compliance after giving effect to such Incremental Term Loan Commitment and/or Incremental Revolving Facility Commitments and the
Loans to be made thereunder and the application of the proceeds therefrom as if made and applied on such date. 

(d) Each of the parties hereto hereby agrees that the Administrative Agent may take any and all action as may be
reasonably necessary to ensure that (i) all Incremental Term Loans (other than Other Incremental Term Loans), when originally made, are included in each outstanding Borrowing of the applicable Class of Term Loans on a pro rata basis, and
(ii) all Revolving Facility Loans in respect of Incremental 

  
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Revolving Facility Commitments (other than Other Incremental Revolving Loans), when originally made, are included in each outstanding Borrowing of the applicable Class of Revolving Facility Loans
on a pro rata basis. The Borrower agrees that Section 2.16 shall apply to any conversion of Eurocurrency Loans to ABR Loans reasonably required by the Administrative Agent to effect the foregoing. 

(e) Notwithstanding anything to the contrary in Section 2.18(c) (which provisions shall not be applicable to clauses
(e) through (i) of this Section 2.21), pursuant to one or more offers made from time to time by the Borrower to all Lenders of any Class of Term Loans and/or Revolving Facility Commitments, on a pro rata basis (based, in the case of
an offer to the Lenders under any Class of Term Loans, on the aggregate outstanding Term Loans of such Class and, in the case of an offer to the Lenders under any Revolving Facility, on the aggregate outstanding Revolving Facility Commitments under
such Revolving Facility, as applicable) and on the same terms (“Pro Rata Extension Offers”), the Borrower is hereby permitted to consummate transactions with individual Lenders from time to time to extend the maturity date of such
Lender’s Loans and/or Commitments of such Class and to otherwise modify the terms of such Lender’s Loans and/or Commitments of such Class pursuant to the terms of the relevant Pro Rata Extension Offer (including without limitation
increasing the interest rate or fees payable in respect of such Lender’s Loans and/or Commitments and/or modifying the amortization schedule in respect of such Lender’s Loans). Any such extension (an “Extension”) agreed to
between the Borrower and any such Lender (an “Extending Lender”) will be established under this Agreement by implementing an Incremental Term Loan for such Lender (if such Lender is extending an existing Term Loan (such extended
Term Loan, an “Extended Term Loan”)) or an Incremental Revolving Facility Commitment for such Lender (if such Lender is extending an existing Revolving Facility Commitment (such extended Revolving Facility Commitment, an
“Extended Revolving Facility Commitment”)). 
 (f) The Borrower and each Extending Lender shall
execute and deliver to the Administrative Agent an Incremental Assumption Agreement and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extended Term Loans and/or Extended Revolving Facility Commitments
of such Extending Lender. Each Incremental Assumption Agreement shall specify the terms of the applicable Extended Term Loans and/or Extended Revolving Facility Commitments; provided that (i) except as to interest rates, fees,
amortization, call premiums, call protection, final maturity date and participation in prepayments (which shall, subject to clauses (ii) through (v) of this proviso, be determined by the Borrower and set forth in the Pro Rata Extension
Offer), the Extended Term Loans shall have (x) the same terms as the Term A Loans or (y) such other terms as shall be reasonably satisfactory to the Administrative Agent, (ii) the final maturity date of any Extended Term Loans shall
be no earlier than the latest Term Facility Maturity Date in effect on the date of incurrence, (iii) the weighted average life to maturity of any Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of
the Class of Term Loans to which such offer relates, (iv) except as to interest rates, fees and final maturity and the matters addressed by Section 2.21(b)(iv) (which shall be determined by the Borrower and set forth in the Pro Rata
Extension Offer), any Extended Revolving Facility Commitment 

  
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shall have (x) the same terms as the existing Revolving Facility Commitments or (y) have such other terms as shall be reasonably satisfactory to the Administrative Agent, and
(v) any Extended Term Loans and/or Extended Revolving Facility Commitments may participate on a pro rata basis or a less than pro rata basis (but not greater than a pro rata basis) in any voluntary or mandatory repayments or prepayments
hereunder. Upon the effectiveness of any Incremental Assumption Agreement, this Agreement shall be amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Extended Term Loans and/or Extended Revolving
Facility Commitments evidenced thereby as provided for in Section 10.08(e). Any such deemed amendment may be memorialized in writing by the Administrative Agent with the Borrower’s consent (not to be unreasonably withheld) and furnished to
the other parties hereto. If provided in any Incremental Assumption Agreement with respect to any Extended Revolving Facility Commitments, and with the consent of each Swingline Lender and Issuing Bank, participations in Swingline Loans and Letters
of Credit shall be reallocated to lenders holding such Extended Revolving Facility Commitments in the manner specified in such Incremental Assumption Agreement, including upon effectiveness of such Extended Revolving Facility Commitment or upon or
prior to the maturity date for any Class of Revolving Facility Commitment. 
 (g) Upon the effectiveness of any
such Extension, the applicable Extending Lender’s Term Loan will be automatically designated an Extended Term Loan and/or such Extending Lender’s Revolving Facility Commitment will be automatically designated an Extended Revolving Facility
Commitment. For purposes of this Agreement and the other Loan Documents, (i) if such Extending Lender is extending a Term Loan, such Extending Lender will be deemed to have an Incremental Term Loan having the terms of such Extended Term Loan
and (ii) if such Extending Lender is extending a Revolving Facility Commitment, such Extending Lender will be deemed to have an Incremental Revolving Facility Commitment having the terms of such Extended Revolving Facility Commitment.

 (h) Notwithstanding anything to the contrary set forth in this Agreement or any other Loan Document (including
without limitation this Section 2.21), (i) the aggregate amount of Extended Term Loans and Extended Revolving Facility Commitments will not be included in the calculation of the Incremental Amount, (ii) no Extended Term Loan or
Extended Revolving Facility Commitment is required to be in any minimum amount or any minimum increment, (iii) any Extending Lender may extend all or any portion of its Term Loans and/or Revolving Facility Commitments pursuant to one or more
Pro Rata Extension Offers (subject to applicable proration in the case of over participation) (including the extension of any Extended Term Loan and/or Extended Revolving Facility Commitment), (iv) there shall be no condition to any Extension
of any Loan or Commitment at any time or from time to time other than compliance with Section 2.21(e) through (i) and notice to the Administrative Agent of such Extension and the terms of the Extended Term Loan or Extended Revolving
Facility Commitment implemented thereby, (v) all Extended Term Loans, Extended Revolving Facility Commitments and all obligations in respect thereof shall be Obligations of the relevant Loan Parties under this Agreement and the other Loan
Documents that are secured by the Collateral on a pari passu basis with all other Obligations of the relevant 

  
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Loan Parties under this Agreement and the other Loan Documents and (vi) no Issuing Bank or Swingline Lender shall be obligated to provide Swingline Loans or issue Letters of Credit under
such Extended Revolving Facility Commitments unless it shall have consented thereto. 
 (i) Each Extension shall
be consummated pursuant to procedures set forth in the associated Pro Rata Extension Offer; provided that the Borrower shall cooperate with the Administrative Agent prior to making any Pro Rata Extension Offer to establish reasonable
procedures with respect to mechanical provisions relating to such Extension, including, without limitation, timing, rounding and other adjustments. 
 (j) Notwithstanding anything to the contrary in Section 2.18(c) (which provisions shall not be applicable to clause (j) through (o) of this Section 2.21), the Borrower may by written
notice to the Administrative Agent establish one or more additional tranches of term loans under this Agreement (“Refinancing Term Loans”), the Net Proceeds of which are used to repay Term Loans. Each such notice shall specify the
date (each, a “Refinancing Effective Date”) on which the Borrower proposes that the Refinancing Term Loans shall be made, which shall be a date not less than five Business Days after the date on which such notice is delivered to the
Administrative Agent; provided that: (i) before and after giving effect to the borrowing of such Refinancing Term Loans on the Refinancing Effective Date each of the conditions set forth in Section 4.01 shall be satisfied;
(ii) the weighted average life to maturity of such Refinancing Term Loans shall be no shorter than the then-remaining weighted average life to maturity of the refinanced Term Loans; (iii) the aggregate principal amount of the Refinancing
Term Loans shall not exceed the outstanding principal amount of the refinanced Term Loans plus amounts used to pay fees and expenses; and (iv) all other terms applicable to such Refinancing Term Loans (other than provisions relating to original
issue discount, upfront fees, interest rates and final maturity which shall be as agreed between the Borrower and the Lenders providing such Refinancing Term Loans) shall be substantially similar to, or less favorable to the Lenders providing such
Refinancing Term Loans than, those applicable to the Term A Loans except to the extent such covenants and other terms apply solely to any period after the date specified in clause (a) of the definition of Term Facility Maturity Date. In
addition, notwithstanding the foregoing, the Borrower may establish Refinancing Term Loans to refinance and/or replace all or any portion of a Revolving Facility Commitment (regardless of whether Revolving Facility Loans are outstanding under such
Revolving Facility Commitments at the time of incurrence of such Refinancing Term Loans), so long as (i) the aggregate amount of such Refinancing Term Loans does not exceed the aggregate amount of Revolving Facility Commitments terminated at
the time of incurrence thereof, (ii) if the Revolving Facility Credit Exposure outstanding on the Refinancing Effective Date would exceed the aggregate amount of Revolving Facility Commitments outstanding in each case after giving effect to the
termination of such Revolving Facility Commitments, the Borrower shall take one or more actions such that such Revolving Facility Credit Exposure does not exceed such aggregate amount of Revolving Facility Commitments in effect on the Refinancing
Effective Date after giving effect to the termination of such Revolving Facility Commitments (it being understood that such (x) Refinancing Term Loans may be provided by the Lenders holding the Revolving Facility Commitments

  
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being terminated and/or by any other person that would be a permitted Assignee hereunder and (y) the proceeds of such Refinancing Term Loans shall not constitute Net Proceeds hereunder),
(iii) before and after giving effect to the borrowing of such Refinancing Term Loans on the Refinancing Effective Date, each of the conditions set forth in Section 4.01 shall be satisfied, (iv) the weighted average life to maturity of
the Refinancing Term Loans shall be no shorter than the remaining life to termination of the terminated Revolving Facility Commitments, (v) the final maturity of the Refinancing Term Loans shall be no earlier than the termination date of the
terminated Revolving Facility Commitments and (vi) the other terms applicable to such Refinancing Term Loans (other than provisions relating to upfront fees and interest rates, which shall be as agreed between the Borrower and the Lenders
providing such Refinancing Term Loans), shall be substantially similar to, or less favorable to the Lenders providing such Refinancing Term Loans than, those applicable to the terminated Revolving Facility Commitments except to the extent such
covenants and other terms apply solely to any period after the date specified in clause (a) of the definition of Term Facility Maturity Date. 
 (k) The Borrower may approach any Lender or any other person that would be a permitted Assignee pursuant to Section 10.04 to provide all or a portion of the Refinancing Term Loans; provided
that any Lender offered or approached to provide all or a portion of the Refinancing Term Loans may elect or decline, in its sole discretion, to provide a Refinancing Term Loan. Any Refinancing Term Loans made on any Refinancing Effective Date shall
be designated an additional Class of Term Loans for all purposes of this Agreement; provided that any Refinancing Term Loans may, to the extent provided in the applicable Incremental Assumption Agreement, be designated as an increase in any
previously established Class of Term Loans made to the Borrower. 
 (l) Notwithstanding anything to the contrary
in Section 2.18(c) (which provisions shall not be applicable to clause (l) through (o) of this Section 2.21), the Borrower may by written notice to the Administrative Agent establish one or more additional Facilities providing
for revolving commitments (“Replacement Revolving Facility Commitments” and the revolving loans thereunder, “Replacement Revolving Loans”), which replace in whole or in part any Revolving Facility Commitments under
this Agreement. Each such notice shall specify the date (each, a “Replacement Revolving Facility Effective Date”) on which the Borrower proposes that the Replacement Revolving Facility Commitments shall become effective, which shall
be a date not less than five Business Days after the date on which such notice is delivered to the Administrative Agent; provided that: (i) before and after giving effect to the establishment of such Replacement Revolving Facility
Commitments on the Replacement Revolving Facility Effective Date each of the conditions set forth in Section 4.01 shall be satisfied; (ii) after giving effect to the establishment of any Replacement Revolving Facility Commitments and any
concurrent reduction in the aggregate amount of any other Revolving Facility Commitments, the aggregate amount of Revolving Facility Commitments shall not exceed the aggregate amount of the Revolving Facility Commitments outstanding immediately
prior to the applicable Replacement Revolving Facility Effective Date; (iii) no Replacement Revolving Facility Commitments shall have a final maturity date prior to the latest Revolving Facility Maturity Date in effect at the

  
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time of incurrence; (iv) all other terms applicable to such Replacement Revolving Facility Commitments (other than provisions relating to (x) fees and interest rates which shall be as
agreed between the Borrower and the Lenders providing such Replacement Revolving Facility Commitments and (y) the amount of any Letter of Credit Sublimit and Swingline Commitment under such Replacement Revolving Facility which shall be as
agreed between the Borrower, the Lenders providing such Replacement Revolving Facility Commitments, the Administrative Agent and the replacement Issuing Bank and replacement Swingline Lender, if any, under such Replacement Revolving Facility
Commitments) shall be substantially similar to, or less favorable to the Lenders providing such Replacement Revolving Facility Commitments than, those applicable to the then-outstanding Revolving Facility, except to the extent such covenants and
other terms apply solely to any period after the date specified in clause (a) of the definition of Term Facility Maturity Date. In addition, the Borrower may establish Replacement Revolving Facility Commitments to refinance and/or replace all
or any portion of a Term Loan hereunder (regardless of whether such Term Loan is repaid with the proceeds of Replacement Revolving Loans or otherwise), so long as the aggregate amount of such Revolving Facility Commitments does not exceed the
aggregate amount of Term Loans repaid at the time of establishment thereof (it being understood that such Replacement Revolving Facility Commitment may be provided by the Lenders holding the Term Loans being repaid and/or by any other person that
would be a permitted Assignee hereunder) so long as (i) before and after giving effect to the establishment such Replacement Revolving Facility Commitments on the Replacement Revolving Facility Effective Date each of the conditions set forth in
Section 4.01 shall be satisfied, (ii) the weighted average life to termination of such Replacement Revolving Facility Commitments shall be not shorter than the weighted average life to maturity then applicable to the refinanced Term Loans,
(iii) the final termination date of the Replacement Revolving Facility Commitments shall be no earlier than the refinanced Term Loans and (iv) the condition in clause (iv) of the preceding sentence has been satisfied. 

(m) The Borrower may approach any Lender or any other person that would be a permitted Assignee of a Revolving Facility
Commitment pursuant to Section 10.04 to provide all or a portion of the Replacement Revolving Facility Commitments; provided that any Lender offered or approached to provide all or a portion of the Replacement Revolving Facility
Commitments may elect or decline, in its sole discretion, to provide a Replacement Revolving Facility Commitment. Any Replacement Revolving Facility Commitment made on any Replacement Revolving Facility Effective Date shall be designated an
additional Class of Revolving Facility Commitments for all purposes of this Agreement; provided that any Replacement Revolving Facility Commitments may, to the extent provided in the applicable Incremental Assumption Agreement, be designated
as an increase in any previously established Class of Revolving Facility Commitments. 
 (n) On any Replacement
Revolving Facility Effective Date, subject to the satisfaction of the foregoing terms and conditions, each of the Lenders with Replacement Revolving Facility Commitments of such Class shall purchase from each of the other Lenders with Replacement
Revolving Facility Commitments of such Class, at the principal amount thereof and in the applicable currencies, such interests in the 

  
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Replacement Revolving Loans and participations in Letters of Credit and Swingline Loans under such Replacement Revolving Facility Commitments of such Class then outstanding on such Replacement
Revolving Facility Effective Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Replacement Revolving Loans and participations of such Replacement Revolving Facility Commitments of such Class
will be held by the Lenders thereunder ratably in accordance with their Replacement Revolving Facility Commitments. 
 (o) For purposes of this Agreement and the other Loan Documents, (i) if a Lender is providing a Refinancing Term Loan, such Lender will be deemed to have an Incremental Term Loan having the terms of
such Refinancing Term Loan and (ii) if a Lender is providing a Replacement Revolving Facility Commitment, such Lender will be deemed to have an Incremental Revolving Facility Commitment having the terms of such Replacement Revolving Facility
Commitment. Notwithstanding anything to the contrary set forth in this Agreement or any other Loan Document (including without limitation this Section 2.21), (i) the aggregate amount of Refinancing Term Loans and Replacement Revolving
Facility Commitments will not be included in the calculation of the Incremental Amount, (ii) no Refinancing Term Loan or Replacement Revolving Facility Commitment is required to be in any minimum amount or any minimum increment,
(iii) there shall be no condition to any incurrence of any Refinancing Term Loan or Replacement Revolving Facility Commitment at any time or from time to time other than those set forth in clauses (j) or (l) above, as applicable, and
(iv) all Refinancing Term Loans, Replacement Revolving Facility Commitments and all obligations in respect thereof shall be Obligations under this Agreement and the other Loan Documents that are secured by the Collateral on a pari passu basis
with all other Obligations under this Agreement and the other Loan Documents. 
 Section 2.22. Defaulting Lender.

 (a) Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this
Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 

(i) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or
consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders. 

(ii) Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the
Administrative Agent hereunder for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, following an Event of Default or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to
Section 10.06 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder, second,
to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Bank or the Swingline 

  
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Lender hereunder, third, to cash collateralize the Issuing Banks’ Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.05(j), fourth, as
the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the
Administrative Agent, fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations
with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Banks’ future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance
with Section 2.05(j), sixth, to the payment of any amounts owing to the Lenders, the Issuing Banks or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing Banks or the
Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement, seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the
Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement, and eighth, to such
Defaulting Lender or as otherwise directed by a court of competent jurisdiction. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash
Collateral pursuant to this Section 2.22 shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 
 (iii) Certain Fees. 
 (A) No Defaulting Lender shall be
entitled to receive any Commitment Fee for any period during which that Lender is a Defaulting Lender. 
 (B)
Each Defaulting Lender shall be entitled to receive L/C Participation Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its pro rata share of the stated amount of Letters of Credit for which it has
provided Cash Collateral. 
 (C) With respect to any Commitment Fee or L/C Participation Fee not required to be
paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting
Lender’s participation in Letters of Credit or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to each Issuing Bank and the Swingline Lender, as applicable, the amount of
any such fee otherwise payable to such Defaulting Lender to the extent allocable to 

  
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such Issuing Bank’s or the Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee. 

(iv) Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s
participation in Letters of Credit and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective pro rata Commitments (calculated without regard to such Defaulting Lender’s Commitment) but only to
the extent that (x) the conditions set forth in Section 4.01 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to have
represented and warranted that such conditions are satisfied at such time) and (y) such reallocation does not cause the aggregate Revolving Facility Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s
Revolving Facility Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a
Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 
 (v) Cash Collateral, Repayment of Swingline Loans. If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any
right or remedy available to it hereunder or under law, (x) first, prepay Swingline Loans in an amount equal to the Swingline Lenders’ Fronting Exposure and (y) second, Cash Collateralize the Issuing Banks’ Fronting
Exposure in accordance with the procedures set forth in Section 2.05(j). 
 (b) Defaulting Lender
Cure. If the Borrower, the Administrative Agent and the Swingline Lender and each Issuing Bank agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the
effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding
Revolving Facility Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata
by the Lenders in accordance with their Revolving Facility Commitments (without giving effect to Section 2.22(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that, no adjustments will be made retroactively
with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change
hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

  
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 (c) New Swingline Loans/Letters of Credit. So long as any Lender is a
Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) the Issuing Banks shall not be
required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 

On the date of each Credit Event as provided in Section 4.01, the Borrower represents and warrants to each of the Lenders that:

 Section 3.01. Organization; Powers. Except as set forth on Schedule 3.01, the Borrower and each Material
Subsidiary (a) is a partnership, limited liability company or corporation duly organized (or incorporated), validly existing and in good standing (or, if applicable in a foreign jurisdiction, enjoys the equivalent status under the laws of any
jurisdiction of organization outside the United States) under the laws of the jurisdiction of its organization or incorporation, (b) has all requisite power and authority to own its property and assets and to carry on its business as now
conducted, (c) is qualified to do business in each jurisdiction where such qualification is required, except where the failure so to qualify would not reasonably be expected to have a Material Adverse Effect, and (d) has the power and
authority to execute, deliver and perform its obligations under each of the Loan Documents and each other agreement or instrument contemplated thereby to which it is or will be a party and, in the case of the Borrower, to borrow and otherwise obtain
credit hereunder. 
 Section 3.02. Authorization. The execution, delivery and performance by the Borrower and each of the
Subsidiary Guarantors of each of the Loan Documents to which they are a party, and the borrowings hereunder and the transactions forming a part of the Transactions (a) have been duly authorized by all corporate, stockholder, partnership or
limited liability company action required to be obtained by such Loan Party and (b) will not (i) violate (A) any provision of law, statute, rule or regulation, or of the certificate or articles of incorporation or other constitutive
documents (including any partnership, limited liability company or operating agreements) or by-laws of such Loan Party, (B) any applicable order of any court or any rule, regulation or order of any Governmental Authority or (C) any
provision of any indenture, certificate of designation for preferred stock, agreement or other instrument to which such Loan Party is a party or by which any of them or any of their property is or may be bound, (ii) be in conflict with, result
in a breach of or constitute (alone or with notice or lapse of time or both) a default under, give rise to a right of or result in any cancellation or acceleration of any right or obligation (including any payment) or to a loss of a material benefit
under any such indenture, certificate of designation for preferred stock, agreement or other instrument, where any such conflict, violation, breach or default referred to in clauses (i)(B), (i)(C) or (ii) of this Section 3.02(b),
would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, or (iii) result in the creation or imposition of any Lien upon or with respect to any property or assets now owned or hereafter acquired by the
Borrower or any such Subsidiary Guarantor, other than the Liens created by the Loan Documents and Permitted Liens. 

  
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 Section 3.03. Enforceability. This Agreement has been duly executed and delivered by
the Borrower and constitutes, and each other Loan Document when executed and delivered by each Loan Party that is party thereto will constitute, a legal, valid and binding obligation of such Loan Party enforceable against each such Loan Party in
accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or other similar laws affecting creditors’ rights generally, (ii) general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law) and (iii) implied covenants of good faith and fair dealing. 
 Section 3.04. Governmental Approvals. No action, consent or approval of, registration or filing with or any other action by any Governmental Authority is or will be required in connection with the
Transactions, the creation, perfection or maintenance of the Liens created under the Security Documents or the exercise by any Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral, except for
(a) the filing of Uniform Commercial Code financing statements or other similar filing or instruments under the laws of any applicable jurisdiction, (b) registration of the Vessel Mortgages, (c) such as have been made or obtained and
are in full force and effect, (d) such actions, consents and approvals the failure of which to be obtained or made would not reasonably be expected to have a Material Adverse Effect and (e) filings or other actions listed on
Schedule 3.04. 
 Section 3.05. Financial Statements. The audited consolidated balance sheets of the Borrower
and its consolidated subsidiaries as of December 31, 2010, 2011 and 2012, and the audited consolidated statements of income, stockholders’ or other equity holders’ equity and cash flows for such fiscal years, reported on by and
accompanied by a report from PricewaterhouseCoopers LLP, copies of which have heretofore been made available to each Lender, present fairly in all material respects the consolidated financial position of the Borrower as of such date and the
consolidated results of operations, shareholders’ or other equity holders’ equity and cash flows of the Borrower for the years then ended. 
 Section 3.06. No Material Adverse Effect. Since December 31, 2012, there has been no event or circumstance that, individually or in the aggregate with other events or circumstances, has or
would reasonably be expected to have a Material Adverse Effect. 
 Section 3.07. Title to Properties; Possession Under
Leases. 
 (a) Each of the Borrower, each other Loan Party and each other Material Subsidiary has good record
and insurable title in fee simple to, or valid leasehold interests in, or easements or other limited property interests in, all its Real Properties and has good and marketable title to its personal property and assets (including any Mortgaged Vessel
owned by such person), in each case, except for Permitted Liens and except for defects in title that do not materially interfere with its ability to conduct its business as currently conducted or to utilize such properties and assets for their
intended purposes and except where the failure to have such title would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. All such properties and assets are free and clear of Liens, other than Permitted
Liens. 

  
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 (b) Each Loan Party and each other Material Subsidiary has complied with all
material obligations under all leases to which it is a party, except where the failure to comply would not reasonably be expected to have Material Adverse Effect, and all such leases are in full force and effect, except leases in respect of which
the failure to be in full force and effect would not reasonably be expected to have a Material Adverse Effect. Except as set forth on Schedule 3.07(b), each Loan Party and Material Subsidiary enjoys peaceful and undisturbed possession
under all such leases, other than leases in respect of which the failure to enjoy peaceful and undisturbed possession would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(c) Each Loan Party and each other Material Subsidiary owns or possesses, or is licensed to use, all patents, trademarks,
service marks, trade names and copyrights, all applications for any of the foregoing and all licenses and rights with respect to the foregoing necessary for the present conduct of its business, without any conflict (of which the Borrower has been
notified in writing) with the rights of others, and free from any burdensome restrictions on the present conduct of the Borrower and each Material Subsidiary, as the case may be, except where such conflicts and restrictions would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect or except as set forth on Schedule 3.07(c). 
 Section 3.08. Subsidiaries. 
 (a)
Schedule 3.08(a) sets forth as of the Closing Date, the name and jurisdiction of incorporation, formation or organization of the Borrower and each direct and indirect Subsidiary and, in each case, the percentage of each class of Equity
Interests owned by the Borrower or by any such Subsidiary. 
 (b) As of the Closing Date, after giving effect to
the Transactions, there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options granted to employees or directors (or entities controlled by directors) and shares held by
directors (or entities controlled by directors)) relating to any Equity Interests of any Loan Party or Material Subsidiary, except as set forth on Schedule 3.08(b). 

Section 3.09. Litigation; Compliance with Laws. 

(a) There are no actions, suits or proceedings at law or in equity or in admiralty by or on behalf of any Governmental
Authority or third party now pending or in arbitration now pending, or, to the knowledge of any Loan Party, threatened in writing against or affecting such Loan Party or any Material Subsidiary or any business, property or rights of any such person
(i) that involve any Loan Document or the Transactions or (ii) that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(b) No Loan Party, Material Subsidiary or their respective properties or assets is in violation of (nor will the continued
operation of their material properties and assets as currently conducted violate) any law, rule or regulation (including the USA PATRIOT 

  
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Act and any zoning, building, ordinance, code or approval or any building permit, including, as to the Mortgaged Vessels, the ISM Code, the ISPS Code and ICPPS Annex VI and any rule or order
of the United States Coast Guard, the Bahamas or any port state control authority, but excluding any Environmental Laws, which are the subject of Section 3.16) or any restriction of record or agreement affecting any Mortgaged Vessel, or is in
default with respect to any judgment, writ, injunction or decree of any Governmental Authority, where such violation or default would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(c) No part of the proceeds of the Loans will be used, directly or indirectly, for any payments to any governmental
official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the
United States Foreign Corrupt Practices Act of 1977, as amended. 
 Section 3.10. Federal Reserve Regulations.

 (a) Neither any Borrower nor any Material Subsidiary is engaged principally, or as one of its important
activities, in the business of extending credit for the purpose of purchasing or carrying Margin Stock. 
 (b) No
part of the proceeds of any Loan will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, (i) to purchase or carry Margin Stock or to extend credit to others for the purpose of purchasing or carrying
Margin Stock or to refund indebtedness originally incurred for such purpose, or (ii) for any purpose that entails a violation of, or that is inconsistent with, the provisions of the Regulations of the Board, including Regulation U or
Regulation X. 
 Section 3.11. Investment Company Act. None of the Borrower or any Material Subsidiary is an
“investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended. 

Section 3.12. Use of Proceeds. 
 (a) The Borrower will use the proceeds of Loans borrowed on the Closing Date, to repay in full all Indebtedness under the Existing Credit Agreement, permanently cancel any available commitments to extend
credit thereunder and to pay fees and expenses related to any of the foregoing. 
 (b) The Borrower will use the
proceeds of Revolving Facility Loans borrowed from time to time after the occurrence of the Closing Date and the Letters of Credit issued from time to time for general corporate or other entity purposes (including without limitation, permitted
acquisitions). 
 Section 3.13. Tax Returns. Except where the failure of which would not, individually or in the
aggregate, be reasonably expected to have a Material Adverse Effect, (a) each Loan Party and each Material Subsidiary has filed all federal income Tax returns and all other Tax returns, 

  
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domestic and foreign, required to be filed by it (including in its capacity as a withholding agent) and has paid all Taxes payable by it that have become due, other than those (i) not yet
delinquent or (ii) being contested in good faith by appropriate proceedings and as to which adequate reserves have been provided to the extent required by and in accordance with GAAP (or in the case of a Foreign Subsidiary, the comparable
accounting principles in the relevant jurisdiction) and (b) each Loan Party and each Material Subsidiary have provided adequate reserves in accordance with GAAP (or in the case of a Foreign Subsidiary, the comparable accounting principles in
the relevant jurisdiction) for all Taxes of each Loan Party and each Material Subsidiary not yet due and payable. 
 Section
3.14. No Material Misstatements. 
 (a) All written information (other than the Projections, estimates and
information of a general economic nature) (the “Information”) concerning the Loan Parties, the Material Subsidiaries, the Transactions and any other transactions contemplated hereby included in the Information Memorandum or
otherwise prepared by or on behalf of the foregoing or their representatives and made available to any Lenders or the Administrative Agent in connection with the Transactions or the other 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 and/or the Administrative Agent and as of the Closing 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, estimates and information of a general economic nature prepared by or on behalf of the Borrower or
any of its representatives and that have been made available to any Lenders or the Administrative Agent in connection with the Transactions or the other transactions contemplated hereby (i) have been prepared in good faith based upon
assumptions believed by 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/or the
Administrative Agent and as of the Closing Date, and (ii) as of the Closing Date, have not been modified in any material respect by the Borrower. 
 Section 3.15. Employee Benefit Plans. 
 (a) Except as would
not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: (i) each Plan is in compliance with the applicable provisions of ERISA and the Code; (ii) no Reportable Event has occurred during the past
five years as to which any Loan Party, Material Subsidiary or any ERISA Affiliate was required to file a report with the PBGC, other than reports that have been filed; (iii) no Plan has any Unfunded Pension Liability in excess of $[*];
(iv) no ERISA Event has occurred or is reasonably expected to occur; and (v) no Loan Party, Material Subsidiary or ERISA Affiliate (A) has received any written notification that any

  
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Multiemployer Plan is in reorganization or has been terminated within the meaning of Title IV of ERISA, or has knowledge that any Multiemployer Plan is reasonably expected to be in
reorganization or to be terminated or (B) has incurred or is reasonably expected to incur any withdrawal liability to any Multiemployer Plan. 
 (b) Each Loan Party and Subsidiary is in compliance (i) with all applicable provisions of law and all applicable regulations and published interpretations thereunder with respect to any employee
pension benefit plan or other employee benefit plan governed by the laws of a jurisdiction other than the United States and (ii) with the terms of any such plan, except, in each case, for such noncompliance that would not reasonably be expected
to have a Material Adverse Effect. 
 Section 3.16. Environmental Matters. Except as to matters that would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect: (a) no Environmental Claim has been received by any Loan Party or Material Subsidiary, and there are no Environmental Claims pending or, to any Loan Party’s
knowledge, threatened, in each case relating to any Loan Party or Material Subsidiary or their respective properties or the Mortgaged Vessels, (b) each Loan Party and Material Subsidiary is in compliance with Environmental Laws, (c) each
Loan Party and Material Subsidiary has all permits, licenses and other approvals required under Environmental Laws for its operations as currently conducted (“Environmental Permits”) and is in compliance with the terms of such
Environmental Permits, (d) no Hazardous Material is located at, on or under any property currently or, to any Loan Party’s knowledge, formerly owned, operated or leased by any Loan Party or Material Subsidiary or their predecessors that
would reasonably be expected to give rise to any Environmental Liability, and no Hazardous Material has been generated, used, treated, stored, handled, controlled, transported to or Released at, on, from, to or under any location or any Mortgaged
Vessel in a manner that would reasonably be expected to give rise to any Environmental Liability, (e) there are no agreements in which any Loan Party or Material Subsidiary has expressly assumed or undertaken responsibility for any known or
reasonably likely Environmental Liability of any other person, and (f) there has been no written environmental assessment or audit conducted since January 1, 2013 (other than customary assessments not revealing anything that would
reasonably be expected to result in a Material Adverse Effect), by or on behalf of any Loan Party or Material Subsidiary of any of the Mortgaged Vessels or properties currently or, to any Loan Party’s knowledge, formerly owned or leased by any
Loan Party or Material Subsidiary that has not been made available to the Administrative Agent prior to the date of this Agreement. 
 Section 3.17. Security Documents. 
 (a) Each Vessel Mortgage
in favor of the Collateral Agent executed and delivered on the Closing Date for the benefit of the Secured Parties, is effective to create a legal, valid and enforceable Lien on all the applicable Loan Party’s right, title and interest in and
to the whole of the Mortgaged Vessel covered thereby and the proceeds thereof, and when the Vessel Mortgages are registered in accordance with the laws of the Bahamas, each Vessel Mortgage shall constitute (x) a first priority “statutory
mortgage” on the Mortgaged Vessels covered thereby in favor of the Collateral Agent for the benefit of the Secured Parties in accordance with the Merchant Shipping Act, Chapter 268 of the Statute Laws of The Bahamas and (y) a
“preferred mortgage” within the meaning of Title 46 United States Code, Section 31301(6)(B). 

  
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 (b) The Collateral Agreement each Subsidiary Guarantor Pledge Agreement and
each other Security Document specifically listed in the definition of such term is effective to create in favor of the Collateral Agent (for the benefit of the Secured Parties) a legal, valid and enforceable security interest in the Collateral
described therein. In the case of any Pledged Collateral, when certificates or instruments, as applicable, representing such Pledged Collateral are delivered to the Collateral Agent (together with stock powers or other instruments of transfer duly
executed in blank), and, in the case of the other Collateral described in such Security Documents (other than registered copyright and copyright applications), when Uniform Commercial Code financing statements, other filings or instruments, notices
and consents required under the laws of any applicable jurisdiction and described in Schedule 3.17 (as amended from time to time) are filed, delivered or otherwise registered or recorded in the proper offices specified in Schedule
3.17, registries or government agencies (and, specifically (i) in the case of Collateral consisting of rights under insurances, when the applicable underwriters shall have provided consent to the security interests therein created under the
Security Documents, and (ii) in the case of Collateral consisting of rights under any management agreement or charter, when the applicable parties thereto (other than any Loan Parties) have provided consent to the Liens thereon created under
the applicable Security Documents), the Collateral Agent (for the benefit of the Secured Parties) shall have a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds
thereof, as security for the Obligations to the extent security interests in such Collateral can be perfected by delivery of such certificates or notes, as applicable, representing the Pledged Collateral, or the filing of the Uniform Commercial Code
financing statements and other filings and instruments required under the laws of the applicable jurisdiction, in each case prior and superior in right to any other person (except, in the case of Collateral other than Pledged Collateral, Permitted
Liens and Liens having priority by operation of law). 
 (c) When the Collateral Agreement or a short form
thereof is filed in the United States Patent and Trademark Office and the United States Copyright Office, the Liens created by the Collateral Agreement shall constitute fully perfected Liens on, and security interests in, all right, title and
interest of the grantors thereunder in Patents (as defined in the Collateral Agreement) registered or applied for with the United States Patent and Trademark Office or Copyrights (as defined in such Collateral Agreement) registered or applied for
with the United States Copyright Office, as the case may be, in each case subject to no Liens other than Permitted Liens. 

Section 3.18. Solvency. 
 (a) Immediately after giving effect to the Transactions on the Closing Date, (i) the fair value of the assets of the Borrower and the Subsidiaries on a consolidated basis, at a fair valuation, will
exceed the debts and liabilities, direct, subordinated, contingent or otherwise, of the Borrower and its Subsidiaries on a consolidated basis, respectively; (ii) the present fair saleable value of the property of the Borrower and its

  
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Subsidiaries on a consolidated basis will be greater than the amount that will be required to pay the probable liability of the Borrower and its Subsidiaries on a consolidated basis,
respectively, on their debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) the Borrower and its Subsidiaries on a consolidated basis will be able to
pay their debts and liabilities, direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) the Borrower and its Subsidiaries on a consolidated basis will not have unreasonably small
capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted following the Closing Date. 

(b) the Borrower does not intend to, and does not believe that it or any of its Material Subsidiaries will, incur debts
beyond its ability to pay such debts as they mature, taking into account the timing and amounts of cash to be received by it or any such subsidiary and the timing and amounts of cash to be payable on or in respect of its Indebtedness or the
Indebtedness of any such subsidiary. 
 Section 3.19. Labor Matters. Except as, individually or in the aggregate, would
not reasonably be expected to have a Material Adverse Effect: (a) there are no strikes or other labor disputes pending or threatened against the Borrower or any Material Subsidiary and (b) all payments due from the Borrower or any Material
Subsidiary or for which any claim may be made against the Borrower or any Material Subsidiary, on account of wages and employee health and welfare insurance and other benefits have been paid or accrued as a liability on the books of the Borrower or
such Material Subsidiary to the extent required by GAAP. Except as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, the consummation of the Transactions will not give rise to a right of
termination or right of renegotiation on the part of any union under any material collective bargaining agreement to which the Borrower or any Material Subsidiary (or any predecessor) is a party or by which the Borrower or any Material Subsidiary
(or any predecessor) is bound. 
 Section 3.20. Insurance. Schedule 3.20 sets forth a true, complete and correct
description of all material insurance maintained by or on behalf of each Loan Party and the Material Subsidiaries or otherwise in respect of any Mortgaged Vessel as of the Closing Date. As of such date, such insurance is in full force and effect in
all material respects. 
 Section 3.21. No Default. No Default or Event of Default has occurred and is continuing or
would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document. 
 Section
3.22. No Event of Loss. No Loan Party has received any notice of, nor has any knowledge of, the occurrence or pendency or contemplation of any Event of Loss except as, individually or in the aggregate, would not reasonably be expected to have
a Material Adverse Effect. 
 Section 3.23. The Mortgaged Vessels. 

  
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 (a) Except as, individually or in the aggregate, would not reasonably be
expected to have a Material Adverse Effect, each Mortgaged Vessel, on the Closing Date, is in such condition as is required by the applicable Vessel Mortgage and Deed of Covenants and complies with all of the requirements of both such Security
Documents. 
 (b) Except as, individually or in the aggregate, would not reasonably be expected to have a
Material Adverse Effect, each Subsidiary Guarantor will comply with and satisfy all of the provisions of the Merchant Shipping Act, Chapter 268 of the Statute Laws of The Bahamas in order to establish and maintain the Vessel Mortgages as first
priority statutory ship mortgages thereunder on each of the Mortgaged Vessels and on all renewals, improvements and replacements made in or to the same. 
 Section 3.24. USA PATRIOT Act; OFAC; Foreign Corrupt Practices Act. 
 (a) On the Closing Date, each Loan Party is in compliance in all material respects with the material provisions of the USA PATRIOT Act, and the Borrower has provided to the Administrative Agent all
information related to the Loan Parties (including names, addresses and tax identification numbers (if applicable)) reasonably requested in writing by the Administrative Agent not less than ten (10) Business Days prior to the Closing Date and
mutually agreed to be required under “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, to be obtained by the Administrative Agent or any Lender. 

(b) None of the Borrower or any of its Subsidiaries nor, to the knowledge of Borrower, any director, officer, agent,
employee or Affiliate of Holdings, the Borrower or any of the Subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Borrower will not
directly or indirectly use the proceeds of the Loans or otherwise make available such proceeds to any person, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 

(c) None of the Borrower or any of its Subsidiaries, nor, to the knowledge of the Borrower or any of its Subsidiaries, or
any of their directors, officers, agents or employees has (i) used any corporate funds or any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity, (ii) made any direct or indirect unlawful
payment to any government official or employee from corporate funds, (iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977 or the Bribery Act 2010 of the United Kingdom or similar law of the
European Union or any European Union Member State or similar law of a jurisdiction in which the Borrower or any of its Subsidiaries conduct their business and to which they are lawfully subject or (iv) made any unlawful bribe, rebate, payoff,
influence payment, kickback or other unlawful payment. 

  
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 ARTICLE IV 
 CONDITIONS OF LENDING 
 The obligations of (a) the Lenders (including the
Swingline Lender) to make Loans and (b) any Issuing Bank to issue Letters of Credit or increase the stated amounts of Letters of Credit hereunder (each, a “Credit Event”) are subject to the satisfaction of the following
conditions: 
 Section 4.01. All Credit Events. On the date of each Borrowing and on the date of each issuance,
amendment, extension or renewal of a Letter of Credit: 
 (a) The Administrative Agent shall have received, in
the case of a Borrowing, a Borrowing Request as required by Section 2.03 (or a Borrowing Request shall have been deemed given in accordance with the last paragraph of Section 2.03) or, in the case of the issuance of a Letter of Credit, the
applicable Issuing Bank and the Administrative Agent shall have received a notice requesting the issuance of such Letter of Credit as required by Section 2.05(b). 

(b) The representations and warranties set forth in the Loan Documents shall be true and correct in all material respects
as of such date (other than an automatic extension of a Letter of Credit as permitted under Section 2.05(c)), as applicable, with the same effect as though made on and as of such date, except to the extent such representations and warranties
expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date). 

(c) At the time of and immediately after the Borrowing or issuance, amendment, extension or renewal of a Letter of Credit
(other than an amendment, extension or renewal of a Letter of Credit without any increase in the stated amount of such Letter of Credit), as applicable, no Event of Default or Default shall have occurred and be continuing. 

(d) Each Borrowing and each issuance, amendment, extension or renewal of a Letter of Credit shall be deemed to constitute
a representation and warranty by the Borrower on the date of the Borrowing, issuance, amendment, extension or renewal as applicable, as to the matters specified in paragraphs (b) and (c) of this Section 4.01. 

Section 4.02. First Credit Event. On the Closing Date: 

(a) The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of
this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include by electronic means transmission of a signed signature page of this Agreement) that such party has signed a
counterpart of this Agreement. 
 (b) The Administrative Agent shall have received, on behalf of itself, the
Lenders and each Issuing Bank, a favorable written opinion of (i) Paul, Weiss, Rifkind, Wharton & Garrison LLP, special counsel for the Loan Parties and (ii) each local and 

  
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specialist counsel reasonably satisfactory to the Administrative Agent as specified on Schedule 4.02(b), in each case (A) dated the Closing Date, (B) addressed to each
Issuing Bank, the Administrative Agent, the Collateral Agent and the Lenders and (C) in form and substance reasonably satisfactory to the Administrative Agent and covering such other matters relating to the Loan Documents as the Administrative
Agent shall reasonably request. 
 (c) The Administrative Agent shall have received a certificate of the
Secretary or Assistant Secretary or similar officer of each Loan Party dated the Closing Date and certifying: 

(i) a copy of the certificate or articles of incorporation, certificate of limited partnership, certificate of formation
or other equivalent constituent and governing documents, including all amendments thereto, of such Loan Party, (1) if available from an official in such jurisdiction, certified as of a recent date by the Secretary of State (or other similar
official) of the jurisdiction of its organization, or (2) otherwise certified by the Secretary or Assistant Secretary of such Loan Party or other person duly authorized by the constituent documents of such Loan Party, 

(ii) a certificate as to the good standing (to the extent such concept or a similar concept exists under the laws of such
jurisdiction) of such Loan Party as of a recent date from such Secretary of State (or other similar official), 

(iii) that attached thereto is a true and complete copy of the by-laws (or partnership agreement, limited liability
company agreement or other equivalent constituent and governing documents) of such Loan Party as in effect on the Closing Date and at all times since a date prior to the date of the resolutions described in clause (iv) below, 

(iv) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors (or
equivalent governing body) of such Loan Party (or its managing general partner or managing member) authorizing the execution, delivery and performance of the Loan Documents dated as of the Closing Date to which such person is a party and, in the
case of the Borrower, the borrowings hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect on the Closing Date, 

(v) as to the incumbency and specimen signature of each officer executing any Loan Document or any other document
delivered in connection herewith on behalf of such Loan Party, 
 (vi) as to the absence of any pending
proceeding for the dissolution or liquidation of such Loan Party or, to the knowledge of such person, threatening the existence of such Loan Party, and 

  
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 (vii) such other documents as the Administrative Agent, the Lenders and any
Issuing Bank on the Closing Date may reasonably request (including tax identification numbers and addresses). 

(d) The elements of the Collateral and Guarantee Requirement required to be satisfied on the Closing Date shall have been
satisfied and the Administrative Agent shall have received the results of a search of Uniform Commercial Code (or equivalent) filings made with respect to each Loan Party in Washington, D.C., the State of Florida, the jurisdiction in which such Loan
Party is formed and existing and lien searches of any other office or jurisdiction in which the Collateral Agent determines it would be advisable to conduct such a search, including tax and judgment lien searches and United States Patent and
Trademark Office and United States Copyright Office searches, each as of a recent date and listing all effective financing statements, lien notices or other comparable documents that name any Loan Party as debtor, together with copies of the
financing statements (or similar documents) disclosed by such search and evidence reasonably satisfactory to the Administrative Agent that the Liens indicated by such financing statements (or similar documents) are Permitted Liens or have been
released; provided that, to the extent any security interest in the intended Collateral or any deliverable related to the perfection of security interests in the intended Collateral (other than execution and delivery of the Collateral
Agreement, the Subsidiary Guarantor Pledge Agreements and any Collateral the security interest in which may be perfected by the filing of a Uniform Commercial Code financing statement, the registration or recording of a Vessel Mortgage in the
appropriate ship registry or the delivery of stock certificates or other instruments representing Equity Interests and the Security Document giving rise to the security interest therein) is not able to be provided on the Closing Date after the
Borrower’s use of commercially reasonable efforts to do so, such requirements may be satisfied after the Closing Date in accordance with Section 5.10. 
 (e) All amounts due or outstanding in respect of the Existing Credit Agreements and all other indebtedness of any Loan Party or Subsidiary (other than Indebtedness set forth on Schedule 6.01)
shall have been (or substantially simultaneously with the closing under this Agreement shall be) paid in full, all commitments in respect thereof terminated and all guarantees thereof and security therefor discharged and released and terminated and
the Administrative Agent shall have received reasonably satisfactory evidence thereof. 
 (f) The Lenders shall
have received the financial statements and interim financial reports referred to in Section 3.05. 
 (g) The
Lenders shall have received a solvency certificate substantially in the form of Exhibit C and signed by a Financial Officer of the Borrower confirming the solvency of the Borrower and its Subsidiaries on a consolidated basis, in each
case, after giving effect to the Transactions on the Closing Date. 
 (h) The Agents shall have received all fees
payable thereto or to any Arranger or Lender on or prior to the Closing Date and, to the extent invoiced, all other amounts due and payable pursuant to the Loan Documents on or prior to the Closing Date,

  
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including, to the extent invoiced, reimbursement or payment of all reasonable and documented out-of-pocket expenses (including reasonable and documented fees, charges and disbursements of Cahill
Gordon & Reindel LLP, Watson, Farley & Williams (New York) LLP, Higgs & Johnson, Appleby (Bermuda) Limited and Cains) required to be reimbursed or paid by the Loan Parties hereunder or under any Loan Document. 

(i) The Administrative Agent and/or Collateral Agent (as appropriate) shall have received insurance certificates,
endorsements, copies of cover notes and certificates of entry, together with brokers’ letters of undertaking in respect thereof, in each case satisfying the requirements of Section 5.02 (including any such items also covered in clause
(iv) of paragraph (l) of this Section 4.02). 
 (j) The Lenders shall have received, at least
three Business Days prior to the Closing Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act.

 (k) The Administrative Agent shall have received satisfactory evidence that the Process Agent shall have
accepted its appointment by each Loan Party as provided in Section 10.15(c). 
 (l) The Collateral Agent
shall have received: 
 (i) evidence that each Vessel Mortgage has been duly executed and delivered by the
relevant Subsidiary Guarantor and duly registered in accordance with the laws of Bahamas and such other evidence that the Collateral Agent may deem necessary in order to create a valid first priority ship mortgage and subsisting Lien securing the
Obligations on the Mortgaged Vessel described therein in favor of the Collateral Agent for the benefit of the Secured Parties and that all registration fees in connection therewith have been duly paid; 

(ii) (x) a Transcript of Register issued by the Bahamas Maritime Authority stating that the applicable Mortgaged Vessel is
owned by the applicable Subsidiary Guarantor and that there are of record no liens or other encumbrances on such Mortgaged Vessel except the applicable Vessel Mortgage in favor of the Collateral Agent and other Permitted Liens; 

(iii) a copy of a certificate duly issued by the Classification Society, not more than five days prior to the date of the
relevant Vessel Mortgage, to the effect that the relevant Mortgaged Vessel has received the highest classification and rating for vessels of the same age and type, and is free of all overdue recommendations and notations of the Classification
Society; 
 (iv) evidence of insurance in respect of the relevant Mortgaged Vessel naming the Collateral Agent,
for the benefit of the Secured Parties, as loss payee under property and casualty coverages, and, with respect to liability coverages, evidence that the relevant protection and indemnity club has made a loss payable endorsement to such coverages as
required in the relevant Security Documents, in 

  
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each case with such responsible and reputable insurance companies or associations, and in such amounts and covering such risks, as is specified in Section 5.02 or otherwise required pursuant
to the relevant Security Documents, together with the letters of undertaking required by the relevant Security Documents; 
 (v) (x) copies of the DOC and SMC referred to in clause (a) of the definition of “ISM Code Documentation,” certified as true and in effect by the relevant Subsidiary Guarantor; and
(y) copies of such ISM Code Documentation as the Administrative Agent may by written notice to the Borrower has requested no later than two Business Days before the Closing Date, certified as true and complete in all material respects by the
relevant Subsidiary Guarantor; and 
 (vi) a copy of the International Ship Security Certificate for each
Mortgaged Vessel issued under the ISPS Code, in each case certified as true and in effect by the relevant Subsidiary Guarantor. 
 (m) The Administrative Agent shall have received a Valuation for each Mortgaged Vessel dated no earlier than March 1, 2013. 
 For purposes of determining compliance with the conditions specified in this Section 4.02, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each document
or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders unless an officer of the Administrative Agent responsible for the transactions contemplated by the Loan Documents shall have received
notice from such Lender prior to the Closing Date specifying its objection thereto and such Lender shall not have made available to the Administrative Agent such Lender’s ratable portion of the initial Borrowing. 

ARTICLE V 

AFFIRMATIVE COVENANTS 
 The Borrower covenants and agrees with each Lender that, so long as this Agreement shall remain in effect (other than in respect of contingent indemnification and expense reimbursement obligations for
which no claim has been made) and until the Commitments have been terminated and the principal of and interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document shall have been paid in full and all Letters of
Credit have been canceled or have expired and all amounts drawn or paid thereunder have been reimbursed in full, unless the Required Lenders shall otherwise consent in writing, the Borrower will, and will cause each of the Material Subsidiaries to:

 Section 5.01. Existence; Business and Properties. 

(a) Do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence,
except, in the case of a Subsidiary, where the failure to do so would not reasonably be expected to have a Material Adverse Effect, and except as otherwise expressly permitted under Section 6.05, and except for the liquidation or dissolution of
Subsidiaries if the assets of such Subsidiaries to the extent they exceed 

  
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estimated liabilities are acquired by the Borrower or a Wholly Owned Subsidiary of the Borrower in such liquidation or dissolution; provided, that Loan Parties may not be liquidated into
Subsidiaries that are not Loan Parties. 
 (b) Except where the failure to do so would not reasonably be expected
to have a Material Adverse Effect, do or cause to be done all things necessary to (i) lawfully obtain, preserve, renew, extend and keep in full force and effect the permits, franchises, authorizations, patents, trademarks, service marks, trade
names, copyrights, licenses and rights with respect thereto necessary to the normal conduct of its business, and (ii) at all times maintain, protect and preserve all property necessary to the normal conduct of its business and keep such
property in good repair, working order and condition (ordinary wear and tear excepted), from time to time make, or cause to be made, all needful and proper repairs, renewals, additions, improvements and replacements thereto necessary in order that
the business carried on in connection therewith, if any, may be properly conducted at all times (in each case except as expressly permitted by this Agreement), and use the standard of care typical in the industry in the operation and maintenance of
its properties. 
 Section 5.02. Insurance. 

(a) With respect to the Mortgaged Vessels, and without limiting the requirements for insurance required thereon by the
Vessel Mortgages or Deeds of Covenants (which Vessel Mortgage and Deed of Covenants provisions shall be controlling in the event of a conflict), maintain, with financially sound and reputable insurance companies, as of any day, customary marine
insurances (including hull, machinery, hull interest/increased value, freight interest/anticipated earnings, war risk, protection and indemnity, war risk protection and indemnity and mortgagee’s interest (and such mortgagee’s interest
insurance shall be procured by the Administrative Agent, and any expenses in connection therewith shall be reimbursed by the Borrower)) for the higher of the aggregate amount of the Valuations of all Mortgaged Vessels and [*]% of the aggregate
amount of all Term Loans outstanding on such day and Revolving Facility Credit Exposure on such day, and maintenance of required surety bonds (if any). 
 (b) Except as the Administrative Agent on behalf of the Lenders may agree in writing, cause all such property and casualty insurance policies with respect to each Loan Party’s assets located in the
United States to be endorsed or otherwise amended to (i) name the Collateral Agent, on behalf of the Secured Parties, as an additional insured thereunder as its interests may appear and (ii) in the case of each casualty insurance policy,
include a “standard” or “New York” lender’s loss payable endorsement, in form and substance reasonably satisfactory to the Administrative Agent, which endorsement shall provide that, from and after the Closing Date, if the
insurance carrier shall have received written notice from the Administrative Agent of the occurrence of an Event of Default, the insurance carrier shall pay all proceeds otherwise payable to the Loan Parties under such policies directly to
Administrative Agent and/or Collateral Agent; cause all such policies to provide that neither the Loan Parties, the Administrative Agent, the Collateral Agent nor any other party shall be a coinsurer thereunder and to contain a “Replacement
Cost Endorsement,” without any deduction for depreciation, and such 

  
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other provisions as the Administrative Agent may reasonably require from time to time to protect their interests; deliver copies of all such policies or certificates of an insurance broker with
respect to such policies, in each case together with the endorsements provided for herein; cause each such policy to provide that it shall not be cancelled or not renewed upon less than 30 days’ prior written notice thereof by the insurer to
the Collateral Agent; deliver to the Administrative Agent and the Collateral Agent, prior to or concurrently with the cancellation or nonrenewal of any such policy of insurance, a copy of a renewal or replacement policy (or other evidence of renewal
of a policy previously delivered to the Administrative Agent), or insurance certificate with respect thereto, together with evidence satisfactory to the Administrative Agent of payment of the premium therefor, in each case of the foregoing, to the
extent customarily maintained, purchased or provided to, or at the request of, lenders by similarly situated companies in connection with credit facilities of this nature. 

(c) In connection with the covenants set forth in this Section 5.02, it is understood and agreed that: 

(i) none of the Administrative Agent, the Collateral Agent the Lenders, the Issuing Bank, the other Secured Parties and
their respective agents or employees shall be liable for any loss or damage insured by the insurance policies required to be maintained under this Section 5.02, it being understood that (A) the Loan Parties shall look solely to their
insurance companies or any other parties other than the aforesaid parties for the recovery of such loss or damage and (B) such insurance companies shall have no rights of subrogation against the Administrative Agent, the Collateral Agent, the
Lenders, any Issuing Bank, any other Secured Party or their agents or employees. If, however, the insurance policies, as a matter of the internal policy of such insurer, do not provide waiver of subrogation rights against such parties, as required
above, then each Loan Party, on behalf of itself and behalf of each of its Subsidiaries, hereby agrees, to the extent permitted by law, to waive, and further agrees to cause each of their Subsidiaries to waive, its right of recovery, if any, against
the Administrative Agent, the Collateral Agent, the Lenders, the Issuing Bank, the other Secured Parties and their agents and employees; 
 (ii) the designation of any form, type or amount of insurance coverage by the Administrative Agent under this Section 5.02 shall in no event be deemed a representation, warranty or advice by the
Administrative Agent, Collateral Agent or the Lenders that such insurance is adequate for the purposes of the business of the Loan Parties and the Subsidiaries or the protection of their properties; and 

(iii) the insurance policies and coverages thereunder maintained as of the Closing Date by the Loan Parties and the
Material Subsidiaries and listed on Schedule 3.20 satisfy the requirements of paragraph (a) of this Section 5.02 as of the Closing Date. 
 Section 5.03. Taxes. Pay its obligations in respect of all Tax liabilities, assessments and governmental charges, before the same shall become delinquent or in default, except where (i)

  
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the amount or validity thereof is being contested in good faith by appropriate proceedings and the Borrower or a Subsidiary thereof has set aside on its books adequate reserves therefor in
accordance with GAAP (or in the case of a Foreign Subsidiary, the comparable accounting principles in the relevant jurisdiction) or (ii) the failure to make payment could not reasonably be expected, individually or in the aggregate, to result
in a Material Adverse Effect. 
 Section 5.04. Financial Statements, Reports, etc. Furnish to the Administrative Agent
(which will promptly furnish such information to the Lenders): 
 (a) within 90 days (or, if applicable,
such shorter period as the SEC shall specify for the filing of annual reports on Form 10-K or on any applicable equivalent form) after the end of each fiscal year a consolidated balance sheet and related statements of operations, cash flows and
owners’ equity showing the financial position of the Borrower and its Subsidiaries as of the close of such fiscal year and the consolidated results of their operations during such fiscal year and setting forth in comparative form the
corresponding figures for the prior fiscal year, which consolidated balance sheets and related statements of operations, cash flows and owners’ equity shall be audited by PricewaterhouseCoopers, LLP or other independent public accountants of
recognized national standing and accompanied by an opinion of such accountants (which opinion shall not be qualified as to scope of audit or as to the status of the Borrower or any Material Subsidiary as a going concern) to the effect that such
consolidated financial statements fairly present, in all material respects, the financial position and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP (it being understood that the delivery
by the Borrower of annual reports on Form 10-K or the equivalent of the Borrower and its consolidated Subsidiaries shall satisfy the requirements of this (a) to the extent such annual reports include the information specified herein);

 (b) within 45 days (or, if applicable, such shorter period as the SEC shall specify for the filing of
quarterly reports on Form 10-Q or on any applicable equivalent form) after the end of each of the first three fiscal quarters of each fiscal year, a consolidated balance sheet and related statements of operations and cash flows showing the financial
position of the Borrower and its Subsidiaries as of the close of such fiscal quarter and the consolidated results of their operations during such fiscal quarter and the then-elapsed portion of the fiscal year and setting forth in comparative form
the corresponding figures for the corresponding periods of the prior fiscal year, all of which shall be in reasonable detail and which consolidated balance sheet and related statements of operations and cash flows shall be certified by a Financial
Officer of the Borrower on behalf of the Borrower, as fairly presenting, in all material respects, the financial position and results of operations of the Borrower and its Subsidiaries, on a consolidated basis in accordance with GAAP (subject to
normal year-end audit adjustments and the absence of footnotes) (it being understood that the delivery by the Borrower of quarterly reports on Form 10-Q of the Borrower and its consolidated Subsidiaries shall satisfy the requirements of this
(b) to the extent such quarterly reports include the information specified herein); 

  
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 (c) (x) concurrently with any delivery of financial statements under
paragraphs (a) or (b) above, a certificate of a Financial Officer of the Borrower (i) certifying that no Event of Default or Default has occurred or, if such an Event of Default or Default has occurred, specifying the nature and
extent thereof and any corrective action taken or proposed to be taken with respect thereto, (ii) setting forth computations in reasonable detail demonstrating compliance with the covenants set forth in Sections 6.12, 6.13, 6.14, and 6.15,
(iii) setting forth the calculation and uses of the Cumulative Credit for the fiscal period then ended if the Borrower shall have used the Cumulative Credit for any purpose during such fiscal period, and (iv) certifying a list of names of
all Immaterial Subsidiaries, that each Subsidiary set forth on such list individually qualifies as an Immaterial Subsidiary and that all such Subsidiaries in the aggregate do not exceed the limitation set forth in clause (b) of the definition
of the term “Immaterial Subsidiary,” and (y) concurrently with any delivery of financial statements under paragraph (a) above, if the accounting firm is not restricted from providing such a certificate by the policies of its
applicable office, a certificate of the accounting firm opining on or certifying such statements stating whether they obtained knowledge during the course of their examination of such statements of any Default or Event of Default (which certificate
may be limited to accounting matters and disclaim responsibility for legal interpretations); 
 (d) promptly
after the same become publicly available, copies of all periodic and other publicly available reports, proxy statements and, to the extent requested by the Administrative Agent, other materials filed by the Borrower or any Subsidiary with the SEC,
or after an initial public offering, distributed to its stockholders generally, as applicable; provided, however, that such reports, proxy statements, filings and other materials required to be delivered pursuant to this clause
(d) or any other clause of this Section 5.04 shall be deemed delivered for purposes of this Agreement when posted to the website of the Borrower or the SEC; 

(e) within 90 days after the beginning of each fiscal year, a reasonably detailed consolidated quarterly budget for
such fiscal year (including a projected consolidated balance sheet of the Borrower and its Subsidiaries as of the end of the following fiscal year, and the related consolidated statements of projected cash flow and projected income), including a
description of underlying assumptions with respect thereto (collectively, the “Budget”), which Budget shall in each case be accompanied by the statement of a Financial Officer of the Borrower to the effect that the Budget is based
on assumptions believed by such Financial Officer to be reasonable as of the date of delivery thereof; 
 (f)
promptly, from time to time, such other information (i) regarding the operations, business affairs and financial condition of the Borrower or any of the Subsidiaries, (ii) regarding compliance with the terms of any Loan Document,
(iii) regarding such consolidating financial statements or (iv) required under the USA PATRIOT Act, as in each case the Administrative Agent may reasonably request (for itself or on behalf of any Lender); 

  
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 (g) in the event that (x) any Parent Entity is not engaged in any
business or activity, and does not own any assets or have other liabilities, other than those incidental to its ownership directly or indirectly of the capital stock of the Borrower and the incurrence of Indebtedness for borrowed money (and, without
limitation on the foregoing, does not have any subsidiaries other than the Borrower and the Borrower’s Subsidiaries and any direct or indirect parent companies of the Borrower that are not engaged in any other business or activity and do not
hold any other assets or have any liabilities except as indicated above) or (y) to the extent the Senior Unsecured Notes or any Permitted Refinancing Indebtedness with respect thereto remains outstanding, and the applicable rules and
regulations of the SEC permit the Borrower to report at such Parent Entity level on a consolidated basis then, such consolidated reporting at such Parent Entity’s level in a manner consistent with that described in paragraphs (a) and
(b) of this Section 5.04 for the Borrower (together with a reconciliation showing the adjustments necessary to determine compliance by the Borrower and its Subsidiaries with the covenants set forth in Sections 6.12, 6.13, 6.14, and 6.15
and consolidating information that explains in reasonable detail the differences between the information relating to such direct or indirect parent and its Subsidiaries, on the one hand, and the information relating to the Borrower and its
Subsidiaries, on the other hand) will satisfy the requirements of such paragraphs. 
 Section 5.05. Litigation and Other
Notices. Furnish to the Administrative Agent (which will promptly thereafter furnish to the Lenders) written notice of the following promptly after any Responsible Officer of the Borrower obtains actual knowledge thereof: 

(a) any Event of Default or Default, specifying the nature and extent thereof and the corrective action (if any) proposed
to be taken with respect thereto; 
 (b) the filing or commencement of, or any written threat or notice of
intention of any person to file or commence, any action, suit or proceeding, whether at law or in equity or by or before any Governmental Authority or in arbitration, against any Loan Party or any Subsidiary as to which an adverse determination is
reasonably probable and which, if adversely determined, would reasonably be expected to have a Material Adverse Effect; 
 (c) any other development specific to any Loan Party or any Subsidiary that is not a matter of general public knowledge and that has had, or would reasonably be expected to have, a Material Adverse
Effect; and 
 (d) the development of any ERISA Event that, together with all other ERISA Events that have
developed or occurred, would reasonably be expected to have a Material Adverse Effect. 
 Section 5.06. Compliance with
Laws. 
 (a) Comply with all laws, rules, regulations and orders of any Governmental Authority applicable to
it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect; 

  
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 (b) this Section 5.06 shall not apply to Environmental Laws, which are
the subject of Section 5.09, or to laws related to Taxes, which are the subject of Section 5.03. 
 Section 5.07.
Maintaining Records; Access to Properties and Inspections. Maintain all financial records in accordance with GAAP and permit any persons designated by the Administrative Agent or, upon the occurrence and during the continuance of an Event of
Default, any Lender to visit and inspect the financial records and the properties of the Borrower or any Material Subsidiary at reasonable times, upon reasonable prior notice to the Borrower, and as often as reasonably requested and to make extracts
from and copies of such financial records, and permit any persons designated by the Administrative Agent or, upon the occurrence and during the continuance of an Event of Default, any Lender upon reasonable prior notice to the Borrower to discuss
the affairs, finances and condition of the Borrower or any Material Subsidiary with the officers thereof and independent accountants therefor (subject to reasonable requirements of confidentiality, including requirements imposed by law or by
contract). 
 Section 5.08. Use of Proceeds. Use the proceeds of the Loans and the Letters of Credit only as contemplated
by Section 3.12. 
 Section 5.09. Environmental Matters. 

(a) Comply, and make reasonable efforts to cause any Approved Manager and all persons employed on board any Mortgaged
Vessel or other property owned or leased by it (and all other persons under contract with any Loan Party or any Approved Manager) to comply, with all Environmental Laws applicable to its operations and properties; and obtain and renew all material
Environmental Permits required for its operations and properties, in each case in accordance with Environmental Laws, except, in each case with respect to this Section 5.09, to the extent the failure to do so would not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect; 
 (b) Implement any and all investigation,
remediation, removal and response actions that are appropriate or necessary to maintain the value and marketability of any Mortgaged Vessels or any other property owned or leased by it or to otherwise comply with Environmental Laws and Environmental
Permits pertaining to the presence, generation, treatment, storage, use, disposal, transportation or Release of any Hazardous Material on, at, in, under, above, to, from or about any Mortgaged Vessel or other property owned, leased or occupied by
it, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect; 
 (c) Notify the Administrative Agent promptly after it becomes aware that any violation of Environmental Laws or Environmental Permits or any Release on, at, in, under, above, to or from any Mortgaged
Vessel or any other property owned, leased or occupied by it, or any other Environmental Claim could reasonably be expected to result in Environmental Liabilities in excess of $[*] per instance or $[*] in the aggregate (for all such instances) in
any one fiscal year (for any and all such violations, Releases and Environmental Claims and for any and all of the Loan Parties and Material Subsidiaries), in each case whether or not any Governmental Authority has taken or threatened any action in
connection with any such violation, Release, Environmental Claim or other matter; and 

  
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 (d) Promptly forward to the Administrative Agent a copy of any order,
notice, request for information or any written communication or report received by it in connection with any such violation or Release or any other matter relating to any Environmental Laws or Environmental Permits described in paragraph (c) of
this Section 5.09. 
 Section 5.10. Further Assurances; Additional Security and Guarantees.

 (a) Promptly execute, and use commercially reasonable efforts to cause the execution of, any and all further
documents, financing statements, agreements and instruments, and take, or use commercially reasonable efforts to cause the taking of, all such further actions (including the filing and recording of financing statements, fixture filings, mortgages,
vessel mortgages, deeds of covenants and other documents and recordings of Liens in stock, or any other, registries), that may be required under any applicable law, or that the Collateral Agent may reasonably request, to satisfy the Collateral and
Guarantee Requirement and to cause the Collateral and Guarantee Requirement to be and remain satisfied, all at the expense of the Borrower, and provide to the Collateral Agent from time to time upon reasonable request of the Collateral Agent,
evidence reasonably satisfactory to the Collateral Agent as to the perfection and priority of the Liens created or intended to be created by the Security Documents. 

(b) In the event that any requirement in set forth in Section 4.02(d) (without giving effect to the proviso thereto)
has not been satisfied in full on or prior to the Closing Date cause such requirement to be satisfied as promptly as practicable after the Closing Date and, in any event, cause all such requirements to be satisfied not later than 15 days following
the Closing Date (or such later date as the Administrative Agent may agree in its sole discretion as a result of delays despite commercially reasonable efforts). 

(c) Within 20 Business Days of the date on which any person becomes an Additional Subsidiary Guarantor (or such later date
as the Administrative Agent may agree in its sole discretion as a result of delays despite commercially reasonable efforts), (i) the Borrower shall, and shall cause such Additional Subsidiary Guarantor to, execute and deliver an Additional
Subsidiary Guarantor Accession Supplement to the Administrative Agent and the Collateral Agent together with the documents that such Additional Subsidiary Guarantor would have been required to deliver pursuant to Section 4.02(c),
(d) (without giving effect to the proviso therein), (i) and (j), mutatis mutandis, had it been a Loan Party on the Closing Date, in each case certified or otherwise in the form required thereunder, (ii) cause the Collateral and
Guarantee Requirement to be satisfied with respect to such Subsidiary and with respect to the Equity Interests in or Indebtedness of such Subsidiary owned by a Loan Party and (iii) the Administrative Agent and the Collateral Agent shall have
received favorable written opinions from New York counsel and counsel in the jurisdiction in which such Additional Subsidiary Guarantor is formed, in each case reasonably satisfactory to the Administrative Agent and covering such matters relating to
(x) such Additional Subsidiary Guarantor, its 

  
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Additional Subsidiary Guarantor Accession Supplement and its accession to the Loan Documents and (y) the pledge of the Equity Interests in or Indebtedness of such Subsidiary owned by a Loan
Party, as the Administrative Agent shall reasonably request. 
 (d) [Reserved]. 

(e) As a condition precedent to the occurrence of any transaction permitted under this Agreement effecting a change in the
holder of any Equity Interests in a Subsidiary Guarantor, ensure that each resulting new holder of any Equity Interests in such Subsidiary Guarantor shall have executed and delivered to the Administrative Agent and the Collateral Agent a replacement
Subsidiary Guarantor Pledge Agreement (or other documentation satisfactory to the Administrative Agent evidencing such new holder’s pledge of all Equity Interests in such Subsidiary Guarantor on substantially the same terms as the existing
Subsidiary Guarantor Pledge Agreement with respect to such Subsidiary Guarantor) prior to or not later than simultaneously with the occurrence of the relevant transaction, together with (i) to the extent requested by the Administrative Agent,
favorable written opinions of counsel covering such matters relating to such replacement Subsidiary Guarantor Pledge Agreement as the Administrative Agent shall reasonably request or other documentation and such other matters as the Administrative
Agent may reasonably request and (ii) delivery to the Collateral Agent of the certificates or other instruments, if any, representing all of the Equity Interests of such Subsidiary, together with stock powers or instruments of transfer executed
and delivered in blank. 
 (f) Provide not less than 10 days prior written notice of any Subsidiary
Guarantor’s intent to re-register any Mortgaged Vessel under the laws of a Permitted Flag Jurisdiction other than the jurisdiction in which such Mortgaged Vessel was registered on the Closing Date (or any subsequent re-registration permitted by
this Agreement); and, as conditions precedent to any such re-registration, the Subsidiary Guarantor shall promptly grant to the Collateral Agent a security interest in and deliver an acceptable vessel mortgage governed by the laws of the new
Permitted Flag Jurisdiction together with any deed of covenants, mortgage supplement or other customary related supplementary documentation, which vessel mortgage together with any such supplementary documentation shall constitute a valid and
enforceable perfected first priority Lien subject only to Permitted Liens. Such vessel mortgage and supplementary documentation shall be duly registered, filed or recorded, as appropriate, in such manner and in such places as are required by law to
establish, perfect, preserve and protect the Liens in favor of the Collateral Agent required to be granted pursuant to such vessel mortgage and supplementary documentation and all taxes, fees and other charges payable in connection therewith shall
be paid by the Subsidiary Guarantor in full. Such Subsidiary Guarantor shall otherwise take such other actions and execute and/or deliver to the Collateral Agent such other documents as the Collateral Agent shall require in its reasonable discretion
to confirm the validity, perfection and priority of the Lien of any new vessel mortgage and any related supplementary documentation (including an opinion from local counsel acceptable to the Collateral Agent, which opinion is in form and substance
reasonably satisfactory to the Collateral Agent in respect of such vessel mortgage and any related supplementary documentation). 

  
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 (g) Provide not less than 10 days prior written notice of any Subsidiary
Guarantor’s intent to transfer any Mortgaged Vessel to any other Subsidiary Guarantor (a “Permitted Vessel Transfer”); and, as conditions precedent to any Permitted Vessel Transfer, the Subsidiary Guarantor shall promptly grant
to the Collateral Agent a security interest in and deliver an acceptable vessel mortgage together with any deed of covenants, vessel mortgage, earnings assignments, insurance assignments, and other customary related supplementary documentation,
which vessel mortgage together with any such supplementary documentation shall constitute a valid and enforceable perfected first priority Lien subject only to Permitted Liens. Such vessel mortgage and supplementary documentation shall be duly
registered, filed or recorded, as appropriate, in such manner and in such places as are required by law to establish, perfect, preserve and protect the Liens in favor of the Collateral Agent required to be granted pursuant to such vessel mortgage
and supplementary documentation and all taxes, fees and other charges payable in connection therewith shall be paid by the Subsidiary Guarantor in full. Such Subsidiary Guarantor shall otherwise take such other actions and execute and/or deliver to
the Collateral Agent such other documents as the Collateral Agent shall require in its reasonable discretion to confirm the validity, perfection and priority of the Lien of any new vessel mortgage and any related supplementary documentation
(including an opinion from local counsel reasonably acceptable to the Collateral Agent, which opinion is in form and substance reasonably satisfactory to the Collateral Agent in respect of such vessel mortgage and any related supplementary
documentation). 
 (h) (i) Furnish to the Collateral Agent prompt written notice of any change (A) in
any Loan Party’s or Material Subsidiary’s legal name, (B) in any Loan Party’s or Material Subsidiary’s identity or organizational structure, (C) in any Loan Party’s or Material Subsidiary’s organizational
identification number or (D) in any Loan Party’s “location” within the meaning of Section 9-307 of the Uniform Commercial Code; provided that no Loan Party shall effect or permit any such change unless all filings
have been made, or will have been made within any statutory period, under the Uniform Commercial Code or other applicable law that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal
and perfected security interest in all the Collateral for the benefit of the Secured Parties with the priority intended under the Collateral and Guarantee Requirement and (ii) promptly notify the Collateral Agent if any material portion of the
Collateral is damaged or destroyed. 
 (i) Subject to this Section 5.10, with respect to any property
acquired after the Closing Date by any Loan Party that is intended to be subject to the Lien created by any of the Security Documents but is not so subject, promptly (and in any event within 30 days after the acquisition thereof or such longer
period as the Administrative Agent shall agree in its reasonable discretion) (i) execute and deliver to the Administrative Agent and the Collateral Agent such amendments or supplements to the relevant Security Documents or such other documents
as the Administrative Agent or the Collateral Agent shall reasonably deem necessary or advisable to grant to the Collateral Agent, for its benefit and for the benefit of the other Secured Parties, a Lien on such property subject to no Liens other
than Permitted Liens, and (ii) use commercially reasonable efforts to cause such Lien to be duly perfected to the extent required by such Security Document in accordance with requirements of applicable law, including the filing of financing

  
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statements in such jurisdictions as may be reasonably requested by the Administrative Agent. The Borrower shall otherwise take such actions and execute and/or deliver to the Collateral Agent such
documents as the Administrative Agent or the Collateral Agent shall reasonably require to confirm the validity, perfection and priority of the Lien of the Security Documents on such after-acquired properties. 

(j) The Collateral and Guarantee Requirement and the other provisions of this Section 5.10 need not be satisfied with
respect to (i) any Equity Interests owned or acquired after the Closing Date (other than, in the case of any person which is a Subsidiary of a Subsidiary Guarantor, Equity Interests in such person issued or acquired after such person became a
Subsidiary) in accordance with this Agreement if, and to the extent that, and for so long as (A) doing so would violate applicable law or a contractual obligation binding on such Equity Interests and (B) with respect to contractual
obligations, such obligation existed at the time of the acquisition thereof and was not created or made binding on such Equity Interests in contemplation of or in connection with the acquisition of such Subsidiary, (ii) any assets acquired
after the Closing Date, to the extent that, and for so long as, taking such actions would violate an enforceable contractual obligation binding on such assets that existed at the time of the acquisition thereof and was not created or made binding on
such assets in contemplation or in connection with the acquisition of such assets (except in the case of assets acquired with Indebtedness permitted pursuant to Section 6.01(i) or 6.01(r) (if of the type permitted by Section 6.01(i)) that
is secured by a Permitted Lien); provided, that, upon the reasonable request of the Collateral Agent, the Borrower shall, and shall cause any applicable Subsidiary to, use commercially reasonable efforts to have waived or eliminated any
contractual obligation of the types described in clauses (i) and (ii) above, or (iii) any Subsidiary or asset with respect to which the Administrative Agent determines in writing in its reasonable discretion that the cost of the
satisfaction of the Collateral and Guarantee Requirement or the provisions of this Section 5.10 or of any Security Document with respect thereto is excessive in relation to the value of the security afforded thereby. 

(k) Notwithstanding anything to the contrary in this Agreement or any other Loan Document, neither the Borrower nor any of
their Subsidiaries shall be required to enter into any Control Agreement. 
 Section 5.11. Rating. Exercise commercially
reasonable efforts to maintain ratings on the Term Facility and public corporate ratings for the Borrower or Holdings from each of Moody’s and S&P. 
 Section 5.12. Annual Insurance Report. On or as of the date of this Agreement and thereafter on such other dates as the Collateral Agent may require (but not more than once per fiscal year of the
Borrower), a written report addressed to the Collateral Agent and the Secured Parties with respect to the insurances carried and maintained on the Mortgaged Vessels signed by an Approved Insurance Evaluator; provided that only the reasonable
expenses of such Approved Insurance Evaluator are required to be reimbursed by the Borrower hereunder. 
 Section 5.13.
Approval and Authorization. 

  
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 (a) The Lenders hereby approve the forms of the First Lien Intercreditor
Agreement, the Second Lien Intercreditor Agreement, each Subsidiary Guarantor Pledge Agreement and the Collateral Agreement and authorize the Administrative Agent and the Collateral Agent (i) to enter into the same on their behalf (in the case
of the First Lien Intercreditor Agreement and the Second Lien Intercreditor Agreement, with such changes thereto as may be reasonably acceptable to the Collateral Agent) and (ii) to perform their duties and obligations and to exercise their
rights and remedies thereunder. The Lenders acknowledge that the Collateral Agent will be acting as collateral agent for the holders of the Obligations and the Senior Secured Notes Obligations under the Security Documents, on the terms provided for
therein and in the First Lien Intercreditor Agreement and/or the Second Lien Intercreditor Agreement. 
 (b) No
later than 90 days following each incurrence of Pari Passu Senior Secured Notes, the Borrower shall deliver, or cause to be delivered, amendments to each Vessel Mortgage to which a Loan Party is then party (except to the extent the Administrative
Agent determines in its sole discretion such amendment is not required) for purposes of providing the benefit of such security interest of such Vessel Mortgage for the benefit of the holders of such Pari Passu Senior Secured Notes on substantially
the same basis as is provided under the applicable Vessel Mortgage (and with such other changes as are reasonably acceptable to the Collateral Agent and the Borrower). 
 Section 5.14. Concerning the Mortgaged Vessels. 
 (a) At all
times operate each Mortgaged Vessel in compliance in all respects with all applicable governmental rules, regulations and requirements pertaining to such Mortgaged Vessel and in compliance in all respects with all rules, regulations and requirements
of the applicable Classification Society and in compliance with all requirements of any applicable Vessel Mortgage and Deed of Covenants, except, in each case with respect to this Section 5.14(a), to the extent the failure to do so would not
reasonably be expected to have a Material Adverse Effect. The Borrower shall cause each Subsidiary Guarantor to keep each Mortgaged Vessel registered under the laws of a Permitted Flag Jurisdiction and furnish to the Administrative Agent copies of
all renewals and extensions of such registration. 
 (b) Maintain each Mortgaged Vessel classed in the highest
available class with a Classification Society, free of any overdue recommendations or exceptions of any kind that affect such Mortgaged Vessel’s classification and rating by such Classification Society, except, in each case with respect to this
Section 5.14(b), to the extent the failure to do so would not reasonably be expected to have a Material Adverse Effect. Upon request (it being understood that the Administrative Agent shall not make more than one such request during any fiscal year
of the Borrower), the Borrower shall furnish to the Administrative Agent and the Lenders a confirmation of class certificate issued by the respective Classification Society for each of the Mortgaged Vessels. 

(c) Maintain a true copy of the relevant Vessel Mortgage, together with a notice thereof, aboard each of the Mortgaged
Vessels. 

  
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 Section 5.15. Compliance with Maritime Conventions. Obtain and maintain all necessary
ISM Code Documentation in connection with the Mortgaged Vessels, and be in compliance in all material respects with the ISM Code, except, in each case with respect to this Section 5.15, to the extent the failure to do so would not reasonably be
expected to have a Material Adverse Effect. 
 Section 5.16. Valuations. Ensure that, for each fiscal year beginning with
the fiscal year commencing January 1, 2014, the Borrower shall obtain one or (at the request of the Administrative Agent) more Valuations of each Mortgaged Vessel, in each case at the Borrower’s sole cost and expense (except that, with
respect to each Mortgaged Vessel, any Valuation in a calendar year requested by the Administrative Agent, shall be at the Lenders’ expense, unless an Event of Default has occurred and is continuing) and from one of the Approved Brokers, as
selected by the Borrower; provided that unless an Event of Default has occurred and is continuing, no more than two Valuations of any Mortgaged Vessel shall be so required to be obtained during any fiscal year of the Borrower. The Borrower shall
deliver (or cause to be delivered) a copy of any such Valuation (a “First Valuation”) to the Administrative Agent (for distribution to the Lenders). Notwithstanding anything to the contrary, the Borrower, at its own option and
without any instruction from the Administrative Agent may obtain a First Valuation from time to time and deliver same to the Administrative Agent (for distribution to the Lenders). In the event the Borrower is not satisfied with the results of any
First Valuation, then the Borrower will have 30 days after the Borrower’s receipt of such First Valuation during which to obtain, at its option and at its sole cost and expense, an additional Valuation (a “Second
Valuation”) from one of the Approved Brokers, as selected by the Borrower. The Borrower shall deliver (or cause to be delivered) a copy of any such Second Valuation to the Administrative Agent (for distribution to the Lenders) promptly
after the Borrower’s receipt thereof. If any such Second Valuation is obtained and the results thereof indicate a value for the subject Mortgaged Vessel of at least 110% of the value indicated in the First Valuation, then the Borrower will have
30 days after the receipt of such Second Valuation from the relevant Approved Broker during which to obtain, at its option and at its sole cost and expense, a further additional Valuation (a “Third Valuation”) from one of the
Approved Brokers, as selected by the Borrower. The average value of any First Valuation, Second Valuation (to the extent obtained as provided above) and Third Valuation (to the extent obtained as provided above) of any Mortgaged Vessel shall
constitute the Valuation of such Mortgaged Vessel for all purposes under the Loan Documents until any subsequent Valuation of such Mortgaged Vessel is obtained in accordance with this Section 5.16. 

  
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 ARTICLE VI 
 NEGATIVE COVENANTS 
 The Borrower covenants and agrees with each Lender that, so
long as this Agreement shall remain in effect (other than in respect of contingent indemnification and expense reimbursement obligations for which no claim has been made) and until the Commitments have been terminated and the principal of and
interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document have been paid in full and all Letters of Credit have been canceled or have expired and all amounts drawn thereunder have been reimbursed in full,
unless the Required Lenders shall otherwise consent in writing, the Borrower will not, and will not permit any of the Material Subsidiaries to: 
 Section 6.01. Indebtedness. Incur, create, assume or permit to exist any Indebtedness, except: 
 (a) Indebtedness of the Borrower or any Subsidiary existing on the Closing Date (provided that any such Indebtedness in excess of $10,000,000) shall be set forth on Schedule 6.01 and
any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness (other than intercompany indebtedness Refinanced with Indebtedness owed to a person not affiliated with the Borrower or any Subsidiary); 

(b) Indebtedness created hereunder and under the other Loan Documents and any Permitted Refinancing Indebtedness incurred
to Refinance such Indebtedness; 
 (c) Indebtedness of the Borrower or any Subsidiary pursuant to Swap Agreements
permitted by Section 6.10; 
 (d) Indebtedness owed to (including obligations in respect of letters of
credit or bank guarantees or similar instruments for the benefit of) any person providing workers’ compensation, health, disability or other employee benefits or property, casualty or liability insurance to the Borrower or any Subsidiary,
pursuant to reimbursement or indemnification obligations to such person, in each case in the ordinary course of business; provided that upon the incurrence of Indebtedness with respect to reimbursement obligations regarding workers’
compensation claims, such obligations are reimbursed not later than 30 days following such incurrence; 

(e) Indebtedness of the Borrower to any Subsidiary and of any Subsidiary to the Borrower or any other Subsidiary;
provided that (i) Indebtedness of any Subsidiary that is not a Subsidiary Guarantor owing to the Loan Parties shall be subject to Section 6.04(a) and (ii) Indebtedness of the Borrower to any Subsidiary and Indebtedness of any
Subsidiary Guarantor to any Subsidiary that is not a Subsidiary Guarantor shall be made expressly subject to a note containing subordination provisions reasonably satisfactory to the Borrower and the Administrative Agent; 

(f) (i) Indebtedness in respect of performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees
and similar obligations, in each case provided in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in the ordinary course of business and (ii) ordinary course Guarantees and any
related credit support or suretyship arrangements so long as the same do not constitute Indebtedness for borrowed money or a Guarantee thereof; 
 (g) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business or other
cash management services in the ordinary course of business; provided that (i) such Indebtedness (other than credit or purchase cards) is extinguished within ten Business Days of notification to the obligor by such bank or other
financial institution of its incurrence and (ii) such Indebtedness in respect of credit or purchase cards is extinguished within 60 days from its incurrence; 

  
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 (h) (i) Indebtedness of a Subsidiary acquired after the Closing Date or
a person merged into or consolidated with the Borrower or any Subsidiary after the Closing Date and Indebtedness assumed in connection with the acquisition of assets, which Indebtedness in each case exists at the time of such acquisition, merger or
consolidation and is not created in contemplation of such event and where such acquisition, merger or consolidation is permitted by this Agreement and (ii) any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness;
provided that the aggregate amount of such Indebtedness (together with the aggregate amount of Indebtedness outstanding pursuant to this paragraph (h) and paragraph (i) of this Section 6.01 and the Remaining Present Value of
outstanding leases permitted under Section 6.03 would not exceed (x) the greater of $[*] and [*]% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such acquisition, merger or consolidation, such
assumption or such incurrence, as applicable for which financial statements have been delivered pursuant to Section 5.04 plus (y) an amount of Indebtedness for which, after giving effect to such issuance, incurrence or assumption, the
Borrower would be in Ratio Compliance; provided, further (A) no Default or Event of Default shall have occurred and be continuing or would result therefrom, and (B) immediately after giving effect to such acquisition, merger
or consolidation, the assumption and incurrence of any Indebtedness and any related transactions, the Borrower shall be in Pro Forma Compliance; 
 (i) Capital Lease Obligations, mortgage financings and purchase money Indebtedness incurred by the Borrower or any Subsidiary prior to or within [*] days after the acquisition, lease or improvement of the
respective asset permitted under this Agreement in order to finance such acquisition or improvement, and any Permitted Refinancing Indebtedness in respect thereof, in an aggregate principal amount that at the time of, and after giving effect to, the
incurrence thereof, of such Indebtedness (together with the aggregate principal amount of Indebtedness outstanding pursuant to this paragraph (i) and paragraph (h) of this Section 6.01 and the Remaining Present Value of outstanding
leases permitted under Section 6.03 would not exceed (x) the greater of $[*] and [*]% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such incurrence for which financial statements have
been delivered pursuant to Section 5.04 plus (y) any additional amounts, so long as after giving effect to the issuance or incurrence of such Indebtedness the Borrower is in Ratio Compliance; 

(j) Capital Lease Obligations incurred by the Borrower or any Subsidiary in respect of any Sale and Lease-Back Transaction
that is permitted under Section 6.03; 
 (k) other Indebtedness of the Borrower or any Subsidiary, in an
aggregate principal amount that at the time of, and after giving effect to, the incurrence thereof, would not exceed the greater of $[*] and [*]% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such
incurrence for which financial statements have been delivered pursuant to Section 5.04; 
 (l) Indebtedness
of the Borrower pursuant to (i) the Senior Unsecured Notes Documents in an aggregate principal amount not in excess of $[*], and (ii) any Permitted Refinancing Indebtedness incurred to Refinance any such Indebtedness; 

  
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 (m) Guarantees (i) by any Subsidiary Guarantor of the Indebtedness of
the Borrower described in paragraph (l) of this Section 6.01, (ii) by the Borrower or any Subsidiary Guarantor of any Indebtedness of any Subsidiary Guarantor permitted to be incurred under this Agreement, (iii) by the Borrower
or any Subsidiary Guarantor of Indebtedness otherwise permitted hereunder of any Subsidiary that is not a Subsidiary Guarantor to the extent such Guarantees are permitted by Section 6.04 (other than Section 6.04(v)), (iv) by any Subsidiary that
is not a Subsidiary Guarantor of any Indebtedness of any other Subsidiary or any Loan Party permitted to be incurred under this Agreement; provided that Guarantees by any Loan Party or Subsidiary under this Section 6.01(m) of any other
Indebtedness of a person that is subordinated to other Indebtedness of such person shall be expressly subordinated to the Obligations to the same extent as such underlying Indebtedness is subordinated; 

(n) Indebtedness arising from agreements of the Borrower or any Subsidiary providing for indemnification, adjustment of
purchase or acquisition price or similar obligations, in each case, incurred or assumed in connection with any Permitted Business Acquisition or the disposition of any business, assets or a Subsidiary not prohibited by this Agreement, other than
Guarantees of Indebtedness incurred by any person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; 

(o) Indebtedness in respect of letters of credit, bank guarantees, warehouse receipts or similar instruments issued to
support performance obligations (other than obligations in respect of other Indebtedness) in the ordinary course of business; 
 (p) Indebtedness supported by a Letter of Credit, in a principal amount not in excess of the stated amount of such Letter of Credit; 

(q) Indebtedness consisting of (i) the financing of insurance premiums, or (ii) take-or-pay obligations
contained in supply arrangements, in each case, in the ordinary course of business; 
 (r) Indebtedness
consisting of Permitted Ratio Debt and Permitted Refinancing Indebtedness in respect thereof so long as (i) no Default or Event of Default shall have occurred and be continuing or would result therefrom, and (ii) (A) immediately after
giving effect to the issuance, incurrence or assumption of such Indebtedness, the Loan-to-Value Ratio on a Pro Forma Basis is equal to or less than [*] to 1.0, or (B) immediately after giving effect to the issuance, incurrence or assumption of
such Indebtedness, the Fixed Charge Coverage Ratio on a Pro Forma Basis at least [*] to 1.0; 
 (s) Indebtedness
of Subsidiaries that are not Subsidiary Guarantors in an aggregate amount not to exceed the greater of $[*] and [*]% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such incurrence for which
financial statements have been delivered pursuant to Section 5.04; 
 (t) unsecured Indebtedness in respect
of obligations of the Borrower or any Subsidiary to pay the deferred purchase price of goods or services or progress payments 

  
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in connection with such goods and services; provided that such obligations are incurred in connection with open accounts extended by suppliers on customary trade terms (which require that
all such payments be made within 60 days after the incurrence of the related obligations) in the ordinary course of business and not in connection with the borrowing of money or any Swap Agreements; 

(u) Indebtedness representing deferred compensation to employees of the Borrower or any Subsidiary incurred in the
ordinary course of business; 
 (v) [reserved]; 

(w) Indebtedness of any New Vessel Subsidiary under a New Vessel Financing (in an initial aggregate principal amount not
to exceed [*]% of the purchase price (as adjusted from time to time to give effect to any change orders or other modifications) of the purchased Vessel and [*]% of any related export credit insurance premium) and Guarantees thereof by the Borrower;

 (x) Indebtedness of the Borrower and the Subsidiaries incurred under lines of credit or overdraft facilities
(including, but not limited to, intraday, ACH and purchasing card/T&E services) extended by one or more financial institutions reasonably acceptable to the Administrative Agent or one or more of the Lenders and (in each case) established for the
Borrower’s and the Subsidiaries’ ordinary course of operations (such Indebtedness, the “Overdraft Line”), which Indebtedness may be secured as, but only to the extent, provided in Section 6.02(a) and in the Security
Documents (it being understood, however, that for a period of 30 consecutive days during each fiscal year of the Borrower the outstanding principal amount of Indebtedness under the Overdraft Line shall not exceed $[*]); 

(y) intercompany Indebtedness in connection with any Permitted Vessel Transfer; 

(z) the Senior Secured Notes and Permitted Refinancing Indebtedness in respect thereof (in the case of such Permitted
Refinancing Indebtedness, so long as all the requirements of the definition of the term “Senior Secured Notes” other than the requirement in clause (b) thereof are met); 

(aa) Indebtedness in the form of notes meeting all the requirements of the definition of the term “Senior Secured
Notes”, other than clause (b) of the definition of such term, in an aggregate principal amount not to exceed the Incremental Amount, and any Permitted Refinancing Indebtedness in respect thereof; 

(bb) Indebtedness incurred on behalf of, or representing Guarantees of Indebtedness of, joint ventures not in excess of
the greater of $[*] and [*]% of Consolidated Total Assets as of the fiscal quarter immediately prior to the date of such Investment for which financial statements have been delivered pursuant to Section 5.04; 

  
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 (cc) all premium (if any), interest (including post-petition interest),
fees, expenses, charges and additional or contingent interest on obligations described in paragraphs (a) through (bb) above. 
 For purposes of determining compliance with this Section 6.01, the amount of any Indebtedness denominated in any currency other than Dollars shall be calculated based on customary currency exchange
rates in effect, in the case of such Indebtedness incurred (in respect of term Indebtedness) or committed (in respect of revolving Indebtedness) on or prior to the Closing Date, on the Closing Date and, in the case of such Indebtedness incurred (in
respect of term Indebtedness) or committed (in respect of revolving Indebtedness) after the Closing Date, on the date that such Indebtedness was incurred (in respect of term Indebtedness) or committed (in respect of revolving Indebtedness);
provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a currency other than Dollars (or in a different currency from the Indebtedness being refinanced), and such refinancing would cause the applicable
Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal
amount of such refinancing Indebtedness does not exceed (i) the outstanding or committed principal amount, as applicable, of such Indebtedness being refinanced plus (ii) the aggregate amount of fees, underwriting discounts, premiums
(including tender premiums), defeasance costs and other costs and expenses incurred in connection with such refinancing. 

Section 6.02. Liens. Create, incur, assume or permit to exist any Lien upon any Collateral (other than Liens in favor of the
Borrower or a Subsidiary Guarantor), whether now owned or hereafter acquired, except the following (collectively, “Permitted Liens”): 
 (a) any Lien created under the Loan Documents or permitted in respect of any Mortgaged Vessel by the terms of the applicable Vessel Mortgage; 

(b) Liens on Collateral existing on the Closing Date and set forth on Schedule 6.02(b) and any modifications,
replacements, renewals or extensions thereof; 
 (c) Liens ranking junior to the Liens on the Collateral securing
the Obligations; provided that (i) the Loan-to-Value Ratio on a Pro Forma Basis will be equal to or less than [*] to 1.0 and (ii) at the time of the incurrence of such Lien and after giving effect thereto, no Default or Event of
Default shall have occurred and be continuing or would result therefrom; 
 (d) (1) Liens imposed by law, such as
landlord’s, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, construction or other like Liens and Liens in favor of customs and revenue authorities to secure payment of customs duties in connection
with the importation of goods; in each case arising in the ordinary course of business and securing obligations which do not in the aggregate materially detract from the value of the Collateral and do not materially impact the use thereof in the
operation of the business of the Borrower or the applicable Material Subsidiary or that are being contested in good faith by appropriate proceedings; and with respect to the Mortgaged Vessels: (i) Liens fully covered (in excess of deductibles
required or permitted by Section 

  
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5.02) by valid policies of insurance meeting the requirements of the Deeds of Covenant, (ii) Liens for master’s and crew’s wages on, if not yet due and payable, and
(iii) other maritime liens arising in the ordinary course of business in an amount not to exceed $[*] and 2) Liens arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of set-off or similar
rights; 
 (e) (1) Liens for Taxes, assessments or other governmental charges or levies not yet delinquent or
that are being contested in compliance with Section 5.03; (2) Liens in respect of Indebtedness permitted by (a) Section 6.01(f) (to the extent such obligations are in respect of trade-related letters of credit and bankers’
acceptances and cover the goods (or the documents of title in respect of such goods) financed by such letters of credit and the proceeds and products thereof), (b) Section 6.01(i) (provided, that in the case of any Lien in respect
of Section 6.01(i), (x) that such Liens do not apply to any property or assets other than the property or assets being acquired or improved or (y) that immediately after giving effect to any such Lien and the incurrence of any
Indebtedness incurred at the time such Lien is created, incurred or permitted to exist, the Borrower is in Ratio Compliance and at the time of the incurrence of such Lien and after giving effect thereto, no Default or Event of Default shall have
occurred and be continuing or would result therefrom) and (c) Section 6.01(z) (provided, for the avoidance of doubt that the Net Proceeds of such Indebtedness (other than Permitted Refinancing Indebtedness), shall be applied to
prepay Term Loans as provided in clause (b) of the definition of “Senior Secured Notes”) and/or Section 6.01 (aa); (3) Liens on not more than $[*] of deposits securing Swap Agreements permitted to be incurred under
Section 6.10; and (4) Liens securing judgments that do not constitute an Event of Default under Section 8.01(j); and 
 (f) (1) deposits and other Liens to secure the performance of bids, trade contracts (other than for Indebtedness), leases (other than Capital Lease Obligations), statutory obligations (other than
obligations under ERISA), credit card processing arrangements, surety and appeal bonds, performance and return of money bonds, bids, leases, government contracts, trade contracts, agreements with utilities, and other obligations of a like nature
(including letters of credit in lieu of any such bonds or to support the issuance thereof) incurred in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in the ordinary course of
business; and (2) leases or subleases, licenses or sublicenses, granted to others in the ordinary course of business not interfering in any material respect with the business of the Borrower and its Subsidiaries, taken as a whole. 

Section 6.03. Sale and Lease-Back Transactions. Enter into any arrangement, directly or indirectly, with any person whereby it
shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or
purposes as the property being sold or transferred (a “Sale and Lease-Back Transaction”); provided, that a Sale and Lease-Back Transaction shall be permitted if at the time the lease in connection therewith is entered into,
and after giving effect to the entering into of such lease, the Remaining Present Value of such lease, together with Indebtedness outstanding pursuant to Section 6.01(h) and (i) and the Remaining Present Value of outstanding leases previously
entered 

  
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into under this Section 6.03, would not exceed the greater of $[*] and [*]% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date the lease was entered
into for which financial statements have been delivered pursuant to Section 5.04. 
 Section 6.04. Investments, Loans and
Advances. Purchase, hold or acquire (including pursuant to any merger with a person that is not a Wholly Owned Subsidiary immediately prior to such merger) any Equity Interests, evidences of Indebtedness or other securities of, make or permit to
exist any loans or advances to or Guarantees of the obligations of, or make or permit to exist any investment or any other interest in (each, an “Investment”), any other person, except: 

(a) (i) Investments by the Borrower or any Subsidiary in the Equity Interests of the Borrower or any Subsidiary;
(ii) intercompany loans from the Borrower or any Subsidiary to the Borrower or any Subsidiary; and (iii) Guarantees by a Borrower or any Subsidiary Guarantor of Indebtedness otherwise expressly permitted hereunder of the Borrower or any
Subsidiary; provided, that the sum of (A) Investments (valued at the time of the making thereof and without giving effect to any write-downs or write-offs thereof) made after the Closing Date by the Loan Parties pursuant to
clause (i) in Subsidiaries that are not Loan Parties, plus (B) net intercompany loans made after the Closing Date to Subsidiaries that are not Loan Parties pursuant to clause (ii), plus (C) Guarantees of Indebtedness after the
Closing Date of Subsidiaries that are not Loan Parties pursuant to clause (iii), shall not exceed an aggregate net amount equal to (x) the greater of (1) $[*] and (2) [*]% of Consolidated Total Assets (plus any return of capital
actually received by the respective investors in respect of Investments theretofore made by them pursuant to this paragraph (a); plus (y) the portion, if any, of the Cumulative Credit on the date of such election that the Borrower elects
to apply to this Section 6.04(a)(y), such election to be specified in a written notice of a Responsible Officer of the Borrower calculating in reasonable detail the amount of Cumulative Credit immediately prior to such election and the amount
thereof elected to be so applied; provided further, that the limitations in this paragraph shall not apply to any Investment entered into at a time when the Borrower is in Ratio Compliance; provided, still further, that
intercompany current liabilities incurred in the ordinary course of business in connection with the cash management operations of the Borrower and the Subsidiaries shall not be included in calculating the limitation in this paragraph at any time;

 (b) Permitted Investments and Investments that were Permitted Investments when made; 

(c) Investments arising out of the receipt by the Borrower or any Subsidiary of non-cash consideration for the sale of
assets permitted under Section 6.05; 
 (d) loans and advances to current and former officers, directors,
employees or consultants of the Borrower or any Subsidiary (i) in the ordinary course of business not to exceed $[*] in the aggregate at any time outstanding (calculated without regard to write-downs or write-offs thereof), (ii) in respect
of payroll payments and expenses in the ordinary course of business and (iii) in connection with such person’s purchase of Equity Interests of a Parent Entity solely to the extent that the amount of such loans and advances shall be
contributed to the Borrower in cash as common equity; 

  
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 (e) accounts receivable, security deposits and prepayments arising and trade
credit granted in the ordinary course of business and any assets or securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss
and any prepayments and other credits to suppliers made in the ordinary course of business; 
 (f) Swap
Agreements permitted pursuant to Section 6.10; 
 (g) Investments existing on, or contractually committed as
of, the Closing Date and set forth on Schedule 6.04 and any extensions, renewals or reinvestments thereof, so long as the aggregate amount of all Investments pursuant to this clause (g) is not increased at any time above the amount of such
Investment existing on the Closing Date; 
 (h) Investments resulting from pledges and deposits under
Section 6.02(f); 
 (i) other Investments by the Borrower or any Subsidiary in an aggregate amount (valued
at the time of the making thereof, and without giving effect to any write-downs or write-offs thereof) not to exceed (1) the greater of $[*] and [*]% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date
of such Investment for which financial statements have been delivered pursuant to Section 5.04 plus (2) the portion, if any, of the Cumulative Credit on the date of such election that the Borrower elects to apply to this
Section 6.04(i)(2), such election to be specified in a written notice of a Responsible Officer of the Borrower calculating in reasonable detail the amount of Cumulative Credit immediately prior to such election and the amount thereof elected to
be so applied; 
 (j) Investments constituting Permitted Business Acquisitions; 

(k) intercompany loans permitted by Section 6.01(e); 

(l) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and
disputes with or judgments against, customers and suppliers, in each case in the ordinary course of business or Investments acquired by the Borrower as a result of a foreclosure by the Borrower or any of the Subsidiaries with respect to any secured
Investments or other transfer of title with respect to any secured Investment in default; 
 (m) Investments of a
Subsidiary acquired after the Closing Date or of a person merged into any Loan Party or merged into or consolidated with a Subsidiary after the Closing Date, in each case, (i) to the extent permitted under this Section 6.04, (ii) in
the case of any acquisition, merger or consolidation, in accordance with Section 6.05, and (iii) to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were
in existence on the date of such acquisition, merger or consolidation; 
 (n) acquisitions by the Borrower or any
Subsidiary of obligations of one or more officers or other employees of any Loan Party or any Subsidiary in connection with 

  
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such officer’s or employee’s acquisition of Equity Interests of the Borrower or any Parent Entity, so long as no cash is actually advanced by any Loan Party or any Subsidiary to such
officers or employees in connection with the acquisition of any such obligations; 
 (o) Guarantees by the
Borrower or any Subsidiary of operating leases (other than Capital Lease Obligations) or of other obligations that do not constitute Indebtedness, in each case entered into by the Borrower or any Subsidiary in the ordinary course of business;

 (p) Investments to the extent that payment for such Investments is made with Equity Interests of any Parent
Entity; 
 (q) Investments in the Equity Interests of one or more newly formed persons that are received in
consideration of the contribution by the Borrower or the applicable Subsidiary of assets (including Equity Interests and cash) to such person or persons; provided, that (i) the fair market value of such assets, determined on an
arm’s-length basis, so contributed pursuant to this paragraph (q) shall not in the aggregate exceed $[*] and (ii) in respect of each such contribution, a Responsible Officer of the Borrower shall certify, in a form to be agreed upon
by the Borrower and the Administrative Agent (x) after giving effect to such contribution, no Default or Event of Default shall have occurred and be continuing or would result therefrom, (y) the fair market value of the assets so
contributed and (z) that the requirements of clause (i) of this proviso remain satisfied; 
 (r)
Investments consisting of the redemption, purchase, repurchase or retirement of any Equity Interests permitted under Section 6.06; 
 (s) Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection or deposit and Uniform Commercial Code Article 4 customary trade
arrangements with customers consistent with past practices; 
 (t) Investments in Subsidiaries that are not Loan
Parties not to exceed $[*] in the aggregate, as valued at the fair market value of such Investment at the time such Investment is made; 
 (u) Guarantees permitted under Section 6.01 (except to the extent such Guarantee is expressly subject to this Section 6.04); 

(v) advances in the form of a prepayment of expenses, so long as such expenses are being paid in accordance with customary
trade terms of the Borrower or such Subsidiary; 
 (w) Investments by Borrower and its Subsidiaries, including
loans to any direct or indirect parent of the Borrower, if the Borrower or any other Subsidiary would otherwise be permitted to make a dividend or distribution in such amount (provided that the amount of any such Investment shall also be
deemed to be a distribution under the appropriate clause of Section 6.06 for all purposes of this Agreement); 

  
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 (x) [reserved]; 

(y) Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing
arrangements with other persons; 
 (z) Investments consisting of purchases and acquisitions of inventory,
supplies, materials and equipment or purchases of contract rights or licenses or leases of intellectual property in each case in the ordinary course of business; 

(aa) Investments received substantially contemporaneously in exchange for Equity Interests of the Borrower;
provided that such Investments are not included in any determination of the Cumulative Credit; 
 (bb)
Investments in joint ventures in an aggregate amount not to exceed the greater of $[*] and [*]% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such Investment for which financial statements have
been delivered pursuant to Section 5.04; 
 (cc) Permitted Vessel Transfers; 

(dd) Investments in New Vessel Subsidiaries; and 

(ee) Investments in a Similar Business in an aggregate amount (valued at the time of making thereof, and without giving
effect to any write downs or any write offs thereof) not to exceed (x) the greater of $[*] and [*]% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such Investment for which financial statements
have been delivered pursuant to Section 5.04 (plus any returns of capital actually received by the respective investor in respect of investments theretofore made by it pursuant to this paragraph (ee) plus (y) the Cumulative Credit;
provided that if any Investment pursuant to this paragraph (ee) is made in any person that is not a Subsidiary of the Borrower at the date of the making of such Investment and such person becomes a Subsidiary of the Borrower after such date,
such Investment shall thereafter be deemed to have been made pursuant to paragraph (a) above and shall cease to have been made pursuant to this paragraph (ee) for so long as such person continues to be a Subsidiary of the Borrower; 

The amount of Investments that may be made at any time pursuant to Section 6.04(a) or (j) (such Sections, the “Related
Sections”) may, at the election of the Borrower, be increased by the amount of Investments that could be made at such time under the other Related Section; provided that the amount of each such increase in respect of one Related
Section shall be treated as having been used under the other Related Section. 

  
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 Section 6.05. Mergers, Consolidations, Sales of Assets and Acquisitions. Merge into
or consolidate with any other person, or permit any other person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or any part of its assets (whether now
owned or hereafter acquired), or issue, sell, transfer or otherwise dispose of any Equity Interests of the Borrower or any Subsidiary, or purchase, lease or otherwise acquire (in one transaction or a series of transactions) all or any substantial
part of the assets of any other person, except that this Section shall not prohibit: 
 (a) (i) any disposal
by the Borrower or any Subsidiary of an asset or other property in the ordinary course of the Borrower’s or Subsidiary’s business, (ii) any acquisition (in one or a series of transactions) by any Loan Party or Subsidiary of all or any
substantial part of the assets or other property of any other person, so long as such acquisition is in the ordinary course of such Loan Party’s or Subsidiary’s business, or (iii) the sale of Permitted Investments by any Loan Party or
Subsidiary, so long as such sale is in the ordinary course of such Loan Party’s or Subsidiary’s business; 
 (b) if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing or would result therefrom, (i) the merger of any Subsidiary into the
Borrower in a transaction in which the Borrower is the survivor, (ii) the merger or consolidation of any Subsidiary into or with any Subsidiary Guarantor in a transaction in which the surviving or resulting entity is a Subsidiary Guarantor,
and, in the case of each of clauses (i) and (ii), no person other than the Borrower or a Subsidiary Guarantor receives any consideration, (iii) the merger or consolidation of any Subsidiary that is not a Guarantor into or with any
other Subsidiary that is not a Guarantor, (iv) the liquidation or dissolution or change in form of entity of any Subsidiary (other than a Borrower) if the Borrower determines in good faith that such liquidation, dissolution or change in form is
in the best interests of the Borrower and is not materially disadvantageous to Lenders or (v) any Subsidiary may merge with any other person in order to effect an Investment permitted pursuant to Section 6.04 so long as the continuing or
surviving person shall be a Subsidiary, which shall be a Loan Party if the merging Subsidiary was a Loan Party and which together with each of their Subsidiaries shall have complied with the requirements of Section 5.10; 

(c) sales, transfers, leases or other dispositions to any Loan Party or by any Subsidiary that is not a Subsidiary
Guarantor to any other Subsidiary, including without limitation, a Permitted Vessel Transfer; 
 (d) Sale and
Lease-Back Transactions permitted by Section 6.03; 
 (e) Investments permitted by Section 6.04,
Permitted Liens, and dividends, distributions and other payments permitted by Section 6.06; 
 (f) the sale
of defaulted receivables in the ordinary course of business and not as part of an accounts receivables financing transaction; 
 (g) sales, transfers, leases or other dispositions of assets not otherwise permitted by this Section 6.05 (or required to be included in this clause (g) pursuant to Section 6.05(c));
provided, that the Net Proceeds thereof are applied in accordance with Section 2.11(b); 
 (h)
Permitted Business Acquisitions (including any merger or consolidation in order to effect a Permitted Business Acquisition); provided, that following any such merger or consolidation involving the Borrower, the Borrower is the surviving
corporation; 

  
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 (i) leases, charters or licenses (on a non-exclusive basis with respect to
intellectual property), or subleases or sublicenses (on a non-exclusive basis with respect to intellectual property), of any property in the ordinary course of business; 

(j) sales, leases or other dispositions of inventory of the Borrower or any Subsidiary determined by the management of the
Borrower to be no longer useful or necessary in the operation of the business of any Loan Party or Subsidiary; provided that the Net Proceeds thereof are applied in accordance with Section 2.11(b); 

(k) acquisitions and purchases made with the proceeds of any Asset Sale pursuant to the first proviso of paragraph
(a) of the definition of “Net Proceeds”; 
 (l) [reserved]; 

(m) any exchange of assets for services and/or other assets of comparable or greater value; provided that
(i) at least [*]% of the consideration received by the transferor consists of assets that will be used in a business or business activity permitted hereunder, (ii) in the event of an exchange with a fair market value in excess of
$25,000,000, the Administrative Agent shall have received a certificate from a Responsible Officer of the Borrower with respect to such fair market value and (iii) in the event of an exchange with a fair market value in excess of $75,000,000,
such exchange shall have been approved by at least a majority of the board of directors of the Borrower; provided, further, that (A) the aggregate gross consideration (including exchange assets, other non-cash consideration and
cash proceeds) of any or all assets exchanged in reliance upon this paragraph (m) shall not exceed, in any fiscal year of the Borrower, the greater of $[*] and [*]% of Consolidated Total Assets as of the end of the fiscal quarter immediately
prior to the date of such incurrence for which financial statements have been delivered pursuant to Section 5.04, (B) no Default or Event of Default exists or would result therefrom, (C) with respect to any such exchange with
aggregate gross consideration in excess of $[*], immediately after giving effect thereto, the Borrower shall be in Pro Forma Compliance, and (D) the Net Proceeds, if any, thereof are applied in accordance with Section 2.11(b); 

(n) any disposition of any assets owned by any New Vessel Subsidiary; and 

(o) disposals of cash raised or borrowed for the purposes for which such cash was raised or borrowed. 

Notwithstanding anything to the contrary contained in Section 6.05 above, (i) no sale, transfer or other disposition of assets shall be permitted by
this Section 6.05 (other than sales, transfers, leases or other dispositions to Loan Parties pursuant to paragraph (c) hereof) unless such disposition is for fair market value, (ii) no sale, transfer or other disposition of assets shall be
permitted by paragraph (a) or (d) of this Section 6.05 unless such disposition is for at least 75% cash consideration and (iii) no sale, transfer or other disposition of assets shall be permitted by paragraph (g) of this Section 6.05 unless
such disposition is for at least 75% cash consideration; 

  
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provided that the provisions of clause (ii) shall not apply to any individual transaction or series of related transactions involving assets with a fair market value of less than $[*]
or to other transactions involving assets with a fair market value of not more than the greater of $[*] and [*]% of Consolidated Total Assets in the aggregate for all such transactions during the term of this Agreement; provided,
further, that for purposes of clause (iii), (a) the amount of any secured Indebtedness of the Borrower or any Subsidiary or other Indebtedness of a Subsidiary that is not a Loan Party (as shown on the Borrower’s or such
Subsidiary’s most recent balance sheet or in the notes thereto) that is assumed by the transferee of any such assets shall be deemed to be cash and (b) any notes or other obligations or other securities or assets received by the Borrower
or such Subsidiary from the transferee that are converted by the Borrower or such Subsidiary into cash within 180 days after receipt hereof (to the extent of the cash received) shall be deemed to be cash. 

Section 6.06. Dividends and Distributions. Declare or pay any dividend or make any other distribution (by reduction of capital or
otherwise), whether in cash, property, securities or a combination thereof, with respect to any of its Equity Interests (other than dividends and distributions on Equity Interests payable solely by the issuance of additional Equity Interests (other
than Disqualified Stock) of the person paying such dividends or distributions) or directly or indirectly redeem, purchase, retire or otherwise acquire for value (or permit any Subsidiary to purchase or acquire) any of its Equity Interests or set
aside any amount for any such purpose (other than through the issuance of additional Equity Interests (other than Disqualified Stock) of the person redeeming, purchasing, retiring or acquiring such equity); provided, however, that:

 (a) any Subsidiary of the Borrower may declare and pay dividends to, repurchase its Equity Interests from or
make other distributions to the Borrower or to any Wholly Owned Subsidiary of the Borrower (or, in the case of non-Wholly Owned Subsidiaries, to the Borrower or any Subsidiary that is a direct or indirect parent of such Subsidiary and to each other
owner of Equity Interests of such Subsidiary on a pro rata basis (or more favorable basis from the perspective of the Borrower or such Subsidiary) based on their relative ownership interests so long as any repurchase of its Equity Interests from a
person that is not the Borrower or a Subsidiary is permitted under Section 6.04); 
 (b) the Borrower may declare
and pay dividends or make other distributions (directly or indirectly) (i) to any Parent Entity in respect of (A) overhead, legal, accounting, consulting and other professional fees and expenses of any Parent Entity, (B) fees and
expenses related to any public offering or private placement of Equity Interests of any Parent Entity whether or not consummated, (C) franchise or similar Taxes and other fees and expenses in connection with the maintenance of its existence and
its direct or indirect (or any Parent Entity’s direct or indirect) ownership of the Borrower, (D) payments permitted by Section 6.07(b) (except to the extent expressly subject to this Section 6.06), and (E) customary salary,
bonus and other benefits payable to, and indemnities provided on behalf of, officers and employees of any Parent Entity, in each case in order to permit any Parent Entity to make such payments; provided that in the case of clauses (A) and (B),
the amount of such dividends and distributions shall not exceed the portion of any amounts referred to in such clauses (A) and (B) that are allocable to the Borrower and its Subsidiaries (which shall be 100% for so long as such

  
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Parent Entity, as the case may be, beneficially owns no assets other than the Equity Interests in the Borrower); (ii) with respect to any taxable period for which the Borrower is or has been
a partnership or disregarded entity for U.S. federal income tax purposes, to any person that (directly or indirectly) held Equity Interests of the Borrower during such taxable period (a) to the extent such tax distributions are permitted under
(I) the Amended and Restated United States Tax Agreement for NCL Corporation Ltd., dated January 24, 2013 or the Amended and Restated Profits Sharing Agreement for NCL Corporation Ltd., dated January 22, 2013, each as in effect on the
date hereof, (collectively, the “Tax Agreements”) or (II) any amended version of the Tax Agreements to the extent such amendments are not materially adverse to the Lenders (collectively, the “Amended Tax
Agreements”) and (b) to the extent not otherwise permitted under clause (a), tax distributions in respect of audit adjustments resulting from audits of the Borrower and/or its Subsidiaries commencing after the date hereof, determined
in a manner consistent with and subject to the limitations set forth in the Tax Agreements and the Amended Tax Agreements; and (iii) with respect to any taxable period for which the Borrower and any Parent Entity files an affiliated,
consolidated, combined or unitary tax return in any relevant jurisdiction, distributions to such Parent Entity in amount not to exceed the amount of any Taxes in such jurisdiction that the Borrower and/or its Subsidiaries, as applicable, would have
paid for such taxable period had the Borrower and/or its Subsidiaries, as applicable, been stand-alone taxpayers in such jurisdiction (less any portion of such amounts directly payable by the Borrower and/or its Subsidiaries); provided, that
distributions in respect of an Unrestricted Subsidiary shall be permitted only to the extent that cash distributions were made by such Unrestricted Subsidiary to Borrower or any of its Restricted Subsidiaries for such purpose. 

(c) the Borrower may declare and pay dividends or make other distributions (directly or indirectly) the proceeds of which
are used to purchase or redeem the Equity Interests of any Parent Entity (including related stock appreciation rights or similar securities) held by then present or former directors, consultants, officers or employees of the Borrower or any of the
Subsidiaries or by any Plan upon such person’s death, disability, retirement or termination of employment or under the terms of any such Plan or any other agreement under which such shares of stock or related rights were issued; provided, that
the aggregate amount of such purchases or redemptions under this paragraph (c) shall not exceed in any fiscal year $[*] (plus the amount of net proceeds contributed to the Borrower that were (x) received by any Parent Entity during such
calendar year from sales of Equity Interests of any Parent Entity to directors, consultants, officers or employees of any Parent Entity, the Borrower or any Subsidiary in connection with permitted employee compensation and incentive arrangements and
(y) of any key man life insurance policies received during such calendar year), which, if not used in any year, may be carried forward to any subsequent calendar year; 

(d) any person may make non-cash repurchases of Equity Interests deemed to occur upon exercise of stock options if such
Equity Interests represent a portion of the exercise price of such options; and 
 (e) the Borrower may pay
dividends (directly or indirectly) to its Equity Holders in an aggregate amount equal to the portion, if any, of the Cumulative Credit on 

  
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such date that the Borrower elects to apply to this (e), such election to be specified in a written notice of a Responsible Officer of the Borrower calculating in reasonable detail the amount of
Cumulative Credit immediately prior to such election and the amount thereof elected to be so applied; provided, that no Default or Event of Default has occurred and is continuing or would result therefrom and, after giving effect thereto,
that the Borrower shall be in Pro Forma Compliance; 
 (f) the Borrower may pay dividends or distributions to
allow any Parent Entity to make payments in cash, in lieu of the issuance of fractional shares, upon the exercise of warrants or upon the conversion or exchange of Equity Interests of any such person; and 

(g) the Borrower may pay dividends and make distributions to, or repurchase or redeem shares from, its equity holders in
an amount equal to [*]% per annum of the net proceeds received by the Borrower from any public offering of any direct or indirect parent of the Borrower (whether before or after the Closing Date). 

Section 6.07. Transactions with Affiliates. 

(a) Sell or transfer any property or assets to, or purchase or acquire any property or assets from, or otherwise engage in
any other transaction with, any of its Affiliates, unless such transaction is (i) otherwise permitted (or required) under this Agreement or (ii) upon terms no less favorable to the Borrower or such Subsidiary, as applicable, than would be
obtained in a comparable arm’s-length transaction with a person that is not an Affiliate. 
 (b) The
foregoing paragraph (a) shall not prohibit, to the extent otherwise permitted under this Agreement: 
 (i)
any issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, equity purchase agreements, stock options and stock ownership plans approved by the board of
directors of the Borrower, 
 (ii) loans or advances to employees or consultants of the Borrower, any Parent
Entity or any of the Subsidiaries in accordance with Section 6.04(d), 
 (iii) transactions among the
Borrower or any Subsidiary or any entity that becomes a Subsidiary as a result of such transaction, 
 (iv) the
payment of fees, reasonable out-of-pocket costs and indemnities to directors, officers, consultants and employees of the Borrower, any Parent Entity and the Subsidiaries in the ordinary course of business (limited, in the case of any Parent Entity,
to the portion of such fees and expenses that are allocable to the Borrower and its Subsidiaries (which shall be 100% for so long as such Parent Entity beneficially owns no assets other than the Equity Interests in the Borrower and assets incidental
to the ownership of the Borrower and its Subsidiaries)), 

  
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 (v) subject to the limitations set forth in (xiv), if applicable,
transactions pursuant to the Loan Documents and permitted agreements in existence on the Closing Date and set forth on Schedule 6.07 or any amendment thereto to the extent such amendment is not adverse to the Lenders in any material
respect, 
 (vi) (A) any employment agreements entered into by the Borrower or any of the Subsidiaries in the
ordinary course of business, (B) any subscription agreement or similar agreement pertaining to the repurchase of Equity Interests pursuant to put/call rights or similar rights with employees, officers or directors, and (C) any employee
compensation, benefit plan or arrangement, any health, disability or similar insurance plan which covers employees, and any reasonable employment contract and transactions pursuant thereto, 

(vii) dividends, redemptions and repurchases permitted under Section 6.06, 

(viii) [reserved], 
 (ix) [reserved], 
 (x) payments by the Borrower or any of the
Subsidiaries to any Affiliate made for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including in connection with acquisitions or divestitures, which payments are approved
by the majority of the board of directors of the Borrower, or a majority of disinterested members of the board of directors of the Borrower, in good faith, 
 (xi) transactions with Wholly Owned Subsidiaries for the purchase or sale of goods, products, parts and services entered into in the ordinary course of business in a manner consistent with past practice,

 (xii) any transaction in respect of which the Borrower delivers to the Administrative Agent (for delivery to
the Lenders) a letter addressed to the board of directors of the Borrower from an accounting, appraisal or investment banking firm, in each case of nationally recognized standing that is (A) in the good faith determination of the Borrower
qualified to render such letter and (B) reasonably satisfactory to the Administrative Agent, which letter states that such transaction is on terms that are no less favorable to the Borrower or such Subsidiary, as applicable, than would be
obtained in a comparable arm’s-length transaction with a person that is not an Affiliate, 
 (xiii)
transactions with joint ventures for the purchase or sale of goods, equipment and services entered into in the ordinary course of business, 
 (xiv) any agreement to pay, and the payment of, monitoring, management, transaction, advisory or similar fees: (A) in an aggregate amount in any fiscal year of the Borrower not to exceed the sum of
(1) the greater of $[*] 

  
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and [*]% of EBITDA, 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); and (B) [*]% of the value of transactions with respect to which any Affiliate provides any transaction, advisory or other services, 

(xv) the issuance, sale, transfer of Equity Interests of the Borrower and capital contributions to the Borrower,

 (xvi) [reserved]; 
 (xvii) [reserved]; 
 (xviii) [reserved]; 

(xix) payments or loans (or cancellation of loans) to employees or consultants that are (i) approved by a majority of
the board of directors of the Borrower in good faith, (ii) made in compliance with applicable law and (iii) otherwise permitted under this Agreement; 
 (xx) transactions with customers, clients, suppliers, or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this
Agreement that are fair to the Borrower or the Subsidiaries; 
 (xxi) transactions between the Borrower or any of
the Subsidiaries and any person, a director of which is also a director of the Borrower, provided, however, that (A) such director abstains from voting as a director of the Borrower, on any matter involving such other person and
(B) such person is not an Affiliate of the Borrower for any reason other than such director’s acting in such capacity; 
 (xxii) transactions permitted by, and complying with, the provisions of Section 6.05; 
 (xxiii) intercompany transactions undertaken in good faith (as certified by a Responsible Officer of the Borrower) for the purpose of improving the consolidated tax efficiency of the Loan Parties and not
for the purpose of circumventing any covenant set forth herein. 
 Section 6.08. Business of the Loan Parties and the
Subsidiaries. Notwithstanding any other provisions of this Agreement, engage at any time in any business or business activity other than any business or business activity conducted by any of them on the Closing Date and any business or business
activities incidental or related thereto, or any business or activity that is reasonably similar thereto or a reasonable extension, development or expansion thereof or ancillary thereto. 

  
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 Section 6.09. Limitation on Modifications of Indebtedness; Modifications of Certificate
of Incorporation, By-Laws and Certain Other Agreements; etc. 
 (a) Amend or modify in any manner materially
adverse to the Lenders, or grant any waiver or release under or terminate in any manner (if such granting or termination shall be materially adverse to the Lenders), the articles or certificate of formation or incorporation, by-laws, limited
liability company operating agreement, partnership agreement or other organizational documents of the Borrower or any Subsidiary. 
 (b) (i) Make, or agree or offer to pay or make, directly or indirectly, any payment or other distribution (whether in cash, securities or other property) of or in respect of principal of or interest on
any Indebtedness subordinated to the Loans permitted hereunder to be incurred or any Permitted Refinancing Indebtedness in respect of any of the foregoing or any preferred Equity Interests or any Disqualified Stock (collectively, “Junior
Financing”), or any payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination
in respect of any Junior Financing except for (A) Refinancings permitted by Section 6.01 (l) or (r), (B) payments of regularly scheduled interest, and, to the extent this Agreement is then in effect, principal on the scheduled
maturity date for any Junior Financing, (C) payments or distributions in respect of all or any portion of the Junior Financing with the proceeds contributed to the Borrower (directly or indirectly) by any Parent Entity from the issuance, sale
or exchange by any Parent Entity of Equity Interests made within eighteen months prior thereto, (D) the conversion of any Junior Financing to Equity Interests of any Parent Entity or (E) so long as no Default or Event of Default has
occurred and is continuing or would result therefrom and after giving effect to such payment or distribution, the Borrower would be in Pro Forma Compliance, payments or distributions in respect of Junior Financings prior to their scheduled maturity
made, in an aggregate amount, not to exceed the sum of (x) $[*] and (y) the portion, if any, of the Cumulative Credit on the date of such payment or distribution that the Borrower elects to apply to this Section 6.09(b)(i), such
election to be specified in a written notice of a Responsible Officer of the Borrower calculating in reasonable detail the amount of Cumulative Credit immediately prior to such election and the amount thereof elected to be so applied; or 

(ii) Amend or modify, or permit the amendment or modification of, any provision of Junior Financing, or any agreement,
document or instrument evidencing or relating thereto, other than amendments or modifications that (A) are not in any manner materially adverse to the Lenders and that do not affect the subordination or payment provisions thereof (if any) in a
manner adverse to the Lenders or (B) otherwise comply with the definition of “Permitted Refinancing Indebtedness”. 

  
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 (c) Permit any Restricted Subsidiary to enter into any agreement or
instrument that by its terms restricts (i) the payment of dividends or distributions or the making of cash advances to the Borrower or any Subsidiary that is a direct or indirect parent of such Subsidiary or (ii) the granting of Liens by
the Borrower or such Material Subsidiary pursuant to the Security Documents, in each case other than those arising under any Loan Document, except, in each case, restrictions existing by reason of: 

(A) restrictions imposed by applicable law; 

(B) contractual encumbrances or restrictions in effect on the Closing Date under Indebtedness existing on the Closing Date
and set forth on Schedule 6.09, the Senior Secured Notes (so long as such restrictions are no more restrictive than the analogous provisions of this Agreement), Senior Unsecured Notes Documents, any New Vessel Financings or any
agreements related to any Permitted Refinancing Indebtedness in respect of any such Indebtedness that does not expand the scope of any such encumbrance or restriction; 

(C) any restriction on a Subsidiary imposed pursuant to an agreement entered into for the sale or disposition of the
Equity Interests or assets of such Subsidiary pending the closing of such sale or disposition; 
 (D) customary
provisions in joint venture agreements and other similar agreements applicable to joint ventures entered into in the ordinary course of business; 
 (E) any restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent that such restrictions apply only to the property or assets securing such
Indebtedness; 
 (F) any restrictions imposed by any agreement relating to Indebtedness incurred pursuant to
Section 6.01(aa) or Permitted Refinancing Indebtedness in respect thereof, to the extent such restrictions are not more restrictive, taken as a whole, than the restrictions contained in the Senior Unsecured Notes Documents; 

(G) customary provisions contained in leases or licenses of intellectual property and other similar agreements entered
into in the ordinary course of business; 
 (H) customary provisions restricting subletting or assignment of any
lease governing a leasehold interest; 
 (I) customary provisions restricting assignment of any agreement entered
into in the ordinary course of business; 
 (J) customary restrictions and conditions contained in any agreement
relating to the sale, transfer, lease or other disposition of any asset permitted under Section 6.05 pending the consummation of such sale, transfer, lease or other disposition; 

(K) customary net worth provisions contained in Real Property leases entered into by Subsidiaries, so long as the Borrower
has determined in good faith that such net worth provisions would not reasonably be expected to impair the ability of the Borrower and its Subsidiaries to meet their ongoing obligations; 

  
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 (L) customary restrictions and conditions contained in the document relating
to any Lien, so long as (1) such Lien is a Permitted Lien and such restrictions or conditions relate only to the specific asset subject to such Lien, and (2) such restrictions and conditions are not created for the purpose of avoiding the
restrictions imposed by this Section 6.09; 
 (M) any agreement in effect at the time an entity becomes a
Subsidiary, so long as such agreement was not entered into in contemplation of such person becoming a Subsidiary; 
 (N) restrictions in agreements representing Indebtedness permitted under Section 6.01 of a Subsidiary of the Borrower that is not a Loan Party; 

(O) customary restrictions contained in leases, subleases, licenses or Equity Interests or asset sale agreements otherwise
permitted hereby as long as such restrictions relate to the Equity Interests and assets subject thereto; 
 (P)
restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business; or 
 (Q) any encumbrances or restrictions of the type referred to in Sections 6.09(c)(i) and 6.09(c)(ii) above imposed by any amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (A) through (O) above; provided that such amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings are, in the good faith judgment of the Borrower, no more restrictive with respect to such dividend and other payment restrictions than those contained in the dividend or other payment
restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 
 Section 6.10. Swap Agreements. Enter into any Swap Agreement, other than (a) Swap Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower or
any Subsidiary is exposed in the conduct of its business or the management of its liabilities (including raw material, supply costs and currency risks), (b) any Swap Agreement entered into in order to effectively cap, collar or exchange
interest rates (from floating to fixed rates, from one floating rate to another floating rate or otherwise) with respect to any interest bearing liability or investment of the Borrower or any Subsidiary and (c) any Swap Agreement entered into
in order to swap currency in connection with funding the business of the Borrower or any Subsidiary in the ordinary course of business. 
 Section 6.11. Fiscal Year; Accounting. In the case of the Borrower, permit its fiscal year to end on any date other than December 31 without prior notice to the Administrative Agent given
concurrently with any required notice to the SEC. 

  
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 Section 6.12. Loan-to-Value Ratio. Permit the Loan-to-Value Ratio to be greater than
or equal to 0.70 to 1.0 at any time. 
 Section 6.13. Free Liquidity. Permit Free Liquidity to be less than $50,000,000
at any time. 
 Section 6.14. Total Net Funded Debt to Total Capitalization. Permit the ratio of Total Net Funded Debt to
Total Capitalization to be greater than or equal to 0.70 to 1.00 on the last day of any fiscal quarter. 
 Section 6.15.
EBITDA to Consolidated Debt Service. Permit the ratio of EBITDA to Consolidated Debt Service for the Borrower and its Subsidiaries on a consolidated basis 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 to 1.0, unless Free Liquidity of the Borrower and its Subsidiaries on a consolidated basis at all times during the period of four consecutive fiscal quarters
ending as at the end of the relevant fiscal quarter was equal to or greater than $100,000,000. 
 ARTICLE VII 

[RESERVED] 

ARTICLE VIII 

EVENTS OF DEFAULT 
 Section 8.01. Events of Default. In case of the happening of any of the following events (each, an “Event of Default”): 

(a) any representation or warranty made or deemed made by the Borrower or any other Loan Party herein or in any other Loan
Document or any certificate or document delivered pursuant hereto or thereto shall prove to have been false or misleading in any material respect when so made or deemed made; 

(b) default shall be made in the payment of any principal of any Loan when and as the same shall become due and payable,
whether at the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or otherwise; 
 (c) default shall be made in the payment of any interest on any Loan or the reimbursement with respect to any L/C Disbursement or in the payment of any Fee or any other amount (other than an amount
referred to in paragraph (b) above) due under any Loan Document, when and as the same shall become due and payable; provided, however, that if any such amount is not paid when due solely by reason of an 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 purposes of this Section 8.01 until the expiry of three Business Days following the date on which such payment is due;

  
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 (d) default shall be made in the due observance or performance by the
Borrower of any covenant, condition or agreement contained in Sections 2.05(c), 5.01(a), 5.05(a) or 5.08 or in Article VI; 
 (e) default shall be made in the due observance or performance by the Borrower or any other Loan Party of any covenant, condition or agreement contained in any Loan Document (other than those specified in
paragraphs (b), (c) and (d) above) and such default shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to the Borrower; 

(f) (i) any event or condition occurs that (A) results in any Material Indebtedness becoming due prior to its
scheduled maturity or (B) enables or permits (with all applicable grace periods having expired) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due,
or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; or (ii) the Borrower or any of the Subsidiaries shall fail to pay the principal of any Material Indebtedness at the stated final
maturity thereof; provided, that this clause (f) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness if such sale or transfer is permitted
hereunder and under the documents providing for such Indebtedness; 
 (g) there shall have occurred a Change in
Control; 
 (h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court
of competent jurisdiction seeking (i) relief in respect of the Borrower or any of the Material Subsidiaries, or of a substantial part of the property or assets of the Borrower or any Material Subsidiary, under Title 11 of the United States
Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for
the Borrower or any of the Material Subsidiaries or for a substantial part of the property or assets of the Borrower or any of the Material Subsidiaries or (iii) the winding-up or liquidation of the Borrower or any Material Subsidiary (except,
in the case of any Material Subsidiary, in a transaction permitted by Section 6.05); and such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;

 (i) the Borrower or any Material Subsidiary shall (1) voluntarily commence any proceeding or file any
petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, (2) consent to the institution of, or fail to
contest in a timely and appropriate manner, any proceeding or the filing of any petition described in paragraph (h) above, (3) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar
official for the Borrower or any of the Material Subsidiaries or for a substantial part of the property or assets of the Borrower or any Material Subsidiary, (4) file an answer admitting the material allegations

  
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of a petition filed against it in any such proceeding, (5) make a general assignment for the benefit of creditors or (6) become unable or admit in writing its inability or fail
generally to pay its debts as they become due; 
 (j) the failure by the Borrower or any Material Subsidiary to
pay one or more final judgments aggregating in excess of $[*] (to the extent not covered by insurance), which judgments are not discharged or effectively waived or stayed for a period of 45 consecutive days, or any action shall be legally taken by a
judgment creditor to levy upon assets or properties of the Borrower or any Material Subsidiary to enforce any such judgment; 
 (k) (i) a Reportable Event or Reportable Events shall have occurred with respect to any Plan or a trustee shall be appointed by a United States district court to administer any Plan, (ii) an ERISA
Event or ERISA Events shall have occurred with respect to any Plan or Multiemployer Plan, (iii) the PBGC shall institute proceedings (including giving notice of intent thereof) to terminate any Plan or Plans, (iv) the Borrower or any
Subsidiary or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA, (v) the Borrower or any
Subsidiary shall engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan or (vi) any other similar event or condition shall occur or exist with respect to a
Plan; and in each case in clauses (i) through (vi) above, such event or condition, together with all other such events or conditions, if any, would reasonably be expected to have a Material Adverse Effect; 

(l) (i) any Loan Document shall for any reason be asserted in writing by the Borrower or any Subsidiary Guarantor not to
be a legal, valid and binding obligation of any party thereto, (ii) any security interest purported to be created by any Security Document and which extends to assets that are not immaterial to the Borrower and the Subsidiaries on a
consolidated basis shall cease to be, or shall be asserted in writing by the Borrower or any other Loan Party not to be, a valid and perfected security interest (perfected as or having the priority required by this Agreement or the relevant Security
Document and subject to such limitations and restrictions as are set forth herein and therein) in the securities, assets or properties covered thereby, except to the extent that any such loss of perfection or priority results from the limitations of
foreign laws, rules and regulations as they apply to pledges of Equity Interests in Foreign Subsidiaries or the application thereof, or from the failure of the Collateral Agent to maintain possession of certificates actually delivered to it
representing securities pledged under the Collateral Agreement or to file Uniform Commercial Code continuation statements or take the actions required to be taken by the Collateral Agent as described on Schedule 3.04 and except to the extent that
such loss is covered by a lender’s title insurance policy and the Collateral Agent shall be reasonably satisfied with the credit of such insurer, or (iii) the Guarantees pursuant to the Security Documents by the Borrower or any other Loan
Party of any of the Obligations shall cease to be in full force and effect (other than in accordance with the terms thereof), or shall be asserted in writing by the Borrower or any other Loan Party not to be in effect or not to be legal, valid and
binding obligations; 

  
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 (m) (i) so long as any Pari Passu Senior Secured Notes are outstanding, the
First Lien Intercreditor Agreement, and (ii) so long as any other Senior Secured Notes secured on a junior basis to the Liens on the Collateral securing the Obligations are outstanding and are subject to the Second Lien Intercreditor Agreement,
the Second Lien Intercreditor Agreement shall, in whole or in part, cease to be effective or cease to be legally valid, binding and enforceable against any party thereto (or against any person on whose behalf any such party makes any covenants or
agreements therein), or otherwise not be effective to create the rights and obligations purported to be created thereunder, unless the same results directly from the action or inaction of the Administrative Agent; 

then, and in every such event (other than an event with respect to the Borrower described in paragraph (h) or (i) above), and at any time
thereafter during the continuance of such event, the Administrative Agent, at the request of the Required Lenders, shall, by notice to the Borrower, take any or all of the following actions, at the same or different times: (i) terminate
forthwith the Commitments, (ii) declare the Loans then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and any
unpaid accrued Fees and all other liabilities of the Borrower accrued hereunder and under any other Loan Document, shall become forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby
expressly waived by the Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding and (iii) if the Loans have been declared due and payable pursuant to clause (ii) above, demand cash collateral
pursuant to Section 2.05(j); and in any event with respect to the Borrower described in paragraph (h) or (i) above, the Commitments shall automatically terminate, the principal of the Loans then outstanding, together with accrued
interest thereon and any unpaid accrued Fees and all other liabilities of the Borrower accrued hereunder and under any other Loan Document, shall automatically become due and payable and the Administrative Agent shall be deemed to have made a demand
for cash collateral to the full extent permitted under Section 2.05(j), without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in any other
Loan Document to the contrary notwithstanding. 
 Section 8.02. Right to Cure. Notwithstanding anything to the contrary
contained in Section 8.01, in the event that the Borrower fails (or, but for the operation of this Section 8.02, would fail) to comply with the requirements of Section 6.12, 6.13, 6.14 or 6.15 then, until the expiration of the tenth
Business Day subsequent to the date of the certificate calculating such covenant is required to be delivered pursuant to Section 5.04(c), the Borrower may, at its option, cure such non-compliance by: 

(a) In the case of a failure to comply with Section 6.12, delivering additional property over which the Collateral
Agent has a perfected, first priority Lien for the benefit of the Lenders and the other Secured Parties, which additional property shall be acceptable to the Required Lenders (it being understood that, in all events, cash shall be acceptable, and
separate approval thereof from any Agent or Lender shall not be required) and following such delivery the Cure Collateral Fair Market Value of such additional property shall be added to the Value Component as of the date of measurement; and/or

  
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 (b) In the case of a failure to comply with Section 6.12, ratably
prepaying (x) outstanding Term Loans (but only to the extent permitted as a voluntary prepayment under Section 2.10(a)) and (y) Revolving Facility Credit Exposure, (which, with respect to any issued but undrawn Letters of Credit,
shall mean cash collateralizing such Letters of Credit in the manner provided in Section 2.05(j)), and following such prepayments, the total amount of such prepayments shall be subtracted from the Loan Component, as of the date of measurement;
and/or 
 (c) In the case of a failure to comply with Section 6.13, 6.14 or 6.15, issuing Permitted Cure
Securities for cash or otherwise receiving cash contributions to the capital of the Borrower (the “Cure Right”), and upon the receipt by the Borrower of such cash (the “Cure Amount”) pursuant to the exercise of such
Cure Right, (A) in the case of Section 6.13, Free Liquidity shall be increased by the Cure Amount, as of the date of measurement, (B) in the case of Section 6.14, the Total Net Funded Debt shall be decreased by the Cure Amount,
as of the date of measurement and (C) in the case of Section 6.15, the ratio of EBITDA to Consolidated Total Debt, as applicable, shall be recalculated giving effect to a pro forma adjustment by which EBITDA shall be increased with respect
to such applicable quarter and any four quarter period that includes such quarter by the Cure Amount; provided, that, for purposes of complying with Section 6.15, (i) in each four-fiscal-quarter period there shall be at least
one fiscal quarter in which the Cure Right is not exercised and (ii) the Cure Amount shall be no greater than the amount required for purposes of complying with Section 6.15. 
 If, 
 (i) in case of a failure to comply with Section 6.12,
after giving effect to the transactions in paragraphs (a) and/or (b) of this Section 8.02, the Borrower shall then be in compliance with the requirements of Section 6.12; and/or 

(ii) in case of a failure to comply with Section 6.13, after giving effect to the transactions in paragraph
(c) of this Section 8.02, the Borrower shall then be in compliance with the requirements of Section 6.13; and/or 
 (iii) in case of a failure to comply with Section 6.14, after giving effect to the transactions in paragraph (c) of this Section 8.02, the Borrower shall then be in compliance with the
requirements of Section 6.14; and/or 
 (iv) in case of a failure to comply with Section 6.15, after
giving effect to the transactions in paragraph (c) of this Section 8.02, the Borrower shall then be in compliance with the requirements of Section 6.15, 
 then in each case, the Borrower shall be deemed to have satisfied the requirements of the relevant Section(s) as of the relevant date of determination with the same effect as though there had been no
failure to comply therewith at such date, and the applicable breach or default of such Section(s) that had occurred shall be deemed cured for all purposes of this Agreement. 
 Section 8.03. Application of Proceeds. The proceeds received by the Administrative Agent or the Collateral Agent in respect of any sale of, collection from or other realization upon 

  
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all or any part of the Collateral pursuant to the exercise by the Administrative Agent and/or the Collateral Agent of the remedies provided for herein or in any other Loan Document shall be
applied, in full or in part, together with any other sums then held by the Administrative Agent or the Collateral Agent pursuant to this Agreement or any other Loan Document, as provided in Section 4.02 of the Collateral Agreement. 

ARTICLE IX 

THE AGENTS 

Section 9.01. Appointment. 
 (a) Each Lender (in its capacities as a Lender and Swingline Lender (if applicable) and on behalf of itself and its Affiliates as potential counterparties to Swap Agreements) and each Issuing Bank (in
such capacities and on behalf of itself and its Affiliates as potential counterparties to Swap Agreements) hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Loan
Documents, including as the Collateral Agent for such Lender and the other Secured Parties under the Security Documents, including the Vessel Mortgages, and each such Lender irrevocably authorizes the Administrative Agent, in such capacity, to take
such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other
Loan Documents to which it is a party, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or
responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan
Document or otherwise exist against the Administrative Agent. 
 (b) In furtherance of the foregoing, each Lender
(in its capacities as a Lender and the Swingline Lender (if applicable) and on behalf of itself and its Affiliates as potential counterparties to Swap Agreements) and each Issuing Bank (in such capacities and on behalf of itself and its Affiliates
as potential counterparties to Swap Agreements) hereby appoints and authorizes the Collateral Agent to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan
Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Collateral Agent (and any Subagents appointed by the Collateral Agent pursuant to Section 9.02 for
purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Security Documents, or for exercising any rights or remedies thereunder at the direction of the Collateral Agent) shall be entitled to the
benefits of this Article IX (including Section 9.07) as though the Collateral Agent (and any such Subagents) were an “Agent” under the Loan Documents, as if set forth in full herein with respect thereto. 

  
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 (c) Each Lender (in its capacities as a Lender and Swingline Lender (if
applicable) on behalf of itself and its Affiliates as potential counterparties to Swap Agreements) and each Issuing Bank (in such capacities and on behalf of itself and its Affiliates as potential counterparties to Swap Agreements) irrevocably
authorizes the Administrative Agent or the Collateral Agent, as applicable, at its option and in its discretion, (i) to release any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Loan
Document (A) upon termination of the Commitments and payment in full of all Obligations (other than contingent indemnification obligations and expense reimbursement claims to the extent no claim therefor has been made) and the termination of
all Letters of Credit, (B) that is sold or to be sold as part of or in connection with any sale permitted hereunder or under any other Loan Document to a person that is not (and is not required to become) a Loan Party, (C) if approved,
authorized or ratified in writing in accordance with Section 10.08 of this Agreement or (D) to the extent excluded from the security interest granted under the Collateral Agreement pursuant to Section 3.01 thereof, (ii) to
release any Guarantor from its obligations under the Loan Documents if such person ceases to be a Subsidiary as a result of a transaction permitted hereunder, (iii) to subordinate any Lien on any property granted to or held by the Collateral
Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 6.02 and (iv) enter into any First Lien Intercreditor Agreement and any Second Lien Intercreditor Agreement, to the extent contemplated
by the terms hereof, and acknowledge that any such First Lien Intercreditor Agreement and Second Lien Intercreditor Agreement will be binding upon them. Upon request by an Agent, at any time, the Required Lenders will confirm in writing the
Administrative Agent’s or the Collateral Agent’s, as applicable, authority to release its interest in particular types or items of property, or to release any Guarantor from its obligations under the Loan Documents. 

(d) In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
adjustment, composition or other judicial proceeding relative to any Loan Party, (i) the Administrative Agent (irrespective of whether the principal of any Obligation shall then be due and payable as herein expressed or by declaration or
otherwise and irrespective of whether the Administrative Agent shall have made any demand on any Loan Party) shall be entitled and empowered, by intervention in such proceeding or otherwise (A) to file and prove a claim for the whole amount of
the principal and interest owing and unpaid in respect of any or all of the Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Banks and the
Administrative Agent and any Subagents allowed in such judicial proceeding, and (B) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same, and (ii) any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and Issuing Bank to make such payments to the Administrative Agent and, if the Administrative Agent shall
consent to the making of such payments directly to the Lenders and the Issuing Banks, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents
and counsel, and any other amounts due the Administrative Agent under the Loan Documents. Nothing contained herein 

  
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shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or Issuing Bank any plan of reorganization, arrangement, adjustment or
composition affecting the Obligations or the rights of any Lender or Issuing Bank or to authorize the Administrative Agent to vote in respect of the claim of any Lender or Issuing Bank in any such proceeding. 

Section 9.02. Delegation of Duties. The Administrative Agent may execute any of its duties under this Agreement and the other Loan
Documents (including for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) by or through agents, employees or attorneys in fact and shall be entitled to advice of counsel and other consultants or experts concerning
all matters pertaining to such duties. The Administrative Agent may also from time to time, when the Administrative Agent deems it to be necessary or desirable, appoint one or more trustees, co trustees, collateral co agents, collateral subagents or
attorneys in fact (each, a “Subagent”) with respect to all or any part of the Collateral; provided that no such Subagent shall be authorized to take any action with respect to any Collateral unless and except to the extent
expressly authorized in writing by the Administrative Agent. Should any instrument in writing from any Loan Party be required by any Subagent so appointed by the Administrative Agent to more fully or certainly vest in and confirm to such Subagent
such rights, powers, privileges and duties, the Borrower shall, or shall cause such Loan Party to, execute, acknowledge and deliver any and all such instruments promptly upon request by the Administrative Agent. If any Subagent, or successor
thereto, shall die, become incapable of acting, resign or be removed, all rights, powers, privileges and duties of such Subagent, to the extent permitted by law, shall automatically vest in and be exercised by the Administrative Agent until the
appointment of a new Subagent. The Administrative Agent shall not be responsible for the negligence or misconduct of any agent, attorney in fact or Subagent that it selects in accordance with the foregoing provisions of this Section 9.02 in the
absence of the Administrative Agent’s gross negligence or willful misconduct. 
 Section 9.03. Exculpatory
Provisions. Neither any Agent or its Affiliates nor any of their respective officers, directors, employees, agents, attorneys in fact or affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by it or such
person under or in connection with this Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such
person’s own gross negligence or willful misconduct) or (b) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this
Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Agents under or in connection with, this Agreement or any other Loan Document or for the value,
validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder. The Agents shall not be under
any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any
Loan Party. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be
subject to any fiduciary or other implied duties, regardless of whether a 

  
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Default or Event of Default has occurred and is continuing, and (b) the Administrative Agent shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to
disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of their Affiliates that is communicated to or obtained by the person serving as the Administrative Agent or any of its Affiliates in any
capacity. The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until written notice describing such Default or Event of Default is given to such Agent by the Borrower, a Lender or an Issuing
Bank. Neither Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any
certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or
the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection or
priority of any Lien purported to be created by the Security Documents, (v) the value or the sufficiency of any Collateral, or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm
receipt of items expressly required to be delivered to the Administrative Agent. 
 Section 9.04. Reliance by Administrative
Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message,
Internet or intranet website posting or other distribution) or conversation believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper person. The Administrative Agent also may rely upon any statement made to
it orally or by telephone and believed by it to have been made by the proper person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to any Credit Event, that by its terms must be
fulfilled to the satisfaction of a Lender or any Issuing Bank, the Administrative Agent may presume that such condition is satisfactory to such Lender or Issuing Bank unless the Administrative Agent shall have received notice to the contrary from
such Lender or the Issuing Bank prior to such Credit Event. The Administrative Agent may consult with legal counsel (including counsel to the Loan Parties), independent accountants and other experts selected by it, and shall not be liable for any
action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. The Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless a written notice of assignment,
negotiation or transfer thereof shall have been filed with the Administrative Agent. Each Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document (including with respect to any matter
hereunder or under any other Loan Document that is subject to such Agent’s consent or approval) unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all or other Lenders) as it
(or, in the case of the Collateral Agent, the Administrative Agent) deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or
continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or,
if so specified by this Agreement, all of the Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans. 

  
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 Section 9.05. Notice of Default. The Administrative Agent shall not be deemed to have
knowledge or notice of the occurrence of any Default or Event of Default unless the Administrative Agent has received notice from a Lender, or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that
such notice is a “notice of default.” In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to
such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all or any other portion of the Lenders); provided that unless and until the Administrative Agent shall have
received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the
Lenders. 
 Section 9.06. Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges that neither the
Agents nor any of their respective officers, directors, employees, agents, attorneys-in-fact or affiliates have made any representations or warranties to it and that no act by any Agent hereafter taken, including any review of the affairs of a Loan
Party or any affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender represents to the Agents that it has, independently and without reliance upon any Agent or any other Lender,
and based on such documents and information as it has deemed appropriate, made its own appraisal of an investigation into the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates
and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform
itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the
Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise),
prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates. 

Section 9.07. Indemnification. The Lenders severally agree to indemnify each Agent and each Issuing Bank in its capacity as such
(to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), in the amount of its pro rata share (based on its aggregate Revolving Facility Credit Exposure, outstanding Term Loans and unused
Commitments hereunder; provided, that the aggregate principal amount of Swingline Loans owing to the Swingline Lender and of L/C Disbursements owing to any Issuing Bank shall be considered to be owed to the Revolving Facility Lenders ratably
in accordance with their 

  
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respective Revolving Facility Credit Exposure), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of
any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against such Agent or such Issuing Bank in any way relating to or arising out of the Commitments, this Agreement, any
of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent or such Issuing Bank under or in connection with any of the
foregoing; provided, that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and
nonappealable decision of a court of competent jurisdiction to have resulted from such Agent’s or such Issuing Bank’s gross negligence or willful misconduct. The failure of any Lender to reimburse any Agent or any Issuing Bank, as the case
may be, promptly upon demand for its ratable share of any amount required to be paid by the Lenders to such Agent or such Issuing Bank, as the case may be, as provided herein shall not relieve any other Lender of its obligation hereunder to
reimburse such Agent or such Issuing Bank, as the case may be, for its ratable share of such amount, but no Lender shall be responsible for the failure of any other Lender to reimburse such Agent or such Issuing Bank, as the case may be, for such
other Lender’s ratable share of such amount. The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder, and the resignation or removal of any Agent or any Issuing Bank. 

Section 9.08. Agent in Its Individual Capacity. Each Agent and its affiliates may make loans to, accept deposits from, and
generally engage in any kind of business with any Loan Party as though such Agent were not an Agent. With respect to its Loans made or renewed by it and with respect to any Letter of Credit issued, or Letter of Credit or Swingline Loan participated
in, by it, each Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” shall
include each Agent in its individual capacity. 
 Section 9.09. Successor Administrative Agent. The Administrative Agent
may resign as Administrative Agent upon 10 days’ notice to the Lenders and the Borrower. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint
from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default under Section 8.01(b), (c), (h) or (i) shall have occurred and be continuing) be subject to approval by the Borrower
(which approval shall not be withheld or delayed unreasonably), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” means such successor agent
effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent
or any of the parties to this Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is 10 days following a retiring Administrative Agent’s notice of resignation, the
retiring Administrative Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint
a successor agent as provided for above. After any retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Article and 

  
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Section 10.05 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement and the other Loan Documents. The
provisions of this Section 9.09 shall apply mutatis mutandis to the Collateral Agent, provided that the Administrative Agent and the Collateral Agent shall at all times be the same person. 

Section 9.10. Withholding Tax. To the extent required by any applicable laws, the Administrative Agent may withhold from any
payment to any Lender an amount equivalent to any applicable withholding tax. If the Internal Revenue Service or any authority of the United States or other jurisdiction asserts a claim that the Administrative Agent did not properly withhold tax
from amounts paid to or for the account of any Lender for any reason (including because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstances
that rendered the exemption from, or reduction of, withholding tax ineffective), such Lender shall indemnify the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by any applicable Loan Party and
without limiting the obligation of any applicable Loan Party to do so) fully for all amounts paid, directly or indirectly, by the Administrative Agent as Tax or otherwise, including penalties, additions to Tax and interest, together with all
expenses incurred, including legal expenses, allocated staff costs and any out of pocket expenses. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement
or any other Loan Document against any amount due to the Administrative Agent under this Section 9.10. For the avoidance of doubt, the term “Lender” shall include any Issuing Bank and any Swingline Lender. 

Section 9.11. Agent and Arrangers. Neither the Co-Syndication Agents, the Joint Bookrunners, the Co-Documentation Agents nor any
of the Arrangers shall have any duties or responsibilities hereunder in its capacity as such. Without limiting any other provision of this Article, neither the Co-Syndication Agents, the Joint Bookrunners, the Co-Documentation Agents nor any of the
Arrangers in their respective capacities as such shall have or be deemed to have any fiduciary relationship with any Lender (including any Swingline Lender or any Issuing Bank) or any other Person by reason of this Agreement or any other Loan
Document. 
 ARTICLE X 
 MISCELLANEOUS 
 Section 10.01. Notices; Communications. 

(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and except as
provided in Section 10.01(b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier or other
electronic means as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i) if to any Loan Party, the Administrative Agent, the Collateral Agent, the Issuing Bank or the Swingline Lender to the
address, telecopier number, electronic mail address or telephone number specified for such person on Schedule 10.01; and 

  
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 (ii) if to any other Lender, to the address, telecopier number, electronic
mail address or telephone number specified in its Administrative Questionnaire. 
 (b) Notices and other
communications to the Lenders and the Issuing Bank hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided
that the foregoing shall not apply to notices to any Lender or the Issuing Bank pursuant to Article II if such Lender or the Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such
Article by electronic communication. The Administrative Agent or the Borrower may, in their discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by them,
provided that approval of such procedures may be limited to particular notices or communications. 
 (c)
Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received. Notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during
normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic communications to the extent provided in Section 10.01(b)
above shall be effective as provided in such Section 10.01(b). 
 (d) Any party hereto may change its
address or telecopier number for notices and other communications hereunder by notice to the other parties hereto. 
 (e) Documents required to be delivered pursuant to Section 5.04 (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically (including as
set forth in Section 10.17) and if so delivered, shall be deemed to have been delivered on the date (i) on which the Loan Parties post such documents, or provides a link thereto on the Loan Parties’ website on the Internet at the
website address listed on Schedule 10.01, or (ii) on which such documents are posted on the Loan Parties’ behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether
a commercial, third-party website or whether sponsored by the Administrative Agent); provided that (A) the Loan Parties shall deliver paper copies of such documents to the Administrative Agent or any Lender that requests the Borrower to
deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender, and (B) the Loan Parties shall notify the Administrative Agent and each Lender (by telecopier or electronic
mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein, in every instance the Borrower shall
be required to provide paper copies of the certificates required by Section 5.04(c) to the Administrative Agent. Except for such certificates required by Section 5.04(c), the Administrative Agent shall have no obligation to request the
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copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery, and each Lender shall be solely
responsible for requesting delivery to it or maintaining its copies of such documents. 
 Section 10.02. Survival of
Agreement. All covenants, agreements, representations and warranties made by the Loan Parties herein, in the other Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement
or any other Loan Document shall be considered to have been relied upon by the Lenders and each Issuing Bank and shall survive the making by the Lenders of the Loans, the execution and delivery of the Loan Documents and the issuance of the Letters
of Credit, regardless of any investigation made by such persons or on their behalf, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or L/C Disbursement or any Fee or any other amount
payable under this Agreement or any other Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not been terminated. Without prejudice to the survival of any other agreements contained
herein, indemnification and reimbursement obligations contained herein (including pursuant to Sections 2.15, 2.17 and 10.05) shall survive the payment in full of the principal and interest hereunder, the expiration of the Letters of Credit and
the termination of the Commitments or this Agreement. 
 Section 10.03. Binding Effect. This Agreement shall become
effective when it shall have been executed by the Borrower and the Administrative Agent and when the Administrative Agent shall have received copies of this Agreement which, when taken together, bear the signatures of each of the other parties
hereto, and thereafter shall be binding upon and inure to the benefit of the Borrower, each Issuing Bank, the Administrative Agent and each Lender and their respective permitted successors and assigns. 

Section 10.04. Successors and Assigns. 
 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of the
Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or
transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 10.04. Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), Participants
(to the extent provided in paragraph (c) of this Section 10.04), and, to the extent expressly contemplated hereby, the Related Parties of each of the Agents, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim
under or by reason of this Agreement. 

  
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 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender
(such Lender, an “Assignor”) may assign to one or more assignees (each, an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans
at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of: 
 (A) the Borrower; provided that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund (as defined below), or, if an Event of Default
under Sections 8.01(b), (c), (h) or (i) has occurred and is continuing, any other person; 
 (B)
the Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment of all or any portion of a Term Loan to a Lender, an Affiliate of a Lender, an Approved Fund or an Affiliate of the Borrower
made in accordance with 10.04(b)(i) or Section 10.21; and 
 (C) the Issuing Bank and the Swingline
Lender; provided that no consent of the Issuing Bank and the Swingline Lender shall be required for an assignment of all or any portion of a Term Loan. 
 (ii) Assignments shall be subject to the following additional conditions: 
 (A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitments or Loans under
any Facility, the amount of the Commitments or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not
be less than (x) $1,000,000 in the case of Term Loans and (y) $1,000,000 in the case of Revolving Facility Loans or Revolving Facility Commitments, unless each of the Borrower and the Administrative Agent otherwise consent; provided
that (1) no such consent of the Borrower shall be required if an Event of Default under Sections 8.01(b), (c), (h) or (i) has occurred and is continuing and (2) such amounts shall be aggregated in respect of each Lender
and its Affiliates or Approved Funds (with simultaneous assignments to or by two or more Approved Funds shall be treated as one assignment), if any; 
 (B) the parties to each assignment shall (1) execute and deliver to the Administrative Agent an Assignment and Acceptance via an electronic settlement system acceptable to the Administrative Agent or
(2) if previously agreed with the Administrative Agent, manually execute and deliver to the Administrative Agent an Assignment and Acceptance, in each case, together with a processing and recordation fee of $3,000 (which fee may be waived or
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 (C) the Assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire and any tax forms; and 
 (D) the Assignee shall not be a
natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries; except in accordance with Section 10.04(b)(i) or Section 10.21. 
 For the purposes of this Section 10.04, “Approved Fund” means any person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and
similar extensions of credit in the ordinary course and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. Notwithstanding
the foregoing, no Lender shall be permitted to assign or transfer to, or sell a participation in, any portion of its rights and obligations under this Agreement to any entity previously identified in writing as a “disqualified institution”
to the Administrative Agent on or before the Closing Date (or any entity subsequently designated as such by the Borrower, with the consent of the Administrative Agent (such consent not to be withheld unreasonably)). 

(iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(v) below, from and after the
effective date specified in each Assignment and Acceptance the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of
the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 10.05). Any assignment or transfer by a
Lender of rights or obligations under this Agreement that does not comply with this Section 10.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with
paragraph (c) of this Section 10.04. 
 (iv) The Administrative Agent, acting for this purpose as an
agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal and interest
amounts of the Loans and Revolving L/C Exposure owing to, each Lender pursuant to the terms of this Agreement from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the
Borrower, the Administrative Agent, the Issuing Bank, the Swingline Lender and the Lenders shall treat each person whose name is recorded in the Register pursuant to the terms of this Agreement as a Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, the Issuing Bank, the Swingline Lender and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

  
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 (v) Upon its receipt of a duly completed Assignment and Acceptance executed
by an assigning Lender and an Assignee, the Assignee’s completed Administrative Questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section, if
applicable, and any written consent to such assignment required by paragraph (b) of this Section and any applicable tax forms, the Administrative Agent shall accept such Assignment and Acceptance and promptly record the information
contained therein in the Register. No assignment, whether or not evidenced by a promissory note, shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph (b)(v). 

(vi) If the consent of the Borrower to an assignment or to an Approved Fund is required hereunder (including a consent to
an assignment which does not meet the minimum assignment thresholds specified in Section 10.04(b)(ii)(A)), the Borrower shall be deemed to have given its consent ten Business Days after the date written notice thereof has been delivered by the
Assignor (through the Administrative Agent or the electronic settlement system used in connection with any such assignment) unless such consent is expressly refused by the Borrower prior to such tenth Business Day. 

(c) By executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the Assignee thereunder
shall be deemed to confirm to and agree with each other and the other parties hereto as follows: (i) such assigning Lender warrants that it is the legal and beneficial owner of the interest being assigned thereby free and clear of any adverse
claim and that its applicable Commitment, and the outstanding balances of its Term Loans and Revolving Facility Loans, in each case without giving effect to assignments thereof which have not become effective, are as set forth in such Assignment and
Acceptance, (ii) except as set forth in clause (i) above, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection
with this Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto, or the financial condition of the
Borrower or any Subsidiary or the performance or observance by the Borrower or any Subsidiary of any of its obligations under this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto; (iii) the
Assignee represents and warrants that it is legally authorized to enter into such Assignment and Acceptance; (iv) the Assignee confirms that it has received a copy of this Agreement, together with copies of the most recent financial statements
referred to in Section 3.05 (or delivered pursuant to Section 5.04), and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance;
(v) the Assignee will independently and without reliance upon the Administrative Agent, the Collateral Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time,
continue to make its 

  
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own credit decisions in taking or not taking action under this Agreement; (vi) the Assignee appoints and authorizes each the Administrative Agent and the Collateral Agent to take such action
as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent and the Collateral Agent, as applicable, by the terms of this Agreement, together with such powers as are reasonably incidental
thereto; and (vii) the Assignee agrees that it will perform in accordance with their terms all the obligations which by the terms of this Agreement are required to be performed by it as a Lender. 

(d) (i) Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more banks or other
entities other than any disqualified institution (to the extent that the list of disqualified institutions has been made available to all Lenders) (a “Participant”) in all or a portion of such Lender’s rights and obligations
under this Agreement (including all or a portion of its Commitments and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent, the Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection
with such Lender’s rights and obligations under this Agreement. Any agreement pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan
Documents and to approve any amendment, modification or waiver of any provision of this Agreement and the other Loan Documents; provided that (x) such agreement may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender directly affected thereby pursuant to Section 10.04(a)(i) or clauses (i), (ii), (iii), (iv), (v) or (vi) of the
first proviso to Section 10.08(b) and (2) directly affects such Participant and (y) no other agreement with respect to amendment, modification or waiver may exist between such Lender and such Participant. Subject to
paragraph (c)(ii) of this Section 10.04, the Borrower agree that each Participant shall be entitled to the benefits of Sections 2.14, 2.15, 2.16 and 2.17 (subject to the limitations and requirements of those Sections and
Section 2.19) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section 10.04. To the extent permitted by law, each Participant also shall be entitled to the
benefits of Section 10.06 as though it were a Lender, provided that such Participant shall be subject to Section 2.18(c) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a
non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan
Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any person (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 Loan Document) except to the extent that such disclosure is 

  
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necessary in connection with a Tax audit or other Tax proceeding 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 each party hereto 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. 
 (ii) A
Participant shall not be entitled to receive any greater payment under 2.14, 2.15, 2.16 or 2.17 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with the Borrower’s prior written consent (which consent shall not be unreasonably withheld or delayed), which consent shall state that it is being given pursuant to this Section 10.04(d)(ii);
provided that each potential Participant shall provide such information as is reasonably requested by the Borrower in order for the Borrower to determine whether to provide its consent. 

(e) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this
Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central banking authority and in the case of any Lender that is an Approved Fund, any pledge or assignment to
any holders of obligations owed, or securities issued, by such Lender, including to any trustee for, or any other representative of, such holders, and this Section 10.04 shall not apply to any such pledge or assignment of a security interest;
provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto. 

(f) The Borrower, upon receipt of written notice from any relevant Lender, agrees to issue Notes to such Lender requiring
Notes to facilitate transactions of the type described in paragraph (e) above. 
 (g) Notwithstanding the
foregoing, any Conduit Lender may assign any or all of the Loans it may have funded hereunder to its designating Lender without the consent of the Borrower or the Administrative Agent. The Borrower, each Lender and the Administrative Agent hereby
confirms that it will not institute against a Conduit Lender or join any other person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar
law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however, that each Lender designating any Conduit Lender hereby agrees to indemnify, save and
hold harmless each other party hereto and each Loan Party for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period of forbearance. 

  
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 (h) If the Borrower wishes to replace the Loans or Commitments under any
Facility with ones having different terms, it shall have the option, with the consent of the Administrative Agent and subject to at least three Business Days’ advance notice to the Lenders under such Facility, instead of prepaying the Loans or
reducing or terminating the Commitments to be replaced, to (1) require the Lenders under such Facility to assign such Loans or Commitments to the Administrative Agent or its designees and (2) amend the terms thereof in accordance with
Section 10.08 (with such replacement, if applicable, being deemed to have been made pursuant to Section 10.08(d)). Pursuant to any such assignment, all Loans and Commitments to be replaced shall be purchased at par (allocated among the
Lenders under such Facility in the same manner as would be required if such Loans were being optionally prepaid or such Commitments were being optionally reduced or terminated by the Borrower), accompanied by payment of any accrued interest and fees
thereon and any amounts owing pursuant to Section 10.05(b). By receiving such purchase price, the Lenders under such Facility shall automatically be deemed to have assigned the Loans or Commitments under such Facility pursuant to the terms of
the form of Assignment and Acceptance attached hereto as Exhibit A, and accordingly no other action by such Lenders shall be required in connection therewith. The provisions of this paragraph (h) are intended to facilitate the
maintenance of the perfection and priority of existing security interests in the Collateral during any such replacement. 
 (i) Notwithstanding anything to the contrary in Section 2.18(c) (which provisions shall not be applicable to clauses (i) or (j) of this Section 10.04), the Borrower may purchase by way
of assignment and become an Assignee with respect to Term Loans at any time and from time to time from Lenders in accordance with Section 10.04(b) hereof (“Permitted Loan Purchases”); provided that (A) any such
purchase occurs pursuant to Dutch auction procedures open to all applicable Lenders on a pro rata basis in accordance with customary procedures to be agreed between the Borrower and the Administrative Agent; provided that the Borrower shall
be entitled to make open market purchases of the Term Loans without complying with such Dutch auction procedures so long as the aggregate principal amount (calculated on the par amount thereof) of all Term Loans purchased in open market purchases
from the Closing Date does not exceed the Permitted Loan Purchases Amount, (B) for the avoidance of doubt, no Revolving Facility Commitments or Revolving Facility Loans may be purchased by the Borrower, (C) no Permitted Loan Purchases
shall be made from the proceeds of any Revolving Facility Loans, (D) no Default or Event of Default has occurred and is continuing or would result from the Permitted Loan Purchase, (E) upon consummation of any such Permitted Loan Purchase,
the Loans purchased pursuant thereto shall be deemed to be automatically and immediately cancelled and extinguished in accordance with Section 10.04(j) and (F) in connection with any such Permitted Loan Purchase, the Borrower and such
Lender that is the Assignor shall execute and deliver to the Administrative Agent a Permitted Loan Purchase Assignment and Acceptance (and for the avoidance of doubt, shall not be required to execute and deliver an Assignment and Acceptance pursuant
to Section 10.04(b)(ii)(B)) and shall otherwise comply with the conditions to Assignments under this Section 10.04. 

  
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 (j) Each Permitted Loan Purchase shall, for purposes of this Agreement
(including without limitation, Section 2.08(b)) be deemed to be an automatic and immediate cancellation and extinguishment of such Term Loans and the Borrower shall, upon consummation of any Permitted Loan Purchase, notify the Administrative
Agent that the Register be updated to record such event as if it were a prepayment of such Loans. 
 Section 10.05. Expenses;
Indemnity. 
 (a) Costs and Expenses. The Borrower agrees to pay (i) all reasonable and documented
out-of-pocket expenses (including Other Taxes) incurred by the Administrative Agent in connection with the preparation of this Agreement and the other Loan Documents, or by the Administrative Agent in connection with the syndication of the
Commitments or in the administration of this Agreement (including expenses incurred in connection with due diligence and initial and ongoing Collateral examination to the extent incurred with the reasonable prior approval of the Borrower and the
reasonable fees, disbursements and charges for no more than one counsel in each jurisdiction where Collateral is located) or in connection with the administration of this Agreement and any amendments, modifications or waivers of the provisions of
this Agreement or thereof (whether or not the Transactions hereby contemplated shall be consummated), including the reasonable fees, charges and disbursements of Cahill Gordon & Reindel LLP, counsel for the Administrative Agent and the
Arrangers, and, if necessary, the reasonable fees, charges and documented out-of-pocket expenses and disbursements of one local counsel per jurisdiction, and (ii) all out-of-pocket expenses (including Other Taxes) incurred by the Agents and any
Lender in connection with the enforcement or protection of their rights in connection with this Agreement and the other Loan Documents, in connection with the Loans made or the Letters of Credit issued hereunder, including the fees, charges and
disbursements of counsel for the Agents (including any special and local counsel). 
 (b) Indemnification by
the Borrower. The Borrower agrees to indemnify the Administrative Agent, the Agents, the Arrangers, the Joint Bookrunners, each Issuing Bank, each Lender, each of their respective Affiliates and each of their respective directors, trustees,
officers, employees, agents, trustees and advisors (each such person being called an “Indemnitee”) against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including
reasonable counsel fees, charges and disbursements (except the allocated costs of in house counsel), incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of (i) the execution or delivery of
this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto and thereto of their respective obligations thereunder or the consummation of the Transactions and the
other transactions contemplated hereby, (ii) the use of the proceeds of the Loans or the use of any Letter of Credit or (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any
Indemnitee is a party thereto and regardless of whether such matter is initiated by a third party or by the Borrower or any of its subsidiaries or Affiliates; provided, that such indemnity shall not, as to any Indemnitee, be available to the
extent that such losses, 

  
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claims, damages, liabilities or related expenses are determined by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence or willful
misconduct of such Indemnitee (for purposes of this proviso only, each of the Administrative Agent, any Arranger, any Joint Bookrunner, any Issuing Bank or any Lender shall be treated as several and separate Indemnitees, but each of them together
with its respective Related Parties, shall be treated as a single Indemnitee). Subject to and without limiting the generality of the foregoing sentence, the Borrower agrees to indemnify each Indemnitee against, and hold each Indemnitee harmless
from, any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel or consultant fees, charges and disbursements (limited to not more than one counsel, plus, if necessary, one local counsel per jurisdiction)
(except the allocated costs of in house counsel), incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of any Environmental Claim or Environmental Liability related in any way to the Borrower or
any of the Subsidiaries or its predecessors; provided, that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or any of its Related Parties. None of the Indemnitees (or any of their respective affiliates) shall be responsible
or liable to the Borrower or any of the subsidiaries, Affiliates or stockholders or any other person or entity for any special, indirect, consequential or punitive damages, which may be alleged as a result of the Facilities or the Transactions. The
provisions of this Section 10.05 shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Obligations,
the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent, any Issuing Bank or any Lender. All amounts due under this
Section 10.05 shall be payable on written demand therefor accompanied by reasonable documentation with respect to any reimbursement, indemnification or other amount requested. 

(c) Taxes. Except as expressly provided in Section 10.05(a) with respect to Other Taxes, which shall not be
duplicative with any amounts paid pursuant to Section 2.17, this Section 10.05 shall not apply to any Taxes (other than Taxes that represent losses, claims, damages, liabilities and related expenses resulting from a non-Tax claim), which
shall be governed exclusively by Section 2.17 and, to the extent set forth therein, Section 2.15. 

(d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, the Borrower shall not
assert, and hereby waive, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee shall be liable for any damages
arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or
the transactions contemplated hereby or thereby. 

  
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 (e) Survival. The agreements in this Section 10.05 shall survive
the resignation or removal of either Agent or any Issuing Bank, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all the other Obligations and the termination of this Agreement.

 Section 10.06. Right of Set-off. If an Event of Default shall have occurred and be continuing, each Lender and each
Issuing Bank is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness
at any time owing by such Lender or such Issuing Bank to or for the credit or the account of the Borrower or any Subsidiary against any of and all the obligations of the Borrower now or hereafter existing under this Agreement or any other Loan
Document held by such Lender or such Issuing Bank, irrespective of whether or not such Lender or such Issuing Bank shall have made any demand under this Agreement or such other Loan Document and although the obligations may be unmatured. The rights
of each Lender and each Issuing Bank under this Section 10.06 are in addition to other rights and remedies (including other rights of set-off) that such Lender or such Issuing Bank may have. 

Section 10.07. Applicable Law. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN LETTERS OF CREDIT AND AS EXPRESSLY SET
FORTH IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

Section 10.08. Waivers; Amendment. 
 (a) No failure or delay of either Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under any Loan Document shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of each
Agent, each Issuing Bank and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or any other Loan
Document or consent to any departure by the Borrower or any other Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given. No notice or demand on the Borrower or any other Loan Party in any case shall entitle such person to any other or further notice or demand in similar or other circumstances. 

(b) Neither this Agreement nor any other Loan Document nor any provision of this Agreement or thereof may be waived,
amended or modified except (x) as provided in Section 2.21, (y) in the case of this Agreement, pursuant to an agreement or 

  
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agreements in writing entered into by the Borrower and the Required Lenders and (z) in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by
each party thereto and the Agent party thereto and consented to by the Required Lenders; provided, however, that no such agreement shall 
 (i) decrease or forgive the principal amount of, or extend the final maturity of, or decrease the rate of interest on, any Loan or any L/C Disbursement, or extend the stated expiration of any Letter of
Credit beyond the applicable Revolving Facility Maturity Date, without the prior written consent of each Lender directly affected thereby, except as provided in Section 2.05(c); provided that any amendment to the financial covenant
definitions in this Agreement shall not constitute a reduction in the rate of interest for purposes of this clause (i), 
 (ii) increase or extend the Commitment of any Lender or decrease the Commitment Fees or L/C Participation Fees or other fees of any Lender without the prior written consent of such Lender (it being
understood that waivers or modifications of conditions precedent, covenants, Defaults or Events of Default or of a mandatory reduction in the aggregate Commitments shall not constitute an increase of the Commitments of any Lender), 

(iii) extend or waive any Term Loan Installment Date or reduce the amount due on any Term Loan Installment Date or extend
any date on which payment of interest on any Loan or any L/C Disbursement or any Fees is due, without the prior written consent of each Lender adversely affected thereby, 

(iv) amend the provisions of Section 4.02 of the Collateral Agreement, or any analogous provision of any other
Security Document, in a manner that would by its terms alter the pro rata sharing of payments required thereby, without the prior written consent of each Lender adversely affected thereby, 

(v) amend or modify the provisions of this Section 10.08 or the definition of the terms “Required Lenders,”
“Majority Lenders,” or any other provision of this Agreement specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the prior
written consent of each Lender adversely affected thereby (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 Loans and Commitments are included on the Closing Date), 
 (vi) release all
or substantially all the Collateral or all or substantially all of the Subsidiary Guarantors from their respective Guarantees under the Collateral Agreement, unless, in the case of a Subsidiary Guarantor, all or substantially all the Equity
Interests of such Subsidiary Guarantor is sold or otherwise disposed of in a transaction permitted by this Agreement, without the prior written consent of each Lender, or 

  
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 (vii) effect any waiver, amendment or modification that by its terms
adversely affects the rights in respect of payments or collateral of Lenders participating in any Facility differently from those of Lender participating in another Facility, without the consent of the Majority Lenders participating in the adversely
affected Facility (it being agreed that the Required Lenders may waive, in whole or in part, any prepayment or Commitment reduction required by Section 2.11 so long as the application of any prepayment or Commitment reduction still required to be
made is not changed); 
 provided, further, that no such agreement shall amend, modify or otherwise affect the
rights or duties of either Agent or an Issuing Bank hereunder without the prior written consent of such Agent or such Issuing Bank acting as such at the effective date of such agreement, as applicable. Each Lender shall be bound by any waiver,
amendment or modification authorized by this Section 10.08 and any consent by any Lender pursuant to this Section 10.08 shall bind any Assignee of such Lender. 

(c) Without the consent of the Syndication Agent or any Arranger or Lender or Issuing Bank, the Loan Parties and the
Administrative Agent and/or Collateral Agent, as applicable, may (in their respective sole discretion, or shall, to the extent required by any Loan Document) enter into any amendment, modification or waiver of any Loan Document, or enter into any
new agreement or instrument, to effect the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, or as required by
local law to give effect to, or protect any security interest for the benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable law. 

(d) Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the
Required Lenders, the Administrative Agent, the Borrower (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in
respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and the Revolving Facility Loans and the accrued interest and fees in respect thereof and (b) to include appropriately the
Lenders holding such credit facilities in any determination of the Required Lenders. 
 (e) Notwithstanding the
foregoing, technical and conforming modifications to the Loan Documents may be made with the consent of the Borrower and the Administrative Agent to the extent necessary to integrate any Incremental Term Loan Commitments or Incremental Revolving
Facility Commitments in a manner consistent with Section 2.21, including, with respect to Other Incremental Revolving Loans or Other Incremental Term Loans, as may be necessary to establish such Incremental Term Loan Commitments or Revolving
Facility Loans as a separate Class or tranche from the existing Term Loan Commitments or Incremental Revolving Facility Commitments. 

  
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 Notwithstanding anything herein to the contrary, if at any time the applicable interest
rate, together with all fees and charges that are treated as interest under applicable law (collectively, the “Charges”), as provided for herein or in any other document executed in connection herewith, or otherwise contracted for,
charged, received, taken or reserved by any Lender or any Issuing Bank, shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken, received or reserved by such Lender in accordance with
applicable law, the rate of interest payable hereunder, together with all Charges payable to such Lender or such Issuing Bank, shall be limited to the Maximum Rate; provided that such excess amount shall be paid to such Lender or such Issuing
Bank on subsequent payment dates to the extent not exceeding the legal limitation. 
 Section 10.09. Entire Agreement.
This Agreement, the other Loan Documents and the agreements regarding certain Fees referred to herein constitute the entire contract between the parties relative to the subject matter of this Agreement. Any previous agreement among or
representations from the parties or their Affiliates with respect to the subject matter of this Agreement is superseded by this Agreement and the other Loan Documents. Notwithstanding the foregoing, any fee letters previously entered into between
the Agents, the Arrangers and the Joint Bookrunners shall survive the execution and delivery of this Agreement and remain in full force and effect. Nothing in this Agreement or in the other Loan Documents, expressed or implied, is intended to confer
upon any party other than the parties hereto and thereto any rights, remedies, obligations or liabilities under or by reason of this Agreement or the other Loan Documents. 
 Section 10.10. No Liability of the Issuing Bank. The Borrower assume all risks of the acts or omissions of any beneficiary or transferee of any Letter of Credit with respect to its use of such
Letter of Credit. Neither any Issuing Bank nor any of its officers or directors shall be liable or responsible for: (a) the use that may be made of any Letter of Credit or any acts or omissions of any beneficiary or transferee in connection
therewith; (b) the validity, sufficiency or genuineness of documents, or of any endorsement thereon, even if such documents should prove to be in any or all respects invalid, insufficient, fraudulent or forged; (c) payment by such Issuing
Bank against presentation of documents that do not comply with the terms of a Letter of Credit, including failure of any documents to bear any reference or adequate reference to the Letter of Credit; or (d) any other circumstances whatsoever in
making or failing to make payment under any Letter of Credit, except that the Borrower shall have a claim against such Issuing Bank, and such Issuing Bank shall be liable to the Borrower, to the extent of any direct, but not consequential, damages
suffered by the Borrower that the Borrower prove were caused by (i) such Issuing Bank’s willful misconduct or gross negligence as determined in a final, non-appealable judgment by a court of competent jurisdiction in determining whether
documents presented under any Letter of Credit comply with the terms of the Letter of Credit or (ii) such Issuing Bank’s willful failure to make lawful payment under a Letter of Credit after the presentation to it of a draft and
certificates strictly complying with the terms and conditions of the Letter of Credit. In furtherance and not in limitation of the foregoing, such Issuing Bank may accept documents that appear on their face to be in order, without responsibility for
further investigation, regardless of any notice or information to the contrary. 

  
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 Section 10.11. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 10.11. 

Section 10.12. Severability. In the event any one or more of the provisions contained in this Agreement or in any other Loan
Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The parties shall
endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

Section 10.13. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an
original but all of which, when taken together, shall constitute but one contract, and shall become effective as provided in Section 10.03. Delivery of an executed counterpart to this Agreement by facsimile transmission (or other electronic
transmission pursuant to procedures approved by the Administrative Agent) shall be as effective as delivery of a manually signed original. 
 Section 10.14. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and are not to affect the
construction of, or to be taken into consideration in interpreting, this Agreement. 
 Section 10.15. Jurisdiction; Consent
to Service of Process. 
 (a) Submission to Jurisdiction. Each of the parties hereto hereby
irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or federal court of the United States of America sitting in New York City in the borough of Manhattan, and
any appellate court from any thereof (collectively, “New York Courts”), in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment,
and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal
court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement
shall affect any right that any party may otherwise have to bring any action or proceeding relating to this Agreement or 

  
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any of the other Loan Documents in the courts of any jurisdiction, except that each of the Loan Parties agrees that (a) it will not bring any such action or proceeding in any court other
than New York Courts (it being acknowledged and agreed by the parties hereto that any other forum would be inconvenient and inappropriate in view of the fact that more of the Lenders who would be affected by any such action or proceeding have
contacts with the State of New York than any other jurisdiction), and (b) in any such action or proceeding brought against any Loan Party in any other court, it will not assert any cross-claim, counterclaim or setoff, or seek any other
affirmative relief, except to the extent that the failure to assert the same will preclude such Loan Party from asserting or seeking the same in the New York Courts. 

(b) Waiver of Venue. Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest
extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in any New York
Court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(c) Service of Process. Each Loan Party irrevocably appoints National Registered Agents, Inc. at 875 Avenue of the
Americas, Suite 501, New York, New York 10001 as its authorized agent (the “Process Agent”) on which any and all legal process may be served in any action, suit or proceeding brought in any New York Court. Each Loan
Party agrees that service of process in respect of it upon the Process Agent, together with written notice of such service given to it in the manner provided for notices in Section 10.01, shall be deemed to be effective service of process upon
it in any such action, suit or proceeding. Each Loan Party agrees that the failure of the Process Agent to give notice to it of any such service shall not impair or affect the validity of such service or any judgment rendered in any such action,
suit or proceeding based thereon. If for any reason the Process Agent named above shall cease to be available to act as such, each Loan Party agrees to irrevocably appoint a replacement process agent in New York City, as its authorized agent
for service of process, on the terms and for the purposes specified in this paragraph (c). Nothing in this Agreement or any other Loan Document will affect the right of any party hereto to serve process in any other manner permitted by applicable
law or to obtain jurisdiction over any party or bring actions, suits or proceedings against any party in such other jurisdictions, and in such matter, as may be permitted by applicable law. 

Section 10.16. Confidentiality. Each of the Lenders, each Issuing Bank and each of the Agents agrees that it shall maintain in
confidence any information relating to any Loan Party and any Subsidiary furnished to it by or on behalf of such Loan Party or any Subsidiary (other than information that (a) has become generally available to the public other than as a result
of a disclosure by such party, (b) has been independently developed by such Lender, such Issuing Bank or such Agent without violating this Section 10.16 or (c) was available to such Lender, such Issuing Bank or such Agent from a third
party having, to such person’s knowledge, no obligations of confidentiality to such Loan Party or any other Subsidiary) and shall not reveal the same other than to its Related Parties with a need to know and any numbering, administration or

  
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settlement service providers or to any person that approves or administers the Loans on behalf of such Lender (so long as each such person shall have been instructed to keep the same confidential
in accordance with this Section 10.16), except: (A) to the extent necessary to comply with law or any legal process or the requirements of any Governmental Authority, the National Association of Insurance Commissioners or of any securities
exchange on which securities of the disclosing party or any Affiliate of the disclosing party are listed or traded, (B) as part of normal reporting or review procedures to, or examinations by, Governmental Authorities or self-regulatory
authorities, including the National Association of Insurance Commissioners or the Financial Industry Regulatory Authority, (C) to its parent companies, Affiliates or auditors (so long as each such person shall have been instructed to keep the
same confidential in accordance with this Section 10.16, (D) in order to enforce its rights under any Loan Document in a legal proceeding, (E) to any pledge under Section 10.04(e) or any other prospective assignee of, or
prospective Participant in, any of its rights under this Agreement (so long as such person shall have been instructed to keep the same confidential in accordance with this Section 10.16) and (F) to any direct or indirect contractual
counterparty in Swap Agreements or such contractual counterparty’s professional advisor (so long as such contractual counterparty or professional advisor to such contractual counterparty agrees to be bound by the provisions of this
Section 10.16). 
 Section 10.17. Platform; Borrower Materials. The Borrower hereby acknowledge that (a) the
Administrative Agent and/or the Arrangers will make available to the Lenders and the Issuing Bank materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the
Borrower Materials on IntraLinks or another similar electronic system (the “Platform”), and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public
information with respect to the Borrower or their securities) (each, a “Public Lender”). The Borrower hereby agrees that it will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be
distributed to the Public Lenders and that (i) all the Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page
thereof, (ii) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Arranger, the Issuing Bank and the Lenders to treat the Borrower Materials as either publicly
available information or not material information (although it may be sensitive and proprietary) with respect to the Borrower or their securities for purposes of United States Federal and state securities laws, (iii) all Borrower Materials
marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor;” and (iv) the Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials that
are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Investor.” 
 Section 10.18. Release of Liens and Guarantees. In the event that the Equity Holder conveys, sells, assigns, transfers or otherwise disposes of all or any portion of any of the Equity Interests or
assets of any Subsidiary Guarantor to a person that is not thereby required to enter into a Subsidiary Guarantor Pledge Agreement in a transaction not prohibited by Section 6.05 the Collateral Agent, without any recourse to or representation by
it, shall promptly (and the Lenders hereby authorize the Collateral Agent to) take such action and execute any such documents as may be reasonably requested by the Borrower and at the Borrower’s expense to release any 

  
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Liens created by any Loan Document in respect of such Equity Interests or assets, and, in the case of a disposition of the Equity Interests of any Subsidiary Guarantor in a transaction permitted
by Section 6.05 and as a result of which such Subsidiary Guarantor would cease to be a Subsidiary, terminate such Subsidiary Guarantor’s obligations under its Guarantee (and, in each case, the Administrative Agent and the Collateral Agent
may rely conclusively on a certificate to that effect provided to it by any Loan Party upon its reasonable request without further inquiry). Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other
than those being released) upon (or obligations (other than those being released) of the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to constitute part of
the Collateral except to the extent otherwise released in accordance with the provisions of the Loan Documents. In addition, the Collateral Agent agrees, without any recourse to or representation by it, 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 Loan Documents when all the Obligations (other than contingent indemnification obligations and expense reimbursement claims to
the extent no claim therefore has been made) are paid in full and all Letters of Credit and Commitments are terminated. Any such release of Obligations shall be deemed subject to the provision that such Obligations shall be reinstated if after such
release any portion of any payment in respect of the Obligations guaranteed thereby shall be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any
Subsidiary Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Subsidiary Guarantor or any substantial part of its property, or otherwise, all as
though such payment had not been made. Any representation, warranty or covenant contained in any Loan Document relating to any such Equity Interests, asset or subsidiary 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. 
 Section 10.19. Judgment Currency. If, for
the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking
procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of any Loan Party in respect of any such sum due from it to any Agent
or Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this
Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent may in
accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent from the Borrower in the
Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or the person to whom such obligation was owing against such loss. If the amount of the Agreement Currency
so purchased is greater than the sum originally due to the Administrative Agent in such currency, the Administrative Agent agrees to return the amount of any excess to the Borrower (or to any other person who may be entitled thereto under applicable
law). 

  
 - 166 -

 Section 10.20. USA PATRIOT Act Notice. Each Lender that is subject to the USA PATRIOT
Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies each Loan
Party, which information includes the name and address of each Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the USA PATRIOT Act. 

Section 10.21. Affiliate Lenders. 
 (a) Each Lender who is an Affiliate of the Borrower (each, an “Affiliate Lender”; it being understood that neither the Borrower, nor any of the Subsidiaries may be Affiliate Lenders), in
connection with any (i) consent (or decision not to consent) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document, (ii) other action on any matter related to any Loan
Document or (iii) direction to the Administrative Agent, Collateral Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, agrees that, except with respect to any amendment,
modification, waiver, consent or other action described in clauses (i), (ii) or (iii) of the first proviso of Section 10.08(b), such Affiliate Lender shall be deemed to have voted its interest as a Lender without discretion in such
proportion as the allocation of voting with respect to such matter by Lenders who are not Affiliate Lenders. Subject to clause (c) below, the Borrower and each Affiliate Lender hereby agrees that if a case under Title 11 of the United States
Code is commenced against the Borrower, the Borrower shall seek (and each Affiliate Lender shall consent) to designate the vote of any Affiliate Lender and the vote of any Affiliate Lender with respect to any plan of reorganization of the Borrower
or any Affiliate of the Borrower shall not be counted. Each Affiliate Lender hereby irrevocably appoints the Administrative Agent (such appointment being coupled with an interest) as such Affiliate Lender’s attorney-in-fact, with full authority
in the place and stead of such Affiliate Lender and in the name of such Affiliate Lender, from time to time in the Administrative Agent’s discretion to take any action and to execute any instrument that the Administrative Agent may deem
reasonably necessary to carry out the provisions of this clause (a). 
 (b) Notwithstanding anything to the
contrary in this Agreement, no Affiliate Lender shall have any right to (a) attend (including by telephone) any meeting or discussions (or portion thereof) among the Administrative Agent or any Lender to which representatives of the Borrower
are not then present, (b) receive any information or material prepared by Administrative Agent or any Lender or any communication by or among Administrative Agent and/or one or more Lenders, except to the extent such information or materials
have been made available to the Borrower or their representatives, or (c) make or bring (or participate in, other than as a passive participant in or recipient of its pro rata benefits of) any claim, in its capacity as a Lender, against
Administrative Agent, the Collateral Agent or any other Lender with respect to any duties or obligations or alleged duties or obligations of such Agent or any other such Lender under the Loan Documents, (d) own more than 25% of the aggregate
principal amount of outstanding Term Loans or (e) purchase Revolving Facility Loans or Revolving Facility 

  
 - 167 -

 
Commitments. It shall be a condition precedent to each assignment to an Affiliate Lender that such Lender shall have represented in the applicable Assignment and Acceptance, and notified the
Administrative Agent (i) that it is (or will be, following the consummation of such assignment) an Affiliate Lender, (ii) that the aggregate amount of Term Loans held by it giving effect to such assignments shall not exceed the amount
permitted by clause (d) of the preceding sentence, and (iii) that, as of the date of such purchase and assignment, it is not in possession of material non-public information with respect to the Borrower, its subsidiaries or their
respective securities that (A) has not been disclosed to the assigning Lender prior to such date and (B) could reasonably be expected to have a material effect upon, or otherwise be material to, a Lender’s decision to assign Terms
Loans to such Affiliate Lender. 
 Section 10.22. No Advisory or Fiduciary Responsibility. In connection with all aspects
of the Transactions contemplated hereby, the Borrower acknowledges and agrees that: (i) the credit facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection with any
amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length commercial transaction between the Borrower, the other Loan Parties and their respective Affiliates, on the one hand, and the Agents, the
Arrangers and the Lenders, on the other hand, and the Borrower and the other Loan Parties are capable of evaluating and understanding and understand and accept the terms, risks and conditions of the transactions contemplated hereby and by the other
Loan Documents (including any amendment, waiver or other modification hereof or thereof); (ii) in connection with the process leading to such transaction, each Agent, each Arranger and each Lender is and has been acting solely as a principal
and is not the financial advisor, agent or fiduciary, for any Borrower, any Loan Party or any of their respective Affiliates, stockholders, creditors or employees or any other person; (iii) none of the Agents, any Arranger or any Lender has
assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Borrower or any other Loan Party with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any
amendment, waiver or other modification hereof or of any other Loan Document (irrespective of whether any Agent, any Arranger or any Lender has advised or is currently advising the Borrower or any other Loan Party or their respective Affiliates on
other matters) and none of the Agents, any Arranger or any Lender has any obligation to any of the Borrower, the other Loan Parties or their respective Affiliates with respect to the transactions contemplated hereby except those obligations
expressly set forth herein and in the other Loan Documents; (iv) the Agents, the Arrangers, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the
Borrower and the other Loan Parties and their respective Affiliates, and none of the Agents, any Arranger or any Lender has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and
(v) the Agents, the Arrangers and the Lenders have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other
modification hereof or of any other Loan Document) and the Borrower and the other Loan Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent they deemed appropriate. The Borrower hereby waives and releases, to
the fullest extent permitted by law, any claims that it may have against the Agents, the Arrangers and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty. 

  
 - 168 -

 [Remainder of page left blank intentionally; signature pages follow.] 

  
 - 169 -

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first written above. 
  

					
	NCL CORPORATION LTD.,
	    as Borrower
		
	By:	 	 

  

		 	Name:	 	Daniel S. Farkas
		 	Title:	 	Senior Vice President, General Counsel & Secretary

  
 [Signature
Page to Credit Agreement] 

 
			
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	 as Administrative Agent, Collateral Agent
 and as a Lender

		
	By:	 	 

  

		 	Name:
		 	Title:
		
	By:	 	 

  

		 	Name: Marcus M. Tarkington
		 	Title:   Director
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Term A Lender and Revolving Facility Lender

		
	By:	 	 

  

		 	Name:
		 	Title:
		
	By:	 	 

  

		 	Name: Marcus M. Tarkington
		 	Title:   Director

  
 [Signature
Page to Credit Agreement] 

 
			
	Nordea Bank Finland Plc, New York Branch,
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: Martin Lunder
		 	Title:   Senior Vice President
		
	By:	 	 

  

		 	Name: LYNN SAURO
		 	Title:   VICE PRESIDENT

  
 [Signature
Page to Credit Agreement] 

 
			
	DNB Bank ASA,
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: Magnus Piene
		 	Title:   Senior Vice President
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature
Page to Credit Agreement] 

 
			
	KfW IPEX-Bank GmbH,
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: Aida Welker
		 	Title:   Director
		
	By:	 	 

  

		 	Name: Claudia Wenzel
		 	Title:   Vice President

  
 [Signature
Page to Credit Agreement] 

 
			
	JPMORGAN CHASE BANK, N.A.,
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: Chiara Carter
		 	Title:   Vice President

  
 [Signature
Page to Credit Agreement] 

 
			
	Barclays Bank PLC,
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: Noam Azachi
		 	Title:   Vice President

  
 [Signature
Page to Credit Agreement] 

 
			
	Citibank N.A.,
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: SERVAAS CHORUS
		 	Title: DIRECTOR/SCO
		
	By:	 	 

  

		 	Name: SUNEET GUPTA
		 	Title: Vice President

  
 [Signature
Page to Credit Agreement] 

 
			
	GOLDMAN SACHS BANK USA
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: Charles D. Johnston
		 	Title:   Authorized Signatory
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature
Page to Credit Agreement] 

 
			
	HSBC Bank plc,
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: GUY JOLLY
		 	Title:   VICE PRESIDENT

  
 RESTRICTED
- [Signature Page to Credit Agreement] 

 
			
	UBS LOAN FINANCE LLC,
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: Lana Gifas
		 	Title:   Director
		
	By:	 	 

  

		 	Name: Joselin Fernandes
		 	Title:   Associate Director

  
 [Signature
Page to Credit Agreement] 

 
			
	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL),
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: SCOTT LEWALLEN
		 	Title:   Head of Shipping Finance
		
	By:	 	 

  

		 	Name: Malcolm Stonehouse
		 	Title:   Client Associate

  
 [Signature
Page to Credit Agreement] 

 
			
	THE ROYAL BANK OF SCOTLAND PLC
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Timothy J. McNaught
		 	Managing Director

  
 [Signature
Page to Credit Agreement] 

 
			
	BNP Paribas,
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: DUANE HELKOWSKI
		 	Title:   MANAGING DIRECTOR
		
	By:	 	 

  

		 	Name: Berangere Allen
		 	Title:   Director

  
 [Signature
Page to Credit Agreement] 

 
			
	SUNTRUST BANK,
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: J. Haynes Gentry III
		 	Title:   Director
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature
Page to Credit Agreement] 

 
			
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: Lawrence Elkins
		 	Title:   Vice President
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature
Page to Credit Agreement] 

 
			
	Raymond James Bank, N.A.,
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: Alexander L. Rody
		 	Title:   Senior Vice President

  
 [Signature
Page to Credit Agreement] 

 
			
	TD BANK, N.A.,
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: Craig Welch
		 	Title:   Senior Vice President
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature
Page to Credit Agreement] 

 
			
	Capital Bank, N.A.,
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: Dilian Schulz
		 	Title: Senior Vice President

  
 [Signature
Page to Credit Agreement] 

 
			
	Regions Bank
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: Stephen Hanas
		 	Title:   Senior Vice President

  
 [Signature
Page to Credit Agreement] 

 
			
	Comerica Bank,
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: Gerald R. Finney, Jr.
		 	Title: Vice President
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature
Page to Credit Agreement] 

 
			
	BANK OF AMERICA, N.A.,
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: David Gutierrez
		 	Title: SVP

  
 [Signature
Page to Credit Agreement] 

 
			
	Mercantil Commercebank, N.A.
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: Patrick Garcia
		 	Title: Assistant Vice President
		
	By:	 	 

  

		 	Name: Matthew Bruno
		 	Title: Vice President

  
 [Signature
Page to Credit Agreement] 

 
			
	Branch Banking & Trust,
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: Anthony D. Nigro
		 	Title: Senior Vice President

  
 [Signature
Page to Credit Agreement] 

 
			
	PNC Bank, National Association
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: Jose Mazariegos
		 	Title: Senior Vice President
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature
Page to Credit Agreement] 

 
			
	Taiwan Business Bank, Los Angeles Branch
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: Sandy Chen
		 	Title: General Manager
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature
Page to Credit Agreement] 

 
			
	 Hua Nan Commercial Bank, Ltd., Los
 Angeles Branch,

	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: Ding-Jong Chen
		 	Title: VP & General Manager
		
	By:	 	  

		 	Name: NA
		 	Title:

  
 [Signature
Page to Credit Agreement] 

 
			
	Taiwan Cooperative Bank Los Angeles,
	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: Li-Hua Huang
		 	Title:   VP&GM

  
 [Signature
Page to Credit Agreement] 

 
			
	 Sumitomo Mitsui Trust Bank, Limited,
 New York Branch,

	as a Revolving Facility Lender
		
	By:	 	 

  

		 	Name: Albert C. Tew II
		 	Title:   Vice President
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature
Page to Credit Agreement] 

 SCHEDULE 1.01 
 IMMATERIAL SUBSIDIARIES 
 None. 

 SCHEDULE 2.01 
 COMMITMENTS 
  

			
	 Lender
	  	Term A Loan Commitment
	 Deutsche Bank Securities Inc.
	  	$675,000,000
	 Total
	  	$675,000,000
		
	 Lender
	  	Revolving Facility Commitment
	 Deutsche Bank Securities Inc.
	  	$[*]
	 Nordea Bank Finland Plc., New York Branch
	  	[*]
	 DNB Markets, Inc.
	  	[*]
	 KfW IPEX-Bank GmbH
	  	[*]
	 J.P. Morgan Securities LLC
	  	[*]
	 Barclays Bank plc
	  	[*]
	 Citigroup Global Markets Inc.
	  	[*]
	 Goldman Sachs Bank USA
	  	[*]
	 HSBC Bank plc
	  	[*]
	 UBS Securities LLC
	  	[*]
	 Skandinaviska Enskilda Banken AB (publ)
	  	[*]
	 The Royal Bank of Scotland plc
	  	[*]
	 BNP Paribas
	  	[*]
	 SunTrust Bank
	  	[*]
	 Bank of Tokyo-Mitsubishi UFJ Trust Company
	  	[*]
	 Raymond James Bank, N.A.
	  	[*]
	 TD Bank, N.A.
	  	[*]
	 Capital Bank, N.A.
	  	[*]
	 Regions Bank
	  	[*]
	 Comerica Bank
	  	[*]
	 Bank of America, N.A.
	  	[*]
	 Mercantil Commercebank, N.A.
	  	[*]
	 Branch Banking and Trust Company
	  	[*]
	 PNC Bank, N.A.
	  	[*]
	 Taiwan Business Bank
	  	[*]
	 Hua Nan Commercial Bank, Ltd. New York Agency
	  	[*]
	 Taiwan Cooperative Bank Ltd.
	  	[*]
	 Sumitomo Mitsui Banking Corporation
	  	[*]
	 Total
	  	$625,000,000

  
 2 

 SCHEDULE 3.01 
 ORGANIZATION AND GOOD STANDING 
 None. 

  
 3 

 SCHEDULE 3.04 
 GOVERNMENTAL APPROVALS 
 None. 

  
 4 

 SCHEDULE 3.07(b) 

POSSESSION UNDER LEASES 

None. 

  
 5 

 SCHEDULE 3.07(c) 

INTELLECTUAL PROPERTY 

None. 

  
 6 

 SCHEDULE 3.08(a) 

SUBSIDIARIES 
  

									
	 Name
	  	 Jurisdiction of

Organization
	  	 Owner
	  	 Percentage
	 
	 Arrasas Limited
	  	Isle of Man	  	NCL Corporation Ltd.	  	 	100	% 
	 NCL International, Ltd.
	  	The Islands of Bermuda	  	Arrasas Limited	  	 	100	% 
	 NCL America Holdings, LLC
	  	Delaware	  	Arrasas Limited	  	 	100	% 
	 PAT Tours, LLC
	  	Delaware	  	NCL America Holdings, LLC	  	 	100	% 
	 Polynesian Adventure Tours, LLC
	  	Hawaii	  	NCL America Holdings, LLC	  	 	100	% 
	 NCL America LLC
	  	Delaware	  	NCL America Holdings, LLC	  	 	100	% 
	 Pride of Hawaii, LLC
	  	Delaware	  	NCL America Holdings, LLC	  	 	100	% 
	 Pride of America Ship Holding, LLC
	  	Delaware	  	NCL America Holdings, LLC	  	 	100	% 
	 NCL (Bahamas) Ltd.
	  	The Islands of Bermuda	  	NCL International, Ltd.	  	 	100	% 
	 Breakaway One, Ltd.
	  	The Islands of Bermuda	  	NCL International, Ltd.	  	 	100	% 
	 Breakaway Two, Ltd.
	  	The Islands of Bermuda	  	NCL International, Ltd.	  	 	100	% 
	 Breakaway Three, Ltd.
	  	The Islands of Bermuda	  	NCL International, Ltd.	  	 	100	% 
	 Breakaway Four, Ltd.
	  	The Islands of Bermuda	  	NCL International, Ltd.	  	 	100	% 
	 Norwegian Epic, Ltd.
	  	The Islands of Bermuda	  	NCL International, Ltd.	  	 	100	% 
	 Norwegian Jewel Limited
	  	Isle of Man	  	NCL International, Ltd.	  	 	100	% 
	 Norwegian Gem, Ltd.
	  	The Islands of Bermuda	  	NCL International, Ltd.	  	 	100	% 
	 Norwegian Pearl, Ltd.
	  	The Islands of Bermuda	  	NCL International, Ltd.	  	 	100	% 
	 Norwegian Spirit, Ltd.
	  	The Islands of Bermuda	  	NCL International, Ltd.	  	 	100	% 
	 Norwegian Star Limited
	  	Isle of Man	  	NCL International, Ltd.	  	 	100	% 
	 Norwegian Dawn Limited
	  	Isle of Man	  	NCL International, Ltd.	  	 	100	% 
	 Norwegian Sun Limited
	  	The Islands of Bermuda	  	NCL International, Ltd.	  	 	100	% 

  
 7 

 SCHEDULE 3.08(b) 

SUBSCRIPTIONS 
 None.

  
 8 

 SCHEDULE 3.17 
 FILINGS/FILING OFFICES 
  

							
	 Type of Filing
	  	 Entity
	  	 Applicable Security
 Document
 [Guarantee and

Collateral Agreement

or Other]
	  	 Jurisdictions

	UCC-1	  	Norwegian Dawn Limited	  	Guarantee and Collateral Agreement	  	Washington D.C Florida
	UCC-1	  	Norwegian Star Limited	  	Guarantee and Collateral Agreement	  	Washington D.C Florida
	UCC-1	  	Norwegian Sun Limited	  	Guarantee and Collateral Agreement	  	Washington D.C Florida
	UCC-1	  	Norwegian Spirit, Ltd.	  	Guarantee and Collateral Agreement	  	Washington D.C Florida
	UCC-1	  	Norwegian Gem, Ltd.	  	Guarantee and Collateral Agreement	  	Washington D.C Florida
	UCC-1	  	Norwegian Pearl, Ltd.	  	Guarantee and Collateral Agreement	  	Washington D.C Florida
	Charge over shares of Norwegian Gem, Ltd. Charge over shares of Norwegian Pearl, Ltd. Charge over shares of Norwegian Spirit, Ltd. Charge over shares of Norwegian Sun
Limited	  	NCL International, Ltd.	  	Bermuda Share Charge	  	Bermuda Registrar of Companies
	Charge over shares of Dawn Charge over shares of Star	  	NCL International, Ltd.	  	Isle of Man Share Charge	  	The Companies Registry of the Isle of Man Department of Economic Development
	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	Norwegian Sun Limited	  	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	Bermuda Registrar of Companies
	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	Norwegian Spirit, Ltd.	  	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	Bermuda Registrar of Companies
	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	Norwegian Gem, Ltd.	  	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	Bermuda Registrar of Companies
	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	Norwegian Pearl, Ltd.	  	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	Bermuda Registrar of Companies

  
 9 

							
	 Type of Filing
	  	 Entity
	  	 Applicable Security
 Document
 [Guarantee and

Collateral Agreement

or Other]
	  	 Jurisdictions

	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	Norwegian Dawn Limited	  	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	The Companies Registry of the Isle of Man Department of Economic Development
	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	Norwegian Star Limited	  	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	The Companies Registry of the Isle of Man Department of Economic Development

  
 10 

 SCHEDULE 3.20 
 INSURANCE 
  

	1.	Marine Hull and Machinery, Hull and Freight Interests, War Risk Hull and War Risk Protection and Indemnity insurance covering the Mortgaged Vessels, as more fully
described in Certificate to the Letter of Undertaking issued by [*] dated on or about the Closing Date and delivered to the Collateral Agent, which is incorporated herein by reference. 

 

	2.	Protection and Indemnity insurance covering the Mortgaged Vessels, as more fully described in the Letter of Undertaking issued by [*] dated on or about the Closing Date
and delivered to the Collateral Agent, which is incorporated herein by reference. 

  
 11 

 SCHEDULE 4.02(b) 

LOCAL COUNSEL 
  

	1.	Bahamian Counsel 

 Graham,
Thompson & Co. 
  

	2.	Isle of Man 

 Cains

  

	3.	Bermuda 

 Cox Hallett
Wilkinson Limited 
  

	4.	Florida 

Holland & Knight LLP 
  

	5.	Maritime Counsel 

Clyde & Co US LLP 

  
 12 

 SCHEDULE 6.01 
 INDEBTEDNESS 
  

	1.	€308,130,000 Secured Loan Agreement dated April 20, 2004, between Pride of Hawaii Inc. (the owner of the Pride of Hawaii) as Borrower, HSBC Bank PLC as Agent
and the Lenders and other parties party thereto as guaranteed by NCL Corporation Ltd, as amended, restated, supplemented or otherwise modified. 

  

	2.	$334,050,000 Secured Loan Agreement dated April 20, 2004, between Norwegian Jewel Limited (the owner of the Norwegian Jewel) as Borrower, HSBC Bank PLC as Agent
and the Lenders and other parties party thereto guaranteed by NCL Corporation Ltd, as amended, restated, supplemented or otherwise modified. 

  

	3.	€258,000,000 Secured Loan Agreement dated April 4, 2003, between Pride of America Ship Holding LLC (the owner of the Pride of America) as Borrower, HSBC Bank
PLC as Agent and the Lenders and other parties party thereto as guaranteed by NCL Corporation Ltd, as amended, restated, supplemented or otherwise modified. 

 

	4.	€40,000,000 Commercial Loan dated April 4, 2003, between Pride of America Ship Holding LLC (the owner of the Pride of America) as Borrower, HSBC Bank PLC as
Agent and the Lenders and other parties party thereto as guaranteed by NCL Corporation Ltd, as amended, restated, supplemented or otherwise modified. 

  

	5.	€662,905,320 Secured Loan Agreement dated September 22, 2006, between F3 Two Ltd as Borrower, BNP Paribas as Agent and the Lenders and other parties party
thereto in respect of Hull No. D33 as guaranteed by NCL Corporation Ltd, as amended, restated, supplemented or otherwise modified. 

  

	6.	€529,846,154 Credit Agreement, dated November 18, 2010 and as amended May 31, 2012, among Breakaway One, Ltd., as Borrower, NCL Corporation Ltd., various
lenders, KfW IPEX-Bank GmbH as facility agent, collateral agent and CIRR agent, and the other agents and parties named therein, as amended, restated, supplemented or otherwise modified. 

 

	7.	€529,846,154 Credit Agreement, dated November 18, 2010, among Breakaway Two, Ltd., as Borrower, NCL Corporation Ltd., various lenders, KfW IPEX-Bank GmbH as
facility agent, collateral agent and CIRR agent, and the other agents and parties named therein, as amended, restated, supplemented or otherwise modified. 

  

	8.	 €126,075,000 Credit Agreement, dated November 18, 2010, among Norwegian

  
 13 

	 	
Jewel Limited, as Borrower, NCL Corporation Ltd., various lenders, KfW IPEX-Bank GmbH, as facility agent and collateral agent, and the other agents and parties named therein, as amended,
restated, supplemented or otherwise modified. 

  

	9.	€126,075,000 Credit Agreement, dated November 18, 2010, among Pride of Hawaii, LLC, as Borrower, NCL Corporation Ltd., various lenders, KfW IPEX-Bank GmbH, as
facility agent and collateral agent, and the other agents and parties named therein, as amended, restated, supplemented or otherwise modified. 

  

	10.	€590,478,870 Credit Agreement, dated October 12, 2012, among Breakaway Three, Ltd., as Borrower, NCL Corporation Ltd., various lenders, KfW IPEX-Bank GmbH, as
facility agent and collateral agent, and the other agents and parties named therein, as amended, restated, supplemented or otherwise modified. 

  

	11.	€590,478,870 Credit Agreement, dated October 12, 2012, among Breakaway Four, Ltd., as Borrower, NCL Corporation Ltd., various lenders, KfW IPEX-Bank GmbH, as
facility agent and collateral agent, and the other agents and parties named therein, as amended, restated, supplemented or otherwise modified. 

  

	12.	Approximately $300,000,000 principal amount outstanding pursuant to that certain $300,000,000 Indenture for 5.00% Senior Notes due 2018, dated as of February 6,
2013, by and between NCL Corporation Ltd. and U.S. Bank National Association, as Trustee, as amended, restated, supplemented or otherwise modified. 

  

	13.	Approximately $227,500,000 principal amount outstanding pursuant to that certain $350,000,000 Indenture for 9.50% Senior Notes due 2018, dated as of November 9,
2010, by and between NCL Corporation Ltd. and U.S. Bank National Association, as Trustee, as amended, restated, supplemented or otherwise modified. 

  

	14.	Up to $[*] in relation to the acquisition of Sky vessel on the terms set forth in the fully executed memorandum of agreement related to the sale of the Sky vessel,
dated June 1, 2012. 

  
 14 

 SCHEDULE 6.02(a) 

LIENS 
 None. 

  
 15 

 SCHEDULE 6.04 
 INVESTMENTS 
 None. 

  
 16 

 SCHEDULE 6.07 
 TRANSACTIONS WITH AFFILIATES 
 None. 

  
 17 

 SCHEDULE 6.09 
 CONTRACTUAL ENCUMBRANCES 
 None. 

  
 18 

 SCHEDULE 10.01 
 NOTICE INFORMATION 
 Loan Parties’ Address: 

7665 Corporate Center Drive 
 Miami, Florida
33126 
 United States of America 

Attn: Wendy Beck 
 Tel. No.: (305) 436-4098

 Fax No.: (305) 436-4140 
 Email:
wbeck@ncl.com 
 and 
 Attn: Daniel
Farkas 
 Tel. No.: (305) 436-4690 

Fax No.: (305) 436-4117 
 Email:
dfarkas@ncl.com 
 With copies to: 
 Apollo Management, L.P. 
 9 West 57th Street 
 New York, NY 10019 
 Attn: Steve Martinez 
 Tel. No.: (212) 515-3200 
 Fax No.: (212) 515-3288 

and 
 Paul, Weiss, Rifkind, Wharton &
Garrison LLP 
 1285 Avenue of the Americas 
 New York 
 NY 10019-6064 
 Attn: Brad Finkelstein 
 Tel No: (212) 373-3074 

Fax No: (212) 492-0074 Email: bfinkelstein@paulweiss.com 

  
 19 

 Administrative Agent’s and Collateral Agent’s Address: 

Credit Matters 
 Deutsche Bank Trust Company
Americas 
 60 Wall Street, Floor 43 

New York, NY 10005 
 Attn: Erin Morrissey –
Director 
 (212) 250-1765 
 (212)
797-5690 (Fax) 
 Email: erin.morrissey@db.com 
 and 
 Operations Matters 
 Deutsche Bank Trust Company Americas 
 5022 Gate Parkway, Suite 200 

Jacksonville, FL 32256 
 Attn: Maxeen Jacques-
Associate 
 (904) 527-6411 
 (732)
380-3355 (Fax) 
 Email: maxeen.jacques@db.com 

  
 20 

 Exhibit A 
 [FORM OF] 
 ASSIGNMENT AND ACCEPTANCE 

Reference is made to the Credit Agreement dated as of May 24, 2013 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among NCL Corporation, Ltd., a Bermuda company (“NCL” or the “Borrower”), the Lenders party thereto from time to time, Deutsche Bank Trust Company Americas, as
administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent and certain other parties thereto. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such
terms in the Credit Agreement. 
 1. The Assignor hereby sells and assigns, without recourse, to the Assignee, and the Assignee
hereby purchases and assumes, without recourse, from the Assignor, effective as of the Effective Date set forth below (the “Effective Date”) (but not prior to the registration of the information contained herein in the Register
pursuant to Section 10.04(b)(iv) of the Credit Agreement), the interests set forth below (the “Assigned Interest”) in the Assignor’s rights and obligations under the Credit Agreement and the other Loan Documents,
including, without limitation, the amounts and percentages set forth below of (i) the Commitments of the Assignor on the Effective Date set forth below and (ii) the Loans owing to the Assignor which are outstanding on the Effective Date.
Each of the Assignor and the Assignee hereby makes and agrees to be bound by all the representations, warranties and agreements set forth in Section 10.04(c) of the Credit Agreement, a copy of which has been received by each such party. From
and after the Effective Date (i) the Assignee shall be a party to and be bound by the provisions of the Credit Agreement and, to the extent of the interests assigned by this Assignment and Acceptance, have the rights and obligations of a Lender
thereunder and under the other Loan Documents and (ii) the Assignor shall, to the extent of the interests assigned by this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Credit Agreement.

 2. Pursuant to Section 10.04(b)(ii)(B) of the Credit Agreement, this Assignment and Acceptance is being delivered to the
Administrative Agent together with (i) if required by Section 10.04(b)(ii)(B) of the Credit Agreement, a processing and recordation fee of $3,000, (ii) if the Assignee is organized under the laws of a jurisdiction outside the United
States, any forms referred to in Section 2.17 of the Credit Agreement, duly completed and executed by such Assignee and (iii) if the Assignee is not already a Lender under the Credit Agreement, a completed Administrative Questionnaire.

 3. This Assignment and Acceptance shall be governed by and construed in accordance with the
laws of the State of New York. 
  

			
	Date of Assignment:	 	  

			
		
	Legal Name of Assignor (“Assignor”):	 	  

		
	Legal Name of Assignee (“Assignee”):	 	  

		
	Assignee’s Address for Notices:	 	  

	
	  

		
	Effective Date of Assignment:	 	  

  

									
	 Facility/Commitment
	  	Principal 
Amount
Assigned1	 	  	Percentage Assigned of
Commitment (set forth,
to at least 8 
decimals, as
a percentage of the
Facility and the
aggregate
Commitments of all
Lenders thereunder)	 
			
	 Revolving Facility Loans/Commitments
	  	$	            	  	  	 	    	% 
			
	 Term A Loans/Commitments
	  	$	            	  	  	 	    	% 

 [Signature page follows] 

 

	1 	Amount of Commitments and/or Loans assigned is governed by Section 10.04 of the Credit Agreement. 

											
	The terms set forth above are hereby agreed to:	 		 	Accepted
					
		 	                        , as Assignor	 		 		 	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Administrative Agent2

	By:	 	  
	 		 		 		 	
		 	Name:	 		 		 	By:	 	  

		 	Title:	 		 		 		 	Name:
		 		 		 		 		 	Title:
						
		 	                        , as Assignee	 		 		 	By:	 	  

		 		 		 		 		 	Name:
	By:	 	  
	 		 		 		 	Title:
		 	Name:	 		 		 	
		 	Title:	 		 		 	[Name of Swingline Lender], as Swingline Lender3
						
		 		 		 		 	By:	 	  

		 		 		 		 		 	Name:
		 		 		 		 		 	Title:
					
		 		 		 		 	[Name of Issuing Bank], as Issuing
Bank4
						
		 		 		 		 	By:	 	  

		 		 		 		 		 	Name:
		 		 		 		 		 	Title:

  

	2 	To be completed to the extent consents are required under Section 10.04(b)(i) of the Credit Agreement. Consent of the Administrative Agent shall not be required
for an assignment of all or any portion of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund and consent of the Issuing Bank and the Swingline Lender shall not be required for an assignment of all or any portion of a Term Loan.

	3 	Add additional signature blocks as needed. 

	4 	Add additional signature blocks as needed. 

 
			
	NCL CORPORATION LTD., as
Borrower5
		
	By:	 	  

		 	Name:
		 	Title:

	 	

  

	5 	Consent of the Borrower shall not be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default under Sections
8.01(b), (c), (h) or (i) has occurred and is continuing. 

 Exhibit B 
 [FORM OF] 
 ADMINISTRATIVE QUESTIONNAIRE 

NCL CORPORATION LTD. 
  

							
	Agent Address:	  	 Deutsche Bank Trust Company Americas
	  	Return form to:	  	 Maxeen Jacques

		  	 60 Wall Street, Floor 43
	  	Telephone:	  	 (904) 527-6411

		  	 New York, NY 10005
	  	Facsimile:	  	 (904) 494-6852

		  		  	E-mail:	  	 maxeen.jacques@db.com

 It is very important that all of the requested information be completed accurately and that this
questionnaire be returned promptly. If your institution is sub-allocating its allocation, please fill out an administrative questionnaire for each legal entity. 
  

													
	Legal Name of Lender to appear in Documentation:
	  

		
	Signature Block Information:	  	  

													
							
		 	 •   Signing Credit Agreement
	  	  ̈
	  	Yes	  	 ̈	  	No	  	
							
		 	 •   Coming in via Assignment
	  	 ̈	  	Yes	  	 ̈	  	No	  	

							
				
		 	 Type of Lender:
	  	  
	  	

 (Bank, Asset Manager, Broker/Dealer, CLO/CDO; Finance Company, Hedge Fund, Insurance, Mutual Fund, Pension Fund, Other
Regulated Investment Fund, Special Purpose Vehicle, Other-please specify) 
  

			
	Lender Parent:	  	  

 

					
	 Domestic Address
	 	  	  	 Eurodollar Address

			
	  
	 		  	  

			
	  
	 		  	  

			
	  
	 		  	  

 Contacts/Notification Methods: Borrowings, Paydowns, Interest, Fees, etc. 

 

							
				
	 	  	 Primary Credit Contact
	  	 	  	 Secondary Credit Contact

				
	Name:	  	  
	  		  	  

				
	Company:	  	  
	  		  	  

				
	Title:	  	  
	  		  	  

				
	Address:	  	  
	  		  	  

				
		  	  
	  		  	  

				
	Telephone:	  	  
	  		  	  

				
	Facsimile:	  	  
	  		  	  

				
	E-Mail Address:	  	  
	  		  	  

				
	 	  	 Primary Operations Contact
	  	 	  	 Secondary Operations Contact

				
	Name:	  	  
	  		  	  

				
	Company:	  	  
	  		  	  

				
	Title:	  	  
	  		  	  

				
	Address:	  	  
	  		  	  

				
		  	  
	  		  	  

				
	Telephone:	  	  
	  		  	  

				
	Facsimile:	  	  
	  		  	  

				
	E-Mail Address:	  	  
	  		  	  

				
	 	  	 Primary LC Contact
	  	 	  	 Secondary LC Contact

				
	Name:	  	  
	  		  	  

				
	Company:	  	  
	  		  	  

				
	Title:	  	  
	  		  	  

				
	Address:	  	  
	  		  	  

				
		  	  
	  		  	  

				
	Telephone:	  	  
	  		  	  

				
	Facsimile:	  	  
	  		  	  

				
	E-Mail Address:	  	  
	  		  	  

			
	Lender’s Domestic Wire Instructions
		
	Bank Name:	 	  

		
	ABA/Routing No.:	 	  

		
	Account Name:	 	  

		
	Account No.:	 	  

		
	FFC Account Name:	 	  

		
	FFC Account No.:	 	  

		
	Attention:	 	  

		
	Reference:	 	  

	
	Lender’s Foreign Wire Instructions
		
	Currency:	 	  

		
	Bank Name:	 	  

		
	Swift/Routing No.:	 	  

		
	Account Name:	 	  

		
	Account No.:	 	  

		
	FFC Account Name:	 	  

		
	FFC Account No.:	 	  

		
	Attention:	 	  

		
	Reference:	 	  

	
	Agent’s Wire Instructions
	
	[The Agent’s wire instructions will be disclosed at the time of closing.]
		
	Bank Name:	 	  

		
	ABA/Routing No.:	 	  

		
	Account Name:	 	  

		
	Account No.:	 	  

		
	FFC Account Name:	 	  

		
	FFC Account No.:	 	  

		
	Attention:	 	  

		
	Reference:	 	  

 Tax Documents 
 NON-U.S. LENDER INSTITUTIONS: 
  

	I.	Corporations: 

 If your institution
is incorporated outside of the United States for U.S. federal income tax purposes, and is the beneficial owner of the interest and other income it receives, you must complete one of the following tax forms, as applicable to your institution:
a.) Form W-8BEN (Certificate of Foreign Status of Beneficial Owner) or b.) Form W-8ECI (Income Effectively Connected to a U.S. Trade or Business) 
 A U.S. taxpayer identification number is required for any institution submitting Form W-8ECI. It is also required on Form W-8BEN for certain institutions claiming the benefits of a tax
treaty with the U.S. Please refer to the instructions when completing the form applicable to your institution. In addition, please be advised that U.S. tax regulations do not permit the acceptance of faxed forms. An original tax
form must be submitted. 
  

	II.	Flow-Through Entities: 

 If your
institution is organized outside the U.S., and is classified for U.S. federal income tax purposes as either a Partnership, Trust, Qualified or Non-Qualified Intermediary, or other non- U.S. flow-through entity, an original Form W-8IMY
(Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding) must be completed by the intermediary together with a withholding statement. Flow-through entities other
than Qualified Intermediaries are required to include tax forms for each of the underlying beneficial owners. 
 Please refer to the
instructions when completing this form. In addition, please be advised that U.S. tax regulations do not permit the acceptance of faxed forms. Original tax form(s) must be submitted. 
 U.S. LENDER INSTITUTIONS: 
 If your institution is incorporated or organized within
the United States, you must complete and return Form W-9 (Request for Taxpayer Identification Number and Certification). Please be advised that we request that you submit an original Form W-9. 

Pursuant to the language contained in the tax section of the Credit Agreement, the applicable tax form for your institution must be completed and
returned prior to the first payment of income. Failure to provide the proper tax form when requested may subject your institution to U.S. tax withholding. 

 Exhibit C 
 [FORM OF] 
 NCL CORPORATION LTD. 

SOLVENCY CERTIFICATE 

Date:             , 2013 

This Solvency Certificate is delivered pursuant to Section 4.02(g) of the Credit Agreement dated as May 24, 2013 (as the same
may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among NCL Corporation Ltd., a Bermuda company (“NCL” or the “Borrower”), the Lenders party
thereto from time to time, Deutsche Bank Trust Company Americas, as administrative agent and as collateral agent and certain other parties thereto. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to
such terms in the Credit Agreement. 
 The undersigned hereby certifies, solely in his capacity as an officer, as follows:

 1. I am the Chief Financial Officer of the Borrower. 

2. As of the date hereof, immediately after giving effect to the Transactions, on and as of such date (i) the fair value of the
assets of the Borrower and its Subsidiaries on a consolidated basis, at a fair valuation, will exceed the debts and liabilities, direct, subordinated, contingent or otherwise, of the Borrower and its Subsidiaries on a consolidated basis;
(ii) the present fair saleable value of the property of the Borrower and its Subsidiaries on a consolidated basis will be greater than the amount that will be required to pay the probable liability of the Borrower and its Subsidiaries on a
consolidated basis on their debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) the Borrower and its Subsidiaries on a consolidated basis will be
able to pay their debts and liabilities, direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) the Borrower and its Subsidiaries on a consolidated basis will not have unreasonably
small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted following the Closing Date. 
 3. As of the date hereof, the Borrower does not intend to, and the Borrower does not believe that it or any of its Subsidiaries will, incur debts beyond its ability to pay such debts as they mature,
taking into account the timing and amounts of cash to be received by it or any such subsidiary and the timing and amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness of any such Subsidiary. 

[Remainder of this page left intentionally blank] 

 IN WITNESS WHEREOF, the undersigned has executed this Solvency Certificate on the date first
written above. 
  

			
	NCL CORPORATION LTD.
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature page to the Solvency Certificate] 

 Exhibit D-l 
 [FORM OF] 
 BORROWING REQUEST 

Date:1             ,          

 

	To:	DEUTSCHE BANK TRUST COMPANY AMERICAS, as administrative agent (in such capacity, the “Administrative Agent”) under that certain Credit Agreement dated
as of May 24, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among NCL Corporation Ltd., a Bermuda company (“NCL” or the “Borrower”),
the Lenders party thereto from time to time, the Administrative Agent, Deutsche Bank Trust Company Americas, as collateral agent, and certain other parties thereto. 

 Ladies and Gentlemen: 
 Reference is made to the above-described Credit Agreement.
Terms defined in the Credit Agreement, wherever used herein, unless otherwise defined herein, shall have the same meanings herein as are prescribed by the Credit Agreement. The undersigned hereby irrevocably notifies you of the Borrowing specified
below: 
  

	 	1.	The Borrowing will be a Borrowing of              Loans.2 

 

	 	2.	The Business Day of the requested Borrowing is:
                    . 

  

	 	3.	The aggregate amount of the requested Borrowing is:         . 

 

	 	4.	The Borrowing is comprised of              of ABR Loans and
             of the Eurocurrency Loans. 

  

	1 	Notification must be received by the Administrative Agent by telephone (confirmed promptly by hand delivery or electronic means) no later than 12:00 noon, Local Time
(a) three (3) Business Days prior to the proposed Borrowing in the case of a Eurocurrency Borrowing, or (b) two (2) Business Days before the date of the proposed Borrowing, in the case of an ABR Borrowing; provided, that any such
notice of an ABR Revolving Facility Borrowing to finance the reimbursement of an L/C Disbursement as contemplated by Section 2.05(e) may be given not later than 10:00 a.m., Local Time, on the date of the proposed Borrowing.

	2 	Term A Loans, Revolving Facility Loans, Other Incremental Revolving Loans, Other Revolving Loans, Replacement Revolving Loans, Refinancing Term Loans or Other
Incremental Term Loans. 

	 	5.	The duration of the Interest Period for the Eurocurrency Loans, if any, included in the Borrowing shall be
             month(s). 

  

	 	6.	The location and number of the account to which the proceeds of such Borrowing are to be deposited is
            . 

 The undersigned hereby certifies that
the following statements are true on the date hereof, and will be true on the date of the requested Borrowing, before and after giving effect thereto and to the application of the proceeds thereof: 

(A) The representations and warranties set forth in the Loan Documents are true and correct in all material respects as of each such date
with the same effect as though made on and as of each such date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties were true and correct in all material
respects as of such earlier date); and 
 (B) No event has occurred and is continuing or would result from such extension of
credit which constitutes a Default or an Event of Default. 

 This Borrowing Request is issued pursuant to and is subject to the Credit Agreement,
executed as of the date set forth above. 
  

			
	NCL CORPORATION LTD.
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to the Borrowing Request 

 Exhibit D-2 
 [FORM OF] 
 SWINGLINE BORROWING REQUEST 

Date:1             ,          

 

	To:	Deutsche Bank Trust Company Americas, as administrative agent (in such capacity, the “Administrative Agent”) under that certain Credit Agreement dated
as of May 24, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among NCL Corporation Ltd., a Bermuda company (“NCL” or the “Borrower”),
the Lenders party thereto from time to time, the Administrative Agent, Deutsche Bank Trust Company Americas, as collateral agent, and certain other parties thereto. 

 Ladies and Gentlemen: 
 Reference is made to the above-described Credit Agreement.
Terms defined in the Credit Agreement, wherever used herein, unless otherwise defined herein, shall have the same meanings herein as are prescribed by the Credit Agreement. The undersigned hereby irrevocably notifies you of the Swingline Borrowing
specified below: 
  

	 	1.	The Business Day of the requested Swingline Borrowing is:
                    . 

  

	 	2.	The aggregate amount of the requested Swingline Borrowing is: $        . 

 

	 	3.	The location and number of the account to which the proceeds of such Swingline Borrowing are to be deposited is
            . 

 The undersigned hereby certifies that
the following statements are true on the date hereof, and will be true on the date of the proposed Swingline Borrowing, before and after giving effect thereto and to the application of the proceeds thereof: 

(A) The representations and warranties set forth in the Loan Documents are true and correct in all material respects as of each such date
with the same effect as though made on and as of each such date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties were true and correct in all material
respects as of such earlier date); and 
  

	1 	Notification must be received by the Administrative Agent and the Swingline Lender by telephone (confirmed by a Swingline Borrowing Request by electronic means), not
later than 1:00 p.m., Local Time, on the day of the proposed Swingline Borrowing. 

 (B) No event has occurred and is continuing or would result from such extension of credit,
which constitutes a Default or an Event of Default. 
 [Signature page follows] 

 This Swingline Borrowing Request is issued pursuant to and is subject to the Credit
Agreement, executed as of the date set forth above. 
  

			
	NCL CORPORATION LTD.
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to the Swingline Borrowing Request 

 Exhibit E 
 [FORM OF] 
 INTEREST ELECTION REQUEST 

Date:1            ,          
  

	To:	Deutsche Bank Trust Company Americas, as administrative agent (in such capacity, the “Administrative Agent”) under that certain Credit Agreement dated
as of May 24, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among NCL Corporation Ltd., a Bermuda company (“NCL” or the “Borrower”),
the Lenders party thereto from time to time, the Administrative Agent, Deutsche Bank Trust Company Americas, as collateral agent, and certain other parties thereto. 

 Ladies and Gentlemen: 
 Reference is made to the above-described Credit Agreement.
Terms defined in the Credit Agreement, wherever used herein, unless otherwise defined herein, shall have the same meanings herein as are prescribed by the Credit Agreement. This notice constitutes an Interest Election Request and the Borrower hereby
makes an election with respect to Loans under the Credit Agreement, and in that connection the Borrower specifies the following information with respect to such election: 

 

	 	1.	Borrowing to which this request applies:             .2 

 

	 	2.	Date of election (which shall be a Business Day):             . 

 

	 	3.	Principal amount and Type of Loans subject to election: $        . 

 

	 	4.	The Loans are to be [converted into] [continued as] [ABR] [Eurocurrency] Loans. 

 

	 	5.	The duration of the Interest Period for the Eurocurrency Loans, if any, included in the election shall be
             months. 

 [Signature page follows]

  

	1 	The Borrower must notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the
Borrower were requesting a Borrowing of the Type and in the applicable currency resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be
confirmed promptly by hand delivery or electronic means of this form to the Administrative Agent. 

	2 	If different options are being elected with respect to different portions of the Borrowing, the portions thereof must be allocated to each resulting Borrowing (in which
case the information to be specified pursuant to Paragraphs 4 and 5 shall be specified for each resulting Borrowing). 

 This Interest Election Request is issued pursuant to and is subject to the Credit Agreement,
executed as of the date set forth above. 
  

			
	NCL CORPORATION LTD.
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to the Interest Election Request 

 Exhibit F 
 [FORM OF] 
 GUARANTEE AND COLLATERAL AGREEMENT 

Dated and effective as of May 24, 2013 
 among 
 each Grantor 

identified herein, 
 and 
 DEUTSCHE BANK TRUST COMPANY AMERICAS 

as Collateral Agent 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
	
	ARTICLE I	  
	
	Definitions	  
			
	 Section 1.01
	    	 Credit Agreement
	  	 	1	  
	 Section 1.02
	    	 Other Defined Terms
	  	 	2	  
	
	ARTICLE II	  
	
	Guarantee	  
			
	 Section 2.01
	    	 Guarantee
	  	 	8	  
	 Section 2.02
	    	 Guarantee of Payment; Continuing Guarantee
	  	 	8	  
	 Section 2.03
	    	 No Limitations, Etc.
	  	 	8	  
	 Section 2.04
	    	 Reinstatement
	  	 	10	  
	 Section 2.05
	    	 Agreement To Pay; Contribution; Subrogation
	  	 	10	  
	 Section 2.06
	    	 Information
	  	 	11	  
	 Section 2.07
	    	 Maximum Liability
	  	 	11	  
	 Section 2.08
	    	 Payment Free and Clear of Taxes
	  	 	11	  
	
	ARTICLE III	  
	
	Security Interests in Personal Property	  
			
	 Section 3.01
	    	 Security Interest
	  	 	11	  
	 Section 3.02
	    	 Representations and Warranties
	  	 	13	  
	 Section 3.03
	    	 Covenants
	  	 	16	  
	 Section 3.04
	    	 Other Actions
	  	 	19	  
	 Section 3.05
	    	 Covenants Regarding Patent, Trademark and Copyright Collateral
	  	 	19	  
	
	ARTICLE IV	  
	
	Remedies	  
			
	 Section 4.01
	    	 Remedies Upon Default
	  	 	21	  
	 Section 4.02
	    	 Application of Proceeds
	  	 	22	  
	
	ARTICLE V	  
	
	Indemnity, Subrogation and Subordination	  
			
	 Section 5.01
	    	 Contribution and Subrogation
	  	 	24	  
	 Section 5.02
	    	 Subordination
	  	 	24	  

  
 -i-

							
	ARTICLE VI	  
	
	Miscellaneous	  
			
	 Section 6.01
	    	 Notices
	  	 	24	  
	 Section 6.02
	    	 Security Interest Absolute
	  	 	25	  
	 Section 6.03
	    	 Limitation By Law
	  	 	25	  
	 Section 6.04
	    	 Binding Effect; Several Agreement
	  	 	25	  
	 Section 6.05
	    	 Successors and Assigns
	  	 	25	  
	 Section 6.06
	    	 Collateral Agent’s Fees and Expenses; Indemnification
	  	 	26	  
	 Section 6.07
	    	 Collateral Agent Appointed Attorney-in-Fact
	  	 	26	  
	 Section 6.08
	    	 Authority of Collateral Agent
	  	 	27	  
	 Section 6.09
	    	 GOVERNING LAW
	  	 	27	  
	 Section 6.10
	    	 Waivers; Amendment
	  	 	28	  
	 Section 6.11
	    	 WAIVER OF JURY TRIAL
	  	 	28	  
	 Section 6.12
	    	 Severability
	  	 	28	  
	 Section 6.13
	    	 Counterparts
	  	 	29	  
	 Section 6.14
	    	 Headings
	  	 	29	  
	 Section 6.15
	    	 Jurisdiction; Consent to Service of Process
	  	 	29	  
	 Section 6.16
	    	 Termination or Release
	  	 	29	  
	 Section 6.17
	    	 Additional Subsidiaries
	  	 	31	  
	 Section 6.18
	    	 Right of Set-off
	  	 	31	  
	 Section 6.19
	    	 Subject to First Lien Intercreditor Agreement
	  	 	31	  
	 Section 6.20
	    	 Senior Secured Note Obligations
	  	 	31	  
	 Section 6.21
	    	 Collateral Agent
	  	 	32	  

 Schedules 
  

			
	 Schedule I
	  	 Intellectual Property

Exhibits 
  

			
	 Exhibit A
	  	 Form of Supplement to the Guarantee and Collateral Agreement

	 Exhibit B
	  	 Form of Perfection Certificate

	 Exhibit C
	  	 Form of Additional Secured Party Consent

	 Exhibit D
	  	 Form of Copyright Security Agreement

  
 -ii-

 GUARANTEE AND COLLATERAL AGREEMENT dated and effective as of May 24, 2013 (this
“Agreement”), among NORWEGIAN DAWN LIMITED, a company incorporated under the laws of Isle of Man (“Dawn”); NORWEGIAN GEM, LTD., a company incorporated under the laws of Bermuda (“Gem”); NORWEGIAN
PEARL, LTD., a company incorporated under the laws of Bermuda (“Pearl”); NORWEGIAN SPIRIT, LTD., a company incorporated under the laws of Bermuda (“Spirit”); NORWEGIAN STAR LIMITED, a company incorporated under the
laws of Isle of Man (“Star”); NORWEGIAN SUN LIMITED, a company incorporated under the laws of Bermuda (“Sun”, and together with Dawn, Gem, Pearl, Spirit, Star and Sun, collectively, the “Grantors”);
and DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent (in such capacity, the “Collateral Agent”) for the Secured Parties (as defined below). 
 Reference is made to the Credit Agreement dated as of May 24, 2013 (the “Credit Agreement”), among NCL CORPORATION LTD., a company incorporated under the laws of Bermuda
(“NCL” or “Borrower”), the LENDERS party thereto from time to time, DEUTSCHE BANK TRUST COMPANY AMERICAS, as administrative agent and the Collateral Agent and certain other parties thereto. 

Pursuant to the Credit Agreement, the Lenders and the Issuing Bank have agreed to extend credit to the Borrower subject to the terms and
conditions set forth therein. The Credit Agreement permits the Grantors to incur Senior Secured Note Obligations (as defined below) from time to time on the terms and conditions set forth therein. 

Pursuant to the Credit Agreement, each Grantor is permitted to guarantee the Senior Secured Note Obligations, and each Grantor is
permitted to grant a first priority lien on the Collateral to secure the same. The liens to secure any Senior Secured Note Obligations are intended to be created under this Agreement and the other Security Documents. 

The Grantors are affiliates of the Borrower, will derive substantial benefits from the extension of credit to the Borrower pursuant to
the Credit Agreement and any Senior Secured Note Indenture and are willing to execute and deliver this Agreement in order to induce the Lenders, the Issuing Bank and the holders of any Senior Secured Note Obligations to extend such credit.

 Accordingly, the parties hereto agree as follows: 
 ARTICLE I 
 Definitions 

Section 1.01 Credit Agreement. 
 (a) Capitalized terms used in this Agreement and not otherwise defined herein have the respective meanings assigned thereto in the Credit Agreement. All terms defined in the New York UCC (as defined
herein) and not defined in this Agreement have the meanings specified therein. The term “instrument” shall have the meaning specified in Article 9 of the New York UCC. 

 (b) The rules of construction specified in Section 1.02 of the Credit Agreement also
apply to this Agreement. 
 Section 1.02 Other Defined Terms. As used in this Agreement, the following terms have the
meanings specified below: 
 “Account Debtor” means any person who is or who may become obligated to any
Grantor under, with respect to or on account of an Account, Chattel Paper, General Intangibles, Instruments or Investment Property. 
 “Additional Authorized Representative” means the duly authorized representative of the holders of the Pari Passu Senior Secured Notes designated as “Authorized Representative”
in an Additional Secured Party Consent delivered to the Collateral Agent. 
 “Additional Secured Party Consent”
shall mean a consent in the form of Exhibit C to this Agreement executed by the Authorized Representative of any holders of Senior Secured Note Obligations pursuant to Section 6.20. 

“Applicable Representative” shall mean the “Applicable Authorized Representative” (as defined in any First
Lien Intercreditor Agreement); provided that prior to the Intercreditor Effective Date, the Applicable Representative shall be deemed to be the Collateral Agent. 
 “Assigned Contracts” means the Dawn Management Agreement, the Gem Management Agreement, the Pearl Management Agreement, the Spirit Management Agreement, the Star Management Agreement and
the Sun Management Agreement. 
 “Authorized Representative” shall mean (a) the Administrative Agent, with
respect to the Credit Agreement, and (b) the Additional Authorized Representative, with respect to any Senior Secured Note Indenture. 
 “Claiming Grantor” has the meaning assigned to such term in Section 5.01. 
 “Collateral” has the meaning assigned to such term in Section 3.01. 
 “Contributing Grantor” has the meaning assigned to such term in Section 5.01. 
 “Control Agreement” means a deposit account control agreement, a securities account control agreement or a commodity account control agreement, as applicable, enabling the Collateral
Agent to obtain “control” (within the meaning of the New York UCC) of any such accounts, in form and substance reasonably satisfactory to the Collateral Agent. 
 “Copyright License” means any written agreement, now or hereafter in effect, granting any right to any Grantor under any Copyright now or hereafter owned by any third party, and all
rights of any Grantor under any such agreement (including, without limitation, any such rights that such Grantor has the right to license). 

  
 -2-

 “Copyright Security Agreement” means a Copyright Security Agreement,
substantially in the form of Exhibit D (with any changes the Collateral Agent shall have approved), executed and delivered by a Grantor in favor of the Collateral Agent for the benefit of the Secured Parties. 

“Copyrights” means all of the following now owned or hereafter acquired by any Grantor: (a) all copyright rights in
any work subject to the copyright laws of the United States or any other country, whether as author, assignee, transferee or otherwise; and (b) all registrations and applications for registration of any such Copyright in the United States or
any other country, including registrations, supplemental registrations and pending applications for registration in the United States Copyright Office and the right to obtain all renewals thereof, including those listed on Schedule I.

 “Credit Agreement” has the meaning assigned to such term in the preliminary statement of this Agreement.

 “Credit Agreement Secured Parties” means the Secured Parties other than the holders of the Senior Secured
Note Obligations and the Additional Authorized Representative. 
 “Commodity Exchange Act” means the Commodity
Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute. 
 “Dawn Management
Agreement” means the Management Agreement dated April 5, 2007 (effective April 23, 2004), between NCL (Bahamas) Ltd., as Manager and Dawn with respect to the NORWEGIAN DAWN or any other management agreement entered into from time
to time by Dawn with a technical manager of the NORWEGIAN DAWN, each as such agreement may be amended, restated, supplemented, waived or otherwise modified from time to time. 
 “Discharge of Credit Agreement Obligations” has the meaning assigned to such term in the First Lien Intercreditor Agreement. 

“Event of Default” shall mean an “Event of Default” under and as defined in the Credit Agreement or any Senior
Secured Note Indenture. 
 “Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation
if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange
Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract
participant” as defined in the Commodity Exchange Act at the time the Guarantee of such Guarantor or the grant of such security interest becomes effective with respect to such related Swap Obligation. If a Swap Obligation arises under a master
agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guaranty or security interest is or becomes excluded in accordance with the first sentence of
this definition. 

  
 -3-

 “Gem Management Agreement” means any management agreement among Gem, and
any manager with respect to the NORWEGIAN GEM entered into from time to time by Gem with a technical manager of the NORWEGIAN GEM, as such agreement may be amended, restated, supplemented, waived or otherwise modified from time to time. 

“General Intangibles” means all “General Intangibles” as defined in the New York UCC, including all choses in
action and causes of action and all other intangible personal property of any Grantor of every kind and nature (other than Accounts) now owned or hereafter acquired by any Grantor, including corporate or other business records, indemnification
claims, contract rights (including rights under leases, whether entered into as lessor or lessee, Swap Agreements and other agreements), Intellectual Property, goodwill, registrations, franchises, tax refund claims and any guarantee, claim, security
interest or other security held by or granted to any Grantor to secure payment by an Account Debtor of any of the Accounts. 

“Grantor” has the meaning assigned to such term in the preliminary statement of this Agreement, and any Subsidiary that
becomes a party hereto pursuant to Section 6.17. 
 “Guaranteed Obligations” shall mean the Obligations
other than the Senior Secured Note Obligations. 
 “Guaranteed Parties” shall mean the Secured Parties other
than the holders of Senior Secured Note Obligations, any Authorized Representative with respect thereto and, in each case, their successors and permitted assigns. 
 “Intellectual Property” means all intellectual property of every kind and nature now owned or hereafter acquired by any Grantor, including, inventions, designs, Patents, Copyrights,
Trademarks, Patent Licenses, Copyright Licenses, Trademark Licenses, trade secrets, domain names, confidential or proprietary technical and business information, know-how, show-how or other data or information and all related documentation.

 “Intellectual Property Collateral” has the meaning assigned to such term in Section 3.02(g).

 “Intellectual Property Security Agreement” means this Agreement, a Copyright Security Agreement, or any
other security agreement in respect of Intellectual Property in a form reasonably acceptable to the Collateral Agent. 

“Intercreditor Effective Date” shall mean the date on which the First Lien Intercreditor Agreement is first executed and
delivered by the Collateral Agent, the Administrative Agent and the Authorized Representative of the holders of the initial Pari Passu Senior Secured Notes to be issued that constitute Senior Secured Note Obligations hereunder. 

“IP Agreements” means all material Copyright Licenses, Patent Licenses, Trademark Licenses, and all other agreements,
permits, consents, orders and franchises relating to the license, development, use or disclosure of any material Intellectual Property to which a Grantor, now or hereafter, is a party or a beneficiary, including, without limitation, the agreements
set forth on Schedule I hereto. 

  
 -4-

 “Loan Document Obligations” means (a) the due and punctual payment by
the Borrower of (i) the unpaid principal of and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on
the Loans made to the Borrower, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by the Borrower under the Credit Agreement in respect of any
Letter of Credit, when and as due, including payments in respect of reimbursement of disbursements, interest thereon (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless
of whether allowed or allowable in such proceeding) and obligations to provide cash collateral and (iii) all other monetary obligations of the Borrower to any of the Secured Parties under the Credit Agreement and each of the other Loan
Documents (to the extent they are owed to the Guaranteed Parties), including obligations to pay fees, expense and reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise
(including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), (b) the due and punctual performance of all
other obligations of the Borrower under or pursuant to the Credit Agreement and each of the other Loan Documents and (c) the due and punctual payment and performance of all the obligations of each other Loan Party under or pursuant to this
Agreement and each of the other Loan Documents (to the extent they are owed to the Guaranteed Parties). 
 “New York
UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York. 

“Obligations” means (a) the Loan Document Obligations, (b) the due and punctual payment and performance of all
obligations of each Loan Party under each Swap Agreement that (i) was in effect on the Closing Date with a counterparty that was a Lender, an Agent, an Arranger or an Affiliate of a Lender, an Arranger or an Agent as of the Closing Date or
(ii) is entered into after the Closing Date with any counterparty that was or is a Lender, an Agent, an Arranger or an Affiliate of a Lender, an Arranger or an Agent at the time such Swap Agreement is entered into; provided that such
Lender is not a Defaulting Lender at the time such Swap Agreement is entered into, (c) the due and punctual payment and performance of all obligations of the Borrower and any of its Subsidiaries in respect of overdrafts and related liabilities
owed to a Lender, an Arranger or an Agent or any of its Affiliates (or any other person designated by the Borrower as a provider of cash management services and entitled to the benefit of this Agreement) and arising from cash management services
(including treasury, depository, overdraft, credit or debit card, electronic funds transfer, ACH services and other cash management arrangements), and (d) the Senior Secured Note Obligations. Notwithstanding the foregoing,
“Obligations”, with respect to any Guarantor, shall not include any Excluded Swap Obligations of such Guarantor. 

“Patent License” means any written agreement, now or hereafter in effect, granting to any Grantor any right to make, use
or sell any invention covered by a Patent, now or hereafter owned by any third party (including, without limitation, any such rights that such Grantor has the right to license). 

  
 -5-

 “Patents” means all of the following now owned or hereafter acquired by any
Grantor: (a) all letters patent of the United States or the equivalent thereof in any other country or jurisdiction, including those listed on Schedule I, and all applications for letters patent of the United States or the
equivalent thereof in any other country or jurisdiction, including those listed on Schedule I, and (b) all provisionals, reissues, extensions, continuations, divisions, continuations-in- part, reexaminations or revisions thereof,
and the inventions disclosed or claimed therein, including the right to make, use, import and/or sell the inventions disclosed or claimed therein. 
 “Pearl Management Agreement” means any management agreement among Pearl and any manager with respect to the NORWEGIAN PEARL entered into from time to time by Pearl with a technical
manager of the NORWEGIAN PEARL, as such agreement may be amended, restated, supplemented, waived or otherwise modified from time to time. 
 “Perfection Certificate” means the Perfection Certificate with respect to the Grantors substantially in the form of Exhibit B, completed and supplemented with the schedules
and attachments contemplated thereby, and duly executed by a Responsible Officer of the Borrower and each of the Grantors. 

“Secured Parties” means (a) the Lenders (and any provider of cash management services to which any obligation
referred to in clause (c) of the definition of the term “Obligations” is owed), (b) the Arrangers and the Agents, (c) each Issuing Bank, (d) each counterparty to any Swap Agreement entered into with a Loan Party the
obligations under which constitute Obligations, (e) the beneficiaries of each indemnification obligation undertaken by any Loan Party under any Loan Document, (f) the holders of Senior Secured Note Obligations, if any, and any Additional
Authorized Representative with respect thereto, and (g) the successors and permitted assigns of each of the foregoing. 

“Security Interest” has the meaning assigned to such term in Section 3.01. 

“Senior Secured Note Indenture” shall mean any indenture pursuant to which any Grantor has or will incur Senior Secured
Note Obligations; provided that, in each case, the Indebtedness thereunder has been designated as Senior Secured Note Obligations pursuant to and in accordance with Section 6.20. 

“Senior Secured Note Obligations” shall mean all advances to, and debts, liabilities, obligations, covenants and duties
of, any Loan Party arising under a Senior Secured Note Indenture with respect to any Pari Passu Senior Secured Notes issued on or after the date hereof, whether direct or indirect (including those acquired by assumption), absolute or contingent, due
or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party of any proceeding under any bankruptcy or insolvency law naming such person as the debtor in such
proceeding, regardless of whether such interest and fees are allowed claims in such proceeding, in each case, that have been designated as Senior Secured Note Obligations pursuant to and in accordance with Section 6.20. 

  
 -6-

 “Spirit Management Agreement” means the Management Agreement dated
April 5, 2007 (effective July 16, 2004), between NCL (Bahamas) Ltd., as Manager and Spirit with respect to the NORWEGIAN SPIRIT or any other management agreement entered into from time to time by Spirit with a technical manager of the
NORWEGIAN SPIRIT, each as such agreement may be amended, restated, supplemented, waived or otherwise modified from time to time. 
 “Star Management Agreement” means the Management Agreement dated April 5, 2007 (effective April 23, 2004), between NCL (Bahamas) Ltd., as Manager and Star with respect to the
NORWEGIAN STAR or any other management agreement entered into from time to time by Star with a technical manager of the NORWEGIAN STAR, each as such agreement may be amended, restated, supplemented, waived or otherwise modified from time to time.

 “Sun Management Agreement” means the Management Agreement dated April 5, 2007 (effective April 23,
2004), between NCL (Bahamas) Ltd., as Manager and Sun with respect to the NORWEGIAN SUN or any other management agreement entered into from time to time by Sun with a technical manager of the NORWEGIAN SUN, each as such agreement may be amended,
restated, supplemented, waived or otherwise modified from time to time. 
 “Swap Obligation” means, with
respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 

“Trademark License” means any written agreement, now or hereafter in effect, granting to any Grantor any right to use
any Trademark now or hereafter owned by any third party (including, without limitation, any such rights that such Grantor has the right to license). 
 “Trademarks” means all of the following now owned or hereafter acquired by any Grantor: (a) all trademarks, service marks, corporate names, company names, business names, fictitious
business names, trade styles, trade dress, logos, other source or business identifiers, designs and general intangibles of like nature, now existing or hereafter adopted or acquired, all registrations thereof (if any), and all registration and
recording applications filed in connection therewith, including registrations and registration applications in the United States Patent and Trademark Office or any similar offices in any State of the United States or any other country or any
political subdivision thereof (except for “intent-to-use” applications for trademark or service mark registrations filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, unless and until an Amendment to Allege Use or
a Statement of Use under Sections 1(c) and 1(d) of Lanham Act has been filed, to extent that any assignment of an “intent-to-use” application prior to such filing would violate the Lanham Act), and all renewals thereof, including those
listed on Schedule I, and (b) all goodwill associated therewith or symbolized thereby. 
 “Unfunded
Advances/Participations” shall mean (a) with respect to the Administrative Agent, the aggregate amount, if any (i) made available to the Borrower on the assumption that each Lender has made its portion of the applicable Borrowing
available to the Administrative Agent as contemplated by Section 2.06(b) of the Credit Agreement and (ii) with respect to which a corresponding amount shall not in fact have been returned to the Administrative Agent by the Borrower or made
available to the Administrative Agent by any 

  
 -7-

 
such Lender, (b) with respect to the Swingline Lender, the aggregate amount, if any, of participations in respect of any outstanding Swingline Loan that shall not have been funded by the
Revolving Facility Lenders in accordance with Section 2.04(c) of the Credit Agreement and (c) with respect to any Issuing Bank, the aggregate amount, if any, of participations in respect of any outstanding L/C Disbursement that shall not
have been funded by the Revolving Facility Lenders in accordance with paragraphs (d) and (e) of Section 2.05 of the Credit Agreement. 
 ARTICLE II 
 Guarantee 

Section 2.01 Guarantee. Each Grantor unconditionally guarantees, jointly with the other Grantors and severally, to the Collateral
Agent, for the ratable benefit of the Guaranteed Parties, as a primary obligor and not merely as a surety, the due and punctual payment and performance of the Guaranteed Obligations. Each Grantor further agrees that the Guaranteed Obligations may be
extended or renewed, in whole or in part, or amended and modified, without notice to or further assent from it, and that it will remain bound upon its guarantee notwithstanding any extension or renewal, or amendment or modification, of any
Guaranteed Obligation. Each Grantor waives presentment to, demand of payment from and protest to the Borrower or any other Loan Party of any of the Guaranteed Obligations, and also waives notice of acceptance of its guarantee and notice of protest
for nonpayment. 
 Section 2.02 Guarantee of Payment; Continuing Guarantee. Each Grantor further agrees that its
guarantee hereunder constitutes a guarantee of payment when due (whether at the stated maturity, by acceleration or otherwise) and not of collection, and waives any right to require that any resort be had by the Collateral Agent or any other
Guaranteed Party to any security held for the payment of the Guaranteed Obligations or to any balance of any deposit account or credit on the books of the Collateral Agent or any other Guaranteed Party in favor of the Borrower or any other person.
Each Grantor agrees that its Guarantee hereunder is continuing in nature and applies to all of its Guaranteed Obligations, whether currently existing or hereafter incurred. 
 Section 2.03 No Limitations, Etc. 
 (a) Except for termination of a
Grantor’s obligations hereunder as expressly provided for in Section 6.16, the obligations of each Grantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of
waiver, release, surrender, alteration or compromise, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or
otherwise (other than defense of payment or performance). Without limiting the generality of the foregoing, the obligations of each Grantor hereunder, to the fullest extent permitted by applicable law, shall not be discharged or impaired or
otherwise affected by, and each Grantor hereby waives any defense to the enforcement hereof by reason of: 
 (i)
the failure of the Collateral Agent or any other Guaranteed Party to assert any claim or demand or to exercise or enforce any right or remedy under the provisions of any Loan Document or otherwise; 

  
 -8-

 (ii) any rescission, waiver, amendment or modification of, or any release
from any of the terms or provisions of, any Loan Document or any other agreement, including with respect to any other Grantor under this Agreement; 
 (iii) the failure to perfect any security interest in, or the exchange, substitution, release or any impairment of, any security held by the Collateral Agent or any other Guaranteed Party for the
Guaranteed Obligations; 
 (iv) any default, failure or delay, willful or otherwise, in the performance of the
Guaranteed Obligations; 
 (v) any other act or omission that may or might in any manner or to any extent vary
the risk of any Grantor or otherwise operate as a discharge of any Grantor as a matter of law or equity (other than the payment in full in cash or immediately available funds of all the Guaranteed Obligations); 

(vi) any illegality, lack of validity or enforceability of any Guaranteed Obligation; 

(vii) any change in the corporate existence, structure or ownership of the Borrower, or any insolvency, bankruptcy,
reorganization or other similar proceeding affecting the Borrower or its assets or any resulting release or discharge of any Guaranteed Obligation; 
 (viii) the existence of any claim, set-off or other rights that the Grantors may have at any time against the Borrower, the Collateral Agent, or any other corporation or person, whether in connection
herewith or any unrelated transactions, provided that nothing herein will prevent the assertion of any such claim by separate suit or compulsory counterclaim; 

(ix) any action permitted or authorized hereunder; 

(x) this Agreement having been determined (on whatsoever grounds) to be invalid, non-binding or unenforceable against any
other Grantor ab initio or at any time after the Closing Date; 
 (xi) the fact that any Person that,
pursuant to the Loan Documents, was required to become a party hereto may not have executed or not effectually bound by this Agreement, whether or not this fact is known to the Guaranteed Parties; or 

(xii) any other circumstance (including without limitation, any statute of limitations) or any existence of or reliance on
any representation by the Collateral Agent that might otherwise constitute a defense to, or a legal or equitable discharge of, the Borrower or the Grantors or any other guarantor or surety. 

  
 -9-

 Each Grantor expressly authorizes the Guaranteed Parties to take and hold security for the payment and
performance of the Guaranteed Obligations, to exchange, waive or release any or all such security (with or without consideration), to enforce or apply such security and direct the order and manner of any sale thereof in their sole discretion or to
release or substitute any one or more other guarantors or obligors upon or in respect of the Guaranteed Obligations, all without affecting the obligations of any Grantor hereunder. 

(b) To the fullest extent permitted by applicable law, each Grantor waives any defense based on or arising out of any defense of the
Borrower or any other Loan Party or the unenforceability of the Guaranteed Obligations or any part thereof from any cause, or the cessation from any cause of the liability of the Borrower or any other Loan Party, other than the payment in full in
cash or immediately available funds of all the Guaranteed Obligations (other than contingent or unliquidated obligations or liabilities). The Collateral Agent and the other Guaranteed Parties may, at their election, foreclose on any security held by
one or more of them by one or more judicial or nonjudicial sales, accept an assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with the Borrower or any
other Loan Party or exercise any other right or remedy available to them against the Borrower or any other Loan Party, without affecting or impairing in any way the liability of any Grantor hereunder except to the extent the Guaranteed Obligations
(other than contingent or unliquidated obligations or liabilities) have been paid in full in cash or immediately available funds. To the fullest extent permitted by applicable law, each Grantor waives any defense arising out of any such election
even though such election operates, pursuant to applicable law, to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of such Grantor against the Borrower or any other Loan Party, as the case may be, or any
security. 
 Section 2.04 Reinstatement. Each Grantor agrees that its guarantee hereunder shall continue to be effective
or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Guaranteed Obligation is rescinded or must otherwise be restored by the Collateral Agent or any other Guaranteed Party upon the bankruptcy or reorganization of
the Borrower or any other Loan Party or otherwise. 
 Section 2.05 Agreement To Pay; Contribution; Subrogation. In
furtherance of the foregoing and not in limitation of any other right that the Collateral Agent or any other Guaranteed Party has at law or in equity against any Grantor by virtue hereof, upon the failure of the Borrower to pay any Guaranteed
Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Grantor hereby promises to and will forthwith pay, or cause to be paid, to the Collateral Agent for distribution to
the applicable Guaranteed Parties in cash the amount of such unpaid Guaranteed Obligation. Each Grantor hereby unconditionally and irrevocably agrees that in the event any payment shall be required to be made to any Guaranteed Party under this
guarantee or any other guarantee, such Grantor will contribute, to the maximum extent permitted by law, such amounts to each other Grantor and each other guarantor so as to maximize the aggregate amount paid to the Guaranteed Parties under or in
respect of the Loan Documents. Upon payment by any Grantor of any sums to the Collateral Agent as provided above, all rights of such Grantor against the Borrower, any other Loan Party or any other Grantor arising as a result thereof by way of right
of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subject to Article VI. 

  
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 Section 2.06 Information. Each Grantor assumes all responsibility for being and
keeping itself informed of the financial condition and assets of the Borrower and each other Loan Party, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks
that such Grantor assumes and incurs hereunder, and agrees that none of the Collateral Agent or the other Guaranteed Parties will have any duty to advise such Grantor of information known to it or any of them regarding such circumstances or risks.

 Section 2.07 Maximum Liability. Each Grantor, and by its acceptance of this guarantee, the Collateral Agent hereby
confirms that it is the intention of all such persons that this guarantee and the obligations of each Grantor hereunder not constitute a fraudulent transfer or conveyance for purposes of the U.S. Bankruptcy Code or any other federal, state or
foreign bankruptcy, insolvency, receivership or similar law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to this guarantee and the obligations of
each Grantor hereunder. To effectuate the foregoing intention, the Collateral Agent, the Lenders and the Grantors hereby irrevocably agree that the Obligations of each Grantor under this guarantee at any time shall be limited to the maximum amount
as will result in the obligations of such Grantor under this guarantee not constituting a fraudulent transfer or conveyance (after giving effect to the right of contribution established in Section 2.05). 

Section 2.08 Payment Free and Clear of Taxes. Any and all payments by or on account of any obligation of any Grantor hereunder or
under any other Loan Document shall be made free and clear of, and without deduction for, any Indemnified Taxes or Other Taxes on the same terms and to the same extent that payments by the Borrower are required to be made pursuant to the terms of
Section 2.17 of the Credit Agreement. The provisions of Section 2.17 of the Credit Agreement shall apply to each Grantor mutatis mutandis. 
 ARTICLE III 
 Security Interests in Personal Property 

Section 3.01 Security Interest. 
 (a) As security for the payment or performance when due (whether at the stated maturity, by acceleration or otherwise), as the case may be, in full of the Obligations, each Grantor hereby assigns and
pledges to the Collateral Agent, its successors and permitted assigns, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and permitted assigns, for the benefit of the Secured Parties, a security
interest (the “Security Interest”) in all right, title and interest in or to any and all of the following assets and properties now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any
time in the future may acquire any right, title or interest (collectively, the “Collateral”): 

(i) all Accounts; 

  
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 (ii) the Assigned Contracts; 

(iii) all cash and Deposit Accounts; 

(iv) all Chattel Paper; 
 (v) all Documents; 
 (vi) all Equipment; 

(vii) all General Intangibles; 
 (viii) all Instruments; 
 (ix) all Inventory; 

(x) all Investment Property; 
 (xi) all Letter of Credit Rights; 
 (xii) all Commercial Tort
Claims set forth on Schedule 12 to the Perfection Certificate or pursuant to Section 3.04(b); 
 (xiii) all other personal property not otherwise described above (except for property specifically excluded from any defined term used in any of the foregoing clauses); 

(xiv) all books and records pertaining to the Collateral; and 

(xv) to the extent not otherwise included, all proceeds, Supporting Obligations and products of any and all of the
foregoing and all collateral security and guarantees given by any person with respect to any of the foregoing. 
 Notwithstanding anything to
the contrary in this Agreement, this Agreement shall not constitute a grant of a security interest in (a) any vehicle, whether now owned or hereafter acquired, (b) any debt securities for so long as such a pledge of such debt securities
would violate a contractual obligation binding on or relating to such debt securities, (c) any Letter of Credit Rights to the extent any Grantor is required by applicable law to apply the proceeds of a drawing of such Letter of Credit for a
specified purpose, or (d) any Grantor’s right, title or interest in any license, contract or agreement to which such Grantor is a party or any of its right, title or interest thereunder to the extent, but only to the extent, that such a
grant would, under the terms of such license, contract or agreement, result in a breach of the terms of, or constitute a default under, or result in the abandonment, invalidation or unenforceability of, any license, contract or agreement to which
such Grantor is a party (other than to the extent that any such term would be rendered ineffective pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the New York UCC or any other applicable law (including, without limitation, Title 11 of the
United States Code) or principles of equity); provided, that immediately upon the ineffectiveness, lapse or termination of any such provision, the Collateral shall include, and such Grantor shall be deemed to have granted a

  
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security interest in, all such rights and interests as if such provision had never been in effect; (f) assets and any proceeds thereof that are subject to a Lien securing a Capital Lease
Obligation, mortgage financing or purchase money Indebtedness permitted to be incurred pursuant to the provisions of the Credit Agreement to the extent and for so long as the contract or other agreement in which such Lien is granted (or the
documentation providing for such Capital Lease Obligation, mortgage financing or purchase money Indebtedness) validly prohibits the creation of any other Lien on such assets and proceeds; (g) any property of a person existing at the time such
person is acquired or merged with or into or consolidated with any Grantor that is subject to a Lien permitted by Section 6.02(c) of the Credit Agreement to the extent and for so long as the contract or other agreement in which such Lien is
granted validly prohibits the creation of any other Lien on such property; (h) any intent-to-use trademark application to the extent and for so long as creation by a Grantor of a security interest therein would result in the loss by such
Grantor of any material rights therein; (i) any asset if the granting of a security interest therein hereunder would violate any applicable law; and (j) those assets as to which the Collateral Agent shall reasonably determine in writing
that the costs of obtaining such a security interest are excessive in relation to the value of the security interest to be afforded thereby. 
 (b) Each Grantor hereby irrevocably authorizes the Collateral Agent at any time and from time to time to file in any relevant jurisdiction any initial financing statements (including fixture filings) with
respect to the Collateral or any part thereof and amendments thereto that contain the information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction for the filing of any financing statement or amendment, including
(i) whether such Grantor is an organization, the type of organization and any organizational identification number issued to such Grantor, (ii) in the case of a financing statement filed as a fixture filing, a sufficient description of the
real property to which such Collateral relates and (iii) a description of collateral that describes such property in any other manner as the Collateral Agent may reasonably determine is necessary or advisable to ensure the perfection of the
security interest in the Collateral granted under this Agreement, including describing such property as “all assets” or “all property” or words of similar effect. Each Grantor agrees to provide such information to the Collateral
Agent promptly upon request. 
 The Collateral Agent is further authorized to file with the United States Patent and Trademark
Office or United States Copyright Office (or any successor office or any similar office in any other country) such documents as may be reasonably necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting
the Security Interest granted by each Grantor, without the signature of any Grantor, and naming any Grantor or the Grantors as debtors and the Collateral Agent as secured party. 

(c) The Security Interest is granted as security only and shall not subject the Collateral Agent or any other Secured Party to, or in any
way alter or modify, any obligation or liability of any Grantor with respect to or arising out of the Collateral. 
 (d)
Notwithstanding anything to the contrary in this Agreement or the Credit Agreement, none of the Grantors shall be required to enter into any Control Agreement. 
 Section 3.02 Representations and Warranties. The Grantors jointly and severally represent and warrant to the Collateral Agent and the Secured Parties that: 

(a) Each Grantor has good and valid rights in and title to the Collateral with respect to which it has purported to grant
a Security Interest hereunder and has full power and authority to grant to the Collateral Agent the Security Interest in such Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms of this
Agreement, without the consent or approval of any other person other than any consent or approval that has been obtained and is in full force and effect or has otherwise been disclosed herein or in the Credit Agreement or, after the Discharge of
Credit Agreement Obligations, in any Senior Secured Note Indenture or any offering circular related thereto. 

  
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 (b) The Perfection Certificate has been duly prepared, completed and
executed and the information set forth therein, including the exact legal name of each Grantor, is correct and complete, in all material respects, as of the date hereof. The Uniform Commercial Code financing statements (including fixture filings, as
applicable) or other appropriate filings, recordings or registrations containing a description of the Collateral that have been prepared by the Collateral Agent based upon the information provided to the Collateral Agent in the Perfection
Certificate for filing in each governmental, municipal or other office specified in Schedule 6 to the Perfection Certificate (or specified by notice from the Borrower to the Collateral Agent after the date hereof in the case of filings, recordings
or registrations required by Section 5.10 of the Credit Agreement or, after the Discharge of Credit Agreement Obligations, any equivalent provision of any Senior Secured Note Indenture) constitute all the filings, recordings and registrations
(other than filings required to be made in the United States Patent and Trademark Office and the United States Copyright Office in order to perfect the Security Interest in Collateral consisting of United States Patents, United States registered
Trademarks and United States registered Copyrights) that are necessary to publish notice of and protect the validity of and to establish a legal, valid and perfected security interest in favor of the Collateral Agent (for the benefit of the Secured
Parties) in respect of all Collateral in which the Security Interest may be perfected by filing, recording or registration in the United States (or any political subdivision thereof) and its territories and possessions, and no further or subsequent
filing, refiling, recording, rerecording, registration or reregistration is necessary in any such jurisdiction, except as provided under applicable law with respect to the filing of continuation statements or amendments. Each Grantor represents and
warrants that a fully executed Intellectual Property Security Agreement containing a description of all Collateral consisting of Intellectual Property with respect to United States Patents (and Patents for which United States registration
applications are pending), United States registered Trademarks (and Trademarks for which United States registration applications are pending) and United States registered Copyrights (and Copyrights for which United States registration applications
are pending) has been delivered to the Collateral Agent for recording with the United States Patent and Trademark Office and the United States Copyright Office pursuant to 35 U.S.C. § 261, 15 U.S.C. § 1060 or 17 U.S.C. § 205 and the
regulations thereunder, as applicable, and reasonably requested by the Collateral Agent, to protect the validity of and to establish a legal, valid and perfected security interest (subject to exceptions arising from defects in the chain of title,
which defects in the aggregate do not constitute a Material Adverse Effect under the Credit Agreement) in favor of the Collateral Agent, for the benefit of the Secured Parties, in respect of all Collateral

  
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consisting of such Intellectual Property in which a security interest may be perfected by recording with the United States Patent and Trademark Office and the United States Copyright Office, and
no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary (other than such actions as are necessary to perfect the Security Interest with respect to any Collateral consisting of Patents,
Trademarks and Copyrights (or registration or application for registration thereof) acquired or developed after the Closing Date). 
 (c) The Security Interest constitutes (i) a legal and valid security interest in all the Collateral securing the payment and performance of the Obligations, (ii) subject to the filings described
in Section 3.02(b), a perfected security interest in all Collateral in which a security interest may be perfected by filing, recording or registering a financing statement or analogous document in the United States (or any political subdivision
thereof) and its territories and possessions pursuant to the Uniform Commercial Code or other applicable law in such jurisdictions and (iii) a security interest that shall be perfected (subject to exceptions arising from defects in the chain of
title, which defects in the aggregate do not constitute a Material Adverse Effect under the Credit Agreement) in all Collateral in which a security interest may be perfected upon the receipt and recording of the Intellectual Property Security
Agreement with the United States Patent and Trademark Office and the United States Copyright Office, as applicable. The Security Interest is and shall be prior to any other Lien on any of the Collateral other than Permitted Liens (except for any
Permitted Lien described in Section 6.02(c) of the Credit Agreement). 
 (d) The Collateral is owned by the
Grantors free and clear of any Lien, other than Liens that are Permitted Liens and not prohibited by any Senior Secured Note Indenture or Liens arising by operation of law. None of the Grantors has filed or consented to the filing of (i) any
financing statement or analogous document under the Uniform Commercial Code or any other applicable laws covering any Collateral, (ii) any assignment in which any Grantor assigns any Collateral or any security agreement or similar instrument
covering any Collateral with the United States Patent and Trademark Office or the United States Copyright Office or (iii) any assignment in which any Grantor assigns any Collateral or any security agreement or similar instrument covering any
Collateral with any foreign governmental, municipal or other office, which financing statement or analogous document, assignment, security agreement or similar instrument is still in effect, except, in each case, for Liens that are Permitted Liens
and not prohibited by any Senior Secured Note Indenture. 
 (e) None of the Grantors holds any Commercial Tort
Claim individually in excess of $10.0 million as of the date hereof except as indicated on the Perfection Certificate. 
 (f) Except as set forth on the Perfection Certificate, as of the date hereof, all Accounts have been originated by the Grantors and all Inventory has been produced or acquired by the Grantors in the
ordinary course of business. 

  
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 (g) As to itself and its Collateral consisting of Intellectual Property (the
“Intellectual Property Collateral”): 
 (i) The Intellectual Property Collateral set forth on
Schedule I includes all of the material Patents, Trademarks, Copyrights and IP Agreements owned by such Grantor as of the date hereof. 
 (ii) The Intellectual Property Collateral is subsisting and has not been adjudged invalid or unenforceable in whole or part, and to the best of such Grantor’s knowledge, is valid and enforceable,
except as would not reasonably be expected to have a Material Adverse Effect. Such Grantor is not aware of any uses of any item of Intellectual Property Collateral that would be expected to lead to such item becoming invalid or unenforceable, except
as would not reasonably be expected to have a Material Adverse Effect. 
 (iii) Such Grantor has made or
performed all commercially reasonable acts, including without limitation filings, recordings and payment of all required fees and taxes, required to maintain and protect its interest in each and every item of Intellectual Property Collateral in full
force and effect in the United States and such Grantor has used proper statutory notice in connection with its use of each Patent, Trademark and Copyright in the Intellectual Property Collateral, in each case, except to the extent that the failure
to do so would not reasonably be expected to have a Material Adverse Effect. 
 (iv) With respect to each IP
Agreement, the absence, termination or violation of which would reasonably be expected to have a Material Adverse Effect: (A) such Grantor has not received any notice of termination or cancellation under such IP Agreement; (B) such Grantor
has not received any notice of a breach or default under such IP Agreement, which breach or default has not been cured or waived; and (C) neither such Grantor nor any other party to such IP Agreement is in breach or default thereof in any
material respect, and no event has occurred that, with notice or lapse of time or both, would constitute such a breach or default or permit termination, modification or acceleration under such IP Agreement. 

(v) Except as would not reasonably be expected to have a Material Adverse Effect, no Grantor or Intellectual Property
Collateral is subject to any outstanding consent, settlement, decree, order, injunction, judgment or ruling restricting the use of any Intellectual Property Collateral or that would impair the validity or enforceability of such Intellectual Property
Collateral. 
 Section 3.03 Covenants. 
 (a) Each Grantor agrees promptly to notify the Collateral Agent in writing of any change (i) in its corporate or organization name, (ii) in its identity or type of organization or corporate
structure, (iii) in its Federal Taxpayer Identification Number or organizational identification number or (iv) in its jurisdiction of organization. Each Grantor agrees promptly to 

  
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provide the Collateral Agent with certified organizational documents reflecting any of the changes described in the immediately preceding sentence. Each Grantor agrees not to effect or permit any
change referred to in the first sentence of this paragraph (a) unless all filings have been made, or will have been made within any applicable statutory period, under the Uniform Commercial Code or otherwise that are required in order for the
Collateral Agent to continue at all times following such change to have a valid, legal and perfected first priority security interest in all the Collateral, for the benefit of the Secured Parties. Each Grantor agrees promptly to notify the
Collateral Agent if any material portion of the Collateral owned or held by such Grantor is damaged or destroyed. Each Grantor that is a Foreign Subsidiary agrees promptly (and in any event within 30 days thereof) to notify the Collateral Agent in
writing if it establishes any new place of business in the United States. 
 (b) Subject to the rights of such Grantor under the
Loan Documents to dispose of Collateral, each Grantor shall, at its own expense, use commercially reasonable efforts to defend title to the Collateral against all persons and to defend the Security Interest of the Collateral Agent, for the benefit
of the Secured Parties, in the Collateral and the priority thereof against any Lien that is not a Permitted Lien or a Lien prohibited by any Senior Secured Note Indenture. 
 (c) Each Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents and take all such actions as the Collateral Agent may
from time to time reasonably request to better assure, preserve, protect and perfect the Security Interest and the rights and remedies created hereby, including the payment of any fees and taxes required in connection with the execution and delivery
of this Agreement and the granting of the Security Interest and the filing of any financing statements (including fixture filings) or other documents in connection herewith or therewith; provided, that no Grantor shall be required to execute,
acknowledge, deliver or cause to be filed an Intellectual Property Security Agreement solely on account of such Grantor having entered into one or more material IP Agreements (other than exclusive Copyright Licenses). 

Without limiting the generality of the foregoing, each Grantor hereby authorizes the Collateral Agent, with prompt notice thereof to the
Grantors, to supplement this Agreement by supplementing Schedule I or adding additional schedules hereto to specifically identify any asset or item that may constitute material Copyrights, Patents, Trademarks, Copyright Licenses, Patent
Licenses or Trademark Licenses; provided that any Grantor shall have the right, exercisable within 30 days after the Borrower has been notified by the Collateral Agent of the specific identification of such Collateral, to advise the
Collateral Agent in writing of any inaccuracy of the representations and warranties made by such Grantor hereunder with respect to such Collateral. Each Grantor agrees that it will use its commercially reasonable efforts to take such action as shall
be necessary in order that all representations and warranties hereunder shall be true and correct with respect to such Collateral within 30 days after the date it has been notified by the Collateral Agent of the specific identification of such
Collateral. 
 (d) After the occurrence of an Event of Default and during the continuance thereof, the Collateral Agent shall
have the right to verify under reasonable procedures the validity, amount, quality, quantity, value, condition and status of, or any other matter relating to, the Collateral, including, in the case of Accounts or Collateral in the possession of any
third 

  
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person, by contacting Account Debtors or the third person possessing such Collateral for the purpose of making such a verification. The Collateral Agent shall have the right to share any
information it gains from such inspection or verification with any Secured Party. 
 (e) At its option, the Collateral Agent may
discharge past due taxes, assessments, charges, fees, Liens, security interests or other encumbrances at any time levied or placed on the Collateral and not a Permitted Lien or a Lien not prohibited by any Senior Secured Note Indenture, and may pay
for the maintenance and preservation of the Collateral to the extent any Grantor fails to do so as required by the Credit Agreement, this Agreement or any Senior Secured Note Indenture, and each Grantor jointly and severally agrees to reimburse the
Collateral Agent on demand for any reasonable payment made or any reasonable expense incurred by the Collateral Agent pursuant to the foregoing authorization; provided, however, that nothing in this Section 3.03(e) shall be
interpreted as excusing any Grantor from the performance of, or imposing any obligation on the Collateral Agent or any Secured Party to cure or perform, any covenants or other promises of any Grantor with respect to taxes, assessments, charges,
fees, Liens, security interests or other encumbrances and maintenance as set forth herein or in the other Loan Documents. 
 (f)
Each Grantor (rather than the Collateral Agent or any Secured Party) shall remain liable for the observance and performance of all the conditions and obligations to be observed and performed by it under each contract, agreement or instrument
relating to the Collateral and each Grantor jointly and severally agrees to indemnify and hold harmless the Collateral Agent and the Secured Parties from and against any and all liability for such performance. 

(g) None of the Grantors shall make or permit to be made an assignment, pledge or hypothecation of the Collateral or shall grant any
other Lien in respect of the Collateral, except as permitted by the Credit Agreement and not prohibited by any Senior Secured Note Indenture. None of the Grantors shall make or permit to be made any transfer of the Collateral and each Grantor shall
remain at all times in possession of the Collateral owned by it, except as permitted by the Credit Agreement and not prohibited by any Senior Secured Note Indenture. 
 (h) None of the Grantors will, without the Collateral Agent’s prior written consent (which consent shall not be unreasonably withheld), grant any extension of the time of payment of any Accounts
included in the Collateral, compromise, compound or settle the same for less than the full amount thereof, release, wholly or partly, any person liable for the payment thereof or allow any credit or discount whatsoever thereon, other than
extensions, credits, discounts, compromises or settlements granted or made in the ordinary course of business and consistent with prudent business practices or as otherwise permitted under the Credit Agreement and not prohibited by any Senior
Secured Note Indenture. 
 (i) Each Grantor irrevocably makes, constitutes and appoints the Collateral Agent (and all officers,
employees or agents designated by the Collateral Agent) as such Grantor’s true and lawful agent (and attorney-in-fact) for the purpose, during the continuance of an Event of Default, of making, settling and adjusting claims in respect of
Collateral under policies of insurance, endorsing the name of such Grantor on any check, draft, instrument or 

  
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other item of payment for the proceeds of such policies of insurance and for making all determinations and decisions with respect thereto. In the event that any Grantor at any time or times shall
fail to obtain or maintain any of the policies of insurance required hereby or under the Credit Agreement or any Senior Secured Note Indenture or to pay any premium in whole or part relating thereto, the Collateral Agent may, without waiving or
releasing any obligation or liability of the Grantors hereunder or any Event of Default, in its sole discretion, obtain and maintain such policies of insurance and pay such premium and take any other actions with respect thereto as the Collateral
Agent reasonably deems advisable. All sums disbursed by the Collateral Agent in connection with this Section 3.03(i), including reasonable attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable, upon
demand, by the Grantors to the Collateral Agent and shall be additional Obligations secured hereby. 
 Section 3.04 Other
Actions. In order to further ensure the attachment, perfection and priority of, and the ability of the Collateral Agent to enforce, for the ratable benefit of the Secured Parties, the Security Interest in the Collateral, each Grantor agrees, in
each case at such Grantor’s own expense, to take the following actions with respect to the following Collateral: 
 (a) Instruments and Tangible Chattel Paper. If any Grantor shall at any time hold or acquire any Instruments (other than checks received and processed in the ordinary course of business) or
Tangible Chattel Paper evidencing an amount in excess of $25.0 million, such Grantor shall forthwith endorse, assign and deliver the same to the Collateral Agent, accompanied by such instruments of transfer or assignment duly executed in blank as
the Collateral Agent may from time to time reasonably request. 
 (b) Commercial Tort Claims. If any
Grantor shall at any time hold or acquire a Commercial Tort Claim in an amount reasonably estimated to exceed $10.0 million, such Grantor shall promptly notify the Collateral Agent thereof in a writing signed by such Grantor, including a summary
description of such claim, and grant to the Collateral Agent in writing a security interest therein and in the proceeds thereof, all under the terms and provisions of this Agreement, with such writing to be in form and substance reasonably
satisfactory to the Collateral Agent. 
 Section 3.05 Covenants Regarding Patent, Trademark and Copyright Collateral.
Except as permitted by the Credit Agreement and, after the Discharge of Credit Agreement Obligations, not prohibited by any Senior Secured Note Indenture: 
 (a) Each Grantor agrees that it will not knowingly do any act or omit to do any act (and will exercise commercially reasonable efforts to prevent its licensees from doing any act or omitting to do any
act) whereby any Patent that is material to the normal conduct of such Grantor’s business may become prematurely invalidated, abandoned, lapsed or dedicated to the public, and agrees that it shall take commercially reasonable steps with respect
to any material products covered by any such Patent as necessary and sufficient to establish and preserve its rights under applicable patent laws. 
 (b) Each Grantor will, and will use its commercially reasonable efforts to cause its licensees or its sublicensees to, for each material Trademark necessary to the

  
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normal conduct of such Grantor’s business, (i) maintain such Trademark in full force free from any adjudication of abandonment or invalidity for non-use, (ii) maintain the quality
of products and services offered under such Trademark, (iii) display such Trademark with notice of federal or foreign registration or claim of trademark or service mark as required under applicable law and (iv) not knowingly use or
knowingly permit its licensees’ use of such Trademark in violation of any third-party rights. 
 (c) Each
Grantor will, and will use its commercially reasonable efforts to cause its licensees or its sublicensees to, for each work covered by a material Copyright necessary to the normal conduct of such Grantor’s business that it publishes, displays
and distributes, use a copyright notice as necessary and sufficient to establish and preserve its rights under applicable copyright laws. 
 (d) Each Grantor shall notify the Collateral Agent promptly if it knows that any Patent, Trademark or Copyright material to the normal conduct of such Grantor’s business may imminently become
abandoned, lapsed or dedicated to the public, or of any materially adverse determination or development, excluding office actions and similar determinations or developments in the United States Patent and Trademark Office, United States Copyright
Office, any court or any similar office of any country, regarding such Grantor’s ownership of any such material Patent, Trademark or Copyright or its right to register or to maintain the same. 

(e) Each Grantor, either itself or through any agent, employee, licensee or designee, shall (i) inform the Collateral
Agent at the time of the delivery of financial statements pursuant to Section 5.04(a) or Section 5.04(b) of the Credit Agreement of each application by itself, or through any agent, employee, licensee or designee, for any Patent with the
United States Patent and Trademark Office and each registration of any Trademark or Copyright with the United States Patent and Trademark Office, the United States Copyright Office or any comparable office or agency in any other country filed during
the preceding quarterly period, and (ii) upon the reasonable request of the Collateral Agent, execute and deliver any and all agreements, instruments, documents and papers as the Collateral Agent may reasonably request to evidence the Security
Interest in such Patent, Trademark or Copyright. 
 (f) Each Grantor shall exercise its reasonable business
judgment consistent with the practice in any proceeding before the United States Patent and Trademark Office, the United States Copyright Office or any comparable office or agency in any other country with respect to maintaining and pursuing each
application relating to any Patent, Trademark and/or Copyright (and obtaining the relevant grant or registration) material to the normal conduct of such Grantor’s business and to maintain (i) each issued Patent and (ii) the
registrations of each Trademark and each Copyright that is material to the normal conduct of such Grantor’s business, including, when applicable and necessary in such Grantor’s reasonable business judgment, timely filings of applications
for renewal, affidavits of use, affidavits of incontestability and payment of maintenance fees, and, if any Grantor believes necessary in its reasonable business judgment, to initiate opposition, interference and cancellation proceedings against
third parties. 

  
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 (g) In the event that any Grantor knows or has reason to know that any
Collateral consisting of a Patent, Trademark or Copyright material to the normal conduct of its business has been or is about to be materially infringed, misappropriated or diluted by a third party, such Grantor shall promptly notify the Collateral
Agent and shall, if such Grantor deems it necessary in its reasonable business judgment, promptly sue and recover any and all damages, and take such other actions as are reasonably appropriate under the circumstances. 

ARTICLE IV 

Remedies 

Section 4.01 Remedies Upon Default. Upon the occurrence and during the continuance of an Event of Default, each Grantor agrees to
deliver each item of Collateral to the Collateral Agent on demand, and it is agreed that the Collateral Agent shall have the right to take any of or all the following actions at the same or different times: (a) with respect to any Collateral
consisting of Intellectual Property, on demand, to cause the Security Interest to become an assignment, transfer and conveyance of any of or all such Collateral by the applicable Grantors to the Collateral Agent or to license or sublicense, whether
general, special or otherwise, and whether on an exclusive or a nonexclusive basis, any such Collateral throughout the world on such terms and conditions and in such manner as the Collateral Agent shall determine (other than in violation of any
then-existing licensing arrangements to the extent that waivers thereunder cannot be obtained with the use of commercially reasonable efforts, which each Grantor hereby agrees to use) and (b) with or without legal process and with or without
prior notice or demand for performance, to take possession of the Collateral and without liability for trespass to the applicable Grantor to enter any premises where the Collateral may be located for the purpose of taking possession of or removing
the Collateral and, generally, to exercise any and all rights afforded to a secured party under the applicable Uniform Commercial Code or other applicable law. Without limiting the generality of the foregoing, each Grantor agrees that the Collateral
Agent shall have the right, subject to the mandatory requirements of applicable law, to sell or otherwise dispose of all or any part of the Collateral at a public or private sale or at any broker’s board or on any securities exchange, for cash,
upon credit or for future delivery as the Collateral Agent shall deem appropriate. The Collateral Agent shall be authorized in connection with any sale of a security (if it deems it advisable to do so) pursuant to the foregoing to restrict the
prospective bidders or purchasers to persons who represent and agree that they are purchasing such security for their own account, for investment, and not with a view to the distribution or sale thereof. Upon consummation of any such sale of
Collateral pursuant to this Section 4.01 the Collateral Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any such sale shall hold the property sold
absolutely, free from any claim or right on the part of any Grantor, and each Grantor hereby waives and releases (to the extent permitted by law) all rights of redemption, stay, valuation and appraisal that such Grantor now has or may at any time in
the future have under any rule of law or statute now existing or hereafter enacted. 
 The Collateral Agent shall give the
applicable Grantors 10 Business Days’ written notice (which each Grantor agrees is reasonable notice within the meaning of Section 9-611 of the New York UCC or its equivalent in other jurisdictions) of the Collateral Agent’s intention
to 

  
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make any sale of Collateral. Such notice, in the case of a public sale, shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities
exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will first be offered for sale at such board or exchange. Any such public sale shall be held at such time or times
within ordinary business hours and at such place or places as the Collateral Agent may fix and state in the notice (if any) of such sale. At any such sale, the Collateral, or the portion thereof, to be sold may be sold in one lot as an entirety or
in separate parcels, as the Collateral Agent may (in its sole and absolute discretion) determine. The Collateral Agent shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice
of sale of such Collateral shall have been given. The Collateral Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale,
and such sale may, without further notice, be made at the time and place to which the same was so adjourned. In the case of any sale of all or any part of the Collateral made on credit or for future delivery, the Collateral so sold may be retained
by the Collateral Agent until the sale price is paid by the purchaser or purchasers thereof, but the Collateral Agent shall not incur any liability in the event that any such purchaser or purchasers shall fail to take up and pay for the Collateral
so sold and, in the case of any such failure, such Collateral may be sold again upon notice given in accordance with provisions above. At any public (or, to the extent permitted by law, private) sale made pursuant to this Section 4.01, any
Secured Party may bid for or purchase, free (to the extent permitted by law) from any right of redemption, stay, valuation or appraisal on the part of any Grantor (all such rights being also hereby waived and released to the extent permitted by
law), the Collateral or any part thereof offered for sale and may make payment on account thereof by using any claim then due and payable to such Secured Party from any Grantor as a credit against the purchase price, and such Secured Party may, upon
compliance with the terms of sale, hold, retain and dispose of such property in accordance with Section 4.02 hereof without further accountability to any Grantor therefor. For purposes hereof, a written agreement to purchase the Collateral or
any portion thereof shall be treated as a sale thereof; the Collateral Agent shall be free to carry out such sale pursuant to such agreement and no Grantor shall be entitled to the return of the Collateral or any portion thereof subject thereto,
notwithstanding the fact that after the Collateral Agent shall have entered into such an agreement all Events of Default shall have been remedied and the Obligations paid in full. As an alternative to exercising the power of sale herein conferred
upon it, the Collateral Agent may proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or
pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 4.01 shall be deemed to conform to the commercially reasonable standards as provided in Section 9-610(b) of the New York UCC or its
equivalent in other jurisdictions. 
 Section 4.02 Application of Proceeds. The Collateral Agent shall promptly apply the
proceeds, moneys or balances of any collection or sale of Collateral, as well as any Collateral consisting of cash, as follows: 
 FIRST, to the payment of all costs and expenses incurred by the Collateral Agent and each Authorized Representative in connection with such collection or sale or otherwise in connection with this
Agreement, any other Loan Document or under any Senior Secured Note Indenture or any of the Obligations, including without limitation all 

  
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court costs and the fees and expenses of its agents and legal counsel, the repayment of all advances made by the Collateral Agent and each Authorized Representative hereunder, under any other
Loan Document or under any Senior Secured Note Indenture on behalf of any Grantor, any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document or any Senior Secured Note
Indenture, and all other fees, indemnities and other amounts owing or reimbursable to the Collateral Agent and each Authorized Representative under any Loan Document in its capacity as such; 

SECOND, to the payment in full of Unfunded Advances/Participations (the amounts so applied to be distributed between or
among the Administrative Agent, the Collateral Agent, the Swingline Lender and any Issuing Bank pro rata in accordance with the amounts of Unfunded Advances/Participations owed to them on the date of any such distribution); 

THIRD, to the payment in full of all other Obligations (other than Obligations under clauses (b) and (c) of the
definition thereof) (the amounts so applied to be distributed, as provided in the Credit Agreement or the applicable Senior Secured Note Indenture, as the case may be, among the Secured Parties pro rata in accordance with the
respective amounts of the Obligations (other than Obligations under clauses (b) and (c) of the definition thereof) owed to them on the date of any such distribution, which in the case of Letters of Credit, shall be paid by deposit in an
account with the Collateral Agent, in the name of the Collateral Agent and for the benefit of the Issuing Bank and the Lenders, an amount in cash in U.S. Dollars equal to the aggregate L/C Exposure as of such date plus any accrued and unpaid
interest thereon); 
 FOURTH, to the payment in full of all Obligations under clauses (b) and (c) of
the definition thereof (the amounts so applied to be distributed among the Secured Parties pro rata in accordance with the respective amounts of the Obligations under clauses (b) and (c) of the definition thereof owed to them on the date
of any such distribution); and 
 FIFTH, to the Grantors, their successors or assigns, or as a court of competent
jurisdiction may otherwise direct; 
 provided that on and after the Intercreditor Effective Date, such proceeds will be applied as
between the holders of the Senior Secured Note Obligations, on the one hand, and the Credit Agreement Secured Parties, on the other hand, in the order specified in the First Lien Intercreditor Agreement, with the portion thereof allocable to the
Credit Agreement Secured Parties then being applied in the manner set forth above in this Section 4.02. Notwithstanding the foregoing, no amount received from any Guarantor, or from the proceeds of Collateral pledged by such Guarantor, shall be
applied to any Excluded Swap Obligations of such Guarantor. 
 The Collateral Agent shall have absolute discretion as to the
time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the
receipt of the purchase money by the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the 

  
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Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such officer or be
answerable in any way for the misapplication thereof. 
 ARTICLE V 

Indemnity, Subrogation and Subordination 
 Section 5.01 Contribution and Subrogation. Each Grantor (a “Contributing Grantor”) agrees (subject to Section 5.02 hereof) that, in the event a payment shall be made by any
other Grantor hereunder in respect of any Guaranteed Obligation or assets of any other Grantor shall be sold pursuant to any Security Document to satisfy any Guaranteed Obligation owed to any Guaranteed Party and such other Grantor (the
“Claiming Grantor”) shall not have been fully indemnified by the Borrower, the Contributing Grantor shall indemnify the Claiming Grantor in an amount equal to the amount of such payment or the greater of the book value or the fair
market value of such assets, as applicable, in each case multiplied by a fraction of which the numerator shall be the net worth of such Contributing Grantor on the date hereof and the denominator shall be the aggregate net worth of all the Grantors
on the date hereof (or, in the case of any Grantor becoming a party hereto pursuant to Section 6.16 hereof, the date of the supplement hereto executed and delivered by such Grantor). 

Section 5.02 Subordination. 
 (a) Notwithstanding any provision of this Agreement to the contrary, all rights of the Grantors under Section 5.01 hereof and all other rights of indemnity, contribution or subrogation of the
Grantors under applicable law or otherwise shall be fully subordinated to the payment in full in cash or immediately available funds of the Guaranteed Obligations (other than contingent indemnification or reimbursement obligations). No failure on
the part of the Borrower or any Grantor to make the payments required by Sections 5.01 hereof (or any other payments required under applicable law or otherwise) shall in any respect limit the obligations and liabilities of any Grantor with respect
to its obligations hereunder, and each Grantor shall remain liable for the full amount of its obligations hereunder. 
 (b) Each
Grantor hereby agrees that all Indebtedness and other monetary obligations owed by it to any other Grantor shall be fully subordinated to the payment in full in cash or immediately available funds of the Guaranteed Obligations (other than contingent
indemnification or reimbursement obligations). 
 ARTICLE VI  

Miscellaneous 
 Section 6.01 Notices. All communications and notices hereunder shall (except as otherwise permitted herein) be in writing and given as provided in Section 10.01 of the Credit Agreement
(whether or not then in effect). All communications and notices hereunder to any Grantor shall be given to it in care of the Borrower, with such notice to be given as provided in Section 10.01 of the Credit Agreement. All communications and
notices to any holders of 

  
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obligations under any Senior Secured Note Indenture shall be given to such holders at its address set forth in the Additional Secured Party Consent, as such address may be changed by written
notice to the Collateral Agent and each Authorized Representative. 
 Section 6.02 Security Interest Absolute. All rights
of the Collateral Agent hereunder, the Security Interest in the Collateral and all obligations of each Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Credit Agreement, any
other Loan Document, any Senior Secured Note Indenture, any agreement with respect to any of the Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in
any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document, any Senior Secured Note Indenture or any other agreement or instrument,
(c) any exchange, release or non-perfection of any Lien on other collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the Obligations or (d) any other
circumstance that might otherwise constitute a defense available to, or a discharge of, any Grantor in respect of the Obligations or this Agreement (other than a defense of payment or performance). 

Section 6.03 Limitation By Law. All rights, remedies and powers provided in this Agreement may be exercised only to the extent
that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Agreement are intended to be subject to all applicable mandatory provisions of law that may be controlling and to be limited to the extent
necessary so that they shall not render this Agreement invalid, unenforceable, in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable law. 

Section 6.04 Binding Effect; Several Agreement. This Agreement shall become effective as to any party to this Agreement when a
counterpart hereof executed on behalf of such party shall have been delivered to the Collateral Agent and a counterpart hereof shall have been executed on behalf of the Collateral Agent, and thereafter shall be binding upon such party and the
Collateral Agent and their respective permitted successors and assigns, and shall inure to the benefit of such party, the Collateral Agent and the other Secured Parties and their respective permitted successors and assigns, except that no party
shall have the right to assign or transfer its rights or obligations hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be void) except as expressly contemplated by this Agreement, the Credit Agreement
or, after the Discharge of Credit Agreement Obligations, any Senior Secured Note Indenture. This Agreement shall be construed as a separate agreement with respect to each party and may be amended, modified, supplemented, waived or released with
respect to any party without the approval of any other party and without affecting the obligations of any other party hereunder. 
 Section 6.05 Successors and Assigns. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such
party; and all covenants, promises and agreements by or on behalf of any Grantor or the Collateral Agent that are contained in this Agreement shall bind and inure to the benefit of their respective permitted successors and assigns; provided
that no Grantor may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior 

  
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written consent of the Collateral Agent. Until the Intercreditor Effective Date, the Collateral Agent hereunder shall at all times be the same person that is the Collateral Agent under the Credit
Agreement. Written notice of resignation by the Collateral Agent pursuant to the Credit Agreement shall also constitute notice of resignation as the Collateral Agent under this Agreement. Upon the acceptance of any appointment as the Collateral
Agent under the Credit Agreement by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent pursuant hereto.

 Section 6.06 Collateral Agent’s Fees and Expenses; Indemnification. 

(a) The parties hereto agree that the Collateral Agent shall be entitled to reimbursement of its expenses incurred hereunder as provided
in Section 10.05 of the Credit Agreement and the equivalent provision of any Senior Secured Note Indenture. 
 (b) Without
limitation of its indemnification obligations under the Loan Documents or any Senior Secured Note Indenture, each Grantor jointly and severally agrees to indemnify the Collateral Agent and the other Indemnitees (as defined in Section 10.05 of
the Credit Agreement or as such equivalent term is defined in any Senior Secured Note Indenture) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel
fees, charges and disbursements, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of, (i) the execution, delivery or performance of this Agreement, any other Loan Document or any Senior Secured
Note Indenture or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto and thereto of their respective obligations thereunder or the consummation of the Transactions and other transactions contemplated
hereby, (ii) the use of proceeds of the Loans or the use of any Letter of Credit or (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, or to the Collateral, whether or not any Indemnitee is a party
thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and
nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. 
 (c) Any such
amounts payable as provided hereunder shall be additional Obligations secured hereby and by the other Security Documents. The provisions of this Section 6.06 shall remain operative and in full force and effect regardless of the termination of
this Agreement, any other Loan Document or any Senior Secured Note Indenture, the consummation of the transactions contemplated hereby, the repayment of any of the Obligations, the invalidity or unenforceability of any term or provision of this
Agreement, any other Loan Document or any Senior Secured Note Indenture, or any investigation made by or on behalf of the Collateral Agent or any other Secured Party. All amounts due under this Section 6.06 shall be payable on written demand
therefor. 
 Section 6.07 Collateral Agent Appointed Attorney-in-Fact. 

(a) Each Grantor hereby appoints the Collateral Agent the attorney-in-fact of such Grantor for the purpose of carrying out the provisions
of this Agreement and taking any 

  
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action and executing any instrument that the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof, which appointment is irrevocable and coupled with an interest. The
Collateral Agent shall have the right, upon the occurrence and during the continuance of an Event of Default, with full power of substitution either in the Collateral Agent’s name or in the name of such Grantor, (i) to receive, endorse,
assign or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral or any part thereof, (ii) to demand, collect, receive payment of, give receipt for and give discharges and
releases of all or any of the Collateral; (iii) to ask for, demand, sue for, collect, receive and give acquittance for any and all moneys due or to become due under and by virtue of any Collateral; (iv) to sign the name of any Grantor on
any invoice or bill of lading relating to any of the Collateral; (v) to send verifications of Accounts to any Account Debtor; (vi) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any court of
competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral; (vii) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to
all or any of the Collateral; (viii) to notify, or to require any Grantor to notify, Account Debtors to make payment directly to the Collateral Agent; and (ix) to use, sell, assign, transfer, pledge, make any agreement with respect to or
otherwise deal with all or any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as fully and completely as though the Collateral Agent were the absolute owner of the Collateral for all
purposes; provided, that nothing herein contained shall be construed as requiring or obligating the Collateral Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Collateral
Agent, or to present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby. The Collateral Agent and the other
Secured Parties shall be accountable only for amounts actually received as a result of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be responsible to any Grantor for any
act or failure to act hereunder, except for their own gross negligence or willful misconduct. 
 Section 6.08 Authority of
Collateral Agent. Each Grantor acknowledges that the rights and responsibilities of the Collateral Agent under this Agreement with respect to any action taken by the Collateral Agent or the exercise or non-exercise by the Collateral Agent of any
option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Collateral Agent and the Secured Parties, be governed (x) until the Intercreditor Effective
Date, by the Credit Agreement and (y) on and after the Intercreditor Effective Date, the First Lien Intercreditor Agreement, and by such other agreements with respect thereto as may exist from time to time among them, but, as between the
Collateral Agent and the Grantors, the Collateral Agent shall be conclusively presumed to be acting as agent for the applicable Secured Parties with full and valid authority so to act or refrain from acting, and no Grantor shall be under any
obligation, or entitlement, to make any inquiry respecting such authority. 
 Section 6.09 GOVERNING LAW. THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

  
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 Section 6.10 Waivers; Amendment. 

(a) No failure or delay by the Collateral Agent, any Issuing Bank or any other Secured Party in exercising any right, power or remedy
hereunder, under any other Loan Document or under any Senior Secured Note Indenture, as applicable, shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy, or any abandonment or discontinuance
of steps to enforce such a right, power or remedy, preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The rights, powers and remedies of the Collateral Agent, any Issuing Bank and the other Secured
Parties hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights, powers or remedies that they would otherwise have. No waiver of any provision of this Agreement or any Senior Secured Note Indenture or consent
to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 6.10, and then such waiver or consent shall be effective only in the specific instance and for
the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan, the issuance of a Letter of Credit or the incurrence of any Senior Secured Note Obligation shall not be construed as a waiver of any Default or
Event of Default, regardless of whether the Collateral Agent, any Issuing Bank or any other Secured Party may have had notice or knowledge of such Default or Event of Default at the time. No notice or demand on any Loan Party in any case shall
entitle any Loan Party to any other or further notice or demand in similar or other circumstances. 
 (b) Neither this Agreement
nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Collateral Agent and the Loan Party or Loan Parties with respect to which such waiver, amendment or modification
is to apply, subject to any consent required in accordance with Section 10.08 of the Credit Agreement and, after the Intercreditor Effective Date, subject to any consent required by (and in accordance with) the applicable Additional Agreement
(as defined in the First Lien Intercreditor Agreement), or as otherwise provided in the First Lien Intercreditor Agreement. 

Section 6.11 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, ANY OTHER LOAN DOCUMENTS OR ANY SENIOR SECURED NOTE INDENTURE. EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.11. 
 Section 6.12 Severability. In the event any one or more of the provisions contained in this Agreement, in any other Loan Document or in any Senior Secured Note

  
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Indenture should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way
be affected or impaired thereby. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid,
illegal or unenforceable provisions. 
 Section 6.13 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall constitute an original but all of which when taken together shall constitute but one contract, and shall become effective as provided in Section 6.04 hereof. Delivery of an executed counterpart to this
Agreement by facsimile transmission shall be as effective as delivery of a manually signed original. 
 Section 6.14
Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting,
this Agreement. 
 Section 6.15 Jurisdiction; Consent to Service of Process. 

(a) Each party to this Agreement hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive
jurisdiction of any New York State court or federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, any other Loan
Documents or any Senior Secured Note Indenture, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard
and determined in such New York State or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any Senior Secured Note Indenture shall affect any right that the Collateral Agent, any Issuing Bank, any Lender or any Secured Party may otherwise have to
bring any action or proceeding relating to this Agreement, any other Loan Document or any Senior Secured Note Indenture against any Grantor, or its properties, in the courts of any jurisdiction. 

(b) Each party to this Agreement hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do
so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement, any other Loan Document or any Senior Secured Note Indenture in any New York State or federal
court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

Section 6.16 Termination or Release. 
 (a) Subject to any applicable terms of the First Lien Intercreditor Agreement on and after the Intercreditor Effective Date, this Agreement, the guarantees made herein, the

  
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pledges made herein, the Security Interest and all other security interests granted hereby shall terminate when all the Loan Document Obligations and Senior Secured Note Obligations (in each
case, other than contingent or unliquidated obligations or liabilities) have been paid in full in cash or immediately available funds and the Lenders have no further commitment to lend under the Credit Agreement, the Revolving L/C Exposure has been
reduced to zero and each Issuing Bank has no further obligations to issue Letters of Credit under the Credit Agreement. 
 (b)
Subject to any applicable terms of the First Lien Intercreditor Agreement on and after the Intercreditor Effective Date, a Grantor shall automatically be released from its obligations hereunder and the security interests in the Collateral of such
Grantor shall be automatically released upon the consummation of any transaction permitted by the Credit Agreement and not prohibited by any Senior Secured Note Indenture as a result of which such Grantor ceases to be a Subsidiary of the Borrower or
otherwise ceases to be a Grantor; provided that the Required Lenders shall have consented to such transaction (to the extent such consent is required by the Credit Agreement) and the terms of such consent did not provide otherwise.

 (c) Subject to any applicable terms of the First Lien Intercreditor Agreement on and after the Intercreditor Effective Date,
the Security Interest in any Collateral shall automatically be released (i) upon any sale or other transfer by any Grantor of any Collateral that is permitted under the Credit Agreement and not prohibited under any Senior Secured Note Indenture
to any person that is not a Grantor, (ii) upon the effectiveness of any written consent to the release of the security interest granted hereby in such Collateral pursuant to Section 10.08 of the Credit Agreement and, after the Discharge of
Credit Agreement Obligations, any equivalent provision of any Senior Secured Note Indenture (in each case, to the extent required) and (iii) as otherwise may be provided in the First Lien Intercreditor Agreement. 

(d) Solely with respect to any Senior Secured Note Obligations, a Grantor shall automatically be released from its obligations hereunder
with respect to such Senior Secured Note Obligations and/or the security interests in any Collateral shall in each case be automatically released with respect to such Senior Secured Note Obligations upon the occurrence of any of the circumstances
set forth in the section governing release of collateral in any Senior Secured Note Indenture governing such Senior Secured Note Obligations without delivery of any instrument or performance of any act by any party, and all rights to the Collateral
shall revert to any applicable Grantor. 
 (e) If any Collateral shall become subject to the release provisions set forth in
Section 2.04 of the First Lien Intercreditor Agreement, the Lien created hereunder on such Collateral shall be automatically released to the extent (and only to the extent) provided therein. 

(f) In connection with any termination or release pursuant to paragraph (a), (b), (c), (d) or (e) of this Section 6.16,
the Collateral Agent shall execute and deliver to any Grantor, at such Grantor’s, expense all documents that such Grantor shall reasonably request to evidence such termination or release (including, without limitation, UCC termination
statements); provided, that the Collateral Agent shall not be required to take any action under this Section 6.16(f) unless such Grantor shall have delivered to the Collateral Agent together with such request, which may be incorporated
into such request, (i) a reasonably detailed description of the Collateral, which in any event shall be sufficient to effect the appropriate termination or 

  
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release without affecting any other Collateral, and (ii) a certificate of a Responsible Officer of the Borrower or such Grantor certifying that the transaction giving rise to such
termination or release is permitted by the Credit Agreement and not prohibited by any Senior Secured Note Indenture and was consummated in compliance with the Loan Documents and any Senior Secured Note Indenture. Any execution and delivery of
documents pursuant to this Section 6.16 shall be without recourse to or warranty by the Collateral Agent. 
 Section 6.17
Additional Subsidiaries. Upon execution and delivery by the Collateral Agent and any Subsidiary that is required to become a party hereto by Section 5.10 of the Credit Agreement or by any Senior Secured Note Indenture, of an instrument
in the form of Exhibit A hereto such subsidiary shall become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery of any such instrument shall not require the consent
of any other party to this Agreement. The rights and obligations of each party to this Agreement shall remain in full force and effect notwithstanding the addition of any new party to this Agreement. 

Section 6.18 Right of Set-off. If an Event of Default shall have occurred and be continuing, the Collateral Agent, each Lender,
each Issuing Bank and each other Secured Party is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set-off and apply any and all deposits (general or special, time or demand, provisional or final) at
any time held and other indebtedness at any time owing by the Collateral Agent, such Lender or such Issuing Bank to or for the credit or the account of any party to this Agreement against any of and all the obligations of such party now or hereafter
existing under this Agreement or any Senior Secured Note Indenture owed to the Collateral Agent, such Lender, such Issuing Bank or such other Secured Party, irrespective of whether or not the Collateral Agent, such Lender, such Issuing Bank or such
other Secured Party shall have made any demand under this Agreement or any Senior Secured Note Indenture and although such obligations may be unmatured; provided that, on and after the Intercreditor Effective Date, such amounts will be
subject to the First Lien Intercreditor Agreement. The rights of the Collateral Agent, each Lender, each Issuing Bank and each other Secured Party under this Section 6.18 are in addition to other rights and remedies (including other rights of
set-off) that the Collateral Agent, such Lender, such Issuing Bank or such Secured Party may have. 
 Section 6.19 Subject to
First Lien Intercreditor Agreement. Notwithstanding anything herein to the contrary, on and after the Intercreditor Effective Date (i) the liens and security interests granted to the Collateral Agent pursuant to this Agreement are expressly
subject to the First Lien Intercreditor Agreement and (ii) the exercise of any right or remedy by the Collateral Agent hereunder is subject to the limitations and provisions of the First Lien Intercreditor Agreement. In the event of any
conflict between the terms of the First Lien Intercreditor Agreement and the terms of this Agreement, the terms of the First Lien Intercreditor Agreement shall govern. Nothing herein is intended, or shall be construed, to give any Loan Party any
additional right, remedy or claim under, to or in respect of this Agreement or any Collateral. 
 Section 6.20 Senior Secured
Note Obligations. On or after the date hereof and so long as permitted by the Credit Agreement and not prohibited by any Senior Secured Note Indenture then outstanding, the Borrower may from time to time designate Indebtedness at the 

  
 -31-

 
time of incurrence to be secured on a pari passu basis with the Obligations as Senior Secured Note Obligations hereunder by delivering to the Collateral Agent and each Authorized Representative
(a) a certificate signed by an Authorized Officer of the Borrower (i) identifying the obligations so designated and the initial aggregate principal amount or face amount thereof, (ii) stating that such obligations are designated as
Senior Secured Note Obligations for purposes hereof, (iii) representing that such designation of such obligations as Senior Secured Note Obligations complies with the terms of this Agreement, the Credit Agreement and any Senior Secured Note
Indenture then outstanding and (iv) specifying the name and address of the Authorized Representative for such obligations, (b) a fully executed Additional Secured Party Consent (in the form attached as Exhibit C) and
(c) if the Intercreditor Effective Date has not yet occurred, a fully executed First Lien Intercreditor Agreement. Each Authorized Representative agrees that upon the satisfaction of all conditions set forth in the preceding sentence, the
Collateral Agent shall act as collateral agent under and subject to the terms of the Security Documents for the benefit of all Secured Parties, including without limitation, any Secured Parties that hold any such Senior Secured Note Obligations, and
each Authorized Representative agrees to the appointment, and acceptance of the appointment, of the Collateral Agent as collateral agent for the holders of such Senior Secured Note Obligations as set forth in each Additional Secured Party Consent
and agrees, on behalf of itself and each Secured Party it represents, to be bound by this Agreement and the First Lien Intercreditor Agreement. 
 Section 6.21 Collateral Agent. Immediately upon the occurrence of the Discharge of Credit Agreement Obligations (as defined in the First Lien Intercreditor Agreement), the Additional Authorized
Representative (and, if there shall be more than one Additional Authorized Representative at such time, then the Additional Authorized Representative in respect of the greatest outstanding amount of Senior Secured Note Obligations at such time)
shall be deemed the Collateral Agent for all purposes under this Agreement. The Collateral Agent shall do all things necessary or reasonably requested by such Additional Authorized Representative to vest in such Additional Authorized
Representative the right granted to the Collateral Agent hereunder with respect to the Collateral including (i) the filing of amended financing statements in the appropriate filing offices, (ii) to the extent that the Collateral Agent
holds, or a third party holds on its behalf, physical possession of or “control” (as defined in the Uniform Commercial Code) (or any similar concept under foreign law) over Collateral pursuant to this Agreement or any other Security
Document, the delivery, to such Additional Authorized Representative the Collateral in its possession or control together with any necessary endorsements to the extent required by this Agreement and (iii) the execution and delivery of any
further documents, financing statements or agreements and the taking of all such further action that may be required under any applicable law, or that the Additional Authorized Representative may reasonably request, all without recourse to, or
representation or warranty by, the Collateral Agent, and at the sole cost and expense of the Loan Parties. 
 [Signature Pages
Follow] 

  
 -32-

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

					
	NORWEGIAN GEM, LTD.
	NORWEGIAN PEARL, LTD.
	NORWEGIAN SPIRIT, LTD.
	NORWEGIAN SUN LIMITED
		
	By:	 	  

		 	Name:	 	Daniel S. Farkas
		 	Title:	 	Senior Vice President, General
		 		 	Counsel & Secretary
	
	NORWEGIAN DAWN LIMITED
	NORWEGIAN STAR LIMITED
		
	By:	 	  

		 	Name:	 	Daniel S. Farkas
		 	Title:	 	Director

 [Signature page to Guarantee and Collateral Agreement] 

 
			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature
page to Guarantee and Collateral Agreement] 

 Schedule I 
 to the Guarantee and 
 Collateral Agreement 

INTELLECTUAL PROPERTY 

PATENTS 
  

			
	 Title
	 	 Provisional Application #/ Filing Date

		 	
		 	

 TRADEMARKS 
  

							
	 Owner
	 	 Trademark/ Service
Mark Name
	 	 Registration Number
	  	 Registration Date

		 		 		  	
		 		 		  	
		 		 		  	

 COPYRIGHTS 
  

									
	 Claimant
	 	 Registration
Number
	 	 Registration
Date
	  	 Title
	  	 Description

		 		 		  		  	
		 		 		  		  	
		 		 		  		  	

 IP AGREEMENTS 
 [                    ]. 

  
 Sch. 1

 EXHIBIT A 
 to the Guarantee and 
 Collateral Agreement 

SUPPLEMENT NO.      dated as of
                    (this “Supplement”), to the Guarantee and Collateral Agreement dated and effective as of May 24, 2013 (as
amended, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement”), among NORWEGIAN DAWN LIMITED, a company incorporated under the laws of Isle of Man (“Dawn”); NORWEGIAN GEM,
LTD., a company incorporated under the laws of Bermuda (“Gem”); NORWEGIAN PEARL, LTD., a company incorporated under the laws of Bermuda (“Pearl”); NORWEGIAN SPIRIT, LTD., a company incorporated under the laws of
Bermuda (“Spirit”); NORWEGIAN STAR LIMITED, a company incorporated under the laws of Isle of Man (“Star”); NORWEGIAN SUN LIMITED, a company incorporated under the laws of Bermuda (“Sun”, and
together with Dawn, Gem, Pearl, Spirit, Star and Sun, collectively, the “Grantors”); and DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent (in such capacity, the “Collateral Agent”) for the Secured Parties
(as defined therein). 
 A. Reference is made to the Credit Agreement dated as of May 24, 2013 (the “Credit
Agreement”), among NCL CORPORATION LTD., a company incorporated under the laws of Bermuda (“NCL” or “Borrower”), the LENDERS party thereto from time to time, DEUTSCHE BANK TRUST COMPANY AMERICAS, as
administrative agent and the Collateral Agent and certain other parties thereto. 
 B. Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement and the Guarantee and Collateral Agreement referred to therein. 
 C. The Grantors have entered into the Guarantee and Collateral Agreement. Section 6.17 of the Guarantee and Collateral Agreement provides that additional Subsidiaries may become Grantors under the
Guarantee and Collateral Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary (the “New Subsidiary”) is executing this Supplement in accordance with the requirements of the
Credit Agreement and the Senior Secured Note Indenture to become a Grantor under the Guarantee and Collateral Agreement and a Subsidiary Party under the Senior Secured Note Indenture in order to induce the Lenders to make additional Loans and each
Issuing Bank to issue additional Letters of Credit and as consideration for Loans previously made, Letters of Credit previously issued and Senior Secured Notes previously issued. 

Accordingly, the Collateral Agent and the New Subsidiary agree as follows: 

Section 1. In accordance with Section 6.17 of the Guarantee and Collateral Agreement, the New Subsidiary by its signature below
becomes a Grantor under the Guarantee and Collateral Agreement with the same force and effect as if originally named therein as a Grantor and the New Subsidiary hereby (a) agrees to all the terms and provisions of the Guarantee and Collateral
Agreement applicable to it as a Grantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Grantor thereunder are true 

  
 A-1

 
and correct, in all material respects, on and as of the date hereof. In furtherance of the foregoing, the New Subsidiary, as security for the payment and performance in full of the Obligations
(as defined in the Guarantee and Collateral Agreement), does hereby create and grant to the Collateral Agent, for the benefit of the Secured Parties, a security interest in and Lien on all the New Subsidiary’s right, title and interest in and
to the Collateral (as defined in the Guarantee and Collateral Agreement) of the New Subsidiary. Each reference to a “Grantor” in the Guarantee and Collateral Agreement shall be deemed to include the New Subsidiary. The Guarantee and
Collateral Agreement is hereby incorporated herein by reference. 
 Section 2. The New Subsidiary represents and warrants
to the Collateral Agent and the other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject
to (i) the effects of bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or other similar laws affecting creditors’ rights generally, (ii) general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law) and (iii) implied covenants of good faith and fair dealing. 

Section 3. This Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which
when taken together shall constitute but one contract. This Supplement shall become effective when (a) the Collateral Agent shall have received a counterpart of this Supplement that bears the signature of the New Subsidiary and (b) the
Collateral Agent has executed a counterpart hereof. 
 Section 4. The New Subsidiary hereby represents and warrants that
(a) set forth on Schedule I attached hereto is a true and correct schedule of the location of any and all Collateral of the New Subsidiary and a listing of instruments, chattel paper and commercial tort claims in excess of $10.0
million and Intellectual Property Collateral and (b) set forth under its signature hereto, is the true and correct legal name of the New Subsidiary, its jurisdiction of formation and the location of its chief executive office. 

Section 5. Except as expressly supplemented hereby, the Guarantee and Collateral Agreement shall remain in full force and effect.

 Section 6. THIS SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS SUPPLEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 Section 7. In the event any one or more of the
provisions contained in this Supplement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Guarantee and Collateral Agreement shall not
in any way be affected or impaired thereby. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of
the invalid, illegal or unenforceable provisions. 

  
 A-2

 Section 8. All communications and notices hereunder shall be in writing and given as
provided in Section 6.01 of the Guarantee and Collateral Agreement and the notice section of the Senior Secured Note Indenture. 
 Section 9. The New Subsidiary agrees to reimburse the Collateral Agent for its reasonable documented out-of-pocket expenses in connection with this Supplement, including the reasonable fees,
disbursements and other charges of counsel for the Collateral Agent. 

  
 A-3

 IN WITNESS WHEREOF, the New Subsidiary and the Collateral Agent have duly executed this
Supplement to the Guarantee and Collateral Agreement as of the day and year first above written. 
  

			
	[Name of New Subsidiary]
		
	By:	 	  

		 	Name:
		 	Title:
	
	Legal Name:
	
	Jurisdiction of Formation:
	
	Location of Chief Executive
Office:1
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  

	1 	 Non-U.S. grantor should specify any places of business in the U.S. 

  
 A-4

 Schedule I  

to Supplement No.      
 to the Guarantee and 
 Collateral Agreement 

LOCATION OF COLLATERAL 
  

			
	 Description
	  	 Location

		  	
		  	

 INSTRUMENTS AND CHATTEL PAPER 

COMMERCIAL TORT CLAIMS 
 INTELLECTUAL PROPERTY COLLATERAL 

  
 A-5

 EXHIBIT B 
 to the Guarantee and 
 Collateral Agreement 

FORM OF PERFECTION CERTIFICATE 
 See attached. 

  
 B-1

 EXHIBIT C 
 to the Guarantee and 
 Collateral Agreement 

[Form of] 

ADDITIONAL SECURED PARTY CONSENT 
 [Name of Secured Party] 
 [Address of Secured Party] 

[Date] 
  

			
	  
	  	
	  
	  	
	  
	  	

 The undersigned is the Authorized Representative for persons wishing to become Secured Parties (the
“New Secured Parties”) under the Guarantee and Collateral Agreement dated as of May 24, 2013 (as amended, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement”), among
NORWEGIAN DAWN LIMITED, a company incorporated under the laws of Isle of Man; NORWEGIAN GEM, LTD., a company incorporated under the laws of Bermuda; NORWEGIAN PEARL, LTD., a company incorporated under the laws of Bermuda; NORWEGIAN SPIRIT, LTD., a
company incorporated under the laws of Bermuda; NORWEGIAN STAR LIMITED, a company incorporated under the laws of Isle of Man; NORWEGIAN SUN LIMITED, a company incorporated under the laws of Bermuda; and DEUTSCHE BANK TRUST COMPANY AMERICAS, as
Collateral Agent for the Secured Parties (as defined therein). Capitalized terms in this Agreement but not otherwise defined herein have the meanings set forth in the Guarantee and Collateral Agreement 

In consideration of the foregoing, the undersigned hereby: 

(a) represents that the Authorized Representative has been duly authorized by the New Secured Parties to become a party to
the Guarantee and Collateral Agreement on behalf of the New Secured Parties under that [DESCRIBE OPERATIVE AGREEMENT] (the “New Secured Obligations”) and to act as the Authorized Representative for the New Secured Parties;

 (b) acknowledges that the New Secured Parties have received a copy of the Guarantee and Collateral Agreement
and the First Lien Intercreditor Agreement; 
 (c) appoints and authorizes the Collateral Agent to take such
action as agent on its behalf and on behalf of all other Secured Parties and to exercise such powers under the Guarantee and Collateral Agreement and First Lien Intercreditor Agreement as are delegated to the Collateral Agent by the terms thereof,
together with all such powers as are reasonably incidental thereto; and 

  
 C-1

 (d) accepts and acknowledges the terms of the First Lien Intercreditor
Agreement applicable to it and the New Secured Parties and agrees to serve as Authorized Representative for the New Secured Parties with respect to the New Secured Obligations and agrees on its own behalf and on behalf of the New Secured Parties to
be bound by the terms thereof applicable to holders of Senior Secured Note Obligations, with all the rights and obligations of a Secured Party thereunder and bound by all the provisions thereof as fully as if it had been a Secured Party on the
Intercreditor Effective Date and agrees that its address for receiving notices pursuant to the Security Documents (as defined in the First Lien Intercreditor Agreement) shall be as follows: 

[Address] 

The Collateral Agent, by acknowledging and agreeing to this Additional Secured Party Consent, accepts the appointment set forth in clause
(iii) above. 
 THIS ADDITIONAL SECURED PARTY CONSENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

  
 C-2

 IN WITNESS WHEREOF, the undersigned has caused this Additional Secured Party Consent to be
duly executed by its authorized officer as of the             day of 20    . 

 

			
	[NAME OF AUTHORIZED REPRESENTATIVE]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Acknowledged and Agreed:
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 C-3

 EXHIBIT D 
 to the Guarantee and 
 Collateral Agreement 

COPYRIGHT SECURITY AGREEMENT 
 (Copyrights, Copyright Registrations, Copyright Applications 
 and
Copyright Licenses) 
 COPYRIGHT SECURITY AGREEMENT dated as of
            ,         , between [NAME OF GRANTOR], a
                     corporation2 (the “Grantor”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent. 

WHEREAS, Grantor owns, or in the case of Copyright Licenses is a party to, the Copyright Collateral (as defined below); 

WHEREAS, NCL CORPORATION LTD., company incorporated under the laws of Bermuda (“NCL” or “Borrower”),
the LENDERS party thereto, and DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent, are parties to a Credit Agreement dated as of May 24, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”); and 
 WHEREAS, pursuant to (i) a Guarantee and Collateral Agreement dated as of
May 24, 2013 (as amended and/or supplemented from time to time, the “Guarantee and Collateral Agreement”) among NORWEGIAN DAWN LIMITED, a company incorporated under the laws of Isle of Man; NORWEGIAN GEM, LTD., a company
incorporated under the laws of Bermuda; NORWEGIAN PEARL, LTD., a company incorporated under the laws of Bermuda; NORWEGIAN SPIRIT, LTD., a company incorporated under the laws of Bermuda; NORWEGIAN STAR LIMITED, a company incorporated under the laws
of Isle of Man; NORWEGIAN SUN LIMITED, a company incorporated under the laws of Bermuda; and DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent for the Secured Parties referred to therein (in such capacity, together with its successors in
such capacity, the “Grantee”) and (ii) certain other Security Documents (including this Copyright Security Agreement), the Grantor has guaranteed certain obligations of the Borrower and secured such guarantee (the
“Grantor’s Secured Guarantee”) by granting to the Grantee for the benefit of such Secured Parties a continuing security interest in personal property of the Grantor, including all right, title and interest of the Grantor in, to
and under the Copyright Collateral (as defined below); 
 NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, subject to and upon the terms and conditions contained in the Guarantee and Collateral Agreement, the Grantor hereby grants to the Grantee, to secure the [Obligations] [Grantor’s Secured Guarantee],
a continuing security interest in all of 
  

	2 	 Modify as needed if the Grantor is not a corporation. 

  
 D-1

 
the Grantor’s right, title and interest in, to and under the following (all of the following items or types of property being herein collectively referred to as the “Copyright
Collateral”), whether now owned or existing or hereafter acquired or arising: 
 (i) each Copyright,
including, without limitation, each Copyright registration or application therefor referred to in Schedule 1 hereto; 
 (ii) each Copyright License, including, without limitation, each Copyright License identified in Schedule 1 hereto; and 

(iii) all proceeds of, revenues from, and accounts and general intangibles arising out of, the foregoing, including,
without limitation, all proceeds of and revenues from any claim by the Grantor against third parties for past, present or future infringement of any Copyright (including, without limitation, any Copyright owned by the Grantor and identified in
Schedule 1), and all rights and benefits of the Grantor under any Copyright License (including, without limitation, any Copyright License identified in Schedule 1). 

The Grantor irrevocably constitutes and appoints the Grantee and any officer or agent thereof, with full power of substitution, as its
true and lawful attorney in fact with full power and authority in the name of the Grantor or in the Grantee’s name, from time to time, in the Grantee’s discretion, so long as any Event of Default shall have occurred and be continuing, to
take with respect to the Copyright Collateral any and all appropriate action which the Grantor might take with respect to the Copyright Collateral and to execute any and all documents and instruments which may be necessary or desirable to carry out
the terms of this Copyright Security Agreement and to accomplish the purposes hereof. 
 Except to the extent not prohibited by
the Guarantee and Collateral Agreement or the Credit Agreement, the Grantor agrees not to sell, license, exchange, assign or otherwise transfer or dispose of, or grant any rights with respect to, or mortgage or otherwise encumber, any of the
Copyright Collateral. 
 The foregoing security interest is granted in conjunction with the security interests granted by the
Grantor to the Grantee pursuant to the Guarantee and Collateral Agreement. Terms defined in the Guarantee and Collateral Agreement (or whose definitions are incorporated by reference in Section 1 of the Guarantee and Collateral Agreement) and
not otherwise defined herein have, as used herein, the respective meanings provided for therein. The Grantor acknowledges and affirms that the rights and remedies of the Grantee with respect to the security interest in the Copyright Collateral
granted hereby are more fully set forth in the Guarantee and Collateral Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision of this Copyright Security
Agreement is deemed to conflict with the Guarantee and Collateral Agreement, the Guarantee and Collateral Agreement shall govern. 
 IN WITNESS WHEREOF, the Grantor has caused this Copyright Security Agreement to be duly executed by its officer thereunto duly authorized as of the date first written above. 

  
 D-2

 
			
	[NAME OF GRANTOR]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Acknowledged:
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 D-3

 Schedule 1 
 to Copyright Security Agreement 
 [NAME OF GRANTOR] 

COPYRIGHT REGISTRATIONS 
  

							
	 Registration No.
	 	 Registration Date
	 	 Title
	  	 Expiration Date

		 		 		  	
		 		 		  	

 COPYRIGHT APPLICATIONS 

 

									
	 Case No.
	 	 Serial No.
	 	 Country
	  	 Date
	  	 Filing Title

		 		 		  		  	
		 		 		  		  	

 COPYRIGHT LICENSES 

 

							
	 
Name of Agreement
	 	 Parties Licensor/
Licensee
	 	 
Date of Agreement
	  	 
Subject Matter

		 		 		  	
		 		 		  	

  
 D-4

 Exhibit G 

 
  

[FORM OF] FIRST LIEN DEED OF COVENANTS 
 relating to the “ [                    ]” 

between 

[                    ] 

as Owner 
 and

 DEUTSCHE BANK TRUST COMPANY AMERICAS 
 as Collateral Agent 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I.
	 	DEFINITIONS	  	 	1	  
			
	 ARTICLE II.
	 	MORTGAGE, ASSIGNMENT AND COVENANT TO PAY	  	 	3	  
			
	 ARTICLE III.
	 	REPRESENTATIONS AND WARRANTIES	  	 	4	  
			
	 ARTICLE IV.
	 	CONTINUING SECURITY AND OTHER MATTERS	  	 	5	  
			
	 ARTICLE V.
	 	COVENANTS	  	 	6	  
			
	 ARTICLE VI.
	 	DEFAULT	  	 	11	  
			
	 ARTICLE VII.
	 	POWERS OF COLLATERAL AGENT ON EVENT OF DEFAULT	  	 	12	  
			
	 ARTICLE VIII.
	 	APPLICATION OF MONEYS	  	 	14	  
			
	 ARTICLE IX.
	 	REMEDIES CUMULATIVE AND OTHER PROVISIONS	  	 	16	  
			
	 ARTICLE X.
	 	ATTORNEY	  	 	17	  
			
	 ARTICLE XI.
	 	MISCELLANEOUS	  	 	18	  

  
 - i -

 THIS DEED OF COVENANTS dated and effective as of
[            ], (this “Deed”), between [            ],
[                    ] (the “Owner”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, as collateral agent (and its successors and assigns
in such capacity, the “Collateral Agent”) for the Secured Parties. 
 WHEREAS, the parties hereto have entered
into a Credit Agreement dated as of May 24, 2013 (as amended, restated, supplemented, waived or otherwise modified from time to time, the “Credit Agreement”), among NCL CORPORATION LTD., a Bermuda company
(“NCL” or the “Borrower”), the LENDERS party thereto from time to time, DEUTSCHE BANK TRUST COMPANY AMERICAS, as administrative agent for the Lenders and certain other parties thereto and the Collateral Agent;

 WHEREAS, the Collateral Agent and each Subsidiary Guarantor have also entered into a Guarantee and Collateral Agreement,
dated as of May 24, 2013 (as amended, restated, supplemented, waived or otherwise modified from time to time, the “Collateral Agreement”); 
 WHEREAS, the Owner is the sole, absolute and unencumbered, legal and beneficial owner of the Vessel (as defined herein) (save and except the Permitted Liens); 

WHEREAS, in order to secure the repayment of the Obligations, the Owner has duly executed in favor of the Collateral
Agent a statutory Bahamian mortgage of even date herewith in account current form constituting a first priority mortgage of sixty four sixty fourth (64/64th) shares in the Vessel (the “Mortgage”); 

WHEREAS, this Deed is supplemental to the Credit Agreement, the Collateral Agreement and the Mortgage over the Vessel and the security
thereby created, and is collateral to one of the Vessel Mortgages referred to in the Credit Agreement but until discharged shall nonetheless continue in full force and effect notwithstanding any discharge of the Mortgage. 

NOW, THEREFORE, IT IS HEREBY AGREED as follows: 
 ARTICLE I. 
 DEFINITIONS 

Section 1.1 In this Deed (including the introductory paragraph and the recitals) unless the context otherwise requires or unless
otherwise defined herein, words and expressions defined in the Collateral Agreement or the Credit Agreement shall have the same meanings when used in this Deed and the following terms shall have the following meanings: 

“Approved Manager” means any company designated by the Owner from time to time, as the technical manager of the Vessel.

 “Collateral Agreement” has the meaning assigned to such term in the recitals. 

 “Compulsory Acquisition” means requisition for title or other compulsory
acquisition, requisition, appropriation, expropriation, deprivation, forfeiture or confiscation for any reason of the Vessel by any government entity or other competent authority, whether de jure or de facto, but shall exclude requisition for use or
hire not involving requisition of title. 
 “Earnings Assignment” means the First Lien Earnings Assignment,
dated as of the date hereof, made by the Owner in favor of the Collateral Agent in respect of the Vessel. 
 “Insurance
Assignment” means the First Lien Insurance Assignment, dated as of the date hereof, made by the Owner in favor of the Collateral Agent in respect of the Vessel. 
 “Insurances” has the meaning assigned to such term in Section 5.2(a). 
 “Loss Payable Clause” means the provisions regulating the manner of payment of sums receivable under the Insurances which are to be incorporated in the relevant insurance documents, such
Loss Payable Clauses to be in the forms set out in Appendix A and Appendix B of Schedule 1 to the Insurance Assignment, or in such other forms as may from time to time be agreed in writing by the Collateral Agent. 

“Mortgaged Property” means: 
 (a) the Vessel (including, but not limited to the right of registration in relation thereto); 
 (b) the Insurances; and 
 (c) any Requisition Compensation. 

“Owner” includes the successors in title and assignees of the Owner. 

“Receiver” means any receiver and/or manager appointed pursuant to Section 7.2. 

“Requisition Compensation” means all sums of money or other compensation from time to time payable during the Security
Period by reason of the Compulsory Acquisition of the Vessel. 
 “Security Period” means the period commencing
on the date hereof and terminating on the date on which all the Obligations (other than contingent indemnity or expense reimbursement obligations in respect of which no claim has been made) have been paid in full in cash in immediately available
funds. 
 “Vessel” means the vessel “NORWEGIAN
[            ]” registered as a Bahamian ship at the Port of Nassau under Official Number [            ] and includes, but
is not limited to, any share or interest therein and her engines, machinery, boats, tackle, outfit, equipment, spare gear, fuel, consumables or other stores, belongings and 

  
 2 

 
appurtenances whether on board or ashore and whether now owned or hereafter acquired and also any and all additions, improvements and replacements hereafter made in or to such vessel or any part
thereof or in or to her equipment and appurtenances aforesaid. 
 Section 1.2 Capitalized terms used in this Agreement and
not otherwise defined herein have the respective meanings assigned thereto in the Credit Agreement or the Collateral Agreement, as applicable; provided that “Event of Default” shall have the meaning assigned to that term in the Collateral
Agreement. This Deed shall be read together with the Collateral Agreement, the Mortgage and the Credit Agreement but in case of any conflict between this Deed and the Collateral Agreement, the Mortgage or the Credit Agreement, the provisions of the
Collateral Agreement, the Mortgage or the Credit Agreement, as applicable, shall prevail. 
 ARTICLE II. 

MORTGAGE, ASSIGNMENT AND COVENANT TO PAY 
 Section 2.1 The Owner hereby grants a security interest in and mortgage on and pledges and assigns absolutely to and in favor of the Collateral Agent, its successors and permitted assigns, for the
benefit of the Secured Parties, all its right, title and interest present and future in and to the Mortgaged Property, in each case whether now owned or hereafter acquired and whether now existing or hereafter coming into existence, for the duration
of the Security Period. 
 Section 2.2 The Owner hereby covenants and undertakes with the Collateral Agent and the Secured
Parties that (i) promptly after the date hereof it will give written notice (in such form as the Collateral Agent shall reasonably require including but not limited to the notice of assignment of insurances attached as Schedule 1 to the
Insurance Assignment) of the assignment herein contained and all remedies hereunder and the assignment under the Earnings Assignment and Insurance Assignment, to, and use commercially reasonable efforts to obtain consents or acknowledgements from,
the persons from whom any part of the Mortgaged Property is or may be due, (ii) where the consent or acknowledgement of any underwriter is required pursuant to any of the Insurances assigned hereby or assigned under the Insurance Assignment, it
shall use commercially reasonable efforts to obtain such consent and evidence thereof shall be provided to the Collateral Agent or, in the case of protection and indemnity coverage, use commercially reasonable efforts to cause the Collateral Agent
to be provided with a letter of undertaking by the club, association or broker, as applicable, (iii) there shall be duly endorsed upon all slips, cover notes, policies, certificates of entry or other instruments issued or to be issued in
connection with the insurances assigned hereby such Loss Payable Clause and other clauses (in such form as the Collateral Agent shall reasonably require). 
 Section 2.3 The Owner covenants and undertakes with the Collateral Agent and the Secured Parties to do or permit to be done each and every act or thing which the Collateral Agent may from time to
time require to be done for the purpose of enforcing the Collateral Agent’s and the Secured Parties’ rights under this Deed and to allow its name to be used as and when required by the Collateral Agent for that purpose. 

  
 3 

 Section 2.4 The Owner covenants and undertakes with the Collateral Agent and the
Secured Parties to pay, on demand, to the Collateral Agent all monies and discharge all Guaranteed Obligations now or hereafter due, owing or incurred to the Collateral Agent and the Secured Parties under, or in connection with the Credit Agreement,
any Senior Secured Note Indenture, any other Loan Document, and/or this Deed when the same become due for payment in accordance with their terms whether by acceleration or otherwise. 

Section 2.5 The Owner shall cause to be filed, registered or recorded, and hereby irrevocably authorizes the Collateral Agent, at
the Owner’s expense, at any time and from time to time to file, register or record this Deed and any amendments hereto and/or any other notices, filing or recording documents or instruments with respect to the Mortgaged Property without the
signature of the Owner, in such form and with the appropriate authorities in any jurisdiction as is necessary or advisable to perfect or maintain the perfection of, or to protect, the security interest created hereby. The Owner ratifies its
authorization for the Collateral Agent to have filed, recorded or registered in each jurisdiction as is necessary or advisable, this Deed and/or any other notice, filing or recording documents or instruments with respect to the Mortgaged Property if
filed prior to the date hereof. 
 ARTICLE III. 
 REPRESENTATIONS AND WARRANTIES 
 Section 3.1 The Owner hereby represents and
warrants to the Collateral Agent and the Secured Parties that it is the legal and beneficial owner of and has good right and title, free from any Liens (other than the Liens created pursuant to the Loan Documents and Permitted Liens and Liens not
prohibited by any Senior Secured Note Indenture), to the Mortgaged Property which is, or which may at any time after the date of this Deed become, subject to the security constituted by this Deed. The Vessel is duly and validly registered in the
name of the Owner under the laws and flag of The Bahamas and shall so remain during the Security Period, except as otherwise not prohibited by the Credit Agreement and any Senior Secured Note Indenture. 

Section 3.2 The representation and warranty in Section 3.1 shall be deemed to be repeated by the Owner on and as of each day
from the date of this Deed until the end of the Security Period as if made with reference to the facts and circumstances existing on each such date. 
 Section 3.3 The Owner also hereby represents and warrants to the Collateral Agent and the Secured Parties on the date hereof that each of the Mortgage and this Deed has been validly created and,
together, constitutes a valid, legally binding and enforceable mortgage, assignment and first priority Lien on the Mortgaged Property, other than Permitted Liens and Liens not prohibited by any Senior Secured Note Indenture. 

  
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 ARTICLE IV. 
 CONTINUING SECURITY AND OTHER MATTERS 
 Section 4.1 The security created by
the Mortgage and this Deed shall: 
 (a) be held by the Collateral Agent (for the benefit of the Secured Parties) as a
continuing security for the payment of the Obligations and the performance and observance of and compliance with all of the covenants, terms and conditions contained in the Credit Agreement and the other Loan Documents and any Senior Secured Note
Indenture, express or implied; 
 (b) not be satisfied by any intermediate payment or satisfaction of any part of the amount
hereby and thereby secured (or by any settlement of accounts between the Owner or any other person who may be liable to the Collateral Agent, the Secured Parties or their permitted successors and assigns in respect of the Obligations or any part
thereof); 
 (c) be in addition to, and shall not in any way prejudice or affect, and may be enforced by the Collateral Agent
without prior recourse to, the security created by any other Loan Document and any guarantee or indemnity now or hereafter held by the Collateral Agent or the Secured Parties in respect of the Obligations; and 

(d) not be in any way prejudiced or affected by the existence of any of the other Loan Documents or any other rights or remedies or by
the same becoming wholly or in part void, voidable or unenforceable on any ground whatsoever or by the Collateral Agent or any Secured Party dealing with, exchanging, varying or failing to perfect or enforce any of the same, or giving time for
payment or performance or indulgence or compounding with any other person liable. 
 Section 4.2 All the rights, remedies
and powers vested in the Collateral Agent (for the ratable benefit of the Secured Parties) hereunder shall be in addition to and not a limitation of any and every other right, power or remedy vested in the Collateral Agent or the Secured Parties
under the Loan Documents or under any other guarantees or indemnity now or hereafter held by the Collateral Agent or the Secured Parties in respect of the Obligations and all the powers so vested in the Collateral Agent or the Secured Parties may be
exercised from time to time and as often as the Collateral Agent or the Secured Parties may deem expedient. 
 Section 4.3
Neither the Collateral Agent nor any Receiver shall be obligated to make any inquiry as to the nature or sufficiency of any payment received by it under the Mortgage and/or this Deed or to make any claim or take any action to collect any moneys
hereby assigned or to enforce any rights or benefits hereby assigned to the Collateral Agent or to which the Collateral Agent or any Secured Party may at any time be entitled under the Mortgage and/or this Deed. 

Section 4.4 The Owner shall remain liable to perform all the obligations assumed by it in relation to the Mortgaged Property and the
Collateral Agent shall be 

  
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under no obligation of any kind whatsoever in respect thereof or be under any liability whatsoever in the event of any failure by the Owner to perform its obligations in respect thereof.

 Section 4.5 Notwithstanding that this Deed is expressed to be supplemental to the Collateral Agreement, any Senior
Secured Notes Indenture, the Credit Agreement and the Mortgage it shall continue in full force and effect after any discharge of the Collateral Agreement, any Senior Secured Notes Indenture, the Credit Agreement and the Mortgage until the Security
Period has terminated. 
 ARTICLE V. 
 COVENANTS 
 Section 5.1 The Owner hereby covenants with the Collateral Agent
and the Secured Parties and undertakes throughout the Security Period as follows (at its own cost): 
 (a) No Sale. The
Owner will not sell or otherwise dispose of the Vessel, the Insurances, any other Mortgaged Property or any part thereof or interest therein, except as otherwise not prohibited by the Credit Agreement and any Senior Secured Note Indenture.

 (b) Negative Pledge. The Owner will not create any Lien over the Vessel or its Insurances or any other Mortgaged
Property or suffer the creation or existence of any such Lien to or in favor of any person, except for Permitted Liens and Liens not prohibited by any Senior Secured Note Indenture. 

(c) Maritime Liens. The Owner will pay and discharge or cause to be paid and discharged all debts, damages and liabilities
whatsoever which have given or may give rise to maritime or possessory Liens on or claims enforceable against the Vessel, except such debts, damages and liabilities which give rise to maritime or possessory Liens to the extent not otherwise
prohibited under Section 6.02 of the Credit Agreement and such corresponding provision under any Senior Secured Note Indenture, and in the event of arrest of the Vessel pursuant to legal process or in the event of her detention in exercise or
purported exercise of any such Liens on or claims enforceable against the Vessel as aforesaid, to procure the release of the Vessel from such arrest or detention within twenty one (21) days of receiving notice thereof providing bail or
otherwise as the circumstances may require. 
 (d) Flag or Registration. The Owner shall ensure that the Vessel remains
registered as a Bahamian ship in the Bahamas Registry of Shipping and retains the right to fly its flag and the Owner will not make any changes in the registration or the flag of the Vessel, except as otherwise not prohibited by the Credit Agreement
and any Senior Secured Note Indenture. 
 (e) Bareboat Charterparties. The Owner will not permit the Vessel to be engaged
on any bareboat charterparty or any sub-bareboat charterparty, unless 

  
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otherwise approved by the collateral agent under the Collateral Agreement or the administrative agent under the Credit Agreement, or would not reasonably be expected to have a material adverse
effect on the rights of the Secured Parties. 
 (f) Time Charterparties. The Owner will not permit the Vessel to be
engaged on any time charterparties or sub-time charterparties other than the Charter Agreements, unless otherwise approved by the collateral agent under the Collateral Agreement or the administrative agent under the Credit Agreement, or would not
reasonably be expected to have a materially adverse effect on the rights of the Secured Parties. 
 (g) Copies of
Charterparties. Upon request of the Collateral Agent, the Owner will send to the Collateral Agent a copy of any charterparty for the Vessel and any addenda thereto. 
 (h) Managers. The Owner will ensure that the Vessel will at all times only be managed by an Approved Manager pursuant to customary technical management agreements assigned to the Collateral Agent
(for the ratable benefit of the Secured Parties) under the Collateral Agreement; provided that this clause shall not prohibit an Approved Manager from entering into commercial or technical management agreements with other persons for the
provision of services to the Vessel. The Owner will not agree to termination of or any material amendments that are adverse to the Secured Parties’ interest in, or waive or fail to enforce, any material provisions of such management agreements
unless the termination, amendment, waiver or failure to enforce such provisions (1) cannot reasonably be expected to have a material adverse effect on the rights of the Secured Parties or (2) is approved by the Collateral Agent. If any
manager or the Owner terminates any of the approved management agreements or any manager commits a default thereunder which entitles the Owner to terminate the relevant approved management agreement, then the Owner shall enter into a new management
agreement with an Approved Manager. 
 (i) Inspection. The Owner will permit the Collateral Agent or its representatives
to inspect the Vessel at reasonable times, upon reasonable prior notice to the Owner, and as often as may be reasonably requested by the Collateral Agent and the Owner will not in any way restrict the Collateral Agent’s or its
representatives’ access to the Vessel and to all class and insurance certificates and records whether or not being kept by third parties. As long as no Event of Default has occurred, the inspections shall be conducted without any unreasonable
interference with the operation of the Vessel. The Collateral Agent or its representative shall be entitled to perform one inspection of the Vessel per year at the expense of the Owner; provided that the Owner shall pay the costs of such
additional inspections as the Collateral Agent or its representative or any Secured Party may carry out at any time after an Event of Default has occurred and is continuing. 
 (j) Class. The Owner will ensure that the Vessel shall maintain the class set out in a confirmation of class certificate issued by a classification society, free of any overdue recommendations,
exceptions, qualifications and notations of such classification society, and the Owner will forward a certified copy of the classification certificates to the Collateral Agent upon request. 

  
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 (k) Surveys. The Owner will submit or procure the Vessel to be submitted regularly to
such periodical or other surveys as may be required by applicable law, by insurers or for classification purposes. 
 (l) ISM
Code and ISPS Code. The Owner will arrange for and procure the punctual approval and certification of the management organization on shore and on board the Vessel and ensure that the Vessel is operated in accordance with the ISM Code and ISPS
Code in force from time to time. The Owner shall have a valid and current International Ship Security Certificate issued in respect of the Vessel pursuant to the ISPS Code and any other certification that may be required. 

(m) Compliance. Except as to matters that would not reasonably be expected to have, individually or in the aggregate, a material
adverse effect on the rights of the Secured Parties, the Owner will ensure that the Vessel will comply with all relevant laws, regulations and requirements (statutory or otherwise) as are applicable to ships (i) registered under the same flag
as the Vessel and (ii) engaged in the same or similar service as the Vessel is engaged, including without limitation environmental laws. 
 (n) No Illegal Trade or Trade Outside Insurance Cover. The Owner will not operate the Vessel or permit it to be operated in any manner, trade or business which is forbidden by international law, or
which is unlawful or illicit under the laws of any relevant jurisdiction, or in carrying illicit or prohibited goods, or in any manner whatsoever if the foregoing may render the Vessel liable to condemnation in a prize court, or to destruction,
seizure, confiscation, penalty or sanction or, except as otherwise not prohibited under the Credit Agreement and any Senior Secured Note Indenture, in a geographical area outside the scope of any of its insurances or in any way which may jeopardize
its insurance coverage, wholly or in part. 
 (o) Maintenance. Except as to matters that would not reasonably be expected
to have, individually or in the aggregate, a material adverse effect on the rights of the Secured Parties, the Owner will ensure that the Vessel will be maintained and be in a good and efficient state of repair consistent with first class
ship-ownership and management practice. 
 (p) Change of Structure, Type or Speed. The Owner will not change the
structure, type or speed of the Vessel in any way which would reasonably be expected to have a material adverse effect on the rights of the Secured Parties, unless otherwise consented to by the Collateral Agent. 

(q) Notification of Damage and Claims. The Owners will promptly notify the Collateral Agent of: 

(i) any damage to or alteration of the Vessel involving costs in excess of US$[*] regardless of whether the costs are paid by insurers;

  
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 (ii) any material environmental claims or incidents, to the extent notice thereof has not
been publicly filed; 
 (iii) any Event of Loss with respect to the Vessel; 

(iv) any requisition of the Vessel; 
 (v) any requirement or recommendation made by any insurer or classification society or by any competent authority which is not complied with in accordance with its terms; and 

(vi) any arrest, detention or seizure of the Vessel or any exercise or purported exercise of a Lien on the Vessel or any part thereof
which is not lifted forthwith. 
 (r) Further Information. The Owner will furnish the Collateral Agent without undue
delay with all such information as it may from time to time reasonably require regarding the Vessel, its employment, position and engagements, including any particulars of all towages and salvages and documents relating to all charters and other
contracts for its employment, or otherwise howsoever concerning the Vessel. 
 (s) Notice. The Owner undertakes to place
and at all times and places to retain a true copy of the Mortgage relating to the Vessel and this Deed (which shall form part of the Vessel’s documents) on board the Vessel with her papers and cause such true copy of the Mortgage relating to
the Vessel and this Deed to be exhibited to any and all persons having business with the Vessel which might create or imply any commitment or encumbrance whatsoever on or in respect of the Vessel (other than Liens created by this Deed or the other
Loan Documents or Permitted Liens and Liens not prohibited by any Senior Secured Note Indenture) and to any representative of the Collateral Agent and to place and keep prominently displayed in the bridge and in the master’s cabin of the Vessel
a framed printed notice in plain type reading as follows: 
 NOTICE OF MORTGAGE 

This Vessel is subject to a first priority mortgage and deed of covenants in favor of DEUTSCHE BANK TRUST COMPANY AMERICAS acting through
its office at 60 Wall Street, New York, NY 10005, as collateral agent for itself and others. Under the said mortgage and deed of covenants, neither the Owner nor any manager nor any charterer nor the master of this Vessel nor any other person
has any right, power or authority to create, incur or permit to be imposed upon this Vessel any commitments, encumbrances or liens, whatsoever other than for certain Permitted Liens that are described in the Credit Agreement, dated May 24,
2013, among DEUTSCHE BANK TRUST COMPANY AMERICAS, NCL CORPORATION LTD. and certain other parties thereto, all as more fully set forth therein. 

  
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 (t) Further Assurances. Where the Vessel is (or is to be) sold in exercise of any
power contained in this Deed or otherwise conferred on the Collateral Agent, the Owner undertakes to execute, forthwith upon request by the Collateral Agent, such form of conveyance of the Vessel as the Collateral Agent may require. 

(u) Environmental Laws. Except to the extent the failure to do so would not reasonably be expected to have, individually or in the
aggregate, a material adverse effect on the rights of the Secured Parties, the Owner shall comply with, and procure that all employees of the Owner in the course of their employment comply with, all environmental laws including, without limitation,
requirements relating to manning and establishment of financial responsibility and to obtain and comply with, and procure that all employees of the Owner in the course of their employment obtain and comply with, all environmental permits.

 Section 5.2 Until the Security Period has terminated, the Owner undertakes as follows (at its own cost) unless otherwise
consented to by the Collateral Agent: 
 (a) Insurances. The Owner will take out and maintain in its name or procure to
be taken out and maintained in its name during the Security Period customary insurances on the Vessel with financially sound and reputable insurers or underwriters, including without limitation, as follows (jointly the
“Insurances”): 
 (i) hull, machinery and equipment insurance (including hull interest/increased value
insurance) (covering all fire and usual marine risks including excess risks), freight interest/anticipated earnings insurance and freight demurrage and defense (FD&D) insurance; 

(ii) war risk insurance (covering damage to hull and deprivations and blocking and trapping and protection and indemnity risks with a
single and separate limit for the same amounts insured under war hull); 
 (iii) protection and indemnity insurance (including
pollution risks); and 
 (iv) such additional insurances as a prudent shipowner would take out or as the Collateral Agent may
reasonably require. 
 (b) Renewal. The Owner will renew the Insurances before the relevant policies, contracts or
entries expire. 
 (c) Premiums. The Owner will punctually pay all premiums, calls, contributions or other sums in
respect of the Insurances and produce all relevant receipts when so required by the Collateral Agent. 

  
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 (d) Guarantees. The Owner will arrange for the execution of such guarantees as may
from time to time be required by any protection and indemnity or war risk association for or for the continuance of the Vessel’s entry into such association. 
 (e) Collection of Claims. The Owner will do all things necessary and provide all documents, evidence and information to enable the Collateral Agent to collect or recover any moneys which shall at
any time become payable to the Collateral Agent according to the applicable Loss Payable Clause in respect of the Insurances. 

(f) Application of Recoveries. The Owner will apply all sums receivable under the Insurances which are to be paid to the Owner in
accordance with the applicable Loss Payable Clause in repairing all damage and/or in discharging the liability in respect of which such sums shall have been received. 
 (g) Policies and Other Information. Upon request of the Collateral Agent, the Owner will use commercially reasonable efforts to procure that the brokers, underwriters, protection and indemnity and
war risks associations shall promptly furnish the Collateral Agent with copies of the policies, insurances certificates, certificates of entry, rule books, cover notes and any changes thereto which may from time to time be issued in respect of the
Insurances and the Owner shall promptly furnish the Collateral Agent with all such other information as it may from time to time reasonably require regarding the Insurances. 
 ARTICLE VI. 
 DEFAULT 

Section 6.1 The Collateral Agent may in its discretion by notice to the Owner declare all or any part of the Obligations to be
immediately due and payable on the happening of any of the events set out in this Article VI (each an “Event of Default”). Following such declaration the Obligations, or that part of it to which the declaration relates, shall
immediately become due and payable and the security constituted by the Mortgage and this Deed shall immediately become enforceable without any further notice, demand, protest or other requirement, all of which the Owner expressly waives: 

(a) if there shall occur an Event of Default which is continuing (as defined in the Collateral Agreement); or 

(b) if the registration of the Vessel or the registration, validity or priority of this Deed or the Mortgage shall be contested by any
Loan Party or become void or voidable or liable to cancellation or termination; or 
 (c) if any act or omission of the Owner or
any managers or agents of the Vessel shall materially prejudice the security conferred on the Collateral Agent by the Mortgage and this Deed; or 
 (d) if the Bahamas becomes involved in war (whether or not declared) or civil war or is occupied by any other power and the Collateral Agent in its discretion

  
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considers that, as a result, the security conferred on it by the Mortgage and this Deed is materially prejudiced and the Owner does not when required by the Collateral Agent to do so procure that
the Vessel is registered under the laws and flag of another country acceptable to the Collateral Agent in its sole and absolute discretion and does not procure that there is executed, delivered and registered in favor of the Collateral Agent (for
the ratable benefit of the Secured Parties) a further mortgage on the Vessel (together, if required by the Collateral Agent, with a collateral supplement to mortgage) on materially the same terms as the Mortgage and this Deed. 

ARTICLE VII. 

POWERS OF COLLATERAL AGENT ON EVENT OF DEFAULT 
 Section 7.1 Upon the occurrence of any default described in Article VI which is continuing and the Collateral Agent (for the benefit of the Secured Parties) shall make demand for all or any part of
the Obligations, the amount of the Obligations to which the demand relates shall from the date of such demand bear interest at the default rate specified in Section 2.13 of the Credit Agreement and the Collateral Agent shall be entitled to
exercise all or any of the rights, powers, discretions and remedies (including all rights and remedies in foreclosure) vested in it (whether at law, by virtue of the Mortgage and this Deed or otherwise) and in particular (without limiting the
generality of the foregoing) and for the avoidance of any doubt, the power of sale and other powers specified in section 23 of the Conveyancing and Law of Property Act Chapter 138 (applied in respect of personal as well as real property) as varied
or amended by this Deed shall be immediately exercisable upon and at any time thereafter and, without prejudice to the generality of the foregoing, the Collateral Agent shall have power: 

(a) to take possession of the Vessel; 
 (b) to require that all policies, contracts, certificates of entry and other records relating to the Insurances (including details of and correspondence concerning outstanding claims) be delivered
forthwith to such adjusters and/or brokers and/or other insurers as the Collateral Agent may nominate; 
 (c) to collect,
recover, compromise and give a good discharge for, all claims then outstanding or thereafter arising under the Insurances or any of them or in respect of any other part of the Mortgaged Property and to take over or institute (if necessary using the
name of the Owner) all such proceedings in connection therewith as the Collateral Agent in its absolute discretion thinks fit, and, in the case of the Insurances, to permit the brokers through whom collection or recovery is effected to charge the
usual brokerage therefor; 
 (d) to discharge, compound, release or compromise claims in respect of the Vessel or any other part
of the Mortgaged Property which have given or may give rise to any charge or Lien or other claim on the Vessel or any other part of the Mortgaged Property or which are or may be enforceable by proceedings against the Vessel or any other part of the
Mortgaged Property; 

  
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 (e) to sell the Vessel or any share or interest therein with or without prior notice to the
Owner, and with or without the benefit of any charterparty, and free from any claim by the Owner (whether in admiralty, in equity, at law or by statute) by public auction or private contract, at such place and upon such terms as the Collateral Agent
in its absolute discretion may determine, with power to postpone any such sale, and without being answerable for any loss occasioned by such sale or resulting from postponement thereof and with power, where the Collateral Agent purchases the Vessel,
to make payment of the sale price by making an equivalent reduction in the amount of the Obligations; 
 (f) to manage, insure,
maintain and repair the Vessel, and to employ, sail or lay up the Vessel in such manner and for such period as the Collateral Agent, in its absolute discretion, deems expedient accounting only for net profits arising from any such employment;

 (g) to order the Vessel to proceed forthwith at the Owner’s risk and expense to a port or place nominated by the
Collateral Agent and if the Owner fails to give the necessary instructions to the master of the Vessel for any reason whatsoever, the Collateral Agent shall have the right to give such instructions directly to the master; 

(h) to administer, amend or terminate any existing charter, management, services or similar agreement or instrument relating to the
Vessel and/or enter into any such agreement or instrument; and 
 (i) to recover from the Owner on demand all fees, costs and
expenses incurred or paid by the Collateral Agent in connection with the exercise of the powers (or any of them) referred to in this Section 7.1. 
 Section 22 of the Conveyancing and Law of Property Act Chapter 138 shall not apply to this Deed and the statutory power of sale shall be exercisable at any time after the moneys secured by this Deed
have become payable. For the purpose of all powers conferred by statute, the Obligations shall be deemed to have become due and payable on the date hereof. 
 Section 7.2 Upon the occurrence of any Event of Default described in Article VI which is continuing, the Collateral Agent shall be entitled (but not bound) by writing executed by any director or
officer of the Collateral Agent to appoint any person or persons to be a receiver and/or manager of the Mortgaged Property or any part thereof (a “Receiver”) (with power to authorize any joint Receiver to exercise any power
independently of any other joint Receiver) and may from time to time fix his remuneration, and may remove any Receiver so appointed and appoint another in his place. Any Receiver shall be the agent of the Owner and the Owner shall be solely
responsible for his acts or defaults and for his remuneration, and such Receiver shall have power on behalf of and at the cost of the Owner (notwithstanding any liquidation of the Owner) to do or omit to do anything which the Owner could do or omit
to do in relation to the Mortgaged Property or any part thereof and in particular (but without prejudice to the generality of the foregoing) any such Receiver may exercise all the powers and discretions conferred on the Collateral Agent by the
Mortgage and this Deed. 

  
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 Section 7.3 Subject to Section 7.2, any Receiver shall be entitled to remuneration
appropriate to the work and responsibilities involved, upon the basis of charging from time to time adopted by the Receiver in accordance with the current practice of his firm. 

Section 7.4 Neither the Collateral Agent nor any Receiver shall be liable as mortgagee in possession in respect of all or any of the
Mortgaged Property to account or be liable for any loss upon realization or for any neglect or default of any nature whatsoever in connection therewith for which a mortgagee in possession may be liable as such. 

Section 7.5 Upon any sale of the Vessel or any share or interest therein by the Collateral Agent pursuant to Section 7.1(e), or
by any Receiver, the purchaser shall not be bound to see or inquire whether the Collateral Agent’s power of sale has arisen in the manner provided in this Deed and such sale shall be deemed to be within the power of the Collateral Agent (or the
Receiver, as the case may be) and the receipt of the Collateral Agent (or the Receiver, as the case may be) of the purchase money shall effectively discharge the purchaser who shall not be concerned with the manner of application of the proceeds of
such sale or be in any way answerable therefor and such sale shall operate to divest the Owner of all rights, title and interest of any nature whatsoever in the Vessel and to bar any such interest of the Owner and all persons claiming through or
under the Owner. 
 ARTICLE VIII. 
 APPLICATION OF MONEYS 
 Subject to the terms of the Credit Agreement and any
Senior Secured Notes Indenture and Section 4.02 of the Collateral Agreement, all sums received by the Collateral Agent or any Receiver pursuant to the Mortgage, this Deed, any Senior Secured Notes Indenture or any of the Loan Documents and all
sums received in connection with the taking possession and/or sale of the Vessel or any chartering or other use of the Vessel by the Collateral Agent or Receiver (including, without limitation, the proceeds of any claims for damages or claims on any
insurance received by the Collateral Agent or Receiver while in possession of or while chartering or using the Vessel) shall, unless otherwise agreed by the Collateral Agent or Receiver or otherwise expressly provided in the Loan Documents or any
Senior Secured Notes Indenture, be applied by it in the following order: 
 FIRST, in or towards payment of all expenses and
charges incurred by the Collateral Agent or Receiver in the protection and exercise of its rights, powers, discretions and remedies under or pursuant to the Mortgage and/or this Deed (including, without limitation, any damages or losses incurred by
reason of the Collateral Agent’s or Receiver’s possession, chartering or use of the Vessel) and in or towards supplying 

  
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indemnity in such amount and in such form as the Collateral Agent or Receiver shall consider appropriate against any encumbrances having priority over or equality with the Mortgage and/or this
Deed; then 
 SECOND, in or towards payment to the Administrative Agent, any other Authorized Representative (as defined in the
Collateral Agreement) the Collateral Agent or Receiver of any other costs, charges and expenses incurred by it or them and recoverable from the Owner or any other Loan Party under or pursuant to the Credit Agreement, the Loan Documents or any Senior
Secured Notes Indenture together with interest at the rate or rates specified in the Credit Agreement, the Loan Documents or any Senior Secured Notes Indenture; then 
 THIRD, to the payment in full of Unfunded Advances/Participations (the amounts so applied to be distributed between or among the Administrative Agent, the Collateral Agent, the Swingline Lender and any
Issuing Bank pro rata in accordance with the amounts of Unfunded Advances/Participations owed to them on the date of any such distribution); then 
 FOURTH, to the payment in full of all other Obligations (other than Obligations under clauses (b) and (c) of the definition thereof) (the amounts so applied to be distributed, as provided in the
Credit Agreement or the applicable Senior Secured Note Indenture, as the case may be, among the Secured Parties pro rata in accordance with the respective amounts of the Obligations (other than Obligations under clauses (b) and
(c) of the definition thereof) owed to them on the date of any such distribution, which in the case of Letters of Credit, shall be paid by deposit in an account with the Collateral Agent, in the name of the Collateral Agent and for the benefit
of the Issuing Bank and the Lenders, an amount in cash in U.S. Dollars equal to the aggregate L/C Exposure as of such date plus any accrued and unpaid interest thereon); then 
 FIFTH, to the payment in full of all Obligations under clauses (b) and (c) of the definition thereof (the amounts so applied to be distributed among the Secured Parties pro rata in
accordance with the respective amounts of the Obligations under clauses (b) and (c) of the definition thereof owed to them on the date of any such distribution); then 

SIXTH, to the Owner (or any other Loan Party as provided in the applicable Loan Documents and any Senior Secured Notes Indenture), its
successors or assigns, or as a court of competent jurisdiction may otherwise direct; 
 provided, that on and after the
Intercreditor Effective Date, such proceeds will be applied as between the holders of the Senior Secured Note Obligations, on the one hand, and the Credit Agreement Secured Parties, on the other hand, in the order specified in the First Lien
Intercreditor Agreement, with the portion thereof allocable to the Credit Agreement Secured Parties then being applied in the manner set forth above in this Article VIII. 
 The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Deed. 

  
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 In the event that the amounts received by the Collateral Agent or any Receiver and referred
to in this Article VIII is insufficient to pay in full the whole of the Obligations, the Collateral Agent or the Receiver, as the case may be, shall be entitled to collect the shortfall from the Owner or any other person liable for the time
being therefor. 
 ARTICLE IX. 
 REMEDIES CUMULATIVE AND OTHER PROVISIONS 
 Section 9.1 No failure or delay on
the part of the Collateral Agent and/or a Receiver to exercise any right, power or remedy vested in it or them under any of the Loan Documents or any Senior Secured Notes Indenture shall operate as a waiver thereof, nor shall any single or partial
exercise by the Collateral Agent and/or a Receiver of any right, power or remedy nor the discontinuance, abandonment or adverse determination of any proceedings taken by the Collateral Agent and/or a Receiver to enforce any right, power or remedy
preclude any other or further exercise thereof or proceedings to enforce the same or the exercise of any other right, power or remedy nor shall the giving by the Collateral Agent of any consent to any act which by the terms of this Deed requires
such consent prejudice the right of the Collateral Agent to withhold or give consent to the doing of any other similar act. The remedies provided in the Loan Documents or any Senior Secured Notes Indenture are cumulative and are not exclusive of any
remedies provided by law. 
 Section 9.2 The Collateral Agent shall be entitled, at any time and as often as may be
expedient, to delegate all or any of the powers and discretions vested in it by the Mortgage and this Deed (including the power vested in it by virtue of Article X) or any of the other Loan Documents or any Senior Secured Notes Indenture in such
manner, upon such terms, and to such persons as the Collateral Agent in its absolute discretion may think fit. 

Section 9.3 The Collateral Agent shall be entitled to do all acts and things incidental or conducive to the exercise of any of the
rights, powers or remedies possessed by it as mortgagee of the Vessel (whether at law, under the Mortgage and/or this Deed or otherwise) and in particular (but without prejudice to the generality of the foregoing), upon becoming entitled to exercise
any of its powers under Article X, the Collateral Agent shall be entitled to discharge any cargo on board the Vessel (whether the same shall belong to the Owner or any other person) and to enter into such other arrangements in respect of the Vessel,
her insurances, management, maintenance, repair, classification and employment in all respects as if the Collateral Agent was the owner of the Vessel, but without being responsible in the absence of gross negligence or willful misconduct for any
loss incurred as a result of the Collateral Agent doing or omitting to do any such acts or things as aforesaid. 

  
 16 

 ARTICLE X. 
 ATTORNEY 
 Section 10.1 By way of security, the Owner hereby irrevocably
appoints the Collateral Agent (and all officers, employees or agents designated by the Collateral Agent) and any Receiver, jointly and also severally, to be its attorney generally for and in the name and on behalf of the Owner, and as the act and
deed or otherwise of the Owner to (i) execute, seal and deliver and otherwise perfect and do all such deeds, assurances, agreements, instruments, acts and things which may be required for the full exercise of all or any of the rights, powers or
remedies conferred by the Mortgage, this Deed, the Credit Agreement, any Senior Secured Notes Indenture or any of the other Loan Documents, or which may be deemed proper in or in connection with all or any of the purposes aforesaid (including,
without prejudice to the generality of the foregoing, the execution and delivery of a bill of sale of the Vessel), and (ii) make, settle and adjust claims in respect of the Mortgaged Property under policies of insurance, endorsing the name of
the Owner on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance and for making all determinations and decisions with respect thereto. In the event that the Owner at any time or times shall fail to
obtain or maintain any of the policies of insurances required hereby or under the Credit Agreement or any Senior Secured Notes Indenture or to pay any premium in whole or part relating thereto, the Collateral Agent and the Receiver may, without
waiving or releasing any obligation or liability of the Owner hereunder or any Event of Default, in its sole discretion, obtain and maintain such policies of insurance and pay such premium and take any other actions with respect thereto as the
Collateral Agent or the Receiver reasonably deems advisable. All sums disbursed by the Collateral Agent or the Receiver in connection with this Section 10.1, including reasonable documented attorneys’ fees, court costs, expenses and other
charges relating thereto, shall be payable, upon demand, by the Owner to the Collateral Agent or the Receiver and shall be additional Obligations secured hereby. The Owner ratifies and confirms, and agrees to ratify and confirm, any lawful deed,
assurance, agreement, instrument, act or thing which the Collateral Agent or the Receiver may execute or do pursuant hereto, provided always that such power shall not be exercisable by or on behalf of the Collateral Agent until the occurrence
of an Event of Default which is continuing. 
 Section 10.2 The exercise of such power by or on behalf of the Collateral
Agent or any Receiver shall not put any person dealing with the Collateral Agent or the Receiver upon any inquiry as to whether any Event of Default has happened, nor shall such person be in any way affected by notice that no such Event of Default
has happened, and the exercise by the Collateral Agent or the Receiver of such power shall be conclusive evidence of the Collateral Agent’s or such Receiver’s right to exercise the same. 

Section 10.3 The Owner hereby irrevocably appoints the Collateral Agent and any Receiver jointly and also severally to be its
attorney in its name and on its behalf and as its act and deed or otherwise of it, to agree the form of and to execute and do all deeds, instruments, acts and things in order to file, record, register or enroll the Mortgage and/or

  
 17 

 
this Deed in any court, public office or elsewhere which the Collateral Agent may in its discretion consider necessary or advisable, now or in the future, to ensure the legality, validity,
enforceability or admissibility in evidence thereof and any other assurance, document, act or thing required to be executed by the Owner pursuant to Section 11.2. 
 Section 10.4 The provisions of Section 6.21 and Section 6.08 of the Collateral Agreement shall apply mutatis mutandis. 

ARTICLE XI. 

MISCELLANEOUS 

Section 11.1 Costs and Indemnities. (a) Subject to the terms of the Credit Agreement or any Senior Secured Notes
Indenture, the Owner shall pay to the Collateral Agent on demand all documented reasonable expenses (including legal fees, fees of insurance advisers, printing, out-of-pocket expenses, stamp duties, registration fees and other duties or charges)
together with any value added tax or similar tax payable in respect thereof incurred by the Collateral Agent and/or Receiver in connection with (i) the exercise or enforcement of, or preservation of any rights under, the Mortgage, this Deed, or
otherwise in respect of the Obligations and the security therefor or (ii) the preparation, completion, execution or registration of the Mortgage and this Deed. 
 (b) Subject to the terms of the Credit Agreement or any Senior Secured Notes Indenture, the Owner hereby agrees and undertakes to indemnify the Collateral Agent and any Receiver against all losses,
actions, claims, expenses (including, but not limited to, reasonable legal fees and expenses on a full indemnity basis), demands, obligations and liabilities whatever and whenever arising which may now or hereafter be incurred by the Collateral
Agent and/or Receiver; or by any manager, agent, officer or employee for whose liability, act or omission it or he may be answerable, in respect of, in relation to, or in connection with anything done or omitted in the exercise or purported exercise
of the powers contained in the Mortgage, this Deed, or otherwise in connection therewith and herewith or with any part of the Mortgaged Property or otherwise howsoever in relation to, or in connection with, any of the matters dealt with in the
Mortgage and this Deed. 
 Section 11.2 Further Assurances. The Owner hereby further undertakes at its own expense
from time to time to execute, sign, perfect, do and (if required) register every such further assurance, document, act or thing as in the opinion of the Collateral Agent may be reasonably necessary or desirable for the purpose of more effectually
mortgaging and charging the Mortgaged Property or perfecting the security constituted or intended to be constituted by the Mortgage and this Deed. 
 Section 11.3 Notices. The provisions of Section 6.01 of the Collateral Agreement shall apply mutatis mutandis in respect of any certificate, notice, demand or other communication
given or made under this Deed. 

  
 18 

 Section 11.4 Benefit of this Deed. This Deed shall be binding on the Owner and
its permitted successors and assigns and shall inure to the benefit of the Collateral Agent, the Secured Parties and their respective permitted successors and assigns. The Owner expressly acknowledges and accepts the provisions of Section 9.09
of the Credit Agreement and agrees that any person in favor of whom an assignment or transfer is made in accordance with such section shall be entitled to the benefit of this Deed. 

Section 11.5 Counterparts. This Deed may be entered into in the form of two counterparts, each executed by one of the
parties, and, provided both the parties shall so execute this Deed, each of the executed counterparts, when duly exchanged or delivered, shall be deemed to be an original but, taken together, they shall constitute one instrument. 

Section 11.6 Severability of Provisions. Each of the provisions in this Deed are severable and distinct from the others, and
if at any time one or more such provisions is or becomes invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Deed shall not in any way be affected or impaired thereby. 

Section 11.7 GOVERNING LAW. THIS DEED AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS DEED SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE BAHAMAS. 
 Section 11.8 Jurisdiction. 

(a) Each party to this Deed hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction
of any court of The Bahamas, in any action or proceeding arising out of or relating to the Mortgage and/or this Deed, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees
that all claims in respect of any such action or proceeding may be heard and determined in such Bahamian court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. 
 (b) Each party to this Deed hereby irrevocably
and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to the Mortgage and/or this
Deed in any court of The Bahamas. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(c) The submission to such jurisdiction shall not (and shall not be construed so as to) limit the right of the Collateral Agent or any
Secured Party to take proceedings against the Owner in any other court of competent jurisdiction nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdiction, whether concurrently
or not. The parties further agree that only 

  
 19 

 
the courts of The Bahamas and not those of any other state shall have jurisdiction to determine any claim which the Owner may have against the Collateral Agent or any Secured Party arising out of
or in connection with the Mortgage and/or this Deed. 
 Section 11.9 Headings. Article and Section headings and the
Table of Contents used herein are for convenience of reference only, are not part of this Deed and are not to affect the construction of, or to be taken into consideration in interpreting, this Deed. 

Section 11.10 Subject to First Lien Intercreditor Agreement. Notwithstanding anything herein to the contrary, on and after
the Intercreditor Effective Date (i) the liens and security interests granted to the Collateral Agent pursuant to this Deed are expressly subject to the First Lien Intercreditor Agreement and (ii) the exercise of any right or remedy by the
Collateral Agent hereunder is subject to the limitations and provisions of the First Lien Intercreditor Agreement. In the event of any conflict between the terms of the First Lien Intercreditor Agreement and the terms of this Deed, the terms of the
First Lien Intercreditor Agreement shall govern. Nothing herein is intended, or shall be construed, to give any Loan Party any additional right, remedy or claim under, to or in respect of this Deed or Vessel. 

  
 20 

 IN WITNESS whereof this Deed has been duly executed as the day and year first above written.

  

			
	[                    ],
	as Owner
		
	By:	 	  

		 	Name:
		 	Title:

 [SIGNATURE PAGE TO DEED
OF COVENANTS [            ]] 

 
			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 [SIGNATURE PAGE TO DEED
OF COVENANTS [            ]] 

 Exhibit H 
 [FORM OF] 
 FIRST LIEN EARNINGS ASSIGNMENT 

THIS ASSIGNMENT made as of [            ], 2013 (this
“Assignment”), by [            ] a [Bermuda/Isle of Man] company having an address at [            ] (the
“Assignor”), to DEUTSCHE BANK TRUST COMPANY AMERICAS, with its office at 60 Wall Street, New York, NY 10005 (together with each of its successors and assigns, the “Assignee”), as Collateral Agent for the Secured
Parties, including but not limited to (i) the financial institutions party to the $1,300,000,000 credit agreement dated as of May 24, 2013 (as amended, restated, supplemented, waived or otherwise modified from time to time, the
“Credit Agreement”) among NCL Corporation Ltd., the Assignee and others, (ii) any hedging counterparties to the extent that they are Secured Parties as defined in the Credit Agreement, and (iii) the other Secured Parties.
Capitalized terms used in this Assignment and not otherwise defined herein have the respective meanings assigned thereto in the Credit Agreement. 
 1. THE ASSIGNOR, in consideration of One Dollar ($1.00) and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, DOES HEREBY ASSIGN, transfer and set
over unto the Assignee for itself and for the benefit of the Secured Parties, and, as collateral security for the Obligations now or hereafter existing, does hereby grant to the Assignee for the benefit of the Secured Parties a security interest in
all right, title and interest of the Assignor in and to all monies or claims for monies due and to become due to the Assignor (the “Earnings”), and all liens therefor, under or arising out of, any present or future passenger ticket,
bill of lading, bareboat, time or voyage charter party, contract of affreightment, towing or salvage contract or service, or other contract or arrangement whatsoever, whether expressed or implied, made or issued for or in connection with the
service, use, management or operation of the passenger vessel [            ], documented under the laws of the Commonwealth of The Bahamas with Official Number
[            ] and IMO Number [            ] (the “Vessel”), for the carriage of goods, mail, or passengers or
the performance of towing or salvage services, or for any other purpose whatsoever (such contracts or arrangement being hereinafter collectively called the “Contracts”), or any amendment thereof or addition thereto, for or as
carriage, passage, charter hire, fees, freight, demurrage, requisition or otherwise thereunder, or as compensation for the modification, termination or breach thereof, or for or as contributions in general average arising out of any such carriage or
under any such Contracts or pursuant to any bond or other security for general average, and all claims for damages in respect of the actual, constructive or compromised total loss or requisition or other compulsory acquisition or other loss of use
of the Vessel, and all proceeds of any of the foregoing. 
 2. The Assignor warrants and covenants that (a) it has not
heretofore assigned, hypothecated or pledged, nor will it hereafter assign, hypothecate or pledge, any of the right, title or interest assigned hereby, whether now due or hereafter becoming due, to any person, firm or corporation other than to the
Assignor for the benefit of the Secured Parties, and (b) it will not take or omit to take any action, the taking or omission of which might result in the impairment of any right, title or interest assigned hereby. 

 3. The Assignor hereby authorizes and directs each person, firm or corporation liable
therefor, upon the occurrence and during the continuation of an Event of Default (as defined in the Collateral Agreement), to pay the Assignee, for the benefit of the Secured Parties, upon notice by the Assignee of this Assignment, all monies as and
when due the Assignor pursuant to or arising out of any of the Contracts, and to draw to the order of the Assignee or as it may direct any and all checks and other instruments for the payment of the monies and claims assigned hereby, and to accept
the receipts of the Assignee therefor. 
 4. It is expressly agreed that, anything herein contained to the contrary
notwithstanding, the Assignor shall remain liable under the Contracts to perform all the obligations assumed by it thereunder, and neither the Assignee nor the Secured Parties shall have any obligations or liabilities under the Contracts, by reason
of or arising out of this Assignment, nor shall the Assignee or the Secured Parties be required or obligated in any manner to perform any obligations of the Assignor under or pursuant to the Contracts. 

5. The Assignor hereby irrevocably appoints (which appointment is coupled with an interest) the Assignee, its successors and assigns, as
the Assignor’s true and lawful attorney-in-fact, with full power, in the name of the Assignor, or otherwise, upon the occurrence and during the continuation of an Event of Default (as defined in the Collateral Agreement), to demand, receive and
collect, and to give acquittance for the payment of any and all monies or claims for monies or rights which are assigned hereby; to file any claims and to commence, maintain or discontinue any actions, suits or other proceedings which the Assignee
deems reasonably advisable in order to collect or enforce payment of any such monies, to settle, adjust and compromise any and all disputes or claims in respect of such monies, and to endorse any and all checks, drafts or other orders or instruments
for the payment of monies payable to the Assignor which shall be issued in respect of such monies, but the Assignee is not obligated in any manner to make any inquiry as to the nature or sufficiency of any payment received by it or to take any of
the actions hereinabove authorized. 
 6. The Assignor agrees that it will promptly execute and deliver such further documents
and do such other acts and things as the Assignee may from time to time reasonably request in order further to effect the purpose of this Assignment. 
 7. The Assignor hereby irrevocably authorizes the Assignee, at the Assignor’s expense, to file such financing statements or give such notices relating to this Assignment, without the Assignor’s
signature, as the Assignee at its option may deem appropriate, and irrevocably appoints (which appointment is coupled with an interest) the Assignee, its successors and assigns, as the Assignor’s attorney-in-fact with full power to execute any
such financing statements or notices in the Assignor’s name and to perform all other acts which the Assignee deems reasonably necessary or appropriate to perfect and continue the security interest conferred hereby. 

8. The Assignor covenants and agrees with the Assignee that the Assignor will (a) duly perform and observe all of the terms and
provisions of the Contracts on the 

  
 2 

 
part of the Assignor to be performed or observed; (b) clearly record on the books and records of the Assignor notations of this Assignment; and (c) in the event that the Assignor shall
receive payment of any monies hereby assigned, after an Event of Default (as defined in the Collateral Agreement) shall have occurred and be continuing, forthwith turn over the same to the Assignee in the identical form in which received (except for
such endorsements as may be required thereon) and, until so turned over, hold the same in trust for the Assignee. 
 9. The
powers and authority granted to the Assignee herein have been given for a valuable consideration and are hereby declared to be irrevocable and coupled with an interest. 
 10. This Assignment shall be binding upon the Assignor and upon the Assignor’s successors and assigns and shall inure to the benefit of the Assignee, its successors and assigns. 

11. All notices or other communications required or permitted to be made or given hereunder shall be made by postage prepaid letter, or
by electronic means, as follows: 
  

			
	If to the Assignee:	  	 Deutsche Bank Trust Company Americas
 60 Wall Street, Floor 43
 New York, NY 10005

Attn: Erin Morrissey
 (212) 250-1765

(212) 797-5690 (Fax)
 Email:
erin.morrissey@db.com

		
	With Copy to:	  	 Deutsche Bank Trust Company Americas
 5022 Gate Parkway, Suite 200
 Jacksonville, FL 32256

Attn: Maxeen Jacques
 (904) 527-6411

(732) 380-3355 (Fax)
 Email:
maxeen.jacques@db.com

		
	If to the Assignor:	  	 7665 Corporate Center Drive

Miami, Florida 33126
 United States of
America
 Attn: Wendy Beck
 Tel. No.:
(305) 436-4098
 Fax No.: (305) 436-4140

Email: wbeck@ncl.com
  
 and

  
 3 

			
		  	 Attn: Daniel Farkas
 Tel. No.:
(305) 436-4690
 Fax No.: (305) 436-4117

Email: dfarkas@ncl.com
  
 With copies to:
 Apollo Management, L.P.

9 West 57th Street
 New York, NY 10019
 Attn: Steve Martinez
 Tel. No.: (212) 515-3200

Fax No.: (212) 515-3288
  
 and
  
 Paul, Weiss, Rifkind,
Wharton & Garrison LLP
 1285 Avenue of the Americas
 New York
 NY 10019-6064
 Attn: Brad Finkelstein
 Tel No: (212) 373-3074

Fax No: (212) 492-0074
 Email:
bfinkelstein@paulweiss.com

 12. This Assignment shall be governed and controlled by the internal laws of the State of New York (but
without reference to any provision thereof which might permit or require the application of the law of another jurisdiction). 

13. Notwithstanding anything herein to the contrary, on and after the Intercreditor Effective Date (as defined in the Collateral
Agreement) (i) the liens and security interests granted to the Assignee pursuant to this Assignment are expressly subject to the First Lien Intercreditor Agreement and (ii) the exercise of any right or remedy by the Assignee hereunder is
subject to the limitations and provisions of the First Lien Intercreditor Agreement. In the event of any conflict between the terms of the First Lien Intercreditor Agreement and the terms of this Assignment, the terms of the First Lien Intercreditor
Agreement shall govern. Nothing herein is intended, or shall be construed, to give any Loan Party any additional right, remedy or claim under, to or in respect of this Assignment. 

  
 4 

 IN WITNESS WHEREOF, the Assignor has caused this Assignment to be executed by each of the
undersigned directors on the date first above written. 
  

			
	[            ]
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Earnings Assignment 

[            ] 

 Exhibit I 
 FIRST LIEN INSURANCE ASSIGNMENT 
 THIS ASSIGNMENT made as of
[                    ], 2013 (this “Assignment”), by
[                    ], a [                    ]
company having an address at [            ] (the “Assignor”), to DEUTSCHE BANK TRUST COMPANY AMERICAS, with its office at 60 Wall Street, New York, NY 10005 (together with
each of its successors and assigns, the “Assignee”), as Collateral Agent for the Secured Parties, including but not limited to (i) the financial institutions party to the $1,300,000,000 credit agreement dated as of May 24,
2013 (as amended, restated, supplemented, waived or otherwise modified from time to time, the “Credit Agreement”) among NCL Corporation Ltd., the Assignee and others, (ii) any hedging counterparties to the extent that they are
Secured Parties as defined in the Credit Agreement, and (iii) the other Secured Parties. Capitalized terms used in this Assignment and not otherwise defined herein have the respective meanings assigned thereto in the Credit Agreement.

 1. THE ASSIGNOR, in consideration of One Dollar ($1.00) and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, DOES HEREBY ASSIGN, transfer and set over unto the Assignee for itself and for the benefit of the Secured Parties, and, as collateral security for the Obligations now or hereafter existing, does hereby
grant to the Assignee for the benefit of the Secured Parties a security interest in all right, title and interest of the Assignor in and to all proceeds of insurance and all monies or claims for monies due and to become due to the Assignor, and all
other rights of the Assignor, under or arising out of any present or future insurance, including loss of earnings insurance and return of premiums (the “Insurance”), on or for the benefit of or relating to the passenger vessel
[                    ] documented under the laws of the Commonwealth of The Bahamas with Official Number
[                    ] and IMO Number
[                    ] (the “Vessel”), which insurance shall be in accordance with the provisions of the Credit Agreement, any
Senior Secured Notes Indenture, and the Vessel Mortgage for the Vessel. 
 2. Payment of the proceeds of the Insurance on the
Vessel shall be made as provided in the loss payable clauses in the forms set out in Appendix A and Appendix B of Schedule 1 hereto, or in such other forms as may from time to time be agreed in writing by the Assignee. 

3. The Assignor warrants and covenants that (a) it has not heretofore assigned, hypothecated or pledged, nor will it hereafter
assign, hypothecate or pledge, any of the right, title or interest assigned hereby, whether now due or hereafter becoming due, to any person, firm or corporation other than to the Assignee for the benefit of the Secured Parties, and (b) it will
not take or omit to take any action, the taking or omission of which might result in the impairment of any right, title or interest assigned hereby. 
 4. The Assignor hereby authorizes and directs each person, firm or corporation liable therefor, upon the occurrence and during the continuation of an Event of Default (as defined in the Collateral
Agreement), to pay the Assignee, for the benefit of the Secured Parties, all monies as and when due the Assignor pursuant to or arising out of any of the Insurance, and to draw to the order of the Assignee any and all checks and other instruments
for the payment of the monies and claims assigned hereby, and to accept the receipts of the Assignee therefor. 

 5. It is expressly agreed that, anything herein contained to the contrary notwithstanding,
the Assignor shall remain liable under the Insurance to perform all the obligations assumed by it thereunder, and neither the Assignee nor the Secured Parties shall have any obligations or liabilities under the Insurance, by reason of or arising out
of this Assignment, nor shall the Assignee or the Secured Parties be required or obligated in any manner to perform any obligations of the Assignor under or pursuant to the Insurance. 

6. In the event that the Assignor at any time or times shall fail to obtain or maintain any of the policies of insurance required under
the Credit Agreement, any Senior Secured Notes Indenture or Deed of Covenants related to the Vessel or to pay any premium in whole or part relating thereto, the Assignee may, without waiving or releasing any obligation or liability of the Assignor
hereunder or any Event of Default (as defined in the Collateral Agreement), in its sole discretion, obtain and maintain such policies of insurance in the name of the Assignor and pay such premium and take any other actions with respect thereto as
the Assignee reasonably deems advisable. 
 7. The Assignor hereby irrevocably appoints (which appointment is coupled with an
interest) the Assignee, its successors and assigns, as the Assignor’s true and lawful attorney-in-fact, with full power, in the name of the Assignor, or otherwise, upon the occurrence and during the continuation of an Event of Default (as
defined in the Collateral Agreement), to demand, receive and collect, and to give acquittance for the payment of any and all monies or claims for monies which are assigned hereby; to file any claims and to commence, maintain or discontinue any
actions, suits or other proceedings which the Assignee deems reasonably advisable in order to collect or enforce payment of any such monies; to settle, adjust and compromise any and all disputes or claims in respect of such monies, and to endorse
any and all checks, drafts or other orders or instruments for the payment of monies payable to the Assignor which shall be issued in respect of such monies, but the Assignee is not obligated in any manner to make any inquiry as to the nature or
sufficiency of any payment received by it or to take any of the actions hereinabove authorized. 
 8. The Assignor agrees that
it will promptly execute and deliver such further documents and do such other acts and things as the Assignee may from time to time reasonably request in order further to effect the purpose of this Assignment, including giving such notices (in such
form as the Assignee shall reasonably require, including the Notice of Assignment of Insurances attached hereto as Schedule 1) and obtaining such consents as required by the Vessel Mortgage and Section 10 hereof. 

9. The Assignor hereby irrevocably authorizes the Assignee, at the Assignor’s expense, to file such financing statements and give
such notices relating to this Assignment, without the Assignor’s signature, as the Assignee at its option may deem appropriate, and irrevocably appoints (which appointment is coupled with an interest) the Assignee, its successors and assigns,
as the Assignor’s attorney-in-fact with full power to execute any such financing statements or notices in the Assignor’s name and to perform all other acts which the Assignee deems reasonably necessary or appropriate to perfect and
continue the security interest conferred hereby. 

  
 2 

 10. The Assignor covenants and agrees with the Assignee that the Assignor will (a) duly
perform and observe all of the terms and provisions of the Insurance on the part of the Assignor to be performed or observed; (b) clearly record on the books and records of the Assignor notations of this Assignment; and (c) in the event
that the Assignor shall receive payment of any monies hereby assigned, after an Event of Default (as defined in the Collateral Agreement) shall have occurred and be continuing, forthwith turn over the same to the Assignee in the identical form in
which received (except for such endorsements as may be required thereon) and, until so turned over, hold the same in trust for the Assignee. 
 11. The Assignor hereby covenants and agrees that it will forthwith give notice of this Assignment to all underwriters or shall instruct its brokers to give such notice, and that where the consent of any
underwriter is required pursuant to any of the Insurance assigned hereby that it shall be obtained and evidence thereof shall be provided to the Assignee or, in the case of protection and indemnity coverage, that the Assignor shall use commercially
reasonable efforts to procure that the Assignee be provided with a letter of undertaking by the underwriters; and that there shall be duly endorsed upon all slips, cover notes, policies, certificates of entry or other instruments issued or to be
issued in connection with the insurances assigned hereby such loss payable, notice of cancellation, and other clauses as may be required by Section 2 hereof. 
 12. The powers and authority granted to the Assignee herein have been given for a valuable consideration and are hereby declared to be irrevocable and coupled with an interest. 

13. This Assignment shall be binding upon the Assignor and upon the Assignor’s successors and assigns and shall inure to the benefit
of the Assignee, its successors and assigns. 
 14. All notices or other communications required or permitted to be made or
given hereunder shall be made by postage prepaid letter, or by electronic means, as follows: 
  

			
	If to the Assignee:	  	 Deutsche Bank Trust Company Americas
 60 Wall Street, Floor 43
 New York, NY 10005

Attn: Erin Morrissey
 (212) 250-1765

(212) 797-5690 (Fax)
 Email:
erin.morrissey@db.com

  
 3 

			
	With Copy to:	  	 Deutsche Bank Trust Company Americas
 5022 Gate Parkway, Suite 200
 Jacksonville, FL 32256

Attn: Maxeen Jacques
 (904) 527-6411

(732) 380-3355 (Fax)
 Email:
maxeen.jacques@db.com

		
	If to the Assignor:	  	 7665 Corporate Center Drive

Miami, Florida 33126
 United States of
America
 Attn: Wendy Beck
 Tel. No.:
(305) 436-4098
 Fax No.: (305) 436-4140

Email: wbeck@ncl.com
  
 and
  
 Attn: Daniel
Farkas
 Tel. No.: (305) 436-4690
 Fax
No.: (305) 436-4117
 Email: dfarkas@ncl.com
  

With copies to:
 Apollo Management,
L.P.
 9 West
57th Street

New York, NY 10019
 Attn: Steve
Martinez
 Tel. No.: (212) 515-3200
 Fax
No.: (212) 515-3288
  
 and

 
 Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas
 New York

NY 10019-6064
 Attn: Brad Finkelstein

Tel No: (212) 373-3074
 Fax No: (212)
492-0074
 Email: bfinkelstein@paulweiss.com

 15. This Assignment shall be governed and controlled by the internal laws of the State of New York (but
without reference to any provision thereof which might permit or require the application of the law of another jurisdiction) as to interpretation, enforcement, validity, construction, effect, and in all other respects, including, without

  
 4 

 
limitation, the legality of any interest rate and other charges, but excluding perfection of the security interests in the rights, title and interest assigned hereby, which shall be governed and
controlled by the laws of the relevant jurisdiction. 
 16. Notwithstanding anything herein to the contrary, on and after the
Intercreditor Effective Date (as defined in the Collateral Agreement) (i) the liens and security interests granted to the Assignee pursuant to this Assignment are expressly subject to the First Lien Intercreditor Agreement and (ii) the
exercise of any right or remedy by the Assignee hereunder is subject to the limitations and provisions of the First Lien Intercreditor Agreement. In the event of any conflict between the terms of the First Lien Intercreditor Agreement and the terms
of this Assignment, the terms of the First Lien Intercreditor Agreement shall govern. Nothing herein is intended, or shall be construed, to give any Loan Party any additional right, remedy or claim under, to or in respect of this Assignment.

 [Remainder of page intentionally left blank] 

  
 5 

 IN WITNESS WHEREOF, the Assignor has caused this Assignment to be executed by each of the
undersigned directors on the date first above written. 
  

			
	
[                        
    ]

		
	By:	 	  

		 	 Name:

		 	 Title:

  
 Signature
Page to Insurance Assignment [                    ] 

 SCHEDULE 1 
 NOTICE OF ASSIGNMENT OF INSURANCES 

[            ] (the “Owner”), the owner of the passenger vessel
[            ], registered under the laws of the Commonwealth of The Bahamas with Official Number [            ] and IMO Number
[            ] (the “Vessel”), HEREBY GIVES NOTICE that by an Assignment in writing dated as of [            ],
2013, made by the Owner to DEUTSCHE BANK TRUST COMPANY AMERICAS as administrative agent and collateral agent (the “First Mortgagee”) under a credit agreement dated as of
[            ], 2013 (the “Credit Agreement”), the Owner assigned to the First Mortgagee all its right, title and interest in all insurances in respect of the Vessel
including the insurances constituted by the policy whereon this Notice is endorsed. 
 Dated as of
[            ], 2013 
  

			
	[                    ]
		
	By:	 	  

		 	Name:
		 	Title:

  
 Schedule 1-1

 APPENDIX A 
 LOSS PAYABLE CLAUSE 
 HULL AND MACHINERY, HULL INTEREST AND WAR (FIRST MORTGAGE)

 BY ASSIGNMENTS IN WRITING dated as of [            ], 2013, NCL CORPORATION LTD.
(the “Parent”) and the respective owners of the vessels described below assigned absolutely to DEUTSCHE BANK TRUST COMPANY AMERICAS (the “First Mortgagee”) acting through its office, 60 Wall Street, New York, NY
10005, as collateral agent and administrative agent under a credit agreement dated as of [            ], 2013 (the “Credit Agreement”), first mortgagee of: the passenger
vessel NORWEGIAN DAWN, registered under the laws of the Commonwealth of The Bahamas with Official Number 9000046 and IMO Number 9195169; the passenger vessel NORWEGIAN GEM, registered under the laws of the Commonwealth of The Bahamas with Official
Number 8001151 and IMO Number 9355733; the passenger vessel NORWEGIAN PEARL, registered under the laws of the Commonwealth of The Bahamas with Official Number 8001150 and IMO Number 9342281; the passenger vessel NORWEGIAN SPIRIT, registered under
the laws of the Commonwealth of The Bahamas with Official Number 8000814 and IMO Number 9141065; the passenger vessel NORWEGIAN STAR, registered under the laws of the Commonwealth of The Bahamas with Official Number 8000359 and IMO Number 9195157;
and the passenger vessel NORWEGIAN SUN, registered under the laws of the Commonwealth of The Bahamas with Official Number 8000245 and IMO Number 9218131 (each, a “Vessel”) this policy and all benefits thereof including all claims of
whatsoever nature hereunder. 

  
 Schedule 1-2

 Claims hereunder for an actual total loss, arranged, agreed or compromised or constructive total loss shall
be payable to the First Mortgagee for distribution first to itself and thereafter to others as their respective interests may appear. 
 Subject
thereto, all other claims shall be payable as provided in subsections (a) and (b) below; PROVIDED HOWEVER that upon notice from the First Mortgagee to the underwriters of a default under the Credit Agreement, all claims under this policy
of insurance shall be payable to the First Mortgagee for distribution first to itself and thereafter to others as their respective interests may appear. 
 (a) A claim in respect of any one casualty or occurrence where the aggregate claim against all insurers does not exceed [*] UNITED STATES DOLLARS (US$[*]) or the equivalent in any other currency, prior to
adjustment for any franchise or deductible under the terms of the policy, shall be paid directly to the Parent for the repair, salvage or other charges involved or as reimbursement if the Parent has fully repaired all damage sustained to the
applicable Vessel and paid all the salvage or other charges. 
 (b) A claim in respect of any one casualty or occurrence where the aggregate
claim against all insurers exceeds [*] UNITED STATES DOLLARS (US$[*]) or the equivalent in any other currency prior to adjustment for any franchise or deductible under the terms of the policy, shall, subject to the prior written consent of the First
Mortgagee, be paid to the Parent as and when the applicable Vessel is restored to her former state and condition and the liability in respect of which the insurance loss is payable is discharged, and provided that the insurers may with such consent
as aforesaid make payment on account of repairs in the course of being effected, but, in the absence of such prior written consent shall be payable directly to the First Mortgagee for distribution first to itself and thereafter to others as their
respective interests may appear. 

  
 Schedule 1-3

 APPENDIX B 
 LOSS PAYABLE CLAUSE 
 PROTECTION AND INDEMNITY 

 

							
	 Vessel
	  	 IMO No.
	 	  	 Owner

	 NORWEGIAN DAWN
	  	 	9195169	  	  	Norwegian Dawn Limited
	 NORWEGIAN GEM
	  	 	9355733	  	  	Norwegian Gem, Ltd.
	 NORWEGIAN PEARL
	  	 	9342281	  	  	Norwegian Pearl, Ltd.
	 NORWEGIAN SPIRIT
	  	 	9141065	  	  	Norwegian Spirit, Ltd.
	 NORWEGIAN STAR
	  	 	9195157	  	  	Norwegian Star Limited
	 NORWEGIAN SUN
	  	 	9218131	  	  	Norwegian Sun Limited

 Payment of any recovery to which NCL Corporation Ltd. (the “Parent”) and the Joint Members under Rule 9i
listed in the Certificate of Entry and Acceptance are entitled to receive out of the funds of the Association in respect of any liability, costs or expenses incurred by it shall be made to the Parent or to its order unless and until the Association
receives notice from DEUTSCHE BANK TRUST COMPANY AMERICAS, acting through its office at 60 Wall Street, New York, NY 10005, as collateral agent for itself and others (together with its successors and assigns, the “Collateral
Agent”), that the Parent is in default under a credit agreement dated as of [**            **], 2013 (the “Credit Agreement”) or is otherwise obligated to deliver
such recovery to the Collateral Agent, in which event all recoveries shall thereafter be paid to the Collateral Agent or its order, provided always that no liability whatsoever shall attach to the Association, its managers or their agents for
failure to comply with the latter obligation until after the expiry of two clear business days from the receipt of such notice. The Association shall, unless it receives from the Collateral Agent notice to the contrary, be at liberty at the request
of the Parent to provide bail or other security to prevent the arrest or obtain the release of the applicable Vessel, without liability to the Collateral Agent. 
 . 

  
 Schedule 1-4

 Exhibit K-1 
 [FORM OF] 
 FIRST LIEN INTERCREDITOR 

FIRST LIEN INTERCREDITOR AGREEMENT 
 Among 
 DEUTSCHE BANK TRUST COMPANY AMERICAS 

as the Authorized Representative under the Credit Agreement, 
 [            ] 
 as the
Initial Additional Authorized Representative, and 
 each additional Authorized Representative from time to time party hereto

 Dated as of [            ] 

 FIRST LIEN INTERCREDITOR AGREEMENT (as amended, amended and restated, supplemented or
otherwise modified from time to time, this “Agreement”) dated as of [            ], among DEUTSCHE BANK TRUST COMPANY AMERICAS, as the Authorized Representative for the
Credit Agreement Secured Parties (in such capacity and together with its successors in such capacity, the “Collateral Agent”), [            ], as the Authorized
Representative for the Initial Additional Secured Parties (in such capacity and together with its successors in such capacity, the “Initial Additional Authorized Representative”), and each additional Authorized Representative from
time to time party hereto for the Additional Secured Parties of the Series with respect to which it is acting in such capacity. 

In consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Collateral Agent (for itself and on behalf of the Credit Agreement Secured Parties), the Initial Additional Authorized Representative (for itself and on behalf of the Initial Additional Secured Parties) and each
additional Authorized Representative (for itself and on behalf of the Additional Secured Parties of the applicable Series) agree as follows: 
 ARTICLE I  
 Definitions 

SECTION 1.01 Construction; Certain Defined Terms. (a) The definitions of terms herein shall apply equally to the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to
be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise, (i) any definition of or reference
to any agreement, instrument, other document, statute or regulation herein shall be construed as referring to such agreement, instrument, other document, statute or regulation as from time to time amended, amended and restated, supplemented or
otherwise modified, (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, but shall not be deemed to include the subsidiaries of such Person unless express reference is made to such
subsidiaries, (iii) the words “herein”, “hereof and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (iv) all
references herein to Articles, Sections and Annexes shall be construed to refer to Articles, Sections and Annexes of this Agreement, (v) unless otherwise expressly qualified herein, the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (vi) the term “or” is not exclusive. 

(b) It is the intention of the Secured Parties of each Series that the holders of Obligations of such Series (and not the Secured Parties
of any other Series) bear the risk of (i) any determination by a court of competent jurisdiction that (x) any of the Obligations of such Series are unenforceable under applicable law or are subordinated to any other obligations (other than
another Series of Obligations), (y) any of the Obligations of such Series do not have an enforceable security interest in any of the Collateral securing any other Series of Obligations and/or (z) any intervening security interest exists
securing any other obligations (other than 

 
another Series of Obligations) on a basis ranking prior to the security interest of such Series of Obligations but junior to the security interest of any other Series of Obligations and
(ii) the existence of any Collateral for any other Series of Obligations that is not Shared Collateral (any such condition referred to in the foregoing clauses (i) or (ii) with respect to any Series of Obligations, an
“Impairment” of such Series); provided that the existence of a maximum claim with respect to any real property subject to a mortgage which applies to all Obligations shall not be deemed to be an Impairment of any Series of
Obligations. In the event of any Impairment with respect to any Series of Obligations, the results of such Impairment shall be borne solely by the holders of such Series of Obligations, and the rights of the holders of such Series of Obligations
(including the right to receive distributions in respect of such Series of Obligations pursuant to Section 2.01) set forth herein shall be modified to the extent necessary so that the effects of such Impairment are borne solely by the holders
of the Series of such Obligations subject to such Impairment. Additionally, in the event the Obligations of any Series are modified pursuant to applicable law (including pursuant to Section 1129 of the Bankruptcy Code), any reference to such
Obligations or the Secured Credit Documents governing such Obligations shall refer to such Obligations or such documents as so modified. 
 (c) Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Credit Agreement. As used in this Agreement, the following terms have the meanings specified below:

 “Additional Authorized Representative” means the Authorized Representative of any Series of Additional
Obligations acting on behalf of the holders of such Series of Additional Obligations and shall include the Initial Additional Authorized Representative. 
 “Additional Agreement” shall have the meaning given the term “Senior Secured Note Indenture” in the Guarantee and Collateral Agreement and shall include the Initial Additional
Agreement. 
 “Additional Secured Parties” means the holders of any Additional Obligations and any Additional
Authorized Representative and shall include the Initial Additional Secured Parties and the Initial Additional Authorized Representative. 
 “Additional Obligations” shall have the meaning given the term “Senior Secured Note Obligations” in the Guarantee and Collateral Agreement and shall include the Initial
Additional Obligations. 
 “Agreement” has the meaning assigned to such term in the introductory paragraph of
this Agreement. 
 “Applicable Authorized Representative” means, with respect to any Shared Collateral,
(i) until the earlier of (x) the Discharge of Credit Agreement Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date, the Collateral Agent and (ii) from and after the earlier of (x) the Discharge
of Credit Agreement Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date, the Major Non-Controlling Authorized Representative; provided, in each case, that if there shall occur one or more Non-Controlling
Authorized Representative Enforcement Dates, the Applicable Authorized 

  
 3 

 
Representative shall be the Authorized Representative that is the Major Non-Controlling Authorized Representative in respect of the most recent Non-Controlling Authorized Representative
Enforcement Date. 
 “Authorized Representative” means (i) in the case of any Credit Agreement Obligations
or the Credit Agreement Secured Parties, the Collateral Agent, (ii) in the case of the Initial Additional Obligations or the Initial Additional Secured Parties, the Initial Additional Authorized Representative, and (iii) in the case of any
Series of Additional Obligations or Additional Secured Parties that become subject to this Agreement after the date hereof, the Authorized Representative named for such Series in the applicable Joinder Agreement. 

“Bankruptcy Case” has the meaning assigned to such term in Section 2.05(b). 

“Bankruptcy Code” means Title 11 of the United States Code, as amended. 

“Bankruptcy Law” means the Bankruptcy Code and any similar Federal, state or foreign law for the relief of debtors.

 “Collateral” means all assets and properties subject to Liens created pursuant to any Security Document to
secure one or more Series of the Obligations. 
 “Collateral Agent” has the meaning assigned to such term in
the introductory paragraph of this Agreement. 
 “Controlling Secured Parties” means, with respect to any
Shared Collateral, (i) at any time when the Collateral Agent is the Applicable Authorized Representative, the Credit Agreement Secured Parties and (ii) at any other time, the Series of Secured Parties whose Authorized Representative is the
Applicable Authorized Representative for such Shared Collateral. 
 “Credit Agreement” means the Credit
Agreement dated as of May 24, 2013 (as amended, amended and restated, replaced, refinanced, supplemented or otherwise modified from time to time) among NCL Corporation Ltd., a Bermuda Company, the lenders party thereto from time to time and
Deutsche Bank Trust Company Americas, as administrative agent for the Credit Agreement Secured Parties (in such capacity and together with its successors in such capacity, the “Administrative Agent”). 

“Credit Agreement Obligations” means (a) the Loan Document Obligations, (b) the due and punctual payment and
performance of all obligations of each Loan Party under each Swap Agreement that (i) was in effect on the Closing Date with a counterparty that is a Lender, an Agent, an Arranger or an Affiliate of a Lender, an Agent or an Arranger as of the
Closing Date or (ii) is entered into after the Closing Date with any counterparty that is a Lender, an Agent, an Arranger or an Affiliate of a Lender, an Agent or an Arranger at the time such Swap Agreement is entered into; provided that
such Lender is not a Defaulting Lender at the time such Swap Agreement is entered into, and (c) the due and punctual payment and performance of all obligations of the Borrower and any of its Subsidiaries in respect of overdrafts and related
liabilities owed to a Lender, an Agent, an Arranger or any of its Affiliates (or any other person designated by the Borrower as a provider of cash management services and entitled to the benefit

  
 4 

 
of this Agreement) and arising from cash management services (including treasury, depository, overdraft, credit or debit card, electronic funds transfer, ACH services and other cash management
arrangements). 
 “Credit Agreement Secured Parties” has the meaning assigned to such term in the Guarantee and
Collateral Agreement. 
 “DIP Financing” has the meaning assigned to such term in Section 2.05(b).

 “DIP Financing Liens” has the meaning assigned to such term in Section 2.05(b). 

“DIP Lenders” has the meaning assigned to such term in Section 2.05(b). 

“Discharge” means, with respect to any Shared Collateral and any Series of Obligations, the date on which such Series of
Obligations is no longer secured by such Shared Collateral. The term “Discharged” has a corresponding meaning. 

“Discharge of Credit Agreement Obligations” means, with respect to any Shared Collateral, the Discharge of the Credit
Agreement Obligations with respect to such Shared Collateral; provided that the Discharge of Credit Agreement Obligations shall not be deemed to have occurred in connection with a Refinancing of such Credit Agreement Obligations with
additional Obligations secured by such Shared Collateral under an additional agreement which has been designated in writing by the Administrative Agent (under the Credit Agreement so Refinanced) to the Applicable Authorized Representative and each
other Authorized Representative as the “Credit Agreement” for purposes of this Agreement. 
 “Event of
Default” has the meaning set forth in the Guarantee and Collateral Agreement. 
 “Guarantee and Collateral
Agreement” means the Guarantee and Collateral Agreement dated as of May 24, 2013, by and among the Pledgors party thereto from time to time, the Collateral Agent and any Additional Authorized Representatives from time to time party
thereto. 
 “Impairment” has the meaning assigned to such term in Section 1.01(b). 

“Initial Additional Agreement” means that certain Senior Secured Note Indenture dated as of
[                    ], among the Borrower
[,                    ]. 

“Initial Additional Authorized Representative” shall have the meaning assigned to such term in the introductory
paragraph to this Agreement. 
 “Initial Additional Obligations” means the Additional Obligations pursuant to
the Initial Additional Agreement. 
 “Initial Additional Secured Parties” means the holders of any Initial
Additional Obligations and the Initial Additional Authorized Representative. 

  
 5 

 “Insolvency or Liquidation Proceeding” means: 

(1) any case commenced by or against a Borrower or any Pledgor under any Bankruptcy Law, any other proceeding for the
reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of a Borrower or any Pledgor, any receivership or assignment for the benefit of creditors relating to a Borrower or any Pledgor or any similar case or
proceeding relative to a Borrower or any Pledgor or its creditors, as such, in each case whether or not voluntary; 
 (2) any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to a Borrower or any Pledgor, in each case whether or not voluntary and whether or not involving
bankruptcy or insolvency; or 
 (3) any other proceeding of any type or nature in which substantially all claims
of creditors of a Borrower or any Pledgor are determined and any payment or distribution is or may be made on account of such claims. 
 “Intervening Creditor” has the meaning assigned to such term in Section 2.01(a). 
 “Joinder Agreement” means the documents required to be delivered by an Authorized Representative to the Applicable Authorized Representative and each other Authorized Representative
pursuant to Section 6.20 of the Guarantee and Collateral Agreement in order to create an additional Series of Additional Obligations and add Additional Secured Parties hereunder. 

“Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, hypothecation, pledge, charge,
assignment, security interest or encumbrance of any kind in or on such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having
substantially the same economic effect as any of the foregoing) relating to such asset. 
 “Loan Document
Obligations” has the meaning assigned to such term in the Guarantee and Collateral Agreement. 
 “Major
Non-Controlling Authorized Representative” means, with respect to any Shared Collateral, the Authorized Representative of the Series of Additional Obligations that constitutes the largest outstanding principal amount of any then outstanding
Series of Obligations with respect to such Shared Collateral; provided, however, that if there are two outstanding Series of Additional Obligations which have an equal outstanding principal amount, the Series of Additional Obligations
with the earlier maturity date shall be considered to have the larger outstanding principal amount for purposes of this definition. 
 “New York UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York. 
 “Non-Controlling Authorized Representative” means, at any time with respect to any Shared Collateral, any Authorized Representative that is not the Applicable Authorized Representative at
such time with respect to such Shared Collateral. 

  
 6 

 “Non-Controlling Authorized Representative Enforcement Date” means, with
respect to any Non-Controlling Authorized Representative, the date which is 90 days (throughout which 90 day period such Non-Controlling Authorized Representative was the Major Non-Controlling Authorized Representative) after the occurrence of both
(i) an Event of Default (under and as defined in the Additional Agreement under which such Non-Controlling Authorized Representative is the Authorized Representative) and (ii) the Applicable Authorized Representative’s and each other
Authorized Representative’s receipt of written notice from such Non-Controlling Authorized Representative certifying that (x) such Non-Controlling Authorized Representative is the Major Non-Controlling Authorized Representative and that an
Event of Default (under and as defined in the Additional Agreement under which such Non-Controlling Authorized Representative is the Authorized Representative) has occurred and is continuing and (y) the Obligations of the Series with respect to
which such Non-Controlling Authorized Representative is the Authorized Representative are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the applicable Additional
Agreement; provided that the Non-Controlling Authorized Representative Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred with respect to any Shared Collateral (1) at any time the Collateral
Agent or the Applicable Authorized Representative has commenced and is diligently pursuing any enforcement action with respect to such Shared Collateral or (2) at any time the Pledgor which has granted a security interest in such Shared
Collateral is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding. 

“Non-Controlling Secured Parties” means, with respect to any Shared Collateral, the Secured Parties which are not
Controlling Secured Parties with respect to such Shared Collateral. 
 “Obligations” has the meaning assigned
to such term in the Guarantee and Collateral Agreement. 
 “Pledgors” means the Borrower and each subsidiary or
direct or indirect parent company of the Borrower, in each case, which has granted a security interest pursuant to any Security Document to secure any Series of Obligations. 
 “Possessory Collateral” means any Shared Collateral in the possession of the Applicable Authorized Representative (or its agents or bailees), to the extent that possession thereof
perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction. Possessory Collateral includes, without limitation, any Certificated Securities, Promissory Notes, Instruments, and Chattel Paper, in each case, delivered to or in the
possession of the Applicable Authorized Representative under the terms of the Security Documents. All capitalized terms used in this definition and not defined elsewhere in this Agreement have the meanings assigned to them in the New York UCC.

 “Proceeds” has the meaning assigned to such term in Section 2.01 hereof 

“Refinance” means, in respect of any indebtedness, to refinance, extend, renew, defease, amend, increase, modify,
supplement, restructure, refund, replace or repay, or to issue other indebtedness or enter alternative financing arrangements, in exchange or replacement for 

  
 7 

 
such indebtedness (in whole or in part), including by adding or replacing lenders, creditors, agents, borrowers and/or guarantors, and including in each case, but not limited to, after the
original instrument giving rise to such indebtedness has been terminated and including, in each case, through any credit agreement, indenture or other agreement. “Refinanced” and “Refinancing” have correlative
meanings. 
 “Secured Credit Documents” means (i) the Credit Agreement and the other Loan Documents (as
defined in the Credit Agreement), (ii) the Initial Additional Agreement and (iii) each Additional Agreement. 

“Secured Parties” means (a) the Credit Agreement Secured Parties and (ii) the Additional Secured Parties.

 “Security Documents” means the Guarantee and Collateral Agreement, each other Security Document (as defined
in the Credit Agreement) and each other agreement entered into in favor of the Applicable Authorized Representative for purposes of securing any Series of Obligations. 
 “Series” means (a) with respect to the Secured Parties, each of (i) the Secured Parties (in their capacities as such), (ii) the Initial Additional Secured Parties (in their
capacity as such) and (iii) the Additional Secured Parties that become subject to this Agreement after the date hereof that are represented by a common Authorized Representative (in its capacity as such for such Additional Secured Parties) and
(b) with respect to any Obligations, each of (i) the Credit Agreement Obligations, (ii) the Initial Additional Obligations and (iii) the other Additional Obligations incurred pursuant to any Additional Agreement, which pursuant
to any Joinder Agreement, are to be represented hereunder by a common Authorized Representative (in its capacity as such for such Additional Obligations). 
 “Shared Collateral” means, at any time, Collateral in which the holders of two or more Series of Obligations (or their respective Authorized Representatives or the Collateral Agent on
behalf of such holders) hold a valid and perfected security interest or Lien at such time. If more than two Series of Obligations are outstanding at any time and the holders of less than all Series of Obligations hold a valid and perfected security
interest or Lien in any Collateral at such time, then such Collateral shall constitute Shared Collateral for those Series of Obligations that hold a valid security interest or Lien in such Collateral at such time and shall not constitute Shared
Collateral for any Series which does not have a valid and perfected security interest or Lien in such Collateral at such time. 

ARTICLE II  
 Priorities and Agreements with Respect to Shared Collateral 
 SECTION 2.01
Priority of Claims. (a) Anything contained herein or in any of the Secured Credit Documents to the contrary notwithstanding (but subject to Section 1.01(b)), if an Event of Default has occurred and is continuing, and the Applicable
Authorized Representative or any Secured Party is taking action to enforce rights in respect of any Shared Collateral, or any distribution is made in respect of any Shared Collateral in any Bankruptcy

  
 8 

 
Case of any Pledgor or any Secured Party receives any payment pursuant to any intercreditor agreement (other than this Agreement) with respect to any Shared Collateral, the proceeds of any sale,
collection or other liquidation of any such Shared Collateral by any Secured Party or received by the Applicable Authorized Representative or any Secured Party pursuant to any such intercreditor agreement with respect to such Shared Collateral and
proceeds of any such distribution (subject, in the case of any such distribution, to the sentence immediately following) to which the Obligations are entitled under any intercreditor agreement (other than this Agreement) (all proceeds of any sale,
collection or other liquidation of any Collateral and all proceeds of any such distribution being collectively referred to as “Proceeds”), shall be applied by the Applicable Authorized Representatives (i) FIRST, to the payment
of all amounts incurred by the Applicable Authorized Representative (in its capacity as such) in connection with such sale or collection or otherwise owing to it pursuant to the terms of any Secured Credit Document and (ii) SECOND, subject to
Section 1.01(b), to the extent any Proceeds remain after payment pursuant to clause (i), to the payment in full of the Obligations of each Series on a ratable basis in accordance with the terms of the applicable Secured Credit Documents.
Notwithstanding the foregoing, with respect to any Shared Collateral for which a third party (other than a Secured Party) has a lien or security interest that is junior in priority to the security interest of any Series of Obligations but senior (as
determined by appropriate legal proceedings in the case of any dispute) to the security interest of any other Series of Obligations (such third party an “Intervening Creditor”), the value of any Shared Collateral or Proceeds which
are allocated to such Intervening Creditor shall be deducted on a ratable basis solely from the Shared Collateral or Proceeds to be distributed in respect of the Series of Obligations with respect to which such Impairment exists. If, despite the
provisions of Section 2.01(a)(ii), any Secured Party shall receive any payment or other recovery in excess of its portion of payments on account of the Obligations to which it is then entitled in accordance with this Section 2.01(a), such
Secured Party shall hold such payment or recovery in trust for the benefit of all Secured Parties for distribution in accordance with this Section 2.01(a). 
 (b) It is acknowledged that the Obligations of any Series may, subject to the limitations set forth in the then extant Secured Credit Documents, be increased, extended, renewed, replaced, restated,
supplemented, restructured, repaid, refunded, Refinanced or otherwise amended or modified from time to time, all without affecting the priorities set forth in Section 2.01(a) or the provisions of this Agreement defining the relative rights of
the Secured Parties of any Series. 
 (c) Notwithstanding the date, time, method, manner or order of grant, attachment or
perfection of any Liens securing any Series of Obligations granted on the Shared Collateral and notwithstanding any provision of the Uniform Commercial Code of any jurisdiction, or any other applicable law or the Secured Credit Documents or any
defect or deficiencies in the Liens securing the Obligations of any Series or any other circumstance whatsoever (but, in each case, subject to Section 1.01(b)), each Secured Party hereby agrees that the Liens securing each Series of Obligations
on any Shared Collateral shall be of equal priority. 
 Notwithstanding anything in this Agreement or any other Secured Credit
Documents to the contrary, Cash Collateral pledged to secure Credit Agreement Obligations consisting of reimbursement obligations in respect of Letters of Credit or otherwise held by the Administrative Agent or the Collateral Agent pursuant to
Section 2.05(c) or (j), 2.11(d), (e) or (f), or 2.22 of the Credit Agreement (or any equivalent successor provision) shall be applied as specified in such Section of the Credit Agreement and shall not constitute Shared Collateral.

  
 9 

 SECTION 2.02 Actions with Respect to Shared Collateral; Prohibition on Contesting
Liens. (a) With respect to any Shared Collateral, (i) only the Applicable Authorized Representative shall act or refrain from acting with respect to the Shared Collateral (including with respect to any intercreditor agreement with
respect to any Shared Collateral), (ii) the Applicable Authorized Representative shall not follow any instructions with respect to such Shared Collateral (including with respect to any intercreditor agreement with respect to any Shared
Collateral) from any Non-Controlling Authorized Representative and (iii) no Non-Controlling Authorized Representative or other Secured Party (other than the Applicable Authorized Representative) shall or shall instruct the Applicable Authorized
Representative to, commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right,
remedy or power with respect to, or otherwise take any action to enforce its security interest in or realize upon, or take any other action available to it in respect of, any Shared Collateral (including with respect to any intercreditor agreement
with respect to any Shared Collateral), whether under any Security Document, applicable law or otherwise, it being agreed that only the Applicable Authorized Representative, acting on the instructions of the Secured Parties (other than any
Non-Controlling Secured Parties) and in accordance with the applicable Security Documents, shall be entitled to take any such actions or exercise any such remedies with respect to Shared Collateral. Notwithstanding the equal priority of the Liens
securing each Series of Obligations, the Applicable Authorized Representative may deal with the Shared Collateral as if such Applicable Authorized Representative had a senior Lien on such Collateral. No Non-Controlling Authorized Representative or
Non-Controlling Secured Party will contest, protest or object to any foreclosure proceeding or action brought by the Applicable Authorized Representative or Controlling Secured Party or any other exercise by the Applicable Authorized Representative
or Controlling Secured Party of any rights and remedies relating to the Shared Collateral, or to cause the Applicable Authorized Representative to do so. The foregoing shall not be construed to limit the rights and priorities of any Secured Party,
Applicable Authorized Representative or Authorized Representative with respect to any Collateral not constituting Shared Collateral. 
 (b) Each of the Authorized Representatives agrees that it will not accept any Lien on any Collateral for the benefit of any Series of Obligations (other than funds deposited for the discharge or
defeasance of any Additional Agreement) other than pursuant to the Security Documents and pursuant to Sections 2.05(c) or (j), 2.11(d), (e) or (f) or 2.22 of the Credit Agreement, and by executing this Agreement (or a Joinder Agreement),
each Authorized Representative and the Series of Secured Parties for which it is acting hereunder agree to be bound by the provisions of this Agreement and the other Security Documents applicable to it. 

(c) Each of the Secured Parties agrees that it will not (and hereby waives any right to) contest or support any other Person in
contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority, validity, attachment or enforceability of a Lien held by or on behalf of any of the Secured Parties in all or any part of the Collateral,
or the provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any of the Applicable Authorized Representative or any Authorized Representative to enforce this Agreement.

  
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 SECTION 2.03 No Interference; Payment Over. (a) Each Secured Party agrees that
(i) it will not challenge or question in any proceeding the validity or enforceability of any Obligations of any Series or any Security Document or the validity, attachment, perfection or priority of any Lien under any Security Document or the
validity or enforceability of the priorities, rights or duties established by or other provisions of this Agreement; (ii) it will not take or cause to be taken any action the purpose or intent of which is, or could be, to interfere, hinder or
delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other disposition of the Shared Collateral by the Applicable Authorized Representative, (iii) except as provided in Section 2.02, it shall have no
right to (A) direct the Applicable Authorized Representative or any other Secured Party to exercise, and shall not exercise, any right, remedy or power with respect to any Shared Collateral (including pursuant to any intercreditor agreement) or
(B) consent to the exercise by the Applicable Authorized Representative or any other Secured Party of any right, remedy or power with respect to any Shared Collateral, (iv) it will not institute any suit or assert in any suit, bankruptcy,
insolvency or other proceeding any claim against the Applicable Authorized Representative or any other Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to any Shared
Collateral, and none of the Applicable Authorized Representative, any Applicable Authorized Representative or any other Secured Party shall be liable for any action taken or omitted to be taken by the Applicable Authorized Representative, such
Applicable Authorized Representative or other Secured Party with respect to any Shared Collateral in accordance with the provisions of this Agreement, (v) it will not seek, and hereby waives any right, to have any Shared Collateral or any part
thereof marshaled upon any foreclosure or other disposition of such Collateral and (vi) it will not attempt, directly or indirectly, whether by judicial proceedings or otherwise, to challenge the enforceability of any provision of this
Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any of the Applicable Authorized Representative or any other Secured Party to enforce this Agreement. 

(b) Each Secured Party hereby agrees that if it shall obtain possession of any Shared Collateral or shall realize any proceeds or payment
in respect of any such Shared Collateral, pursuant to any Security Document or by the exercise of any rights available to it under applicable law or in any Insolvency or Liquidation Proceeding or through any other exercise of remedies (including
pursuant to any intercreditor agreement), at any time prior to the Discharge of each of the Obligations, then it shall hold such Shared Collateral, proceeds or payment in trust for the other Secured Parties and promptly transfer such Shared
Collateral, proceeds or payment, as the case may be, to the Applicable Authorized Representative, to be distributed in accordance with the provisions of Section 2.01 hereof. 

SECTION 2.04 Automatic Release of Liens; Amendments to Security Documents. (a) If, at any time the Applicable Authorized
Representative forecloses upon or otherwise exercises remedies against any Shared Collateral, then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the Applicable Authorized Representative for
the benefit of each Series of Secured Parties upon such Shared Collateral will automatically be released and discharged; provided that any proceeds of any Shared Collateral realized therefrom shall be applied pursuant to Section 2.01 hereof.

  
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 (b) Each Secured Party agrees that the Applicable Authorized Representative may enter into
any amendment (and, upon request by the Applicable Authorized Representative, each Authorized Representative shall sign a consent to such amendment) to any Security Document (including to release Liens securing any Series of Obligations), so long as
the Applicable Authorized Representative receives a certificate of an authorized officer of the Borrower stating that such amendment is permitted by the terms of each then extant Secured Credit Document. Additionally, each Secured Party agrees that
the Applicable Authorized Representative may enter into any amendment (and, upon request by the Applicable Authorized Representative, each Authorized Representative shall sign a consent to such amendment) to any Security Document solely as such
Security Document relates to a particular Series of Obligations (including to release Liens securing any Series of Obligations) so long as (x) such amendment is in accordance with the Secured Credit Document pursuant to which such Series of
Obligations was incurred and (y) such amendment does not adversely affect the Secured Parties of any other Series. In making the determinations required by this 2.04(b), the Applicable Authorized Representative may conclusively rely on a
certificate of an authorized officer of the Borrower. 
 (c) Each Authorized Representative agrees to execute and deliver (at
the sole cost and expense of the Pledgors) all such authorizations and other instruments as shall reasonably be requested by the Applicable Authorized Representative to evidence and confirm any release of Shared Collateral or amendment to any
Security Document provided for in this Section. 
 SECTION 2.05 Certain Agreements with Respect to Bankruptcy or Insolvency
Proceedings. (a) This Agreement, which the parties acknowledge shall be a subordination agreement subject to Section 510 of the Bankruptcy Code, shall continue in full force and effect notwithstanding the commencement of any proceeding
under the Bankruptcy Code or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law by or against the Borrower or any of its subsidiaries. 
 (b) If any Pledgor shall become subject to a case (a “Bankruptcy Case”) under the Bankruptcy Code, whether voluntary or involuntary, and shall, as debtor(s)-in-possession, move for
approval of financing (“DIP Financing”) to be provided by one or more lenders (the “DIP Lenders”) under Section 364 of the Bankruptcy Code or the use of cash collateral under Section 363 of the Bankruptcy
Code, each Secured Party agrees that it will raise no objection to any such financing or to the Liens on the Shared Collateral securing the same (“DIP Financing Liens”) or to any use of cash collateral that constitutes Shared
Collateral, unless any Controlling Secured Party, or an Authorized Representative of any Controlling Secured Party, shall then oppose or object to such DIP Financing or such DIP Financing Liens or use of cash collateral (and (i) to the extent
that such DIP Financing Liens are senior to the Liens on any such Shared Collateral for the benefit of the Controlling Secured Parties, each Non-Controlling Secured Party will subordinate its Liens with respect to such Shared Collateral on the same
terms as the Liens of the Controlling Secured Parties (other than any Liens of any Secured Parties constituting DIP Financing Liens) are subordinated thereto, and (ii) to the extent that such DIP Financing Liens rank pari passu
with the Liens on any such Shared Collateral granted to secure the Obligations of 

  
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the Controlling Secured Parties, each Non-Controlling Secured Party will confirm the priorities with respect to such Shared Collateral as set forth herein), in each case so long as (A) the
Secured Parties of each Series retain the benefit of their Liens on all such Shared Collateral pledged to the DIP Lenders, including proceeds thereof arising after the commencement of such proceeding, with the same priority vis-à-vis all the
other Secured Parties (other than any Liens of the Secured Parties constituting DIP Financing Liens) as existed prior to the commencement of the Bankruptcy Case, (B) the Secured Parties of each Series are granted Liens on any additional
collateral pledged to any Secured Parties as adequate protection or otherwise in connection with such DIP Financing or use of cash collateral, with the same priority vis-à-vis the Secured Parties as set forth in this Agreement, (C) if
any amount of such DIP Financing or cash collateral is applied to repay any of the Obligations, such amount is applied pursuant to Section 2.01 of this Agreement, and (D) if any Secured Parties are granted adequate protection, including in
the form of periodic payments, in connection with such DIP Financing or use of cash collateral, the proceeds of such adequate protection is applied pursuant to Section 2.01 of this Agreement; provided that the Secured Parties of each
Series shall have a right to object to the grant of a Lien to secure the DIP Financing over any Collateral subject to Liens in favor of the Secured Parties of such Series or its Authorized Representative that shall not constitute Shared Collateral;
and provided further, that the Secured Parties receiving adequate protection shall not object to any other Secured Party receiving adequate protection comparable to any adequate protection granted to such Secured Parties in connection
with a DIP Financing or use of cash collateral. 
 SECTION 2.06 Reinstatement. In the event that any of the Obligations
shall be paid in full and such payment or any part thereof shall subsequently, for whatever reason (including an order or judgment for disgorgement of a preference under Title 11 of the United States Code, or any similar law, or the settlement of
any claim in respect thereof), be required to be returned or repaid, the terms and conditions of this Article II shall be fully applicable thereto until all such Obligations shall again have been paid in full in cash. 

SECTION 2.07 Insurance. As between the Secured Parties, the Applicable Authorized Representative shall have the right to adjust or
settle any insurance policy or claim covering or constituting Shared Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the Shared Collateral. 

SECTION 2.08 Refinancings. The Obligations of any Series, subject to the limitations set forth in the then extant Secured Credit
Documents, may be Refinanced, in whole or in part, in each case, without notice to, or the consent (except to the extent a consent is otherwise required to permit the refinancing transaction under any Secured Credit Document) of any Secured Party of
any other Series, all without affecting the priorities provided for herein or the other provisions hereof; provided that the Authorized Representative of the holders of any such Refinancing indebtedness shall have executed a Joinder Agreement
on behalf of the holders of such Refinancing indebtedness. 
 SECTION 2.09 Possessory Applicable Authorized Representative as
Gratuitous Bailee for Perfection. (a) The Possessory Collateral shall be delivered to the Applicable Authorized Representative and the Applicable Authorized Representative agrees to hold any Shared Collateral constituting Possessory
Collateral that is part of the Shared Collateral in its possession or control (or in the possession or control of its agents or bailees) as gratuitous 

  
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bailee for the benefit of each other Secured Party and any assignee solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the
applicable Security Documents, in each case, subject to the terms and conditions of this Section 2.09. Pending delivery to the Applicable Authorized Representative, each other Authorized Representative agrees to hold any Shared Collateral
constituting Possessory Collateral, from time to time in its possession, as gratuitous bailee for the benefit of each other Secured Party and any assignee, solely for the purpose of perfecting the security interest granted in such Possessory
Collateral, if any, pursuant to the applicable Security Documents, in each case, subject to the terms and conditions of this Section 2.09. The Borrower shall take such further action as is required to effectuate the transfer contemplated hereby
and shall indemnify each Authorized Representative for loss or damage suffered by such Authorized Representative as a result of such transfer except for loss or damage suffered by such Authorized Representative as a result of its own willful
misconduct, gross negligence or bad faith. 
 (b) The duties or responsibilities of the Applicable Authorized Representative and
each other Authorized Representative under this Section 2.09 shall be limited solely to holding any Shared Collateral constituting Possessory Collateral as gratuitous bailee for the benefit of each other Secured Party for purposes of perfecting
the Lien held by such Secured Parties therein. 
 ARTICLE III 

SECTION 3.01 Existence and Amounts of Liens and Obligations. Whenever the Applicable Authorized Representative or any Authorized
Representative shall be required, in connection with the exercise of its rights or the performance of its obligations hereunder, to determine the existence or amount of any Obligations of any Series, or the Shared Collateral subject to any Lien
securing the Obligations of any Series, it may request that such information be furnished to it in writing by each other Authorized Representative and shall be entitled to make such determination on the basis of the information so furnished;
provided, however, that if an Authorized Representative shall fail or refuse reasonably promptly to provide the requested information, the requesting Applicable Authorized Representative or Authorized Representative shall be entitled to make any
such determination by such method as it may, in the exercise of its good faith judgment, determine, including by reliance upon a certificate of the Borrower. The Applicable Authorized Representative and each Authorized Representative may rely
conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the provisions of the preceding sentence (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to any
Pledgor, any Secured Party or any other person as a result of such determination. 
 ARTICLE IV  

THE AUTHORIZED REPRESENTATIVE 
 SECTION 4.01 Appointment and Authority. (a) Each of the Credit Agreement Secured Parties hereby irrevocably appoints the Collateral Agent to act on its behalf as the Authorized Representative
hereunder and under each of the other Security Documents and 

  
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authorizes the Collateral Agent to take such actions on its behalf and to exercise such powers as are delegated to the Applicable Agent by the terms hereof or thereof, including for purposes of
acquiring, holding and enforcing any and all Liens on Collateral granted by any Pledgor to secure any of the Credit Agreement Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the
Collateral Agent and any co-agents, sub-agents and attorneys-in-fact appointed by the Applicable Authorized Representative pursuant to Section 4.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted
under any of the Security Documents, or for exercising any rights and remedies thereunder, shall be entitled to the benefits of all provisions of this Article IV and Section 10.05 of the Credit Agreement (as though such co-agents, sub-agents
and attorneys-in-fact were the “Collateral Agent” under the Security Documents) as if set forth in full herein with respect thereto. 
 (b) Each Non-Controlling Secured Party acknowledges and agrees that the Applicable Authorized Representative shall be entitled, for the benefit of the Secured Parties, to sell, transfer or otherwise
dispose of or deal with any Shared Collateral as provided herein and in the Security Documents, without regard to any rights to which the holders of the Non-Controlling Secured Obligations would otherwise be entitled as a result of such
Non-Controlling Secured Obligations. Without limiting the foregoing, each Non-Controlling Secured Party agrees that none of the Applicable Authorized Representative or any other Secured Party shall have any duty or obligation first to marshal or
realize upon any type of Shared Collateral (or any other Collateral securing any of the Obligations), or to sell, dispose of or otherwise liquidate all or any portion of such Shared Collateral (or any other Collateral securing any Obligations), in
any manner that would maximize the return to the Non-Controlling Secured Parties, notwithstanding that the order and timing of any such realization, sale, disposition or liquidation may affect the amount of proceeds actually received by the
Non-Controlling Secured Parties from such realization, sale, disposition or liquidation. Each of the Secured Parties waives any claim it may now or hereafter have against the Applicable Authorized Representative or the Authorized Representative of
any other Series of Obligations or any other Secured Party of any other Series arising out of (i) any actions which the Applicable Authorized Representative, any Authorized Representative or any Secured Party takes or omits to take (including,
actions with respect to the creation, perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any of the Collateral and actions with respect
to the collection of any claim for all or any part of the Obligations from any account debtor, guarantor or any other party) in accordance with the Security Documents or any other agreement related thereto or to the collection of the Obligations or
the valuation, use, protection or release of any security for the Obligations, (ii) any election by any Applicable Authorized Representative or any holders of Obligations, in any proceeding instituted under the Bankruptcy Code, of the
application of Section 1111(b) of the Bankruptcy Code or (iii) subject to Section 2.05, any borrowing by, or grant of a security interest or administrative expense priority under Section 364 of the Bankruptcy Code by, the
Borrower or any of its subsidiaries, as debtor-in-possession. 
 SECTION 4.02 Rights as a Secured Party. The Person
serving as the Applicable Authorized Representative hereunder shall have the same rights and powers in its capacity as a Secured Party under any Series of Obligations that it holds as any other Secured Party of such Series and may exercise the same
as though it were not the Applicable Authorized 

  
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Representative and the term “Secured Party” or “Secured Parties” or (as applicable) “Additional Secured Party” or “Additional Secured Parties” shall,
unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Applicable Authorized Representative hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend
money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any subsidiary or other Affiliate thereof as if such Person were not the Applicable Authorized
Representative hereunder and without any duty to account therefor to any other Secured Party. 
 SECTION 4.03 Exculpatory
Provisions. (a) The Applicable Authorized Representative shall not have any duties or obligations except those expressly set forth herein and in the other Security Documents. Without limiting the generality of the foregoing, the Applicable
Authorized Representative: 
 (i) shall not be subject to any fiduciary or other implied duties, regardless of
whether an Event of Default has occurred and is continuing; 
 (ii) shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Security Documents that the Applicable Authorized Representative is required to exercise; provided
that the Applicable Authorized Representative shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Applicable Authorized Representative to liability or that is contrary to any Security Document
or applicable law; 
 (iii) shall not, except as expressly set forth herein and in the other Security Documents,
have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Applicable Authorized Representative
or any of its Affiliates in any capacity; 
 (iv) shall not be liable for any action taken or not taken by it
(i) with the consent or at the request of the Applicable Authorized Representative or in the absence of its own gross negligence or willful misconduct or in reliance on a certificate of an authorized officer of the Borrower stating that such
action is permitted by the terms of this Agreement. The Applicable Authorized Representative shall be deemed not to have knowledge of any Event of Default under any Series of Obligations unless and until notice describing such Event Default is given
to the Applicable Authorized Representative by the Authorized Representative of such Obligations or the Borrower; and 
 (v) shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Security
Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or
conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, 

  
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enforceability, effectiveness or genuineness of this Agreement, any other Security Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien
purported to be created by the Security Documents, (v) the value or the sufficiency of any Collateral for any Series of Obligations, or (v) the satisfaction of any condition set forth in any Secured Credit Document, other than to confirm
receipt of items expressly required to be delivered to the Applicable Authorized Representative. 
 SECTION 4.04 Reliance by
Applicable Authorized Representative. The Applicable Authorized Representative shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or
other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Applicable Authorized
Representative also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. The Applicable Authorized Representative may consult
with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or
experts. 
 SECTION 4.05 Delegation of Duties. The Applicable Authorized Representative may perform any and all of its
duties and exercise its rights and powers hereunder or under any other Security Document by or through any one or more sub-agents appointed by the Applicable Authorized Representative. The Applicable Authorized Representative and any such sub-agent
may perform any and all of its duties and exercise its rights and powers by or through their respective Affiliates. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Affiliates of the Applicable Authorized
Representative and any such sub-agent. 
 SECTION 4.06 Non-Reliance on Applicable Authorized Representative and Other Secured
Parties. Each Secured Party acknowledges that it has, independently and without reliance upon the Applicable Authorized Representative, any other Authorized Representative or any other Secured Party or any of their Affiliates and based on such
documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and the other Secured Credit Documents. Each Secured Party also acknowledges that it will, independently and without
reliance upon the Applicable Authorized Representative, any Authorized Representative or any other Secured Party or any of their Affiliates and based on such documents and information as it shall from time to time deem appropriate, continue to make
its own decisions in taking or not taking action under or based upon this Agreement, any other Secured Credit Document or any related agreement or any document furnished hereunder or thereunder. 

SECTION 4.07 Collateral Matters. Each of the Secured Parties irrevocably authorizes the Applicable Authorized Representative, at
its option and in its discretion, 
 (a) to release any Lien on any property granted to or held by the Applicable
Authorized Representative under any Security Document in accordance with Section 2.04 or upon receipt of a written request from the Borrower stating that the releases of such Lien is permitted by the terms of each then extant Secured Credit
Document; 
 (b) to release any Pledgor from its obligations under the Security Documents upon receipt of a
written request from the Borrower stating that such release is permitted by the terms of each then extant Secured Credit Document. 

  
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 ARTICLE V  
 Miscellaneous 
 SECTION 5.01 Notices. All notices and other
communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 

(a) if to the Administrative Agent and the Collateral Agent, to it at Deutsche Bank Trust Company Americas, 60 Wall
Street, New York, NY 10005, Attention of Maxeen Jacques (Telephone: (904) 527-6411, Telecopy No. (904) 494-6852); 
 (b) if to the Additional Authorized Representative, to it at [                    ] (Telephone:
[                    ]; Telecopy No.
[                    ]). 
 Any party hereto
may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall
be deemed to have been given on the date of receipt (if a Business Day) and on the next Business Day thereafter (in all other cases) if delivered by hand or overnight courier service or sent by telecopy or on the date five Business Days after
dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Section 5.01 or in accordance with the latest unrevoked direction from such party given in
accordance with this Section 5.01. As agreed to in writing among each Authorized Representative from time to time, notices and other communications may also be delivered by e-mail to the e-mail address of a representative of the applicable
person provided from time to time by such person. 
 SECTION 5.02 Waivers; Amendment; Joinder Agreements. (a) No
failure or delay on the part of any party hereto in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to
enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereto are cumulative and are not exclusive of any rights or remedies that they would
otherwise have. No waiver of any provision of this Agreement or consent to any departure by any party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent
shall be effective only in the specific instance and for the purpose for which given. No notice or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in similar or other circumstances.

  
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 (b) Neither this Agreement nor any provision hereof may be terminated, waived, amended or
modified (other than pursuant to any Joinder Agreement) except pursuant to an agreement or agreements in writing entered into by each Authorized Representative. 
 (c) Notwithstanding the foregoing, without the consent of any Secured Party, any Authorized Representative may become a party hereto by execution and delivery of Joinder Agreement in accordance with
Section 6.20 of the Guarantee and Collateral Agreement and upon such execution and delivery, such Authorized Representative and the Additional Secured Parties and Additional Obligations of the Series for which such Authorized Representative is
acting shall be subject to the terms hereof and the terms of the other Security Documents applicable thereto. 
 SECTION 5.03
Parties in Interest. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, as well as the other Secured Parties, all of whom are intended to be bound by, and to be
third party beneficiaries of, this Agreement. 
 SECTION 5.04 Survival of Agreement. All covenants, agreements,
representations and warranties made by any party in this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement. 

SECTION 5.05 Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original but all of
which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile or other electronic transmission shall be as effective as delivery of a manually signed counterpart of this
Agreement. 
 SECTION 5.06 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a
particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions
the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION
5.07 Governing Law; Jurisdiction; Consent to Service of Process. This Agreement shall be construed in accordance with and governed by the law of the State of New York. 
 SECTION 5.08 Submission to Jurisdiction Waivers. Each Authorized Representative, on behalf of itself and the Secured Parties of the Series for whom it is acting, irrevocably and unconditionally:

 (a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the
Security Documents, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New
York, and appellate courts from any thereof; 

  
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 (b) consents that any such action or proceeding may be brought in such
courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

 (c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof
by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person (or its Authorized Representative) at the address referred to in 5.01; 

(d) agrees that nothing herein shall affect the right of any other party hereto (or any Secured Party) to effect service
of process in any other manner permitted by law or shall limit the right of any party hereto (or any Secured Party) to sue in any other jurisdiction; and 
 (e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section 5.08 any special, exemplary, punitive
or consequential damages. 
 SECTION 5.09 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 SECTION 5.10 Headings. Article, Section and Annex headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be
taken into consideration in interpreting, this Agreement. 
 SECTION 5.11 Conflicts. In the event of any conflict or
inconsistency between the provisions of this Agreement and the provisions of any of the other Secured Credit Documents or Security Documents, the provisions of this Agreement shall control. 

SECTION 5.12 Provisions Solely To Define Relative Rights. The provisions of this Agreement are and are intended solely for the
purpose of defining the relative rights of the Secured Parties in relation to one another. None of the Borrower, any Pledgor or any other creditor thereof shall have any rights or obligations hereunder, except as expressly provided in this Agreement
(provided that nothing in this Agreement (other than Section 2.04, 2.05, 2.08, 2.09 or Article V) is intended to or will amend, waive or otherwise modify the provisions of the Credit Agreement or any Additional Agreements), and none of
the Borrower or any Pledgor may rely on the terms hereof (other than Sections 2.04, 2.05, 2.08, 2.09 and Article V). Nothing in this Agreement is intended to or shall impair the obligations of any Pledgor, which are absolute and unconditional, to
pay the Obligations as and when the same shall become due and payable in accordance with their terms. 

  
 20 

 SECTION 5.13 Integration. This Agreement together with the other Secured Credit
Documents and the Security Documents represents the agreement of each of the Pledgors and the Secured Parties with respect to the subject matter hereof and there are no promises, undertakings, representations or warranties by any Pledgor, the
Applicable Authorized Representative or any other Secured Party relative to the subject matter hereof not expressly set forth or referred to herein or in the other Secured Credit Documents or the Security Documents 

SECTION 5.14 Additional Pledgors. The Borrower agrees that, if any Subsidiary or direct or indirect parent company shall become a
Pledgor after the date hereof, it will promptly cause such Person to execute and deliver an instrument in the form of Annex I. Upon such execution and delivery, such Person will become a Pledgor hereunder with the same force and effect as if
originally named as a Pledgor herein. The execution and delivery of such instrument shall not require the consent of any other party hereunder, and will be acknowledged by the Collateral Agent, the Initial Additional Authorized Representative and
each additional Authorized Representative. The rights and obligations of each Pledgor hereunder shall remain in full force and effect notwithstanding the addition of any new Pledgor as a party to this Agreement. 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the
day and year first above written. 
  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS as Collateral Agent,
		
	by	 	  

		 	Name:
		 	Title:
		
	by	 	  

		 	Name:
		 	Title:
	
	[                    ], as Initial Additional Authorized
Representative
		
	by	 	  

		 	Name:
		 	Title:

  
 21 

 ANNEX I 
 CONSENT OF THE BORROWER AND PLEDGORS 
 Dated:
[                    ] 

Reference is made to the First Lien Intercreditor Agreement dated as of the date hereof between Deutsche Bank Trust Company Americas, as
Collateral Agent and [                    ], as Initial Additional Authorized Representative, as the same may be amended, restated, supplemented,
waived, or otherwise modified from time to time (the “Intercreditor Agreement”). Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Intercreditor Agreement. 

The Borrower and each of the undersigned Pledgors has read the foregoing Intercreditor Agreement and consents thereto. The Borrower and
each of the undersigned Pledgors agrees not to take any action that would be contrary to the express provisions of the foregoing Intercreditor Agreement, agrees to abide by the requirements expressly applicable to it under the foregoing
Intercreditor Agreement and agrees that, except as otherwise provided therein, no Secured Party shall have any liability to the Borrower or any Pledgor for acting in accordance with the provisions of the foregoing Intercreditor Agreement. The
Borrower and each Pledgor understands that the foregoing Intercreditor Agreement is for the sole benefit of the Secured Parties and their respective successors and assigns, and that the Borrower and each such Pledgor is not an intended beneficiary
or third party beneficiary thereof except to the extent otherwise expressly provided therein. 
 Notwithstanding anything to the
contrary in the Intercreditor Agreement or provided herein, each party to the Intercreditor Agreement agrees that the Borrower and the Pledgors shall not have any right to consent to or approve any amendment, modification or waiver of any provision
of the Intercreditor Agreement except to the extent their rights are adversely affected (in which case the Borrower shall have the right to consent to or approve any such amendment, modification or waiver). 

Without limitation to the foregoing, the Borrower and each Pledgor agrees to take such further action and to execute and deliver such
additional documents and instruments (in recordable form, if requested) as the Applicable Authorized Representative may reasonably request to effectuate the terms of and the lien priorities contemplated by the Intercreditor Agreement. 

This Consent shall be governed and construed in accordance with the laws of the State of New York. 

  
 22 

 IN WITNESS HEREOF, this Consent is hereby executed by each of the Pledgors as of the date
first written above. 
  

			
	NCL CORPORATION LTD.
		
	By:	 	  

		 	Name:
		 	Title:
	
	NCL INTERNATIONAL, LTD.
		
	By:	 	  

		 	Name:
		 	Title:
	
	NORWEGIAN DAWN LIMITED
		
	By:	 	  

		 	Name:
		 	Title:
	
	NORWEGIAN GEM, LTD.
		
	By:	 	  

		 	Name:
		 	Title:
	
	NORWEGIAN PEARL, LTD.
		
	By:	 	  

		 	Name:
		 	Title:
	
	NORWEGIAN SPIRIT, LTD.
		
	By:	 	  

		 	Name:
		 	Title:

  
 23 

 
			
	NORWEGIAN STAR LIMITED
		
	By:	 	  

		 	Name:
		 	Title:
	
	NORWEGIAN SUN LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

  
 24 

 Exhibit K-2 
 [FORM OF] 
 SECOND LIEN INTERCREDITOR AGREEMENT 

SECOND LIEN INTERCREDITOR AGREEMENT dated as of
[                    ], among NCL CORPORATION LTD., a Bermuda company (the “Borrower”), DEUTSCHE BANK TRUST COMPANY AMERICAS, as the
Credit Agreement Agent and each Other First Priority Lien Obligations Agent from time to time party hereto, each in its capacity as First Lien Agent, and
[                    ], as Second Lien Collateral Agent and each other Second Priority Agent for any Future Second Lien Indebtedness from time to
time party hereto, each in its capacity as Second Priority Agent. 
 A. WHEREAS, (i) the Borrower is party to the Credit
Agreement dated as of May 24, 2013 (as amended, amended and restated, replaced, Refinanced, supplemented or otherwise modified from time to time, the “Credit Agreement”) among the Borrower, the lenders party thereto from time
to time, Deutsche Bank Trust Company Americas as administrative agent and collateral agent and the other parties thereto, (ii) the Borrower may become a party to Other First Priority Lien Obligations Credit Documents (as defined below) and
(iii) the Obligations of the Borrower under the Credit Agreement and any such Other First Priority Lien Obligations Credit Documents will constitute Senior Lender Claims (as defined below); 

B. WHEREAS, the Borrower (i) is party to the Indenture dated as of
[                    ] (as amended, amended and restated, replaced, Refinanced, supplemented or otherwise modified from time to time, the
“Second Priority Senior Secured Notes Indenture”), under which the Second Lien Notes were issued, by and among the [Borrower] and
[                    ], as Trustee, (ii) may become a party to Second Priority Documents governing Future Second Lien Indebtedness and
(iii) the Obligations of the Borrower under the Second Priority Senior Secured Notes Indenture and any such Second Priority Documents governing Future Second Lien Indebtedness will constitute Second Priority Claims (as defined below); and

 Accordingly, in consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and
valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 SECTION 1. Definitions. 
 1.1 Defined Terms. As used in this Agreement, the
following terms have the meanings specified below: 
 “Affiliate” shall mean, when used with respect to a
specified person, another person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the person specified. 

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

 “Bankruptcy Code” shall mean Title 11 of the United States Code.

 “Bankruptcy Law” shall mean the Bankruptcy Code and any similar Federal, state or foreign law for the relief
of debtors. 
 “Borrower” shall have the meaning set forth in the recitals. 

“Common Collateral” shall mean all of the assets of any Pledgor, whether real, personal or mixed, constituting both
Senior Lender Collateral and Second Priority Collateral, including without limitation any assets in which the First Lien Agents are automatically deemed to have a Lien pursuant to the provisions of Section 2.3. 

“Comparable Second Priority Collateral Document” shall mean, in relation to any Common Collateral subject to any Lien
created under any Senior Collateral Document, those Second Priority Collateral Documents that create a Lien on the same Common Collateral, granted by the same Pledgor. 
 “Control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person, whether through the ownership of
voting securities, by contract or otherwise, and “Controlling” and “Controlled” shall have meanings correlative thereto. 
 “Credit Agreement” shall have the meaning set forth in the recitals. 
 “Credit Agreement Agent” shall mean Deutsche Bank Trust Company Americas, in its capacity as administrative agent and collateral agent for the Credit Agreement Lenders under the Credit
Agreement, the Senior Collateral Agreement, the Senior Vessel Mortgages and the other Senior Lender Documents entered into pursuant to the Credit Agreement, together with its successors in such capacity. 

“Credit Agreement Lender” shall mean a “Lender” as defined in the Credit Agreement. 

“Credit Agreement Obligations” has the meaning assigned to the term “Obligations” in the Senior Collateral
Agreement (other than clause (d) of such definition). 
 “Credit Agreement Secured Parties” has the
meaning assigned to the term “Secured Parties” in the Senior Collateral Agreement (other than clause (f) of such definition). 
 “DIP Financing” shall have the meaning set forth in Section 6.1. 
 “Discharge of Senior Lender Claims” shall mean, except to the extent otherwise provided in Section 5.7 below, (a) payment in full in cash (except for contingent indemnities and
cost and reimbursement obligations to the extent no claim has been made) of (i) all outstanding Senior Lender Claims and, with respect to letters of credit outstanding thereunder, delivery of cash collateral or backstop letters of credit in
respect thereof in compliance with the applicable Senior Lender Document or entry into arrangements satisfactory to the Credit Agreement Agent and the Issuing Bank (as defined in the Credit Agreement) with respect, in each case after or concurrently
with the termination of all commitments to extend credit or issue or extend letters 

  
 2 

 
of credit thereunder and (ii) any other Senior Lender Claims that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid (including
monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) and (b) termination of all other commitments of the Senior
Secured Parties under the Senior Lender Documents; provided that the Discharge of Senior Lender Claims shall not be deemed to have occurred if such payments are made with the proceeds of other Senior Lender Claims that constitute an exchange
or replacement for or a Refinancing of such Obligations or Senior Lender Claims. In the event the Senior Lender Claims are modified and the Obligations are paid over time or otherwise modified pursuant to Section 1129 of the Bankruptcy Code,
the Senior Lender Claims shall be deemed to be discharged when the final payment is made, in cash, in respect of such Indebtedness and any Obligations pursuant to such new Indebtedness shall have been satisfied. 

“First Lien Agent” shall mean each of (a) the Credit Agreement Agent and (b) any Other First Priority Lien
Obligations Agent. 
 “First Lien Intercreditor Agreement” has the meaning assigned to such term in the Credit
Agreement. 
 “First Priority Designated Agent” shall mean the Credit Agreement Agent or, if the Credit
Agreement Agent and any Other First Priority Lien Obligations Agent shall have entered into a First Lien Intercreditor Agreement the “Applicable Authorized Representative” as defined therein. 

“Future Second Lien Indebtedness” shall mean means any Indebtedness that is issued or guaranteed by the Borrower, and/or
any Guarantor (other than Indebtedness constituting Noteholder Claims) which Indebtedness and Guarantees are secured by the Second Priority Collateral (or a portion thereof) on a pari passu basis (but without regard to control of
remedies) with the Noteholder Claims; provided, however, that (i) such Indebtedness is permitted to be incurred, secured and guaranteed on such basis by each then extant Senior Lender Document and Second Priority Document and
(ii) the Second Priority Agent for the holders of such Indebtedness shall have executed and delivered this Agreement as of the date hereof or become party to this Agreement pursuant to, and by satisfying the conditions set forth in,
Section 9.20 hereof. 
 “Indebtedness” shall mean and include all obligations that constitute
“Indebtedness” within the meaning of the Second Priority Senior Secured Notes Indenture, any Second Priority Documents governing Future Second Lien Indebtedness, the Credit Agreement, or the Other First Priority Lien Obligations Credit
Documents. 
 “Indenture Secured Parties” shall mean the Persons holding Noteholder Claims, including the
Trustee and the Second Lien Collateral Agent. 
 “Insolvency or Liquidation Proceeding” shall mean (a) any
voluntary or involuntary case or proceeding under any Bankruptcy Law with respect to any Pledgor, (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership,

  
 3 

 
liquidation, reorganization or other similar case or proceeding with respect to any Pledgor or with respect to any of its assets, (c) any liquidation, dissolution, reorganization or winding
up of any Pledgor whether voluntary or involuntary and whether or not involving insolvency or bankruptcy or (d) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Pledgor. 

“Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, hypothecation, pledge, charge,
assignment, security interest or encumbrance of any kind in or on such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having
substantially the same economic effect as any of the foregoing) relating to such asset. 
 “Loan Documents”
means the Credit Agreement and the other “Loan Documents” as defined in the Credit Agreement. 
 “Mortgaged
Vessel” shall have the meaning set forth in the Credit Agreement. 
 “Noteholder Claims” shall mean
all Obligations in respect of the Notes or arising under the Noteholder Documents or any of them, including all fees and expenses of the Trustee thereunder. 
 “Noteholder Collateral” shall mean all of the assets and property of any Pledgor, whether real, personal or mixed, with respect to which a Lien is granted or purported to be granted as
security for any Noteholder Claim. 
 “Noteholder Collateral Agreement” shall mean the [Reference Second Lien
Security Agreement], among [the Borrower,] the subsidiaries of the Borrower from time to time party thereto and [            ] as [Trustee][collateral agent (in such capacity, the
“Second Lien Collateral Agent”)]. 
 “Noteholder Collateral Documents” shall mean the
Noteholder Collateral Agreement, the Second Priority Vessel Mortgages and any other document or instrument pursuant to which a Lien is granted or purported to be granted by any Pledgor to secure any Noteholder Claims or under which rights or
remedies with respect to any such Lien are governed. 
 “Noteholder Documents” shall mean (a) the Second
Priority Senior Secured Notes Indenture, the Notes, the Noteholder Collateral Documents and (b) any other related document or instrument executed and delivered pursuant to any Noteholder Document described in clause (a) above evidencing or
governing any Obligations thereunder. 
 “Notes” shall mean (a) the Second Lien Notes, (b) Future
Second Lien Indebtedness and (c) any additional notes issued under the Second Priority Senior Secured Notes Indenture or any Second Priority Documents governing Future Second Lien Indebtedness by the [Borrower], to the extent permitted by the
Second Priority Senior Secured Notes Indenture, each Second Priority Document governing Future Second Lien Indebtedness, the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, each other Senior Lender Documents and each
Second Priority Document, as applicable, in each case then outstanding. 

  
 4 

 “Obligations” shall mean, with respect to any Person, any payment,
performance or other obligations of such Person of any kind, including, without limitation, any liability of such Person on any claim, whether or not the right of any creditor to payment in respect of such claim is reduced to judgment, liquidated,
unliquidated, fixed, contingent, matured, disputed, undisputed, legal, equitable, secured or unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any Insolvency or Liquidation Proceeding. Without limiting the
generality of the foregoing, the Obligations of any Pledgor under any Senior Lender Document or Second Priority Document include the obligations to pay principal, interest (including interest accrued on or accruing after the commencement of any
Insolvency or Liquidation Proceeding, whether or not a claim for post-filing interest is allowed in such proceeding) or premium on any Indebtedness, letter of credit commissions (if applicable), charges, expenses, fees, attorneys’ fees and
disbursements, indemnities and other amounts payable by such Pledgor to reimburse any amount in respect of any of the foregoing that any Senior Lender or Second Priority Secured Party, in its sole discretion, may elect to pay or advance on behalf of
such Pledgor. 
 “Other First Priority Lien Obligations” means any Indebtedness that is issued or guaranteed by
the Borrower, and/or any Guarantor (other than Indebtedness constituting Credit Agreement Obligations) which Indebtedness and Guarantees are secured by the Senior Collateral (or a portion thereof) on a pari passu basis (but without
regard to control of remedies) with the Credit Agreement Obligations; provided, however, that (i) such Indebtedness is permitted to be incurred, secured and guaranteed on such basis by each then extant Senior Lender Document and
Second Priority Document and (ii) the Other First Priority Lien Obligations Agent for the holders of such Indebtedness shall have (A) executed and delivered this Agreement as of the date hereof or become party to this Agreement pursuant
to, and by satisfying the conditions set forth in, Section 9.20 hereof and (B) become a party to a First Lien Intercreditor Agreement pursuant to, and by satisfying the conditions set forth in, Section 6.20 of the Senior Collateral
Agreement; provided further that, if such Indebtedness will be the initial Other First Priority Lien Obligations incurred by the Borrower, then the Guarantors, the Credit Agreement Agent and the Other First Priority Lien Obligations
Agent for such Indebtedness shall have executed and delivered a First Lien Intercreditor Agreement. 
 “Other First
Priority Lien Obligations Agent” shall mean, with respect to any Other First Priority Lien Obligations Credit Document, the Person elected, designated or appointed as the administrative agent, trustee, collateral agent or similar
representative with respect to such Other First Priority Lien Obligations Credit Document by or on behalf of the holders of such Other First Priority Lien Obligations, and its respective successors in such capacity. 

“Other First Priority Lien Obligations Credit Document” means any (a) instruments, agreements or documents
evidencing debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders
against such receivables) or letters of credit, (b) debt securities, indentures and/or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or
(c) instruments or agreements evidencing any other indebtedness, in each case in respect of Other First Priority Lien Obligations. 

  
 5 

 “Other First Priority Lien Obligations Documents” means each Other First
Priority Lien Obligations Credit Document and each Other First Priority Lien Obligations Security Document related thereto. 

“Other First Priority Lien Obligations Security Documents” means any other document or instrument pursuant to which a
Lien is granted or purported to be granted by any Pledgor to secure any Other First Priority Lien Obligations or under which rights or remedies with respect to any such Lien are governed. 

“Person” shall mean any natural person, corporation, business trust, joint venture, association, company, partnership,
limited liability company or government, individual or family trusts, or any agency or political subdivision thereof. 

“Pledged Collateral” shall mean the Common Collateral in the possession or control of any First Lien Agent (or in the
possession or control of its agents or bailees), to the extent that possession or control thereof is taken to perfect a Lien thereon under the Uniform Commercial Code. 
 “Pledgors” shall mean the Borrower and each of the Borrower’s Subsidiaries, in each case, that has executed and delivered, or may from time to time hereafter execute and deliver, a
Second Priority Collateral Document or a Senior Collateral Document. 
 “Recovery” shall have the meaning set
forth in Section 6.4. 
 “Refinance” means, in respect of any indebtedness, to refinance, extend, renew,
defease, amend, increase, modify, supplement, restructure, refund, replace or repay, or to issue other indebtedness or enter alternative financing arrangements, in exchange or replacement for such indebtedness (in whole or in part), including by
adding or replacing lenders, creditors, agents, borrowers and/or guarantors, and including in each case, but not limited to, after the original instrument giving rise to such indebtedness has been terminated and including, in each case, through any
credit agreement, indenture or other agreement. “Refinanced” and “Refinancing” have correlative meanings. 
 “Required Lenders” shall mean, with respect to any Senior Lender Documents, those Senior Secured Parties the approval of which is required to approve an amendment or modification of,
termination or waiver of any provision of or consent to any departure from such Senior Lender Documents (or would be required to effect such consent under this Agreement if such consent were treated as an amendment of the Senior Lender Documents
with respect to such Senior Secured Parties). 
 “Second Lien Collateral Agent” shall have the meaning set
forth in the definition of Noteholder Collateral Agreement. 
 “Second Lien Notes” shall mean
[            ], issued pursuant to the Second Priority Senior Secured Notes Indenture and any notes issued by [the Borrower] in exchange for, and as contemplated by, the Second Lien Notes
and the related registration rights agreement with substantially identical terms as the Second Lien Notes. 

  
 6 

 “Second Priority Agents” shall mean (a) the Trustee as agent for the
Indenture Secured Parties, (b) the Second Lien Collateral Agent and (c) the collateral agent, trustee or other authorized representative for any Future Second Lien Indebtedness that is named as Second Priority Agent in respect of such
Future Second Lien Indebtedness in the applicable joinder agreement pursuant to Section 9.20. 
 “Second Priority
Claims” shall mean the Noteholder Claims and all other Obligations in respect of, or arising under, the Second Priority Documents, including all fees and expenses of the Second Priority Agent for any Future Second Lien Indebtedness.

 “Second Priority Collateral” shall mean the Noteholder Collateral and all of the assets and property of any
Pledgor, whether real, personal or mixed, with respect to which a Lien is granted or purported to be granted as security for any Second Priority Claim. 
 “Second Priority Collateral Documents” shall mean the Noteholder Collateral Agreement, each other Noteholder Collateral Document and any comparable agreement(s) executed and delivered by
any Pledgor for purposes of providing collateral security for any Future Second Lien Indebtedness. 
 “Second Priority
Designated Agent” shall mean such agent or trustee as is designated “Second Priority Designated Agent” by Second Priority Secured Parties holding a majority in aggregate principal amount of the Second Priority Claims then
outstanding that vote as a single class; it being understood that as of the date of this Agreement and for so long as any Obligations under the Second Priority Senior Secured Notes Indenture remain outstanding, the Second Lien Collateral Agent shall
be so designated Second Priority Designated Agent. 
 “Second Priority Documents” shall mean the Noteholder
Documents, the Second Priority Collateral Documents and any other document or instrument evidencing or governing, or securing, any Future Second Lien Indebtedness. 
 “Second Priority Lien” shall mean any Lien on any Second Priority Collateral securing any Second Priority Claims. 
 “Second Priority Secured Parties” shall mean the Indenture Secured Parties and all other Persons holding any Second Priority Claims, including the Second Priority Agent for any Future
Second Lien Indebtedness. 
 “Second Priority Vessel Mortgages” shall mean each of the second preferred or
second priority ship mortgages or other security documents granting a Lien on a Mortgaged Vessel to secure the Second Priority Claims. 
 “Second Priority Senior Secured Notes Indenture” shall have the meaning set forth in the recitals. 
 “Senior Collateral Agreement” shall mean the Guarantee and Collateral Agreement dated as of May 24, 2013 (as amended, amended and restated, replaced, Refinanced, supplemented or
otherwise modified from time to time) among the subsidiaries of the Borrower from time to time party thereto and the Credit Agreement Agent, as collateral agent. 

  
 7 

 “Senior Collateral Documents” shall mean the Senior Collateral Agreement,
the Senior Vessel Mortgages, each other Security Document (as defined in the Credit Agreement), the Other First Priority Lien Obligations Security Documents and any security agreement, mortgage or other agreement, document or instrument pursuant to
which a Lien is now or hereafter granted securing any Senior Lender Claims or under which rights or remedies with respect to such Lien are at any time governed. 
 “Senior Lender Claims” shall mean (i) the “Obligations” as defined in the Senior Collateral Agreement (other than clause (d) of such definition) and
(ii) Obligations arising under the Other First Priority Lien Obligations Credit Documents and any other Senior Lender Documents, whether or not such Obligations constitute Indebtedness, including Obligations under any agreement that is an
exchange or replacement for or an extension, increase or Refinancing of any other Senior Lender Claims. Senior Lender Claims shall include all interest and expenses accrued or accruing (or that would, absent the commencement of an Insolvency or
Liquidation Proceeding, accrue) after the commencement of an Insolvency or Liquidation Proceeding in accordance with and at the rate specified in the relevant Senior Lender Documents whether or not the claim for such interest or expenses is allowed
or allowable as a claim in such Insolvency or Liquidation Proceeding. 
 “Senior Lender Collateral” shall mean
“Collateral” as defined in any Senior Collateral Document and all of the other assets or property of the Pledgors, whether real, personal or mixed, with respect to which a Lien is granted or purported to be granted as security for any
Senior Lender Claim. 
 “Senior Lender Documents” shall mean the Loan Documents, the Other First Priority Lien
Obligations Credit Documents, the Senior Collateral Documents and each of the other agreements, documents and instruments providing for, evidencing or securing any Senior Lender Claim, including any Obligation under the Credit Agreement and any
other related document or instrument executed or delivered pursuant to any such document at any time or otherwise evidencing or securing any Obligation arising under any such document. 

“Senior Secured Parties” shall mean the Credit Agreement Secured Parties and all other Persons holding Senior Lender
Claims, including the First Lien Agents. 
 “Senior Vessel Mortgages” shall mean each of the first preferred or
first priority ship mortgages or other security documents granting a Lien on a Mortgaged Vessel to secure the Senior Lender Claims. 
 “Subsidiary” shall mean any “Subsidiary” of the Borrower as defined in the Credit Agreement. 
 “Trustee” shall mean [            ], in its capacity as trustee under the Second Priority Senior Secured Notes Indenture [and
as collateral agent under the Noteholder Collateral Documents], and its successors in such capacity. 
 “Uniform
Commercial Code” or “UCC” shall mean the Uniform Commercial Code as from time to time in effect in the State of New York. 

  
 8 

 1.2 Terms Generally. The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall
be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of
or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified in accordance with this Agreement,
(b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed
to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections shall be construed to refer to Sections of this Agreement and (e) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

SECTION 2. Lien Priorities. 
 2.1 Subordination of Liens. Notwithstanding (i) the date, time, method, manner or order of filing or recordation of any document or instrument or grant, attachment or perfection (including any
defect or deficiency or alleged defect or deficiency in any of the foregoing) of any Liens granted to the Second Priority Secured Parties on the Common Collateral or of any Liens granted to the Senior Secured Parties on the Common Collateral,
(ii) any provision of the UCC, any Bankruptcy Law, or any applicable law or the Second Priority Documents or the Senior Lender Documents, (iii) whether any First Lien Agent, either directly or through agents, holds possession of, or has
control over, all or any part of the Common Collateral, (iv) the fact that any such Liens may be subordinated, voided, avoided, invalidated or lapsed or (v) any other circumstance of any kind or nature whatsoever, each Second Priority
Agent, on behalf of itself and each applicable Second Priority Secured Party, hereby agrees that: (a) any Lien on the Common Collateral securing any Senior Lender Claims now or hereafter held by or on behalf of any First Lien Agent or any other
Senior Secured Party or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall have priority over and be senior in all respects and prior to any Lien on the Common
Collateral securing any Second Priority Claims now or hereafter held by or on behalf of any Second Priority Agent or any Second Priority Secured Parties or any agent or trustee therefor regardless of how acquired, whether by grant, statute,
operation of law, subrogation or otherwise and (b) any Lien on the Common Collateral securing any Second Priority Claims now or hereafter held by or on behalf of any Second Priority Secured Parties or any agent or trustee therefor regardless of
how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the Common Collateral securing any Senior Lender Claims now or hereafter held by or on behalf of any
First Lien Agent or any other Senior Secured Party or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise. All Liens on the Common Collateral securing any Senior Lender
Claims shall be and remain senior in all respects and prior to all Liens on the Common Collateral securing any Second Priority Claims for all purposes, whether or not such Liens securing any Senior Lender Claims are subordinated to any Lien securing
any other obligation of a Borrower, any other Pledgor or any other Person. 

  
 9 

 2.2 Prohibition on Contesting Liens. Each Second Priority Agent, for itself and on
behalf of each applicable Second Priority Secured Party, and each First Lien Agent, for itself and on behalf of each applicable Senior Secured Party in respect of which it serves as First Lien Agent, agrees that it shall not (and hereby waives any
right to) take any action to challenge, contest or support any other Person in contesting or challenging, directly or indirectly, in any proceeding (including any Insolvency or Liquidation Proceeding), the validity, perfection, priority or
enforceability of (a) any Lien securing any Senior Lender Claims held (or purported to be held) by or on behalf of any First Lien Agent or any of the Senior Secured Parties or any agent or trustee therefor in any Senior Lender Collateral or
(b) a Lien securing any Second Priority Claims held (or purported to be held) by or on behalf of any Second Priority Secured Party in the Common Collateral, as the case may be; provided, however, that nothing in this Agreement
shall be construed to prevent or impair the rights of any First Lien Agent or any Senior Lender to enforce this Agreement (including the priority of the Liens securing the Senior Lender Claims as provided in Section 2.1) or any of the Senior
Lender Documents. 
 2.3 No New Liens. So long as the Discharge of Senior Lender Claims has not occurred and subject to
Section 6, each Second Priority Agent agrees, for itself and on behalf of each applicable Second Priority Secured Party, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against a Borrower or any other Pledgor,
that it shall not acquire or hold any Lien on any assets of a Borrower or any other Pledgor securing any Second Priority Claims that are not also subject to the first-priority Lien in respect of the Senior Lender Claims under the Senior Lender
Documents. If any Second Priority Agent or any Second Priority Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any collateral that is not also subject to the first-priority Lien in respect of the Senior Lender
Claims under the Senior Lender Documents, then such Second Priority Agent shall, without the need for any further consent of any party and notwithstanding anything to the contrary in any other document, be deemed to also hold and have held such lien
for the benefit of the First Lien Agents as security for the Senior Lender Claims (subject to the lien priority and other terms hereof) and shall promptly notify each First Lien Agent in writing of the existence of such Lien and in any event take
such actions as may be requested by any First Lien Agent to assign or release such Liens to the First Lien Agents (and/or each of its designee) as security for the applicable Senior Lender Claims. 

2.4 Perfection of Liens. Neither the First Lien Agents nor the Senior Secured Parties shall be responsible for perfecting and
maintaining the perfection of Liens with respect to the Common Collateral for the benefit of the Second Priority Agents or the other Second Priority Secured Parties. The provisions of this Agreement are intended solely to govern the respective Lien
priorities as between the Senior Secured Parties and the Second Priority Secured Parties and shall not impose on the First Lien Agents, the Second Priority Agents, the Second Priority Secured Parties or the Senior Secured Parties or any agent or
trustee therefor any obligations in respect of the disposition of proceeds of any Common Collateral which would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental authority
or any applicable law. 

  
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 2.5 Waiver of Marshalling. Until the Discharge of Senior Lender Claims, each Second
Priority Agent, on behalf of itself and the applicable Second Priority Secured Parties, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the
benefit of, any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect to the Common Collateral or any other similar rights a junior secured creditor may have under applicable law.

 2.6 Nature of First Priority Obligations. Each of the Second Priority Agents for itself and on behalf of the other
applicable Second Priority Secured Parties acknowledges that a portion of the Senior Lender Claims represents debt that is revolving in nature and that the amount thereof that may be outstanding at any time or from time to time may be increased or
reduced and subsequently reborrowed, and that the terms of the Senior Lender Claims may be modified, extended or amended from time to time, and that the aggregate amount of the Senior Lender Claims may be increased, replaced or Refinanced, in each
event, without notice to or consent by the Second Priority Secured Parties and without affecting the provisions hereof. The lien priorities provided in Section 2.1 shall not be altered or otherwise affected by any such amendment, modification,
supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or Refinancing of the Senior Lender Claims, or any portion thereof, or by any amendment, modification, supplement, extension, repayment, reborrowing,
increase, replacement, renewal, restatement or Refinancing of the Second Priority Claims, or any portion thereof. 
 SECTION 3.
Enforcement. 
 3.1 Exercise of Remedies. 
 (a) So long as the Discharge of Senior Lender Claims has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against a Borrower or any other Pledgor, (i) no
Second Priority Agent or any Second Priority Secured Party will (x) exercise or seek to exercise any rights or remedies (including setoff or recoupment) with respect to any Common Collateral or any other security in respect of any applicable
Second Priority Claims, or exercise any right under any lockbox agreement, control agreement, landlord waiver or bailee’s letter or similar agreement or arrangement, or institute any action or proceeding with respect to such rights or remedies
(including any action of foreclosure), (y) contest, protest or object to any foreclosure proceeding or action brought with respect to the Common Collateral or any other collateral by any First Lien Agent or any Senior Lender in respect of the
Senior Lender Claims, the exercise of any right by any First Lien Agent or any Senior Lender (or any agent or sub-agent on their behalf) in respect of the Senior Lender Claims under any lockbox agreement, control agreement, landlord waiver or
bailee’s letter or similar agreement or arrangement to which any Second Priority Agent or any Second Priority Secured Party either is a party or may have rights as a third party beneficiary, or any other exercise by any such party, of any
rights and remedies relating to the Common Collateral or any other collateral under the Senior Lender Documents or otherwise in respect of Senior Lender Claims, or (z) object to the forbearance by the Senior Secured Parties from bringing or
pursuing any foreclosure proceeding or action or any other exercise of any rights or remedies relating to the Common Collateral or any other collateral in respect of Senior Lender Claims and (ii) except as

  
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otherwise provided herein, each First Lien Agent and the Senior Secured Parties shall have the exclusive right to enforce rights, exercise remedies (including setoff and the right to credit bid
their debt) and make determinations regarding the release, disposition or restrictions with respect to the Common Collateral without any consultation with or the consent of any Second Priority Agent or any Second Priority Secured Party;
provided, however, that (A) in any Insolvency or Liquidation Proceeding commenced by or against a Borrower or any other Pledgor, each Second Priority Agent may file a proof of claim or statement of interest with respect to the
applicable Second Priority Claims, (B) each Second Priority Agent may take any action (not adverse to the prior Liens on the Common Collateral securing the Senior Lender Claims, or the rights of either First Lien Agent or the Senior Secured
Parties to exercise remedies in respect thereof) in order to create, prove, perfect, preserve or protect (but not enforce) its rights in, and perfection and priority of its Lien on, the Common Collateral, (C) in any Insolvency or Liquidation
Proceeding commenced by or against a Borrower or any other Pledgor, each Second Priority Agent may file any necessary or responsive pleadings in opposition to any motion, adversary proceeding or other pleading filed by any Person objecting to or
otherwise seeking disallowance of the claim or Lien of such Second Priority Agent or Second Priority Secured Party, (D) each Second Priority Agent may file any pleadings, objections, motions, or agreements which assert rights available to
unsecured creditors of a Borrower or any other Pledgor arising under any Insolvency or Liquidation Proceeding or applicable non-bankruptcy law and (E) each Second Priority Agent and each Second Priority Secured Party may vote on any plan of
reorganization in any Insolvency or Liquidation Proceeding of a Borrower or any other Pledgor, in each case (A) through (E) above to the extent such action is not inconsistent with, or could not result in a resolution inconsistent with,
the terms of this Agreement. 
 (b) In exercising rights and remedies with respect to the Senior Lender Collateral, each First
Lien Agent and the Senior Secured Parties may enforce the provisions of the Senior Lender Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion. Such exercise
and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of Common Collateral or other collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the
rights and remedies of a secured lender under the uniform commercial code of any applicable jurisdiction and of a secured creditor under Bankruptcy Laws of any applicable jurisdiction. 

(c) So long as the Discharge of Senior Lender Claims has not occurred, each Second Priority Agent, on behalf of itself and each
applicable Second Priority Secured Party, agrees that it will not take or receive any Common Collateral or other collateral or any proceeds of Common Collateral or other collateral in connection with the exercise of any right or remedy (including
setoff or recoupment) with respect to any Common Collateral or other collateral in respect of the applicable Second Priority Claims. Without limiting the generality of the foregoing, unless and until the Discharge of Senior Lender Claims has
occurred, except as expressly provided in the proviso in clause (ii) of Section 3.1(a), the sole right of the Second Priority Agents and the Second Priority Secured Parties with respect to the Common Collateral or any other collateral is
to hold a Lien on the Common Collateral or such other collateral in respect of the applicable Second Priority Claims pursuant to the Second Priority Documents, as applicable, for the period and to the extent granted therein and to receive a share of
the proceeds thereof, if any, after the Discharge of Senior Lender Claims has occurred. 

  
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 (d) Subject to the proviso in clause (ii) of Section 3.1(a) above, (i) each
Second Priority Agent, for itself and on behalf of each applicable Second Priority Secured Party, agrees that no Second Priority Agent or any Second Priority Secured Party will take any action that would hinder any exercise of remedies undertaken by
any First Lien Agent or Senior Secured Parties with respect to the Common Collateral or any other collateral under the Senior Lender Documents, including any sale, lease, exchange, transfer or other disposition of the Common Collateral or such other
collateral, whether by foreclosure or otherwise, and (ii) each Second Priority Agent, for itself and on behalf of each applicable Second Priority Secured Party, hereby waives any and all rights it or any Second Priority Secured Party may have
as a junior lien creditor or otherwise to object to the manner in which any First Lien Agent or Senior Secured Parties seek to enforce or collect the Senior Lender Claims or the Liens granted in any of the Senior Lender Collateral, regardless of
whether any action or failure to act by or on behalf of any First Lien Agent or Senior Secured Parties is adverse to the interests of the Second Priority Secured Parties. 
 (e) Each Second Priority Agent hereby acknowledges and agrees that no covenant, agreement or restriction contained in any applicable Second Priority Document shall be deemed to restrict in any way the
rights and remedies of any First Lien Agent or Senior Secured Parties with respect to the Senior Lender Collateral as set forth in this Agreement and the Senior Lender Documents. 

(f) Until the Discharge of Senior Lender Claims, the First Priority Designated Agent shall have the exclusive right to exercise any right
or remedy with respect to the Common Collateral and shall have the exclusive right to determine and direct the time, method and place for exercising such right or remedy or conducting any proceeding with respect thereto. 

3.2 Cooperation. Subject to the proviso in clause (ii) of Section 3.1(a), each Second Priority Agent, on behalf of
itself and each applicable Second Priority Secured Party, agrees that, unless and until the Discharge of Senior Lender Claims has occurred, it will not commence, or join with any Person (other than the Senior Secured Parties and any First Lien Agent
upon the request of the First Lien Designated Agent) in commencing, any enforcement, collection, execution, levy or foreclosure action or proceeding with respect to any Lien held by it in the Common Collateral or any other collateral under any of
the applicable Second Priority Documents or otherwise in respect of the applicable Second Priority Claims. 
 3.3 Actions
Upon Breach. If any Second Priority Secured Party, in contravention of the terms of this Agreement, in any way takes, attempts to or threatens to take any action with respect to the Common Collateral (including any attempt to realize upon or
enforce any remedy with respect to this Agreement) or fails to take any action required by this Agreement, this Agreement shall create an irrebuttable presumption and admission by such Second Priority Secured Party that relief against such Second
Priority Secured Party by injunction, specific performance and/or other appropriate equitable relief is necessary to prevent irreparable harm to the Senior Secured Parties, it being understood and agreed by each Second Priority Agent on behalf of
each applicable Second Priority Secured Party that (i) the Senior Secured Parties’ damages from its actions may at that time be difficult to ascertain and may be irreparable, and (ii) each Second Priority Secured Party waives any
defense that the Pledgors and/or the Senior Secured Parties cannot demonstrate damage and/or can be made whole by the awarding of damages. 

  
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 SECTION 4. Payments. 

4.1 Application of Proceeds. So long as the Discharge of Senior Lender Claims has not occurred, the Common Collateral and any
other collateral in respect of the Second Priority Claims or proceeds thereof received in connection with the sale or other disposition of, or collection on, such Common Collateral or other collateral upon the exercise of remedies as a secured
party, shall be applied by the First Lien Agents to the Senior Lender Claims in such order as specified in the relevant Senior Lender Documents until the Discharge of Senior Lender Claims has occurred. Upon the Discharge of Senior Lender Claims,
subject to Section 5.7 hereof, each of the First Lien Agents shall deliver promptly to the Second Priority Designated Agent any Common Collateral or proceeds thereof held by it in the same form as received, with any necessary endorsements or as
a court of competent jurisdiction may otherwise direct to be applied by the Second Priority Designated Agent ratably to the Second Priority Claims in such order as specified in the Second Priority Documents. 

4.2 Payments Over. Any Common Collateral or other collateral in respect of the Second Priority Claims or proceeds thereof received
by any Second Priority Agent or any Second Priority Secured Party in connection with the exercise of any right or remedy (including setoff or recoupment) relating to the Common Collateral or such other collateral prior to the Discharge of Senior
Lender Claims shall be segregated and held for the benefit of and forthwith paid over to the First Priority Designated Agent (and/or its designees) for the benefit of the Senior Secured Parties in the same form as received, with any necessary
endorsements or as a court of competent jurisdiction may otherwise direct. The First Lien Agents are each hereby individually authorized to make any such endorsements as agent for any Second Priority Agent or any such Second Priority Secured Party.
This authorization is coupled with an interest and is irrevocable. 
 SECTION 5. Other Agreements. 

5.1 Releases. 
 (a) If, at any time any Pledgor or the holder of any Senior Lender Claim delivers notice to each Second Priority Agent that any specified Common Collateral (including all or substantially all of the
equity interests of a Pledgor or any of its Subsidiaries) (including for such purpose, in the case of the sale of equity interests in any Subsidiary, any Common Collateral held by such Subsidiary or any direct or indirect Subsidiary thereof) is:

 (A) sold, transferred or otherwise disposed of: 
 (i) by the owner of such Common Collateral in a transaction permitted under the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the Second Priority Senior Secured Notes
Indenture and each other Senior Lender Document and Second Priority Document (if any); or 
 (ii) during the existence of any
Event of Default under (and as defined in) the Credit Agreement or the Other First Priority Lien Obligations Credit Documents to the extent that any of the First Lien Agents has consented to such sale, transfer or disposition; or 

  
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 (B) otherwise released as permitted by the Credit Agreement and the Other First Priority
Lien Obligations Credit Documents, 
 then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor
of the Second Priority Secured Parties upon such Common Collateral will automatically be released and discharged as and when, but only to the extent, such Liens on such Common Collateral securing Senior Lender Claims are released and discharged.
Upon delivery to each Second Priority Agent of a notice from any First Lien Agent stating that any release of Liens securing or supporting the Senior Lender Claims has become effective (or shall become effective upon each Second Priority
Agent’s release) (whether in connection with a sale of such assets by the relevant Pledgor pursuant to the preceding sentence or otherwise), each Second Priority Agent will promptly execute and deliver such instruments, releases, termination
statements or other documents confirming such release on customary terms. 
 (b) Each Second Priority Agent, for itself and on
behalf of each applicable Second Priority Secured Party, hereby irrevocably constitutes and appoints each First Lien Agent and any officer or agent of such First Lien Agent, with full power of substitution, as its true and lawful attorney-in-fact
with full irrevocable power and authority in the place and stead of each Second Priority Agent or such holder or in such First Lien Agent’s own name, from time to time in such First Lien Agent’s discretion, for the purpose of carrying out
the terms of this Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the purposes of this Section 5.1, including any termination
statements, endorsements or other instruments of transfer or release. 
 (c) Unless and until the Discharge of Senior Lender
Claims has occurred, each Second Priority Agent, for itself and on behalf of each applicable Second Priority Secured Party, hereby consents to the application, whether prior to or after a default, of proceeds of Common Collateral or other collateral
to the repayment of Senior Lender Claims pursuant to the Senior Lender Documents; provided that nothing in this Section 5.1(c) shall be construed to prevent or impair the rights of the Second Priority Agents or the Second Priority
Secured Parties to receive proceeds in connection with the Second Priority Claims not otherwise in contravention of this Agreement. 
 5.2 Insurance. Unless and until the Discharge of Senior Lender Claims has occurred, each First Lien Agent and the Senior Secured Parties shall have the sole and exclusive right, subject to the
rights of the Pledgors under the Senior Lender Documents, to adjust settlement for any insurance policy covering the Common Collateral or any other collateral in respect of the Second Priority Claims in the event of any loss thereunder and to
approve any award granted in any condemnation or similar proceeding affecting the Common Collateral or such other collateral. Unless and until the Discharge of Senior Lender Claims has occurred, all proceeds of any such policy and any such award if
in respect of the Common Collateral or such other collateral shall be paid (a) first, prior to the occurrence of the Discharge of Senior Lender Claims, to the First Lien Agents for the benefit of Senior Secured Parties pursuant to the terms of

  
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the Senior Lender Documents, (b) second, after the occurrence of the Discharge of Senior Lender Claims, to the Second Priority Agents for the benefit of the Second Priority Secured Parties
pursuant to the terms of the applicable Second Priority Documents and (c) third, if no Second Priority Claims are outstanding, to the owner of the subject property, such other person as may be entitled thereto or as a court of competent
jurisdiction may otherwise direct. If any Second Priority Agent or any Second Priority Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such award in contravention of this Agreement, it shall pay such
proceeds over to any First Lien Agent in accordance with the terms of Section 4.2. 
 5.3 Amendments to Second Priority
Collateral Documents. 
 (a) So long as the Discharge of Senior Lender Claims has not occurred, without the prior written
consent of the First Lien Agents, no Second Priority Collateral Document may be amended, supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification, or the terms of any new Second Priority Collateral
Document, would be prohibited by or inconsistent with any of the terms of this Agreement. Each Second Priority Agent agrees that each applicable Second Priority Collateral Document shall contain the applicable provisions set forth on Annex I hereto
(or similar provisions approved by the First Lien Agents). 
 (b) In the event that the First Lien Agents or the Senior Secured
Parties enter into any amendment, waiver or consent in respect of or replace any Senior Collateral Document for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any Senior Collateral
Document or changing in any manner the rights of the First Lien Agents, the Senior Secured Parties, a Borrower or any other Pledgor thereunder (including the release of any Liens in Senior Lender Collateral), then such amendment, waiver or consent
shall apply automatically to any comparable provision of each Comparable Second Priority Collateral Document without the consent of any Second Priority Agent, a Borrower, any other Pledgor or any Second Priority Secured Party and without any action
by any Second Priority Agent, a Borrower, any other Pledgor or any Second Priority Secured Party; provided, that such amendment, waiver or consent does not materially adversely affect the rights of a Borrower, any other Pledgor or the Second
Priority Secured Parties or the interests of the Second Priority Secured Parties in the Second Priority Collateral and not the other creditors of such Borrower or such Pledgor, as the case may be, that have a security interest in the affected
collateral in a like or similar manner (without regard to the fact that the Lien of such Senior Collateral Document is senior to the Lien of the Comparable Second Priority Collateral Document). The relevant First Lien Agent shall give written notice
of such amendment, waiver or consent to each Second Priority Agent; provided that the failure to give such notice shall not affect the effectiveness of such amendment, waiver or consent with respect to the provisions of any Second Priority
Collateral Document as set forth in this Section 5.3(b). 
 (c) Anything contained herein to the contrary notwithstanding,
until the Discharge of Senior Lender Claims has occurred, no Second Priority Collateral Document shall be entered into unless the collateral covered thereby is also subject to a perfected first-priority interest in favor of the First Lien Agents for
the benefit of the Senior Secured Parties pursuant to the Senior Collateral Documents. 

  
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 5.4 Rights As Unsecured Creditors. Notwithstanding anything to the contrary in this
Agreement, the Second Priority Agents and the Second Priority Secured Parties may exercise rights and remedies as an unsecured creditor against a Borrower or any Pledgor in accordance with the terms of the applicable Second Priority Documents and
applicable law, in each case to the extent not inconsistent with the provisions of this Agreement. Nothing in this Agreement shall prohibit the receipt by any Second Priority Agent or any Second Priority Secured Party of the required payments of
interest and principal so long as such receipt is not the direct or indirect result of (a) the exercise by any Second Priority Agent or any Second Priority Secured Party of rights or remedies as a secured creditor in respect of Common
Collateral or other collateral or (b) enforcement in contravention of this Agreement of any Lien in respect of Second Priority Claims held by any of them. In the event any Second Priority Agent or any Second Priority Secured Party becomes a
judgment lien creditor or other secured creditor in respect of Common Collateral or other collateral as a result of its enforcement of its rights as an unsecured creditor in respect of Second Priority Claims or otherwise, such judgment or other lien
shall be subordinated to the Liens securing Senior Lender Claims on the same basis as the other Liens securing the Second Priority Claims are so subordinated to such Liens securing Senior Lender Claims under this Agreement. Nothing in this Agreement
impairs or otherwise adversely affects any rights or remedies the First Lien Agents or the Senior Secured Parties may have with respect to the Senior Lender Collateral. 
 5.5 First Lien Agents as Gratuitous Bailees for Perfection. 
 (a) Each
First Lien Agent agrees to hold the Pledged Collateral that is part of the Common Collateral that is in its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee for each Second Priority Agent and any
assignee solely for the purpose of perfecting the security interest granted in such Pledged Collateral pursuant to the Second Priority Collateral Agreements, subject to the terms and conditions of this Section 5.5 (such bailment being intended,
among other things, to satisfy the requirements of Sections 8-106(d)(3), 8-301(a)(2) and 9-313(c) of the UCC). 
 (b) In the
event that any First Lien Agent (or its agent or bailees) has Lien filings against Intellectual Property (as defined in the Senior Collateral Agreement) that is part of the Common Collateral that are necessary for the perfection of Liens in such
Common Collateral, such First Lien Agent agrees to hold such Liens as gratuitous bailee for each Second Priority Agent and any assignee solely for the purpose of perfecting the security interest granted in such Liens pursuant to the Second Priority
Collateral Agreements, subject to the terms and conditions of this Section 5.5. 
 (c) Except as otherwise specifically
provided herein (including Sections 3.1 and 4.1), until the Discharge of Senior Lender Claims has occurred, any First Lien Agent shall be entitled to deal with the Pledged Collateral in accordance with the terms of the Senior Lender Documents as if
the Liens under the Second Priority Collateral Documents did not exist. The rights of the Second Priority Agents and the Second Priority Secured Parties with respect to such Pledged Collateral shall at all times be subject to the terms of this
Agreement. 
 (d) The First Lien Agents shall have no obligation whatsoever to any Second Priority Agent or any Second Priority
Secured Party to assure that the Pledged Collateral is genuine or 

  
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owned by the Pledgors or to protect or preserve rights or benefits of any Person or any rights pertaining to the Common Collateral except as expressly set forth in this Section 5.5. The
duties or responsibilities of the First Lien Agents under this Section 5.5 shall be limited solely to holding the Pledged Collateral as gratuitous bailee for each Second Priority Agent for purposes of perfecting the Lien held by the Second
Priority Secured Parties. 
 (e) The First Lien Agents shall not have by reason of the Second Priority Collateral Documents or
this Agreement or any other document a fiduciary relationship in respect of any Second Priority Agent or any Second Priority Secured Party and the Second Priority Agents and the Second Priority Secured Parties hereby waive and release the First Lien
Agents from all claims and liabilities arising pursuant to the First Lien Agents’ role under this Section 5.5, as agent and gratuitous bailee with respect to the Common Collateral. 

(f) Upon the Discharge of Senior Lender Claims, the relevant First Lien Agent shall deliver to the Second Priority Designated Agent, to
the extent that it is legally permitted to do so, the remaining Pledged Collateral (if any) and to the extent such Pledged Collateral is in the possession or control of such First Lien Agent (or its agents or bailees) together with any necessary
endorsements (or otherwise allow the Second Priority Designated Agent to obtain control of such Pledged Collateral) or as a court of competent jurisdiction may otherwise direct. 

(g) Neither the First Lien Agents nor the Senior Secured Parties shall be required to marshal any present or future collateral security
for the Borrower’s or their Subsidiaries’ obligations to the First Lien Agents or the Senior Secured Parties under the Credit Agreement or the Senior Collateral Documents or any assurance of payment in respect thereof or to resort to such
collateral security or other assurances of payment in any particular order, and all of their rights in respect of such collateral security or any assurance of payment in respect thereof shall be cumulative and in addition to all other rights,
however existing or arising. 
 5.6 Second Priority Designated Agent as Gratuitous Bailee for Perfection. 

(a) Upon the Discharge of Senior Lender Claims, the Second Priority Designated Agent agrees to hold the Pledged Collateral that is part
of the Common Collateral in its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee for the other Second Priority Agents and any assignee solely for the purpose of perfecting the security interest
granted in such Pledged Collateral pursuant to the applicable Second Priority Collateral Agreement, subject to the terms and conditions of this Section 5.6. 
 (b) In the event that the Second Priority Designated Agent (or its agent or bailees) has Lien filings against Intellectual Property (as defined in the Senior Collateral Agreement) that is part of the
Common Collateral that are necessary for the perfection of Liens in such Common Collateral, upon the Discharge of Senior Lender Claims, the Second Priority Designated Agent agrees to hold such Liens as gratuitous bailee for the other Second Priority
Agents and any assignee solely for the purpose of perfecting the security interest granted in such Liens pursuant to the applicable Second Priority Collateral Agreement, subject to the terms and conditions of this Section 5.6. 

  
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 (c) The Second Priority Designated Agent, in its capacity as gratuitous bailee, shall have
no obligation whatsoever to the other Second Priority Agents or the First Lien Agent to assure that the Pledged Collateral is genuine or owned by the Pledgors or to protect or preserve rights or benefits of any Person or any rights pertaining to the
Common Collateral except as expressly set forth in this Section 5.6. The duties or responsibilities of the Second Priority Designated Agent under this Section 5.6 upon the Discharge of Senior Lender Claims shall be limited solely to
holding the Pledged Collateral as gratuitous bailee for the other Second Priority Agents for purposes of perfecting the Lien held by the applicable Second Priority Secured Parties. 

(d) The Second Priority Designated Agent shall not have by reason of the Second Priority Collateral Documents or this Agreement or any
other document a fiduciary relationship in respect of the other Second Priority Agents (or the Second Priority Secured Parties for which such other Second Priority Agents are agents) and the other Second Priority Agents hereby waive and release the
Second Priority Designated Agent from all claims and liabilities arising pursuant to the Second Priority Designated Agent’s role under this Section 5.6, as agent and gratuitous bailee with respect to the Common Collateral. 

(e) In the event that the Second Priority Designated Agent shall cease to be so designated the Second Priority Designated Agent pursuant
to the definition of such term, the then Second Priority Designated Agent shall deliver to the successor Second Priority Designated Agent, to the extent that it is legally permitted to do so, the remaining Pledged Collateral (if any), together with
any necessary endorsements (or otherwise allow the successor Second Priority Designated Agent to obtain control of such Pledged Collateral) or as a court of competent jurisdiction may otherwise direct, and such successor Second Priority Designated
Agent shall perform all duties of the Second Priority Designated Agent as set forth herein. 
 5.7 Release Upon Discharge of
Senior Lender Claims; No Release If Event of Default; Reinstatement. 
 (a) Except as otherwise provided in clause
(b) of this Section 5.7, upon the Discharge of Senior Lender Claims and the concurrent release of the Liens securing Senior Lender Claims, the Liens in favor of the Second Priority Secured Parties shall automatically be released and
discharged. 
 (b) Notwithstanding any other provisions contained in this Agreement, if an Event of Default (as defined in the
Second Priority Senior Secured Notes Indenture or any other Second Priority Document, as applicable) exists on the date of Discharge of Senior Lender Claims, the Second Priority Liens on the Second Priority Collateral securing the Second Priority
Claims relating to such Event of Default will not be released, except to the extent such Second Priority Collateral or any portion thereof was disposed of in order to repay Senior Lender Claims secured by such Second Priority Collateral, and
thereafter the applicable Second Priority Agent will have the right to foreclose upon such Second Priority Collateral (but in such event, the Liens on such Second Priority Collateral securing the applicable Second Priority Claims will be released
when such Event of Default and all other Events of Default under the Second Priority Senior Secured Notes Indenture or any other Second Priority Document, as applicable, cease to exist). 

  
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 (c) If, at any time after the Discharge of Senior Lender Claims has occurred, the Borrower
incurs and designates any Senior Lender Claims, then such Discharge of Senior Lender Claims shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken prior to the date of such
designation as a result of the occurrence of such first Discharge of Senior Lender Claims), and the applicable agreement governing such Senior Lender Claims shall automatically be treated as the Credit Agreement for all purposes of this Agreement,
including for purposes of the Lien priorities and rights in respect of Common Collateral set forth herein and the granting by the First Lien Agents of amendments, waivers and consents hereunder. Upon receipt of notice of such designation (including
the identity of any new First Lien Agent), each Second Priority Agent shall promptly (i) enter into such documents and agreements, including amendments or supplements to this Agreement, as such new First Lien Agent shall reasonably request in
writing in order to provide the new First Lien Agent the rights of the First Lien Agents contemplated hereby and (ii) to the extent then held by any Second Priority Agent, deliver to such First Lien Agent the Pledged Collateral that is Common
Collateral together with any necessary endorsements (or otherwise allow such First Lien Agent to obtain possession or control of such Pledged Collateral). 
 SECTION 6. Insolvency or Liquidation Proceedings. 
 6.1 Financing Issues.
If a Borrower or any other Pledgor shall be subject to any Insolvency or Liquidation Proceeding and any First Lien Agent shall desire to permit the use of cash collateral or to permit a Borrower or any other Pledgor to obtain financing under
Section 363 or Section 364 of Title 11 of the United States Code or any similar provision in any Bankruptcy Law (“DIP Financing”), then each Second Priority Agent, on behalf of itself and each applicable Second Priority
Secured Party, agrees that it will raise no objection to, and will not encourage or support any objection to, and will not otherwise contest (a) such use of cash collateral or DIP Financing and will not request adequate protection or any other
relief in connection therewith (except to the extent permitted by Section 6.3) and, to the extent the Liens securing the Senior Lender Claims under the Senior Lender Documents are subordinated or pari passu with such DIP Financing, will
subordinate its Liens in the Common Collateral and any other collateral to such DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens securing the Second Priority Claims are so subordinated to Liens securing
Senior Lender Claims under this Agreement, (b) any motion for relief from the automatic stay or from any injunction against foreclosure or enforcement in respect of Senior Lender Claims made by any First Lien Agent or any holder of Senior
Lender Claims, (c) any lawful exercise by any holder of Senior Lender Claims of the right to credit bid, under Section 63(k) of the Bankruptcy Code, Senior Lender Claims at any sale in foreclosure of Senior Lender Collateral, (d) any
other request for judicial relief made in any court by any holder of Senior Lender Claims relating to the lawful enforcement of any Lien on Senior Lender Collateral or (e) any order under Section 363(b) and (f) of the Bankruptcy Code
relating to a sale of assets of any Pledgor for which any First Lien Agent has consented that provides, to the extent the sale is to be free and clear of Liens, that the Liens securing the Senior Lender Claims and the Second Priority Claims will
attach to the proceeds of the sale on the same basis of priority as the Liens securing the Senior Lender Collateral do to the Liens securing the Second Priority Collateral in accordance with this Agreement. 

  
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 6.2 Relief from the Automatic Stay. Until the Discharge of Senior Lender Claims has
occurred, each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, agrees that none of them shall seek relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect
of the Common Collateral or any other collateral, without the prior written consent of all First Lien Agents and Required Lenders. 
 6.3 Adequate Protection. Each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, agrees that none of them shall contest (or support any other Person
contesting) (a) any request by any First Lien Agent or Senior Secured Parties for adequate protection or (b) any objection by any First Lien Agent or Senior Secured Parties to any motion, relief, action or proceeding based on such First
Lien Agent’s or the Senior Secured Parties’ claiming a lack of adequate protection. Notwithstanding the foregoing, in any Insolvency or Liquidation Proceeding, (i) if the Senior Secured Parties (or any subset thereof) are granted
adequate protection in the form of additional collateral in connection with any DIP Financing or use of cash collateral under Section 363 or Section 364 of Title 11 of the United States Code or any similar Bankruptcy Law, then each Second
Priority Agent, on behalf of itself and any applicable Second Priority Secured Party, (A) may seek or request adequate protection in the form of a replacement Lien on such additional collateral, which Lien is subordinated to the Liens securing
the Senior Lender Claims and such DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens securing the Second Priority Claims are so subordinated to the Liens securing Senior Lender Claims under this Agreement and
(B) agrees that it will not seek or request, and will not accept, adequate protection in any other form, and (ii) in the event any Second Priority Agent, on behalf of itself or any applicable Second Priority Secured Party, seeks or
requests adequate protection and such adequate protection is granted in the form of additional collateral, then such Second Priority Agent, on behalf of itself or each such Second Priority Secured Party, agrees that the First Lien Agents shall also
be granted a senior Lien on such additional collateral as security for the applicable Senior Lender Claims and any such DIP Financing and that any Lien on such additional collateral securing the Second Priority Claims shall be subordinated to the
Liens on such collateral securing the Senior Lender Claims and any such DIP Financing (and all Obligations relating thereto) and any other Liens granted to the Senior Secured Parties as adequate protection on the same basis as the other Liens
securing the Second Priority Claims are so subordinated to such Liens securing Senior Lender Claims under this Agreement. 
 6.4
Avoidance Issues. If any Senior Lender is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of a Borrower or any other Pledgor (or any trustee, receiver or similar person therefor),
because the payment of such amount was declared to be fraudulent or preferential in any respect or for any other reason, any amount (a “Recovery”), whether received as proceeds of security, enforcement of any right of setoff or
otherwise, then as among the parties hereto the Senior Lender Claims shall be deemed to be reinstated to the extent of such Recovery and to be outstanding as if such payment had not occurred and the Senior Secured Parties shall be entitled to a
Discharge of Senior Lender Claims with respect to all such recovered amounts and shall have all rights hereunder until such time. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force
and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto. 

  
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 6.5 Application. This Agreement, which the parties acknowledge to be a subordination
agreement subject to Section 510 of the Bankruptcy Code, shall be applicable prior to and after the commencement of any Insolvency or Liquidation Proceeding. All references herein to any Pledgor shall apply to any trustee for such Person and
such Person as debtor in possession. The relative rights as to the Common Collateral and other collateral and proceeds thereof shall continue after the filing thereof on the same basis as prior to the date of the petition, subject to any court order
approving the financing of, or use of cash collateral by, any Pledgor. 
 6.6 Waivers. Until the Discharge of Senior
Lender Claims has occurred, each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, (a) will not assert or enforce any claim under Section 506(c) of the United States Bankruptcy Code senior to or
on a parity with the Liens securing the Senior Lender Claims for costs or expenses of preserving or disposing of any Common Collateral or other collateral, and (b) waives any claim it may now or hereafter have arising out of the election by any
Senior Lender of the application of Section 1111(b)(2) of the Bankruptcy Code. 
 6.7 Reorganization Securities. If,
in any Insolvency or Liquidation Proceeding, debt obligations of the reorganized debtor secured by Liens upon any property of the reorganized debtor are distributed, pursuant to a plan of reorganization or similar dispositive restructuring plan, on
account of both the Senior Lender Claims and the Second Priority Claims, then, to the extent the debt obligations distributed on account of the Senior Lender Claims and on account of the Second Priority Claims are secured by Liens upon the same
assets or property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the Liens securing such debt obligations. 

SECTION 7. Reliance; Waivers; etc. 
 7.1 Reliance. The consent by the Senior Secured Parties to the execution and delivery of the Second Priority Documents to which the Senior Secured Parties have consented and all loans and other
extensions of credit made or deemed made on and after date hereof by the Senior Secured Parties to the Borrower or any Subsidiary shall be deemed to have been given and made in reliance upon this Agreement. Each Second Priority Agent, on behalf of
itself and each applicable Second Priority Secured Party, acknowledges that it and the applicable Second Priority Secured Parties is not entitled to rely on any credit decision or other decisions made by any First Lien Agent or any Senior Lender in
taking or not taking any action under the applicable Second Priority Document or this Agreement. 
 7.2 No Warranties or
Liability. Neither any First Lien Agent nor any Senior Lender shall have been deemed to have made any express or implied representation or warranty upon which the Second Priority Agent or the Second Priority Secured Parties may rely, including
with respect to the execution, validity, legality, completeness, collectability or enforceability of any of the Senior Lender Documents, the ownership of any Common Collateral or the perfection or priority of any Liens thereon. The Senior Secured
Parties will be entitled to manage and supervise their respective loans and extensions of credit under the Senior Lender Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate, and the Senior Secured
Parties may manage their loans and extensions of credit without regard to any rights or interests that any Second Priority Agent or any of the Second Priority Secured Parties 

  
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have in the Common Collateral or otherwise, except as otherwise provided in this Agreement. Neither any First Lien Agent nor any Senior Lender shall have any duty to any Second Priority Agent or
any Second Priority Secured Party to act or refrain from acting in a manner that allows, or results in, the occurrence or continuance of an event of default or default under any agreements with the Borrower or any Subsidiary thereof (including the
Second Priority Documents), regardless of any knowledge thereof that they may have or be charged with. Except as expressly set forth in this Agreement, the First Lien Agents, the Senior Secured Parties, the Second Priority Agents and the Second
Priority Secured Parties have not otherwise made to each other, nor do they hereby make to each other, any warranties, express or implied, nor do they assume any liability to each other with respect to (a) the enforceability, validity, value or
collectability of any of the Second Priority Claims, the Senior Lender Claims or any guarantee or security which may have been granted to any of them in connection therewith, (b) the Borrower’s title to or right to transfer any of the
Common Collateral or (c) any other matter except as expressly set forth in this Agreement. 
 7.3 Obligations
Unconditional. All rights, interests, agreements and obligations of the First Lien Agents and the Senior Secured Parties, and the Second Priority Agents and the Second Priority Secured Parties, respectively, hereunder shall remain in full force
and effect irrespective of: 
 (a) any lack of validity or enforceability of any Senior Lender Documents or any Second Priority
Documents; 
 (b) any change in the time, manner or place of payment of, or in any other terms of, all or any of the Senior
Lender Claims or Second Priority Claims, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of the Credit Agreement or any other Senior Lender
Document or of the terms of the Second Priority Senior Secured Notes Indenture or any other Second Priority Document; 
 (c) any
exchange of any security interest in any Common Collateral or any other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the Senior Lender Claims or Second Priority
Claims or any guarantee thereof; 
 (d) the commencement of any Insolvency or Liquidation Proceeding in respect of a Borrower or
any other Pledgor; or 
 (e) any other circumstances that otherwise might constitute a defense available to, or a discharge of,
a Borrower or any other Pledgor in respect of the Senior Lender Claims, or of any Second Priority Agent or any Second Priority Secured Party in respect of this Agreement. 
 SECTION 8. Representations and Warranties 
 8.1 Representations and Warranties
of Each Party. Each party hereto represents and warrants to the other parties hereto as follows: 
 (a) Such party is duly
organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has all requisite power and authority to execute and deliver this Agreement and perform its obligations hereunder. 

  
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 (b) This Agreement has been duly executed and delivered by such party and constitutes a
legal, valid and binding obligation of such party, enforceable in accordance with its terms. 
 (c) The execution, delivery and
performance by such party of this Agreement (i) do not require any consent or approval of, registration or filing with or any other action by any governmental authority and (ii) will not violate any provision of law, statute, rule or
regulation, or of the certificate or articles of incorporation or other constitutive documents or by-laws of such party or any order of any governmental authority or any provision of any indenture, agreement or other instrument binding upon such
party. 
 8.2 Representations and Warranties of First Lien Agent and Second Priority Agent. Each First Lien Agent and
Second Priority Agent represents and warrants to the other parties hereto that it has been authorized by the Senior Secured Parties or the Indenture Secured Parties, as applicable, to enter into this Agreement. 

SECTION 9. Miscellaneous. 
 9.1 Conflicts. Subject to Section 9.18, in the event of any conflict between the provisions of this Agreement and the provisions of any Senior Lender Document or any Second Priority Document,
the provisions of this Agreement shall govern. 
 9.2 Continuing Nature of this Agreement; Severability. Subject to
Section 6.4, this Agreement shall continue to be effective until the Discharge of Senior Lender Claims shall have occurred or such later time as all the Obligations in respect of the Second Priority Claims shall have been paid in full. This is
a continuing agreement of lien subordination and the Senior Secured Parties may continue, at any time and without notice to each Second Priority Agent or any Second Priority Secured Party, to extend credit and other financial accommodations and lend
monies to or for the benefit of a Borrower or any other Pledgor constituting Senior Lender Claims in reliance hereon. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation
Proceeding. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 9.3 Amendments; Waivers. Subject to Section 9.20 hereof,
no amendment, modification or waiver of any of the provisions of this Agreement by any Second Priority Agent or any First Lien Agent shall be deemed to be made unless the same shall be in writing signed on behalf of the party making the same or its
authorized agent and each waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any
other respect or at any other time. The Borrower and the Pledgors shall not have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except

  
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to the extent their rights are adversely affected (in which case the Borrower shall have the right to consent to or approve any such amendment, modification or waiver). Upon the Borrower’s
request in connection with a designation of additional obligations as Other First Priority Lien Obligations or Future Second Lien Indebtedness, any First Lien Agent and/or any Second Priority Agent shall enter into such supplemental agreements
(which may each take the form of an amendment, an amendment and restatement or a supplement of the foregoing Agreement) to facilitate the designation of such additional obligations as contemplated by Section 9.20 hereof as the Borrower may
request; provided that the Borrower shall have delivered to each First Lien Agent and Second Priority Agent a certificate from an authorized officer of the Borrower confirming that such designation of additional obligations pursuant to
Section 9.20 is permitted under each Senior Lien Document and each Second Priority Document and each First Lien Agent and Second Priority Agent may conclusively rely on such officer’s certificate without any further inquiry. 

9.4 Information Concerning Financial Condition of the Borrower and the Subsidiaries. Neither any First Lien Agent nor any Senior
Lender shall have any obligation to any Second Priority Agent or any Second Priority Secured Party to keep the Second Priority Agent or any Second Priority Secured Party informed of, and the Second Priority Agents and the Second Priority Secured
Parties shall not be entitled to rely on the First Lien Agents or the Senior Secured Parties with respect to, (a) the financial condition of the Borrower and its Subsidiaries and all endorsers, pledgors and/or guarantors of the Second Priority
Claims or the Senior Lender Claims and (b) all other circumstances bearing upon the risk of nonpayment of the Second Priority Claims or the Senior Lender Claims. The First Lien Agents, the Senior Secured Parties, each Second Priority Agent and
the Second Priority Secured Parties shall have no duty to advise any other party hereunder of information known to it or them regarding such condition or any such circumstances or otherwise. In the event that any First Lien Agent, any Senior Lender,
any Second Priority Agent or any Second Priority Secured Party, in its or their sole discretion, undertakes at any time or from time to time to provide any such information to any other party, it or they shall be under no obligation (w) to
make, and the First Lien Agents, the Senior Secured Parties, the Second Priority Agents and the Second Priority Secured Parties shall not make, any express or implied representation or warranty, including with respect to the accuracy, completeness,
truthfulness or validity of any such information so provided, (x) to provide any additional information or to provide any such information on any subsequent occasion, (y) to undertake any investigation or (z) to disclose any
information that, pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise required to maintain confidential. 

9.5 Subrogation. Each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, hereby waives
any rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of Senior Lender Claims has occurred. 
 9.6 Application of Payments. Except as otherwise provided herein, all payments received by the Senior Secured Parties may be applied, reversed and reapplied, in whole or in part, to such part of
the Senior Lender Claims as the Senior Secured Parties, in their sole discretion, deem appropriate, consistent with the terms of the Senior Lender Documents. Except as otherwise provided herein, each Second Priority Agent, on behalf of itself and
each applicable Second Priority Secured Party, assents to any such extension or postponement of the 

  
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time of payment of the Senior Lender Claims or any part thereof and to any other indulgence with respect thereto, to any substitution, exchange or release of any security that may at any time
secure any part of the Senior Lender Claims and to the addition or release of any other Person primarily or secondarily liable therefor. 
 9.7 Consent to Jurisdiction; Waivers. The parties hereto consent to the nonexclusive jurisdiction of any state or federal court located in New York County, New York (the “New York
Courts”), and consent that all service of process may be made by registered mail directed to such party as provided in Section 9.8 for such party. Service so made shall be deemed to be completed three days after the same shall be
posted as aforesaid. The parties hereto waive any objection to any action instituted hereunder in any such court based on forum non conveniens, and any objection to the venue of any action instituted hereunder in any such court. Each of the parties
hereto waives any right it may have to trial by jury in respect of any litigation based on, or arising out of, under or in connection with this Agreement, or any course of conduct, course of dealing, verbal or written statement or action of any
party hereto in connection with the subject matter hereof. Nothing in this Agreement shall affect any right that any party may otherwise have to bring any action or proceeding relating to this Agreement in the courts of any jurisdiction, except that
each Second Priority Secured Party and each Second Priority Agent agrees that (a) it will not bring any such action or proceeding in any court other than New York Courts, and (b) in any such action or proceeding brought against any Second
Priority Agent or any Pledgor or any Second Priority Secured Party in any other court, it will not assert any cross-claim, counterclaim or setoff, or seek any other affirmative relief, except to the extent that the failure to assert the same will
preclude such Second Priority Secured Party from asserting or seeking the same in the New York Courts. 
 9.8 Notices.
All notices to the Second Priority Secured Parties and the Senior Secured Parties permitted or required under this Agreement may be sent to the Trustee, the First Lien Agents or any Second Priority Agent as provided in the Second Priority Senior
Secured Notes Indenture, the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the other relevant Senior Lender Documents or the other relevant Second Priority Documents, as applicable. Unless otherwise specifically
provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally served, telecopied, electronically mailed or sent by courier service or U.S. mail and shall be deemed to have been
given when delivered in person or by courier service, upon receipt of a telecopy or electronic mail or upon receipt via U.S. mail (registered or certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the
parties hereto shall be as set forth below each party’s name on the signature pages hereto, or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties. The First Lien Agents
hereby agree to promptly notify each Second Priority Agent upon payment in full in cash of all Obligations under the applicable Senior Lender Documents (except for contingent indemnities and cost and reimbursement obligations to the extent no claim
therefor has been made). 
 9.9 Further Assurances. Each of the Second Priority Agents, on behalf of itself and each
applicable Second Priority Secured Party, and each applicable First Lien Agent, on behalf of itself and each Senior Lender, agrees that each of them shall take such further action and shall execute and deliver to each other First Lien Agent and the
Senior Secured Parties such 

  
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additional documents and instruments (in recordable form, if requested) as each other First Lien Agent or the Senior Secured Parties may reasonably request, to effectuate the terms of and the
lien priorities contemplated by this Agreement. 
 9.10 GOVERNING LAW. THIS AGREEMENT SHALL BE INTERPRETED, AND THE
RIGHTS AND LIABILITIES OF THE PARTIES BOUND HEREBY DETERMINED, IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 9.11
Binding on Successors and Assigns. This Agreement shall be binding upon the First Lien Agents, the Senior Secured Parties, the Second Priority Agents, the Second Priority Secured Parties and their respective permitted successors and assigns.

 9.12 Specific Performance. Each First Lien Agent may demand specific performance of this Agreement. Each Second
Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other defense that might be asserted to bar the remedy of specific
performance in any action that may be brought by any First Lien Agent. 
 9.13 Section Titles. The section titles
contained in this Agreement are and shall be without substantive meaning or content of any kind whatsoever and are not a part of this Agreement. 
 9.14 Counterparts. This Agreement may be executed in one or more counterparts, including by means of facsimile or other electronic transmission, each of which shall be an original and all of which
shall together constitute one and the same document. 
 9.15 Authorization. By its signature, each Person executing this
Agreement on behalf of a party hereto represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement. The First Lien Agents represent and warrant that this Agreement is binding upon the applicable Senior
Secured Parties. The Trustee represents and warrants that this Agreement is binding upon the Indenture Secured Parties. 
 9.16
No Third Party Beneficiaries; Successors and Assigns. This Agreement and the rights and benefits hereof shall inure to the benefit of, and be binding upon, each of the parties hereto and their respective successors and assigns and shall inure
to the benefit of each of, and be binding upon, the holders of Senior Lender Claims and Second Priority Claims. No other Person shall have or be entitled to assert rights or benefits hereunder. Notwithstanding the foregoing, the Borrower is the
intended beneficiary and third party beneficiary hereof with the right and power to enforce with respect to Sections 5.1, 5.3, 5.7, 9.3, 9.16 and 9.20 and Article VI hereof and as otherwise provided herein. 

9.17 Effectiveness. This Agreement shall become effective when executed and delivered by the parties hereto. This Agreement shall
be effective both before and after the commencement of any Insolvency or Liquidation Proceeding. All references to a Borrower or any other Pledgor shall include each Borrower or any other Pledgor as debtor and debtor-in-possession and any receiver
or trustee for a Borrower or any other Pledgor (as the case may be) in any Insolvency or Liquidation Proceeding. 

  
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 9.18 Relative Rights. Notwithstanding anything in this Agreement to the contrary
(except to the extent contemplated by Section 5.3(b)), nothing in this Agreement is intended to or will (a) amend, waive or otherwise modify the provisions of the Credit Agreement, the Other First Priority Lien Obligations Credit
Documents, the Second Priority Senior Secured Notes Indenture or any other Senior Lender Documents or Second Priority Documents entered into in connection with the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the
Second Priority Senior Secured Notes Indenture or any other Senior Lender Document or Second Priority Document or permit a Borrower or any Subsidiary to take any action, or fail to take any action, to the extent such action or failure would
otherwise constitute a breach of, or default under, the Credit Agreement or any other Senior Lender Documents entered into in connection with the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the Second Priority
Senior Secured Notes Indenture or any other Second Priority Documents, (b) change the relative priorities of the Senior Lender Claims or the Liens granted under the Senior Lender Documents on the Common Collateral (or any other assets) as among
the Senior Secured Parties, (c) otherwise change the relative rights of the Senior Secured Parties in respect of the Common Collateral as among such Senior Secured Parties or (d) obligate a Borrower or any Subsidiary to take any action, or
fail to take any action, that would otherwise constitute a breach of, or default under, the Credit Agreement, the Other First Priority Lien Obligations Credit Documents or any other Senior Lender Document entered into in connection with the Credit
Agreement, the Other First Priority Lien Obligations Credit Documents, the Second Priority Senior Secured Notes Indenture or any other Second Priority Documents. 
 9.19 References. Notwithstanding anything to the contrary in this Agreement, any references contained herein to any Section, clause, paragraph, definition or other provision of the Second Priority
Senior Secured Notes Indenture (including any definition contained therein) shall be deemed to be a reference to such Section, clause, paragraph, definition or other provision as in effect on the date of this Agreement; provided that any
reference to any such Section, clause, paragraph or other provision shall refer to such Section, clause, paragraph or other provision of the Second Priority Senior Secured Notes Indenture, as applicable (including any definition contained therein),
as amended or modified from time to time if such amendment or modification has been (1) made in accordance with the Second Priority Senior Secured Notes Indenture, and (2) approved in writing by, or on behalf of, the requisite Senior
Secured Parties as are needed under the terms of the Credit Agreement and the Other First Priority Lien Obligations Credit Documents, to approve such amendment or modification. 

9.20 Joinder Requirements. The Borrower and/or any First Lien Agent and/or any Second Priority Agent, without the consent of any
other First Lien Agent or Second Priority Agent, any Senior Lender or any Second Priority Secured Party, may designate additional obligations as Other First Priority Lien Obligations or Future Second Lien Indebtedness if the incurrence of such
obligations is permitted under each of the Credit Agreement, each Other First Priority Lien Obligations Credit Document, the Second Priority Senior Secured Notes Indenture, each other relevant Senior Lender Document and Second Priority Document and
this Agreement. If so permitted, as a condition precedent to the effectiveness of such designation, the applicable Other First Priority Lien Obligations Agent or the Second Lien Agent for such Future Second Lien Indebtedness shall execute and
deliver to each First Lien Agent and Second Priority Agent, a joinder agreement to this Agreement in form and substance reasonably satisfactory to the First 

  
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Lien Designated Agent. Notwithstanding anything to the contrary set forth in this Section 9.20 or in Section 9.3 hereof, any First Lien Agent and/or any Second Priority Agent may, and,
at the request of the Borrower, shall, in each case, without the consent of any other First Lien Agent or Second Priority Agent, any Senior Lender or any Second Priority Secured Party, enter into a supplemental agreement (which may take the form of
an amendment, an amendment and restatement or a supplement of this Agreement) to facilitate the designation of such additional obligations as Other First Priority Lien Obligations or Future Second Lien Indebtedness. Any such amendment may, among
other things, (i) add other parties holding Future Second Lien Indebtedness (or any agent or trustee therefor) to the extent such Indebtedness is permitted by the Credit Agreement, each Other First Priority Lien Obligations Credit Documents,
the Second Priority Senior Secured Notes Indenture and each other Second Priority Document governing Future Second Lien Indebtedness, (ii) add other parties holding Obligations arising under the Other First Priority Lien Obligations Credit
Documents (or any agent or trustee thereof) to the extent such Obligations are permitted by the Credit Agreement, each Other First Priority Lien Obligations Credit Document, the Second Priority Senior Secured Notes Indenture and each other Second
Priority Document governing Future Second Lien Indebtedness, (iii) in the case of Future Second Lien Indebtedness, (a) establish that the Lien on the Common Collateral securing such Future Second Lien Indebtedness shall be junior and
subordinate in all respects to all Liens on the Common Collateral securing any Senior Lender Claims and shall share in the benefits of the Common Collateral equally and ratably with all Liens on the Common Collateral securing any Second Priority
Claims, and (b) provide to the holders of such Future Second Lien Indebtedness (or any agent or trustee thereof) the comparable rights and benefits (including any improved rights and benefits that have been consented to by the First Lien
Agents) as are provided to the holders of Second Priority Claims under the foregoing Agreement immediately prior to the incurrence of such Future Second Lien Indebtedness, and (iv) in the case of Obligations arising under Other First Priority
Lien Obligations Credit Documents, (a) establish that the Lien on the Common Collateral securing such Obligations shall be superior in all respects to all Liens on the Common Collateral securing any Second Priority Claims and any Future Second
Lien Indebtedness and shall share in the benefits of the Common Collateral equally and ratably with all Liens on the Common Collateral securing any other Senior Lender Claims, and (b) provide to the holders of such Obligations arising under the
Other First Priority Lien Obligations Credit Documents (or any agent or trustee thereof) the comparable rights and benefits as are provided to the holders of Senior Lender Claims under the foregoing Agreement immediately prior to the incurrence of
such Obligations. Any such additional party, each First Lien Agent and each Second Priority Agent shall be entitled to rely on the determination of officers of the Borrower that such modifications are permitted by the Credit Agreement, the Other
First Priority Lien Obligations Credit Documents, the Second Priority Senior Secured Notes Indenture and each other Second Priority Document governing Future Second Lien Indebtedness if such determination is set forth in an officers’
certificate of an authorized officer of the Borrower delivered to such party, the First Lien Agents and each Second Priority Agent; provided, however, that such determination will not affect whether or not the Borrower has complied
with its undertakings in the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the Senior Collateral Documents, the Second Priority Senior Secured Notes Indenture, any other Second Priority Document governing Future
Second Lien Indebtedness or the Second Priority Collateral Documents. 

  
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 9.21 Intercreditor Agreements. Each party hereto agrees that the Senior Secured
Parties (as among themselves) and the Second Priority Secured Parties (as among themselves) may each enter into intercreditor agreements (or similar arrangements) with the applicable First Lien Agent or Second Priority Agent governing the rights,
benefits and privileges as among the Senior Secured Parties or the Second Priority Secured Parties, as the case may be, in respect of the Common Collateral, this Agreement and the other Senior Collateral Documents or Second Priority Collateral
Documents, as the case may be, including as to application of proceeds of the Common Collateral, voting rights, control of the Common Collateral and waivers with respect to the Common Collateral, in each case so long as (A) the terms thereof do
not violate or conflict with the provisions of this Agreement or the other Senior Collateral Documents or Second Priority Collateral Documents, as the case may be, (B) in the case of any such intercreditor agreement (or similar arrangement)
affecting any Senior Secured Parties, the First Lien Agent acting on behalf of such Senior Secured Parties agrees in its sole discretion to enter into any such intercreditor agreement (or similar arrangement) and (C) in the case of any such
intercreditor agreement (or similar arrangement) affecting the Senior Secured Parties holding Senior Lender Claims under the Credit Agreement, such intercreditor agreement (or similar arrangement) is permitted under the Credit Agreement or the
Required Lenders otherwise authorize the applicable First Lien Agent to enter into any such intercreditor agreement (or similar arrangement). Notwithstanding the preceding clauses (B) and (C), to the extent that the applicable First Lien Agent
is not authorized by the Required Lenders to enter into any such intercreditor agreement (or similar arrangement ) or does not agree to enter into such intercreditor agreement (or similar arrangement ), such intercreditor agreement (or similar
arrangement) shall not be binding upon the applicable First Lien Agent but, subject to the immediately succeeding sentence, may still bind the other parties party thereto. In any event, if a respective intercreditor agreement (or similar
arrangement) exists, the provisions thereof shall not be (or be construed to be) an amendment, modification or other change to this Agreement or any other Senior Collateral Document or Second Priority Collateral Document, and the provisions of this
Agreement and the other Senior Collateral Documents and Second Priority Collateral Documents shall remain in full force and effect in accordance with the terms hereof and thereof (as such provisions may be amended, modified or otherwise supplemented
from time to time in accordance with the terms thereof, including to give effect to any intercreditor agreement (or similar arrangement)). 
 [Remainder of page intentionally left blank] 

  
 30 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

					
		 	NCL CORPORATION LTD.
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Credit Agreement Agent
			
		 	By	 	  

		 		 	Name:
		 		 	Title:
			
		 	By	 	  

		 		 	Name:
		 		 	Title:

 
					
			
		 	Address:	 	
		 	Attention:	 	
		 	Telecopier:	 	
	
	[                    ], as Second Lien Collateral
Agent

 
					
			
		 	By	 	  

		 		 	Name:
		 		 	Title:
			
		 	By	 	  

		 		 	Name:
		 		 	Title:

 
					
			
		 	Address:	 	
		 	Attention:	 	
		 	Telecopier:	 	

 ANNEX I 
 Provision for the Second Priority Senior Secured Notes Indenture 
 “Reference is made
to the Intercreditor Agreement dated as of [—] (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among the Borrower, the
Subsidiaries of the Borrower party thereto, Deutsche Bank Trust Company Americas, as Credit Agreement Agent (as defined therein), and [Trustee], as Second Lien Collateral Agent (as defined therein). The trustee and each Noteholder, by the acceptance
of its Note and the benefits of this Agreement, (a) acknowledges that it has received a copy of the Intercreditor Agreement, (b) consents to the subordination of Liens provided for in the Intercreditor Agreement, (c) agrees that it
will be bound by and will take no actions contrary to the provisions of the Intercreditor Agreement and (d) authorizes and instructs the Trustee to enter into the Intercreditor Agreement as Collateral Agent and on behalf of such Noteholder. The
foregoing provisions are intended as an inducement to the lenders under the First Lien Credit Agreement to permit the incurrence of Indebtedness under this Agreement and to extend credit to the Borrower and such lenders are intended third party
beneficiaries of such provisions.” 
 Provision for the Second Priority Collateral Agreements 

“Reference is made to the Intercreditor Agreement dated as of [—] (as amended, restated,
supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among the Borrower, the Subsidiaries of the Borrower party thereto, Deutsche Bank Trust Company Americas, as Credit Agreement Agent (as defined
therein), and [Trustee], as Second Lien Collateral Agent (as defined therein). Notwithstanding anything herein to the contrary, the lien and security interest granted to the Trustee, for the benefit of the Noteholders and the other secured parties,
pursuant to this Agreement and the exercise of any right or remedy by the Trustee and the other secured parties hereunder are subject to the provisions of the Intercreditor Agreement. In the event of any conflict or inconsistency between the
provisions of the Intercreditor Agreement and this Agreement, the provisions of the Intercreditor Agreement shall control.” 

 Exhibit L-1 
 [FORM OF] 
 REVOLVING FACILITY LOAN NOTE 

 

			
	US$:                    	  	 New York, New York
             , 20    

 FOR VALUE RECEIVED, NCL Corporation Ltd., a Bermuda company (the “Borrower”), promises
to pay to the order of                      (the “Lender”) the principal amount of         
DOLLARS AND      CENTS (US$        ), or, if less, the aggregate outstanding principal amount of the Revolving Facility Loans made by the Lender to the Borrower pursuant to the Credit
Agreement referred to below. The outstanding principal amount of this Revolving Facility Loan Note shall be paid in the amounts, on the dates and in the manner specified in the Credit Agreement. The Borrower further agrees to pay interest on the
principal amount hereof from time to time outstanding at the rates and on the dates specified in the Credit Agreement. Principal and interest of any Revolving Facility Loan made to the Borrower shall be payable in Dollars in immediately available
funds at the office of the Administrative Agent. 
 The holder of this Revolving Facility Loan Note is authorized to endorse on
the schedule annexed hereto and made a part hereof, or on a continuation thereof that shall be attached hereto and made a part hereof, the date and amount of each Revolving Facility Loan made to the Borrower and the date and amount of each payment
or prepayment of principal thereof. Each such endorsement shall constitute prima facie evidence of the accuracy of the information endorsed. The failure to make any such endorsement shall not affect the obligations of the Borrower in respect
of the Revolving Facility Loans made to the Borrower. 
 This Revolving Facility Loan Note (a) is one of the promissory
notes referred to in the Credit Agreement dated as of May 24, 2013 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among the Borrower, the LENDERS party thereto
from time to time, DEUTSCHE BANK TRUST COMPANY AMERICAS, as administrative and collateral agent for and on behalf of the Lenders and certain other parties thereto (in such capacity, the “Administrative Agent”), and the other
financial institutions party thereto in the various capacities specified therein, (b) is subject to, and the Lender is entitled to the benefits of, the provisions of Credit Agreement and (c) is subject to prepayment as provided in the
Credit Agreement. This Revolving Facility Loan Note is secured as provided in the Security Documents. There shall be maintained a Register for the purpose of registering transfers of this Revolving Facility Loan Note and the amount of the
Lender’s Revolving Facility Commitment and the Revolving Facility Loans owing by the Borrower to the Lender as provided in Section 10.04(b) of the Credit Agreement. 

 Upon the occurrence and during the continuance of any one or more Events of Default, all
amounts then remaining unpaid on this Revolving Facility Loan Note shall become, or may be declared to be, immediately due and payable, all as provided in the Credit Agreement. 

All parties now and hereafter liable with respect to this Revolving Facility Loan Note, whether as maker, principal, surety, guarantor,
endorser or otherwise, hereby waive presentment, demand, protest and all other notices of any kind. 
 Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 

THIS REVOLVING FACILITY LOAN NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT
REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. 
 [Signature Page to Follow.] 

 This Promissory Note is issued pursuant to and is subject to the Credit Agreement, executed
as of the date set forth above. 
  

			
	NCL CORPORATION LTD.
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to the Promissory Note – Revolving Facility Loan 

 SCHEDULE TO REVOLVING FACILITY LOAN NOTE 

 

									
	 Date
	  	 Amount of
Loan
	  	 Amount of
Principal
Repaid
	  	 Unpaid
Balance
	  	 Notation
Made By

		  		  		  		  	
		  		  		  		  	

  
 S-1

 Exhibit L-2 
 [FORM OF] 
 TERM LOAN NOTE 

 

					
	US$:                    	  	 	New York, New York	  
		  	 	            , 20    	  

 FOR VALUE RECEIVED, NCL Corporation Ltd., a Bermuda company (the “Borrower”), promises
to pay to the order of                      (the “Lender”) the principal amount of         
DOLLARS AND      CENTS (US$        ). The outstanding principal amount of this Term Loan Note shall be paid in installments on each Term Loan Installment Date and in the manner specified in
the Credit Agreement referred to below. The Borrower further agrees to pay interest on the principal amount hereof from time to time outstanding at the rates and on the dates specified in the Credit Agreement. All such principal and interest and any
other amounts shall be payable in Dollars in immediately available funds at the office of the Administrative Agent. 
 This Term
Loan Note (a) is one of the promissory notes referred to in the Credit Agreement dated as of May 24, 2013 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”)
among the Borrower, the LENDERS party thereto from time to time, DEUTSCHE BANK TRUST COMPANY AMERICAS, as administrative and collateral agent for and on behalf of the Lenders and certain other parties thereto (in such capacity, the
“Administrative Agent”), and the other financial institutions party thereto in the various capacities specified therein, (b) is subject to, and the Lender is entitled to the benefits of, the provisions of Credit Agreement and
(c) is subject to prepayment as provided in the Credit Agreement. This Term Loan Note is secured as provided in the Security Documents. There shall be maintained a Register for the purpose of registering transfers of this Term Loan Note and the
amount of the Lender’s Term Loan Commitment and the Term Loan owing by the Borrower to the Lender as provided in Section 10.04(b) of the Credit Agreement. 
 Upon the occurrence and during the continuance of any one or more Events of Default, all amounts then remaining unpaid on this Term Loan Note shall become, or may be declared to be, immediately due and
payable, all as provided in the Credit Agreement. 
 All parties now and hereafter liable with respect to this Term Loan Note,
whether as maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment, demand, protest and all other notices of any kind. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 

 THIS TERM LOAN NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE
STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. 
 [Signature Page to Follow.]

  
 2 

 This Promissory Note is issued pursuant to and is subject to the Credit Agreement, executed
as of the date set forth above. 
  

			
	NCL CORPORATION LTD.
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to the Promissory Note – Term Loan 

 Exhibit M 
 Execution Copy 
 PERFECTION CERTIFICATE 

Reference is hereby made to (i) that certain Credit Agreement (the “Credit Agreement”) to be entered into among NCL
CORPORATION LTD., a Bermuda company (“NCL” or the “Borrower”), DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent (in such capacity, the “Collateral Agent”) and the other parties thereto and
(ii) that certain Guarantee and Collateral Agreement (the “Collateral Agreement”) to be entered into between each Subsidiary of the Borrower party thereto (each a “Subsidiary Guarantor” and collectively, the
“Subsidiary Guarantors”) and the Collateral Agent. Capitalized terms used but not defined herein have the meanings assigned in the Credit Agreement. 
 As used herein, the term “Companies” means the Borrower and the Subsidiary Guarantors. 
 The undersigned hereby certify to the Collateral Agent as follows: 
 1.
Names. 
 (a) The exact legal name of each Company, as such name appears in its respective certificate of incorporation
or any other organizational document, is set forth in Schedule 1(a). Each Company is (i) the type of entity disclosed next to its name in Schedule 1(a) and (ii) a registered organization except to the
extent disclosed in Schedule 1(a). Also set forth in Schedule 1(a) is the organizational identification number, if any, of each Company that is a registered organization, the Federal Taxpayer Identification
Number of each Company and the jurisdiction of formation of each Company. 
 (b) Set forth in Schedule 1(b)
hereto is a list of any other corporate or organizational names each Company has had in the past five years, together with the date of the relevant change. 
 (c) Set forth in Schedule 1(c) is a list of all other names used by each Company, or any other business or organization to which each Company became the successor by merger,
consolidation, acquisition, change in form, nature or jurisdiction of organization or otherwise, on any filings with the Internal Revenue Service at any time within the five years preceding the date hereof. Except as set forth in
Schedule 1(c), no Company has changed its jurisdiction of organization at any time during the past four months. 
 2. Current Locations. The chief executive office of each Company is located at the address set forth in Schedule 2 hereto. 

3. Extraordinary Transactions. Except for those purchases, acquisitions and other transactions described in
Schedule 3 attached hereto, all of the Collateral has been originated by each Subsidiary Guarantor in the ordinary course of business or consists of goods which have been acquired by such Subsidiary Guarantor in the ordinary
course of business from a person in the business of selling goods of that kind. 
 4. File Search Reports. Attached
hereto as Schedule 4 is a true and accurate summary of file search reports from the Uniform Commercial Code filing offices (i) in each jurisdiction identified in Section 1(a) or Section 2 with respect to each legal
name set forth in Section 1 and (ii) in each jurisdiction described in Schedule 1(c) or Schedule 3 relating to any of the transactions described in Schedule (1)(c) or
Schedule 3 with respect to each legal name of the person or entity from which each Company purchased or otherwise acquired any of the Collateral. A true copy of each financing statement, including judgment and tax liens,
bankruptcy and pending lawsuits or other filing identified in such file search reports has been delivered to the Collateral Agent. 

  
 1 

 5. UCC Filings. The financing statements (duly authorized by each Subsidiary
Guarantor constituting the debtor therein), including the indications of the collateral, attached as Schedule 5 relating to the Collateral Agreement, are in the appropriate forms for filing in the filing offices in the
jurisdictions identified in Schedule 6 hereof. 
 6. Schedule of Filings. Attached hereto as
Schedule 6 is a schedule of (i) the appropriate filing offices for the financing statements attached hereto as Schedule 5 , (ii) the appropriate filing offices for the filings described in
Schedule 11(c), and (iii) any other actions required to create, preserve, protect and perfect the security interests in the Collateral granted to the Collateral Agent pursuant to the Security Documents. No other filings or
actions are required to create, preserve, protect and perfect the security interests in the Collateral granted to the Collateral Agent pursuant to the Security Documents. 
 7. Real Property. (a) Attached hereto as Schedule 7(a) is a list of all (i) real property owned, leased or otherwise held by each Subsidiary Guarantor located in the
United States as of the Closing Date, (ii) real property to be encumbered by a Mortgage and fixture filing, which real property includes all real property owned, leased or otherwise held by each Subsidiary Guarantor as of the Closing Date
having a value in excess of $2,000,000 (such real property, the “Mortgaged Property”), (iii) common names, addresses and uses of each Mortgaged Property (stating improvements located thereon) and (iv) other information
relating thereto required by such Schedule. Except as described in Schedule 7(b) attached hereto: (i) no Subsidiary Guarantor has entered into any leases, subleases, tenancies, franchise agreements, licenses or other
occupancy arrangements as owner, lessor, sublessor, licensor, franchisor or grantor with respect to any of the real property described in Schedule 7(a) and (ii) no Subsidiary Guarantor has any Leases which require the consent
of the landlord, tenant or other party thereto to the Transactions. The Mortgages delivered as of the date hereof are in the appropriate form for filing in the filing offices in the jurisdictions identified in Schedule 6.

 8. Termination Statements. Attached hereto as Schedule 8(a) are the duly authorized termination
statements in the appropriate form for filing in each applicable jurisdiction identified in Schedule 8(b) hereto with respect to each Lien described therein. 

9. Stock Ownership and Other Equity Interests. Attached hereto as Schedule 9(a) is a true and correct list of
each of all of the authorized, and the issued and outstanding, stock, partnership interests, limited liability company membership interests or other equity interest of each Subsidiary Guarantor and its Subsidiaries and the record and beneficial
owners of such stock, partnership interests, membership interests or other equity interests setting forth the percentage of such equity interests pledged under the Collateral Agreement. Also set forth in Schedule 9(b) is each
equity investment of each Subsidiary Guarantor that represents 50% or less of the equity of the entity in which such investment was made setting forth the percentage of such equity interests pledged under the Collateral Agreement. 

10. Instruments and Tangible Chattel Paper. Attached hereto as Schedule 10 is a true and correct list of all
promissory notes, instruments (other than checks to be deposited in the ordinary course of business), tangible chattel paper, electronic chattel paper and other evidence of indebtedness held by each Subsidiary Guarantor as of the date hereof,
including all intercompany notes between or among any two or more Subsidiary Guarantors or any of their Subsidiaries, stating if such instruments, chattel paper or other evidence of indebtedness is pledged under the Collateral Agreement. 

11. Intellectual Property. (a) Attached hereto as Schedule 11(a) is a schedule setting forth all of each
Subsidiary Guarantor’s Patents and Trademarks (each as defined in the Collateral Agreement) 

  
 2 

 
applied for or registered with the United States Patent and Trademark Office, and all other Patents and Trademarks (each as defined in the Collateral Agreement), including the name of the
registered owner or applicant and the registration, application, or publication number, as applicable, of each Patent or Trademark owned by each Subsidiary Guarantor. 
 (b) Attached hereto as Schedule 11(b) is a schedule setting forth all of each Subsidiary Guarantor’s United States Copyrights (each as defined in the Collateral Agreement), and all
other Copyrights, including the name of the registered owner and the registration number of each Copyright owned by each Subsidiary Guarantor. 
 (c) Attached hereto as Schedule 11(c) is a schedule setting forth all Patent Licenses, Trademark Licenses and Copyright Licenses, whether or not recorded with the USPTO or USCO, as
applicable, including, but not limited to, the relevant signatory parties to each license along with the date of execution thereof and, if applicable, a recordation number or other such evidence of recordation. 

(d) Attached hereto as Schedule 11(d) in proper form for filing with the United States Patent and Trademark Office
(the “USPTO”) and United States Copyright Office (the “USCO”) are the filings necessary to preserve, protect and perfect the security interests in the United States Trademarks, Trademark Licenses, Patents, Patent
Licenses, Copyrights and Copyright Licenses set forth in Schedule 11(a), Schedule 11(b), and Schedule 11(c), including duly signed copies of each of the Patent Security Agreement, Trademark
Security Agreement and the Copyright Security Agreement, as applicable. 
 12. Commercial Tort Claims. Attached hereto as
Schedule 12 is a true and correct list of all Commercial Tort Claims (as defined in the Collateral Agreement) held by each Subsidiary Guarantor, including a brief description thereof and stating if such commercial tort claims are
required to be pledged under the Collateral Agreement. 
 13. Deposit Accounts, Securities Accounts and Commodity
Accounts. No information is provided with respect to the Deposit Accounts, Securities Accounts and/or Commodity Account since they are not required to be subject to Collateral Agent’s control pursuant to the Collateral Agreement.

 14. Letter-of-Credit Rights. Attached hereto as Schedule 14 is a true and correct list of all Letters of
Credit issued in favor of each Subsidiary Guarantor, as beneficiary thereunder, stating if letter-of-credit rights with respect to such Letters of Credit are required to be subject to a control arrangement pursuant to the Collateral Agreement.

 15. Motor Vehicles. No information is provided with respect to the motor vehicles and other goods (covered by
certificates of title or ownership) since they are not required to be pledged pursuant to the Collateral Agreement. 
 16.
Insurance. Attached hereto as Schedule 16 is a true and correct list of all general liability, vessel and property insurance policies of each Subsidiary Guarantor. 

17. Other Collateral. Attached hereto as Schedule 17 is a true and correct list of all of the following types
of collateral, if any, owned or held by each Subsidiary Guarantor: (a) all agreements and contracts with any Governmental Authority and (b) all ships and boats vessels, stating in each case, if such types of collateral are required to be
pledged pursuant to the Collateral Agreement or any other Security Document. 

  
 3 

 IN WITNESS WHEREOF, we have hereunto signed this Perfection Certificate as of this
     day of             , 2013. 
  

			
	NCL CORPORATION LTD.
		
	By:	 	  

		 	Name:
		 	Title:
	
	NORWEGIAN DAWN LIMITED
		
	By:	 	  

		 	Name:
		 	Title:
	
	NORWEGIAN GEM, LTD.
		
	By:	 	  

		 	Name:
		 	Title:
	
	NORWEGIAN PEARL, LTD.
		
	By:	 	  

		 	Name:
		 	Title:
	
	NORWEGIAN SPIRIT, LTD.
		
	By:	 	  

		 	Name:
		 	Title:
	
	NORWEGIAN STAR LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Perfection Certificate] 

 
			
	NORWEGIAN SUN LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Perfection Certificate] 

 Schedule 1(a) 

Legal Names, Etc. 
  

											
	 Legal Name
	 	 Type of Entity
	 	 Registered
Organization
(Yes/No)
	 	 Organizational
Number1
	 	 Federal Taxpayer
Identification Number
	 	 State of

Formation

	NCL Corporation Ltd.	 	Exempted company	 	Yes	 	34678	 	20-0470163	 	The Islands of Bermuda
						
	Norwegian Dawn Limited	 	Limited	 	Yes	 	001947	 	20-0497291	 	Isle of Man
						
	Norwegian Gem, Ltd.	 	Exempted company	 	Yes	 	36310	 	20-3064827	 	The Islands of Bermuda
						
	Norwegian Pearl, Ltd.	 	Exempted company	 	Yes	 	36205	 	20-3064493	 	The Islands of Bermuda
						
	Norwegian Spirit, Ltd.	 	Exempted company	 	Yes	 	34679	 	20-0491115	 	The Islands of Bermuda
						
	Norwegian Star Limited	 	Limited	 	Yes	 	001949	 	20-0497257	 	Isle of Man
						
	Norwegian Sun Limited	 	Exempted company	 	Yes	 	33390	 	20-0497326	 	The Islands of Bermuda

  

	1 	 If none, so state. 

  
 4 

 Schedule 1(b) 

Prior Organizational Names 
 None. 

  
 5 

 Schedule 1(c) 

Changes in Corporate Identity; Other Names 
 None. 

  
 6 

 Schedule 2 

Chief Executive Offices 
  

							
	 Company/Subsidiary
	 	 Address
	 	 Country
	 	 State

	NCL Corporation Ltd.	 	c/o Norwegian Cruise Line,
7665 Corporate Center Drive
Miami, FL 33126	 	United States	 	Florida
				
	Norwegian Dawn Limited	 	c/o Norwegian Cruise Line,
7665 Corporate Center Drive
Miami, FL 33126	 	United States	 	Florida
				
	Norwegian Gem, Ltd.	 	c/o Norwegian Cruise Line,
7665 Corporate Center Drive
Miami, FL 33126	 	United States	 	Florida
				
	Norwegian Pearl, Ltd.	 	c/o Norwegian Cruise Line,
7665 Corporate Center Drive
Miami, FL 33126	 	United States	 	Florida
				
	Norwegian Spirit, Ltd.	 	c/o Norwegian Cruise Line,
7665 Corporate Center Drive
Miami, FL 33126	 	United States	 	Florida
				
	Norwegian Star Limited	 	c/o Norwegian Cruise Line,
7665 Corporate Center Drive
Miami, FL 33126	 	United States	 	Florida
				
	Norwegian Sun Limited	 	c/o Norwegian Cruise Line,
7665 Corporate Center Drive
Miami, FL 33126	 	United States	 	Florida

  
 7 

 Schedule 3 

Transactions Other Than in the Ordinary Course of Business 

None. 

  
 8 

 Schedule 4 

File Search Reports 
 See attached. 

  
 9 

 Schedule 5 

Copy of Financing Statements To Be Filed 
 See attached. 

  
 10 

 Schedule 6 

Filings/Filing Offices 
  

							
	 Type of
Filing2
	  	 Entity
	 	 Applicable Security

Document 
[Collateral Agreement or

Other]
	  	 Jurisdictions

	UCC-1	  	Norwegian Dawn Limited	 	Guarantee and Collateral Agreement	  	Washington D.C Florida
				
	UCC-1	  	Norwegian Star Limited	 	Guarantee and Collateral Agreement	  	Washington D.C Florida
				
	UCC-1	  	Norwegian Sun Limited	 	Guarantee and Collateral Agreement	  	Washington D.C Florida
				
	UCC-1	  	Norwegian Spirit, Ltd.	 	Guarantee and Collateral Agreement	  	Washington D.C Florida
				
	UCC-1	  	Norwegian Gem, Ltd.	 	Guarantee and Collateral Agreement	  	Washington D.C Florida
				
	UCC-1	  	Norwegian Pearl, Ltd.	 	Guarantee and Collateral Agreement	  	Washington D.C Florida
				
	 Charge over shares of

Norwegian Gem, Ltd.
 Charge over shares
of
 Norwegian Pearl, Ltd.
 Charge over
shares of
 Norwegian Spirit, Ltd.

Charge over shares of
 Norwegian Sun
Limited
	  	NCL International, Ltd.	 	Bermuda Share Charge	  	Bermuda Registrar of Companies
				
	 Charge over shares of Dawn

Charge over shares of Star
	  	NCL International, Ltd.	 	Isle of Man Share Charge	  	The Companies Registry of the Isle of Man Department of Economic Development
				
	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	Norwegian Sun Limited	 	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	Bermuda Registrar of Companies
				
	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	Norwegian Spirit, Ltd.	 	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	Bermuda Registrar of Companies
				
	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	Norwegian Gem, Ltd.	 	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	Bermuda Registrar of Companies

 

	2 	UCC-1 financing statement, intellectual property filing or other necessary filing. 

  
 11 

							
	 Type of
Filing2
	  	 Entity
	 	 Applicable Security

Document 
[Collateral Agreement or

Other]
	  	 Jurisdictions

	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	Norwegian Pearl, Ltd.	 	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	Bermuda Registrar of Companies
				
	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	Norwegian Dawn Limited	 		  	The Companies Registry of the Isle of Man Department of Economic Development
				
	Guarantee and Collateral Agreement; Mortgage; Deed of Covenant; Earnings Assignment; Insurance Assignment	  	Norwegian Star Limited	 		  	The Companies Registry of the Isle of Man Department of Economic Development

  
 12 

 Schedule 7(a) 
 None. 

  
 13 

 Schedule 7(b) 
 None. 

  
 14 

 Schedule 8(a) 

Attached hereto is a true copy of each termination statement filing duly acknowledged or otherwise identified by the filing officer.

  
 15 

 Schedule 8(b) 

Termination Statement Filings 
  

											
	 Debtor
	 	 Jurisdiction
	 	 Secured Party
	 	 Type of Collateral
	 	 UCC-1 File

Date
	 	 UCC-1 File

Number

	NORWEGIAN SPIRIT, LTD.	 	DC - RECORDER OF DEEDS	 	NORDEA BANK NORGE ASA, AS COLLATERAL AGENT	 	All Shared and Excluded Collateral specific to Intercreditor Agreement dated 11/12/09.	 	11/16/2009	 	2009124402
						
	NORWEGIAN SPIRIT, LTD.	 	FL - SECURED TRANSACTION REGISTRY	 	NORDEA BANK NORGE ASA, AS COLLATERAL AGENT	 	All Shared and Excluded Collateral specific to Intercreditor Agreement dated 11/12/09.	 	11/12/2009	 	200901518644
						
	NORWEGIAN STAR LIMITED	 	DC - RECORDER OF DEEDS	 	NORDEA BANK NORGE ASA, AS COLLATERAL AGENT	 	All Shared and Excluded Collateral specific to Intercreditor Agreement dated 11/12/09.	 	11/16/2009	 	2009124403
						
	NORWEGIAN STAR LIMITED	 	FL - SECURED TRANSACTION REGISTRY	 	NORDEA BANK NORGE ASA, AS COLLATERAL AGENT	 	All Shared and Excluded Collateral specific to Intercreditor Agreement dated 11/12/09.	 	11/12/2009	 	200901518652
						
	NORWEGIAN SUN LIMITED	 	DC - RECORDER OF DEEDS	 	NORDEA BANK NORGE ASA, AS COLLATERAL AGENT	 	All Shared and Excluded Collateral specific to Intercreditor Agreement dated 11/12/09.	 	11/16/2009	 	2009124404
						
	NORWEGIAN SUN LIMITED	 	FL - SECURED TRANSACTION REGISTRY	 	NORDEA BANK NORGE ASA, AS COLLATERAL AGENT	 	All Shared and Excluded Collateral specific to Intercreditor Agreement dated 11/12/09.	 	11/12/2009	 	200901518679
						
	NORWEGIAN DAWN LIMITED	 	DC - RECORDER OF DEEDS	 	NORDEA BANK NORGE ASA, AS COLLATERAL AGENT	 	All Shared and Excluded Collateral specific to Intercreditor Agreement dated 11/12/09.	 	11/16/2009	 	2009124401
						
	NORWEGIAN DAWN LIMITED	 	FL - SECURED TRANSACTION REGISTRY	 	NORDEA BANK NORGE ASA, AS COLLATERAL AGENT	 	All Shared and Excluded Collateral specific to Intercreditor Agreement dated 11/12/09.	 	11/12/2009	 	200901518660

  
 16 

 Schedule 9 

(a) Equity Interests of Subsidiary Guarantors and Subsidiaries 

 

													
	 Current Legal Entities Owned
	  	 Record Owner
	  	 Certificate No.
	  	No. 
Shares/
Interest	 	  	Percent
Pledged	 
	 Norwegian Dawn Limited
	  	NCL International, Ltd.	  	4	  	 	2	  	  	 	100	% 
					
	 Norwegian Gem, Ltd.
	  	NCL International, Ltd.	  	1	  	 	12,000	  	  	 	100	% 
					
	 Norwegian Pearl, Ltd.
	  	NCL International, Ltd.	  	1	  	 	12,000	  	  	 	100	% 
					
	 Norwegian Spirit, Ltd.
	  	NCL International, Ltd.	  	1	  	 	12,000	  	  	 	100	% 
					
	 Norwegian Star Limited
	  	NCL International, Ltd.	  	6	  	 	2	  	  	 	100	% 
					
	 Norwegian Sun Limited
	  	NCL International, Ltd.	  	2	  	 	12,000	  	  	 	100	% 

 (b) Other Equity Interests 
 None. 

  
 17 

 Schedule 10 

Instruments and Tangible Chattel Paper 
  

	1.	Promissory Notes/Intercompany Notes: 

None. 
  

	2.	Chattel Paper: 

 None. 

  
 18 

 Schedule 11(a) 

Patents and Trademarks 
 UNITED STATES PATENTS: 
 None. 
 OTHER PATENTS: 
 None. 
 UNITED STATES TRADEMARKS: 
 None. 
 OTHER TRADEMARKS: 
 None. 

  
 19 

 Schedule 11(b) 

Copyrights 
 None.

  
 20 

 Schedule 11(c) 

Intellectual Property Licenses 
 Patent Licenses: 
 None. 
 Trademark Licenses: 
 None. 
 Copyright Licenses: 
 None. 

  
 21 

 Schedule 11(d) 

Intellectual Property Filings 
 N/A. 

  
 22 

 Schedule 12 

Commercial Tort Claims 
 None. 

  
 23 

 Schedule 14 

Letter of Credit Rights 
 None. 

  
 24 

 Schedule 16 

Vessel and Property 
 Insurance 
 See attached. 

  
 25 

 Schedule 17 

Other Collateral 

(a) Agreements and Contracts with Governmental Authorities 
 None. 
 (b) Ships, Boats and Vessels 

 

			
	 Description
	  	 Pledged

[Yes/No]

	Norwegian Dawn, IMO number 9195169, currently registered in the name of Norwegian Dawn Limited under the laws of the Commonwealth of The Bahamas with the official number
9000046.	  	Yes
		
	Norwegian Gem, IMO number 9355733, currently registered in the name of Norwegian Gem, Ltd. under the laws of the Commonwealth of The Bahamas with the official number
8001151.	  	Yes
		
	Norwegian Pearl, IMO number 9342281, currently registered in the name of Norwegian Pearl, Ltd. under the laws of the Commonwealth of The Bahamas with the official number
8001150.	  	Yes
		
	Norwegian Spirit, IMO number 9141065, currently registered in the name of Norwegian Spirit, Ltd. under the laws of the Commonwealth of The Bahamas with the official number
8000814.	  	Yes
		
	Norwegian Star, IMO number 9195157, currently registered in the name of Norwegian Star Limited under the laws of the Commonwealth of The Bahamas with the official number
8000359.	  	Yes
		
	Norwegian Sun, IMO number 9218131, currently registered in the name of Norwegian Sun Limited under the laws of the Commonwealth of The Bahamas with the official number
8000245.	  	Yes

  
 26 

 Exhibit N 
 [FORM OF] 
 PERMITTED LOAN PURCHASE ASSIGNMENT AND ACCEPTANCE 

Reference is made to the Credit Agreement dated as of May 24, 2013 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among NCL Corporation Ltd., a Bermuda company (the “Borrower”), the Lenders party thereto from time to time, Deutsche Bank Trust Company Americas, as administrative agent (in
such capacity, the “Administrative Agent”) and as collateral agent and certain other parties thereto. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit
Agreement. 
 The Assignor identified on Schedule l hereto (the “Assignor”) and the Borrower or Fund
Affiliate identified on Schedule 1 hereto as “Assignee” (the “Assignee”) agree as follows: 
 1.
The Assignor hereby irrevocably sells and assigns to the Assignee without recourse to the Assignor, and the Assignee hereby irrevocably purchases and assumes from the Assignor without recourse to the Assignor, as of the Effective Date (as defined
below) and pursuant to the terms and conditions set forth in the Credit Agreement for Permitted Loan Purchases (including, without limitation, Sections 10.04(i) and 10.04(j) thereof), the interest described in Schedule 1 hereto (the
“Assigned Interest”) in and to the Assignor’s rights and obligations under the Credit Agreement with respect to those credit facilities contained in the Credit Agreement as are set forth on Schedule 1 hereto (individually,
an “Assigned Facility”; collectively, the “Assigned Facilities”), in a principal amount for each Assigned Facility as set forth on Schedule 1 hereto. 

2. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest,
(ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Permitted Loan Purchase Assignment and
Acceptance and to consummate the transactions contemplated hereby; (b) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Credit
Agreement or with respect to the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement, any other Loan Document or any other instrument or document furnished pursuant thereto, other than that the
Assignor has not created any adverse claim upon the interest being assigned by it hereunder and that such interest is free and clear of any such adverse claim; (c) makes no representation or warranty and assumes no responsibility with respect
to the financial condition of the Borrower, any of its Subsidiaries or any other obligor or the performance or observance by the Borrower, any of its Subsidiaries or any other obligor of any of its respective obligations under the Credit Agreement
or any other Loan Document or any other instrument or document furnished pursuant hereto or thereto; and (d) attaches any Notes held by it evidencing the Assigned Facilities. To the extent the Assignor has retained any interest in the Assigned
Facility and holds a Note evidencing such interest, the Assignor hereby requests that the Administrative Agent exchange the attached Notes for a new 

  
 1 

 
Note or Notes payable to the Assignor, in each case in amounts which reflect the assignment being made hereby (and after giving effect to any other assignments which have become effective on the
Effective Date). 
 3. The Assignee (a) represents and warrants that it is legally authorized to enter into this Permitted
Loan Purchase Assignment and Acceptance and has taken all action necessary to execute and deliver this Permitted Loan Purchase Assignment and Acceptance and to consummate the transaction contemplated hereby; and (b) represents and warrants that
it satisfied the requirements, if any, specified in the Credit Agreement that are required to be satisfied in order to make a Permitted Loan Purchase of the Assigned Interest. 
 4. The effective date of this Permitted Loan Purchase Assignment and Acceptance shall be the Effective Date of Assignment described in Schedule 1 hereto (the “Effective Date”).
Following the execution of this Permitted Loan Purchase Assignment and Acceptance, the Assigned Interest shall be deemed to be automatically and immediately (contributed to the Borrower, if applicable, and) cancelled and extinguished (with a
corresponding permanent reduction in Revolving Facility Commitments to the extent the Assigned Interest consists of Revolving Facility Loans). The Administrative Agent shall update the Register, effective as of the Effective Date, to record such
event as if it were a prepayment of such Assigned Interest (with a corresponding permanent reduction in Revolving Facility Commitments to the extent the Assigned Interest consists of Revolving Facility Loans) pursuant to Section 10.04(j) of the
Credit Agreement. 
 5. Upon such acceptance and recording, from and after the Effective Date, the Administrative Agent shall
make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued prior to the Effective Date. No payments in respect of the Assigned Interest
(which shall be deemed to have been cancelled and extinguished as of the Effective Date) shall be due to the Assignor or the Assignee from and after the Effective Date. 
 6. As of the Effective Date, the Assignor shall, to the extent provided in this Permitted Loan Purchase Assignment and Acceptance, relinquish its rights and be released from its obligations under the
Credit Agreement. 
 7. This Permitted Loan Purchase Assignment and Acceptance shall be binding upon, and inure to the benefit
of the parties hereto and their respective successors and assigns. This Permitted Loan Purchase Assignment and Acceptance may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Permitted Loan Purchase Assignment and Acceptance by telecopy shall be effective as delivery of a manually executed counterpart of this Permitted Loan Purchase Assignment and Acceptance. 

8. This Permitted Loan Purchase Assignment and Acceptance shall be governed by and construed in accordance with the laws of the State of
New York. 

  
 2 

 [Signature pages follow] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Permitted Loan Purchase Assignment
and Acceptance to be executed as of the date first above written by their respective duly authorized officers on Schedule 1 hereto. 
  

									
	[NAME OF ASSIGNOR]	 		 	[NAME OF ASSIGNEE]
					
	By:	 	  
	 		 	By:	 	  

		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:

  
 [Signature
Page to Permitted Loan Purchase Assignment and Acceptance] 

			
	Accepted and Consented To:
	
	DEUTSCHE BANK TRSUT COMPANY AMERICAS, as Administrative Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature
Page to Permitted Loan Purchase Assignment and Acceptance] 

 Schedule 1 
 to Assignment and Acceptance 
  

					
	Name of Assignor:	  	  
	  	
			
	Name of Assignee:	  	  
	  	
			
	Effective Date of Assignment:	  	  
	  	

  

							
	 Principal Amount
Assigned of
the
Revolving Facility
	 	  	Commitment
Percentage
Assigned1	 
		
	$	            	  	  	 	    .            	% 
		
	 Principal Amount
Assigned of the
Term Facility
	 	  	 	 
		
	$	            	  	  			

  

	1	Calculate the Commitment Percentage that is assigned to at least 15 decimal places and show as a percentage of the aggregate Revolving Facility Commitments of all
Revolving Facility Lenders. 

 EXHIBIT O-1 
 FORM OF NON-BANK TAX CERTIFICATE 
 (For Foreign Lenders That Are Not
Treated As Partnerships For 
 U.S. Federal Income Tax Purposes) 

Reference is made to the Credit Agreement dated as of May 24, 2013 (as amended, supplemented or otherwise modified from time to
time) (the “Credit Agreement”), among NCL Corporation Ltd., a Bermuda company (the “Borrower”), each lender from time to time party thereto (collectively, the “Lenders”), and Deutsche Bank Trust Company Americas as
Administrative Agent. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 
 Pursuant to the provisions of Section 2.17(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s)
evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within
the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (v) no payments in connection with any
Loan Document are effectively connected with the undersigned’s conduct of a U.S. trade or business. 
 The undersigned has
furnished the Administrative Agent with a certificate of its non-U.S. person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform the Borrower and the Administrative Agent in writing and (2) the undersigned shall furnish the Borrower and the Administrative Agent a properly completed and currently effective certificate in either the calendar year
in which payment is to be made by the Borrower or the Administrative Agent to the undersigned, or in either of the two calendar years preceding each such payment. 
 [Signature Page Follows] 

 
			
	[Foreign Lender]
		
	By:	 	  

		 	Name:
		 	Title:

 
			
		
	[Address]	 	

	
	
	Dated:             , 20[    ]

 EXHIBIT O-2 
 FORM OF NON-BANK TAX CERTIFICATE 
 (For Foreign Lenders That Are Treated
As Partnerships For 
 U.S. Federal Income Tax Purposes) 

Reference is made to the Credit Agreement dated as of May 24, 2013 (as amended, supplemented or otherwise modified from time to
time) (the “Credit Agreement”), among NCL Corporation Ltd., a Bermuda company (the “Borrower”), each lender from time to time party thereto (collectively, the “Lenders”), and Deutsche Bank Trust Company Americas as
Administrative Agent. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 
 Pursuant to the provisions of Section 2.17(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing
such Loan(s)) in respect of which it is providing this certificate, (ii) its partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) neither the undersigned nor any of its
partners/members is a bank within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (v) none of
its partners/members is a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) no payments in connection with any Loan Document are effectively connected with the
undersigned’s or its partners/members’ conduct of a U.S. trade or business. 
 The undersigned has furnished the
Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) and IRS Form W-8IMY
accompanied by an IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on
this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent in writing and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding each such payment. 

[Signature Page Follows] 

 
			
	[Foreign Lender]
		
	By:	 	  

		 	Name:
		 	Title:

 
			
		
	[Address]	 	

	
	
	Dated:             , 20[    ]

 EXHIBIT O-3 
 FORM OF NON-BANK TAX CERTIFICATE 
 (For Foreign Participants That Are Not
Treated As Partnerships For 
 U.S. Federal Income Tax Purposes) 

Reference is made to the Credit Agreement dated as of May 24, 2013 (as amended, supplemented or otherwise modified from time to
time) (the “Credit Agreement”), among NCL Corporation Ltd., a Bermuda company (the “Borrower”), each lender from time to time party thereto (collectively, the “Lenders”), and Deutsche Bank Trust Company Americas as
Administrative Agent. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 
 Pursuant to the provisions of Section 2.17(e) and Section 10.04(d) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the
participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of
Section 871(h)(3)(B) of the Code, (iv) it is not a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (v) no payments in connection with any Loan Document are
effectively connected with the undersigned’s conduct of a U.S. trade or business. 
 The undersigned has furnished its
participating Lender with a certificate of its non-U.S. person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so
inform such Lender in writing and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding each such payment. 
 [Signature Page Follows] 

 
			
	[Foreign Participant]
		
	By:	 	  

		 	Name:
		 	Title:

 
			
		
	[Address]	 	

	
	
	Dated:             , 20[    ]

 EXHIBIT O-4 
 FORM OF NON-BANK TAX CERTIFICATE 
 (For Foreign Participants That Are
Treated As Partnerships For 
 U.S. Federal Income Tax Purposes) 

Reference is made to the Credit Agreement dated as of May 24, 2013 (as amended, supplemented or otherwise modified from time to
time) (the “Credit Agreement”), among NCL Corporation Ltd., a Bermuda company (the “Borrower”), each lender from time to time party thereto (collectively, the “Lenders”), and Deutsche Bank Trust Company Americas as
Administrative Agent. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 
 Pursuant to the provisions of Section 2.17(e) and Section 10.04(d) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in
respect of which it is providing this certificate, (ii) its partners/members are the sole beneficial owners of such participation, (iii) neither the undersigned nor any of its partners/members is a bank within the meaning of
Section 881(c)(3)(A) of the Code, (iv) none of its partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its partners/members is a “controlled
foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) no payments in connection with any Loan Document are effectively connected with the undersigned’s or its
partners/members’ conduct of a U.S. trade or business. 
 The undersigned has furnished its participating Lender with IRS
Form W-8IMY accompanied by one of the following forms from each of its partners/members claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) and IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such
partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform such Lender in writing and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding each such payment. 
 [Signature Page Follows] 

 
			
	[Foreign Participant]
		
	By:	 	  

		 	Name:
		 	Title:

 
			
		
	[Address]	 	

	
	
	Dated:             , 20[    ]EX-10.1

 Exhibit 10.1 
 [*]: THE CONFIDENTIAL PORTION HAS BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION. 

Private & Confidential 

Dated          21 June 2013 

 

					
		 	PRIDE OF HAWAII, LLC	 	(1)
		 	(as Borrower)	 	
			
		 	NCL CORPORATION LTD.	 	(2)
		 	(as Parent)	 	
			
		 	VARIOUS LENDERS listed in Schedule 1	 	(3)
		 	(as Lenders)	 	
			
		 	KFW IPEX-BANK GMBH	 	(4)
		 	(as Facility Agent and Collateral Agent)	 	
			
		 	KFW IPEX-BANK GMBH	 	(5)
		 	(as Hermes Agent)	 	

  
  

THIRD SUPPLEMENTAL DEED TO 
 (among other things) CREDIT 
 AGREEMENT 

dated 18 November 2010 (as previously 
 amended) for up to €126,075,000 to 
 finance, in part, the
construction and 
 acquisition costs of “NORWEGIAN 

BREAKAWAY” and “NORWEGIAN 
 GETAWAY” 
  

 
  

 

 Contents 

 

					
	Clause	  	Page	 
		
	 1       Definitions
	  	 	2	  
		
	 2       Agreement
	  	 	3	  
		
	 3       Amendments to Relevant Documents
	  	 	3	  
		
	 4       Interest arrangements
	  	 	4	  
		
	 5       Representations and warranties
	  	 	5	  
		
	 6       Conditions
	  	 	6	  
		
	 7       Confirmations
	  	 	7	  
		
	 8       Fee and expenses
	  	 	7	  
		
	 9       Miscellaneous and notices
	  	 	8	  
		
	 10     Applicable law
	  	 	8	  
		
	 Schedule 1 The Lenders and their Commitments/outstanding Loans
	  	 	9	  
		
	 Schedule 2 Documents and evidence required as conditions precedent (referred to in clause 6.1)
	  	 	10	  
		
	 Schedule 3 Form of Amended and Restated Credit Agreement
	  	 	13	  
		
	 Schedule 4 Form of Amendment to Co-ordination Deed
	  	 	14	  

 THIS THIRD SUPPLEMENTAL AGREEMENT is dated 21 June 2013 and made BETWEEN: 

 

	(1)	PRIDE OF HAWAII, LLC, a Delaware limited liability company with its registered office at Corporate Trust Center, 1209 Orange Street, Wilmington, Delaware 19801,
United States of America (the Borrower); 

  

	(2)	NCL CORPORATION LTD., a company incorporated under the laws of Bermuda and having its registered office at Cumberland House, 9th Floor, 1 Victoria Street,
Hamilton HM 11, Bermuda (the Parent); 

  

	(3)	VARIOUS LENDERS particulars of which are set out in Schedule 1 as lenders (collectively the Lenders and each individually a Lender);

  

	(4)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as facility agent and collateral agent (the Facility Agent and the
Collateral Agent); and 

  

	(5)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany (the Hermes Agent). 

WHEREAS: 
  

	(A)	By a credit agreement dated 18 November 2010 as amended by a first amendment dated 29 November 2011 and a second amendment dated 31 May 2012 entered into
between (among others) the Borrower as borrower, the Parent as guarantor, the banks named therein as lenders (the Existing Lenders), the Facility Agent as facility agent for (among others) the Existing Lenders, Commerzbank Aktiengesellschaft
(the Previous Hermes Agent) as agent for (among others) the Existing Lenders and the Collateral Agent as collateral agent for (among others) the Existing Lenders (together the Original Credit Agreement), the Existing Lenders granted to
the Borrower a multi-draw term loan credit facility (the Jade Term Loan Facility) for the purpose of (among other things) financing in part the construction of the New Vessels (as such term is defined in the Original Credit Agreement) on the
terms and conditions therein contained. 

  

	(B)	On or about the date of this Deed (but prior to the First Restatement Date): 

 

	 	(i)	certain of the Existing Lenders will enter into transfer certificates to transfer all or part of their Commitment and their outstanding Loans to certain of the Lenders
so that on or immediately prior to the First Restatement Date the Commitment and the outstanding Loans of the Lenders shall be as set out in Schedule 1; and 

 

	 	(ii)	the Previous Hermes Agent will resign as agent and be replaced with the Hermes Agent. 

 

	(C)	In connection with the consolidation and harmonisation of a number of the existing facilities to the NCLC Group, the parties to this Deed have agreed to certain changes
being made to the Original Credit Agreement and the security granted pursuant to it upon the terms and conditions set out in this Deed. 

  
 1 

 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 Deed. 
  

	1.2	Terms 

 In this Deed,
unless the context otherwise requires: 
 Amendment to Co-ordination Deed means the deed of amendment and restatement in
relation to the Jade Intercreditor Agreement in respect of the Collateral Vessel to be entered into between HSBC Bank plc (as first mortgagee) and the Collateral Agent (as originally fourth but to be second mortgagee) in the form set out in
Schedule 4; 
 Credit Agreement means the Original Credit Agreement as amended and restated by this Deed; 

Credit Party means the Borrower and the Parent; 
 Finance Party means the Facility Agent, the Hermes Agent, the Collateral Agent or a Lender; 
 First Restatement Date means the date, no later than 30 June 2013, on which the Facility Agent notifies the Borrower and the Lenders in writing that the Facility Agent has received the
documents and evidence specified in clause 6 and Schedule 2 in a form and substance satisfactory to it; and 

Relevant Documents means the Credit Documents. 
  

	1.3	References 

 References
in: 
  

	 	(a)	this Deed to Sections of the Credit Agreement are to the Sections of the amended and restated credit agreement set out in Schedule 3; 

 

	 	(b)	the Relevant Documents to “this Agreement” or “this Deed” or to any other Relevant Document shall, with effect from the First Restatement Date and
unless the context otherwise requires, be references to such document as amended by this Deed and words such as “herein”, “hereof”, “hereunder”, “hereafter”, “hereby” and “hereto”, where
they appear in such documents, shall be construed accordingly; 

  

	 	(c)	this Deed 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 Deed or
any other document (or to any specified provision of this Deed or any other document) shall be construed as references to this Deed, that provision or that document as from time to time amended, restated, supplemented and/or novated; and

  

	 	(d)	this Deed to any Lender shall include that Lender in its capacity as Lender or in any other capacity under the Original Credit Agreement. 

  
 2 

	1.4	Clause headings 

 The
headings of the several clauses and subclauses of this Deed are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Deed. 

 

	1.5	Contracts (Rights of Third Parties) Act 1999 

 Other than the Existing Lenders with respect to clause 4.2, a person who is not a party to this Deed has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of
any term of this Deed unless expressly provided to the contrary in this Deed. Notwithstanding any term of this Deed, the consent of any person who is not a party to this Deed is not required to rescind or vary this Deed at any time. 

 

	2	Agreement 

  

	2.1	Agreement of Finance Parties 

 The Finance Parties, relying upon the representations and warranties on the part of the Credit Parties contained in clause 5, agree with the Borrower, subject to the terms and conditions of this Deed
and in particular, but without prejudice to the generality of the foregoing, fulfilment of the conditions contained in clause 6 and Schedule 2, to the amendment of the Relevant Documents on the terms set out in clause 3. 

 

	2.2	Agreement of Credit Parties 

 Each of the Credit Parties agrees to the amendment of the Relevant Documents on the terms set out in clause 3. 
  

	3	Amendments to Relevant Documents 

  

	3.1	Amendments to the Original Credit Agreement 

 The Original Credit Agreement shall, with effect on and from the First Restatement 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 3 and (as so amended) will continue to be binding upon the parties to it in accordance with its terms as so amended and restated. Whilst the exhibits to the Original Credit Agreement are not attached to the
form of the amended and restated Credit Agreement set out in Schedule 3, it is agreed that references to exhibits within the amended and restated Credit Agreement set out in Schedule 3 shall be references to the exhibits to the Original
Credit Agreement. 

  
 3 

	3.2	Amendments to other Relevant Documents 

 Each of the Relevant Documents (other than the Original Credit Agreement and the Jade Intercreditor Agreement) shall, with effect from the First Restatement Date, be (and are hereby) amended as follows:

  

	 	(a)	all references to the Original Credit Agreement shall be construed as references to the Credit Agreement; 

 

	 	(b)	all references to the Existing Lenders or the Previous Hermes Agent shall be construed as references to the Lenders and the Hermes Agent respectively; and

  

	 	(c)	any reference to the Assignments of KfW Refund Guarantees (or either of them) or to Commerzbank Aktiengesellschaft acting as delegate collateral agent in relation to
them shall be ignored as there are no such assignments in place on the date of this Deed, 

 and such documents (as
so amended) will continue to be binding on the parties thereto in accordance with their terms as so amended. 
  

	3.3	Amendment to the Jade Intercreditor Agreement 

 The Jade Intercreditor Agreement shall be amended and restated on the First Restatement Date in accordance with the terms of the Amendment to Co-ordination Deed. 

 

	3.4	Continued force and effect 

Save as amended by this Deed, the provisions of the Relevant Documents shall continue in full force and effect and such documents and this
Deed shall be read and construed as one instrument. 
  

	4	Interest arrangements 

  

	4.1	Floating interest to continue 

 The parties acknowledge that the provisions relating to the determination of interest under Sections 2.06 and 2.07 of the Original Credit Agreement will remain unchanged following the First Restatement
Date. 
  

	4.2	Breakage costs 

 The
Borrower agrees to indemnify each Existing Lender on demand (in writing which request shall set forth in reasonable detail 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 Existing Lender to fund its Loans but
excluding any loss of anticipated profits) which such Existing Lender may sustain in respect of the transfer of its Loans in the manner contemplated in Recital (B) on a date which is not the last day of an Interest Period with respect thereto.

  
 4 

	5	Representations and warranties 

  

	5.1	Primary representations and warranties 

 Each of the Credit Parties represents and warrants to the Finance Parties that: 
  

	 	(a)	Power and authority 

 it
has the power to enter into and perform this Deed and the transactions contemplated hereby and has taken all necessary action to authorise the entry into and performance of this Deed and such transactions. This Deed constitutes its legal, valid and
binding obligations enforceable in accordance with its terms and in entering into this Deed, it is acting on its own account; 
  

	 	(b)	No violation 

 the entry
into and performance of this Deed 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 Deed 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 Deed 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 Deed. The choice of
the laws of England as set forth in this Deed 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, as set forth in this Deed, is legal, valid, binding and effective; and 

  
 5 

	 	(e)	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 Deed. 
  

	5.2	Repetition of representations and warranties 

 Each of the representations and warranties contained in clause 5.1 of this Deed shall be deemed to be repeated by the Credit Parties on the First Restatement Date as if made with reference to the
facts and circumstances existing on such day. 
  

	6	Conditions 

  

	6.1	Documents and evidence 

The agreement of the Finance Parties referred to in clause 2.1 shall be subject to the receipt by the Facility Agent or its duly
authorised representative of the documents and evidence specified in Schedule 2 in each case, in form and substance satisfactory to the Facility Agent and its lawyers. 

 

	6.2	General conditions precedent 

 The agreement of the Finance Parties referred to in clause 2.1 shall be further subject to: 
  

	 	(a)	the representations and warranties in clause 5 being true and correct on the First Restatement 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 First Restatement Date. 

 

	6.3	Conditions subsequent 

The Borrower undertakes as soon as possible (but in any event within 10 days of the First Restatement Date) to deliver to the Facility
Agent: 
  

	 	(a)	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,
Paul, Weiss, Rifkind, Wharton & Garrison LLP, in connection with the restatement of the Original Credit Agreement pursuant to this Deed; and 

  

	 	(b)	copies of the revised insurance documentation for the Collateral Vessel (as described in paragraph 10 of Schedule 2). 

 

	6.4	Waiver of conditions precedent 

 The conditions specified in this clause 6 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 

	7	Confirmations 

  

	7.1	Guarantee 

 The Parent
hereby confirms its consent to the amendments to the Original Credit Agreement and the other Relevant Documents contained in this Deed and agrees that the guarantee contained in Section 15 (Parent Guaranty) of the Credit Agreement, and
the obligations of the Parent thereunder, shall be and continue in full force and effect notwithstanding the said amendments to the Original Credit Agreement and the other Relevant Documents contained in this Deed. 

 

	7.2	Relevant Documents 

 Each
Credit Party further acknowledges and agrees, for the avoidance of doubt, that: 
  

	 	(a)	each of the Relevant 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 and the other Relevant Documents by this Deed; 

  

	 	(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 the other Security Documents as amended by this Deed; and 

  

	 	(c)	with effect from the First Restatement Date, references in the Relevant Documents to which it is a party to any of the Relevant Documents shall henceforth be reference
to such documents as amended by this Deed and as from time to time hereafter amended. 

  

	8	Fee and expenses 

  

	8.1	Management Fee 

 The
Borrower agrees to pay to the Facility Agent (on behalf of the Lenders and for distribution to them rateably in accordance with their Commitments and outstanding Loans), on the First Restatement Date a fee of $[*] and €[*]. 

 

	8.2	Expenses 

 The Borrower
agrees to pay to the Facility Agent on demand: 
  

	 	(a)	all reasonable and documented expenses (including external legal and out-of-pocket expenses and disbursements) incurred by the Facility Agent or the Hermes Agent in
connection with the negotiation, preparation, execution and, where relevant, registration of this Deed and of any amendment or extension of or the granting of any waiver or consent under this Deed; 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 Deed or otherwise in respect of the monies owing and obligations incurred under this Deed, 

  
 7 

 together with interest at the rate referred to in Section 2.06 of the Credit Agreement
from the date on which such expenses were incurred to the date of payment (as well after as before judgment). 
  

	8.3	Value Added Tax 

 All
expenses payable pursuant to this clause 8 shall be paid together with VAT or any similar tax (if any) properly chargeable thereon. 
  

	8.4	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 Deed and the other Relevant Documents 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. 
  

	9	Miscellaneous and notices 

  

	9.1	Notices 

 The provisions
of Section 14.03 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. 

 

	9.2	Counterparts 

 This Deed
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.

  

	9.3	Further assurance 

 The
provisions of Section 9.10(a) of the Credit Agreement shall extend and apply to this Deed as if the same were expressly stated herein with all necessary changes. 
  

	10	Applicable law 

  

	10.1	Law 

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

	10.2	Exclusive jurisdiction and service of process 

 The provisions of Section 14.07(b) and (c) of the Credit Agreement shall apply to this Deed as if the same were expressly stated herein with all necessary changes. 

IN WITNESS whereof the parties to this Deed have caused this Deed to be duly executed and delivered as a deed on the date first
above written. 

  
 8 

 Schedule 1 

The Lenders and their Commitments/outstanding Loans 

 

									
	 Lender
	  	Commitment	 	 	Outstanding Loans	 
	 KfW IPEX-Bank GmbH
	  	€	[*	] 	 	$	[*	] 
	 HSBC Bank plc
	  	€	[*	] 	 	$	[*	] 
	 DNB Bank ASA
	  	€	[*	] 	 	$	[*	] 
	 Nordea Bank Finland Plc, New York Branch
	  	€	[*	] 	 	$	[*	] 
		  	  
	  
	 	 	  
	  
	 
	 Total:
	  	€	21,881,599.93	  	 	$	55,025,896.80	  
		  	  
	  
	 	 	  
	  
	 

  
 9 

 Schedule 2 

Documents and evidence required as conditions precedent 
 (referred to in clause 6.1) 
  

	1	Corporate authorisation 

In relation to each Credit Party: 
  

	 	(a)	Constitutional documents 

 copies certified by an officer of that Credit Party, as true, complete and up to date copies, of all documents which contain or establish or relate to the constitution of that party or an officer’s
certificate confirming that there have been no changes or amendments to the constitutional documents certified copies of which were previously delivered to the Facility Agent pursuant to the Original Credit Agreement or any previous supplement to
it; 
  

	 	(b)	Resolutions 

 a copy,
certified by an officer of that Credit Party to be a true copy, and as being in full force and effect and not amended or rescinded, of resolutions of its board of directors or equivalent: 

 

	 	(i)	approving the transactions contemplated by this Deed; and 

  

	 	(ii)	authorising a person or persons to sign and deliver on behalf of that Credit Party or, as the case may be, authorising the sealing by that Credit Party of this Deed and
any notices or other documents to be given pursuant hereto; 

 together with originals or certified copies of any
powers of attorney issued by any Credit Party pursuant to such resolutions; and 
  

	 	(c)	certificate of incumbency 

 a certificate signed by an officer of each Credit Party certified to be true, complete and up to date of (i) the directors and officers of that Credit Party specifying the names and positions of such
persons, (ii) its issued share capital and shareholders, (iii) specimen signatures of those persons authorised to sign this Deed on its behalf and (iv) a declaration of solvency. 

 

	2	Consents 

 A certificate
signed by an officer of each Credit Party confirming that all governmental and other licences, approvals, consents, registrations and filings necessary for any matter or thing contemplated by this Deed on behalf of that Credit Party and for the
legality, validity, enforceability, admissibility in evidence and effectiveness thereof have been obtained or effected on an unconditional basis and remain in full force and effect (or, in the case of the effecting of any registrations and filings,
that arrangements satisfactory to the Facility Agent have been made for the effecting of the same within any applicable time limit). 

  
 10 

	3	Process agent 

 An
original or certified true copy of a letter from each Credit Party’s agent for receipt of service of proceedings accepting its appointment under this Deed as each Credit Party’s process agent. 

 

	4	Hermes consent 

Confirmation from Hermes of the continuation of the Hermes Cover. 

 

	5	Receipt of fee 

 Evidence
that the fee payable under clause 8.1 has been paid in full. 
  

	6	Legal opinions 

 Such
legal opinions in relation to the laws of England, Delaware, Bermuda, the Bahamas and New York as the Facility Agent shall in its reasonable discretion deem appropriate. 

 

	7	Transfer certificates 

Confirmation from the Facility Agent that the transfers of the Existing Lenders’ Commitments and outstanding Loans referred to in
Recital (B)(i) are effective. 
  

	8	Replacement of Hermes Agent 

 Confirmation from the Facility Agent that the Existing Hermes Agent has been replaced by the Hermes Agent as referred to in Recital (B)(ii). 

 

	9	Discharge of second mortgages and third mortgages 

 Evidence that the second and third priority statutory Bahamian ship mortgages and deeds of covenants collateral thereto in respect of the Collateral Vessel and “NORWEGIAN JEWEL” and the second
and third preferred US ship mortgages in respect of “PRIDE OF AMERICA” have been discharged and that the Vessel Mortgage ranks as a second priority mortgage, together with evidence that the lenders of the €624,000,000 facility made to
the Parent pursuant to the facility agreement dated 7 October 2005 (as amended and/or restated) have been repaid in full. 
  

	10	Insurances 

 Evidence that
the insurers (i) have been advised of the release of the second and third priority insurance assignments, (ii) agree to the revised form of loss payable clause (as attached to the Amendment to Co-ordination Deed) and (iii) will
(promptly following the First Restatement Date) issue updated insurance documentation reflecting only HSBC Bank plc (as first mortgagee) and the Collateral Agent (as second mortgagee) and the new loss payable clause. 

  
 11 

	11	Effectiveness of restatements of other NCLC Group facilities 

 Evidence that all of the conditions precedent to the amendment and restatement of the facility agreements for the Existing Jade Facility and the Other Term Loan Facility and the facility agreement dated
20 April 2004 re “NORWEGIAN JEWEL” and the facility agreement dated 4 April 2003 re “PRIDE OF AMERICA” have been satisfied. 

  
 12 

 Schedule 3 
 Form of Amended and Restated Credit Agreement 

  
 13 

 EXECUTION COPY 

 
  

 
 €126,075,000

 CREDIT AGREEMENT 
 among 
 NCL CORPORATION LTD., 

as Parent, 

PRIDE OF HAWAII, LLC, 
 as Borrower, 
 VARIOUS LENDERS, 

KFW IPEX-BANK GMBH, 
 as Facility Agent and Collateral Agent, 
 and 

KFW IPEX-BANK GMBH, 
 as Hermes Agent 
  

 
 Dated
November 18, 2010 
 (as amended and restated 

pursuant to a supplemental deed 
 dated June 21, 2013) 
  

 
 HSBC BANK PLC

 and 
 KFW IPEX-BANK GMBH 
 as Joint Lead Arrangers 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 SECTION 1.
	 	 Definitions and Accounting Terms
	  	 	1	 
			
	 1.01
	 	 Defined Terms
	  	 	1	 
			
	 SECTION 2.
	 	 Amount and Terms of Credit Facility
	  	 	31	 
			
	 2.01
	 	 The Commitments
	  	 	31	 
	 2.02
	 	 Amount and Timing of Each Borrowing; Currency of Disbursements
	  	 	32	 
	 2.03
	 	 Notice of Borrowing
	  	 	33	 
	 2.04
	 	 Disbursement of Funds
	  	 	33	 
	 2.05
	 	 Pro Rata Borrowings
	  	 	34	 
	 2.06
	 	 Interest
	  	 	34	 
	 2.07
	 	 Interest Periods
	  	 	35	 
	 2.08
	 	 Increased Costs, Illegality, Market Disruption, etc.
	  	 	36	 
	 2.09
	 	 Indemnification; Breakage Costs
	  	 	39	 
	 2.10
	 	 Change of Lending Office; Limitation on Additional Amounts
	  	 	39	 
	 2.11
	 	 Replacement of Lenders
	  	 	40	 
	 2.12
	 	 Disruption to Payment Systems, Etc.
	  	 	41	 
			
	 SECTION 3.
	 	 Commitment Commission; Fees; Reductions of Commitment
	  	 	41	 
			
	 3.01
	 	 Commitment Commission
	  	 	41	 
	 3.02
	 	 Voluntary Reduction or Termination of Commitments
	  	 	42	 
	 3.03
	 	 Mandatory Reduction of Commitments
	  	 	42	 
			
	 SECTION 4.
	 	 Prepayments; Repayments; Taxes
	  	 	42	 
			
	 4.01
	 	 Voluntary Prepayments
	  	 	42	 
	 4.02
	 	 Mandatory Repayments and Commitment Reductions
	  	 	43	 
	 4.03
	 	 Method and Place of Payment
	  	 	44	 
	 4.04
	 	 Net Payments; Taxes
	  	 	45	 
	 4.05
	 	 Application of Proceeds
	  	 	46	 
			
	 SECTION 5.
	 	 Conditions Precedent to the Initial Borrowing Dates
	  	 	47	 
			
	 SECTION 6.
	 	 Conditions Precedent to each Borrowing Date
	  	 	48	 
			
	 6.01
	 	 No Default; Representations and Warranties
	  	 	48	 
	 6.02
	 	 Consents
	  	 	48	 
	 6.03
	 	 Refund Guarantees
	  	 	48	 
	 6.04
	 	 ECF Payment
	  	 	49	 
	 6.05
	 	 Fees, Costs, etc.
	  	 	49	 
	 6.06
	 	 Construction Contract
	  	 	49	 
	 6.07
	 	 Hermes Cover
	  	 	49	 
	 6.08
	 	 Notice of Borrowing
	  	 	50	 
	 6.09
	 	 Solvency Certificate
	  	 	50	 
	 6.10
	 	 Litigation
	  	 	50	 

  
 (i)

							
			
	 SECTION 7.
	 	 Conditions Precedent to each Delivery Date
	  	 	50	 
			
	 7.01
	 	 Delivery of Vessel
	  	 	50	 
	 7.02
	 	 Evidence of 90% Payment
	  	 	50	 
	 7.03
	 	 Hermes Compliance; Compliance with Applicable Laws and Regulations
	  	 	51	 
			
	 SECTION 8.
	 	 Representations and Warranties
	  	 	51	 
			
	 8.01
	 	 Entity Status
	  	 	51	 
	 8.02
	 	 Power and Authority
	  	 	51	 
	 8.03
	 	 No Violation
	  	 	51	 
	 8.04
	 	 Governmental Approvals
	  	 	52	 
	 8.05
	 	 Financial Statements; Financial Condition
	  	 	52	 
	 8.06
	 	 Litigation
	  	 	52	 
	 8.07
	 	 True and Complete Disclosure
	  	 	52	 
	 8.08
	 	 Use of Proceeds
	  	 	52	 
	 8.09
	 	 Tax Returns and Payments
	  	 	53	 
	 8.10
	 	 No Material Misstatements
	  	 	53	 
	 8.11
	 	 The Security Documents
	  	 	53	 
	 8.12
	 	 Capitalization
	  	 	54	 
	 8.13
	 	 Subsidiaries
	  	 	54	 
	 8.14
	 	 Compliance with Statutes, etc.
	  	 	54	 
	 8.15
	 	 Winding-up, etc.
	  	 	54	 
	 8.16
	 	 No Default
	  	 	54	 
	 8.17
	 	 Pollution and Other Regulations
	  	 	54	 
	 8.18
	 	 Ownership of Assets
	  	 	55	 
	 8.19
	 	 Concerning the Collateral Vessel
	  	 	55	 
	 8.20
	 	 Citizenship
	  	 	56	 
	 8.21
	 	 Collateral Vessel Classification
	  	 	56	 
	 8.22
	 	 No Immunity
	  	 	56	 
	 8.23
	 	 Fees, Governing Law and Enforcement
	  	 	56	 
	 8.24
	 	 Form of Documentation
	  	 	56	 
	 8.25
	 	 Pari Passu or Priority Status
	  	 	57	 
	 8.26
	 	 Solvency
	  	 	57	 
	 8.27
	 	 No Undisclosed Commissions
	  	 	57	 
	 8.28
	 	 Completeness of Documentation
	  	 	57	 
	 8.29
	 	 Money Laundering
	  	 	57	 
			
	 SECTION 9.
	 	 Affirmative Covenants
	  	 	57	 
			
	 9.01
	 	 Information Covenants
	  	 	57	 
	 9.02
	 	 Books and Records; Inspection
	  	 	60	 
	 9.03
	 	 Maintenance of Property; Insurance
	  	 	60	 
	 9.04
	 	 Corporate Franchises
	  	 	60	 
	 9.05
	 	 Compliance with Statutes, etc.
	  	 	61	 
	 9.06
	 	 Hermes Cover
	  	 	61	 
	 9.07
	 	 End of Fiscal Years
	  	 	61	 

  
 (ii)

							
	 9.08
	 	 Performance of Credit Document Obligations
	  	 	61	 
	 9.09
	 	 Payment of Taxes
	  	 	61	 
	 9.10
	 	 Further Assurances
	  	 	61	 
	 9.11
	 	 Ownership of Subsidiaries
	  	 	62	 
	 9.12
	 	 Consents and Registrations
	  	 	62	 
	 9.13
	 	 Flag of Collateral Vessel
	  	 	62	 
	 9.14
	 	 “Know Your Customer” and Other Similar Information
	  	 	63	 
			
	 SECTION 10.
	 	 Negative Covenants
	  	 	63	  
			
	 10.01
	 	 Liens
	  	 	63	 
	 10.02
	 	 Consolidation, Merger, Amalgamation, Sale of Assets, Acquisitions, etc.
	  	 	65	 
	 10.03
	 	 Dividends
	  	 	66	 
	 10.04
	 	 Advances, Investments and Loans
	  	 	66	 
	 10.05
	 	 Transactions with Affiliates
	  	 	67	 
	 10.06
	 	 Free Liquidity
	  	 	69	 
	 10.07
	 	 Total Net Funded Debt to Total Capitalization
	  	 	69	 
	 10.08
	 	 Collateral Maintenance
	  	 	69	 
	 10.09
	 	 Consolidated EBITDA to Consolidated Debt Service
	  	 	69	 
	 10.10
	 	 Business; Change of Name
	  	 	70	 
	 10.11
	 	 Subordination of Indebtedness
	  	 	70	 
	 10.12
	 	 Activities of Borrower, etc.
	  	 	70	 
	 10.13
	 	 Material Amendments or Modifications of Construction Contracts
	  	 	71	 
	 10.14
	 	 No Place of Business
	  	 	71	 
			
	SECTION 11.	 	 Events of Default
	  	 	71	 
			
	 11.01
	 	 Payments
	  	 	71	 
	 11.02
	 	 Representations, etc.
	  	 	71	 
	 11.03
	 	 Covenants
	  	 	71	 
	 11.04
	 	 Default Under Other Agreements
	  	 	72	 
	 11.05
	 	 Bankruptcy, etc.
	  	 	72	 
	 11.06
	 	 Total Loss
	  	 	73	 
	 11.07
	 	 Security Documents
	  	 	73	 
	 11.08
	 	 Guaranties
	  	 	73	 
	 11.09
	 	 Judgments
	  	 	74	 
	 11.10
	 	 Cessation of Business
	  	 	74	 
	 11.11
	 	 Revocation of Consents
	  	 	74	 
	 11.12
	 	 Unlawfulness
	  	 	74	 
	 11.13
	 	 Insurances
	  	 	75	 
	 11.14
	 	 Disposals
	  	 	75	 
	 11.15
	 	 Government Intervention
	  	 	75	 
	 11.16
	 	 Change of Control
	  	 	75	 
	 11.17
	 	 Material Adverse Change
	  	 	75	 
	 11.18
	 	 Repudiation of Construction Contract or other Material Documents
	  	 	75	 
			
	SECTION 12.	 	 Agency and Security Trustee Provisions
	  	 	76	 
			
	 12.01
	 	 Appointment and Declaration of Trust
	  	 	76	 

  
 (iii)

							
	 12.02
	 	 Nature of Duties
	  	 	76	 
	 12.03
	 	 Lack of Reliance on the Agents
	  	 	77	 
	 12.04
	 	 Certain Rights of the Agents
	  	 	77	 
	 12.05
	 	 Reliance
	  	 	77	 
	 12.06
	 	 Indemnification
	  	 	77	 
	 12.07
	 	 The Agents in their Individual Capacities
	  	 	78	 
	 12.08
	 	 Resignation by an Agent
	  	 	78	 
	 12.09
	 	 The Joint Lead Arrangers
	  	 	79	 
	 12.10
	 	 Impaired Agent
	  	 	79	 
	 12.11
	 	 Replacement of an Agent
	  	 	79	 
	 12.12
	 	 Resignation by the Hermes Agent
	  	 	80	 
			
	SECTION 13.	 	 Benefit of Agreement
	  	 	80	 
			
	 13.01
	 	 Assignments and Transfers by the Lenders
	  	 	81	 
	 13.02
	 	 Assignment or Transfer Fee
	  	 	82	 
	 13.03
	 	 Assignments and Transfers to Hermes
	  	 	82	 
	 13.04
	 	 Limitation of Responsibility to Existing Lenders
	  	 	82	 
	 13.05
	 	 [Intentionally Omitted]
	  	 	83	 
	 13.06
	 	 Procedure and Conditions for Transfer
	  	 	83	 
	 13.07
	 	 Procedure and Conditions for Assignment
	  	 	84	 
	 13.08
	 	 Copy of Transfer Certificate or Assignment Agreement to Parent
	  	 	85	 
	 13.09
	 	 Security over Lenders’ Rights
	  	 	85	 
	 13.10
	 	 Assignment by a Credit Party
	  	 	85	 
	 13.11
	 	 Lender Participations
	  	 	85	 
	 13.12
	 	 Increased Costs
	  	 	86	 
			
	SECTION 14.	 	 Miscellaneous
	  	 	86	 
			
	 14.01
	 	 Payment of Expenses, etc.
	  	 	86	 
	 14.02
	 	 Right of Set-off
	  	 	87	 
	 14.03
	 	 Notices
	  	 	88	 
	 14.04
	 	 No Waiver; Remedies Cumulative
	  	 	88	 
	 14.05
	 	 Payments Pro Rata
	  	 	89	 
	 14.06
	 	 Calculations; Computations
	  	 	89	 
	 14.07
	 	 Governing Law; Exclusive Jurisdiction of English Courts; Service of Process
	  	 	90	 
	 14.08
	 	 Counterparts
	  	 	90	 
	 14.09
	 	 Effectiveness
	  	 	90	 
	 14.10
	 	 Headings Descriptive
	  	 	90	 
	 14.11
	 	 Amendment or Waiver; etc.
	  	 	90	 
	 14.12
	 	 Survival
	  	 	92	 
	 14.13
	 	 Domicile of Loans
	  	 	92	 
	 14.14
	 	 Confidentiality
	  	 	92	 
	 14.15
	 	 Register
	  	 	92	 
	 14.16
	 	 Third Party Rights
	  	 	93	 
	 14.17
	 	 Judgment Currency
	  	 	93	 
	 14.18
	 	 Language
	  	 	93	 

  
 (iv)

							
	 14.19
	 	 Waiver of Immunity
	  	 	94	 
	 14.20
	 	 “Know Your Customer” Notice
	  	 	94	 
	 14.21
	 	 Release of Liens and the Parent Guaranty; Flag Jurisdiction Transfer
	  	 	94	 
	 14.22
	 	 Partial Invalidity
	  	 	95	 
			
	SECTION 15.	 	 Parent Guaranty
	  	 	95	 
			
	 15.01
	 	 Guaranty and Indemnity
	  	 	95	 
	 15.02
	 	 Continuing Guaranty
	  	 	96	 
	 15.03
	 	 Reinstatement
	  	 	96	 
	 15.04
	 	 Waiver of Defenses
	  	 	96	 
	 15.05
	 	 Guarantor Intent
	  	 	97	 
	 15.06
	 	 Immediate Recourse
	  	 	97	 
	 15.07
	 	 Appropriations
	  	 	97	 
	 15.08
	 	 Deferral of Guarantor’s Rights
	  	 	97	 
	 15.09
	 	 Additional Security
	  	 	98	 

  

					
	SCHEDULE 1.01(a)	  	-	    	Commitments
	SCHEDULE 1.01(b)	  	-	    	Existing Jade Scheduled Repayments
	SCHEDULE 1.01(c)	  	-	    	Mandatory Costs
	SCHEDULE 5.06	  	-	    	[Intentionally omitted]
	SCHEDULE 5.12	  	-	    	[Intentionally omitted]
	SCHEDULE 6.10	  	-	    	Material Litigation
	SCHEDULE 8.03	  	-	    	Existing Agreements
	SCHEDULE 8.12	  	-	    	Capitalization
	SCHEDULE 8.13	  	-	    	Subsidiaries
	SCHEDULE 8.19	  	-	    	Collateral 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	  	-	    	Form of BankAssure Report
	EXHIBIT C	  	-	    	Form of Insurance Broker Certificate
	EXHIBIT D	  	-	    	Form of Secretary’s Certificate
	EXHIBIT E	  	-	    	Form of Transfer Certificate
	EXHIBIT F	  	-	    	Form of Assignment of Charter and Earnings
	EXHIBIT G	  	-	    	Form of Assignment of Insurances
	EXHIBIT H	  	-	    	Form of Deed of Covenants
	EXHIBIT I-1	  	-	    	Form of Vessel 1 Assignment of Contracts
	EXHIBIT I-2	  	-	    	Form of Vessel 2 Assignment of Contracts
	EXHIBIT J	  	-	    	Form of Solvency Certificate
	EXHIBIT K	  	-	    	Form of Assignment Agreement
	EXHIBIT L	  	-	    	Form of Compliance Certificate
	EXHIBIT M-1	  	-	    	Form of Tranche A Intercreditor Agreement

  
 (v)

					
	EXHIBIT M-2	  	-	    	Form of Tranche B Intercreditor Agreement
	EXHIBIT M-3	  	-	    	Form of Jade Intercreditor Agreement
	EXHIBIT N	  	-	    	Form of Security Trust Deed
	EXHIBIT O-1	  	-	    	[Intentionally omitted]
	EXHIBIT O-2	  	-	    	[Intentionally omitted]
	EXHIBIT P	  	-	    	Form of Charterer’s Assignment and Subordination

 Note: forms of Exhibits are not being amended on the Effective Date and are incorporated herein by reference to
Exhibit 10.60 to amendment no. 4 to NCL Corporation Ltd.’s registration statement on Form S-1 filed on June 9, 2011 (File No. 333-170141). 

  
 (vi)

 THIS CREDIT AGREEMENT, is made by way of deed November 18, 2010 (as amended and
restated pursuant to a supplemental deed dated June 21, 2013), among NCL CORPORATION LTD., a Bermuda company with its registered office as of the Effective Date at Cumberland House, 9th Floor, 1 Victoria Street, Hamilton HM11, Bermuda (the
“Parent”), PRIDE OF HAWAII, LLC, a Delaware limited liability company with its registered office as of the Effective Date at Corporate Trust Center, 1209 Orange Street, Wilmington, Delaware 19801, United States of America (the
“Borrower”), the Lenders party hereto from time to time, KFW IPEX-BANK GMBH, as Facility Agent (in such capacity, the “Facility Agent”) and as Collateral Agent under the Security Documents (in such capacity, the
“Collateral Agent”), KFW IPEX-BANK GMBH, as Hermes Agent (in such capacity, the “Hermes Agent”), and each of HSBC BANK PLC and KFW IPEX-BANK GMBH, each in their capacity as joint lead arranger in respect of the
credit facility provided for herein (together, the “Joint Lead Arrangers”). 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 (the
“Jade Term Loan Facility”) pursuant to which Loans have been and may be incurred to finance, in part, the construction and acquisition costs of the New Vessels and the related Hermes Premium; 

WHEREAS, Norwegian Jewel Limited, an Isle of Man company (the “Jewel Borrower”), the Parent, the lenders from time to
time party thereto, the Facility Agent, the Collateral Agent and the Hermes Agent have entered into that certain credit agreement (as amended, amended and restated, supplemented, novated or otherwise modified from time to time, the “Other
Term Loan Facility” and collectively with the Jade Term Loan Facility, the “Term Loan Facilities”) dated as of the date hereof pursuant to which loans thereunder have been and may be incurred to finance, in part, the
construction and acquisition cost of the New Vessels and the related Hermes Premium; 
 WHEREAS, the Lenders and the lenders
under the Other Term Loan Facility have agreed to commit to provide the Term Loan Facilities in an aggregate principal amount of up to €126,075,000 subject to and upon the terms and conditions set forth herein and in the Other Term Loan
Facility; and 
 WHEREAS, subject to and upon the terms and conditions set forth herein, the Lenders are willing to make
available to the Borrower the Jade Term Loan Facility provided for herein. 
 NOW, THEREFORE, IT IS AGREED: 

SECTION 1. Definitions and Accounting Terms 
 1.01 Defined Terms. 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. 

 “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. 
 “Adjusted Construction
Price” shall mean, for each New Vessel, the sum of the Initial Construction Price of such New Vessel and the total permitted increases to the Initial Construction Price of such New 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 Joint 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
and the Hermes Agent. 
 “Agreement” shall mean this Credit Agreement, as modified, supplemented, amended,
restated or novated from time to time. 
 “Aggregate Initial Construction Price” shall mean the sum of the
Initial Construction Price for Vessel 1 and the Initial Construction Price for Vessel 2. 

  
 -2-

 “Apollo” shall mean Apollo Management, L.P., and its Affiliates.

 “Applicable Margin” shall mean a percentage per annum equal to 0.95%. 

“Appraised Value” of the Collateral 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 Collateral 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. 
 “Assignment Agreement” shall mean an Assignment Agreement substantially in the form of Exhibit K (appropriately completed) or any other form agreed between the relevant assignor and
assignee (and if required to be executed by the Borrower, the Borrower); provided that if such other form does not contain the undertaking set out in Clause 7 of Exhibit K it shall not be a Creditor Accession Undertaking as defined in, and
for the purposes of, the ECF Intercreditor Agreements. 
 “Assignment of Charter and Earnings” shall have the
meaning provided in the definition of “Collateral and Guaranty Requirements”. 
 “Assignments of
Contracts” shall mean the Vessel 1 Assignment of Contracts and the Vessel 2 Assignment of Contracts. 

“Assignment of Insurances” shall have the meaning provided in the definition of “Collateral and Guaranty
Requirements”. 
 “Bankruptcy Code” shall have the meaning provided in Section 11.05(b). 

“Bareboat Charterer” shall have the meaning provided in the definition of “Collateral and Guaranty
Requirements”. 
 “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, together, “Basel III: A global regulatory framework for more resilient banks and banking systems” and “Basel III: International framework for
liquidity risk measurement, standards and monitoring” both published by the Basel Committee on Banking Supervision on December 16, 2010. 

  
 -3-

 “Borrower” shall have the meaning provided in the first paragraph of this
Agreement. 
 “Borrowing” shall mean the borrowing of 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 have the meaning provided in Section 2.02. 

“Breakaway One” shall mean Breakaway One, Ltd., a Bermuda company. 

“Breakaway One Facility” shall mean that certain Credit Agreement dated as of the date hereof among the Parent as
guarantor, Breakaway One as borrower, various lenders party thereto, KfW IPEX-Bank GmbH, as facility agent, collateral agent and CIRR agent, Nordea Bank Norge ASA, as documentation agent, and Commerzbank AG, as Hermes agent. 

“Breakaway Two” shall mean Breakaway Two, Ltd., a Bermuda company. 

“Breakaway Two Facility” shall mean that certain Credit Agreement dated as of the date hereof among the Parent as
guarantor, Breakaway Two as borrower, various lenders party thereto, KfW IPEX-Bank GmbH, as facility agent, collateral agent and CIRR agent, Nordea Bank Norge ASA, as documentation agent, and Commerzbank AG, as Hermes agent. 

“Business Day” shall mean any day except Saturday, Sunday and any day which shall be in New York, London, Frankfurt am
Main or Norway 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. 

“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 

  
 -4-

 
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 Third Party: 

  

	 	(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; and 

 at the same time as any of the events described in paragraphs (A) or (B) of this
definition have occurred and are continuing, the Permitted Holders in the aggregate do not, directly or indirectly, beneficially own at least 51% of the issued Capital Stock of, and Equity Interest in, the Parent; or 

 

	 	(ii)	the Parent (or the parent company of the Parent, being on the Effective Date Norwegian Cruise Line Holdings Ltd.) ceases to be a listed company on an Approved Stock
Exchange without the prior written consent of the Required Lenders, 

 (and, for the purpose of Section 11.16
“control” of any company, limited partnership or other legal entity (a “body corporate”) controlled by a Permitted Holder means that one or more members of a Permitted Holder in the aggregate has, directly or indirectly, the
power to direct the management and policies of such a body corporate, whether through the ownership of more than 50% of the issued voting capital of that body corporate or by contract, trust or other arrangement). 

“Charterer’s Assignment and Subordination” shall have the meaning provided in the definition of “Collateral
and Guaranty Requirements”. 

  
 -5-

 “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 Earnings and Insurance Collateral, the Construction Risk Insurances in respect of each New
Vessel, the Collateral Vessel, the Refund Guarantees in respect of each New Vessel, the Construction Contracts in respect of each New Vessel 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 Collateral Vessel, the requirement that: 
 (i) (A) the Borrower shall have duly authorized, executed and delivered an Assignment of Charter and Earnings substantially in the form of Exhibit F or otherwise reasonably acceptable to the Joint Lead
Arrangers (as modified, supplemented or amended from time to time, the “Assignment of Charter and Earnings”) and an Assignment of Insurances substantially in the form of Exhibit G or otherwise reasonably acceptable to the Joint Lead
Arrangers (as modified, supplemented or amended from time to time, the “Assignment of Insurances”), in each case (to the extent incorporated into or required by such Exhibits or otherwise agreed by the Borrower and the Joint Lead
Arrangers) with appropriate notices, acknowledgements and consents relating thereto and (B) the Borrower shall use its commercially reasonable efforts to obtain an Assignment and Subordination Agreement from NCL (Bahamas) Ltd. (the
“Bareboat Charterer”) substantially in the form of Exhibit P (as modified, supplemented or amended from time to time, the “Charterer’s Assignment and Subordination”) with respect to the bareboat charter of the
Collateral Vessel by the Bareboat Charterer, with (to the extent incorporated into or required by such Exhibit or otherwise agreed by the Borrower, the Bareboat Charterer and the Collateral Agent) appropriate notices, acknowledgements and consents
relating thereto, together covering all of the Borrower’s, and with respect to the Charterer’s Assignment and Subordination, the Bareboat Charterer’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 Charter and Earnings, the Assignment of Insurances and the Charterer’s Assignment and Subordination; and 
 (b) certified copies of lien search results (Form UCC11) 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 any financing statement which covers the Collateral except
to the extent evidencing Permitted Liens. 

  
 -6-

 (ii) the Borrower shall have duly authorized, executed and delivered, and caused to be
registered in the appropriate vessel registry a 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 H or otherwise reasonably acceptable to the Joint Lead Arrangers with respect to the Collateral Vessel, and the Vessel Mortgage
shall be effective to create in favor of the Collateral Agent a legal, valid and enforceable security interest, in and Lien upon the Collateral Vessel, which shall be prior to any other Liens and security interest in the Collateral Vessel other than
Permitted Liens (which Permitted Liens shall include, for the avoidance of doubt, the Liens pursuant to the Senior Loan Agreements); 
 (iii) 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 
 (iv) 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 Collateral Vessel by the Borrower; and 
 (b) the
results of maritime registry searches with respect to the Collateral Vessel, indicating that the Collateral 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 Det
Norske Veritas 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 Collateral Vessel meets the criteria
specified in Section 8.21; and 
 (d) certified copies of all Management Agreements; and 

(e) certified copies of all ISM and ISPS Code documentation for the Collateral Vessel; and 

(f) the Facility Agent shall have received a report, in substantially the form of Exhibit B 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

  
 -7-

 
maintained) by the Credit Parties in respect of the Collateral Vessel, together with a certificate in substantially the form of Exhibit C 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 Collateral 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 Collateral 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 Collateral Vessel. 
 “Collateral
Vessel” shall mean the vessel owned by the Borrower and known on the date hereof as the NORWEGIAN JADE (IMO 9304057). 

“Commitment” shall mean, for each Lender, at any time, an amount equal to such Lender’s Percentage of the Total
Allocable Commitments. The maximum Commitment of each Lender on the Effective Date is set forth on Schedule 1.01(a). 

“Commitment Letter” shall mean the commitment letter, dated October 11, 2010, among the Parent, the Hermes Agent,
Commerzbank Aktiengesellschaft (as successor to Deutsche Schiffsbank Aktiengesellschaft), DNB Bank ASA (formerly DnB NOR Bank ASA), HSBC Bank plc, KfW IPEX-Bank GmbH and Nordea Bank Norge ASA. 

“Commitment Termination Date” shall mean December 8, 2014. 

“Commitment Commission” shall have the meaning provided in Section 3.01(a). 

“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 Collateral Vessel) owned or leased under a capital lease by any member of the NCLC Group; and 

  
 -8-

 (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 the tax distributions described in Section 10.03(ii) 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: 
 (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 Vessel 1 Construction Contract and/or the Vessel 2 Construction Contract, as applicable. 

“Construction Risk Insurances” shall mean any and all insurance policies related to a Construction Contract and the
construction of a New Vessel. 

  
 -9-

 “Credit Documents” shall mean this Agreement, Sections 7 and 8 of the
Commitment Letter, each Security Document, the Security Trust Deed, any Transfer Certificate, any Assignment Agreement, each Intercreditor 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. 
 “Credit Party” shall mean the Borrower, the Parent, each Subsidiary of
the Parent that owns a direct interest in the Borrower, until the Vessel 1 Delivery Date, Breakaway One and, until the Vessel 2 Delivery Date, Breakaway Two. 
 “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. 

“Delivery Date” shall mean the Vessel 1 Delivery Date and/or the Vessel 2 Delivery Date, as applicable. 

“Discharged Rights and Obligations” shall have the meaning provided in Section 13.06(c). 

“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), 

  
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 (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 later of the Tranche A Loan Maturity Date and the Tranche B Loan 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

  
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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. 

“Dollars” and the sign “$” shall each mean lawful money of the United States. 

“Dollar Availability” shall mean, on any Borrowing Date, a Dollar amount equal to the excess of: 

(x) the aggregate principal amount of Existing Jade Loans that the Borrower has repaid from and after the Original
Execution Date and up to and including such Borrowing Date as determined pursuant to the schedule of repayments of Existing Jade Loans as set forth on Schedule 1.01(b) (“Existing Jade Scheduled Repayments”) (subject to
Dollar-to-Dollar reduction to the extent the Borrower shall not have made the Existing Jade Scheduled Repayments as of such Borrowing Date); provided that such amount may be increased by the amount of voluntary and mandatory prepayments
(other than of the Existing Jade Scheduled Repayments) of Existing Jade Loans that the Borrower has made on or prior to such Borrowing Date in 2011, 2012, 2013 and 2014, minus 

(y) the Dollar amount of Loans borrowed prior to such Borrowing Date under this Agreement. 

“Dollar Maximum Amount” shall mean $130,194,139.00, or such greater amount as shall be agreed in writing by the Facility
Agent, Hermes and the Parent. 
 “Dollar Equivalent” shall mean, with respect to the Euro denominated
Commitments being utilized on a Borrowing Date, 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 Borrowing Notice 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, the Spot Rate applicable to such Borrowing Date. 

  
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 “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.

 “Earnings and Insurance Collateral” shall mean all “Earnings” and “Insurances”, as the
case may be, as defined in the respective Assignment of Charter and Earnings, Charterer’s Assignment and Subordination, and the Assignment of Insurances. 
 “ECF Borrowers” shall mean Breakaway One with respect to the Breakaway One Facility and Breakaway Two with respect to the Breakaway Two Facility. 

“ECF Collateral” shall mean all property (whether real or personal) with respect to which any security interest shall
have been granted (or purported to be granted) pursuant to the Assignments of Contracts. 
 “ECF Loans” shall
mean loans made to an ECF Borrower under the relevant Export Credit Facility. 
 “ECF Intercreditor Agreements”
shall mean the Tranche A Intercreditor Agreement and the Tranche B Intercreditor Agreement. 
 “Effective Date”
shall mean the “First Restatement Date” as defined in the Third Supplemental Deed. 
 “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. 

  
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 “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). 
 “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 the British Bankers’ Association 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 (in each case rounded up to five decimal places). 
 “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 Collateral Vessel or the agreed or compromised total loss of the Collateral
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 Collateral Vessel. An Event of Loss shall be deemed to have occurred: (i) in the event of an actual loss of

  
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the Collateral 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 Collateral Vessel was last heard from;
(ii) in the event of damage which results in a constructive or compromised or arranged total loss of the Collateral Vessel, at the time and on the date on which notice claiming the loss of the Collateral 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 Collateral 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 Jade Facility” shall mean that certain secured loan agreement dated 20 April 2004 between the
Borrower, the several banks party thereto as arrangers and underwriters, the several banks party thereto as lenders, HSBC Bank plc as agent, KfW IPEX-Bank GmbH as Hermes agent and HSBC Bank plc as trustee, including all amendments, amendments and
restatements, supplements, novations or other modifications thereto. 
 “Existing Jade Loans” shall mean all
loans and other advances made to the Borrower under the Existing Jade Facility. 
 “Existing Jade Scheduled
Repayments” shall have the meaning provided in the definition of “Dollar Availability”. 
 “Existing
Lender” shall have the meaning provided in Section 13.01. 
 “Export Credit Documents” shall mean
the “Credit Documents” as defined in the Export Credit Facilities. 
 “Export Credit Facilities”
shall mean the Breakaway One Facility and the Breakaway Two Facility. 
 “Facility Agent” shall have the
meaning provided in the first paragraph of this Agreement, and shall include any successor thereto. 
 “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. 

“Final Construction Price” shall mean the actual final construction price of a New Vessel. 

  
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 “Flag Jurisdiction Transfer” shall mean the transfer of the registration
and flag of the Collateral 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 Collateral 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 Collateral 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. 
 (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 Collateral Vessel transferred on such date
by the Borrower and (y) the results of maritime registry searches with respect to the Collateral 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 Borrower in respect of the Collateral
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 Collateral Vessel. 

  
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 (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. 
 (vi) On each Flag Jurisdiction Transfer Date, the Collateral and Guaranty Requirements for the Collateral
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. 
 “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. 

  
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 “Hermes” shall mean the Federal Republic of Germany represented by the
Federal Ministry of Economics and Technology (Bundesministerium für Wirtschaft und Technologie) represented by Euler Hermes Kreditversicherungs-AG and PriceWaterhouseCoopers Wirtschaftsprüfungsgesellschaft AG. 

“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 Kreditversicherungs-AG
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 Insurance
Premium” shall mean the amount payable in Euro by the Borrower and the Jewel Borrower to Hermes through the Hermes Agent in respect of the Hermes Cover relating to the Term Loan Facilities, which shall not in the aggregate for the Jade Term
Loan Facility and the Other Term Loan Facility exceed €[*]. 
 “Hermes Issuing Fees” shall mean the
€[*] payable in Euro 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 aggregate of the Hermes Issuing Fees and the Hermes Insurance Premium. 
 “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 

 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. 

  
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 “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. 

 “Information” shall have the meaning provided in
Section 8.10(a). 
 “Initial Borrowing Dates” shall mean the Tranche A Initial Borrowing Date and the
Tranche B Initial Borrowing Date. 
 “Initial Construction Price” shall mean for each New Vessel an amount of
up to €615,000,000 for the construction of such New Vessel in each case pursuant to the relevant Construction Contract, payable by the relevant ECF Borrower to the Yard through the four installments of the Initial Contract
Price referred to in Article 8, Clauses 2.1(i) through and including (iv) of each Construction Contract (each, a “Pre-delivery Installment”) and the installment of the Initial Contract Price referred to
in Article 8, Clause 2.1(v) of each Construction Contract. 

  
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 “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; 

  

	 	(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; 

  
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	 	(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. 

“Intercreditor Agreements” shall mean the Jade Intercreditor Agreement and the ECF Intercreditor Agreements. 

“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 have the meaning provided in
Section 2.07. 
 “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 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. 
 “Investments” shall have the meaning provided in Section 10.04. 
 “Jade Collateral” shall mean all Collateral other than the ECF Collateral. 
 “Jade Intercreditor Agreement” shall mean the deed of co-ordination between the Borrower, HSBC Bank plc as first mortgagee and the Collateral Agent as original fourth but
now second mortgagee. 
 “Jade Term Loan Facility” shall have the meaning provided in the recitals hereto.

 “Joint Lead Arrangers” shall have the meaning provided in the first paragraph of this Agreement, and shall
include any successor thereto. 
 “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. 

  
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 “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) if such Lender is a lender under an Export Credit Facility, such Lender not being in compliance with its refinancing obligations
under its respective “Refinancing Agreement” under and as defined in either Export Credit Facility. 

“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. 

“Lim Family” shall mean: 
 (i) the late Tan Sri Lim Goh Tong; 
 (ii) his spouse; 

(iii) his direct lineal descendants; 

(iv) the personal estate of any of the above persons; and 

(v) any trust created for the benefit of one or more of the above persons and their estates. 

“Loan” and “Loans” shall have the meaning provided in Section 2.01. 

“Management Agreements” shall mean any agreements entered into by the Borrower with the Manager or such other commercial
manager and/or a technical manager (in each case reasonably acceptable to the Facility Agent, it being understood that NCL (Bahamas) Ltd. is acceptable) with respect to the management of the Collateral Vessel. 

“Manager” shall mean the company providing commercial and technical management and crewing services for the Collateral
Vessel pursuant to the Management Agreements, which as of the first Initial Borrowing Date is NCL (Bahamas) Ltd., a company organized and existing under the laws of Bermuda. 
 “Mandatory Costs” means the percentage rate per annum calculated in accordance with Schedule 1.01(c). 

  
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 “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 Allocable Commitment 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, 2012 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 a New Vessel and the relevant 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. 

“Materials of Environmental Concern” shall have the meaning provided in Section 8.17(a). 

“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. 
 “New Vessels” shall mean
Vessel 1 and Vessel 2. 
 “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: X2a4 – Maritime Industries, Claudia Wenzel, fax: +49 69 7431 3768, email: claudia.wenzel@kfw.de or such other office as the Facility Agent or the
Hermes Agent may hereafter designate in writing as such to the other parties hereto. 

  
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 “OPA” shall mean the Oil Pollution Act of 1990, as amended, 33 U.S.C.
§ 2701 et seq. 
 “Original Execution Date” shall mean November 18, 2010 being the
date of execution of this Agreement. 
 “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 Joint 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. 
 “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. 

“Other Term Loan Credit Documents” shall mean collectively, the “Credit Documents” as defined in the Other
Term Loan Facility. 
 “Other Term Loan Facility” shall have the meaning provided in the recitals hereto.

 “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. 

“PATRIOT Act” shall mean the USA PATRIOT Act (Title III of Pub.: 107-56 (signed into law October 26, 2001)).

 “Payment Date” shall mean the last Business Day of each December, March, June and September, commencing with
December, 2010. 

  
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 “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. 
 “Percentage” for each Lender shall equal the percentage set forth opposite each Lender’s name on Schedule 1.01(a) hereto as such percentage may be adjusted from time to time as a
result of assignments and/or transfers to or from such Lender pursuant to Sections 2.11 or 13.04(b). 
 “Permitted
Change Orders” shall mean change orders and similar arrangements under a Construction Contract which increase the relevant Initial Construction Price to the extent that the aggregate amount of such increases does not exceed [*]% of such
Initial Construction Price (it being understood that the actual amount of change orders and similar arrangements may exceed [*]% of such Initial Construction Price). 
 “Permitted Chartering Arrangements” shall mean: 
  

	 	(i)	any charter or other form of deployment (other than a demise or bareboat charter) of the Collateral Vessel made between members of the NCLC Group;

  

	 	(ii)	any demise or bareboat charter of the Collateral 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 Collateral Vessel to the Collateral Agent, and (c) the
charterer agrees to subordinate its interests in the Collateral Vessel to the interests of the Collateral Agent as mortgagee of the Collateral Vessel, all on terms and conditions reasonably acceptable to the Collateral Agent;

  

	 	(iii)	any charter or other form of deployment of the Collateral 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 Collateral Vessel entered into after the Original Execution Date and which is permissible under the provisions
of any financing documents relating to the Collateral Vessel. 

 “Permitted Holders” shall mean
(i) the Lim Family (together or individually) and (ii) Apollo and any Person directly controlled by Apollo. 

“Permitted Liens” shall have the meaning provided in Section 10.01. 

  
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 “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. 
 “Pre-delivery Installment” shall have the meaning provided in the definition of “Initial Construction Price”. 

“Pro Rata Share” shall have the definition provided in Section 4.05. 

“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 each Joint Lead Arranger. 

“Refund Guarantee” shall mean a refund guarantee arranged by the Yard in respect of a Pre-delivery Installment and
provided by one or more financial institutions contemplated by the relevant Construction Contract, or by other financial institutions reasonably satisfactory to the Joint 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). 

“Replaced Lender” shall have the meaning provided in Section 2.11. 

“Replacement Lender” shall have the meaning provided in Section 2.11. 

“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 66- 2/3% of the sum of the Total Allocable 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). 
 “S&P” shall mean Standard & Poor’s Rating Services, a division of the McGraw-Hill Companies, Inc., and its successors. 

“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. 

“Secured Creditors” shall mean the “Secured Creditors” as defined in the Security Documents. 

  
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 “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 Assignments of Contracts, the Assignment of Charter and Earnings,
the Assignment of Insurances, the Charterer’s Assignment and Subordination, the Vessel Mortgage, and, after the execution thereof, each additional security document executed pursuant to Sections 9.10 and/or 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 and the Original Secured Creditors (as defined therein), and shall be substantially in the form of Exhibit N or otherwise reasonably acceptable to the Facility Agent. 

“Senior Loan Agreements” shall have the meaning provided in the Jade Intercreditor Agreement, and shall include any
modifications, refinancings, replacements, novations and amendments thereof. 
 “Sky Vessel” shall mean
“NORWEGIAN SKY” (IMO no. 9128532, 77,104 gross tonnes, 45,407 net tonnes and 8,800 DWT) previously owned by the Sky Vessel Seller, and registered in Norwegian Sky, Ltd.‘s name under the laws and flag of the Commonwealth of the
Bahamas. 
 “Sky Vessel Indebtedness” shall mean the financing arrangements in relation to the acquisition of
the Sky Vessel in an amount of up to [*] Dollars (USD[*]) on the terms set forth in the fully executed memorandum of agreement related to the sale of the Sky 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 Seller” shall mean Ample Avenue Ltd.
of the British Virgin Islands, or any affiliate of Star Cruises Limited. 
 “Specified Requirements” shall mean
the requirements set forth in clauses (i)(A) and (i)(B) (excluding, for the avoidance of doubt, clauses (i)(a) or (i)(b)), (ii) and (iv)(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. 

  
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 “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 relevant New 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 Contracts. 
 “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). 
 “Term Loan Facilities” shall have the meaning provided in the recitals hereto. 
 “Third Party” shall mean any Person or group of Persons acting in concert who or which does not include a member of the Lim Family or Apollo. 

“Third Supplemental Deed” shall mean the third supplemental deed dated June 21, 2013 to this Agreement. 

“Total Allocable Commitment” shall mean, at any time, an amount equal to 50% of the Total Commitment at such time;
provided that, at any time and from time to time after the Original Execution Date, the Parent may reallocate portions of the then applicable Total Commitment between this Agreement and the Other Term Loan Facility in its own discretion by
giving the Facility Agent 15 Business Days’ written notice thereof; provided that (I) at no time shall the sum of the Total Allocable Commitment under this Agreement and the “Total Allocable Commitment” (under and as
defined in the Other Term Loan Facility) exceed the Total Commitment at such time and (II) no reallocation of a portion of the Total Commitment pursuant thereto shall be permitted unless (x) in the event that such reallocation occurs
substantially simultaneously with a Borrowing Date, the Facility Agent shall have received evidence from the Hermes Agent that the condition set forth in Section 6.07 has been satisfied and (y) otherwise, the Facility Agent shall have
received evidence, in form and content satisfactory to the Lenders, from the Hermes Agent that the terms of the Hermes Cover have been amended to reflect such reallocation. 
 “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 

  
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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, an amount denominated
in Euro equal to the lesser of (i) €126,075,000 and (ii) the sum of (x) 10% of the Aggregate Initial Construction Price and (y) 100% of the aggregate amount of the Hermes Premium payable in respect of this Agreement and the
Other Term Loan Facility, as such Total Commitment may be reduced pursuant to Sections 3.02, 3.03 and 4.02 of this Agreement and the Other Term Loan Facility. 
 “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. 

“Tranche A Borrowing Date” shall mean a Borrowing Date in respect of Tranche A Loans. 

“Tranche A Initial Borrowing Date” shall mean April 25, 2011, being the date occurring on or after the Original
Execution Date on which the initial Borrowing of Tranche A Loans occurred. 
 “Tranche A Intercreditor
Agreement” shall mean the intercreditor deed executed by inter alia, (a) each Lender, each other Secured Creditor, the Collateral Agent and the Hermes Agent, (b) each lender, each other secured creditor, the
collateral agent, the documentation agent, the Hermes agent and the borrower under the Breakaway One Facility, (c) each lender, each other secured creditor, the collateral agent, the Hermes agent and the borrower under the Other Term Loan
Facility and (d) each additional Authorized Representative (as defined therein) from time to time party thereto, and acknowledged by the Borrower and the Guarantor substantially in the form of Exhibit M-1. 

“Tranche A Loan” shall have the meaning provided in Section 2.01(b). 

“Tranche A Loan Maturity Date” shall mean April 25, 2016 (being the third anniversary of the Vessel 1 Delivery
Date). 
 “Tranche B Borrowing Date” shall mean a Borrowing Date in respect of Tranche B Loans. 

  
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 “Tranche B Initial Borrowing Date” shall mean February 24, 2011, being
the date occurring on or after the Original Execution Date on which the initial Borrowing of Tranche B Loans occurred. 

“Tranche B Intercreditor Agreement” shall mean the intercreditor deed executed by inter alia,
(a) each Lender, each other Secured Creditor, the Collateral Agent and the Hermes Agent, (b) each lender, each other secured creditor, the collateral agent, the documentation agent, the Hermes agent and the borrower under the Breakaway Two
Facility, (c) each lender, each other secured creditor, the collateral agent, the Hermes agent and the borrower under the Other Term Loan Facility and (d) each additional Authorized Representative (as defined therein) from time to time
party thereto, and acknowledged by the Borrower and the Guarantor substantially in the form of Exhibit M-2. 
 “Tranche
B Loan” shall have the meaning provided in Section 2.01(b). 
 “Tranche B Loan Maturity Date”
shall mean the third anniversary of the Vessel 2 Delivery Date. 
 “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, (ii) the execution, delivery and performance
by the relevant credit parties party to the Other Term Loan Credit Documents to which they are a party, the incurrence of the loans thereunder and the use of proceeds thereof, (iii) the execution, delivery and performance by the relevant credit
parties party to the Export Credit Documents to which they are a party, the incurrence of the loans thereunder and the use of proceeds thereof and (iv) 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. 
 “UCC” shall mean the Uniform Commercial Code as from time to time
in effect in the relevant jurisdiction. 
 “United States” and “U.S.” shall each mean the
United States of America. 
 “Vessel 1” shall mean the post-panamax luxury passenger cruise vessel known on the
Effective Date as the NORWEGIAN BREAKAWAY (IMO 9606912) formerly hull number S.678 constructed by the Yard pursuant to the Vessel 1 Construction Contract. 
 “Vessel 1 Assignment of Contracts” shall mean the second-priority (junior only to the Liens of the secured creditors under the Breakaway One Facility and pari passu with the Liens of the
secured creditors under the Other Term Loan Facility) legal assignment in favor of the Collateral Agent of all of Breakaway One’s present and future interests in and benefits under the Vessel 1 Construction Contract (as modified, supplemented
or amended from time to time). 
 “Vessel 1 Construction Contract” shall mean the Shipbuilding Contract (in
Relation to Vessel 1), dated as of 24 September, 2010, among Breakaway One, the Parent and the Yard, as such Shipbuilding Contract may be amended, modified or supplemented from time to time in accordance with the terms thereof and hereof.

  
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 “Vessel 1 Delivery Date” shall mean April 25, 2013, being the date of
delivery of Vessel 1 to Breakaway One. 
 “Vessel 2” shall mean the post-panamax luxury passenger cruise vessel
with approximately 143,500 gt and the provisional hull number S-692 to be constructed by the Yard pursuant to the Vessel 2 Construction Contract. 
 “Vessel 2 Assignment of Contracts” shall mean the second-priority (junior only to the Liens of the secured creditors under the Breakaway Two Facility and pari passu with the Liens of the
secured creditors under the Other Term Loan Facility) legal assignment in favor of the Collateral Agent of all of Breakaway Two’s present and future interests in and benefits under (x) the Vessel 2 Construction Contract, (y) the
Refund Guarantees in respect of Vessel 2 and (z) any and all Construction Risk Insurances in respect of Vessel 2 (it being understood that the Parent and/or Breakaway Two will use commercially reasonable efforts to have the underwriters of the
Construction Risk Insurances accept and endorse on such insurance policy a loss payable clause substantially in the form set forth in Annex 1 to Part 3 of the Vessel 2 Assignment of Contracts (as defined below), and it being further understood that
certain of the Refund Guarantees in respect of Vessel 2 and none of the Construction Risk Insurances will have been issued on the Tranche B Initial Borrowing Date), which assignment shall be substantially in the form of Exhibit I-2 hereto or
otherwise reasonably acceptable to the Joint Lead Arrangers and Breakaway Two and customary for transactions of this type (as modified, supplemented or amended from time to time). 

“Vessel 2 Construction Contract” shall mean the Shipbuilding Contract (in relation to Vessel 2), dated as of
September 24, 2010, among the Breakaway Two, the Parent and the Yard as such Shipbuilding Contract may be amended, modified or supplemented from time to time in accordance with the terms thereof and hereof. 

“Vessel 2 Delivery Date” shall mean the date of delivery of Vessel 2 to Breakaway Two, which is currently scheduled to
occur in January 2014. 
 “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
New Vessels pursuant to the Construction Contracts. 
 SECTION 2. Amount and Terms of Credit Facility. 

2.01 The Commitments. (a) Subject to and upon the terms and conditions set forth herein, each Lender severally agrees to make
on and after the first 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 

  
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interest in accordance with Section 2.06, (ii) shall be denominated and repayable in Dollars, (iii) shall be disbursed on any Borrowing Date, (iv) disbursed on any Borrowing
Date 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, (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, (vi) disbursed on any Borrowing Date shall not exceed the Dollar Availability on any such Borrowing Date, (vii) shall not in the aggregate exceed the Dollar
Maximum Amount and (viii) have an aggregate principal amount outstanding equal to $55,025,896.80 on the Effective Date. 

(b) Loans disbursed to indirectly fund installments and delivery payments to the Yard in respect of (x) Vessel 1 together with 50%
of the Loans disbursed to fund payments of the Hermes Premium hereunder shall be herein referred to as “Tranche A Loans” and (y) Vessel 2 together with 50% of the Loans disbursed to fund payments of the Hermes Premium hereunder
shall be herein referred to as “Tranche B Loans”. 
 2.02 Amount and Timing of Each Borrowing; Currency of
Disbursements. (a) The Loans will be available on one or more dates (including each Initial Borrowing Date, each a “Borrowing Date”): 
 (i) to indirectly fund installments and delivery payments to the Yard under the Construction Contracts for the New Vessels on or after the dates such payments are due and owing; provided that on
any Borrowing Date, the Loans shall be available to the Borrower to indirectly fund installments and delivery payments to the Yard in respect of a New Vessel if and only if ECF Loans under the Export Credit Facility for such New Vessel have been, or
contemporaneously with the making of such Loans are, made available to the applicable ECF Borrower on or prior to such Borrowing Date to fund such installments and delivery payments (as the case may be), and 

(ii) to fund payments of the applicable Hermes Premium on and after the dates on which such Hermes Premium is due and
owing (including to reimburse the Parent or the Borrower for amounts it paid out of cash on hand) (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 (including, without limitation, without delivery by the Borrower of a Notice of Borrowing to the Facility Agent in respect thereof), so long as the Facility
Agent provides the Borrower with notice thereof). 
 (b) Loans 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, subject to the Dollar Availability on such Borrowing Date, shall be in an amount equal to the Dollar Equivalent of the amount of the Total Allocable
Commitment 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 and (ii) provided reasonably sufficient evidence to the Facility Agent of such Earmarked Foreign Exchange
Arrangements in the Notice of 

  
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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 for such Borrowing Date (it being
understood that the same Spot Rate shall be used for such conversion as is used 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). 

(c) No Borrowing Date may occur (x) in the case of Tranche A Loans, after December 23, 2013 and (y) in the case of Tranche
B Loans, after December 8, 2014. 
 2.03 Notice of Borrowing. Subject to the second parenthetical in
Section 2.02(a)(ii), 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 first Initial Borrowing Date). Each
such written notice (each a “Notice of Borrowing”), except as otherwise expressly provided in Section 2.08, 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 Commitment to be utilized on such Borrowing Date, (ii) whether the Loans to be made on such Borrowing Date shall consist of Tranche A Loans or Tranche B Loans, (iii) if the Borrower and/or the
Parent and/or an ECF Borrower has entered into Earmarked Foreign Exchange Arrangements with respect to the installment payments due and owing under the relevant Construction Contract to be funded by the Loans to be incurred on such Borrowing Date,
the Dollar Equivalent of the portion of the Total Commitment to be borrowed on such Borrowing Date and evidence of such Earmarked Foreign Exchange Arrangements, (iv) the date of such Borrowing (which shall be a Business Day), (v) the
initial Interest Period to be applicable thereto (vi) 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), (vii) 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 (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 and (viii) the Dollar Availability on such Borrowing Date together with calculations evidencing the determination of such Dollar Availability (in form and substance reasonably satisfactory to the Facility
Agent). 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 

  
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available to (I) in the case of Loans disbursed in Dollars, the Borrower (and/or its designee(s), to the extent possible and to the extent such designee is a provider of Earmarked Foreign
Exchange Arrangements referenced in the definition of Dollar Equivalent) and (II) in the case of Loans disbursed in Euro, designee(s) of the Borrower (to the extent any such designee is the Yard or, in the case of the Hermes Premium, Hermes), 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 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. 
 2.05 Pro Rata Borrowings. All Borrowings of Loans under this Agreement shall be incurred from the Lenders pro rata on the basis of their Commitments. 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 from the date
the proceeds thereof are made available to the Borrower until the maturity (whether by acceleration or otherwise) of such Loan at a rate per annum which shall, during each Interest Period applicable thereto, be equal to the sum of the Applicable
Margin plus the Eurodollar Rate for such Interest Period plus any Mandatory Costs. 
 (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, subject to paragraph (c) below, 2% plus the rate (including, for the avoidance of doubt, the margin) which would have been payable if the 

  
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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) 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 an 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
Interest Period relating to that Loan; and 
 (ii) the rate of interest applying to the overdue amount during
that first Interest Period shall be 2% plus the rate which would have applied if the overdue amount had not become due. 
 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. 
 (d) Accrued and unpaid interest shall be payable in respect of each Loan, (i) on the last day of each
Interest Period applicable thereto and every three months in the case of Interest Periods in excess of three months, (ii) on any repayment or prepayment date (on the amount repaid or prepaid), (iii) at maturity (whether by acceleration or
otherwise) and (iv) after such maturity, on demand. 
 (e) 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. 
 2.07 Interest Periods. At the time the Borrower
gives any Notice of Borrowing in respect of the making of Loans by the Lenders (in the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the expiration of an 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 an “Interest Period”) applicable to such Loans, which Interest Period shall, at
the option of the Borrower, be a three or six month period; provided that: 
 (a) all Loans comprising a
Borrowing shall at all times have the same Interest Period; 
 (b) the initial Interest Period for any Loan shall
commence on the date of Borrowing of such Loan and each Interest Period occurring thereafter in respect of such Loan shall commence on the day on which the immediately preceding Interest Period applicable thereto expires; 

  
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 (c) if any 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 Interest Period, such Interest Period shall end on the last Business Day of such calendar month; 

(d) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire
on the first succeeding Business Day; provided, however, that if any 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 Interest Period shall expire on the immediately preceding Business Day; 
 (e) no 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 Interest Period in respect of any Borrowing of any Loans shall be selected which extends
beyond the Tranche A Loan Maturity Date (in the case of Tranche A Loans) or the Tranche B Loan Maturity Date (in the case of Tranche B Loans); and 
 (g) at no time shall there be more than ten Borrowings of Loans subject to different Interest Periods. 
 If upon the expiration of any Interest Period applicable to a Borrowing, the Borrower has failed to elect a new Interest Period to be applicable to such Loans as provided above, the Borrower shall be
deemed to have elected a three month Interest Period to be applicable to such Loans effective as of the expiration date of such current Interest Period. 
 2.08 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(c)) or reductions in the amounts received or receivable
hereunder with respect to any Loan because of, without duplication, any change since the Original Execution 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 

  
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principal office or applicable lending office is located or any subdivision thereof or therein), 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 
 (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 2.08(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 2.08(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 2.08(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 2.08(a)(i) or (ii), the Borrower may (and in the case of a Loan affected by the circumstances described in
Section 2.08(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 2.08(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 2.08(b). 

(c) If any Lender determines that after the Original Execution 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)

  
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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 Original Execution 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 Original Execution 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 2.08(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 2.08(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 2.10(b), the failure to give such notice shall not relieve the Borrower from its Credit
Document Obligations hereunder. 
 (d) 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 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) 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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 (f) If any Reference Bank ceases to be a Lender under this Agreement, (x) it shall
cease to be a Reference Bank and (y) the Facility Agent shall, with the approval (which shall not be unreasonably withheld) of the Borrower, nominate as soon as reasonably practicable another Lender to be a Reference Bank in place of such
Reference Bank. 
 2.09 Indemnification; Breakage Costs. The Borrower agrees to 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 (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 2.08(a)); (ii) if any prepayment or repayment (including any prepayment or repayment made pursuant to Section 2.08(a),
Section 4.01 or Section 4.02 (in each case other than on the expiry of an 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 2.11, 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.

 2.10 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 2.08(a), Section 2.08(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 2.10 shall affect or postpone any of the obligations of the Borrower or the rights of any Lender provided in Section 2.08 and Section 4.04. 

(b) Notwithstanding anything to the contrary contained in Sections 2.08, 2.09 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 2.08, 2.09, 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 2.08, 2.09 or 4.04, as the case may be. This Section 2.10(b) shall have no applicability to any Section of this Agreement other than said Sections 2.08, 2.09 and 4.04. 

  
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 2.11 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 2.08(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 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 2.11, 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 2.11,
the Borrower shall also replace each other Lender that qualifies for replacement under such clause (x), (y) or (z). 
 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 2.08, 2.09, 4.04, 14.01 and 14.05), which shall survive as to such Replaced Lender. 

  
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 2.12 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 Joint
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 2.12; and 

(vi) the Facility Agent shall notify the other Agents, the Joint Lead Arrangers and the Lenders of all changes agreed
pursuant to clause (iv) above as soon as practicable. 
 SECTION 3. Commitment Commission; Fees; Reductions of
Commitment. 
 3.01 Commitment Commission. (a) 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 Original Execution Date to and including the Commitment Termination Date (or such earlier date as the Total Commitment shall
have been terminated) computed at a rate (i) for each day before the Effective Date equal to 0.60% and for each day on or after the Effective Date equal to 0.30%, in each case, multiplied by the Commitment for such day of such Non-Defaulting
Lender divided by 360. Accrued Commitment Commission shall be due and payable quarterly in arrears on each Payment Date and on the Borrowing Date corresponding to the second Delivery Date to occur (or such earlier date upon which the Total
Commitment is terminated). 
 (b) The Borrower shall pay to each Agent, for such Agent’s own account or for the account of
the Lenders, such other fees as have been agreed to in writing by the Borrower and such Agent. 

  
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 3.02 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, 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 (x) any partial reduction to the Total Commitment pursuant to this
Section 3.02 shall only be effective if there is an equal reduction of the “Total Commitment” under and as defined in the Other Term Loan Facility and (y) each such reduction shall apply proportionately to permanently reduce the
Commitment of each Lender. 
 3.03 Mandatory Reduction of Commitments. (a) In addition to any other mandatory
commitment reductions pursuant to this Section 3.03 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 3.03 or any other Section of this Agreement,
the Total Commitment (and the Commitments of each Lender) shall be reduced: 
 (i) (immediately after the
relevant Loans are made) on each Borrowing Date by the amount of Total Commitment utilized to make the Loans made on such Borrowing Date; and 
 (ii) on each borrowing date under the Other Term Loan Facility (immediately after the relevant loans are made on such borrowing date under the Other Term Loan Facility) by the amount of Total Commitment
utilized to make the loans under the Other Term Loan Facility on such borrowing date. 
 (c) In addition to any other mandatory
commitment reductions pursuant to this Section 3.03 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 3.03 and Section 4.02 shall be applied proportionately to
reduce the Commitment of each Lender. 
 (e) In addition to any other mandatory commitment reductions pursuant to this
Section 3.03 or any other Section of this Agreement, the Total Commitment shall be reduced pursuant to Section 3.03 and 3.02 of the Other Term Loan Facility. 
 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 30
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; 

  
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 (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 2.09, the Borrower shall pay the amounts required pursuant to Section 2.09; 

(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 

(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, the
outstanding Loans shall be repaid (without further action of the Borrower being required) in 6 equal semi-annual installments commencing on the first Business Day that is on or after the sixth month anniversary of (x) in the case of Tranche A
Loans, the Borrowing Date in relation to the Vessel 1 Delivery Date (which was April 25, 2013) and ending on the Tranche A Loan Maturity Date and (y) in the case of Tranche B Loans, the Borrowing Date in relation to the Vessel 2 Delivery
Date and ending on the Tranche B Loan Maturity Date (each such repayment, a “Scheduled Repayment”). 
 (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 

  
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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
Collateral Vessel (or, in the case of an Event of Loss which is a constructive or compromised or arranged total loss of the Collateral 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 Allocable Commitment shall be automatically
terminated and no further disbursements of Loans hereunder shall be permitted (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, (x) [Intentionally
omitted] (y) if (i) the Vessel 2 Construction Contract is terminated prior to the Vessel 2 Delivery Date, (ii) Vessel 2 has not been delivered to Breakaway Two by the Yard pursuant to the Vessel 2 Construction Contract by
December 8, 2014 (iii) the Breakaway Two Facility shall have been be terminated or (iv) any of the events specified in Sections 11.05, 11.10 or 11.11 shall occur in respect of the Yard at any time prior to the Vessel 2 Delivery Date,
within five Business Days of the occurrence of such event the Borrower shall repay the outstanding Tranche B Loans in full and no further Loans shall be made in respect of installment and delivery payments in respect of Vessel 2. Notwithstanding
anything to the contrary in this Section 4.02(c), if the Borrower is not permitted to make such prepayment pursuant to the Senior Loan Agreements or the Jade Intercreditor Agreement, then the Borrower or the Parent shall post cash collateral or
other collateral reasonably acceptable to the Required Lenders in an amount equal to the then-outstanding Tranche B Loans. 

(d) With respect to each repayment of Loans required by this Section 4.02, 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 (d), make such designation in its sole reasonable discretion with a view, but no obligation, to minimize breakage costs owing pursuant to Section 2.09. 
 (e) Notwithstanding anything to the contrary contained elsewhere in this Agreement, (i) all outstanding Tranche A Loans shall be repaid in full on the Tranche A Loan Maturity Date and (ii) all
outstanding Tranche B Loans shall be repaid in full on the Tranche B Loan Maturity Date. 
 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. 

  
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 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), 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 is 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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 4.05 Application of Proceeds. (a) Subject to the provisions of the applicable
Intercreditor Agreements (to the extent such Intercreditor Agreements are operative), 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, provided that to the extent such proceeds are (a) in respect of ECF Collateral related to Vessel
1, such proceeds will be applied first to the outstanding Credit Document Obligations in respect of Tranche A Loans and second to the outstanding Credit Document Obligations in respect of Tranche B Loans, and (b) in respect of ECF Collateral
related to Vessel 2, such proceeds will be applied first to the outstanding Credit Document Obligations in respect of Tranche B Loans and second to the outstanding Credit Document Obligations in respect of Tranche A Loans; 

(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, provided that to the extent such monies are (a) in respect of ECF Collateral related to Vessel 1, such proceeds
will be applied first to the outstanding Other Obligations in respect of Tranche A Loans and second to the outstanding Other Obligations in respect of Tranche B Loans, and (b) in respect of ECF Collateral related to Vessel 2, such proceeds will
be applied first to the outstanding Other Obligations in respect of Tranche B Loans and second to the outstanding Other Obligations in respect of Tranche A Loans; and 

(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. 

  
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 (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. 

SECTION 5. Conditions Precedent to the Initial Borrowing Dates. [Note: the conditions precedent to the Initial Borrowing
Dates have been fulfilled.] 

  
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 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 each Construction Contract, the Refund Guarantees (to the extent issued on or prior to such
Borrowing Date), each New Vessel, the Collateral Vessel and the other transactions contemplated hereby (except to the extent specifically addressed in other sections of 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.
(a) On (i) the Tranche A Initial Borrowing Date, the Refund Guarantee for the Pre-delivery Installment in respect of Vessel 1 to be paid on the Initial Borrowing Date (under and as defined in the Breakaway One Facility) shall have been
issued and assigned to the Collateral Agent pursuant to the Vessel 1 Assignment of Contracts and (ii) on each other Tranche A Borrowing Date other than the Vessel 1 Delivery Date, any additional Refund Guarantees for Vessel 1 that have been
issued since the Tranche A Initial Borrowing Date shall have been assigned to the Collateral Agent by delivering a supplement to the relevant schedule to the Vessel 1 Assignment of Contracts to the Collateral Agent with the updated information, in
each case along with (to the extent incorporated in or required by the Vessel 1 Assignment of Contracts) an appropriate notice and consent relating thereto, and the Joint Lead Arrangers shall have received reasonably satisfactory evidence to such
effect. Each Refund Guarantee shall secure a principal amount equal to (x) the amount of the corresponding Pre-delivery Installment to be paid by Breakaway One to the Yard minus (y) the amount paid by the Yard to Breakaway One 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 Vessel 1 Construction Contract pursuant to the terms of each Refund Guarantee, and the Joint Lead Arrangers shall
have received reasonably satisfactory evidence to such effect. 
 (b) On (i) the Tranche B Initial Borrowing Date, the
Refund Guarantee for the Pre-delivery Installment in respect of Vessel 2 to be paid on the Initial Borrowing Date (under and as defined in the Breakaway Two Facility) shall have been issued and assigned to the Collateral Agent pursuant to the Vessel
2 Assignment of Contracts and (ii) on each other Tranche B Borrowing Date other than the Vessel 2 Delivery Date, any additional Refund Guarantees for Vessel 2 that have been issued since the Tranche B Initial Borrowing Date shall have been
assigned to the Collateral Agent by delivering a supplement to the relevant schedule to the Vessel 2 Assignment of Contracts to the Collateral Agent with the updated information, in each case along with (to the extent incorporated in or required by
the Vessel 2 Assignment of 

  
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Contracts) an appropriate notice and consent relating thereto, and the Joint Lead Arrangers shall have received reasonably satisfactory evidence to such effect. Each Refund Guarantee shall secure
a principal amount equal to (x) the amount of the corresponding Pre-delivery Installment to be paid by Breakaway Two to the Yard minus (y) the amount paid by the Yard to Breakaway Two 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 Vessel 2 Construction Contract pursuant to the terms of each Refund Guarantee, and the Joint Lead Arrangers shall have received reasonably
satisfactory evidence to such effect. 
 6.04 ECF Payment. On each Borrowing Date (other than on an Initial Borrowing
Date) on which the proceeds of Loans are being used to fund (or reimburse) a payment under a Construction Contract, the relevant ECF Borrower shall have paid (other than from proceeds of Loans or loans under the Other Term Loan Facility) [*]% of the
amount due on such Borrowing Date under the Construction Contract, which payment may be made from proceeds of ECF Loans under the relevant ECF Facility. 
 6.05 Fees, Costs, etc. On each Borrowing Date, the Borrower shall have paid to the Agents, the Joint Lead Arrangers and the Lenders all costs, fees, expenses (including, without limitation,
reasonable fees and expenses of English counsel and local and maritime counsel and consultants) and other compensation contemplated hereby payable to the Agents, the Joint Lead Arrangers and the Lenders or payable in respect of the transactions
contemplated hereunder, to the extent then due; provided that 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. 

6.06 Construction Contract. On each Borrowing Date, the Borrower shall have certified that all conditions and requirements under
the relevant 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 relevant ECF Borrower’s payment to the Yard of the portion of the payment installment on the relevant New 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. 
 6.07 Hermes Cover. On each Borrowing Date, (x) the Facility Agent shall have received evidence from the Hermes Agent that the Hermes Cover has not changed and is acceptable to the Joint Lead
Arrangers (it being understood that each Joint Lead Arranger shall have confirmed to the Hermes Agent that the terms of the Hermes Cover (including any amendments thereto to reflect reallocations of a portion of the Total Commitment as provided for
in the definition of Total Allocable Commitment) are acceptable), and all due and owing Hermes Premium to be paid in connection therewith shall have been paid in full, provided it is understood and agreed that the Hermes Cover shall have been
granted as soon as the Hermes Agent and/or KfW IPEX-Bank GmbH 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. 

  
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 6.08 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. 
 6.09 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 J 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 each New 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. 
 6.10 Litigation. On each Borrowing Date, other than as set forth on Schedule 6.10, 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 have had, or, if adversely determined, could reasonably be expected to have, a Material Adverse Effect. 

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 this Section 6 and Section 7 applicable to such Loan have been satisfied as of that time. 
 SECTION 7. Conditions Precedent to each Delivery Date. The obligation of each Lender to make Loans on a Delivery Date is subject at the time of making such Loans to the satisfaction of the
following conditions: 
 7.01 Delivery of Vessel. On each Delivery Date, the relevant New Vessel shall have been
delivered in accordance with the terms of the relevant Construction Contract, other than those changes that would not be materially adverse to the interests of the Lenders. 
 7.02 Evidence of 90% Payment. On the Delivery Date, the relevant ECF Borrower shall have provided funding for an amount in the aggregate equal to the sum of at least (x) 90% of the Initial
Construction Price for the relevant New Vessel out of which up to 80% of the Initial Construction Price may be funded by ECF Loans under the relevant ECF Facility, (y) [*]% of the Permitted Change Orders, out of which up to [*]% of such
Permitted Change Orders may be funded by ECF Loans under the relevant ECF Facility and (z) [*]% of the difference between the Final Construction Price and the Adjusted Construction Price for the relevant New Vessel (in each case, other than
from proceeds of Loans or loans under the Other Term Loan Facility, but with respect to clauses (x) and (y) only, giving effect to proceeds from ECF Loans under the relevant ECF Facility) and the Facility Agent shall have received a
certificate from an officer of the relevant ECF Borrower to such effect. 

  
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 7.03 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. 

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 and
(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. 

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 (it being understood that the Export Credit Facilities and the Other Term Loan Facility
shall create senior and pari passu Liens, respectively, on certain Collateral). 

  
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 8.04 Governmental Approvals. Except for (x) the filing of those Security
Documents which require registration in the Companies Registries in England and Wales, the Federal Republic of Germany, the Bahamas, any state of the United States of America and/or with the Registrar of Companies in Bermuda, which filing must be
completed within 21 days of the execution and delivery of the relevant Security Document(s) in the case of England and Wales, and (y) 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 Collateral 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 (I) the Construction Risk Insurances and the Refund Guarantees (in each case to the extent that such Collateral has not yet been delivered) and (II) 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, 2012, 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) [intentionally omitted] 
 (b) Since December 31, 2012, 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. 
 8.08 Use of Proceeds. (a) All proceeds of the Tranche A Loans may be used only to finance (i) up
to 10% of the Initial Construction Price of Vessel 1 and (ii) up to [*]% of the Hermes Premium, and (b) all proceeds of the Tranche B Loans may be used to finance (i) up to 10% of the Initial Construction Price of Vessel 2 and
(ii) up to [*]% of the related Hermes Premium. 

  
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 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 Vessel Mortgage creates (and in respect of any Vessel Mortgage delivered pursuant to the definition of Flag Jurisdiction Transfer will, after execution and registration thereof, create), as
security for the obligations purported to be secured thereby, a valid and enforceable perfected security interest in and mortgage lien on the Collateral 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 Collateral Vessel may be subject to the Permitted Liens related
thereto, including the Permitted Liens held by the creditors under the Senior Loan Agreements) and subject to no other Liens (other than Permitted Liens related thereto, including the Permitted Liens held pursuant to the Senior Loan Agreements).

 (c) 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 

  
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enforceable fully perfected 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 5.07, 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 later of the Tranche A Loan Maturity Date and the Tranche B Loan Maturity
Date. 
 8.13 Subsidiaries. On and as of the Effective 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) or (d) 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. 
 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 

  
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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, 
 which is, or are, in each case, material; and 

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) 

8.19 Concerning the Collateral Vessel. (a) The name, registered owner, official number, and jurisdiction of registration and
flag of the Collateral Vessel is 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 the Borrower shall take all steps requested by the Collateral Agent to preserve and
protect the Liens created by the Security Documents on the Collateral Vessel) and (b) the Collateral Vessel is and will be operated in material compliance with all applicable law, rules and regulations. 

  
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 8.20 Citizenship. None of the Credit Parties has an establishment in the United
Kingdom within the meaning of the Overseas Companies Regulation 2009 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 5.07, 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 Collateral Vessel at any time is, or will be, qualified to own and operate the Collateral Vessel under the laws of the Bahamas or such other jurisdiction in which the
Collateral Vessel is permitted, or will be permitted, to be flagged in accordance with the terms of Section 9.13. 
 8.21
Collateral Vessel Classification. The Collateral Vessel is 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 Collateral 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. 
 8.24 Form of Documentation. Each of the
Credit Documents is in proper legal form (under the laws of England, the Bahamas, the United States (including Delaware), Bermuda and each other jurisdiction where the Collateral 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, the United States (including Delaware) 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, the United States (including Delaware) and/or Bermuda, except as have been made, or will be made, in accordance with Sections
5, 6, 7 and 8, as applicable. 

  
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 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 (including Delaware), 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 each Management Agreement, Construction Contract,
each Refund Guarantee and, to the extent applicable, 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. 
 SECTION 9. Affirmative
Covenants. The Parent and the Borrower hereby covenant and agree that on and after the first Initial Borrowing Date and until the Total Commitment has 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 

  
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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) 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. 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 Collateral Vessel), stating the then current fair market value of the Collateral Vessel. The appraisal obtained pursuant to the above provisions shall be treated
as the fair market value of the Collateral 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 Collateral 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 Collateral 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), 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 L 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; 
 (i) Status of Foreign Exchange Arrangements.
Promptly upon reasonable request from any Joint Lead Arranger through the Facility Agent, an update on the status of the Parent and the Borrower’s foreign exchange arrangements with respect to the New Vessels, the Other Term Loan Facility, the
Export Credit Facilities and this Agreement; and 
 (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. 

  
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 In the event that (x) any parent of Parent is not engaged in any business or activity,
and does not own any assets or have other liabilities, other than those incidental to its ownership directly or indirectly of the capital stock of Parent and the incurrence of Indebtedness for Borrowed Money (and, without limitation on the
foregoing, does not have any subsidiaries other than Parent and Parent’s Subsidiaries and any direct or indirect parent companies of Parent that are not engaged in any other business or activity and do not hold any other assets or have any
liabilities except as indicated above) or (y) to the extent that the applicable rules and regulations of the US Securities and Exchange Commission permit Parent to report at a parent of Parent’s level on a consolidated basis then, such
consolidated reporting at such parent of Parent’s level in a manner consistent with that described in paragraphs (a) and (b) of this Section 9.01 for Parent (together with a reconciliation showing the adjustments necessary to
determine compliance by Parent and its Subsidiaries with the covenants set forth in Sections 10.06, 10.07, and 10.09 and consolidating information that explains in reasonable detail the differences between the information relating to such direct or
indirect parent and its Subsidiaries, on the one hand, and the information relating to Parent and its Subsidiaries, on the other hand) will satisfy the requirements of such paragraphs. 

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 Joint 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 Joint 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) 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
Collateral Vessel at all times. 
 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 

  
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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. 
 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 

  
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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) If at any time an ECF Borrower shall enter into a Supervision Agreement pursuant to the relevant Construction Contract, such ECF Borrower shall, substantially simultaneously therewith, duly authorize,
execute and deliver a valid and effective second-priority (junior only to the Liens of the secured party under the relevant Export Credit Facility and pari passu only to the Liens of the secured party under the Other Term Loan Facility) legal
assignment in favor of the Collateral Agent of all of such ECF 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 for so long as such ECF Borrower is a Credit Party,
the Parent shall procure that the ECF Borrowers 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 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 an Initial Borrowing Date, the Borrower will procure the filing or registration within applicable
time limits of each applicable Security Document which requires filing or registration together with all ancillary documents required to preserve the priority and enforceability of the Security Documents. 

9.13 Flag of Collateral Vessel. (a) The Borrower shall cause the Collateral 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 relevant Credit Party may transfer the Collateral Vessel to an Acceptable Flag
Jurisdiction pursuant to the requirements set forth in the definition of “Flag Jurisdiction Transfer”. 

  
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 (b) Except as permitted by Section 10.02, the Borrower will own the Collateral Vessel
and will procure that the Collateral Vessel is traded within the NCLC Fleet until the later of the Tranche A Loan Maturity Date and the Tranche B Loan Maturity Date. 
 (c) The Borrower will at all times engage the Manager (or a replacement manager reasonably acceptable to the Facility Agent) to provide the commercial and technical management and crewing of the
Collateral 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. 
 SECTION 10. Negative Covenants. The Parent and the Borrower hereby covenant and agree that on and after the first 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, and 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; 
 (vii) Liens on the ECF Collateral securing the
obligations under the Export Credit Facilities and the Other Term Loan Facility and any interest rate protection agreement or other hedging agreement in connection therewith, provided that such Liens are subject to the provisions of the ECF
Intecreditor Agreements; 
 (viii) Liens on the Jade Collateral securing the obligations under the Senior Loan
Agreements and any interest rate protection agreement or other hedging agreement in connection therewith, provided that such Liens are subject to the provisions of the Jade Intercreditor Agreement; and 

(ix) 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 Collateral 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 (ix) 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). 

  
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 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; 
 (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 Collateral 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 Collateral 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
Collateral 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; 

  
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 (v) the Credit Parties may sell, lease or otherwise dispose of the
Collateral Vessel or sell 100% of the Capital Stock of the Borrower, provided that such sale is made at fair market value, the Total Allocable Commitment is permanently reduced to $0, and the Loans are repaid in full; and 

(vi) Permitted Chartering Arrangements. 
 10.03 Dividends. The Parent will not, and will not permit any of its Subsidiaries to, authorize, declare or pay any Dividends with respect to the Parent or any of its Subsidiaries, except that:

 (i) Subsidiaries of the Parent may pay Dividends to another member of the NCLC Group; provided that the
Borrower shall procure that any Dividends or other distributions and interest paid or payable in connection with such Dividends or other distributions to NCL International, Ltd., NCL America Holdings, LLC or Arrasas Limited shall be received
promptly by the Parent directly or indirectly by way of Dividend; 
 (ii) the Parent 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 NCLC Group or holder of the Parent’s Capital Stock with respect to income taxable
as a result of any member of the NCLC 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 NCLC Group; and 

(iii) the Parent may pay Dividends in an amount not to exceed 50% of Consolidated Net Income of the Parent and its
Subsidiaries for the period (taken as one period) commencing on January 1, 2010 and ending on the date prior to such Dividend for which financial statements are available so long as (x) no Default or Event or Default exists or would result
from such Dividend and (y) at the time of such Dividend and after giving effect thereto the ratio of Total Net Funded Debt to Consolidated EBITDA for the four consecutive fiscal quarters last ended for which financial statements have been
provided to the Facility Agent pursuant to Section 9.01 is less than 5.50:1.00. 
 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. 

  
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 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. 
 (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) payments by the Parent or any Subsidiary of
the Parent to a Permitted Holder made for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions or divestitures,
which payments are approved by a majority of the board of directors of the Parent in good faith; 
 (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, plus (C) so long as no Event of Default has occurred and is continuing, in the event of an
initial public offering, the present value of all future 

  
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amounts payable pursuant to any agreement referred to in clause (A)(1) above in connection with the termination of such agreement with a Permitted Holder; provided that if any such payment
pursuant to clause (C) is not permitted to be paid as a result of an Event of Default, such payment shall accrue and may be payable when no Event of Default is continuing to the extent that no further Event of Default would result therefrom;

 (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; 
 (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; 

  
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 (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 the Parent and its Subsidiaries and
not for the purpose of circumventing any provision set forth in this Agreement. 
 10.06 Free Liquidity. The Parent will
not permit the Free Liquidity to be less than $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 Collateral Vessel (such value, the “Vessel Value”) to be less than 125% of the sum of
(x) the aggregate outstanding principal amount of Loans at such time and (y) the aggregate outstanding principal amount of loans under the Existing Jade Facility 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 Joint 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 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. 

  
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 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. 
 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) the 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 Indebtedness and (II)
amendment to the memorandum of agreement referred to in the definition of Sky Vessel Indebtedness 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). 
 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 (x) in the ordinary course of its business as owner of the Collateral Vessel and (y) in respect of the
Senior Loan Agreements; 
 (ii) incur any Indebtedness other than (x) under the Credit Documents and the
Senior Loan Agreements, and (y) in the ordinary course of its business as owner of the Collateral Vessel; and 

  
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 (iii) engage in any business or own any significant assets or have any
material liabilities other than (i) its ownership of the Collateral Vessel and (ii) those liabilities which it is responsible for under this Agreement and the other Credit Documents to which it is a party and the Senior Loan Agreements 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. 
 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 either Construction Contract that would amend, modify or change (i) the purpose of the
relevant New Vessel or (ii) the Initial Construction Price under such Construction Contract 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; 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; and 
 (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; 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 
 (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

  
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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 Collateral Vessel or the agreed or compromised total loss of the Collateral 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 
 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 

  
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 (b) 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 2.10(a) (it being understood that the costs of mitigation shall be determined in
accordance with Section 2.10(a)); or 

  
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 11.13 Insurances. Borrower shall have failed to insure the Collateral Vessel in the
manner specified in this Agreement or failed to renew the Required Insurance at least 10 Business Days prior to the date of expiry thereof and, if requested by the Facility Agent, produce prompt confirmation of such renewal to the Facility Agent; 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 Commitment 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; (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. 

  
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 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) 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) 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 in accordance with the terms contained in each Intercreditor Agreement, as applicable. 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 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 

  
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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. 
 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, 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. 
 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 

  
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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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 12.09 The Joint Lead Arrangers. Notwithstanding any other provision of this Agreement
or any provision of any other Credit Document, each of HSBC Bank plc and KfW IPEX-Bank GmbH, is hereby appointed as a Joint Lead Arranger by the Lenders to act as specified herein and in the other Credit Documents. Each of the Joint 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 Joint 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 Joint 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. 

(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. 

  
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 (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. 
 (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. 

  
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 13.01 Assignments and Transfers by the Lenders. (a) Subject to
Section 13.06 and 13.07, 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), to (x) 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 or (y) 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, 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 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), 
 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 and (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 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 

  
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payment to the New Lender or Lender acting through its new Facility Office under Sections 2.08, 2.09 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. 

(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. 
 (d) Each assignment and/or transfer shall be made by such Existing Lender on a pro rata basis with respect to such Existing Lender’s Commitments under this Agreement and the Other Term
Loan Facility, and no assignment and/or transfer of an Existing Lender’s rights and obligations hereunder may be made unless such Existing Lender, simultaneously with such assignment and/or transfer, assigns all of its parallel rights and
obligations under the Other Term Loan Facility. 
 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 or (ii) as set forth in Section 13.03, 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. Nothing in this Agreement shall prevent
or prohibit any Lender from assigning its rights or transferring its rights and obligations hereunder to Hermes 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. 

  
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 (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.

 (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; 

  
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 (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 2.08, 2.09, 4.04, 14.01 and 14.05) shall survive as to such Existing Lender; 

(iv) the New Lender shall become a party to this Agreement as a “Lender”; and 

(v) the New Lender shall enter into the documentation required for it to accede as a party to the ECF Intercreditor
Agreements. 
 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 2.08, 2.09, 4.04, 14.01 and 14.05) shall survive as to such Existing Lender; 
 (iii) the New Lender
shall become a Party as a “Lender” and will be bound by obligations equivalent to the Relevant Obligations; and 
 (iv) the New Lender enters into the documentation required for it to accede as a party to any ECF Intercreditor Agreement. 

  
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 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; and 
 (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 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 2.11 and 13.01) and the participant shall not constitute a “Lender” hereunder; and

 (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

  
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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 Commitment 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. 
 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 2.11 or Section 13.01 would, at the time of such assignment, result in increased costs under Section 2.08, 2.09 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). 
 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 English counsel, Bahamian counsel, Bermudian counsel,
Delaware counsel, other counsel to the Facility Agent and the Joint Lead Arrangers and local counsel) in connection with 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; (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 

  
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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 Collateral 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 Collateral Vessel or property with
foreign, federal, state and local laws, regulations, and ordinances (including applicable permits thereunder) applicable to the Collateral Vessel or property, or any Environmental Claim asserted against the Borrower or the Collateral 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. 

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 

  
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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 Borrower and the Parent (x) agree that they 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 Borrower or the Parent 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, 2012 (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. 

(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. 

  
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 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. 
 14.09 Effectiveness. This Agreement
shall take effect as a deed in this form on 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

  
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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 Applicable Margin) 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 and/or each Joint Lead Arranger,
as applicable, amend, modify or waive any provision relating to the rights or obligations of such Agent and/or such Joint Lead Arranger, as applicable. 
 (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 2.11 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). 

  
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 14.12 Survival. All indemnities set forth herein including, without limitation, in
Sections 2.08, 2.09, 2.10, 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 2.08,
2.09, 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 may disclose any information to Hermes, 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 and (g) 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(g), 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 

  
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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. 
 14.16 Third Party
Rights. Other than the Other Creditors with respect to Section 4.05 and Hermes with respect to Section 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. 

  
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 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 (including Delaware), 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 (including Delaware), Bermuda, the Bahamas, Germany
or elsewhere. 
 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 Section 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 

  
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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 Collateral 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 Collateral 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 Collateral Vessel from its
previous flag jurisdiction and (ii) release and hereby direct the Collateral Agent to release the Collateral 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). 

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. 
 15.01 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

  
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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. 

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. 

  
 -96-

 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. 
 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; 

  
 -97-

 (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. 
 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. 

*    *    * 

  
 -98-

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute
and deliver this Agreement as a deed on the date first above written. 
 [Note: execution blocks intentionally omitted]

 SCHEDULE 1.01(a) 

COMMITMENTS 
  

													
	 Lender
	  	Commitments	 	 	Outstanding Loans	 	 	Percentage	 
				
	 DNB Bank ASA
	  	€	[*	] 	 	$	[*	] 	 	 	[*	]% 
	 HSBC Bank plc
	  	€	[*	] 	 	$	[*	] 	 	 	[*	]% 
	 KfW IPEX-Bank GmbH
	  	€	[*	] 	 	$	[*	] 	 	 	[*	]% 
	 Nordea Bank Finland Plc, New York Branch
	  	€	[*	] 	 	$	[*	] 	 	 	[*	]% 
				
	 Total
	  	€	21,881,599.93	  	 	$	55,025,896.80	  	 	 	100	% 
		  				 				 	  
	  
	 

 SCHEDULE 1.01(b) 

EXISTING JADE SCHEDULED REPAYMENTS 
  

					
	 Date
	  	Jade
Availability	 
		
	 April 19, 2011
	  	$	18,599,000	  
	 October 19, 2011
	  	$	18,599,000	  
	 April 19, 2012
	  	$	18,599,000	  
	 October 19, 2012
	  	$	18,599,000	  
	 April 19, 2013
	  	$	18,599,000	  
	 October 21, 2013
	  	$	18,599,000	  
	 April 19, 2014
	  	$	18,599,000	  

 SCHEDULE 1.01(c) 

MANDATORY COSTS 
  

	1.	The Mandatory Cost is an addition to the interest rate to compensate Lenders for the cost of compliance with (a) the requirements of the Bank of England and/or the
Financial Conduct Authority and/or the Prudential Regulation Authority (or, in any case, any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank. 

 

	2.	On the first day of each Interest Period (or as soon as possible thereafter) the Facility Agent shall calculate, as a percentage rate, a rate (the “Additional
Cost Rate”) for each Lender, in accordance with the paragraphs set out below. The Mandatory Cost will be calculated by the Facility Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to the
percentage participation of each Lender in the relevant Loan) and will be expressed as a percentage rate per annum. 

  

	3.	The Additional Cost Rate for any Lender lending from a Facility Office in a Participating Member State will be the percentage notified by that Lender to the Facility
Agent. This percentage will be certified by that Lender in its notice to the Facility Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender’s participation in all Loans made from that Facility Office) of
complying with the minimum reserve requirements of the European Central Bank in respect of loans made from that Facility Office. 

  

	4.	The Additional Cost Rate for any Lender lending from a Facility Office in the United Kingdom will be calculated by the Facility Agent as follows:

 in relation to a sterling Loan: 
 [*] per cent. per annum 
 in relation to a Loan in any currency other than sterling: 

[*] per cent. per annum. 

Where: 
  

	 	A	is the percentage of Eligible Liabilities (assuming these to be in excess of any stated minimum) which that Lender is from time to time required to maintain as an
interest free cash ratio deposit with the Bank of England to comply with cash ratio requirements. 

  

	 	B	is the percentage rate of interest (excluding the Applicable Margin and the Mandatory Cost and, if the Loan is an Unpaid Sum, the additional rate of interest specified
in paragraph (b) of Section 2.06 payable for the relevant Interest Period on the Loan. 

 SCHEDULE 1.01(c) 
  

	 	C	is the percentage (if any) of Eligible Liabilities which that Lender is required from time to time to maintain as interest bearing Special Deposits with the Bank of
England. 

  

	 	D	is the percentage rate per annum payable by the Bank of England to the Facility Agent on interest bearing Special Deposits. 

 

	 	E	is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Facility Agent as being the average of the most recent rates of
charge supplied by the Reference Banks to the Facility Agent pursuant to paragraph 7 below and expressed in pounds per £1,000,000. 

  

	5.	For the purposes of this Schedule: 

 “Eligible Liabilities” and “Special Deposits” have the meanings given to them from time to time under or pursuant to the Bank of England Act 1998 or (as may be
appropriate) by the Bank of England; 
 “Fees Rules” means the rules on periodic fees
contained in the Financial Conduct Authority and/or the Prudential Regulation Authority Fees Manuals or such other law or regulation as may be in force from time to time in respect of the payment of fees for the acceptance of deposits; 

“Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors
(ignoring any minimum fee or zero rated fee required pursuant to the Fees Rules but taking into account any applicable discount rate); 
 “Participating Member State” means any member state of the European Communities that adopts or has adopted the euro as its lawful currency in accordance with legislation of
the European Community relating to Economic and Monetary Union. 
 “Tariff Base” has the meaning given to it
in, and will be calculated in accordance with, the Fees Rules; and 
 “Unpaid Sum” means any sum due and
payable but unpaid by any Credit Party under the Credit Documents. 
  

	6.	In application of the above formulae, A, B, C and D will be included in the formulae as percentages (i.e. 5 per cent. will be included in the formula as 5 and not
as 0.05). A negative result obtained by subtracting D from B shall be taken as zero. The resulting figures shall be rounded to four decimal places. 

  

	7.	 If requested by the Facility Agent, each Reference Bank shall, as soon as practicable after publication by the Financial Conduct Authority and/or the
Prudential Regulation Authority, supply to the Facility Agent, the rate of charge payable by that Reference Bank 

 SCHEDULE 1.01(c) 
  

	 	
to the Financial Conduct Authority and/or the Prudential Regulation Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Conduct Authority and/or the
Prudential Regulation Authority (calculated for this purpose by that Reference Bank as being the average of the Fee Tariffs applicable to that Reference Bank for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of
that Reference Bank. 

  

	8.	Each Lender shall supply any information required by the Facility Agent for the purpose of calculating its Additional Cost Rate. In particular, but without limitation,
each Lender shall supply the following information on or prior to the date on which it becomes a Lender: 

  

	 	a)	the jurisdiction of its Facility Office; and 

  

	 	b)	any other information that the Facility Agent may reasonably require for such purpose. 

Each Lender shall promptly notify the Facility Agent of any change to the information provided by it pursuant to this paragraph.

  

	9.	The percentages of each Lender for the purpose of A and C above and the rates of charge of each Reference Bank for the purpose of E above shall be determined by the
Facility Agent based upon the information supplied to it pursuant to paragraphs 7 and 8 above and on the assumption that, unless a Lender notifies the Facility Agent to the contrary, each Lender’s obligations in relation to cash ratio deposits
and Special Deposits are the same as those of a typical bank from its jurisdiction of incorporation with a Facility Office in the same jurisdiction as its Facility Office. 

 

	10.	The Facility Agent shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Lender and shall
be entitled to assume that the information provided by any Lender or Reference Bank pursuant to paragraphs 3, 7 and 8 above is true and correct in all respects. 

 

	11.	The Facility Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for each
Lender based on the information provided by each Lender and each Reference Bank pursuant to paragraphs 3, 7 and 8 above. 

  

	12.	Any determination by the Facility Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a
Lender shall, in the absence of manifest error, be conclusive and binding on all parties to the Credit Agreement. 

 SCHEDULE 1.01(c) 
  

	13.	The Facility Agent may from time to time, after consultation with the Parent and the Lenders, determine and notify to all parties to the Credit Agreement any amendments
which are required to be made to this Schedule in order to comply with any change in law, regulation or any requirements from time to time imposed by the Bank of England, the Financial Conduct Authority and/or the Prudential Regulation Authority or
the European Central Bank (or, in any case, any other authority which replaces all or any of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all parties to the Credit Agreement.

 SCHEDULE 6.10 
 MATERIAL LITIGATION 
 None. 

 SCHEDULE 8.12 
 CAPITALIZATION 
  

													
	 Credit Party
	 	Owner	 	Type of Shares	 	Number
of
Shares
Owned	 	 	Percent of
Outstanding
Shares Owned	 
					
	 Pride of Hawaii, LLC
	 	NCL America Holdings, LLC	 	Membership Interest	 	 	N/A	  	 	 	100	% 
					
	 NCL America Holdings, LLC
	 	Arrasas Limited	 	Membership Interest	 	 	N/A	  	 	 	100	% 
					
	 Arrasas Limited
	 	NCL Corporation Ltd.	 	Ordinary	 	 	997,218,181	  	 	 	100	% 
					
	 Breakaway Two, Ltd.
	 	NCL International, Ltd.	 	Ordinary	 	 	12,000	  	 	 	100	% 

 SCHEDULE 8.13 
 SUBSIDIARIES 
  

							
	 Name of Subsidiary
	  	 Direct Owner(s)
	  	 Percent(%)
Ownership
	  	 Jurisdiction of
Organization

				
	 Arrasas Limited
	  	NCL Corporation Ltd.	  	100	  	Isle of Man
				
	 Breakaway One, Ltd.
	  	NCL International, Ltd.	  	100	  	Bermuda
				
	 Breakaway Two, Ltd.
	  	NCL International, Ltd.	  	100	  	Bermuda
				
	 Breakaway Three, Ltd.
	  	NCL International, Ltd.	  	100	  	Bermuda
				
	 Breakaway Four, Ltd.
	  	NCL International, Ltd.	  	100	  	Bermuda
				
	 Cruise Quality Travel Spain SL
	  	NCL (Bahamas) Ltd.	  	100	  	Spain
				
	 NCL America Holdings, LLC
	  	Arrasas Limited	  	100	  	Delaware
				
	 NCL America LLC
	  	NCL America Holdings, LLC	  	100	  	Delaware
				
	 NCL (Bahamas) Ltd.
	  	NCL International, Ltd.	  	100	  	Bermuda
				
	 NCL International, Ltd.
	  	Arrasas Limited	  	100	  	Bermuda
				
	 Norwegian Dawn Limited
	  	NCL International, Ltd.	  	100	  	Isle of Man
				
	 Norwegian Epic, Ltd.
	  	NCL International, Ltd.	  	100	  	Bermuda
				
	 Norwegian Gem, Ltd.
	  	NCL International, Ltd.	  	100	  	Bermuda
				
	 Norwegian Jewel Limited
	  	NCL International, Ltd.	  	100	  	Isle of Man
				
	 Norwegian Pearl, Ltd.
	  	NCL International, Ltd.	  	100	  	Bermuda
				
	 Norwegian Sky, Ltd.
	  	NCL International, Ltd.	  	100	  	Bermuda
				
	 Norwegian Spirit, Ltd.
	  	NCL International, Ltd.	  	100	  	Bermuda
				
	 Norwegian Star Limited
	  	NCL International, Ltd.	  	100	  	Isle of Man
				
	 Norwegian Sun Limited
	  	NCL International, Ltd.	  	100	  	Bermuda
				
	 PAT Tours, LLC
	  	NCL America Holdings, LLC	  	100	  	Delaware
				
	 Polynesian Adventure Tours, LLC
	  	NCL America Holdings, LLC	  	100	  	Hawaii
				
	 Pride of America Ship Holding, LLC
	  	NCL America Holdings, LLC	  	100	  	Delaware

 SCHEDULE 8.13 
  

							
	 Name of Subsidiary
	  	 Direct Owner(s)
	  	 Percent(%)
Ownership
	  	 Jurisdiction of
Organization

				
	 Pride of Hawaii, LLC
	  	NCL America Holdings, LLC	  	100	  	Delaware
				
	 Sixthman Ltd.
	  	NCL International, Ltd.	  	100	  	Bermuda

 SCHEDULE 8.19 
 COLLATERAL VESSEL 
  

							
	 Vessel Name
	  	 Vessel Owner
	  	 Vessel IMO Number
	  	 Registry

				
	 Norwegian Jade
	  	Pride of Hawaii, LLC	  	9304057	  	Bahamas

 SCHEDULE 8.21 
 APPROVED CLASSIFICATION SOCIETIES 
 American Bureau of Shipping 

Nippon Kaiji Kyokai 
 Germanischer Lloyd

 Lloyd’s Register of Shipping 

Bureau Veritas 
 Det Norske Veritas 

 SCHEDULE 9.03 
 REQUIRED INSURANCE 
 1. For the purpose of this Schedule 9.03, the
following terms shall have the meanings ascribed to them as follows: 
 “Compulsory Acquisition Compensation”
shall mean all moneys or other compensation whatsoever payable by reason of the compulsory acquisition of the Collateral Vessel other than by requisition for hire; 
 “Insurances” shall mean all policies and contracts of the insurance and entries of the Collateral Vessel in a protection and indemnity or war risks association which are effected in
respect of the Collateral Vessel, its freight, disbursements, profits or otherwise and all benefits, including all claims and returns of premiums thereunder and shall also include all Compulsory Acquisition Compensation; 

“Security Period” shall mean that period from the Delivery Date until the date on which all Loans shall have been fully
paid, satisfied and extinguished. 
 “Total Loss” shall mean any actual or constructive or arranged or agreed
or compromised total loss or compulsory acquisition of the Collateral Vessel (excluding any requisition for hire). 
 2. The
Borrower shall insure the Collateral Vessel, or procure that the Collateral Vessel is insured, in its name and keep the Collateral Vessel and procure that the Collateral Vessel is kept insured on an agreed value basis for an amount in Dollars
approved by the Collateral Agent, provided that: 
 (a) the insured value of the Collateral Vessel shall at all times be
equal to or greater than its fair market value, 
 (b) the insured value of the Collateral Vessel shall be equal to or greater
than [*] per cent ([*]%) of the aggregate of (i) the then applicable Total Commitment and (ii) the outstanding Loans, and 
 (c) the hull and machinery insured value for the Collateral Vessel shall at all times be equal to no less than [*]% of the total insured value of the Collateral Vessel and no more than [*]% of the total
insured value of the Collateral Vessel shall consist of hull interest and freight interest insurance 
 through internationally recognized
independent first class insurance companies, underwriters, war risks and protection and indemnity associations reasonably acceptable to the Collateral Agent in each instance on terms and conditions approved by the Collateral Agent (with such
approval not to be unreasonably withheld) including as to deductibles but at least in respect of: 
 (1) marine risks including
all risks customarily and usually covered by first-class and prudent shipowners in the London insurance markets under English marine policies, or the Norwegian Plan or Collateral Agent-approved policies containing the ordinary conditions applicable
to similar vessels; 

 SCHEDULE 9.03 
  

 (2) war risks including the Missing Vessel Clause terrorism, piracy and confiscation,
and, should Institute War and Strike Clauses, Hulls Conditions prevail, the London Blocking and Trapping Addendum and war risks (protection and indemnity) with a separate limit and in excess of the amount for war risks (hull); 

(3) 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 Collateral Vessel is assessed for the purpose of such claims exceeding the insured value; 
 (4) protection and indemnity risks with full standard coverage and up to the highest limit of liability available (for oil pollution risk the highest limit currently available is [*] Dollars (USD[*]) for
pollution risk and this to be increased if requested by the Collateral Agent and the increase is possible in accordance with the standard protection and indemnity cover for vessels of its type and is compatible with prudent insurance practice for
first class cruise shipowners or operators in waters where the Collateral Vessel trades from time to time during the Security Period; 
 (5) when and while the Collateral Vessel is laid-up, in lieu of hull insurance, normal port risks; 
 (6) such other risks as the Collateral 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 or the Collateral Agent) such person shall if so required by the Collateral Agent execute a preferred assignment and/or transfer of its interest in such insurances in favour of the Collateral Agent
in similar terms mutatis mutandis to the Assignment of Insurances, provided further that the Borrower has first obtained the consent of the First Mortgagee (as such term is defined in the Vessel Mortgage) to such an assignment. 

3. The Collateral Agent at the cost of the Borrower or the Parent shall take out, in each case, for an amount in Dollars approved by the
Collateral Agent but not being, collectively, less than [*] per cent ([*]%) of the aggregate of (i) the then applicable Total Commitment and (ii) the outstanding Loans, mortgagee interest insurance and mortgagee additional perils insurance
on such conditions as the Collateral Agent may reasonably require, the Parent and the Borrower having no interest or entitlement in respect of such policies; the Collateral Agent undertakes to use its reasonable endeavors to match the premium level
that the Borrower or the Parent would have paid if they had arranged such cover on such conditions (as demonstrated to the reasonable satisfaction of the Collateral Agent). 
 4. If the Collateral Vessel 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”), the Borrower shall comply strictly with the requirements of OPA and any similar legislation which may from time to time be enacted in any 

 SCHEDULE 9.03 
  

 
jurisdiction in which the Collateral Vessel presently trades or may or will trade at any time during the existence of the Vessel Mortgage and in particular before such trade is commenced and
during the entire period during which such trade is carried on the Borrower shall: 
 (i) pay any additional premiums required
to maintain protection and indemnity cover for oil pollution up to the limit available to it for the Collateral Vessel in the market; 
 (ii) make all such quarterly or other voyage declarations as may from time to time be required by the Collateral Vessel’s protection and indemnity association and to comply with all obligations in
order to maintain such cover, and promptly to deliver to the Collateral Agent copies of such declarations; 
 (iii) submit the
Collateral Vessel to such additional periodic, classification, structural or other surveys which may be required by the Collateral Vessel’s protection and indemnity insurers to maintain cover for such trade and promptly to deliver to the
Collateral Agent copies of reports made in respect of such surveys; 
 (iv) implement any recommendations contained in the
reports issued following the surveys referred to in sub-clause (iii) above within the time limit specified therein and provide evidence satisfactory to the Collateral Agent that the protection and indemnity insurers are satisfied that this has
been done; 
 (v) in particular strictly 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 Collateral Vessel with respect to pollution by any state or nation or political subdivision thereof, including but not limited to OPA, and
provide the Collateral Agent on demand with such information or evidence as it may reasonably require of such compliance; 

(vi) procure that the protection and indemnity insurances do not contain a clause excluding the Collateral Vessel from trading in waters
of the United States of America and the EEZ or any other provision analogous thereto and provide the Collateral Agent with evidence that this is so; and 
 (vii) strictly comply with any operational or structural regulations issued from time to time by any relevant authorities under OPA so that at all times the Collateral Vessel falls within the provisions
which limit strict liability under OPA for oil pollution. 
 5. The Borrower shall give notice forthwith of any assignment
and/or transfer of its interest in the Insurances to the relevant brokers, insurance companies, underwriters and/or associations in the form reasonably approved by the Collateral Agent. 

6. The Borrower shall execute and deliver all such documents and do all such things as may be necessary to confer upon the Collateral
Agent legal title to the Insurances in respect of the Collateral Vessel and to procure that the interest of the Collateral Agent 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 reasonably approved by the Collateral Agent and exceeding [*] Dollars (USD[*]) shall be filed with all the hull, machinery and equipment and war risks policies in respect of the Collateral Vessel and (b) that a
loss payable clause in the form reasonably approved by the Collateral Agent and exceeding [*] Dollars (USD[*]) shall be endorsed upon the protection and indemnity certificates of entry in respect of the Collateral Vessel. 

 SCHEDULE 9.03 
  

 7. At the Borrower’s expense the Borrower will cause such insurance broker and the
P & I club or association providing P & I insurance to agree to advise the Collateral Agent by telex or telecopier or electronic mail confirmed by letter of any expiration, termination, alteration or cancellation of any policy, any default
in the payment of any premium and of any other act or omission on the part of the Borrower of which it has knowledge and which might invalidate or render unenforceable, in whole or in part, any insurance on the Collateral Vessel, and to provide an
opportunity of paying any such unpaid premium or call, such right being exercisable by the Collateral Agent on a vessel by vessel and not on a fleet basis. In addition, the Borrower or the Parent shall promptly provide the Collateral Agent with any
information which the Collateral Agent reasonably requests for the purpose of obtaining or preparing any report from an independent marine insurance consultant as to the adequacy of the insurances effected or proposed to be effected in accordance
with the provisions contained herein as of the date hereof or in connection with any renewal thereof, and the Borrower or the Parent shall upon demand indemnify the Collateral Agent in respect of all reasonable fees and other expenses incurred by or
for the account of the Collateral Agent in connection with any such report; provided the Collateral Agent shall be entitled to such indemnity only for one such report during any period of twelve months. 

8. The Borrower shall procure that each of the relevant brokers and associations furnish the Collateral Agent with a letter of
undertaking in such usual form as may be reasonably required by the Collateral Agent and waives any lien for premiums or calls except in relation to premiums or calls attributable to the Collateral Vessel. 

9. The Borrower shall punctually pay all premiums, calls, contributions or other sums payable in respect of the Insurances on the
Collateral Vessel and to produce all relevant receipts when so required by the Collateral Agent; 
 10. The Borrower shall renew
each of the Insurances on the Collateral Vessel at least [*] ([*]) Business Days before the expiry thereof and give immediate notice to the Collateral Agent of such renewal and procure that the relevant brokers or associations shall promptly confirm
in writing to the Collateral Agent that such renewal is effected, it being understood by the Borrower that any failure to renew the Insurances on the Collateral Vessel at least [*] ([*]) Business Days before the expiry thereof or to give or procure
the relevant notices of such renewal shall constitute an Event of Default. 
 11. 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. 
 12. The
Borrower shall furnish to the Collateral Agent from time to time on request with full information about all Insurances maintained on the Collateral Vessel and the names of the offices, companies, underwriters, associations or clubs with which such
Insurances are placed. 
 13. The Borrower shall not agree to any variation in the terms of any of the Insurances on the
Collateral Vessel without the prior approval of the Collateral Agent (which 

 SCHEDULE 9.03 
  

 
approval shall not be unreasonably withheld) (save in circumstances where the variation is imposed by the insurers or reinsurers without requiring the Borrower’s consent, in which case the
Borrower shall notify the Collateral Agent of such variation in a timely manner) nor 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 Collateral Vessel 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. If a variation in the terms of the Insurances is imposed as aforesaid and in the absolute opinion of the Collateral Agent its interest in the
Insurances is thereby materially adversely affected and/or the proceeds of the Insurances payable to the Collateral Agent would be adversely affected, the Borrower undertakes promptly to make such changes to the Insurances, or such alternative
Insurance arrangements, provided that such alternative Insurance arrangements are available in the insurance market to the Borrower at that time, as the Collateral Agent shall reasonably require. 

14. The Borrower shall not, without the prior written consent of the Collateral Agent, settle, compromise or abandon any claim in respect
of any of the Insurances on the Collateral Vessel other than a claim of less than [*] Dollars (USD[*]) or the equivalent in any other currency and not being a claim arising out of a Total Loss. 

15. The Borrower shall promptly furnish the Collateral Agent with full information regarding any casualties or other accidents or damage
to the Collateral Vessel involving an amount in excess of [*] Dollars (USD[*]). 
 16. The Borrower shall apply or ensure the
appliance of all such sums receivable in respect of the Insurances on the Collateral Vessel for the purpose of making good the loss and fully repairing all damage in respect whereof the insurance moneys shall have been received. 

17. In the event of the Borrower defaulting in insuring and keeping insured its Collateral Vessel as hereinbefore provided then the
Collateral Agent may (but shall not be bound to) insure the Collateral Vessel or enter the Collateral Vessel in such manner and to such extent as the Collateral Agent in its discretion thinks fit and in such case all the cost of effecting and
maintaining such Insurance together with interest thereon shall be paid on demand by the Borrower to the Collateral Agent. 

 SCHEDULE 10.01 
 EXISTING LIENS 
 None. 

 SCHEDULE 14.03A 

CREDIT PARTY ADDRESSES 
 If to any Credit Party: 
 7665 Corporate Center Drive 

Miami, Florida 33126 
 United States of America

 Attn: Chief Financial Officer and General Counsel 
 With copies to: 
 Apollo Management, L.P. 

9 West
57th Street 

New York, NY 10019 
 Attn: Steve Martinez

 Tel. No.: (212) 515-3200 
 Fax
No.: (212) 515-3288 
 and 

Paul, Weiss, Rifkind, Wharton & Garrison LLP 
 1285 Avenue of the Americas 
 New York 
 NY 10019-6064 
 Tel No: (212) 373-3074 

Fax No: (212) 492-0074 
 Attn: Brad
Finkelstein 

 SCHEDULE 14.03B 

LENDER ADDRESSES 
  

					
	INSTITUTIONS	  	ADDRESSES
		
	DNB BANK ASA	  	 Dronning Eufemias gate 30
 N-0191 Oslo, Norway
 Attn: Ursula Tønjum / Marie Therese Zwilgmeyer

Telephone: +47 957 80 626 / +47 922 86 431
 Telefax: +47 22 48 28 94

		  	Email:	 	 ursula.mack.tonjum@dnb.no

marie.therese.zwilgmeyer@dnb.no

		
	HSBC BANK PLC	  	 Project and Export Finance
 8 Canada Square
 London E14 5HQ
 Telephone: +44 207 991 6263
 Fax: +44 207 992 4428

		  	 Attn:
 email:
	 	 Mr Colin J Cuffie/Ms Isabel Olembo
 colin.j.cuffie@hsbcib.com/
 isabel.olembo@hsbc.com

		
	KFW IPEX-BANK GMBH	  	 Palmengartenstrasse 5-9
 60325 Frankfurt am Main
 Germany
 Telephone: +49 69 7431 2625 / 4970
 Fax: +49 69 7431 3768 / 2944

		  	 Attn:
	 	 Ms Claudia Wenzel /
 Ms Martina
Heckroth

		  	 email:
	 	 claudia.wenzel@kfw.de /

martina.heckroth@kfw.de

		
	 NORDEA BANK FINLAND PLC,

New York Branch
	  	 437 Madison Ave. 21st floor
 New
York, NY 10022
 Attn: Martin Lunder

Tel No. +1 212 381 9630 / 9344
 Fax No. +1 212
421 4420

		  	 Attn:
 Email:
	 	 Martin Lunder / Lynn Sauro

martin.lunder@nordea.com /

lynn.sauro@nordea.com

 Schedule 4 
 Form of Amendment to Co-ordination Deed 

  
 14 

 Private & Confidential 
 Dated                June 2013 
  

					
		 	PRIDE OF HAWAII, LLC	 	
		 	(as owner)	 	(1)
		 	  
 and

 
	 	
		 	HSBC BANK PLC	 	
		 	(as first mortgagee)	 	(2)
		 	  
 and

 
	 	
		 	KFW IPEX-BANK GMBH	 	
		 	(as second mortgagee)	 	(3)

  
  

DEED OF AMENDMENT TO FOURTH 
 CO-ORDINATION DEED 
 “NORWEGIAN JADE” 

 
  

 
 

 

 THIS DEED is dated      June 2013 and made between: 

 

	(1)	PRIDE OF HAWAII, LLC, a Delaware limited liability company with its registered office at Corporate Trust Center, 1209 Orange Street, Wilmington, Delaware 19801,
United States of America (the Owner); 

  

	(2)	HSBC BANK PLC of 8 Canada Square, London E14 5HQ as first mortgagee (the First Mortgagee); and 

 

	(3)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as second mortgagee (the Second Mortgagee). 

WHEREAS: 
  

	(A)	the parties to this Deed have entered into a fourth deed of co-ordination together with DNB Bank ASA (as second and third mortgagee) (DNB) dated 2 December
2010 (as amended, the Original Co-ordination Deed) in respect of the vessel m.v. “NORWEGIAN JADE” (the Vessel); 

  

	(B)	the second and third mortgages over the Vessel have been released and DNB has confirmed (in a deed of release dated on or about the date of this Deed) that it no longer
has any rights or interest under the Original Co-ordination Deed; and 

  

	(C)	this Deed sets out certain agreed changes to the terms of the Original Co-ordination Deed in connection with (1) such release and (2) the amendment and
restatement of the Senior Loan Agreement described in Schedule 1 to the Co-ordination Deed as well as the Junior Loan Agreement described in Schedule 2 to the Co-ordination Deed. 

NOW IT IS AGREED AS FOLLOWS: 
  

	1	Words and expressions defined in the Co-ordination Deed shall unless the context otherwise requires or unless otherwise defined herein, have the same meanings when used
in this Deed. In addition, Co-ordination Deed means the Original Co-ordination Deed as amended and restated by this Deed. 

  

	2	The Original Co-ordination Deed shall, with effect on and from the Fifth Restatement Date (as defined in the eleventh supplemental deed to (among other things) the
Senior Loan Agreement dated on or about the date of this Deed), be (and it is hereby) amended so as to read in accordance with the form of the amended and restated Co-ordination Deed set out in Schedule 1 and (as so amended) will continue to be
binding upon the parties to it in accordance with its terms as so amended and restated. 

  

	3	Save as amended by this Deed, the Co-ordination Deed will continue in full force and effect and such document and this Deed shall be read and construed as one
instrument. 

  

	4	The Owner agrees to procure that the revised form of insurance loss payable clause set out in Schedule 2 is endorsed on the insurances in respect of the Vessel.

  

	5	No term of this Deed is enforceable under the Contracts (Rights of Third Parties) Act 1999 by anyone other than a party to this Deed. 

 

	6	This Deed may be executed in counterparts. 

  

	7	This Deed and any non-contractual obligations connected with it are governed by English law. The provisions of clause 18 (Law and jurisdiction) of the
Co-ordination Deed shall apply to this Deed as if set out in it with all necessary changes. 

 This Deed has been executed as a
deed, and it has been delivered on the date stated at the beginning of this Deed. 

  
 1 

 Schedule 1 

Form of Amended and Restated Deed of Co-ordination 

  
 2 

 Schedule 1 
 Form of Amended and Restated Deed of Co-ordination 
 DATED 2 DECEMBER
2010 
 (as amended and restated pursuant 

to a deed of amendment 
 dated      June , 2013) 
 PRIDE OF HAWAII, LLC

 (as owner) 
 -and- 
 HSBC BANK PLC 

(as first mortgagee) 
 -and- 
 KFW IPEX-BANK GMBH 

(as second mortgagee) 
  

 
 DEED OF
CO-ORDINATION 
 m.v. “NORWEGIAN JADE” 

 
  

 CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 1
	 	 Definitions and Interpretation
	  	 	1	  
			
	 2
	 	 Consent of First Mortgagee
	  	 	3	  
			
	 3
	 	 Subordination
	  	 	4	  
			
	 4
	 	 Priority
	  	 	5	  
			
	 5
	 	 Covenants of the Second Mortgagee
	  	 	5	  
			
	 6
	 	 Notice to Third Parties
	  	 	6	  
			
	 7
	 	 Sale of Vessel
	  	 	7	  
			
	 8
	 	 Insurance Proceeds
	  	 	8	  
			
	 9
	 	 Payment of Junior Indebtedness
	  	 	8	  
			
	 10
	 	 First Mortgagee’s Rights
	  	 	8	  
			
	 11
	 	 Assignment
	  	 	9	  
			
	 12
	 	 Consents and Approvals
	  	 	9	  
			
	 13
	 	 Partial Invalidity
	  	 	9	  
			
	 14
	 	 Further Assurance
	  	 	9	  
			
	 15
	 	 Miscellaneous
	  	 	9	  
			
	 16
	 	 Notices
	  	 	10	  
			
	 17
	 	 Counterparts
	  	 	10	  
			
	 18
	 	 Law and Jurisdiction
	  	 	10	  
		
	 SCHEDULE 1
	  	 	12	  
		
	 SCHEDULE 2
	  	 	15	  

 DEED OF CO-ORDINATION 
 Dated: 2 December 2010 (as amended and restated pursuant to a deed of amendment) dated      June, 2013) 
 BETWEEN: 
  

	(1)	PRIDE OF HAWAII, LLC, a Delaware limited liability company with its registered office at Corporate Trust Center, 1209 Orange Street, Wilmington, Delaware 19801,
United States of America (the “Owner”); 

  

	(2)	HSBC BANK PLC of 8 Canada Square, London, E14 5HQ as trustee for the parties set out in Schedule 1 (the “First Mortgagee”); and

  

	(3)	KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as trustee for itself and the parties set out in Schedule 2 (the
“Second Mortgagee”). 

 WHEREAS: 

 

	(A)	 The Owner is the absolute owner of all the sixty four sixty fourth (64/64th) shares of and in the motor vessel “NORWEGIAN JADE” (the “Vessel”) registered in the
name of the Owner under the Bahamian flag at the port of Nassau with Official Number 9000236. 

  

	(B)	On 10 February 2008 the Owner executed a first priority Bahamian statutory mortgage over all the shares in the Vessel (the “First Mortgage”) which
is now in favour of the First Mortgagee in its capacity as trustee for the parties set out in Schedule 1. 

  

	(C)	On 8 February 2011 the Owner executed a fourth priority Bahamian statutory mortgage over all the shares in the Vessel, which upon the discharge and release of the
second and third priority mortgages is, as of the date of the amendment and restatement of this Deed, the second priority mortgage (the “Second Mortgage”) in favour of the Second Mortgagee in its capacity as collateral agent for
itself and the parties set out in Schedule 2. 

  

	(F)	The Parties have agreed to enter into this deed of co-ordination (this “Deed”) (among other things) to regulate how the provisions of clause 11 of the
collateral deed of covenants to the Second Mortgage shall operate. 

 THIS DEED WITNESSES as follows: 

 

	1	Definitions and Interpretation 

  

	 	1.1	In this Deed: 

“Assigned Property” means the Insurances, the Charter and the Earnings. 

“Bareboat Charterer” means NCL (Bahamas) Ltd. 
 “Business Day” means a day on which banks are open for the transaction of business of the nature contemplated by each Loan Agreement in New York, London, Frankfurt am Main and Oslo.

 “Charter” means the bareboat charter dated as of 10 February 2008 between the Owner as owner and the
Bareboat Charterer as charterer in respect of the Vessel. 

 “Earnings” means all hires, freights, pool income and other sums payable
to or for the account of the Owner or the Bareboat Charterer in respect of the Vessel including (without limitation) all remuneration for salvage and towage services, demurrage and detention moneys, contributions in general average, compensation in
respect of any requisition for hire, and damages and other payments (whether awarded by any court or arbitral tribunal or by agreement or otherwise) for breach, termination or variation of any contract for the operation, employment or use of the
Vessel. 
 “Insurances” means all policies and contracts of insurance (including all entries in protection and
indemnity or war risks associations) which are from time to time taken out or entered into in respect of or in connection with the Vessel or her increased value or the Earnings and (where the context permits) all benefits under such contracts and
policies, including all claims of any nature and returns of premium. 
 “Junior Indebtedness” means the
aggregate from time to time of the indebtedness of the Owner to the Second Mortgagee under or pursuant to the Junior Security Documents, whether in respect of principal, interest, costs or otherwise and whether present, future, actual or contingent.
For the avoidance of doubt, indebtedness of persons other than the Owner (including NCLC and Euler Hermes Kreditversicherungs-AG) shall not constitute Junior Indebtedness. 

“Junior Loan Agreement” means the loan agreement referred to in Schedule 2. 

“Junior Loans” means the loans made pursuant to the Junior Loan Agreement and “Junior Loan” means any
one of them. 
 “Junior Security Documents” means the documents referred to in Schedule 2. 

“Loan Agreement” means the Senior Loan Agreement and the Junior Loan Agreement. 

“Mandatory Prepayment” means the prepayment of the relevant part of the Junior Loans in full if (a) the
construction contract in respect of a New Vessel is terminated prior to the delivery date of such New Vessel (b) the delivery date of the relevant New Vessel does not occur on or before (I) in the case of the part of the Junior Loans
related to the first New Vessel, 23 December 2013 and (II) in the case of the part of the Junior Loans related to the second New Vessel, 8 December 2014 (c) either new export credit facility to be entered into by the purchasers of the
New Vessels shall terminate or (d) certain insolvency events occur with respect to the yard that is building the New Vessels, in each case, as more fully described in and in accordance with the terms of the Junior Loan Agreement. 

“NCLC” means NCL Corporation Ltd. of Cumberland House, 9th Floor, 1 Victoria Street, Hamilton HM 11, Bermuda.

 “New Vessels” means: 
  

	 	(a)	the post-panamax luxury passenger cruise vessel known as the “NORWEGIAN BREAKAWAY” (IMO 9606912) formerly hull number S.678; and 

 

	 	(b)	the post-panamax luxury passenger cruise vessel with approximately 143,500 gt and the provisional hull number S-692 being constructed by Meyer Werft GmbH,
Papenburg/Germany. 

  
 2 

 “Party” means each party to this Deed. 

“Security Period” means the period beginning on the date of this Deed and ending on the date when the whole of the
Senior Indebtedness has been repaid in full. 
 “Senior Indebtedness” means the aggregate from time to time of
the indebtedness of the Owner to the First Mortgagee under or pursuant to any of the Senior Security Documents whether in respect of principal, interest, costs or otherwise and whether present, future, actual or contingent. 

“Senior Loan Agreement” means the loan agreement referred to in Schedule 1. 

“Senior Security Documents” means the documents referred to in Schedule 1 and any other document which may at any time
be executed by any person as security for the payment of all or any part of the Senior Indebtedness. 
 “Supplemental
Deed” means the supplemental deed to the Senior Loan Agreement referred to in Schedule 1 entered into on 18 November 2010. 
  

	 	1.2	In this Deed: 

  

	 	1.2.1	words denoting the plural number include the singular and vice versa; 

  

	 	1.2.2	words denoting persons include corporations, partnerships, associations of persons (whether incorporated or not) or governmental or quasi-governmental bodies or
authorities and vice versa; 

  

	 	1.2.3	references to Clauses are references to clauses of this Deed; 

  

	 	1.2.4	references to this Deed include the recitals to this Deed; 

  

	 	1.2.5	the headings and contents page(s) are for the purpose of reference only, have no legal or other significance, and shall be ignored in the interpretation of this Deed;

  

	 	1.2.6	references to any document are, unless the context otherwise requires, references to that document as amended, supplemented, novated or replaced from time to time; and

  

	 	1.2.7	references to any party include its successors, transferees and assignees. 

 

	2	Consent of First Mortgagee 

On the terms and subject to the conditions contained in this Deed, the First Mortgagee consents to the execution and, where appropriate,
registration of the Junior Security Documents. 

  
 3 

	3	Subordination 

  

	 	3.1	In consideration of the consent of the First Mortgagee contained in Clause 2, the Second Mortgagee agrees with the First Mortgagee that, at all times during the
Security Period, all rights and powers of the Second Mortgagee in respect of the Junior Indebtedness and all rights and powers of the Second Mortgagee against the Owner, the Vessel and the Assigned Property (whether pursuant to the Junior Security
Documents or otherwise) shall be subordinated to all rights and powers of the First Mortgagee in respect of the Senior Indebtedness and all rights, powers, discretions and remedies of the First Mortgagee under or pursuant to the Senior Security
Documents. 

  

	 	3.2	The Owner agrees that its obligations in respect of the Junior Indebtedness are, and shall throughout the Security Period be, subordinated to its obligations in respect
of the Senior Indebtedness. 

  

	 	3.3	The Owner and the Second Mortgagee agree that no repayments of principal or payments of interest may be made in respect of the Junior Indebtedness during the Security
Period, other than: 

  

	 	3.3.1	in the amounts and on the dates set out in the Junior Loan Agreement provided that no repayments of principal or payments of interest may be made in respect of the
Junior Indebtedness at any time after the First Mortgagee has given notice to the Owner and the Second Mortgagee of the occurrence of an event of default (howsoever described in the Senior Loan Agreement); and 

 

	 	3.3.2	a Mandatory Prepayment provided that a Mandatory Prepayment may not be made unless, at the relevant time, (x) the lenders under the Senior Loan Agreement receive
evidence satisfactory to them from NCLC that (after giving effect to any contributions from NCLC) the Owner and Norwegian Jewel Limited will be able to meet their respective obligations for the next twelve (12) months under the Senior Loan
Agreement referred to in Schedule 1 and the senior loan agreement dated 20 April 2004 (as amended and restated) in respect of “NORWEGIAN JEWEL” if the Mandatory Prepayment is made and (y) the First Mortgagee so agrees in
accordance with the Supplemental Deed (if applicable). 

  

	 	3.4	The Second Mortgagee undertakes to hold all sums received by it under or pursuant to the Junior Security Documents (other than sums payable to it, or which it is
permitted to receive, pursuant to this Deed) on trust for the First Mortgagee to be applied by the First Mortgagee: 

  

	 	3.4.1	firstly in or towards payment of the Senior Indebtedness; and 

  

	 	3.4.2	secondly by way of payment to the Second Mortgagee for application in or towards payment of the Junior Indebtedness as more particularly described in Clause 8.2.3.

  

	 	3.5	If an Event of Default (as defined in the Senior Loan Agreement) shall occur, the First Mortgagee shall, as soon as is reasonably practicable after becoming aware of
the same, advise the Second Mortgagee of the same. 

  
 4 

	 	3.6	If an Event of Default (as defined in the Junior Loan Agreement) shall occur, the Second Mortgagee shall, as soon as is reasonably practicable after becoming aware of
the same, advise the First Mortgagee of the same. 

  

	 	3.7	Any certificate or statement signed by an authorised signatory of the First Mortgagee purporting to show the amount of the relevant Senior Indebtedness (or any part of
the relevant Senior Indebtedness) or any other amount referred to in any of the Senior Security Documents shall, save for manifest error or on any question of law, be conclusive evidence as against the Owner and the Second Mortgagee of that amount.

  

	4	Priority 

  

	 	4.1	The Second Mortgagee agrees that the Senior Security Documents shall throughout the Security Period constitute a continuing security for the whole of the Senior
Indebtedness, which security shall be senior in priority to the security constituted by the Junior Security Documents, notwithstanding that any of the Senior Indebtedness may have arisen after the execution and/or registration of any of the Junior
Security Documents and notwithstanding any fluctuations in the amount of the Senior Indebtedness. 

  

	 	4.2	The Second Mortgagee acknowledges the obligation of the Owner to satisfy the marginal security covenant contained in the Senior Loan Agreement and irrevocably consents
to the granting of the further security referred to in that clause and irrevocably acknowledges that any further security granted pursuant to that clause will automatically form part of the Senior Security Documents and be subject to all the terms
of this Deed applicable to the Senior Security Documents (including, without limitation, Clause 4.1). 

  

	5	Covenants of the Second Mortgagee 

  

	 	5.1	The Second Mortgagee covenants with the First Mortgagee that during the Security Period: 

 

	 	5.1.1	irrespective of its legal rights, and subject to Clause 5.2, it will not arrest, take possession of, appoint any receiver in respect of, manage or sell the Vessel with
or without judicial proceedings, or take any steps to enforce any of its rights under or pursuant to the Junior Security Documents without having first either paid to the First Mortgagee the whole of the Senior Indebtedness or obtained the prior
written consent of the First Mortgagee in accordance with the Supplemental Deed (if applicable); 

  

	 	5.1.2	it will not take any proceedings to place the Owner into liquidation, administration or receivership nor take any analogous steps without having first either paid to
the First Mortgagee the whole of the Senior Indebtedness or obtained the prior written consent of the First Mortgagee in accordance with the Supplemental Deed (if applicable); and 

 

	 	5.1.3	it will not contest nor attempt to contest the security constituted by, or any of the rights of the First Mortgagee or any party for which the First Mortgagee is
trustee under or pursuant to, the Senior Security Documents, 

  
 5 

 PROVIDED THAT nothing in this Clause 5.1 shall prevent the Second Mortgagee from
filing any action or proceedings necessary for the preservation of its rights, or to avoid the loss of or extinction of any of its rights, nor from demanding payment of any of the Junior Indebtedness or supporting any proceedings arising from or
relating to the arrest or detention of the Vessel (whether at the instigation of the First Mortgagee or any other person) with a view (in each case) to substantiating, preserving or protecting its interest as second mortgagee of the Vessel and/or
second priority assignee of the Assigned Property, but in any such case the Second Mortgagee shall give the earliest possible notice to the First Mortgagee of its intention to take such action and shall comply with all requirements of the First
Mortgagee with respect to the preservation of the First Mortgagee’s rights as first priority mortgagee of the Vessel and as first priority assignee of the Assigned Property (which shall include the cessation of, or withdrawal by the Second
Mortgagee from, any proceedings in the event that the First Mortgagee so require). 
  

	 	5.2	The Second Mortgagee covenants with the First Mortgagee that during the Security Period: 

 

	 	(a)	it will procure that there are no amendments, supplements or replacements made to any of the Junior Security Documents which would increase the Euro maximum principal
amount of the Junior Loans under the Junior Loan Agreement (or the Dollar equivalent thereof except as provided for by the Junior Loan Agreement as at the date of this Deed) or would increase the margin under the Junior Loan Agreement by more than
[*] per cent ([*]%) per annum without in either case the prior written consent of the First Mortgagee and provided that if such increase were made (i) no provision of the Senior Loan Agreement would be breached and (ii) the Senior
Security Documents or the security and other rights constituted and conferred on the First Mortgagee by the Senior Security Documents would not, or may not, be prejudiced; and 

 

	 	(b)	it will procure that no parties to the Junior Loan Agreement shall seek to secure the payment of any amount (other than an amount due pursuant to the Junior Loan
Agreement) by the Junior Security Documents; and 

  

	 	(c)	subject to the proviso in Clause 5.1, it shall not take any action or refrain from taking any action as a result of which the Senior Security Documents or the security
and other rights constituted and conferred on the First Mortgagee by the Senior Security Documents are, or may be, prejudiced. 

  

	6	Notice to Third Parties 

The Second Mortgagee undertakes to the First Mortgagee that the Second Mortgagee will not at any time during the Security Period give any
notice to any third party inconsistent with the rights and powers of the First Mortgagee under or pursuant to the Senior Security Documents. In particular, but without limitation, any notice of the assignment by the Owner to the Second Mortgagee of
any of the Assigned Property, and any loss payable clause in favour of the Second Mortgagee endorsed on any of the Insurances, shall be expressed as being subject to the prior rights of the First Mortgagee as first assignee and shall be approved by
the First Mortgagee prior to being given to any third party or endorsed on any of the Insurances. 

  
 6 

	7	Sale of Vessel 

  

	 	7.1	If the First Mortgagee decides (in its sole and absolute discretion) to exercise its power of sale of the Vessel, or if the Owner (with the prior consent of the First
Mortgagee) wishes to sell the Vessel, the Second Mortgagee agrees to co-operate fully with the First Mortgagee and the Owner in connection with that sale by (without limitation) executing all documents required by the First Mortgagee not later than
the date of completion of the sale to enable the First Mortgagee or the Owner to transfer title in the Vessel to the purchaser free of all encumbrances, debts and liens in favour of the Second Mortgagee. 

 

	 	7.2	The First Mortgagee will give the Second Mortgagee reasonable prior notice of any intended sale of the Vessel and a further notice when the price and terms of sale have
been agreed in outline but before any binding agreement for the sale has been entered into. The Second Mortgagee will within five (5) Business Days from the date of such further notice: 

 

	 	7.2.1	give its consent to the sale at the agreed price and on the agreed terms; or 

 

	 	7.2.2	pay to the First Mortgagee a sum equal to the lower of the agreed sale price of the Vessel and the amount of the Senior Indebtedness. 

On receipt of payment in full of the sum referred to in Clause 7.2.2 the First Mortgagee will at the expense of the Second Mortgagee
procure the assignment or transfer by the First Mortgagee to or to the order of the Second Mortgagee of their rights under the Senior Security Documents. 
  

	 	7.3	If the First Mortgagee does not receive the consent or payment required by Clause 7.2 within the time stipulated by Clause 7.2 the Second Mortgagee will be
deemed to have given its consent to the proposed sale. 

  

	 	7.4	At or before the time of delivery of the Vessel to any purchaser pursuant to Clause 7.2, notwithstanding Clause 7.1, the Second Mortgagee will deliver to the
First Mortgagees all other documents required by the First Mortgagee in recordable form for registration (if necessary) to enable the First Mortgagee and/or the Owner to provide the purchaser with evidence that the Vessel is free of all
encumbrances, debts and liens in favour of the Second Mortgagee. 

  

	 	7.5	The proceeds of any sale of the Vessel by the First Mortgagee or by the Owner shall be held in trust by the First Mortgagee to be applied as follows:

  

	 	7.5.1	first, in or towards reimbursement of the expenses of the First Mortgagee in connection with the sale, including claims ranking in priority to the claims of the First
Mortgagee and other costs and claims necessary in the sole and absolute opinion of the First Mortgagee for the finalisation of the sale and collection of the sale proceeds; 

 

	 	7.5.2	secondly, in or towards payment of the Senior Indebtedness; 

  

	 	7.5.3	thirdly, by payment to the Second Mortgagee for application in or towards payment of the Junior Indebtedness; and 

 

	 	7.5.4	fourthly, by payment to the Owner and/or to anyone else entitled to them. 

  
 7 

	8	Insurance Proceeds 

  

	 	8.1	The parties to this Deed agree that the proceeds of the Insurances shall be applied in accordance with the loss payable clause(s) endorsed on the Insurances from time
to time. 

  

	 	8.2	All proceeds of the Insurances received by the First Mortgagee shall be held in trust by the First Mortgagee to be applied as follows: 

 

	 	8.2.1	first, in or towards reimbursement of the expenses of the First Mortgagee in connection with the collection of the proceeds; 

 

	 	8.2.2	secondly, by application in or towards payment of the Senior Indebtedness or otherwise in accordance with the Senior Security Documents; 

 

	 	8.2.3	thirdly, by payment to the Second Mortgagee for application in or towards payment of the Junior Indebtedness or otherwise in accordance with the Junior Security
Documents; and 

  

	 	8.2.4	fourthly, by payment to the Owner and/or to anyone else entitled to them. 

 

	9	Payment of Junior Indebtedness 

 Promptly following payment to the Second Mortgagee of the full amount of the Junior Indebtedness the Second Mortgagee will do whatever is necessary to discharge the Junior Security Documents and to
release the Owner from any further obligations under or pursuant to the Junior Security Documents. 
  

	10	First Mortgagee’s Rights 

  

	 	10.1	The First Mortgagee may at any time and from time to time without prejudicing its rights under or pursuant to this Deed or the Senior Security Documents and without
consulting with or obtaining the consent of the Second Mortgagee: 

  

	 	10.1.1	amend, supplement or replace any of the Senior Security Documents or agree to do so (other than any amendment which would increase the maximum principal amount of any
loan under the Senior Loan Agreement, in respect of which the consent of the Second Mortgagee shall be required); 

  

	 	10.1.2	(subject to Clause 11.2), assign, novate, transfer or grant participations in the Senior Indebtedness or its rights under or pursuant to the Senior Security Documents;

  

	 	10.1.3	allow to the Owner or any other person time or indulgence (including, without limitation, allowing delayed repayments under the relevant Senior Loan Agreement);

  

	 	10.1.4	renew, vary, release or refrain from enforcing or exercising its rights under the Senior Security Documents; or 

 

	 	10.1.5	compound with the Owner. 

  

	 	10.2	 No failure to exercise, nor delay in exercising, on the part of the First Mortgagee, any right or remedy under or pursuant to any of the Senior
Security Documents, nor 

  
 8 

	 	
any actual or alleged course of dealing between the First Mortgagee and the Owner, shall operate as a waiver of, or acquiescence in, any default on the part of the Owner unless expressly agreed
to in writing by the First Mortgagee, nor shall any single or partial exercise by the First Mortgagee of any right or remedy preclude any other or further exercise of that right or remedy, or the exercise by the First Mortgagee of any other right or
remedy. 

  

	11	Assignment 

  

	 	11.1	The Second Mortgagee shall not assign nor transfer any of its right, title or interest in any of the Junior Security Documents without, in each case, the Second
Mortgagee having first procured that any such assignee or transferee will comply with, agree to be bound by and perform all of the obligations of the Second Mortgagee under this Deed. 

 

	 	11.2	The First Mortgagee shall not assign nor transfer any of its right, title or interest in any of the Senior Security Documents without having first procured that any
such assignee or transferee will comply with, agree to be bound by and perform all of the obligations of the First Mortgagee under this Deed. 

  

	12	Consents and Approvals 

Where any act requires the consent or approval of the First Mortgagee under the terms of any of the Senior Security Documents and the same
or a similar act requires the consent or approval of the Second Mortgagee under any of the Junior Security Documents, the consent or approval of the First Mortgagee shall be deemed also to constitute the consent or approval of the Second Mortgagee.

  

	13	Partial Invalidity 

 If,
at any time, any provision of this Deed 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. 
  

	14	Further Assurance 

 If, at
any time, any provision of this Deed is or becomes invalid or unenforceable in whole or in part by reason of any present or future law or any decision of any court, then from time to time the Owner and the Second Mortgagee will each promptly, on
demand by the First Mortgagee and at the cost of the Owner, execute and deliver to the First Mortgagee, or procure the execution and delivery to the First Mortgagee of, such further documents as in the opinion of the First Mortgagee are necessary to
give effect to the terms of this Deed. 
  

	15	Miscellaneous 

  

	 	15.1	The rights of the First Mortgagee under or pursuant to this Deed shall not be affected by any change in the constitution of the Owner or by the liquidation, bankruptcy
or insolvency of the Owner. 

  

	 	15.2	No variation or amendment of this Deed shall be valid unless in writing and signed on behalf of each of the Parties. 

 

	 	15.3	Other than the parties set out in Schedule 1 and Schedule 2 a person who is not a party to this Deed has no right under the Contracts (Rights of Third
Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Deed. 

  
 9 

	16	Notices 

  

	 	16.1	Any communication to be made under or in connection with this Deed shall be made in writing in the English language and sent by fax or letter addressed:

  

	 	16.1.1	in the case of the First Mortgagee to it at its address as set out in Schedule 1; 

 

	 	16.1.2	in the case of the Second Mortgagee to it at Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany (marked for the attention of Ms Claudia Wenzel / Ms Martina
Heckroth at fax no: +49 69 7431 3768 / 2944 and email: claudia.wenzel@kfw.de / martina.heckroth@kfw.de); and 

  

	 	16.1.3	 in the case of the Owner to it at c/o 7665 Corporate Center Drive, Miami, Florida 33126, United States of America (marked for the attention of the
Chief Financial Officer and General Counsel) (but one (1) copy shall suffice) with a copy to Apollo Management L.P., 9 West 57th Street, New York, NY 10019, United States of America (marked for the attention of Mr Steve Martinez) (fax no:
+212 515 3288) and with a copy to c/o Paul, Weiss, Rifkind, Wharton & Garrison LLP at 1285 Avenue of the Americas, New York, NY 10019-6064, fax no. +212 492 0074 (marked for the attention of Mr Brad Finkelstein);

 or to such other address and/or fax number as any Party may designate for itself by written notice to the
others provided that if the copy of any communication is not received by the addressee, it shall not affect the deemed making or delivery of the communication. 
  

	 	16.2	Any communication made pursuant to Clause 16.1 will only be effective: 

  

	 	16.2.1	if by way of fax, when received in legible form; or 

  

	 	16.2.2	if by letter, when it has been left at the relevant address or five (5) days after being deposited in the post postage prepaid in an envelope addressed to the
relevant address. 

  

	17	Counterparts 

 This Deed
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 Deed. 
  

	18	Law and Jurisdiction 

  

	 	18.1	This Deed and any non-contractual obligations arising from or in connection with it shall in all respects be governed by and interpreted in accordance with English law.

  
 10 

	 	18.2	For the exclusive benefit of the First Mortgagee, the parties to this Deed irrevocably agree that the courts of England are to have exclusive jurisdiction to settle any
dispute: 

  

	 	18.2.1	arising from or in connection with this Deed; or 

  

	 	18.2.2	relating to any non-contractual obligations arising from or in connection with this Deed and that any proceedings may be brought in those courts.

  

	 	18.3	Nothing contained in this Clause shall limit the right of the First Mortgagee to commence any proceedings under or pursuant to this Deed in any other court of competent
jurisdiction nor shall the commencement of any proceedings against the Owner or the Second Mortgagee in one or more jurisdictions preclude the commencement of any proceedings in any other jurisdiction, whether concurrently or not.

  

	 	18.4	The Owner and the Second Mortgagee each irrevocably waives any objection which it may now or in the future have to the laying of the venue of any proceedings in any
court referred to in this Clause and any claim that those proceedings have been brought in an inconvenient or inappropriate forum, and irrevocably agrees that a judgment in any proceedings commenced in any such court shall be conclusive and binding
on it and may be enforced in the courts of any other jurisdiction. 

  

	 	18.5	Without prejudice to any other mode of service allowed under any relevant law: 

 

	 	18.5.1	the Owner irrevocably appoints EC3 Services Limited whose registered office is presently 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; 

  

	 	18.5.2	the Second Mortgagee irrevocably appoints its London office presently at 29th Floor, 30 St Mary Axe, London EC3A 8EP as its agent for service of process in relation to
any proceedings before the English courts; and 

  

	 	18.5.3	the Owner and the Second Mortgagee each agrees that failure by a process agent to notify it of the process will not invalidate the proceedings concerned.

 IN WITNESS of which this Deed has been duly executed and delivered the day and year first before written. 

[Execution blocks intentionally omitted] 

  
 11 

 SCHEDULE 1 
 Senior Security Documents 
 First priority Bahamian statutory mortgage and collateral deed
of covenants dated 10 February 2008 
 First assignment of the Insurances dated 19 April 2006 

First Charter and Earnings Assignment dated 10 February 2008 
 Deed of Assignment and Subordination dated 10 February 2008 
 Part I

 EUR308,130,000 Secured Loan Agreement dated 20 April 2004 as amended and/or restated from time to time

 Collateral Agent 

HSBC BANK PLC 
 Project and Export
Finance 
 8 Canada Square 
 London E14
5HQ 
 Telephone: +44 207 991 6263 

Fax: +44 207 992 4428 

			
	Attn:	 	Mr Colin J Cuffie/Ms Isabel Olembo
	email:	 	colin.j.cuffie@hsbcib.com/
		 	isabel.olembo@hsbc.com

 As collateral agent for: 
 HSBC BANK PLC 
 Project and Export Finance 

8 Canada Square 
 London E14 5HQ 

Telephone: +44 207 991 6263 
 Fax: +44 207 992
4428 

			
	Attn:	 	Mr Colin J Cuffie/Ms Isabel Olembo
	email:	 	colin.j.cuffie@hsbcib.com/
		 	isabel.olembo@hsbc.com

 KFW IPEX-BANK GMBH 
 Palmengartenstrasse 5-9 
 60325 Frankfurt am Main 

Germany 
 Telephone: +49 69 7431 2625 / 4970

 Fax: +49 69 7431 3768 / 2944 

			
	Attn:	 	Ms Claudia Wenzel /
		 	Ms Martina Heckroth
	email:	 	claudia.wenzel@kfw.de /
		 	martina.heckroth@kfw.de
	 (as Hermes agent)

  
 12 

 and the following as lenders: 
 HSBC BANK PLC 
 Project and Export Finance 

8 Canada Square 
 London E14 5HQ 

Telephone: +44 207 991 6263 
 Fax: +44 207 992
4428 

			
	Attn:	 	Mr Colin J Cuffie/Ms Isabel Olembo
	email:	 	colin.j.cuffie@hsbcib.com/
		 	isabel.olembo@hsbc.com

 KFW 

Palmengartenstrasse 5-9 
 60325 Frankfurt am Main

 Germany 
 Telephone: +49 69 7431
2625 / 4970 
 Fax: +49 69 7431 3768 / 2944 

			
	Attn:	 	Ms Claudia Wenzel /
		 	Ms Martina Heckroth
	email:	 	claudia.wenzel@kfw.de /
		 	martina.heckroth@kfw.de

 DNB BANK ASA 
 Dronning Eufemias gate 30 
 N-0191 Oslo, Norway 

Telephone: +47 957 80 626 / +47 922 86 431 
 Telefax: +47 22 48 28 94 

			
	Attn:	 	Ursula Tønjum /
		 	Marie Therese Zwilgmeyer
	Email:	 	ursula.mack.tonjum@dnb.no
		 	marie.therese.zwilgmeyer@dnb.no

 CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK Deutschland 
 Taunusanlage 14 
 60325 Frankfurt am Main 
 Federal Republic of Germany 
 Telephone: +49 69 74221-281 

Fax: +49 69 74221 197 

			
	Attn:	 	Petra BILLER
	Email:	 	petra.biller@ca-cib.com

  
 13 

 With a copy to: 
 CREDIT AGRICOLE ASIA SHIPFINANCE LIMITED 
 Suite 2501, 25/F., Two Pacific Place 

88 Queensway 
 Hong Kong 

Telephone +852 2848 9997/+852 2848 9996 
 Fax:
+852 2868 1448 

			
	Attn:	 	Terence YUEN / Iris LAI
	Email:	 	terence.yuen@ca-cib.com / iris.lai@ca-cib.com

 NORDEA BANK FINLAND PLC, New York Branch 

437 Madison Ave. 21st floor 
 New
York, NY 10022 
 Telephone: +1 212 381 9630 / 9344 
 Fax: +1 212 421 4420 

			
	Attn:	 	Martin Lunder / Lynn Sauro
	Email:	 	martin.lunder@nordea.com / lynn.sauro@nordea.com

  
 14 

 SCHEDULE 2 
 Junior Security Documents 
 Fourth priority Bahamian statutory mortgage dated
8 February 2011 and collateral deed of covenants dated 23 December 2010, which is now the second priority mortgage given the release and discharge of the second and third priority mortgages 

Fourth assignment of the Insurances dated 23 December 2010, which is now the second priority assignment given the release of the second and third
priority security interests 
 Fourth assignment of the Charter and Earnings dated 23 December 2010, which is now the second priority
assignment given the release of the second and third priority security interests 
 Fourth deed of assignment and subordination dated
23 December 2010, which is now the second priority assignment given the release of the second and third priority security interests 

Credit Agreement dated 18 November 2010, among Pride of Hawaii, LLC as borrower, NCL Corporation Ltd. as guarantor, KfW IPEX-Bank GmbH as
facility agent, collateral agent and Hermes agent and the lenders party thereto from time to time as amended or restated from time to time. 

Collateral Agent 
 KFW IPEX-BANK GMBH

 Palmengartenstrasse 5-9 
 60325
Frankfurt am Main 
 Germany 

Telephone: +49 69 7431 2625 / 4970 
 Fax: +49 69
7431 3768 / 2944 

			
	Attn:	 	Ms Claudia Wenzel /
		 	Ms Martina Heckroth
	email:	 	claudia.wenzel@kfw.de /
		 	martina.heckroth@kfw.de

 As collateral agent for: 
 DNB BANK ASA 
 Dronning Eufemias gate 30 

N-0191 Oslo, Norway 
 Telephone: +47 957 80 626
/ +47 922 86 431 
 Telefax: +47 22 48 28 94 

			
	Attn:	 	Ursula Tønjum /
		 	Marie Therese Zwilgmeyer
	Email:	 	ursula.mack.tonjum@dnb.no
		 	marie.therese.zwilgmeyer@dnb.no

  
 15 

 HSBC BANK PLC 
 Project and Export Finance 
 8 Canada Square 

London E14 5HQ 
 Telephone: +44 207 991 6263

 Fax: +44 207 992 4428 

			
	Attn:	 	Mr Colin J Cuffie/Ms Isabel Olembo
	email:	 	colin.j.cuffie@hsbcib.com/
		 	isabel.olembo@hsbc.com

 KFW IPEX-BANK GMBH 
 Palmengartenstrasse 5-9 
 60325 Frankfurt am Main 

Germany 
 Telephone: +49 69 7431 2625 / 4970

 Fax: +49 69 7431 3768 / 2944 

			
	Attn:	 	Ms Claudia Wenzel /
		 	Ms Martina Heckroth
	email:	 	claudia.wenzel@kfw.de /
		 	martina.heckroth@kfw.de

 NORDEA BANK FINLAND PLC, New York Branch 

437 Madison Ave. 21st floor 
 New
York, NY 10022 
 Telephone: +1 212 381 9630 / 9344 
 Fax: +1 212 421 4420 

			
	Attn:	 	Martin Lunder / Lynn Sauro
	Email:	 	martin.lunder@nordea.com /
		 	lynn.sauro@nordea.com

  
 16 

 Schedule 2 

Revised form of Loss Payable Clause 
 It is noted that: 
  

	 	(a)	by a first assignment in writing dated 19 April 2006 (the First Assignment) the shipowner PRIDE OF HAWAII, LLC (the Assignor) has assigned to
HSBC BANK PLC of 8 Canada Square, London E14 5HQ (the First Mortgagee) all the Assignor’s right, title, benefits and interests in this policy in respect of “NORWEGIAN JADE” (IMO number 9304057) (the Vessel) and
all benefits hereof including all claims of whatsoever nature hereunder (the Insurances); and 

  

	 	(b)	by a second assignment in writing dated 23 December 2010 the Assignor has assigned the Insurances (subject to the rights of the First Mortgagee under the First
Assignment) to KFW IPEX-BANK GMBH of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany as trustee (the Second Mortgagee) 

 All recoveries under this policy shall be applied as follows: 
  

	 	(a)	all claims hereunder in respect of a total or constructive total or an arranged or agreed or compromised total loss or requisition of the Vessel shall be paid to the
Loss Payee (as defined below) or to its order; 

  

	 	(b)	all claims in respect of a major casualty (that is to say any casualty the claim in respect of which exceeds US$[*]) shall be paid to the Assignor or to its order,
subject to the prior written consent of the Loss Payee (as defined below); and 

  

	 	(c)	all other claims hereunder shall be released directly for the repair, salvage or other charges involved or, if the Assignor has paid such charges, in reimbursement
thereof to the Assignor unless and until the Loss Payee (as defined below) shall have notified the insurers hereunder of a default under its mortgage and directed to the contrary, whereupon all such claims shall be paid to the Loss Payee (as defined
below) or to its order. 

 Loss Payee means (i) until such time as the First Mortgagee notifies insurers hereunder
that it has reassigned its interest in the said Vessel’s insurances to the Assignor, the First Mortgagee and (ii) thereafter the Second Mortgagee until such time as the Second Mortgagee notifies insurers hereunder that it has reassigned
its interest in the said Vessel’s insurances to the Assignor and (iii) thereafter the Assignor. 

  
 17 

 EXECUTION PAGE – JADE CO-ORDINATION AMENDMENT 

 

					
	EXECUTED as a DEED	  		  	
	by	  	)	  	
	for and on behalf of	  	)	  	
	PRIDE OF HAWAII, LLC	  	)	  	  

	in the presence of:	  		  	
			
	  
	  		  	
	Witness	  		  	
			
	Name:	  		  	
			
	Address:	  		  	
			
	Occupation:	  		  	
			
	EXECUTED as a DEED	  		  	
	by	  	)	  	
	for and on behalf of	  	)	  	
	HSBC BANK PLC	  	)	  	  

	in the presence of:	  		  	
			
	  
	  		  	
	Witness	  		  	
			
	Name:	  		  	
			
	Address:	  		  	
			
	Occupation:	  		  	
			
	EXECUTED as a DEED	  		  	
	by	  	)	  	
	for and on behalf of	  	)	  	
	KFW IPEX-BANK GMBH	  	)	  	  

	in the presence of:	  		  	
			
	  
	  		  	
	Witness	  		  	
			
	Name:	  		  	
			
	Address:	  		  	
			
	Occupation:	  		  	

  
 18 

 EXECUTION PAGE – THIRD SUPPLEMENTAL DEED JADE TERM LOAN 

 

					
	The Borrower	 		  	 

	  
 EXECUTED as a DEED
	 	)	  
	by AMELIA REFFOLD	 	)	  
	for and on behalf of	 	)	  
	PRIDE OF HAWAII, LLC	 	)	  
	in the presence of:	 	)	  	
	

 JOSHUA CLINCH	 		  	
	(see below)	 		  	
			
	The Parent	 		  	
			
	SIGNED, SEALED and DELIVERED as a DEED	 	)	  	 

	by AMELIA REFFOLD	 	)	  
	for and on behalf of	 	)	  
	NCL CORPORATION LTD.	 	)	  
	in the presence of:	 	)	  	
	

 JOSHUA CLINCH	 		  	
	(see below)	 		  	
			
	The Facility Agent	 		  	
			
	EXECUTED as a DEED	 	)	  	 

	by SIMON HARTLEY	 	)	  
	for and on behalf of	 	)	  
	KFW IPEX-BANK GMBH	 	)	  
	in the presence of:	 	)	  	
	

 JOSHUA CLINCH	 		  	
	(see below)	 		  	
			
	The Hermes Agent	 		  	
			
	EXECUTED as a DEED	 	)	  	 

	by SIMON HARTLEY	 	)	  
	for and on behalf of	 	)	  
	KFW IPEX-BANK GMBH	 	)	  
	in the presence of:	 	)	  	
	

 JOSHUA CLINCH	 		  	
	(see below)	 		  	
			
	The Collateral Agent	 		  	
			
	EXECUTED as a DEED	 	)	  	 

	by SIMON HARTLEY	 	)	  
	for and on behalf of	 	)	  
	KFW IPEX-BANK GMBH	 	)	  
	in the presence of:	 	)	  	
	

JOSHUA CLINCH	 		  	
	(see below)	 		  	
			
	The Lenders	 		  	
			
	 EXECUTED as a DEED
 by SIMON HARTLEY
 for and on behalf of
 KFW IPEX-BANK GMBH
 in the presence of:

JOSHUA CLINCH
	 	 )
 )

)
 )

)
	  	 

	 	  
	 	  
	 	  
	 	  	
	 	  	

  
 19 

					
	 EXECUTED as a DEED
 by CATHERINE JOHNSON
 for and on behalf of
 HSBC BANK PLC
 in the presence of:
 

 JOSHUA CLINCH
 (see below)
	 	 )
 )

)
 )

)
	  	 

	 	  
	 	  
	 	  
	 	  
	 	  
	 	  
			
	 EXECUTED as a DEED
 by CATHERINE JOHNSON
 for and on behalf of
 NORDEA BANK FINLAND PLC,
 New York Branch

in the presence of:
 

 JOSHUA CLINCH
 (see below)
	 	 )
 )

)
 )

)
 )
	  	 

	 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  
			
	 EXECUTED as a DEED
 by CATHERINE JOHNSON
 for and on behalf of
 DNB BANK ASA
 in the presence of:
 

 JOSHUA CLINCH
	 	 )
 )

)
 )

)
	  	 

	 	  
	 	  
	 	  
	 	  
	 	  

  

					
		 	 

 Norton Rose Fulbright LLP
 3 More London Riverside
 London SE1 2AQ United Kingdom

nortonrosefulbright.com
  
 Joshua Clinch
 Trainee Solicitor
	  	

  
 20

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