Document:

Exhibit
10.3

 

Execution
version

 

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

 

Dated
17 February 2021

 

RIVIERA
NEW BUILD, LLC 

as
Borrower

 

and

 

NCL
CORPORATION LTD. 

as
Guarantor

 

and

 

OCEANIA
CRUISES S. DE R.L. 

as
Charterer

and Shareholder

 

and

 

Norwegian
Cruise Line Holdings Ltd. 

as
the Holding

 

and

 

THE
Banks and FINANCIAL INSTITUTIONS listed IN Schedule 1 

as
Lenders

 

and

 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK

SOCIÉTÉ GÉNÉRALE 

as
Mandated Lead Arrangers

 

and

 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK 

as
Agent

and SACE Agent

 

AMENDMENT
AND RESTATEMENT AGREEMENT

 

relating
to a facility agreement originally dated 18 July 2008 (as amended by a supplemental agreement dated 25 October 2010, a side letter
dated 29 March 2012, as amended and restated by an amendment and restatement agreement dated 31 October 2014, and as further amended
by a framework agreement dated 31 January 2018 and

as amended by a supplemental agreement dated 4 June 2020)

in respect of the part financing of the passenger cruise ship m.v. “RIVIERA”

 

 

 

     

     

    

 

Index

	Clause	 	 	Page
	 	 	 	 
	 	 	 	 
	1	Definitions
    and Interpretation	 	2
	2	Conditions
    Precedent and Conditions Subsequent	 	5
	3	Representations	 	5
	4	Acknowledgment
    and Acceptance of the Principles	 	6
	5	Amendment
    and Restatement of Facility Agreement and other Finance Documents	 	6
	6	Further
    Assurance	 	7
	7	Costs,
    Expenses and Fees	 	7
	8	Notices	 	8
	9	Counterparts	 	8
	10	Signing
    Electronically	 	8
	11	Governing
    Law	 	8
	12	Enforcement	 	8

 

Schedules

 

	Schedule
    1 The Lenders	 	9
	Schedule
    2 Conditions Precedent	 	9
	Schedule
    3 Form of Effective Date Certificate	 	9
	Schedule
    4 Information Package	 	9

 

Execution

 

	Execution
    Pages	 	 

 

Appendices

 

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

Form
of Amended and Restated Guarantee (marked to indicate amendments)

 

     

     

    

 

THIS
AGREEMENT is made on 17 February 2021

 

Parties

 

		(1)	RIVIERA
                                         NEW BUILD, LLC, a limited liability company formed in the Marshall Islands whose
                                         registered address is at c/o The Trust Company of the Marshall Islands Inc., Trust Company
                                         Complex, Ajeltake Island, Majuro MH 96960, Republic of the Marshall Islands as borrower
                                         (the “Borrower”)

 

		(2)	NCL
                                         CORPORATION LTD., an exempted company incorporated under the laws of Bermuda with
                                         its registered office at Park Place 55, Par-la-Ville Road, Hamilton HM 11, Bermuda (the
                                         “Guarantor”)

 

		(3)	NORWEGIAN
                                         CRUISE LINE HOLDINGS LTD., a company incorporated under the laws of Bermuda with
                                         its registered office at Park Place 55, Par-la-Ville Road, Hamilton HM 11, Bermuda (the
                                         “Holding”)

 

		(4)	OCEANIA
                                         CRUISES S. DE R.L., a Panamanian limited liability
                                         company (“sociedad de responsabilidad limitada”) organised and
                                         existing under the laws of the Republic of Panama, having its office in the Republic
                                         of Panama with its Resident Agent being at Arifa Building, West Boulevard, Santa Maria
                                         Business District, Panama, Republic of Panama and registered at the Mercantile Section
                                         of the Panama Public Registry at Microjacket No. 423671, Document 396130 since 3 October
                                         2002 (the “Charterer” and “Shareholder”)

 

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

 

		(6)	CRÉDIT
                                         AGRICOLE CORPORATE AND INVESTMENT BANK, a French société anonyme having
                                         its registered office located at 12, Place des États-Unis, CS 70052, 92547 Montrouge
                                         Cedex, France registered under number Siren 304 187 701 at the Registre du Commerce et
                                         des Sociétés of Nanterre, France and SOCIÉTÉ GÉNÉRALE
                                         a French société anonyme having its registered office located at 29
                                         Boulevard Haussmann, 75009 Paris under number Siren 552 120 222 at the Registre du Commerce
                                         et des Sociétés of Paris, France as mandated lead arrangers (the “Mandated
                                         Lead Arrangers”)

 

		(7)	CRÉDIT
                                         AGRICOLE CORPORATE AND INVESTMENT BANK, a French société anonyme having
                                         its registered office located at 12, Place des États-Unis, CS 70052, 92547 Montrouge
                                         Cedex, France registered under number Siren 304 187 701 at the Registre du Commerce et
                                         des Sociétés of Nanterre, France as agent and SACE agent (the “Agent”
                                         and the “SACE Agent”)

 

Background

 

		(A)	By
                                         the Facility Agreement, the Lenders agreed to make available to the Borrower a facility
                                         of originally the Dollar Equivalent of up to EUR 349,520,718 for the purpose of assisting
                                         the Borrower in financing (i) payment under the Shipbuilding Contract of all or part
                                         of 80% of the Final Contract Price up to the Eligible Amount and (ii) payment to SACE
                                         of the Dollar Equivalent of 100% of the second instalment of the SACE Premium payable
                                         on the original Drawdown Date.

 

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

 

     

     

    

 

		(C)	Pursuant
                                         to the consent request letter dated 18 April 2020, the
                                         Borrower and the Guarantor notified the Agent and the SACE Agent of the wish to benefit
                                         from the Temporary Measures in relation to certain loan agreements listed therein, including
                                         the Facility Agreement, and requested, amongst other things, the deferral of repayments
                                         of principal under the Facility Agreement for a period of one year from 1 April 2020
                                         to 31 March 2021 (the “Borrower Request”). 

 

		(D)	On
                                         25 May 2020, the Agent (for and on behalf of the
                                         Lenders) provided its consent to part of the Borrower Request in accordance with and
                                         subject to certain conditions as set out in the 2020 Amendment Agreement.

 

		(E)	Due
                                         to the continued impacts of the Covid-19 pandemic on the cruise sector and cruise operators,
                                         SACE confirmed on 31 December 2020 its availability to
                                         evaluate an extension of the Temporary Measures (the “Extended Temporary Measures”),
                                         again subject to certain principles dated 26 November 2020 for cruise lines offered by
                                         SACE (as further defined below and together with the Original Principles, the “Principles”).
                                         

 

		(F)	Pursuant
                                         to the consent request letter dated 3 December 2020,
                                         the Borrower and the Guarantor notified the Agent and the SACE Agent of the wish to benefit
                                         from the Extended Temporary Measures in relation to certain loan agreements listed therein,
                                         including the Facility Agreement, and requested, amongst other things, the deferral of
                                         repayments of principal under the Facility Agreement for a further period of one year
                                         from 1 April 2021 to 31 March 2022 (the “Second Borrower Request”).
                                         

 

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

 

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

 

Operative
Provisions

 

		1	Definitions
                                         and Interpretation

 

		1.1	Definitions

 

In
this Agreement:

 

“2020
Amendment Agreement” means the amendment to the Facility Agreement dated 4 June 2020 between, amongst others, the Borrower,
the Agent and the SACE Agent.

 

“2021
Deferral Fee Letters” means any letter between the Agent or the SACE Agent and any Obligor which sets out the fees payable
in connection with the arrangements contemplated by this Agreement.

 

“2021
Deferral Period” means the period from 1 April 2021 to 31 March 2022.

 

    2 

     

    

 

“2021
Deferral Tranche” means the part of the Loan made or to be made available (or deemed made or to be deemed to be made
available) to the Borrower to repay the aggregate of the 2021 Deferred Repayment Instalments, including, for the avoidance of
doubt, the repayment instalments due pursuant to paragraph (a) of clause 5.5 (Repayment of Deferral Tranches) of the Amended
and Restated Facility Agreement. 

 

“2021
Deferred Repayment Instalments” means the repayment instalments in principal due during the 2021 Deferral Period.”2021
Finance Documents” means this Agreement, each Supplemental Security Document and each 2021 Deferral Fee Letter.

 

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

 

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

 

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

 

“Facility
Agreement” means the facility agreement dated 18 July 2008 and made between, amongst others, (i) the Borrower, (ii)
the Lenders, (iii) the Mandated Lead Arrangers and (iv) the Agent and the SACE Agent, and (where the context requires) as amended
from time to time, including pursuant to a supplemental agreement dated 25 October 2010, a side letter dated 29 March 2012, an
amendment and restatement agreement dated 31 October 2014 and the Framework Agreement, and as further amended by the 2020 Amendment
Agreement.

 

“Framework
Agreement” means the framework agreement dated 31 January 2018 and entered into between, amongst others, (i) the Borrower,
(ii) the Guarantor, (iii) the Shareholder and Charterer, (iv) the Lenders and (v) DekaBank Deutsche Girozentrale as new lender
(the “New Lender”), pursuant to which Société Générale in its capacity as Lender
sold [*] ([*]%) of its participation in the Loan to the New Lender.

 

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

 

“New
Mortgage Addendum” means the addendum to the Mortgage in the agreed form.

 

“Obligors”
means the Borrower, the Guarantor, the Holding, the Charterer and the Shareholder.

 

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

 

“Party”
means a party to this Agreement.

 

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

 

    3 

     

    

 

“Second
Supplemental Tripartite General Assignment” means a third priority assignment, supplemental to the Tripartite General
Assignment (as referred to in the 2020 Amendment Agreement), dated on or about the date of this Agreement.

 

“Supplemental
Security Document” means each of:

 

		(a)	the
                                         Second Supplemental Tripartite General Assignment; and

 

		(b)	the
                                         New Mortgage Addendum.

 

		1.2	Defined
                                         expressions

 

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

 

		1.3	Application
                                         of construction and interpretation provisions of Facility Agreement

 

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

 

		1.4	Agreed
                                         forms of new, and supplements to, Finance Documents

 

References
in Clause 1.1 (Definitions) to any new or supplement to a Finance Document being in “agreed form” are to that
Finance Document:

 

		(a)	in
                                         a form attached to a certificate dated the same date as this Agreement (and signed by
                                         the Borrower and the Agent); or

 

		(b)	in
                                         any other form agreed in writing between the Borrower and the Agent acting with the authorisation
                                         of the Majority Lenders or, where applicable, all the Lenders.

 

		1.5	Designation
                                         as a Finance Document

 

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

 

		1.6	Third
                                         party rights

 

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

 

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

 

		(c)	For
                                         the avoidance of doubt and in accordance with clause 33.4 (Third party rights)
                                         of the Facility Agreement, nothing in this Clause 1.6 (Third party rights) shall
                                         limit or prejudice the exercise by SACE of its rights under this Agreement or the Finance
                                         Documents in the event that such rights are subrogated or assigned to it pursuant to
                                         the terms of the SACE Insurance Policy.

 

    4 

     

    

 

		2	Conditions
                                         Precedent and Conditions Subsequent

 

		2.1	The
                                         Effective Date cannot occur unless:

 

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

 

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

 

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

 

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

 

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

 

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

 

		2.4	On
                                         the Effective Date, the Borrower shall ensure that any notice of assignment in respect
                                         of Insurances under the Second Supplemental Tripartite General Assignment is given to
                                         the relevant broker or insurer and that it obtains a letter of undertaking from each
                                         relevant broker that it has endorsed the notice of assignment on each policy.

 

		3	Representations

 

		3.1	Facility
                                         Agreement representations

 

On
the date of this Agreement and on the Effective Date, each Obligor that is a party to the Facility Agreement makes each of the
representations and warranties as set out in clause 12 (Representations and warranties) of the Facility Agreement, as amended
and restated by this Agreement and updated with appropriate modifications to refer to this Agreement and (where relevant) the
Amended and Restated Facility Agreement, the Amended and Restated Guarantee and the New Mortgage Addendum, by reference to the
circumstances then existing.

 

    5 

     

    

 

		3.2	Finance
                                         Document representations

 

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

 

		4	Acknowledgment
                                         and Acceptance of the Principles

 

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

 

		5	Amendment
                                         and Restatement of Facility Agreement and other Finance Documents

 

		5.1	Specific
                                         amendments to the Facility Agreement

 

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

 

		5.2	Specific
                                         amendments to the Guarantee

 

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

 

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

 

 

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

 

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

 

		5.3	Security
                                         Confirmation

 

Without
prejudice to the provisions of any Supplemental Security Document, on the Effective Date, each Obligor confirms that:

 

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

 

    6 

     

    

 

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

 

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

 

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

 

		5.4	Finance
                                         Documents to remain in full force and effect

 

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

 

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

 

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

 

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

 

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

 

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

 

		6	Further
                                         Assurance

 

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

 

		7	Costs,
                                         Expenses and Fees

 

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

 

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

 

		(c)	The
                                         Borrower shall, no later than the earlier of (i) 30 days from the date of issuance of
                                         the addendum to the SACE Insurance Policy in form and substance acceptable to the Lenders
                                         and (ii) the first advance under the 2021 Deferral Tranche, pay to SACE the additional
                                         SACE Premium amounting to $[*] in relation to the 2021 Deferral Tranche.

 

    7 

     

    

 

		8	Notices

 

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

 

		9	Counterparts

 

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

 

		10	Signing
                                         Electronically

 

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

 

		11	Governing
                                         Law

 

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

 

		12	Enforcement

 

		12.1	Jurisdiction

 

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

 

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

 

		12.2	Service
                                         of process

 

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

 

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

 

    8 

     

    

 

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

 

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

 

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

 

    9 

     

    

 

Riviera

 

Amendment
and Restatement Agreement

 

Execution
Pages

 

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

 

     

     

    

 

Riviera

 

Amendment
and Restatement Agreement

 

	LENDERS	 	 
	 	 	 
	SIGNED by	)	/s/ Alexia Russell
	duly authorised	)	Alexia Russell
	for and on behalf of	)	Attorney-in-Fact
	CRÉDIT AGRICOLE
    CORPORATE	)	 
	AND INVESTMENT BANK	)	 
	 	 	 
	SIGNED by	)	/s/ Oliver Baines
	duly authorised	)	Oliver Baines
	for and on behalf of	)	Attorney-in-Fact
	SOCIÉTÉ
    GÉNÉRALE	)	 
	 	 	 
	SIGNED by	)	/s/ Oliver Baines
	duly authorised	)	Oliver Baines
	for and on behalf of	)	Attorney-in-Fact
	DEKABANK DEUTSCHE
    GIROZENTRALE	)	 
	 	 	 
	MANDATED LEAD ARRANGERS
    	 	 
	 	 	 
	SIGNED by	)	/s/ Alexia Russell
	duly authorised	)	Alexia Russell
	for and on behalf of	)	Attorney-in-Fact
	CRÉDIT AGRICOLE
    CORPORATE	)	 
	AND INVESTMENT BANK	)	 
	 	 	 
	SIGNED by	)	s/ Oliver Baines
	duly authorised	)	Oliver Baines
	for and on behalf of	)	Attorney-in-Fact
	SOCIÉTÉ
    GÉNÉRALE	)	 
	 	 	 
	AGENT	 	 
	 	 	 
	SIGNED by	)	/s/ Alexia Russell
	duly authorised	) 	Alexia Russell
	for and on behalf of	) 	Attorney-in-Fact
	CRÉDIT AGRICOLE
    CORPORATE AND	) 	
	INVESTMENT BANK	) 	
	 	 	 
	SACE AGENT	 	 
	 	 	 
	SIGNED by	)	/s/ Alexia Russell
	duly authorised	)	Alexia Russell
	for and on behalf of	)	Attorney-in-Fact
	CRÉDIT AGRICOLE
    CORPORATE AND	)	 
	INVESTMENT BANK	)	 

 

     

     

    

 

APPENDIX

 

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

 

Amendments
are indicated as follows:

 

		1	additions
                                         are indicated by underlined text in blue; and

 

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

 

     

     

    

 

Execution
version

 

Dated
______ February 2021

 

Originally
Ddated
18 July 2008 

(as
amended by a supplemental agreement dated 25 October 2010, as further amended by a side letter dated 29 March 2012, as further
amended and restated by an amendment and restatement agreement dated 31 October 2014, as amended by a framework agreement dated
31 January 2018, as further amended by a supplemental agreement dated 4 June 2020 and as further amended and restated by an amendment
and restatement agreement dated ______ February 2021)

 

as
amended and restated by an
Amendment and Restatement Agreement dated October 2014 

RIVIERA
NEW BUILD, LLC 

as
Borrower

 

–
and –

 

THE
BANKS AND FINANCIAL INSTITUTIONS

listed
in Schedule 1Schedule
1

 

as
Lenders

 

–
and –

 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK

Crédit
Agricole Corporate and Investment Bank
(formeRly known as calyon) 

SOCIÉTÉ
GÉNÉRALE 

as
Mandated Lead Arrangers

 

and

 

–
and- 

 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK 

Crédit
Agricole Corporate and Investment Bank 

as
Agent 

and
SACE Agent

 

with
the support of

 

SACE
S.p.A.

 

AMENDED
AND RESTATED LOANFacility
AGREEMENT

 

relating
to

the part financing of the passenger cruise ship newbuilding presently designated asm.v.
 “RIVIERA”

 

Hull
No.[*]  at Fincantieri-Cantieri Navali Italiani S.p.A

 

     

     

    

 

INDEX

 

Index

 

	Clause	 	Page 

	 	 	 
	1	INTERPRETATIONInterpretation	23
	2	FACILITYFacility	1931
	3	CONDITIONS
    PRECEDENT 20Conditions
    Precedent	32
	4	DRAWDOWNDrawdown	2539
	5	REPAYMENTRepayment	2642
	6	INTERESTInterest	2743
	7	INTEREST
    PERIODS 29Interest
    Periods	48
	8	CLAIMS
    OR DEFENCES MAY NOT BE OPPOSED TO THE LENDERS 29Claims
    or Defences may not be opposed to the Lenders	48
	9	SACE
    PREMIUM
    AND ITALIAN AUTHORITIES 29Premium
    and Italian Authorities	48
	10	FEESFees	3050
	11	TAXES,
    INCREASED COSTS, COSTS AND RELATED CHARGES 31Taxes,
    Increased Costs, Costs and Related Charges	51
	12	REPRESENTATIONS
    AND WARRANTIES 34Representations
    and Warranties	55
	13	UNDERTAKINGSUndertakings	3960
	14	SECURITY
    VALUE MAINTENANCE 50Security
    Value Maintenance	77
	15	[RESERVEDReserved]	791
	16	CANCELLATION
    AND PREPAYMENT Cancellation
    and Prepayment	791
	17	INTEREST
    ON LATE PAYMENTS 52Interest
    on Late Payments	82
	18	EVENTS
    OF DEFAULT 52Events
    of Default	83
	19	APPLICATION
    OF SUMS RECEIVED Application
    of Sums Received	886
	20	INDEMNITIESIndemnities	897
	21	ILLEGALITY,
    ETC Illegality,
    etc.	591
	22	SET-OFFSet-Off	5991
	23	CHANGES
    TO THE LENDERS Changes
    to the Lenders	592
	24	CHANGES
    TO THE OBLIGORS Changes
    to the Obligors	695
	25	ROLE
    OF THE AGENT AND THE MANDATED LEAD ARRANGERS Role
    of the Agent and the Mandated Lead Arrangers	695
	26	CONDUCT
OF BUSINESS BY THEConduct of Business by the
cCreditor
PARTIES
67Parties 

	101
	27	SHARING
    AMONG THESharing
    among the Creditor PARTIESParties	67101
	28	PAYMENT
    MECHANICS Payment
    Mechanics	6103
	29	GOVERNING
    LAW Governing
    Law	7105
	30	ENFORCEMENTEnforcement	7105
	31	SCHEDULESSchedules	7105
	32	NOTICESNotices	7105
	33	SUPPLEMENTALSupplemental	72107
	34	Confidentiality
    of Funding Rates and Reference Bank Quotations	109

 

	Schedules	 
	 	 
	Schedule 1 Lenders and Commitments	107
	Schedule 2 Form of Drawdown Notice	108
	Schedule 3 Documents to be produced by the Builder to the Agent on Delivery	109
	Schedule 4 Deferred Repayment Schedule	110
	 	 
	Execution	 
	 	 
	Execution Pages	

 

     

     

    

 

THIS
AGREEMENT is originally made on 18 July 2008 (as
previously amended by a supplemental agreement dated 25 October 2010, a side letter dated 29 March 2012, as amended
and restated by thean
Aamendment
and Rrestatement
Aagreement
ondated 31
October 2014, as amended by a framework agreement dated 31 January
2018, as amended by a supplemental agreement dated 4 June 2020 and as further amended and restated by an amendment and restatement
agreement dated ______ February 2021)

 

BETWEENParties

 

		(1)	RIVIERA
                                         NEW BUILD, LLC, a limited liability company formed in the Marshall Islands whose
                                         registered office is at c/o The Trust Company of the Marshall Islands Inc., Trust Company
                                         Complex, Ajeltake Island, Ajeltake Road, Majuro MH 96960, Republic of the Marshall Islands
                                         (the ““Borrower””);

 

		(2)	THE
                                         BANKS AND FINANCIAL INSTITUTIONS listed in Schedule
                                         1, as Schedule
                                         1 (Lenders and Commitments), as lenders (the “Lenders;”)

 

		(3)	CRÉDIT
                                         AGRICOLE CORPORATE AND INVESTMENT BANK (formerly
                                         known as Calyon) and SOCIÉTÉ GÉNÉRALE
                                         as mandated lead arrangers
                                         (the “Mandated Lead Arrangers;
                                         and”)

 

		(4)	CRÉDIT
                                         AGRICOLE CORPORATE AND INVESTMENT BANK (formerly
                                         known as Calyon), as Agent,
                                         acting through its office at 12 Place des États-Unis, CS 70052, 92547, Montrouge
                                         Cedex, France, as agent (the “Agent”) and SACE Agent.
                                         (the “SACE
                                         Agent”)

 

BACKGROUNDBackground

 

		(A)	By
                                         a Master (Shipbuilding Contracts and Options) Agreement dated 14 May 2008 (the ““Master
                                         Agreement””)
                                         entered into between (inter alia) Fincantieri - Cantieri Navali Italiani SpA, a company
                                         incorporated in Italy with registered office in Trieste, via Genova, 1, and having fiscal
                                         code 00397130584 (the ““Builder””),
                                         Prestige Cruise Holdings Inc., Oceania Cruises, Inc. and, by way of endorsement, the
                                         Borrower providing for an original shipbuilding contract dated 13 June 2007 (the ““Original
                                         Shipbuilding Contract””)
                                         between the Borrower and the Builder to be novated and modified in the form and on the
                                         terms set out in the Master Agreement (the Original Shipbuilding Contract as novated
                                         and modified by the Master Agreement being hereinafter referred to as the ““Shipbuilding
                                         Contract””),
                                         the Builder has agreed to design, construct
                                         and deliver, and the Borrower has agreed
                                         to purchase, a passenger cruise ship currently having”Riviera”
                                         (ex. hHull
                                         number [*] as more particularly described in the Shipbuilding
                                         Contract (the “Ship”) to be delivered on 30 July 2011 subject to any
                                         adjustments of such delivery date in accordance with the Shipbuilding Contract.),
                                         which was delivered to the Borrower on 27 April 2012.

 

		(B)	The
                                         total price payable by the Borrower to the Builder under the Shipbuilding Contract is
                                         EUR 409,095,000.00 (the ““Initial
                                         Contract Price””)
                                         payablewhich
                                         has been paid on the following terms:

 

		(i)	as
                                         to [*]%, by an initial payment which was made on the date when the Original Shipbuilding
                                         Contract entered into full effect pursuant to Article 33 of the Original Shipbuilding
                                         Contract and, as to the balance, upon signature of the Master Agreement;

 

		(ii)	as
                                         to [*]% on the later of the start of steel cutting and 1 September 2009;

 

		(iii)	as
                                         to [*]% on the later of keel laying and 1 February 2010;

 

    1 

     

    

 

		(iv)	as
                                         to [*]% on the later of float out and 30 November 2010; and

 

		(v)	as
                                         to [*]% on delivery of the Ship.

 

		(C)	The
                                         agreement was that the
                                         Initial Contract Price may be (i) increased or decreased from time to time under Article
                                         24 of the Shipbuilding Contract in the event that the Borrower requests, and the Builder
                                         agrees, modifications to the specification or plans constituting a part of the Shipbuilding
                                         Contract or in the event that, subsequent to the date of the Shipbuilding Contract, variations
                                         are made to its provisions compliance with which is compulsory, the net cost of all such
                                         variations being payable on the Delivery Date (the ““Change
                                         Orders””);
                                         and (ii) decreased at delivery of the Ship under Articles 13, 14, 16 and 17 of the Shipbuilding
                                         Contract (in aggregate the ““Liquidated
                                         Damages””)
                                         or by mutual agreement between the parties (the Initial Contract Price adjusted as aforesaid
                                         being the ““Final
                                         Contract Price””).

 

		(D)	By
                                         a loanfacility
                                         agreement dated 18 July 2008 (as amended by a supplemental agreement dated
                                         25 October 2010 and as otherwise amended from time to
                                         time, as further
                                         amended by a side letter dated 29 March 2012 and as further amended and restated by an
                                         amendment and restatement agreement dated 31 October 2014) (the “Original Facility
                                         Agreement”) entered into between (i) the Borrower, (ii) the Lenders,
                                         (iii) the Mandated Lead Arrangers and (iv) the Agent and the SACE Agent, the Lenders
                                         have agreed to make available to the
                                         Borrower a Dollar loan facility of
                                         originally the Dollar Equivalent of up to EUR 349,520,718.00 for the purpose
                                         for the purpose of assisting the Borrower in financing, subject to exchange rate fluctuations,
                                         up to 80% of the Final Contract Price and 100% of the instalment of the relevant SACE
                                         Premium which was paid on the Drawdown Date.

 

		(E)	By
                                         the Aamendment
                                         and Rrestatement
                                         agreement dated 31 October
                                         2014 (the “2014 Amending and Restating Agreement”),
                                         the parties thereto agreed to, among other things, (1) the Guarantor replacing the Prior
                                         Guarantors as a guarantor of the obligations of the Borrower under thisthe
                                         Original Facility Agreement and (2) the amending and restating of thisthe
                                         Original Facility Agreement pursuant to the terms set forth hereinin
                                         the 2014 Amending and Restating Agreement.

 

IT
IS AGREED as follows:

 

		(F)	By
                                         a framework agreement dated 31 January 2018 (the “Framework Agreement”),
                                         Société Générale in its capacity as Lender sold forty-one
                                         point ten per cent. (41.10%) of its participation in the Loan to DekaBank Deutsche Girozentrale
                                         as new lender.

 

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

 

		(H)	Pursuant
                                         to the consent request letter dated 18 April 2020, the Borrower and the Guarantor notified
                                         the Agent and the SACE Agent of the wish to benefit from the Temporary Measures in relation
                                         to certain loan agreements listed therein, including the Original Facility Agreement
                                         (as amended by the Framework Agreement), and requested, amongst other things, the deferral
                                         of repayments of principal under the Original Facility Agreement (as amended by the Framework
                                         Agreement) for a period of one year from 1 April 2020 to 31 March 2021 (the “Borrower
                                         Request”).

 

    2 

     

    

 

		(I)	On
                                         25 May 2020, the Agent (for and on behalf of the Lenders) provided its consent to part
                                         of the Borrower Request in accordance with and subject to certain conditions as set out
                                         in an amendment to the Original Facility Agreement (as amended by the Framework Agreement)
                                         and to the Original Guarantee dated 4 June 2020 between, amongst others, the Borrower,
                                         the
                                         Agent and the SACE Agent (the
                                         “2020 Amendment Agreement”) (the Original Facility Agreement as amended
                                         pursuant to the Framework Agreement and the 2020 Amendment Agreement, the “Facility
                                         Agreement”).

 

		(J)	Due
                                         to the continued impacts of the Covid-19 pandemic on the cruise sector and cruise operators,
                                         SACE confirmed on 31 December 2020 its availability to evaluate an extension of the Temporary
                                         Measures (the “Extended Temporary Measures”), again subject to certain
                                         principles set out in a document titled “Debt Deferral Extension Framework for
                                         ECA-backed Export Financings” dated 26 November 2020 for cruise lines offered by
                                         SACE (together with the Original Principles, the “Principles”).

 

		(K)	Pursuant
                                         to the consent request letter dated 3 December 2020, the Borrower and the Guarantor notified
                                         the Agent and the SACE Agent of the wish to benefit from the Extended Temporary Measures
                                         in relation to certain loan agreements listed therein, including the Facility Agreement,
                                         and requested, amongst other things, the deferral of repayments of principal under the
                                         Facility Agreement for a further period of one year from 1 April 2021 to 31 March 2022
                                         (the “Second Borrower Request”).

 

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

 

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

 

Operative
Provisions

 

		1	INTERPRETATIONInterpretation

 

		1.1	Definitions.

 

Subject
to Clause 1.51.5
(General Interpretation),
in this Agreement:

 

“2014
Amending and Restating Agreement” has the meaning given to the term in Recital (E).

 

“2020
Amendment Agreement” has the meaning given to the term in Recital (I).

 

“2020
Deferral Commitment” means in relation to any Lender as listed in Schedule 1 (Lenders and Commitments) to the
2020 Amendment Agreement, the amount in Dollars expressed as a percentage set opposite its name under the heading “Commitment”
and the amount of any other commitment attributable to it (including the related 2020 Deferral Tranche Premium payable to SACE)
under this Agreement in respect of the 2020 Deferral Tranche.

 

    3 

     

    

 

“2020
Deferral Effective Date” has the meaning given to the term Effective Date in the 2020 Amendment Agreement.

 

“2020
Deferral Fee Letters” means any letter between the Agent and any Obligor which sets out the fees payable in connection
with the arrangements contemplated by the 2020 Amendment Agreement.

 

“2020
Deferral Final Repayment Date” means the Repayment Date falling 3 years and six months after the 2020 Deferral Repayment
Starting Point, or, if earlier, the date on which the 2020 Deferral Tranche has been repaid or prepaid in full, as further set
out in Schedule 4 (Deferred Repayment Schedule).

 

“2020
Deferral Period” means the period from 1 April 2020 to 31 March 2021.

 

“2020
Deferral Repayment Starting Point” means the date of the first Repayment Date falling after 31 March 2021, namely 27
April 2021.

 

“2020
Deferral Tranche” means the part of the Loan made available to the Borrower to finance or refinance (as
the case may be) the aggregate
of the 2020 Deferred Repayment Instalments and the related 2020 Deferral Tranche Premium payable to SACE (amounting [*] per cent.
([*]%) of the Total Commitments as of 1 April 2020) in a principal amount not exceeding forty-five million, eight hundred and
twenty eight thousand, nine hundred and sixty-five Dollars and eighty-four Cents ($45,828,965.84).

 

“2020
Deferral Tranche Premium” has the meaning given to such term in paragraph (a) of Clause 9.5 (Deferral Tranches –
additional premium).

 

“2020
Deferred Repayment Instalments” means the repayment instalments due during the 2020 Deferral Period.

 

“2021
Amendment and Restatement Agreement” has the meaning given to such term in Recital (L).

 

“2021
Deferral Commitment” means in relation to any Lender as listed in Schedule 1 (Lenders and Commitments) to the
2021 Amendment and Restatement Agreement, the amount in Dollars expressed as a percentage set opposite its name under the heading
 “Commitment” and the amount of any other commitment attributable to it under this Agreement in respect of the 2021
Deferral Tranche.

 

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

 

“2021
Deferral Fee Letters” means any letter between the Agent or the SACE Agent and any Obligor which sets out the fees payable
in connection with the arrangements contemplated by the 2021 Amendment and Restatement Agreement.

 

“2021
Deferral Final Repayment Date” means the Repayment Date falling 4 years and six months after the 2021 Deferral Repayment
Starting Point, or, if earlier, the date on which the 2021 Deferral Tranche has been repaid or prepaid in full, as further set
out in Schedule 4 (Deferred Repayment Schedule).

 

“2021
Deferral Period” means the period from 1 April 2021 to 31 March 2022.

 

    4 

     

    

 

“2021
Deferred Repayment Instalments” means the repayment instalments due during the 2021 Deferral Period.

 

“2021
Deferral Repayment Starting Point” means the date of the first Repayment Date falling after 31 March 2022, namely 27
April 2022.

 

“2021
Deferral Tranche” means the part of the Loan made or to be made available to the Borrower to repay the aggregate of
the 2021 Deferred Repayment Instalments, including, for the avoidance of doubt, the repayment instalments due pursuant to paragraph
(a) of Clause 5.5 (Repayment of Deferral Tranches).

 

“2021
Deferral Tranche Premium” has the meaning given to such term in paragraph (b) of Clause 9.5 (Deferral Tranches –
additional premium).

 

““Affiliate””
means, with respect to any person, any other person controlling, controlled by or under common control with, such person
and for purposes of this definition, ““control””
(including, with correlative meanings, the terms ““controlling””,
““controlled
by””
and ““under
common control with””),
as applied to any person, means the possession, directly or indirectly, of the power to vote ten per cent. (10%) or more of the
securities having voting power for the election of directors of such person, or otherwise to direct or cause the direction of
the management and policies of that person, whether through the ownership of voting securities or by contract or otherwise;.

 

“Affected
Lender” has
the meaning given in Clause
6.5;

 

““Agent””
means Crédit Agricole Corporate and Investment Bank, a French ““société
anonyme””,
having a share capital of EUR 7,254,575,2717,851,636,342.00
and its registered office located at 9, Quai du Président Paul Doumer, 92920
Paris La Défense12 Place des États-Unis,
CS 70052 92547, Montrouge cCedex,
France, registered under the n° Siren 304 187 701 at the Registre du Commerce et des Sociétés of Nanterre
or any successor of it appointed under Clause 24; 25
(Role of the Agent and the Mandated Lead Arrangers).

 

“Amendment
and Restatement Agreement” means the amendment and restatement agreement dated October 2014 and made between (i) the
Borrower, (ii) the Lenders, (iii) the Mandated Lead Arrangers and (iv) the
Agent and the SACE Agent;

 

““Annex
VI””
means Annex VI (Regulations for the Prevention of Air Pollution from Ships) to the International Convention for the
Prevention of Pollution from Ships 1973 (as modified in 1978 and 1997);.

 

““Approved
Flag””
means the Marshall Islands flag or such other flag as the Agent may, with the authorisation of the Majority Lenders,
approve from time to time;.

 

““Approved
Manager””
means the Borrower or any other company (whether or not a member of the Group) which the Agent may, with the authorisation
of the Majority Lenders, approve from time to time as the manager of the Ship;.

 

““Approved
Manager’'s
Undertaking””
means, in the event that the Approved Manager is a company other than the Borrower, a letter of undertaking executed
by the Approved Manager in favour of the Agent, which will include, without limitation, an agreement by the Approved Manager to
subordinate its rights against the Ship and the Borrower to the rights of the Creditor Parties under the Finance Documents, in
the agreed form;.

 

    5 

     

    

 

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

 

““Availability
Period””
means the period commencing on the date of this Agreement 18
July 2008 and ending on:

 

		(a)	the
                                         earlier to occur of (i) the Delivery Date and (ii) the date falling 360 days (being the
                                         period stipulated in Article 8.6 of the Shipbuilding Contract) after 30 July 2011 (or
                                         such later date as the Agent may, with the authorisation of the Lenders, agree with the
                                         Borrower); or

 

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

 

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

 

“Bail-In
Legislation” means:

 

		(a)	in
                                         relation to an EEA Member Country which has implemented, or which at any time implements,
                                         Article 55 BRRD, the relevant implementing law or regulation as described in the EU Bail-In
                                         Legislation Schedule from time to time; and

 

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

 

““Base
Rate””
means one Euro for [*] Dollars;.

 

““Builder””
has the meaning given in Recital (A);.

 

““Builder
Letter of Credit””
means a letter of credit relating solely to the Shipbuilding Contract issued in favour of the Builder by the Letter
of Credit Issuer in the form of Exhibit B or another agreed form;.

 

““Business
Day””
means a day on which banks are open in London and Paris and, in relation to any payment to be made to the Builder,
Milan and, in respect of a day on which a payment is required to be made under a Finance Document, also in New York City;.

 

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

 

““CIRR””
(Commercial Interest Reference Rate) means 5.62% per annum or any other lower CIRR rate being the fixed rate for medium
and long term export credits in Dollars applicable to the financing of the Ship according to the Organisation for Economic Co-operation
and Development rules as determined by the competent Italian Authorities;.

 

““CISADA””
means the United States Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 as it applies to non-US
persons;.

 

““Code””
means the United States Internal Revenue Code of 1986.

 

    6 

     

    

 

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

 

““Compliance
Certificate””
has the meaning given to ““Compliance
Certificate””
in the Guarantee;.

 

““Contribution””
means, in relation to a Lender, the part of the Loan which is owing to that Lender;.

 

““Conversion
Rate””
means the rate determined by the Agent on the Conversion Rate Fixing Date and notified to the Borrower as being:

 

		(a)	the
                                         Base Rate; or

 

		(b)	in
                                         the event that the FOREX Contracts Weighted Average Rate is lower than the Base Rate
                                         (i.e. such that a lower amount in Dollars is necessary to purchase Euro than is reflected
                                         by the Base Rate), the FOREX Contracts Weighted Average Rate; or

 

		(c)	in
                                         the event that the FOREX Contracts Weighted Average Rate is higher than the Base Rate
                                         (i.e. such that a greater amount in Dollars is necessary to purchase Euro than is reflected
                                         by the Base Rate), the lower of:

 

		(i)	the
                                         FOREX Contracts Weighted Average Rate; and

 

		(ii)	the
                                         Base Rate increased by 10% (ten per cent.);

 

““Conversion
Rate Fixing Date””
means the date falling [*] ([*]) days before the Intended Delivery Date;.

 

““Creditor
Party””
means the Agent, the SACE Agent, the Mandated Lead Arrangers or any Lender, whether as at the date of thisthe
Original Facility Agreement or at any later time;.

 

“Deferral
Commitment” means the 2020 Deferral Commitment or the 2021 Deferral Commitment and, together, “Deferral Commitments”.

 

“Deferral
Fee Letters” means any of the 2020 Deferral Fee Letters and/or the 2021 Deferral Fee Letters.

 

“Deferral
Final Repayment Date” means any of the 2020 Deferral Final Repayment Date and/or the 2021 Deferral Final Repayment Date.

 

“Deferral
Period” means the period from 1 April 2020 to 31 March 2022.

 

“Deferral
Prepayment Event” means the occurrence of any event entitling the Agent to exercise any rights granted to it pursuant
to Clause 16.4 (Breach of new covenants or the Principles), including, without limitation, the ability to cancel any part,
or demand the immediate repayment of, any Deferral Tranche and to terminate the waiver of the covenant granted pursuant to Clause
14 (Security Value Maintenance) or the waiver of the financial covenants granted pursuant to paragraphs (b) and (c) of
clause 11.15 (Financial Covenants) of the Guarantee.

 

    7 

     

    

 

“Deferral
Tranche” means the 2020 Deferral Tranche or the 2021 Deferral Tranche.

 

“Deferral
Tranche Premia” has the meaning given to such term in paragraph (b) of Clause 9.5 (Deferral Tranches – additional
premium).

 

“Deferred
Costs Percentage” means:

 

		(a)	in
                                         relation to the 2020 Deferral Tranche, [*]% p.a.; and

 

		(b)	in
                                         relation to the 2021 Deferral Tranche, [*]% p.a.

 

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

 

““Dollar
Equivalent””
means such amount in Dollars as is calculated by the Agent on the Conversion Rate Fixing Date to be the equivalent
of an amount in Euro at the Conversion Rate;.

 

““Dollars””
and ““$””
means the lawful currency for the time being of the United States of America;.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

““Effective
Date””
means the Effective Date defined in the Amendment and RestatementOriginal
Facility Agreement;.

 

    8 

     

    

 

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

 

		(a)	the
                                         Dollar Equivalent of EUR 418,237,911; and

 

		(b)	the
                                         Dollar Equivalent of the Final Contract Price

 

in
each case less any Letter of Credit Reduction;

 

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

 

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

 

““Euro””
and ““EUR””
means the single currency of the Participating Member States;.

 

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

 

““Existing
Indebtedness””
means (a) Loan Agreement, dated as of July 31, 2013, by and among Explorer New Build, LLC, as Borrower, the banks and
financial institutions party thereto, Crédit Agricole Corporate and Investment Bank, Société Générale,
KfW IPEX-Bank GmbH and HSBC Bank plc as Joint Mandated Lead Arrangers, Crédit Agricole Corporate and Investment Bank, as
Agent and as SACE Agent and Crédit Agricole Corporate and Investment Bank, as Agent and as Security Trustee (as amended
from time to time); (b) Loan Agreement, dated as of July 18, 2008, by and among Riviera New Build, LLC, as Borrower, the banks
and financial institutions party thereto, Crédit Agricole Corporate and Investment Bank (formerly Calyon) and Société
Générale, as Mandated Lead Arrangers, and Crédit Agricole Corporate and Investment Bank, as Agent and as
SACE Agent (as amended from time to time); (c) Credit Agreement, dated as of July 2, 2013, among Oceania Cruises, Inc., OCI Finance
Corp., as Borrowers, the banks and financial institutions party thereto, Deutsche Bank AG, New York Branch, as administrative
agent, as collateral agent and as mortgage trustee, Deutsche Bank Securities Inc., Barclays Bank Plc and UBS Securities LLC as
co-syndication agents, HSBC Securities (USA) Inc. and Credit Agricole Corporate and Investment Bank as co-documentation agents,
Barclays Bank Plc, UBS Securities LLC, HSBC Securities (USA) INC. and Credit Agricole Corporate and Investment Bank, as joint
bookrunners, Deutsche Bank Securities Inc., Barclays Bank Plc and Ubs Securities LLC, as joint lead arrangers; (d) Credit Agreement,
dated as of August 21, 2012 and amended on February 1, 2013, among Classic Cruises, LLC, Classic Cruises II, LLC, Seven Seas Cruises
S. De R.L., a Panamanian sociedad de responsibilidad limitada, SSC Finance Corp., as Borrowers, Deutsche Bank Ag, New York Branch,
as Administrative Agent and as Collateral Agent, and each lender from time to time party thereto; (e) $225,000,000 of 9.125% Senior
Secured Notes due 2019 and issued under that certain indenture dated as of May 19, 2011, by and among Seven Seas Cruises S. de
R.L., as issuer; Celtic Pacific (UK) Two Limited; Supplystill Limited; Prestige Cruise Services (Europe) Limited (f/k/a Regent
Seven Seas Cruises UK Limited); Celtic Pacific (UK) Limited; SSC (France) LLC; Mariner, LLC, each of the foregoing (other than
the Issuer) as subsidiary guarantors; Wilmington Trust, National Association (successor by merger to Wilmington Trust FSB), as
Trustee and Collateral Agent and any secured hedges in connection with the foregoing; (f) Financial Indebtedness referred to in
the financial statements of the Guarantor delivered to the Agent prior to the Effective Date; (g) Credit Agreement, dated as of
14 July 2014, by and among Seahawk Two, Ltd., as borrower, NCL Corporation Ltd., as guarantor, the lenders party thereto, KFW
IPEX-Bank GmbH as Hermes agent and KFW IPEX-Bank GmbH as facility agent, as collateral agent and as CIRR agent (as amended from
time to time); and (h) Credit Agreement, dated as of 14 July 2014, by and among Seahawk One, Ltd., as borrower, NCL Corporation
Ltd., as guarantor, the lenders party thereto, KFW IPEX-Bank GmbH as Hermes agent and KFW IPEX-Bank GmbH as facility agent, as
collateral agent and as CIRR agent (as amended from time to time).

 

    9 

     

    

 

““External
Management Agreement””
means, in the event that the Approved Manager is not a member of the Group, the management agreement entered or to
be entered into between the Borrower and the Approved Manager with respect to the Ship;.

 

““External
Management Agreement Assignment””
means an assignment of the rights of the Borrower under the External Management Agreement (if any) executed or to be
executed by the Borrower in favour of the Agent, the SACE Agent and the Lenders in the agreed form;.

 

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

 

“FATCA”
means:

 

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

 

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

 

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

 

“FATCA
Application Date” means:

 

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

 

		(b)	in
                                         relation to a “withholdable payment” described in section 1473(1)(A)(ii)
                                         of the Code (which relates to “gross proceeds” from the disposition of property
                                         of a type that can produce interest from sources within the US), 1 January 2017; or

 

		(c)	in
                                         relation to a “passthru payment” described in section 1471(d)(7) of the Code
                                         not falling within paragraphs  (a)
                                         (a)
                                         or
                                         (b)
                                         (b)
                                         above,
                                         1 January 2017,

 

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

 

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

 

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

 

    10 

     

    

 

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

 

““Finance
Documents””
means:

 

		(a)	the
                                         2020 Amendment Agreement;

 

		(b)	the
                                         2021 Amendment and Restatement Agreement;

 

		(c)	the
                                         Deferral Fee Letters;

 

		(d)	(a)
                                         this
                                         Agreement;

 

		(e)	(b)
                                         the
                                         GuaranteeApproved
                                         Manager's Undertaking;

 

(c)
the General Assignment;

 

(d)
the Letter of
Credit;

 

		(f)	(e)
                                         any
                                         External Management Agreement Assignment;

 

		(g)	the
                                         Guarantee;

 

		(h)	the
                                         Letter of Credit;

 

		(i)	(f)
                                         the
                                         Mortgage;

 

		(j)	(g)
                                         the
                                         Post-Delivery
                                         AssignmentMortgage
                                         Addenda;

 

		(k)	(h)
                                         the
                                         Limited Liability Company Interests Security Deed;

 

		(l)	the
                                         Post-Delivery Assignment;

 

		(m)	the
                                         SACE Reimbursement Agreement;

 

		(n)	the
                                         Supplemental Security Documents;

 

		(o)	(i)
                                         any
                                         Time Charter Assignment;

 

		(p)	(j)
                                         the Approved Manager’s Undertakingany
                                         Transfer Certificate;

 

		(q)	(k)
                                         the
                                          SACE
                                         Reimbursement AgreementTripartite
                                         General Assignment;
                                         and 

 

		(r)	(l)
                                         any
                                         other document (whether creating a Security Interest or not) which is designated as a
                                         Finance Document by agreement between the Borrower and the Agent or which is executed
                                         at any time by the Borrower or any other person as security for, or to establish any
                                         form of subordination or priorities arrangement in relation to, any amount payable to
                                         the Lenders under this Agreement or any of the other documents referred to in this definition;.

 

“Final
Contract Price” has
the meaning given in Recital (C);

 

    11 

     

    

 

““Financial
Indebtedness””
means, in relation to a person (the ““debtor””),
a liability of the debtor:

 

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

 

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

 

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

 

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

 

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

 

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

 

““Fixed
Interest Rate””
means CIRR;.

 

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

 

		(a)	the
                                         Margin; and

 

		(b)	LIBOR
                                         for the relevant period.

 

““FOREX
Contracts””
means each actual purchase contract, spot or forward contract and any other contract, such as an option or collar arrangement,
which is entered into in the foreign exchange markets for the acquisition of Euro intended to pay the delivery instalment under
the Shipbuilding Contract, which:-

 

		(a)	(i)
                                         matures
                                         not later than the Intended Delivery Date, provided that option arrangements may mature
                                         up to one month after such date if at the time they are entered into there exists a reasonable
                                         uncertainty as to the date on which the Ship will be delivered;

 

		(b)	(ii)
                                         is
                                         entered into by the Borrower or either Prior Guarantor (or, prior to the Effective Date,
                                         the Prior Guarantors) or a combination of the foregoing not later than two (2) days before
                                         the Conversion Rate Fixing Date so that the Borrower, directly or through a Prior Guarantor,
                                         purchases or may purchase Euro with Dollars at a pre-agreed rate; and

 

		(c)	(iii)
                                         is
                                         notified to the Agent within ten (10) days of its execution but in any event no later
                                         than the day preceding the Conversion Rate Fixing Date, with a Certified Copy of each
                                         such contract being delivered to the Agent at such time;

 

    12 

     

    

 

““FOREX
Contracts Weighted Average Rate””
means the rate determined by the Agent at around 12 noon (Paris time) on the Conversion Rate Fixing Date in accordance
with the following principles which (inter alia) are intended to take into account any maturity mismatch between the maturity
of the FOREX Contracts and the Intended Delivery Date as well as FOREX Contracts that are unwound as part of the hedging strategy
of the Borrower:

 

		(a)	(i)
                                         FOREX
                                         Contracts that are spot or forward foreign exchange contracts, if any, shall be valued
                                         at the contract value (taking into account any rescheduling);

 

		(b)	(ii)
                                         the
                                         difference between the Euro amount available under (ia)
                                         above and the Euro amount balance payable to the Builder on the Delivery Date is assumed
                                         to be purchased at the official daily fixing rate of the European Central Bank for the
                                         purchase of Euro with Dollars as displayed on ““Reuters
                                         Page ECB 37””
                                         at
                                         or around 2 p.m. (Paris time) on the Conversion Rate Fixing Date;

 

		(c)	(iii)
                                         any
                                         FOREX Contract which is an option or collar arrangement and is not unwound at the Conversion
                                         Rate Fixing Date will be marked to market and the resulting profit or loss shall reduce
                                         or increase the Dollar countervalue of the purchased Euro;

 

		(d)	(iv)
                                         any
                                         FOREX Contract which is an option or collar arrangement and is sold or purchased back
                                         at the time FOREX Contract(s) are entered into for an identical Euro amount shall be
                                         accounted for the net premium cost or profit, as the case may be.

 

Any
marked to market valuation, as required in (iii), shall be performed by Calyon’s
Crédit
Agricole Corporate and Investment Bank's
dedicated desk in accordance
with market practices. The Borrower shall have the right to request indicative valuations from time to time prior to the Conversion
Rate Fixing Date.

 

“Framework
Agreement” has the meaning given to such term in Recital (F).

 

“Funding
Rate” means any individual rate notified by a Lender to the Agent pursuant to sub-paragraph (i) of paragraph (e) of
Clause 6.10 (Cost of funds).

 

““GAAP””
means generally accepted accounting principles in the United States of America consistently applied (or, if not consistently
applied, accompanied by details of the inconsistencies) including, without limitation, those set forth in the opinion and pronouncements
of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements
of the Financial Accounting Standards Board;.

 

“General
Assignment” means a general assignment of the Earnings, the Insurances and any Requisition Compensation,
executed by the Borrower and, in the event that the Approved Manager is not a member of the Group and is named as a co-assured
in the Insurances, the Approved Manager in favour of the Agent, the SACE Agent and the Lenders;

 

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

 

““Group””
means the Guarantor and its subsidiaries;.

 

“Guarantee”
means a guarantee issued on or before the Effective Date by
the Guarantor in favour of the
Agent, the SACE Agent and the Lenders in the agreed form; 

 

    13 

     

    

 

“Guarantee”
means the Original Guarantee, as amended pursuant to the 2020 Amendment Agreement and as amended and restated pursuant to the
2021 Amendment and Restatement Agreement and as may be further amended and/or supplemented from time to time.

 

““Guarantor””
means NCL Corporation Ltd., a Bermuda company with its registered office at Cumberland
House, 9th Floor, 1 Victoria StreetPark Place 55, Par-la-Ville
Road, Hamilton HM 11, Bermuda;.

 

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

 

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

 

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

 

“Information
Package” means:

 

		(a)	the
                                         information package in connection with the “Debt Holiday” application in
                                         the form set out in Schedule 4 (Information Package) of the 2020 Amendment Agreement,
                                         submitted by the Borrower (or the Guarantor on its behalf) in order to obtain the benefit
                                         of the measures provided for in the Original Principles; and

 

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

 

““Initial
Contract Price””
has the meaning given in Recital (B);.

 

““Insurances””
means:

 

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

 

		(b)	all
                                         rights and other assets relating to, or derived from, any of the foregoing, including
                                         any rights to a return of a premium;.

 

““Intended
Delivery Date””
means 30 July 2011 (the date on which the Ship will be ready for delivery pursuant to the Shipbuilding Contract as
at the date of thisthe
Original Facility Agreement) or any other date notified by the Borrower to the Agent in accordance with Clauses
3.5(a) or 3.7(c)paragraph (a) of Clauses 3.5 (No
later than sixty (60) days before the Intended Delivery Date) or paragraph (c) of Clause 3.7 (No later than five (5) Business
Days before the Intended Delivery Date) as being the date on which the Builder and the Borrower have agreed that
the Ship will be ready for delivery pursuant to the Shipbuilding Contract;.

 

    14 

     

    

 

““Interest
Make-up Agreement””
means an agreement to be entered into between SIMEST and the Agent on behalf of the Lenders, in form and substance
acceptable to the Mandated Lead Arrangers, whereby, inter alia, the return to the Lenders on the Loan made hereunder will be supplemented
by SIMEST so that it equals that which the Lenders would have received if interest were payable on the Loan at LIBOR plus the
Margin;.

 

““Interest
Period””
means a period determined in accordance with Clause 7;7
(Interest Periods).

 

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

 

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

 

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

 

each
as of the Specified Time for Dollars.

 

““ISM
Code””
means the International Safety Management Code (including the guidelines on its implementation), adopted by the International
Maritime Organisation Assembly as Resolutions A.741 (18) and A.788 (19), as the same may be amended or supplemented from time
to time (and the terms ““safety
management system””,
““Safety
Management Certificate””
and ““Document
of Compliance””
have the same meanings as are given to them in the ISM Code);.

 

““ISPS
Code””
means the International Ship and Port Facility Security Code adopted by the International Maritime Organisation;.

 

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

 

““Lender””
means a bank or financial institution listed in Schedule 1 Schedule
1 (Lenders and Commitments) and acting through its Facility Office or its transferee, successor or assign;.

 

““Letter
of Credit””
means a letter of credit issued by the Letter of Credit Issuer in favour of the Agent and released on 16 May 2014;.

 

““Letter
of Credit Amount””
means the face amount of the Letter of Credit;.

 

““Letter
of Credit Issue Date””
means the date falling fifteen (15) Business Days prior to the Intended Delivery Date;.

 

““Letter
of Credit Issuer””
means Lehman Brothers Bank, Federal Savings Bank, a company incorporated in Delaware or any other financial institution
acceptable to the Agent;.

 

““Letter
of Credit Reduction””
means USD50,000,000 less the aggregate of:

 

		(a)	(a) the
                                         Letter of Credit Amount; and

 

    15 

     

    

 

		(b)	(b) the
                                         cumulative amount of all drawings in respect of the Builder Letter of Credit on or prior
                                         to the earlier of:

 

		(i)	the
                                         date of issue of the Letter of Credit; and

 

		(ii)	the
                                         Letter of Credit Issue Date;

 

“LIBOR”
means, in relation
to a particular
period, the rate determined by the Agent to be that at which deposits of Dollars in amounts comparable with the amount for which
LIBOR is to be
determined and for
a period equivalent to such period are being offered in the London interbank eurocurrency market at or about 11 a.m. (London time)
on the Quotation Date for such period as displayed on the “Reuters Page LIBOR 01” on Reuter Monitor Money Rates Service
(or such other page as may replace such “Reuters Page LIBOR 01” on such system or on any other system of the information
vendor for the time being designated by the British Bankers’ Association to calculate the BBA Interest Settlement Rate (as
defined in the British Bankers’ Association’s Recommended Terms and Conditions (“BBAIRS Terms”)
dated August, 1985)), Provided that if on such date no such rate is so displayed, LIBOR for such period shall be the rate
quoted to the Agent by the Lenders at the request of the Agent as the Lenders' offered rate for deposits of Dollars in an amount
approximately equal to the amount in relation to which LIBOR is to be determined for a period equivalent to such period to prime
banks in the London interbank eurocurrency market at or about 11 a.m. (London time) on the Quotation Date for such period;

 

““Limited
Liability Company Interests Security Deed””
means a security pledge in relation to the limited liability company interests of the Borrower executed or to be executed
by Oceania Cruises in favour of the Agent, the SACE Agent and the Lenders in the agreed form;.

 

“Loan”
means the principal amount for the time being outstanding under this Agreement;

 

“LIBOR”
means, in relation to the Loan or any part of the Loan:

 

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

 

		(b)	as
                                         otherwise determined pursuant to Clause 6.7 (Unavailability of Screen Rate),

 

and
if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero.

 

“Loan”
means the loan made or to be made available under this Agreement (including under the Deferral Tranches) or the principal amount
outstanding for the time being of that loan.

 

““Majority
Lenders””
means:

 

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

 

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

 

““Margin””
means zero point fifty five percent. (0.55%)per
cent. per annum (0.55% p.a.), save for the 2021 Deferral Tranche in respect of which it shall mean zero point seventy five per
cent. per annum; (0.75%
p.a.).

 

““Maritime
Registry””
means the maritime registry which the Borrower will specify to the Lenders no later than three (3) months before the
Intended Delivery Date, being that of the Marshall Islands or such other registry as the Agent may, with the authorisation of
the Majority Lenders, approve;.

 

    16 

     

    

 

““Maximum
Loan Amount””
means the aggregate of:

 

		(a)	the
                                         Dollar Equivalent of Euro 334,590,328.80; and

 

		(b)	100%
                                         of the sSecond
                                         iInstalment
                                         of the SACE Premium payable on the original
                                         Drawdown
                                         Date, 

 

“Mortgage”
means the first priority mortgage on the Ship acceptable for registration on the Approved Flag and, if applicable, deed of covenant,
executed or to be executed
by the Borrower in favour of the
Agent, the SACE Agent and the Lenders in the agreed form;

 

“Negotiation
Period” has the meaning given in Clause 6.8;

 

with
(X) the Loan currently outstanding (including the drawn part of the 2020 Deferral Tranche) on the 2021 Deferral Effective Date
being equal to $ 203,032,583.10 and (Y) an amount equal to $ 56,372,560.68 under the 2021 Deferral Tranche being available for
utilisation, to be made (or deemed to be made) available as provided for in this Agreement.

 

“Mortgage”
means the Original Mortgage, as amended pursuant to both Mortgage Addenda and as may be further amended and/or supplemented from
time to time.

 

“Mortgage
Addenda” means:

 

		(a)	the
                                         addendum to the Original Mortgage executed pursuant to the 2020 Amendment Agreement on
                                         4 June 2020; and

 

		(b)	the
                                         addendum to the Original Mortgage (as amended pursuant to the addendum described in paragraph
                                         (a) above) executed pursuant to the 2021 Amendment and Restatement Agreement on or about
                                         the date hereof.

 

““Obligors””
means the Borrower, the Guarantor, Oceania Cruises and (in the event that the Approved Manager is a member of the Group)
the Approved Manager;.

 

““OFAC””
means the Office of Foreign Assets Control of the United States Department of the Treasury;.

 

““Oceania
Cruises””
means Oceania Cruises IncS.
De R.L., a Panamanian sociedad anonimade
responsabilidad limitada domiciled in Panama whose resident agent is Marcela Rojas
de Perez at 10 Elvira Mendez Street, Top Floorat Arifa
Building, West Boulevard, Santa Maria Business District, Panama, Republic of Panama;.

 

““Oceania
Cruises Guarantee””
means a guarantee issued as provided in Clause 3.2 3.2
(No later than the date of the Original Facility Agreement) by Oceania Cruises in favour of the Agent, the SACE
Agent and the Lenders and terminated on the Effective Date;.

 

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

 

“Original
Guarantee” means the guarantee originally dated 31 October 2014 granted by
the Guarantor in favour of,
among others, the Agent.

 

    17 

     

    

 

“Original
Mortgage” means the first preferred Marshall Islands mortgage on the Ship executed
by the Borrower in favour of,
among others, the Agent dated 19 January 2011.

 

“Original
Principles” has
the meaning given in Recital (G).

 

““Other
Loan Agreement””
means the loan agreement dated on the date of the Loan Agreement between
Marina New Build, LLC and the parties to this Agreement (other than the Borrower) and(as
previously amended by a supplemental agreement dated 25 October 2010, as amended and restated on
or aroundby an amendment and restatement agreement
dated 31 October 2014, as further amended by a supplemental agreement dated 4 June 2020 and as further amended and restated by
an amendment and restatement agreement dated on or about the date of the 2021
Amendment and Restatement Agreement;).

 

““Other
Ship””
means the passenger cruise ship defined as the ““Ship””
in the Other Loan Agreement;.

 

“Overnight
LIBOR” means, on any date, the
London interbank offered rate,
being the day to day rate at which Dollars are offered to prime banks in the London interbank market and published by the British
Bankers’ Association at or about 11.00 a.m. London time on
page LIBOR01 of the Reuters
screen. If the agreed page is replaced or the service ceases
to be available, the Agent may specify another page or service displaying the appropriate
rate after consultation
with the Borrower;

 

“Overnight
LIBOR” means, in relation to the Loan or any part of the Loan:

 

		(a)	on
                                         any date, the applicable day to day Screen Rate as of the Specified Time for Dollars;
                                         or

 

		(b)	as
                                         otherwise determined pursuant to Clause 6.7 (Unavailability of Screen Rate),

 

and
if, in either case, that rate is less than zero, Overnight LIBOR shall be deemed to be zero.

 

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

 

““Party””
means a party to this Agreement from time to time;.

 

“Permitted
Financial Indebtedness” means any Financial Indebtedness:

 

		(a)	incurred
                                         under the Finance Documents; or

 

		(b)	permitted
                                         pursuant to Clause 13.13 (Financial Indebtedness and subordination of indebtedness).

 

““Permitted
Security Interests””
means:

 

		(a)	(A) in
                                         the case of the Borrower,:

 

		(i)	any
                                         of the Security Interests referred to in paragraph (a)
                                         (A)
                                         below, and

 

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

 

    18 

     

    

 

		(b)	(B) in
                                         the case of the Guarantor,:

 

		(i)	any
                                         of the Security Interests referred to in paragraphs (a)(A),
                                         (d)(D),
                                         (f) (F)
                                         and (g) (G)
                                         below, and

 

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

 

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

 

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

 

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

 

		(D)	(d) any
                                         other Security Interest including in relation to the Existing Indebtedness over the assets
                                         of any Obligor other than the Borrower notified by the Borrower or any of the Obligors
                                         to the Agent prior to the Effective Ddate
                                         of this Agreement;

 

		(E)	(e) (without
                                         prejudice to the provisions of Clause 13.1113.13
                                         (Financial indebtedness and subordination of indebtedness)) liens on
                                         assets leased, acquired or upgraded after the Effective
                                         Ddate
                                         of the Original Facility Agreement
                                         or assets newly constructed or converted after the Effective
                                         Ddate
                                         of the Original Facility Agreement
                                         provided that (i) such liens secure Financial Indebtedness otherwise permitted
                                         under this Agreement, (ii) such liens are incurred at the time of such lease, acquisition,
                                         upgrade, construction or conversion and (iii) the Financial Indebtedness secured by such
                                         liens does not exceed the cost of such upgrade or the cost of such assets acquired or
                                         leased;

 

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

 

    19 

     

    

 

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

 

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

 

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

 

““Pertinent
Document””
means:

 

		(a)	any
                                         Finance Document;

 

		(b)	any
                                         policy or contract of insurance contemplated by or referred to in Clause 13
                                         13
                                         (Undertakings) or
                                         any other provision of this Agreement or another Finance Document;

 

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

 

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

 

““Pertinent
Matter””
means:

 

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

 

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

 

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

 

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

 

““Post-Delivery
Assignment””
means an assignment of the rights of the Borrower in respect of the post-delivery guarantee liability of the Builder
under Article 25 of the Shipbuilding Contract executed or to be executed by the Borrower in favour of the Agent, the SACE Agent
and the Lenders in the agreed form;.

 

    20 

     

    

 

““Prestige
Holdings””
means Prestige Cruise Holdings Inc. a Panamanian sociedad anonima domiciled in Panama whose resident agent is
Arias, Fabrega & Fabrega at Plaza 2000 Building, 16th Floor, 50th Street, Panama, Republic of Panama;.

 

““Prestige
Holdings Guarantee””
means a guarantee issued as provided in Clause 3.2 3.2
by Prestige Holdings in favour of the Agent, the SACE Agent and the Lenders and terminated on the Effective Date;.

 

“Principles”
has the meaning given in Recital (I). 

 

““Prior
Guarantees””
means the Oceania Cruises Guarantee and the Prestige Holdings Guarantee;.

 

““Prior
Guarantors””
means Oceania Cruises and Prestige Holdings;.

 

“Prohibited
Payment” means:

 

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

 

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

 

““Prohibited
Person””
means any person (whether designated by name or by reason of being included in a class of persons) against whom Sanctions
are directed;.

 

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

 

““Quotation
Date”Day”
means, in relation to any Interest
Period (or any other period for which an interest rate is to be determined under
any provision of a Finance Document), the day on whichtwo
Business Days before the first day of that period unless market practice differs in the Relevant Interbank Market in which case
the Quotation Day will be determined by the Agent in accordance with market practice in the Relevant Interbank Market (and if
quotations would ordinarilynormally
be given by leading banks in the LondonRelevant
Interbank Market for deposits in the currency in relation to which such rate is to
be determined for delivery on the first day of that Interest Period or other period;on
more than one day, the Quotation Day will be the last of those days).

 

“Reference
Bank Quotation” means any quotation supplied to the Agent by a Reference Bank.

 

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

 

		(a)	if:

 

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

 

    21 

     

    

 

		(ii)	it
                                         consists of a single figure,

 

as
the rate (applied to the relevant Reference Bank and the relevant currency and period) which contributors to the Screen Rate are
asked to submit to the relevant administrator; or

 

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

 

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

 

“Relevant
Interbank Market” means the London interbank market.

 

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

 

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

 

“Replacement
Benchmark” means a benchmark rate which is:

 

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

 

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

 

		(ii)	any
                                         Relevant Nominating Body,

 

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

 

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

 

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

 

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

 

“SACE”
means Servizi Assicurativi del Commercio Estero - SACE SpA;

 

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

 

    22 

     

    

 

“Restricted
Creditor Party” means a Creditor Party which serves a notice pursuant to paragraph (b) of Clause 1.5 (Non-applicable
provisions between the Obligors, German Lenders and any Creditor Party subject to the EU Blocking Regulation).

 

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

 

““SACE
Agent””
means Crédit Agricole Corporate and Investment Bank, a French ““société
anonyme””,
having a share capital of EUR 7,254,575,2717,851,636,342.00
and its registered office located at 9, Quai du Président Paul Doumer, 92920
Paris La Défense12 Place des États-Unis,
CS 70052 92547, Montrouge cCedex,
France, registered under the n° Siren 304 187 701 at the Registre du Commerce et des Sociétés of Nanterre
or any successor of it appointed under Clause 25;25
(Role of the Agent and the Mandated Lead Arrangers).

 

““SACE
Insurance Policy””
means the insurance policy (as amended and supplemented
from time to time) in respect of this Agreement to be issued by SACE
for the benefit of the Lenders, in form and substance satisfactory to the Agent;.

 

““SACE
Premium””
means the amount payable by the Borrower to SACE through the Agent in twoseveral
instalments in respect of the SACE Insurance Policy as set out in Clause 9;9
(SACE Premium and Italian Authorities) including the Deferral Tranche Premia (provided, for the avoidance of doubt, that
the 2021 Deferral Tranche Premium shall not be financed).

 

“SACE
Reimbursement Agreement” means the reimbursement agreement entered into on or before the Effective Date, as the context
may require, between the Borrower, the Guarantor, the Lenders, the Agent, the SACE Agent and SACE.

 

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

 

“Sanctions”
means any sanctions, embargoes, freezing provisions, prohibitions or other restrictions relating to trading, doing business, investment,
exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing):

 

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

 

		(b)	(b) imposed
                                         by CISADA or OFAC; or

 

		(c)	(c) otherwise
                                         imposed by any law or regulation,

 

by
which any Obligor is bound or to which it is subject or, as regards a regulation, compliance with which is reasonable in the ordinary
course of business of any Obligor.

 

“Screen
Rate” means the
London interbank offered rate administered
by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for Dollars for
the relevant period displayed (before any correction, recalculation or republication by the administrator) on
page LIBOR01 of the Thomson
Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information
service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases
to be available, the Agent may specify another page or service displaying the relevant
rate
after consultation with the Borrower.

 

    23 

     

    

 

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

 

“Screen
Rate Replacement Event” means,
in relation to a Screen
Rate:

 

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

 

		(b)	

 

		(i)	

 

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

 

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

 

		(ii)	provided
                                         that, in each case, at that time, there is no successor administrator to continue to
                                         provide that Screen Rate;

 

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

 

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

 

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

 

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

 

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

 

		(ii)	that
                                         Screen Rate is calculated in accordance with any such policy or arrangement for a period
                                         no less than the Screen Rate Contingency Period; or

 

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

 

“Second
Supplemental Tripartite General Assignment” means second priority assignment, supplemental to the Tripartite General
Assignment, as previously supplemented by the Supplemental Tripartite General Assignment, dated on or about the date of the 2021
Amendment and Restatement Agreement and made between the parties to the Tripartite General Assignment.

 

    24 

     

    

 

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

 

““Security
Interest””
means:

 

		(a)	a
                                         mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien or
                                         any other security interest of any kind;

 

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

 

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

 

““Security
Period””
means the period commencing on the date of thisthe
Original Facility Agreement and ending on the date on which:

 

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

 

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

 

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

 

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

 

““Security
Requirement” means the amount in Dollars (as certified
by the Agent whose certificate shall, in the absence of manifest error, be conclusive and binding on the Borrower and the Agent)
which is at any relevant time one hundred per cent (100%) of the Loan;.

 

““Security
Value””
means the amount in Dollars (as certified by the Agent whose certificate shall, in the absence of manifest error, be
conclusive and binding on the Borrower and the Agent) which, at any relevant time, is the aggregate of (i) the market value of
the Ship as most recently determined in accordance with Clause 13.1813.18
(Trading with the United States of America); and (ii) the market value of any additional security for the time
being actually provided to the Agent pursuant to Clause 14;14
(Security Value Maintenance).

 

““Ship””
means the passenger cruise ship currently designated with Hull No.[*]  (as more particularly
described in the Shipbuilding Contract) to be constructed under the Shipbuilding Contract and to be delivered to, and purchased
by, the Borrower and registered in its name under an Approved Flag with the name “RIVIERA”;”Riviera”
(ex. Hull number [*]) in the registered ownership of the Borrower under the Marshall Islands maritime registry (official no.
4353).

 

    25 

     

    

 

““Shipbuilding
Contract””
has the meaning given in Recital (A);(A).

 

““SIMEST””
means Società Italiana per Le Imprese all’'Estero
- SIMEST Spa, which grants export subsidies in Italy under and according to the Italian Legislative Decree n. 143/98 and its amendments;.

 

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

 

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

 

		(b)	in
                                         relation to a Reference Bank Rate calculated by reference to the available quotations
                                         in accordance with Clause 6.8 (Calculation of Reference Bank Rate), noon on the
                                         Quotation Day.

 

“Supplemental
Security Document” means each of:

 

		(a)	the
                                         Supplemental Tripartite General Assignment;

 

		(b)	the
                                         Second Supplemental Tripartite General Assignment; and

 

		(c)	the
                                         Mortgage Addenda.

 

“Supplemental
Tripartite General Assignment” means a second priority assignment, supplemental to the Tripartite General Assignment,
dated 4 June 2020 and made between the parties to the Tripartite General Assignment.

 

““Taxes””
means all present and future income and other taxes, levies, imposts, deductions, compulsory liens and withholdings
whatsoever together with interest thereon and penalties with respect thereto, if any, and any payments made on or in respect thereof
and ““Taxation””
shall be construed accordingly;.

 

““Time
Charter Assignment””
means a deed creating security in respect of a time or consecutive voyage charter in respect of the Ship (including
any guarantee in respect of the obligations of the charterer under the charter) executed by the Borrower in favour of the Agent,
the SACE Agent and the Lenders pursuant to Clause 13.14; (Pooling
of earnings and charters).

 

““Total
Loss””
means:

 

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

 

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

 

    26 

     

    

 

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

 

““Total
Loss Date””
means:

 

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

 

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

 

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

 

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

 

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

 

““Transaction
Documents””
means the Finance Documents and the Underlying Documents;.

 

“Tripartite
General Assignment” means the tripartite general assignment dated 27 April 2012 and entered into between the Borrower,
Oceania Cruises, the Lenders and the Agent, as supplemented (where the context requires) by the Supplemental General Assignment
and the Second Supplemental General Assignment.

 

““Underlying
Documents””
means the Shipbuilding Contract, any External Management Agreement and any charter and associated guarantee in respect
of which a Time Charter Assignment is, or by the terms of this Agreement is required to be, executed;.

 

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

 

“Write-down
and Conversion Powers” means:

 

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

 

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

 

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

 

    27 

     

    

 

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

 

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

 

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

 

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

 

		1.2	Construction
                                         of certain terms.
                                         In this Agreement:

 

In
this Agreement:

 

““approved””
means, for the purposes of Clause 13.2013.20
(Valuation of the Ship), approved in writing by the Agent;

 

““asset””
includes every kind of property, asset, interest or right, including any present, future or contingent right to any
revenues or other payment;

 

““company””
includes any partnership, joint venture and unincorporated association;

 

““consent””
includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration, notarisation and
legalisation;

 

““contingent
liability””
means a liability which is not certain to arise and/or the amount of which remains unascertained;

 

““date
of this Agreement””
means 18 July______
February 200821;

 

““document””
includes a deed; also a letter, fax or telex or
electronic mail;

 

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

 

““expense””
means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable value
added or other tax;

 

    28 

     

    

 

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

 

““legal
or administrative action””
means any legal proceeding or arbitration and any administrative or regulatory action or investigation;

 

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

 

““months””
shall be construed in accordance
with Clause 1.31.3
(Meaning of “month”);

 

““obligatory
insurances””
means all insurances effected, or which the Borrower is obliged to effect, under Clause 13.20
13.20 (Valuation of Ship) or any
other provision of this Agreement or another Finance Document;

 

““parent
company””
has the meaning given in Clause 1.41.4
(Meaning of “subsidiary”);

 

““person””
includes any company; any state, political sub-division of a state and local or municipal authority; and any international
organisation;

 

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

 

““protection
and indemnity risks””
means the usual risks covered by a protection and indemnity association managed in London, including pollution risks
and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable
under the hull and machinery policies by reason of the incorporation in them of Clause 1 of the Institute Time Clauses (Hulls)(1/10/83)
or Clause 8 of the Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent
provision;

 

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

 

““subsidiary””
has the meaning given in Clause 1.41.4
(Meaning of “subsidiary”);

 

““tax””
includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any political
sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls),
and any connected penalty, interest or fine; and

 

““war
risks””
includes the risk of mines and all risks excluded by Clause 23 of the Institute Time Clauses (Hulls)(1/10/83) or Clause
24 of the Institute Time Clauses (Hulls) (1/11/1995).

 

		1.3	Meaning
                                         of ““month”.”

 

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

 

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

 

    29 

     

    

 

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

 

and
““month””
and ““monthly””
shall be construed accordingly.

 

		1.4	Meaning
                                         of ““subsidiary”.”

 

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

 

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

 

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

 

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

 

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

 

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

 

		1.5	Non-applicable
                                         provisions between the Obligors, German Lenders and any Creditor Party subject to the
                                         EU Blocking Regulation.

 

		(a)	The
                                         undertakings and covenants given under paragraph (d) of Clause 13.2 (Information),
                                         Clause 13.3 (Illicit Payments), Clause 13.4 (Prohibited Payments), Clause
                                         13.28 (Compliance with laws etc.) or provisions contained in Clause 20.3 (Miscellaneous
                                         indemnities) or Clause 21.1 (Illegality) and the representations and warranties
                                         given under paragraphs (p), (q), (r) and (s) of Clause 12.2 (Continuing representations
                                         and warranties) respectively (the “Sanctions Provisions”) shall
                                         only enure to the benefit of, and be applicable to a Creditor Party incorporated in the
                                         Federal Republic of Germany to the extent that such provisions would not result in any
                                         violation of, conflict with or liability under the EU Blocking Regulation, the German
                                         Blocking Provisions or any similar applicable anti-boycott law or regulation.

 

		(b)	A
                                         Creditor Party (other than a Creditor Party incorporated in the Federal Republic of Germany)
                                         that is subject to the EU Blocking Regulation or any similar applicable anti-boycott
                                         law or regulation may notify the Agent in writing that it elects that any Sanctions Provisions
                                         shall only enure to the benefit of, and be applicable to, that Creditor Party to the
                                         extent that such provisions would not result in any violation of, conflict with or liability
                                         under the EU Blocking Regulation or any similar applicable anti-boycott law or regulation.

 

		(c)	If
                                         a Creditor Party elects to be a Restricted Creditor Party pursuant to the foregoing paragraph
                                         (b), in respect of any proposed requirement to comply, enforcement, waiver, non-waiver,
                                         consent, variation or amendment of or in relation to a Finance Document relating to any
                                         Sanctions Provision (a “Relevant Action”), the Restricted Creditor
                                         Party shall notify the Agent in writing whether or not it shall
                                         be deemed to be a
                                         Lender for the purposes of ascertaining whether the agreement of any specified group
                                         of Lenders has been obtained to approve the Relevant Action and upon receipt by the Agent
                                         of such notice such Restricted Creditor Party shall be so deemed for such purposes.

 

    30 

     

    

 

		1.6	1.5
                                         General
                                         Interpretation.

 

In
this Agreement:

 

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

 

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

 

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

 

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

 

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

 

		1.7	1.6
                                         Headings.

 

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

 

		1.8	1.7
                                         Effective
                                         Date

 

This
Agreement is effective from the 2021
Deferral Effective Date.

 

		2	FACILITYFacility

 

		2.1	Amount
                                         of facility.

 

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

 

		(a)	in
                                         payment to the Builder of all or part of 80% of the Final Contract Price up to the Eligible
                                         Amount; and

 

		(b)	in
                                         reimbursement to the Agent on behalf of the Lenders of the amount of the second instalment
                                         of the SACE Premium payable by it to SACE on the Drawdown Date.

 

    31 

     

    

 

		2.2	Lenders’'
                                         participations
                                         in Loan.

 

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

 

		2.3	Purpose
                                         of Loan.

 

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

 

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

 

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

 

		(c)	the
                                         second instalment of the SACE Premium payable on the Drawdown Date.;
                                         and

 

		(d)	such
                                         purposes, relating to the 2020 Deferral Tranche and the 2021 Deferral Tranche, as specified
                                         in accordance with the 2020 Amendment Agreement and the 2021 Amendment and Restatement
                                         Agreement respectively.

 

		2.4	Proceedings
                                         by individual Lender requiring Majority Lender consent.

 

Except
for the SACE Agent, no Lender may commence proceedings against the Borrower or any other Obligor in connection with a Finance
Document without the prior consent of all the Lenders.

 

		2.5	Obligations
                                         of Lenders several.

 

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

 

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

 

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

 

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

 

		3	CONDITIONS
                                         PRECEDENTConditions
                                         Precedent

 

		3.1	General.

 

The
Borrower may only draw under the Loan when the following conditions have been fulfilled to the satisfaction of the Agent and provided
no Event of Default shall have occurred and remains unremedied or is likely to occur as a consequence of the drawing of the Loan:.
This Clause 3 (Conditions Precedent) shall not apply to the 2020 Deferral Tranche or the 2021 Deferral Tranche, save for
Clause 3.10 (Deferral Tranches).

 

    32 

     

    

 

		3.2	No
                                         later than the date of thisthe
                                         Original Facility Agreement.

 

The
Agent shall have received no later than the date of thisthe
Original Facility Agreement:

 

		(a)	an
                                         opinion from legal counsel to the Agent as to Marshall Islands law, together with the
                                         limited liability company documentation of the Borrower supporting the opinion, including
                                         but without limitation the Certificate of Formation and Limited Liability Company Agreement
                                         as filed with the competent authorities and a certificate of a competent officer or manager
                                         of the Borrower containing specimen signatures of the persons authorised to sign the
                                         documents on behalf of the Borrower, to the effect that:

 

		(i)	the
                                         Borrower has been duly formed and is validly existing as a limited liability company
                                         under the laws of the Republic of the Marshall Islands;

 

		(ii)	thisthe
                                         Original Facility Agreement
                                         falls within the scope of the Borrower’'s
                                         limited liability company purpose as defined by its Certificate of Formation and Limited
                                         Liability Company Agreement;

 

		(iii)	the
                                         Borrower’'s
                                         representatives were at the date of thisthe
                                         Original Facility Agreement fully empowered to sign thisthe
                                         Original Facility Agreement;

 

		(iv)	either
                                         all administrative requirements applicable to the Borrower (whether in the Republic of
                                         the Marshall Islands), concerning the transfer of funds abroad and acquisitions of Dollars
                                         to meet its obligations hereunder have been complied with, or that there are no such
                                         requirements; and

 

		(v)	thisthe
                                         Original Facility Agreement
                                         constitutes the legal, valid and binding obligations of the Borrower enforceable in accordance
                                         with its terms,

 

and
containing such exceptions as are standard for opinions of this type;

 

		(b)	an
                                         opinion from legal counsel to the Agent as to English law confirming that the obligations
                                         of the Borrower under thisthe
                                         Original Facility Agreement
                                         are legally valid and binding obligations enforceable by the relevant Creditor Parties
                                         in the English courts;

 

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

 

		(d)	a
                                         confirmation from EC3 Services Limited that it will act for the Borrower as agent for
                                         service of process in England in respect of thisthe
                                         Original Facility Agreement
                                         and any other Finance Document;

 

		(e)	an
                                         opinion from legal counsel to the Agent as to Panamanian law, together with the corporate
                                         documentation of each Prior Guarantor supporting the opinion, including but without limitation
                                         the Articles of Incorporation and By-laws as filed with the competent authorities and
                                         a certificate of a competent officer of each Prior Guarantor containing specimen signatures
                                         of the persons authorised to sign the documents on behalf of the Prior Guarantor, to
                                         the effect that:

 

		(i)	each
                                         Prior Guarantor has been duly organised and is validly existing and in good standing
                                         as a Panamanian sociedad anonima with its domicile in the Republic of Panama and
                                         its Resident Agent being (in the case of Prestige Holdings) Arias Fabrega & Fabrega
                                         with address at Plaza 2000 Building, 16th Floor, 50th Street, Panama and (in the case
                                         of Oceania Cruises) Marcela Rojas de Perez with address at 10 Elvira Mendez Street, Top
                                         Floor, Panama;

 

    33 

     

    

 

		(ii)	each
                                         Prior Guarantee falls within the scope of the relevant Prior Guarantor’'s
                                         corporate purpose as defined by its Articles of Incorporation and By-laws;

 

		(iii)	each
                                         Prior Guarantor’'s
                                         representative was at the date of the Prior Guarantee issued by it fully empowered to
                                         sign that Prior Guarantee;

 

		(iv)	either
                                         all administrative requirements applicable to each Prior Guarantor (whether in the Republic
                                         of Panama) concerning the transfer of funds abroad and acquisitions of Dollars to meet
                                         its obligations under the Prior Guarantee issued by it have been complied with, or that
                                         there are no such requirements;

 

		(v)	each
                                         Prior Guarantee is the legal, valid and binding obligations of the Prior Guarantor which
                                         issued it enforceable in accordance with its terms; and

 

		(vi)	none
                                         of the undertakings of either Prior Guarantor contained in either Prior Guarantee are
                                         contrary to public policy in the Republic of Panama,

 

and
containing such exceptions as are standard for opinions of this type;

 

		(f)	duly
                                         executed originals of the Prior Guarantees;

 

		(g)	an
                                         opinion from legal counsel to the Agent as to English law confirming that the obligations
                                         of each Prior Guarantor under the Prior Guarantee issued by it are legally valid and
                                         binding obligations enforceable by the relevant Creditor Parties in the English courts;
                                         and

 

		(h)	confirmation
                                         from EC3 Services Limited that it will act for each Prior Guarantor as agent for service
                                         of process in England in respect of the Prior Guarantee issued by that Prior Guarantor
                                         and any other Finance Document.

 

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

 

The
Agent shall have received no later than ninety (90) days before the Intended Delivery Date:

 

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

 

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

 

		(c)	notification
                                         of the Approved Manager.

 

		3.4	No
                                         later than the date falling ninety (90) days before the Intended Delivery Date and on
                                         each subsequent date on which a Compliance Certificate is to be received by the Agent
                                         pursuant to clause 11.3(e) of the Prestige Holdings Guarantee and clause 11.3(e) of the
                                         Oceania Cruises Guarantee.

 

The
Agent shall have received on the date falling ninety (90) days before the Intended Delivery Date and also on each subsequent date
on which a Compliance Certificate (as defined in and is to be received by the Agent pursuant to) clause 11.3(e) of the Prestige
Holdings Guarantee and clause 11.3(e) of the Oceania Cruises Guarantee a duly completed Compliance Certificate (as defined in
each Prior Guarantee) from each Prior Guarantor;

 

    34 

     

    

 

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

 

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

 

		(a)	notification
                                         of the Intended Delivery Date;

 

		(b)	notification,
                                         signed by a duly authorised signatory of the Borrower, specifying which of the Fixed
                                         Interest Rate or the Floating Interest Rate shall be applicable to the Loan until the
                                         date of payment of the final repayment instalment of the Loan; and in absence of any
                                         such notification, the Borrower shall be deemed to have opted for the Floating Interest
                                         Rate.

 

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

 

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

 

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

 

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

 

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

 

		(b)	a
                                         Certified Copy of each of the Change Orders, of any amendments to the Shipbuilding Contract
                                         and of the power of attorney pursuant to which the authorised signatory of the Borrower
                                         signed the Drawdown Notice and a specimen of his signature; and

 

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

 

		3.8	No
                                         later than the Delivery Date.

 

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

 

		(a)	an
                                         opinion from legal counsel to the Agent as to Marshall Islands law together with the
                                         limited liability company documentation of the Borrower and a certificate of a competent
                                         officer or manager of the Borrower containing specimen signatures of the persons authorised
                                         to sign the documents on behalf of the Borrower, confirming that:

 

		(i)	the
                                         Lenders may continue to rely on the legal opinion given pursuant to Clause
                                         3.2(a)paragraph
                                         (a) of Clause 3.2 (No later than the date of the Original Facility Agreement);

 

    35 

     

    

 

		(ii)	the
                                         Original Mortgage,
                                         the Tripartite
                                         General Assignment, the External Management Agreement Assignment (if any), the Post-Delivery
                                         Assignment and the Time Charter Assignment (if any) fall within the scope of the Borrower’'s
                                         limited liability company purpose as defined by its Certificate of Formation and Limited
                                         Liability Company Agreement and are binding on it; and

 

		(iii)	the
                                         Borrower’'s
                                         representatives are fully empowered to sign the Protocol of Delivery and Acceptance,
                                         the Original Mortgage,
                                         the Tripartite
                                         General Assignment, the External Management Agreement Assignment (if any), the Post-Delivery
                                         Assignment and the Time Charter Assignment (if any)

 

		(b)	in
                                         the event that the Approved Manager is not a member of the Group, an opinion from legal
                                         counsel to the Agent as to the law of the place of incorporation of the Approved Manager,
                                         together with the corporate documentation of the Approved Manager supporting the opinion,
                                         that the Tripartite
                                         General
                                         Assignment (if applicable) and the acknowledgement of the notice of assignment of the
                                         External Management Agreement fall within the scope of the Approved Manager’'s
                                         corporate purpose as defined by its constitutional documents and are binding on it and
                                         the Approved Manager’'s
                                         representatives are fully empowered to sign the Tripartite
                                         General
                                         Assignment (if applicable) and the acknowledgement of the notice of assignment of the
                                         External Management Agreement;

 

		(c)	evidence
                                         of payment to the Builder of:

 

		(i)	the
                                         [*] ([*]) pre-delivery instalments of the Final Contract Price; and

 

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

 

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

 

		(e)	a
                                         certificate from the Borrower, signed by an authorised representative of the Borrower,
                                         confirming that the representations and warranties contained in Clause 12
                                         12
                                         (Representations and Warranties) are
                                         true and correct as of the Delivery Date in consideration of the facts and circumstances
                                         existing as of the Delivery Date;

 

		(f)	the
                                         Interest Make-up Agreement relative to the Loan and in full force and effect;

 

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

 

		3.9	At
                                         Delivery.

 

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

 

		(a)	evidence
                                         that immediately following delivery:

 

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

 

    36 

     

    

 

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

 

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

 

		(iv)	the
                                         opinions mentioned in Clauses 3.9 (j), (k) and (l) andparagraphs
                                         (j), (k) and (l) of Clause 3.9 (At Delivery) and the documents mentioned
                                         in paragraph (m) of
                                         Clause 3.9 (m) 3.9
                                         will be received by the Agent;

 

		(b)	a
                                         Certified Copy of a classification certificate (or interim classification certificate)
                                         showing the Ship to be classed in accordance with Clause
                                         12.4(cparagraph
                                         (c) of Clause 12.4 (Representations on the Delivery Date).

 

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

 

		(d)	a
                                         duly executed original of the Limited Liability Company Interests Security Deed (and
                                         of each document required to be delivered under the Limited Liability Company Interests
                                         Security Deed);

 

		(e)	a
                                         Certified Copy of any executed External Management Agreement and any time charterparty
                                         in respect of the Ship;

 

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

 

		(g)	a
                                         Certified Copy of the power of attorney pursuant to which the authorised signatory(ies)
                                         of the Borrower signed the documents referred to in this Clause 3.9
                                         3.9
                                         (At Delivery) and
                                         to which the Borrower is a party and a specimen of his or their signature(s);

 

		(h)	a
                                         confirmation from EC3 Services Limited that it will act for each of the relevant Obligors
                                         as agent for service of process in England in respect of the deed of covenants constituting
                                         part of the Original
                                         Mortgage
                                         (if applicable), the Tripartite
                                         General
                                         Assignment, the External Management Agreement Assignment (if any), the Post-Delivery
                                         Assignment and the Time Charter Assignment (if any).

 

    37 

     

    

 

Immediately
following the delivery of the Ship by the Builder to the Borrower, the Agent shall receive:

 

		(i)	a
                                         duly executed original of the Original
                                         Mortgage;

 

		(j)	an
                                         opinion from legal counsel to the Agent as to Panamanian law, together with the corporate
                                         documentation of Oceania Cruises supporting the opinion and a certificate of a competent
                                         officer of Oceania Cruises containing specimen signatures of the persons authorised to
                                         sign the Limited Liability Company Interests Security Deed on behalf of Oceania Cruises
                                         confirming that:

 

		(i)	the
                                         Lenders may continue to rely on the legal opinion given pursuant to Clause
                                         3.2(eparagraph
                                         (e) of Clause 3.2 (No later than the date of the Original Facility Agreement)
                                         in so far as it relates to Oceania Cruises;

 

		(ii)	the
                                         Limited Liability Company Interests Security Deed falls within the scope of Oceania Cruises’'
                                         corporate purpose as defined by its Articles of Incorporation and By-laws;
                                         and

 

		(iii)	the
                                         representative of Oceania Cruises was at the date of the Limited Liability Company Interests
                                         Security Deed fully empowered to sign the Limited Liability Company Interests Security
                                         Deed.

 

		(k)	an
                                         opinion from legal counsel to the Agent as to the law of the Maritime Registry confirming:

 

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

 

		(ii)	the
                                         Original Mortgage
                                         over the Ship has been validly registered in the Maritime Registry;

 

		(l)	an
                                         opinion from legal counsel to the Agent as to English law confirming that the obligations
                                         of the Borrower under the deed of covenants constituting part of the Original
                                         Mortgage
                                         (if applicable), the Tripartite
                                         General
                                         Assignment, any External Management Agreement Assignment, the Post-Delivery Assignment
                                         and any Time Charter Assignment are legally valid and binding obligations enforceable
                                         by the relevant Creditor Parties in the English courts;

 

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

 

		3.10	Deferral
                                         Tranches

 

The
relevant part of a Deferral Tranche shall only be advanced if the Agent shall have received (a) no later than five (5) Business
Days before the date of the relevant advance (and only if required under Clause 4.9 (Deferral Tranches) hereunder), a Drawdown
Notice from the Borrower, signed by a duly authorised signatory of the Borrower, specifying the amount of the Deferral Tranche
to be drawn down, and (b) on the relevant date of the relevant advance or deemed advance (as applicable), confirmation that:

 

		(a)	save
                                         as disclosed in writing to the Agent and SACE prior to the date of the 2020 Amendment
                                         Agreement, no Event of Default is continuing or would result from such advance or deemed
                                         advance (as applicable) and no Deferral Prepayment Event or event or circumstance specified
                                         in Clause 18 (Events of Default) which would (with the expiry of a grace period,
                                         the giving of notice, the making of any determination under the Finance Documents or
                                         any combination of any of the foregoing) be an Event of Default has occurred; and

 

    38 

     

    

 

		(b)	save
                                         as disclosed in writing to the Agent and SACE prior to the date of the 2020 Amendment
                                         Agreement, each of the repeating representations set out in Clause 12 (Representations
                                         and Warranties) are true as at such date by reference to the facts and circumstances
                                         existing at such date,

 

it
being provided that two advances under the 2020 Deferral Tranche have been made to the Borrower in respect of the 2020 Deferred
Repayment Instalments.

 

		4	DRAWDOWNDrawdown

 

		4.1	Borrower’'s
                                         irrevocable payment instructions.

 

The
Lenders shall not be obliged to fulfil their obligation to make the Loan available other than by paying the Builder all or part
of 80% of the Final Contract Price up to the Eligible Amount on behalf of and in the name of the Borrower and by reimbursing the
Agent for the instalment of the SACE Premium payable on the Delivery Date.

 

The
Borrower hereby instructs the Lenders in accordance with this Clause 4.14.1
(Borrower's irrevocable payment instructions):

 

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

 

		(b)	to
                                         pay to the Agent on behalf of the Lenders for onward payment to SACE (such payment to
                                         SACE to be made for value on the Drawdown Date), by drawing under the Loan, the amount
                                         of the second instalment of the related SACE Premium.

 

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

 

Verification
of the documents provided under Schedule
3 Schedule
3 (Documents to be produced by the Builder to the Agent on delivery) shall
be limited to checking their apparent compliance as defined in the Uniform Customs and Practices for Documentary Credits - ICC
Publication 600 (UCP 600 latest revision).

 

Save
as contemplated in Clause 4.3
4.3
(Modification of payment terms) below,
the payment instruction contained in this Clause 4.1
4.1
(Borrower's irrevocable payment instructions) is
irrevocable.

 

		4.2	Conversion
                                         Rate for Loan.

 

The
Dollar amount to be drawn down under Clause
4.1(aparagraph
(a) of Clause 4.1 (Borrower's irrevocable payment instructions)
shall be calculated by the Agent on the Conversion Rate Fixing Date in accordance with the definitions of ““Eligible
Amount””
and ““Conversion
Rate””
in Clause 1.11.1
(Definitions).

 

    39 

     

    

 

		4.3	Modification
                                         of payment terms.

 

The
Borrower expressly acknowledges that the payment terms set out in this Clause may only be modified with the agreement of the Builder,
the Agent, the Lenders and the Borrower in the case of Clause
4.1(aparagraph
(a) of Clause 4.1 (Borrower's irrevocable payment instructions)
and with the agreement of the Agent, the Lenders and the Borrower in the case of Clause
4.1(bparagraph
(b) of Clause 4.1 (Borrower's irrevocable payment instructions);
Pprovided
that it is the intention of the Borrower, the
Lenders and the Agent that prior to the Delivery Date agreement shall be reached with those financial institutions with whom the
Borrower has entered into the FOREX Contracts (the ““Counterparties””)
in order that the Euro payments due from the Counterparties under the FOREX Contracts shall be paid to the Agent for holding in
escrow and to be released by the Agent simultaneously with (i) the payment in full to the Builder of the balance of the Final
Contract Price denominated in Euro at the time of delivery of the Ship and (ii) the payment to the Counterparties of the Dollars
due to them under the relevant FOREX Contracts out of the Dollar amount available under Clause
4.1(aparagraph
(a) of Clause 4.1 (Borrower's irrevocable payment instructions),
subject only to delivery of the Ship by the Builder to the Borrower taking place as evidenced by the execution and delivery of
the Protocol of Delivery and Acceptance and to the Borrower having deposited with the Agent before delivery, if and to the extent
required, any Dollar and/or Euro amounts as may be needed to ensure the payment in full of both the balance of the Final Contract
Price in Euro and the Dollars owed to the Counterparties under all the relevant FOREX Contracts.

 

		4.4	Availability.
                                         Drawing

 

Except
as permitted by the provisions of the 2020 Amendment Agreement in respect of the 2020 Deferral Tranche and the 2021 Amendment
and Restatement Agreement in respect of the 2021 Deferral Tranche, drawing may
not be made under this Agreement (and the Loan shall not be available) after the earlier of the Delivery Date and the expiry of
the Availability Period.

 

		4.5	Notification
                                         to Lenders of receipt of a Drawdown Notice.

 

The
Agent shall promptly notify the Lenders that it has received a Drawdown Notice and shall inform each Lender of:

 

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

 

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

 

		(c)	the
                                         duration of the first Interest Period.

 

		4.6	Lenders
                                         to make available Contributions.

 

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

 

		4.7	Disbursement
                                         of Loan.

 

Subject
to the provisions of this Agreement, the Agent shall on the Drawdown Date pay the amounts which the Agent receives from the Lenders
under Clause 4.64.6
(Lenders to make available Contributions):

 

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

 

    40 

     

    

 

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

 

		(c)	in
                                         the like funds as the Agent received the payments from the Lenders.

 

		4.8	Disbursement
                                         of Loan to third party.

 

The
payment by the Agent under Clause 4.7
4.7
(Disbursement of Loan) shall
constitute the making of the Loan and the Borrower shall at that time become indebted, as principal and direct obligor, to each
Lender in an amount equal to that Lender’'s
Contribution.

 

		4.9	Deferral
                                         Tranches

 

The
Lenders have agreed, pursuant to the 2020 Amendment Agreement and the 2021 Amendment and Restatement Agreement, as set out in
this Agreement (but without increasing the Maximum Loan Amount and the Total Commitments of each Lender save for the related 2020
Deferral Tranche Premium to be advanced in accordance with paragraph (d) below) to make available to the Borrower the Deferral
Tranches as follows, as set out in further detail in Schedule 4 (Deferred Repayment Schedule):

 

		(a)	on
                                         each Repayment Date during the 2020 Deferral Period, a portion of the 2020 Deferral Tranche
                                         in an amount equal to the relevant 2020 Deferred Repayment Instalment due on such Repayment
                                         Date shall be automatically drawn by the Borrower and applied towards repayment of the
                                         relevant 2020 Deferred Repayment Instalment due on such date. Each such advance under
                                         the 2020 Deferral Tranche shall be automatic and notional only, and effected by means
                                         of a book entry to finance the 2020 Deferred Repayment Instalments then due;

 

		(b)	if
                                         a 2020 Deferred Repayment Instalment has fallen due and been paid during the Deferral
                                         Period and prior to the 2020 Deferral Effective Date (the “Paid Amount”),
                                         on the date falling five (5) Business Days after the Effective Date (as such term is
                                         described in the 2020 Amendment Agreement), an amount equal to the Paid Amount shall
                                         be reimbursed to the Borrower to the account notified by the Borrower to the Agent on
                                         or prior to the Effective Date in accordance with the relevant Drawdown Notice;

 

		(c)	on
                                         each Repayment Date during the 2021 Deferral Period, a portion of the 2021 Deferral Tranche
                                         in an amount equal to the relevant 2021 Deferred Repayment Instalment due on such Repayment
                                         Date shall be automatically drawn by the Borrower and applied towards repayment of the
                                         relevant 2021 Deferred Repayment Instalment due on such date. Each such advance under
                                         the 2021 Deferral Tranche shall be automatic and notional only, and effected by means
                                         of a book entry to finance the 2021 Deferred Repayment Instalments then due; and

 

		(d)	together
                                         with the first advance of the 2020 Deferral Tranche under this Clause 4.9 (Deferral
                                         Tranches), a portion of the 2020 Deferral Tranche in an amount equal to the amount
                                         to be paid to SACE in respect of the 2020 Deferral Tranche Premium payable to SACE due
                                         on the first advance under the 2020 Deferral Tranche shall be drawn by the Borrower and
                                         paid to SACE as specified in the relevant Drawdown Notice, it being provided that such
                                         amount was advanced to the Borrower on 29 June 2020 together with the first advance under
                                         the 2020 Deferral Tranche in respect of the 2020 Deferred Repayment Instalments.

 

    41 

     

    

 

Accordingly,
the other provisions of this Clause 4 (Drawdown) shall not apply to the advances under the Deferral Tranches and each advance
of any Deferral Tranches under this Clause 4.9 (Deferral Tranches) shall be deemed to satisfy the Borrower's obligations
under Clause 5 (Repayment) in respect of the corresponding Deferred Repayment Instalment.

 

		5	REPAYMENTRepayment

 

		5.1	Number
                                         of repayment instalments.
                                         The

 

Subject
to Clause 5.5 (Repayment of Deferral Tranches), the Borrower
shall repay the Loan by twenty-four (24) consecutive six-monthly instalments.

 

		5.2	Repayment
                                         Dates

 

Subject
to Clause 5.5 (Repayment
Dates.
Theof
Deferral Tranches), the first
instalment shall be repaid on the date falling six (6) months after the Drawdown Date and the last instalment on the date falling
one hundred and forty four (144) months after the Drawdown Date, each date of payment of an instalment being a ““Repayment
Date””.

 

		5.3	Amount
                                         of repayment instalments.
                                         Each

 

Subject
to Clause 5.5 (Repayment of Deferral Tranches), each of
the twenty-four (24) consecutive six-monthly repayment instalments of the Loan shall be of an equal amount.

 

		5.4	Final
                                         Repayment Date.
                                         On

 

Subject
to Clause 5.5 (Repayment of Deferral Tranches), on the
final Repayment Date, the Borrower shall additionally pay to the Agent for the account of the Creditor Parties all other sums
then accrued or owing under any Finance Document.

 

		5.5	Repayment
                                         of Deferral Tranches

 

Subject
to Clause 4.9 (Deferral Tranches):

 

		(a)	the
                                         2020 Deferral Tranche shall be repaid in eight semi-annual instalments beginning on the
                                         2020 Deferral Repayment Starting Point and until the 2020 Deferral Final Repayment Date,
                                         as set out in further detail in Schedule 4 (Deferred Repayment Schedule); and

 

		(b)	the
                                         2021 Deferral Tranche shall be repaid in ten semi-annual instalments beginning on the
                                         2021 Deferral Repayment Starting Point and until the 2021 Deferral Final Repayment Date,
                                         as set out in further detail in Schedule 4 (Deferred Repayment Schedule).

 

    42 

     

    

 

		6	INTERESTInterest

 

		6.1	Fixed
                                         Interest Rate.

 

If
the Borrower has specified a Fixed Interest Rate pursuant to Clause
3.5(b)paragraph
(b) of Clause 3.5 (No later than Sixty (60) days before the Intended Delivery Date),
the Loan shall bear interest at the CIRR. Such interest shall accrue on the actual number of days elapsed based upon a 360 day
year and shall be paid on each Repayment Date.

 

		6.2	Floating
                                         Interest Rate.
                                         If:

 

If:

 

		(a)	the
                                         Borrower has specified a Floating Interest Rate pursuant to Clause
                                         3.5(b)paragraph
                                         (b) of Clause 3.5 (No later than Sixty (60) days before the Intended Delivery Date);
                                         or

 

		(b)	the
                                         Borrower has specified a Fixed Interest Rate pursuant to Clause
                                         3.5(b)paragraph
                                         (b) of Clause 3.5 (No later than Sixty (60) days before the Intended Delivery Date)
                                         but
                                         thereafter for any reason whatsoever the Interest Make-up Agreement shall cease to be
                                         in effect,

 

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

 

		6.3	Interest
                                         in respect of Deferral Tranches

 

The
rate of interest for each Interest Period in respect of each Deferral Tranche shall be the relevant Floating Interest Rate.

 

		6.4	Deferred
                                         Costs

 

Independently
to any other obligation to pay costs, expenses or interest under or in connection with this Agreement, the Borrower shall, as
a separate obligation, also pay to the Agent (for distribution to each Lender) deferred costs in respect of any drawn portion
of a Deferral Tranche at the relevant Deferred Costs Percentage for each Interest Period during which any part of that Deferral
Tranche remains outstanding. Whilst not an interest liability, such deferred costs shall be charged from and including the first
day of the applicable Interest Period in which an amount of the relevant Deferral Tranche is outstanding to (but not including)
the last day of such Interest Period, and will be payable semi-annually in arrears on each interest payment date. Any deferred
costs payable in accordance with this Clause 6.4 (Deferred Costs) shall be calculated on the basis of the actual number
of days elapsed over a year comprised of 360 days. Any non-payment of such deferred costs shall be an Event of Default in accordance
with Clause 18.2 (Non-payment).

 

		6.5	6.3
                                         Payment
                                         of Floating Interest Rate.

 

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

 

    43 

     

    

 

		6.6	6.4
                                         Notification
                                         of Interest Periods and Floating Interest Rate.

 

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

 

6.5
Market disruption. The following provisions of this Clause 6 apply if:

 

(a)
No rate is quoted on “Reuters Page LIBOR 01” (or any other page replacing it) and the Lenders do not, before 1.00
p.m. (London time) on the Quotation Date for an Interest Period, provide quotations to the Agent in order to fix LIBOR; or 

 

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

 

		6.7	Unavailability
                                         of Screen Rate

 

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

 

		(b)	Reference
                                         Bank Rate: If no Screen Rate is available for LIBOR for:

 

		(i)	Dollars;

 

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

 

		(iii)	the
                                         applicable LIBOR shall be the Reference Bank Rate as of the Specified Time and for a
                                         period equal in length to the Interest Period of the Loan or that part of the Loan.

 

		(c)	at
                                         least 1 Business Day before the start of an Interest Period, the Agent is notified by
                                         a Lender (the “Affected Lender”) that for any reason it is unable
                                         to obtain Dollars in the London Interbank Market in order to fund its Contribution (or
                                         any part of it) during theCost
                                         of funds: If paragraph (b) above applies but no Reference Bank Rate is available
                                         for Dollars or the relevant Interest Period there shall be no LIBOR for the Loan or that
                                         part of the Loan (as applicable) and Clause 6.10 (Cost of funds) shall apply to
                                         the Loan or that part of the Loan for that Interest
                                         Period.

 

6.6
Notification of market disruption. The Agent shall promptly notify the Borrower and each of the Lenders stating
the circumstances falling within Clause 6.5 which have caused its notice to be given.

 

6.7
Suspension of drawdown. If the Agent’s notice under Clause 6.5 is served before the Loan is made:

 

(a)
in a case falling within Clauses 6.5(a) or 6.5(b), the Lenders’ obligations to make the Loan;

 

(b)
in a case falling within Clause 6.5(c), the Affected Lender’s obligation to participate in the Loan;

 

    44 

     

    

 

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

 

6.8
Negotiation of alternative rate of interest. If the Agent’s notice under Clause 6.6 is served after
the Loan is made,
the Borrower, the Agent and the Lenders
or (as the case
may be) the Affected
Lender shall use reasonable endeavours to agree, within the 30 days after the date on which the Agent serves its notice under
Clause 6.6 (the “Negotiation Period”), an alternative interest rate or (as the case may be) an alternative
basis for the Lenders or (as the case may be) the Affected Lender to fund or continue to fund their or its Contribution during
the Interest Period concerned.

 

6.9
Application of agreed alternative rate of interest. Any alternative interest rate or an alternative basis
which is agreed during the Negotiation Period shall take effect in accordance with the terms agreed. 

 

6.10
Alternative rate of interest in absence of agreement. If an alternative interest rate or alternative basis
is not agreed within the Negotiation Period, and the relevant circumstances are continuing at the end of the Negotiation Period,
then the Agent shall, with the agreement of each Lender or (as the case may be) the Affected Lender, set an interest period and
interest rate representing the cost of funding of the Lenders or (as the case may be) the Affected Lender in Dollars or in any
available currency of their or its Contribution plus the Margin; and the procedure provided for by this Clause 6.10 shall be repeated
if the relevant circumstances are continuing at the end of the interest period so set by the Agent.

 

		6.8	Calculation
                                         of Reference Bank Rate

 

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

 

		(b)	If
                                         at or about noon on the Quotation Day none or only one of the Reference Banks supplies
                                         a quotation, there shall be no Reference Bank Rate for the relevant Interest Period.

 

		6.9	Market
                                         Disruption

 

If
before close of business in London on the Quotation Day for the relevant Interest Period the Agent receives notification from
a Lender or Lenders (whose participations in the Loan or the relevant part of the Loan in aggregate exceed [*]
per cent. of the Loan or
the relevant part of the Loan as appropriate) that the cost to it or each of them of funding its participation in the Loan or
that part of the Loan from whatever source it may reasonably select would be in excess of LIBOR then Clause 6.10 (Cost of funds)
shall apply to the Loan or that part of the Loan (as applicable) for the relevant Interest Period.

 

		6.10	Cost
                                         of funds

 

		(a)	If
                                         this Clause 6.10 (Cost of funds) applies, the rate of interest on the Loan or
                                         the relevant part of the Loan for the relevant Interest Period shall be the percentage
                                         rate per annum which is the sum of:

 

		(i)	the
                                         Margin; and

 

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

 

    45 

     

    

 

		(b)	If
                                         this Clause 6.10 (Cost of funds) applies and the Agent or the Borrower so requires,
                                         the Agent and the Borrower shall enter into negotiations (for a period of not more than
                                         30 days) with a view to agreeing a substitute basis for determining the rate of interest
                                         or
                                         (as the case may be)
                                         an alternative basis for funding.

 

		(c)	Subject
                                         to Clause 6.11 (Replacement of Screen Rate), any substitute or alternative basis
                                         agreed pursuant to paragraph (b) above shall, with the prior consent of all the Lenders
                                         and the Borrower, be binding on all Parties.

 

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

 

		(e)	If
                                         this Clause 6.10 (Cost of funds) applies pursuant to Clause 6.9 (Market disruption)
                                         and:

 

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

 

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

 

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

 

		(f)	If
                                         this Clause 6.10 (Cost of funds) applies but any Lender does not supply a quotation
                                         by the time specified in sub-paragraph (ii) of paragraph (a) above, the rate of interest
                                         shall be calculated on the basis of the quotations of the remaining Lenders.

 

		6.11	Replacement
                                         of Screen Rate

 

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

 

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

 

		(b)	

 

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

 

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

 

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

 

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

 

    46 

     

    

 

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

 

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

 

		(c)	If,
                                         as at 30 September 2021, this Agreement provides that the rate of interest for the Loan
                                         in Dollars is to be determined by reference to the Screen Rate for LIBOR:

 

		(i)	a
                                         Screen Rate Replacement Event shall be deemed to have occurred on that date in relation
                                         to the Screen Rate for Dollars; and

 

		(ii)	the
                                         Agent (acting on the instructions of the Majority Lenders) and the Obligors shall enter
                                         into negotiations in good faith with a view to agreeing the use of a Replacement Benchmark
                                         in relation to Dollars in place of that Screen Rate from and including a date no later
                                         than 30 November 2021, unless the Borrower and the Agent (acting on the instructions
                                         of the Majority Lenders) agree to defer the date of the negotiations required under this
                                         sub-paragraph (ii) together with the date for the use of such a Replacement Benchmark,
                                         in which case such dates shall be those so agreed.

 

		(d)	If
                                         an amendment is required as contemplated in this Clause 6.11 (Replacement of Screen
                                         Rate), the Obligors shall reimburse each of the Agent and the Security Trustee for
                                         the amount of all costs and expenses (including legal fees and other professional expenses)
                                         incurred by each Creditor Party in relation to such amendment.

 

		6.12	6.11
                                         Notice
                                         of prepayment.

 

If
no
agreement is reached with the
Borrower does not agree with
an interest rate set by the Agent under
Clause 6.106.11
(Replacement of Screen Rate),
the Borrower may give the Agent not less than 15 Business Days’',
or, if the Fixed Interest Rate has been selected pursuant to paragraph (a) of Clause 3.5 (No later than Sixty (60) days before
the Intended Delivery Date), the Borrower may give the Agent not less than 60 days' notice
of its intention to prepay at the end of the interest period set by the Agent.

 

		6.13	6.12
                                         Prepayment;
                                         termination of Commitments.

 

A
notice under Clause 6.11
6.12
(Notice of prepayment) shall
be irrevocable; the Agent shall promptly notify the Lenders or
(as the case may require)
the Affected Lender of
the Borrower’'s
notice of intended prepayment; and:

 

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

 

		(b)	on
                                         the last Business Day of the iInterest
                                         pPeriod
                                         set by the Agent, the Borrower shall prepay (without premium or penalty) the Loan
                                         or,
                                         as the case may be, the
                                         Affected Lender’s Contribution,
                                         together with accrued interest thereon at the applicable rate plus the Margin.

 

    47 

     

    

 

		6.14	6.13
                                         Application
                                         of prepayment.

 

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

 

		7	INTEREST
                                         PERIODSInterest
                                         Periods

 

		7.1	Floating
                                         Interest Rate.

 

This
Clause 7 7
(Interest Periods) applies
where the Borrower has specified a Floating Interest Rate pursuant to Clause
3.5(b)paragraph
(b) of Clause 3.5 (No later than sixty (60) days before the Intended Delivery Date) or in the case of each Deferral Tranche.

 

		7.2	Commencement
                                         of Interest Periods.

 

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

 

		7.3	Duration
                                         of Interest Periods.

 

Each
Interest Period shall be 6 months and shall end on the next succeeding Repayment Date.

 

8
CLAIMS OR DEFENCES MAY NOT BE OPPOSED TO THE LENDERS

 

		7.4	The
                                         first Interest Period in relation to each advance or deemed advance (as applicable) under
                                         each Deferral Tranche shall start on the date of such advance or deemed advance (as applicable)
                                         and end on the last day of the current Interest Period in respect of the Loan, following
                                         which all Interest Periods will be consolidated.

 

		8	Claims
                                         or Defences may not be opposed to the Lenders

 

		8.1	Liability
                                         Preserved.

 

The
Borrower may not escape liability under the terms of this Agreement by opposing to the Lenders claims or defences of any kind
whatsoever arising under the Shipbuilding Contract, and in particular from its performance, or from any other relationship between
the Borrower and the Builder.

 

		9	SACE
                                         PREMIUM AND ITALIAN AUTHORITIESPremium
                                         and Italian Authorities

 

		9.1	SACE
                                         Premium.

 

The
estimated SACE Premium is due and payable in two instalments as follows:

 

		(a)	the
                                         first instalment of the SACE Premium shall be paid to SACE within 30 days of the issue
                                         of the SACE Insurance Policy documentation in the form required by clause
                                         3.3(bparagraph
                                         (b) of Clause 3.3 (No later than ninety (90) days before the Intended Delivery Date)
                                         of this Agreement and shall be in such amount in Dollars as is calculated by the Agent
                                         to be the equivalent of EUR [*]
                                         converted at the Base Rate (the ““First
                                         Instalment””);
                                         and

 

		(b)	the
                                         second instalment of the SACE Premium shall be such amount in Dollars as is calculated
                                         by the Agent to be the product of (i) [*]%
                                         of the Loan actually advanced on the Drawdown Date LESS (ii) the amount of the First
                                         Instalment (the ““Second
                                         Instalment””)
                                         and shall be payable on the Drawdown Date.

 

    48 

     

    

 

		9.2	Reimbursement
                                         by the Borrower of the SACE Premium.

 

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

 

		(a)	The
                                         First Instalment shall be paid to SACE by the Borrower through the Agent upon notification
                                         by the Agent to the Borrower (i) of the issue of the SACE Insurance Policy documentation
                                         in the form required by clause
                                         3.3(bparagraph
                                         (b) of Clause 3.3 (No later than ninety (90) days before the Intended Delivery Date)
                                         of this Agreement, and (ii) of the amount of the First Instalment.

 

		(b)	The
                                         Borrower has requested and the Lenders have agreed to finance the payment of one hundred
                                         per cent. (100%) of the Second Instalment on the Drawdown Date in accordance with paragraph
                                         (b) of Clause
                                         2.12.1
                                         (bAmount
                                         of facility)
                                         of this Agreement.

 

Consequently,
the Borrower hereby irrevocably instructs the Agent on behalf of the Lenders to pay the Second Instalment to SACE on the Drawdown
Date and to reimburse themselves by drawing under the Loan the amount of the Second Instalment in accordance with paragraph
(b) of Clause 2.12.1
(bAmount
of facility) of this Agreement.

 

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

 

		9.3	Italian
                                         Authorities.

 

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

 

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

 

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

 

		9.4	Refund

 

Refund.
In accordance with
the SACE Insurance
Policy, the Borrower has the
right to receive a refund of the first instalment of the SACE Premium referred to in paragraph
(a) of Clause 9.1
9.1
(aSACE
Premium), provided that
no Event of Default has occurred, in the event that no drawings have been made under this Agreement and the parties have mutually
decided to cancel the SACE Insurance Policy following cancellation of the Total Commitments in accordance with Clause 16.116.1
(Cancellation). In these
circumstances, the Borrower may request in writing through the SACE Agent, and shall be entitled to receive from SACE through
the SACE Agent, a refund of the first instalment of the SACE Premium subject to a deduction for SACE’'s
administrative charges as calculated by SACE in an amount of not less than 15% of the refund or EUR 3,000 (calculated at the exchange
rate valid at the date of the refund request) whichever is the higher.

 

    49 

     

    

 

In
no event shall the SACE Agent be liable for any refund of the SACE Premium to be made by SACE.

 

		9.5	Deferral
                                         Tranches – additional premium

 

A
premium is payable by the Borrower to SACE in respect of:

 

		(a)	the
                                         2020 Deferral Tranche (the “2020 Deferral Tranche Premium”), it being
                                         provided that an amount of $[*] was advanced to the Borrower and paid to SACE on 29 June
                                         2020 with the first Advance under the 2020 Deferral Tranche in respect of the 2020 Deferred
                                         Repayment Instalments; and

 

		(b)	the
                                         2021 Deferral Tranche (the “2021 Deferral Tranche Premium” and together
                                         with the 2020 Deferral Tranche Premium, the “Deferral Tranche Premia”),
                                         payable in an amount of $[*] no later than the earlier of (i) 30 days from the date of
                                         issuance of the relevant addendum to the SACE Insurance Policy in form and substance
                                         acceptable to the Lenders and (ii) the first Advance under the 2021 Deferral Tranche.

 

Each
of the Deferral Tranche Premia paid or to be paid to SACE is non-refundable, and the 2021 Deferral Tranche Premium will not be
financed.

 

		10	FEESFees

 

		10.1	Fees.

 

The
following fees shall be paid to the Agent by the Borrower as required hereunder:

 

		(a)	for
                                         the Mandated Lead Arrangers and the SACE Agent, an arrangement fee in an amount and payable
                                         at the time separately agreed in writing between the Mandated Lead Arrangers, the SACE
                                         Agent and the Borrower;

 

		(b)	for
                                         the Lenders, a commitment fee in Dollars for the period from the date of thisthe
                                         Original Facility Agreement
                                         to the Delivery Date of the Ship, or the date of receipt by the Agent of the written
                                         cancellation notice sent by the Borrower as described in Clause 14.116.1
                                         (Cancellation),
                                         whichever is the earliest, computed at the rate of [*]
                                         per cent. ([*]%) per annum
                                         and calculated on the undrawn amount of the Maximum Loan Amount and payable in arrears
                                         on the date falling six (6) months after the date of this Agreement and on each date
                                         falling at the end of each following consecutive six (6) month period, with the exception
                                         of the commitment fee due in respect of the last period, which shall be paid on the Drawdown
                                         Date, or the date of receipt by the Agent of the written cancellation notice sent by
                                         the Borrower as described in Clause 16.116.1
                                         (Cancellation), whichever is the earliest,
                                         such commitment fee to be calculated on the actual number of days elapsed divided by
                                         three hundred and sixty (360);

 

For
the purpose of the computation of the periodical commitment fee payable to the Lenders, the Maximum Loan Amount is assumed to
be USD 608,082,164;

 

    50 

     

    

 

In
the event the actual amount drawn under the Loan on the Delivery Date is higher, the Borrower shall on the Delivery Date pay the
difference between the aggregate commitment fee amounts paid up to that date and the aggregate commitment fee computed on the
actual amount to be drawn on the Delivery Date;

 

		(c)	With
                                         effect from the date of the 2020 Amendment Agreement, the Borrower shall pay to the Agent
                                         (for the account of the Lenders for application pro rata to their Commitments) a commitment
                                         fee in the amount of [*] per cent. ([*]%) per annum on the daily undrawn 2020 Deferral
                                         Commitment. The commitment fee shall be payable in arrears on the date of each advance
                                         or deemed advance, as applicable, of the 2020 Deferral Tranche in accordance with Clause
                                         4.9 (Deferral Tranches) or, if cancelled, on the date of cancellation of the 2020
                                         Deferral Tranche;

 

		(d)	With
                                         effect from the date of the 2021 Amendment and Restatement Agreement, the Borrower shall
                                         pay to the Agent (for the account of the Lenders for application pro rata to their Commitments)
                                         a commitment fee in the amount of [*] per cent. ([*]%) per annum on the daily undrawn
                                         2021 Deferral Commitment. The commitment fee shall be payable in arrears on the date
                                         of each advance or deemed advance, as applicable, of the 2021 Deferral Tranche in accordance
                                         with Clause 4.9 (Deferral Tranches) or, if cancelled, on the date of cancellation
                                         of the 2021 Deferral Tranche;

 

		(e)	(c)
                                         for
                                         the Agent, an agency fee of $[*]
                                         payable within ten (10) Business Days of the date of thisthe
                                         Original Facility Agreement and on or before each
                                         anniversary date thereof until total repayment of the Loan unless the Total Commitments
                                         are terminated pursuant to Clause 16.116.1
                                         (Cancellation).

 

11
TAXES, INCREASED COSTS, COSTS AND RELATED CHARGES

 

		11	Taxes,
                                         Increased Costs, Costs and Related Charges

 

		11.1	Warranty.

 

The
Creditor Parties each warrant to the Borrower that as at the effective date of this Agreement there are no Taxes payable in France
as a consequence of the signature or performance of this Agreement (other than Taxes payable by each of the Lenders on its overall
net income). Each of the Lenders specified in Schedule
1 Schedule
1 (Lenders and Commitments) undertakes
that: (i) its Facility Office is located in France at the effective date of this Agreement; and (ii) it will not relocate its
Facility Office to another jurisdiction if such relocation could result in the imposition of Taxes in connection with signature
or performance of this Agreement (other than Taxes payable by a Lender on its overall net income), it being agreed, for the avoidance
of doubt, that each Lender shall be entitled at any time to relocate its Facility Office to another jurisdiction provided that
such relocation does not affect the tax status of the transaction for the Borrower by reference to the tax status that would apply
were its Facility Office to be located in France.

 

		11.2	Taxes.

 

		(a)	All
                                         Taxes legally payable (other than Taxes payable by each of the Lenders on its overall
                                         net income) as a consequence of the signature or performance of this Agreement shall
                                         be paid by the Borrower. In consequence, all payments of principal and interest, interest
                                         on late payments, compensation, costs, fees and related charges, due in connection with
                                         this Agreement shall be made without any deduction or withholding in respect of Taxes.
                                         The Borrower therefore hereby agrees expressly that if for any reason full payment of
                                         the above amounts is not made, it will immediately pay the Lenders the sums necessary
                                         to compensate exactly the effect of the deductions or withholdings made in respect of
                                         Taxes. If the Borrower fails to perform this obligation, the Lenders shall be entitled,
                                         in accordance with Clause 1818
                                         (Events of Default),
                                         either not to make available the Loan or, as the case may require, to require immediate
                                         repayment of the Loan.

 

    51 

     

    

 

		(b)	If
                                         an additional payment is made under this Clause and any Lender or the Agent on its behalf
                                         determines that it has received or been granted a credit against or relief of or calculated
                                         with reference to the deduction or withholding giving rise to such additional payment,
                                         such Lender or the Agent (as the case may be) shall, to the extent that it can do so
                                         without prejudice to the retention of the amount of such credit, relief, remission or
                                         repayment and provided that it has received the cash benefit of such credit, relief or
                                         remission, pay to the Borrower such amount as such Lender or the Agent shall in its reasonable
                                         opinion have concluded to be attributable to the relevant deduction or withholding. Any
                                         such payment shall be conclusive evidence of the amount due to the Borrower hereunder
                                         and shall be accepted by the Borrower in full and final settlement of its rights of reimbursement
                                         hereunder in respect of such deduction or withholding. Nothing herein contained shall
                                         interfere with the right of any Lender and the Agent to arrange their respective tax
                                         affairs in whatever manner they think fit.

 

		(c)	Nothing
                                         in this Clause 11.2
                                         11.2
                                         (Taxes)
                                         shall require the Borrower to compensate the Lenders in respect of any tax imposed under
                                         or in connection with FATCA.

 

		11.3	FATCA
                                         Deduction

 

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

 

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

 

		11.4	FATCA
                                         Information

 

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

 

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

 

		(A)	a
                                         FATCA Exempt Party; or

 

		(B)	not
                                         a FATCA Exempt Party; and

 

		(ii)	supply
                                         to that other Party such forms (including any applicable W8 BEN-E or W9 or other equivalent
                                         form), documentation and other information relating to its status under FATCA as that
                                         other Party reasonably requests for the purposes of that other Party's compliance with
                                         FATCA or any other law, regulation, or exchange of information regime.

 

    52 

     

    

 

		(b)	If
                                         a Party confirms to another Party pursuant to paragraph (a)(i(a)(i)
                                         of Clause 11.4 (FATCA Information)
                                         above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not,
                                         or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably
                                         promptly.

 

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

 

		(i)	any
                                         law or regulation;

 

		(ii)	any
                                         fiduciary duty; or

 

		(iii)	any
                                         duty of confidentiality.

 

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

 

		11.5	Increased
                                         Costs.

 

If
after the date of thisthe
Original Facility Agreement
by reason of:

 

		(a)	any
                                         change in law or in its interpretation or administration; and/or

 

		(b)	compliance
                                         with any request from or requirement of any central bank or other fiscal, monetary or
                                         other authority including but without limitation the Basel Committee on Banking Regulations
                                         and Supervisory Practices whether or not having the force of law:

 

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

 

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

 

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

 

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

 

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

 

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

 

    53 

     

    

 

A
Lender affected by any provision of this Clause 11.3
11.3
(FATCA Deduction) shall
promptly inform the Agent after becoming aware of the relevant change and its possible results (which notice shall be conclusive
evidence of the relevant change and its possible results) and the Agent shall, as soon as reasonably practicable thereafter, notify
the Borrower of the change and its possible results. Without affecting the Borrower’'s
obligations under this Clause 11.3
11.3
(FATCA Deduction) and
in consultation with the Agent, the affected Lender will then take all such reasonable steps as may be open to it to mitigate
the effect of the change (for example (if then possible) by changing its Facility Office or transferring some or all of its rights
and obligations under this Agreement to another financial institution reasonably acceptable to the Borrower and the Agent). The
reasonable costs of mitigating the effect of any such change shall be borne by the Borrower save where such costs are of an internal
administrative nature and are not incurred in dealings by any Lender with third parties.

 

Nothing
in this Clause 11.5 11.5
(Increased Costs) shall
require the Borrower to compensate the Lenders in respect of any tax imposed under or in connection with FATCA.

 

		11.6	Transaction
                                         Costs.

 

The
Borrower undertakes to pay to the Agent, upon demand, all costs and expenses, duties and fees, including but without limitation
agreed legal costs, out of pocket expenses and travel costs, incurred by the Mandated Lead Arrangers and the Lenders (but not
including any bank which becomes a Lender after the date of thisthe
Original Facility Agreement)
in connection with the negotiation, preparation and execution of all agreements, guarantees, security agreements and related documents
entered into, or to be entered into, for the purpose of the transaction contemplated hereby as well as all costs and expenses,
duties and fees incurred by the Agent or the Lenders in connection with the registration, filing, enforcement or discharge of
the said guarantees or security agreements, including without limitation the fees and expenses of legal advisers and insurance
experts and the fees and expenses of SACE (including the fees and expenses of its legal advisers) payable by the Mandated Lead
Arrangers to SACE, the cost of registration and discharge of security interests and the related travel and out of pocket expenses;
the Borrower further undertakes to pay to the Agent all costs, expenses, duties and fees incurred by the Lenders and SACE in connection
with any variation of this Agreement and the related documents, guarantees and security agreements, any supplements thereto and
waiver given in relation thereto, in connection with the enforcement or preservation of any rights under this Agreement and/or
the related guarantees and security agreements, including in each case the fees and expenses of legal advisers, and in connection
with the consultations or proceedings made necessary or in the opinion of the Agent desirable by the acts of, or failure to act
on the part of, the Borrower.

 

		11.7	Costs
                                         of delayed Delivery Date.

 

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

 

    54 

     

    

 

		12	REPRESENTATIONS
                                         AND WARRANTIESRepresentations
                                         and Warranties

 

		12.1	Timing
                                         and repetition.

 

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

 

		(a)	the
                                         representations and warranties in Clause 12.2
                                         12.2
                                         (Continuing representations and warranties) are
                                         made on the date of thisthe
                                         Original Facility Agreement
                                         and shall be deemed to be repeated, with reference mutatis mutandis to the facts and
                                         circumstances subsisting, as if made on each day until the Borrower has no remaining
                                         obligations, actual or contingent, under or pursuant to this Agreement or any of the
                                         other Finance Documents;

 

		(b)	the
                                         representations and warranties in Clause 12.3
                                         12.3
                                         (Semi-continuing representations and warranties) are
                                         made on the date of thisthe
                                         Original Facility Agreement
                                         and shall be deemed to be repeated, with reference mutatis mutandis to the facts and
                                         circumstances subsisting, as if made on the date falling sixty (60) days before the Intended
                                         Delivery Date and thereafter on each day until the Borrower has no remaining obligations,
                                         actual or contingent, under or pursuant to this Agreement or any of the other Finance
                                         Documents; and

 

		(c)	the
                                         representations and warranties in Clause 12.4
                                         12.4
                                         (Representations on the Delivery Date) are
                                         made on the Delivery Date and shall be deemed to be repeated, with reference mutatis
                                         mutandis to the facts and circumstances subsisting, as if made thereafter on each day
                                         until the Borrower has no remaining obligations, actual or contingent, under or pursuant
                                         to this Agreement or any of the other Finance Documents.

 

		12.2	Continuing
                                         representations and warranties.

 

The
Borrower represents and warrants to each of the Lenders that:

 

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

 

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

 

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

 

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

 

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

 

    55 

     

    

 

		(ii)	the
                                         constitutional documents of any Obligor; or

 

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

 

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

 

		(e)	except
                                         for:

 

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

 

		(ii)	the
                                         recording of the Original
                                         Mortgage in the office of the Maritime Administrator of the Republic of the
                                         Marshall Islands; and

 

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

 

all
authorisations, approvals, consents, licences, exemptions, filings, registrations, notarisations and other matters, official or
otherwise, required in connection with the entry into, performance, validity and enforceability of this Agreement and each of
the other Transaction Documents to which any Obligor is a party and the transactions contemplated thereby have been obtained or
effected and are in full force and effect except authorisations, approvals, consents, licences, exemptions, filings and registrations
required in the normal day to day course of the operation of the Ship and not already obtained by the Borrower;

 

		(f)	all
                                         information furnished by any Obligor relating to the business and affairs of any Obligor
                                         in connection with this Agreement and the other Transaction Documents was and remains
                                         true and correct in all material respects and there are no other material facts or considerations
                                         the omission of which would render any such information misleading;

 

		(g)	each
                                         Obligor has fully disclosed to the Agent all facts relating to each Obligor which it
                                         knows or should reasonably know and which might reasonably be expected to influence the
                                         Lenders in deciding whether or not to enter into this Agreement;

 

		(h)	the
                                         claims of the Creditor Parties against the Borrower under this Agreement will rank at
                                         least pari passu with the claims of all unsecured creditors of 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 Borrower who is also an Obligor;

 

		(i)	the
                                         Borrower is and shall remain, after the advance to it of the Loan, solvent in accordance
                                         with the laws of the Marshall Islands and the United Kingdom and in particular with the
                                         provisions of the Insolvency Act 1986 (as from time to time amended) and the requirements
                                         thereof;

 

		(j)	neither
                                         the Borrower nor any other Obligor has taken any corporate action nor have any other
                                         steps been taken or legal proceedings been started or (to the best of its knowledge and
                                         belief) threatened against any of them for the reorganisation, winding-up, dissolution
                                         or for the appointment of a liquidator, administrator, receiver, administrative receiver,
                                         trustee or similar officer of any of them or any or all of their assets or revenues nor
                                         has it sought any other relief under any applicable insolvency or bankruptcy law;

 

    56 

     

    

 

		(k)	(A)
                                         the
                                         consolidated audited accounts of both Prior Guarantors for the period ending on 31 December
                                         2013 (which accounts have been prepared in accordance with GAAP) fairly represent the
                                         financial condition of each Prior Guarantor as shown in such audited accounts and (B)
                                         (in relation to any date on which this representation and warranty is deemed to be repeated
                                         pursuant to paragraph
                                         (a) of Clause
                                         12.1(a12.1
                                         (Timing and repetition))
                                         the latest available annual consolidated audited accounts of the Guarantor at the date
                                         of repetition (which accounts have been prepared in accordance with GAAP) fairly represent
                                         the financial condition of the Guarantor as shown in such audited accounts;

 

		(l)	none
                                         of the Obligors 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 Transaction Documents or by any relevant or applicable
                                         law;

 

		(m)	all
                                         the membership interest in the Borrower and all shares or membership interest in any
                                         Approved Manager which is a member of the Group shall be legally and beneficially owned
                                         directly or indirectly by (in the case of the Borrower) Oceania Cruises and (in the case
                                         of such Approved Manager) the Guarantor and such structure shall remain so throughout
                                         the Security Period;

 

		(n)	the
                                         copies of the Shipbuilding Contract, any External Management Agreement, any charter and
                                         any charter guarantee being the subject of a Time Charter Assignment (if any) and any
                                         other relevant third party agreements including but without limitation the copies of
                                         any documents in respect of the Insurances delivered to the Agent are true and complete
                                         copies of each such document constituting valid and binding obligations of the parties
                                         thereto enforceable in accordance with their respective terms and, subject to Clauses
                                         13.14
                                         and 13.2413.14
                                         (Pooling of earnings and charters) and 13.24 (Irrevocable payment instructions),
                                         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; and

 

		(o)	any
                                         borrowing by the Borrower under this Agreement, and the performance of its obligations
                                         under this Agreement and the other Transaction Documents, will be for its own account
                                         and will not involve any breach by it of any law or regulatory measure relating to ““money
                                         laundering””
                                         as
                                         defined in Article 1 of the Directive (91/308/EEC) of the Council of the European Communities
                                         (as
                                         amended by Directive 2001/97/EC of the European Parliament and of the Council of 4 December
                                         2001).

 

		(p)	no
                                         Obligor is:

 

		(i)	a
                                         Prohibited Person;

 

		(ii)	is
                                         owned or controlled by or acting directly or indirectly on behalf of or for the benefit
                                         of, a Prohibited Person; or

 

		(iii)	owns
                                         or controls a Prohibited Person;

 

		(q)	no
                                         proceeds of the Loan shall be made available directly or indirectly to or for the benefit
                                         of a Prohibited Person nor shall they be otherwise directly or indirectly applied in
                                         a manner or for a purpose prohibited by Sanctions;

 

    57 

     

    

 

		(r)	to
                                         the best of the Borrower's, Oceania Cruises and the Guarantor's knowledge, no Prohibited
                                         Payment has been or will be made or provided, directly or indirectly, by (or on behalf
                                         of) it, any of its affiliates, its or its officers, directors or any other person acting
                                         on its behalf to, or for the benefit of, any authority (or any official, officer, director,
                                         agent or key employee of, or other person with management responsibilities in, of any
                                         authority) in connection with the Ship, this Agreement and/or the Finance Documents;

 

		(s)	no
                                         payments made or to be made by the Borrower, Oceania Cruises or the Guarantor in respect
                                         of amounts due under this Agreement or any Finance Document have been or shall be funded
                                         out of funds of Illicit Origin and none of the sources of funds to be used by the Borrower,
                                         Oceania Cruises or the Guarantor in connection with the construction of the Ship or its
                                         business are of Illicit Origin.

 

		12.3	Semi-continuing
                                         representations and warranties.

 

The
Borrower represents and warrants to each of the Lenders that:

 

		(a)	no
                                         event has occurred which constitutes a default under or in respect of any Transaction
                                         Document to which any Obligor or the Builder is a party or by which any Obligor or the
                                         Builder may be bound (including (inter alia) this Agreement) and no event has occurred
                                         which constitutes a default under or in respect of any agreement or document to which
                                         any Obligor is a party or by which any Obligor may be bound to an extent or in a manner
                                         which might have a material adverse effect on the ability of that Obligor to perform
                                         its obligations under the Transaction Documents to which it is a party;

 

		(b)	none
                                         of the assets or rights of the Borrower is subject to any Security Interest except any
                                         Security Interest which (i) qualifies as a Permitted Security Interest with respect to
                                         the Borrower or (ii) is permitted by Clause 13.5
                                         13.5
                                         (Notification of default) of
                                         this Agreement;

 

		(c)	no
                                         litigation, arbitration or administrative proceedings are current or pending or, to its
                                         knowledge, threatened, which might, if adversely determined, have a material adverse
                                         effect on the ability of an Obligor to perform its obligations under the Transaction
                                         Documents to which it is a party;

 

		(d)	to
                                         the best of its knowledge, each of the Obligors has complied with all taxation laws in
                                         all jurisdictions in which it is subject to Ttaxation
                                         and has paid all Taxes due and payable by it;

 

		(e)	each
                                         member of the Group has good and marketable title to all its assets which are reflected
                                         in the audited accounts referred to in Clause
                                         12.2(kparagraph
                                         (k) of Clause 12.2 (Continuing representations and warranties);

 

		(f)	none
                                         of the Obligors has a place of business in any jurisdiction (except as already disclosed)
                                         which requires any of the Finance Documents to be filed or registered in that jurisdiction
                                         to ensure the validity of the Finance Documents to which it is a party;

 

    58 

     

    

 

		(g)	each
                                         of the Obligors and each member of the Group:

 

		(i)	is
                                         in compliance with all applicable federal, state, local, foreign and international laws,
                                         regulations, conventions and agreements relating to pollution prevention or protection
                                         of human health or the environment (including, without limitation, ambient air, surface
                                         water, ground water, navigable waters, water of the contiguous zone, ocean waters and
                                         international waters), including without limitation, laws, regulations, conventions and
                                         agreements relating to:

 

		(A)	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

 

		(B)	the
                                         manufacture, processing, distribution, use, treatment, storage, disposal, transport or
                                         handling of Materials of Environmental Concern (such laws, regulations, conventions and
                                         agreements the ““Environmental
                                         Laws””);

 

		(ii)	has
                                         all permits, licences, approvals, rulings, variances, exemptions, clearances, consents
                                         or other authorisations required under applicable Environmental Laws (““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;

 

		(iii)	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,
                                         attorney’'s
                                         fees and expenses or fines or penalties, in each case arising out of, based on or resulting
                                         from:

 

		(A)	the
                                         presence or release or threat of release into the environment of any Material of Environmental
                                         Concern at any location, whether or not owned by such person; or

 

		(B)	circumstances
                                         forming the basis of any violation, or alleged violation, of any Environmental Law or
                                         Environmental Approval (““Environmental
                                         Claim””);
                                         and

 

there
are no circumstances that may prevent or interfere with such full compliance in the future.

 

There
is no material Environmental Claim pending or threatened against any of the Obligors or any member of the Group.

 

There
are no past or present actions, activities, circumstances, conditions, events or incidents, including, without limitation, the
release, emission, discharge or disposal of any Material of Environmental Concern, that could form the basis of any Environmental
Claim against any of the Obligors or any member of the Group.

 

		12.4	Representations
                                         on the Delivery Date.

 

The
Borrower further represents and warrants to each of the Lenders that on the Delivery Date the Ship was:

 

		(a)	in
                                         its absolute and unencumbered ownership save as contemplated by the Finance Documents;

 

		(b)	registered
                                         in its name under the laws and flag of the Maritime Registry;

 

    59 

     

    

 

		(c)	classed
                                         with the highest classification available for a Ship of its type free of all recommendations
                                         and qualifications with Lloyd’'s
                                         Register, RINA or Bureau Veritas;

 

		(d)	operationally
                                         seaworthy and in compliance with all relevant provisions, regulations and requirements
                                         (statutory or otherwise) applicable to ships registered under the laws and flag of the
                                         Maritime Registry;

 

		(e)	in
                                         compliance with the ISM Code, the ISPS Code and Annex VI;

 

		(f)	insured
                                         in accordance with the provisions of Clause 13.20
                                         13.22
                                         (Insurances) and
                                         in compliance with the requirements therein in respect of such insurances; and

 

		(g)	managed
                                         by the Approved Manager and, in the event that the Approved Manager is not a member of
                                         the Group, on and subject to the terms set out in the External Management Agreement.

 

		13	UNDERTAKINGSUndertakings

 

		13.1	General.

 

The
Borrower undertakes with each Creditor Party to comply with the following undertakings during the Security Period.

 

		13.2	Information.

 

The
Borrower will provide to the Agent for the benefit of the Lenders (or will procure the provision of):

 

		(a)	as
                                         soon as practicable (and in any event within one hundred and twenty (120) days after
                                         the close of its financial year) a Certified Copy of the audited consolidated accounts
                                         of the Guarantor and its subsidiaries for that year (commencing with accounts made up
                                         to 31 December 2014 in the case of the consolidated accounts of the Guarantor);

 

		(b)	as
                                         soon as practicable (and in any event within forty-five (45) days of the end of the contemplated
                                         quarter for the first three quarters in any fiscal year and within 90 days for the final
                                         quarter) a copy of the unaudited consolidated quarterly management accounts  (including
                                         current and year-to-date profit and loss statements and balance sheet compared to the
                                         previous year and to budget) of
                                         the Guarantor (it being understood that the delivery by the Guarantor of quarterly or
                                         annual reports as filed with the Securities and Exchange Commission in respect of the
                                         Guarantor and its consolidated subsidiaries shall satisfy all the requirements of this
                                         paragraph (c)(b));

 

		(c)	promptly,
                                         such further information in its possession or control regarding the condition or operations
                                         of the Ship and its financial condition and operations of the Borrower and those of any
                                         company in the Group as the Agent may reasonably request for the benefit of the Creditor
                                         Parties; and

 

		(d)	details
                                         of any material litigation, arbitration or administrative proceedings (including proceedings
                                         relating to any alleged or actual breach of Sanctions, the ISM Code of the ISPS Code)
                                         which affect any company in the Group as soon as the same are instituted and served,
                                         or, to the knowledge of the Borrower, threatened (and for this purpose proceedings shall
                                         be deemed to be material if they involve a claim in an amount exceeding Twenty million
                                         Dollars or the equivalent in another currency provided that this threshold shall not
                                         apply to any proceedings relating to Sanctions).

 

    60 

     

    

 

All
accounts required under this Clause  13.2
13.2
(Information) shall be
prepared in accordance with GAAP and shall fairly represent the financial condition of the relevant company.

 

		13.3	Illicit
                                         Payments.

 

No
payments made by the Borrower, Oceania Cruises or the Guarantor in respect of amounts due under this Agreement or any Finance
Document shall be funded out of funds of Illicit Origin and none of the sources of funds to be used by the Borrower, Oceania Cruises
or the Guarantor in connection with the construction of the Ship or its business shall be of Illicit Origin

 

		13.4	Prohibited
                                         Payments.

 

No
Prohibited Payment shall be made or provided, directly or indirectly, by (or on behalf of) the Borrower, Oceania Cruises and the
Guarantor or any of their affiliates, officers, directors or any other person acting on its behalf to, or for the benefit of,
any authority (or any official, officer, director, agent or key employee of, or other person with management responsibilities
in, of any authority) in connection with the Ship, this Agreement and/or the Finance Documents.

 

		13.5	Notification
                                         of default.

 

The
Borrower will notify the Agent of any Event of Default forthwith upon becoming aware of the occurrence thereof. Upon the Agent’'s
request from time to time the Borrower will issue a certificate stating whether any Obligor is aware of the occurrence of any
Event of Default.

 

		13.6	Consents
                                         and registrations.

 

The
Borrower will procure that (and will promptly furnish Certified Copies to the Agent on the request of the Agent of) all such authorisations,
approvals, consents, licences and exemptions as may be required under any applicable law or regulation to enable it or any Obligor
to perform its obligations under, and ensure the validity or enforceability of, each of the Transaction Documents are obtained
and promptly renewed from time to time and will procure that the terms of the same are complied with at all times. Insofar as
such filings or registrations have not been completed on or before the Drawdown Date the Borrower will procure the filing or registration
within applicable time limits of each Finance Document which requires filing or registration together with all ancillary documents
required to preserve the priority and enforceability of the Finance Documents.

 

		13.7	Negative
                                         pledge.

 

The
Borrower will not create or permit to subsist any Security Interest on the whole or any part of its present or future assets,
except for the following:

 

		(a)	Security
                                         Interests created with the prior consent of the Agent; or

 

		(b)	Security
                                         Interests qualifying as Permitted Security Interests with respect to the Borrower and
                                         described in paragraphs (a)
                                         (a)
                                         and
                                         (b)
                                         (b)
                                         of
                                         the definition of ““Permitted
                                         Security Interests””
                                         in
                                         Clause 1.11.1
                                         (Definitions);
                                         or

 

    61 

     

    

 

		(c)	Security
                                         Interests qualifying as Permitted Security Interests with respect to the Borrower and
                                         described in paragraphs (cC),
                                         (eE),
                                         (hH)
                                         or (iI)
                                         of such definition, provided that insofar as they are enforceable against the Ship they
                                         do not prevail over the Mortgage.

 

		13.8	Disposals

 

Disposals.
Except in the case
of a sale of the Ship if the completion of the sale is contemporaneous with prepayment of the Loan in accordance with the provisions
of Clause 16.3 16.3
(Mandatory prepayment) and
except for charters and other arrangements complying with Clause 13.1213.12
(Financial Records),
the Borrower shall not without the consent of the Majority Lenders, 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 the Ship or any
of the Ship’'s
equipment except in the case of items being replaced or renewed provided that the net impact is not a reduction in the value of
the Ship.

 

		13.9	Change
                                         of business.

 

Except
with the prior consent of the Agent, the Borrower shall not make or threaten to make any substantial change in its business as
presently conducted, namely that of a single ship owning company for the Ship, or carry on any other business which is substantial
in relation to its business as presently conducted so as to affect, in the opinion of the Agent, the Borrower’'s
ability to perform its obligations hereunder.

 

		13.10	Mergers.

 

Except
with the prior consent of the Lenders, the Borrower will not enter into any amalgamation, restructure, substantial reorganisation,
merger, de-merger or consolidation or anything analogous to the foregoing nor will it acquire any equity, share capital or obligations
of any corporation or other entity.

 

		13.11	Maintenance
                                         of status and franchises.

 

The
Borrower will do all such things as are necessary to maintain its limited liability company existence in good standing and will
ensure that it has the right and is duly qualified to conduct its business as it is conducted in all applicable jurisdictions
and will obtain and maintain all franchises and rights necessary for the conduct of its business.

 

		13.12	Financial
                                         records.

 

The
Borrower will keep proper books of record and account, in which proper and correct entries shall be made of all financial transactions
and the assets, liabilities and business of the Borrower in accordance with GAAP.

 

		13.13	Financial
                                         indebtedness and subordination of indebtedness.

 

The
following restrictions shall apply:

 

		(a)	otherwise
                                         than in the ordinary course of business as owner of the Ship, except as contemplated
                                         by this Agreement and except any loan, advance or credit extended by the Guarantor or
                                         any member of the Group which is a wholly owned subsidiary of the Guarantor, the Borrower
                                         will not create, incur, assume or allow to exist any financial indebtedness, enter into
                                         any finance lease or undertake any material capital commitment (including but not limited
                                         to the purchase of any capital asset); and

 

    62 

     

    

 

		(b)	the
                                         Borrower shall procure that any and all indebtedness (and in particular with any other
                                         Obligor) is at all times fully subordinated to the Finance Documents and the obligations
                                         of the Borrower hereunder. Upon the occurrence of an Event of Default, the Borrower shall
                                         not make any repayments of principal, payments of interest or of any other costs, fees,
                                         expenses or liabilities arising from or representing such indebtedness. In this Clause
                                         13.11(b) “paragraph
                                         (b) of Clause 13.13 (Financial indebtedness and subordination of indebtedness)
                                         “fully
                                         subordinated””
                                         shall
                                         mean that any claim of the lender against the Borrower in relation to such indebtedness
                                         shall rank after and be in all respects subordinate to all of the rights and claims of
                                         the Creditor Parties under this Agreement and the other Finance Documents and that the
                                         lender shall not take any steps to enforce its rights to recover any monies owing to
                                         it by the Borrower and in particular but without limitation the lender will not institute
                                         any legal or quasi-legal proceedings under any jurisdiction at any time against the Ship,
                                         her Earnings or Insurances or the Borrower and it will not compete with the Creditor
                                         Parties or any of them in a liquidation or other winding-up or bankruptcy of the Borrower
                                         or in any proceedings in connection with the Ship, her Earnings or Insurances.

 

		13.14	Pooling
                                         of earnings and charters.

 

The
Borrower will not without the prior written consent of the Agent enter into in respect of the Ship, nor permit to exist at any
time following the Delivery Date:

 

		(a)	any
                                         pooling agreement or other arrangement for the sharing of any of the Earnings or the
                                         expenses of the Ship except with a member of the Group and provided that it does not
                                         adversely affect the rights of the Creditor Parties under the Finance Documents in the
                                         reasonable opinion of the Agent; or

 

		(b)	any
                                         demise or bareboat charter, provided however that such consent shall not be unreasonably
                                         withheld in the event that the Borrower wishes to enter into a bareboat charter in a
                                         form approved by the Agent with any company which is a member of the Group on condition
                                         that if so requested by the Agent and without limitation:

 

		(i)	any
                                         such bareboat charterer shall enter into such deeds (including but not limited to a full
                                         subordination and assignment deed in respect of its rights under the bareboat charter
                                         and its interest in the Insurances and earnings payable to it arising out of its use
                                         of the Ship), agreements and indemnities as the Agent shall in its sole discretion require
                                         prior to entering into the bareboat charter with the Borrower; and

 

		(ii)	the
                                         Borrower shall assign the benefit of any such bareboat charter and its interest in the
                                         Insurances to the Creditor Parties by way of further security for the Borrower’'s
                                         obligations under the Finance Documents.; or

 

		(c)	any
                                         charter whereunder two (2) months’'
                                         charterhire
                                         (or the equivalent thereof) is payable in advance in respect of the Ship; or

 

		(d)	any
                                         charter of the Ship or employment which, with the exercise of options for extension,
                                         could be for a period longer than [*]
                                         ([*]) months; or

 

		(e)	any
                                         time charter of the Ship with a company outside the Group, provided however that such
                                         consent shall not be unreasonably withheld in the event that:

 

		(i)	the
                                         Borrower agrees to execute in favour of the Creditor Parties an assignment of such time
                                         charter, the Earnings therefrom and any guarantee of the charterer’'s
                                         obligations thereunder substantially in the form of the relevant provisions of the Time
                                         Charter Assignment and as required by the Agent; and

 

    63 

     

    

 

		(ii)	the
                                         Agent is satisfied that the income from such time charter will be sufficient to cover
                                         the expenses of the Ship and to service repayment of the Loan and all other amounts from
                                         time to time outstanding under this Agreement.

 

		13.15	Loans
                                         and guarantees by the Borrower.

 

Otherwise
than in the ordinary course of business in its ownership and operation of the Ship following the Delivery Date, the Borrower will
not make any loan or advance or extend credit to any person, firm or corporation or issue or enter into any guarantee or indemnity
or otherwise become directly or contingently liable for the obligations of any other person, firm or corporation.

 

		13.16	Management
                                         and employment.

 

The
Borrower will not as from the Delivery Date:

 

		(a)	permit
                                         any person other than the Approved Manager to be the manager of, including providing
                                         crewing services to, the Ship, acting upon terms approved in writing by the Agent and
                                         having entered into:-

 

		(i)	(in
                                         the case of the Approved Manager) an Approved Manager’'s
                                         Undertaking; and

 

		(ii)	(in
                                         the case of the Borrower if the Approved Manager is not a member of the Group) an External
                                         Management Agreement Assignment;

 

		(b)	permit
                                         any amendment to be made to the terms of any External Management Agreement unless the
                                         amendment is advised by the Borrower’'s
                                         tax counsel or is deemed necessary by the parties thereto to reflect the prevailing circumstances
                                         but provided that the amendment does not imperil the security to be provided pursuant
                                         to the Finance Documents or adversely affect the ability of any Obligor to perform its
                                         obligations under the Transaction Documents; or

 

		(c)	permit
                                         the Ship to be employed other than within the Oceania brand.

 

		13.17	Acquisition
                                         of shares.

 

The
Borrower will not acquire any equity, share capital, assets or obligations of any corporation or other entity or permit its membership
interest to be held other than directly or indirectly by Oceania Cruises.

 

		13.18	Trading
                                         with the United States of America.

 

The
Borrower shall in respect of the Ship take all reasonable precautions as from the Delivery Date to prevent any infringements of
the Anti-Drug Abuse Act of 1986 of the United States of America (as the same may be amended and/or re-enacted from time to time
hereafter) or any similar legislation applicable to the Ship in any other jurisdiction in which the Ship shall trade (a ““Relevant
Jurisdiction””)
where the Ship trades in the territorial waters of the United States of America or a Relevant Jurisdiction.

 

    64 

     

    

 

		13.19	Further
                                         assurance.

 

The
Borrower will, from time to time on being required to do so by the Agent, do or procure the doing of all such acts and/or execute
or procure the execution of all such documents in a form satisfactory to the Agent as the Agent may reasonably consider necessary
for giving full effect to any of the Transaction Documents or the SACE Insurance Policy or securing to the Creditor Parties the
full benefit of the rights, powers and remedies conferred upon the Creditor Parties or any of them in any such Transaction Document.

 

		13.20	Valuation
                                         of the Ship.

 

The
following shall apply in relation to the valuation of the Ship:

 

		(a)	the
                                         Borrower will from
                                         time to timeon
                                         or before 31 May of each year that commences (but
                                         at intervals no more frequently than annually at the Borrower’'s
                                         expense unless an Event of Default has occurred and remains unremedied) following the
                                         Delivery Date and within thirty (30) days of receiving any request to that effect from
                                         the Agent, procure that the Ship is valued by an independent reputable shipbroker or
                                         shipvaluer experienced in valuing cruise ships appointed by the Borrower and approved
                                         by the Agent (which approval shall not be unreasonably withheld or delayed and such valuation
                                         to be made with or without taking into account the benefit or otherwise of any fixed
                                         employment relating to the Ship as the Agent may require);

 

		(b)	the
                                         Borrower shall procure that forthwith upon the issuance of any valuation obtained pursuant
                                         to this Clause 13.18
                                         13.18
                                         (Trading with the United States of America) a
                                         copy thereof is sent directly to the Agent for review; and

 

		(c)	in
                                         the event that the Borrower fails to procure a valuation in accordance with Clause 13.18
                                         (a13.18
                                         (Trading with the United States of America),
                                         the Agent shall be entitled to procure a valuation of the Ship on the same basis.

 

		13.21	Earnings.

 

The
Borrower will procure that the Earnings (if any) are paid in full without set off and free and clear of and without deduction
for any taxes,
levies,
duties,
imposts,
charges,
fees,
restrictions or conditions
of any nature whatsoever.

 

		13.22	Insurances.

 

The
Borrower covenants with the Creditor Parties and undertakes with effect from the Delivery Date until the end of the Security Period:

 

		(a)	to
                                         insure the Ship in its name and keep the Ship insured on an agreed value basis for an
                                         amount in the currency in which the Loan is denominated approved by the Agent but not
                                         being less than the greater of (x) [*]
                                         per cent. ([*]%) of the
                                         amount of the Loan; and (y) the full market and commercial value of the Ship determined
                                         in accordance with Clause 13.18 13.18
                                         (Trading with the United States of America) from
                                         time to time through internationally recognised independent first class insurance companies,
                                         underwriters, war risks and protection and indemnity associations acceptable to the Agent
                                         in each instance on terms and conditions approved by the Agent including as to deductibles
                                         but at least in respect of:

 

		(i)	fire
                                         and marine risks including but without limitation hull and machinery and all other risks
                                         customarily and usually covered by first-class and prudent shipowners in the London insurance
                                         markets under English marine policies or Agent-approved policies containing the ordinary
                                         conditions applicable to similar Ships;

 

    65 

     

    

 

		(ii)	war
                                         risks and war risks (protection and indemnity) up to the insured amount;

 

		(iii)	excess
                                         risks that is to say the proportion of claims for general average and salvage charges
                                         and under the running down clause not recoverable in consequence of the value at which
                                         the Ship is assessed for the purpose of such claims exceeding the insured value;

 

		(iv)	protection
                                         and indemnity risks with full standard coverage as offered by first-class protection
                                         and indemnity associations and up to the highest limit of liability available (for oil
                                         pollution risk the highest limit currently available is one billion Dollars (USD1,000,000,000)
                                         and this to be increased if reasonably requested by the Agent and the increase is possible
                                         in accordance with the standard protection and indemnity cover for Ships of its type
                                         and is compatible with prudent insurance practice for first class cruise shipowners or
                                         operators in waters where the Ship trades from time to time from the Delivery Date until
                                         the end of the Security Period);

 

		(v)	when
                                         and while the Ship is laid-up, in lieu of hull insurance, normal port risks; and

 

		(vi)	such
                                         other risks as the Agent may from time to time reasonably require;

 

and
in any event in respect of those risks and at those levels covered by first class and prudent owners and/or financiers in the
international market in respect of similar tonnage provided that if any of such insurances are also effected in the name of any
other person (other than the Borrower and/or a Creditor Party) such person shall if so required by the Agent execute a first priority
assignment of its interest in such insurances in favour of the Creditor Parties in similar terms mutatis mutandis to the relevant
provisions of the Tripartite
General Assignment;

 

		(b)	that
                                         the Agent shall take out mortgagee interest insurance on such conditions as the Agent
                                         may reasonably require and mortgagee interest insurance for pollution risks as from time
                                         to time agreed each for an amount in the currency in which the Loan is denominated of
                                         [*]
                                         per cent. ([*]%) of the
                                         amount of the Loan, the Borrower having no interest or entitlement in respect of such
                                         policies; the Borrower shall upon demand of the Agent reimburse the Agent for the costs
                                         of effecting and/or maintaining any such insurance(s);

 

		(c)	if
                                         the Ship shall trade in the United States of America and/or the Exclusive Economic Zone
                                         of the United States of America (the  ““EEZ””)
                                         as such term is defined in the US Oil Pollution Act 1990 (““OPA””),
                                         to comply strictly with the requirements of OPA and any similar legislation which may
                                         from time to time be enacted in any jurisdiction in which the Ship presently trades or
                                         may or will trade at any time during the existence of this Agreement and in particular
                                         before such trade is commenced and during the entire period during which such trade is
                                         carried on:

 

		(i)	to
                                         pay any additional premiums required to maintain protection and indemnity cover for oil
                                         pollution up to the limit available to it for the Ship in the market;

 

		(ii)	to
                                         make all such quarterly or other voyage declarations as may from time to time be required
                                         by the Ship’'s
                                         protection and indemnity association and to comply with all obligations in order to maintain
                                         such cover, and promptly to deliver to the Agent copies of such declarations;

 

    66 

     

    

 

		(iii)	to
                                         submit the Ship to such additional periodic, classification, structural or other surveys
                                         which may be required by the Ship’'s
                                         protection and indemnity insurers to maintain cover for such trade and promptly to deliver
                                         to the Agent copies of reports made in respect of such surveys;

 

		(iv)	to
                                         implement any recommendations contained in the reports issued following the surveys referred
                                         to in paragraph (c)(iii) of
                                         Clause 13.20(c)(iii13.22
                                         (Insurances) within the time limit specified therein and to provide
                                         evidence satisfactory to the Agent that the protection and indemnity insurers are satisfied
                                         that this has been done;

 

		(v)	in
                                         particular strictly to comply with the requirements of any applicable law, convention,
                                         regulation, proclamation or order with regard to financial responsibility for liabilities
                                         imposed on the Borrower or the Ship with respect to pollution by any state or nation
                                         or political subdivision thereof, including but not limited to OPA, and to provide the
                                         Agent on demand with such information or evidence as it may reasonably require of such
                                         compliance;

 

		(vi)	to
                                         procure that the protection and indemnity insurances do not contain a clause excluding
                                         the Ship from trading in waters of the United States of America and the EEZ or any other
                                         provision analogous thereto and to provide the Agent with evidence that this is so; and

 

		(vii)	strictly
                                         to comply with any operational or structural regulations issued from time to time by
                                         any relevant authorities under OPA so that at all times the Ship falls within the provisions
                                         which limit strict liability under OPA for oil pollution;

 

		(d)	to
                                         give notice forthwith of any assignment of its interest in the Insurances to the relevant
                                         brokers, insurance companies, underwriters and/or associations in the form approved by
                                         the Agent;

 

		(e)	to
                                         execute and deliver all such documents and do all such things as may be necessary to
                                         confer upon the Creditor Parties legal title to the Insurances in respect of the Ship
                                         and to procure that the interest of the Creditor Parties is at all times filed with all
                                         slips, cover notes, policies and certificates of entry and to procure (a) that a loss
                                         payable clause in the form approved by the Agent shall be filed with all the hull, machinery
                                         and equipment and war risks policies in respect of the Ship and (b) that a loss payable
                                         clause in the form approved by the Agent shall be endorsed upon the protection and indemnity
                                         certificates of entry in respect of the Ship;

 

		(f)	to
                                         procure that each of the relevant brokers and associations furnishes the Agent with a
                                         letter of undertaking in such form as may be required by the Agent and waives any lien
                                         for premiums or calls except in relation to premiums or calls solely attributable to
                                         the Ship;

 

		(g)	punctually
                                         to pay all premiums, calls, contributions or other sums payable in respect of the Insurances
                                         on the Ship and to produce all relevant receipts when so required by the Agent;

 

		(h)	to
                                         renew each of the Insurances on the Ship at least five (5) days before the expiry thereof
                                         and to give immediate notice to the Agent of such renewal and to procure that the relevant
                                         brokers or associations shall promptly confirm in writing to the Agent that such renewal
                                         is effected it being understood by the Borrower that any failure to renew the Insurances
                                         on the Ship at least ten (10) days before the expiry thereof or to give or procure the
                                         relevant notices of such renewal shall constitute an Event of Default;

 

    67 

     

    

 

		(i)	to
                                         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;

 

		(j)	to
                                         furnish the Agent from time to time on request with full information about all Insurances
                                         maintained on the Ship and the names of the offices, companies, underwriters, associations
                                         or clubs with which such Insurances are placed;

 

		(k)	not
                                         to agree to any variation in the terms of any of the Insurances on the Ship without the
                                         prior approval of the Agent nor to do any act or voluntarily suffer or permit any act
                                         to be done whereby any Insurances shall or may be rendered invalid, void, voidable, suspended,
                                         defeated or unenforceable and not to suffer or permit the Ship to engage in any voyage
                                         nor to carry any cargo not permitted under any of the Insurances without first obtaining
                                         the consent of the insurers or reinsurers concerned and complying with such requirements
                                         as to payment of extra premiums or otherwise as the insurers or reinsurers may impose;

 

		(l)	not
                                         to settle, compromise or abandon any claim in respect of any of the Insurances on the
                                         Ship other than a claim of less than [*]
                                         ($[*]) or the equivalent
                                         in any other currency and not being a claim arising out of a Total Loss;

 

		(m)	to
                                         apply or ensure the appliance of all such sums receivable in respect of the Insurances
                                         on the Ship for the purpose of making good the loss and fully repairing all damage in
                                         respect whereof the insurance monies shall have been received;

 

		(n)	that
                                         in the event of it making default in insuring and keeping insured the Ship as hereinbefore
                                         provided then the Agent may (but shall not be bound to) insure the Ship or enter the
                                         Ship in such manner and to such extent as the Agent in its discretion thinks fit and
                                         in such case all the cost of effecting and maintaining such insurance together with interest
                                         thereon at the Interest Rate shall be paid on demand by the Borrower to the Agent; and

 

		(o)	that
                                         the Agent shall be entitled, immediately prior to the Delivery Date and thereafter no
                                         more frequently than annually on renewals but also additionally at any time when there
                                         is a proposed change of underwriters or the terms of any Insurances, to instruct independent
                                         reputable insurance advisers for the purpose of obtaining any advice or information regarding
                                         any matter concerning the Insurances which the Agent shall at its sole discretion deem
                                         necessary, it being hereby specifically agreed that the Borrower shall reimburse the
                                         Agent on demand for the costs and expenses incurred by the Agent in connection with the
                                         instruction of such advisers subject to a limit of Twenty five thousand Euro at the time
                                         of delivery of the Ship or in the event of a change of underwriters or of terms of any
                                         Insurances and otherwise Ten thousand Euro annually thereafter.

 

    68 

     

    

 

		13.23	Operation
                                         and maintenance of the Ship.

 

From
the Delivery Date until the end of the Security Period at its own expense the Borrower will:

 

		(a)	keep
                                         the Ship in a good and efficient state of repair so as to maintain it to the highest
                                         classification notation available for the Ship of its age and type free of all recommendations
                                         and qualifications with Lloyd’'s
                                         Register, RINA or Bureau Veritas. On the Delivery Date and annually thereafter, it will
                                         furnish to the Agent a statement by such classification society that such classification
                                         notation is maintained. It will comply with all recommendations, regulations and requirements
                                         (statutory or otherwise) from time to time applicable to the Ship and shall have on board
                                         as and when required thereby valid certificates showing compliance therewith and shall
                                         procure that all repairs to or replacements of any damaged, worn or lost parts or equipment
                                         are carried out (both as regards workmanship and quality of materials) so as not to diminish
                                         the value or class of the Ship. It will not make any substantial modifications or alterations
                                         to the Ship or any part thereof which would reduce the market and commercial value of
                                         the Ship determined in accordance with Clause 13.1813.18
                                         (Trading with the United States of America);

 

		(b)	submit
                                         the Ship to continuous survey in respect of its machinery and hull and such other surveys
                                         as may be required for classification purposes and, if so required by the Agent, supply
                                         to the Agent copies in English of the survey reports;

 

		(c)	permit
                                         surveyors or agents appointed by the Agent to board the Ship at all reasonable times
                                         to inspect its condition or satisfy themselves as to repairs proposed or already carried
                                         out and afford all proper facilities for such inspections;

 

		(d)	comply,
                                         or procure that the Approved Manager will comply, with the ISM Code (as the same may
                                         be amended from time to time) or any replacement of the ISM Code (as the same may be
                                         amended from time to time) and in particular, without prejudice to the generality of
                                         the foregoing, as and when required to do so by the ISM Code and at all times thereafter:

 

		(i)	hold,
                                         or procure that the Approved Manager holds, a valid Document of Compliance duly issued
                                         to the Borrower or the Approved Manager (as the case may be) pursuant to the ISM Code
                                         and a valid Safety Management Certificate duly issued to the Ship pursuant to the ISM
                                         Code;

 

		(ii)	provide
                                         the Agent with copies of any such Document of Compliance and Safety Management Certificate
                                         as soon as the same are issued; and

 

		(iii)	keep,
                                         or procure that there is kept, on board the Ship a copy of any such Document of Compliance
                                         and the original of any such Safety Management Certificate;

 

		(e)	comply,
                                         or procure that the Approved Manager will comply, with the ISPS Code (as the same may
                                         be amended from time to time) or any replacement of the ISPS Code (as the same may be
                                         amended from time to time) and in particular, without prejudice to the generality of
                                         the foregoing, as and when required to do so by the ISPS Code and at all times thereafter:

 

		(i)	keep,
                                         or procure that there is kept, on board the Ship the original of the International Ship
                                         Security Certificate required by the ISPS Code; and

 

		(ii)	keep,
                                         or procure that there is kept, on board the Ship a copy of the ship security plan prepared
                                         pursuant to the ISPS Code;

 

    69 

     

    

 

		(f)	comply
                                         with Annex VI (as the same may be amended from time to time) or any replacement of Annex
                                         VI (as the same may be amended from time to time) and in particular, without limitation,
                                         to:

 

		(i)	procure
                                         that the Ship’'s
                                         master and crew are familiar with, and that the Ship complies with, Annex VI; and

 

		(ii)	maintain
                                         for the Ship throughout the Security Period a valid and current IAPPC and provide a copy
                                         to the Agent; and

 

		(iii)	notify
                                         the Agent immediately in writing of any actual or threatened withdrawal, suspension,
                                         cancellation or modification of the IAPPC;

 

		(g)	not
                                         employ the Ship or permit its employment in any trade or business which is forbidden
                                         by any applicable law or is otherwise illicit or in carrying illicit or prohibited goods
                                         or in any manner whatsoever which may render it liable to condemnation in a prize court
                                         or to destruction, seizure or confiscation or that may expose the Ship to penalties.
                                         In the event of hostilities in any part of the world (whether war be declared or not)
                                         it will not employ the Ship or permit its employment in carrying any contraband goods;

 

		(h)	promptly
                                         provide the Agent with (i) all information which the Agent may reasonably require regarding
                                         the Ship, its employment, earnings, position and engagements (ii) particulars of all
                                         towages and salvages and (iii) copies of all charters and other contracts for its employment
                                         and otherwise concerning it;

 

		(i)	give
                                         notice to the Agent promptly and in reasonable detail upon the Borrower or any other
                                         Obligor becoming aware of:

 

		(i)	accidents
                                         to the Ship involving repairs the cost of which will or is likely to exceed [*] Dollars
                                         ($[*]);

 

		(ii)	the
                                         Ship becoming or being likely to become a Total Loss;

 

		(iii)	any
                                         recommendation or requirement made by any insurer or classification society or by any
                                         competent authority which is not complied with, or cannot be complied with, within any
                                         time limit relating thereto and that might reasonably affect the maintenance of either
                                         the Insurances or the classification of the Ship;

 

		(iv)	any
                                         writ or claim served against or any arrest of the Ship or the exercise of any lien or
                                         purported lien on the Ship, her Earnings or Insurances;

 

		(v)	the
                                         Ship ceasing to be registered under the flag of the Maritime Registry or anything which
                                         is done or not done whereby such registration may be imperilled;

 

		(vi)	it
                                         becoming impossible or unlawful for it to fulfil any of its obligations under the Finance
                                         Documents; and

 

		(vii)	anything
                                         done or permitted or not done in respect of the Ship by any person which is likely to
                                         imperil the security created by the Finance Documents;

 

		(j)	promptly
                                         pay and discharge all debts, damages and liabilities, taxes, assessments, charges, fines,
                                         penalties, tolls, dues and other outgoings in respect of the Ship and keep proper books
                                         of account in respect thereof provided always that the Borrower shall not be obliged
                                         to compromise any debts, damages and liabilities as aforesaid which are being contested
                                         in good faith subject always that full details of any such contested debt, damage or
                                         liability which, either individually or in aggregate exceeds [*]
                                         Dollars ($[*]) shall forthwith
                                         be provided to the Agent. As and when the Agent may so require the Borrower will make
                                         such books available for inspection on behalf of the Agent and provide evidence satisfactory
                                         to the Agent that the wages and allotments and the insurance and pension contributions
                                         of the master and crew are being regularly paid, that all deductions of crew’'s
                                         wages in respect of any tax liability are being properly accounted for and that the master
                                         has no claim for disbursements other than those incurred in the ordinary course of trading
                                         on the voyage then in progress or completed prior to such inspection;

 

    70 

     

    

 

		(k)	maintain
                                         the type of the Ship as at the Delivery Date and not put the Ship into the possession
                                         of any person for the purpose of work being done on it in an amount exceeding or likely
                                         to exceed [*]
                                         Dollars ($[*])unless such
                                         person shall first have given to the Agent a written undertaking addressed to the Agent
                                         in terms satisfactory to the Agent agreeing not to exercise a lien on the Ship or her
                                         Earnings for the cost of such work or for any other reason;

 

		(l)	promptly
                                         pay and discharge all liabilities which have given rise, or may give rise, to liens or
                                         claims enforceable against the Ship under the laws of all countries to whose jurisdiction
                                         the Ship may from time to time be subject and in particular the Borrower hereby agrees
                                         to indemnify and hold the Creditor Parties, their successors, assigns, directors, officers,
                                         shareholders, employees and agents harmless from and against any and all claims, losses,
                                         liabilities, damages, expenses (including attorneys, fees and expenses and consultant
                                         fees) and injuries of any kind whatsoever asserted against the Creditor Parties, with
                                         respect to or as a result of the presence, escape, seepage, spillage, release, leaking,
                                         discharge or migration from the Ship or other properties owned or operated by the Borrower
                                         of any hazardous substance, including without limitation, any claims asserted or arising
                                         under any applicable environmental, health and safety laws, codes and ordinances, and
                                         all rules and regulations promulgated thereunder of all governmental agencies, regardless
                                         of whether or not caused by or within the control of the Borrower subject to the following:

 

		(i)	it
                                         is the parties’'
                                         understanding that the Creditor Parties do not now, have never and do not
                                         intend in the future to exercise any operational control or maintenance over the Ship
                                         or any other properties and operations owned or operated by the Borrower, nor in the
                                         past, presently, or intend in the future to, maintain an ownership interest in the Ship
                                         or any other properties owned or operated by the Borrower except as may arise upon enforcement
                                         of the Lenders’'
                                         rights under the Mortgage;

 

		(ii)	unless
                                         and until an Event of Default shall have occurred and without prejudice to the right
                                         of each Lender to be indemnified pursuant to this Clause
                                         13.21(lparagraph
                                         (l) of Clause 13.23 (Operation and maintenance of the Ship):

 

		(A)	each
                                         Lender will, if it is reasonably practicable to do so, notify the Borrower upon receiving
                                         a claim in respect of which the relevant Lender is or may become entitled to an indemnity
                                         under this Clause 13.21(lparagraph
                                         (l) of Clause 13.23 (Operation and maintenance of the Ship); and

 

		(B)	subject
                                         to the prior written approval of the relevant Lender which the Lender shall have the
                                         right to withhold, the Borrower will be entitled to take, in the name of the relevant
                                         Lender, such action as the Borrower may see fit to avoid, dispute, resist, appeal, compromise
                                         or defend any such claims, losses, liabilities, damages, expenses and injuries as are
                                         referred to above in this Clause 13.12(lparagraph
                                         (l) of Clause 13.23 (Operation and maintenance of the Ship) or to recover
                                         the same from any third party, subject to the Borrower first ensuring that the relevant
                                         Lender is secured to its reasonable satisfaction against all expenses thereby incurred
                                         or to be incurred;

 

    71 

     

    

 

provided
always that the Borrower shall not be obliged to compromise any liabilities as aforesaid which are being contested in good faith
subject always that full details of any such contested liabilities which, either individually or in aggregate, exceed [*] Dollars
($[*]) shall be forthwith provided to the Agent. If the Ship is arrested or detained for any reason it will procure its immediate
release by providing bail or taking such other steps as the circumstances may require;

 

		(m)	give
                                         to the Agent at such times as it may from time to time reasonably require a certificate,
                                         duly signed on its behalf, as to the total amount of any debts, damages and liabilities
                                         relating to the Ship and details of such of those debts, damages and liabilities as are
                                         over a certain amount to be specified by the Agent at the relevant time and, if so required
                                         by the Agent, forthwith discharge such of those debts, damages and liabilities as the
                                         Agent shall require other than those being contested in good faith; and

 

		(n)	maintain
                                         the registration of the Ship under and fly the flag of the Maritime Registry and not
                                         do or permit anything to be done whereby such registration may be forfeited or imperilled.

 

		13.24	Irrevocable
                                         payment instructions.

 

The
Borrower shall not modify, revoke or withhold the payment instructions set out in Clause 4.1
4.1
(Borrower's irrevocable payment instructions) without
the agreement of the Builder (in the case of Clause
4.1(aparagraph
(a) of Clause 4.1 (Borrower's irrevocable payment instructions)
only), the Agent and the Lenders.

 

		13.25	““Know
                                         your customer””
                                         checks.

 

If:

 

		(a)	the
                                         introduction of or any change in (or in the interpretation, administration or application
                                         of) any law or regulation made after the date of this Agreement;

 

		(b)	any
                                         change in the status of a Borrower after the date of thisthe
                                         Original Facility Agreement;
                                         or

 

		(c)	a
                                         proposed assignment or transfer by a Lender of any of its rights and obligations under
                                         thisthe
                                         Original Facility Agreement
                                         to a party that is not a Lender prior to such assignment or transfer,

 

obliges
the Agent or any Lender (or, in the case of Clause
13.23(cparagraph
(c) of Clause 13.23 (Operation and maintenance of the Ship),
any prospective new Lender) to comply with ““know
your customer””
or similar identification procedures
in circumstances where the necessary information is not already available to it, the Borrower shall promptly upon the request
of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested
by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in Clause
13.23(cparagraph
(c) of Clause 13.23 (Operation and maintenance of the Ship),
on behalf of any prospective new Lender) in order for the Agent and, such Lender or to carry out and be satisfied it has complied
with all necessary ““know
your customer””
or other similar checks under
all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

 

    72 

     

    

 

		13.26	Shipbuilding
                                         Contract.

 

The
Borrower shall not modify the Shipbuilding Contract, directly or indirectly, if, by reason of regulations which apply to a Lender,
such modification would make such Lender’'s
Commitment impossible to fulfil or would change the substance or form of its Commitment. The Borrower will, therefore, submit
to the Agent any proposals for modification which, in its opinion, might have such a consequence, and the Agent on behalf of the
Lenders will indicate in a timely manner whether the modification proposed will allow the Loan to be maintained. On or about the
last day of each successive period of three (3) months commencing on the date of thisthe
Original Facility Agreement
and on the date of the Drawdown Notice, the Borrower undertakes to provide the Agent with a copy of any Change Order entered into
during that three (3) month or other period. The Borrower also undertakes to notify the Agent of any change in the Intended Delivery
Date as soon as practicable after each change has occurred.

 

		13.27	FOREX
                                         Contracts.
                                         The Borrower shall 

 

The
Borrower shall

 

		(a)	provide
                                         the Agent with a copy of all FOREX Contracts together with all relevant details with
                                         ten (10) days of their execution; and

 

		(b)	inform
                                         the Agent, when requested by the Agent, of its intended hedging policy for purchasing
                                         Euro with Dollars.

 

		13.28	Compliance
                                         with laws etc.

 

The
Borrower shall:

 

		(a)	comply,
                                         or procure compliance with:

 

		(i)	in
                                         all material respects, all laws and regulations relating to its business generally; and

 

		(ii)	in
                                         all material respects (except in the case of compliance with Sanctions which must be
                                         complied with in all respects), all laws or regulations relating to the Ship, its ownership,
                                         employment, operation, management and registration,

 

including
the ISM Code, the ISPS Code, all Environmental Laws, all Sanctions and the laws of the Approved Flag;

 

		(b)	obtain,
                                         comply with and do all that is necessary to maintain in full force and effect any Environment
                                         Approvals which are applicable to it; and

 

		(c)	without
                                         limiting paragraph (a) above, not employ the Ship nor allow its employment, operation
                                         or management in any manner contrary to any law or regulation including but not limited
                                         to the ISM Code, the ISPS Code, all Environmental Laws and all Sanctions.

 

    73 

     

    

 

		13.29	Dividends
                                         and dividend restriction

 

		(a)	Subject
                                         to paragraph (b) below, the Borrower shall not make or pay any dividend or other distribution
                                         (in cash or in kind) in respect of its share capital other than dividends and distributions
                                         that are transferred to Oceania Cruises or the Guarantor provided that no Event of Default
                                         has occurred or is continuing or would result from the payment of any dividend.

 

		(b)	During
                                         the period from the 2020 Deferral Effective Date up to and including the 2021 Deferral
                                         Final Repayment Date, the Borrower shall not, and shall procure that the Guarantor, Oceania
                                         Cruises and the Holding shall not:

 

		(i)	declare,
                                         make or pay any dividend or other distribution (or interest on any unpaid dividend or
                                         other distribution) (whether in cash or in kind) on or in respect of its share capital
                                         (or any class of its share capital);

 

		(ii)	repay
                                         or distribute any dividend or share premium reserve;

 

		(iii)	make
                                         any repayment of any kind under any shareholder loan; or

 

		(iv)	redeem,
                                         repurchase (whether by way of share buy-back program or otherwise), defease, retire or
                                         repay any of its share capital or resolve to do so,

 

except
that 

 

		(A)	any
                                         Obligor other than the Guarantor may pay dividends and other distributions, directly
                                         or indirectly, to the Guarantor for the purpose of providing liquidity to the Guarantor
                                         to enable the Guarantor to satisfy payment obligations for which the Guarantor is an
                                         obligor;

 

		(B)	any
                                         Obligor may pay dividends in respect of the Tax liability to each relevant jurisdiction
                                         in respect of consolidated, combined, unitary or affiliated Tax returns for each relevant
                                         jurisdiction of the Group or the Holding or holder of the Guarantor's capital stock with
                                         respect to income taxable as a result of any member of the Group or the Holding being
                                         taxed as a pass-through entity for U.S. Federal, state and local income tax purposes
                                         or attributable to any member of the Group;

 

		(C)	the
                                         Guarantor and the Holding may pay dividends and other distributions (x) in respect of
                                         a conversion, exchange, or repurchase of convertible or exchangeable notes and any conversion
                                         of preference shares to ordinary shares in connection therewith, provided that the cash
                                         portion of a repurchase of convertible or exchangeable notes is limited to the amount
                                         of interest that would otherwise be payable through maturity on the amount of such convertible
                                         or exchangeable notes being repurchased plus any amount in lieu of fractional shares,
                                         and (y) to the extent contractually owed to holders of equity in the Guarantor or the
                                         Holding; and

 

		(D)	the
                                         Guarantor may pay dividends and other distributions to the Holding for the purposes of
                                         providing cash to the Holding for the payment of any Tax payable in connection with the
                                         Holding's equity plan,

 

    74 

     

    

 

provided
that the actions in paragraph (B) and (C) above shall only be permitted if there is no Event of Default which is continuing under
this Agreement and no Event of Default would arise from the payment of such dividend.

 

		13.30	New
                                         capital raises or financing

 

		(a)	Save
                                         as provided below:

 

		(i)	no
                                         new debt or equity issuance shall be raised and no new Financial Indebtedness shall be
                                         incurred by the Group (including, for the avoidance of doubt, inter-company loans);

 

		(ii)	no
                                         non-arm's length disposals of any asset relating to the Group fleet shall be made; and

 

		(iii)	no
                                         additional Security Interests securing existing Financial Indebtedness will be created
                                         or permitted to subsist by any Obligor (unless the Lenders benefit from this new security
                                         on a pari passu basis),

 

during
the period up to and including the 2021 Deferral Final Repayment Date.

 

		(b)	The
                                         restrictions in paragraph (a) of Clause 13.30 (New capital raises or financing)
                                         above shall not apply in relation to:

 

		(i)	any
                                         refinancing of any bond issuance of, or loan entered into by, the Group (A) which matures
                                         during such period or (B) where not maturing during such period, shall be on terms which
                                         include any of the following (evidence of which shall be provided to the Agent by the
                                         Guarantor) resulting, when taken as a whole, in an improvement of the ability of the
                                         Obligors to meet their obligations under the Finance Documents: an extension of the repayment
                                         terms; a decrease in the interest rate; or the conversion of such Financial Indebtedness
                                         from secured to unsecured or first to second priority;

 

		(ii)	any
                                         debt or equity issuance provided prior to 31 December 2022 to provide the Group with
                                         crisis and/or recovery related funding in respect of the impact of the Covid-19 pandemic;
                                         

 

		(iii)	any
                                         debt or equity issuance being raised on or after 31 December 2022 to support the Group
                                         with the impact of the Covid-19 pandemic, made with the prior written consent of SACE;
                                         

 

		(iv)	any
                                         debt or equity issuance being raised to finance any instalment of a cruise vessel already
                                         contracted for or contracted for during such period or any refurbishment, maintenance,
                                         upgrade or lengthening of a cruise ship during such period (including without limitation
                                         any costs incurred by the owner of a cruise ship in connection therewith); 

 

		(v)	any
                                         debt or equity issuance being raised to finance capital expenditure for projects which
                                         are already contracted for but in respect of which committed financing has not yet been
                                         obtained, and which, in each case has been (or will be) listed in the Information Package
                                         submitted to the Agent prior to the 2021 Deferral Effective Date; 

 

		(vi)	any
                                         extension or renewal of revolving credit facilities, and made with the prior written
                                         consent of SACE if any additional security is to be granted; 

 

    75 

     

    

 

		(vii)	any
                                         new debt or equity issuance otherwise agreed by SACE; or 

 

		(viii)	any
                                         inter-company loan or operating arrangement which from an accounting perspective has
                                         the effect of an intercompany loan (an “intercompany arrangement”)
                                         which:

 

		(A)	is
                                         existing as at the date of the 2021 Amendment and Restatement Agreement;

 

		(B)	is
                                         made among any Group members or any Group member with the Holding provided that:

 

		(1)	any
                                         inter-company arrangement is made solely for the purpose of regulatory or Tax purposes
                                         carried out in the ordinary course of business and on an arm's length basis; and 

 

		(2)	the
                                         aggregate principal amount of any inter-company arrangements outstanding pursuant to
                                         this paragraph (b)(viii)(B) of Clause 13.30 (New capital raises or financing)
                                         does not exceed [*] Dollars ($[*]) at any time; or 

 

		(C)	has
                                         been approved with the prior written consent of SACE;

 

		(ix)	any
                                         Permitted Security Interest;

 

		(x)	any
                                         Security Interest otherwise approved with the prior written consent of SACE; 

 

		(xi)	any
                                         Financial Indebtedness incurred in the ordinary course of business which in the aggregate
                                         does not exceed USD [*] during any twelve-month period; and

 

		(xii)	without
                                         prejudice to Clause 13.10 (Mergers) and clause 11.13 (No merger etc.) of
                                         the Guarantee, the issuance of share capital by any Group member to another Group member.

 

		13.31	Most
                                         favoured nations

 

		(a)	The
                                         Borrower shall procure that if at any time after the date of the Original Facility Agreement
                                         the Guarantor enters into any financial contract or financial document relating to any
                                         Financial Indebtedness with or which has the support of any export credit agency and
                                         which contains pari passu provisions or cross default provisions which are more
                                         favourable to the lenders than those contained in paragraph (l) of Clause 12.2 (Continuing
                                         representations and warranties) and Clause 18.6 (Cross default) respectively,
                                         the Borrower or the Guarantor shall immediately notify the Agent of such provisions and
                                         the relevant provisions contained in this Agreement shall be deemed amended so that such
                                         more favourable pari passu provisions or cross default provisions are granted
                                         to the Creditor Parties pursuant to this Agreement.

 

		(b)	The
                                         Borrower undertakes that if at any time after the
                                         date of this Agreement,
                                         it or any other member of the Group is required to grant additional security in relation
                                         to a financial contract or financial document relating to any existing Financial Indebtedness:

 

		(i)	with
                                         the support of any export credit agency (excluding any extensions, increases or changes
                                         to the terms and conditions thereof), such security shall be granted on a pari passu
                                         basis to the Lenders (and the Security Trustee agrees to enter and/or procure the
                                         entry by the relevant Creditor Parties into such intercreditor documentation to reflect
                                         such pari passu ranking (in form and substance reasonably satisfactory to the
                                         Creditor Parties) as may be required in connection with such arrangements); or

 

    76 

     

    

 

		(ii)	without
                                         the support of any export credit agency (excluding any extensions, increases or changes
                                         to the terms and conditions thereof), such security shall (without prejudice to any of
                                         the Obligors' other obligations under the Finance Documents), subject to the provisions
                                         of clause 11.11 (Negative pledge) of the Guarantee and Clause 13.7 (Negative
                                         pledge), be permitted provided that it shall not have an adverse effect on any Security
                                         Interests or other rights granted to the Secured Parties under the Finance Documents.

 

		(c)	In
                                         respect of any new Financial Indebtedness (other than Permitted Financial Indebtedness),
                                         or any extensions, increases or changes to the terms and conditions of any existing Financial
                                         Indebtedness, in each case with or which has the support of any export credit agency,
                                         the Borrower shall enter into good faith negotiations with the Security Trustee to grant
                                         additional security for the purpose of further securing the Loan, provided that any failure
                                         to reach agreement under this paragraph (c) following such good faith negotiations shall
                                         not constitute an Event of Default.

 

13.32       
Poseidon
Principles

 

The
Borrower shall, upon the request of the Agent and at the cost of the Borrower, on or before 31 July in each calendar year, supply
to the Agent all information necessary in order for the Lenders to comply with their obligations under the Poseidon Principles
in respect of the preceding year, including, without limitation, all ship fuel oil consumption data required to be collected and
reported in accordance with Regulation 22A of Annex VI and any Statement of Compliance, in each case relating to the Ship for
the preceding calendar year provided always that, for the avoidance of doubt, such information shall be confidential information
but the Borrower acknowledges that, in accordance with the Poseidon Principles, such information will form part of the information
published regarding the Lenders' portfolio climate alignment.

 

		14	SECURITY
                                         VALUE MAINTENANCESecurity
                                         Value Maintenance

 

		14.1	Security
                                         Shortfall.

 

If,
upon receipt of a valuation of the Ship in accordance with Clause 13.1813.18
(Trading with the United States of America),
the Security Value shall be less than the Security Requirement, the Agent may give notice to the Borrower requiring that such
deficiency be remedied and then the Borrower shall (unless the Ship has become a Total Loss) either:

 

		(a)	prepay
                                         within a period of 30 days of the date of receipt by the Borrower of the Agent’'s
                                         said notice such sum in Dollars as will result in the Security Requirement after such
                                         repayment (taking into account any other repayment of the Loan made between the date
                                         of the notice and the date of such prepayment) being equal to the Security Value; or

 

		(b)	within
                                         30 days of the date of receipt by the Borrower of the Agent’'s
                                         said notice constitute to the reasonable satisfaction of the Agent such further security
                                         for the Loan as shall be reasonably acceptable to the Agent having a value for security
                                         purposes (as determined by the Agent in its absolute discretion) at the date upon which
                                         such further security shall be constituted which, when added to the Security Value, shall
                                         not be less than the Security Requirement as at such date.

                                         

                                         Clauses 14.2 and 14.4
                                         14.2 (Costs)
                                         and 14.4 (Documents and evidence) shall apply
                                         to prepayments under paragraph
                                         (a) of Clause 14.1
                                         14.1
                                         (aSecurity
                                         Shortfall).

 

    77 

     

    

 

		14.2	Costs

 

Costs.
All costs in connection
with the Agent obtaining any valuation of the Ship referred to in Clause 13.1813.18
(Trading with the United States of America),
and obtaining any valuation either of any additional security for the purposes of ascertaining the Security Value at any time
or necessitated by the Borrower electing to constitute additional security pursuant to paragraph
(b) of Clause 14.1
14.1
(bSecurity
Shortfall) shall be borne
by the Borrower.

 

		14.3	Valuation
                                         of additional security.

 

For
the purpose of this Clause 1414
(Security Value Maintenance),
the market value of any additional security provided or to be provided to the Agent shall be determined by the Agent in its absolute
discretion without any necessity for the Agent assigning any reason thereto.

 

		14.4	Documents
                                         and evidence.

 

In
connection with any additional security provided in accordance with this Clause 1414
(Security Value Maintenance),
the Agent shall be entitled to receive such evidence and documents of the kind referred to in Clause 3
3
(Conditions Precedent) in
respect of other Finance Documents as may in the Agent’'s
opinion be appropriate.

 

		14.5	Cash
                                         or a letter of credit as additional security.

 

For
all purposes under this Clause 1414
(Security Value Maintenance),
it is agreed and understood that:

 

		(a)	cash
                                         or a letter of credit shall be an acceptable form of security provided that in the case
                                         of a letter of credit it is issued on such terms and by such first class bank as shall
                                         have been approved in writing by the Agent (acting in its reasonable discretion); and

 

		(b)	the
                                         value of such cash for security purposes shall be equal to the amount of such cash and
                                         the value of such letter of credit for security purposes shall be equal to its stated
                                         amount.

 

		14.6	Suspension
                                         of Event of Default

 

		(a)	Notwithstanding
                                         the provisions of Clause 18 (Events of Default), any breach of the provisions
                                         of this Clause 14 (Security Value Maintenance) arising between the 2021 Deferral
                                         Effective Date and 31 December 2022 shall not (subject further to no (a) Event of Default
                                         under clauses 18.7 (Winding-up) to 18.13 (Cessation of business) (inclusive)
                                         having occurred and being continuing or (b) Deferral Prepayment Event having occurred)
                                         result in an Event of Default. 

 

		(b)	For
                                         the avoidance of doubt, the Security Value will continue to be calculated in accordance
                                         with this Clause 14 (Security Value Maintenance) between the 2021 Deferral Effective
                                         Date and 31 December 2022.

 

    78 

     

    

 

		15	[RESERVEDReserved]

 

		16	CANCELLATION
                                         AND PREPAYMENTCancellation
                                         and Prepayment

 

		16.1	Cancellation.

 

At
any time prior to the delivery of a Drawdown Notice and not less than ninety (90) Business Days prior to the Intended Delivery
Date, the Borrower may give notice to the Agent in writing that it wishes to cancel the Total Commitments in their entirety whereupon
(without penalty to the Borrower but without prejudice to any liabilities of the Borrower including, without limitation, in respect
of fees payable or accrued under this Agreement, arising prior to the date of such cancellation) the Total Commitments shall terminate
upon the date specified in such notice.

 

		16.2	Voluntary
                                         prepayment.

 

The
Borrower may prepay all or part of the Loan (but if in part being an amount that reduces the Loan by a minimum amount of one (1)
repayment instalment of principal of the Loan) together with interest thereon without penalty provided the prepayment is made
on the last day of an Interest Period and three (3) month’'s
prior written notice indicating the intended date of prepayment is given to the Agent and the SACE Agent, but the following amounts
shall be payable to the Agent for the account of the Lenders or the Italian Authorities in the sum of:

 

		(a)	if
                                         the Borrower has specified a Floating Interest Rate pursuant to Clause
                                         3.5(b)paragraph
                                         (b) of Clause 3.5 (No later than sixty (60) days before the Intended Delivery Date),
                                         the difference (if positive), calculated by the Lenders and notified by them to the Agent,
                                         between the actual cost for the Lenders of the funding for the Loan and the rate of interest
                                         for the monies to be invested by the Lenders, applied to the amounts so prepaid for the
                                         period from the said prepayment until the last day of the Interest Period during which
                                         the prepayment occurs (if prepayment does not occur on the last day of that Interest
                                         Period), details of any such calculation being supplied to the Borrower by the Agent
                                         on behalf of the Lenders; or

 

		(b)	if
                                         the Borrower has selected the Fixed Interest Rate pursuant to Clause
                                         3.5(b)paragraph
                                         (b) of Clause 3.5 (No later than sixty (60) days before the Intended Delivery Date),
                                         the charges (if any) imposed on the Lenders by the Italian Authorities representing funding
                                         or breakage costs of the Italian Authorities.

 

		(c)	Any
                                         voluntary prepayment shall be made in accordance with the provisions of this Clause 16.2
                                         (Voluntary prepayment) and applied against the outstanding repayment instalments
                                         in the inverse order of their maturity, save that where there is an amount of a Deferral
                                         Tranche outstanding, any such prepayment shall first be applied against such Deferral
                                         Tranche in the inverse order of maturity, starting with the 2021 Deferral Tranche.

 

		16.3	Mandatory
                                         prepayment.

 

The
Borrower shall be obliged to prepay the whole of the Loan if:

 

		(a)	the
                                         Ship is sold or becomes a Total Loss:

 

		(i)	in
                                         the case of a sale, on or before the date on which the sale is completed by delivery
                                         of the Ship to the buyer; or

 

    79 

     

    

 

		(ii)	in
                                         the case of a Total Loss, on the earlier of the date falling 120 days after the Total
                                         Loss Date and the date of receipt by the Agent of the proceeds of insurance relating
                                         to such Total Loss; or

 

		(b)	the
                                         SACE Insurance Policy is modified, suspended, terminated or rescinded unless caused by
                                         the wilful misconduct or gross negligence of a Creditor Party.

 

		16.4	Breach
                                         of new covenants or the Principles

 

		(a)	Failure
                                         to comply, until the 2021 Deferral Final Repayment Date, with the provisions of Clause
                                         13.29 (Dividends and dividend restriction) and Clause 13.30 (New capital raises
                                         or financing) or the provisions of clause 11.3(h) (Additional financial reporting),
                                         clause 11.17(c) (Dividend restriction), clause 11.19 (New capital raises or
                                         financing) and clause 11.20 (Payments under the Shipbuilding contacts) of
                                         the Guarantee, or to otherwise duly perform and observe the other requirements and obligations
                                         set out in the Principles shall, in each case, not constitute an Event of Default under
                                         this Agreement but (in the case of any failure that is capable of remedy (in the opinion
                                         of the Agent, at its sole discretion)) shall have the following consequences:

 

		(i)	the
                                         Agent shall reinstate from the date of such breach the requirement to comply with the
                                         covenant granted pursuant to Clause 14 (Security Value Maintenance) and the financial
                                         covenants set out in paragraphs (b) and (c) of clause 11.15 (Financial covenants)
                                         of the Guarantee which was otherwise suspended until 31 December 2022;

 

		(ii)	in
                                         respect of, specifically, Clause 13.29 (Dividends and dividend restriction) and
                                         Clause 13.30 (New capital raises or financing), and clause 11.17(c) (Dividend
                                         restriction) and clause 11.19 (New capital raises or financing) of the Guarantee,
                                         as well as a failure to perform and observe the other requirements and obligations set
                                         out in the Principles (including but not limited to any Obligor (a) commencing, or having
                                         commenced against it, any case, proceeding or other action seeking (i) to adjudicate
                                         it as bankrupt or insolvent, (ii) reorganization, arrangement, winding-up, liquidation,
                                         dissolution, or other relief with respect to it or its debts, (iii) the appointment of
                                         a receiver, trustee, or custodian or other similar official for it or for all or a substantial
                                         part of its assets, (b) making a general assignment for the benefit of its creditors,
                                         (c) being unable to, or admitting in writing its inability to, pay its debts as they
                                         become due, or (d) taking any action in furtherance of, or indicating its consent to,
                                         approval of, or acquiescence in, any of the acts set forth in (a), (b) or (c) hereof):

 

		(A)	the
                                         Deferral Commitments and the availability of the Deferral Tranches will be immediately
                                         cancelled; and

 

		(B)	all
                                         or part of the Deferral Tranches, together with accrued interest, deferred costs pursuant
                                         to Clause 6.4 (Deferred Costs) and all other amounts accrued or outstanding under
                                         this Agreement in connection with the Deferral Tranches will be immediately due and payable,
                                         (including, for the avoidance of doubt, any breakage costs pursuant to Clause 20.2 (Breakage
                                         costs)); and

 

		(iii)	in
                                         respect of clause 11.3(h) (Additional financial reporting) and clause 11.20 (Payments
                                         under the Shipbuilding contacts) of the Guarantee, shall entitle the Agent, (acting
                                         on the instructions of the Lenders), by notice to the Borrower to:

 

		(A)	cancel
                                         the Deferral Commitments and the availability of the Deferral Tranches whereupon they
                                         shall immediately be cancelled; and

 

    80 

     

    

 

		(B)	declare
                                         that all or part of the Deferral Tranches, together with accrued interest, deferred costs
                                         pursuant to Clause 6.4 (Deferred Costs) of this Agreement and all other amounts
                                         accrued or outstanding under this Agreement in connection with the Deferral Tranches
                                         be immediately due and payable, whereupon they shall become immediately due and payable
                                         (including, for the avoidance of doubt, any breakage costs pursuant to Clause 20.2 (Breakage
                                         costs)); and

 

		(b)	Save
                                         as permitted by Clause 13.30 (New capital raises or financing), if at any time
                                         after the 2021 Deferral Effective Date:

 

		(i)	the
                                         Guarantor or any other Group member enters into any financial contract or financial document
                                         relating to any Financial Indebtedness and which contains any debt deferral or covenant
                                         waivers of existing debt, or the raising of any new debt intended to reimburse existing
                                         debt that benefits from additional security or more favourable terms than those available
                                         to the Lenders (unless they are granted to the Lenders on a pari passu basis):

 

		(A)	the
                                         requirement to comply with the covenant granted pursuant to Clause 14 (Security Value
                                         Maintenance) and the financial covenants set out in paragraphs (b) and (c) of clause
                                         11.15 (Financial covenants) of the Guarantee which was otherwise suspended until
                                         31 December 2022 shall be reinstated;

 

		(B)	the
                                         Deferral Commitments and the availability of the Deferral Tranches will be immediately
                                         cancelled; and

 

		(C)	all
                                         or part of the Deferral Tranches, together with accrued interest, deferred costs pursuant
                                         to Clause 6.4 (Deferred Costs) and all other amounts accrued or outstanding under
                                         this Agreement in connection with the Deferral Tranches will be immediately due and payable,
                                         (including, for the avoidance of doubt, any breakage costs pursuant to Clause 20.2 (Breakage
                                         costs) of this Agreement);

 

		(ii)	the
                                         Guarantor or any other Group member makes a prepayment (save for any mandatory prepayment
                                         necessary to avoid an event of default (however defined)) of any Financial Indebtedness
                                         (unless this is done on a pari passu basis with the obligations owed to the Lenders
                                         hereunder):

 

		(A)	the
                                         requirement to comply with the covenant granted pursuant to Clause 14 (Security Value
                                         Maintenance) and the financial covenants set out in paragraphs (b) and (c) of clause
                                         11.15 (Financial Covenants) of the Guarantee which was otherwise suspended until
                                         31 December 2022 shall be reinstated;

 

		(B)	the
                                         Agent shall be entitled (acting on the instructions of the Lenders) to:

 

		(1)	cancel
                                         the Deferral Commitments and the availability of the Deferral Tranches whereupon they
                                         shall immediately be cancelled; and

 

		(2)	declare
                                         that all or part of the Deferral Tranches, together with accrued interest, deferred costs
                                         pursuant to Clause 6.4 (Deferred Costs) of this Agreement and all other amounts
                                         accrued or outstanding under the Facility Agreement in connection with the Deferral Tranches
                                         will be immediately due and payable (including, for the avoidance of doubt, any breakage
                                         costs pursuant to clause 20.2 (Breakage costs)).

 

    81 

     

    

 

		16.5	16.4
                                         Other
                                         amounts.

 

Any
prepayment of the whole of the Loan shall be made together with all other sums due under this Agreement (including, without limitation,
the compensation calculated in accordance with Clause 16.216.2
(Voluntary prepayment)).

 

		16.6	16.5
                                         Application
                                         of partial prepayment.

 

Amounts
prepaid shall be applied in accordance with paragraph
(b) of Clause 19.119.1
(bReceipts).

 

		16.7	16.6
                                         No
                                         reborrowing.

 

Amounts
prepaid may not be reborrowed.

 

		17	INTEREST
                                         ON LATE PAYMENTSInterest
                                         on Late Payments

 

		17.1	Default
                                         rate of interest.

 

Without
prejudice to the provisions of Clause 18
18
(Events of Default) and
without this Clause in any way constituting a waiver of terms of payment, all sums due by the Borrower under this Agreement will
automatically bear interest on a day to day basis from the date when they are payable until the date of actual payment at a rate
per annum equal to the higher of:

 

		(a)	where
                                         the Floating Interest Rate is applicable, the aggregate of:

 

		(i)	Overnight
                                         LIBOR;

 

		(ii)	the
                                         Margin; and

 

		(iii)	[*]
                                         per cent. ([*]%) per annum; or

 

		(b)	where
                                         the Fixed Interest Rate is applicable, the higher of:

 

		(i)	the
                                         CIRR plus [*] per cent. ([*]%) per annum; and

 

		(ii)	Overnight
                                         LIBOR plus the Margin plus [*] per cent. ([*]%) per annum.

 

		17.2	Compounding
                                         of default interest.

 

Any
such interest will itself bear interest at the above rate if it is due for at least three (3) months and thereafter at three monthly
intervals.

 

    82 

     

    

 

		18	EVENTS
                                         OF DEFAULTEvents
                                         of Default

 

		18.1	Events
                                         of Default.

 

An
Event of Default occurs if any of the events or circumstances described in Clause 18.2
to 18.21 18.2
(Non-payment) to Clause 18.21 (Other Loan Agreement) occur
provided that if, at any time during the period commencing on the day after the date of this LoanFacility
Agreement and ending on the
date falling ninety (90) days before the Intended Delivery Date (the ““Restriction
Period””),
an event should occur that would constitute an Event of Default, the Agent shall not be entitled to serve any notice under Clause
18.22 (aparagraph
(a) of Clause 18.22 (Actions following an Event of Default)
during the Restriction Period unless the relevant event consists of:

 

		(a)	a
                                         failure by the Borrower to comply with the provisions of Clauses 13.5,
                                         13.6, 13.8 or 13.1313.5
                                         (Notification of default), 13.6 (Consents and registrations), 13.8 (Disposals)
                                         or 13.13 (Financial indebtedness and subordination of indebtedness);

 

		(b)	the
                                         happening of any of the events specified in Clauses 18.2,
                                         18.7, 18.8, 18.9, 18.10, 18.11, 18.12 or 18.13;18.2
                                         (Non-payment), 18.7 (Winding-up), 18.8 (Moratorium or arrangement with
                                         creditors), 18.9 (Appointment of liquidators etc.), 18.10 (Insolvency),
                                         18.11 (Legal process), 18.12 (Analogous events) or 18.13 (Cessation
                                         of business);

 

		(c)	the
                                         repudiation or termination of the Shipbuilding Contract.

 

However,
this provision shall not be interpreted as a waiver of:

 

		(i)	the
                                         Agent’'s
                                         right to serve any notice under Clause 18.22 (aparagraph
                                         (a) of Clause 18.22 (Actions following an Event of Default) in respect
                                         of any Event of Default that has occurred and that remains unremedied on the last day
                                         of the Restriction Period; or

 

		(ii)	the
                                         obligation of any Obligor under any Finance Document prior to the last day of the Restriction
                                         Period including (without limitation) the punctual delivery to the Agent of any information
                                         which the Agent is entitled to receive under the provisions of any Finance Document and
                                         the prompt notification to the Agent of the occurrence of any Event of Default whether
                                         or not the Agent is entitled to serve any notice under Clause
                                         18.22 (aparagraph
                                         (a) of Clause 18.22 (Actions following an Event of Default).

 

		18.2	Non-payment.

 

Any
Obligor fails to pay when due or (if so payable) on demand any sum payable under a Finance Document or under any document relating
to a Finance Document and such failure is not remedied within three (3) Business Days of the due date or (if payable on demand)
within three (3) Business Days of receiving the demand.

 

		18.3	Non-remediable
                                         breaches

 

18.3
Non-remediable breaches. The
Borrower fails to comply with the provisions of Clauses 13.5,
13.6, 13.8 or 13.1313.5
(Notification of default), 13.6 (Consents and registrations), 13.8 (Disposals) or 13.13 (Financial indebtedness
and subordination of indebtedness).

 

		18.4	Breach
                                         of other obligations.

 

		(a)	Any
                                         Obligor fails to comply with any provision of any Finance Document (other than a failure
                                         to comply covered by any of the other provisions of Clauses 18.2
                                         to 18.2118.2
                                         (Non-payment) to 18.21 (Other Loan Agreement))
                                         and in particular but without limitation the Guarantor fails to comply with the provisions
                                         of Cclause
                                         11 (Undertakings) of its Guarantee or there is any breach in the sole opinion
                                         of the Agent of any of the Underlying Documents provided that no Event of Default shall
                                         be deemed to have occurred if, in the opinion of the Agent in its sole discretion, such
                                         failure or breach is capable of remedy and is remedied within the Relevant Period (as
                                         defined below) from the date of its occurrence, if the failure was known to that Obligor,
                                         or from the date the relevant Obligor is notified by the Agent of the failure, if the
                                         failure was not known to that Obligor, unless in any such case as aforesaid the Agent
                                         in its sole discretion considers that the failure or breach is or could reasonably be
                                         expected to become materially prejudicial to the interests, rights or position of the
                                         Lenders, ““Relevant
                                         Period””
                                         meaning
                                         for the purposes of this Clause thirty (30) days in respect of a remedy period commencing
                                         under this Clause not later than 30 September 2009 and fifteen (15) days in respect
                                         of a remedy period commencing after 30 September 2009; or

 

    83 

     

    

 

		(b)	If
                                         there is a repudiation or termination of any Transaction Document or if any of the parties
                                         thereto becomes entitled to terminate or repudiate any of them and evidences an intention
                                         so to do. For the avoidance of doubt, the termination of the Prior Guarantees shall not
                                         be deemed to be a termination of a Transaction Document.

 

		18.5	Misrepresentation.

 

Any
representation, warranty or statement made or repeated in, or in connection with, any Transaction Document or the SACE Insurance
Policy or in any accounts, certificate, statement or opinion delivered by or on behalf of any Obligor thereunder or in connection
therewith is materially incorrect or misleading when made or would, if repeated at any time hereafter by reference to the facts
subsisting at such time, no longer be materially correct.

 

		18.6	Cross
                                         default.
                                         

 

		(a)	Any
                                         event of default occurs under any financial contract or financial document relating to
                                         any Financial Indebtedness of the Borrower; or

 

		(b)	any
                                         such Financial Indebtedness or any sum payable in respect thereof is not paid when due
                                         (after the expiry of any applicable grace period(s)) whether by acceleration or otherwise;
                                         or

 

		(c)	any
                                         other Financial Indebtedness of any member of the Group is not paid when due or is or
                                         becomes capable of being declared due prematurely by reason of default or any Security
                                         Interest securing the same becomes enforceable by reason of default provided that no
                                         Event of Default will arise if the aggregate amount of the relevant Financial Indebtedness
                                         and liabilities secured by the relevant Security Interests is less than $[*]
                                         or its equivalent in other currencies; andor

 

		(d)	any
                                         other Security Interest over any assets of any member of the Group securing any alleged
                                         liability that does not qualify as Financial Indebtedness becomes enforceable where the
                                         alleged liability is in respect of a sum of, or sum aggregating, $[*]
                                         or its equivalent in other currencies, unless the alleged
                                         liability is being contested in good faith by appropriate means by the relevant Group
                                         member and the Agent is reasonably satisfied that the relevant member of the Group has
                                         reasonable grounds for succeeding in its action.

 

		(e)	No
                                         Event of Default will occur, or be deemed to have occurred, under this Clause 18.6 (Cross
                                         default) if such Event of Default occurs before 31 December 2022 (but without prejudice
                                         to the rights of the Lenders in respect of any further breach that may occur after 31
                                         December 2022 ) and is caused solely as a result of a breach of the covenant granted
                                         pursuant to Clause 14 (Security Value Maintenance) or of the financial covenants
                                         in respect of the Group equivalent to those set out in paragraphs (b) and (c) of clause
                                         11.15 (Financial Covenants) of the Guarantee, under, or in relation to, any other
                                         SACE-backed facility agreement to which a Guarantor is a Party or has executed a guarantee
                                         and to which the Principles apply, unless at the time of such Event of Default, an event
                                         resulting in mandatory prepayment of the Loan pursuant to paragraph (a) or (b) of Clause
                                         16.3 (Mandatory prepayment) or a Deferral Prepayment Event has occurred.

 

    84 

     

    

 

		18.7	Winding-up.

 

Any
order is made or an effective resolution passed or other action taken for the suspension of payments or reorganisation, dissolution,
termination of existence, liquidation, winding-up or bankruptcy of any Obligor.

 

		18.8	Moratorium
                                         or arrangement with creditors.

 

A
moratorium in respect of all or any debts of any Obligor or a composition or an arrangement with creditors of any Obligor or any
similar proceeding or arrangement by which the assets of any Obligor are submitted to the control of its creditors is applied
for, ordered or declared or any Obligor commences negotiations with any one or more of its creditors with a view to the general
readjustment or rescheduling of all or a significant part of its Financial Indebtedness.

 

		18.9	Appointment
                                         of liquidators etc..

 

A
liquidator, trustee, administrator, receiver, administrative receiver, manager or similar officer is appointed in respect of any
Obligor or in respect of all or any substantial part of the assets of any Obligor.

 

		18.10	Insolvency.

 

Any
Obligor 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.

 

		18.11	Legal
                                         process.

 

Any
distress, execution, attachment or other process affects the whole or any substantial part of the assets of any Obligor and remains
undischarged for a period of thirty (30) days or any uninsured judgment in excess of [*]
Dollars ($[*]) following final appeal remains unsatisfied for a period
of ten (10) days.

 

		18.12	Analogous
                                         events.

 

Anything
analogous to or having a substantially similar effect to any of the events specified in Clauses 18.7
to 18.11 18.7
(Winding-up) to 18.11 (Legal process) shall
occur under the laws of any applicable jurisdiction.

 

		18.13	Cessation
                                         of business.

 

Any
Obligor ceases to carry on all or a substantial part of its business.

 

		18.14	Revocation
                                         of consents.

 

Any
authorisation, approval, consent, licence, exemption, filing, registration or notarisation or other requirement necessary to enable
any Obligor to comply with any of its obligations under any of the Transaction Documents is materially adversely modified, revoked
or withheld or does not remain in full force and effect and within ninety (90) days of the date of its occurrence such event is
not remedied to the satisfaction of the Agent and the Agent considers in its sole discretion that such failure is or might be
expected to become materially prejudicial to the interests, rights or position of the Lenders provided that the Borrower shall
not be entitled to the aforesaid ninety (90) day period if the modification, revocation or withholding of the authorisation, approval
or consent is due to an act or omission of any Obligor and the Agent is satisfied in its sole discretion that the Lenders’'
interests might reasonably
be expected to be materially adversely affected.

 

    85 

     

    

 

		18.15	Unlawfulness.

 

At
any time it is unlawful or impossible for any Obligor to perform any of its material (to the Creditor Parties or any of them)
obligations under any Transaction Document to which it is a party or it is unlawful or impossible for the Creditor Parties or
any Lender to exercise any of their or its rights under any of the Transaction Documents provided that no Event of Default shall
be deemed to have occurred where the unlawfulness or impossibility does not relate to the payment obligation of any Obligor under
any Transaction Document and is cured within the period of twenty one (21) days of the date of occurrence of the event giving
rise to the unlawfulness or impossibility and the affected Obligor performs it obligation within such period.

 

		18.16	Insurances.

 

The
Borrower fails to insure the Ship in the manner specified in Clause 13.20
13.20
(Valuation of the Ship) or
fails to renew the Insurances at least five (5) days prior to the date of expiry thereof and produce prompt confirmation of such
renewal to the Agent provided that if the insurers withdraw their cover an Event of Default shall be deemed to have occurred upon
issue of the insurer’'s
notice of withdrawal.

 

		18.17	Disposals.

 

If
the Borrower or any other Obligor shall have concealed, removed, or permitted to be concealed or removed, any part of its property,
with intent to hinder, delay or defraud its creditors or any of them, or made or suffered a transfer of any of its property which
may be fraudulent under any bankruptcy, fraudulent conveyance or similar law; or shall have made any transfer of its property
to or for the benefit of a creditor with the intention of preferring such creditor over any other creditor.

 

		18.18	Prejudice
                                         to security.

 

Anything
is done or suffered or omitted to be done by any Obligor which in the reasonable opinion of the Agent would or might be expected
to imperil the security created by any of the Finance Documents.

 

		18.19	Governmental
                                         intervention.

 

The
authority of any Obligor in the conduct of its business is wholly or substantially curtailed by any seizure or intervention by
or on behalf of any authority and within ninety (90) days of the date of its occurrence any such seizure or intervention is not
relinquished or withdrawn and the Agent reasonably considers that the relevant occurrence is or might be expected to become materially
prejudicial to the interests, rights or position of the Lenders provided that the Borrower shall not be entitled to the aforesaid
ninety (90) day period if the seizure or intervention executed by any authority is due to an act or omission of any Obligor and
the Agent is satisfied, in its sole discretion, that the Lenders’'
interest might reasonably be
expected to be materially adversely affected.

 

    86 

     

    

 

		18.20	[Reserved].

 

		18.21	Other
                                         Loan Agreement.

 

There
shall occur an Event of Default (under and as defined in the Other Loan Agreement).

 

		18.22	Actions
                                         following an Event of Default.

 

On,
or at any time after, the occurrence of an Event of Default the Agent may, and if so instructed by the Majority Lenders, the Agent
shall:

 

		(a)	serve
                                         on the Borrower a notice stating that the Commitments and all other obligations of each
                                         Lender to the Borrower under this Agreement are terminated; and/or

 

		(b)	serve
                                         on the Borrower a notice stating that the Loan (including but without limitation the
                                         amount representing the financed second instalment of the SACE Premium), all accrued
                                         interest and all other amounts accrued or owing under this Agreement are immediately
                                         due and payable or are due and payable on demand; and/or

 

		(c)	take
                                         any other action which, as a result of the Event of Default or any notice served under
                                         paragraph (a)
                                         (a)
                                         or
                                         (b)(b),
                                         the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable
                                         law.

 

		18.23	Termination
                                         of Commitments.

 

On
the service of a notice under Clause
18.22(aparagraph
(a) of Clause 18.22 (Actions following an Event of Default),
the Commitments and all other obligations of each Lender to the Borrower under this Agreement shall terminate.

 

		18.24	Acceleration
                                         of Loan.

 

On
the service of a notice under Clause
18.22(bparagraph
(b) of Clause 18.22 (Actions following an Event of Default),
the Loan, all accrued interest and all other amounts accrued or owing from the Borrower or any Obligor under this Agreement and
every other Finance Document shall become immediately due and payable or, as the case may be, payable on demand.

 

		18.25	Further
                                         amounts payable.

 

Upon
an acceleration of repayment of the Loan following an Event of Default the Borrower shall be liable to pay compensation calculated
in accordance with Clause 16.216.2
(Voluntary prepayment).

 

		18.26	Multiple
                                         notices; action without notice.

 

The
Agent may serve notices under Clauses
18.22(a) and (bparagraphs
(a) and (b) of Clause 18.22 (Actions following an Event of Default)
simultaneously or on different dates and it may take any action referred to in Clause
18.22(cparagraph
(c) of Clause 18.22 (Actions following an Event of Default)
if no such notice is served or simultaneously with or at any time after the service of both or either of such notices.

 

    87 

     

    

 

		18.27	Notification
                                         of Creditor Parties and Obligors.

 

The
Agent shall send to each Lender and each Obligor a copy or the text of any notice which the Agent serves on the Borrower under
Clause 18.2218.22
(Actions following an Event of Default);
but the notice shall become effective when it is served on the Borrower, and no failure or delay by the Agent to send a copy or
the text of the notice to any other person shall invalidate the notice or provide any Obligor with any form of claim or defence.

 

		18.28	Lender's
                                         rights unimpaired

 

Lender’s
rights unimpaired. Nothing
in this Clause 18 18
(Events of Default) shall
be taken to impair or restrict the exercise of any right given to individual Lenders under a Finance Document or the general law;
and, in particular, this Clause is without prejudice to Clauses 2.4
and 2.52.4
(Proceedings by individual Lender requiring Majority Lender consent) and 2.5 (Obligations of Lenders several).

 

		18.29	Exclusion
                                         of Creditor Party liability.

 

No
Creditor Party, and no receiver or manager appointed by the Agent, shall have any liability to an Obligor:

 

		(a)	for
                                         any loss caused by an exercise of rights under, or enforcement of a Security Interest
                                         created by, a Finance Document or by any failure or delay to exercise such a right or
                                         to enforce such a Security Interest; or

 

		(b)	as
                                         mortgagee in possession or otherwise, for any income or principal amount which might
                                         have been produced by or realised from any asset comprised in such a Security Interest
                                         or for any reduction (however caused) in the value of such an asset.

 

		19	APPLICATION
                                         OF SUMS RECEIVEDApplication
                                         of Sums Received

 

		19.1	Receipts.

 

Except
as any Finance Document may otherwise provide, all sums received under this Agreement or any other Finance Document by the Agent,
on behalf of the Lenders, or by any of the Lenders for any reason whatsoever will be applied:

 

		(a)	in
                                         priority, to payments of any kind due or in arrears in the order of their due payment
                                         dates and first, to fees, charges and expenses, second, to interest payable pursuant
                                         to Clause 1717
                                         (Interest on Late Payments),
                                         third, to interest payable pursuant to Clause 6 (Interest)
                                         and to any deferred costs payable pursuant to Clause 6.4 (Deferred Costs),
                                         fourth, to the principal of the Loan payable pursuant to Clause 5
                                         5
                                         (Repayment) and,
                                         fifth, to any other sums due under this Agreement or any other Finance Document and,
                                         if relevant, pro rata to each of the Lenders and
                                         sixth, to any sums due pursuant to Clause 20.2 (Breakage costs);
                                         or

 

		(b)	if
                                         no payments are in arrears or if these payments have been discharged as set out above,
                                         then and to sums remaining due under this Agreement or any other Finance Document and,
                                         if relevant, pro rata to each of the Lenders and in each case in inverse order
                                         of maturity, the interest being recalculated accordingly.

 

    88 

     

    

 

		20	INDEMNITIESIndemnities

 

		20.1	Indemnities
                                         regarding borrowing and repayment of Loan.

 

The
Borrower shall fully indemnify the Agent and each Lender on the Agent’'s
demand in respect of all claims, expenses, liabilities and losses which are made or brought against or incurred by that Creditor
Party, or which that Creditor Party reasonably and with due diligence estimates that it will incur, as a result of or in connection
with:

 

		(a)	the
                                         Loan not being borrowed on the date specified in the Drawdown Notice for any reason other
                                         than a default by the Lender claiming the indemnity;

 

		(b)	the
                                         receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on
                                         the last day of an Interest Period or other relevant period;

 

		(c)	any
                                         failure (for whatever reason) by the Borrower to make payment of any amount due under
                                         a Finance Document on the due date or, if so payable, on demand (after giving credit
                                         for any default interest paid by the Borrower on the amount concerned under Clause 
                                         1717
                                         (Interest on Late Payments));

 

		(d)	the
                                         occurrence and/or continuance of an Event of Default and/or the acceleration of repayment
                                         of the Loan under Clause 1818
                                         (Events of Default);
                                         and

 

		(e)	in
                                         respect of any Tax (other than Tax on its overall net income) for which a Creditor Party
                                         is liable in connection with any amount paid or payable to that Creditor Party (whether
                                         for its own account or otherwise) under any Finance Document.

 

		20.2	Breakage
                                         costs.

 

Without
limiting its generality, Clause 20.1
20.1
(Indemnities regarding borrowing and repayment of Loan) covers
(i) any claim, expense, liability or loss, including a loss of a prospective profit, incurred by a Lender in liquidating or employing
deposits from third parties acquired or arranged to fund or maintain all or any part of its Contribution and/or any overdue amount
(or an aggregate amount which includes its Contribution or any overdue amount) and (ii) if the Borrower has selected the Fixed
Interest Rate in accordance with Clause
3.5(bparagraph
(b) of Clause 3.5 (No later than sixty (60) days before the Intended Delivery Date),
any funding or breakage costs imposed by SIMEST as a consequence of (x) any total or partial prepayment of the Loan and/or (y)
the Borrower deciding to switch from the Fixed Interest Rate to another interest rate after the Drawdown Date and/or (z) the Interest
Make-up Agreement ceasing for any reason to be in effect; any such costs imposed by SIMEST shall be paid by the Borrowers to SIMEST
through the Agent.

 

		20.3	Miscellaneous
                                         indemnities.

 

The
Borrower shall fully indemnify each Creditor Party severally on their respective demands in respect of all claims, expenses, liabilities
and losses which may be made or brought against or incurred by a Creditor Party, in any country, as a result of or in connection
with:

 

		(a)	any
                                         action taken, or omitted or neglected to be taken, under or in connection with any Finance
                                         Document by the Agent or any other Creditor Party or by any receiver appointed under
                                         a Finance Document;

 

		(b)	any
                                         other Pertinent Matter,

 

    89 

     

    

 

other
than claims, expenses, liabilities and losses which are shown to have been directly and mainly caused by the dishonesty or wilful
misconduct of the officers or employees of the Creditor Party concerned.

 

Without
prejudice to its generality, this Clause 20.3
20.3
(Miscellaneous indemnities) covers
any claims, expenses, liabilities and losses which arise, or are asserted, under or in connection with any law relating to safety
at sea, the ISM Code or any Environmental Laws or any Sanctions.

 

		20.4	Currency
                                         indemnity.

 

If
any sum due from an Obligor to a Creditor Party under a Finance Document or under any order or judgment relating to a Finance
Document has to be converted from the currency in which the Finance Document provided for the sum to be paid (the ““Contractual
Currency””)
into another currency (the ““Payment
Currency””)
for the purpose of:

 

		(a)	making
                                         or lodging any claim or proof against an Obligor, whether in its liquidation, any arrangement
                                         involving it or otherwise; or

 

		(b)	obtaining
                                         an order or judgment from any court or other tribunal; or

 

		(c)	enforcing
                                         any such order or judgment,

 

the
Borrower shall indemnify the Creditor Party concerned against the loss arising when the amount of the payment actually received
by that Creditor Party is converted at the available rate of exchange into the Contractual Currency.

 

In
this Clause 20.4 20.4
(Currency indemnity) the
““available
rate of exchange””
means the rate at which the
Creditor Party concerned is able at the opening of business (Paris time) on the Business Day after it receives the sum concerned
to purchase the Contractual Currency with the Payment Currency.

 

This
Clause 20.4 20.4
(Currency indemnity) creates
a separate liability of the Borrower which is distinct from its other liabilities under the Finance Documents and which shall
not be merged in any judgment or order relating to those other liabilities.

 

		20.5	Certification
                                         of amounts.

 

A
notice which is signed by 2 officers of a Creditor Party, which states that a specified amount, or aggregate amount, is due to
that Creditor Party under this Clause 20
20
(Indemnities) and which
indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate amount,
is due shall be prima facie evidence that the amount, or aggregate amount, is due.

 

		20.6	Sums
                                         deemed due to a Lender.

 

For
the purposes of this Clause 2020
(Indemnities), a sum
payable by the Borrower to the Agent for distribution to a Lender shall be treated as a sum due to that Lender.

 

    90 

     

    

 

		21	ILLEGALITY,
                                         ETCIllegality,
                                         etc.

 

		21.1	Illegality.

 

This
Clause 21 21
(Illegality, etc.) applies
if:

 

		(a)	a
                                         Lender (the ““Notifying
                                         Lender””)
                                         notifies the Agent that it has become, or will with effect from a specified date, become:

 

		(i)	unlawful
                                         or prohibited as a result of the introduction of a new law, an amendment to an existing
                                         law or a change in the manner in which an existing law is or will be interpreted or applied
                                         including for the avoidance of doubt in relation to Sanctions; or

 

		(ii)	contrary
                                         to, or inconsistent with, any regulation,

 

for
the Notifying Lender to maintain or give effect to any of its obligations under this Agreement in the manner contemplated by this
Agreement; or

 

		(b)	an
                                         Obligor is or becomes a Prohibited Person.

 

		21.2	Notification
                                         of illegality.

 

The
Agent shall promptly notify the Borrower, the Obligors and the other Lenders of the notice under Clause 21.1
21.1
(Illegality) which the
Agent receives from the Notifying Lender.

 

		21.3	Prepayment;
                                         termination of Commitment.

 

On
the Agent notifying the Borrower under Clause 21.221.2
(Notification of illegality),
the Notifying Lender’'s
Commitment shall terminate; and thereupon or, if later, on the date specified in the Notifying Lender’'s
notice under Clause 21.1
21.1
(Illegality) as the date
on which the notified event would become effective the Borrower shall prepay the Notifying Lender’'s
Contribution and shall pay compensation to the Notifying Lender calculated in accordance with Clause 16.216.2
(Voluntary prepayment).

 

		22	SET-OFFSet-Off

 

		22.1	Application
                                         of credit balances.

 

Each
Creditor Party may without prior notice:

 

		(a)	apply
                                         any balance (whether or not then due) which at any time stands to the credit of any account
                                         in the name of the Borrower at any office in any country of that Creditor Party in or
                                         towards satisfaction of any sum then due from the Borrower to that Creditor Party under
                                         any of the Finance Documents; and

 

		(b)	for
                                         that purpose:

 

		(i)	break,
                                         or alter the maturity of, all or any part of a deposit of the Borrower;

 

		(ii)	convert
                                         or translate all or any part of a deposit or other credit balance into Dollars;

 

		(iii)	enter
                                         into any other transaction or make any entry with regard to the credit balance which
                                         the Creditor Party concerned considers appropriate.

 

    91 

     

    

 

		22.2	Existing
                                         rights unaffected.

 

No
Creditor Party shall be obliged to exercise any of its rights under Clause 22.122.1
(Application of credit balances);
and those rights shall be without prejudice and in addition to any right of set-off, combination of accounts, charge, lien or
other right or remedy to which a Creditor Party is entitled (whether under the general law or any document).

 

		22.3	Sums
                                         deemed due to a Lender.

 

For
the purposes of this Clause 2222
(Set-Off), a sum payable
by the Borrower to the Agent for distribution to, or for the account of, a Lender shall be treated as a sum due to that Lender;
and each Lender’'s
proportion of a sum so payable for distribution to, or for the account of, the Lenders shall be treated as a sum due to such Lender.

 

		22.4	No
                                         Security Interest.

 

This
Clause 22 22
(Set-Off) gives the Creditor
Parties a contractual right of set-off only, and does not create any equitable charge or other Security Interest over any credit
balance of the Borrower.

 

		23	CHANGES
                                         TO THE LENDERSChanges
                                         to the Lenders

 

		23.1	Assignments
                                         and transfers by the Lenders.

 

Subject
to this Clause 23 23
(Changes to the Lenders) and
the prior written consent of the Italian Authorities having been obtained, a Lender (the ““Existing
Lender””)
may:

 

		(a)	assign
                                         its rights; or

 

		(b)	transfer
                                         by novation its rights and obligations,

 

to
another bank or financial institution (the ““New
Lender”“).

 

		23.2	Conditions
                                         of assignment or transfer.
                                         

 

		(a)	The
                                         consent of the Borrower is required for an assignment or transfer by ana
                                         Lender (the “Existing
                                         Lender”),
                                         unless the assignment or transfer is to another Lender or an Affiliate of a Lender.

 

		(b)	The
                                         consent of the Borrower to an assignment or transfer must not be unreasonably withheld
                                         or delayed.

 

		(c)	The
                                         assignment or transfer must be with respect to a minimum Commitment of [*]
                                         Dollars ($[*]) or, if less,
                                         the Existing Lender’'s
                                         full Commitment.

 

		(d)	An
                                         assignment will only be effective on:

 

		(i)	receipt
                                         by the Agent of written confirmation from the New Lender (in form and substance satisfactory
                                         to the Agent) that the New Lender will assume the same obligations to the other Creditor
                                         Parties as it would have been under if it was an Ooriginal
                                         Lender; and

 

    92 

     

    

 

		(ii)	performance
                                         by the Agent of all necessary ““know
                                         your customer””
                                         or other similar checks under all applicable laws and regulations in relation
                                         to such assignment to a New Lender, the completion of which the Agent shall promptly
                                         notify to the Existing Lender and the New Lender.

 

		23.3	Assignment
                                         or transfer fee.
                                         The New Lender shall:

 

The
New Lender shall:

 

		(a)	on
                                         the date upon which an assignment or transfer takes effect, pay to the Agent (for its
                                         own account) a fee of [*]
                                         Euro (EUR[*]);

 

		(b)	pay
                                         to the Agent, upon demand, all reasonable costs and expenses, duties and fees, including
                                         but without limitation legal costs and out of pocket expenses, incurred by the Agent
                                         or the Lenders in connection with any necessary amendment to or supplementing of the
                                         Transaction Documents or any of them or the SACE Insurance Policy as a consequence of
                                         the assignment or transfer; and

 

		(c)	pay
                                         to the Agent, upon demand, such amount as is payable to the Italian Authorities to cover
                                         its costs of giving its approval under Clause 23.123.1
                                         (Assignments and transfers by the Lenders).

 

		23.4	Limitation
                                         of responsibility of 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 Finance Documents
                                         or any other documents;

 

		(ii)	the
                                         financial condition of any Obligor;

 

		(iii)	the
                                         performance and observance by any Obligor of its obligations under the Finance Documents
                                         or any other documents; or

 

		(iv)	the
                                         accuracy of any statements (whether written or oral) made in or in connection with any
                                         Finance Document or any other document,

 

and
any representations or warranties implied by law are excluded.

 

		(b)	Each
                                         New Lender confirms to the Existing Lender and the other Creditor Parties that it:

 

		(i)	has
                                         made (and shall continue to make) its own independent investigation and assessment of
                                         the financial condition and affairs of each Obligor 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 in connection with any Finance Document; and

 

		(ii)	will
                                         continue to make its own independent appraisal of the creditworthiness of each Obligor
                                         and its related entities whilst any amount is or may be outstanding under the Finance
                                         Documents or any Commitment is in force.

 

    93 

     

    

 

		(c)	Nothing
                                         in any Finance Document obliges an Existing Lender to:

 

		(i)	accept
                                         a re-transfer from a New Lender of any of the rights and obligations assigned or transferred
                                         under this Clause 2323
                                         (Changes to the Lenders); or

 

		(ii)	support
                                         any losses directly or indirectly incurred by the New Lender by reason of the non-performance
                                         by any Obligor of its obligations under the Finance Documents or otherwise.

 

		23.5	Permitted
                                         disclosure.

 

Any
Creditor Party may disclose to any of its Affiliates and to the following other persons:

 

		(a)	any
                                         person to (or through) whom that Lender assigns or transfers (or may potentially assign
                                         or transfer) all or any of its rights and obligations under this Agreement;

 

		(b)	any
                                         person with (or through) whom that Lender enters into (or may potentially enter into)
                                         any sub-participation in relation to, or any other transaction under which payments are
                                         to be made by reference to, this Agreement or any Obligor;

 

		(c)	any
                                         person to whom, and to the extent that, information is required to be disclosed by any
                                         applicable law or regulation;

 

		(d)	any
                                         other Creditor Party, or any employee, officer, director or representative of such entity
                                         which needs to know such information or receive such document in the course of such person’'s
                                         employ or duties;

 

		(e)	or
                                         any employee, officer, director or representative of any Italian Authorities which needs
                                         to know such information or receive such document in the course of such person’'s
                                         employ or duties;

 

		(f)	the
                                         Guarantor or any other member of the Group, or any employee, officer, director or representative
                                         of such entity which needs to know such information or receive such document in the course
                                         of such person’'s
                                         employ or duties; or

 

		(g)	auditors,
                                         insurance and reinsurance brokers, insurers and reinsurers and professional advisers,
                                         including legal advisers, which need to know such information,

 

any
information about any Obligor, this Agreement and the other Finance Documents as that Creditor Party shall consider appropriate.
Each of the Creditor Parties may also disclose to the Builder, or any employee, officer, director or representative of the Builder
which needs to know such information or receive such document in the course of such person’'s
employ or duties, such information about any Obligor, this Agreement and the other Finance Documents as that Creditor Party reasonably
considers normal practice for an export credit.

 

		23.6	Assignment
                                         or transfer to SACE.

 

Notwithstanding
the above provisions of this Clause 2323
(Changes to the Lenders):

 

		(a)	each
                                         Lender and the Agent shall, if so instructed by SACE in accordance with the provisions
                                         of the SACE Insurance Policy and without any requirement for the consent of the Borrower,
                                         assign its rights or (as the case may be) transfer its rights and obligations to SACE,
                                         which assignment or transfer shall take effect upon the date stated in the relevant documentation;
                                         and

 

    94 

     

    

 

		(b)	the
                                         Agent shall promptly notify the Borrower of any such assignment or transfer to SACE and
                                         the Borrower shall pay to the Agent, upon demand, all reasonable costs and expenses,
                                         duties and fees, including but without limitation legal costs and out of pocket expenses,
                                         incurred by the Agent or the Lenders in connection with any such assignment or transfer.

 

		23.7	Security
                                         over Lenders' rights

 

In
addition to the other rights provided to Lenders under this Clause 23 (CHANGES
TO THE LENDERSChanges
to the Lenders), each Lender
may without consulting with or obtaining consent from the Borrower or any Obligor but subject to the prior written consent of
SACE, at any time charge, assign or otherwise create a Security Interest in or over (whether by way of collateral or otherwise)
all or any of its rights under any Finance Document to secure obligations of that Lender (i) to the benefit of any Affiliate and/or
(ii) within the framework of its, or its Affiliates, direct or indirect funding operations including, without limitation:

 

		(a)	any
                                         charge, assignment or other Security Interest to secure obligations to a federal reserve
                                         or central bank; and

 

		(b)	in
                                         the case of any Lender which is a fund, any charge, assignment or other Security Interest
                                         granted to any holders (or trustee or representatives of holders) of obligations owed,
                                         or securities issued, by that Lender as security for those obligations or securities;

 

except
that no such charge, assignment or Security Interest shall:

 

		(i)	release
                                         a Lender from any of its obligations under the Finance Documents or substitute the beneficiary
                                         of the relevant charge, assignment or Security Interest for the Lender as a party to
                                         any of the Finance Documents; or

 

		(ii)	alter
                                         the obligations of the Obligor or require any payments to be made by the Borrower or
                                         any Obligor or grant to any person any more extensive rights than those required to be
                                         made or granted to the relevant Lender under the Finance Documents.

 

		24	CHANGES
                                         TO THE OBLIGORSChanges
                                         to the Obligors

 

		24.1	No
                                         change without consent.

 

No
Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.

 

25
ROLE OF THE AGENT AND THE MANDATED LEAD ARRANGERS

 

25                
Role of the Agent and the Mandated Lead Arrangers

 

		25.1	Appointment
                                         of the Agent.
                                         

 

		(a)	Each
                                         other Creditor Party appoints the Agent to act as its agent under and in connection with
                                         this Agreement and the other Finance Documents and the SACE Insurance Policy.

 

		(b)	Each
                                         other Creditor Party authorises the Agent to exercise the rights, powers, authorities
                                         and discretions specifically given to the Agent under or in connection with the Finance
                                         Documents together with any other incidental rights, powers, authorities and discretions.

 

    95 

     

    

 

		25.2	Duties
                                         of the Agent

 

		(a)	The
                                         Agent shall promptly forward to a Party the original or a copy of any document which
                                         is delivered to the Agent for that Party by any other Party.

 

		(b)	Except
                                         where a Finance Document specifically provides otherwise, the Agent is not obliged to
                                         review or check the adequacy, accuracy or completeness of any document it forwards to
                                         another Party.

 

		(c)	If
                                         the Agent receives notice from a Party referring to this Agreement, describing an Event
                                         of Default and stating that the circumstance described is an Event of Default, it shall
                                         promptly notify the other Creditor Parties.

 

		(d)	If
                                         the Agent is aware of the non-payment of any principal, interest, commitment fee or other
                                         fee payable to a Creditor Party (other than the Agent or a Mandated Lead Arranger) under
                                         this Agreement it shall promptly notify the other Creditor Parties.

 

		(e)	The
                                         Agent’'s
                                         duties under the Finance Documents are solely administrative in nature.

 

		25.3	Role
                                         of the Mandated Lead Arrangers.

 

None
of the Mandated Lead Arrangers has any obligations of any kind to any other Party under or in connection with any Transaction
Document or the SACE Insurance Policy.

 

		25.4	No
                                         fiduciary duties.

 

		(a)	Nothing
                                         in this Agreement constitutes the Agent or any of the Mandated Lead Arrangers as a trustee
                                         or fiduciary of any other person.

 

		(b)	Neither
                                         the Agent nor any of the Mandated Lead Arrangers shall be bound to account to any Lender
                                         for any sum or the profit element of any sum received by it for its own account.

 

		25.5	Business
                                         with the Guarantor.

 

The
Agent and each of the Mandated Lead Arrangers may accept deposits from, lend money to and generally engage in any kind of banking
or other business with any Affiliate or subsidiary of the Guarantor.

 

		25.6	Rights
                                         and discretions of the Agent.

 

		(a)	The
                                         Agent may rely on:

 

		(i)	any
                                         representation, notice or document believed by it to be genuine, correct and appropriately
                                         authorised; and

 

		(ii)	any
                                         statement made by a director, authorised signatory or employee of any person regarding
                                         any matters which may reasonably be assumed to be within his knowledge or within his
                                         power to verify.

 

    96 

     

    

 

		(b)	The
                                         Agent may assume (unless it has received notice to the contrary in its capacity as agent
                                         for the Lenders) that:

 

		(i)	no
                                         Event of Default has occurred (unless it has actual knowledge of an Event of Default);
                                         and

 

		(ii)	any
                                         right, power, authority or discretion vested in any Party or the Lenders has not been
                                         exercised.

 

		(c)	The
                                         Agent may engage, pay for and rely on the advice or services of any lawyers, accountants,
                                         surveyors or other experts.

 

		(d)	The
                                         Agent may act in relation to the Finance Documents through its personnel and agents.

 

		(e)	The
                                         Agent may disclose to any other Party any information it reasonably believes it has received
                                         as the Agent under this Agreement.

 

		(f)	Notwithstanding
                                         any other provision of any Finance Document to the contrary, neither the Agent nor any
                                         of the Mandated Lead Arrangers is obliged to do or omit to do anything if it would or
                                         might in its reasonable opinion constitute a breach of any law or regulation or a breach
                                         of a fiduciary duty or duty of confidentiality.

 

		25.7	Lenders’'
                                         instructions

 

		(a)	Unless
                                         a contrary indication appears in a Finance Document, the Agent shall:

 

		(i)	exercise
                                         any right, power, authority or discretion vested in it as Agent in accordance with any
                                         instructions given to it by the Majority Lenders (or, if so instructed by the Majority
                                         Lenders, refrain from exercising any right, power, authority or discretion vested in
                                         it as the Agent); and

 

		(ii)	not
                                         be liable for any act (or omission) if it acts (or refrains from taking any action) in
                                         accordance with an instruction of the Majority Lenders.

 

		(b)	Unless
                                         a contrary indication appears in a Finance Document, any instructions given by the Majority
                                         Lenders will be binding on all the Creditor Parties.

 

		(c)	The
                                         Agent may refrain from acting in accordance with the instructions of the Majority Lenders
                                         until it has received such security as it may require for any cost, loss or liability
                                         (together with any associated value added tax) which it may incur in complying with the
                                         instructions.

 

		(d)	In
                                         the absence of instructions from the Majority Lenders the Agent may act (or refrain from
                                         taking action) as it considers to be in the best interest of the Lenders.

 

		(e)	The
                                         Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’'s
                                         consent) in any legal or arbitration proceedings relating to any Finance Document.

 

		(f)	Notwithstanding
                                         anything to the contrary, the Lenders agree that if the Agent (acting in its sole discretion)
                                         is of the opinion that, or if any Lender notifies the Agent that it is of the opinion
                                         that, the prior approval of SACE should be obtained in relation to the exercise or non-exercise
                                         by the Agent or the Lenders of any power, authority or discretion specifically given
                                         to them under or in connection with the Finance Documents or in relation to any other
                                         incidental rights, powers, authorities or discretions, then the Agent shall seek such
                                         approval of SACE prior to such exercise or non-exercise.

 

    97 

     

    

 

		25.8	Responsibility
                                         for documentation

 

Responsibility
for documentation. The
Agent is not responsible for:

 

		(a)	the
                                         adequacy, accuracy and/or completeness of any information (whether oral or written) supplied
                                         by the Agent, a Mandated Lead Arranger, an Obligor or any other person given in or in
                                         connection with any Transaction Document or the SACE Insurance Policy; nor for

 

		(b)	the
                                         legality, validity, effectiveness, adequacy or enforceability of any Transaction Document
                                         or the SACE Insurance Policy or any other agreement, arrangement or document entered
                                         into, made or executed in anticipation of or in connection with any Transaction Document
                                         or the SACE Insurance Policy.

 

		25.9	Exclusion
                                         of liability.

 

		(a)	Without
                                         limiting paragraph
                                         (b) of Clause
                                         25.9(b25.9
                                         (Exclusion of liability),
                                         the Agent will not be liable for any action taken by it under or in connection with any
                                         Finance Document, unless directly caused by its gross negligence or wilful misconduct.

 

		(b)	No
                                         Party (other than the Agent) may take any proceedings against any officer, employee or
                                         agent of the Agent in respect of any claim it might have against the Agent or in respect
                                         of any act or omission of any kind by that officer, employee or agent in relation to
                                         any Finance Document or the SACE Insurance Policy and any officer, employee or agent
                                         of the Agent may rely on this Clause.

 

		(c)	The
                                         Agent will not be liable for any delay (or any related consequences) in crediting an
                                         account with an amount required under the Finance Documents or the SACE Insurance Policy
                                         to be paid by the Agent if the Agent has taken all necessary steps as soon as reasonably
                                         practicable to comply with the regulations or operating procedures of any recognised
                                         clearing or settlement system used by the Agent for that purpose.

 

		(d)	Nothing
                                         in this Agreement shall oblige the Agent or a Mandated Lead Arranger to carry out any
                                         ““know
                                         your customer””
                                         or
                                         other checks in relation to any person on behalf of any Lender and each Lender confirms
                                         to the Agent and the Mandated Lead Arrangers that it is solely responsible for any such
                                         checks it is required to carry out and that it may not rely on any statement in relation
                                         to such checks made by the Agent or a Mandated Lead Arranger.

 

		25.10	Lenders’'
                                         indemnity
                                         to the Agent.

 

Each
Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of
the Total Commitments immediately prior to their reduction to zero) indemnify the Agent, within three (3) Business Days of demand,
against any cost, loss or liability incurred by the Agent (otherwise than by reason of the Agent’'s
gross negligence or wilful misconduct) in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by
an Obligor pursuant to a Finance Document).

 

		25.11	Resignation
                                         of the Agent.

 

		(a)	The
                                         Agent may resign and appoint one of its Affiliates as successor by giving notice to the
                                         other Creditor Parties and the Borrower.

 

    98 

     

    

 

		(b)	Alternatively
                                         the Agent may resign by giving notice to the other Creditor Parties and the Borrower,
                                         in which case the Lenders (after consultation with the Borrower) may appoint a successor
                                         Agent.

 

		(c)	If
                                         the Lenders have not appointed a successor Agent in accordance with paragraph
                                         (b) of Clause
                                         25.11(b25.11
                                         (Resignation of the Agent)
                                         within thirty (30) days after notice of resignation was given, the Agent (after consultation
                                         with the Borrower) may appoint a successor Agent.

 

		(d)	The
                                         retiring Agent shall, at its own cost, 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 Finance Documents.

 

		(e)	The
                                         Agent’'s
                                         resignation notice shall only take effect upon the appointment of a successor.

 

		(f)	Upon
                                         the appointment of a successor, the retiring Agent shall be discharged from any further
                                         obligation in respect of the Finance Documents but shall remain entitled to the benefit
                                         of this Clause 2525
                                         (Role of the Agent and the Mandated Lead Arrangers).
                                         Its successor and each of the other Parties shall have the same rights and obligations
                                         amongst themselves as they would have had if such successor had been an original Party.

 

		(g)	After
                                         consultation with SACE, the Lenders may, by notice to the Agent, require it to resign
                                         in accordance with paragraph
                                         (b) of Clause
                                         25.11(b25.11
                                         (Resignation of the Agent).
                                         In this event, the Agent shall resign in accordance with paragraph
                                         (b) of Clause
                                         25.11(b25.11
                                         (Resignation of the Agent).

 

		25.12	Resignation
                                         of the Agent in relation to FATCA

 

The
Agent shall resign in accordance with Clause  25.11
25.11
(Resignation of the Agent)
(and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to paragraph (c)
(c)
of Clause 25.1125.11
(Resignation of the Agent))
if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Agent
under the Finance Documents, either:

 

		(a)	(i)
                                         the
                                         Agent fails to respond to a request under Clause 11.4
                                         11.4
                                         (FATCA
                                         Information) and a Lender reasonably believes that the Agent will not be (or will
                                         have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

 

		(b)	(ii)
                                         the
                                         information supplied by the Agent pursuant to Clause 11.4
                                         11.4
                                         (FATCA
                                         Information) indicates that the Agent will not be (or will have ceased to be) a FATCA
                                         Exempt Party on or after that FATCA Application Date; or

 

		(c)	(iii)
                                         the
                                         Agent notifies the Borrower and the Lenders that the Agent will not be (or will have
                                         ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

 

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

 

    99 

     

    

 

		25.13	Confidentiality

 

		(a)	In
                                         acting as agent for the Creditor Parties, the Agent shall be regarded as acting through
                                         its agency division which shall be treated as a separate entity from any other of its
                                         divisions or departments.

 

		(b)	If
                                         information is received by another division or department of the Agent, it may be treated
                                         as confidential to that division or department and the Agent shall not be deemed to have
                                         notice of it.

 

		(c)	Notwithstanding
                                         any other provision of this Agreement to the contrary, SACE may disclose any confidential
                                         information:

 

		(i)	to
                                         its ultimate shareholder, holding, subsidiary, parent and affiliate companies;

 

		(ii)	to
                                         the Ministry of Economy and Finance of the Republic of Italy and its departments, other
                                         Italian Ministries (including any of their department), Interministerial committees of
                                         the Italian Government and any other Italian authority, committee, agency or governmental
                                         entity;

 

		(iii)	to
                                         providers of reinsurance/counter guarantee or any form of risk enhancement (including
                                         their agents, brokers and consultants) subject to such persons undertaking confidentiality
                                         obligations with SACE, unless they are subject to professional duties of confidentiality;

 

		(iv)	for
                                         the purposes of the State guarantee in favour of SACE pursuant to article 32 of law decree
                                         n. 91/2014 converted into law 116/2014 and for the purposes of article 2 of law decree
                                         23/2020 converted into law 40/2020; or

 

		(v)	following
                                         any payment due under the SACE Insurance Policy.

 

		25.14	Relationship
                                         with the Lenders.

 

The
Agent may treat each Lender as a Lender, entitled to payments under this Agreement and acting through its Facility Office unless
it has received not less than five (5) Business Days’'
prior notice from that Lender
to the contrary in accordance with the terms of this Agreement.

 

		25.15	Credit
                                         appraisal by the Lenders.

 

Without
affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document,
each Lender confirms to the Agent and each of the Mandated Lead Arrangers that it has been, and will continue to be, solely responsible
for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document
including but not limited to:

 

		(a)	the
                                         financial condition, status and nature of the Guarantor and each subsidiary of the Guarantor;

 

		(b)	the
                                         legality, validity, effectiveness, adequacy or enforceability of any Finance Document
                                         and any other agreement, arrangement or document entered into, made or executed in anticipation
                                         of, under or in connection with any Finance Document;

 

    100 

     

    

 

		(c)	whether
                                         that Lender has recourse, and the nature and extent of that recourse, against any Party
                                         or any of its respective assets under or in connection with any Finance Document, the
                                         transactions contemplated by the Finance Documents or any other agreement, arrangement
                                         or document entered into, made or executed in anticipation of, under or in connection
                                         with any Finance Document; and

 

		(d)	the
                                         adequacy, accuracy and/or completeness of any information provided by the Agent, any
                                         Party or by any other person under or in connection with any Finance Document, the transactions
                                         contemplated by the Finance Documents or any other agreement, arrangement or document
                                         entered into, made or executed in anticipation of, under or in connection with any Finance
                                         Document.

 

		25.16	Deduction
                                         from amounts payable by the Agent.

 

If
any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an
amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance
Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents
that Party shall be regarded as having received any amount so deducted.

 

		25.17	SACE
                                         Agent.

 

Where
the context permits, references to the Agent shall include the SACE Agent. The Agent and the SACE Agent shall be the same entity
throughout the Security Period.

 

26
CONDUCT OF BUSINESS BY THE creditor PARTIES

 

26                
Conduct of Business
by the Creditor Parties

 

		26.1	No
                                         provision of this Agreement will:

 

		(a)	interfere
                                         with the right of any Creditor Party to arrange its affairs (Tax or otherwise) in whatever
                                         manner it thinks fit;

 

		(b)	oblige
                                         any Creditor Party to investigate or claim any credit, relief, remission or repayment
                                         available to it or the extent, order and manner of any claim; or

 

		(c)	oblige
                                         any Creditor Party to disclose any information relating to its affairs (Tax or otherwise)
                                         or any computations in respect of Tax.

 

		27	SHARING
                                         AMONG THESharing
                                         among the Creditor
                                         PARTIESParties

 

		27.1	Payments
                                         to Creditor Parties.

 

If
a Creditor Party (a ““Recovering
Creditor Party””)
receives or recovers any amount from an Obligor other than in accordance with this
Clause 27
27
(Sharing among the creditor parties) and
applies that amount to a payment due under the Finance Documents then:

 

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

 

    101 

     

    

 

		(b)	the
                                         Agent shall determine whether the receipt or recovery is in excess of the amount the
                                         Recovering Creditor Party would have been paid had the receipt or recovery been received
                                         or made by the Agent and distributed in accordance with Clause 19
                                         19
                                         (Application of Sums Received) and
                                         Clause 2828
                                         (Payment Mechanics),
                                         without taking account of any Tax which would be imposed on the Agent in relation to
                                         the receipt, recovery or distribution; and

 

		(c)	the
                                         Recovering Creditor Party shall, within three (3) Business Days of demand by the Agent,
                                         pay to the Agent an amount (the ““Sharing
                                         Payment””)
                                         equal to such receipt or recovery less any amount which the Agent determines may be retained
                                         by the Recovering Creditor Party as its share of any payment to be made, in accordance
                                         with Clause 19
                                         19
                                         (Application of Sums Received) and
                                         Clause 2828
                                         (Payment Mechanics).

 

		27.2	Redistribution
                                         of payments.

 

The
Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Creditor Parties
(other than the Recovering Creditor Party) in accordance with Clause 19
19
(Application of Sums Received) and
Clause 2828
(Payment Mechanics).

 

		27.3	Recovering
                                         FinanceCreditor
                                         Party’'s
                                         rights

 

		(a)	On
                                         a distribution by the Agent under Clause 27.227.2
                                         (Redistribution of payments),
                                         the Recovering Creditor Party will, if possible under the relevant applicable laws, be
                                         subrogated to the rights of the Creditor Parties which have shared in the redistribution.

 

		(b)	If
                                         and to the extent that the Recovering Creditor Party is not able to rely on its rights
                                         under Clause
                                         27.3(aparagraph
                                         (a) of Clause 27.3 (Recovering Creditor Party's rights),
                                         the relevant Obligor shall be liable to the Recovering Creditor Party for a debt equal
                                         to the Sharing Payment which is immediately due and payable.

 

		27.4	Reversal
                                         of redistribution.

 

If
any part of the Sharing Payment received or recovered by a Recovering Creditor Party becomes repayable and is repaid by that Recovering
Creditor Party, then:

 

		(a)	each
                                         Lender which has received a share of the relevant Sharing Payment pursuant to Clause
                                         27.2
                                         27.2
                                         (Redistribution of payments) shall,
                                         upon request of the Agent, pay to the Agent for account of that Recovering Creditor Party
                                         an amount equal to the appropriate part of its share of the Sharing Payment (together
                                         with an amount as is necessary to reimburse that Recovering Creditor Party for its proportion
                                         of any interest on the Sharing Payment which that Recovering Creditor Party is required
                                         to pay); and

 

		(b)	that
                                         Recovering Creditor Party’'s
                                         rights of subrogation in respect of any reimbursement shall be cancelled and the relevant
                                         Obligor will be liable to the reimbursing FinanceCreditor
                                         Party
                                         for the amount so reimbursed.

 

		27.5	Exceptions.

 

		(a)	This
                                         Clause 27
                                         27
                                         (Sharing among the Creditor Parties) shall
                                         not apply to the extent that the Recovering Creditor Party would not, after making any
                                         payment pursuant to this Clause, have a valid and enforceable claim against the relevant
                                         Obligor.

 

    102 

     

    

 

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

 

		(i)	it
                                         notified that other Creditor Party of the legal or arbitration proceedings; and

 

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

 

		28	PAYMENT
                                         MECHANICSPayment
                                         Mechanics

 

		28.1	Payments
                                         to the Agent

 

		(a)	On
                                         each date on which an Obligor or a Lender is required to make a payment under a Finance
                                         Document, that Obligor or Lender shall make the same available to the Agent (unless a
                                         contrary indication appears in a Finance Document) for value on the due date at the time
                                         and in such funds specified by the Agent as being customary at the time for settlement
                                         of transactions in the relevant currency in the place of payment.

 

		(b)	Payment
                                         shall be made to such account in the principal financial centre of the country of that
                                         currency (or, in relation to Euro, in a principal financial centre in a Participating
                                         Member State or London) with such bank as the Agent specifies.

 

		(c)	Payment
                                         shall be made before 11.00 a.m. New York time or 11.00 a.m. Paris time (in the case of
                                         a payment in Euro).

 

		(d)	For
                                         each payment by the Borrower, it shall notify the Agent on the third Business Day prior
                                         to the due date for payment that it will issue to its bank (which shall be named in such
                                         notification) to make the payment.

 

		28.2	Distributions
                                         by the Agent.

 

Each
payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 28.328.3
(Distributions to an Obligor),
Clause 28.4 28.4
(Clawback) and Clause
28.15 28.5
(No set-off by Obligors) be
made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this
Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent
by not less than five (5) Business Days’'
notice with a bank in the principal
financial centre of the country of that currency (or, in relation to Euro, in the principal financial centre of a Participating
Member State or London).

 

		28.3	Distributions
                                         to an Obligor.

 

The
Agent may in accordance with Clause 22
22
(Set-Off) apply any amount
received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due
from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.

 

		28.4	Clawback

 

		(a)	Where
                                         a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent
                                         is not obliged to pay that sum to that other Party (or to enter into or perform any related
                                         exchange contract) until it has been able to establish to its satisfaction that it has
                                         actually received that sum.

 

    103 

     

    

 

		(b)	If
                                         the Agent pays an amount to another Party and it proves to be the case that the Agent
                                         had not actually received that amount, then the Party to whom that amount (or the proceeds
                                         of any related exchange contract) was paid by the Agent shall on demand refund the same
                                         to the Agent together with interest on that amount from the date of payment to the date
                                         of receipt by the Agent, calculated by the Agent to reflect its cost of funds.

 

		28.5	No
                                         set-off by Obligors.

 

All
payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any
deduction for) set-off or counterclaim.

 

		28.6	Business
                                         Days

 

		(a)	Any
                                         payment which is due to be made on a day that is not a Business Day shall be made on
                                         the next Business Day in the same calendar month (if there is one) or the preceding Business
                                         Day (if there is not).

 

		(b)	During
                                         any extension of the due date for payment of any principal or unpaid sum under this Agreement
                                         interest is payable on the principal or unpaid sum at the rate payable on the original
                                         due date.

 

		28.7	Currency
                                         of account

 

		(a)	Subject
                                         to Clauses
                                         28.7(b) and 28.7(cparagraphs
                                         (b) and (c) of Clause 28.7 (Currency of account)
                                         Dollars is the currency of account and payment for any sum from an Obligor under any
                                         Finance Document.

 

		(b)	Each
                                         payment in respect of costs, expenses or Taxes shall be made in the currency in which
                                         the costs, expenses or taxes are incurred.

 

		(c)	Any
                                         amount expressed to be payable in a currency other than Dollars shall be paid in that
                                         other currency.

 

		28.8	Change
                                         of currency

 

		(a)	Unless
                                         otherwise prohibited by law, if more than one currency or currency unit are at the same
                                         time recognised by the central bank of any country as the lawful currency of that country,
                                         then:

 

		(i)	any
                                         reference in the Finance Documents to, and any obligations arising under the Finance
                                         Documents in, the currency of that country shall be translated into, or paid in, the
                                         currency or currency unit of that country designated by the Agent (after consultation
                                         with the Lenders and the Borrower); and

 

		(ii)	any
                                         translation from one currency or currency unit to another shall be at the official rate
                                         of exchange recognised by the central bank for the conversion of that currency or currency
                                         unit into the other, rounded up or down by the Agent (acting reasonably).

 

		(b)	If
                                         a change in any currency of a country occurs, this Agreement will, to the extent the
                                         Agent (acting reasonably and after consultation with the Lenders and the Borrower) specifies
                                         to be necessary, be amended to comply with any generally accepted conventions and market
                                         practice in the relevant interbank market and otherwise to reflect the change in currency.

 

    104 

     

    

 

		29	GOVERNING
                                         LAWGoverning
                                         Law

 

		29.1	Law.

 

This
Agreement is governed by English law.

 

		30	ENFORCEMENTEnforcement

 

		30.1	Jurisdiction
                                         of English courts.

 

The
courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including
a dispute regarding the existence, validity or termination of this Agreement) (a ““Dispute”“).
Each Party agrees that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly
no Party will argue to the contrary.

 

This
Clause 30.1 is for the benefit of the Creditor Parties only. As a result, no Creditor Party shall be prevented from taking proceedings
relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, any Creditor Party may take concurrent
proceedings in any number of jurisdictions.

 

		30.2	Service
                                         of process.

 

Without
prejudice to any other mode of service allowed under any relevant law, the Borrower:

 

		(a)	irrevocably
                                         appoints EC3
                                         Services Limited of 51 EastcheapHannaford
                                         Turner LLP, currently of 9 Cloak Lane,
                                         London EC3M
                                         1JP4R
                                         2RU, UK,
                                         as its agent for service of process in relation to any proceedings before the English
                                         courts in connection with any Finance Document; and

 

		(b)	agrees
                                         that failure by a process agent to notify the Borrower of the process will not invalidate
                                         the proceedings concerned.

 

		31	SCHEDULESSchedules

 

		31.1	Integral
                                         Part.

 

The
schedules form an integral part of this Agreement.

 

		32	NOTICESNotices

 

		32.1	General.

 

Unless
otherwise specifically provided, any notice under or in connection with any Finance Document shall be given by letter or faxemail;
and references in the Finance Documents to written notices, notices in writing and notices signed by particular persons shall
be construed accordingly.

 

    105 

     

    

 

		32.2	Addresses
                                         for communications.

 

A
notice shall be sent:

 

		(a)	to
                                         the Borrower:        8300
                                         NW 33rd Street #308

 

7665
Corporate Center Drive

Miami FL331226,
USA

 

Fax
No: (00) 1 305 514 2297

 

Attention:
Chief Financial Officer and General Counsel

 

Email:
[*] / [*]

 

		(b)	to
                                         a Lender:

 

(b)
to a Lender: At
the address below its name in Schedule 1 Schedule
1 (Lenders and Commitments) or (as the case may require) in the relevant Transfer
Certificate.

 

		(c)	to
                                         the Agent or the SACE       9
                                         quai du Président Paul DoumerAgent

 

12
Place des États-Unis

CS 70052 

	 	Agent:	92920
    Paris La Défense Cedex
	 	 	Paris
	 	 	 
	 	92547
    Montrouge Cedex, France

 

	 	 	 	Fax
    No: (33) 1 41 89 29 87	 
	Attn:	 	Shipping
    	GroupMiddle       Office
	 	 	 	Mr
    Jerome Leblond
	 	Ms
    Clémentine Costil and Romy Roussel
	 	 
	 	 	 	and	 
	 	Fax
    No. (33) 1 41 89 19 34
	 	 	 	Attn:
    Shipping Middle Office
	 	 	 	Ms
    Sylvie Godet-Couery

 or
to such other address as the relevant party may notify the Agent or, if the relevant party is the Agent, the Borrower, the Lenders
and the Borrower.

 

		32.3	Effective
                                         date of notices.
                                         Subject to Clauses 32.4 and 32.5:

 

(a)
Subject
to Clauses 32.4 (Service outside business hours) and 32.5 (Illegible notices), a
notice which is delivered personally or posted shall be deemed to be served, and shall take effect, at the time when it is delivered;

 

(b)
a notice which is sent by fax shall
be deemed to be served,
and shall take effect, 2 hours after its transmission is completed. 

 

    106 

     

    

 

		32.4	Service
                                         outside business hours.

 

However,
if under Clause 32.3 32.3
(Effective date of notices) a
notice would be deemed to be served:

 

		(a)	on
                                         a day which is not a business day in the place of receipt; or

 

		(b)	on
                                         such a business day, but after 6 p.m. local time;

 

the
notice shall (subject to Clause 32.532.5
(Illegible notices))
be deemed to be served, and shall take effect, at 9 a.m. on the next day which is such a business day.

 

		32.5	Illegible
                                         notices.

 

Clauses
32.3 and 32.4 32.3
(Effective date of notices) and 32.4 (Service outside business hours) do
not apply if the recipient of a notice notifies the sender within 1 hour after the time at which the notice would otherwise be
deemed to be served that the notice has been received in a form which is illegible in a material respect.

 

		32.6	Valid
                                         notices.

 

A
notice under or in connection with a Finance Document shall not be invalid by reason that its contents or the manner of serving
it do not comply with the requirements of this Agreement or, where appropriate, any other Finance Document under which it is served
if:

 

		(a)	the
                                         failure to serve it in accordance with the requirements of this Agreement or other Finance
                                         Document, as the case may be, has not caused any party to suffer any significant loss
                                         or prejudice; or

 

		(b)	in
                                         the case of incorrect and/or incomplete contents, it should have been reasonably clear
                                         to the party on which the notice was served what the correct or missing particulars should
                                         have been.

 

		32.7	English
                                         language.

 

Any
notice under or in connection with a Finance Document shall be in English.

 

		32.8	Meaning
                                         of ““notice”.”

 

In
this Clause 32, “32
(Notices), “notice””
includes any demand, consent,
authorisation, approval, instruction, waiver or other communication.

 

		33	SUPPLEMENTALSupplemental

 

		33.1	Rights
                                         cumulative, non-exclusive.

 

The
rights and remedies which the Finance Documents give to each Creditor Party are:

 

		(a)	cumulative;

 

		(b)	may
                                         be exercised as often as appears expedient; and

 

		(c)	shall
                                         not, unless a Finance Document explicitly and specifically states so, be taken to exclude
                                         or limit any right or remedy conferred by any law.

 

    107 

     

    

 

		33.2	Severability
                                         of provisions.

 

If
any provision of a Finance Document is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity,
enforceability or legality of the other provisions of that Finance Document or of the provisions of any other Finance Document.

 

		33.3	Counterparts.

 

A
Finance Document may be executed in any number of counterparts.

 

		33.4	Third
                                         party rights.

 

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
to enjoy the benefit of any term of this Agreement provided that nothing in this Clause shall limit or prejudice the exercise
by SACE of its rights under this Agreement or the Finance Documents in the event that such rights are subrogated or assigned to
it pursuant to the terms of the SACE Insurance Policy.

 

		33.5	No
                                         waiver.

 

No
failure or delay on the part of a Creditor Party in exercising any right, power or privilege hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise thereof preclude any other or further exercise thereof by the Creditor Parties
or the exercise by the Creditor Parties of any other right, power or privilege. The rights and remedies of the Creditor Parties
herein provided are cumulative and not exclusive of any rights or remedies provided by law.

 

		33.6	Writing
                                         required.

 

This
Agreement shall not be capable of being modified otherwise than by an express modification in writing signed by the Borrower,
the Agent and the Lenders.

 

		33.7	Bail-In

 

Notwithstanding
any other term of any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance Document,
each Party acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance
Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the
effect of:

 

		(a)	any
                                         Bail-In Action in relation to any such liability, including (without limitation):

 

		(i)	a
                                         reduction, in full or in part, in the principal amount, or outstanding amount due (including
                                         any accrued but unpaid interest) in respect of any such liability;

 

		(ii)	a
                                         conversion of all, or part of, any such liability into shares or other instruments of
                                         ownership that may be issued to, or conferred on, it; and

 

		(iii)	a
                                         cancellation of any such liability; and

 

		(b)	a
                                         variation of any term of any Finance Document to the extent necessary to give effect
                                         to any Bail-In Action in relation to any such liability.

 

    108 

     

    

 

		34	Confidentiality
                                         of Funding Rates and Reference Bank Quotations

 

		34.1	Confidentiality
                                         and disclosure

 

		(a)	The
                                         Agent and each Obligor agree to keep each Funding Rate (and, in the case of the Agent,
                                         each Reference Bank Quotation) confidential and not to disclose it to anyone, save to
                                         the extent permitted by paragraphs (b), (c) and (d) below.

 

		(b)	The
                                         Agent may disclose:

 

		(i)	any
                                         Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the
                                         Borrower pursuant to Clause 6.6 (Notification of Interest Periods and Floating Interest
                                         Rate);

 

		(ii)	any
                                         Funding Rate or any Reference Bank Quotation to any person appointed by it to provide
                                         administration services in respect of one or more of the Finance Documents to the extent
                                         necessary to enable such service provider to provide those services if the service provider
                                         to whom that information is to be given has entered into a confidentiality agreement
                                         substantially in the form of the LMA Master Confidentiality Undertaking for Use With
                                         Administration/Settlement Service Providers or such other form of confidentiality undertaking
                                         agreed between the Agent and the relevant Lender or Reference Bank, as the case may be.

 

		(c)	The
                                         Agent may disclose any Funding Rate or any Reference Bank Quotation, and each Obligor
                                         may disclose any Funding Rate, to:

 

		(i)	any
                                         of its Affiliates and any of its or their officers, directors, employees, professional
                                         advisers, auditors, partners and representatives, if any person to whom that Funding
                                         Rate or Reference Bank Quotation is to be given pursuant to this sub-paragraph (i) is
                                         informed in writing of its confidential nature and that it may be price sensitive information
                                         except that there shall be no such requirement to so inform if the recipient is subject
                                         to professional obligations to maintain the confidentiality of that Funding Rate or Reference
                                         Bank Quotation or is otherwise bound by requirements of confidentiality in relation to
                                         it;

 

		(ii)	any
                                         person to whom information is required or requested to be disclosed by any court of competent
                                         jurisdiction or any governmental, banking, taxation or other regulatory authority or
                                         similar body, the rules of any relevant stock exchange or pursuant to any applicable
                                         law or regulation if the person to whom that Funding Rate or Reference Bank Quotation
                                         is to be given is informed in writing of its confidential nature and that it may be price
                                         sensitive information except that there shall be no requirement to so inform if, in the
                                         opinion of the Agent or the relevant Obligor,
                                         as the case may be, it
                                         is not practicable to do so in the circumstances;

 

		(iii)	any
                                         person to whom information is required to be disclosed in connection with, and for the
                                         purposes of, any litigation, arbitration, administrative or other investigations, proceedings
                                         or disputes if the person to whom that Funding Rate or Reference Bank Quotation is to
                                         be given is informed in writing of its confidential nature and that it may be price sensitive
                                         information except that there shall be no requirement to so inform if, in the opinion
                                         of the Agent or the relevant Obligor, as the case may be, it is not practicable to do
                                         so in the circumstances; and

 

    109 

     

    

 

		(iv)	any
                                         person with the consent of the relevant Lender or Reference Bank, as the case may be.

 

		(d)	The
                                         Agent's obligations in this Clause 34 (Confidentiality of Funding Rates and Reference
                                         Bank Quotations) relating to Reference Bank Quotations are without prejudice to its
                                         obligations to make notifications under Clause 6.6 (Notification of Interest Periods
                                         and Floating Interest Rate) provided that (other than pursuant to sub-paragraph
                                         (i) of paragraph (b) above) the Agent shall not include the details of any individual
                                         Reference Bank Quotation as part of any such notification.

 

		34.2	Related
                                         obligations

 

		(a)	The
                                         Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the Agent,
                                         each Reference Bank Quotation) is or may be price sensitive information and that its
                                         use may be regulated or prohibited by applicable legislation including securities law
                                         relating to insider dealing and market abuse and the Agent and each Obligor undertake
                                         not to use any Funding Rate or, in the case of the Agent, any Reference Bank Quotation
                                         for any unlawful purpose.

 

		(b)	The
                                         Agent and each Obligor agree (to the extent permitted by law and regulation) to inform
                                         the relevant Lender or Reference Bank, as the case may be:

 

		(i)	of
                                         the circumstances of any disclosure made pursuant to sub-paragraph (ii) of (c) of Clause
                                         34.1 (Confidentiality and disclosure) except where such disclosure is made to
                                         any of the persons referred to in that paragraph during the ordinary course of its supervisory
                                         or regulatory function; and

 

		(ii)	upon
                                         becoming aware that any information has been disclosed in breach of this Clause 34 (Confidentiality
                                         of Funding Rates and Reference Bank Quotations).

 

		34.3	No
                                         Event of Default

 

No
Event of Default will occur under Clause 18.4 (Breach of other obligations) by reason only of an Obligor's failure to comply
with this Clause 34 (Confidentiality of Funding Rates and Reference Bank Quotations).

 

THIS
AGREEMENTThis
Agreement has been entered into and
amended and restated on the date stated at the beginning of this Agreement.

 

    110 

     

    

 

Execution
Pages

 

	 	 	 
	EXECUTION
    PAGESBORROWER
	 	 
	Borrower	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	RIVIERA NEW BUILD,
    LLC	)
	in the presence of:	)
	 	 
	LENDERS	 
	 	 
	Lenders	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	Crédit
    AgricoleCRÉDIT
    AGRICOLE	)
	Corporate
    andCORPORATE
    AND	)
	Investment
    BankINVESTMENT
    BANK	)
	in the presence of:	)
	 	 
	SIGNED by	)
	 	)
	for and on behalf of	)
	SOCIÉÉTÉÉ
    GENERALE	)
	in the presence of:	)
	 	 
	MANDATED
    LEAD ARRANGERS
	SIGNED by	)
	 	)
	for
    and on behalf of	)
	DEKABANK
    DEUTSCHE	)
	GIROZENTRALE	)
	in
    the presence of:	)
	 	 
	MANDATED
    LEAD ARRANGERS
	 	 
	SIGNED
    by	)
	 	 
	for and on behalf of	)
	Crédit
    AgricoleCRÉDIT
    AGRICOLE	)
	Corporate
    andCORPORATE
    AND	)
	Investment
    BankINVESTMENT
    BANK	)
	in the presence of:	)

 

     

     

    

 

	 	 	 
	SIGNED by	)
	SOCIÉÉTÉÉ
    GÉÉNÉÉRALE	)
	for and on behalf of	)
	 	)
	in the presence of:	)
	 	 
	Agent
    AND SACE AGENT 	 
	 	 
	SIGNED by	)
	 	)
	for
    and on behalf of	)
	CRÉDIT
    AGRICOLE	)
	CORPORATE
    AND	)
	INVESTMENT
    BANK	)
	in
    the presence of:	)
	 	 
	SACE
    AGENT	 
	 	 
	SIGNED
    by	)
	 	)
	for and on behalf of	)
	Crédit
    AgricoleCRÉDIT
    AGRICOLE	)
	Corporate
    andCORPORATE
    AND	)
	Investment
    BankINVESTMENT
    BANK	)
	in the presence of:	)

 

     

     

    

 

Form
of Amended and Restated Guarantee (marked to indicate amendments)

 

Amendments
are indicated as follows:

 

		1	additions
                                         are indicated by underlined text in blue; and

 

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

 

     

     

    

 

Execution
version

 

Originally
dated 31 October 2014 (as amended by a supplemental agreement dated 4 June 2020 and as further amended and restated by an amendment
and restatement agreement dated ______ February 2021)

 

Dated
____October 2014 

NCL
CORPORATION LTD. 

as
Guarantor

 

-
and -

 

NORWEGIAN
CRUISE LINE HOLDINGS LTD. 

as
the Holding

 

and

 

THE
BANKS AND FINANCIAL INSTITUTIONS 

listed
in Schedule 1
Schedule
1 

as
Lenders

 

and

 

-and- 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK 

SOCIÉTÉ
GÉNÉRALE 

as
Mandated Lead Arrangers

 

and

 

-and- 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK 

as
Agent

 

________________________________________________

 

AMENDED
AND RESTATED GUARANTEE

 

________________________________________________ 

relating
to a loan
agreement originally dated 18 July 2008 (as
previously amended by a supplemental agreement dated 25 October 2010, as amended by a side letter dated 29 March 2012, as amended
and restated by an amendment and restatement agreement dated 31 October 2014, as amended by a framework agreement dated 31 January
2018, as amended by a supplemental agreement dated 4 June 2020 and as further amended and restated by an amendment and restatement
agreement dated ______ February 2021) in respect of the passenger cruise ship m.v. “RIVIERA”

 

 

 

     

     

    

 

Index

 

relating
to a Loan Agreement dated 18 July 2008 in respect of  

the
passenger cruise ship newbuilding presently designated as Hull No. [*]

 

     

     

    

 

INDEX 

	Clause	 	
        Page 

	 	 	 
	1	INTERPRETATIONInterpretation	23
	2	GUARANTEEGuarantee	34
	3	LIABILITY AS PRINCIPAL AND INDEPENDENT DEBTOR 3Liability as Principal and Independent Debtor	5
	4	EXPENSESExpenses	46
	5	ADJUSTMENT OF TRANSACTIONS 4Adjustment of Transactions	6
	6	PAYMENTSPayments	47
	7	INTERESTInterest	57
	8	SUBORDINATIONSubordination	58
	9	ENFORCEMENTEnforcement	68
	10	REPRESENTATIONS AND WARRANTIES 7Representations and warranties	9
	11	UNDERTAKINGSUndertakings	810
	12	JUDGMENTS AND CURRENCY INDEMNITY 15Judgments and Currency Indemnity	25
	13	SET-OFFSet-Off	126
	14	SUPPLEMENTALSupplemental	125
	15	ASSIGNMENT AND TRANSFER 16Assignment and Transfer	28
	16	NOTICESNotices	1629
	17	INVALIDITY OF LOAN AGREEMENT 17Invalidity of Loan Agreement	29
	18	GOVERNING LAW AND JURISDICTION 17Governing Law and Jurisdiction	30

 

	Schedules	 
	EXECUTION PAGE	17
	 	 
	SCHEDULE 1  FORM OF COMPLIANCE CERTIFICATE	19
	 	 
	Schedule 1 Form of Compliance Certificate	30
	Schedule 2 Debt Deferral Extension Regular Monitoring Requirements	32
	 	 
	Execution	 
	 	 
	Execution Page	

 

     

     

    

 

THIS
GUARANTEE is made on ___ Octoberoriginally
made on 31 October 2014 (as amended by a supplemental agreement dated 4 June 2020 and as further amended and restated by an amendment
and restatement agreement dated ______ February 20214)

 

BETWEEN 

parties

 

		(1)	NCL
                                         CORPORATION LTD., a company incorporated under the laws of Bermuda with its registered
                                         office at Cumberland
                                         House, 9th Floor, 1 Victoria StreetPark
                                         Place 55, Par-la-Ville Road,
                                         Hamilton HM 11, Bermuda (the ““Guarantor””);
                                         

 

		(2)	NORWEGIAN
                                         CRUISE LINE HOLDINGS LTD., a company incorporated under the laws of Bermuda
                                         with its registered office at Park Place 55, Par-la-Ville Road, Hamilton HM 11, Bermuda
                                         (the “Holding”)

 

		(3)	(2)
                                         THE
                                         BANKS AND FINANCIAL INSTITUTIONS listed in Schedule
                                         1  Schedule
                                         1 of
                                         the Loan Agreement (the ““Lenders””);

 

		(4)	(3)
                                         CRÉDIT
                                         AGRICOLE CORPORATE AND INVESTMENT BANK (formerly
                                         known as Calyon),
                                         a French “société
                                         anonyme”,
                                         having
                                         a
                                         share capital of EUR 7,254,575,271 and its
                                         registered office located at 912,
                                         quai
                                         du Président Paul Doumer, 92920 Paris La DéfensePlace
                                         des États-Unis, CS 70052, 92547 Montrouge Cedex,
                                         France registered under the
                                         no.number
                                         Siren
                                         304 187 701 at the Registre du Commerce et des Sociétés of Nanterre, France
                                         and
                                         SOCIÉTÉ GÉNÉRALE,
                                         a
                                         French “société
                                         anonyme”,
                                         having
                                         a
                                         share capital of EUR 583,228,241.25 and its
                                         registered office located at 29 bBoulevard
                                         Haussmann, 75009 Paris,
                                         France, registered under
                                         the
                                         no.number
                                         Siren
                                         5522
                                         120
                                         222 at the Registre du Commerce et des Sociétés of Paris (together
                                         the “,
                                         France as mandated lead arrangers (the “Mandated
                                         Lead Arrangers””);
                                         and

 

		(5)	(4)
                                         CRÉDIT
                                         AGRICOLE CORPORATE AND INVESTMENT BANK (formerly
                                         known as Calyon),
                                         a French “société
                                         anonyme”,
                                         having
                                         a
                                         share capital of EUR 7,254,575,271 and its
                                         registered office located at 9
                                         quai du Président Paul Doumer, 92920 Paris La Défense12,
                                         Place des États-Unis, CS 70052, 92547 Montrouge Cedex,
                                         France registered under the
                                         n°number
                                         Siren
                                         304 187 701 at the Registre du Commerce et des Sociétés of Nanterre,
                                         France as agent (the
                                         ““Agent””,
                                         which expression includes its successors and assigns).

 

BACKGROUND

 

		(A)	By
                                         a Master Shipbuilding (Contracts and Options) Agreement dated 14 May 2008 (the ““Master
                                         Agreement””)
                                         entered into between (inter alia) Fincantieri - Cantieri Navali Italiani SpA (the ““Builder””),
                                         Prestige Cruise Holdings, Inc., Oceania Cruises, Inc. and, by way of endorsement, Riviera
                                         New Build, LLC (the ““Borrower””)
                                         providing for an original shipbuilding contract dated 13 June 2007 (the ““Original
                                         Shipbuilding Contract””)
                                         between the Borrower and the Builder to be novated and modified in the form and on the
                                         terms set out in the Master Agreement (the Original Shipbuilding Contract as novated
                                         and modified by the Master Agreement being hereinafter referred to as the ““Shipbuilding
                                         Contract””),
                                         the Builder has agreed to design, construct
                                         and deliver, and the Borrower has agreed
                                         to purchase, a passenger cruise ship currently having
                                         hull number [*].

 

		(B)	By
                                         a loan agreement dated 18 July 2008 (as amended by a supplemental agreement dated 25
                                         October 2010, as further
                                         amended and restated on or about the date hereof and
                                         as otherwise amended from time to
                                         time) (the “by
                                         an amendment and restatement agreement dated 31 October 2014) (the “Original
                                         Loan Agreement””)
                                         and made between (i) the Borrower, (ii) the Lenders, (iii) the Mandated Lead Arrangers
                                         and (iv) the Agent and SACE Agent, it was agreed that the Lenders would make available
                                         to the Borrower a loan facility of the Dollar Equivalent of up to EUR 349,520,718.00
                                         for the purpose of assisting the Borrower in financing (i) payment under the
                                         Shipbuilding Contract of all or part of 80% of the Final Contract Price up to the Eligible
                                         Amount and (ii) payment to SACE of the Dollar Equivalent of 100% of the second instalment
                                         of the SACE Premium.

 

    1 

     

    

 

		(C)	By
                                         a guarantee dated 18 July 2008 (as amended by a side letter dated 14 December 2011, as
                                         further amended by a letter agreement dated 24 June 2013 and as otherwise amended from
                                         time to time) (the ““Prestige
                                         Guarantee””)
                                         and made between (i) Prestige Cruise Holdings, Inc. as guarantor (the ““Prestige
                                         Guarantor””),
                                         (ii) the Lenders, (iii) the Mandated Lead Arrangers and (iv) the Agent, the Prestige
                                         Guarantor agreed to guarantee the obligations of the Borrower under the Original
                                         Loan Agreement.

 

		(D)	By
                                         a guarantee dated 18 July 2008 (as amended by a side letter dated 14 December 2011, as
                                         further amended by a letter agreement dated 24 June 2013 and as otherwise amended from
                                         time to time) (the ““Oceania
                                         Guarantee””
                                         and together with the Prestige Guarantee, the ““Prior
                                         Guarantees””)
                                         and made between (i) Oceania Cruises, Inc. as guarantor (the ““Oceania
                                         Guarantor””
                                         and together with the Prestige Guarantor, the ““Prior
                                         Guarantors””),
                                         (ii) the Lenders, (iii) the Mandated Lead Arrangers and (iv) the Agent, the Oceania Guarantor
                                         agreed to guarantee the obligations of the Borrower under the Original
                                         Loan Agreement.

 

		(E)	By
                                         an amendment and restatement agreement dated ___31
                                         October 2014 and made between (i) the Borrower, (ii) the Lenders, (iii) the
                                         Mandated Lead Arrangers, and (iv) the Agent and SACE Agent, the parties thereto agreed
                                         to, among other things, the Guarantor replacing the Prior Guarantors as a guarantor of
                                         the obligations of the Borrower under the Original
                                         Loan Agreement with the corresponding termination of the Prior Guarantees
                                         and the execution and delivery of thisa
                                         replacement Gguarantee.

 

		(F)	The
                                         execution and delivery to the Agent of thisthe
                                         replacement guarantee referred to above by the Guarantor and dated 31 October 2014 (the
                                         “Original Guarantee is”)
                                         was one of the conditions precedent of the continuing availability of the
                                         facility under the Original
                                         Loan Agreement.

 

IT
IS AGREED as follows:

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

 

		(H)	Pursuant
                                         to the consent request letter dated 18 April 2020, the Borrower and the Guarantor notified
                                         the Agent and the SACE Agent of their wish to benefit from the Temporary Measures in
                                         relation to certain loan agreements listed therein, including the Original Loan Agreement,
                                         and requested, amongst other things, the deferral of repayments of principal under the
                                         Original Loan Agreement for a period of one year from 1 April 2020 to 31 March 2021 (the
                                         “First Borrower Request”).

 

		(I)	On
                                         25 May 2020, the Agent (for and on behalf of the Lenders) provided its consent to part
                                         of the First Borrower Request in accordance with and subject to certain conditions as
                                         set out in an amendment to the Original Loan Agreement dated 4 June 2020 between, amongst
                                         others, the Borrower and the Agent (the “2020 Amendment Agreement”)
                                         (the Original Loan Agreement as amended pursuant to the 2020 Amendment Agreement, the
                                         “Amended Loan Agreement”).

 

    2 

     

    

 

		(J)	Due
                                         to the continued impacts of the Covid-19 pandemic on the cruise sector and cruise operators,
                                         SACE confirmed on 31 December 2020 its availability to evaluate an extension of the Temporary
                                         Measures (the “Extended Temporary Measures”), again subject to certain
                                         principles dated 26 November 2020 for cruise lines offered by SACE (together with the
                                         Original Principles, the “Principles”).

 

		(K)	Pursuant
                                         to the consent request letter dated 3 December 2020, the Borrower and the Guarantor notified
                                         the Agent and the SACE Agent of their wish to benefit from the Extended Temporary Measures
                                         in relation to certain loan agreements listed therein, including the Amended Loan Agreement,
                                         and requested, amongst other things, the deferral of repayments of principal under the
                                         Amended Loan Agreement for a further period of one year from 1 April 2021 to 31 March
                                         2022 (the “Second Borrower Request”).

 

		(L)	On
                                         25 January 2021, the Agent (for and on behalf of the Lenders) provided its consent to
                                         part of the Second Borrower Request in accordance with and subject to certain conditions
                                         as set out in an amendment and restatement agreement to the Amended Loan Agreement and
                                         to the Original Guarantee (as amended pursuant to the 2020 Amendment Agreement, the “Amended
                                         Guarantee”) dated ______ February 2021 between, amongst others, the Borrower,
                                         the Guarantor, the Holding, the Agent and the SACE Agent (the “2021 Amendment
                                         and Restatement Agreement”, and the Amended Loan Agreement as amended and restated
                                         by the 2021 Amendment and Restatement Agreement, the “Loan Agreement”).

 

		(M)	This
                                         Guarantee sets out the terms and conditions of the Amended Guarantee as amended and restated
                                         by the 2021 Amendment
                                         and Restatement Agreement.

 

Operative
Provisions

 

		1	INTERPRETATIONInterpretation

 

		1.1	Defined
                                         expressions.

 

Words
and expressions defined in the Loan Agreement shall have the same meanings when used in this Guarantee unless the context otherwise
requires.

 

		1.2	Construction
                                         of certain terms.
                                         In this Guarantee:

 

In
this Guarantee:

 

“Amendment
and Restatement Agreement” means the amendment and restatement agreement referred to in Recital (E) above.

 

“Apollo”
means the Fund and any Fund Affiliate.

 

““bBankruptcy””
includes a liquidation, receivership or administration and any form of suspension of payments, arrangement with creditors
or reorganisation under any corporate or insolvency law of any country.

 

    3 

     

    

 

“Capital
Stock” means:

 

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

 

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

 

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

 

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

 

““First
Financial Quarter””
means the financial quarter ending immediately prior to or on the date falling 90 days before the Intended Delivery
Date.

 

“Fund”
means Apollo Management VI, L.P. and other co-investment partnerships managed by Apollo Management VI, L.P..

“Fund
Affiliate” means (i) each Affiliate of the Fund that is neither a “portfolio company” (which means a company
actively engaged in providing goods or services to unaffiliated customers), whether or not controlled, nor a company controlled
by a “portfolio company” and (ii) any individual who is a partner or employee of Apollo Management, L.P., Apollo Management
VI, L.P. or Apollo Management V, L.P..

 

““Loan
Agreement” means the loan agreement
originally dated 18 July 2008, as amended by a supplemental
agreement dated 25 October 2010 and as amended and restated pursuant to the Amendment and Restatement
Agreement referred to in Recital (B) and includes any existing or future amendments, amendments and restatements, or supplements,
whether made with the Guarantor's consent or otherwise.”
has the meaning given to it in Recital (L).

 

““Management””
means the employees of the Guarantor and its subsidiaries or their dependants or any trust for which such persons are
the intended beneficiary.

 

		1.3	Application
                                         of construction and interpretation provisions of Loan Agreement.

 

Clauses
1.2 (Construction of certain terms) to 1.5 (General
Interpretation) of the Loan Agreement apply, with any necessary modifications, to this Guarantee.

 

		1.4	Effective
                                         Date ofInconsistency
                                         between Loan Agreement provisions and this Guarantee

 

This
Guarantee is effective from the Effective Date as such term is defined in the Amendment
and Restatement Agreement.

 

This
Guarantee shall be read together with the Loan Agreement, but in case of any conflict between the Loan Agreement and this Guarantee,
unless expressly provided to the contrary in this Guarantee, the provisions of the Loan Agreement shall prevail.

 

		2	GUARANTEEGuarantee

 

		2.1	Guarantee
                                         and indemnity.

 

The
Guarantor unconditionally and irrevocably:

 

		(a)	guarantees
                                         to the Agent punctual performance by the Borrower of all the Borrower’'s
                                         obligations under or in connection with the Loan Agreement and every other Finance Document;

 

    4 

     

    

 

		(b)	undertakes
                                         to the Agent that whenever the Borrower does not pay any amount when due under or in
                                         connection with the Loan Agreement and the other Finance Documents, the Guarantor shall
                                         immediately on demand pay that amount as if it was the principal obligor;

 

		(c)	agrees
                                         that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal,
                                         it will, as an independent and primary obligation, indemnify the Agent and each other
                                         Creditor Party immediately on demand by the Agent against any cost, loss or liability
                                         it incurs as a result of the Borrower not paying any amount which would, but for such
                                         unenforceability, invalidity or illegality, have been payable by it under the Loan Agreement
                                         or any other Finance Document on the date when it would have been due. Any such demand
                                         for indemnification shall be made through the Agent, for itself or on behalf of the Creditor
                                         Parties. The amount payable by athe
                                         Guarantor under this indemnity will not exceed the amount it would have had
                                         to pay under this Clause 2.1 2.1
                                         (Guarantee and indemnity) if the amount claimed had been recoverable
                                         on the basis of a guarantee.

 

		2.2	No
                                         limit on number of demands.

 

The
Agent acting on behalf of the Creditor Parties may serve any number of demands under Clause 2.12.1
(Guarantee and indemnity).

 

3
LIABILITY AS PRINCIPAL AND INDEPENDENT DEBTOR

 

3            
Liability as Principal
and Independent Debtor

 

		3.1	Principal
                                         and independent debtor.

 

The
Guarantor shall be liable under this Guarantee as a principal and independent debtor and accordingly it shall not have, as regards
this Guarantee, any of the rights or defences of a surety.

 

		3.2	Waiver
                                         of rights and defences.

 

Without
limiting the generality of Clause 3.13.1
(Principal and independent debtor), the obligations of the Guarantor under this Guarantee will not be affected
or discharged by an act, omission, matter or thing which,
but for this Clause, would reduce, release or prejudice any of its obligations under this Guarantee (without limitation and whether
or not known to it or any Creditor Party) including:

 

		(a)	any
                                         time, waiver or consent granted to, or composition with, the Borrower or other person;

 

		(b)	the
                                         release of the Borrower or any other person under the terms of any composition or arrangement
                                         with any creditor of any affiliate of the Borrower;

 

		(c)	the
                                         taking, variation, compromise, exchange, renewal or release of, or refusal or neglect
                                         to perfect, or delay in perfecting,
                                         or refusal or neglect to take up or enforce, or
                                         delay in taking or enforcing any rights against, or security over assets of,
                                         the Borrower or other person or any non-presentation or non-observance of any formality
                                         or other requirement in respect of any instrument or any failure to realise the full
                                         value of any security;

 

		(d)	any
                                         incapacity or lack of power, authority or legal personality of or dissolution or change
                                         in the members or status of the Borrower or any other person;

 

    5 

     

    

 

		(e)	any
                                         amendment, novation, supplement, extension, restatement (however fundamental and whether
                                         or not more onerous) or replacement of any Finance Document or any other document or
                                         security including without limitation any change in the purpose of, any extension of
                                         or any increase in any facility or the addition of any new facility under any Finance
                                         Document or other document or security;

 

		(f)	any
                                         insolvency or similar proceedings;

 

		(g)	any
                                         arrangement or concession (including a rescheduling or acceptance of partial payments)
                                         relating to, or affecting, the Finance Documents;

 

		(h)	any
                                         release or loss whatsoever of any guarantee, right or Security Interest created by the
                                         Finance Documents;

 

		(i)	any
                                         failure whatsoever promptly or properly to exercise or enforce any such right or Security
                                         Interest, including a failure to realise for its full market value an asset covered by
                                         such a Security Interest; or

 

		(j)	any
                                         other Finance Document or any Security Interest now being or later becoming void, unenforceable,
                                         illegal or invalid or otherwise defective for any reason, including a neglect to register
                                         it.;
                                         or

 

		(k)	any
                                         unenforceability, illegality or invalidity of any obligation of any person under any
                                         Finance Document or any other document or security.

 

		4	EXPENSESExpenses

 

		4.1	Costs
                                         of preservation of rights, enforcement etc.

 

The
Guarantor shall pay to the Agent on its demand the amount of all expenses incurred by the Agent or any other Creditor Party in
connection with any matter arising out of this Guarantee or any Security Interest connected with it, including any advice, claim
or proceedings relating to this Guarantee or such a Security Interest.

 

		4.2	Fees
                                         and expenses payable under Loan Agreement.

 

Clause
4.1 4.1 (Costs
of preservation of rights, enforcement etc) is without prejudice to the Guarantor's liabilities in respect of the
Borrower's obligations under clauses 10 (Fees) and 11 (Taxes, Increased Costs, Costs and Related Charges) of the
Loan Agreement and under similar provisions of other Finance Documents.

 

		5	ADJUSTMENT
                                         OF TRANSACTIONSAdjustment
                                         of Transactions

 

		5.1	Reinstatement
                                         of obligation to pay.

 

The
Guarantor shall pay to the Agent on its demand any amount which any Creditor Party is required, or agrees, to pay pursuant to
any claim by, or settlement with, a trustee in bankruptcy of the Borrower or of any other Obligor (or similar person) on the ground
that the Loan Agreement or any other Finance Document, or a payment by the Borrower or of such other Obligor, was invalid or on
any similar ground.

 

    6 

     

    

 

		6	PAYMENTSPayments

 

		6.1	Method
                                         of payments.

 

Any
amount due under this Guarantee shall be paid:

 

		(a)	in
                                         immediately available funds;

 

		(b)	to
                                         such account as the Agent acting on behalf of the other Creditor Parties may from time
                                         to time notify to the Guarantor;

 

		(c)	without
                                         any form of set-off, cross-claim or condition; and

 

		(d)	free
                                         and clear of any tax deduction except a tax deduction which the Guarantor is required
                                         by law to make.

 

		6.2	Grossing-up
                                         for taxes.

 

If
the Guarantor is required by law to make a tax deduction, the amount due to the Agent acting on behalf of the other Creditor Parties
shall be increased by the amount necessary to ensure that the Agent and (if the payment is not due to the Agent for its own account)
the Creditor Party beneficially interested in the payment receives and retains a net amount which, after the tax deduction, is
equal to the full amount that it would otherwise have received.

 

		6.3	Tax
                                         Credits.

 

If
an additional payment is made by the Guarantor under this Clause and any Creditor Party determines that it has received or been
granted a credit against or relief of or calculated with reference to the deduction giving rise to such additional payment, such
Creditor Party shall, to the extent that it can do so without prejudice to the retention of the amount of such credit, relief,
remission or repayment and provided that it has received the cash benefit of such credit, relief or remission, pay to the Guarantor
such amount as such Creditor Party shall in its reasonable opinion have concluded to be attributable to the relevant deduction.
Any such payment shall be conclusive evidence of the amount due to the Guarantor hereunder and shall be accepted by the Guarantor
in full and final settlement of its rights of reimbursement hereunder in respect of such deduction. Nothing herein contained shall
interfere with the right of each Creditor Party to arrange its tax affairs in whatever manner it thinks fit. Notwithstanding the
foregoing, to the extent that this Clause imposes obligations or restrictions on a party, such obligations or restrictions shall
not apply to SACE and SACE shall have no obligations hereunder nor be constrained by such restrictions.

 

		6.4	To
                                         the extent that this Clause 6 6
                                         (Payments) imposes obligations or restrictions on a Creditor Party,
                                         such obligations or restrictions shall not apply to SACE and SACE shall have no obligations
                                         hereunder nor be constrained by such restrictions.

 

		7	INTERESTInterest

 

		7.1	Accrual
                                         of interest.

 

Any
amount due under this Guarantee shall carry interest after the date on which the Agent demands payment of it until it is actually
paid, unless interest on that same amount also accrues under the Loan Agreement.

 

    7 

     

    

 

		7.2	Calculation
                                         of interest.

 

Interest
on sums payable under this Guarantee shall be calculated and accrue in the same way as interest under clause 6 (Interest)
of the Loan Agreement.

 

		7.3	Guarantee
                                         extends to interest payable under Loan Agreement.

 

For
the avoidance of doubt, it is confirmed that this Guarantee covers all interest payable under the Loan Agreement, including that
payable under clause 17 (Interest on Late Payments)
of the Loan Agreement.

 

		8	SUBORDINATIONSubordination

 

		8.1	Subordination
                                         of rights of Guarantor.

 

Until
all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably
paid in full and unless the Agent otherwise directs, all rights which the Guarantor at any time has (whether in respect of this
Guarantee or any other transaction) against the Borrower, any other Obligor or their respective assets shall be fully subordinated
to the rights of the Creditor Parties under the Finance Documents; and in particular, the Guarantor shall not:

 

		(a)	claim,
                                         or in a bankruptcy of the Borrower or any other Obligor prove for, any amount payable
                                         to the Guarantor by the Borrower or any other Obligor, whether in respect of this Guarantee
                                         or any other transaction;

 

		(b)	take
                                         or enforce any Security Interest for any such amount;

 

		(c)	exercise
                                         any right to be indemnified by an Obligor;

 

		(d)	bring
                                         legal or other proceedings for an order requiring the Borrower or any other Obligor to
                                         make any payment, or perform any obligation, in respect of which any Guarantor has given
                                         a guarantee, undertaking or indemnity under this Guarantee;

 

		(e)	claim
                                         to set-off any such amount against any amount payable by the Guarantor to the Borrower
                                         or any other Obligor; or

 

		(f)	claim
                                         any subrogation or right of contribution or other right in respect of any Finance Document
                                         or any sum received or recovered by any Creditor Party under a Finance Document.

 

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 Creditor Parties by the Obligors
under or in connection with the Finance Documents to be repaid in full on trust for the Creditor Parties and shall promptly pay
or transfer the same to the Agent or as the Agent may direct for application in accordance with the Loan Agreement and the Finance
Documents.

 

		9	ENFORCEMENTEnforcement

 

		9.1	No
                                         requirement to commence proceedings against Borrower.

 

The
Guarantor waives any right it may have of first requiring the Agent or any other Creditor Party to proceed against or enforce
any other rights or security or claim payment from any person before claiming from that Guarantor under this Guarantee. Neither
the Agent nor any other Creditor Party will need to make any demand under, commence any proceedings under, or enforce any guarantee
or any Security Interest contained in or created by, the Loan Agreement or any other Finance Document before claiming or commencing
proceedings under this Guarantee. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

 

    8 

     

    

 

		9.2	Conclusive
                                         evidence of certain matters.

 

However,
as against the Guarantor:

 

		(a)	any
                                         judgment or order of a court in England or the Marshall Islands or Bermuda
                                         or the United States of America in connection with the Loan Agreement; and

 

		(b)	any
                                         statement or admission by the Borrower in connection with the Loan Agreement,

 

shall
be binding and conclusive as to all matters of fact and law to which it relates.

 

		9.3	Suspense
                                         account.

 

Until
all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably
paid in full, the Agent and any Creditor Party may:

 

		(a)	refrain
                                         from applying or enforcing any other moneys, security or rights held or received by it
                                         (or any trustee or agent on its behalf which, in the case of a Creditor Party, shall
                                         include the Agent) in respect of those amounts, or apply and enforce the same in such
                                         manner and order as it sees fit (whether against those amounts or otherwise) and the
                                         Guarantor shall not be entitled to the benefit of the same; and

 

		(b)	hold
                                         in an interest-bearing suspense account any moneys received from any Guarantor or on
                                         account of any Guarantor's liability under this Guarantee.

 

		10	REPRESENTATIONS
                                         AND WARRANTIESRepresentations
                                         and warranties

 

		10.1	General.

 

The
Guarantor represents and warrants to each of the Creditor Parties as follows on the Effective
Ddate of this Guarantee, which representations
and warranties shall be deemed to be repeated, with reference mutatis mutandis to the facts and circumstances subsisting, as if
made on each day from the Effective Ddate
of this Guarantee to the end of the Security Period.

 

		10.2	Status.

 

The
Guarantor is duly incorporated and validly existing and in good standing under the laws of Bermuda as an exempted company.

 

    9 

     

    

 

		10.3	Corporate
                                         power.

 

The
Guarantor has the corporate capacity, and has taken all corporate action and obtained all consents necessary for it:

 

		(a)	to
                                         execute this Guarantee; and

 

		(b)	to
                                         make all the payments contemplated by, and to comply with, this Guarantee.

 

		10.4	Consents
                                         in force.

 

All
the consents referred to in Clause 10.3 10.3
(Corporate power) remain in force and nothing has occurred which makes any of them liable to revocation.

 

		10.5	Legal
                                         validity.

 

This
Guarantee constitutes the Guarantor's legal, valid and binding obligations enforceable against the Guarantor in accordance with
its terms subject to any relevant insolvency laws affecting creditors' rights generally.

 

		10.6	No
                                         conflicts.

 

The
execution by the Guarantor of this Guarantee and its compliance with this Guarantee will not involve or lead to a contravention
of:

 

		(a)	any
                                         law or regulation; or

 

		(b)	the
                                         constitutional documents of the Guarantor; or

 

		(c)	any
                                         contractual or other obligation or restriction which is binding on the Guarantor or any
                                         of its assets.

 

		10.7	No
                                         withholding taxes.

 

All
payments which the Guarantor is liable to make under this Guarantee may be made without deduction or withholding for or on account
of any tax payable under any law of Bermuda or the United States of America.

 

		10.8	No
                                         default.

 

To
the knowledge of the Guarantor, no Event of Default has occurred which is continuing.

 

		10.9	Information

 

Information.
All information which has been provided
in writing by or on behalf of the Guarantor to the Agent or any other Creditor Party in connection with any Finance Document satisfied
the requirements of Clause 11.211.2
(Information provided to be accurate); all audited and unaudited accounts which have been so provided satisfied
the requirements of Clause 11.411.4
(Form of financial statements); and there has been no material adverse change in the financial position or state
of affairs of the Guarantor from that disclosed in the latest of those accounts.

 

		10.10	No
                                         litigation.

 

No
legal or administrative action involving the Guarantor has been commenced or taken or, to the Guarantor's knowledge, is likely
to be commenced or taken which, in either case, would be likely to have a material adverse effect on the Guarantor's financial
position or profitability.

 

    10 

     

    

 

		10.11	No
                                         Security Interests.

 

None
of the assets or rights of the Guarantor is subject to any Security Interest except any Security Interest which (i) qualifies
as a Permitted Security Interest with respect to the Guarantor or (ii) is permitted by Clause 11.11
of this Guarantee11.11 (Negative pledge).

 

		11	UNDERTAKINGSUndertakings

 

		11.1	General.

 

The
Guarantor undertakes with the Agent acting on behalf of the Creditor Parties to comply with the following provisions of this Clause
11 11 (Undertakings)
at all times from the date of this DeedGuarantee
to the end of the Security Period, except as the Agent may otherwise permit.

 

		11.2	Information
                                         provided to be accurate.

 

All
financial and other information which is provided in writing by or on behalf of the Guarantor under or in connection with this
Guarantee will be true and not misleading and will not omit any material fact or consideration.

 

		11.3	Provision
                                         of financial statements.

 

The
Guarantor will send to the Agent:

 

		(a)	as
                                         soon as practicable, but in no event later than 120 days after the end of each financial
                                         year of the Guarantor beginning with the year ending 31 December 2014, the audited consolidated
                                         accounts of the Guarantor and its subsidiaries;

 

		(b)	[reserved];

 

		(c)	[reserved];

 

		(d)	as
                                         soon as practicable (and in any event within forty-five (45) days of the end of the contemplated
                                         quarter in respect of the first three quarters of each fiscal year and 90 days in respect
                                         of the final quarter) a copy of the unaudited consolidated quarterly management accounts
                                         (including current and year to date profit and loss
                                         statements and balance sheet compared to the previous year and to budget) of
                                         the Guarantor certified as to their correctness by the chief financial officer of the
                                         Guarantor (it being understood that the delivery by the Guarantor of quarterly or annual
                                         reports as filed with the Securities and Exchange Commission in respect of the Guarantor
                                         and its consolidated subsidiaries shall satisfy all the requirements of this paragraph
                                         (d)(d));

 

		(e)	a
                                         compliance certificate in the form set out in Schedule
                                         1 Schedule
                                         1 (Form of Compliance Certificate) to this Guarantee or in such other
                                         form as the Agent may reasonably require (each a “Compliance Certificate”)
                                         at the same time as there is delivered to the Agent, and together with, each set of unaudited
                                         consolidated quarterly management accounts under paragraph (d)
                                         (d)
                                         and, if applicable, audited consolidated accounts under paragraph (a)(a),
                                         duly signed by the chief financial officer of the Guarantor and certifying whether or
                                         not the requirements of Clause 11.15 11.15
                                         (Financial Covenants) are then complied with;

 

    11 

     

    

 

		(f)	such
                                         additional financial or other relevant information regarding the Guarantor and the Group
                                         as the Agent may reasonably request; and

 

(g)
(i) As soon as practicable (and in any event within 120 days after the close of each fiscal year), commencing with the fiscal
year ending December 31, 2014, annual cash flow projections on a consolidated basis of the Group showing on a monthly basis advance
ticket sales (for at least 12 months following the date of such statement) for the Group;

 

		(g)	(ii)
                                         Asas
                                         soon
                                         as practicable (and in any event not later than January
                                         31 January
                                         of each fiscal year):

 

(x)
a budget for the Group for such new fiscal year including a 12 month liquidity budget for such new fiscal year; 

 

		(i)	(y)
                                         updated
                                         financial projections of the Group for at least the next five years (including an income
                                         statement, balance sheet statement and cash flow statement and quarterly break downs
                                         for the first of those five years); and

 

		(ii)	(z)
                                         an
                                         outline of the assumptions supporting such budget and financial projections including
                                         but without limitation any scheduled drydockings;.

 

		(h)	Additional
                                         financial reporting

 

In
addition to the information to be provided in accordance with clause 13.2 (Information) of the Loan Agreement and this
Clause 11.3 (Provision of financial statements), the Guarantor undertakes to provide to the Agent a written report (in
form and substance satisfactory to SACE) from the 2021 Deferral Effective Date until the 2021 Deferral Final Repayment Date, covering
the information requested in the document entitled “Debt Deferral Extension - Regular Monitoring Requirements”, the
form of which is included in Schedule 2 (Debt Deferral Extension – Regular Monitoring Requirements), within the timelines
specified therein.

 

		(i)	For
                                         the avoidance of doubt, subject to the provisions of the Loan Agreement, paragraph (j)
                                         below and Clause 11.21 (Breach of new covenants or the Principles), the financial
                                         covenants contained in Clause 11.15 (Financial Covenants) will continue to be
                                         tested and the reporting obligations shall continue to apply in accordance with this
                                         Clause 11.3 (Provision of financial statements) until 31 December 2022.

 

		(j)	Any
                                         breach of the financial covenants contained in paragraphs (b) and (c) of Clause 11.15
                                         (Financial Covenants) arising on a testing date between the 2021 Deferral Effective
                                         Date and 31 December 2022, by reference to the financial position of the Group (on a
                                         consolidated basis), shall not (without prejudice to the rights of the Lenders in respect
                                         of any further breach of such financial covenants that may occur after 31 December 2022,
                                         and subject further to no (a) Event of Default under clauses 18.7 (Winding-up)
                                         to clause 18.13 (Cessation of business) (inclusive) of the Loan Agreement having
                                         occurred and being continuing or (b) Deferral Prepayment Event having occurred) result
                                         in an Event of Default.

 

		11.4	Form
                                         of financial statements.

 

All
accounts (audited and unaudited) delivered under Clause 11.3 11.3
(Provision of financial statements) will:

 

		(a)	be
                                         prepared in accordance with GAAP;

 

    12 

     

    

 

		(b)	when
                                         required to be audited, be audited by the auditors which are the Guarantor’'s
                                         auditors at the date of this Guarantee or other auditors approved by the Agent; provided
                                         that, such approval by the Agent shall not be unreasonably withheld or delayed;

 

		(c)	give
                                         a true and fair view of the state of affairs of the Guarantor and its subsidiaries at
                                         the date of those accounts and of their profit for the period to which those accounts
                                         relate; and

 

		(d)	fully
                                         disclose or provide for all significant liabilities of the Guarantor and its subsidiaries.

 

		11.5	Shareholder
                                         and creditor notices.

 

The
Guarantor will send the Agent, at the same time as they are despatched, copies of all communications which are despatched to the
Guarantor's shareholders or creditors generally or any class of them.

 

		11.6	Consents.

 

The
Guarantor will maintain in force and promptly obtain or renew, and will promptly send certified copies to the Agent of, all consents
required:

 

		(a)	for
                                         the Guarantor to perform its obligations under this Guarantee;

 

		(b)	for
                                         the validity or enforceability of this Guarantee;

 

and
the Guarantor will comply with the terms of all such consents.

 

		11.7	Notification
                                         of litigation.

 

The
Guarantor will provide the Agent with details of any material legal or administrative action involving the Guarantor as soon as
such action is instituted or it becomes apparent to the Guarantor that it is likely to be instituted (and for this purpose proceedings
shall be deemed to be material if they involve a claim in an amount exceeding ten million Dollars or the equivalent in another
currency).

 

		11.8	Domicile
                                         and principal place of business.

 

The
Guarantor:

 

		(a)	will
                                         maintain its domicile and registered office at the address stated at the commencement
                                         of this AgreementGuarantee
                                         or at such other address in Bermuda as is notified beforehand to the Agent;

 

		(b)	will
                                         maintain its principal place of business and keep its corporate documents and records
                                         in the United States of America at 7665 Corporate Center Drive, Miami, 33126 Florida
                                         (Fax: (305) 436-4140) or at such other
                                         address in the United States of America as is notified beforehand to the Agent; and

 

		(c)	will
                                         not move its domicile out of Bermuda nor its principal place of business out of the United
                                         States of America without the prior agreement of the Agent, acting with the authorisation
                                         of the Creditor Parties, such agreement not to be unreasonably withheld.

 

    13 

     

    

 

		11.9	Notification
                                         of default.

 

The
Guarantor will notify the Agent as soon as the Guarantor becomes aware of the occurrence of an Event of Default and will thereafter
keep the Agent fully up-to-date with all developments.

 

		11.10	Maintenance
                                         of status.

 

The
Guarantor will maintain its separate corporate existence and remain in good standing under the laws of Bermuda.

 

		11.11	Negative
                                         pledge.

 

The
Guarantor shall not, and shall procure that the Borrower will not, create or permit to arise any Security Interest over any asset
present or future except Security Interests created or permitted by the Finance Documents and except for the following:

 

		(a)	Security
                                         Interests created with the prior consent of the Agent or otherwise permitted by the Finance
                                         Documents;

 

		(b)	in
                                         the case of the Guarantor, Security Interests which qualify as Permitted Security Interests
                                         with respect to the Guarantor;

 

		(c)	in
                                         the case of the Borrower, Security Interests permitted under clause 13.57
                                         (Negative pledge) of the Loan Agreement;

 

		(d)	Security
                                         Interests provided in favour of lenders under and in connection with any refinancing
                                         of the Existing Indebtedness or any financing arrangements entered into by any member
                                         of the Group for the acquisition of additional or replacement ship(s) (including any
                                         refinancing of any such arrangement) but limited to:

 

		(i)	pledges
                                         of the share capital of the relevant ship owning subsidiary(/ies); and/or

 

		(ii)	ship
                                         mortgages and other securities over the financed ship(s).

 

		11.12	No
                                         disposal of assets, change of business.

 

The
Guarantor will:

 

		(a)	not,
                                         and shall procure that its subsidiaries, as a group, shall not transfer all or substantially
                                         all of the cruise vessels owned by them and shall procure that any cruise vessels which
                                         are disposed of in compliance with the foregoing shall be disposed on a willing seller
                                         willing buyer basis at or about market rate and at arm's length subject always to the
                                         provisions of any pertinent loan documentation, and

 

		(b)	continue
                                         to be a holding company for a group of companies whose main business is the operation
                                         of cruise vessels as well as the marketing of cruises on board such vessels and the Guarantor
                                         will not change its main line of business so as to affect any Obligor’'s
                                         ability to perform its obligations under the Finance Documents or to imperil, in the
                                         opinion of the Agent, the security created by any of the Finance Documents or the SACE
                                         Insurance Policy.

 

    14 

     

    

 

		11.13	No
                                         merger etc.

 

The
Guarantor shall not enter into any form of merger, sub-division, amalgamation, restructuring, consolidation, winding-up, dissolution
or anything analogous thereto or acquire any entity, share capital or obligations of any corporation or other entity (each of
the foregoing being a ““Transaction””)
unless:

 

		(a)	the
                                         Guarantor has notified the Agent in writing of the agreed terms of the relevant Transaction
                                         promptly after such terms have been agreed as heads of terms (or similar) and thereafter
                                         notified the Agent in writing of any significant amendments to such terms during the
                                         course of the negotiation of the relevant Transaction; and

 

		(b)	the
                                         relevant Transaction does not require or involve or result in any dissolution of the
                                         Guarantor so that at all times the Guarantor remains in existence; and

 

		(c)	each
                                         notice delivered to the Agent pursuant to paragraph (a)
                                         (a)
                                         above is accompanied by a certificate signed by the chief financial officer of the Guarantor
                                         whereby the Guarantor represents and warrants to the Agent that the relevant Transaction
                                         will not:

 

		(i)	adversely
                                         affect the ability of any Obligor to perform its obligations under the Finance Documents;

 

		(ii)	imperil
                                         the security created by any of the Finance Documents or the SACE Insurance Policy; or

 

		(iii)	affect
                                         the ability of the Guarantor to comply with the financial covenants contained in Clause
                                         11.1511.15
                                         (Financial Covenants).

 

		11.14	Maintenance
                                         of ownership of Oceania
                                         Cruises and Borrower
                                         and
                                         Guarantor.

 

		(a)	The
                                         Guarantor shall remain the direct or indirect beneficial owner of the entire issued and
                                         allotted share capital of Oceania Cruises, free from any Security Interest and Oceania
                                         Cruises shall remain the legal holder and direct beneficial owner of all membership interest
                                         in the Borrower, free from any Security Interest, except that created in favour of the
                                         Agent acting on behalf of the other Creditor Parties; or

 

		(b)	no
                                         person or ““group””
                                         (within the meaning of Rules 13d-3 and 13d-5 under the Securities Exchange
                                         Act of 1934 (15 USC §78a et seq.) (the “Exchange Act”) as in
                                         effect on the Delivery Date) shall acquire beneficial ownership of 35% or more on a fully
                                         diluted basis of the voting interest in the Guarantor’'s
                                         equity interests unless a combination of Apollo and
                                         Management (the “Permitted Holders”) shall own directly or indirectly,
                                         more than such person or “group” on a fully diluted basis of the voting interest
                                         in the Guarantor’s equity interests.

 

		11.15	Financial
                                         Covenants.

 

		(a)	The
                                         Guarantor will not permit the Free Liquidity to be less than $50,000,000 at any time,
                                         save that until 31 December 2022, this amount shall be increased to $200,000,000.

 

		(b)	The
                                         Guarantor will not permit the ratio of Total Net Funded Debt to Total Capitalization
                                         to be greater than 0.70:1.00 at any time.

 

		(c)	The
                                         Guarantor will not permit the ratio of Consolidated EBITDA to Consolidated Debt Service
                                         for the Group at the end of any fiscal quarter, computed for the period of the four consecutive
                                         fiscal quarters ending as at the end of the relevant fiscal quarter, to be less than
                                         1.25:1.00 unless the Free Liquidity of the Group at all times during such period of four
                                         consecutive fiscal quarters ending as at the end of such fiscal quarter was equal to
                                         or greater than $100,000,000.

 

    15 

     

    

 

		11.16	Financial
                                         definitions.

 

For
the purposes of Clause 11.1511.15
(Financial Covenants):

 

		(a)	““Cash
                                         Balance””
                                         shall mean, at any date of determination, the unencumbered and otherwise unrestricted
                                         cash and Cash Equivalents of the Group;

 

		(b)	““Cash
                                         Equivalents””
                                         shall mean (i) securities issued or directly and fully guaranteed or insured
                                         by the United States or any agency or instrumentality thereof (provided that the
                                         full faith and credit of the United States is pledged in support thereof) having maturities
                                         of not more than one year from the date of acquisition, (ii) time deposits and certificates
                                         of deposit of any commercial bank having, or which is the principal banking subsidiary
                                         of a bank holding company having capital, surplus and undivided profits aggregating in
                                         excess of $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 clauseparagraph
                                         (i) above entered into with any bank meeting the qualifications specified
                                         in clauseparagraph
                                         (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 clausesparagraphs
                                         (i) through (iv) above;

 

		(c)	““Consolidated
                                         Debt Service””
                                         shall mean, for any relevant period, the sum (without double counting), determined
                                         in accordance with GAAP, of:

 

		(i)	the
                                         aggregate principal payable or paid during such period on any Indebtedness for Borrowed
                                         Money of any member of the Group, other than:

 

		(A)	principal
                                         of any such Indebtedness for Borrowed Money prepaid at the option of the relevant member
                                         of the Group or by virtue of ““cash
                                         sweep””
                                         or ““special
                                         liquidity””
                                         cash sweep provisions (or analogous provisions) in any debt facility of the
                                         Group;

 

		(B)	principal
                                         of any such Indebtedness for Borrowed Money prepaid upon a sale or a Total Loss of any
                                         ship (as if references in that definition were to all ships and not just the Ship) owned
                                         or leased under a capital lease by any member of the Group; and

 

		(C)	balloon
                                         payments of any such Indebtedness for Borrowed Money payable during such period (and
                                         for the purpose of this paragraph (c) (b)
                                         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 Group (other than the Guarantor,
                                         or one of its wholly owned subsidiaries) or any dividends or distributions other than
                                         tax distributions in each case paid during such period; and

 

    16 

     

    

 

		(iv)	all
                                         rent under any capital lease obligations by which the Guarantor or any consolidated subsidiary
                                         is bound which are payable or paid during such period and the portion of any debt discount
                                         that must be amortized in such period;

 

as
calculated in accordance with GAAP and derived from the then latest accounts delivered under Clause 11.311.3
(Provision of financial statements);

 

		(d)	“Consolidated
                                         EBITDA” shall mean, for any relevant period, the aggregate of:

 

		(i)	Consolidated
                                         Net Income from the Guarantor's operations for such period; and

 

		(ii)	the
                                         aggregate amounts deducted in determining Consolidated Net Income for such period in
                                         respect of gains and losses from the sale of assets or reserves relating thereto, Consolidated
                                         Interest Expense, depreciation and amortization, impairment charges and any other non-cash
                                         charges and deferred income tax expense for such period;

 

it
being understood,
for the avoidance of doubt, that,
for purposes of determining compliance with Clause 11.15 for the first four fiscal quarters ending after the Effective Date of
this Guarantee, Consolidated EBITDA for the Group shall include Consolidated EBITDA for the then most recently ended period of
four consecutive fiscal quarters for Prestige Holdings and its subsidiaries;

 

		(e)	“Consolidated
                                         Interest Expense” shall mean, for any relevant period, the consolidated interest
                                         expense (excluding capitalized interest) of the Group for such period;

 

		(f)	“Consolidated
                                         Net Income” shall mean, for any relevant period, the consolidated net income
                                         (or loss) of the Group for such period as determined in accordance with GAAP;

 

		(g)	““Free
                                         Liquidity””
                                         shall mean, at any date of determination, the aggregate of the Cash Balance
                                         or any other amounts available for drawing under other revolving or other credit facilities
                                         of the Group, which remain undrawn, could be drawn for general working capital purposes
                                         or other general corporate purposes and would not, if drawn, be repayable within six
                                         months;

 

		(h)	““Indebtedness””
                                         shall mean any obligation for the payment or repayment of money, whether as
                                         principal or as surety and whether present or future, actual or contingent including,
                                         without limitation, pursuant to an Interest Rate Protection Agreement or Other Hedging
                                         Agreement;

 

		(i)	“Indebtedness
                                         for Borrowed Money” shall mean Indebtedness (whether present or future, actual
                                         or contingent, long-term or short-term, secured or unsecured) in respect of:

 

		(i)	moneys
                                         borrowed or raised;

 

		(ii)	the
                                         advance or extension of credit (including interest and other charges on or in respect
                                         of any of the foregoing);

 

		(iii)	the
                                         amount of any liability in respect of leases which, in accordance with GAAP, are capital
                                         leases;

 

		(iv)	the
                                         amount of any liability in respect of the purchase price for assets or services payment
                                         of which is deferred for a period in excess of 180 days;

 

    17 

     

    

 

		(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)
                                         (i)
                                         to
                                         (v)
                                         (v)
                                         above;

 

PROVIDED
THATProvided
that the following shall not constitute
Indebtedness for Borrowed Money:

 

		(A)	loans
                                         and advances made by other members of the Group which are subordinated to the rights
                                         of the Creditor Parties;

 

		(B)	loans
                                         and advances made by any shareholder of the Guarantor which are subordinated to the rights
                                         of the Creditor Parties on terms reasonably satisfactory to the Agent; and

 

		(C)	any
                                         liabilities of the Guarantor or any other member of the Group under any Interest Rate
                                         Protection Agreement or any Other Hedging Agreement or other derivative transactions
                                         of a non-speculative nature;

 

		(j)	““Interest
                                         Rate Protection Agreement””
                                         shall mean any interest rate swap agreement, interest rate cap agreement,
                                         interest collar agreement, interest rate hedging agreement, interest rate floor agreement
                                         or other similar agreement or arrangement entered into between a Lender or its Affiliate,
                                         or a Mandated Lead Arranger or its Affiliate, and the Guarantor and/or the Borrower in
                                         relation to the Secured Liabilities of the Borrower under the Loan Agreement;

 

		(k)	““Other
                                         Hedging Agreement””
                                         shall mean any foreign exchange contracts, currency swap agreements, commodity
                                         agreements or other similar agreements or arrangements entered into between a Lender
                                         or its Affiliate, or a Mandated Lead Arranger or its Affiliates, and the Guarantor and/or
                                         the Borrower in relation to the Secured Liabilities of the Borrower under the Loan Agreement
                                         and designed to protect against the fluctuations in currency or commodity values;

 

		(l)	“Total
                                         Capitalization” means, at any date of determination, the Total Net Funded Debt
                                         plus the consolidated stockholders’'
                                         equity of the Group at such date determined in accordance with GAAP and derived
                                         from the then latest accounts delivered under Clause 11.311.3
                                         (Provision of financial statements); provided it is understood
                                         that the effect of any impairment of intangible assets shall be added back to stockholders’'
                                         equity; and

 

		(m)	“Total
                                         Net Funded Debt” shall mean, as at any relevant date:

 

		(i)	Indebtedness
                                         for Borrowed Money of the Group on a consolidated basis; and

 

		(ii)	the
                                         amount of any Indebtedness for Borrowed Money of any person which is not a member of
                                         the Group but which is guaranteed by a member of the Group as at such date;

 

less
an amount equal to any Cash Balance as at such date; provided that any Commitments and other amounts available for
drawing under other revolving or other credit facilities of the Group which remain undrawn shall not be counted as cash or indebtedness
for the purposes of this Guarantee.

 

    18 

     

    

 

		11.17	Negative
                                         Undertakings.
                                         The Guarantor shall:

 

		(a)	The
                                         Guarantor may, subject to the provisions of paragraph (c) below:

 

		(i)	(a)
                                         not at
                                         any time afterprior
                                         to the
                                         end of the First Financial Quarter, declare or pay dividends or make other distributions
                                         or payment in respect of Financial Indebtedness owed to its shareholders without the
                                         prior written consent of the Agent,
                                         provided that;

 

		(ii)	the
                                         Guarantor mayat
                                         any time after the end of the First Financial Quarter, declare
                                         andor
                                         pay
                                         dividends to
                                         its shareholders or
                                         make any
                                         other
                                         distributions or payments
                                         in
                                         respect of Financial Indebtedness owed to its shareholders without
                                         the prior written consent of the Agent, subject
                                         to it on each such occasion satisfying the Agent acting on behalf of the Creditor Parties
                                         that it will continue to meet all the requirements of Clause 11.1511.15
                                         (Financial Covenants),
                                         if such covenants were to be tested immediately following the payment of any such dividend.;
                                         and

 

		(iii)	pay
                                         dividends (x) to persons responsible for paying the tax liability in respect of consolidated,
                                         combined, unitary or affiliated tax returns for each relevant jurisdiction of the Group,
                                         or (y) to holders of the Guarantor's Capital Stock with respect to income taxable as
                                         a result of a member of the Group being taxed as a pass-through entity for U.S. Federal,
                                         state and local income tax purposes or attributable to any member of the Group,

 

provided
that the actions in paragraphs (ii) and (iii) above shall only be permitted if there is no Event of Default which is continuing
under the Loan Agreement and no Event of Default would arise from the payment of such dividend.

 

		(b)	Subject
                                                                                                                                              to the restrictions set out in paragraph (b) of Clause 11.19 (New capital raises or
                                                                                                                                              financing), the Guarantor shall
                                                                                                                                              not,                                          and shall procure that none of its subsidiaries shall:

 

		(i)	make
                                         loans to any person that is not the Guarantor or a direct or indirect subsidiary of the
                                         Guarantor; or

 

		(ii)	issue
                                         or enter into one or more guarantees covering the obligations of any person which is
                                         not the Guarantor or a direct or indirect subsidiary of the Guarantor

 

except
if such loan is granted to a non subsidiary or such guarantee is issued in the ordinary course of business covering the obligations
of a non subsidiary and the aggregate amount of all such loans and guarantees made or issued by the Guarantor and its subsidiaries
does not exceed USD[*] or is otherwise approved by the Agent which approval shall not be unreasonably withheld if such loan or
guarantee in respect of a non subsidiary would neither:

 

		(A)	affect
                                         the ability of any Obligor to perform its obligations under the Finance Documents; nor

 

		(B)	imperil
                                         the security created by any of the Finance Documents or the SACE Insurance Policy; nor

 

		(C)	affect
                                         the ability of the Guarantor to comply with the financial covenants contained in Clause
                                         11.15 11.15
                                         (Financial covenants) if such covenants were to be tested immediately following
                                         the grant of such loan or the issuance of such guarantee, as demonstrated by evidence
                                         satisfactory to the Agent.

 

    19 

     

    

 

		(c)	Dividend
                                         restriction

 

During
the period up to and including the 2021 Deferral Final Repayment Date, neither the Guarantor nor the Holding shall, and the Guarantor
shall procure that none of its subsidiaries shall:

 

		(i)	declare,
                                         make or pay any dividend or other distribution (or interest on any unpaid dividend or
                                         other distribution) (whether in cash or in kind) on or in respect of its share capital
                                         (or any class of its share capital);

 

		(ii)	repay
                                         or distribute any dividend or share premium reserve;

 

		(iii)	make
                                         any repayment of any kind under any shareholder loan; or

 

		(iv)	redeem,
                                         repurchase (whether by way of share buy-back program or otherwise), defease, retire or
                                         repay any of its share capital or resolve to do so,

 

except
that:

 

		(A)	any
                                         Obligor other than the Guarantor may pay dividends and other distributions, directly
                                         or indirectly, to the Guarantor for the purpose of providing liquidity to the Guarantor
                                         to enable the Guarantor to satisfy payment obligations for which the Guarantor is an
                                         obligor;

 

		(B)	any
                                         Obligor may pay dividends in respect of the Tax liability to each relevant jurisdiction
                                         in respect of consolidated, combined, unitary or affiliated Tax returns for each relevant
                                         jurisdiction of the Group or the Holding or holder of the Guarantor's capital stock with
                                         respect to income taxable as a result of any member of the Group or the Holding being
                                         taxed as a pass-through entity for U.S. Federal, state and local income Tax purposes
                                         or attributable to any member of the Group;

 

		(C)	the
                                         Guarantor and the Holding may pay dividends and other distributions (x) in respect of
                                         a conversion, exchange, or repurchase of convertible or exchangeable notes and any conversion
                                         of preference shares to ordinary shares in connection therewith, provided that the cash
                                         portion of a repurchase of convertible or exchangeable notes is limited to the amount
                                         of interest that would otherwise be payable through maturity on the amount of such convertible
                                         or exchangeable notes being repurchased plus any amount in lieu of fractional shares
                                         and (y) to the extent contractually owed to holders of equity in the Guarantor or the
                                         Holding; and

 

		(D)	the
                                         Guarantor may pay dividends and other distributions to the Holding for the purposes of
                                         providing cash to the Holding for the payment of any Tax payable in connection with the
                                         Holding's equity plan,

 

provided
that the actions in paragraphs (B) and (C) above shall only be permitted if there is no Event of Default which is continuing under
the Loan Agreement and no Event of Default would arise from the payment of such dividend.

 

    20 

     

    

 

		(d)	For
                                         the avoidance of doubt, the Holding gives no guarantee of any kind nor undertakes any
                                         obligations under this Guarantee other than the undertaking as expressly specified in
                                         paragraph (c) above.

 

		11.18	Most
                                         favoured nations

 

		(a)	The
                                         Guarantor undertakes that if at any time after the date of this Guarantee it enters into
                                         any financial contract or financial document relating to any Financial Indebtedness with
                                         or which has the support of any export credit agency and which contains pari passu
                                         provisions or cross default provisions which are more favourable to the lenders than
                                         those contained in paragraph (l) of clause 12.2 (Continuing representations and warranties)
                                         of the Loan Agreement and clause 18.6 (Cross default) of the Loan Agreement respectively,
                                         the Guarantor shall immediately notify the Borrower and the Agent of such provisions
                                         and the relevant provisions contained in the Loan Agreement shall be deemed amended so
                                         that such more favourable pari passu provisions or cross default provisions are
                                         granted to the Creditor Parties pursuant to the Loan Agreement.

 

		(b)	The
                                         Guarantor undertakes that if at any time after the date of this Guarantee, it or any
                                         other member of the Group is required to grant additional security in relation to a financial
                                         contract or financial document relating to any existing Financial Indebtedness:

 

		(i)	with
                                         (excluding any extensions, increases or changes to the terms and conditions thereof),
                                         such security shall be granted on a pari passu basis to the Lenders (and the Agent
                                         agrees to enter and/or procure the entry by the relevant Creditor Parties into such intercreditor
                                         documentation to reflect such pari passu ranking (in form and substance reasonably
                                         satisfactory to the Creditor Parties) as may be required in connection with such arrangements);
                                         or

 

		(ii)	without
                                         the support of any export credit agency (excluding any extensions, increases or changes
                                         to the terms and conditions thereof), such security shall (without prejudice to any of
                                         the Obligors' other obligations under the Finance Documents), subject to the provisions
                                         of Clause 11.11 (Negative pledge) of this Guarantee and clause 13.7 (Negative
                                         pledge) of the Loan Agreement, be permitted provided that it shall not have an adverse
                                         effect on any Security Interests or other rights granted to the Secured Parties under
                                         the Finance Documents.

 

		(c)	In
                                         respect of any new Financial Indebtedness (other than Permitted Financial Indebtedness),
                                         or any extensions, increases or changes to the terms and conditions of any existing Financial
                                         Indebtedness, in each case with or which has the support of any export credit agency,
                                         the Guarantor shall enter into good faith negotiations with the Agent to grant additional
                                         security for the purpose of further securing the Loan, provided that any failure to reach
                                         agreement under this paragraph (c) following such good faith negotiations shall not constitute
                                         an Event of Default.

 

		11.19	New
                                         capital raises or financing

 

		(a)	Save
                                         as provided below, during the period up to and including the 2021 Deferral Final Repayment
                                         Date:

 

		(i)	no
                                         new debt or equity issuance shall be raised and no new Financial Indebtedness shall be
                                         incurred by the Group (including, for the avoidance of doubt, inter-company loans);

 

    21 

     

    

 

		(ii)	no
                                         non-arm's length disposals of any asset relating to the Group fleet shall be made; and

 

		(iii)	no
                                         additional Security Interests securing existing Financial Indebtedness will be created
                                         or permitted to subsist by any Obligor (unless the Lenders benefit from this new security
                                         on a pari passu basis).

 

		(b)	The
                                         restrictions in paragraph (a) above shall not apply in relation to:

 

		(i)	any
                                         refinancing of any bond issuance of, or loan entered into by, the Group (A) which matures
                                         during such period or (B) where not maturing during such period, which shall be on terms
                                         which include any of the following (evidence of which shall be provided to the Agent
                                         by the Guarantor) resulting, when taken as a whole, in an improvement of the ability
                                         of the Obligors to meet their obligations under the Finance Documents: an extension of
                                         the repayment terms; a decrease in the interest rate; or the conversion of such Financial
                                         Indebtedness from secured to unsecured or first to second priority; 

 

		(ii)	any
                                         debt or equity issuance provided prior to 31 December 2022 to provide the Group with
                                         crisis and/or recovery related funding in respect of the impact of the Covid-19 pandemic;

 

		(iii)	any
                                         debt or equity issuance being raised on or after 31 December 2022 to support the Group
                                         with the impact of the Covid-19 pandemic, made with the prior written consent of SACE;

 

		(iv)	any
                                         debt or equity issuance being raised to finance any instalment of a cruise vessel already
                                         contracted for or contracted for during such period or any refurbishment, maintenance,
                                         upgrade or lengthening of a cruise ship during such period (including without limitation
                                         any costs incurred by the owner of a cruise ship in connection therewith);

 

		(v)	any
                                         debt or equity issuance being raised to finance capital expenditure for projects which
                                         are already contracted for but in respect of which committed financing has not yet been
                                         obtained, and which, in each case has been (or will be) listed in the Information Package
                                         submitted to the Agent prior to the 2021 Deferral Effective Date;

 

		(vi)	any
                                         extension or renewal of revolving credit facilities, and made with the prior written
                                         consent of SACE if any additional security is to be granted;

 

		(vii)	any
                                         new debt or equity issuance otherwise agreed by SACE; 

 

		(viii)	any
                                         inter-company loan or operating arrangement which from an accounting perspective has
                                         the effect of an intercompany loan (an “intercompany arrangement”)
                                         which:

 

		(A)	is
                                         existing as at the date of the 2021 Amendment and Restatement Agreement;

 

		(B)	is
                                         made among any Group members or any Group member with the Holding provided that:

 

		(1)	any
                                         inter-company arrangement is made solely for the purpose of regulatory or Tax purposes
                                         carried out in the ordinary course of business and on an arm's length basis; and

 

    22 

     

    

 

		(2)	the
                                         aggregate principal amount of any inter-company arrangements pursuant to this paragraph
                                         (B) does not exceed [*] Dollars ($[*]) at any time; or

 

		(C)	has
                                         been approved with the prior written consent of SACE;

 

		(ix)	any
                                         Permitted Security Interest;

 

		(x)	any
                                         Security Interest otherwise approved with the prior written consent of SACE; 

 

		(xi)	any
                                         Financial Indebtedness incurred in the ordinary course of business which in the aggregate
                                         does not exceed USD [*] during any twelve-month period; or

 

		(xii)	without
                                         prejudice to clause 13.10 (Mergers) of the Loan Agreement and Clause 11.13 (No
                                         merger etc.), the issuance of share capital by any Group member to another Group
                                         member.

 

		11.20	Payments
                                         under the Shipbuilding Contracts

 

Until
the 2021 Deferral Final Repayment Date:

 

		(a)	the
                                         Guarantor shall and the Guarantor shall procure that any member of the Group that has
                                         entered into a shipbuilding contract with a shipbuilder or enters into any such shipbuilding
                                         contract, in each case which is financed with the support of SACE (the “Covered
                                         Shipbuilding Contracts”) shall continue to perform all of their respective
                                         obligations as set out in any Covered Shipbuilding Contract (including without limitation
                                         the payment of any instalments due under any Covered Shipbuilding Contract (as the same
                                         may have been amended prior to the 2021 Deferral Effective Date), and subject to any
                                         amendment agreed pursuant to paragraph (b) below). The Guarantor shall and the Guarantor
                                         shall procure that any member of the Group shall promptly notify the Agent and SACE of
                                         any failure by it to comply with any due and owing obligations under a Covered Shipbuilding
                                         Contract; and

 

		(b)	the
                                         Guarantor shall and the Guarantor shall procure that any member of the Group further
                                         undertakes to consult with the Agent and SACE in respect of any proposed amendment to
                                         a Covered Shipbuilding Contract insofar as any such proposed amendment relates to a payment
                                         instalment or (save as expressly permitted by the Loan Agreement) a delivery date or
                                         any other substantial amendment which may affect the related financing and to obtain
                                         the Agent and SACE's approval prior to executing any such amendment.

 

		11.21	Breach
                                         of new covenants or the Principles

 

		(a)	Failure
                                         to comply, until the 2021 Deferral Final Repayment Date, with the provisions of paragraph
                                         (h) of Clause 11.3 (Provision of financial statements), paragraph (c) of Clause
                                         11.17 (Negative Undertakings), Clause (b) (New capital raises or financing),
                                         Clause 11.20 (Payments under the Shipbuilding Contracts), or to otherwise duly
                                         perform and observe the other requirements and obligations set out in the Principles
                                         shall, in each case, not constitute an Event of Default under the Loan Agreement but
                                         (in the case of any failure that is capable of remedy (in the opinion of the Agent, at
                                         its sole discretion), including any failure to comply with Clause 11.20 (Payments
                                         under the Shipbuilding Contracts) or paragraph (h) of Clause 11.3 (Provision of
                                         financial statements), only if such failure is not remedied within the Relevant Period
                                         pursuant to clause 18.4 (Breach of other obligations) of the Loan Agreement from
                                         the date of such failure to comply) shall have the following consequences:

 

		(i)	the
                                         Agent shall reinstate from the date of such breach the requirement to comply with the
                                         covenant granted pursuant to clause 14 (Security Value Maintenance) of the Loan
                                         Agreement and the financial covenants set out in paragraphs (b) and (c) of Clause 11.15
                                         (Financial covenants) which was otherwise suspended by operation of the Loan Agreement
                                         and this Guarantee;

 

    23 

     

    

 

		(ii)	in
                                         respect of paragraph (c) of Clause 11.17 (Negative Undertakings) and paragraph
                                         (b) of Clause 11.19 (New capital raises or financing), as well as a failure to
                                         perform and observe the other requirements and obligations set out in the Principles
                                         (including but not limited to any Obligor (a) commencing, or having commenced against
                                         it, any case, proceeding or other action seeking (i) to adjudicate it as bankrupt or
                                         insolvent, (ii) reorganization, arrangement, winding-up, liquidation, dissolution, or
                                         other relief with respect to it or its debts, (iii) the appointment of a receiver, trustee,
                                         or custodian or other similar official for it or for all or a substantial part of its
                                         assets, (b) making a general assignment for the benefit of its creditors, (c) being unable
                                         to, or admitting in writing its inability to, pay its debts as they become due, or (d)
                                         taking any action in furtherance of, or indicating its consent to, approval of, or acquiescence
                                         in, any of the acts set forth in (a), (b) or (c) hereof):

 

		(A)	the
                                         Deferral Commitments and the availability of the Deferral Tranches will be immediately
                                         cancelled;

 

		(B)	all
                                         or part of the Deferral Tranches, together with accrued interest, deferred costs pursuant
                                         to clause 6.4 (Deferred Costs) of the Loan Agreement and all other amounts accrued
                                         or outstanding under the Loan Agreement in connection with the Deferral Tranches will
                                         be immediately due and payable, (including, for the avoidance of doubt, any breakage
                                         costs pursuant to clause 20.2 (Breakage costs) of the Loan Agreement); and

 

		(iii)	in
                                         respect of Clause 11.20 (Payments under the Shipbuilding Contracts) and paragraph
                                         (h) of Clause 11.3 (Additional financial reporting) of Clause 11.3 (Provision
                                         of financial statements), shall entitle the Agent, (acting on the instructions of
                                         the Lenders), by notice to the Guarantor and the Borrower to:

 

		(A)	cancel
                                         the Deferral Commitments and the availability of the Deferral Tranches whereupon they
                                         shall immediately be cancelled; and

 

		(B)	declare
                                         that all or part of the Deferral Tranches, together with accrued interest, deferred costs
                                         pursuant to clause 6.4 (Deferred Costs) of the Loan Agreement and all other amounts
                                         accrued or outstanding under the Loan Agreement in connection with the Deferral Tranches
                                         be immediately due and payable, whereupon they shall become immediately due and payable
                                         (including, for the avoidance of doubt, any breakage costs pursuant to clause 20.2 (Breakage
                                         costs) of the Loan Agreement); and

 

    24 

     

    

 

		(b)	Save
                                         as permitted by Clause 11.19 (New capital raises or financing), if at any time
                                         after the 2021 Deferral Effective Date:

 

		(i)	the
                                         Guarantor or any other Group member enters into any financial contract or financial document
                                         relating to any Financial Indebtedness and which contains any debt deferral or covenant
                                         waivers of existing debt, or the raising of any new debt intended to reimburse existing
                                         debt that benefits from additional security or more favourable terms than those available
                                         to the Lenders (unless they are granted to the Lenders on a pari passu basis);

 

		(A)	the
                                         requirement to comply with the covenant granted pursuant to clause 14 (Security Value
                                         Maintenance) of the Loan Agreement and the financial covenants set out in paragraphs
                                         (b) and (c) of Clause 11.15 (Financial Covenants) which was otherwise suspended
                                         until 31 December 2022 shall be reinstated;

 

		(B)	the
                                         Deferral Commitments and the availability of the Deferral Tranches will be immediately
                                         cancelled; and

 

		(C)	all
                                         or part of the Deferral Tranches, together with accrued interest, deferred costs pursuant
                                         to clause 6.4 (Deferred Costs) of the Loan Agreement and all other amounts accrued
                                         or outstanding under the Loan Agreement in connection with the Deferral Tranches will
                                         be immediately due and payable, (including, for the avoidance of doubt, any breakage
                                         costs pursuant to clause 20.2 (Breakage costs) of the Loan Agreement);

 

		(ii)	the
                                         Guarantor or any other Group member makes a prepayment (save for any mandatory prepayment
                                         necessary to avoid an event of default (however defined)) of any Financial Indebtedness
                                         (unless this is done on a pari passu basis with the obligations owed to the Lenders
                                         hereunder):

 

		(A)	the
                                         requirement to comply with the covenant granted pursuant to clause 14 (Security Value
                                         Maintenance) of the Loan Agreement and the financial covenants set out in paragraphs
                                         (b) and (c) of Clause 11.15 (Financial Covenants) which was otherwise suspended
                                         until 31 December 2022 shall be reinstated;

 

		(B)	the
                                         Agent shall be entitled (acting on the instructions of the Lenders) to:

 

		(1)	cancel
                                         the Deferral Commitments and the availability of the Deferral Tranches whereupon they
                                         shall immediately be cancelled; and

 

		(2)	declare
                                         that all or part of the Deferral Tranches, together with accrued interest, deferred costs
                                         pursuant to clause 6.4 (Deferred Costs) of the Loan Agreement and all other amounts
                                         accrued or outstanding under the Loan Agreement in connection with the Deferral Tranches
                                         will be immediately due and payable (including,
                                         for the avoidance of doubt, any
                                         breakage costs pursuant to clause 20.2 (Breakage costs) of the Loan Agreement).

 

		12	JUDGMENTS
                                         AND CURRENCY INDEMNITYJudgments
                                         and Currency Indemnity

 

		12.1	Judgments
                                         relating to Loan Agreement.

 

This
Guarantee shall cover any amount payable by the Borrower under or in connection with any judgment relating to the Loan Agreement.

 

    25 

     

    

 

		12.2	Currency
                                         indemnity.

 

In
addition, clause 20.4 (Currency indemnity) of the Loan Agreement shall apply, with any necessary adaptations, in relation
to this Guarantee.

 

		13	SET-OFFSet-Off

 

		13.1	Application
                                         of credit balances.

 

Each
Creditor Party may without prior notice:

 

		(a)	apply
                                         any balance (whether or not then due) which at any time stands to the credit of any account
                                         in the name of the Guarantor at any office in any country of that Creditor Party in or
                                         towards satisfaction of any sum then due from the Guarantor to that Creditor Party under
                                         this Guarantee; and

 

		(b)	for
                                         that purpose:

 

		(i)	break,
                                         or alter the maturity of, all or any part of a deposit of the Guarantor;

 

		(ii)	convert
                                         or translate all or any part of a deposit or other credit balance into Dollars;

 

		(iii)	enter
                                         into any other transaction or make any entry with regard to the credit balance which
                                         the Creditor Party concerned considers appropriate.

 

		13.2	Existing
                                         rights unaffected.

 

No
Creditor Party shall be obliged to exercise any of its rights under Clause 13.113.1
(Application of credit balances); and those rights shall be without prejudice and in addition to any right of
set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is entitled (whether under the
general law or any document).

 

		13.3	Sums
                                         deemed due to a Lender.

 

For
the purposes of this Clause 1313
(Set-Off), a sum payable by the Guarantor to the Agent acting on behalf of the Creditor Parties for distribution
to, or for the account of, a Lender shall be treated as a sum due to that Lender; and each Lender's proportion of a sum so payable
for distribution to, or for the account of, the Lenders shall be treated as a sum due to that Lender.

 

		14	SUPPLEMENTALSupplemental

 

		14.1	Continuing
                                         guarantee.

 

This
Guarantee shall remain in force as a continuing security at all times during the Security Period, regardless of any intermediate
payment or discharge in whole or in paidpart.

 

		14.2	Rights
                                         cumulative, non-exclusive.

 

The
Agent's and any other Creditor Party’'s
rights under and in connection with this Guarantee are cumulative, may be exercised as often as appears expedient and shall not
be taken to exclude or limit any right or remedy conferred by law.

 

    26 

     

    

 

		14.3	No
                                         impairment of rights under Guarantee.

 

If
the Agent or any other Creditor Party omits to exercise, delays in exercising or invalidly exercises any of its rights under this
Guarantee, that shall not impair that or any other right of the Agent or any other Creditor Party under this Guarantee.

 

		14.4	Severability
                                         of provisions.

 

If
any provision of this Guarantee is or subsequently becomes void, illegal, unenforceable or otherwise invalid, that shall not affect
the validity, legality or enforceability of its other provisions.

 

		14.5	Guarantee
                                         not affected by other security.

 

This
Guarantee is in addition to and shall not impair, nor be impaired by, any other guarantee, any Security Interest or any right
of set-off or netting or to combine accounts which the Agent or any other Creditor Party may now or later hold in connection with
the Loan Agreement.

 

		14.6	Guarantor
                                         bound by Loan Agreement.

 

		(a)	The
                                         Guarantor is fully familiar with, and agrees to all the provisions of, the Loan Agreement
                                         and the other Finance Documents to which it is not a party.

 

		(b)	The
                                         Guarantor agrees with the Agent and any other Creditor Party:

 

		(i)	to
                                         be bound by all provisions of the Loan Agreement which are applicable to the Obligors
                                         in the same way as if those provisions had been set out (with any necessary modifications)
                                         in this Guarantee.;
                                         and

 

		(ii)	that
                                         any provision of the Loan Agreement which, by its terms, applies or relates to the Finance
                                         Documents generally applies to this Guarantee.

 

		(c)	Clause
                                         33.7 (Bail-In) of the Loan Agreement shall apply to this Guarantee as if it was
                                         expressly incorporated in this Guarantee with any necessary modifications.

 

		14.7	Applicability
                                         of provisions of Guarantee to other Security Interests.

 

Any
Security Interest which the Guarantor creates (whether at the time at which it signs this Guarantee or at any later time) to secure
any liability under this Guarantee shall be a principal and independent security, and Clauses 3
and 17 3 (Liability as Principal and Independent
Debtor) and 17 (Invalidity of Loan Agreement) shall, with any necessary modifications, apply to it, notwithstanding
that the document creating the Security Interest neither describes it as a principal or independent security nor includes provisions
similar to Clauses 3 and 173
(Liability as Principal and Independent Debtor) and 17 (Invalidity of Loan Agreement).

 

		14.8	Applicability
                                         of provisions of Guarantee to other rights.

 

Clauses
3 and 17 3 (Liability
as Principal and Independent Debtor) and 17 (Invalidity of Loan Agreement) shall also apply to any right
of set-off or netting or to combine accounts which the Guarantor creates by an agreement entered into at the time of this Guarantee
or at any later time (notwithstanding that the agreement does not include provisions similar to Clauses 3
and 173 (Liability as Principal and Independent
Debtor) and 17 (Invalidity of Loan Agreement)), being an agreement referring to this Guarantee.

 

    27 

     

    

 

		14.9	Third
                                         party rights.

 

Other
than a Creditor Party or the Italian Authorities, no person who is not a party to this Guarantee has any right under the Contracts
(Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Guarantee.

 

		14.10	Waiver
                                         of rights against SACE.

 

Nothing
in this Guarantee or any of the Finance Documents is intended to grant to the Guarantor or any other person any right of contribution
from or any other right or claim against SACE and the Guarantor hereby waives irrevocably any right of contribution or other right
or claim as between itself and SACE.

 

		14.11	Reinstatement

 

If
any discharge, release or arrangement (whether in respect of the obligations of the Borrower or any security for those obligations
or otherwise) is made by a Creditor Party in whole or in part on the basis of any payment, security or other disposition which
is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability
of the Guarantor under this Guarantee will continue or be reinstated as if the discharge, release or arrangement had not occurred.

 

		14.12	Guarantor
                                         intent

 

Without
prejudice to the generality of Clause 1.3 (Application of construction and interpretation provisions of the Loan Agreement)
and Clause 3.2 (Waiver of rights and defences), the Guarantor expressly confirms that it intends that this Guarantee and
any Security Interest created by it under any Finance Document shall extend from time to time to any (however fundamental) variation,
increase, extension or addition of or to any of the Finance Documents and/or any facility or amount made available under any of
the Finance Documents for the purposes of or in connection with any of the following: business acquisitions of any nature; increasing
working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing
any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for which
any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any
of the foregoing.

 

		15	ASSIGNMENT
                                         AND TRANSFERAssignment
                                         and Transfer

 

		15.1	Assignment
                                         and transfer by Creditor Parties.

 

		(a)	The
                                         Agent and Creditor Parties may assign or transfer their rights under and in connection
                                         with this Guarantee to the same extent as they may assign or transfer their rights under
                                         the Loan Agreement.

 

		(b)	The
                                         Guarantor may not assign or transfer its rights under and in connection with this Guarantee.

 

    28 

     

    

 

		16	NOTICESNotices

 

		16.1	Notices
                                         to Guarantor.

 

Any
notice or demand to the Guarantor under or in connection with this Guarantee shall be given by letter or faxemail
at:

 

NCL
Corporation Ltd. 

7665
Corporate Center Drive 

Miami
Florida 33126 

Fax:
(305) 436 4140 

Attention:
Chief Financial Officer and General Counsel

 

Email:
[*] /
[*]

 

or
to such other address which the Guarantor may notify to the Agent.

 

		16.2	Application
                                         of certain provisions of Loan Agreement.

 

Clauses
32.3 (Effective date of notices) to 32.8 (Meaning
of “notice”) of the Loan Agreement apply to any notice or demand under or in connection with this Guarantee.

 

		16.3	Validity
                                         of demands.

 

A
demand under this Guarantee shall be valid notwithstanding that it is served:

 

		(a)	on
                                         the date on which the amount to which it relates is payable by the Borrower under the
                                         Loan Agreement;

 

		(b)	at
                                         the same time as the service of a notice under clause 18.22 (aActions
                                         following an Event of Default) of the Loan Agreement;

 

and
a demand under this Guarantee may refer to all amounts payable under or in connection with the Loan Agreement without specifying
a particular sum or aggregate sum.

 

		16.4	Notices
                                         to Agent.

 

Any
notice to the Agent acting on behalf of the Creditor Parties under or in connection with this Guarantee shall be sent to the same
address and in the same manner as notices to the Agent under the Loan Agreement.

 

		17	INVALIDITY
                                         OF LOAN AGREEMENTInvalidity
                                         of Loan Agreement

 

		17.1	Invalidity
                                         of Loan Agreement.
                                         In the event of:

 

In
the event of:

 

		(a)	the
                                         Loan Agreement or any provision thereof now being or later becoming, with immediate or
                                         retrospective effect, void, illegal, unenforceable or otherwise invalid for any reason
                                         whatsoever; or

 

		(b)	without
                                         limiting the scope of paragraph (a),
                                         a bankruptcy of the Borrower, the introduction of any law or any other matter resulting
                                         in the Borrower being discharged from liability under the Loan Agreement, or the Loan
                                         Agreement ceasing to operate (for example, by interest ceasing to accrue);

 

    29 

     

    

 

this
Guarantee shall cover any amount which would have been or become payable under or in connection with the Loan Agreement if the
Loan Agreement had been and remained entirely valid, legal and enforceable, or the Borrower had not suffered bankruptcy, or any
combination of such events or circumstances, as the case may be, and the Borrower had remained fully liable under it for liabilities
whether invalidly incurred or validly incurred but subsequently retrospectively invalidated; and references in this Guarantee
to amounts payable by the Borrower under or in connection with the Loan Agreement shall include references to any amount which
would have so been or become payable as aforesaid.

 

		17.2	Invalidity
                                         of Finance Documents.

 

Clause
17.1 17.1 (Invalidity
of Loan Agreement) also applies to each of the other Finance Documents to which the Borrower is a party.

 

		18	GOVERNING
                                         LAW AND JURISDICTIONGoverning
                                         Law and Jurisdiction

 

		18.1	English
                                         law.

 

This
Guarantee and any non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance
with, English law.

 

		18.2	Exclusive
                                         English jurisdiction.
                                         Subject to Clause 18.3, the

 

The
courts of England shall have exclusive jurisdiction
to settle Dispute.

 

18.3
Choice of forum for the exclusive benefit of the Creditor Parties. Clause 18.2 is for the exclusive benefit
of the Agent and other Creditor Parties, which reserve the rights:

 

(a)
to commence proceedings in relation to any Dispute in the courts of any country other than England and which have or claim jurisdiction
to that Dispute; and

 

(b)
to commence such proceedings in the courts of any such country or countries concurrently with or in addition to proceedings in
England or without commencing proceedings in England.

 

The
Guarantor shall not commence any proceedings in any country other than England in relation to a Dispute.

 

		18.3	18.4
                                         Process
                                         agent.

 

The
Guarantor irrevocably appoints EC3 Services Limited at its registered office for the time beingHannaford
Turner LLP, pcuresrently
at The St Botolph Building, 138 Houndsditchof
9 Cloak Lane, London EC3A 74AR
2RU, United Kingdom,
to act as its agent to receive and accept on its behalf any process or other document relating to any proceedings in
the English courts which are connected with a Dispute.

 

		18.4	18.5
                                         Creditor
                                         Parties' rights unaffected.

 

Nothing
in this Clause 18 (18)
(Governing Law and Jurisdiction) shall exclude or limit any right which any Creditor Party may have (whether
under the law of any country, an international convention or otherwise) with regard to the bringing of proceedings, the service
of process, the recognition or enforcement of a judgment or any similar or related matter in any jurisdiction.

 

    30 

     

    

 

		18.5	18.6
                                         Meaning
                                         of ““proceedings”.”

 

In
this Clause 18, “(18)
(Governing Law and Jurisdiction), “proceedings””
means proceedings of any kind, including an application for a provisional or protective measure and a ““Dispute””
means any dispute arising out of or in connection with this Guarantee (including a dispute relating to the existence,
validity or termination of this Guarantee) or any non-contractual obligation arising out of or in connection with this Guarantee.

 

THIS
GUARANTEEThis
Amended and Restated Guarantee has
been entered into on the date stated at the beginning of this Guarantee.

 

    31 

     

    

 

EXECUTION
PAGE

 

	GUARANTOR	 
	SIGNED
    by	)
	for
    and on behalf of	)
	NCL
    CORPORATION LTD.	)
	as
    its duly appointed attorney-in-fact	)
	in
    the presence of:	)
	LENDERS	 
	SIGNED
    by	)
	for
    and on behalf of	)
	SOCIÉTÉ
    GÉNÉRALE	)
	as
    its duly appointed attorney-in-fact	)
	in
    the presence of:	)
	SIGNED
    by	)
	for
    and on behalf of	)
	CRÉDIT
    AGRICOLE	)
	CORPORATE
    AND	)
	INVESTMENT
    BANK	)
	as
    its duly appointed attorney-in-fact	)
	in
    the presence of:	)
	MANDATED
    LEAD ARRANGERS	 
	SIGNED
    by	)
	for
    and on behalf of	)
	SOCIÉTÉ
    GÉNÉRALE	)
	as
    its duly appointed attorney-in-fact	)
	in
    the presence of:	)
	SIGNED
    by	)
	for
    and on behalf of	)
	CRÉDIT
    AGRICOLE	)
	CORPORATE
    AND	)
	INVESTMENT
    BANK	)
	as
    its duly appointed attorney-in-fact	)
	in
    the presence of:	)
	AGENT	 
	SIGNED
    by	)
	for
    and on behalf of	)
	CRÉDIT
    AGRICOLE	)
	CORPORATE
    AND)	)
	INVESTMENT
    BANK	)
	as
    its duly appointed attorney-in-fact	)
	in
    the presence of:	)

 

     

     

    

 

Execution
Page

 

	GUARANTOR	 
	 	 
	SIGNED
    by	 
	duly
    authorised	)
	for
    and on behalf of	)
	NCL
    CORPORATION LTD.	)
	as
    its duly appointed attorney-in-fact	)
	in
    the presence of:	)
	 	 
	HOLDING	 
	 	 
	SIGNED
    by	)
	for
    and on behalf of	)
	NORWEGIAN
    CRUISE LINE HOLDINGS LTD.	)
	as
    its duly appointed attorney-in-fact	)
	in
    the presence of:	)
	 	 
	LENDERS	 
	 	 
	SIGNED
    by	)
	for
    and on behalf of	)
	CRÉDIT
    AGRICOLE CORPORATE	)
	AND
    INVESTMENT BANK	)
	as
    its duly appointed attorney-in-fact	)
	in
    the presence of:	 
	 	 
	SIGNED
    by	)
	for
    and on behalf of	)
	SOCIÉTÉ
    GÉNÉRALE	)
	as
    its duly appointed attorney-in-fact	)
	in
    the presence of:	)
	 	 
	SIGNED
    by	)
	for
    and on behalf of	)
	DEKABANK
    DEUTSCHE	)
	GIROZENTRALE	)
	in
    the presence of:	)

 

     

     

    

 

	MANDATED
    LEAD ARRANGERS	 
	 	
	SIGNED
    by	)
	for
    and on behalf of	)
	SOCIÉTÉ
    GÉNÉRALE	)
	as
    its duly appointed attorney-in-fact	)
	in
    the presence of:	)
	 	 
	SIGNED
    by	)
	for
    and on behalf of	)
	CRÉDIT
    AGRICOLE CORPORATE	)
	AND
    INVESTMENT BANK	)
	as
    its duly appointed attorney-in-fact	)
	in
    the presence of:	)
	 	 
	AGENT
    	 
	 	 
	SIGNED
    by	)
	for
    and on behalf of	)
	CRÉDIT
    AGRICOLE CORPORATE AND	)
	INVESTMENT
    BANK	)
	in
    the presence of:	)
	 	 
	SACE
    AGENT	 
	 	 
	SIGNED
    by	)
	 	)
	for
    and on behalf of	)
	CRÉDIT
    AGRICOLE CORPORATE AND	)
	INVESTMENT
    BANK	)
	in
    the presence of:Exhibit 10.4

 

Execution version

 

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

 

Dated 17 February 2021

 

marina NEW
BUILD, LLC

as Borrower

 

and

 

NCL CORPORATION
LTD.

as Guarantor

 

and

 

OCEANIA CRUISES S. DE R.L.

as Charterer and Shareholder

and

 

Norwegian
Cruise Line Holdings Ltd.

as the Holding

 

and

 

THE Banks
and FINANCIAL INSTITUTIONS listed IN Schedule 1

as Lenders

 

and

 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK

SOCIÉTÉ GÉNÉRALE

as Mandated Lead Arrangers

 

and

 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK

as Agent and SACE Agent

 

AMENDMENT
AND RESTATEMENT AGREEMENT

 

relating to
 a facility agreement
originally dated 18 July 2008 (as amended by a supplemental agreement dated 25 October 2010 and as amended and restated by an
amendment and restatement agreement dated 31 October 2014 and as further amended by a supplemental agreement dated 4 June
2020) in respect of the part financing of the passenger cruise ship m.v. “MARINA”

 

 

 

     

     

    

 

	 	Index	 
	 	 	 	Page
	Clause	 	 	 
	 	 	 	 
	1	Definitions and Interpretation	 	2
	2	Conditions Precedent and Conditions Subsequent	 	5
	3	Representations	 	5
	4	Acknowledgment and Acceptance of the Principles	 	6
	5	Amendment and Restatement of Facility Agreement and other Finance Documents	 	6
	6	Further Assurance	 	7
	7	Costs, Expenses and Fees	 	7
	8	Notices	 	8
	9	Counterparts	 	8
	10	Signing Electronically	 	8
	11	Governing Law	 	8
	12	Enforcement	 	8

 

	Schedules
	 	 
	Schedule 1 The Lenders	10
	Schedule 2 Conditions Precedent	11
	Schedule 3 Form of Effective Date Certificate	13
	Schedule 4 Information Package	14

 

	Execution	 
	 	 	 
	Execution Pages	 
	 	 	 
	Appendices	 
	 	 	 
	Form of Amended and Restated Facility Agreement (marked to indicate amendments)	 
	Form of Amended and Restated Guarantee (marked to indicate amendments)	 

 

     

     

    

 

THIS
AGREEMENT is made on 17 February 2021

 

Parties

 

		(1)	MARINA NEW BUILD, LLC, a limited liability company formed in the Marshall Islands whose
registered address is at c/o The Trust Company of the Marshall Islands Inc., Trust Company Complex, Ajeltake Island, Majuro MH
96960, Republic of the Marshall Islands as borrower (the “Borrower”)

 

		(2)	NCL CORPORATION LTD., an exempted company incorporated under the laws of Bermuda with its
registered office at Park Place 55, Par-la-Ville Road, Hamilton HM 11, Bermuda (the “Guarantor”)

 

		(3)	NORWEGIAN CRUISE LINE HOLDINGS LTD., a company incorporated under the laws of Bermuda with
its registered office at Park Place 55, Par-la-Ville Road, Hamilton HM 11, Bermuda (the “Holding”)

 

		(4)	OCEANIA CRUISES S. DE R.L., a Panamanian sociedad de responsabilidad limitada domiciled
in Panama whose resident agent is at Arifa Building, West Boulevard, Santa Maria Business District, Panama, Republic of Panama
and registered at the Mercantile Section of the Panama Public Registry at Microjacket No. 423671,
Document 396130 since 3 October 2002 (the “Charterer” and “Shareholder”)

 

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

 

		(6)	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, a French société anonyme
having its registered office located at 12, Place des États-Unis, CS 70052, 92547 Montrouge Cedex, France registered under
number Siren 304 187 701 at the Registre du Commerce et des Sociétés of Nanterre, France and SOCIÉTÉ
GÉNÉRALE a French société anonyme having its registered office located at 29 Boulevard Haussmann,
75009 Paris under number Siren 552 120 222 at the Registre du Commerce et des Sociétés of Paris, France as mandated
lead arrangers (the “Mandated Lead Arrangers”)

 

		(7)	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, a French société anonyme
having its registered office located at 12, Place des États-Unis, CS 70052, 92547 Montrouge Cedex, France registered under
number Siren 304 187 701 at the Registre du Commerce et des Sociétés of Nanterre, France as agent and SACE agent
(the “Agent” and the “SACE Agent”)

 

Background

 

		(A)	By the Facility Agreement, the Lenders agreed to make available to the Borrower a facility of originally
the Dollar Equivalent of up to EUR 349,520,718 for the purpose of assisting the Borrower in financing (i) payment under the Shipbuilding
Contract of all or part of 80% of the Final Contract Price up to the Eligible Amount and (ii) payment to SACE of the Dollar Equivalent
of 100% of the second instalment of the SACE Premium payable on the original Drawdown Date.

 

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

 

     

     

    

 

		(C)	Pursuant to the consent request letter dated 18 April 2020, the
Borrower and the Guarantor notified the Agent and the SACE Agent of the wish to benefit from the Temporary Measures in relation
to certain loan agreements listed therein, including the Facility Agreement, and requested, amongst other things, the deferral
of repayments of principal under the Facility Agreement for a period of one year from 1 April 2020 to 31 March 2021 (the “Borrower
Request”). 

 

		(D)	On 25 May 2020, the Agent (for and on behalf of the Lenders)
provided its consent to part of the Borrower Request in accordance with and subject to certain conditions as set out in the 2020
Amendment Agreement.

 

		(E)	Due to the continued impacts of the Covid-19 pandemic on the cruise sector and cruise operators,
SACE confirmed on 31 December 2020 its availability to evaluate an extension of the Temporary Measures
(the “Extended Temporary Measures”), again subject to certain principles dated 26 November 2020 for cruise lines
offered by SACE (as further defined below and together with the Original Principles, the “Principles”). 

 

		(F)	Pursuant to the consent request letter dated 3 December 2020, the
Borrower and the Guarantor notified the Agent and the SACE Agent of the wish to benefit from the Extended Temporary Measures in
relation to certain loan agreements listed therein, including the Facility Agreement, and requested, amongst other things, the
deferral of repayments of principal under the Facility Agreement for a further period of one year from 1 April 2021 to 31 March
2022 (the “Second Borrower Request”). 

 

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

 

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

 

Operative
Provisions

 

		1	Definitions and Interpretation

 

		1.1	Definitions

 

In this Agreement:

 

“2020
Amendment Agreement” means the amendment to the Facility Agreement dated 4 June 2020 between, amongst others, the Borrower,
the Agent and the SACE Agent.

 

“2021
Deferral Fee Letters” means any letter between the Agent or the SACE Agent and any Obligor which sets out the fees payable
in connection with the arrangements contemplated by this Agreement.

 

“2021
Deferral Period” means the period from 1 April 2021 to 31 March 2022.

 

    2 

     

    

 

“2021
Deferral Tranche” means the part of the Loan made or to be made available (or deemed made or to be deemed to be made
available) to the Borrower to repay the aggregate of the 2021 Deferred Repayment Instalments, including, for the avoidance of doubt,
the repayment instalments due pursuant to paragraph (a) of clause 5.5 (Repayment of Deferral Tranches) of the Amended and
Restated Facility Agreement. 

 

“2021
Deferred Repayment Instalments” means the repayment instalments in principal due during the 2021 Deferral Period.

 

“2021
Finance Documents” means this Agreement, each Supplemental Security Document and each 2021 Deferral Fee Letter.

 

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

 

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

 

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

 

“Facility
Agreement” means the facility agreement dated 18 July 2008 and made between, amongst others, (i) the Borrower, (ii) the
Lenders, (iii) the Mandated Lead Arrangers and (iv) the Agent and the SACE Agent, and (where the context requires) as amended from
time to time, including pursuant to a supplemental agreement dated 25 October 2010, an amendment and restatement agreement dated
31 October 2014, and as further amended by the 2020 Amendment Agreement.

 

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

 

“New
Mortgage Addendum” means the addendum to the Mortgage in the agreed form.

 

“Obligors”
means the Borrower, the Guarantor, the Holding, the Charterer and the Shareholder.

 

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

 

“Party”
means a party to this Agreement.

 

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

 

    3 

     

    

 

“Second
Supplemental Tripartite General Assignment” means a third priority assignment, supplemental to the Tripartite General
Assignment (as referred to in the 2020 Amendment Agreement), dated on or about the date of this Agreement.

 

“Supplemental
Security Document” means each of:

 

		(a)	the Second Supplemental Tripartite General Assignment; and

 

		(b)	the New Mortgage Addendum.

 

		1.2	Defined expressions

 

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

 

		1.3	Application of construction and interpretation provisions of Facility Agreement

 

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

 

		1.4	Agreed forms of new, and supplements to, Finance Documents

 

References in Clause 1.1 (Definitions)
to any new or supplement to a Finance Document being in “agreed form” are to that Finance Document:

 

		(a)	in a form attached to a certificate dated the same date as this Agreement (and signed by the Borrower
and the Agent); or

 

		(b)	in any other form agreed in writing between the Borrower and the Agent acting with the authorisation
of the Majority Lenders or, where applicable, all the Lenders.

 

		1.5	Designation as a Finance Document

 

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

 

		1.6	Third party rights

 

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

 

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

 

		(c)	For the avoidance of doubt and in accordance with clause 33.4 (Third party rights) of the
Facility Agreement, nothing in this Clause 1.6 (Third party rights) shall limit or prejudice the exercise by SACE of its
rights under this Agreement or the Finance Documents in the event that such rights are subrogated or assigned to it pursuant to
the terms of the SACE Insurance Policy.

 

    4 

     

    

 

		2	Conditions Precedent and Conditions Subsequent

 

		2.1	The Effective Date cannot occur unless:

 

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

 

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

 

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

 

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

 

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

 

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

 

		2.4	On the Effective Date, the Borrower shall ensure that any notice of assignment in respect of Insurances
under the Second Supplemental Tripartite General Assignment is given to the relevant broker or insurer and that it obtains a letter
of undertaking from each relevant broker that it has endorsed the notice of assignment on each policy.

 

		3	Representations

 

		3.1	Facility Agreement representations

 

On the date of this Agreement
and on the Effective Date, each Obligor that is a party to the Facility Agreement makes each of the representations and warranties
as set out in clause 12 (Representations and warranties) of the Facility Agreement, as amended and restated by this Agreement
and updated with appropriate modifications to refer to this Agreement and (where relevant) the Amended and Restated Facility Agreement,
the Amended and Restated Guarantee and the New Mortgage Addendum, by reference to the circumstances then existing.

 

    5 

     

    

 

		3.2	Finance Document representations

 

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

 

		4	Acknowledgment and Acceptance of the Principles

 

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

 

		5	Amendment and Restatement of Facility Agreement and other Finance Documents

 

		5.1	Specific amendments to the Facility Agreement

 

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

 

		5.2	Specific amendments to the Guarantee

 

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

 

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

 

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

 

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

 

		5.3	Security Confirmation

 

Without prejudice to the provisions
of any Supplemental Security Document, on the Effective Date, each Obligor confirms that:

 

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

 

    6 

     

    

 

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

 

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

 

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

 

		5.4	Finance Documents to remain in full force and effect

 

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

 

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

 

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

 

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

 

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

 

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

 

		6	Further Assurance

 

Clause 13.19 (further assurance)
of the Facility Agreement, as amended and restated by this Agreement, applies to this Agreement as if it were expressly incorporated
in it with any necessary modifications.

 

		7	Costs, Expenses and Fees

 

		(a)	Clause 11.6 (Transaction Costs) of the Facility Agreement, as amended and restated by this
Agreement, applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.

 

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

 

		(c)	The Borrower shall, no later than the earlier of (i) 30 days from the date of issuance of the addendum
to the SACE Insurance Policy in form and substance acceptable to the Lenders and (ii) the first advance under the 2021 Deferral
Tranche, pay to SACE the additional SACE Premium amounting to $[*] in relation to the 2021 Deferral Tranche.

 

    7 

     

    

 

		8	Notices

 

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

 

		9	Counterparts

 

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

 

		10	Signing Electronically

 

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

 

		11	Governing Law

 

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

 

		12	Enforcement

 

		12.1	Jurisdiction

 

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

 

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

 

		12.2	Service of process

 

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

 

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

 

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

 

    8 

     

    

 

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

 

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

 

    9 

     

    

 

Marina

Amendment and Restatement Agreement

 

EXECUTION PAGES

 

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

 

     

     

    

 

Marina

Amendment and Restatement Agreement

 

	LENDERS	 	 	 
	 	 	 	 
	SIGNED by	 	)	/s/ Alexia Russell
	duly authorised	 	)	Alexia Russell
	for and on behalf of	 	)	Attorney-in-Fact
	CRÉDIT AGRICOLE CORPORATE	 	)	 
	AND INVESTMENT BANK	 	)	 
	 	 	 	 
	 	 	 	 
	SIGNED by	 	)	/s/ Oliver Baines
	duly authorised	 	)	Oliver Baines
	for and on behalf of	 	)	Attorney-in-Fact
	SOCIÉTÉ GÉNÉRALE	 	)	 
	 	 	 	 
	MANDATED LEAD ARRANGERS	 	 	 
	 	 	 	 
	SIGNED by	 	)	/s/ Alexia Russell
	duly authorised	 	)	Alexia Russell
	for and on behalf of	 	)	Attorney-in-Fact
	CRÉDIT AGRICOLE CORPORATE	 	)	 
	AND INVESTMENT BANK	 	)	 
	 	 	 	 
	SIGNED by	 	)	/s/ Oliver Baines
	duly authorised	 	)	Oliver Baines
	for and on behalf of	 	)	Attorney-in-Fact 
	SOCIÉTÉ GÉNÉRALE	 	)	 
	 	 	 	 
	AGENT	 	 	 
	 	 	 	 
	SIGNED by	 	)	/s/ Alexia Russell
	duly authorised	 	)	Alexia Russell
	for and on behalf of	 	)	Attorney-in-Fact
	CRÉDIT AGRICOLE CORPORATE AND	 	)	 
	INVESTMENT BANK	 	)	 
	 	 	 	 
	SACE AGENT	 	 	 
	 	 	 	 
	SIGNED by	 	)	/s/ Alexia Russell
	duly authorised	 	)	Alexia Russell
	for and on behalf of	 	)	Attorney-in-Fact
	CRÉDIT AGRICOLE CORPORATE AND	 	)	 
	INVESTMENT BANK	 	)	 

 

     

     

    

 

APPENDIX

 

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

 

Amendments are indicated as follows:

 

		1	additions are indicated by underlined text in blue; and

 

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

 

     

     

    

Execution
version

 

Dated
______ February 2021

 

Originally
Ddated
18 July 2008

(as
amended by a supplemental agreement dated 25 October 2010, as further amended and restated by an amendment and restatement agreement
dated 31 October 2014, as amended by a supplemental agreement dated 4 June 2020 and as further amended and restated by an amendment
and restatement agreement dated ______ February 2021)

 

as amended
and restated by an Amendment and Restatement Agreement dated                   October 2014

 

MARINA NEW BUILD, LLC

as Borrower

 

–
and –

 

THE BANKS AND FINANCIAL INSTITUTIONS

listed in Schedule 1

LISTED
IN SCHEDULE 1

as Lenders

 

–
and –

 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK 

Crédit Agricole Corporate and Investment Bank
(formeRly known as calyon)

SOCIÉTÉ GÉNÉRALE

as Mandated Lead Arrangers

 

and

 

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK

– and- 

 

Crédit
Agricole Corporate and Investment Bank

as Agent

and SACE Agent

 

with
the support of

 

SACE
S.p.A.

 

 

 

     

     

    

 

AMENDED
AND RESTATED LOANFacility
AGREEMENT

 

relating
to

the part financing of the passenger cruise ship newbuilding presently designated asm.v.
 “MARINA”

 

Hull No. [*] at
Fincantieri-Cantieri Navali Italiani S.p.A

 

     

     

    

 

INDEX

 

Index

 

	Clause	 	Page
	 	 	 
	1	INTERPRETATIONInterpretation	23
	2	FACILITYFacility	1930
	3	CONDITIONS PRECEDENT 20Conditions Precedent	31
	4	DRAWDOWNDrawdown	2537
	5	REPAYMENTRepayment	2640
	6	INTERESTInterest	2740
	7	INTEREST PERIODS 29Interest Periods	44
	8	CLAIMS OR DEFENCES MAY NOT BE OPPOSED TO THE LENDERS 29Claims or Defences may not be opposed to the Lenders	45
	9	SACE PREMIUM AND ITALIAN AUTHORITIES 29Premium and Italian Authorities	45
	10	FEESFees	3047
	11	TAXES, INCREASED COSTS, COSTS AND RELATED CHARGES 31Taxes, Increased Costs, Costs and Related Charges	48
	12	REPRESENTATIONS AND WARRANTIES 34Representations and Warranties	51
	13	UNDERTAKINGSUndertakings	3956
	14	SECURITY VALUE MAINTENANCE 50Security Value Maintenance	73
	15	[RESERVEDReserved]	5174
	16	CANCELLATION AND PREPAYMENT 51Cancellation and Prepayment	74
	17	INTEREST ON LATE PAYMENTS 52Interest on Late Payments	78
	18	EVENTS OF DEFAULT 52Events of Default	78
	19	APPLICATION OF SUMS RECEIVED 56Application of Sums Received	84
	20	INDEMNITIESIndemnities	5784
	21	ILLEGALITY, ETC Illegality, etc	586
	22	SET-OFFSet-Off	5987
	23	CHANGES TO THE LENDERS 59Changes to the Lenders	87
	24	CHANGES TO THE OBLIGORS 62Changes to the Obligors	91
	25	ROLE OF THE AGENT AND THE MANDATED LEAD ARRANGERS 62Role of the Agent and the Mandated Lead Arrangers	91
	26	CONDUCT
    OF BUSINESS BY THEConduct of Business by
    the cCreditor PARTIES Parties	967
	27	SHARING AMONG THESharing among the Creditor PARTIESParties	697
	28	PAYMENT MECHANICS Payment Mechanics	698
	29	GOVERNING LAW Governing Law	7100
	30	ENFORCEMENTEnforcement	7100
	31	SCHEDULESSchedules	7100
	32	NOTICESNotices	7100
	33	SUPPLEMENTALSupplemental	7102
	34	Confidentiality of Funding Rates and Reference Bank Quotations	103

 

	Schedules	 
	 	 
	Schedule 1 Lenders and Commitments	106
	Schedule 2 Form of Drawdown Notice	107
	Schedule 3 Documents to be produced by the Builder to the Agent on Delivery	108
	Schedule 4 Deferred Repayment Schedule	109
	 	 
	Execution	 
	 	 
	Execution Pages	110

     

     

    

 

THIS AGREEMENT is originally
made on 18 July 2008 (as previously
amended by a supplemental agreement dated 25 October 2010, as further amended and restated by thean
Aamendment
and Rrestatement
Aagreement
ondated 31
October 2014, as further amended by a supplemental agreement dated 4
June 2020 and as further amended and restated by an amendment and restatement agreement dated ______ February 2021)

 

BETWEENParties

 

		(1)	MARINA NEW BUILD, LLC, a limited liability company formed in the Marshall Islands whose
registered office is at c/o The Trust Company of the Marshall Islands Inc., Trust Company Complex, Ajeltake Island, Ajeltake Road,
Majuro MH 96960, Republic of the Marshall Islands (the ““Borrower””);

 

		(2)	THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule
1, as Schedule 1 (Lenders and Commitments), as
lenders (the “Lenders;”)

 

		(3)	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK (formerly
known as Calyon) and SOCIÉTÉ GÉNÉRALE as mandated
lead arrangers (the “Mandated Lead Arrangers; and”)

 

		(4)	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK (formerly
known as Calyon), as Agent, acting through its
office at 12 Place des États-Unis, CS 70052, 92547, Montrouge Cedex, France, as agent (the “Agent”)
and SACE Agent. (the
 “SACE Agent”)

 

BACKGROUND

Background

 

		(A)	By a Master (Shipbuilding Contracts and Options) Agreement dated 14 May 2008 (the ““Master
Agreement””)
entered into between (inter alia) Fincantieri - Cantieri Navali Italiani SpA, a company incorporated in Italy with registered office
in Trieste, via Genova, 1, and having fiscal code 00397130584 (the ““Builder””),
Prestige Cruise Holdings Inc., Oceania Cruises, Inc. and, by way of endorsement, the Borrower providing for an original shipbuilding
contract dated 13 June 2007 (the ““Original
Shipbuilding Contract””)
between the Borrower and the Builder to be novated and modified in the form and on the terms set out in the Master Agreement (the
Original Shipbuilding Contract as novated and modified by the Master Agreement being hereinafter referred to as the ““Shipbuilding
Contract””),
the Builder has agreed to design, construct and deliver, and the Borrower has
agreed to purchase, a passenger cruise ship currently having”Marina”
(ex. hHull
number [*] as more particularly described in the Shipbuilding Contract (the “Ship”)
to be delivered on 30 September 2010 subject to any adjustments of such delivery date in accordance with the Shipbuilding Contract.),
which was delivered to the Borrower on 19 January 2011.

 

		(B)	The total price payable by the Borrower to the Builder under the Shipbuilding Contract is EUR 409,095,000.00
(the ““Initial
Contract Price””)
payablewhich has been
paid on the following terms:

 

		(i)	as to [*]%, by an initial payment which was made on the date when the Original Shipbuilding Contract
entered into full effect pursuant to Article 33 of the Original Shipbuilding Contract and, as to the balance, upon signature of
the Master Agreement;

 

		(ii)	as to [*]% on the later of the start of steel cutting and 30 October 2008;

 

		(iii)	as to [*]% on the later of keel laying and 1 April 2009;

 

    2 

     

    

 

		(iv)	as to [*]% on the later of float out and 26 February 2010; and

 

		(v)	as to [*]% on delivery of the Ship.

 

		(C)	The agreement was that the
Initial Contract Price may be (i) increased or decreased from time to time under Article 24 of the Shipbuilding Contract in the
event that the Borrower requests, and the Builder agrees, modifications to the specification or plans constituting a part of the
Shipbuilding Contract or in the event that, subsequent to the date of the Shipbuilding Contract, variations are made to its provisions
compliance with which is compulsory, the net cost of all such variations being payable on the Delivery Date (the ““Change
Orders””);
and (ii) decreased at delivery of the Ship under Articles 13, 14, 16 and 17 of the Shipbuilding Contract (in aggregate the ““Liquidated
Damages””)
or by mutual agreement between the parties (the Initial Contract Price adjusted as aforesaid being the ““Final
Contract Price””).

 

		(D)	By a loanfacility
agreement dated 18 July 2008 (as amended by a supplemental agreement dated 25 October 2010 and as otherwise
amended from time to timefurther amended and restated
by an amendment and restatement agreement dated 31 October 2014) (the “Original Facility Agreement”)
entered into between (i) the Borrower, (ii) the Lenders, (iii) the Mandated Lead Arrangers and (iv) the Agent and the SACE Agent,
the Lenders have agreed to make available to the Borrower a Dollar
loan facility of originally the Dollar Equivalent of
up to EUR 349,520,718.00 for the purpose for the purpose of assisting the Borrower in financing, subject to exchange
rate fluctuations, up to 80% of the Final Contract Price and 100% of the instalment of the relevant SACE Premium which was paid
on the Drawdown Date.

 

		(E)	By the Aamendment
and Rrestatement
agreement dated 31 October 2014 (the “2014 Amending and Restating
Agreement”), the parties thereto agreed to, among
other things, (1) the Guarantor replacing the Prior Guarantors as a guarantor of the obligations of the Borrower under thisthe
Original Facility Agreement and (2) the amending and restating of thisthe
Original Facility Agreement pursuant to the terms set forth hereinin
the 2014 Amending and Restating Agreement.

 

IT IS AGREED
as follows:

 

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

 

		(G)	Pursuant to the consent request letter dated 18 April
2020, the Borrower and the Guarantor notified the Agent and the SACE Agent of the wish to benefit from the Temporary Measures in
relation to certain loan agreements listed therein, including the Original Facility Agreement, and requested, amongst other things,
the deferral of repayments of principal under the Original Facility Agreement for a period of one year from 1 April 2020 to 31
March 2021 (the “Borrower Request”).

 

		(H)	On 25 May 2020, the Agent (for and on
behalf of the Lenders) provided its consent to part of the Borrower Request in accordance with and subject to certain conditions
as set out in an amendment to the Original Facility Agreement and to the Original Guarantee dated 4 June 2020 between, amongst
others, the Borrower, the Agent and the SACE Agent (the
 “2020 Amendment Agreement”) (the Original Facility Agreement as amended pursuant to the 2020 Amendment Agreement,
the “Facility Agreement”).

 

    3 

     

    

 

		(I)	Due to the continued impacts of the Covid-19 pandemic
on the cruise sector and cruise operators, SACE confirmed on 31 December 2020 its availability to evaluate an extension of the
Temporary Measures (the “Extended Temporary Measures”), again subject to certain principles set out in a document
titled “Debt Deferral Extension Framework for ECA-backed Export Financings” dated 26 November 2020 for cruise lines
offered by SACE (together with the Original Principles, the “Principles”).

 

		(J)	Pursuant to the consent request letter dated 3 December
2020, the Borrower and the Guarantor notified the Agent and the SACE Agent of the wish to benefit from the Extended Temporary Measures
in relation to certain loan agreements listed therein, including the Facility Agreement, and requested, amongst other things, the
deferral of repayments of principal under the Facility Agreement for a further period of one year from 1 April 2021 to 31 March
2022 (the “Second Borrower Request”).

 

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

 

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

 

Operative
Provisions

 

		1	INTERPRETATIONInterpretation

 

		1.1	Definitions.

 

Subject
to Clause 1.51.5
(General Interpretation), in this Agreement:

 

“2014
Amending and Restating Agreement” has the meaning given to the term in Recital (E).

 

“2020
Amendment Agreement” has the meaning given to the term in Recital (H).

 

“2020
Deferral Commitment” means in relation to any Lender as listed in Schedule 1 (Lenders and Commitments) to the
2020 Amendment Agreement, the amount in Dollars expressed as a percentage set opposite its name under the heading “Commitment”
and the amount of any other commitment attributable to it (including the related 2020 Deferral Tranche Premium payable to SACE)
under this Agreement in respect of the 2020 Deferral Tranche.

 

“2020
Deferral Effective Date” has the meaning given to the term Effective Date in the 2020 Amendment Agreement.

 

“2020
Deferral Fee Letters” means any letter between the Agent and any Obligor which sets out the fees payable in connection
with the arrangements contemplated by the 2020 Amendment Agreement.

 

    4 

     

    

 

“2020
Deferral Final Repayment Date” means the Repayment Date falling 3 years and six months after the 2020 Deferral Repayment
Starting Point, or, if earlier, the date on which the 2020 Deferral Tranche has been repaid or prepaid in full, as further set
out in Schedule 4 (Deferred Repayment Schedule).

 

“2020
Deferral Period” means the period from 1 April 2020 to 31 March 2021.

 

“2020
Deferral Repayment Starting Point” means the date of the first Repayment Date falling after 31 March 2021, namely 19
July 2021.

 

“2020
Deferral Tranche” means the part of the Loan made available to the Borrower to finance the aggregate of the 2020 Deferred
Repayment Instalments and the related 2020 Deferral Tranche Premium payable to SACE (amounting to [*] per cent. ([*]%) of the Total
Commitments as of 1 April 2020) in a principal amount not exceeding forty-five million, five hundred and forty-seven thousand,
nine hundred and fifty-six Dollars and sixty-eight Cents ($45,547,956.68).

 

“2020
Deferral Tranche Premium” has the meaning given to such term in paragraph (a) of Clause 9.5 (Deferral Tranches –
additional premium).

 

“2020
Deferred Repayment Instalments” means the repayment instalments due during the 2020 Deferral Period.

 

“2021
Amendment and Restatement Agreement” has the meaning given to such term in Recital (K).

 

“2021
Deferral Commitment” means in relation to any Lender as listed in Schedule 1 (Lenders and Commitments) to the
2021 Amendment and Restatement Agreement, the amount in Dollars expressed as a percentage set opposite its name under the heading
 “Commitment” and the amount of any other commitment attributable to it under this Agreement in respect of the 2021
Deferral Tranche.

 

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

 

“2021
Deferral Fee Letters” means any letter between the Agent or the SACE Agent and any Obligor which sets out the fees payable
in connection with the arrangements contemplated by the 2021 Amendment and Restatement Agreement.

 

“2021
Deferral Final Repayment Date” means the Repayment Date falling 4 years and six months after the 2021 Deferral Repayment
Starting Point, or, if earlier, the date on which the 2021 Deferral Tranche has been repaid or prepaid in full, as further set
out in Schedule 4 (Deferred Repayment Schedule).

 

“2021
Deferral Period” means the period from 1 April 2021 to 31 March 2022.

 

“2021
Deferred Repayment Instalments” means the repayment instalments due during the 2021 Deferral Period.

 

“2021
Deferral Repayment Starting Point” means the date of the first Repayment Date falling after 31 March 2022, namely 19
July 2022.

 

    5 

     

    

 

“2021
Deferral Tranche” means the part of the Loan made or to be made available to the Borrower to repay the aggregate of the
2021 Deferred Repayment Instalments, including, for the avoidance of doubt, the repayment instalments due pursuant to paragraph
(a) of Clause 5.5 (Repayment of Deferral Tranches).

 

“2021
Deferral Tranche Premium” has the meaning given to such term in paragraph (b) of Clause 9.5 (Deferral Tranches –
additional premium).

 

““Affiliate””
means, with respect to any person, any other person controlling, controlled by or under common control with, such person and for
purposes of this definition, ““control””
(including, with correlative meanings, the terms ““controlling””,
““controlled
by””
and ““under
common control with””),
as applied to any person, means the possession, directly or indirectly, of the power to vote ten per cent. (10%) or more of the
securities having voting power for the election of directors of such person, or otherwise to direct or cause the direction of the
management and policies of that person, whether through the ownership of voting securities or by contract or otherwise;.

 

“Affected
Lender” has the meaning given in Clause
6.5;

 

““Agent””
means Crédit Agricole Corporate and Investment Bank, a French ““société
anonyme””,
having a share capital of EUR 7,254,575,2717,851,636,342.00
and its registered office located at 9, Quai du Président Paul Doumer, 92920 Paris La Défense12
Place des États-Unis, CS 70052 92547, Montrouge cCedex,
France, registered under the n° Siren 304 187 701 at the Registre du Commerce et des Sociétés of Nanterre
or any successor of it appointed under Clause 24; 25
(Role of the Agent and the Mandated Lead Arrangers).

 

“Amendment
and Restatement Agreement” means the amendment and restatement agreement dated October 2014 and made between (i) the
Borrower, (ii) the Lenders, (iii) the Mandated Lead Arrangers and (iv) the Agent
and the SACE Agent;

 

““Annex
VI””
means Annex VI (Regulations for the Prevention of Air Pollution from Ships) to the International Convention for the Prevention
of Pollution from Ships 1973 (as modified in 1978 and 1997);.

 

““Approved
Flag””
means the Marshall Islands flag or such other flag as the Agent may, with the authorisation of the Majority Lenders, approve from
time to time;.

 

““Approved
Manager””
means the Borrower or any other company (whether or not a member of the Group) which the Agent may, with the authorisation of the
Majority Lenders, approve from time to time as the manager of the Ship;.

 

““Approved
Manager’’s
Undertaking””
means, in the event that the Approved Manager is a company other than the Borrower, a letter of undertaking executed by the Approved
Manager in favour of the Agent, which will include, without limitation, an agreement by the Approved Manager to subordinate its
rights against the Ship and the Borrower to the rights of the Creditor Parties under the Finance Documents, in the agreed form;.

 

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

 

““Availability
Period””
means the period commencing on the date of this Agreement 18
July 2008 and ending on:

 

    6 

     

    

 

		(a)	the earlier to occur of (i) the Delivery Date and (ii) the date falling 360 days (being the period
stipulated in Article 8.6 of the Shipbuilding Contract) after 30 September 2010 (or such later date as the Agent may, with the
authorisation of the Lenders, agree with the Borrower); or

 

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

 

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

 

“Bail-In
Legislation” means:

 

		(a)	in relation to an EEA Member Country which has implemented,
or which at any time implements, Article 55 BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation
Schedule from time to time; and

 

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

 

““Base
Rate””
means one Euro for [*] Dollars;.

 

““Builder””
has the meaning given in Recital (A);.

 

““Builder
Letter of Credit””
means a letter of credit relating solely to the Shipbuilding Contract issued in favour of the Builder by the Letter of Credit Issuer
in the form of Exhibit B or another agreed form;.

 

““Business
Day””
means a day on which banks are open in London and Paris and, in relation to any payment to be made to the Builder, Milan and, in
respect of a day on which a payment is required to be made under a Finance Document, also in New York City;.

 

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

 

““CIRR””
(Commercial Interest Reference Rate) means 5.62% per annum or any other lower CIRR rate being the fixed rate for medium and long
term export credits in Dollars applicable to the financing of the Ship according to the Organisation for Economic Co-operation
and Development rules as determined by the competent Italian Authorities;.

 

““CISADA””
means the United States Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 as it applies to non-US persons;.

 

““Code””
means the United States Internal Revenue Code of 1986.

 

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

 

    7 

     

    

 

““Compliance
Certificate””
has the meaning given to ““Compliance
Certificate””
in the Guarantee;.

 

““Contribution””
means, in relation to a Lender, the part of the Loan which is owing to that Lender;.

 

““Conversion
Rate””
means the rate determined by the Agent on the Conversion Rate Fixing Date and notified to the Borrower as being:

 

		(a)	the Base Rate; or

 

		(b)	in the event that the FOREX Contracts Weighted Average Rate is lower than the Base Rate (i.e. such
that a lower amount in Dollars is necessary to purchase Euro than is reflected by the Base Rate), the FOREX Contracts Weighted
Average Rate; or

 

		(c)	in the event that the FOREX Contracts Weighted Average Rate is higher than the Base Rate (i.e.
such that a greater amount in Dollars is necessary to purchase Euro than is reflected by the Base Rate), the lower of:

 

		(i)	the FOREX Contracts Weighted Average Rate; and

 

		(ii)	the Base Rate increased by 10% (ten per cent.);

 

““Conversion
Rate Fixing Date””
means the date falling [*] ([*]) days before the Intended Delivery Date;.

 

““Creditor
Party””
means the Agent, the SACE Agent, the Mandated Lead Arrangers or any Lender, whether as at the date of thisthe
Original Facility Agreement or at any later time;.

 

“Deferral
Commitment” means the 2020 Deferral Commitment or the 2021 Deferral Commitment and, together, “Deferral Commitments”.

 

“Deferral
Fee Letters” means any of the 2020 Deferral Fee Letters and/or the 2021 Deferral Fee Letters.

 

“Deferral
Final Repayment Date” means any of the 2020 Deferral Final Repayment Date and/or the 2021 Deferral Final Repayment Date.

 

“Deferral
Period” means the period from 1 April 2020 to 31 March 2022.

 

“Deferral
Prepayment Event” means the occurrence of any event entitling the Agent to exercise any rights granted to it pursuant
to Clause 16.4 (Breach of new covenants or the Principles), including, without limitation, the ability to cancel any part,
or demand the immediate repayment of, any Deferral Tranche and to terminate the waiver of the covenant granted pursuant to Clause
14 (Security Value Maintenance) or the waiver of the financial covenants granted pursuant to paragraphs (b) and (c) of clause
11.15 (Financial Covenants) of the Guarantee.

 

“Deferral
Tranche” means the 2020 Deferral Tranche or the 2021 Deferral Tranche.

 

    8 

     

    

 

“Deferral
Tranche Premia” has the meaning given to such term in paragraph (b) of Clause 9.5 (Deferral Tranches – additional
premium).

 

“Deferred
Costs Percentage” means:

 

		(a)	in relation to the 2020 Deferral Tranche, [*]% p.a.;
and

 

		(b)	in relation to the 2021 Deferral Tranche, [*]% p.a..

 

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

 

““Dollar
Equivalent””
means such amount in Dollars as is calculated by the Agent on the Conversion Rate Fixing Date to be the equivalent of an amount
in Euro at the Conversion Rate;.

 

““Dollars””
and ““$””
means the lawful currency for the time being of the United States of America;.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

““Effective
Date””
means the Effective Date defined in the Amendment and RestatementOriginal
Facility Agreement;.

 

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

 

		(a)	the Dollar Equivalent of EUR 418,237,911; and

 

    9 

     

    

 

		(b)	the Dollar Equivalent of the Final Contract Price

 

in each case less any Letter
of Credit Reduction;

 

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

 

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

 

““Euro””
and ““EUR””
means the single currency of the Participating Member States;.

 

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

 

““Existing
Indebtedness””
means (a) Loan Agreement, dated as of July 31, 2013, by and among Explorer New Build, LLC, as Borrower, the banks and financial
institutions party thereto, Crédit Agricole Corporate and Investment Bank, Société Générale,
KfW IPEX-Bank GmbH and HSBC Bank plc as Joint Mandated Lead Arrangers, Crédit Agricole Corporate and Investment Bank, as
Agent and as SACE Agent and Crédit Agricole Corporate and Investment Bank, as Agent and as Security Trustee (as amended
from time to time); (b) Loan Agreement, dated as of July 18, 2008, by and among Riviera New Build, LLC, as Borrower, the banks
and financial institutions party thereto, Crédit Agricole Corporate and Investment Bank (formerly Calyon) and Société
Générale, as Mandated Lead Arrangers, and Crédit Agricole Corporate and Investment Bank, as Agent and as SACE
Agent (as amended from time to time); (c) Credit Agreement, dated as of July 2, 2013, among Oceania Cruises, Inc., OCI Finance
Corp., as Borrowers, the banks and financial institutions party thereto, Deutsche Bank AG, New York Branch, as administrative agent,
as collateral agent and as mortgage trustee, Deutsche Bank Securities Inc., Barclays Bank Plc and UBS Securities LLC as co-syndication
agents, HSBC Securities (USA) Inc. and Credit Agricole Corporate and Investment Bank as co-documentation agents, Barclays Bank
Plc, UBS Securities LLC, HSBC Securities (USA) INC. and Credit Agricole Corporate and Investment Bank, as joint bookrunners, Deutsche
Bank Securities Inc., Barclays Bank Plc and Ubs Securities LLC, as joint lead arrangers; (d) Credit Agreement, dated as of August
21, 2012 and amended on February 1, 2013, among Classic Cruises, LLC, Classic Cruises II, LLC, Seven Seas Cruises S. De R.L., a
Panamanian sociedad de responsibilidad limitada, SSC Finance Corp., as Borrowers, Deutsche Bank Ag, New York Branch, as Administrative
Agent and as Collateral Agent, and each lender from time to time party thereto; (e) $225,000,000 of 9.125% Senior Secured Notes
due 2019 and issued under that certain indenture dated as of May 19, 2011, by and among Seven Seas Cruises S. de R.L., as issuer;
Celtic Pacific (UK) Two Limited; Supplystill Limited; Prestige Cruise Services (Europe) Limited (f/k/a Regent Seven Seas Cruises
UK Limited); Celtic Pacific (UK) Limited; SSC (France) LLC; Mariner, LLC, each of the foregoing (other than the Issuer) as subsidiary
guarantors; Wilmington Trust, National Association (successor by merger to Wilmington Trust FSB), as Trustee and Collateral Agent
and any secured hedges in connection with the foregoing; (f) Financial Indebtedness referred to in the financial statements of
the Guarantor delivered to the Agent prior to the Effective Date; (g) Credit Agreement, dated as of 14 July 2014, by and among
Seahawk Two, Ltd., as borrower, NCL Corporation Ltd., as guarantor, the lenders party thereto, KFW IPEX-Bank GmbH as Hermes agent
and KFW IPEX-Bank GmbH as facility agent, as collateral agent and as CIRR agent (as amended from time to time); and (h) Credit
Agreement, dated as of 14 July 2014, by and among Seahawk One, Ltd., as borrower, NCL Corporation Ltd., as guarantor, the lenders
party thereto, KFW IPEX-Bank GmbH as Hermes agent and KFW IPEX-Bank GmbH as facility agent, as collateral agent and as CIRR agent
(as amended from time to time).

 

    10 

     

    

 

““External
Management Agreement””
means, in the event that the Approved Manager is not a member of the Group, the management agreement entered or to be entered into
between the Borrower and the Approved Manager with respect to the Ship;.

 

““External
Management Agreement Assignment””
means an assignment of the rights of the Borrower under the External Management Agreement (if any) executed or to be executed by
the Borrower in favour of the Agent, the SACE Agent and the Lenders in the agreed form;.

 

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

 

“FATCA”
means:

 

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

 

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

 

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

 

“FATCA
Application Date” means:

 

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

 

		(b)	in relation to a “withholdable payment” described in section 1473(1)(A)(ii) of the
Code (which relates to “gross proceeds” from the disposition of property of a type that can produce interest from sources
within the US), 1 January 2017; or

 

		(c)	in relation to a “passthru payment” described in section
1471(d)(7) of the Code not falling within paragraphs  (a) (a)
or (b) (b)
above, 1 January 2017,

 

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

 

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

 

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

 

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

 

    11 

     

    

 

““Finance
Documents””
means:

 

		(a)	the 2020 Amendment Agreement;

 

		(b)	the 2021 Amendment and Restatement Agreement;

 

		(c)	the Deferral Fee Letters;

 

		(d)	(a) this Agreement;

 

		(e)	(b) the GuaranteeApproved
Manager’s Undertaking;

 

(c)
the General Assignment;

 

(d)
the Letter of Credit;

 

		(f)	(e) any External Management
Agreement Assignment;

 

		(g)	the Guarantee;

 

		(h)	the Letter of Credit;

 

		(i)	(f) the Mortgage;

 

		(j)	(g) the Post-Delivery
AssignmentMortgage Addenda;

 

		(k)	(h) the Limited Liability
Company Interests Security Deed;

 

		(l)	the Post-Delivery Assignment;

 

		(m)	the SACE Reimbursement Agreement;

 

		(n)	the Supplemental Security Documents;

 

		(o)	(i) any Time Charter
Assignment;

 

		(p)	(j) the Approved Manager’s Undertakingany
Transfer Certificate;

 

		(q)	(k) the  SACE
Reimbursement AgreementTripartite General Assignment;
and

 

		(r)	(l) any other document
(whether creating a Security Interest or not) which is designated as a Finance Document by agreement between the Borrower and the
Agent or which is executed at any time by the Borrower or any other person as security for, or to establish any form of subordination
or priorities arrangement in relation to, any amount payable to the Lenders under this Agreement or any of the other documents
referred to in this definition;.

 

“Final
Contract Price” has the meaning given in Recital (C);

 

““Financial
Indebtedness””
means, in relation to a person (the ““debtor””),
a liability of the debtor:

 

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

 

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

 

    12 

     

    

 

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

 

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

 

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

 

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

 

““Fixed
Interest Rate””
means CIRR;.

 

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

 

		(a)	the Margin; and

 

		(b)	LIBOR for the relevant period.

 

““FOREX
Contracts””
means each actual purchase contract, spot or forward contract and any other contract, such as an option or collar arrangement,
which is entered into in the foreign exchange markets for the acquisition of Euro intended to pay the delivery instalment under
the Shipbuilding Contract, which:-

 

		(a)	(i) matures not later
than the Intended Delivery Date, provided that option arrangements may mature up to one month after such date if at the time they
are entered into there exists a reasonable uncertainty as to the date on which the Ship will be delivered;

 

		(b)	(ii) is entered into
by the Borrower or either Prior Guarantor (or, prior to the Effective Date, the Prior Guarantors) or a combination of the foregoing
not later than two (2) days before the Conversion Rate Fixing Date so that the Borrower, directly or through a Prior Guarantor,
purchases or may purchase Euro with Dollars at a pre-agreed rate; and

 

		(c)	(iii) is notified to
the Agent within ten (10) days of its execution but in any event no later than the day preceding the Conversion Rate Fixing Date,
with a Certified Copy of each such contract being delivered to the Agent at such time;

 

““FOREX
Contracts Weighted Average Rate””
means the rate determined by the Agent at around 12 noon (Paris time) on the Conversion Rate Fixing Date in accordance with the
following principles which (inter alia) are intended to take into account any maturity mismatch between the maturity of the FOREX
Contracts and the Intended Delivery Date as well as FOREX Contracts that are unwound as part of the hedging strategy of the Borrower:

 

		(a)	(i) FOREX Contracts
that are spot or forward foreign exchange contracts, if any, shall be valued at the contract value (taking into account any rescheduling);

 

    13 

     

    

 

		(b)	(ii) the difference
between the Euro amount available under (ia)
above and the Euro amount balance payable to the Builder on the Delivery Date is assumed to be purchased at the official daily
fixing rate of the European Central Bank for the purchase of Euro with Dollars as displayed on ““Reuters
Page ECB 37””
at or around 2 p.m. (Paris time) on the Conversion Rate Fixing Date;

 

		(c)	(iii) any FOREX Contract
which is an option or collar arrangement and is not unwound at the Conversion Rate Fixing Date will be marked to market and the
resulting profit or loss shall reduce or increase the Dollar countervalue of the purchased Euro;

 

		(d)	(iv) any FOREX Contract
which is an option or collar arrangement and is sold or purchased back at the time FOREX Contract(s) are entered into for an identical
Euro amount shall be accounted for the net premium cost or profit, as the case may be.

 

Any
marked to market valuation, as required in (iii), shall be performed by Calyon’s
Crédit Agricole Corporate and Investment Bank’s
dedicated desk in accordance with market practices. The Borrower shall have the right to request indicative
valuations from time to time prior to the Conversion Rate Fixing Date.

 

“Funding
Rate” means any individual rate notified by a Lender to the Agent pursuant to sub-paragraph (i) of paragraph (e) of Clause
6.10 (Cost of funds).

 

““GAAP””
means generally accepted accounting principles in the United States of America consistently applied (or, if not consistently applied,
accompanied by details of the inconsistencies) including, without limitation, those set forth in the opinion and pronouncements
of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements
of the Financial Accounting Standards Board;.

 

“General
Assignment” means a general assignment of the Earnings, the Insurances and any Requisition Compensation,
executed by the Borrower and, in the event that the Approved Manager is not a member of the Group and is named as a co-assured
in the Insurances, the Approved Manager in favour of the Agent, the SACE Agent and the Lenders;

 

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

 

““Group””
means the Guarantor and its subsidiaries;.

 

“Guarantee”
means a guarantee issued on or before the Effective Date by the Guarantor in
favour of the Agent, the SACE Agent and the Lenders in the agreed form; 

 

“Guarantee”
means the Original Guarantee, as amended pursuant to the 2020 Amendment Agreement and as amended and restated pursuant to the 2021
Amendment and Restatement Agreement and as may be further amended and/or supplemented from time to time.

 

““Guarantor””
means NCL Corporation Ltd., a Bermuda company with its registered office at Cumberland House,
9th Floor, 1 Victoria StreetPark Place 55, Par-la-Ville
Road, Hamilton HM 11, Bermuda;.

 

    14 

     

    

 

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

 

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

 

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

 

“Information
Package” means:

 

		(a)	the information package in connection with the “Debt
Holiday” application in the form set out in Schedule 4 (Information Package) of the 2020 Amendment Agreement, submitted
by the Borrower (or the Guarantor on its behalf) in order to obtain the benefit of the measures provided for in the Original Principles;
and

 

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

 

““Initial
Contract Price””
has the meaning given in Recital (B);.

 

““Insurances””
means:

 

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

 

		(b)	all rights and other assets relating to, or derived from, any of the
foregoing, including any rights to a return of a premium;.

 

““Intended
Delivery Date””
means 30 September 2010 (the date on which the Ship will be ready for delivery pursuant to the Shipbuilding Contract as at the
date of thisthe Original
Facility Agreement) or any other date notified by the Borrower to the Agent in accordance with Clauses
3.5(a) or 3.7(c)paragraph (a) of Clauses 3.5 (No
later than sixty (60) days before the Intended Delivery Date) or paragraph (c) of Clause 3.7 (No later than five (5) Business
Days before the Intended Delivery Date) as being the date on which the Builder and the Borrower have agreed that
the Ship will be ready for delivery pursuant to the Shipbuilding Contract;.

 

““Interest
Make-up Agreement””
means an agreement to be entered into between SIMEST and the Agent on behalf of the Lenders, in form and substance acceptable to
the Mandated Lead Arrangers, whereby, inter alia, the return to the Lenders on the Loan made hereunder will be supplemented by
SIMEST so that it equals that which the Lenders would have received if interest were payable on the Loan at LIBOR plus the Margin;.

 

““Interest
Period””
means a period determined in accordance with Clause 7;7
(Interest Periods).

 

    15 

     

    

 

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

 

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

 

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

 

each
as of the Specified Time for Dollars.

 

““ISM
Code””
means the International Safety Management Code (including the guidelines on its implementation), adopted by the International Maritime
Organisation Assembly as Resolutions A.741 (18) and A.788 (19), as the same may be amended or supplemented from time to time (and
the terms ““safety
management system””,
““Safety
Management Certificate””
and ““Document
of Compliance””
have the same meanings as are given to them in the ISM Code);.

 

““ISPS
Code””
means the International Ship and Port Facility Security Code adopted by the International Maritime Organisation;.

 

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

 

““Lender””
means a bank or financial institution listed in Schedule 1 Schedule
1 (Lenders and Commitments) and acting through its Facility Office or its transferee, successor or assign;.

 

““Letter
of Credit””
means a letter of credit issued by the Letter of Credit Issuer in favour of the Agent and released on 16 May 2014;.

 

““Letter
of Credit Amount””
means the face amount of the Letter of Credit;.

 

““Letter
of Credit Issue Date””
means the date falling fifteen (15) Business Days prior to the Intended Delivery Date;.

 

““Letter
of Credit Issuer””
means Lehman Brothers Bank, Federal Savings Bank, a company incorporated in Delaware or any other financial institution acceptable
to the Agent;.

 

““Letter
of Credit Reduction””
means USD50,000,000 less the aggregate of:

 

		(a)	(a) the Letter of
Credit Amount; and

 

		(b)	(b) the cumulative
amount of all drawings in respect of the Builder Letter of Credit on or prior to the earlier of:

 

		(i)	the date of issue of the Letter of Credit; and

 

		(ii)	the Letter of Credit Issue Date;

 

    16 

     

    

 

“LIBOR”
means, in relation to a particular period, the
rate determined by the Agent to be that at which deposits of Dollars in amounts comparable with the amount for which LIBOR
is to be determined and for a period equivalent to such period are being offered in the London
interbank eurocurrency market at or about 11 a.m. (London time) on the Quotation Date for such period as displayed on the “Reuters
Page LIBOR 01” on Reuter Monitor Money Rates Service (or such other page as may replace such “Reuters Page LIBOR 01”
on such system or on any other system of the information vendor for the time being designated by the British Bankers’ Association
to calculate the BBA Interest Settlement Rate (as defined in the British Bankers’ Association’s Recommended Terms and
Conditions (“BBAIRS Terms”) dated August, 1985)), Provided that if on such date no such rate is so displayed,
LIBOR for such period shall be the rate quoted to the Agent by the Lenders at the request of the Agent as the Lenders’ offered
rate for deposits of Dollars in an amount approximately equal to the amount in relation to which LIBOR is to be determined for
a period equivalent to such period to prime banks in the London interbank eurocurrency market at or about 11 a.m. (London time)
on the Quotation Date for such period;

 

““Limited
Liability Company Interests Security Deed””
means a security pledge in relation to the limited liability company interests of the Borrower executed or to be executed by Oceania
Cruises in favour of the Agent, the SACE Agent and the Lenders in the agreed form;.

 

“Loan”
means the principal amount for the time being outstanding under this Agreement;

 

“LIBOR”
means, in relation to the Loan or any part of the Loan:

 

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

 

		(b)	as otherwise determined pursuant to Clause 6.7 (Unavailability
of Screen Rate),

 

and
if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero.

 

“Loan”
means the loan made or to be made available under this Agreement (including under the Deferral Tranches) or the principal amount
outstanding for the time being of that loan.

 

““Majority
Lenders””
means:

 

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

 

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

 

““Margin””
means zero point fifty five percent. (0.55%)per
cent. per annum (0.55% p.a.), save for the 2021 Deferral Tranche in respect of which it shall mean zero point seventy five per
cent. per annum; (0.75%
p.a.).

 

““Maritime
Registry””
means the maritime registry which the Borrower will specify to the Lenders no later than three (3) months before the Intended Delivery
Date, being that of the Marshall Islands or such other registry as the Agent may, with the authorisation of the Majority Lenders,
approve;.

 

““Maximum
Loan Amount””
means the aggregate of:

 

		(a)	the Dollar Equivalent of Euro 334,590,328.80; and

 

		(b)	100% of the sSecond
iInstalment
of the SACE Premium payable on the original Drawdown
Date, 

 

    17 

     

    

 

“Mortgage”
means the first priority mortgage on the Ship acceptable for registration on the Approved Flag and, if applicable, deed of covenant,
executed or to be executed by the Borrower in favour of the
Agent, the SACE Agent and the Lenders in the agreed form;

 

“Negotiation
Period” has the meaning given in Clause 6.8;

 

with
(X) the Loan currently outstanding (including the drawn part of the 2020 Deferral Tranche) on the 2021 Deferral Effective Date
being equal to $134,837,053.59 and (Y) an amount equal to $56,031,537.60 under the 2021 Deferral Tranche being available for utilisation,
to be made (or deemed to be made) available as provided for in this Agreement.

 

“Mortgage”
means the Original Mortgage, as amended pursuant to both Mortgage Addenda and as may be further amended and/or supplemented from
time to time.

 

“Mortgage
Addenda” means:

 

		(a)	the addendum to the Original Mortgage executed pursuant
to the 2020 Amendment Agreement on 4 June 2020; and

 

		(b)	the addendum to the Original Mortgage (as amended
pursuant to the addendum described in paragraph (a) above) executed pursuant to the 2021 Amendment and Restatement Agreement on
or about the date hereof.

 

““Obligors””
means the Borrower, the Guarantor, Oceania Cruises and (in the event that the Approved Manager is a member of the Group) the Approved
Manager;.

 

““OFAC””
means the Office of Foreign Assets Control of the United States Department of the Treasury;.

 

““Oceania
Cruises””
means Oceania Cruises IncS.
de R.L., a Panamanian sociedad anonimade
responsabilidad limitada domiciled in Panama whose resident agent is Marcela Rojas
de Perez at 10 Elvira Mendez Street, Top Floorat Arifa
Building, West Boulevard, Santa Maria Business District, Panama, Republic of Panama;.

 

““Oceania
Cruises Guarantee””
means a guarantee issued as provided in Clause 3.2 3.2
(No later than the date of the Original Facility Agreement) by Oceania Cruises in favour of the Agent, the SACE
Agent and the Lenders and terminated on the Effective Date;.

 

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

 

“Original
Guarantee” means the guarantee originally dated 31 October 2014 granted by
the Guarantor in favour of, among others, the Agent.

 

“Original
Mortgage” means the first preferred Marshall Islands mortgage on the Ship executed
by the Borrower in favour of, among others, the Agent dated
19 January 2011.

 

“Original
Principles” has the meaning given in Recital (F).

 

““Other
Loan Agreement””
means the loan agreement dated on the date of the Loan Agreement between Riviera
New Build, LLC and the parties to this Agreement (other than the Borrower) and(as
previously amended by a supplemental agreement dated 25 October 2010, as previously supplemented by a side letter dated 29 March
2012, as amended and restated on or aroundby
an amendment and restatement agreement dated 31 October 2014, as further amended by a framework agreement dated 31 January 2018,
as further amended by a supplemental agreement dated 4 June 2020 and as further amended and restated by an amendment and restatement
agreement dated on or about the date of the 2021
Amendment and Restatement Agreement;).

 

    18 

     

    

 

““Other
Ship””
means the passenger cruise ship defined as the ““Ship””
in the Other Loan Agreement;.

 

“Overnight
LIBOR” means, on any date, the London interbank offered rate,
being the day to day rate at which Dollars are offered to prime banks in the London interbank market and published by the British
Bankers’ Association at or about 11.00 a.m. London time on page LIBOR01 of the Reuters
screen. If the agreed page is replaced or the service ceases to be available, the Agent may specify
another page or service displaying the appropriate rate after
consultation with the Borrower;

 

“Overnight
LIBOR” means, in relation to the Loan or any part of the Loan:

 

		(a)	on any date, the applicable day to day Screen Rate
as of the Specified Time for Dollars; or

 

		(b)	as otherwise determined pursuant to Clause 6.7 (Unavailability
of Screen Rate),

 

and
if, in either case, that rate is less than zero, Overnight LIBOR shall be deemed to be zero.

 

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

 

““Party””
means a party to this Agreement from time to time;.

 

“Permitted
Financial Indebtedness” means any Financial Indebtedness:

 

		(a)	incurred under the Finance Documents; or

 

		(b)	permitted pursuant to Clause 13.13 (Financial
Indebtedness and subordination of indebtedness).

 

““Permitted
Security Interests””
means:

 

		(a)	(A)          in the case
of the Borrower,:

 

		(i)	any of the Security Interests referred to in paragraph (a) (A)
below, and

 

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

 

    19 

     

    

 

		(b)	(B)           in the case
of the Guarantor,:

 

		(i)	any of the Security Interests referred to in paragraphs (a)(A),
(d)(D),
(f) (F)
and (g) (G)
below, and

 

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

 

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

 

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

 

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

 

		(D)	(d)           any
other Security Interest including in relation to the Existing Indebtedness over the assets of any Obligor other than the Borrower
notified by the Borrower or any of the Obligors to the Agent prior to the Effective Ddate
of this Agreement;

 

		(E)	(e)           (without
prejudice to the provisions of Clause 13.1113.13
(Financial indebtedness and subordination of indebtedness)) liens on assets leased, acquired or upgraded after
the Effective Ddate
of the Original Facility Agreement or assets newly constructed
or converted after the Effective Ddate
of the Original Facility Agreement provided that (i) such
liens secure Financial Indebtedness otherwise permitted under this Agreement, (ii) such liens are incurred at the time of such
lease, acquisition, upgrade, construction or conversion and (iii) the Financial Indebtedness secured by such liens does not exceed
the cost of such upgrade or the cost of such assets acquired or leased;

 

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

 

    20 

     

    

 

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

 

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

 

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

 

““Pertinent
Document””
means:

 

		(a)	any Finance Document;

 

		(b)	any policy or contract of insurance contemplated by or referred to in
Clause 13 13
(Undertakings) or any other provision of this Agreement or another Finance Document;

 

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

 

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

 

““Pertinent
Matter””
means:

 

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

 

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

 

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

 

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

 

““Post-Delivery
Assignment””
means an assignment of the rights of the Borrower in respect of the post-delivery guarantee liability of the Builder under Article
25 of the Shipbuilding Contract executed or to be executed by the Borrower in favour of the Agent, the SACE Agent and the Lenders
in the agreed form;.

 

““Prestige
Holdings””
means Prestige Cruise Holdings Inc. a Panamanian sociedad anonima domiciled in Panama whose resident agent is Arias, Fabrega
 & Fabrega at Plaza 2000 Building, 16th Floor, 50th Street, Panama, Republic of Panama;.

 

    21 

     

    

 

““Prestige
Holdings Guarantee””
means a guarantee issued as provided in Clause 3.2 3.2
by Prestige Holdings in favour of the Agent, the SACE Agent and the Lenders and terminated on the Effective Date;.

 

“Principles”
has the meaning given in Recital (I).

 

““Prior
Guarantees””
means the Oceania Cruises Guarantee and the Prestige Holdings Guarantee;.

 

““Prior
Guarantors””
means Oceania Cruises and Prestige Holdings;.

 

“Prohibited
Payment” means:

 

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

 

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

 

““Prohibited
Person””
means any person (whether designated by name or by reason of being included in a class of persons) against whom Sanctions are directed;.

 

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

 

““Quotation
Date”Day”
means, in relation to any Interest Period (or
any other period for which an interest rate is to be determined under any provision
of a Finance Document), the day on whichtwo Business
Days before the first day of that period unless market practice differs in the Relevant Interbank Market in which case the Quotation
Day will be determined by the Agent in accordance with market practice in the Relevant Interbank Market (and if quotations
would ordinarilynormally
be given by leading banks in the LondonRelevant
Interbank Market for deposits in the currency in relation to which such rate is to be determined
for delivery on the first day of that Interest Period or other period;on
more than one day, the Quotation Day will be the last of those days).

 

“Reference
Bank Quotation” means any quotation supplied to the Agent by a Reference Bank.

 

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

 

		(a)	if:

 

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

 

		(ii)	it consists of a single figure,

 

as
the rate (applied to the relevant Reference Bank and the relevant currency and period) which contributors to the Screen Rate are
asked to submit to the relevant administrator; or

 

    22 

     

    

 

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

 

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

 

“Relevant
Interbank Market” means the London interbank market.

 

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

 

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

 

“Replacement
Benchmark” means a benchmark rate which is:

 

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

 

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

 

		(ii)	any Relevant Nominating Body,

 

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

 

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

 

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

 

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

 

“SACE”
means Servizi Assicurativi del Commercio Estero - SACE SpA;

 

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

 

“Restricted
Creditor Party” means a Creditor Party which serves a notice pursuant to paragraph (a) of Clause 1.5 (Non-applicable
provisions between the Obligors, German Lenders and any Creditor Party subject to the EU Blocking Regulation).

 

    23 

     

    

 

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

 

““SACE
Agent””
means Crédit Agricole Corporate and Investment Bank, a French ““société
anonyme””,
having a share capital of EUR 7,254,575,2717,851,636,342.00
and its registered office located at 9, Quai du Président Paul Doumer, 92920 Paris La Défense12
Place des États-Unis, CS 70052 92547, Montrouge cCedex,
France, registered under the n° Siren 304 187 701 at the Registre du Commerce et des Sociétés of Nanterre
or any successor of it appointed under Clause 25;25
(Role of the Agent and the Mandated Lead Arrangers).

 

““SACE
Insurance Policy””
means the insurance policy (as amended and supplemented from time to
time) in respect of this Agreement to be issued by SACE for the benefit
of the Lenders, in form and substance satisfactory to the Agent;.

 

““SACE
Premium””
means the amount payable by the Borrower to SACE through the Agent in twoseveral
instalments in respect of the SACE Insurance Policy as set out in Clause 9;9
(SACE Premium and Italian Authorities) including the Deferral Tranche Premia (provided, for the avoidance of doubt, that
the 2021 Deferral Tranche Premium shall not be financed).

 

“SACE
Reimbursement Agreement” means the reimbursement agreement entered into on or before the Effective Date, as the context
may require, between the Borrower, the Guarantor, the Lenders, the Agent, the SACE Agent and SACE.

 

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

 

“Sanctions”
means any sanctions, embargoes, freezing provisions, prohibitions or other restrictions relating to trading, doing business, investment,
exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing):

 

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

 

		(b)	(b)           imposed by CISADA
or OFAC; or

 

		(c)	(c)           otherwise imposed
by any law or regulation,

 

by which any Obligor is bound
or to which it is subject or, as regards a regulation, compliance with which is reasonable in the ordinary course of business of
any Obligor.

 

“Screen
Rate” means the London interbank offered rate
administered by ICE Benchmark Administration Limited (or
any other person which takes over the administration of that rate) for Dollars for the relevant period displayed (before any correction,
recalculation or republication by the administrator) on
page LIBOR01 of the Thomson Reuters screen (or any replacement
Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that
rate from time to time in place of Thomson Reuters. If such page or service ceases
to be available, the Agent may specify another page or service displaying the relevant
rate after consultation with the Borrower.

 

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

 

“Screen
Rate Replacement Event” means, in relation to
a Screen Rate:

 

    24 

     

    

 

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

 

		(b)	   

 

		(i)	          

 

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

 

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

 

		(ii)	provided that, in each case, at that time, there
is no successor administrator to continue to provide that Screen Rate;

 

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

 

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

 

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

 

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

 

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

 

		(ii)	that Screen Rate is calculated in accordance with
any such policy or arrangement for a period no less than the Screen Rate Contingency Period; or

 

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

 

“Second
Supplemental Tripartite General Assignment” means second priority assignment, supplemental to the Tripartite General
Assignment, as previously supplemented by the Supplemental Tripartite General Assignment, dated on or about the date of the 2021
Amendment and Restatement Agreement and made between the parties to the Tripartite General Assignment.

 

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

 

    25 

     

    

 

““Security
Interest””
means:

 

		(a)	a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien or any other
security interest of any kind;

 

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

 

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

 

““Security
Period””
means the period commencing on the date of thisthe
Original Facility Agreement and ending on the date on which:

 

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

 

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

 

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

 

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

 

““Security
Requirement” means the amount in Dollars (as certified
by the Agent whose certificate shall, in the absence of manifest error, be conclusive and binding on the Borrower and the Agent)
which is at any relevant time one hundred per cent (100%) of the Loan;.

 

““Security
Value””
means the amount in Dollars (as certified by the Agent whose certificate shall, in the absence of manifest error, be conclusive
and binding on the Borrower and the Agent) which, at any relevant time, is the aggregate of (i) the market value of the Ship as
most recently determined in accordance with Clause 13.1813.18
(Trading with the United States of America); and (ii) the market value of any additional security for the time
being actually provided to the Agent pursuant to Clause 14;14
(Security Value Maintenance).

 

““Ship””
means the passenger cruise ship currently designated with Hull No. [*] (as more particularly
described in the Shipbuilding Contract) to be constructed under the Shipbuilding Contract and to be delivered to, and
purchased by, the Borrower and registered in its name under an Approved Flag with the name
 “MARINA”;”Marina”
(ex. Hull number [*]) in the registered ownership of the Borrower under the Marshall Islands maritime registry (official no.
3668).

 

    26 

     

    

 

““Shipbuilding
Contract””
has the meaning given in Recital (A);(A).

 

““SIMEST””
means Società Italiana per Le Imprese all’’Estero
- SIMEST Spa, which grants export subsidies in Italy under and according to the Italian Legislative Decree n. 143/98 and its amendments;.

 

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

 

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

 

		(b)	in relation to a Reference Bank Rate calculated by
reference to the available quotations in accordance with Clause 6.8 (Calculation of Reference Bank Rate), noon on the Quotation
Day.

 

“Supplemental
Security Document” means each of:

 

		(a)	the Supplemental Tripartite General Assignment;

 

		(b)	the Second Supplemental Tripartite General Assignment;
and

 

		(c)	the Mortgage Addenda.

 

“Supplemental
Tripartite General Assignment” means a second priority assignment, supplemental to the Tripartite General Assignment,
dated 4 June 2020 and made between the parties to the Tripartite General Assignment.

 

““Taxes””
means all present and future income and other taxes, levies, imposts, deductions, compulsory liens and withholdings whatsoever
together with interest thereon and penalties with respect thereto, if any, and any payments made on or in respect thereof and ““Taxation””
shall be construed accordingly;.

 

““Time
Charter Assignment””
means a deed creating security in respect of a time or consecutive voyage charter in respect of the Ship (including any guarantee
in respect of the obligations of the charterer under the charter) executed by the Borrower in favour of the Agent, the SACE Agent
and the Lenders pursuant to Clause 13.14; (Pooling
of earnings and charters).

 

““Total
Loss””
means:

 

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

 

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

 

    27 

     

    

 

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

 

““Total
Loss Date””
means:

 

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

 

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

 

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

 

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

 

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

 

““Transaction
Documents””
means the Finance Documents and the Underlying Documents;.

 

“Tripartite
General Assignment” means the tripartite general assignment dated 19 January 2011 and entered into between the
Borrower, Oceania Cruises, the Lenders and the Agent, as supplemented (where the context requires) by the Supplemental General
Assignment and the Second Supplemental General Assignment.

 

““Underlying
Documents””
means the Shipbuilding Contract, any External Management Agreement and any charter and associated guarantee in respect of which
a Time Charter Assignment is, or by the terms of this Agreement is required to be, executed;.

 

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

 

“Write-down
and Conversion Powers” means:

 

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

 

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

 

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

 

    28 

     

    

 

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

 

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

 

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

 

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

 

		1.2	Construction of certain terms.
In this Agreement:

 

In
this Agreement:

 

““approved””
means, for the purposes of Clause 13.2013.20
(Valuation of the Ship), approved in writing by the Agent;

 

““asset””
includes every kind of property, asset, interest or right, including any present, future or contingent right to any revenues or
other payment;

 

““company””
includes any partnership, joint venture and unincorporated association;

 

““consent””
includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration, notarisation and legalisation;

 

““contingent
liability””
means a liability which is not certain to arise and/or the amount of which remains unascertained;

 

““date
of this Agreement””
means 18 July______
February 200821;

 

““document””
includes a deed; also a letter, fax or telex or
electronic mail;

 

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

 

““expense””
means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable value added or other
tax;

 

    29 

     

    

 

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

 

““legal
or administrative action””
means any legal proceeding or arbitration and any administrative or regulatory action or investigation;

 

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

 

““months””
shall be construed in accordance with Clause 1.31.3
(Meaning of “month”);

 

““obligatory
insurances””
means all insurances effected, or which the Borrower is obliged to effect, under Clause 13.20
13.20 (Valuation of Ship) or any other
provision of this Agreement or another Finance Document;

 

““parent
company””
has the meaning given in Clause 1.41.4
(Meaning of “subsidiary”);

 

““person””
includes any company; any state, political sub-division of a state and local or municipal authority; and any international organisation;

 

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

 

““protection
and indemnity risks””
means the usual risks covered by a protection and indemnity association managed in London, including pollution risks and the proportion
(if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery
policies by reason of the incorporation in them of Clause 1 of the Institute Time Clauses (Hulls)(1/10/83) or Clause 8 of the Institute
Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision;

 

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

 

““subsidiary””
has the meaning given in Clause 1.41.4
(Meaning of “subsidiary”);

 

““tax””
includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any political sub-division
of a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected
penalty, interest or fine; and

 

““war
risks””
includes the risk of mines and all risks excluded by Clause 23 of the Institute Time Clauses (Hulls)(1/10/83) or Clause 24 of the
Institute Time Clauses (Hulls) (1/11/1995).

 

		1.3	Meaning of ““month”.”

 

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

 

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

 

    30 

     

    

 

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

 

and
““month””
and ““monthly””
shall be construed accordingly.

 

		1.4	Meaning of ““subsidiary”.”

 

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

 

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

 

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

 

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

 

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

 

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

 

		1.5	Non-applicable provisions between the Obligors, German
Lenders and any Creditor Party subject to the EU Blocking Regulation.

 

		(a)	A Creditor Party that is incorporated in the Federal
Republic of Germany or is otherwise subject to the EU Blocking Regulation may notify the Agent in writing that it elects that any
provisions with respect to Sanctions, including, without limitation, the undertakings and covenants given under paragraph (d) of
Clause 13.2 (Information), Clause 13.3 (Illicit Payments), Clause 13.4 (Prohibited Payments), Clause 13.28
(Compliance with laws etc.) or provisions contained in Clause 20.3 (Miscellaneous indemnities) or Clause 21.1 (Illegality)
and the representations and warranties given under paragraphs (p), (q), (r) and (s) of Clause 12.2 (Continuing representations
and warranties) respectively (the “Sanctions Provisions”) shall only enure to the benefit of, and be applicable
to, that Creditor Party to the extent that such provisions would not result in: (i) any violation of, conflict with or liability
under the EU Blocking Regulation; or (ii) in the case of a Creditor Party that is incorporated in the Federal Republic of
Germany only, a violation or conflict with the German Blocking Provisions.

 

		(b)	If a Creditor Party elects to be a Restricted
Creditor Party, in respect of any proposed requirement to comply, enforcement, waiver, non-waiver, consent, variation or amendment
of or in relation to a Finance Document relating to any Sanctions Provision (a “Relevant Action”), the Restricted
Creditor Party shall notify the Agent in writing whether or not it shall
be deemed to be a Lender for the purposes of ascertaining
whether the agreement of any specified group of Lenders has been obtained to approve the Relevant Action and upon receipt by the
Agent of such notice such Restricted Creditor Party shall be so deemed for such purposes.

 

    31 

     

    

 

		1.6	1.5 General Interpretation.

 

In this Agreement:

 

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

 

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

 

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

 

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

 

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

 

		1.7	1.6 Headings.

 

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

 

		1.8	1.7 Effective Date

 

This
Agreement is effective from the 2021 Deferral Effective
Date.

 

		2	FACILITYFacility

 

		2.1	Amount of facility.

 

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

 

		(a)	in payment to the Builder of all or part of 80% of the Final Contract Price up to the Eligible
Amount; and

 

		(b)	in reimbursement to the Agent on behalf of the Lenders of the amount of the second instalment of
the SACE Premium payable by it to SACE on the Drawdown Date.

 

		2.2	Lenders’’
participations in Loan.

 

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

 

    32 

     

    

 

		2.3	Purpose of Loan.

 

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

 

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

 

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

 

		(c)	the second instalment of the SACE Premium payable on the Drawdown Date.;
and

 

		(d)	such purposes, relating to the 2020 Deferral Tranche
and the 2021 Deferral Tranche, as specified in accordance with the 2020 Amendment Agreement and the 2021 Amendment and Restatement
Agreement respectively.

 

		2.4	Proceedings by individual Lender requiring Majority Lender consent.

 

Except for the SACE Agent,
no Lender may commence proceedings against the Borrower or any other Obligor in connection with a Finance Document without the
prior consent of all the Lenders.

 

		2.5	Obligations of Lenders several.

 

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

 

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

 

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

 

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

 

		3	CONDITIONS PRECEDENTConditions
Precedent

 

		3.1	General.

 

The
Borrower may only draw under the Loan when the following conditions have been fulfilled to the satisfaction of the Agent and provided
no Event of Default shall have occurred and remains unremedied or is likely to occur as a consequence of the drawing of the Loan:.
This Clause 3 (Conditions Precedent) shall not apply to the 2020 Deferral Tranche or the 2021 Deferral Tranche, save for
Clause 3.10 (Deferral Tranches).

 

    33 

     

    

 

		3.2	No later than the date of thisthe
Original Facility Agreement.

 

The
Agent shall have received no later than the date of thisthe
Original Facility Agreement:

 

		(a)	an opinion from legal counsel to the Agent as to Marshall Islands law, together with the limited
liability company documentation of the Borrower supporting the opinion, including but without limitation the Certificate of Formation
and Limited Liability Company Agreement as filed with the competent authorities and a certificate of a competent officer or manager
of the Borrower containing specimen signatures of the persons authorised to sign the documents on behalf of the Borrower, to the
effect that:

 

		(i)	the Borrower has been duly formed and is validly existing as a limited liability company under
the laws of the Republic of the Marshall Islands;

 

		(ii)	thisthe
Original Facility Agreement falls within the scope of the Borrower’’s
limited liability company purpose as defined by its Certificate of Formation and Limited Liability Company Agreement;

 

		(iii)	the Borrower’’s
representatives were at the date of thisthe
Original Facility Agreement fully empowered to sign thisthe
Original Facility Agreement;

 

		(iv)	either all administrative requirements applicable to the Borrower (whether in the Republic of the
Marshall Islands), concerning the transfer of funds abroad and acquisitions of Dollars to meet its obligations hereunder have been
complied with, or that there are no such requirements; and

 

		(v)	thisthe
Original Facility Agreement constitutes the legal, valid and binding obligations of the Borrower enforceable in accordance
with its terms,

 

and containing such exceptions
as are standard for opinions of this type;

 

		(b)	an opinion from legal counsel to the Agent as to English law confirming
that the obligations of the Borrower under thisthe
Original Facility Agreement are legally valid and binding obligations enforceable by the
relevant Creditor Parties in the English courts;

 

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

 

		(d)	a confirmation from EC3 Services Limited that it will act for the Borrower
as agent for service of process in England in respect of thisthe
Original Facility Agreement and any other Finance Document;

 

		(e)	an opinion from legal counsel to the Agent as to Panamanian law, together with the corporate documentation
of each Prior Guarantor supporting the opinion, including but without limitation the Articles of Incorporation and By-laws as filed
with the competent authorities and a certificate of a competent officer of each Prior Guarantor containing specimen signatures
of the persons authorised to sign the documents on behalf of the Prior Guarantor, to the effect that:

 

		(i)	each Prior Guarantor has been duly organised and is validly existing and in good standing as a
Panamanian sociedad anonima with its domicile in the Republic of Panama and its Resident Agent being (in the case of Prestige
Holdings) Arias Fabrega & Fabrega with address at Plaza 2000 Building, 16th Floor, 50th Street, Panama and (in the case of
Oceania Cruises) Marcela Rojas de Perez with address at 10 Elvira Mendez Street, Top Floor, Panama;

 

		(ii)	each Prior Guarantee falls within the scope of the relevant Prior Guarantor’’s
corporate purpose as defined by its Articles of Incorporation and By-laws;

 

    34 

     

    

 

		(iii)	each Prior Guarantor’’s
representative was at the date of the Prior Guarantee issued by it fully empowered to sign that Prior Guarantee;

 

		(iv)	either all administrative requirements applicable to each Prior Guarantor (whether in the Republic
of Panama) concerning the transfer of funds abroad and acquisitions of Dollars to meet its obligations under the Prior Guarantee
issued by it have been complied with, or that there are no such requirements;

 

		(v)	each Prior Guarantee is the legal, valid and binding obligations of the Prior Guarantor which issued
it enforceable in accordance with its terms; and

 

		(vi)	none of the undertakings of either Prior Guarantor contained in either Prior Guarantee are contrary
to public policy in the Republic of Panama,

 

and containing such exceptions
as are standard for opinions of this type;

 

		(f)	duly executed originals of the Prior Guarantees;

 

		(g)	an opinion from legal counsel to the Agent as to English law confirming that the obligations of
each Prior Guarantor under the Prior Guarantee issued by it are legally valid and binding obligations enforceable by the relevant
Creditor Parties in the English courts; and

 

		(h)	confirmation from EC3 Services Limited that it will act for each Prior Guarantor as agent for service
of process in England in respect of the Prior Guarantee issued by that Prior Guarantor and any other Finance Document.

 

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

 

The Agent shall have received
no later than ninety (90) days before the Intended Delivery Date:

 

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

 

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

 

		(c)	notification of the Approved Manager.

 

		3.4	No later than the date falling ninety (90) days before the Intended
Delivery Date and on each subsequent date on which a Compliance Certificate is to be received by the Agent pursuant to clause 11.3(e)
of the Prestige Holdings Guarantee and clause 11.3(e) of the Oceania Cruises Guarantee.

 

The Agent shall have received
on the date falling ninety (90) days before the Intended Delivery Date and also on each subsequent date on which a Compliance Certificate
(as defined in and is to be received by the Agent pursuant to) clause 11.3(e) of the Prestige Holdings Guarantee and clause 11.3(e)
of the Oceania Cruises Guarantee a duly completed Compliance Certificate (as defined in each Prior Guarantee) from each Prior Guarantor;

 

    35 

     

    

 

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

 

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

 

		(a)	notification of the Intended Delivery Date;

 

		(b)	notification, signed by a duly authorised signatory of the Borrower, specifying which of the Fixed
Interest Rate or the Floating Interest Rate shall be applicable to the Loan until the date of payment of the final repayment instalment
of the Loan; and in absence of any such notification, the Borrower shall be deemed to have opted for the Floating Interest Rate.

 

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

 

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

 

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

 

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

 

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

 

		(b)	a Certified Copy of each of the Change Orders, of any amendments to the Shipbuilding Contract and
of the power of attorney pursuant to which the authorised signatory of the Borrower signed the Drawdown Notice and a specimen of
his signature; and

 

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

 

		3.8	No later than the Delivery Date.

 

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

 

		(a)	an opinion from legal counsel to the Agent as to Marshall Islands law together with the limited
liability company documentation of the Borrower and a certificate of a competent officer or manager of the Borrower containing
specimen signatures of the persons authorised to sign the documents on behalf of the Borrower, confirming that:

 

		(i)	the Lenders may continue to rely on the legal opinion given pursuant to Clause
3.2(a)paragraph (a) of Clause 3.2 (No later than
the date of the Original Facility Agreement);

 

		(ii)	the Original Mortgage, the
Tripartite General Assignment, the External Management Agreement
Assignment (if any), the Post-Delivery Assignment and the Time Charter Assignment (if any) fall within the scope of the Borrower’’s
limited liability company purpose as defined by its Certificate of Formation and Limited Liability Company Agreement and are binding
on it; and

 

    36 

     

    

 

		(iii)	the Borrower’’s
representatives are fully empowered to sign the Protocol of Delivery and Acceptance, the Original
Mortgage, the Tripartite General Assignment, the External
Management Agreement Assignment (if any), the Post-Delivery Assignment and the Time Charter Assignment (if any)

 

		(b)	in the event that the Approved Manager is not a member of the Group,
an opinion from legal counsel to the Agent as to the law of the place of incorporation of the Approved Manager, together with the
corporate documentation of the Approved Manager supporting the opinion, that the Tripartite
General Assignment (if applicable) and the acknowledgement of the notice of assignment of the External
Management Agreement fall within the scope of the Approved Manager’’s
corporate purpose as defined by its constitutional documents and are binding on it and the Approved Manager’’s
representatives are fully empowered to sign the Tripartite
General Assignment (if applicable) and the acknowledgement of the notice of assignment of the External
Management Agreement;

 

		(c)	evidence of payment to the Builder of:

 

		(i)	the [*] ([*]) pre-delivery instalments of the Final Contract Price; and

 

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

 

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

 

		(e)	a certificate from the Borrower, signed by an authorised representative
of the Borrower, confirming that the representations and warranties contained in Clause 12
12 (Representations and Warranties)
are true and correct as of the Delivery Date in consideration of the facts and circumstances existing
as of the Delivery Date;

 

		(f)	the Interest Make-up Agreement relative to the Loan and in full force and effect;

 

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

 

		3.9	At Delivery.

 

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

 

		(a)	evidence that immediately following delivery:

 

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

 

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

 

    37 

     

    

 

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

 

		(iv)	the opinions mentioned in Clauses 3.9 (j), (k) and (l) andparagraphs
(j), (k) and (l) of Clause 3.9 (At Delivery) and the documents mentioned in paragraph
(m) of Clause 3.9 (m) 3.9
will be received by the Agent;

 

		(b)	a Certified Copy of a classification certificate (or interim classification
certificate) showing the Ship to be classed in accordance with Clause 12.4(cparagraph
(c) of Clause 12.4 (Representations on the Delivery Date).

 

		(c)	duly executed originals of the Tripartite
General Assignment, any External Management Agreement Assignment, any Approved Manager’’s
Undertaking, the Post-Delivery Assignment and any Time Charter Assignment together with relevant notices of assignment and the
acknowledgement of the notice of assignment to be issued pursuant to any External Management Agreement Assignment and the Post-Delivery
Assignment and the Time Charter Assignment (if any);

 

		(d)	a duly executed original of the Limited Liability Company Interests Security Deed (and of each
document required to be delivered under the Limited Liability Company Interests Security Deed);

 

		(e)	a Certified Copy of any executed External Management Agreement and any time charterparty in respect
of the Ship;

 

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

 

		(g)	a Certified Copy of the power of attorney pursuant to which the authorised
signatory(ies) of the Borrower signed the documents referred to in this Clause 3.9 3.9
(At Delivery) and to which the Borrower is a party and a specimen of his or their
signature(s);

 

		(h)	a confirmation from EC3 Services Limited that it will act for each of
the relevant Obligors as agent for service of process in England in respect of the deed of covenants constituting part of the Original
Mortgage (if applicable), the Tripartite
General Assignment, the External Management Agreement Assignment (if any), the Post-Delivery Assignment
and the Time Charter Assignment (if any).

 

Immediately following the delivery
of the Ship by the Builder to the Borrower, the Agent shall receive:

 

		(i)	a duly executed original of the Original
Mortgage;

 

    38 

     

    

 

		(j)	an opinion from legal counsel to the Agent as to Panamanian law, together with the corporate documentation
of Oceania Cruises supporting the opinion and a certificate of a competent officer of Oceania Cruises containing specimen signatures
of the persons authorised to sign the Limited Liability Company Interests Security Deed on behalf of Oceania Cruises confirming
that:

 

		(i)	the Lenders may continue to rely on the legal opinion given pursuant to Clause
3.2(eparagraph (e) of Clause 3.2 (No later than the
date of the Original Facility Agreement) in so far as it relates to Oceania Cruises;

 

		(ii)	the Limited Liability Company Interests Security Deed falls within the scope of Oceania Cruises’’
corporate purpose as defined by its Articles of Incorporation and By-laws; and

 

		(iii)	the representative of Oceania Cruises was at the date of the Limited Liability Company Interests
Security Deed fully empowered to sign the Limited Liability Company Interests Security Deed.

 

		(k)	an opinion from legal counsel to the Agent as to the law of the Maritime Registry confirming:

 

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

 

		(ii)	the Original Mortgage over
the Ship has been validly registered in the Maritime Registry;

 

		(l)	an opinion from legal counsel to the Agent as to English law confirming
that the obligations of the Borrower under the deed of covenants constituting part of the Original
Mortgage (if applicable), the Tripartite
General Assignment, any External Management Agreement Assignment, the Post-Delivery Assignment and any
Time Charter Assignment are legally valid and binding obligations enforceable by the relevant Creditor Parties in the English courts;

 

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

 

		3.10	Deferral
                                         Tranches

 

The
relevant part of a Deferral Tranche shall only be advanced if the Agent shall have received (a) no later than five (5) Business
Days before the date of the relevant advance (and only if required under Clause 4.9 (Deferral Tranches) hereunder), a Drawdown
Notice from the Borrower, signed by a duly authorised signatory of the Borrower, specifying the amount of the Deferral Tranche
to be drawn down, and (b) on the relevant date of the relevant advance or deemed advance (as applicable), confirmation that:

 

		(a)	save as disclosed in writing to the Agent and SACE
prior to the date of the 2020 Amendment Agreement, no Event of Default is continuing or would result from such advance or deemed
advance (as applicable) and no Deferral Prepayment Event or event or circumstance specified in Clause 18 (Events of Default)
which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents
or any combination of any of the foregoing) be an Event of Default has occurred; and

 

		(b)	save as disclosed in writing to the Agent and SACE
prior to the date of the 2020 Amendment Agreement, each of the repeating representations set out in Clause 12 (Representations
and Warranties) are true as at such date by reference to the facts and circumstances existing at such date,

 

it
being provided that two (2) advances under the 2020 Deferral Tranche have been made to the Borrower in respect of the 2020 Deferred
Repayment Instalments.

 

    39 

     

    

 

		4	DRAWDOWNDrawdown

 

		4.1	Borrower’’s
irrevocable payment instructions.

 

The Lenders shall not be obliged
to fulfil their obligation to make the Loan available other than by paying the Builder all or part of 80% of the Final Contract
Price up to the Eligible Amount on behalf of and in the name of the Borrower and by reimbursing the Agent for the instalment of
the SACE Premium payable on the Delivery Date.

 

The
Borrower hereby instructs the Lenders in accordance with this Clause 4.14.1
(Borrower’s irrevocable payment instructions):

 

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

 

		(b)	to pay to the Agent on behalf of the Lenders for onward payment to SACE (such payment to SACE to
be made for value on the Drawdown Date), by drawing under the Loan, the amount of the second instalment of the related SACE Premium.

 

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

 

Verification
of the documents provided under Schedule 3 Schedule
3 (Documents to be produced by the Builder to the Agent on delivery) shall be limited
to checking their apparent compliance as defined in the Uniform Customs and Practices for Documentary Credits - ICC Publication
600 (UCP 600 latest revision).

 

Save
as contemplated in Clause 4.3 4.3
(Modification of payment terms) below, the payment instruction contained in this Clause
4.1 4.1 (Borrower’s
irrevocable payment instructions) is irrevocable.

 

		4.2	Conversion Rate for Loan.

 

The
Dollar amount to be drawn down under Clause 4.1(aparagraph
(a) of Clause 4.1 (Borrower’s irrevocable payment instructions) shall be calculated
by the Agent on the Conversion Rate Fixing Date in accordance with the definitions of ““Eligible
Amount””
and ““Conversion
Rate””
in Clause 1.11.1
(Definitions).

 

		4.3	Modification of payment terms.

 

The
Borrower expressly acknowledges that the payment terms set out in this Clause may only be modified with the agreement of the Builder,
the Agent, the Lenders and the Borrower in the case of Clause 4.1(aparagraph
(a) of Clause 4.1 (Borrower’s irrevocable payment instructions) and with the
agreement of the Agent, the Lenders and the Borrower in the case of Clause 4.1(bparagraph
(b) of Clause 4.1 (Borrower’s irrevocable payment instructions); Pprovided
that it is the intention of the Borrower, the Lenders and the Agent that prior to the Delivery
Date agreement shall be reached with those financial institutions with whom the Borrower has entered into the FOREX Contracts (the
““Counterparties””)
in order that the Euro payments due from the Counterparties under the FOREX Contracts shall be paid to the Agent for holding in
escrow and to be released by the Agent simultaneously with (i) the payment in full to the Builder of the balance of the Final Contract
Price denominated in Euro at the time of delivery of the Ship and (ii) the payment to the Counterparties of the Dollars due to
them under the relevant FOREX Contracts out of the Dollar amount available under Clause
4.1(aparagraph (a) of Clause 4.1 (Borrower’s
irrevocable payment instructions), subject only to delivery of the Ship by the Builder
to the Borrower taking place as evidenced by the execution and delivery of the Protocol of Delivery and Acceptance and to the Borrower
having deposited with the Agent before delivery, if and to the extent required, any Dollar and/or Euro amounts as may be needed
to ensure the payment in full of both the balance of the Final Contract Price in Euro and the Dollars owed to the Counterparties
under all the relevant FOREX Contracts.

 

    40 

     

    

 

		4.4	Availability. Drawing

 

Except
as permitted by the provisions of the 2020 Amendment Agreement in respect of the 2020 Deferral Tranche and the 2021 Amendment and
Restatement Agreement in respect of the 2021 Deferral Tranche, drawing may not be made under
this Agreement (and the Loan shall not be available) after the earlier of the Delivery Date and the expiry of the Availability
Period.

 

		4.5	Notification to Lenders of receipt of a Drawdown Notice.

 

The Agent shall promptly notify
the Lenders that it has received a Drawdown Notice and shall inform each Lender of:

 

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

 

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

 

		(c)	the duration of the first Interest Period.

 

		4.6	Lenders to make available Contributions.

 

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

 

		4.7	Disbursement of Loan.

 

Subject
to the provisions of this Agreement, the Agent shall on the Drawdown Date pay the amounts which the Agent receives from the Lenders
under Clause 4.64.6
(Lenders to make available Contributions):

 

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

 

		(b)	in the case of the amount referred to in Clause
4.1(bparagraph (b) of Clause 4.1 (Borrower’s
irrevocable payment instructions) to the account of SACE which the SACE Agent shall specify;
and

 

		(c)	in the like funds as the Agent received the payments from the Lenders.

 

    41 

     

    

 

		4.8	Disbursement of Loan to third party.

 

The
payment by the Agent under Clause 4.7 4.7
(Disbursement of Loan) shall constitute the making of the Loan and the Borrower shall
at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender’’s
Contribution.

 

		4.9	Deferral Tranches

 

The
Lenders have agreed, pursuant to the 2020 Amendment Agreement and the 2021 Amendment and Restatement Agreement, as set out in this
Agreement (but without increasing the Maximum Loan Amount and the Total Commitments of each Lender save for the related 2020 Deferral
Tranche Premium to be advanced in accordance with paragraph (c) below) to make available to the Borrower the Deferral Tranches
as follows, as set out in further detail in Schedule 4 (Deferred Repayment Schedule):

 

		(a)	on each Repayment Date during the 2020 Deferral Period,
a portion of the 2020 Deferral Tranche in an amount equal to the relevant 2020 Deferred Repayment Instalment due on such Repayment
Date shall be automatically drawn by the Borrower and applied towards repayment of the relevant 2020 Deferred Repayment Instalment
due on such date. Each such advance under the 2020 Deferral Tranche shall be automatic and notional only, and effected by means
of a book entry to finance the 2020 Deferred Repayment Instalments then due;

 

		(b)	on each Repayment Date during the 2021 Deferral Period,
a portion of the 2021 Deferral Tranche in an amount equal to the relevant 2021 Deferred Repayment Instalment due on such Repayment
Date shall be automatically drawn by the Borrower and applied towards repayment of the relevant 2021 Deferred Repayment Instalment
due on such date. Each such advance under the 2021 Deferral Tranche shall be automatic and notional only, and effected by means
of a book entry to finance the 2021 Deferred Repayment Instalments then due; and

 

		(c)	together with the first advance of the 2020 Deferral
Tranche under this Clause 4.9 (Deferral Tranches), a portion of the 2020 Deferral Tranche in an amount equal to the amount
to be paid to SACE in respect of the 2020 Deferral Tranche Premium payable to SACE due on the first advance under the 2020 Deferral
Tranche shall be drawn by the Borrower and paid to SACE as specified in the relevant Drawdown Notice, it being provided that such
amount was advanced to the Borrower on 20 July 2020 together with the first advance under the 2020 Deferral Tranche in respect
of the 2020 Deferred Repayment Instalments.

 

Accordingly,
the other provisions of this Clause 4 (Drawdown) shall not apply to the advances under the Deferral Tranches and each advance
of any Deferral Tranches under this Clause 4.9 (Deferral Tranches) shall be deemed to satisfy the Borrower’s obligations
under Clause 5 (Repayment) in respect of the corresponding Deferred Repayment Instalment.

 

		5	REPAYMENTRepayment

 

		5.1	Number of repayment instalments.
The

 

Subject
to Clause 5.5 (Repayment of Deferral Tranches), the Borrower shall repay the Loan
by twenty-four (24) consecutive six-monthly instalments.

 

		5.2	Repayment Dates

 

Subject
to Clause 5.5 (Repayment Dates.
Theof Deferral Tranches), the
first instalment shall be repaid on the date falling six (6) months after the Drawdown Date and the
last instalment on the date falling one hundred and forty four (144) months after the Drawdown Date, each date of payment of an
instalment being a ““Repayment
Date””.

 

    42 

     

    

 

		5.3	Amount of repayment instalments.
Each

 

Subject
to Clause 5.5 (Repayment of Deferral Tranches), each of the twenty-four (24) consecutive
six-monthly repayment instalments of the Loan shall be of an equal amount.

 

		5.4	Final Repayment Date. On

 

Subject
to Clause 5.5 (Repayment of Deferral Tranches), on the final Repayment Date, the Borrower
shall additionally pay to the Agent for the account of the Creditor Parties all other sums then accrued or owing under any Finance
Document.

 

		5.5	Repayment of Deferral Tranches

 

Subject
to Clause 4.9 (Deferral Tranches):

 

		(a)	the 2020 Deferral Tranche shall be repaid in eight
semi-annual instalments beginning on the 2020 Deferral Repayment Starting Point and until the 2020 Deferral Final Repayment Date,
as set out in further detail in Schedule 4 (Deferred Repayment Schedule); and

 

		(b)	the 2021 Deferral Tranche shall be repaid in ten
semi-annual instalments beginning on the 2021 Deferral Repayment Starting Point and until the 2021 Deferral Final Repayment Date,
as set out in further detail in Schedule 4 (Deferred Repayment Schedule).

 

		6	INTERESTInterest

 

		6.1	Fixed Interest Rate.

 

If
the Borrower has specified a Fixed Interest Rate pursuant to Clause 3.5(b)paragraph
(b) of Clause 3.5 (No later than Sixty (60) days before the Intended Delivery Date),
the Loan shall bear interest at the CIRR. Such interest shall accrue on the actual number of days elapsed based upon a 360 day
year and shall be paid on each Repayment Date.

 

		6.2	Floating Interest Rate. If:

 

If:

 

		(a)	the Borrower has specified a Floating Interest Rate pursuant to Clause
3.5(b)paragraph (b) of Clause 3.5 (No later than
Sixty (60) days before the Intended Delivery Date); or

 

		(b)	the Borrower has specified a Fixed Interest Rate pursuant to Clause
3.5(b)paragraph (b) of Clause 3.5 (No later than
Sixty (60) days before the Intended Delivery Date) but thereafter for any reason whatsoever
the Interest Make-up Agreement shall cease to be in effect,

 

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

 

    43 

     

    

 

		6.3	Interest in respect of Deferral Tranches

 

The
rate of interest for each Interest Period in respect of each Deferral Tranche shall be the relevant Floating Interest Rate.

 

		6.4	Deferred Costs

 

Independently
to any other obligation to pay costs, expenses or interest under or in connection with this Agreement, the Borrower shall, as a
separate obligation, also pay to the Agent (for distribution to each Lender) deferred costs in respect of any drawn portion of
a Deferral Tranche at the relevant Deferred Costs Percentage for each Interest Period during which any part of that Deferral Tranche
remains outstanding. Whilst not an interest liability, such deferred costs shall be charged from and including the first day of
the applicable Interest Period in which an amount of the relevant Deferral Tranche is outstanding to (but not including) the last
day of such Interest Period, and will be payable semi-annually in arrears on each interest payment date. Any deferred costs payable
in accordance with this Clause 6.4 (Deferred Costs) shall be calculated on the basis of the actual number of days elapsed
over a year comprised of 360 days. Any non-payment of such deferred costs shall be an Event of Default in accordance with Clause
18.2 (Non-payment).

 

		6.5	6.3 Payment of Floating
Interest Rate.

 

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

 

		6.6	6.4 Notification of
Interest Periods and Floating Interest Rate.

 

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

 

6.5
Market disruption. The following provisions of this Clause 6 apply if:

 

(a)
No rate is quoted on “Reuters Page LIBOR 01” (or any other page replacing it) and the Lenders do not, before 1.00 p.m.
(London time) on the Quotation Date for an Interest Period, provide quotations to the Agent in order to fix LIBOR; or 

 

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

 

		6.7	Unavailability of Screen Rate

 

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

 

    44 

     

    

 

		(b)	Reference Bank Rate: If no Screen Rate
is available for LIBOR for:

 

		(i)	Dollars;

 

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

 

		(iii)	the applicable LIBOR shall be the Reference Bank
Rate as of the Specified Time and for a period equal in length to the Interest Period of the Loan or that part of the Loan.

 

		(c)	at least 1 Business Day before the start of an Interest Period,
the Agent is notified by a Lender (the “Affected Lender”) that for any reason it is unable to obtain Dollars
in the London Interbank Market in order to fund its Contribution (or any part of it) during theCost
of funds: If paragraph (b) above applies but no Reference Bank Rate is available for Dollars or the relevant Interest
Period there shall be no LIBOR for the Loan or that part of the Loan (as applicable) and Clause 6.10 (Cost of funds) shall
apply to the Loan or that part of the Loan for that Interest Period.

 

6.6
Notification of market disruption. The Agent shall promptly notify the Borrower and each of the Lenders stating
the circumstances falling within Clause 6.5 which have caused its notice to be given.

 

6.7
Suspension of drawdown. If the Agent’s notice under Clause 6.5 is served before the Loan is made:

 

(a)
in a case falling within Clauses 6.5(a) or 6.5(b), the Lenders’ obligations to make the Loan;

 

(b)
in a case falling within Clause 6.5(c), the Affected Lender’s obligation to participate in the Loan;

 

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

 

6.8
Negotiation of alternative rate of interest. If the Agent’s notice under Clause 6.6 is served after
the Loan is made, the Borrower, the Agent and the Lenders
or (as the case may be) the Affected Lender shall use reasonable
endeavours to agree, within the 30 days after the date on which the Agent serves its notice under Clause 6.6 (the “Negotiation
Period”), an alternative interest rate or (as the case may be) an alternative basis for the Lenders or (as the case may
be) the Affected Lender to fund or continue to fund their or its Contribution during the Interest Period concerned.

 

6.9
Application of agreed alternative rate of interest. Any alternative interest rate or an alternative basis
which is agreed during the Negotiation Period shall take effect in accordance with the terms agreed. 

 

6.10
Alternative rate of interest in absence of agreement. If an alternative interest rate or alternative basis
is not agreed within the Negotiation Period, and the relevant circumstances are continuing at the end of the Negotiation Period,
then the Agent shall, with the agreement of each Lender or (as the case may be) the Affected Lender, set an interest period and
interest rate representing the cost of funding of the Lenders or (as the case may be) the Affected Lender in Dollars or in any
available currency of their or its Contribution plus the Margin; and the procedure provided for by this Clause 6.10 shall be repeated
if the relevant circumstances are continuing at the end of the interest period so set by the Agent.

 

		6.8	Calculation of Reference Bank Rate

 

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

 

    45 

     

    

 

		(b)	If at or about noon on the Quotation Day none or
only one of the Reference Banks supplies a quotation, there shall be no Reference Bank Rate for the relevant Interest Period.

 

		6.9	Market Disruption

 

If
before close of business in London on the Quotation Day for the relevant Interest Period the Agent receives notification from a
Lender or Lenders (whose participations in the Loan or the relevant part of the Loan in aggregate exceed [*] per
cent. of the Loan or the relevant part of the Loan as appropriate)
that the cost to it or each of them of funding its participation in the Loan or that part of the Loan from whatever source it may
reasonably select would be in excess of LIBOR then Clause 6.10 (Cost of funds) shall apply to the Loan or that part of the
Loan (as applicable) for the relevant Interest Period.

 

		6.10	Cost of funds

 

		(a)	If this Clause 6.10 (Cost of funds) applies,
the rate of interest on the Loan or the relevant part of the Loan for the relevant Interest Period shall be the percentage rate
per annum which is the sum of:

 

		(i)	the Margin; and

 

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

 

		(b)	If this Clause 6.10 (Cost of funds)
applies and the Agent or the Borrower so requires, the Agent and the Borrower shall enter into negotiations (for a period of not
more than 30 days) with a view to agreeing a substitute basis for determining the rate of interest or
(as the case may be) an alternative basis for funding.

 

		(c)	Subject to Clause 6.11 (Replacement of Screen
Rate), any substitute or alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all the
Lenders and the Borrower, be binding on all Parties.

 

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

 

		(e)	If this Clause 6.10 (Cost of funds) applies
pursuant to Clause 6.9 (Market disruption) and:

 

		(i)	a Lender’s Funding Rate is less than LIBOR;
or

 

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

 

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

 

		(f)	If this Clause 6.10 (Cost of funds) applies
but any Lender does not supply a quotation by the time specified in sub-paragraph (ii) of paragraph (a) above, the rate of interest
shall be calculated on the basis of the quotations of the remaining Lenders.

 

    46 

     

    

 

		6.11	Replacement of Screen Rate

 

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

 

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

 

 (b)

 

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

 

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

 

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

 

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

 

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

 

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

 

		(c)	If, as at 30 September 2021, this Agreement provides
that the rate of interest for the Loan in Dollars is to be determined by reference to the Screen Rate for LIBOR:

 

		(i)	a Screen Rate Replacement Event shall be deemed to
have occurred on that date in relation to the Screen Rate for Dollars; and

 

		(ii)	the Agent (acting on the instructions of the Majority
Lenders) and the Obligors shall enter into negotiations in good faith with a view to agreeing the use of a Replacement Benchmark
in relation to Dollars in place of that Screen Rate from and including a date no later than 30 November 2021, unless the Borrower
and the Agent (acting on the instructions of the Majority Lenders) agree to defer the date of the negotiations required under this
sub-paragraph (ii) together with the date for the use of such a Replacement Benchmark, in which case such dates shall be those
so agreed.

 

		(d)	If an amendment is required as contemplated in this
Clause 6.11 (Replacement of Screen Rate), the Obligors shall reimburse each of the Agent and the Security Trustee for the
amount of all costs and expenses (including legal fees and other professional expenses) incurred by each Creditor Party in relation
to such amendment.

 

    47 

     

    

 

		6.12	6.11 Notice of prepayment.

 

If
no agreement is reached with the
Borrower does not agree with an interest rate set by the Agent under
Clause 6.106.11
(Replacement of Screen Rate), the Borrower may give the Agent not less than 15 Business
Days’’,
or, if the Fixed Interest Rate has been selected pursuant to paragraph (a) of Clause 3.5 (No later than Sixty (60) days before
the Intended Delivery Date), the Borrower may give the Agent not less than 60 days’ notice
of its intention to prepay at the end of the interest period set by the Agent.

 

		6.13	6.12 Prepayment; termination
of Commitments.

 

A
notice under Clause 6.11 6.12
(Notice of prepayment) shall be irrevocable; the Agent shall promptly notify the Lenders
or (as the case may require) the Affected
Lender of the Borrower’’s
notice of intended prepayment; and:

 

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

 

		(b)	on the last Business Day of the iInterest
pPeriod
set by the Agent, the Borrower shall prepay (without premium or penalty) the Loan or,
as the case may be, the Affected Lender’s Contribution,
together with accrued interest thereon at the applicable rate plus the Margin.

 

		6.14	6.13 Application of
prepayment.

 

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

 

		7	INTEREST PERIODSInterest
Periods

 

		7.1	Floating Interest Rate.

 

This
Clause 7 7 (Interest
Periods) applies where the Borrower has specified a Floating Interest Rate pursuant to
Clause 3.5(b)paragraph
(b) of Clause 3.5 (No later than sixty (60) days before the Intended Delivery Date) or in the case of each Deferral Tranche.

 

		7.2	Commencement of Interest Periods.

 

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

 

		7.3	Duration of Interest Periods.

 

Each Interest Period shall
be 6 months and shall end on the next succeeding Repayment Date.

 

8
CLAIMS OR DEFENCES MAY NOT BE OPPOSED TO THE LENDERS

 

		7.4	The first Interest Period in relation to each advance
or deemed advance (as applicable) under each Deferral Tranche shall start on the date of such advance or deemed advance (as applicable)
and end on the last day of the current Interest Period in respect of the Loan, following which all Interest Periods will be consolidated.

 

    48 

     

    

 

		8	Claims or Defences may not be opposed to the Lenders

 

		8.1	Liability Preserved.

 

The Borrower may not escape
liability under the terms of this Agreement by opposing to the Lenders claims or defences of any kind whatsoever arising under
the Shipbuilding Contract, and in particular from its performance, or from any other relationship between the Borrower and the
Builder.

 

		9	SACE PREMIUM AND ITALIAN AUTHORITIESPremium
and Italian Authorities

 

		9.1	SACE Premium.

 

The estimated SACE Premium
is due and payable in two instalments as follows:

 

		(a)	the first instalment of the SACE Premium shall be paid to SACE within
30 days of the issue of the SACE Insurance Policy documentation in the form required by clause
3.3(bparagraph (b) of Clause 3.3 (No later than ninety
(90) days before the Intended Delivery Date) of this Agreement and shall be in such amount
in Dollars as is calculated by the Agent to be the equivalent of EUR [*] converted at the Base
Rate (the ““First
Instalment””);
and

 

		(b)	the second instalment of the SACE Premium shall be such amount in Dollars
as is calculated by the Agent to be the product of (i) [*]% of the Loan actually advanced on
the Drawdown Date LESS (ii) the amount of the First Instalment (the ““Second
Instalment””)and
shall be payable on the Drawdown Date.

 

		9.2	Reimbursement by the Borrower of the SACE Premium.

 

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

 

		(a)	The First Instalment shall be paid to SACE by the Borrower through the
Agent upon notification by the Agent to the Borrower (i) of the issue of the SACE Insurance Policy documentation in the form required
by clause 3.3(bparagraph
(b) of Clause 3.3 (No later than ninety (90) days before the Intended Delivery Date)
of this Agreement, and (ii) of the amount of the First Instalment.

 

		(b)	The Borrower has requested and the Lenders have agreed to finance the
payment of one hundred per cent. (100%) of the Second Instalment on the Drawdown Date in accordance with paragraph
(b) of Clause 2.12.1
(bAmount
of facility) of this Agreement.

 

Consequently,
the Borrower hereby irrevocably instructs the Agent on behalf of the Lenders to pay the Second Instalment to SACE on the Drawdown
Date and to reimburse themselves by drawing under the Loan the amount of the Second Instalment in accordance with paragraph
(b) of Clause 2.12.1
(bAmount
of facility) of this Agreement.

 

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

 

    49 

     

    

 

		9.3	Italian Authorities.

 

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

 

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

 

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

 

		9.4	Refund

 

Refund.
In accordance with the SACE Insurance
Policy, the Borrower has the right to receive a refund of the first instalment of the SACE Premium referred
to in paragraph (a) of Clause
9.1 9.1
(aSACE
Premium), provided that no Event of Default has occurred, in the event that no drawings
have been made under this Agreement and the parties have mutually decided to cancel the SACE Insurance Policy following cancellation
of the Total Commitments in accordance with Clause 16.116.1
(Cancellation). In these circumstances, the Borrower may request in writing through
the SACE Agent, and shall be entitled to receive from SACE through the SACE Agent, a refund of the first instalment of the SACE
Premium subject to a deduction for SACE’’s
administrative charges as calculated by SACE in an amount of not less than 15% of the refund or EUR 3,000 (calculated at the exchange
rate valid at the date of the refund request) whichever is the higher.

 

In no event shall the SACE
Agent be liable for any refund of the SACE Premium to be made by SACE.

 

		9.5	Deferral Tranches – additional premium

 

A
premium is payable by the Borrower to SACE in respect of:

 

		(a)	the 2020 Deferral Tranche (the “2020 Deferral
Tranche Premium”), it being provided that an amount of $[*] was advanced to the Borrower and paid to SACE on 20 July
2020 with the first Advance under the 2020 Deferral Tranche in respect of the 2020 Deferred Repayment Instalments; and

 

		(b)	the 2021 Deferral Tranche (the “2021 Deferral
Tranche Premium” and together with the 2020 Deferral Tranche Premium, the “Deferral Tranche Premia”),
payable in an amount of $[*] no later than the earlier of (i) 30 days from the date of issuance of the relevant addendum to the
SACE Insurance Policy in form and substance acceptable to the Lenders and (ii) the first Advance under the 2021 Deferral Tranche.

 

Each
of the Deferral Tranche Premia paid or to be paid to SACE is non-refundable, and the 2021 Deferral Tranche Premium will not be
financed.

 

    50 

     

    

 

		10	FEESFees

 

		10.1	Fees.

 

The following fees shall be
paid to the Agent by the Borrower as required hereunder:

 

		(a)	for the Mandated Lead Arrangers and the SACE Agent, an arrangement fee in an amount and payable
at the time separately agreed in writing between the Mandated Lead Arrangers, the SACE Agent and the Borrower;

 

		(b)	for the Lenders, a commitment fee in Dollars for the period from the
date of thisthe
Original Facility Agreement to the Delivery Date of the Ship, or the date of receipt by the
Agent of the written cancellation notice sent by the Borrower as described in Clause 14.116.1
(Cancellation), whichever is the earliest, computed at the rate of [*] per
cent. ([*]%) per annum and calculated on the undrawn amount of the Maximum Loan Amount and payable
in arrears on the date falling six (6) months after the date of this Agreement and on each date falling at the end of each following
consecutive six (6) month period, with the exception of the commitment fee due in respect of the last period, which shall be paid
on the Drawdown Date, or the date of receipt by the Agent of the written cancellation notice sent by the Borrower as described
in Clause 16.116.1
(Cancellation), whichever is the earliest, such commitment fee to be calculated on
the actual number of days elapsed divided by three hundred and sixty (360);

 

For the purpose of the computation
of the periodical commitment fee payable to the Lenders, the Maximum Loan Amount is assumed to be USD 608,082,164;

 

In the event the actual amount
drawn under the Loan on the Delivery Date is higher, the Borrower shall on the Delivery Date pay the difference between the aggregate
commitment fee amounts paid up to that date and the aggregate commitment fee computed on the actual amount to be drawn on the Delivery
Date;

 

		(c)	With effect from the date of the 2020 Amendment Agreement,
the Borrower shall pay to the Agent (for the account of the Lenders for application pro rata to their Commitments) a commitment
fee in the amount of [*] per cent. ([*]%) per annum on the daily undrawn 2020 Deferral Commitment. The commitment fee shall be
payable in arrears on the date of each advance or deemed advance, as applicable, of the 2020 Deferral Tranche in accordance with
Clause 4.9 (Deferral Tranches) or, if cancelled, on the date of cancellation of the 2020 Deferral Tranche;

 

		(d)	With effect from the date of the 2021 Amendment and
Restatement Agreement, the Borrower shall pay to the Agent (for the account of the Lenders for application pro rata to their Commitments)
a commitment fee in the amount of [*] per cent. ([*]%) per annum on the daily undrawn 2021 Deferral Commitment. The commitment
fee shall be payable in arrears on the date of each advance or deemed advance, as applicable, of the 2021 Deferral Tranche in accordance
with Clause 4.9 (Deferral Tranches) or, if cancelled, on the date of cancellation of the 2021 Deferral Tranche;

 

		(e)	(c) for the Agent,
an agency fee of $[*] payable within ten (10) Business Days of the date of thisthe
Original Facility Agreement and on or before each anniversary date thereof until total repayment
of the Loan unless the Total Commitments are terminated pursuant to Clause 16.116.1
(Cancellation).

 

    51 

     

    

 

11
TAXES, INCREASED COSTS, COSTS AND RELATED CHARGES

 

		11	Taxes, Increased Costs, Costs and Related Charges

 

		11.1	Warranty.

 

The
Creditor Parties each warrant to the Borrower that as at the effective date of this Agreement there are no Taxes payable in France
as a consequence of the signature or performance of this Agreement (other than Taxes payable by each of the Lenders on its overall
net income). Each of the Lenders specified in Schedule 1 Schedule
1 (Lenders and Commitments) undertakes that: (i) its Facility Office is located in
France at the effective date of this Agreement; and (ii) it will not relocate its Facility Office to another jurisdiction if such
relocation could result in the imposition of Taxes in connection with signature or performance of this Agreement (other than Taxes
payable by a Lender on its overall net income), it being agreed, for the avoidance of doubt, that each Lender shall be entitled
at any time to relocate its Facility Office to another jurisdiction provided that such relocation does not affect the tax status
of the transaction for the Borrower by reference to the tax status that would apply were its Facility Office to be located in France.

 

		11.2	Taxes.

 

All
Taxes legally payable (other than Taxes payable by each of the Lenders on its overall net income) as a consequence of the signature
or performance of this Agreement shall be paid by the Borrower. In consequence, all payments of principal and interest, interest
on late payments, compensation, costs, fees and related charges, due in connection with this Agreement shall be made without any
deduction or withholding in respect of Taxes. The Borrower therefore hereby agrees expressly that if for any reason full payment
of the above amounts is not made, it will immediately pay the Lenders the sums necessary to compensate exactly the effect of the
deductions or withholdings made in respect of Taxes. If the Borrower fails to perform this obligation, the Lenders shall be entitled,
in accordance with Clause 1818
(Events of Default), either not to make available the Loan or, as the case may require,
to require immediate repayment of the Loan.

 

If an additional payment is
made under this Clause and any Lender or the Agent on its behalf determines that it has received or been granted a credit against
or relief of or calculated with reference to the deduction or withholding giving rise to such additional payment, such Lender or
the Agent (as the case may be) shall, to the extent that it can do so without prejudice to the retention of the amount of such
credit, relief, remission or repayment and provided that it has received the cash benefit of such credit, relief or remission,
pay to the Borrower such amount as such Lender or the Agent shall in its reasonable opinion have concluded to be attributable to
the relevant deduction or withholding. Any such payment shall be conclusive evidence of the amount due to the Borrower hereunder
and shall be accepted by the Borrower in full and final settlement of its rights of reimbursement hereunder in respect of such
deduction or withholding. Nothing herein contained shall interfere with the right of any Lender and the Agent to arrange their
respective tax affairs in whatever manner they think fit.

 

Nothing
in this Clause 11.2 11.2
(Taxes) shall require the Borrower to compensate the Lenders in respect of any tax imposed under
or in connection with FATCA.

 

		11.3	FATCA Deduction

 

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

 

    52 

     

    

 

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

 

		11.4	FATCA Information

 

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

 

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

 

		(A)	a FATCA Exempt Party; or

 

		(B)	not a FATCA Exempt Party; and

 

		(ii)	supply to that other Party such forms (including any applicable W8 BEN-E or W9 or other equivalent
form), documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes
of that other Party’s compliance with FATCA or any other law, regulation, or exchange of information regime.

 

		(b)	If a Party confirms to another Party pursuant to paragraph (a)(i(a)(i)
of Clause 11.4 (FATCA Information) above that it is a FATCA Exempt Party and it subsequently
becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.

 

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

 

		(i)	any law or regulation;

 

		(ii)	any fiduciary duty; or

 

		(iii)	any duty of confidentiality.

 

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

 

		11.5	Increased Costs.

 

If
after the date of thisthe
Original Facility Agreement by reason of:

 

		(a)	any change in law or in its interpretation or administration; and/or

 

    53 

     

    

 

		(b)	compliance with any request from or requirement of any central bank or other fiscal, monetary or
other authority including but without limitation the Basel Committee on Banking Regulations and Supervisory Practices whether or
not having the force of law:

 

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

 

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

 

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

 

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

 

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

 

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

 

A
Lender affected by any provision of this Clause 11.3 11.3
(FATCA Deduction) shall promptly inform the Agent after becoming aware of the relevant
change and its possible results (which notice shall be conclusive evidence of the relevant change and its possible results) and
the Agent shall, as soon as reasonably practicable thereafter, notify the Borrower of the change and its possible results. Without
affecting the Borrower’’s
obligations under this Clause 11.3 11.3
(FATCA Deduction) and in consultation with the Agent, the affected Lender will then
take all such reasonable steps as may be open to it to mitigate the effect of the change (for example (if then possible) by changing
its Facility Office or transferring some or all of its rights and obligations under this Agreement to another financial institution
reasonably acceptable to the Borrower and the Agent). The reasonable costs of mitigating the effect of any such change shall be
borne by the Borrower save where such costs are of an internal administrative nature and are not incurred in dealings by any Lender
with third parties.

 

Nothing
in this Clause 11.5 11.5
(Increased Costs) shall require the Borrower to compensate the Lenders in respect of any tax
imposed under or in connection with FATCA.

 

		11.6	Transaction Costs.

 

The
Borrower undertakes to pay to the Agent, upon demand, all costs and expenses, duties and fees, including but without limitation
agreed legal costs, out of pocket expenses and travel costs, incurred by the Mandated Lead Arrangers and the Lenders (but not including
any bank which becomes a Lender after the date of thisthe
Original Facility Agreement) in connection with the negotiation, preparation and execution
of all agreements, guarantees, security agreements and related documents entered into, or to be entered into, for the purpose of
the transaction contemplated hereby as well as all costs and expenses, duties and fees incurred by the Agent or the Lenders in
connection with the registration, filing, enforcement or discharge of the said guarantees or security agreements, including without
limitation the fees and expenses of legal advisers and insurance experts and the fees and expenses of SACE (including the fees
and expenses of its legal advisers) payable by the Mandated Lead Arrangers to SACE, the cost of registration and discharge of security
interests and the related travel and out of pocket expenses; the Borrower further undertakes to pay to the Agent all costs, expenses,
duties and fees incurred by the Lenders and SACE in connection with any variation of this Agreement and the related documents,
guarantees and security agreements, any supplements thereto and waiver given in relation thereto, in connection with the enforcement
or preservation of any rights under this Agreement and/or the related guarantees and security agreements, including in each case
the fees and expenses of legal advisers, and in connection with the consultations or proceedings made necessary or in the opinion
of the Agent desirable by the acts of, or failure to act on the part of, the Borrower.

 

    54 

     

    

 

		11.7	Costs of delayed Delivery Date.

 

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

 

		12	REPRESENTATIONS AND WARRANTIESRepresentations
and Warranties

 

		12.1	Timing and repetition.

 

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

 

		(a)	the representations and warranties in Clause 12.2
12.2 (Continuing representations and warranties)
are made on the date of thisthe
Original Facility Agreement and shall be deemed to be repeated, with reference mutatis mutandis
to the facts and circumstances subsisting, as if made on each day until the Borrower has no remaining obligations, actual or contingent,
under or pursuant to this Agreement or any of the other Finance Documents;

 

		(b)	the representations and warranties in Clause 12.3
12.3 (Semi-continuing representations and warranties)
are made on the date of thisthe
Original Facility Agreement and shall be deemed to be repeated, with reference mutatis mutandis
to the facts and circumstances subsisting, as if made on the date falling sixty (60) days before the Intended Delivery Date and
thereafter on each day until the Borrower has no remaining obligations, actual or contingent, under or pursuant to this Agreement
or any of the other Finance Documents; and

 

		(c)	the representations and warranties in Clause 12.4
12.4 (On the Delivery Date) are
made on the Delivery Date and shall be deemed to be repeated, with reference mutatis mutandis to the facts and circumstances subsisting,
as if made thereafter on each day until the Borrower has no remaining obligations, actual or contingent, under or pursuant to this
Agreement or any of the other Finance Documents.

 

		12.2	Continuing representations and warranties.

 

The Borrower represents and
warrants to each of the Lenders that:

 

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

 

    55 

     

    

 

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

 

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

 

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

 

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

 

		(ii)	the constitutional documents of any Obligor; or

 

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

 

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

 

		(e)	except for:

 

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

 

		(ii)	the recording of the Original
Mortgage in the office of the Maritime Administrator of the Republic of the Marshall Islands; and

 

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

 

all authorisations, approvals,
consents, licences, exemptions, filings, registrations, notarisations and other matters, official or otherwise, required in connection
with the entry into, performance, validity and enforceability of this Agreement and each of the other Transaction Documents to
which any Obligor is a party and the transactions contemplated thereby have been obtained or effected and are in full force and
effect except authorisations, approvals, consents, licences, exemptions, filings and registrations required in the normal day to
day course of the operation of the Ship and not already obtained by the Borrower;

 

		(f)	all information furnished by any Obligor relating to the business and affairs of any Obligor in
connection with this Agreement and the other Transaction Documents was and remains true and correct in all material respects and
there are no other material facts or considerations the omission of which would render any such information misleading;

 

    56 

     

    

 

		(g)	each Obligor has fully disclosed to the Agent all facts relating to each Obligor which it knows
or should reasonably know and which might reasonably be expected to influence the Lenders in deciding whether or not to enter into
this Agreement;

 

		(h)	the claims of the Creditor Parties against the Borrower under this Agreement will rank at least
pari passu with the claims of all unsecured creditors of 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 Borrower who is also an Obligor;

 

		(i)	the Borrower is and shall remain, after the advance to it of the Loan, solvent in accordance with
the laws of the Marshall Islands and the United Kingdom and in particular with the provisions of the Insolvency Act 1986 (as from
time to time amended) and the requirements thereof;

 

		(j)	neither the Borrower nor any other Obligor has taken any corporate action nor have any other steps
been taken or legal proceedings been started or (to the best of its knowledge and belief) threatened against any of them for the
reorganisation, winding-up, dissolution or for the appointment of a liquidator, administrator, receiver, administrative receiver,
trustee or similar officer of any of them or any or all of their assets or revenues nor has it sought any other relief under any
applicable insolvency or bankruptcy law;

 

		(k)	(A) the consolidated
audited accounts of both Prior Guarantors for the period ending on 31 December 2013 (which accounts have been prepared in accordance
with GAAP) fairly represent the financial condition of each Prior Guarantor as shown in such audited accounts and (B) (in relation
to any date on which this representation and warranty is deemed to be repeated pursuant to paragraph
(a) of Clause 12.1(a12.1
(Timing and repetition)) the latest available annual consolidated audited accounts
of the Guarantor at the date of repetition (which accounts have been prepared in accordance with GAAP) fairly represent the financial
condition of the Guarantor as shown in such audited accounts;

 

		(l)	none of the Obligors 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 Transaction
Documents or by any relevant or applicable law;

 

		(m)	all the membership interest in the Borrower and all shares or membership interest in any Approved
Manager which is a member of the Group shall be legally and beneficially owned directly or indirectly by (in the case of the Borrower)
Oceania Cruises and (in the case of such Approved Manager) the Guarantor and such structure shall remain so throughout the Security
Period;

 

		(n)	the copies of the Shipbuilding Contract, any External Management Agreement,
any charter and any charter guarantee being the subject of a Time Charter Assignment (if any) and any other relevant third party
agreements including but without limitation the copies of any documents in respect of the Insurances delivered to the Agent are
true and complete copies of each such document constituting valid and binding obligations of the parties thereto enforceable in
accordance with their respective terms and, subject to Clauses 13.14 and 13.2413.14
(Pooling of earnings and charters) and 13.24 (Irrevocable payment instructions),
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; and

 

		(o)	any borrowing by the Borrower under this Agreement, and the performance
of its obligations under this Agreement and the other Transaction Documents, will be for its own account and will not involve any
breach by it of any law or regulatory measure relating to ““money
laundering””
as defined in Article 1 of the Directive (91/308/EEC) of the Council of the European Communities
(as amended by Directive 2001/97/EC of the European Parliament and of
the Council of 4 December 2001).

 

    57 

     

    

 

		(p)	no Obligor is:

 

		(i)	a Prohibited Person;

 

		(ii)	is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of,
a Prohibited Person; or

 

		(iii)	owns or controls a Prohibited Person;

 

		(q)	no proceeds of the Loan shall be made available directly or indirectly to or for the benefit of
a Prohibited Person nor shall they be otherwise directly or indirectly applied in a manner or for a purpose prohibited by Sanctions;

 

		(r)	to the best of the Borrower’s, Oceania Cruises and the Guarantor’s knowledge, no Prohibited
Payment has been or will be made or provided, directly or indirectly, by (or on behalf of) it, any of its affiliates, its or its
officers, directors or any other person acting on its behalf to, or for the benefit of, any authority (or any official, officer,
director, agent or key employee of, or other person with management responsibilities in, of any authority) in connection with the
Ship, this Agreement and/or the Finance Documents;

 

		(s)	no payments made or to be made by the Borrower, Oceania Cruises or the Guarantor in respect of
amounts due under this Agreement or any Finance Document have been or shall be funded out of funds of Illicit Origin and none of
the sources of funds to be used by the Borrower, Oceania Cruises or the Guarantor in connection with the construction of the Ship
or its business are of Illicit Origin.

 

		12.3	Semi-continuing representations and warranties.

 

The Borrower represents and
warrants to each of the Lenders that:

 

		(a)	no event has occurred which constitutes a default under or in respect of any Transaction Document
to which any Obligor or the Builder is a party or by which any Obligor or the Builder may be bound (including (inter alia) this
Agreement) and no event has occurred which constitutes a default under or in respect of any agreement or document to which any
Obligor is a party or by which any Obligor may be bound to an extent or in a manner which might have a material adverse effect
on the ability of that Obligor to perform its obligations under the Transaction Documents to which it is a party;

 

		(b)	none of the assets or rights of the Borrower is subject to any Security
Interest except any Security Interest which (i) qualifies as a Permitted Security Interest with respect to the Borrower or (ii)
is permitted by Clause 13.5 13.5
(Notification of default) of this Agreement;

 

		(c)	no litigation, arbitration or administrative proceedings are current or pending or, to its knowledge,
threatened, which might, if adversely determined, have a material adverse effect on the ability of an Obligor to perform its obligations
under the Transaction Documents to which it is a party;

 

    58 

     

    

 

		(d)	to the best of its knowledge, each of the Obligors has complied with
all taxation laws in all jurisdictions in which it is subject to Ttaxation
and has paid all Taxes due and payable by it;

 

		(e)	each member of the Group has good and marketable title to all its assets
which are reflected in the audited accounts referred to in Clause 12.2(kparagraph
(k) of Clause 12.2 (Continuing representations and warranties);

 

		(f)	none of the Obligors has a place of business in any jurisdiction (except as already disclosed)
which requires any of the Finance Documents to be filed or registered in that jurisdiction to ensure the validity of the Finance
Documents to which it is a party;

 

		(g)	each of the Obligors and each member of the Group:

 

		(i)	is in compliance with all applicable federal, state, local, foreign and international laws, regulations,
conventions and agreements relating to pollution prevention or protection of human health or the environment (including, without
limitation, ambient air, surface water, ground water, navigable waters, water of the contiguous zone, ocean waters and international
waters), including without limitation, laws, regulations, conventions and agreements relating to:

 

		(A)	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

 

		(B)	the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling
of Materials of Environmental Concern (such laws, regulations, conventions and agreements the ““Environmental
Laws””);

 

		(ii)	has all permits, licences, approvals, rulings, variances, exemptions, clearances, consents or other
authorisations required under applicable Environmental Laws (““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;

 

		(iii)	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,
attorney’’s
fees and expenses or fines or penalties, in each case arising out of, based on or resulting from:

 

		(A)	the presence or release or threat of release into the environment of any Material of Environmental
Concern at any location, whether or not owned by such person; or

 

		(B)	circumstances forming the basis of any violation, or alleged violation, of any Environmental Law
or Environmental Approval (““Environmental
Claim””);
and

 

there are no circumstances that
may prevent or interfere with such full compliance in the future.

 

    59 

     

    

 

There is no material Environmental
Claim pending or threatened against any of the Obligors or any member of the Group.

 

There are no past or present
actions, activities, circumstances, conditions, events or incidents, including, without limitation, the release, emission, discharge
or disposal of any Material of Environmental Concern, that could form the basis of any Environmental Claim against any of the Obligors
or any member of the Group.

 

		12.4	Representations on the Delivery Date.

 

The Borrower further represents
and warrants to each of the Lenders that on the Delivery Date the Ship was:

 

		(a)	in its absolute and unencumbered ownership save as contemplated by the Finance Documents;

 

		(b)	registered in its name under the laws and flag of the Maritime Registry;

 

		(c)	classed with the highest classification available for a Ship of its
type free of all recommendations and qualifications with Lloyd’’s
Register, RINA or Bureau Veritas;

 

		(d)	operationally seaworthy and in compliance with all relevant provisions, regulations and requirements
(statutory or otherwise) applicable to ships registered under the laws and flag of the Maritime Registry;

 

		(e)	in compliance with the ISM Code, the ISPS Code and Annex VI;

 

		(f)	insured in accordance with the provisions of Clause 13.20
13.20 (Valuation of the Ship) and
in compliance with the requirements therein in respect of such insurances; and

 

		(g)	managed by the Approved Manager and, in the event that the Approved Manager is not a member of
the Group, on and subject to the terms set out in the External Management Agreement.

 

		13	UNDERTAKINGSUndertakings

 

		13.1	General.

 

The Borrower undertakes with
each Creditor Party to comply with the following undertakings during the Security Period.

 

		13.2	Information.

 

The Borrower will provide to
the Agent for the benefit of the Lenders (or will procure the provision of):

 

		(a)	as soon as practicable (and in any event within one hundred and twenty (120) days after the close
of its financial year) a Certified Copy of the audited consolidated accounts of the Guarantor and its subsidiaries for that year
(commencing with accounts made up to 31 December 2014 in the case of the consolidated accounts of the Guarantor);

 

		(b)	as soon as practicable (and in any event within forty-five (45) days
of the end of the contemplated quarter for the first three quarters in any fiscal year and within 90 days for the final quarter)
a copy of the unaudited consolidated quarterly management accounts  (including current
and year-to-date profit and loss statements and balance sheet compared to the previous year and to budget) of
the Guarantor (it being understood that the delivery by the Guarantor of quarterly or annual reports as filed with the Securities
and Exchange Commission in respect of the Guarantor and its consolidated subsidiaries shall satisfy all the requirements of this
paragraph (c)(b));

 

    60 

     

    

 

		(c)	promptly, such further information in its possession or control regarding the condition or operations
of the Ship and its financial condition and operations of the Borrower and those of any company in the Group as the Agent may reasonably
request for the benefit of the Creditor Parties; and

 

		(d)	details of any material litigation, arbitration or administrative proceedings (including proceedings
relating to any alleged or actual breach of Sanctions, the ISM Code of the ISPS Code) which affect any company in the Group as
soon as the same are instituted and served, or, to the knowledge of the Borrower, threatened (and for this purpose proceedings
shall be deemed to be material if they involve a claim in an amount exceeding Twenty million Dollars or the equivalent in another
currency provided that this threshold shall not apply to any proceedings relating to Sanctions).

 

All
accounts required under this Clause  13.2 13.2
(Information) shall be prepared in accordance with GAAP and shall fairly represent
the financial condition of the relevant company.

 

		13.3	Illicit Payments.

 

No payments made by the Borrower,
Oceania Cruises or the Guarantor in respect of amounts due under this Agreement or any Finance Document shall be funded out of
funds of Illicit Origin and none of the sources of funds to be used by the Borrower, Oceania Cruises or the Guarantor in connection
with the construction of the Ship or its business shall be of Illicit Origin

 

		13.4	Prohibited Payments.

 

No Prohibited Payment shall
be made or provided, directly or indirectly, by (or on behalf of) the Borrower, Oceania Cruises and the Guarantor or any of their
affiliates, officers, directors or any other person acting on its behalf to, or for the benefit of, any authority (or any official,
officer, director, agent or key employee of, or other person with management responsibilities in, of any authority) in connection
with the Ship, this Agreement and/or the Finance Documents.

 

		13.5	Notification of default.

 

The
Borrower will notify the Agent of any Event of Default forthwith upon becoming aware of the occurrence thereof. Upon the Agent’’s
request from time to time the Borrower will issue a certificate stating whether any Obligor is aware of the occurrence of any Event
of Default.

 

		13.6	Consents and registrations.

 

The Borrower will procure that
(and will promptly furnish Certified Copies to the Agent on the request of the Agent of) all such authorisations, approvals, consents,
licences and exemptions as may be required under any applicable law or regulation to enable it or any Obligor to perform its obligations
under, and ensure the validity or enforceability of, each of the Transaction Documents are obtained and promptly renewed from time
to time and will procure that the terms of the same are complied with at all times. Insofar as such filings or registrations have
not been completed on or before the Drawdown Date the Borrower will procure the filing or registration within applicable time limits
of each Finance Document which requires filing or registration together with all ancillary documents required to preserve the priority
and enforceability of the Finance Documents.

 

    61 

     

    

 

		13.7	Negative pledge.

 

The Borrower will not create
or permit to subsist any Security Interest on the whole or any part of its present or future assets, except for the following:

 

		(a)	Security Interests created with the prior consent of the Agent; or

 

		(b)	Security Interests qualifying as Permitted Security Interests with respect
to the Borrower and described in paragraphs (a) (a)
and (b) (b)
of the definition of ““Permitted
Security Interests””
in Clause 1.11.1
(Definitions); or

 

		(c)	Security Interests qualifying as Permitted Security Interests with respect
to the Borrower and described in paragraphs  (c)(C),
(e)(E),
(h) (H)
or (i) (I)
of such definition, provided that insofar as they are enforceable against the Ship they do not prevail
over the Mortgage.

 

		13.8	Disposals

 

Disposals.
Except in the case of a sale of the Ship if the completion of the sale is contemporaneous
with prepayment of the Loan in accordance with the provisions of Clause 16.3 16.3
(Mandatory prepayment) and except for charters and other arrangements complying with
Clause 13.1213.12
(Financial Records), the Borrower shall not without the consent of the Majority Lenders,
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 the Ship or any of the Ship’’s
equipment except in the case of items being replaced or renewed provided that the net impact is not a reduction in the value of
the Ship.

 

		13.9	Change of business.

 

Except
with the prior consent of the Agent, the Borrower shall not make or threaten to make any substantial change in its business as
presently conducted, namely that of a single ship owning company for the Ship, or carry on any other business which is substantial
in relation to its business as presently conducted so as to affect, in the opinion of the Agent, the Borrower’’s
ability to perform its obligations hereunder.

 

		13.10	Mergers.

 

Except with the prior consent
of the Lenders, the Borrower will not enter into any amalgamation, restructure, substantial reorganisation, merger, de-merger or
consolidation or anything analogous to the foregoing nor will it acquire any equity, share capital or obligations of any corporation
or other entity.

 

		13.11	Maintenance of status and franchises.

 

The Borrower will do all such
things as are necessary to maintain its limited liability company existence in good standing and will ensure that it has the right
and is duly qualified to conduct its business as it is conducted in all applicable jurisdictions and will obtain and maintain all
franchises and rights necessary for the conduct of its business.

 

    62 

     

    

 

		13.12	Financial records.

 

The Borrower will keep proper
books of record and account, in which proper and correct entries shall be made of all financial transactions and the assets, liabilities
and business of the Borrower in accordance with GAAP.

 

		13.13	Financial indebtedness and subordination of indebtedness.

 

The following restrictions
shall apply:

 

		(a)	otherwise than in the ordinary course of business as owner of the Ship, except as contemplated
by this Agreement and except any loan, advance or credit extended by the Guarantor or any member of the Group which is a wholly
owned subsidiary of the Guarantor, the Borrower will not create, incur, assume or allow to exist any financial indebtedness, enter
into any finance lease or undertake any material capital commitment (including but not limited to the purchase of any capital asset);
and

 

		(b)	the Borrower shall procure that any and all indebtedness (and in particular
with any other Obligor) is at all times fully subordinated to the Finance Documents and the obligations of the Borrower hereunder.
Upon the occurrence of an Event of Default, the Borrower shall not make any repayments of principal, payments of interest or of
any other costs, fees, expenses or liabilities arising from or representing such indebtedness. In this Clause
13.11(b) “paragraph (b) of Clause 13.13 (Financial
indebtedness and subordination of indebtedness) “fully subordinated””
shall mean that any claim of the lender against the Borrower in relation to such indebtedness shall
rank after and be in all respects subordinate to all of the rights and claims of the Creditor Parties under this Agreement and
the other Finance Documents and that the lender shall not take any steps to enforce its rights to recover any monies owing to it
by the Borrower and in particular but without limitation the lender will not institute any legal or quasi-legal proceedings under
any jurisdiction at any time against the Ship, her Earnings or Insurances or the Borrower and it will not compete with the Creditor
Parties or any of them in a liquidation or other winding-up or bankruptcy of the Borrower or in any proceedings in connection with
the Ship, her Earnings or Insurances.

 

		13.14	Pooling of earnings and charters.

 

The Borrower will not without
the prior written consent of the Agent enter into in respect of the Ship, nor permit to exist at any time following the Delivery
Date:

 

		(a)	any pooling agreement or other arrangement for the sharing of any of the Earnings or the expenses
of the Ship except with a member of the Group and provided that it does not adversely affect the rights of the Creditor Parties
under the Finance Documents in the reasonable opinion of the Agent; or

 

		(b)	any demise or bareboat charter, provided however that such consent shall not be unreasonably withheld
in the event that the Borrower wishes to enter into a bareboat charter in a form approved by the Agent with any company which is
a member of the Group on condition that if so requested by the Agent and without limitation:

 

		(i)	any such bareboat charterer shall enter into such deeds (including but not limited to a full subordination
and assignment deed in respect of its rights under the bareboat charter and its interest in the Insurances and earnings payable
to it arising out of its use of the Ship), agreements and indemnities as the Agent shall in its sole discretion require prior to
entering into the bareboat charter with the Borrower; and

 

    63 

     

    

 

		(ii)	the Borrower shall assign the benefit of any such bareboat charter and its interest in the Insurances
to the Creditor Parties by way of further security for the Borrower’’s
obligations under the Finance Documents.; or

 

		(c)	any charter whereunder two (2) months’’
charterhire (or the equivalent thereof) is payable in advance in respect of the Ship; or

 

		(d)	any charter of the Ship or employment which, with the exercise of options
for extension, could be for a period longer than [*] ([*])
months; or

 

		(e)	any time charter of the Ship with a company outside the Group, provided however that such consent
shall not be unreasonably withheld in the event that:

 

		(i)	the Borrower agrees to execute in favour of the Creditor Parties an assignment of such time charter,
the Earnings therefrom and any guarantee of the charterer’’s
obligations thereunder substantially in the form of the relevant provisions of the Time Charter Assignment and as required by the
Agent; and

 

		(ii)	the Agent is satisfied that the income from such time charter will be sufficient to cover the expenses
of the Ship and to service repayment of the Loan and all other amounts from time to time outstanding under this Agreement.

 

		13.15	Loans and guarantees by the Borrower.

 

Otherwise than in the ordinary
course of business in its ownership and operation of the Ship following the Delivery Date, the Borrower will not make any loan
or advance or extend credit to any person, firm or corporation or issue or enter into any guarantee or indemnity or otherwise become
directly or contingently liable for the obligations of any other person, firm or corporation.

 

		13.16	Management and employment.

 

The Borrower will not as from
the Delivery Date:

 

		(a)	permit any person other than the Approved Manager to be the manager of, including providing crewing
services to, the Ship, acting upon terms approved in writing by the Agent and having entered into:-

 

		(i)	(in the case of the Approved Manager) an Approved Manager’’s
Undertaking; and

 

		(ii)	(in the case of the Borrower if the Approved Manager is not a member of the Group) an External
Management Agreement Assignment;

 

		(b)	permit any amendment to be made to the terms of any External Management
Agreement unless the amendment is advised by the Borrower’’s
tax counsel or is deemed necessary by the parties thereto to reflect the prevailing circumstances but provided that the amendment
does not imperil the security to be provided pursuant to the Finance Documents or adversely affect the ability of any Obligor to
perform its obligations under the Transaction Documents; or

 

		(c)	permit the Ship to be employed other than within the Oceania brand.

 

    64 

     

    

 

		13.17	Acquisition of shares.

 

The Borrower will not acquire
any equity, share capital, assets or obligations of any corporation or other entity or permit its membership interest to be held
other than directly or indirectly by Oceania Cruises.

 

		13.18	Trading with the United States of America.

 

The
Borrower shall in respect of the Ship take all reasonable precautions as from the Delivery Date to prevent any infringements of
the Anti-Drug Abuse Act of 1986 of the United States of America (as the same may be amended and/or re-enacted from time to time
hereafter) or any similar legislation applicable to the Ship in any other jurisdiction in which the Ship shall trade (a ““Relevant
Jurisdiction””)
where the Ship trades in the territorial waters of the United States of America or a Relevant Jurisdiction.

 

		13.19	Further assurance.

 

The Borrower will, from time
to time on being required to do so by the Agent, do or procure the doing of all such acts and/or execute or procure the execution
of all such documents in a form satisfactory to the Agent as the Agent may reasonably consider necessary for giving full effect
to any of the Transaction Documents or the SACE Insurance Policy or securing to the Creditor Parties the full benefit of the rights,
powers and remedies conferred upon the Creditor Parties or any of them in any such Transaction Document.

 

		13.20	Valuation of the Ship.

 

The following shall apply in
relation to the valuation of the Ship:

 

		(a)	the Borrower will from time
to timeon or before 31 May of each year that commences
(but at intervals no more frequently than annually at the Borrower’’s
expense unless an Event of Default has occurred and remains unremedied) following the Delivery Date and within thirty (30) days
of receiving any request to that effect from the Agent, procure that the Ship is valued by an independent reputable shipbroker
or shipvaluer experienced in valuing cruise ships appointed by the Borrower and approved by the Agent (which approval shall not
be unreasonably withheld or delayed and such valuation to be made with or without taking into account the benefit or otherwise
of any fixed employment relating to the Ship as the Agent may require);

 

		(b)	the Borrower shall procure that forthwith upon the issuance of any valuation
obtained pursuant to this Clause 13.18 13.18
(Trading with the United States of America) a copy thereof is sent directly to the
Agent for review; and

 

		(c)	in the event that the Borrower fails to procure a valuation in accordance
with Clause 13.18 (a13.18
(Trading with the United States of America), the Agent shall be entitled to procure
a valuation of the Ship on the same basis.

 

		13.21	Earnings.

 

The
Borrower will procure that the Earnings (if any) are paid in full without set off and free and clear of and without deduction for
any taxes, levies,
duties, imposts,
charges, fees,
restrictions or conditions of any nature whatsoever.

 

    65 

     

    

 

		13.22	Insurances.

 

The Borrower covenants with
the Creditor Parties and undertakes with effect from the Delivery Date until the end of the Security Period:

 

		(a)	to insure the Ship in its name and keep the Ship insured on an agreed
value basis for an amount in the currency in which the Loan is denominated approved by the Agent but not being less than the greater
of (x) [*] per cent. ([*]%) of the amount of the Loan; and
(y) the full market and commercial value of the Ship determined in accordance with Clause 13.18
13.18 (Trading with the United States of America)
from time to time through internationally recognised independent first class insurance companies, underwriters,
war risks and protection and indemnity associations acceptable to the Agent in each instance on terms and conditions approved by
the Agent including as to deductibles but at least in respect of:

 

		(i)	fire and marine risks including but without limitation hull and machinery and all other risks customarily
and usually covered by first-class and prudent shipowners in the London insurance markets under English marine policies or Agent-approved
policies containing the ordinary conditions applicable to similar Ships;

 

		(ii)	war risks and war risks (protection and indemnity) up to the insured amount;

 

		(iii)	excess risks that is to say the proportion of claims for general average and salvage charges and
under the running down clause not recoverable in consequence of the value at which the Ship is assessed for the purpose of such
claims exceeding the insured value;

 

		(iv)	protection and indemnity risks with full standard coverage as offered by first-class protection
and indemnity associations and up to the highest limit of liability available (for oil pollution risk the highest limit currently
available is one billion Dollars (USD1,000,000,000) and this to be increased if reasonably requested by the Agent and the increase
is possible in accordance with the standard protection and indemnity cover for Ships of its type and is compatible with prudent
insurance practice for first class cruise shipowners or operators in waters where the Ship trades from time to time from the Delivery
Date until the end of the Security Period);

 

		(v)	when and while the Ship is laid-up, in lieu of hull insurance, normal port risks; and

 

		(vi)	such other risks as the Agent may from time to time reasonably require;

 

and
in any event in respect of those risks and at those levels covered by first class and prudent owners and/or financiers in the international
market in respect of similar tonnage provided that if any of such insurances are also effected in the name of any other person
(other than the Borrower and/or a Creditor Party) such person shall if so required by the Agent execute a first priority assignment
of its interest in such insurances in favour of the Creditor Parties in similar terms mutatis mutandis to the relevant provisions
of the Tripartite General
Assignment;

 

		(b)	that the Agent shall take out mortgagee interest insurance on such conditions
as the Agent may reasonably require and mortgagee interest insurance for pollution risks as from time to time agreed each for an
amount in the currency in which the Loan is denominated of [*] per cent. ([*]%)
of the amount of the Loan, the Borrower having no interest or entitlement in respect of such policies; the Borrower shall upon
demand of the Agent reimburse the Agent for the costs of effecting and/or maintaining any such insurance(s);

 

    66 

     

    

 

		(c)	if the Ship shall trade in the United States of America and/or the Exclusive
Economic Zone of the United States of America (the  ““EEZ””)
as such term is defined in the US Oil Pollution Act 1990 (““OPA””),
to comply strictly with the requirements of OPA and any similar legislation which may from time to time be enacted in any jurisdiction
in which the Ship presently trades or may or will trade at any time during the existence of this Agreement and in particular before
such trade is commenced and during the entire period during which such trade is carried on:

 

		(i)	to pay any additional premiums required to maintain protection and indemnity cover for oil pollution
up to the limit available to it for the Ship in the market;

 

		(ii)	to make all such quarterly or other voyage declarations as may from time to time be required by
the Ship’’s
protection and indemnity association and to comply with all obligations in order to maintain such cover, and promptly to deliver
to the Agent copies of such declarations;

 

		(iii)	to submit the Ship to such additional periodic, classification, structural or other surveys which
may be required by the Ship’’s
protection and indemnity insurers to maintain cover for such trade and promptly to deliver to the Agent copies of reports made
in respect of such surveys;

 

		(iv)	to implement any recommendations contained in the reports issued following the surveys referred
to in paragraph (c)(iii) of Clause 13.20(c)(iii13.22
(Insurances) within the time limit specified therein and to provide evidence satisfactory to the Agent that the
protection and indemnity insurers are satisfied that this has been done;

 

		(v)	in particular strictly to comply with the requirements of any applicable law, convention, regulation,
proclamation or order with regard to financial responsibility for liabilities imposed on the Borrower or the Ship with respect
to pollution by any state or nation or political subdivision thereof, including but not limited to OPA, and to provide the Agent
on demand with such information or evidence as it may reasonably require of such compliance;

 

		(vi)	to procure that the protection and indemnity insurances do not contain a clause excluding the Ship
from trading in waters of the United States of America and the EEZ or any other provision analogous thereto and to provide the
Agent with evidence that this is so; and

 

		(vii)	strictly to comply with any operational or structural regulations issued from time to time by any
relevant authorities under OPA so that at all times the Ship falls within the provisions which limit strict liability under OPA
for oil pollution;

 

		(d)	to give notice forthwith of any assignment of its interest in the Insurances to the relevant brokers,
insurance companies, underwriters and/or associations in the form approved by the Agent;

 

		(e)	to execute and deliver all such documents and do all such things as may be necessary to confer
upon the Creditor Parties legal title to the Insurances in respect of the Ship and to procure that the interest of the Creditor
Parties is at all times filed with all slips, cover notes, policies and certificates of entry and to procure (a) that a loss payable
clause in the form approved by the Agent shall be filed with all the hull, machinery and equipment and war risks policies in respect
of the Ship and (b) that a loss payable clause in the form approved by the Agent shall be endorsed upon the protection and indemnity
certificates of entry in respect of the Ship;

 

    67 

     

    

 

		(f)	to procure that each of the relevant brokers and associations furnishes the Agent with a letter
of undertaking in such form as may be required by the Agent and waives any lien for premiums or calls except in relation to premiums
or calls solely attributable to the Ship;

 

		(g)	punctually to pay all premiums, calls, contributions or other sums payable in respect of the Insurances
on the Ship and to produce all relevant receipts when so required by the Agent;

 

		(h)	to renew each of the Insurances on the Ship at least five (5) days before the expiry thereof and
to give immediate notice to the Agent of such renewal and to procure that the relevant brokers or associations shall promptly confirm
in writing to the Agent that such renewal is effected it being understood by the Borrower that any failure to renew the Insurances
on the Ship at least ten (10) days before the expiry thereof or to give or procure the relevant notices of such renewal shall constitute
an Event of Default;

 

		(i)	to 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;

 

		(j)	to furnish the Agent from time to time on request with full information about all Insurances maintained
on the Ship and the names of the offices, companies, underwriters, associations or clubs with which such Insurances are placed;

 

		(k)	not to agree to any variation in the terms of any of the Insurances on the Ship without the prior
approval of the Agent nor to do any act or voluntarily suffer or permit any act to be done whereby any Insurances shall or may
be rendered invalid, void, voidable, suspended, defeated or unenforceable and not to suffer or permit the Ship to engage in any
voyage nor to carry any cargo not permitted under any of the Insurances without first obtaining the consent of the insurers or
reinsurers concerned and complying with such requirements as to payment of extra premiums or otherwise as the insurers or reinsurers
may impose;

 

		(l)	not to settle, compromise or abandon any claim in respect of any of
the Insurances on the Ship other than a claim of less than [*] Dollars ($[*])
or the equivalent in any other currency and not being a claim arising out of a Total Loss;

 

		(m)	to apply or ensure the appliance of all such sums receivable in respect of the Insurances on the
Ship for the purpose of making good the loss and fully repairing all damage in respect whereof the insurance monies shall have
been received;

 

		(n)	that in the event of it making default in insuring and keeping insured the Ship as hereinbefore
provided then the Agent may (but shall not be bound to) insure the Ship or enter the Ship in such manner and to such extent as
the Agent in its discretion thinks fit and in such case all the cost of effecting and maintaining such insurance together with
interest thereon at the Interest Rate shall be paid on demand by the Borrower to the Agent; and

 

		(o)	that the Agent shall be entitled, immediately prior to the Delivery Date and thereafter no more
frequently than annually on renewals but also additionally at any time when there is a proposed change of underwriters or the terms
of any Insurances, to instruct independent reputable insurance advisers for the purpose of obtaining any advice or information
regarding any matter concerning the Insurances which the Agent shall at its sole discretion deem necessary, it being hereby specifically
agreed that the Borrower shall reimburse the Agent on demand for the costs and expenses incurred by the Agent in connection with
the instruction of such advisers subject to a limit of Twenty five thousand Euro at the time of delivery of the Ship or in the
event of a change of underwriters or of terms of any Insurances and otherwise Ten thousand Euro annually thereafter.

 

    68 

     

    

 

		13.23	Operation and maintenance of the Ship.

 

From the Delivery Date until
the end of the Security Period at its own expense the Borrower will:

 

		(a)	keep the Ship in a good and efficient state of repair so as to maintain
it to the highest classification notation available for the Ship of its age and type free of all recommendations and qualifications
with Lloyd’’s
Register, RINA or Bureau Veritas. On the Delivery Date and annually thereafter, it will furnish to the Agent a statement by such
classification society that such classification notation is maintained. It will comply with all recommendations, regulations and
requirements (statutory or otherwise) from time to time applicable to the Ship and shall have on board as and when required thereby
valid certificates showing compliance therewith and shall procure that all repairs to or replacements of any damaged, worn or lost
parts or equipment are carried out (both as regards workmanship and quality of materials) so as not to diminish the value or class
of the Ship. It will not make any substantial modifications or alterations to the Ship or any part thereof which would reduce the
market and commercial value of the Ship determined in accordance with Clause 13.1813.18
(Trading with the United States of America);

 

		(b)	submit the Ship to continuous survey in respect of its machinery and hull and such other surveys
as may be required for classification purposes and, if so required by the Agent, supply to the Agent copies in English of the survey
reports;

 

		(c)	permit surveyors or agents appointed by the Agent to board the Ship at all reasonable times to
inspect its condition or satisfy themselves as to repairs proposed or already carried out and afford all proper facilities for
such inspections;

 

		(d)	comply, or procure that the Approved Manager will comply, with the ISM Code (as the same may be
amended from time to time) or any replacement of the ISM Code (as the same may be amended from time to time) and in particular,
without prejudice to the generality of the foregoing, as and when required to do so by the ISM Code and at all times thereafter:

 

		(i)	hold, or procure that the Approved Manager holds, a valid Document of Compliance duly issued to
the Borrower or the Approved Manager (as the case may be) pursuant to the ISM Code and a valid Safety Management Certificate duly
issued to the Ship pursuant to the ISM Code;

 

		(ii)	provide the Agent with copies of any such Document of Compliance and Safety Management Certificate
as soon as the same are issued; and

 

		(iii)	keep, or procure that there is kept, on board the Ship a copy of any such Document of Compliance
and the original of any such Safety Management Certificate;

 

		(e)	comply, or procure that the Approved Manager will comply, with the ISPS Code (as the same may be
amended from time to time) or any replacement of the ISPS Code (as the same may be amended from time to time) and in particular,
without prejudice to the generality of the foregoing, as and when required to do so by the ISPS Code and at all times thereafter:

 

		(i)	keep, or procure that there is kept, on board the Ship the original of the International Ship Security
Certificate required by the ISPS Code; and

 

		(ii)	keep, or procure that there is kept, on board the Ship a copy of the ship security plan prepared
pursuant to the ISPS Code;

 

    69 

     

    

 

		(f)	comply with Annex VI (as the same may be amended from time to time) or any replacement of Annex
VI (as the same may be amended from time to time) and in particular, without limitation, to:

 

		(i)	procure that the Ship’’s
master and crew are familiar with, and that the Ship complies with, Annex VI; and

 

		(ii)	maintain for the Ship throughout the Security Period a valid and current IAPPC and provide a copy
to the Agent; and

 

		(iii)	notify the Agent immediately in writing of any actual or threatened withdrawal, suspension, cancellation
or modification of the IAPPC;

 

		(g)	not employ the Ship or permit its employment in any trade or business which is forbidden by any
applicable law or is otherwise illicit or in carrying illicit or prohibited goods or in any manner whatsoever which may render
it liable to condemnation in a prize court or to destruction, seizure or confiscation or that may expose the Ship to penalties.
In the event of hostilities in any part of the world (whether war be declared or not) it will not employ the Ship or permit its
employment in carrying any contraband goods;

 

		(h)	promptly provide the Agent with (i) all information which the Agent may reasonably require regarding
the Ship, its employment, earnings, position and engagements (ii) particulars of all towages and salvages and (iii) copies of all
charters and other contracts for its employment and otherwise concerning it;

 

		(i)	give notice to the Agent promptly and in reasonable detail upon the Borrower or any other Obligor
becoming aware of:

 

		(i)	accidents to the Ship involving repairs the cost of which will or is likely to exceed [*] Dollars
($[*]);

 

		(ii)	the Ship becoming or being likely to become a Total Loss;

 

		(iii)	any recommendation or requirement made by any insurer or classification society or by any competent
authority which is not complied with, or cannot be complied with, within any time limit relating thereto and that might reasonably
affect the maintenance of either the Insurances or the classification of the Ship;

 

		(iv)	any writ or claim served against or any arrest of the Ship or the exercise of any lien or purported
lien on the Ship, her Earnings or Insurances;

 

		(v)	the Ship ceasing to be registered under the flag of the Maritime Registry or anything which is
done or not done whereby such registration may be imperilled;

 

		(vi)	it becoming impossible or unlawful for it to fulfil any of its obligations under the Finance Documents;
and

 

		(vii)	anything done or permitted or not done in respect of the Ship by any person which is likely to
imperil the security created by the Finance Documents;

 

    70 

     

    

 

		(j)	promptly pay and discharge all debts, damages and liabilities, taxes,
assessments, charges, fines, penalties, tolls, dues and other outgoings in respect of the Ship and keep proper books of account
in respect thereof provided always that the Borrower shall not be obliged to compromise any debts, damages and liabilities as aforesaid
which are being contested in good faith subject always that full details of any such contested debt, damage or liability which,
either individually or in aggregate exceeds [*] Dollars ($[*])
shall forthwith be provided to the Agent. As and when the Agent may so require the Borrower will make such books available for
inspection on behalf of the Agent and provide evidence satisfactory to the Agent that the wages and allotments and the insurance
and pension contributions of the master and crew are being regularly paid, that all deductions of crew’’s
wages in respect of any tax liability are being properly accounted for and that the master has no claim for disbursements other
than those incurred in the ordinary course of trading on the voyage then in progress or completed prior to such inspection;

 

		(k)	maintain the type of the Ship as at the Delivery Date and not put the
Ship into the possession of any person for the purpose of work being done on it in an amount exceeding or likely to exceed [*]
Dollars ($[*]) unless such person shall first have given to the Agent
a written undertaking addressed to the Agent in terms satisfactory to the Agent agreeing not to exercise a lien on the Ship or
her Earnings for the cost of such work or for any other reason;

 

		(l)	promptly pay and discharge all liabilities which have given rise, or may give rise, to liens or
claims enforceable against the Ship under the laws of all countries to whose jurisdiction the Ship may from time to time be subject
and in particular the Borrower hereby agrees to indemnify and hold the Creditor Parties, their successors, assigns, directors,
officers, shareholders, employees and agents harmless from and against any and all claims, losses, liabilities, damages, expenses
(including attorneys, fees and expenses and consultant fees) and injuries of any kind whatsoever asserted against the Creditor
Parties, with respect to or as a result of the presence, escape, seepage, spillage, release, leaking, discharge or migration from
the Ship or other properties owned or operated by the Borrower of any hazardous substance, including without limitation, any claims
asserted or arising under any applicable environmental, health and safety laws, codes and ordinances, and all rules and regulations
promulgated thereunder of all governmental agencies, regardless of whether or not caused by or within the control of the Borrower
subject to the following:

 

		(i)	it is the parties’’
understanding that the Creditor Parties do not now, have never and do not intend in the future to exercise any operational control
or maintenance over the Ship or any other properties and operations owned or operated by the Borrower, nor in the past, presently,
or intend in the future to, maintain an ownership interest in the Ship or any other properties owned or operated by the Borrower
except as may arise upon enforcement of the Lenders’’
rights under the Mortgage;

 

		(ii)	unless and until an Event of Default shall have occurred and without prejudice to the right of
each Lender to be indemnified pursuant to this Clause 13.21(lparagraph
(l) of Clause 13.23 (Operation and maintenance of the Ship):

 

		(A)	each Lender will, if it is reasonably practicable to do so, notify the Borrower upon receiving
a claim in respect of which the relevant Lender is or may become entitled to an indemnity under this Clause
13.21(lparagraph (l) of Clause 13.23 (Operation and
maintenance of the Ship); and

 

		(B)	subject to the prior written approval of the relevant Lender which the Lender shall have the right
to withhold, the Borrower will be entitled to take, in the name of the relevant Lender, such action as the Borrower may see fit
to avoid, dispute, resist, appeal, compromise or defend any such claims, losses, liabilities, damages, expenses and injuries as
are referred to above in this Clause 13.12(lparagraph
(l) of Clause 13.23 (Operation and maintenance of the Ship) or to recover the same from any third party, subject
to the Borrower first ensuring that the relevant Lender is secured to its reasonable satisfaction against all expenses thereby
incurred or to be incurred;

 

    71 

     

    

 

provided always that the Borrower
shall not be obliged to compromise any liabilities as aforesaid which are being contested in good faith subject always that full
details of any such contested liabilities which, either individually or in aggregate, exceed [*] Dollars ($[*]) shall be forthwith
provided to the Agent. If the Ship is arrested or detained for any reason it will procure its immediate release by providing bail
or taking such other steps as the circumstances may require;

 

		(m)	give to the Agent at such times as it may from time to time reasonably require a certificate, duly
signed on its behalf, as to the total amount of any debts, damages and liabilities relating to the Ship and details of such of
those debts, damages and liabilities as are over a certain amount to be specified by the Agent at the relevant time and, if so
required by the Agent, forthwith discharge such of those debts, damages and liabilities as the Agent shall require other than those
being contested in good faith; and

 

		(n)	maintain the registration of the Ship under and fly the flag of the Maritime Registry and not do
or permit anything to be done whereby such registration may be forfeited or imperilled.

 

		13.24	Irrevocable payment instructions.

 

The
Borrower shall not modify, revoke or withhold the payment instructions set out in Clause 4.1
4.1 (Borrower’s irrevocable payment instructions)
without the agreement of the Builder (in the case of Clause
4.1(aparagraph (a) of Clause 4.1 (Borrower’s
irrevocable payment instructions) only), the Agent and the Lenders.

 

		13.25	““Know
your customer””
checks.

 

If:

 

		(a)	the introduction of or any change in (or in the interpretation, administration or application of)
any law or regulation made after the date of this Agreement;

 

		(b)	any change in the status of a Borrower after the date of thisthe
Original Facility Agreement; or

 

		(c)	a proposed assignment or transfer by a Lender of any of its rights and
obligations under thisthe
Original Facility Agreement to a party that is not a Lender prior to such assignment or transfer,

 

obliges
the Agent or any Lender (or, in the case of Clause 13.23(cparagraph
(c) of Clause 13.23 (Operation and maintenance of the Ship), any prospective new Lender)
to comply with ““know
your customer””
or similar identification procedures in circumstances where the necessary information is not already
available to it, the Borrower shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such
documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender
(for itself or, in the case of the event described in Clause 13.23(cparagraph
(c) of Clause 13.23 (Operation and maintenance of the Ship), on behalf of any prospective
new Lender) in order for the Agent and, such Lender or to carry out and be satisfied it has complied with all necessary ““know
your customer””
or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated
in the Finance Documents.

 

    72 

     

    

 

		13.26	Shipbuilding Contract.

 

The
Borrower shall not modify the Shipbuilding Contract, directly or indirectly, if, by reason of regulations which apply to a Lender,
such modification would make such Lender’’s
Commitment impossible to fulfil or would change the substance or form of its Commitment. The Borrower will, therefore, submit to
the Agent any proposals for modification which, in its opinion, might have such a consequence, and the Agent on behalf of the Lenders
will indicate in a timely manner whether the modification proposed will allow the Loan to be maintained. On or about the last day
of each successive period of three (3) months commencing on the date of thisthe
Original Facility Agreement and on the date of the Drawdown Notice, the Borrower undertakes
to provide the Agent with a copy of any Change Order entered into during that three (3) month or other period. The Borrower also
undertakes to notify the Agent of any change in the Intended Delivery Date as soon as practicable after each change has occurred.

 

		13.27	FOREX Contracts. The
Borrower shall 

 

The
Borrower shall

 

		(a)	provide the Agent with a copy of all FOREX Contracts together with all relevant details with ten
(10) days of their execution; and

 

		(b)	inform the Agent, when requested by the Agent, of its intended hedging policy for purchasing Euro
with Dollars.

 

		13.28	Compliance with laws etc.

 

The Borrower shall:

 

		(a)	comply, or procure compliance with:

 

		(i)	in all material respects, all laws and regulations relating to its business generally; and

 

		(ii)	in all material respects (except in the case of compliance with Sanctions which must be complied
with in all respects), all laws or regulations relating to the Ship, its ownership, employment, operation, management and registration,

 

including the ISM Code, the
ISPS Code, all Environmental Laws, all Sanctions and the laws of the Approved Flag;

 

		(b)	obtain, comply with and do all that is necessary to maintain in full force and effect any Environment
Approvals which are applicable to it; and

 

		(c)	without limiting paragraph (a) above, not employ the Ship nor allow its employment, operation or
management in any manner contrary to any law or regulation including but not limited to the ISM Code, the ISPS Code, all Environmental
Laws and all Sanctions.

 

		13.29	Dividends and dividend restriction

 

		(a)	Subject to paragraph (b) below, the Borrower shall
not make or pay any dividend or other distribution (in cash or in kind) in respect of its share capital other than dividends and
distributions that are transferred to Oceania Cruises or the Guarantor provided that no Event of Default has occurred or is continuing
or would result from the payment of any dividend.

 

    73 

     

    

 

		(b)	During the period from the 2020 Deferral Effective
Date up to and including the 2021 Deferral Final Repayment Date, the Borrower shall not, and shall procure that the Guarantor,
Oceania Cruises and the Holding shall not:

 

		(i)	declare, make or pay any dividend or other distribution
(or interest on any unpaid dividend or other distribution) (whether in cash or in kind) on or in respect of its share capital (or
any class of its share capital);

 

		(ii)	repay or distribute any dividend or share premium
reserve;

 

		(iii)	make any repayment of any kind under any shareholder
loan; or

 

		(iv)	redeem, repurchase (whether by way of share buy-back
program or otherwise), defease, retire or repay any of its share capital or resolve to do so,

 

except
that:

 

		(A)	any Obligor other than the Guarantor may pay dividends
and other distributions, directly or indirectly, to the Guarantor for the purpose of providing liquidity to the Guarantor to enable
the Guarantor to satisfy payment obligations for which the Guarantor is an obligor;

 

		(B)	any Obligor may pay dividends in respect of the Tax
liability to each relevant jurisdiction in respect of consolidated, combined, unitary or affiliated Tax returns for each relevant
jurisdiction of the Group or the Holding or holder of the Guarantor’s capital stock with respect to income taxable as a result
of any member of the Group or the Holding being taxed as a pass-through entity for U.S. Federal, state and local income tax purposes
or attributable to any member of the Group;

 

		(C)	the Guarantor and the Holding may pay dividends and
other distributions (x) in respect of a conversion, exchange, or repurchase of convertible or exchangeable notes and any conversion
of preference shares to ordinary shares in connection therewith, provided that the cash portion of a repurchase of convertible
or exchangeable notes is limited to the amount of interest that would otherwise be payable through maturity on the amount of such
convertible or exchangeable notes being repurchased plus any amount in lieu of fractional shares, and (y) to the extent contractually
owed to holders of equity in the Guarantor or the Holding; and

 

		(D)	the Guarantor may pay dividends and other distributions
to the Holding for the purposes of providing cash to the Holding for the payment of any Tax payable in connection with the Holding’s
equity plan,

 

provided
that the actions in paragraph (B) and (C) above shall only be permitted if there is no Event of Default which is continuing under
this Agreement and no Event of Default would arise from the payment of such dividend.

 

		13.30	New capital raises or financing

 

		(a)	Save as provided below:

 

		(i)	no new debt or equity issuance shall be raised and
no new Financial Indebtedness shall be incurred by the Group (including, for the avoidance of doubt, inter-company loans);

 

    74 

     

    

 

		(ii)	no non-arm’s length disposals of any asset
relating to the Group fleet shall be made; and

 

		(iii)	no additional Security Interests securing existing
Financial Indebtedness will be created or permitted to subsist by any Obligor (unless the Lenders benefit from this new security
on a pari passu basis),

 

during
the period up to and including the 2021 Deferral Final Repayment Date.

 

		(b)	The restrictions in paragraph (a) of Clause 13.30
(New capital raises or financing) above shall not apply in relation to:

 

		(i)	any refinancing of any bond issuance of, or loan
entered into by, the Group (A) which matures during such period or (B) where not maturing during such period, shall be on terms
which include any of the following (evidence of which shall be provided to the Agent by the Guarantor) resulting, when taken as
a whole, in an improvement of the ability of the Obligors to meet their obligations under the Finance Documents: an extension of
the repayment terms; a decrease in the interest rate; or the conversion of such Financial Indebtedness from secured to unsecured
or first to second priority;

 

		(ii)	any debt or equity issuance provided prior to 31
December 2022 to provide the Group with crisis and/or recovery related funding in respect of the impact of the Covid-19 pandemic;

 

		(iii)	any debt or equity issuance being raised on or after
31 December 2022 to support the Group with the impact of the Covid-19 pandemic, made with the prior written consent of SACE; 

 

		(iv)	any debt or equity issuance being raised to finance
any instalment of a cruise vessel already contracted for or contracted for during such period or any refurbishment, maintenance,
upgrade or lengthening of a cruise ship during such period (including without limitation any costs incurred by the owner of a cruise
ship in connection therewith); 

 

		(v)	any debt or equity issuance being raised to finance
capital expenditure for projects which are already contracted for but in respect of which committed financing has not yet been
obtained, and which, in each case has been (or will be) listed in the Information Package submitted to the Agent prior to the 2021
Deferral Effective Date; 

 

		(vi)	any extension or renewal of revolving credit facilities,
and made with the prior written consent of SACE if any additional security is to be granted; 

 

		(vii)	any new debt or equity issuance otherwise agreed
by SACE; or 

 

		(viii)	any inter-company loan or operating arrangement which
from an accounting perspective has the effect of an intercompany loan (an “intercompany arrangement”) which:

 

		(A)	is existing as at the date of the 2021 Amendment
and Restatement Agreement;

 

    75 

     

    

 

		(B)	is made among any Group members or any Group member
with the Holding provided that:

 

		(1)	any inter-company arrangement is made solely for
the purpose of regulatory or Tax purposes carried out in the ordinary course of business and on an arm’s length basis; and

 

		(2)	the aggregate principal amount of any inter-company
arrangements outstanding pursuant to this paragraph (b)(viii)(B) of Clause 13.30 (New capital raises or financing) does
not exceed [*] Dollars ($[*]) at any time; or 

 

		(C)	has been approved with the prior written consent
of SACE;

 

		(ix)	any Permitted Security Interest;

 

		(x)	any Security Interest otherwise approved with the
prior written consent of SACE; 

 

		(xi)	any Financial Indebtedness incurred in the ordinary
course of business which in the aggregate does not exceed USD [*] during any twelve-month period; and

 

		(xii)	without prejudice to Clause 13.10 (Mergers)
and clause 11.13 (No merger etc.) of the Guarantee, the issuance of share capital by any Group member to another Group member.

 

		13.31	Most favoured nations

 

		(a)	The Borrower shall procure that if at any time after
the date of the Original Facility Agreement the Guarantor enters into any financial contract or financial document relating to
any Financial Indebtedness with or which has the support of any export credit agency and which contains pari passu provisions
or cross default provisions which are more favourable to the lenders than those contained in paragraph (l) of Clause 12.2 (Continuing
representations and warranties) and Clause 18.6 (Cross default) respectively, the Borrower or the Guarantor shall immediately
notify the Agent of such provisions and the relevant provisions contained in this Agreement shall be deemed amended so that such
more favourable pari passu provisions or cross default provisions are granted to the Creditor Parties pursuant to this Agreement.

 

		(b)	The Borrower undertakes that if at any
time after the date of this Agreement,
it or any other member of the Group is required to grant additional security in relation to a financial contract or financial document
relating to any existing Financial Indebtedness:

 

		(i)	with the support of any export credit agency (excluding
any extensions, increases or changes to the terms and conditions thereof), such security shall be granted on a pari passu
basis to the Lenders (and the Security Trustee agrees to enter and/or procure the entry by the relevant Creditor Parties into such
intercreditor documentation to reflect such pari passu ranking (in form and substance reasonably satisfactory to the Creditor Parties)
as may be required in connection with such arrangements); or

 

		(ii)	without the support of any export credit agency (excluding
any extensions, increases or changes to the terms and conditions thereof), such security shall (without prejudice to any of the
Obligors’ other obligations under the Finance Documents), subject to the provisions of clause 11.11 (Negative pledge)
of the Guarantee and Clause 13.7 (Negative pledge), be permitted provided that it shall not have an adverse effect on any
Security Interests or other rights granted to the Secured Parties under the Finance Documents.

 

    76 

     

    

 

		(c)	In respect of any new Financial Indebtedness (other
than Permitted Financial Indebtedness), or any extensions, increases or changes to the terms and conditions of any existing Financial
Indebtedness, in each case with or which has the support of any export credit agency, the Borrower shall enter into good faith
negotiations with the Security Trustee to grant additional security for the purpose of further securing the Loan, provided that
any failure to reach agreement under this paragraph (c) following such good faith negotiations shall not constitute an Event of
Default.

 

		13.32	Poseidon
Principles

 

The
Borrower shall, upon the request of the Agent and at the cost of the Borrower, on or before 31 July in each calendar year, supply
to the Agent all information necessary in order for the Lenders to comply with their obligations under the Poseidon Principles
in respect of the preceding year, including, without limitation, all ship fuel oil consumption data required to be collected and
reported in accordance with Regulation 22A of Annex VI and any Statement of Compliance, in each case relating to the Ship for the
preceding calendar year provided always that, for the avoidance of doubt, such information shall be confidential information but
the Borrower acknowledges that, in accordance with the Poseidon Principles, such information will form part of the information
published regarding the Lenders’ portfolio climate alignment.

 

		14	SECURITY VALUE MAINTENANCESecurity
Value Maintenance

 

		14.1	Security Shortfall.

 

If,
upon receipt of a valuation of the Ship in accordance with Clause 13.1813.18
(Trading with the United States of America), the Security Value shall be less than
the Security Requirement, the Agent may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower
shall (unless the Ship has become a Total Loss) either:

 

		(a)	prepay within a period of 30 days of the date of receipt by the Borrower
of the Agent’’s
said notice such sum in Dollars as will result in the Security Requirement after such repayment (taking into account any other
repayment of the Loan made between the date of the notice and the date of such prepayment) being equal to the Security Value; or

 

		(b)	within 30 days of the date of receipt by the Borrower of the Agent’’s
said notice constitute to the reasonable satisfaction of the Agent such further security for the Loan as shall be reasonably acceptable
to the Agent having a value for security purposes (as determined by the Agent in its absolute discretion) at the date upon which
such further security shall be constituted which, when added to the Security Value, shall not be less than the Security Requirement
as at such date.

Clauses 14.2 and 14.4 14.2
(Costs) and 14.4 (Documents and evidence) shall apply to prepayments under
paragraph (a) of Clause
14.1 14.1
(aSecurity
Shortfall).

 

		14.2	Costs

 

Costs.
All costs in connection with the Agent obtaining any valuation of the Ship referred
to in Clause 13.1813.18
(Trading with the United States of America), and obtaining any valuation either of
any additional security for the purposes of ascertaining the Security Value at any time or necessitated by the Borrower electing
to constitute additional security pursuant to paragraph (b) of
Clause 14.1 14.1
(bSecurity
Shortfall) shall be borne by the Borrower.

 

    77 

     

    

 

		14.3	Valuation of additional security.

 

For
the purpose of this Clause 1414
(Security Value Maintenance), the market value of any additional security provided
or to be provided to the Agent shall be determined by the Agent in its absolute discretion without any necessity for the Agent
assigning any reason thereto.

 

		14.4	Documents and evidence.

 

In
connection with any additional security provided in accordance with this Clause 1414
(Security Value Maintenance), the Agent shall be entitled to receive such evidence
and documents of the kind referred to in Clause 3 3
(Conditions Precedent) in respect of other Finance Documents as may in the Agent’’s
opinion be appropriate.

 

		14.5	Cash or a letter of credit as additional security.

 

For
all purposes under this Clause 1414
(Security Value Maintenance), it is agreed and understood that:

 

		(a)	cash or a letter of credit shall be an acceptable form of security provided that in the case of
a letter of credit it is issued on such terms and by such first class bank as shall have been approved in writing by the Agent
(acting in its reasonable discretion); and

 

		(b)	the value of such cash for security purposes shall be equal to the amount of such cash and the
value of such letter of credit for security purposes shall be equal to its stated amount.

 

		14.6	Suspension of Event of Default

 

		(a)	Notwithstanding the provisions of Clause 18 (Events
of Default), any breach of the provisions of this Clause 14 (Security Value Maintenance) arising between the 2021 Deferral
Effective Date and 31 December 2022 shall not (subject further to no (a) Event of Default under clauses 18.7 (Winding-up)
to 18.13 (Cessation of business) (inclusive) having occurred and being continuing or (b) Deferral Prepayment Event having
occurred) result in an Event of Default.

 

		(b)	For the avoidance of doubt, the Security Value will
continue to be calculated in accordance with this Clause 14 (Security Value Maintenance) between the 2021 Deferral Effective
Date and 31 December 2022.

 

		15	[RESERVEDReserved]

 

		16	CANCELLATION AND PREPAYMENTCancellation
and Prepayment

 

		16.1	Cancellation.

 

At any time prior to the delivery
of a Drawdown Notice and not less than ninety (90) Business Days prior to the Intended Delivery Date, the Borrower may give notice
to the Agent in writing that it wishes to cancel the Total Commitments in their entirety whereupon (without penalty to the Borrower
but without prejudice to any liabilities of the Borrower including, without limitation, in respect of fees payable or accrued under
this Agreement, arising prior to the date of such cancellation) the Total Commitments shall terminate upon the date specified in
such notice.

 

    78 

     

    

 

		16.2	Voluntary prepayment.

 

The
Borrower may prepay all or part of the Loan (but if in part being an amount that reduces the Loan by a minimum amount of one (1)
repayment instalment of principal of the Loan) together with interest thereon without penalty provided the prepayment is made on
the last day of an Interest Period and three (3) month’’s
prior written notice indicating the intended date of prepayment is given to the Agent and the SACE Agent, but the following amounts
shall be payable to the Agent for the account of the Lenders or the Italian Authorities in the sum of:

 

		(a)	if the Borrower has specified a Floating Interest Rate pursuant to Clause
3.5(b)paragraph (b) of Clause 3.5 (No later than
sixty (60) days before the Intended Delivery Date), the difference (if positive), calculated
by the Lenders and notified by them to the Agent, between the actual cost for the Lenders of the funding for the Loan and the rate
of interest for the monies to be invested by the Lenders, applied to the amounts so prepaid for the period from the said prepayment
until the last day of the Interest Period during which the prepayment occurs (if prepayment does not occur on the last day of that
Interest Period), details of any such calculation being supplied to the Borrower by the Agent on behalf of the Lenders; or

 

		(b)	if the Borrower has selected the Fixed Interest Rate pursuant to Clause
3.5(b)paragraph (b) of Clause 3.5 (No later than
sixty (60) days before the Intended Delivery Date), the charges (if any) imposed on the
Lenders by the Italian Authorities representing funding or breakage costs of the Italian Authorities.

 

		(c)	Any voluntary prepayment shall be made in accordance
with the provisions of this Clause 16.2 (Voluntary prepayment) and applied against the outstanding repayment instalments
in the inverse order of their maturity, save that where there is an amount of a Deferral Tranche outstanding, any such prepayment
shall first be applied against such Deferral Tranche in the inverse order of maturity, starting with the 2021 Deferral Tranche.

 

		16.3	Mandatory prepayment.

 

The Borrower shall be obliged
to prepay the whole of the Loan if:

 

		(a)	the Ship is sold or becomes a Total Loss:

 

		(i)	in the case of a sale, on or before the date on which the sale is completed by delivery of the
Ship to the buyer; or

 

		(ii)	in the case of a Total Loss, on the earlier of the date falling 120 days after the Total Loss Date
and the date of receipt by the Agent of the proceeds of insurance relating to such Total Loss; or

 

		(b)	the SACE Insurance Policy is modified, suspended, terminated or rescinded unless caused by the
wilful misconduct or gross negligence of a Creditor Party.

 

    79 

     

    

 

		16.4	Breach of new covenants or the Principles

 

		(a)	Failure to comply, until the 2021 Deferral Final
Repayment Date, with the provisions of Clause 13.29 (Dividends and dividend restriction) and Clause 13.30 (New capital
raises or financing) or the provisions of clause 11.3(h) (Additional financial reporting), clause 11.17(c) (Dividend
restriction), clause 11.19 (New capital raises or financing) and clause 11.20 (Payments under the Shipbuilding contacts)
of the Guarantee, or to otherwise duly perform and observe the other requirements and obligations set out in the Principles shall,
in each case, not constitute an Event of Default under this Agreement but (in the case of any failure that is capable of remedy
(in the opinion of the Agent, at its sole discretion)) shall have the following consequences:

 

		(i)	the Agent shall reinstate from the date of such breach
the requirement to comply with the covenant granted pursuant to Clause 14 (Security Value Maintenance) and the financial
covenants set out in paragraphs (b) and (c) of clause 11.15 (Financial covenants) of the Guarantee which was otherwise suspended
until 31 December 2022;

 

		(ii)	in respect of, specifically, Clause 13.29 (Dividends
and dividend restriction) and Clause 13.30 (New capital raises or financing), and clause 11.17(c) (Dividend restriction)
and clause 11.19 (New capital raises or financing) of the Guarantee, as well as a failure to perform and observe the other
requirements and obligations set out in the Principles (including but not limited to any Obligor (a) commencing, or having commenced
against it, any case, proceeding or other action seeking (i) to adjudicate it as bankrupt or insolvent, (ii) reorganization, arrangement,
winding-up, liquidation, dissolution, or other relief with respect to it or its debts, (iii) the appointment of a receiver, trustee,
or custodian or other similar official for it or for all or a substantial part of its assets, (b) making a general assignment for
the benefit of its creditors, (c) being unable to, or admitting in writing its inability to, pay its debts as they become due,
or (d) taking any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set
forth in (a), (b) or (c) hereof):

 

		(A)	the Deferral Commitments and the availability of
the Deferral Tranches will be immediately cancelled; and

 

		(B)	all or part of the Deferral Tranches, together with
accrued interest, deferred costs pursuant to Clause 6.4 (Deferred Costs) and all other amounts accrued or outstanding under
this Agreement in connection with the Deferral Tranches will be immediately due and payable, (including, for the avoidance of doubt,
any breakage costs pursuant to Clause 20.2 (Breakage costs)); and

 

		(iii)	in respect of clause 11.3(h) (Additional financial
reporting) and clause 11.20 (Payments under the Shipbuilding contacts) of the Guarantee, shall entitle the Agent, (acting
on the instructions of the Lenders), by notice to the Borrower to:

 

		(A)	cancel the Deferral Commitments and the availability
of the Deferral Tranches whereupon they shall immediately be cancelled; and

 

		(B)	declare that all or part of the Deferral Tranches,
together with accrued interest, deferred costs pursuant to Clause 6.4 (Deferred Costs) of this Agreement and all other amounts
accrued or outstanding under this Agreement in connection with the Deferral Tranches be immediately due and payable, whereupon
they shall become immediately due and payable (including, for the avoidance of doubt, any breakage costs pursuant to Clause 20.2
(Breakage costs)); and

 

		(b)	Save as permitted by Clause 13.30 (New capital
raises or financing), if at any time after the 2021 Deferral Effective Date:

 

		(i)	the Guarantor or any other Group member enters into
any financial contract or financial document relating to any Financial Indebtedness and which contains any debt deferral or covenant
waivers of existing debt, or the raising of any new debt intended to reimburse existing debt that benefits from additional security
or more favourable terms than those available to the Lenders (unless they are granted to the Lenders on a pari passu basis):

 

		(A)	the requirement to comply with the covenant granted
pursuant to Clause 14 (Security Value Maintenance) and the financial covenants set out in paragraphs (b) and (c) of clause
11.15 (Financial covenants) of the Guarantee which was otherwise suspended until 31 December 2022 shall be reinstated;

 

    80 

     

    

 

		(B)	the Deferral Commitments and the availability of
the Deferral Tranches will be immediately cancelled; and

 

		(C)	all or part of the Deferral Tranches, together with
accrued interest, deferred costs pursuant to Clause 6.4 (Deferred Costs) and all other amounts accrued or outstanding under
this Agreement in connection with the Deferral Tranches will be immediately due and payable, (including, for the avoidance of doubt,
any breakage costs pursuant to Clause 20.2 (Breakage costs) of this Agreement);

 

		(ii)	the Guarantor or any other Group member makes a prepayment
(save for any mandatory prepayment necessary to avoid an event of default (however defined)) of any Financial Indebtedness (unless
this is done on a pari passu basis with the obligations owed to the Lenders hereunder):

 

		(A)	the requirement to comply with the covenant granted
pursuant to Clause 14 (Security Value Maintenance) and the financial covenants set out in paragraphs (b) and (c) of clause
11.15 (Financial Covenants) of the Guarantee which was otherwise suspended until 31 December 2022 shall be reinstated;

 

		(B)	the Agent shall be entitled (acting on the instructions
of the Lenders) to:

 

		(1)	cancel the Deferral Commitments and the availability
of the Deferral Tranches whereupon they shall immediately be cancelled; and

 

		(2)	declare that all or part of the Deferral Tranches,
together with accrued interest, deferred costs pursuant to Clause 6.4 (Deferred Costs) of this Agreement and all other amounts
accrued or outstanding under the Facility Agreement in connection with the Deferral Tranches will be immediately due and payable
(including, for the avoidance of doubt, any breakage costs pursuant to clause 20.2 (Breakage costs)).

 

		16.5	16.4 Other amounts.

 

Any
prepayment of the whole of the Loan shall be made together with all other sums due under this Agreement (including, without limitation,
the compensation calculated in accordance with Clause 16.216.2
(Voluntary prepayment)).

 

		16.6	16.5 Application of
partial prepayment.

 

Amounts
prepaid shall be applied in accordance with paragraph (b) of
Clause 19.119.1
(bReceipts).

 

    81 

     

    

 

		16.7	16.6 No reborrowing.

 

Amounts prepaid may not be
reborrowed.

 

		17	INTEREST ON LATE PAYMENTSInterest
on Late Payments

 

		17.1	Default rate of interest.

 

Without
prejudice to the provisions of Clause 18 18
(Events of Default) and without this Clause in any way constituting a waiver of terms
of payment, all sums due by the Borrower under this Agreement will automatically bear interest on a day to day basis from the date
when they are payable until the date of actual payment at a rate per annum equal to the higher of:

 

		(a)	where the Floating Interest Rate is applicable, the aggregate of:

 

		(i)	Overnight LIBOR;

 

		(ii)	the Margin; and

 

		(iii)	[*] per cent. ([*]%) per annum; or

 

		(b)	where the Fixed Interest Rate is applicable, the higher of:

 

		(i)	the CIRR plus [*] per cent. ([*]%) per annum; and

 

		(ii)	Overnight LIBOR plus the Margin plus [*] per cent. ([*]%) per annum.

 

		17.2	Compounding of default interest.

 

Any such interest will itself
bear interest at the above rate if it is due for at least three (3) months and thereafter at three monthly intervals.

 

		18	EVENTS OF DEFAULTEvents
of Default

 

		18.1	Events of Default.

 

An
Event of Default occurs if any of the events or circumstances described in Clause 18.2
to 18.21 18.2 (Non-payment) to Clause 18.21 (Other
Loan Agreement) occur provided that if, at any time during the period commencing on the
day after the date of this LoanFacility
Agreement and ending on the date falling ninety (90) days before the Intended Delivery Date (the ““Restriction
Period””),
an event should occur that would constitute an Event of Default, the Agent shall not be entitled to serve any notice under Clause
18.22 (aparagraph (a) of Clause 18.22 (Actions following
an Event of Default) during the Restriction Period unless the relevant event consists
of:

 

		(a)	a failure by the Borrower to comply with the provisions of Clauses 13.5,
13.6, 13.8 or 13.1313.5 (Notification of default),
13.6 (Consents and registrations), 13.8 (Disposals) or 13.13 (Financial indebtedness and subordination of indebtedness);

 

		(b)	the happening of any of the events specified in Clauses 18.2,
18.7, 18.8, 18.9, 18.10, 18.11, 18.12 or 18.13;18.2
(Non-payment), 18.7 (Winding-up), 18.8 (Moratorium or arrangement with creditors), 18.9 (Appointment of
liquidators etc.), 18.10 (Insolvency), 18.11 (Legal process), 18.12 (Analogous events) or 18.13 (Cessation
of business);

 

    82 

     

    

 

		(c)	the repudiation or termination of the Shipbuilding Contract.

 

However, this provision shall
not be interpreted as a waiver of:

 

		(i)	the Agent’’s
right to serve any notice under Clause 18.22 (aparagraph
(a) of Clause 18.22 (Actions following an Event of Default) in respect of any Event of Default that has occurred
and that remains unremedied on the last day of the Restriction Period; or

 

		(ii)	the obligation of any Obligor under any Finance Document prior to the last day of the Restriction
Period including (without limitation) the punctual delivery to the Agent of any information which the Agent is entitled to receive
under the provisions of any Finance Document and the prompt notification to the Agent of the occurrence of any Event of Default
whether or not the Agent is entitled to serve any notice under Clause 18.22 (aparagraph
(a) of Clause 18.22 (Actions following an Event of Default).

 

		18.2	Non-payment.

 

Any Obligor fails to pay when
due or (if so payable) on demand any sum payable under a Finance Document or under any document relating to a Finance Document
and such failure is not remedied within three (3) Business Days of the due date or (if payable on demand) within three (3) Business
Days of receiving the demand.

 

		18.3	Non-remediable breaches

 

18.3
Non-remediable breaches. The Borrower fails to comply with the provisions of Clauses
13.5, 13.6, 13.8 or 13.1313.5
(Notification of default), 13.6 (Consents and registrations), 13.8 (Disposals) or 13.13 (Financial indebtedness
and subordination of indebtedness).

 

		18.4	Breach of other obligations.

 

		(a)	Any Obligor fails to comply with any provision of any Finance Document
(other than a failure to comply covered by any of the other provisions of Clauses 18.2
to 18.2118.2 (Non-payment) to 18.21 (Other
Loan Agreement)) and in particular but without limitation the Guarantor fails to comply
with the provisions of Cclause
11 (Undertakings) of its Guarantee or there is any breach in the sole opinion of the Agent of any of the Underlying Documents
provided that no Event of Default shall be deemed to have occurred if, in the opinion of the Agent in its sole discretion, such
failure or breach is capable of remedy and is remedied within the Relevant Period (as defined below) from the date of its occurrence,
if the failure was known to that Obligor, or from the date the relevant Obligor is notified by the Agent of the failure, if the
failure was not known to that Obligor, unless in any such case as aforesaid the Agent in its sole discretion considers that the
failure or breach is or could reasonably be expected to become materially prejudicial to the interests, rights or position of the
Lenders, ““Relevant
Period””
meaning for the purposes of this Clause thirty (30) days in respect of a remedy period commencing under
this Clause not later than 30 September 2009 and fifteen (15) days in respect of a remedy period commencing after 30 September
2009; or

 

		(b)	If there is a repudiation or termination of any Transaction Document or if any of the parties thereto
becomes entitled to terminate or repudiate any of them and evidences an intention so to do. For the avoidance of doubt, the termination
of the Prior Guarantees shall not be deemed to be a termination of a Transaction Document.

 

    83 

     

    

 

		18.5	Misrepresentation.

 

Any representation, warranty
or statement made or repeated in, or in connection with, any Transaction Document or the SACE Insurance Policy or in any accounts,
certificate, statement or opinion delivered by or on behalf of any Obligor thereunder or in connection therewith is materially
incorrect or misleading when made or would, if repeated at any time hereafter by reference to the facts subsisting at such time,
no longer be materially correct.

 

		18.6	Cross default. 

 

		(a)	Any event of default occurs under any financial contract or financial document relating to any
Financial Indebtedness of the Borrower; or

 

		(b)	any such Financial Indebtedness or any sum payable in respect thereof is not paid when due (after
the expiry of any applicable grace period(s)) whether by acceleration or otherwise; or

 

		(c)	any other Financial Indebtedness of any member of the Group is not paid
when due or is or becomes capable of being declared due prematurely by reason of default or any Security Interest securing the
same becomes enforceable by reason of default provided that no Event of Default will arise if the aggregate amount of the relevant
Financial Indebtedness and liabilities secured by the relevant Security Interests is less than $[*] or
its equivalent in other currencies; andor

 

		(d)	any other Security Interest over any assets of any member of the Group
securing any alleged liability that does not qualify as Financial Indebtedness becomes enforceable where the alleged liability
is in respect of a sum of, or sum aggregating, $[*] or its equivalent in other currencies, unless
the alleged liability is being contested in good faith by appropriate means by the relevant Group member and the Agent is reasonably
satisfied that the relevant member of the Group has reasonable grounds for succeeding in its action.

 

		(e)	No Event of Default will occur, or be deemed to have
occurred, under this Clause 18.6 (Cross default) if such Event of Default occurs before 31 December 2022 (but without prejudice
to the rights of the Lenders in respect of any further breach that may occur after 31 December 2022 ) and is caused solely as a
result of a breach of the covenant granted pursuant to Clause 14 (Security Value Maintenance) or of the financial covenants
in respect of the Group equivalent to those set out in paragraphs (b) and (c) of clause 11.15 (Financial Covenants) of the
Guarantee, under, or in relation to, any other SACE-backed facility agreement to which a Guarantor is a Party or has executed a
guarantee and to which the Principles apply, unless at the time of such Event of Default, an event resulting in mandatory prepayment
of the Loan pursuant to paragraph (a) or (b) of Clause 16.3 (Mandatory prepayment) or a Deferral Prepayment Event has occurred.

 

		18.7	Winding-up.

 

Any order is made or an effective
resolution passed or other action taken for the suspension of payments or reorganisation, dissolution, termination of existence,
liquidation, winding-up or bankruptcy of any Obligor.

 

		18.8	Moratorium or arrangement with creditors.

 

A moratorium in respect of
all or any debts of any Obligor or a composition or an arrangement with creditors of any Obligor or any similar proceeding or arrangement
by which the assets of any Obligor are submitted to the control of its creditors is applied for, ordered or declared or any Obligor
commences negotiations with any one or more of its creditors with a view to the general readjustment or rescheduling of all or
a significant part of its Financial Indebtedness.

 

    84 

     

    

 

		18.9	Appointment of liquidators etc..

 

A liquidator, trustee, administrator,
receiver, administrative receiver, manager or similar officer is appointed in respect of any Obligor or in respect of all or any
substantial part of the assets of any Obligor.

 

		18.10	Insolvency.

 

Any Obligor 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.

 

		18.11	Legal process.

 

Any
distress, execution, attachment or other process affects the whole or any substantial part of the assets of any Obligor and remains
undischarged for a period of thirty (30) days or any uninsured judgment in excess of [*] Dollars
($[*]) following final appeal remains unsatisfied for a period of ten (10) days.

 

		18.12	Analogous events.

 

Anything
analogous to or having a substantially similar effect to any of the events specified in Clauses 18.7
to 18.11 18.7 (Winding-up) to 18.11 (Legal
process) shall occur under the laws of any applicable jurisdiction.

 

		18.13	Cessation of business.

 

Any Obligor ceases to carry
on all or a substantial part of its business.

 

		18.14	Revocation of consents.

 

Any
authorisation, approval, consent, licence, exemption, filing, registration or notarisation or other requirement necessary to enable
any Obligor to comply with any of its obligations under any of the Transaction Documents is materially adversely modified, revoked
or withheld or does not remain in full force and effect and within ninety (90) days of the date of its occurrence such event is
not remedied to the satisfaction of the Agent and the Agent considers in its sole discretion that such failure is or might be expected
to become materially prejudicial to the interests, rights or position of the Lenders provided that the Borrower shall not be entitled
to the aforesaid ninety (90) day period if the modification, revocation or withholding of the authorisation, approval or consent
is due to an act or omission of any Obligor and the Agent is satisfied in its sole discretion that the Lenders’’
interests might reasonably be expected to be materially adversely affected.

 

		18.15	Unlawfulness.

 

At any time it is unlawful
or impossible for any Obligor to perform any of its material (to the Creditor Parties or any of them) obligations under any Transaction
Document to which it is a party or it is unlawful or impossible for the Creditor Parties or any Lender to exercise any of their
or its rights under any of the Transaction Documents provided that no Event of Default shall be deemed to have occurred where the
unlawfulness or impossibility does not relate to the payment obligation of any Obligor under any Transaction Document and is cured
within the period of twenty one (21) days of the date of occurrence of the event giving rise to the unlawfulness or impossibility
and the affected Obligor performs it obligation within such period.

 

    85 

     

    

 

		18.16	Insurances.

 

The
Borrower fails to insure the Ship in the manner specified in Clause 13.20 13.20
(Valuation of the Ship) or fails to renew the Insurances at least five (5) days prior
to the date of expiry thereof and produce prompt confirmation of such renewal to the Agent provided that if the insurers withdraw
their cover an Event of Default shall be deemed to have occurred upon issue of the insurer’’s
notice of withdrawal.

 

		18.17	Disposals.

 

If the Borrower or any other
Obligor shall have concealed, removed, or permitted to be concealed or removed, any part of its property, with intent to hinder,
delay or defraud its creditors or any of them, or made or suffered a transfer of any of its property which may be fraudulent under
any bankruptcy, fraudulent conveyance or similar law; or shall have made any transfer of its property to or for the benefit of
a creditor with the intention of preferring such creditor over any other creditor.

 

		18.18	Prejudice to security.

 

Anything is done or suffered
or omitted to be done by any Obligor which in the reasonable opinion of the Agent would or might be expected to imperil the security
created by any of the Finance Documents.

 

		18.19	Governmental intervention.

 

The
authority of any Obligor in the conduct of its business is wholly or substantially curtailed by any seizure or intervention by
or on behalf of any authority and within ninety (90) days of the date of its occurrence any such seizure or intervention is not
relinquished or withdrawn and the Agent reasonably considers that the relevant occurrence is or might be expected to become materially
prejudicial to the interests, rights or position of the Lenders provided that the Borrower shall not be entitled to the aforesaid
ninety (90) day period if the seizure or intervention executed by any authority is due to an act or omission of any Obligor and
the Agent is satisfied, in its sole discretion, that the Lenders’’
interest might reasonably be expected to be materially adversely affected.

 

		18.20	[Reserved].

 

		18.21	Other Loan Agreement.

 

There shall occur an Event
of Default (under and as defined in the Other Loan Agreement).

 

		18.22	Actions following an Event of Default.

 

On, or at any time after, the
occurrence of an Event of Default the Agent may, and if so instructed by the Majority Lenders, the Agent shall:

 

		(a)	serve on the Borrower a notice stating that the Commitments and all other obligations of each Lender
to the Borrower under this Agreement are terminated; and/or

 

    86 

     

    

 

		(b)	serve on the Borrower a notice stating that the Loan (including but without limitation the amount
representing the financed second instalment of the SACE Premium), all accrued interest and all other amounts accrued or owing under
this Agreement are immediately due and payable or are due and payable on demand; and/or

 

		(c)	take any other action which, as a result of the Event of Default or
any notice served under paragraph (a) (a)
or (b)(b),
the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law.

 

		18.23	Termination of Commitments.

 

On
the service of a notice under Clause 18.22(aparagraph
(a) of Clause 18.22 (Actions following an Event of Default), the Commitments and all
other obligations of each Lender to the Borrower under this Agreement shall terminate.

 

		18.24	Acceleration of Loan.

 

On
the service of a notice under Clause 18.22(bparagraph
(b) of Clause 18.22 (Actions following an Event of Default), the Loan, all accrued
interest and all other amounts accrued or owing from the Borrower or any Obligor under this Agreement and every other Finance Document
shall become immediately due and payable or, as the case may be, payable on demand.

 

		18.25	Further amounts payable.

 

Upon
an acceleration of repayment of the Loan following an Event of Default the Borrower shall be liable to pay compensation calculated
in accordance with Clause 16.216.2
(Voluntary prepayment).

 

		18.26	Multiple notices; action without notice.

 

The
Agent may serve notices under Clauses 18.22(a) and (bparagraphs
(a) and (b) of Clause 18.22 (Actions following an Event of Default) simultaneously
or on different dates and it may take any action referred to in Clause 18.22(cparagraph
(c) of Clause 18.22 (Actions following an Event of Default) if no such notice is served
or simultaneously with or at any time after the service of both or either of such notices.

 

		18.27	Notification of Creditor Parties and Obligors.

 

The
Agent shall send to each Lender and each Obligor a copy or the text of any notice which the Agent serves on the Borrower under
Clause 18.2218.22
(Actions following an Event of Default); but the notice shall become effective when
it is served on the Borrower, and no failure or delay by the Agent to send a copy or the text of the notice to any other person
shall invalidate the notice or provide any Obligor with any form of claim or defence.

 

		18.28	Lender’s rights unimpaired

 

Lender’s
rights unimpaired. Nothing in this Clause 18
18 (Events of Default) shall
be taken to impair or restrict the exercise of any right given to individual Lenders under a Finance Document or the general law;
and, in particular, this Clause is without prejudice to Clauses 2.4 and 2.52.4
(Proceedings by individual Lender requiring Majority Lender consent) and 2.5 (Obligations of Lenders several).

 

    87 

     

    

 

		18.29	Exclusion of Creditor Party liability.

 

No Creditor Party, and no receiver
or manager appointed by the Agent, shall have any liability to an Obligor:

 

		(a)	for any loss caused by an exercise of rights under, or enforcement of a Security Interest created
by, a Finance Document or by any failure or delay to exercise such a right or to enforce such a Security Interest; or

 

		(b)	as mortgagee in possession or otherwise, for any income or principal amount which might have been
produced by or realised from any asset comprised in such a Security Interest or for any reduction (however caused) in the value
of such an asset.

 

		19	APPLICATION OF SUMS RECEIVEDApplication
of Sums Received

 

		19.1	Receipts.

 

Except as any Finance Document
may otherwise provide, all sums received under this Agreement or any other Finance Document by the Agent, on behalf of the Lenders,
or by any of the Lenders for any reason whatsoever will be applied:

 

		(a)	in priority, to payments of any kind due or in arrears in the order
of their due payment dates and first, to fees, charges and expenses, second, to interest payable pursuant to Clause 1717
(Interest on Late Payments), third, to interest payable pursuant to Clause 6
(Interest) and to any deferred costs payable pursuant to Clause
6.4 (Deferred Costs), fourth, to the principal of the Loan payable pursuant to Clause
5 5 (Repayment)
and, fifth, to any other sums due under this Agreement or any other Finance Document and, if relevant,
pro rata to each of the Lenders and sixth, to any sums
due pursuant to Clause 20.2 (Breakage costs); or

 

		(b)	if no payments are in arrears or if these payments have been discharged as set out above, then
and to sums remaining due under this Agreement or any other Finance Document and, if relevant, pro rata to each of the Lenders
and in each case in inverse order of maturity, the interest being recalculated accordingly.

 

		20	INDEMNITIESIndemnities

 

		20.1	Indemnities regarding borrowing and repayment of Loan.

 

The
Borrower shall fully indemnify the Agent and each Lender on the Agent’’s
demand in respect of all claims, expenses, liabilities and losses which are made or brought against or incurred by that Creditor
Party, or which that Creditor Party reasonably and with due diligence estimates that it will incur, as a result of or in connection
with:

 

		(a)	the Loan not being borrowed on the date specified in the Drawdown Notice for any reason other than
a default by the Lender claiming the indemnity;

 

		(b)	the receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on the
last day of an Interest Period or other relevant period;

 

		(c)	any failure (for whatever reason) by the Borrower to make payment of
any amount due under a Finance Document on the due date or, if so payable, on demand (after giving credit for any default interest
paid by the Borrower on the amount concerned under Clause  1717
(Interest on Late Payments));

 

    88 

     

    

 

		(d)	the occurrence and/or continuance of an Event of Default and/or the
acceleration of repayment of the Loan under Clause 1818
(Events of Default); and

 

		(e)	in respect of any Tax (other than Tax on its overall net income) for which a Creditor Party is
liable in connection with any amount paid or payable to that Creditor Party (whether for its own account or otherwise) under any
Finance Document.

 

		20.2	Breakage costs.

 

Without
limiting its generality, Clause 20.1 20.1
(Indemnities regarding borrowing and repayment of Loan) covers (i) any claim, expense,
liability or loss, including a loss of a prospective profit, incurred by a Lender in liquidating or employing deposits from third
parties acquired or arranged to fund or maintain all or any part of its Contribution and/or any overdue amount (or an aggregate
amount which includes its Contribution or any overdue amount) and (ii) if the Borrower has selected the Fixed Interest Rate in
accordance with Clause 3.5(bparagraph
(b) of Clause 3.5 (No later than sixty (60) days before the Intended Delivery Date),
any funding or breakage costs imposed by SIMEST as a consequence of (x) any total or partial prepayment of the Loan and/or (y)
the Borrower deciding to switch from the Fixed Interest Rate to another interest rate after the Drawdown Date and/or (z) the Interest
Make-up Agreement ceasing for any reason to be in effect; any such costs imposed by SIMEST shall be paid by the Borrowers to SIMEST
through the Agent.

 

		20.3	Miscellaneous indemnities.

 

The Borrower shall fully indemnify
each Creditor Party severally on their respective demands in respect of all claims, expenses, liabilities and losses which may
be made or brought against or incurred by a Creditor Party, in any country, as a result of or in connection with:

 

		(a)	any action taken, or omitted or neglected to be taken, under or in connection with any Finance
Document by the Agent or any other Creditor Party or by any receiver appointed under a Finance Document;

 

		(b)	any other Pertinent Matter,

 

other than claims, expenses,
liabilities and losses which are shown to have been directly and mainly caused by the dishonesty or wilful misconduct of the officers
or employees of the Creditor Party concerned.

 

Without
prejudice to its generality, this Clause 20.3 20.3
(Miscellaneous indemnities) covers any claims, expenses, liabilities and losses which
arise, or are asserted, under or in connection with any law relating to safety at sea, the ISM Code or any Environmental Laws or
any Sanctions.

 

		20.4	Currency indemnity.

 

If
any sum due from an Obligor to a Creditor Party under a Finance Document or under any order or judgment relating to a Finance Document
has to be converted from the currency in which the Finance Document provided for the sum to be paid (the ““Contractual
Currency””)
into another currency (the ““Payment
Currency””)
for the purpose of:

 

		(a)	making or lodging any claim or proof against an Obligor, whether in its liquidation, any arrangement
involving it or otherwise; or

 

    89 

     

    

 

		(b)	obtaining an order or judgment from any court or other tribunal; or

 

		(c)	enforcing any such order or judgment,

 

the Borrower shall indemnify
the Creditor Party concerned against the loss arising when the amount of the payment actually received by that Creditor Party is
converted at the available rate of exchange into the Contractual Currency.

 

In
this Clause 20.4 20.4
(Currency indemnity) the ““available
rate of exchange””
means the rate at which the Creditor Party concerned is able at the opening of business (Paris time)
on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency.

 

This
Clause 20.4 20.4
(Currency indemnity) creates a separate liability of the Borrower which is distinct
from its other liabilities under the Finance Documents and which shall not be merged in any judgment or order relating to those
other liabilities.

 

		20.5	Certification of amounts.

 

A
notice which is signed by 2 officers of a Creditor Party, which states that a specified amount, or aggregate amount, is due to
that Creditor Party under this Clause 20 20
(Indemnities) and which indicates (without necessarily specifying a detailed breakdown)
the matters in respect of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate
amount, is due.

 

		20.6	Sums deemed due to a Lender.

 

For
the purposes of this Clause 2020
(Indemnities), a sum payable by the Borrower to the Agent for distribution to a Lender
shall be treated as a sum due to that Lender.

 

		21	ILLEGALITY, ETCIllegality,
etc

 

		21.1	Illegality.

 

This
Clause 21 21
(Illegality, etc.) applies if:

 

		(a)	a Lender (the ““Notifying
Lender””)
notifies the Agent that it has become, or will with effect from a specified date, become:

 

		(i)	unlawful or prohibited as a result of the introduction of a new law, an amendment to an existing
law or a change in the manner in which an existing law is or will be interpreted or applied including for the avoidance of doubt
in relation to Sanctions; or

 

		(ii)	contrary to, or inconsistent with, any regulation,

 

for the Notifying Lender to
maintain or give effect to any of its obligations under this Agreement in the manner contemplated by this Agreement; or

 

		(b)	an Obligor is or becomes a Prohibited Person.

 

    90 

     

    

 

		21.2	Notification of illegality.

 

The
Agent shall promptly notify the Borrower, the Obligors and the other Lenders of the notice under Clause 21.1
21.1 (Illegality) which
the Agent receives from the Notifying Lender.

 

		21.3	Prepayment; termination of Commitment.

 

On
the Agent notifying the Borrower under Clause 21.221.2
(Notification of illegality), the Notifying Lender’’s
Commitment shall terminate; and thereupon or, if later, on the date specified in the Notifying Lender’’s
notice under Clause 21.1 21.1
(Illegality) as the date on which the notified event would become effective the Borrower
shall prepay the Notifying Lender’’s
Contribution and shall pay compensation to the Notifying Lender calculated in accordance with Clause 16.216.2
(Voluntary prepayment).

 

		22	SET-OFFSet-Off

 

		22.1	Application of credit balances.

 

Each Creditor Party may without
prior notice:

 

		(a)	apply any balance (whether or not then due) which at any time stands to the credit of any account
in the name of the Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then due
from the Borrower to that Creditor Party under any of the Finance Documents; and

 

		(b)	for that purpose:

 

		(i)	break, or alter the maturity of, all or any part of a deposit of the Borrower;

 

		(ii)	convert or translate all or any part of a deposit or other credit balance into Dollars;

 

		(iii)	enter into any other transaction or make any entry with regard to the credit balance which the
Creditor Party concerned considers appropriate.

 

		22.2	Existing rights unaffected.

 

No
Creditor Party shall be obliged to exercise any of its rights under Clause 22.122.1
(Application of credit balances); and those rights shall be without prejudice and
in addition to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is
entitled (whether under the general law or any document).

 

		22.3	Sums deemed due to a Lender.

 

For
the purposes of this Clause 2222
(Set-Off), a sum payable by the Borrower to the Agent for distribution to, or for
the account of, a Lender shall be treated as a sum due to that Lender; and each Lender’’s
proportion of a sum so payable for distribution to, or for the account of, the Lenders shall be treated as a sum due to such Lender.

 

		22.4	No Security Interest.

 

This
Clause 22 22
(Set-Off) gives the Creditor Parties a contractual right of set-off only, and does
not create any equitable charge or other Security Interest over any credit balance of the Borrower.

 

    91 

     

    

 

		23	CHANGES TO THE LENDERSChanges
to the Lenders

 

		23.1	Assignments and transfers by the Lenders.

 

Subject
to this Clause 23 23
(Changes to the Lenders) and the prior written consent of the Italian Authorities
having been obtained, a Lender (the ““Existing
Lender””)
may:

 

		(a)	assign its rights; or

 

		(b)	transfer by novation its rights and obligations,

 

to
another bank or financial institution (the ““New
Lender””).

 

		23.2	Conditions of assignment or transfer.

 

		(a)	The consent of the Borrower is required for an assignment or transfer
by ana Lender
(the “Existing Lender”),
unless the assignment or transfer is to another Lender or an Affiliate of a Lender.

 

		(b)	The consent of the Borrower to an assignment or transfer must not be unreasonably withheld or delayed.

 

		(c)	The assignment or transfer must be with respect to a minimum Commitment
of [*] Dollars ($[*]) or, if less, the Existing Lender’’s
full Commitment.

 

		(d)	An assignment will only be effective on:

 

		(i)	receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory
to the Agent) that the New Lender will assume the same obligations to the other Creditor Parties as it would have been under if
it was an Ooriginal
Lender; and

 

		(ii)	performance by the Agent of all necessary ““know
your customer””
or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion
of which the Agent shall promptly notify to the Existing Lender and the New Lender.

 

		23.3	Assignment or transfer fee.
The New Lender shall:

 

The
New Lender shall:

 

		(a)	on the date upon which an assignment or transfer takes effect, pay to
the Agent (for its own account) a fee of [*] Euro (EUR[*]);

 

		(b)	pay to the Agent, upon demand, all reasonable costs and expenses, duties and fees, including but
without limitation legal costs and out of pocket expenses, incurred by the Agent or the Lenders in connection with any necessary
amendment to or supplementing of the Transaction Documents or any of them or the SACE Insurance Policy as a consequence of the
assignment or transfer; and

 

		(c)	pay to the Agent, upon demand, such amount as is payable to the Italian
Authorities to cover its costs of giving its approval under Clause 23.123.1
(Assignments and transfers by the Lenders).

 

    92 

     

    

 

		23.4	Limitation of responsibility of 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 Finance Documents or any
other documents;

 

		(ii)	the financial condition of any Obligor;

 

		(iii)	the performance and observance by any Obligor of its obligations under the Finance Documents or
any other documents; or

 

		(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance
Document or any other document,

 

and any representations or warranties
implied by law are excluded.

 

		(b)	Each New Lender confirms to the Existing Lender and the other Creditor Parties that it:

 

		(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of each Obligor 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 in connection with any Finance Document; and

 

		(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and
its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

 

		(c)	Nothing in any Finance Document obliges an Existing Lender to:

 

		(i)	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred
under this Clause 2323
(Changes to the Lenders); or

 

		(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance
by any Obligor of its obligations under the Finance Documents or otherwise.

 

		23.5	Permitted disclosure.

 

Any Creditor Party may disclose
to any of its Affiliates and to the following other persons:

 

		(a)	any person to (or through) whom that Lender assigns or transfers (or may potentially assign or
transfer) all or any of its rights and obligations under this Agreement;

 

		(b)	any person with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation
in relation to, or any other transaction under which payments are to be made by reference to, this Agreement or any Obligor;

 

		(c)	any person to whom, and to the extent that, information is required to be disclosed by any applicable
law or regulation;

 

    93 

     

    

 

		(d)	any other Creditor Party, or any employee, officer, director or representative
of such entity which needs to know such information or receive such document in the course of such person’’s
employ or duties;

 

		(e)	or any employee, officer, director or representative of any Italian
Authorities which needs to know such information or receive such document in the course of such person’’s
employ or duties;

 

		(f)	the Guarantor or any other member of the Group, or any employee, officer,
director or representative of such entity which needs to know such information or receive such document in the course of such person’’s
employ or duties; or

 

		(g)	auditors, insurance and reinsurance brokers, insurers and reinsurers and professional advisers,
including legal advisers, which need to know such information,

 

any
information about any Obligor, this Agreement and the other Finance Documents as that Creditor Party shall consider appropriate.
Each of the Creditor Parties may also disclose to the Builder, or any employee, officer, director or representative of the Builder
which needs to know such information or receive such document in the course of such person’’s
employ or duties, such information about any Obligor, this Agreement and the other Finance Documents as that Creditor Party reasonably
considers normal practice for an export credit.

 

		23.6	Assignment or transfer to SACE.

 

Notwithstanding
the above provisions of this Clause 2323
(Changes to the Lenders):

 

		(a)	each Lender and the Agent shall, if so instructed by SACE in accordance with the provisions of
the SACE Insurance Policy and without any requirement for the consent of the Borrower, assign its rights or (as the case may be)
transfer its rights and obligations to SACE, which assignment or transfer shall take effect upon the date stated in the relevant
documentation; and

 

		(b)	the Agent shall promptly notify the Borrower of any such assignment or transfer to SACE and the
Borrower shall pay to the Agent, upon demand, all reasonable costs and expenses, duties and fees, including but without limitation
legal costs and out of pocket expenses, incurred by the Agent or the Lenders in connection with any such assignment or transfer.

 

		23.7	Security over Lenders’ rights

 

In
addition to the other rights provided to Lenders under this Clause 23 (CHANGES TO THE LENDERSChanges
to the Lenders), each Lender may without consulting with or obtaining consent from the
Borrower or any Obligor but subject to the prior written consent of SACE, at any time charge, assign or otherwise create a Security
Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations
of that Lender (i) to the benefit of any Affiliate and/or (ii) within the framework of its, or its Affiliates, direct or indirect
funding operations including, without limitation:

 

		(a)	any charge, assignment or other Security Interest to secure obligations to a federal reserve or
central bank; and

 

		(b)	in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted
to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security
for those obligations or securities;

 

    94 

     

    

 

except that no such charge,
assignment or Security Interest shall:

 

		(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary
of the relevant charge, assignment or Security Interest for the Lender as a party to any of the Finance Documents; or

 

		(ii)	alter the obligations of the Obligor or require any payments to be made by the Borrower or any
Obligor or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under
the Finance Documents.

 

		24	CHANGES TO THE OBLIGORSChanges
to the Obligors

 

		24.1	No change without consent.

 

No Obligor may assign any of
its rights or transfer any of its rights or obligations under the Finance Documents.

 

25
ROLE OF THE AGENT AND THE MANDATED LEAD ARRANGERS

 

		25	ROLE OF
THE AGENT AND THE MANDATED LEAD ARRANGERS

 

		25.1	Appointment of the Agent. 

 

		(a)	Each other Creditor Party appoints the Agent to act as its agent under and in connection with this
Agreement and the other Finance Documents and the SACE Insurance Policy.

 

		(b)	Each other Creditor Party authorises the Agent to exercise the rights, powers, authorities and
discretions specifically given to the Agent under or in connection with the Finance Documents together with any other incidental
rights, powers, authorities and discretions.

 

		25.2	Duties of the Agent

 

		(a)	The Agent shall promptly forward to a Party the original or a copy of any document which is delivered
to the Agent for that Party by any other Party.

 

		(b)	Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review
or check the adequacy, accuracy or completeness of any document it forwards to another Party.

 

		(c)	If the Agent receives notice from a Party referring to this Agreement, describing an Event of Default
and stating that the circumstance described is an Event of Default, it shall promptly notify the other Creditor Parties.

 

		(d)	If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee
payable to a Creditor Party (other than the Agent or a Mandated Lead Arranger) under this Agreement it shall promptly notify the
other Creditor Parties.

 

		(e)	The Agent’’s
duties under the Finance Documents are solely administrative in nature.

 

		25.3	Role of the Mandated Lead Arrangers.

 

None of the Mandated Lead Arrangers
has any obligations of any kind to any other Party under or in connection with any Transaction Document or the SACE Insurance Policy.

 

    95 

     

    

 

		25.4	No fiduciary duties.

 

		(a)	Nothing in this Agreement constitutes the Agent or any of the Mandated Lead Arrangers as a trustee
or fiduciary of any other person.

 

		(b)	Neither the Agent nor any of the Mandated Lead Arrangers shall be bound to account to any Lender
for any sum or the profit element of any sum received by it for its own account.

 

		25.5	Business with the Guarantor.

 

The Agent and each of the Mandated
Lead Arrangers may accept deposits from, lend money to and generally engage in any kind of banking or other business with any Affiliate
or subsidiary of the Guarantor.

 

		25.6	Rights and discretions of the Agent.

 

		(a)	The Agent may rely on:

 

		(i)	any representation, notice or document believed by it to be genuine, correct and appropriately
authorised; and

 

		(ii)	any statement made by a director, authorised signatory or employee of any person regarding any
matters which may reasonably be assumed to be within his knowledge or within his power to verify.

 

		(b)	The Agent may assume (unless it has received notice to the contrary in its capacity as agent for
the Lenders) that:

 

		(i)	no Event of Default has occurred (unless it has actual knowledge of an Event of Default); and

 

		(ii)	any right, power, authority or discretion vested in any Party or the Lenders has not been exercised.

 

		(c)	The Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors
or other experts.

 

		(d)	The Agent may act in relation to the Finance Documents through its personnel and agents.

 

		(e)	The Agent may disclose to any other Party any information it reasonably believes it has received
as the Agent under this Agreement.

 

		(f)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent
nor any of the Mandated Lead Arrangers is obliged to do or omit to do anything if it would or might in its reasonable opinion constitute
a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

 

		25.7	Lenders’’
instructions

 

		(a)	Unless a contrary indication appears in a Finance Document, the Agent shall:

 

		(i)	exercise any right, power, authority or discretion vested in it as Agent in accordance with any
instructions given to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any right,
power, authority or discretion vested in it as the Agent); and

 

    96 

     

    

 

		(ii)	not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance
with an instruction of the Majority Lenders.

 

		(b)	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority
Lenders will be binding on all the Creditor Parties.

 

		(c)	The Agent may refrain from acting in accordance with the instructions of the Majority Lenders until
it has received such security as it may require for any cost, loss or liability (together with any associated value added tax)
which it may incur in complying with the instructions.

 

		(d)	In the absence of instructions from the Majority Lenders the Agent may act (or refrain from taking
action) as it considers to be in the best interest of the Lenders.

 

		(e)	The Agent is not authorised to act on behalf of a Lender (without first
obtaining that Lender’’s
consent) in any legal or arbitration proceedings relating to any Finance Document.

 

		(f)	Notwithstanding anything to the contrary, the Lenders agree that if the Agent (acting in its sole
discretion) is of the opinion that, or if any Lender notifies the Agent that it is of the opinion that, the prior approval of SACE
should be obtained in relation to the exercise or non-exercise by the Agent or the Lenders of any power, authority or discretion
specifically given to them under or in connection with the Finance Documents or in relation to any other incidental rights, powers,
authorities or discretions, then the Agent shall seek such approval of SACE prior to such exercise or non-exercise.

 

		25.8	Responsibility for documentation

 

Responsibility
for documentation. The Agent is not responsible for:

 

		(a)	the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied
by the Agent, a Mandated Lead Arranger, an Obligor or any other person given in or in connection with any Transaction Document
or the SACE Insurance Policy; nor for

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or
the SACE Insurance Policy or any other agreement, arrangement or document entered into, made or executed in anticipation of or
in connection with any Transaction Document or the SACE Insurance Policy.

 

		25.9	Exclusion of liability.

 

		(a)	Without limiting paragraph
(b) of Clause 25.9(b25.9
(Exclusion of liability), the Agent will not be liable for any action taken by it
under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct.

 

		(b)	No Party (other than the Agent) may take any proceedings against any officer, employee or agent
of the Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by that officer,
employee or agent in relation to any Finance Document or the SACE Insurance Policy and any officer, employee or agent of the Agent
may rely on this Clause.

 

    97 

     

    

 

		(c)	The Agent will not be liable for any delay (or any related consequences) in crediting an account
with an amount required under the Finance Documents or the SACE Insurance Policy to be paid by the Agent if the Agent has taken
all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised
clearing or settlement system used by the Agent for that purpose.

 

		(d)	Nothing in this Agreement shall oblige the Agent or a Mandated Lead
Arranger to carry out any ““know
your customer””
or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Agent
and the Mandated Lead Arrangers that it is solely responsible for any such checks it is required to carry out and that it may not
rely on any statement in relation to such checks made by the Agent or a Mandated Lead Arranger.

 

		25.10	Lenders’’
indemnity to the Agent.

 

Each
Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the
Total Commitments immediately prior to their reduction to zero) indemnify the Agent, within three (3) Business Days of demand,
against any cost, loss or liability incurred by the Agent (otherwise than by reason of the Agent’’s
gross negligence or wilful misconduct) in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by
an Obligor pursuant to a Finance Document).

 

		25.11	Resignation of the Agent.

 

		(a)	The Agent may resign and appoint one of its Affiliates as successor by giving notice to the other
Creditor Parties and the Borrower.

 

		(b)	Alternatively the Agent may resign by giving notice to the other Creditor Parties and the Borrower,
in which case the Lenders (after consultation with the Borrower) may appoint a successor Agent.

 

		(c)	If the Lenders have not appointed a successor Agent in accordance with
paragraph (b) of Clause
25.11(b25.11
(Resignation of the Agent) within thirty (30) days after notice of resignation was
given, the Agent (after consultation with the Borrower) may appoint a successor Agent.

 

		(d)	The retiring Agent shall, at its own cost, 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 Finance Documents.

 

		(e)	The Agent’’s
resignation notice shall only take effect upon the appointment of a successor.

 

		(f)	Upon the appointment of a successor, the retiring Agent shall be discharged
from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 2525
(Role of the Agent and the Mandated Lead Arrangers). Its successor and each of the
other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an
original Party.

 

		(g)	After consultation with SACE, the Lenders may, by notice to the Agent,
require it to resign in accordance with paragraph (b) of
Clause 25.11(b25.11
(Resignation of the Agent). In this event, the Agent shall resign in accordance with
paragraph (b) of Clause
25.11(b25.11
(Resignation of the Agent).

 

    98 

     

    

 

		25.12	Resignation of the Agent in relation to FATCA

 

The
Agent shall resign in accordance with Clause  25.11 25.11
(Resignation of the Agent) (and, to the extent applicable, shall use reasonable endeavours to
appoint a successor Agent pursuant to paragraph (c) (c)
of Clause 25.1125.11
(Resignation of the Agent)) if on or after the date which is three months before the
earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:

 

		(a)	(i) the Agent fails
to respond to a request under Clause 11.4 11.4
(FATCA Information) and a Lender reasonably believes that the Agent will not be (or will have
ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

 

		(b)	(ii) the information
supplied by the Agent pursuant to Clause 11.4 11.4
(FATCA Information) indicates that the Agent will not be (or will have ceased to be) a FATCA
Exempt Party on or after that FATCA Application Date; or

 

		(c)	(iii) the Agent notifies
the Borrower and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA
Application Date;

 

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

 

		25.13	Confidentiality

 

		(a)	In acting as agent for the Creditor Parties, the Agent shall be regarded as acting through its
agency division which shall be treated as a separate entity from any other of its divisions or departments.

 

		(b)	If information is received by another division or department of the Agent, it may be treated as
confidential to that division or department and the Agent shall not be deemed to have notice of it.

 

		(c)	Notwithstanding any other provision of this Agreement
to the contrary, SACE may disclose any confidential information:

 

		(i)	to its ultimate shareholder, holding, subsidiary,
parent and affiliate companies;

 

		(ii)	to the Ministry of Economy and Finance of the Republic
of Italy and its departments, other Italian Ministries (including any of their department), Interministerial committees of the
Italian Government and any other Italian authority, committee, agency or governmental entity;

 

		(iii)	to providers of reinsurance/counter guarantee or
any form of risk enhancement (including their agents, brokers and consultants) subject to such persons undertaking confidentiality
obligations with SACE, unless they are subject to professional duties of confidentiality;

 

		(iv)	for the purposes of the State guarantee in favour
of SACE pursuant to article 32 of law decree n. 91/2014 converted into law 116/2014 and for the purposes of article 2 of law decree
23/2020 converted into law 40/2020; or

 

		(v)	following any payment due under the SACE Insurance
Policy.

 

    99 

     

    

 

		25.14	Relationship with the Lenders.

 

The
Agent may treat each Lender as a Lender, entitled to payments under this Agreement and acting through its Facility Office unless
it has received not less than five (5) Business Days’’
prior notice from that Lender to the contrary in accordance with the terms of this Agreement.

 

		25.15	Credit appraisal by the Lenders.

 

Without affecting the responsibility
of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to
the Agent and each of the Mandated Lead Arrangers that it has been, and will continue to be, solely responsible for making its
own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but
not limited to:

 

		(a)	the financial condition, status and nature of the Guarantor and each subsidiary of the Guarantor;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any
other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance
Document;

 

		(c)	whether that Lender has recourse, and the nature and extent of that recourse, against any Party
or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by the Finance
Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection
with any Finance Document; and

 

		(d)	the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party
or by any other person under or in connection with any Finance Document, the transactions contemplated by the Finance Documents
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document.

 

		25.16	Deduction from amounts payable by the Agent.

 

If any Party owes an amount
to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that
amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply
the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be
regarded as having received any amount so deducted.

 

		25.17	SACE Agent.

 

Where the context permits,
references to the Agent shall include the SACE Agent. The Agent and the SACE Agent shall be the same entity throughout the Security
Period.

 

26
CONDUCT OF BUSINESS BY THE creditor PARTIES

 

		26	CONDUCT
OF BUSINESS BY THE CREDITOR PARTIES

 

		26.1	No provision of this Agreement will:

 

		(a)	interfere with the right of any Creditor Party to arrange its affairs (Tax or otherwise) in whatever
manner it thinks fit;

 

    100 

     

    

 

		(b)	oblige any Creditor Party to investigate or claim any credit, relief, remission or repayment available
to it or the extent, order and manner of any claim; or

 

		(c)	oblige any Creditor Party to disclose any information relating to its affairs (Tax or otherwise)
or any computations in respect of Tax.

 

		27	SHARING AMONG THESharing
among the Creditor PARTIESParties

 

		27.1	Payments to Creditor Parties.

 

If
a Creditor Party (a ““Recovering
Creditor Party””)
receives or recovers any amount from an Obligor other than in accordance with this
Clause 27 27
(Sharing among the creditor parties) and applies that amount to a payment due under
the Finance Documents then:

 

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

 

		(b)	the Agent shall determine whether the receipt or recovery is in excess
of the amount the Recovering Creditor Party would have been paid had the receipt or recovery been received or made by the Agent
and distributed in accordance with Clause 19 19
(Application of Sums Received) and Clause 2828
(Payment Mechanics), without taking account of any Tax which would be imposed on the
Agent in relation to the receipt, recovery or distribution; and

 

		(c)	the Recovering Creditor Party shall, within three (3) Business Days
of demand by the Agent, pay to the Agent an amount (the ““Sharing
Payment””)
equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Creditor Party as
its share of any payment to be made, in accordance with Clause 19 19
(Application of Sums Received) and Clause 2828
(Payment Mechanics).

 

		27.2	Redistribution of payments.

 

The
Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Creditor Parties
(other than the Recovering Creditor Party) in accordance with Clause 19 19
(Application of Sums Received) and Clause 2828
(Payment Mechanics).

 

		27.3	Recovering FinanceCreditor
Party’’s
rights

 

		(a)	On a distribution by the Agent under Clause 27.227.2
(Redistribution of payments), the Recovering Creditor Party will, if possible under
the relevant applicable laws, be subrogated to the rights of the Creditor Parties which have shared in the redistribution.

 

		(b)	If and to the extent that the Recovering Creditor Party is not able
to rely on its rights under Clause 27.3(aparagraph
(a) of Clause 27.3 (Recovering Creditor Party’s rights), the relevant Obligor
shall be liable to the Recovering Creditor Party for a debt equal to the Sharing Payment which is immediately due and payable.

 

    101 

     

    

 

		27.4	Reversal of redistribution.

 

If any part of the Sharing
Payment received or recovered by a Recovering Creditor Party becomes repayable and is repaid by that Recovering Creditor Party,
then:

 

		(a)	each Lender which has received a share of the relevant Sharing Payment
pursuant to Clause 27.2 27.2
(Redistribution of payments) shall, upon request of the Agent, pay to the Agent for
account of that Recovering Creditor Party an amount equal to the appropriate part of its share of the Sharing Payment (together
with an amount as is necessary to reimburse that Recovering Creditor Party for its proportion of any interest on the Sharing Payment
which that Recovering Creditor Party is required to pay); and

 

		(b)	that Recovering Creditor Party’’s
rights of subrogation in respect of any reimbursement shall be cancelled and the relevant Obligor will be liable to the reimbursing
FinanceCreditor
Party for the amount so reimbursed.

 

		27.5	Exceptions.

 

		(a)	This Clause 27 27
(Sharing among the Creditor Parties) shall not apply to the extent that the Recovering
Creditor Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant
Obligor.

 

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

 

		(i)	it notified that other Creditor Party of the legal or arbitration proceedings; and

 

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

 

		28	PAYMENT MECHANICSPayment
Mechanics

 

		28.1	Payments to the Agent

 

		(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document,
that Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document)
for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of
transactions in the relevant currency in the place of payment.

 

		(b)	Payment shall be made to such account in the principal financial centre of the country of that
currency (or, in relation to Euro, in a principal financial centre in a Participating Member State or London) with such bank as
the Agent specifies.

 

		(c)	Payment shall be made before 11.00 a.m. New York time or 11.00 a.m. Paris time (in the case of
a payment in Euro).

 

		(d)	For each payment by the Borrower, it shall notify the Agent on the third Business Day prior to
the due date for payment that it will issue to its bank (which shall be named in such notification) to make the payment.

 

    102 

     

    

 

		28.2	Distributions by the Agent.

 

Each
payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 28.328.3
(Distributions to an Obligor), Clause 28.4
28.4 (Clawback) and
Clause 28.15 28.5
(No set-off by Obligors) be made available by the Agent as soon as practicable after
receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of
its Facility Office), to such account as that Party may notify to the Agent by not less than five (5) Business Days’’
notice with a bank in the principal financial centre of the country of that currency (or, in relation
to Euro, in the principal financial centre of a Participating Member State or London).

 

		28.3	Distributions to an Obligor.

 

The
Agent may in accordance with Clause 22 22
(Set-Off) apply any amount received by it for that Obligor in or towards payment (on
the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards
purchase of any amount of any currency to be so applied.

 

		28.4	Clawback

 

		(a)	Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent
is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been
able to establish to its satisfaction that it has actually received that sum.

 

		(b)	If the Agent pays an amount to another Party and it proves to be the case that the Agent had not
actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by
the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date
of receipt by the Agent, calculated by the Agent to reflect its cost of funds.

 

		28.5	No set-off by Obligors.

 

All payments to be made by
an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off
or counterclaim.

 

		28.6	Business Days

 

		(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next
Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

 

		(b)	During any extension of the due date for payment of any principal or unpaid sum under this Agreement
interest is payable on the principal or unpaid sum at the rate payable on the original due date.

 

		28.7	Currency of account

 

		(a)	Subject to Clauses 28.7(b) and
28.7(cparagraphs (b) and (c) of Clause 28.7 (Currency
of account) Dollars is the currency of account and payment for any sum from an Obligor
under any Finance Document.

 

    103 

     

    

 

		(b)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the
costs, expenses or taxes are incurred.

 

		(c)	Any amount expressed to be payable in a currency other than Dollars shall be paid in that other
currency.

 

		28.8	Change of currency

 

		(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same
time recognised by the central bank of any country as the lawful currency of that country, then:

 

		(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents
in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated
by the Agent (after consultation with the Lenders and the Borrower); and

 

		(ii)	any translation from one currency or currency unit to another shall be at the official rate of
exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down
by the Agent (acting reasonably).

 

		(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting
reasonably and after consultation with the Lenders and the Borrower) specifies to be necessary, be amended to comply with any generally
accepted conventions and market practice in the relevant interbank market and otherwise to reflect the change in currency.

 

		29	GOVERNING LAWGoverning
Law

 

		29.1	Law.

 

This Agreement is governed
by English law.

 

		30	ENFORCEMENTEnforcement

 

		30.1	Jurisdiction of English courts.

 

The
courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including
a dispute regarding the existence, validity or termination of this Agreement) (a ““Dispute””).
Each Party agrees that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly
no Party will argue to the contrary.

 

This Clause
30.1 is for the benefit of the Creditor Parties only. As a result, no Creditor Party shall be prevented from taking proceedings
relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, any Creditor Party may take concurrent
proceedings in any number of jurisdictions.

 

		30.2	Service of process.

 

Without prejudice to any other
mode of service allowed under any relevant law, the Borrower:

 

		(a)	irrevocably appoints EC3 Services
Limited of 51 EastcheapHannaford Turner LLP, currently
of 9 Cloak Lane, London EC3M 1JP4R
2RU, UK, as its agent for service of process in relation to any proceedings before the English
courts in connection with any Finance Document; and

 

    104 

     

    

 

		(b)	agrees that failure by a process agent to notify the Borrower of the process will not invalidate
the proceedings concerned.

 

		31	SCHEDULESSchedules

 

		31.1	Integral Part.

 

The schedules form an integral
part of this Agreement.

 

		32	NOTICESNotices

 

		32.1	General.

 

Unless
otherwise specifically provided, any notice under or in connection with any Finance Document shall be given by letter or faxemail;
and references in the Finance Documents to written notices, notices in writing and notices signed by particular persons shall be
construed accordingly.

 

		32.2	Addresses for communications.

 

A notice shall be sent:

 

		(a)	to the Borrower:          8300
NW 33rd Street #308

 

7665
Corporate Center Drive

Miami FL331226,
USA

 

	 	Fax No: (00) 1 305 514 2297	 

 

Attention:
Chief Financial Officer and General Counsel

 

Email:
[*] / [*]

 

		(b)	to a Lender:

 

(b)
to a Lender: At the address below its name in Schedule
1 Schedule 1 (Lenders and Commitments)
or (as the case may require) in the relevant Transfer Certificate.

 

		(c)	to the Agent or the SACE           9
quai du Président Paul DoumerAgent

 

12
Place des États-Unis

CS 70052

	 	Agent:	92920 Paris La Défense Cedex	 
	 	 	Paris	 
	 	 	 	 
	 	92547 Montrouge Cedex, France	 
	 	 	 

	 	 	Fax No: (33) 1 41 89 29 87	 
	Attn: 	Shipping 	GroupMiddle Office
	 	 	Mr Jerome Leblond	 
	 	Ms Clémentine Costil and Romy Roussel
	 	 
	 	 	and	 
	 	 	 	 
	 	Fax No. (33) 1 41 89 19 34	 	 
	 	 	Attn: Shipping Middle Office	 
	 	 	Ms Sylvie Godet-Couery	 

 

or to such other address as
the relevant party may notify the Agent or, if the relevant party is the Agent, the Borrower, the Lenders and the Borrower.

 

    105 

     

    

 

		32.3	Effective date of notices. Subject
to Clauses 32.4 and 32.5:

 

(a)
Subject to Clauses 32.4 (Service outside business
hours) and 32.5 (Illegible notices), a notice which is delivered personally or
posted shall be deemed to be served, and shall take effect, at the time when it is delivered;

 

(b)
a notice which is sent by fax shall be deemed to be served,
and shall take effect, 2 hours after its transmission is completed. 

 

		32.4	Service outside business hours.

 

However,
if under Clause 32.3 32.3
(Effective date of notices) a notice would be deemed to be served:

 

		(a)	on a day which is not a business day in the place of receipt; or

 

		(b)	on such a business day, but after 6 p.m. local time;

 

the
notice shall (subject to Clause 32.532.5
(Illegible notices)) be deemed to be served, and shall take effect, at 9 a.m. on the
next day which is such a business day.

 

		32.5	Illegible notices.

 

Clauses
32.3 and 32.4 32.3
(Effective date of notices) and 32.4 (Service outside business hours) do not
apply if the recipient of a notice notifies the sender within 1 hour after the time at which the notice would otherwise be deemed
to be served that the notice has been received in a form which is illegible in a material respect.

 

		32.6	Valid notices.

 

A notice under or in connection
with a Finance Document shall not be invalid by reason that its contents or the manner of serving it do not comply with the requirements
of this Agreement or, where appropriate, any other Finance Document under which it is served if:

 

		(a)	the failure to serve it in accordance with the requirements of this Agreement or other Finance
Document, as the case may be, has not caused any party to suffer any significant loss or prejudice; or

 

		(b)	in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the
party on which the notice was served what the correct or missing particulars should have been.

 

		32.7	English language.

 

Any notice under or in connection
with a Finance Document shall be in English.

 

    106 

     

    

 

		32.8	Meaning of ““notice”.”

 

In
this Clause 32, “32
(Notices), “notice””
includes any demand, consent, authorisation, approval, instruction, waiver or other communication.

 

		33	SUPPLEMENTALSupplemental

 

		33.1	Rights cumulative, non-exclusive.

 

The rights and remedies which
the Finance Documents give to each Creditor Party are:

 

		(a)	cumulative;

 

		(b)	may be exercised as often as appears expedient; and

 

		(c)	shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude
or limit any right or remedy conferred by any law.

 

		33.2	Severability of provisions.

 

If any provision of a Finance
Document is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity, enforceability or legality
of the other provisions of that Finance Document or of the provisions of any other Finance Document.

 

		33.3	Counterparts.

 

A Finance Document may be executed
in any number of counterparts.

 

		33.4	Third party rights.

 

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 to enjoy the benefit of any
term of this Agreement provided that nothing in this Clause shall limit or prejudice the exercise by SACE of its rights under this
Agreement or the Finance Documents in the event that such rights are subrogated or assigned to it pursuant to the terms of the
SACE Insurance Policy.

 

		33.5	No waiver.

 

No failure or delay on the
part of a Creditor Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof; nor shall any
single or partial exercise thereof preclude any other or further exercise thereof by the Creditor Parties or the exercise by the
Creditor Parties of any other right, power or privilege. The rights and remedies of the Creditor Parties herein provided are cumulative
and not exclusive of any rights or remedies provided by law.

 

		33.6	Writing required.

 

This Agreement shall not be
capable of being modified otherwise than by an express modification in writing signed by the Borrower, the Agent and the Lenders.

 

    107 

     

    

 

		33.7	Bail-In

 

Notwithstanding
any other term of any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance Document,
each Party acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance
Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the
effect of:

 

		(a)	any Bail-In Action in relation to any such liability,
including (without limitation):

 

		(i)	a reduction, in full or in part, in the principal
amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;

 

		(ii)	a conversion of all, or part of, any such liability
into shares or other instruments of ownership that may be issued to, or conferred on, it; and

 

		(iii)	a cancellation of any such liability; and

 

		(b)	a variation of any term of any Finance Document to
the extent necessary to give effect to any Bail-In Action in relation to any such liability.

 

		34	Confidentiality of Funding Rates and Reference Bank
Quotations

 

		34.1	Confidentiality and disclosure

 

		(a)	The Agent and each Obligor agree to keep each Funding
Rate (and, in the case of the Agent, each Reference Bank Quotation) confidential and not to disclose it to anyone, save to the
extent permitted by paragraphs (b), (c) and (d) below.

 

		(b)	The Agent may disclose:

 

		(i)	any Funding Rate (but not, for the avoidance of doubt,
any Reference Bank Quotation) to the Borrower pursuant to Clause 6.6 (Notification of Interest Periods and Floating Interest
Rate);

 

		(ii)	any Funding Rate or any Reference Bank Quotation
to any person appointed by it to provide administration services in respect of one or more of the Finance Documents to the extent
necessary to enable such service provider to provide those services if the service provider to whom that information is to be given
has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With
Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Agent and the
relevant Lender or Reference Bank, as the case may be.

 

		(c)	The Agent may disclose any Funding Rate or any Reference
Bank Quotation, and each Obligor may disclose any Funding Rate, to:

 

		(i)	any of its Affiliates and any of its or their officers,
directors, employees, professional advisers, auditors, partners and representatives, if any person to whom that Funding Rate or
Reference Bank Quotation is to be given pursuant to this sub-paragraph (i) is informed in writing of its confidential nature and
that it may be price sensitive information except that there shall be no such requirement to so inform if the recipient is subject
to professional obligations to maintain the confidentiality of that Funding Rate or Reference Bank Quotation or is otherwise bound
by requirements of confidentiality in relation to it;

 

    108 

     

    

 

		(ii)	any person to whom information is required
or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory
authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person
to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that
it may be price sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or
the relevant Obligor, as the case may be, it
is not practicable to do so in the circumstances;

 

		(iii)	any person to whom information is required
to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations,
proceedings or disputes if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing
of its confidential nature and that it may be price sensitive information except that there shall be no requirement to so inform
if, in the opinion of the Agent or the relevant Obligor, as
the case may be, it is not practicable to do so in the circumstances;
and

 

		(iv)	any person with the consent of the relevant Lender
or Reference Bank, as the case may be.

 

		(d)	The Agent’s obligations in this Clause 34 (Confidentiality
of Funding Rates and Reference Bank Quotations) relating to Reference Bank Quotations are without prejudice to its obligations
to make notifications under Clause 6.6 (Notification of Interest Periods and Floating Interest Rate) provided that
(other than pursuant to sub-paragraph (i) of paragraph (b) above) the Agent shall not include the details of any individual Reference
Bank Quotation as part of any such notification.

 

		34.2	Related obligations

 

		(a)	The Agent and each Obligor acknowledge that each
Funding Rate (and, in the case of the Agent, each Reference Bank Quotation) is or may be price sensitive information and that its
use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse
and the Agent and each Obligor undertake not to use any Funding Rate or, in the case of the Agent, any Reference Bank Quotation
for any unlawful purpose.

 

		(b)	The Agent and each Obligor agree (to the extent permitted
by law and regulation) to inform the relevant Lender or Reference Bank, as the case may be:

 

		(i)	of the circumstances of any disclosure made pursuant
to sub-paragraph (ii) of (c) of Clause 34.1 (Confidentiality and disclosure) except where such disclosure is made to any
of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

 

		(ii)	upon becoming aware that any information has been
disclosed in breach of this Clause 34 (Confidentiality of Funding Rates and Reference Bank Quotations).

 

		34.3	No Event of Default

 

No
Event of Default will occur under Clause 18.4 (Breach of other obligations) by reason only of an Obligor’s failure
to comply with this Clause 34 (Confidentiality of Funding Rates and Reference Bank Quotations).

 

    109 

     

    

 

THIS
AGREEMENTThis Agreement has been entered
into and amended and restated on the date stated at the beginning
of this Agreement.

 

    110 

     

    

EXECUTION
PAGES

 

	BORROWER	 	 
	 	 	 
	SIGNED by	)	 
	 	)	 
	for and on behalf of	)	 
	MARINA NEW BUILD, LLC	)	 
	in the presence of:	)	 
	 	 	 
	LENDERS	 	 
	 	 	 
	Lenders	 	 
	SIGNED by	)	 
	 	)	 
	for and on behalf of	)	 
	CRÉDIT AGRICOLE CORPORATE AND	)	 
	Crédit AgricoleINVESTMENT BANK	)
	Corporate and	)	 
	Investment Bank	)	 
	in the presence of:	)	 

 

	SIGNED by	)	 
	 	)	 
	for and on behalf of	)	 
	SOCIéÉTéÉ GENERALE	)	 
	in the presence of:	)	 
	 	 	 
	MANDATED
    LEAD ARRANGERS	 	 
	 	 	 

	SIGNED by	)	 
	 	)	 
	for and on behalf of	)	 
	CRÉDIT AGRICOLE CORPORATE AND	)	 
	Crédit AgricoleINVESTMENT BANK	)
	Corporate and	)	 
	Investment Bank	)	 
	in the presence of:	)	 

 

    	 

     

    

 

	SIGNED by	)	 
	SOCIÉÉTÉÉ GÉÉNÉÉRALE	)	 
	for and on behalf of	)	 
	 	)	 
	in the presence of:	)	 
	 	 	 
	AGENTAGENT
    AND SACE AGENT	 	 
	 	 	 

	SIGNED by	)	 
	 	)	 
	for and on behalf of	)	 
	CRÉDIT AGRICOLE CORPORATE AND	)	 
	Crédit AgricoleINVESTMENT BANK	)
	Corporate and	)	 
	Investment Bank	)	 
	in the presence of:	)	 

 

    	 

     

    

 

Form of
Amended and Restated Guarantee (marked to indicate amendments)

 

Amendments are indicated as follows:

 

		1	additions are indicated by underlined text in blue; and

 

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

 

    	 

     

    

Execution
version

 

Originally
dated 31 October 2014 (as amended by a supplemental agreement dated 4 June 2020 and as further amended and restated by an amendment
and restatement agreement dated ______ February 2021)

 

Dated ____October 2014

NCL CORPORATION
LTD.

as Guarantor

 

- and
-

 

NORWEGIAN
CRUISE LINE HOLDINGS LTD.

as
the Holding

 

and

 

THE BANKS
AND FINANCIAL INSTITUTIONS

listed in Schedule
1 Schedule 1

as Lenders

 

and

 

-and-

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK

SOCIÉTÉ GÉNÉRALE

as Mandated Lead Arrangers

 

and

-and-

CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK

as Agent

 

________________________________________________

 

AMENDED
AND RESTATED GUARANTEE

 

________________________________________________

relating
to a loan agreement originally dated 18 July 2008 (as
previously amended by a supplemental agreement dated 25 October 2010, as amended and restated by an amendment and restatement 

agreement
dated 31 October 2014, as amended by a supplemental agreement dated 4 June 2020

 

 

 

     

     

    

  

and as further amended and restated by an amendment
and restatement agreement dated ______ February 2021) in respect of the passenger cruise ship m.v. “MARINA”

 

relating to a Loan Agreement
dated 18 July 2008 in respect of 

the passenger cruise
ship newbuilding presently designated as Hull No. [*]

     

     

    

	 	INDEX	 
	 	Index	 
	 	 	 
	Clause	 	Page
	 	 	 
	1	INTERPRETATIONInterpretation	23
	2	GUARANTEEGuarantee	34
	3	LIABILITY AS PRINCIPAL AND INDEPENDENT DEBTOR 3Liability as Principal and Independent Debtor	5
	4	EXPENSESExpenses	46
	5	ADJUSTMENT OF TRANSACTIONS 4Adjustment of Transactions	6
	6	PAYMENTSPayments	46
	7	INTERESTInterest	57
	8	SUBORDINATIONSubordination	57
	9	ENFORCEMENTEnforcement	68
	10	REPRESENTATIONS AND WARRANTIES 7Representations and Warranties	9
	11	UNDERTAKINGSUndertakings	810
	12	JUDGMENTS AND CURRENCY INDEMNITY 15Judgments and Currency Indemnity	24
	13	SET-OFFSet-Off	125
	14	SUPPLEMENTALSupplemental	125
	15	ASSIGNMENT AND TRANSFER 16Assignment and Transfer	27
	16	NOTICESNotices	1628
	17	INVALIDITY OF LOAN AGREEMENT 17Invalidity of Loan Agreement	28
	18	GOVERNING LAW AND JURISDICTION 17Governing Law and Jurisdiction	29
	 	 	 
	Schedules	 	 
	EXECUTION PAGE	17
	 	 
	SCHEDULE 1  FORM OF COMPLIANCE CERTIFICATE	19
	 	 	 
	
        Schedule
        1 Form of Compliance Certificate
	31
	Schedule 2 Debt Deferral Extension Regular Monitoring Requirements	33
	 	 	 
	Execution	 	 
	 	 	 
	Execution Page	36

     

     

    

THIS GUARANTEE is made
on ___ Octoberoriginally made on 31 October 2014 (as
amended by a supplemental agreement dated 4 June 2020 and as further amended and restated by an amendment and restatement agreement
dated ______ February 20214)

 

BETWEEN

 

		(1)	NCL CORPORATION LTD., a company incorporated under the laws of
Bermuda with its registered office at Cumberland House, 9th Floor, 1 Victoria StreetPark
Place 55, Par-la-Ville Road, Hamilton HM 11, Bermuda (the ““Guarantor””);

 

		(2)	NORWEGIAN CRUISE LINE HOLDINGS LTD.,
a company incorporated under the laws of Bermuda with its registered office at Park Place 55, Par-la-Ville Road, Hamilton HM 11,
Bermuda (the “Holding”)

 

		(3)	(2) THE BANKS AND
FINANCIAL INSTITUTIONS listed in Schedule 1 of the Loan Agreement (the ““Lenders””);

 

		(4)	(3) CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK (formerly known as Calyon),
a French “société anonyme”,
having a share capital of EUR 7,254,575,271 and its
registered office located at 912,
quai du Président Paul Doumer, 92920 Paris La DéfensePlace
des États-Unis, CS 70052, 92547 Montrouge Cedex, France registered under the
no.number Siren
304 187 701 at the Registre du Commerce et des Sociétés of Nanterre, France
and SOCIÉTÉ GÉNÉRALE,
a French “société
anonyme”,
having a share capital of EUR 583,228,241.25 and its
registered office located at 29 bBoulevard
Haussmann, 75009 Paris, France, registered under
the no.number
Siren 5522
120 222 at the Registre du Commerce et des Sociétés of Paris (together
the “, France as mandated lead arrangers (the
 “Mandated Lead Arrangers””);
and

 

		(5)	(4) CRÉDIT
AGRICOLE CORPORATE AND INVESTMENT BANK (formerly known as Calyon),
a French “société anonyme”,
having a share capital of EUR7,254,575,271 and its
registered office located at 9 quai du Président Paul Doumer, 92920 Paris La Défense12,
Place des États-Unis, CS 70052, 92547 Montrouge Cedex, France registered under the
n°number Siren
304 187 701 at the Registre du Commerce et des Sociétés of Nanterre,
France as agent (the ““Agent””,
which expression includes its successors and assigns).

 

BACKGROUND

 

		(A)	By a Master Shipbuilding (Contracts and Options) Agreement dated 14 May 2008 (the ““Master
Agreement””)
entered into between (inter alia) Fincantieri - Cantieri Navali Italiani SpA (the ““Builder””),
Prestige Cruise Holdings, Inc., Oceania Cruises, Inc. and, by way of endorsement, Marina New Build, LLC (the ““Borrower””)
providing for an original shipbuilding contract dated 13 June 2007 (the ““Original
Shipbuilding Contract””)
between the Borrower and the Builder to be novated and modified in the form and on the terms set out in the Master Agreement (the
Original Shipbuilding Contract as novated and modified by the Master Agreement being hereinafter referred to as the ““Shipbuilding
Contract””),
the Builder has agreed to design, construct and deliver, and the Borrower has
agreed to purchase, a passenger cruise ship currently having hull
number [*].

 

		(B)	By a loan agreement dated 18 July 2008 (as amended by a supplemental agreement dated 25 October
2010, as further amended and restated on
or about the date hereof and as otherwise amended from time to time)
(the “by an amendment and restatement agreement
dated 31 October 2014) (the “Original Loan Agreement””)
and made between (i) the Borrower, (ii) the Lenders, (iii) the Mandated Lead Arrangers and (iv) the Agent and SACE Agent, it was
agreed that the Lenders would make available to the Borrower a loan facility of the Dollar Equivalent of up to EUR 349,520,718.00
for the purpose of assisting the Borrower in financing (i) payment under the Shipbuilding Contract of all or part of 80% of the
Final Contract Price up to the Eligible Amount and (ii) payment to SACE of the Dollar Equivalent of 100% of the second instalment
of the SACE Premium.

 

    1 

     

    

 

		(C)	By a guarantee dated 18 July 2008 (as amended by a side letter dated 14 December 2011, as further
amended by a letter agreement dated 24 June 2013 and as otherwise amended from time to time) (the ““Prestige
Guarantee””)
and made between (i) Prestige Cruise Holdings, Inc. as guarantor (the ““Prestige
Guarantor””),
(ii) the Lenders, (iii) the Mandated Lead Arrangers and (iv) the Agent, the Prestige Guarantor agreed to guarantee the obligations
of the Borrower under the Original Loan Agreement.

 

		(D)	By a guarantee dated 18 July 2008 (as amended by a side letter dated 14 December 2011, as further
amended by a letter agreement dated 24 June 2013 and as otherwise amended from time to time) (the ““Oceania
Guarantee””
and together with the Prestige Guarantee, the ““Prior
Guarantees””)
and made between (i) Oceania Cruises, Inc. as guarantor (the ““Oceania
Guarantor””
and together with the Prestige Guarantor, the ““Prior
Guarantors””),
(ii) the Lenders, (iii) the Mandated Lead Arrangers and (iv) the Agent, the Oceania Guarantor agreed to guarantee the obligations
of the Borrower under the Original Loan Agreement.

 

		(E)	By an amendment and restatement agreement dated ___31
October 2014 and made between (i) the Borrower, (ii) the Lenders, (iii) the Mandated Lead Arrangers, and (iv) the Agent and SACE
Agent, the parties thereto agreed to, among other things, the Guarantor replacing the Prior Guarantors as a guarantor of the obligations
of the Borrower under the Original Loan Agreement with the
corresponding termination of the Prior Guarantees and the execution and delivery of thisa
replacement Gguarantee.

 

		(F)	The execution and delivery to the Agent of thisthe
replacement guarantee referred to above by the Guarantor and dated 31 October 2014 (the “Original Guarantee
is”) was
one of the conditions precedent of the continuing availability of the facility under the Original
Loan Agreement.

 

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

 

		(H)	Pursuant to the consent request letter dated 18 April
2020, the Borrower and the Guarantor notified the Agent and the SACE Agent of their wish to benefit from the Temporary Measures
in relation to certain loan agreements listed therein, including the Original Loan Agreement, and requested, amongst other things,
the deferral of repayments of principal under the Original Loan Agreement for a period of one year from 1 April 2020 to 31 March
2021 (the “First Borrower Request”).

 

		(I)	On 25 May 2020, the Agent (for and on behalf of the
Lenders) provided its consent to part of the First Borrower Request in accordance with and subject to certain conditions as set
out in an amendment to the Original Loan Agreement dated 4 June 2020 between, amongst others, the Borrower and the Agent (the “2020
Amendment Agreement”) (the Original Loan Agreement as amended pursuant to the 2020 Amendment Agreement, the “Amended
Loan Agreement”).

 

    2 

     

    

 

		(J)	Due to the continued impacts of the Covid-19 pandemic
on the cruise sector and cruise operators, SACE confirmed on 31 December 2020 its availability to evaluate an extension of the
Temporary Measures (the “Extended Temporary Measures”), again subject to certain principles dated 26 November
2020 for cruise lines offered by SACE (together with the Original Principles, the “Principles”).

 

		(K)	Pursuant to the consent request letter dated 3 December
2020, the Borrower and the Guarantor notified the Agent and the SACE Agent of their wish to benefit from the Extended Temporary
Measures in relation to certain loan agreements listed therein, including the Amended Loan Agreement, and requested, amongst other
things, the deferral of repayments of principal under the Amended Loan Agreement for a further period of one year from 1 April
2021 to 31 March 2022 (the “Second Borrower Request”).

 

		(L)	On 25 January 2021, the Agent (for and on behalf
of the Lenders) provided its consent to part of the Second Borrower Request in accordance with and subject to certain conditions
as set out in an amendment and restatement agreement to the Amended Loan Agreement and to the Original Guarantee (as amended pursuant
to the 2020 Amendment Agreement, the “Amended Guarantee”) dated ______ February 2021 between, amongst others,
the Borrower, the Guarantor, the Holding, the Agent and the SACE Agent (the “2021 Amendment and Restatement Agreement”,
and the Amended Loan Agreement as amended and restated by the 2021 Amendment and Restatement Agreement, the “Loan Agreement”).

  

		(M)	This Guarantee sets out the terms and
conditions of the Amended Guarantee as amended and restated by the 2021 Amendment
and Restatement Agreement.

 

IT IS AGREED as follows:

 

		1	INTERPRETATIONInterpretation

 

		1.1	Defined expressions.

 

Words and expressions defined
in the Loan Agreement shall have the same meanings when used in this Guarantee unless the context otherwise requires.

 

		1.2	Construction of certain terms.
In this Guarantee:

 

In
this Guarantee:

 

“Amendment
and Restatement Agreement” means the amendment and restatement agreement referred to in Recital (E) above.

 

“Apollo”
means the Fund and any Fund Affiliate.

 

““bBankruptcy””
includes a liquidation, receivership or administration and any form of suspension of payments, arrangement with creditors or reorganisation
under any corporate or insolvency law of any country.

 

“Capital
Stock” means:

 

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

 

    3 

     

    

 

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

 

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

 

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

 

““First
Financial Quarter””
means the financial quarter ending immediately prior to or on the date falling 90 days before the Intended Delivery Date.

 

“Fund”
means Apollo Management VI, L.P. and other co-investment partnerships managed by Apollo Management VI, L.P..

“Fund
Affiliate” means (i) each Affiliate of the Fund that is neither a “portfolio company” (which means a company
actively engaged in providing goods or services to unaffiliated customers), whether or not controlled, nor a company controlled
by a “portfolio company” and (ii) any individual who is a partner or employee of Apollo Management, L.P., Apollo Management
VI, L.P. or Apollo Management V, L.P..

 

““Loan
Agreement” means the loan agreement
originally dated 18 July 2008, as amended by a supplemental agreement
dated 25 October 2010 and as amended and restated pursuant to the Amendment and Restatement Agreement
referred to in Recital (B) and includes any existing or future amendments, amendments and restatements, or supplements, whether
made with the Guarantor’s consent or otherwise.”
has the meaning given to it in recital (L).

 

““Management””
means the employees of the Guarantor and its subsidiaries or their dependants or any trust for which such persons are the intended
beneficiary.

 

		1.3	Application of construction and interpretation provisions of Loan Agreement.

 

Clauses 1.2 (Construction
of certain terms) to 1.5 (General Interpretation)
of the Loan Agreement apply, with any necessary modifications, to this Guarantee.

 

		1.4	Effective Date ofInconsistency
between Loan Agreement provisions and this Guarantee

 

This
Guarantee is effective from the Effective Date as such term is defined in the Amendment
and Restatement Agreement.

 

This
Guarantee shall be read together with the Loan Agreement, but in case of any conflict between the Loan Agreement and this Guarantee,
unless expressly provided to the contrary in this Guarantee, the provisions of the Loan Agreement shall prevail.

 

		2	GUARANTEEGuarantee

 

		2.1	Guarantee and indemnity.

 

The Guarantor unconditionally
and irrevocably:

 

		(a)	guarantees to the Agent punctual performance by the Borrower of all the Borrower’’s
obligations under or in connection with the Loan Agreement and every other Finance Document;

 

    4 

     

    

 

		(b)	undertakes to the Agent that whenever the Borrower does not pay any amount when due under or in
connection with the Loan Agreement and the other Finance Documents, the Guarantor shall immediately on demand pay that amount as
if it was the principal obligor;

 

		(c)	agrees that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal,
it will, as an independent and primary obligation, indemnify the Agent and each other Creditor Party immediately on demand by the
Agent against any cost, loss or liability it incurs as a result of the Borrower not paying any amount which would, but for such
unenforceability, invalidity or illegality, have been payable by it under the Loan Agreement or any other Finance Document on the
date when it would have been due. Any such demand for indemnification shall be made through the Agent, for itself or on behalf
of the Creditor Parties. The amount payable by athe
Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 2.1
2.1 (Guarantee and indemnity) if the
amount claimed had been recoverable on the basis of a guarantee.

 

		2.2	No limit on number of demands.

 

The Agent acting on behalf
of the Creditor Parties may serve any number of demands under Clause 2.12.1
(Guarantee and indemnity).

 

3
LIABILITY AS PRINCIPAL AND INDEPENDENT DEBTOR

 

		3	Liability as Principal and Independent Debtor

 

		3.1	Principal and independent debtor.

 

The Guarantor shall be liable
under this Guarantee as a principal and independent debtor and accordingly it shall not have, as regards this Guarantee, any of
the rights or defences of a surety.

 

		3.2	Waiver of rights and defences.

 

Without limiting the generality
of Clause 3.13.1 (Principal
and independent debtor), the obligations of the Guarantor under this Guarantee will not be affected or
discharged by an act, omission, matter or thing which, but for this Clause, would reduce, release or prejudice any of
its obligations under this Guarantee (without limitation and whether or not known to it or any Creditor Party) including:

 

		(a)	any time, waiver or consent granted to, or composition with, the Borrower or other person;

 

		(b)	the release of the Borrower or any other person under the terms of any composition or arrangement
with any creditor of any affiliate of the Borrower;

 

		(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,
or delay in perfecting, or refusal or neglect to take up
or enforce, or delay in taking or enforcing any rights against,
or security over assets of, the Borrower or other person or any non-presentation or non-observance of any formality or other requirement
in respect of any instrument or any failure to realise the full value of any security;

 

		(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in
the members or status of the Borrower or any other person;

 

    5 

     

    

 

		(e)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or
not more onerous) or replacement of any Finance Document or any other document or security including without limitation any change
in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document
or other document or security;

 

		(f)	any insolvency or similar proceedings;

 

		(g)	any arrangement or concession (including a rescheduling or acceptance of partial payments) relating
to, or affecting, the Finance Documents;

 

		(h)	any release or loss whatsoever of any guarantee, right or Security Interest created by the Finance
Documents;

 

		(i)	any failure whatsoever promptly or properly to exercise or enforce any such right or Security Interest,
including a failure to realise for its full market value an asset covered by such a Security Interest; or

 

		(j)	any other Finance Document or any Security Interest now being or later becoming void, unenforceable,
illegal or invalid or otherwise defective for any reason, including a neglect to register it.;
or

 

		(k)	any unenforceability, illegality or invalidity of
any obligation of any person under any Finance Document or any other document or security.

 

		4	EXPENSESExpenses

 

		4.1	Costs of preservation of rights, enforcement etc.

 

The Guarantor shall pay to
the Agent on its demand the amount of all expenses incurred by the Agent or any other Creditor Party in connection with any matter
arising out of this Guarantee or any Security Interest connected with it, including any advice, claim or proceedings relating to
this Guarantee or such a Security Interest.

 

		4.2	Fees and expenses payable under Loan Agreement.

 

Clause 4.1
4.1 (Costs of preservation of rights, enforcement
etc) is without prejudice to the Guarantor’s liabilities in respect of the Borrower’s obligations under
clauses 10 (Fees) and 11 (Taxes, Increased Costs, Costs and Related Charges) of the Loan Agreement and under similar
provisions of other Finance Documents.

 

		5	ADJUSTMENT OF TRANSACTIONSAdjustment
of Transactions

 

		5.1	Reinstatement of obligation to pay.

 

The Guarantor shall pay to
the Agent on its demand any amount which any Creditor Party is required, or agrees, to pay pursuant to any claim by, or settlement
with, a trustee in bankruptcy of the Borrower or of any other Obligor (or similar person) on the ground that the Loan Agreement
or any other Finance Document, or a payment by the Borrower or of such other Obligor, was invalid or on any similar ground.

 

    6 

     

    

 

		6	PAYMENTSPayments

 

		6.1	Method of payments.

 

Any amount due under this Guarantee
shall be paid:

 

		(a)	in immediately available funds;

 

		(b)	to such account as the Agent acting on behalf of the other Creditor Parties may from time to time
notify to the Guarantor;

 

		(c)	without any form of set-off, cross-claim or condition; and

 

		(d)	free and clear of any tax deduction except a tax deduction which the Guarantor is required by law
to make.

 

		6.2	Grossing-up for taxes.

 

If the Guarantor is required
by law to make a tax deduction, the amount due to the Agent acting on behalf of the other Creditor Parties shall be increased by
the amount necessary to ensure that the Agent and (if the payment is not due to the Agent for its own account) the Creditor Party
beneficially interested in the payment receives and retains a net amount which, after the tax deduction, is equal to the full amount
that it would otherwise have received.

 

		6.3	Tax Credits.

 

If an additional payment is
made by the Guarantor under this Clause and any Creditor Party determines that it has received or been granted a credit against
or relief of or calculated with reference to the deduction giving rise to such additional payment, such Creditor Party shall, to
the extent that it can do so without prejudice to the retention of the amount of such credit, relief, remission or repayment and
provided that it has received the cash benefit of such credit, relief or remission, pay to the Guarantor such amount as such Creditor
Party shall in its reasonable opinion have concluded to be attributable to the relevant deduction. Any such payment shall be conclusive
evidence of the amount due to the Guarantor hereunder and shall be accepted by the Guarantor in full and final settlement of its
rights of reimbursement hereunder in respect of such deduction. Nothing herein contained shall interfere with the right of each
Creditor Party to arrange its tax affairs in whatever manner it thinks fit. Notwithstanding the foregoing, to the extent that this
Clause imposes obligations or restrictions on a party, such obligations or restrictions shall not apply to SACE and SACE shall
have no obligations hereunder nor be constrained by such restrictions.

 

		6.4	To the extent that this Clause 6 6
(Payments) imposes obligations or restrictions on a Creditor Party, such obligations or restrictions shall not apply to
SACE and SACE shall have no obligations hereunder nor be constrained by such restrictions.

 

		7	INTERESTInterest

 

		7.1	Accrual of interest.

 

Any amount due under this Guarantee
shall carry interest after the date on which the Agent demands payment of it until it is actually paid, unless interest on that
same amount also accrues under the Loan Agreement.

 

    7 

     

    

 

		7.2	Calculation of interest.

 

Interest on sums payable under
this Guarantee shall be calculated and accrue in the same way as interest under clause 6 (Interest)
of the Loan Agreement.

 

		7.3	Guarantee extends to interest payable under Loan Agreement.

 

For the avoidance of doubt,
it is confirmed that this Guarantee covers all interest payable under the Loan Agreement, including that payable under clause 17
(Interest on Late Payments) of the Loan Agreement.

 

		8	SUBORDINATIONSubordination

 

		8.1	Subordination of rights of Guarantor.

 

Until all amounts which may
be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless
the Agent otherwise directs, all rights which the Guarantor at any time has (whether in respect of this Guarantee or any other
transaction) against the Borrower, any other Obligor or their respective assets shall be fully subordinated to the rights of the
Creditor Parties under the Finance Documents; and in particular, the Guarantor shall not:

 

		(a)	claim, or in a bankruptcy of the Borrower or any other Obligor prove for, any amount payable to
the Guarantor by the Borrower or any other Obligor, whether in respect of this Guarantee or any other transaction;

 

		(b)	take or enforce any Security Interest for any such amount;

 

		(c)	exercise any right to be indemnified by an Obligor;

 

		(d)	bring legal or other proceedings for an order requiring the Borrower or any other Obligor to make
any payment, or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under
this Guarantee;

 

		(e)	claim to set-off any such amount against any amount payable by the Guarantor to the Borrower or
any other Obligor; or

 

		(f)	claim any subrogation or right of contribution or other right in respect of any Finance Document
or any sum received or recovered by any Creditor Party under a Finance Document.

 

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 Creditor Parties by the Obligors under or in connection with the Finance
Documents to be repaid in full on trust for the Creditor Parties and shall promptly pay or transfer the same to the Agent or as
the Agent may direct for application in accordance with the Loan Agreement and the Finance Documents.

 

		9	ENFORCEMENTEnforcement

 

		9.1	No requirement to commence proceedings against Borrower.

 

The Guarantor waives any right
it may have of first requiring the Agent or any other Creditor Party to proceed against or enforce any other rights or security
or claim payment from any person before claiming from that Guarantor under this Guarantee. Neither the Agent nor any other Creditor
Party will need to make any demand under, commence any proceedings under, or enforce any guarantee or any Security Interest contained
in or created by, the Loan Agreement or any other Finance Document before claiming or commencing proceedings under this Guarantee.
This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

 

    8 

     

    

 

		9.2	Conclusive evidence of certain matters.

 

However, as against the Guarantor:

 

		(a)	any judgment or order of a court in England or the Marshall Islands or Bermuda
or the United States of America in connection with the Loan Agreement; and

 

		(b)	any statement or admission by the Borrower in connection with the Loan Agreement,

 

shall be binding and conclusive
as to all matters of fact and law to which it relates.

 

		9.3	Suspense account.

 

Until all amounts which may
be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, the
Agent and any Creditor Party may:

 

		(a)	refrain from applying or enforcing any other moneys, security or rights held or received by it
(or any trustee or agent on its behalf which, in the case of a Creditor Party, shall include the Agent) in respect of those amounts,
or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and the Guarantor
shall not be entitled to the benefit of the same; and

 

		(b)	hold in an interest-bearing suspense account any moneys received from any Guarantor or on account
of any Guarantor’s liability under this Guarantee.

 

		10	REPRESENTATIONS AND WARRANTIESRepresentations
and Warranties

 

		10.1	General.

 

The Guarantor represents and
warrants to each of the Creditor Parties as follows on the Effective Ddate
of this Guarantee, which representations and warranties shall be deemed to be repeated, with reference mutatis mutandis to the
facts and circumstances subsisting, as if made on each day from the Effective Ddate
of this Guarantee to the end of the Security Period.

 

		10.2	Status.

 

The Guarantor is duly incorporated
and validly existing and in good standing under the laws of Bermuda as an exempted company.

 

    9 

     

    

 

		10.3	Corporate power.

 

The Guarantor has the corporate
capacity, and has taken all corporate action and obtained all consents necessary for it:

 

		(a)	to execute this Guarantee; and

 

		(b)	to make all the payments contemplated by, and to comply with, this Guarantee.

 

		10.4	Consents in force.

 

All the consents referred to
in Clause 10.3 10.3
(Corporate power) remain in force and nothing has occurred which makes any of them liable to revocation.

 

		10.5	Legal validity.

 

This Guarantee constitutes
the Guarantor’s legal, valid and binding obligations enforceable against the Guarantor in accordance with its terms subject
to any relevant insolvency laws affecting creditors’ rights generally.

 

		10.6	No conflicts.

 

The execution by the Guarantor
of this Guarantee and its compliance with this Guarantee will not involve or lead to a contravention of:

 

		(a)	any law or regulation; or

 

		(b)	the constitutional documents of the Guarantor; or

 

		(c)	any contractual or other obligation or restriction which is binding on the Guarantor or any of
its assets.

 

		10.7	No withholding taxes.

 

All payments which the Guarantor
is liable to make under this Guarantee may be made without deduction or withholding for or on account of any tax payable under
any law of Bermuda or the United States of America.

 

		10.8	No default.

 

To the knowledge of the Guarantor,
no Event of Default has occurred which is continuing.

 

		10.9	Information

 

Information.
All information which has been provided in writing by or on behalf of the Guarantor to the Agent or any other Creditor Party in
connection with any Finance Document satisfied the requirements of Clause 11.211.2
(Information provided to be accurate); all audited and unaudited accounts which have been so provided satisfied
the requirements of Clause 11.411.4
(Form of financial statements); and there has been no material adverse change in the financial position or state
of affairs of the Guarantor from that disclosed in the latest of those accounts.

 

		10.10	No litigation.

 

No legal or administrative
action involving the Guarantor has been commenced or taken or, to the Guarantor’s knowledge, is likely to be commenced or
taken which, in either case, would be likely to have a material adverse effect on the Guarantor’s financial position or profitability.

 

    10 

     

    

 

		10.11	No Security Interests.

 

None of the assets or rights
of the Guarantor is subject to any Security Interest except any Security Interest which (i) qualifies as a Permitted Security Interest
with respect to the Guarantor or (ii) is permitted by Clause 11.11 of this Guarantee11.11
(Negative pledge).

 

		11	UNDERTAKINGSUndertakings

 

		11.1	General.

 

The Guarantor undertakes with
the Agent acting on behalf of the Creditor Parties to comply with the following provisions of this Clause 11
11 (Undertakings) at all times from
the date of this DeedGuarantee
to the end of the Security Period, except as the Agent may otherwise permit.

 

		11.2	Information provided to be accurate.

 

All financial and other information
which is provided in writing by or on behalf of the Guarantor under or in connection with this Guarantee will be true and not misleading
and will not omit any material fact or consideration.

 

		11.3	Provision of financial statements.

 

The Guarantor will send to
the Agent:

 

		(a)	as soon as practicable, but in no event later than 120 days after the end of each financial year
of the Guarantor beginning with the year ending 31 December 2014, the audited consolidated accounts of the Guarantor and its subsidiaries;

 

		(b)	[reserved];

 

		(c)	[reserved];

 

		(d)	as soon as practicable (and in any event within forty-five (45) days of the end of the contemplated
quarter in respect of the first three quarters of each fiscal year and 90 days in respect of the final quarter) a copy of the unaudited
consolidated quarterly management accounts (including current and year to date profit and loss
statements and balance sheet compared to the previous year and to budget) of the Guarantor certified as to their
correctness by the chief financial officer of the Guarantor (it being understood that the delivery by the Guarantor of quarterly
or annual reports as filed with the Securities and Exchange Commission in respect of the Guarantor and its consolidated subsidiaries
shall satisfy all the requirements of this paragraph (d)(d));

 

		(e)	a compliance certificate in the form set out in Schedule 1 Schedule
1 (Form of Compliance Certificate) to this Guarantee or in such other form as the Agent may reasonably require
(each a “Compliance Certificate”) at the same time as there is delivered to the Agent, and together with, each
set of unaudited consolidated quarterly management accounts under paragraph (d) (d)
and, if applicable, audited consolidated accounts under paragraph (a)(a),
duly signed by the chief financial officer of the Guarantor and certifying whether or not the requirements of Clause 11.15
11.15 (Financial Covenants) are then
complied with;

 

    11 

     

    

 

		(f)	such additional financial or other relevant information regarding the Guarantor and the Group as
the Agent may reasonably request; and

 

(g)
(i) As soon as practicable (and in any event within 120 days after the close of each fiscal year), commencing with the fiscal year
ending December 31, 2014, annual cash flow projections on a consolidated basis of the Group showing on a monthly basis advance
ticket sales (for at least 12 months following the date of such statement) for the Group;

 

		(g)	(ii) Asas
soon as practicable (and in any event not later than January 31 January
of each fiscal year):

 

(x)
a budget for the Group for such new fiscal year including a 12 month liquidity budget for such new fiscal year; 

 

		(i)	(y) updated financial
projections of the Group for at least the next five years (including an income statement, balance sheet statement and cash flow
statement and quarterly break downs for the first of those five years); and

 

		(ii)	(z) an outline of the
assumptions supporting such budget and financial projections including but without limitation any scheduled drydockings;.

 

		(h)	Additional financial reporting

 

In
addition to the information to be provided in accordance with clause 13.2 (Information) of the Loan Agreement and this Clause
11.3 (Provision of financial statements), the Guarantor undertakes to provide to the Agent a written report (in form and
substance satisfactory to SACE) from the 2021 Deferral Effective Date until the 2021 Deferral Final Repayment Date, covering the
information requested in the document entitled “Debt Deferral Extension - Regular Monitoring Requirements”, the form
of which is included in Schedule 2 (Debt Deferral Extension – Regular Monitoring Requirements), within the timelines
specified therein.

 

		(i)	For the avoidance of doubt, subject to the provisions
of the Loan Agreement, paragraph (j) below and Clause 11.21 (Breach of new covenants or the Principles), the financial covenants
contained in Clause 11.15 (Financial Covenants) will continue to be tested and the reporting obligations shall continue
to apply in accordance with this Clause 11.3 (Provision of financial statements) until 31 December 2022.

 

		(j)	Any breach of the financial covenants contained in
paragraphs (b) and (c) of Clause 11.15 (Financial Covenants) arising on a testing date between the 2021 Deferral Effective
Date and 31 December 2022, by reference to the financial position of the Group (on a consolidated basis), shall not (without prejudice
to the rights of the Lenders in respect of any further breach of such financial covenants that may occur after 31 December 2022,
and subject further to no (a) Event of Default under clauses 18.7 (Winding-up) to clause 18.13 (Cessation of business)
(inclusive) of the Loan Agreement having occurred and being continuing or (b) Deferral Prepayment Event having occurred) result
in an Event of Default.

 

		11.4	Form of financial statements.

 

All accounts (audited and unaudited)
delivered under Clause 11.3 11.3
(Provision of financial statements) will:

 

		(a)	be prepared in accordance with GAAP;

 

    12 

     

    

 

		(b)	when required to be audited, be audited by the auditors which are the Guarantor’’s
auditors at the date of this Guarantee or other auditors approved by the Agent; provided that, such approval by the Agent
shall not be unreasonably withheld or delayed;

 

		(c)	give a true and fair view of the state of affairs of the Guarantor and its subsidiaries at the
date of those accounts and of their profit for the period to which those accounts relate; and

 

		(d)	fully disclose or provide for all significant liabilities of the Guarantor and its subsidiaries.

 

		11.5	Shareholder and creditor notices.

 

The Guarantor will send the
Agent, at the same time as they are despatched, copies of all communications which are despatched to the Guarantor’s shareholders
or creditors generally or any class of them.

 

		11.6	Consents.

 

The Guarantor will maintain
in force and promptly obtain or renew, and will promptly send certified copies to the Agent of, all consents required:

 

		(a)	for the Guarantor to perform its obligations under this Guarantee;

 

		(b)	for the validity or enforceability of this Guarantee;

 

and the Guarantor will comply
with the terms of all such consents.

 

		11.7	Notification of litigation.

 

The Guarantor will provide
the Agent with details of any material legal or administrative action involving the Guarantor as soon as such action is instituted
or it becomes apparent to the Guarantor that it is likely to be instituted (and for this purpose proceedings shall be deemed to
be material if they involve a claim in an amount exceeding ten million Dollars or the equivalent in another currency).

 

		11.8	Domicile and principal place of business.

 

The Guarantor:

 

		(a)	will maintain its domicile and registered office at the address stated at the commencement of this
AgreementGuarantee
or at such other address in Bermuda as is notified beforehand to the Agent;

 

		(b)	will maintain its principal place of business and keep its corporate documents and records in the
United States of America at 7665 Corporate Center Drive, Miami, 33126 Florida (Fax: (305) 436-4140)
or at such other address in the United States of America as is notified beforehand to the Agent; and

 

		(c)	will not move its domicile out of Bermuda nor its principal place of business out of the United
States of America without the prior agreement of the Agent, acting with the authorisation of the Creditor Parties, such agreement
not to be unreasonably withheld.

 

    13 

     

    

 

		11.9	Notification of default.

 

The Guarantor will notify the
Agent as soon as the Guarantor becomes aware of the occurrence of an Event of Default and will thereafter keep the Agent fully
up-to-date with all developments.

 

		11.10	Maintenance of status.

 

The Guarantor will maintain
its separate corporate existence and remain in good standing under the laws of Bermuda.

 

		11.11	Negative pledge.

 

The Guarantor
shall not, and shall procure that the Borrower will not, create or permit to arise any Security Interest over any asset present
or future except Security Interests created or permitted by the Finance Documents and except for the following:

 

		(a)	Security Interests created with the prior consent of the Agent or otherwise permitted by the Finance
Documents;

 

		(b)	in the case of the Guarantor, Security Interests which qualify as Permitted Security Interests
with respect to the Guarantor;

 

		(c)	in the case of the Borrower, Security Interests permitted under clause 13.57
(Negative pledge) of the Loan Agreement;

 

		(d)	Security Interests provided in favour of lenders under and in connection with any refinancing of
the Existing Indebtedness or any financing arrangements entered into by any member of the Group for the acquisition of additional
or replacement ship(s) (including any refinancing of any such arrangement) but limited to:

 

		(i)	pledges of the share capital of the relevant ship owning subsidiary(/ies); and/or

 

		(ii)	ship mortgages and other securities over the financed ship(s).

 

		11.12	No disposal of assets, change of business.

 

The Guarantor will:

 

		(a)	not, and shall procure that its subsidiaries, as a group, shall not transfer all or substantially
all of the cruise vessels owned by them and shall procure that any cruise vessels which are disposed of in compliance with the
foregoing shall be disposed on a willing seller willing buyer basis at or about market rate and at arm’s length subject always
to the provisions of any pertinent loan documentation, and

 

		(b)	continue to be a holding company for a group of companies whose main business is the operation
of cruise vessels as well as the marketing of cruises on board such vessels and the Guarantor will not change its main line of
business so as to affect any Obligor’’s
ability to perform its obligations under the Finance Documents or to imperil, in the opinion of the Agent, the security created
by any of the Finance Documents or the SACE Insurance Policy.

 

    14 

     

    

 

		11.13	No merger etc.

 

The Guarantor shall not enter
into any form of merger, sub-division, amalgamation, restructuring, consolidation, winding-up, dissolution or anything analogous
thereto or acquire any entity, share capital or obligations of any corporation or other entity (each of the foregoing being a ““Transaction””)
unless:

 

		(a)	the Guarantor has notified the Agent in writing of the agreed terms of the relevant Transaction
promptly after such terms have been agreed as heads of terms (or similar) and thereafter notified the Agent in writing of any significant
amendments to such terms during the course of the negotiation of the relevant Transaction; and

 

		(b)	the relevant Transaction does not require or involve or result in any dissolution of the Guarantor
so that at all times the Guarantor remains in existence; and

 

		(c)	each notice delivered to the Agent pursuant to paragraph (a) (a)
above is accompanied by a certificate signed by the chief financial officer of the Guarantor whereby the Guarantor represents and
warrants to the Agent that the relevant Transaction will not:

 

		(i)	adversely affect the ability of any Obligor to perform its obligations under the Finance Documents;

 

		(ii)	imperil the security created by any of the Finance Documents or the SACE Insurance Policy; or

 

		(iii)	affect the ability of the Guarantor to comply with the financial covenants
contained in Clause 11.1511.15
(Financial Covenants).

 

		11.14	Maintenance of ownership of Oceania
Cruises and Borrower and Guarantor.

 

		(a)	The Guarantor shall remain the direct or indirect beneficial owner of the entire issued and allotted
share capital of Oceania Cruises, free from any Security Interest and Oceania Cruises shall remain the legal holder and direct
beneficial owner of all membership interest in the Borrower, free from any Security Interest, except that created in favour of
the Agent acting on behalf of the other Creditor Parties; or

 

		(b)	no person or ““group””
(within the meaning of Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934 (15 USC §78a et seq.) (the “Exchange
Act”) as in effect on the Delivery Date) shall acquire beneficial ownership of 35% or more on a fully diluted basis of
the voting interest in the Guarantor’’s
equity interests unless a combination of Apollo and Management (the “Permitted Holders”)
shall own directly or indirectly, more than such person or “group” on a fully diluted basis of the voting interest
in the Guarantor’s equity interests.

 

		11.15	Financial Covenants.

 

		(a)	The Guarantor will not permit the Free Liquidity to be less than $50,000,000 at any time,
save that until 31 December 2022, this amount shall be increased to $200,000,000.

 

		(b)	The Guarantor will not permit the ratio of Total Net Funded Debt to Total Capitalization to be
greater than 0.70:1.00 at any time.

 

		(c)	The Guarantor will not permit the ratio of Consolidated EBITDA to Consolidated Debt Service for
the Group at the end of any fiscal quarter, computed for the period of the four consecutive fiscal quarters ending as at the end
of the relevant fiscal quarter, to be less than 1.25:1.00 unless the Free Liquidity of the Group at all times during such period
of four consecutive fiscal quarters ending as at the end of such fiscal quarter was equal to or greater than $100,000,000.

 

    15 

     

    

 

		11.16	Financial definitions.

 

For the purposes of Clause
11.1511.15 (Financial
Covenants):

 

		(a)	““Cash
Balance””
shall mean, at any date of determination, the unencumbered and otherwise unrestricted cash and Cash Equivalents of the Group;

 

		(b)	““Cash
Equivalents””
shall mean (i) securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality
thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of
not more than one year from the date of acquisition, (ii) time deposits and certificates of deposit of any commercial bank having,
or which is the principal banking subsidiary of a bank holding company having capital, surplus and undivided profits aggregating
in excess of $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 clauseparagraph
(i) above entered into with any bank meeting the qualifications specified in clauseparagraph
(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 clausesparagraphs
(i) through (iv) above;

 

		(c)	““Consolidated
Debt Service””
shall mean, for any relevant period, the sum (without double counting), determined in accordance with GAAP, of:

 

		(i)	the aggregate principal payable or paid during such period on any Indebtedness for Borrowed Money
of any member of the Group, other than:

 

		(A)	principal of any such Indebtedness for Borrowed Money prepaid at the option of the relevant member
of the Group or by virtue of ““cash
sweep””
or ““special
liquidity””
cash sweep provisions (or analogous provisions) in any debt facility of the Group;

 

		(B)	principal of any such Indebtedness for Borrowed Money prepaid upon a sale or a Total Loss of any
ship (as if references in that definition were to all ships and not just the Ship) owned or leased under a capital lease by any
member of the Group; and

 

		(C)	balloon payments of any such Indebtedness for Borrowed Money payable during such period (and for
the purpose of this paragraph (c) (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 Group (other than the Guarantor, or one of its wholly owned subsidiaries)
or any dividends or distributions other than tax distributions in each case paid during such period; and

 

    16 

     

    

 

		(iv)	all rent under any capital lease obligations by which the Guarantor or any consolidated subsidiary
is bound which are payable or paid during such period and the portion of any debt discount that must be amortized in such period;

 

as calculated in accordance
with GAAP and derived from the then latest accounts delivered under Clause 11.311.3
(Provision of financial statements);

 

		(d)	“Consolidated EBITDA” shall mean, for any relevant period, the aggregate of:

 

		(i)	Consolidated Net Income from the Guarantor’s operations for such period; and

 

		(ii)	the aggregate amounts deducted in determining Consolidated Net Income for such period in respect
of gains and losses from the sale of assets or reserves relating thereto, Consolidated Interest Expense, depreciation and amortization,
impairment charges and any other non-cash charges and deferred income tax expense for such period;

 

it
being understood, for the avoidance of doubt, that,
for purposes of determining compliance with Clause 11.15 for the first four fiscal quarters ending after the Effective Date of
this Guarantee, Consolidated EBITDA for the Group shall include Consolidated EBITDA for the then most recently ended period of
four consecutive fiscal quarters for Prestige Holdings and its subsidiaries;

 

		(e)	“Consolidated Interest Expense” shall mean, for any relevant period, the consolidated
interest expense (excluding capitalized interest) of the Group for such period;

 

		(f)	“Consolidated Net Income” shall mean, for any relevant period, the consolidated
net income (or loss) of the Group for such period as determined in accordance with GAAP;

 

		(g)	““Free
Liquidity””
shall mean, at any date of determination, the aggregate of the Cash Balance or any other amounts available for drawing under other
revolving or other credit facilities of the Group, which remain undrawn, could be drawn for general working capital purposes or
other general corporate purposes and would not, if drawn, be repayable within six months;

 

		(h)	““Indebtedness””
shall mean any obligation for the payment or repayment of money, whether as principal or as surety and whether present or future,
actual or contingent including, without limitation, pursuant to an Interest Rate Protection Agreement or Other Hedging Agreement;

 

		(i)	“Indebtedness for Borrowed Money” shall mean Indebtedness (whether present or
future, actual or contingent, long-term or short-term, secured or unsecured) in respect of:

 

		(i)	moneys borrowed or raised;

 

		(ii)	the advance or extension of credit (including interest and other charges on or in respect of any
of the foregoing);

 

		(iii)	the amount of any liability in respect of leases which, in accordance with GAAP, are capital leases;

 

		(iv)	the amount of any liability in respect of the purchase price for assets or services payment of
which is deferred for a period in excess of 180 days;

 

    17 

     

    

 

		(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) (i)
to (v) (v)
above;

 

PROVIDED
THATProvided that the following
shall not constitute Indebtedness for Borrowed Money:

 

		(A)	loans and advances made by other members of the Group which are subordinated to the rights of the
Creditor Parties;

 

		(B)	loans and advances made by any shareholder of the Guarantor which are subordinated to the rights
of the Creditor Parties on terms reasonably satisfactory to the Agent; and

 

		(C)	any liabilities of the Guarantor or any other member of the Group under any Interest Rate Protection
Agreement or any Other Hedging Agreement or other derivative transactions of a non-speculative nature;

 

		(j)	““Interest
Rate Protection Agreement””
shall mean any interest rate swap agreement, interest rate cap agreement, interest collar agreement, interest rate hedging agreement,
interest rate floor agreement or other similar agreement or arrangement entered into between a Lender or its Affiliate, or a Mandated
Lead Arranger or its Affiliate, and the Guarantor and/or the Borrower in relation to the Secured Liabilities of the Borrower under
the Loan Agreement;

 

		(k)	““Other
Hedging Agreement””
shall mean any foreign exchange contracts, currency swap agreements, commodity agreements or other similar agreements or arrangements
entered into between a Lender or its Affiliate, or a Mandated Lead Arranger or its Affiliates, and the Guarantor and/or the Borrower
in relation to the Secured Liabilities of the Borrower under the Loan Agreement and designed to protect against the fluctuations
in currency or commodity values;

 

		(l)	“Total Capitalization” means, at any date of determination, the Total Net Funded
Debt plus the consolidated stockholders’’
equity of the Group at such date determined in accordance with GAAP and derived from the then latest accounts delivered under Clause
11.311.3 (Provision
of financial statements); provided it is understood that the effect of any impairment of intangible assets
shall be added back to stockholders’’
equity; and

 

		(m)	“Total Net Funded Debt” shall mean, as at any relevant date:

 

		(i)	Indebtedness for Borrowed Money of the Group on a consolidated basis; and

 

		(ii)	the amount of any Indebtedness for Borrowed Money of any person which is not a member of the Group
but which is guaranteed by a member of the Group as at such date;

 

less an amount equal
to any Cash Balance as at such date; provided that any Commitments and other amounts available for drawing under other revolving
or other credit facilities of the Group which remain undrawn shall not be counted as cash or indebtedness for the purposes of this
Guarantee.

 

    18 

     

    

 

		11.17	Negative Undertakings. The
Guarantor shall:

 

		(a)	The Guarantor may, subject to the provisions of paragraph
(c) below:

 

		(i)	(a) not at any time
afterprior to
the end of the First Financial Quarter, declare or pay dividends or make other distributions or payment
in respect of Financial Indebtedness owed to its shareholders without the prior written consent of the Agent,
provided that;

 

		(ii)	the Guarantor mayat
any time after the end of the First Financial Quarter, declare andor
pay dividends to its shareholders or
make any other distributions or payments
in respect of Financial Indebtedness owed to its shareholders without
the prior written consent of the Agent, subject to it on each such occasion satisfying the
Agent acting on behalf of the Creditor Parties that it will continue to meet all the requirements of Clause 11.1511.15
(Financial Covenants), if such covenants were to be tested immediately following the
payment of any such dividend.;
and

 

		(iii)	pay dividends (x) to persons responsible for paying
the tax liability in respect of consolidated, combined, unitary or affiliated tax returns for each relevant jurisdiction of the
Group, or (y) to holders of the Guarantor’s Capital Stock with respect to income taxable as a result of a member of the Group
being taxed as a pass-through entity for U.S. Federal, state and local income tax purposes or attributable to any member of the
Group,

 

provided
that the actions in paragraphs (ii) and (iii) above shall only be permitted if there is no Event of Default which is continuing
under the Loan Agreement and no Event of Default would arise from the payment of such dividend.

 

		(b)	Subject to the restrictions set out
in paragraph (b) of Clause 11.19 (New capital raises or financing), the Guarantor shall not, and shall procure
that none of its subsidiaries shall:

 

		(i)	make loans to any person that is not the Guarantor or a direct or indirect subsidiary of the Guarantor;
or

 

		(ii)	issue or enter into one or more guarantees covering the obligations of any person which is not
the Guarantor or a direct or indirect subsidiary of the Guarantor

 

except if such loan is granted
to a non subsidiary or such guarantee is issued in the ordinary course of business covering the obligations of a non subsidiary
and the aggregate amount of all such loans and guarantees made or issued by the Guarantor and its subsidiaries does not exceed
USD[*] or is otherwise approved by the Agent which approval shall not be unreasonably withheld if such loan or guarantee in respect
of a non subsidiary would neither:

 

		(A)	affect the ability of any Obligor to perform its obligations under the Finance Documents; nor

 

		(B)	imperil the security created by any of the Finance Documents or the SACE Insurance Policy; nor

 

		(C)	affect the ability of the Guarantor to comply with the financial covenants contained in Clause
11.15 11.15 (Financial
covenants) if such covenants were to be tested immediately following the grant of such loan or the issuance of such
guarantee, as demonstrated by evidence satisfactory to the Agent.

 

    19 

     

    

 

		(c)	Dividend restriction

 

During
the period up to and including the 2021 Deferral Final Repayment Date, neither the Guarantor nor the Holding shall, and the Guarantor
shall procure that none of its subsidiaries shall:

 

		(i)	declare, make or pay any dividend or other distribution
(or interest on any unpaid dividend or other distribution) (whether in cash or in kind) on or in respect of its share capital (or
any class of its share capital);

 

		(ii)	repay or distribute any dividend or share premium
reserve;

 

		(iii)	make any repayment of any kind under any shareholder
loan; or

 

		(iv)	redeem, repurchase (whether by way of share buy-back
program or otherwise), defease, retire or repay any of its share capital or resolve to do so,

 

except
that;

 

		(A)	any Obligor other than the Guarantor may pay dividends
and other distributions, directly or indirectly, to the Guarantor for the purpose of providing liquidity to the Guarantor to enable
the Guarantor to satisfy payment obligations for which the Guarantor is an obligor;

 

		(B)	any Obligor may pay dividends in respect of the Tax
liability to each relevant jurisdiction in respect of consolidated, combined, unitary or affiliated Tax returns for each relevant
jurisdiction of the Group or the Holding or holder of the Guarantor’s capital stock with respect to income taxable as a result
of any member of the Group or the Holding being taxed as a pass-through entity for U.S. Federal, state and local income Tax purposes
or attributable to any member of the Group;

 

		(C)	the Guarantor and the Holding may pay dividends and
other distributions (x) in respect of a conversion, exchange, or repurchase of convertible or exchangeable notes and any conversion
of preference shares to ordinary shares in connection therewith, provided that the cash portion of a repurchase of convertible
or exchangeable notes is limited to the amount of interest that would otherwise be payable through maturity on the amount of such
convertible or exchangeable notes being repurchased plus any amount in lieu of fractional shares and (y) to the extent contractually
owed to holders of equity in the Guarantor or the Holding; and

 

		(D)	the Guarantor may pay dividends and other distributions
to the Holding for the purposes of providing cash to the Holding for the payment of any Tax payable in connection with the Holding’s
equity plan,

 

provided
that the actions in paragraphs (B) and (C) above shall only be permitted if there is no Event of Default which is continuing under
the Loan Agreement and no Event of Default would arise from the payment of such dividend.

 

    20 

     

    

 

		(d)	For the avoidance of doubt, the Holding gives no
guarantee of any kind nor undertakes any obligations under this Guarantee other than the undertaking as expressly specified in
paragraph (c) above.

 

		11.18	Most favoured nations

 

		(a)	The Guarantor undertakes that if at any time after
the date of this Guarantee it enters into any financial contract or financial document relating to any Financial Indebtedness with
or which has the support of any export credit agency and which contains pari passu provisions or cross default provisions
which are more favourable to the lenders than those contained in paragraph (l) of clause 12.2 (Continuing representations and
warranties) of the Loan Agreement and clause 18.6 (Cross default) of the Loan Agreement respectively, the Guarantor
shall immediately notify the Borrower and the Agent of such provisions and the relevant provisions contained in the Loan Agreement
shall be deemed amended so that such more favourable pari passu provisions or cross default provisions are granted to the
Creditor Parties pursuant to the Loan Agreement.

 

		(b)	The Guarantor undertakes that if at any time after
the date of this Guarantee, it or any other member of the Group is required to grant additional security in relation to a financial
contract or financial document relating to any existing Financial Indebtedness:

 

		(i)	with the support of any export credit agency (excluding
any extensions, increases or changes to the terms and conditions thereof), such security shall be granted on a pari passu
basis to the Lenders (and the Agent agrees to enter and/or procure the entry by the relevant Creditor Parties into such intercreditor
documentation to reflect such pari passu ranking (in form and substance reasonably satisfactory to the Creditor Parties)
as may be required in connection with such arrangements); or

 

		(ii)	without the support of any export credit agency (excluding
any extensions, increases or changes to the terms and conditions thereof), such security shall (without prejudice to any of the
Obligors’ other obligations under the Finance Documents), subject to the provisions of Clause 11.11 (Negative pledge)
of this Guarantee and clause 13.7 (Negative pledge) of the Loan Agreement, be permitted provided that it shall not have
an adverse effect on any Security Interests or other rights granted to the Secured Parties under the Finance Documents.

 

		(c)	In respect of any new Financial Indebtedness (other
than Permitted Financial Indebtedness), or any extensions, increases or changes to the terms and conditions of any existing Financial
Indebtedness, in each case with or which has the support of any export credit agency, the Guarantor shall enter into good faith
negotiations with the Agent to grant additional security for the purpose of further securing the Loan, provided that any failure
to reach agreement under this paragraph (c) following such good faith negotiations shall not constitute an Event of Default.

 

		11.19	New capital raises or financing

 

		(a)	Save as provided below, during the period up to and
including the 2021 Deferral Final Repayment Date:

 

		(i)	no new debt or equity issuance shall be raised and
no new Financial Indebtedness shall be incurred by the Group (including, for the avoidance of doubt, inter-company loans);

 

    21 

     

    

 

		(ii)	no non-arm’s length disposals of any asset
relating to the Group fleet shall be made; and

 

		(iii)	no additional Security Interests securing existing
Financial Indebtedness will be created or permitted to subsist by any Obligor (unless the Lenders benefit from this new security
on a pari passu basis).

 

		(b)	The restrictions in paragraph (a) above shall not
apply in relation to:

 

		(i)	any refinancing of any bond issuance of, or loan
entered into by, the Group (A) which matures during such period or (B) where not maturing during such period, which shall be on
terms which include any of the following (evidence of which shall be provided to the Agent by the Guarantor) resulting, when taken
as a whole, in an improvement of the ability of the Obligors to meet their obligations under the Finance Documents: an extension
of the repayment terms; a decrease in the interest rate; or the conversion of such Financial Indebtedness from secured to unsecured
or first to second priority;

 

		(ii)	any debt or equity issuance provided prior to 31
December 2022 to provide the Group with crisis and/or recovery related funding in respect of the impact of the Covid-19 pandemic;

 

		(iii)	any debt or equity issuance being raised on or after
31 December 2022 to support the Group with the impact of the Covid-19 pandemic, made with the prior written consent of SACE;

 

		(iv)	any debt or equity issuance being raised to finance
any instalment of a cruise vessel already contracted for or contracted for during such period or any refurbishment, maintenance,
upgrade or lengthening of a cruise ship during such period (including without limitation any costs incurred by the owner of a cruise
ship in connection therewith);

 

		(v)	any debt or equity issuance being raised to finance
capital expenditure for projects which are already contracted for but in respect of which committed financing has not yet been
obtained, and which, in each case has been (or will be) listed in the Information Package submitted to the Agent prior to the 2021
Deferral Effective Date;

 

		(vi)	any extension or renewal of revolving credit facilities,
and made with the prior written consent of SACE if any additional security is to be granted;

 

		(vii)	any new debt or equity issuance otherwise agreed
by SACE; 

 

		(viii)	any inter-company loan or operating arrangement which
from an accounting perspective has the effect of an intercompany loan (an “intercompany arrangement”) which:

 

		(A)	is existing as at the date of the 2021 Amendment
and Restatement Agreement;

 

		(B)	is made among any Group members or any Group member
with the Holding provided that:

 

		(1)	any inter-company arrangement is made solely for
the purpose of regulatory or Tax purposes carried out in the ordinary course of business and on an arm’s length basis; and

 

    22 

     

    

 

		(2)	the aggregate principal amount of any inter-company
arrangements pursuant to this paragraph (B) does not exceed [*] Dollars ($[*]) at any time; or

 

		(C)	has been approved with the prior written consent
of SACE;

 

		(ix)	any Permitted Security Interest;

 

		(x)	any Security Interest otherwise approved with the
prior written consent of SACE; 

 

		(xi)	any Financial Indebtedness incurred in the ordinary
course of business which in the aggregate does not exceed USD [*] during any twelve-month period; or

 

		(xii)	without prejudice to clause 13.10 (Mergers)
of the Loan Agreement and Clause 11.13 (No merger etc.), the issuance of share capital by any Group member to another Group
member.

 

		11.20	Payments under the Shipbuilding Contracts

 

Until
the 2021 Deferral Final Repayment Date:

 

		(a)	the Guarantor shall and the Guarantor shall procure
that any member of the Group that has entered into a shipbuilding contract with a shipbuilder or enters into any such shipbuilding
contract, in each case which is financed with the support of SACE (the “Covered Shipbuilding Contracts”) shall
continue to perform all of their respective obligations as set out in any Covered Shipbuilding Contract (including without limitation
the payment of any instalments due under any Covered Shipbuilding Contract (as the same may have been amended prior to the 2021
Deferral Effective Date), and subject to any amendment agreed pursuant to paragraph (b) below). The Guarantor shall and the Guarantor
shall procure that any member of the Group shall promptly notify the Agent and SACE of any failure by it to comply with any due
and owing obligations under a Covered Shipbuilding Contract; and

 

		(b)	the Guarantor shall and the Guarantor shall procure
that any member of the Group further undertakes to consult with the Agent and SACE in respect of any proposed amendment to a Covered
Shipbuilding Contract insofar as any such proposed amendment relates to a payment instalment or (save as expressly permitted by
the Loan Agreement) a delivery date or any other substantial amendment which may affect the related financing and to obtain the
Agent and SACE’s approval prior to executing any such amendment.

 

		11.21	Breach of new covenants or the Principles

 

		(a)	Failure to comply, until the 2021 Deferral Final
Repayment Date, with the provisions of paragraph (h) of Clause 11.3 (Provision of financial statements), paragraph (c) of
Clause 11.17 (Negative Undertakings), Clause 11.19 (New capital raises or financing), Clause 11.20 (Payments under
the Shipbuilding Contracts), or to otherwise duly perform and observe the other requirements and obligations set out in the
Principles shall, in each case, not constitute an Event of Default under the Loan Agreement but (in the case of any failure that
is capable of remedy (in the opinion of the Agent, at its sole discretion), including any failure to comply with Clause 11.20 (Payments
under the Shipbuilding Contracts) or paragraph (h) of Clause 11.3 (Provision of financial statements), only if such
failure is not remedied within the Relevant Period pursuant to clause 18.4 (Breach of other obligations) of the Loan Agreement
from the date of such failure to comply) shall have the following consequences:

 

		(i)	the Agent shall reinstate from the date of such breach
the requirement to comply with the covenant granted pursuant to clause 14 (Security Value Maintenance) of the Loan Agreement
and the financial covenants set out in paragraphs (b) and (c) of Clause 11.15 (Financial covenants) which was otherwise
suspended by operation of the Loan Agreement and this Guarantee;

 

    23 

     

    

 

		(ii)	in respect of paragraph (c) (Dividend restriction)
of Clause 11.17 (Negative Undertakings) and paragraph (b) of Clause 11.19 (New capital raises or financing), as well
as a failure to perform and observe the other requirements and obligations set out in the Principles (including but not limited
to any Obligor (a) commencing, or having commenced against it, any case, proceeding or other action seeking (i) to adjudicate it
as bankrupt or insolvent, (ii) reorganization, arrangement, winding-up, liquidation, dissolution, or other relief with respect
to it or its debts, (iii) the appointment of a receiver, trustee, or custodian or other similar official for it or for all or a
substantial part of its assets, (b) making a general assignment for the benefit of its creditors, (c) being unable to, or admitting
in writing its inability to, pay its debts as they become due, or (d) taking any action in furtherance of, or indicating its consent
to, approval of, or acquiescence in, any of the acts set forth in (a), (b) or (c) hereof):

 

		(A)	the Deferral Commitments and the availability of
the Deferral Tranches will be immediately cancelled;

 

		(B)	all or part of the Deferral Tranches, together with
accrued interest, deferred costs pursuant to clause 6.4 (Deferred Costs) of the Loan Agreement and all other amounts accrued
or outstanding under the Loan Agreement in connection with the Deferral Tranches will be immediately due and payable, (including,
for the avoidance of doubt, any breakage costs pursuant to clause 20.2 (Breakage costs) of the Loan Agreement); and

 

		(iii)	in respect of Clause 11.20 (Payments under the
Shipbuilding Contracts) and paragraph (h) (Additional financial reporting) of Clause 11.3 (Provision of financial
statements), shall entitle the Agent, (acting on the instructions of the Lenders), by notice to the Guarantor and the Borrower
to:

 

		(A)	cancel the Deferral Commitments and the availability
of the Deferral Tranches whereupon they shall immediately be cancelled; and

 

		(B)	declare that all or part of the Deferral Tranches,
together with accrued interest, deferred costs pursuant to clause 6.4 (Deferred Costs) of the Loan Agreement and all other
amounts accrued or outstanding under the Loan Agreement in connection with the Deferral Tranches be immediately due and payable,
whereupon they shall become immediately due and payable (including, for the avoidance of doubt, any breakage costs pursuant to
clause 20.2 (Breakage costs) of the Loan Agreement); and

 

		(b)	Save as permitted by Clause 11.19 (New capital
raises or financing), if at any time after the 2021 Deferral Effective Date:

 

		(i)	the Guarantor or any other Group member enters into
any financial contract or financial document relating to any Financial Indebtedness and which contains any debt deferral or covenant
waivers of existing debt, or the raising of any new debt intended to reimburse existing debt that benefits from additional security
or more favourable terms than those available to the Lenders (unless they are granted to the Lenders on a pari passu basis);

 

    24 

     

    

 

		(A)	the requirement to comply with the covenant granted
pursuant to clause 14 (Security Value Maintenance) of the Loan Agreement and the financial covenants set out in paragraphs
(b) and (c) of Clause 11.15 (Financial Covenants) which was otherwise suspended until 31 December 2022 shall be reinstated;

 

		(B)	the Deferral Commitments and the availability of
the Deferral Tranches will be immediately cancelled; and

 

		(C)	all or part of the Deferral Tranches, together with
accrued interest, deferred costs pursuant to clause 6.4 (Deferred Costs) of the Loan Agreement and all other amounts accrued
or outstanding under the Loan Agreement in connection with the Deferral Tranches will be immediately due and payable, (including,
for the avoidance of doubt, any breakage costs pursuant to clause 20.2 (Breakage costs) of the Loan Agreement);

 

		(ii)	the Guarantor or any other Group member makes a prepayment
(save for any mandatory prepayment necessary to avoid an event of default (however defined)) of any Financial Indebtedness (unless
this is done on a pari passu basis with the obligations owed to the Lenders hereunder):

 

		(A)	the requirement to comply with the covenant granted
pursuant to clause 14 (Security Value Maintenance) of the Loan Agreement and the financial covenants set out in paragraphs
(b) and (c) of Clause 11.15 (Financial Covenants) which was otherwise suspended until 31 December 2022 shall be reinstated;

 

		(B)	the Agent shall be entitled (acting on the instructions
of the Lenders) to:

 

		(1)	cancel the Deferral Commitments and the availability
of the Deferral Tranches whereupon they shall immediately be cancelled; and

 

		(2)	declare that all or part of the Deferral
Tranches, together with accrued interest, deferred costs pursuant to clause 6.4 (Deferred Costs) of the Loan Agreement and
all other amounts accrued or outstanding under the Loan Agreement in connection with the Deferral Tranches will be immediately
due and payable (including, for the avoidance of doubt,
any breakage costs pursuant to clause 20.2 (Breakage costs)
of the Loan Agreement).

 

		12	JUDGMENTS AND CURRENCY INDEMNITYJudgments
and Currency Indemnity

 

		12.1	Judgments relating to Loan Agreement.

 

This Guarantee shall cover
any amount payable by the Borrower under or in connection with any judgment relating to the Loan Agreement.

 

    25 

     

    

 

		12.2	Currency indemnity.

 

In addition, clause 20.4 (Currency
indemnity) of the Loan Agreement shall apply, with any necessary adaptations, in relation to this Guarantee.

 

		13	SET-OFFSet-Off

 

		13.1	Application of credit balances.

 

Each Creditor Party may without
prior notice:

 

		(a)	apply any balance (whether or not then due) which at any time stands to the credit of any account
in the name of the Guarantor at any office in any country of that Creditor Party in or towards satisfaction of any sum then due
from the Guarantor to that Creditor Party under this Guarantee; and

 

		(b)	for that purpose:

 

		(i)	break, or alter the maturity of, all or any part of a deposit of the Guarantor;

 

		(ii)	convert or translate all or any part of a deposit or other credit balance into Dollars;

 

		(iii)	enter into any other transaction or make any entry with regard to the credit balance which the
Creditor Party concerned considers appropriate.

 

		13.2	Existing rights unaffected.

 

No Creditor Party shall be
obliged to exercise any of its rights under Clause 13.113.1
(Application of credit balances); and those rights shall be without prejudice and in addition to any right of
set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is entitled (whether under the
general law or any document).

 

		13.3	Sums deemed due to a Lender.

 

For the purposes of this Clause
1313 (Set-Off),
a sum payable by the Guarantor to the Agent acting on behalf of the Creditor Parties for distribution to, or for the account of,
a Lender shall be treated as a sum due to that Lender; and each Lender’s proportion of a sum so payable for distribution
to, or for the account of, the Lenders shall be treated as a sum due to that Lender.

 

		14	SUPPLEMENTALSupplemental

 

		14.1	Continuing guarantee.

 

This Guarantee shall remain
in force as a continuing security at all times during the Security Period, regardless of any intermediate payment or discharge
in whole or in paidpart.

 

		14.2	Rights cumulative, non-exclusive.

 

The Agent’s and any other
Creditor Party’’s
rights under and in connection with this Guarantee are cumulative, may be exercised as often as appears expedient and shall not
be taken to exclude or limit any right or remedy conferred by law.

 

    26 

     

    

 

		14.3	No impairment of rights under Guarantee.

 

If the Agent or any other Creditor
Party omits to exercise, delays in exercising or invalidly exercises any of its rights under this Guarantee, that shall not impair
that or any other right of the Agent or any other Creditor Party under this Guarantee.

 

		14.4	Severability of provisions.

 

If any provision of this Guarantee
is or subsequently becomes void, illegal, unenforceable or otherwise invalid, that shall not affect the validity, legality or enforceability
of its other provisions.

 

		14.5	Guarantee not affected by other security.

 

This Guarantee is in addition
to and shall not impair, nor be impaired by, any other guarantee, any Security Interest or any right of set-off or netting or to
combine accounts which the Agent or any other Creditor Party may now or later hold in connection with the Loan Agreement.

 

		14.6	Guarantor bound by Loan Agreement.

 

		(a)	The Guarantor is fully familiar with, and agrees
to all the provisions of, the Loan Agreement and the other Finance Documents to which it is not a party.

 

		(b)	The Guarantor agrees with the Agent and any other Creditor Party:

 

		(i)	to be bound by all provisions of the Loan Agreement which are applicable
to the Obligors in the same way as if those provisions had been set out (with any necessary modifications) in this Guarantee.;
and

 

		(ii)	that any provision of the Loan Agreement which, by
its terms, applies or relates to the Finance Documents generally applies to this Guarantee.

 

		(c)	Clause 33.7 (Bail-In) of the Loan Agreement
shall apply to this Guarantee as if it was expressly incorporated in this Guarantee with any necessary modifications.

 

		14.7	Applicability of provisions of Guarantee to other Security Interests.

 

Any Security Interest which
the Guarantor creates (whether at the time at which it signs this Guarantee or at any later time) to secure any liability under
this Guarantee shall be a principal and independent security, and Clauses 3 and 17 3
(Liability as Principal and Independent Debtor) and 17 (Invalidity of Loan Agreement) shall, with any
necessary modifications, apply to it, notwithstanding that the document creating the Security Interest neither describes it as
a principal or independent security nor includes provisions similar to Clauses 3 and 173
(Liability as Principal and Independent Debtor) and 17 (Invalidity of Loan Agreement).

 

		14.8	Applicability of provisions of Guarantee to other rights.

 

Clauses 3
and 17 3 (Liability as Principal and Independent
Debtor) and 17 (Invalidity of Loan Agreement) shall also apply to any right of set-off or netting or to combine
accounts which the Guarantor creates by an agreement entered into at the time of this Guarantee or at any later time (notwithstanding
that the agreement does not include provisions similar to Clauses 3 and 173
(Liability as Principal and Independent Debtor) and 17 (Invalidity of Loan Agreement)), being an agreement
referring to this Guarantee.

 

    27 

     

    

 

		14.9	Third party rights.

 

Other than a Creditor Party
or the Italian Authorities, no person who is not a party to this Guarantee has any right under the Contracts (Rights of Third Parties)
Act 1999 to enforce or to enjoy the benefit of any term of this Guarantee.

 

		14.10	Waiver of rights against SACE.

 

Nothing in this Guarantee or
any of the Finance Documents is intended to grant to the Guarantor or any other person any right of contribution from or any other
right or claim against SACE and the Guarantor hereby waives irrevocably any right of contribution or other right or claim as between
itself and SACE.

 

		14.11	Reinstatement

 

If
any discharge, release or arrangement (whether in respect of the obligations of the Borrower or any security for those obligations
or otherwise) is made by a Creditor Party in whole or in part on the basis of any payment, security or other disposition which
is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability
of the Guarantor under this Guarantee will continue or be reinstated as if the discharge, release or arrangement had not occurred.

 

		14.12	Guarantor intent

 

Without
prejudice to the generality of Clause 1.3 (Application of construction and interpretation provisions of the Loan Agreement)
and Clause 3.2 (Waiver of rights and defences), the Guarantor expressly confirms that it intends that this Guarantee and
any Security Interest created by it under any Finance Document shall extend from time to time to any (however fundamental) variation,
increase, extension or addition of or to any of the Finance Documents and/or any facility or amount made available under any of
the Finance Documents for the purposes of or in connection with any of the following: business acquisitions of any nature; increasing
working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing
any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for which
any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any
of the foregoing.

 

		15	ASSIGNMENT AND TRANSFERAssignment
and Transfer

 

		15.1	Assignment and transfer by Creditor Parties.

 

		(a)	The Agent and Creditor Parties may assign or transfer their rights under and in connection with
this Guarantee to the same extent as they may assign or transfer their rights under the Loan Agreement.

 

		(b)	The Guarantor may not assign or transfer its rights under and in connection with this Guarantee.

 

    28 

     

    

 

		16	NOTICESNotices

 

		16.1	Notices to Guarantor.

 

Any notice or demand to the
Guarantor under or in connection with this Guarantee shall be given by letter or faxemail
at:

 

NCL Corporation Ltd.

7665 Corporate Center Drive

Miami Florida 33126

Fax:
(305) 436 4140

Attention:
Chief Financial Officer and General Counsel

 

Email:
[*] / [*]

 

or to such other address which
the Guarantor may notify to the Agent.

 

		16.2	Application of certain provisions of Loan Agreement.

 

Clauses 32.3 (Effective
date of notices) to 32.8 (Meaning of “notice”)
of the Loan Agreement apply to any notice or demand under or in connection with this Guarantee.

 

		16.3	Validity of demands.

 

A demand under this Guarantee
shall be valid notwithstanding that it is served:

 

		(a)	on the date on which the amount to which it relates is payable by the Borrower under the Loan Agreement;

 

		(b)	at the same time as the service of a notice under clause 18.22 (aActions
following an Event of Default) of the Loan Agreement;

 

and a demand under this Guarantee
may refer to all amounts payable under or in connection with the Loan Agreement without specifying a particular sum or aggregate
sum.

 

		16.4	Notices to Agent.

 

Any notice to the Agent acting
on behalf of the Creditor Parties under or in connection with this Guarantee shall be sent to the same address and in the same
manner as notices to the Agent under the Loan Agreement.

 

		17	INVALIDITY OF LOAN AGREEMENTInvalidity
of Loan Agreement

 

		17.1	Invalidity of Loan Agreement.
In the event of:

 

In
the event of:

 

		(a)	the Loan Agreement or any provision thereof now being or later becoming, with immediate or retrospective
effect, void, illegal, unenforceable or otherwise invalid for any reason whatsoever; or

 

		(b)	without limiting the scope of paragraph (a)(a),
a bankruptcy of the Borrower, the introduction of any law or any other matter resulting in the Borrower being discharged from liability
under the Loan Agreement, or the Loan Agreement ceasing to operate (for example, by interest ceasing to accrue);

 

    29 

     

    

 

this Guarantee shall cover
any amount which would have been or become payable under or in connection with the Loan Agreement if the Loan Agreement had been
and remained entirely valid, legal and enforceable, or the Borrower had not suffered bankruptcy, or any combination of such events
or circumstances, as the case may be, and the Borrower had remained fully liable under it for liabilities whether invalidly incurred
or validly incurred but subsequently retrospectively invalidated; and references in this Guarantee to amounts payable by the Borrower
under or in connection with the Loan Agreement shall include references to any amount which would have so been or become payable
as aforesaid.

 

		17.2	Invalidity of Finance Documents.

 

Clause 17.1
17.1 (Invalidity of Loan Agreement)
also applies to each of the other Finance Documents to which the Borrower is a party.

 

		18	GOVERNING LAW AND JURISDICTIONGoverning
Law and Jurisdiction

 

		18.1	English law.

 

This Guarantee and any non-contractual
obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English law.

 

		18.2	Exclusive English jurisdiction.
Subject to Clause 18.3, the

 

The
courts of England shall have exclusive jurisdiction to settle Dispute.

 

18.3
Choice of forum for the exclusive benefit of the Creditor Parties. Clause 18.2 is for the exclusive benefit
of the Agent and other Creditor Parties, which reserve the rights:

 

(a)
to commence proceedings in relation to any Dispute in the courts of any country other than England and which have or claim jurisdiction
to that Dispute; and

 

(b)
to commence such proceedings in the courts of any such country or countries concurrently with or in addition to proceedings in
England or without commencing proceedings in England.

 

The Guarantor
shall not commence any proceedings in any country other than England in relation to a Dispute.

		18.3	18.4 Process agent.

 

The Guarantor irrevocably appoints
EC3 Services Limited at its registered office for the time beingHannaford
Turner LLP, pcuresrently
at The St Botolph Building, 138 Houndsditchof
9 Cloak Lane, London EC3A 74AR
2RU, United Kingdom,
to act as its agent to receive and accept on its behalf any process or other document relating to any proceedings in the English
courts which are connected with a Dispute.

 

		18.4	18.5 Creditor Parties’
rights unaffected.

 

Nothing in this Clause 18
18 (Governing Law and Jurisdiction)
shall exclude or limit any right which any Creditor Party may have (whether under the law of any country, an international convention
or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment
or any similar or related matter in any jurisdiction.

 

    30 

     

    

 

		18.5	18.6 Meaning of ““proceedings”.”

 

In this Clause 18,
 “18 (Governing Law and Jurisdiction), “proceedings””
means proceedings of any kind, including an application for a provisional or protective measure and a ““Dispute””
means any dispute arising out of or in connection with this Guarantee (including a dispute relating to the existence, validity
or termination of this Guarantee) or any non-contractual obligation arising out of or in connection with this Guarantee.

 

THIS
GUARANTEEThis Amended and Restated Guarantee
has been entered into on the date stated at the beginning of this Guarantee.

 

    31 

     

    

 

EXECUTION PAGE

 

	GUARANTOR	 
	SIGNED by	)
	for and on behalf of	)
	NCL CORPORATION LTD.	)
	as its duly appointed attorney-in-fact	)
	in the presence of:	)
	LENDERS	 
	SIGNED by	)
	for and on behalf of	)
	SOCIÉTÉ GÉNÉRALE	)
	as its duly appointed attorney-in-fact	)
	in the presence of:	)
	SIGNED by	)
	for and on behalf of	)
	CRÉDIT AGRICOLE	)
	CORPORATE AND	)
	INVESTMENT BANK	)
	as its duly appointed attorney-in-fact	)
	in the presence of:	)
	MANDATED LEAD ARRANGERS	 
	SIGNED by	)
	for and on behalf of	)
	SOCIÉTÉ GÉNÉRALE	)
	as its duly appointed attorney-in-fact	)
	in the presence of:	)
	SIGNED by	)
	for and on behalf of	)
	CRÉDIT AGRICOLE	)
	CORPORATE AND	)
	INVESTMENT BANK	)
	as its duly appointed attorney-in-fact	)
	in the presence of:	)
	AGENT	 
	SIGNED by	)
	for and on behalf of	)
	CRÉDIT AGRICOLE	)
	CORPORATE AND	)
	INVESTMENT BANK	)
	as its duly appointed attorney-in-fact	)
	in the presence of:	)

    	 

     

    

Execution
Page

 

	 	 
	GUARANTOR	 
	 	 
	SIGNED by	 
	duly authorised for and on behalf of	)
	NCL CORPORATION LTD.	)
	as its duly appointed attorney-in-fact	)
	in the presence of:	)
	 	 
	HOLDING	 
	 	 
	SIGNED by	)
	for and on behalf of	)
	NORWEGIAN CRUISE LINE HOLDINGS LTD.	)
	as its duly appointed attorney-in-fact	)
	in the presence of:	)
	 	 
	LENDERS	 
	SIGNED by	)
	for and on behalf of	)
	SOCIÉTÉ GÉNÉRALE	)
	as its duly appointed attorney-in-fact	)
	in the presence of:	)
	 	 
	SIGNED by	)
	for and on behalf of	)
	CRÉDIT AGRICOLE CORPORATE	)
	AND INVESTMENT BANK	)
	as its duly appointed attorney-in-fact	)
	in the presence of:	)

 

    	 

     

    

 

	 	 
	MANDATED LEAD ARRANGERS	 
	 	 
	SIGNED by	)
	for and on behalf of	)
	SOCIÉTÉ GÉNÉRALE	)
	as its duly appointed attorney-in-fact	)
	in the presence of:	)
	 	 
	SIGNED by	)
	for and on behalf of	)
	CRÉDIT AGRICOLE CORPORATE	)
	AND INVESTMENT BANK	)
	as its duly appointed attorney-in-fact	)
	in the presence of:	)
	 	 
	AGENT	 
	 	 
	SIGNED by	)
	for and on behalf of	)
	CRÉDIT AGRICOLE CORPORATE	)
	AND INVESTMENT BANK	)
	as its duly appointed attorney-in-fact	)
	in the presence of:	)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}]]